FR0011269109
- Low duration euro fixed income Fund.
- Flexible and active approach with a modified duration range from -3 to +4.
To 19 Nov 2024
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 Oct 2024.![[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 generated a positive performance, outperforming its reference indicator, which posted a negative return over the period.
Our cautious stance on modified duration and our inflation strategies enabled the portfolio to show a degree of resilience in an environment marked by a general rise in interest rates. However, our steepening strategy suffered as yield curves flattened over the period.
In addition, the portfolio benefited from its carry strategies on our credit 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, with a soft landing for the European and US economies and inflation gradually returning to target, should enable the ECB and the Fed to continue their rate-cutting cycles.
However, given the political and geopolitical risks and the increasingly tight valuations on certain markets, the portfolio is maintaining a balanced positioning with a modified duration that has been kept below 2 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, a long position on short maturities and a yield curve steepening strategy in the eurozone, which should benefit from a flight to quality in an unfavourable scenario, but also from the central banks' rate cutting cycle and upward pressure on the long end.
We are also retaining protection on the credit market (iTraxx Xover), with markets trading at tight levels in an uncertain geopolitical environment.
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: 19 Nov 2024.Carmignac Sécurité Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: 31 Oct 2024.| Europe | 83.6 % |
| Eastern Europe | 8.1 % |
| North America | 7.4 % |
| Asia-Pacific | 0.6 % |
| Latin America | 0.3 % |
| Total % of bonds | 100.0 % |
 Italy | 18.5 % |
 Spain | 15.5 % |
 Ireland | 11.0 % |
 France | 9.7 % |
 Germany | 5.9 % |
 United Kingdom | 4.5 % |
 Grèce | 4.0 % |
 Netherlands | 2.9 % |
 Switzerland | 2.0 % |
 Portugal | 1.9 % |
| Norvège | 1.7 % |
| Suède | 1.5 % |
 Belgium | 1.4 % |
 Austria | 1.1 % |
 Andorra | 0.9 % |
 Denmark | 0.4 % |
 SanMarino | 0.4 % |
 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 Oct 2024.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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