Share Class
LU1299306834
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
Data as of: Dec 31, 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
+ 33.8 %
+ 33.9 %
+ 15.8 %
+ 16.6 %
+ 4.1 %
To 06/02/2026
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
+ 3.2 %
+ 1.9 %
- 0.6 %
+ 6.5 %
+ 3.5 %
+ 0.8 %
- 2.8 %
+ 6.0 %
+ 6.7 %
+ 4.2 %
Net Asset Value
133.82 $
Asset Under Management
2 618 M €
Modified Duration
31/12/2025
2.6
SFDR - Fund Classification
Article
8
Data as of: Dec 31, 2025.
Data as of: Feb 6, 2026.
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.
Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. The SFDR classification of the Funds may change over time.
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: Jan 30, 2026.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)
Aymeric GUEDY
Fund Manager
Performance commentary
- In this context, the Fund delivered a positive performance outperforming its reference indicator.
- Interest rate strategies contributed positively overall, supported by long positions at the front end of the German yield curve. In the US, gains from short rate positions and breakeven inflation exposures, together with positive contributions from Eastern European sovereign bonds, more than offset the drag from short positions in French government bonds.
- Credit exposure was the main contributor to performance over the month. The portfolio benefited from its carry strategies, notably through its exposure to the financial sector, particularly subordinated debt, as well as the energy sector.
- Finally, the portfolio continued to benefit from our selection of collateralized loan obligations (CLOs) and money market instruments
Outlook strategy
- In a context of persistent uncertainty marked by macroeconomic and political risks, trade tensions and fiscal concerns amid late-cycle valuations, we maintain duration slightly above the reference indicator. During the month, duration edged down from 2.6 to 2.4, reflecting an increase in our short position on US interest rates.
- On the one hand, we continue to hold a sizeable allocation to credit, primarily invested in short-dated, highly rated corporate bonds, which provide an attractive source of carry while maintaining a relatively low sensitivity to market volatility.
- Balanced by a cautious stance on rates, with a long position focused on the front end of the euro yield curve, where markets no longer expect further rate cuts despite persistent downside risks to growth. We also hold a short position on French sovereign debt amid ongoing political and fiscal uncertainty, as well as a short position on the 7–10-year segment of the US curve combined with long breakeven inflation, reflecting overly optimistic rate-cut expectations amid resilient growth and inflation likely to remain above target.
- We maintain our credit market protection (iTraxx Xover) as spreads have tightened to multi-year lows.
- Finally, we maintain part of the portfolio in money market instruments, helping to contain overall volatility while providing liquidity that can be redeployed in the event of a market correction.
Performance Overview
Data as of: Feb 6, 2026.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.
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 09/02/2026
Carmignac Portfolio Sécurité Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Dec 31, 2025.| Bonds | 114.9 % |
| Money Market | 29.6 % |
| Cash, Cash Equivalents and Derivatives Operations | 4.9 % |
| Credit Default Swap | -7.6 % |
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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: Dec 31, 2025.Modified Duration2.6
Yield to Maturity3.7 %
Average Coupon3.2 %
Number of Issuers243
Number of Bonds410
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
Discover the Fund’s main features and benefits through the words of the Fund Managers.
Fund Management Team
Aymeric GUEDY
Fund Manager
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.
Articles that may interest you
Strategies insights • January 14, 2026 • English
Carmignac Sécurité: Letter from the Fund Managers - Q4 2025
4 minute(s) read
Awards • December 11, 2025 • English
Carmignac named Fixed Income Fund Manager of the Year at the Funds Europe Awards 2025
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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