Carmignac Sécurité FCP ISIN FR0010149120 Fixed income management

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Recommended minimum investment horizon : 2 years

At 14/08/2018
Keith Ney
International Bonds
  • NAV : 1732.12 €
  • D-1 : +0.01 %
  • YTD : -1.10 %
  • 12 Month : -1.30 %

In this environment of financial repression in Europe, we see the need for active, flexible, global and high-conviction management.

Best Euro denominated short-term bonds Fund - 10 & 20 years

€uro Fund Award 2018
Germany
February 2018
All awards

Description

Fund invested in bonds and other debt securities denominated in Euro. It seeks to outperform its reference indicator, the Euro MTS 1-3 years, over a 2-year investment horizon with lower volatility.

Carmignac Global Strategy July 2018

  • Risky assets rallied
  • Lower oil prices
  • Pressure on core yields
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Exposure data

monthly weekly
July 2018
0.85
Modified duration
0.66
Yield to maturity
A-
Avg. Rating
Week from 3 to 10 Aug 2018
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Management Comments

Global

July 2018

European bond markets were buoyed by the agreement between Donald Trump and Jean-Claude Juncker with their commitment to more free trade in particular, and by Jerome Powell’s speech confirming gradual interest rate hikes in the United States, leading to pressure on core rates. In this context, our exposure to US interest rates had a negative impact on the Fund’s performance. On the other hand, we benefitted from our Portuguese and Spanish government bonds, which appreciated over the period. Our credit component was helped by our special situations Teva Pharma and Altice, but our derivative positions opened to reduce our credit exposure weighed on performance. We maintained moderate modified duration during the month, with long peripheral and US bond positions and limited credit risk.

Weekly

Week from 3 to 10 Aug 2018

This content is reserved to PRO SPACE members

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Legal information

The information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Management fees are included in performances. 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 KIIDs (key investor information documents) and prospectuses available on this website. The KIID must be made available to the subscriber prior to purchase.

The Fund’s prospectus, KIIDs and annual reports are available at www.carmignac.ch, or through our representative and Paying Agent in Switzerland, CACEIS Bank, Paris, succursale de Nyon/Suisse, Route de Signy 35, CH-1260 Nyon.

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