Share Class
LU0992625243
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.
Asset Allocation
Bonds90.4 %
Other9.6 %
Data as of: Apr 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
+ 46.3 %
+ 38.2 %
+ 18.6 %
+ 19.6 %
+ 3.9 %
To 04/06/2026
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
+ 3.6 %
+ 2.3 %
- 0.2 %
+ 6.9 %
+ 3.8 %
+ 1.1 %
- 2.4 %
+ 6.4 %
+ 7.3 %
+ 4.8 %
Net Asset Value
$146.27
Asset Under Management
2 655 M €
Modified Duration
30/04/2026
2,3
SFDR - Fund Classification
Article
8
Data as of: Apr 30, 2026.
Data as of: Jun 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 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: May 29, 2026.Fund management team
Performance commentary
- In this environment, the Fund delivered a positive performance over the month, broadly in line with its reference indicator.
- Credit exposure was the main contributor to performance during the month, benefiting from the significant tightening in credit spreads. The Fund also benefited from its exposure to collateralized loan obligations (CLOs).
- Rate strategies also contributed positively to performance, notably our long positions on the short end of the eurozone curve, particularly German government bonds, which benefited from the strong rally in rates towards month-end amid easing geopolitical tensions.
- Conversely, our inflation and credit hedging strategies slightly detracted from performance, as oil prices declined on hopes of an extension of the ceasefire, while credit spreads tightened markedly over the month.
Outlook strategy
- Against a backdrop of elevated inflation and volatile rate markets, we increased the portfolio’s duration from 2.3 to 2.5 over the month. The sharp sell-off in European government bonds during the first half of May provided an opportunity to strengthen our exposure to euro area rates at more attractive yield levels, notably through German 10-year government bonds, while maintaining our constructive stance on the front end of the curve.
- We maintain a significant allocation to credit, primarily invested in short-dated, high-quality corporate bonds, which continue to offer an attractive source of carry and a reduced beta to market volatility.
- On rates, the portfolio remains long the front end of the euro curve, while maintaining short positions on US rates amid resilient growth and persistent inflation, as well as on French government bonds given ongoing political and fiscal uncertainties.
- The portfolio maintains exposure to inflation through 5-year breakeven strategies in both the euro area and the United States, reflecting our conviction that inflation risks remain skewed to the upside over the medium term.
- Finally, we maintain an allocation in money market instruments, providing liquidity that is gradually being redeployed into longer-term bonds offering more attractive yields. The portfolio’s yield-to-maturity remains attractive at around 3.9%, reinforcing its carry profile.
Performance Overview
Data as of: Jun 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.
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 06/06/2026
Carmignac Portfolio Sécurité Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Apr 30, 2026.| Bonds | 90.4 % |
| Money Market | 7.9 % |
| Cash, Cash Equivalents and Derivatives Operations | 1.7 % |
| Credit Default Swap | -7.9 % |
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: Apr 30, 2026.Modified Duration2.3
Yield to Maturity4.0%
Average Coupon3.3%
Number of Issuers236
Number of Bonds406
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 • April 13, 2026 • English
Carmignac Sécurité: Letter from the Fund Managers - Q1 2026
3 minute(s) read
Strategies insights • February 26, 2026 • English
View on rates: Uneven policies, selective duration
7 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