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R-co 4Change Moderate Allocation

(*) Inactive share

Diversified Range : 4Change Region : Europe EUR
FR0011276567

Net Asset Value

131.81 €

(11/04/2024)

AUM (fund)

32.6 M €

(11/04/2024)

Performance

-0.38 %

(YTD) (11/04/2024)

Recommended investment horizon

3 years

Risk scale

3/7

Investment objective

R-co 4Change Moderate Allocation's management objective is to obtain over the recommended investment period (more than three years) a performance superior to that of the reference indicator [55% iBoxx Overall Euro, net coupons reinvested (QW7A) + 15% Ester capitalized (OISESTR) + 30% Stoxx Europe 600, net dividends reinvested (SXXR)], by implementing discretionary management coupled with a socially responsible investment approach with December 29th, 2020 as the reference date. Performance prior to this date was therefore achieved under conditions that are no longer relevant.
The sub-fund does not benefit from the State SRI label at this date.

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 : 15/11/2019
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.
* The sub-fund arose from the merger by absorption of the R-co Alizés FCP on 15/11/2019. C EUR units of the R-co Alizés FCP were created on 27/07/2012 and became C EUR shares. Since 29/12/2020, the securities selection process has included an extra-financial analysis of companies/issuers with regard to ESG criteria, and the sub-fund’s level of exposure to the different markets has changed. 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
2.68% -2.88% -4.73% 2.51% -0.38% -0.83% 0.26% -0.58% -1.60%
31.44% 9.30% -0.16% 6.26% 1.28% -0.07% 2.77% 1.79% -0.05%
R-co 4Change Moderate Allocation C EUR
(30% STOXX EUROPE 600 Net return EUR) + (15% ESTR OIS European Central Bank) + (55% IHS Markit iBoxx EUR Overall Total Return EUR)
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 4.96% 5.18% 1.56% -2.2337 -0.1846
3 years 5.62% 6.00% 1.66% -0.9164 -0.5217

Comments

31/03/2024

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%. Bond market results were more disappointing. Long-term yields remain high on both sides of the Atlantic. And even though yields tightened in March by 5bp on the US 10-year and 11bp on the Bund, current levels (4.20% in the United States and 2.30% in Germany) reflect uncertainties over inflation and the Fed rate cuts against a backdrop of solid growth. The consensus at the start of the year was on six to seven cuts in the United States in 2024. Now just three cuts are expected. The US economy continues to surprise on the upside with growth holding up above potential. Consumption rebounded in February after a lacklustre January (+0.8% after 0.2%), while labour market flows stabilised in February at still solid levels and the ISM manufacturing index topped the 50-point mark in March for the first time since 2022. The performance of the markets reflects the fact that investors are now favouring growth, a soft landing or even no landing at all. The recovery in the industrial cycle has been confirmed outside the US. The global manufacturing PMI rose for the third consecutive month to reach 50.6 in March, a high since mid-2022. The recovery, then, is global, but it remains disappointing in Europe. Recent data from Asia is also reassuring. Almost all Chinese PMIs rose sharply in March, reaching their highest levels since the rebound following the end of the “zero COVID” policy a year ago. This positive development is being driven by exports, which remain solid and on the rise, and by the numerous measures implemented by the authorities to revive domestic growth, which surprised positively at the start of the year. But these trends have thus far failed to boost consumer and business confidence, which remain low. Further developments this month were the rise in oil prices, with the Brent reaching $87 (+6.8% over the month), and the rebound in the gold price, which ended the month at an all-time high of $2,230 per ounce (+21.9% over the month).
The fund trended in line with its benchmark index. It benefited in particular from a relevant sector allocation on European equities, overweight on banks and underweight on technology and consumer goods.

Summary Risk Indicator

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Lower risk
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Managers

Ludivine de Quincerot

Head of ESG & Financial Analysis Diversified Allocation Portfolio Manager

See biography

Julien Boy

Fixed Income Portfolio Manager Specialisation: Govies & Inflation

See biography

Vincent Imeneuraet

European Equities Portfolio Manager

See biography

Features

  • ISIN code : FR0011276567
  • Legal form : SICAV
  • AMF Classification : No AMF Classification
  • Inception date : 15/11/2019
  • Management company : Rothschild & Co Asset Management
  • Custodian : Rothschild Martin Maurel
  • Dividend Policy : Accumulation
  • Reference indicator : (30% STOXX EUROPE 600 Net return EUR) + (15% ESTR OIS European Central Bank) + (55% IHS Markit iBoxx EUR Overall Total Return EUR)
  • Valuation : Daily
  • Latest time for subscriptions-redemptions : 12:00pm
  • Applicable Net Asset Value : Next NAV
  • Settlement (Settlement date) : NAV + 2
  • Minimum initial subscription : 2500 EUR
  • Subsequent subscriptions : 1/10000th equities
  • Management fees (maximum) : 1.1%
  • Entry fee (maximum) : 3%
  • Exit fee (maximum) : None
  • Performance fee : None

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