Carmignac Sécurité

European marketSRI Fund Article 8

Share Class

FR0011269083

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

Bonds69.5 %

Other30.5 %

Data as of: Apr 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

+ 19.7 %

+ 10.2 %

+ 11.7 %

+ 10.9 %

+ 4.8 %

From 18/06/2012
To 07/05/2025

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 %

- 4.7 %

+ 4.1 %

+ 5.3 %

Net Asset Value

98.02 €

Asset Under Management

5 079 M €

Modified Duration 30/04/2025

1.8

SFDR - Fund Classification

Article

8

Data as of: Apr 30, 2025.

Data as of: May 7, 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: Apr 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

April was marked by high volatility and renewed risk aversion on the bond and equity markets. The Trump administration's announcement of new tariffs reignited fears of a recession in the US and disruptions to global production chains.- Despite Donald Trump's backtracking on the main tariff measures (temporarily reduced to 10%, except for China), a crisis of confidence took hold among investors, who deserted US assets (the dollar and Treasury bonds).
In the US, the yield curve steepened, with the 2-year rate falling by -28 basis points compared with -5 basis points for the 10-year rate, as the market now anticipates four rate cuts by the Federal Reserve between now and the end of the year.
The picture was the same in the eurozone, where the German 2-year rate fell by -36 basis points compared with -29 basis points for the 10-year rate, completely erasing the previous month's correction linked to the announcement of investment plans in Germany.
Risk aversion was high in April following the introduction of tariffs, which led to a +100 bp widening on the Itraxx Xover index at the beginning of the month, before tightening just as sharply after the Trump administration's reversal. As a result, the Itraxx Xover index recorded only a moderate widening of +22bp over the month.

Performance commentary

In a highly volatile environment, the fund delivered a positive absolute performance, slightly down compared to its benchmark.- On the sovereign bonds bucket, our long positions on European rates had an overall positive impact as rates eased. However, our short positions on French rates contributed negatively to the fund's performance.
In credit, our hedges partially offset the widening of risk premiums. We partially took profits on these after the volatility shock at the beginning of the month before rebuilding this protection at the end of the month as credit spreads narrowed.
Finally, the portfolio benefited from our broad exposure to money market instruments, while our selection of collateralized loan obligations (CLOs) had a neutral impact this month.

Outlook strategy

We adopted a dynamic stance on modified duration management in April, shifting it from 1.7 to 2.0 at the beginning of the month at the height of the volatility shock, before returning to 1.8 following the sharp decline in European rates.- The combination of attractive carry offered by our corporate bonds and the credit protection we had built in beforehand provided a real buffer in this environment of widening risk premiums, enabling our credit portfolio to contribute positively in April.
We continue to see attractive potential in credit assets. We are also maintaining protection on the credit market (iTraxx Xover), as markets are trading at tight levels amid economic and geopolitical uncertainty.
On the other hand, we are taking a cautious stance on rates, particularly in Europe, where we favor a yield curve steepening strategy amid fiscal expansion in Europe.
Finally, we are maintaining a significant allocation to money market instruments, which are an attractive source of carry with limited risk.

Performance Overview

Data as of: May 7, 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 09/05/2025

Carmignac Sécurité Portfolio overview

Below is an overview of the composition of the portfolio.

Asset Allocation

Data as of: Apr 30, 2025.


Bonds	69.5 %
Money Market	25.6 %
Cash, Cash Equivalents and Derivatives Operations	4.9 %

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Top 10

Data as of: Apr 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	0.7%
WINTERSHALL DEA FINANCE 3.83% 03/07/2029	0.6%
ENEL 08/06/2027	0.6%
ITALY 2.80% 20/02/2026	0.6%

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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: Apr 30, 2025.

Modified Duration1.8

Yield to Maturity4.5 %

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.

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