Fixed income strategies
Carmignac Portfolio Sécurité
Luxembourg SICAV sub-fundEuropean marketArticle 8Share Class
LU1299306834
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
Asset Allocation
Bonds91,6 %
Other8,4 %
Data as of: Sep 30, 2026.
Risk Indicator
1
2
3
4
5
6
7
Lowest risk
Highest risk
Recommended Minimum Investment Horizon
2 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 34,3 %
+ 30,8 %
+ 15,5 %
+ 16,3 %
+ 1,2 %
To 21/10/2026
Calendar Year Performance 2016Calendar Year Performance 2017Calendar Year Performance 2018Calendar Year Performance 2019Calendar Year Performance 2020Calendar Year Performance 2021Calendar Year Performance 2022Calendar Year Performance 2023Calendar Year Performance 2024Calendar Year Performance 2025
+ 3,2 %
+ 1,9 %
- 0,6 %
+ 6,5 %
+ 3,5 %
+ 0,8 %
- 2,8 %
+ 6,0 %
+ 6,7 %
+ 4,2 %
Net Asset Value
134,27 $US
Asset Under Management
2 490 M €
Modified Duration
31/08/2026
2,8
SFDR - Fund Classification
Article
8
Data as of: Sep 30, 2026.
Data as of: Oct 21, 2026.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The Fund presents a risk of loss of capital.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. The SFDR classification of the Funds may change over time.
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](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Allier-Marie-Anne.png?auto=format%2Ccompress&fit=fill&w=3840)
![[Management Team] [Author] Guedy Aymeric](https://carmignac.imgix.net/uploads/NextImage/0001/18/Guedy_Aymeric_HD-400x400.jpg?auto=format%2Ccompress&fit=fill&w=3840)
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.
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: Sep 30, 2026.Fund management team
Performance commentary
- Over the month, the Fund delivered a negative performance, underperforming its reference indicator.
- Credit strategies were the main detractor from performance, as higher rates and wider credit spreads weighed on the portfolio, particularly investment-grade credit and subordinated financial bonds, while highly rated CLO tranches contributed positively.
- Interest-rate strategies also detracted from performance, as the sharp rise in sovereign yields weighed on the portfolio’s long positions, notably at the front end of the European curve, as well as on selected emerging-market exposures.
- Conversely, the portfolio’s defensive positioning partially offset these losses, notably through iTraxx Xover credit protection and short positions in French government bonds.
Outlook strategy
- The portfolio’s modified duration decreased from 2.8 to 2.2 over the month. During the sharp rates sell-off, duration was temporarily reduced to an intra-month low of 1.9, notably through put options on 5-year German rates, before being rebuilt to 2.2 by month-end, mainly through the buyback of short Bobl and Schatz positions and selective purchases of short-dated European government bonds.
- We remain primarily invested in short-dated, high-quality corporate bonds, offering an attractive source of carry and a reduced beta to market volatility. We slightly reduced credit risk exposure early in the month by reallocating to short-dated European sovereign bonds, as credit spreads remained historically tight, while maintaining iTraxx Xover protection.
- On rates, the portfolio maintains a long position concentrated in the 2- to 5-year segment of the euro yield curve, where current valuations embed a highly restrictive ECB policy stance. We also implemented a relative-value position, long 10-year Germany versus short 10-year US Treasuries. Our short position on French government bonds was reduced as the OAT-Bund spread moved above 100bps.
- On inflation, we sold our 5-year US inflation-linked positions while maintaining long US and euro area breakeven inflation exposure, reflecting persistent inflationary pressures and the recent repricing in energy markets.
- Finally, the portfolio’s yield-to-maturity increased to 4.6%, providing an attractive source of carry and a first line of defence during periods of correction in interest rates and/or credit spreads.
Performance Overview
Data as of: Oct 21, 2026.Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The Fund presents a risk of loss of capital.
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 23/10/2026
Carmignac Portfolio Sécurité Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Sep 30, 2026.| Bonds | 91,6 % |
| Cash, Cash Equivalents and Derivatives Operations | 7,7 % |
| Money Market | 0,7 % |
| Credit Default Swap | -10,5 % |
To Access the weekly view
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, 2026.Modified Duration2,8
Yield to Maturity4,1%
Average Coupon3,3%
Number of Issuers218
Number of Bonds361
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.
To Access the weekly view
Articles that may interest you
Strategies insights • October 8, 2026 • English
Carmignac Sécurité: Letter from the Fund Managers - Q3 2026
3 minute(s) read
Strategies insights • July 16, 2026 • English
Carmignac Sécurité: Letter from the Fund Managers - Q2 2026
3 minute(s) read
Strategies insights • April 13, 2026 • English
Carmignac Sécurité: Letter from the Fund Managers - Q1 2026
3 minute(s) read
Did you enjoy the fund page?
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.
Market environment