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R-co 4Change Net Zero Equity Euro

Equity Range : 4Change Region : Euro zone EUR
FR0010784835
Morningstar Rating™
as of 31/01/2024

Net Asset Value

64.33 €

(17/04/2024)

AUM (fund)

129.8 M €

(17/04/2024)

Performance

+5.10 %

(YTD) (17/04/2024)

Recommended investment horizon

5 years

Risk scale

5/7

Investment objective

The objective of the fund is to achieve a performance net of management fees above that of the Euro Stoxx® DR (C), by being permanently invested and with at least 90% of its assets exposed to one or more markets of equities issued in one or more countries of the eurozone. The fund implements a socially responsible investment approach and a steering of carbon intensity (i) to at least 20% below that of the benchmark index, and (ii) in line with a downward trajectory of 7% per year, established at the end of each financial year, with 31 December 2019 as the reference date. Since that date, the stock selection process incorporates an ESG analysis of companies. The performances prior to this date were therefore achieved under conditions that are no longer relevant.

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 : 17/09/2021
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.
* Until 31/12/2012: performance calculated with net dividends reinvested. 31/12/2012-15/01/2021: benchmark Stoxx 600DR®. 30/12/2019: securities selection process following formalised internal portfolio management rules and incorporating extra-financial analysis of companies with regard to ESG criteria. 15/01/2021: change of strategy and benchmark Euro Stoxx® DR (C). Performances prior to these dates were therefore achieved in conditions that no longer apply. Sub-fund arising from the merger by absorption of the R-co 4Change Climate Equity Euro FCP on 17/09/2021: C EUR units of the merged FCP created on 28/08/2009 became C EUR shares of this sub-fund, renamed R-co 4Change Net Zero Equity Euro on 15/10/2021.

Performance as of 17/04/2024

Cumulative performance Annualised performance
10 years 5 years 3 years 1 year YTD 1 month 10 years 5 years 3 years
37.90% 27.18% 20.09% 11.53% 5.10% -0.54% 3.26% 4.92% 6.28%
96.59% 46.21% 21.43% 11.77% 6.76% -0.66% 6.99% 7.88% 6.67%
R-co 4Change Net Zero Equity Euro C EUR
100% Euro Stoxx ® NR
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 17/04/2024

Volatility Ratios
Fund Reference index Tracking-error Information ratio Sharpe ratio
1 year 11.14% 11.94% 2.72% 0.0275 0.6663
3 years 16.27% 15.51% 4.83% -0.0181 0.3034

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).
Against this backdrop, the fund outperformed its benchmark index. The performance was driven primarily by its overweighting in the banking sector, which benefited from the rebound in yields, and its underweighting in the growth sectors (consumer goods and technology), which underperformed over the month. The stock selection was negative, particularly in the technology and industrial goods sectors.

Summary Risk Indicator

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Lower risk
Higher risk

Managers

Anthony Bailly

European Equities Portfolio Manager

See biography

Ludivine de Quincerot

Head of ESG & Financial Analysis Diversified Allocation Portfolio Manager

See biography

Features

  • ISIN code : FR0010784835
  • Legal form : SICAV
  • AMF Classification : Eurozone equities
  • Inception date : 17/09/2021
  • Management company : Rothschild & Co Asset Management
  • Custodian : Rothschild Martin Maurel
  • Dividend Policy : Accumulation
  • Reference indicator : 100% Euro Stoxx ® NR
  • Valuation : Daily
  • Latest time for subscriptions-redemptions : 12:00pm
  • Applicable Net Asset Value : Next NAV
  • Settlement (Settlement date) : NAV + 2
  • Minimum initial subscription : 0 equities
  • Subsequent subscriptions : 1/10000th equities
  • Management fees (maximum) : 1.57%
  • Entry fee (maximum) : 3%
  • Exit fee (maximum) : None
  • Performance fee : None

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