Carmignac Sécurité FCP ISIN FR0010149120 Fixed income management

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Recommended minimum investment horizon : 2 years

At 19/10/2017
Keith Ney
International Bonds
  • NAV : 1751.15 €
  • D-1 : 0.00 %
  • YTD : +0.03 %
  • 12 Month : +0.09 %

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 years

€uro Fund Award 2017
France
April 2017
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 September 2017

  • • The euro underwent a slight correction
  • • European equity markets outperformed
  • • US and core European yields came under pressure
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Exposure data

monthly weekly
September 2017
-0.63
Modified duration
0.60
Yield to maturity
A-
Avg. Rating
Week from 6 to 13 Oct 2017
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Management Comments

Global

September 2017

The Federal Reserve announced this month that it would reduce the size of its balance sheet starting in October and that it would continue to gradually raise its key interest rates. The Trump administration also provided details on its tax reform plans. Against this backdrop, core European yields rose in line with their US counterparts, boosting our short derivative positions on German bonds. However, mounting political uncertainty about the situation in Catalonia weighed slightly on our peripheral Italian and Spanish government bonds. The Fund is keeping its modified duration negative with a short position on German debt, which we believe is still overvalued, and a long position on peripheral European debt, which currently offers attractive risk premiums and limited credit risk.

Weekly

Week from 6 to 13 Oct 2017

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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