FR0010149120
- Low duration euro fixed income Fund.
- Flexible and active approach with a modified duration range from -3 to +4.
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To 20/02/2025
Article
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: 31 Jan 2025.![[Management Team] [Author] Allier Marie Anne](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Allier-Marie-Anne.png?auto=format%2Ccompress&fit=fill&w=3840)
Marie-Anne Allier
![[Management Team] [Author] Guedy Aymeric](https://carmignac.imgix.net/uploads/NextImage/0001/18/Guedy_Aymeric_HD-400x400.jpg?auto=format%2Ccompress&fit=fill&w=3840)
Aymeric Guedy
Performance commentary
The fund delivered a positive absolute and relative performance against its reference indicator in this market configuration.
In an environment marked by a sharp change in interest rates, our active duration management, with short positions on German rates at the start of the period and then a long position in the second half, had a positive impact.
In addition, the portfolio benefited from its credit carry strategies, with our financial and energy sector bonds making a positive contribution.
Finally, the portfolio continues to benefit from our exposure to money market instruments and our selection of Collateralized Loan Obligations (CLOs).
Outlook strategy
The relative resilience of the economy, with consumption remaining robust and inflation continuing to fall gradually, should enable the ECB and, to a lesser extent, the US Federal Reserve to gradually continue their monetary easing.
However, given the political and geopolitical risks, as well as the increasingly stretched valuations on certain markets, the portfolio is maintaining a balanced positioning with a modified duration that has been gradually increased from 1.5 to 2.1 over the period:
On the one hand, a significant allocation to credit, mainly invested in short-term, highly-rated corporate bonds and CLOs, which offer an attractive source of carry and a low beta relative to market volatility.
On the other hand, we have a slightly long position in German interest rates, as the market is incorporating a conservative scenario of just under 3 rate cuts by the ECB in 2024.
We are also retaining protection on the credit market (iTraxx Xover), with markets trading at tight levels against an uncertain geopolitical backdrop.
Finally, we have allocated part of the portfolio to money market instruments, which represent an attractive source of carry with limited risk.
Performance Overview
Data as of: 20 Feb 2025.Carmignac Sécurité Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: 31 Jan 2025.| Europe | 81.8 % |
| Eastern Europe | 10.2 % |
| North America | 7.0 % |
| Asia-Pacific | 0.7 % |
| Latin America | 0.3 % |
| Total % of bonds | 100.0 % |
 Italy | 16.5 % |
 Spain | 14.5 % |
 Ireland | 11.5 % |
 France | 10.9 % |
 United Kingdom | 5.4 % |
 Germany | 5.3 % |
 Grèce | 3.2 % |
 Portugal | 2.8 % |
 Netherlands | 2.7 % |
| Norvège | 1.7 % |
 Switzerland | 1.7 % |
| Suède | 1.5 % |
 Belgium | 1.5 % |
 Andorra | 0.8 % |
 Austria | 0.7 % |
 Denmark | 0.4 % |
 SanMarino | 0.3 % |
 Finland | 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: 31 Jan 2025.The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Managers.Marie-Anne Allier
Aymeric Guedy
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.
Marie-Anne Allier
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Marie-Anne Allier is Fund Manager of the Month by RankiaPro
Market environment