Fondsnieuws

Carmignac Sécurité facing Covid-19

24.03.2020

What are the main drivers of the markets?

  • The 'radical containment' measures in Europe are rising. Each of them implies significantly higher economic costs triggering sharp market sell-offs even for debts qualified as safe havens.

  • The US Federal Reserve ‘Exceptional’ measures (moves to unlimited Quantitative Easing including corporate debt for the first time) and European package (€750bn Pandemic Emergency Purchase Programme and a promise to do more if necessary) were announced to support the economy. Governments are also making progress on fiscal stimulus packages.

Even though the authorities seem to be taking the situation in hand, the uncertainties are so high (how long it will last, impact on growth...) leading to major shocks across markets.

What have we done to reduce risk in Carmignac Sécurité?

The Fund Managers have actively managed their exposure to government bonds and credit markets over the last weeks. Their one priority: reducing the risk profile of the portfolio to limit the potential drawdown in this roller-coaster period for fixed income markets.

Here are the main changes:

  • Reduced overall of interest rate sensitivity

    Increased interest rate sensitivity to core countries:

    • Neutralised our short bias on German rate.
    • Increased/maintained exposure to core rates where central banks have room to intervene such as Australia and the US.

    Reduced exposure to non-core debt:

    • Reduced our allocation to other European non-core countries (Greece, Cyprus, Slovakia, Slovenia, Portugal).
    • Active management of our Italian sovereign bonds.
  • Implemented protection on our credit book



    • Using index derivatives to hedge the riskiest part of our credit exposure.

    • Reduced allocation to subordinated financial bonds and long-maturity corporate credit bonds.

  • Increased our cash profile



    • Cash & cash equivalents stand at 25% of total assets and 50% of bonds with a maturity < 2 years.

Carmignac Sécurité

Voornaamste risico's van het Fonds

RENTE: Renterisico houdt in dat door veranderingen in de rentestanden de netto-inventariswaarde verandert.

KREDIET: Het kredietrisico stemt overeen met het risico dat de emittent haar verplichtingen niet nakomt.

KAPITAALVERLIES: De portefeuille geniet geen enkele garantie of bescherming van het belegde kapitaal. Kapitaalverlies treedt op bij de verkoop van een deelnemingsrecht tegen een lagere prijs dan de aankoopprijs.

WISSELKOERS: Het wisselkoersrisico hangt samen met de blootstelling, via directe beleggingen of het gebruik van valutatermijncontracten, aan andere valuta’s dan de waarderingsvaluta van het Fonds.

Het fonds houdt een risico op kapitaalverlies in.