Our funds

R-co Conviction Credit 12M Euro

(*) Inactive share

Fixed income Range : Conviction Region : Euro zone EUR

FR0010697482

Morningstar Rating™

as of 31/05/2024

Net Asset Value

134.87 €

(19/06/2024)

AUM (fund)

490.6 M €

(19/06/2024)

Performance

+1.47 %

(YTD) (19/06/2024)

Recommended investment horizon

1 year

Risk scale

2/7

Investment objective

R-co Conviction Credit 12M Euro aims to outperform the 75% [capitalized ESTR index + 0.085%] + 25% Markit Iboxx € Corporates 1-3, net of management fees, over the recommended investment horizon, with a portfolio invested in the different short-term bond market opportunities. From 23 December 2008 to 2 May 2013, this fund was a fixed maturity bond fund with a 2013 maturity. Since 2 May 2013, this fund is a short-term bond fund. Risk indicators and returns published since inception for few share classes are calculated from the last management change (2 May 2013).

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 : 30/11/2020

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 R-co Conviction Credit 12M Euro sub-fund resulted from the merger by absorption of the R-co Conviction Credit 12M Euro FCP by the R-co 2 SICAV sub-fund of the same name on 30 November 2020. C EUR units of the R-co Conviction Credit 12M Euro FCP were created on 23 December 2008 and became C EUR shares of the SICAV’s R-co Conviction Credit 12M Euro sub-fund.

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
2.65%	2.58%	3.07%	4.34%	1.47%	0.36%	0.26%	0.51%	1.01%
2.11%	3.47%	4.03%	4.33%	1.77%	0.38%	0.21%	0.68%	1.32%

R-co Conviction Credit 12M Euro C EUR

(25% Markit iBoxx ™ € Corporates 1-3 TR) + (75% (ESTR OIS European Central Bank + 0.085%))

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	0.64%	0.33%	0.34%	0.026	0.7292
3 years	0.78%	0.54%	0.32%	-0.9697	-0.7613

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.
The tightening trend on European credit continued in May, driven by the most speculative securities. Risk premiums were down 2bp for investment grade, with the middle of the curve (-3bp for the 3-5 year) participating more in this movement than the short and long parts, which were stable (0bp for the 1-3 year and the 10+). Financials (-6bp) outperformed Corporates (+1bp), dragged down by subordinated banking and insurance (-16bp and -14bp). The oil and gas sector posted the best performance (-2bp) in the segment while basic materials (+4bp) and chemicals (+2bp) widened. However, the IG index was up 0.22% over the month, while the sharp compression of risk premiums in high yield reached 18bp, enabling the segment to post a marked outperformance (+0.95%).
Against this backdrop, the fund posted a positive performance, generated by the carry and narrowing of spreads.

Summary Risk Indicator

Lower risk

Higher risk

Managers

Yann Roux

Fixed Income Portfolio Manager Specialisation: Money Markets & Short-Term Credit

See biography

Philippe Lomne

Fixed Income Portfolio Manager Specialisation: IG Credit IG & Crossover