Our funds
R-co 4Change Convertibles Europe
(*) Inactive share
Net Asset Value
260.45 €
(19/06/2024)
AUM (fund)
110 M €
(19/06/2024)
Performance
+2.81 %
(YTD) (19/06/2024)
Recommended investment horizon
3 years
Risk scale
3/7
Investment objective
The management objective of R-co 4Change Convertibles Europe is to outperform the ECI Europe by having at least 60% of its assets invested in and/or exposed to, on a continuous basis, convertible bonds or bonds exchangeable for an underlying listed on the market of a European country. The FCP is a conviction fund with a discretionary management style based on the manager’s assessment of changes in the various markets, combined with a socially responsible investment approach.
Change in Net Asset Value
Past performance does not indicate future performance, and is not constant over time. Performance indicated is net of fees, calculated in the reference currency of the unit.
Performance by calendar year
This chart shows the fund’s performance as the percentage loss or
gain per year over the last 10 years against its benchmark.
It can help you to assess how the fund has been managed in the past and compare it to its benchmark
Inception date of the unit/share :
01/04/1997
Past performance is not a reliable indicator of future performance. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past. Performance is shown after deduction of ongoing charges. Any entry and exit charges are excluded from the calculation.
* Since 30/03/2021, the security selection process has followed formalised internal portfolio management rules and incorporated ESG analysis of companies. Performances prior to this date were therefore achieved in conditions that no longer apply.
Performance as of 19/06/2024
| Cumulative performance | Annualised performance | |||||||
|---|---|---|---|---|---|---|---|---|
| 10 years | 5 years | 3 years | 1 year | YTD | 1 month | 10 years | 5 years | 3 years |
| -3.38% | -4.59% | -10.34% | 4.65% | 2.81% | -1.34% | -0.34% | -0.94% | -3.57% |
| 21.81% | 6.63% | -3.64% | 7.52% | 4.49% | -0.79% | 1.99% | 1.29% | -1.23% |
R-co 4Change Convertibles Europe C EUR
100% FTSE Convertibles Indices Europe EUR coupons réinvestis
Past performance does not indicate future performance, and is not constant over time. Performance indicated is net of fees, calculated in the reference currency of the unit.
Risk indicators as of 19/06/2024
| Volatility | Ratios | ||||
|---|---|---|---|---|---|
| Fund | Reference index | Tracking-error | Information ratio | Sharpe ratio | |
| 1 year | 5.22% | 5.00% | 1.33% | -2.1204 | 0.2778 |
| 3 years | 6.98% | 6.85% | 1.37% | -1.5851 | -0.7418 |
Comments
31/05/2024
Rates rose in the eurozone in May in a volatile environment, with investors facing statements from central bankers wanting to cut rates for the first time despite the publication of better-than-expected economic data. Uncertainty remains regarding the pace at which the ECB will ease its monetary policy after June, with a second cut expected by the end of the year. The German 10-year ended the month up 8bps at 2.66% while the US 10-year ended the month down 17bps at 4.50%. The latest inflation figures and the downward revision of growth for the first quarter indicate a first rate cut in November or December.
After a negative performance in April, the markets resumed their upwards movement and ended May up +2.9% for the MSCI World in euros. Good corporate earnings releases and hopes of a rapid drop in interest rates in Europe fuelled this rise. All asset classes benefited, with a sharp drop in volatility, with the VIX falling below the threshold of 12 before recovering moderately. During the month, the Dow broke through the 40,000 mark for the first time and ended the month up 2.6%, the S&P hit a record high at 5,321.41 and the changes converted into euros were 1.0% and +3.3%, respectively. Europe also performed well, with the Stoxx 600 breaking its record at 570.46 and posting a +3.3% rise (TR) while the Euro Stoxx gained 2.7% (TR).
In this context, European convertible bonds posted a good performance in May, in line with the Stoxx 600 and significantly outperformed the 5-year corporate bonds.
Another disappointing month for the European primary market, with only one new issue: Salini exchangeable into Webuild shares for €225 million.
The portfolio benefited mainly from its overweighting in Prysmian, Amadeus and BNP, while the absence of Delivery Hero and AMS had a negative impact.
Summary Risk Indicator
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Managers
Features
- ISIN code : FR0007009139
- Legal form : Unit Trust
- AMF Classification : No AMF Classification
- Inception date : 01/04/1997
- Management company : Rothschild & Co Asset Management
- Custodian : Rothschild Martin Maurel
- Dividend Policy : Accumulation
- Reference indicator : 100% FTSE Convertibles Indices Europe EUR coupons réinvestis
- Valuation : Daily
- Latest time for subscriptions-redemptions : 12:00pm
- Applicable Net Asset Value : Next NAV
- Settlement (Settlement date) : NAV + 2
- Minimum initial subscription : 1 share(s)
- Subsequent subscriptions : 1/10000th share(s)
- Management fees (maximum) : 1.4%
- Entry fee (maximum) : 3%
- Exit fee (maximum) : None
- Performance fee : 15% above [100% FTSE Convertibles Indices Europe EUR coupons réinvestis]