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Fixed income strategies

Carmignac Portfolio Sécurité

Luxembourg SICAV sub-fundEuropean marketArticle 8
Share 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
Monthly Factsheet (including ESG data)KID
Asset Allocation
Bonds80.7 %
Other19.3 %
Data as of:  Nov 28, 2025.
Risk Indicator

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2

3

4

5

6

7

Lowest risk Highest risk
Recommended Minimum Investment Horizon
2 years
Cumulative Performance since launch
+ 33.2 %
+ 33.4 %
+ 15.7 %
+ 17.9 %
+ 4.4 %
From 19/11/2015
To 08/01/2026
Calendar 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
133.21 $
Asset Under Management
2 638 M €
Modified Duration 28/11/2025
2.3
SFDR - Fund Classification

Article

8
Data as of:  Jan 8, 2026.
​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

LU1299306834

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:  Dec 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 October 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

  • The US Federal Reserve proceeded with a third 25bp rate cut at its December meeting, but with a much less dovish tone, as policymakers appear increasingly divided on the roadmap for 2026 amid persistent inflation and solid economic momentum.
  • U.S. economic data remained mixed but broadly supportive. Inflation surprised on the dovish side, with November CPI easing to 2.7% YoY, though underlying details pointed to data distortions rather than a clear disinflation trend. The labor market stayed resilient, with low jobless claims and solid private sector employment, despite a gradual rise in the unemployment rate to 4.5%. Growth remained strong, with Q3 GDP revised up to 4.3% annualized, driven by consumer spending.
  • In the euro area, the ECB kept its policy rates unchanged while revising upwards its projections for growth and inflation, with headline and core inflation now expected to reach 2.0% in 2028. Inflation surprised slightly to the upside, with headline inflation at 2.2% YoY and core inflation remaining sticky. Activity indicators improved over the period, with retail sales, German industrial production, and PMI surveys surprising to the upside.
  • Globally, Japan remained a key driver of market dynamics. The Bank of Japan raised its policy rate to 0.75%, the highest level in 30 years, triggering a sharp rise in Japanese yields and adding pressure on global rates.
  • In this context, both the US and German yield curves steepened in December, as sovereign bond yields moved higher, with the German 10-year yield rising by 17 basis points and its U.S. counterpart by 15 basis points. Credit markets performed well despite spreads already at very tight levels, with the iTraxx Xover tightening by 11 bps over the month.

Performance commentary

  • In this context, the Fund delivered a positive performance in line with its reference indicator.
  • Rate strategies delivered a slightly positive contribution over the month. Our short positions on US rates, together with selected emerging market exposures in Eastern Europe, contributed positively, partly offset by our US inflation strategies.
  • Credit exposure was the main contributor to performance during the month. The portfolio benefited from our carry strategies, particularly our exposure to the financial sector, in an environment marked by tightening credit spreads.
  • Finally, the portfolio continued to benefit from our selection of collateralized loan obligations (CLOs) and money market instruments.

Outlook strategy

  • In a still uncertain environment, characterized by a more cautious ECB following upward revisions to its projections and by a Federal Reserve that is more divided than ever regarding the future direction of monetary policy, we maintain a moderate duration stance. Duration increased from 2.3 to 2.6 over the month, driven by a reduction in our put options on German rates after the sharp rise in European yields.
  • 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.
  • Balanced by a cautious stance on rates, with a long position focused on the front end of the euro yield curve, where markets no longer expect further rate cuts despite persistent downside risks to growth, partially hedged through put options on German rates. We also hold a short position on French sovereign debt amid ongoing political and fiscal uncertainty, as well as a short position on the 7–10-year segment of the US curve, where we believe rate-cut expectations remain overly optimistic given inflation dynamics and resilient economic data.
  • We maintain our credit market protection (iTraxx Xover) as spreads tightened towards their lowest levels since early 2022.
  • 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:  Jan 8, 2026.
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 09/01/2026

Carmignac Portfolio Sécurité Portfolio overview

Below is an overview of the composition of the portfolio.

Asset Allocation

Data as of:  Nov 28, 2025.
Bonds80.7 %
Money Market13.9 %
Cash, Cash Equivalents and Derivatives Operations5.4 %
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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:  Nov 28, 2025.
Modified Duration2.3
Yield to Maturity3.6 %
Average Coupon3.2 %
Number of Issuers247
Number of Bonds411
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 October 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 October 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

Articles that may interest you

Find out more
Strategies insights • October 13, 2025 • English

Carmignac Sécurité: Letter from the Fund Managers - Q3 2025

3 minute(s) read
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Strategies insights • July 11, 2025 • English

Carmignac Sécurité: Letter from the Fund Managers - Q2 2025

2 minute(s) read
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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.