Fixed income strategies
Carmignac Portfolio Sécurité
Luxembourg SICAV sub-fundEuropean marketArticle 8Share Class
LU1299306321
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
Bonds93.0 %
Other7.0 %
Data as of: Jun 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
+ 11.9 %
+ 10.6 %
+ 6.9 %
+ 12.2 %
+ 1.0 %
To 09/07/2026
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
+ 1.9 %
0.0 %
- 3.1 %
+ 3.6 %
+ 2.2 %
+ 0.1 %
- 4.5 %
+ 4.0 %
+ 5.2 %
+ 2.1 %
Net Asset Value
€111.89
Asset Under Management
2 659 M €
Modified Duration
30/06/2026
2.6
SFDR - Fund Classification
Article
8
Data as of: Jun 30, 2026.
Data as of: Jul 9, 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: Jun 30, 2026.Fund management team
Performance commentary
- In this environment, the Fund delivered a positive performance over the month, slightly underperforming its reference indicator.
- Credit exposure was the main driver of performance during the month, supported by our preferred sectors, particularly financials and energy, which benefited from tighter credit spreads. Our exposure to collateralized loan obligations (CLOs) also contributed positively.
- Rate strategies were broadly neutral over the month. Positive contributions from our long positions on the short end of the eurozone curve, particularly German government bonds, were offset by our US yield curve steepening strategy.
- Conversely, the Fund was negatively impacted by its inflation and credit hedging strategies, as easing geopolitical tensions triggered a sharp decline in oil prices and a broad risk-on environment, leading to tighter credit spreads.
Outlook strategy
- During the month, the portfolio's duration was slightly increased from 2.5 to 2.6 through additional exposure to Italian real rates. We also reduced our short exposure to US rates by implementing a curve steepener, adding a long position in the 5-year segment while maintaining short exposure at the long 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 reduced sensitivity to market volatility.
- On rates, the portfolio remains long the front end of the euro yield curve, where markets continue to price around one ECB rate hike. It also maintains a US curve steepener, as Fed pricing remains relatively hawkish despite easing geopolitical tensions, alongside a short position in French government bonds given ongoing political and fiscal uncertainties.
- The portfolio maintains long US and euro area breakeven inflation positions, reflecting our conviction that the market continues to underestimate medium-term inflation risks.
- Finally, the portfolio's yield-to-maturity remains attractive at around 3.9%, reinforcing its carry profile.
Performance Overview
Data as of: Jul 9, 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 10/07/2026
Carmignac Portfolio Sécurité Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Jun 30, 2026.| Bonds | 93.0 % |
| Money Market | 3.6 % |
| Cash, Cash Equivalents and Derivatives Operations | 3.4 % |
| 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: Jun 30, 2026.Modified Duration2.6
Yield to Maturity3.9%
Average Coupon3.3%
Number of Issuers233
Number of Bonds396
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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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