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Fixed income strategies

Carmignac Sécurité

European marketArticle 8
Share Class

FR0011269109

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
Bonds80.3 %
Other19.7 %
Data as of:  Sep 30, 2025.
Risk Indicator

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Lowest risk Highest risk
Recommended Minimum Investment Horizon
2 years
Cumulative Performance since launch
+ 45.0 %
+ 33.3 %
+ 17.0 %
+ 21.6 %
+ 5.2 %
From 18/06/2012
To 06/11/2025
Calendar Year Performance 2024
+ 1.6 %
+ 3.3 %
+ 1.9 %
- 0.6 %
+ 6.5 %
+ 3.3 %
+ 0.9 %
- 3.0 %
+ 6.0 %
+ 6.8 %
Net Asset Value
145.01 $
Asset Under Management
5 463 M €
Modified Duration 30/09/2025
2.1
SFDR - Fund Classification

Article

8
Data as of:  Nov 6, 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

FR0011269109

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:  Oct 31, 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 September 30, 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

  • The economic activity seems well oriented in the United States both in terms of growth with leading indicators that continue to hover in expansion territory. Despite the shutdown that prevented the publication of certain economic data, inflation at the end of September showed a sign of acceleration again exceeding the 3% threshold on an annual basis.
  • The Federal Reserve delivered a 25-bps rate cut, but Jerome Powell struck a cautious tone on the policy outlook, as FOMC members appeared increasingly divided on the path forward amid persistent inflation and resilient economic activity.
  • In the euro area, activity indicators improved, with both the composite and services PMIs moving back into expansion territory, supported by a rebound in Germany while Q3 GDP grew by +0.2%, slightly above expectations.
  • The ECB for its part maintained a status quo on its monetary policy given an inflation that continues to hover above the target at +2.1% for the headline component and +2.4% for core inflation with no bearish signal for the future.
  • The credit markets remained stable in October thanks to an appetite that is still marked by investors, the Itraxx Xover index slightly widened by +4bps. On the other hand, rates were tilted on the downside with German 10-year yield easing by -9bps and US counterpart by -7bps.

Performance commentary

  • In this market environment, the Fund posted a positive absolute performance, slightly underperforming its reference indicator over the month.
  • Regarding rates, our strategies contributed slightly positively, driven by our long positions in German debt and in several Eastern European countries. However, our short position on France weighed on performance.
  • In credit, the portfolio mainly benefited from its carry strategies, particularly from its exposures to 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

  • In a context of trade wars, geopolitical tensions and divergent monetary policies, the portfolio’s duration was actively managed — initially increased from 2.1 to 2.4 by closing our short position on 30-year European rates, before being gradually reduced to 2.0 through the use of put options on Germany.
  • 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 return and a reduced beta relative to market volatility.
  • We maintain a cautious stance on rates, with a long position concentrated at the front end of the euro yield curve, where markets no longer anticipate additional rate cuts despite downside growth risks. We also hold a short position on French debt amid political and fiscal instability, and a short position on the 7–10-year segment of the US curve, where we believe rate-cut expectations remain overly optimistic.
  • We have increased our credit market protection (iTraxx Xover), as markets are trading at tight levels amid economic and political uncertainty.
  • Finally, we keep part of the portfolio in money market instruments, which help control the overall volatility of the portfolio while providing a cash reserve to be redeployed in case of a market event.

Performance Overview

Data as of:  Nov 6, 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 08/11/2025

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 September 30, 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 September 30, 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

Articles that may interest you

Strategies insights • October 13, 2025 • English

Carmignac Sécurité: Letter from the Fund Managers - Q3 2025

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Strategies insights • July 11, 2025 • English

Carmignac Sécurité: Letter from the Fund Managers - Q2 2025

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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.