Carmignac Sécurité

French mutual fund (FCP)European marketSRI Fund Article 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

Bonds76.2 %

Other23.8 %

Data as of: May 30, 2025.

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

+ 308.7 %

+ 11.0 %

+ 9.8 %

+ 11.7 %

+ 5.0 %

From 26/01/1989
To 10/06/2025

Calendar Year Performance 2015Calendar 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 2024

+ 1.1 %

+ 2.1 %

0.0 %

- 3.0 %

+ 3.6 %

+ 2.0 %

+ 0.2 %

- 4.8 %

+ 4.1 %

+ 5.3 %

Net Asset Value

1903.50 €

Asset Under Management

5 204 M €

Modified Duration 30/04/2025

1.8

SFDR - Fund Classification

Article

8

Data as of: May 30, 2025.

Data as of: Jun 10, 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

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: May 30, 2025.

Fund management team

[Management Team] [Author] Allier Marie Anne

Marie-Anne Allier

Fund Manager

[Management Team] [Author] Guedy Aymeric

Aymeric Guedy

Fund Manager

Market environment

The announcement of a moratorium on tariffs between the US and China reignited risk appetite, resulting in a 50bp tightening of credit spreads on the Itraxx Xover index in May.- The Federal Reserve kept its key rates in the 4.25% to 4.50% range as the US labor market continued to show resilience with better-than-expected job creation and stable unemployment.
In the eurozone, amid fragile economic growth, the ECB cut its rates by 0.25%, as expected by the market.
In Japan, uncertainty continues to grow. Inflation reached 3.6% year-on-year at the end of April and long-term rates hit record highs following limited interest from domestic investors in Japanese bonds.
Rates rose in May, particularly in the United States, where the 10-year rate rose by +24 bp, while its German counterpart rose by +6 bp.

Performance commentary

In an uncertain market environment, the fund delivered a positive absolute performance, outperforming its benchmark over the month.- On the sovereign bond bucket, our steepening strategies impacted performance, particularly due to a slight easing in French and Italian long-term rates, leading to a slight flattening of the yield curves.
In credit, the portfolio benefited from its carry strategies, with a positive contribution from our financial and energy sector bonds.
Finally, the portfolio benefited from our selection of collateralized loan obligations (CLOs) and our exposure to money market instruments.

Outlook strategy

Given the risks associated with the uncertainty caused by the introduction of customs tariffs, geopolitical conflicts and budgetary issues in a context of increasingly strained valuations in certain markets, the portfolio maintains a balanced positioning with modified duration declining slightly during the month from 1.8 to 1.6. This modified duration is mainly concentrated in the short end of the 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.
On the other hand, we are taking a cautious stance on rates, particularly in Europe, where we favor a yield curve steepening strategy and have a strong appetite for inflation products, given the fiscal expansion in Europe.
We are also maintaining protection on the credit market (iTraxx Xover), as markets are trading at tight levels amid economic and geopolitical uncertainty.
Finally, we have allocated part of the portfolio to money market instruments, which are an attractive source of carry with limited risk.

Performance Overview

Data as of: Jun 10, 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 11/06/2025

Carmignac Sécurité Portfolio overview

Below is an overview of the composition of the portfolio.

Asset Allocation

Data as of: May 30, 2025.


Bonds	76.2 %
Money Market	23 %
Cash, Cash Equivalents and Derivatives Operations	0.8 %

View details

Top 10

Data as of: May 30, 2025.


REPSOL INTERNATIONAL FINANCE 22/12/2026	0.8%
REPSOL INTERNATIONAL FINANCE 11/03/2026	0.8%
BP CAPITAL MARKETS 22/03/2026	0.7%
TOTALENERGIES 25/10/2027	0.7%
PERSHING SQUARE HOLDINGS LTD/FUND 1.38% 01/08/2027	0.7%
AMCO - ASSET MANAGEMENT CO 4.38% 27/02/2026	0.7%
BP CAPITAL MARKETS 22/03/2029	0.6%
WINTERSHALL DEA FINANCE 3.83% 03/07/2029	0.6%
ENEL 08/06/2027	0.6%
ITALY 2.80% 20/02/2026	0.6%

View details

To Access the weekly view

Register to prospace

View Portfolio allocation

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: May 30, 2025.

Modified Duration1.8

Yield to Maturity3.6 %

Average Coupon3.3 %

Number of Issuers206

Number of Bonds329

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

Register to prospace