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Fixed income strategies

Carmignac Sécurité

European marketArticle 8
Share Class

FR0010149120

Flexible, low duration solution to navigate European fixed income markets
  • Low duration euro fixed income Fund.
  • Flexible and active approach with a modified duration range from -3 to +4.
  • Limited exposure to credit risk with a minimum average rating of investment grade.
Key documents
Monthly Factsheet (including ESG data)KID
Asset Allocation
Bonds80.6 %
Other19.4 %
Data as of:  Aug 29, 2025.
Risk Indicator

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Lowest risk Highest risk
Recommended Minimum Investment Horizon
2 years
Cumulative Performance since launch
+ 312.7 %
+ 12.2 %
+ 8.8 %
+ 14.6 %
+ 3.3 %
From 26/01/1989
To 07/10/2025
Calendar Year Performance 2024
+ 1.1 %
+ 2.1 %
0.0 %
- 3.0 %
+ 3.6 %
+ 2.0 %
+ 0.2 %
- 4.8 %
+ 4.1 %
+ 5.3 %
Net Asset Value
1922.39 €
Asset Under Management
5 462 M €
Modified Duration 29/08/2025
2.3
SFDR - Fund Classification

Article

8
Data as of:  Oct 7, 2025.
​Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
The Sustainable Finance Disclosure Regulation (SFDR) 2019/2088 is a European regulation that requires asset managers to classify their funds as either 'Article 8' funds, which promote environmental and social characteristics, 'Article 9' funds, which make sustainable investments with measurable objectives, or 'Article 6' funds, which do not necessarily have a sustainability objective. For more information please refer to https://eur-lex.europa.eu/eli/reg/2019/2088/oj.
Fixed income strategiesCarmignac Sécurité
Fixed income strategiesCarmignac Sécurité
Share Class

FR0010149120

Overview

Characteristics & Risks

Performance

Portfolio

ESG

Documents

Carmignac Sécurité fund performance

Take a look at the Fund's performance supported by our Fund managers’ market commentary and strategy insight.

Our monthly comments

Data as of:  Sep 30, 2025.
Fund management team
[Management Team] [Author] Allier Marie Anne

Marie-Anne Allier

Fund Manager
Source and Copyright: Citywire. Marie-Anne Allier is AA rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the August 31, 2025. Citywire Fund Manager Ratings and Citywire Rankings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2025. All rights reserved. The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager. Past performance is not necessarily indicative of future performance.
[Management Team] [Author] Guedy Aymeric

Aymeric Guedy

Fund Manager

Market environment

  • Economic data in the United States gradually strengthened during September, with initially mixed signals on employment, particularly due to the severe storms in Texas, followed by jobless claims returning to their July levels at the end of the month.
  • Despite stronger than expected inflation and resilient growth in retail sales, FED decided to deliver a first rate cut of -25bps this year. That said, the Committee clearly remains divided on the path ahead with a wide dispersion of the individual dots.
  • In the eurozone, statistics were also positive with leading indicators emerging above expectation at end of the month notably on the services component which was lagging so far. Inflation accelerated to +2.1% YoY as of end of August while core inflation exceeded expectation at +2.3% and second quarter GDP was revised upward to +1.5%.
  • ECB's September meeting has resulted in a status quo on monetary policy, Christine Lagarde's speech was perceived as moderately hawkish due to the absence of any commitment to future rate cuts.
  • Sovereign yields ended the month with contrasting dynamics across the Atlantic. In the US, the curve flattened as the 2Y yield being steady while the 10Y declined by -8bps. In Germany, the curve bear-flattened with the 2Y rising by +8bps while the 10Y remained unchanged. On credit side, risk appetite remained strong, leading to a tightening of spreads of -6bp of the iTraxx Xover index in September.

Performance commentary

  • In this market environment, the Fund posted a positive performance, slightly behind its reference indicator over the month.
  • Regarding rates, our strategy focusing on the short end of the European curve with a bias towards curve steepening was penalised by the bear flattening of the curve during the month.
  • The portfolio benefited mainly from its exposure to credit, benefiting from carry but also from the tightening of spreads, particularly in the financial and energy sectors.
  • Finally, the portfolio continues to benefit from our exposure to money market instruments and our selection of collateralized loan obligations (CLOs).

Outlook strategy

  • The current barbell strategy, balancing credit exposure with active management of the duration and money market instruments, should enable the Fund to benefit from its carry in a gradual monetary normalisation environment, but also to cope with temporary market turbulence.
  • On the one hand, we maintain a significant allocation to credit, mainly invested in short-term, highly rated corporate bonds, offering an attractive source of carry and a reduced beta relative to market volatility.
  • We are maintaining a long position on the short end of the European curve, where the market no longer anticipates any further rate cuts despite the persistent downside risks to growth. Conversely, we have a short position on French rates amid political instability, but also in the United States, where we believe the market's expectations for rate cuts are overly optimistic given the resilience of the economy.
  • We have closed our European inflation breakeven positions, as recent indicators, including energy prices and wage dynamics, point to a moderation in inflation risks.
  • We are also maintaining credit market protection (iTraxx Xover), as markets are trading at tight levels amid economic and political uncertainty.
  • Finally, we maintain exposure to money market instruments. These provide an attractive source of carry with limited risk, while also acting as a cash reserve that can be redeployed in the event of a market event.

Performance Overview

Data as of:  Oct 7, 2025.
View Performance in detail
​Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).
Morningstar Rating™ :  © Morningstar, Inc. All Rights Reserved. The information contained herein: is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
​From 01/01/2013 the equity index reference indicators are calculated net dividends reinvested.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 08/10/2025

Carmignac Sécurité Portfolio overview

Below is an overview of the composition of the portfolio.

Asset Allocation

Data as of:  Sep 30, 2025.
Bonds80.3 %
Money Market15.4 %
Cash, Cash Equivalents and Derivatives Operations4.4 %
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Key figures

Below are the key figures for the Fund, which will give you a clearer idea of the Fund's management and bond positioning.

Exposure Data

Data as of:  Sep 30, 2025.
Modified Duration2.1
Yield to Maturity3.5 %
Average Coupon3.2 %
Number of Issuers243
Number of Bonds410
Average RatingA-
Yield to Maturity (YTM) is the estimated annual rate of return expected on a bond if held until maturity and assuming all payments made as scheduled and reinvested at this rate. For perpetual bonds, the next call date is used for computation. Note that the yield shown does not take into account the FX carry and fees and expenses of the portfolio. The portfolio’s YTM is the weighted average individual bonds holdings' YTMs within the portfolio.
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The strategy in a nutshell

Discover the Fund’s main features and benefits through the words of the Fund Managers.
Fund Management Team
[Management Team] [Author] Allier Marie Anne

Marie-Anne Allier

Fund Manager
Source and Copyright: Citywire. Marie-Anne Allier is AA rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the August 31, 2025. Citywire Fund Manager Ratings and Citywire Rankings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2025. All rights reserved. The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager. Past performance is not necessarily indicative of future performance.
[Management Team] [Author] Guedy Aymeric

Aymeric Guedy

Fund Manager
For over 35 years, we have maintained our active and conviction-driven approach, while being able to adapt to different market configurations. This is what we want to continue offering to investors.
[Management Team] [Author] Allier Marie Anne

Marie-Anne Allier

Fund Manager
Source and Copyright: Citywire. Marie-Anne Allier is AA rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the August 31, 2025. Citywire Fund Manager Ratings and Citywire Rankings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2025. All rights reserved. The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager. Past performance is not necessarily indicative of future performance.
View Fund's characteristics

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Carmignac Sécurité: Letter from the Fund Managers - Q2 2025

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Carmignac Sécurité: A positive outlook in a “higher for longer” rate environment

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All analysis
View characteristics and risks
Reference to certain securities and financial instruments is for illustrative purposes to highlight stocks that are or have been included in the portfolios of funds in the Carmignac range. This is not intended to promote direct investment in those instruments, nor does it constitute investment advice. The Management Company is not subject to prohibition on trading in these instruments prior to issuing any communication. The portfolios of Carmignac funds may change without previous notice.
The reference to a ranking or prize, is no guarantee of the future results of the UCIS or the manager.
The Fund is a common fund in contractual form (FCP) conforming to the UCITS Directive under French law.
The information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor), where applicable. Investors may lose some or all of their capital, as the capital in the UCI is not guaranteed. Access to the products and services presented herein may be restricted for some individuals or countries. Taxation depends on the situation of the individual. The risks, fees and recommended investment period for the UCI presented are detailed in the KIDs (key information documents) and prospectuses available on this website. The KID must be made available to the subscriber prior to purchase.). The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager.