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
Asset Allocation
Bonds98,6 %
Other1,4 %
Data as of: Aug 31, 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
+ 313,6 %
+ 10,1 %
+ 6,6 %
+ 11,1 %
+ 0,5 %
To 04/09/2026
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
+ 2,1 %
0,0 %
- 3,0 %
+ 3,6 %
+ 2,0 %
+ 0,2 %
- 4,8 %
+ 4,1 %
+ 5,3 %
+ 2,3 %
Net Asset Value
€1,926.74
Asset Under Management
4 896 M €
Modified Duration
31/08/2026
2,8
SFDR - Fund Classification
Article
8
Data as of: Aug 31, 2026.
Data as of: Sep 4, 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 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: Aug 31, 2026.Fund management team
Performance commentary
- Over the month, the Fund delivered a negative performance, underperforming its reference indicator.
- Interest rate strategies were the main detractor from performance, as the broad rise in global sovereign yields, particularly in Europe, weighed on the portfolio’s long positions at the front end of the European curve.
- Credit carry strategies contributed positively, supported by exposure to high-quality issuers in our preferred energy and financial sectors, as well as by our exposition to Collateralized loan obligations (CLOs).
- Conversely, the portfolio’s defensive credit positioning detracted from performance, as protection through iTraxx Xover weighed on returns amid a tightening in credit spreads.
Outlook strategy
- The portfolio’s modified duration remained stable at 2.8 over the month. We added exposure to Italian real rates and took profits on our US yield curve steepeners.
- We remain primarily invested in short-dated, high-quality corporate bonds, offering an attractive source of carry while maintaining a reduced beta to market volatility.
- On rates, the portfolio maintains a long position concentrated at the front end of the euro yield curve, where markets now price around three additional ECB rate hikes over the next year amid renewed inflation concerns following tensions in the Strait of Hormuz and the sharp rise in gas prices. We also maintain a short position in French government bonds amid persistent political and fiscal uncertainty.
- We maintain long US and euro area breakeven inflation positions, reflecting resilient activity on both sides of the Atlantic and the recent repricing in energy markets.
- Finally, the portfolio’s yield-to-maturity remains attractive at 4.2%, providing a regular 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: Sep 4, 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.
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 07/09/2026
Carmignac Sécurité Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Aug 31, 2026.| Bonds | 98,6 % |
| Cash, Cash Equivalents and Derivatives Operations | 1,2 % |
| Money Market | 0,2 % |
| Credit Default Swap | -8,4 % |
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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: Aug 31, 2026.Modified Duration2,8
Yield to Maturity4,2 %
Average Coupon3,3 %
Number of Issuers229
Number of Bonds387
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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Articles that may interest you
Strategies insights • July 16, 2026 • English
Carmignac Sécurité: Letter from the Fund Managers - Q2 2026
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Strategies insights • April 13, 2026 • English
Carmignac Sécurité: Letter from the Fund Managers - Q1 2026
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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.
Market environment