Fixed income strategies

Carmignac Sécurité

French mutual fund (FCP)European marketSRI Fund Article 8
Share Class

FR0010149120

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.
Asset Allocation
Bonds73.8 %
Other26.2 %
Data as of:  30 Sep 2024.
Risk Indicator
2/7
Recommended Minimum Investment Horizon
2 years
Cumulative Performance since launch
+ 97.9 %
+ 9.8 %
+ 5.8 %
+ 3.3 %
+ 7.2 %
From 31/12/1998
To 30/10/2024
Calendar Year Performance 2023
+ 1.7 %
+ 1.1 %
+ 2.1 %
0.0 %
- 3.0 %
+ 3.6 %
+ 2.0 %
+ 0.2 %
- 4.8 %
+ 4.1 %
Net Asset Value
1863.39 €
Asset Under Management
4 502 M €
Market
European market
SFDR - Fund Classification

Article

8
Data as of:  30 Oct 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.

Carmignac 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:  30 Sep 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

  • The US Federal Reserve delivered a more dovish message than expected at its September meeting, cutting its key rate by -0.5%.

  • Growth data nevertheless exceeded expectations across the Atlantic, both in terms of unemployment, which declined to 4.2%, and consumer resilience, with retail sales accelerating by +0.1%.

  • Headline inflation continued to slow to +2.5% year-on-year on the back of falling commodity prices, while core inflation remained stable at +3.2%.

  • For its part, the European Central Bank cut its key rate by -25bp against a backdrop of disappointing economic data, both in terms of leading indicators and the zone's future growth prospects.

  • Among other central banks, the Bank of Japan opted for a pause in its rate hike cycle, while the Brazilian central bank raised its key rate by a quarter point.

  • At the end of the period, the Chinese authorities announced a series of measures aimed at curbing the slowdown in the Chinese economy and boosting market sentiment.

Performance commentary

  • The Fund delivered a positive performance in line with its reference indicator.

  • In an environment marked by a sharp easing in interest rates, our preference for short-term rates was positive, marked by a steepening of the yield curves.

  • In addition, the portfolio benefited from its credit carry strategies, with a positive contribution from our financial sector 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, characterised by a soft landing for the European and US economies and inflation gradually returning towards target, should enable the ECB and the Fed to continue their rate-cutting cycles.

  • However, given the presence of political and geopolitical risks and the increasingly tight valuations on some markets, the portfolio is maintaining a balanced positioning with a duration that has been maintained at around 2 over the period.

  • On the one hand, a significant allocation to credit, mainly invested in short-term, highly-rated corporate bonds and CLOs, offering an attractive source of carry and a low beta relative to market volatility.

  • On the other hand, we have a long position in the short end of the German curve, which should benefit from a flight to quality in an unfavourable scenario, but also from the central banks' rate cuts cycle.

  • We are also maintaining protective positions on the credit market (iTraxx Xover), with markets trading at tight levels in a geopolitical context that remains uncertain.

  • Finally, we have an allocation to money market instruments, which represent an attractive source of carry with limited risk.

Performance Overview

Data as of:  30 Oct 2024.
​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. ​From 01/01/2013 the equity index reference indicators are calculated net dividends reinvested. The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 03/11/2024

Carmignac Sécurité Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  30 Sep 2024.
Europe78.3 %
North America14.1 %
Eastern Europe6.8 %
Asia-Pacific0.5 %
Latin America0.3 %
Total % of bonds100.0 %
Europe78.3 %
itItaly
18.1 %
esSpain
15.4 %
ieIreland
11.1 %
frFrance
8.2 %
deGermany
4.8 %
gbUnited Kingdom
4.5 %
Grèce
3.4 %
nlNetherlands
2.6 %
chSwitzerland
1.9 %
ptPortugal
1.9 %
Norvège
1.6 %
Suède
1.5 %
atAustria
1.0 %
adAndorra
0.8 %
beBelgium
0.7 %
smSanMarino
0.4 %
fiFinland
0.3 %
Luxembourg
0.1 %

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:  30 Sep 2024.
Modified Duration2.0
Yield to Maturity4.0 %
Average Coupon3.3 %
Number of Issuers165
Number of Bonds256
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
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.
The Fund is a common fund in contractual form (FCP) conforming to the UCITS Directive under French law.
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.

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