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Fixed income strategies

Carmignac Portfolio Sécurité

European marketSRI Fund Article 8
Share 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.
Key documents
Monthly Factsheet (including ESG data)
Asset Allocation
Bonds67.2 %
Other32.8 %
Data as of:  31 Jan 2025.
Risk Indicator

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7

Lowest risk Highest risk
Recommended Minimum Investment Horizon
2 years
Cumulative Performance since launch
+ 9.8 %
0.0 %
+ 6.7 %
+ 6.3 %
+ 5.0 %
From 19/11/2015
To 20/02/2025
Calendar Year Performance 2024
- 0.3 %
+ 1.9 %
0.0 %
- 3.1 %
+ 3.6 %
+ 2.2 %
+ 0.1 %
- 4.5 %
+ 4.0 %
+ 5.2 %
Net Asset Value
109.79 €
Asset Under Management
1 833 M €
Market
European market
SFDR - Fund Classification

Article

8
Data as of:  20 Feb 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 Portfolio Sécurité
Fixed income strategiesCarmignac Portfolio Sécurité
Share Class

LU1299306321

Overview

Characteristics & Risks

Performance

Portfolio

ESG

Documents

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:  31 Jan 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

  • The main news at the start of the year was Donald Trump's inauguration, which led to the signing of several executive orders, including the probable implementation of tariffs in the future.- The Federal Reserve opted for a pause in its rate-cutting cycle at its meeting, despite weaker-than-expected GDP growth in Q4 2024 (+2.3%), but considering a vigorous level of activity as reflected in employment data and consumer spending.- For its part, the European Central Bank cut its key rate by 25bp to 2.75%, even though growth in the region stagnated in Q4 2024.- Conversely, the Japanese central bank opted to raise its key rate by +25bp, given the resilience of inflation in the archipelago.- Over the month, we saw an acceleration in rates in the eurozone on the back of better-oriented leading indicators, while US rates fell as economic surprises eased.

Performance commentary

  • The fund delivered a positive absolute and relative performance against its reference indicator in this market configuration.

  • In an environment marked by a sharp change in interest rates, our active duration management, with short positions on German rates at the start of the period and then a long position in the second half, had a positive impact.

  • In addition, the portfolio benefited from its credit carry strategies, with our financial and energy sector bonds making a positive contribution.

  • Finally, the portfolio continues to benefit from our exposure to money market instruments and our selection of Collateralized Loan Obligations (CLOs).

Outlook strategy

  • The relative resilience of the economy, with consumption remaining robust and inflation continuing to fall gradually, should enable the ECB and, to a lesser extent, the US Federal Reserve to gradually continue their monetary easing.

  • However, given the political and geopolitical risks, as well as the increasingly stretched valuations on certain markets, the portfolio is maintaining a balanced positioning with a modified duration that has been gradually increased from 1.5 to 2.1 over the period:

  • On the one hand, a significant allocation to credit, mainly invested in short-term, highly-rated corporate bonds and CLOs, which offer an attractive source of carry and a low beta relative to market volatility.

  • On the other hand, we have a slightly long position in German interest rates, as the market is incorporating a conservative scenario of just under 3 rate cuts by the ECB in 2024.

  • We are also retaining protection on the credit market (iTraxx Xover), with markets trading at tight levels against an uncertain geopolitical backdrop.

  • Finally, we have allocated part of the portfolio to money market instruments, which represent an attractive source of carry with limited risk.

Performance Overview

Data as of:  20 Feb 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.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 22/02/2025

Carmignac Portfolio Sécurité Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  31 Jan 2025.
Europe81.6 %
Eastern Europe10.6 %
North America6.8 %
Asia-Pacific0.7 %
Latin America0.3 %
Total % of bonds100.0 %
Europe81.6 %
itItaly
16.3 %
esSpain
14.9 %
ieIreland
11.5 %
frFrance
10.9 %
deGermany
5.4 %
gbUnited Kingdom
5.2 %
Grèce
3.0 %
ptPortugal
2.9 %
nlNetherlands
2.7 %
Norvège
1.7 %
chSwitzerland
1.6 %
beBelgium
1.5 %
Suède
1.5 %
adAndorra
0.8 %
atAustria
0.6 %
dkDenmark
0.4 %
fiFinland
0.3 %
smSanMarino
0.3 %
Luxembourg
0.1 %
View Portfolio allocation

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:  31 Jan 2025.
Modified Duration2.1
Yield to Maturity3.8 %
Average Coupon3.3 %
Number of Issuers177
Number of Bonds292
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.

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

Marie-Anne Allier

Fund Manager
[Management Team] [Author] Guedy Aymeric

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.
[Management Team] [Author] Allier Marie Anne

Marie-Anne Allier

Fund Manager
View Fund's characteristics

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All analysis
View characteristics and risks
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.