Log in

Forgot your password?

Forgot your password?

Log in

R-co 4Change Convertibles Europe

(*) Inactive share

Fixed income Range : 4Change Region : Europe EUR
FR0007009139

Net Asset Value

258.35 €

(11/04/2024)

AUM (fund)

110 M €

(11/04/2024)

Performance

+1.98 %

(YTD) (11/04/2024)

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 11/04/2024

Cumulative performance Annualised performance
10 years 5 years 3 years 1 year YTD 1 month 10 years 5 years 3 years
-3.25% -6.01% -10.49% 4.23% 1.98% 1.01% -0.33% -1.23% -3.62%
23.33% 6.63% -3.71% 7.52% 3.68% 1.56% 2.12% 1.29% -1.25%
R-co 4Change Convertibles Europe C EUR
100% Refinitiv Europe CB (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 11/04/2024

Volatility Ratios
Fund Reference index Tracking-error Information ratio Sharpe ratio
1 year 4.84% 4.90% 1.12% -2.9038 0.0544
3 years 6.92% 6.91% 1.35% -1.6243 -0.716

Comments

31/03/2024

Yields dipped slightly this month amid a volatile environment, with investors still unsure about upcoming central bank decisions. Mixed employment data in the US initially led to a drop in yields before higher-than-expected inflation dampened these expectations. Uncertainty over the Fed’s two major objectives did not prevent its members from reiterating their desire to reduce the key rate this year. The market is currently expecting fewer than three Fed cuts in 2024 and continues to expect three or four in the eurozone. The 10-year US and German yields dropped by 6bp and 15bp to 4.20% and 2.30%, respectively. Against this backdrop, Italy’s spread continued to tighten, reaching 138bp (-5bp) on the 10-year.
The market pick-up initiated in late October continued in March across all geographical regions. Barring China, which gained 1.7% in March (MSCI China in euros) but only 0.35% since the beginning of the year, almost all the main equity indices posted double-digit performances in the first quarter. The MSCI World continues to be bolstered by resilient US growth and expectations of future rate cuts, having gained 11.7% since the end of 2023 euros and dividends reinvested. The S&P gained 13.3%, driven by technology stocks, while the TOPIX rose 11.8% and the Eurostoxx 10%.
European convertible bonds have continued to perform well since the beginning of the year, driven by the rise in equity markets. Valuations continue to rise in Europe. However, the discount in the European convertible bond universe is far from over. The primary market in Europe remains sluggish. There were no new issues in February and it was not until the end of March that Citigroup issued a €380m synthetic convertible bond in LVMH shares. This was the sole issue in Europe, even though market conditions appear to be conducive to new issues and the primary market in the US and Asia is buoyant. As a result, total new issuance in the first quarter totalled €1.5bn (four new issues), compared with an average of €5.2bn over the last three years. Year-to-date redemptions amounted to €5.4bn.
The portfolio was adversely affected mainly by the absence of Delivery Hero and Nordex and the underweight on Rag/Evonik and Balder, while the overweight on BNP, Amadeus and Prysmian proved beneficial.

Summary Risk Indicator

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
Lower risk
Higher risk

Managers

Kristell Agaesse

Head of High Yield & Convertible Bonds

See biography

Michael Longeard

High Yield & Convertible Bonds Portfolio Manager

See biography

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% Refinitiv Europe CB (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% Refinitiv Europe CB (EUR) coupons réinvestis]

Downloads