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Fund Update: Carmignac Securite

Das folgende Fund Update bietet einen Rückblick auf die Performance des Fonds über die letzten fünf Kalenderjahre sowie über die aktuelle Entwicklung. Die Fondsmanager Rose Ouahba und Carlos Galvis zeigen die wichtigsten Punkte des Investmentprozesses auf und geben einen Ausblick. Funds | 16.08.2011 04:30 Uhr

Performance Review 2006

Performance Review 2007

Performance Review 2008

Performance Review 2009

Performance Review 2010

Rose Ouahba, as from Oct 2010 Carlos Galvis: "In 2010, Carmignac Sécurité recorded an increase of +0.73%, compared with +0.03% for its performance indicator. In 2010, the asset allocation of Carmignac Sécurité was characterised by the gradual increase in the weighting of corporate bonds given the improved economic environment, as well as by a lack of exposure to peripheral European government bonds due to the solvency crisis weighing on eurozone government debt. Developments in this crisis led us to invest only in German government bonds. At the end of 2010, the government bond component accounted for 21% of the portfolio, and made a gross contribution of +0.22% to performance. At 31 December 2010, the corporate bond component represented 66% of the portfolio, and contributed 3.48% of gross performance. We gradually increased our exposure to the high yield corporate bond segment over the year, mainly via BB rated companies."

Performance Review 2011 - Year-to-Date

Rose Ouahba, as from Oct 2010 Carlos Galvis: "Year to date up to 30 June  2011, Carmignac Sécurité recorded an increase of +0.73%, compared with +0.03% . The Fund benefited from its negative modified duration with regard to the 5-year segment of the curve in the first quarter, benefitting from the effect of the announcement by the BCE to tighten monetary policy and from its prudent approach to peripheral sovereign debt. Meanwhile, our corporate bond carry strategies which make up 65% of the portfolio contributed positively to performance."

Performance since 2006

Investment Process and Strategy – How does the Fund Manager invest?

Carlos Galvis: "The Fund’s investment strategy aims to outperform the performance indicator, the Euro MTS 1-3 Year index, which comprises government bonds: by exposing the portfolio to the fixed income markets through investments in bonds issued by issuers deemed “investment grade” by the rating agencies Standard and Poor’s and Moody’s and, where applicable, by investing up to 10% of its net assets in junk bonds; and by varying the overall sensitivity of the portfolio according to the manager´s expectations. The investment strategy is essentially based on the selection of fixed income products from the eurozone and, on an ancillary basis, the international markets (the emerging countries, in particular) that offer the best growth potential without restriction in terms of allocation by geographical zones, duration, credit ratings, business sectors or type of security. The investment strategy is based largely on the manager’s analysis of the yield spread between different maturities (yield curve), between different countries and between the different ratings of bonds offered by corporate and public issuers. Issuing countries shall be selected on the basis of macroeconomic analysis carried out on behalf of the manager. The choice of corporate bonds is made on the basis of financial and sectoral analysis carried out by the whole investment team. The choice in relation to maturities is made on the basis of the manager’s expectations on inflation and the Central Banks’ willingness to implement their monetary policies. The selection criteria for bonds is therefore based on the issuing company’s fundamentals and the evaluation of quantitative factors such as the yield premium they offer compared to government bonds. The products acquired by the Fund are denominated mainly in euro. The portfolio’s level of sensitivity shall be between -3 and 4. The portfolio is composed of fixed income securities, debt securities or money market instruments denominated in euro as well as variable rate bonds. The average rating of the bonds held directly by the Fund or through investments in UCITS shall be at least investment grade (i.e. rated at least BBB-/Baa3 by the rating agencies Standard and Poor’s and Moody’s). However, the manager may invest in bonds whose rating is below investment grade.

There are no restrictions in terms of duration, sensitivity or allocation between chosen corporate and public issues provided the overall sensitivity of the portfolio does not exceed 4. The manager may invest in futures and options traded on eurozone regulated or over-the-counter markets. In this context, the manager may take positions to reduce the sensitivity of the portfolio depending on his expectations in order to achieve the investment objective. The portfolio shall be hedged against interest rate risk through the purchase or sale of options and/or futures listed on regulated European markets; commitments in respect of such hedges may not exceed 100% of the value of the FCP’s assets.

The manager may invest in complex derivatives for the purposes of hedging against or creating exposure to credit risk. The manager will use index credit derivatives (ITRAXX, etc.) as well as single and multiple-entity credit derivatives. These transactions shall not exceed 10% of the net assets. For cash management purposes, the Fund may also invest a maximum of 10% of its assets in units or shares of UCITS on an ancillary basis. Carmignac Sécurité may use deposits and cash borrowings to optimise the management of cash within the Fund. The Fund may enter into securities repurchase agreements (pension) on a limited basis in order to optimise its income."

Investment Outlook

Carlos Galvis: "We will continue to avoid government bonds issued by peripheral European countries as we feel these remain susceptible to risks of debt rescheduling. Our corporate bond carry strategies will continue to focus on companies that benefit from growth in emerging countries in such industries as beverages and automobiles. Secondly the portfolio will benefit as it has done late in the second quarter from the recovery in some raw materials industries most particularly recently was in the corporate debt holdings in the oil and rubber industries. In this large part of the portfolio we are confident that we will continue to benefit from high yields and a generally favourable, low default risk environment avoiding corporate debt in the European banking industry. We will continue to manage the duration of the portfolio tactically having increased the modified duration as the year progressed. We see  some continued curve flattening still ahead of the projected BCE rate hike before year end."

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