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Fixed income strategies

Carmignac Portfolio Sécurité

Luxembourg SICAV sub-fundEuropean 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)KID
Asset Allocation
Bonds67.4 %
Other32.6 %
Data as of:  29 Nov 2024.
Risk Indicator
2/7
Recommended Minimum Investment Horizon
2 years
Cumulative Performance since launch
+ 9.0 %
0.0 %
+ 6.8 %
+ 4.5 %
+ 5.5 %
From 19/11/2015
To 19/12/2024
Calendar Year Performance 2023
-
- 0.3 %
+ 1.9 %
0.0 %
- 3.1 %
+ 3.6 %
+ 2.2 %
+ 0.1 %
- 4.5 %
+ 4.0 %
Net Asset Value
108.98 €
Asset Under Management
1 681 M €
Market
European market
SFDR - Fund Classification

Article

8
Data as of:  19 Dec 2024.
​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 Oct 2024.
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

  • US growth continues to gravitate above its historical average at +2.8% in the third quarter, benefiting from resilient domestic demand.- All the indicators point to greater resilience in the US economy, while inflation has also shown resilience, with a smaller-than-expected fall in the headline component to +2.4% YoY and a reacceleration in core inflation to +3.3% YoY.- The low point now seems to be behind us in the eurozone, as indicated by the stronger-than-expected rebound in GDP growth of +0.4% in the third quarter in the zone, on the back of more favourable momentum in Germany and France.- The European Central Bank cut its key rate by a further 25bp this month. This decision comes against a backdrop of headline inflation in the region at a 3-year low, contrasting with core inflation and the service component of inflation, which are still above the ECB's target at +2.7% and +3.9% respectively.- This environment of resilient growth has pushed yields higher, with the US 10-year gaining +50bp and its German counterpart +27bp. Risk appetite also paused, with credit spreads widening by +3bp on the Itraxx Xover index over the month.

Performance commentary

  • The fund generated a positive performance, outperforming its reference indicator, which posted a negative return over the period.

  • Our cautious stance on modified duration and our inflation strategies enabled the portfolio to show a degree of resilience in an environment marked by a general rise in interest rates. However, our steepening strategy suffered as yield curves flattened over the period.

  • In addition, the portfolio benefited from its carry strategies on our credit bonds, slightly offset by our hedges aimed at reducing our exposure to the riskiest part of the market.

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

Outlook strategy

  • The relative resilience of the various economies, with a soft landing for the European and US economies and inflation gradually returning to target, should enable the ECB and the Fed to continue their rate-cutting cycles.

  • However, given the political and geopolitical risks and the increasingly tight valuations on certain markets, the portfolio is maintaining a balanced positioning with a modified duration that has been kept below 2 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, a long position on short maturities and a yield curve steepening strategy in the eurozone, which should benefit from a flight to quality in an unfavourable scenario, but also from the central banks' rate cutting cycle and upward pressure on the long end.

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

  • 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:  19 Dec 2024.
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™ :  © YYYY 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 22/12/2024

Carmignac Portfolio Sécurité Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  29 Nov 2024.
Europe86.2 %
North America6.6 %
Eastern Europe6.5 %
Asia-Pacific0.5 %
Latin America0.3 %
Total % of bonds100.0 %
Europe86.2 %
itItaly
18.4 %
esSpain
15.8 %
ieIreland
11.8 %
frFrance
11.5 %
deGermany
5.5 %
gbUnited Kingdom
4.3 %
Grèce
4.0 %
nlNetherlands
2.9 %
ptPortugal
2.0 %
beBelgium
2.0 %
Norvège
1.7 %
chSwitzerland
1.6 %
Suède
1.4 %
atAustria
1.3 %
adAndorra
0.8 %
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:  29 Nov 2024.
Modified Duration1.4
Yield to Maturity3.8 %
Average Coupon3.3 %
Number of Issuers168
Number of Bonds274
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.