LU1299306321
- Low duration euro fixed income Fund.
- Flexible and active approach with a modified duration range from -3 to +4.
- Limited exposure to credit risk with a minimum average rating of investment grade.
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To 17/04/2025
Article
Carmignac Portfolio 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: Mar 31, 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
In a context of deteriorated bond markets, the fund delivered a negative performance, underperforming its reference indicator.
On the interest rate side, our long positions on European rates had an overall negative impact, but our strategies of steepening the curves and our short positions on French debt helped to cushion the interest rate shock.
In credit, while the carry on our positions and our hedges to reduce our exposure to the riskiest part of the market contributed positively, the widening of credit spreads over the period had a negative impact.
Finally, the portfolio continues to benefit from our exposure to money market instruments, while our selection of collateralised loan obligations (CLOs) had a neutral impact this month.
Outlook strategy
Given the risks associated with tariffs, the budgets allocated to European defence and geopolitical issues in a context of increasingly tense valuations in certain markets, the portfolio maintains a balanced positioning with a modified duration that has decreased over the month, from 2.2 to 1.7. The modified duration is mainly concentrated on the short units of the curves.
On the one hand, the portfolio benefits from 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 reduced beta relative to market volatility.
On the other hand, we are adopting a cautious position on interest rates, particularly in Europe, where we favour a strategy of steepening yield curves, as well as a marked appetite for inflation products, in a context of fiscal expansion in Europe.
We are also maintaining protection on the credit market (iTraxx Xover), with markets trading at tight levels in an uncertain economic and geopolitical context.
Finally, we have allocated part of the portfolio to money market instruments, which are an attractive source of carry with limited risk.
Performance Overview
Data as of: Apr 17, 2025.Carmignac Portfolio Sécurité Portfolio overview
Below is an overview of the composition of the portfolio.Asset Allocation
Data as of: Mar 31, 2025.| Bonds | 67.3 % |
| Money Market | 25.5 % |
| Cash, Cash Equivalents and Derivatives Operations | 7.2 % |
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: Mar 31, 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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Carmignac Sécurité: Letter from the Fund Managers
Marie-Anne Allier is Fund Manager of the Month by RankiaPro
Market environment
-The main announcement of the month came from the German parliament, which adopted a reform of its debt brake policy in order to increase its military spending while approving the creation of a 500 billion euro infrastructure fund. -In the United States, the indicators have been mixed, with disappointment over the leading indicators, which reflect less dynamic growth prospects and more vigorous inflation.- On the other hand, US economic statistics remain robust, with strong household and business consumption ahead of the implementation of tariffs. -Core inflation fell slightly on both sides of the Atlantic at the end of February, now standing at +2.6% in the euro zone and +3.1% across the Atlantic. -The change in German fiscal policy doctrine resulted in a massive rate shock, as illustrated by the +33bp rise in the German 10-year rate, unlike its US counterpart, which remained stable in view of the uncertainties weighing on growth.