Our funds
R-co Conviction Convertibles Europe
(*) Inactive share
Net Asset Value
260.53 €
(25/07/2024)
AUM (fund)
109.9 M €
(25/07/2024)
Performance
+2.84 %
(YTD) (25/07/2024)
Recommended investment horizon
3 years
Risk scale
3/7
Investment objective
The management objective of R-co Conviction Convertibles Europe is to outperform the FTSE Convertibles Indices 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 25/07/2024
| Cumulative performance | Annualised performance | |||||||
|---|---|---|---|---|---|---|---|---|
| 10 years | 5 years | 3 years | 1 year | YTD | 1 month | 10 years | 5 years | 3 years |
| 0.81% | -6.06% | -11.07% | 4.48% | 2.84% | -0.23% | 0.08% | -1.24% | -3.83% |
| 23.98% | 5.62% | -4.41% | 7.13% | 4.94% | 0.28% | 2.17% | 1.10% | -1.49% |
R-co Conviction 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 25/07/2024
| Volatility | Ratios | ||||
|---|---|---|---|---|---|
| Fund | Reference index | Tracking-error | Information ratio | Sharpe ratio | |
| 1 year | 4.96% | 4.65% | 1.39% | -1.7856 | 0.0063 |
| 3 years | 6.98% | 6.83% | 1.39% | -1.573 | -0.7975 |
Comments
30/06/2024
While the ECB made its first rate cut at the beginning of the month, volatility persisted in Europe amid political risk aversion following the dissolution of the French National Assembly. The German 10-year yield fell by 16bp to 2.51% while the OAT-Bund spread widened by 35bp to reach 82bp on 27 June, its highest level since 2012. The Italian 10-year also widened by 26bp to 157bp. In the United States, the drop in inflation and the first signs of an economic slowdown allow investors to envisage the possibility of a first rate cut in November. The US 10-year ended the month down 10bp at 4.40%.
The markets posted a gain of 3.35% for the MSCI World in euros. In the United States, the latest Q1 GDP growth report came in above expectations at +1.4% and reflects an upward revision of non-residential investment and public spending. Spending on durable goods continued to show signs of weakness, while core PCE inflation slowed in May from 2.8% to 2.6%. However, activity remains solid, as evidenced by the Composite PMI published at 54.6, the highest level in more than two years. In Europe, the ECB cut its key rates by 25bp at its June meeting but revised its inflation forecasts upwards for 2025 (+0.20% to 2.2%). The ECB still expects wages to stabilise and underlying price pressure to ease. Despite the political risk linked to the dissolution of the French National Assembly, implied volatility on the Euro stoxx 50 did not exceed 20%, before returning sharply to around 12%. The Stoxx600 was down 1.16% over the month, while the Euro stoxx 50 lost 1.74%. On the US markets, the presidential election in November does not appear to worry investors, with 6-month implied volatility remaining at its lowest level since 2019 at 12.5%. Over the period, European convertible bonds posted a performance in line with the Stoxx 600. This month was a disappointing month for the European primary market, with only two new issues: Schneider Electric 2031 for €750 million and Deutsche Beteiligungs 2030 for €100 million. Note the outflows of Safran 0.875% 2027, Prysmian 0% 2026 and Schneider 0% 2026, with a significant impact on the average delta of the indices. The portfolio benefited mainly from the underweighting in Delivery Hero and Nordex, while our overexposure to BNP Paribas and Safran and Nexity hampered the performance.
Summary Risk Indicator
- 1
- 2
- 3
- 4
- 5
- 6
- 7
Lower risk
Higher risk
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]