Carmignac Sécurité FCP ISIN FR0010149120 Fixed income management
Recommended minimum investment horizon : 2 years
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 December 2017
- The euro rose against the dollar
- European markets underperformed
- Peripheral yields came under pressure
Exposure datamonthly weekly
The tone for the month was set by US tax reform discussions and the publication of economic data that remains healthy, even if inflation is still struggling to materialise. US yields were stable despite a degree of volatility, while German yields rose, benefitting our short positions on German bonds. The Fund drew strength from its Greek government bonds as Greece’s economic fundamentals improved, but suffered from its Italian government bonds following the announcement that the country’s parliament would be dissolved and new elections held in March. In terms of portfolio construction, the Fund is keeping its modified duration negative with a short position on German debt, and a long position on peripheral European debt, which currently offers attractive risk premiums and limited credit risk.
Week from 5 to 12 Jan 2018
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.