Carmignac Sécurité FCP ISIN FR0010149120 Fixed income management

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Recommended minimum investment horizon : 2 years

At 18/01/2018
Keith Ney
International Bonds
  • NAV : 1759.53 €
  • D-1 : +0.07 %
  • YTD : +0.47 %
  • 12 Month : +0.44 %

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 December 2017

  • The euro rose against the dollar
  • European markets underperformed
  • Peripheral yields came under pressure
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Exposure data

monthly weekly
December 2017
-0.21
Modified duration
0.81
Yield to maturity
BBB+
Avg. Rating
Week from 5 to 12 Jan 2018
This content is reserved to PRO SPACE members

Management Comments

Global

December 2017

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.

Weekly

Week from 5 to 12 Jan 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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