Share Class
FR0011269109
Key documents
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
+ 42.1 %
+ 30.8 %
+ 17.7 %
+ 18.0 %
+ 6.6 %
To 06/06/2025
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
+ 1.6 %
+ 3.3 %
+ 1.9 %
- 0.6 %
+ 6.5 %
+ 3.3 %
+ 0.9 %
- 3.0 %
+ 6.0 %
+ 6.8 %
Net Asset Value
142.05 $
Asset Under Management
5 198 M €
Modified Duration
30/04/2025
1.8
SFDR - Fund Classification
Article
8
Data as of: May 30, 2025.
Data as of: Jun 6, 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.
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](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Allier-Marie-Anne.png?auto=format%2Ccompress&fit=fill&w=3840)
Marie-Anne Allier
Fund Manager
![[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)
Aymeric Guedy
Fund Manager
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 6, 2025.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 % |
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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: 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.
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The strategy in a nutshell
Fund Management Team
Marie-Anne Allier
Fund Manager
Aymeric Guedy
Fund Manager
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Marie-Anne Allier is Fund Manager of the Month by RankiaPro
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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.
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