Share Class
LU1792391911
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.
- Limited exposure to credit risk with a minimum average rating of investment grade.
Key documents
Asset Allocation
Bonds84.7 %
Other15.3 %
Data as of: Feb 27, 2026.
Risk Indicator
1
2
3
4
5
6
7
Lowest risk
Highest risk
Recommended Minimum Investment Horizon
2 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 11.8 %
-
+ 8.2 %
+ 12.8 %
+ 1.6 %
To 07/04/2026
Calendar Year Performance 2016Calendar Year Performance 2017Calendar Year Performance 2018Calendar Year Performance 2019Calendar Year Performance 2020Calendar Year Performance 2021Calendar Year Performance 2022Calendar Year Performance 2023Calendar Year Performance 2024Calendar Year Performance 2025
-
-
- 3.5 %
+ 3.9 %
+ 2.5 %
+ 0.4 %
- 4.2 %
+ 4.5 %
+ 5.8 %
+ 2.6 %
Net Asset Value
101.74 €
Asset Under Management
2 636 M €
Modified Duration
27/02/2026
2.0
SFDR - Fund Classification
Article
8
Data as of: Feb 27, 2026.
Data as of: Apr 7, 2026.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The Fund presents a risk of loss of capital.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. The SFDR classification of the Funds may change over time.
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](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Allier-Marie-Anne.png?auto=format%2Ccompress&fit=fill&w=3840)
![[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
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.
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, 2026.Fund management team
Aymeric GUEDY
Fund Manager
Performance commentary
- In this context, the Fund delivered a negative performance slightly underperforming its reference indicator.
- Interest rate strategies detracted from performance, notably due long positions at the front end of the euro curve, particularly in Germany, as well as some exposure to emerging markets, in a context of rising yields.
- Credit exposure was the main detractor over the month. Despite supportive carry, performance was impacted by a sharp widening in credit spreads, with financials among the most negative contributors.
- However, the portfolio’s defensive positioning helped to partially offset these losses. Credit protections via iTraxx Xover and inflation strategies in both Europe and the US made positive contributions, while short positions on French and US sovereign rates provided an effective hedge against rising yields.
Outlook strategy
- In a volatile environment marked by a sharp repricing in rates, we increased the portfolio’s duration from 2.0 to 2.5 over the month. This was mainly implemented through the front end of the euro curve, particularly in German, Italian and Spanish 2-year bonds, where market expectations for three ECB rate hikes this year appear excessive. In parallel, we initiated a short position on the US 5-year via put options early in the month, which was subsequently reduced.
- On the one hand, we maintain a significant allocation to credit, primarily invested in short-dated, high-quality corporate bonds, offering an attractive source of carry with limited sensitivity to market volatility, complemented by credit protection via iTraxx Xover to protect against a widening spread.
- Balanced by a differentiated stance on rates, with long positions concentrated at the front end of the euro curve, alongside short positions on US sovereign debt amid fiscal slippage and on French government bonds, reflecting ongoing political and fiscal uncertainties.
- The portfolio also retains exposure to inflation through breakeven strategies in both the euro area and the United States, benefiting from recent energy-driven repricing dynamics.
- Finally, part of the portfolio is invested in money market instruments, providing liquidity and gradually being reinvested into longer-term bonds to seize attractive yields following the recent sell-off. The portfolio’s yield-to-maturity has increased from 3.5% to 4.1%, strengthening its carry profile.
Performance Overview
Data as of: Apr 7, 2026.Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The Fund presents a risk of loss of capital.
Morningstar Rating™ : © 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.
Until 31 December 2020, the reference indicator was the Euro MTS 1-3 years. Performances are presented using the chaining method.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 08/04/2026
Carmignac Portfolio Sécurité Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Feb 27, 2026.| Bonds | 84.7 % |
| Money Market | 14.6 % |
| Cash, Cash Equivalents and Derivatives Operations | 0.6 % |
| Credit Default Swap | -7.6 % |
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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: Feb 27, 2026.Modified Duration2.0
Yield to Maturity3.5 %
Average Coupon3.2 %
Number of Issuers241
Number of Bonds417
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.
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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.
Carmignac Portfolio is a sub-fund of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive.
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.
Market environment