Calendar Year Performance 2014Calendar Year Performance 2015Calendar Year Performance 2016Calendar Year Performance 2017Calendar Year Performance 2018Calendar Year Performance 2019Calendar Year Performance 2020Calendar Year Performance 2021Calendar Year Performance 2022Calendar Year Performance 2023
+ 8.5 %
+ 0.1 %
+ 4.8 %
+ 1.9 %
- 9.2 %
+ 13.6 %
+ 13.9 %
- 0.2 %
- 8.1 %
+ 4.2 %
Net Asset Value
143.15 $
Asset Under Management
6 216 M €
Market
Global market
SFDR - Fund Classification
Article
8
Data as of: 31 Oct 2024.
Data as of: 4 Nov 2024.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged. The Sustainable Finance Disclosure Regulation (SFDR) 2019/2088 is a European regulation that requires asset managers to classify their funds as either 'Article 8' funds, which promote environmental and social characteristics, 'Article 9' funds, which make sustainable investments with measurable objectives, or 'Article 6' funds, which do not necessarily have a sustainability objective. For more information please refer to https://eur-lex.europa.eu/eli/reg/2019/2088/oj.
The markets experienced an eventful month, characterized by rate cuts from central banks, the escalation of conflict in the Middle East, and the announcement of stimulus measures in China.- The Federal Reserve initiated its easing cycle with a larger-than-expected cut of 50 basis points and signaled further rate cuts to come. In Europe, the European Central Bank continued to reduce its key rates by 25 basis points.- Economic indicators in the United States remained robust, with rising retail sales and industrial production, a mixed but solid labor market, and falling inflation. In contrast, economic activity in the eurozone was more subdued.- Global equities rose in September, driven mainly by emerging markets. Notably, the Chinese stock market surged by nearly 25% after authorities announced additional monetary and fiscal support measures towards the end of the month.- In the bond market, yields fell once again, with a steepening move. In the currency markets, major currencies continued to appreciate against the US dollar.- Finally, in commodities, gold reached a new high, while oil briefly dipped below the $70 mark.
Performance commentary
The Fund's performance was negative for the month, underperforming its reference indicator.- The fund was adversely affected by our long-term positions in the healthcare sector, including Denmark's Novo Nordisk, Japan's Daiichi Sankyo, and America's McKesson. - The absence of Chinese stocks in the fund also negatively impacted its relative performance.- Although our bond portfolio benefited from credit support, its low modified duration prevented us from fully capitalizing on the decline in interest rates.- Exchange rate fluctuations were favorable for the fund in September. Our under-exposure to the dollar, along with our exposure to the yen and the Brazilian real, proved advantageous.
Outlook strategy
The events of the month support our projection of a soft landing for the global economy. - The Federal Reserve's 50 basis point rate cut reduces the risk of a recession in the United States, while China's recovery could enable the global economy to gain momentum once again.- In this context, we remain optimistic about equities, maintaining a 34% allocation. In a scenario characterized by a gradual economic slowdown and global monetary easing, risky assets should continue to perform well as long as a recession is avoided.- However, we are maintaining certain positions to hedge against potential negative news on corporate earnings, uncertainties related to the US election, or tensions in the Middle East.- Regarding interest rates, we are keeping a low level of modified duration and continue to anticipate steeper yield curves. - To enhance the overall structure of our portfolio, we have implemented several decorrelation strategies, including exposure to emerging local rates, gold miners, South American currencies, and the yen.
Below are the key figures for the Fund, which will give you a clearer idea of the Fund's equity and bond management and positioning.
Exposure Data
Data as of: 31 Oct 2024.
Equity Investment Weight40.9 %
Net Equity Exposure30.2 %
Active Share85.3 %
Modified Duration0.6
Yield to Maturity3.1 %
Average RatingBBB+
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.
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Managers.
The reference to a ranking or prize, is no guarantee of the future results of the UCIS or the manager.
The Fund is a common fund in contractual form (FCP) conforming to the UCITS Directive under French law.
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.
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Market environment