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Fixed income strategies

Carmignac Portfolio Sécurité

European marketArticle 8
Share Class

LU0992624949

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
Bonds79.2 %
Other20.8 %
Data as of:  Jul 31, 2025.
Risk Indicator

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Lowest risk Highest risk
Recommended Minimum Investment Horizon
2 years
Cumulative Performance since launch
+ 20.1 %
+ 15.9 %
+ 10.9 %
+ 14.6 %
+ 4.0 %
From 25/11/2013
To 04/09/2025
Calendar Year Performance 2024
+ 1.4 %
+ 2.4 %
+ 0.4 %
- 2.7 %
+ 3.9 %
+ 2.5 %
+ 0.4 %
- 4.2 %
+ 4.5 %
+ 5.8 %
Net Asset Value
120.07 €
Asset Under Management
2 458 M €
Modified Duration 31/07/2025
2.4
SFDR - Fund Classification

Article

8
Data as of:  Sep 4, 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 Portfolio Sécurité
Fixed income strategiesCarmignac Portfolio Sécurité
Share Class

LU0992624949

Overview

Characteristics & Risks

Performance

Portfolio

ESG

Documents

Carmignac Portfolio 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:  Jul 31, 2025.
Fund management team
[Management Team] [Author] Allier Marie Anne

Marie-Anne Allier

Fund Manager
Source and Copyright: Citywire. Marie-Anne Allier is AAA rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the June 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

• Strong data in the United States supported the markets. Second-quarter GDP rebounded more than expected to +3.0%, while core PCE inflation rose +0.3% month-on-month.• The U.S. Congress approved the Trump administration’s budget plan, “One Big Beautiful Bill.” This costly tax reform is expected to drive the U.S. annual deficit to a threshold of 7% of GDP over the next decade. The implementation of tariffs should partially offset this additional cost, particularly after trade agreements were signed in July with certain Asian countries and members of the Eurozone.
• At the same time, the US Federal Reserve kept its rates unchanged at 4.25–4.50% for the fifth consecutive meeting, reaffirming its cautious “wait-and-see” stance and showing no urgency to proceed with further rate cuts.
• The European Central Bank paused its easing cycle after eight consecutive rate cuts, keeping the deposit rate at 2.0%. The growth outlook for the eurozone rose to an 11-month high, with leading PMI indicators in expansionary territory.
• Rates rose in July on the back of resilient growth prospects on both sides of the Atlantic. The US 10-year rate rose by +15 bp and its German counterpart by +9 bp.

Performance commentary

  • In a volatile market environment, the Fund posted a positive absolute performance, outperforming its benchmark over the month.

  • Regarding rates, despite an unfavorable rate environment during the month, our short positions in French debt made a slightly positive contribution.

  • In credit, the portfolio benefited from its carry strategies, with a particularly strong positive contribution from our energy and financial sector bonds, especially subordinated securities.

  • Finally, the portfolio continues to benefit from our exposure to money market instruments and, to a lesser extent this month, from our selection of collateralized loan obligations (CLOs).

Outlook strategy

  • In a context marked by increased risks of economic slowdown related to higher tariffs, the market currently deems proactive action by the ECB unlikely, making short-term swaps attractive due to their positive carry. The portfolio's duration was gradually increased, rising from 1.7 to 2.4 during the month, by strengthening exposure to the short end of the European yield curve.

  • On the one hand, the portfolio benefits from a significant allocation to credit, mainly invested in short-term, well-rated corporate bonds and CLOs, which offer an attractive source of carry and reduced beta relative to market volatility.We are taking a cautious stance on rates, particularly in Europe, where we favour a strategy of steepening the yield curve and using options to protect against a potential rise in rates.

  • We are taking a cautious stance on rates, particularly in Europe, where we favour a strategy of steepening the yield curve and using options to protect against a potential rise in rates. We are maintaining exposure to inflation break-even strategies in the United States, as we believe that the risk of rising inflation is underestimated, particularly to protect the short end of the portfolio.

  • We are also maintaining credit market protection (iTraxx Xover), as markets are trading at tight levels amid economic and trade 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:  Sep 4, 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.
Until 31 December 2020, the reference indicator was the Euro MTS 1-3 years. Performances are presented using the chaining method.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 06/09/2025

Carmignac Portfolio Sécurité Portfolio overview

Below is an overview of the composition of the portfolio.

Asset Allocation

Data as of:  Jul 31, 2025.
Bonds79.2 %
Money Market19.1 %
Cash, Cash Equivalents and Derivatives Operations1.7 %
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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:  Jul 31, 2025.
Modified Duration2.4
Yield to Maturity3.4 %
Average Coupon3.2 %
Number of Issuers229
Number of Bonds399
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 AAA rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the June 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 AAA rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the June 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

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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.
Carmignac Portfolio is a sub-fund of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive.
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.