Our funds
R-co Dynamic TAP
Net Asset Value
111.31 €
(24/07/2024)
AUM (fund)
269.6 M €
(24/07/2024)
Performance
+7.89 %
(YTD) (24/07/2024)
Recommended investment horizon
5 years
Risk scale
4/7
Investment objective
Change in Net Asset Value
Performance by calendar year
Performance as of 24/07/2024
Cumulative performance | Annualised performance | |||||||
---|---|---|---|---|---|---|---|---|
10 years | 5 years | 3 years | 1 year | YTD | 1 month | 10 years | 5 years | 3 years |
— | — | — | 10.19% | 7.89% | -0.26% | — | — | — |
Risk indicators as of 24/07/2024
Ratios | ||||
---|---|---|---|---|
Volatility | Tracking-error | Information ratio | Sharpe ratio | |
1 year | 9.22% | — | — | 0.3851 |
Comments
30/06/2024
The equity markets posted mixed performances over the month, with marked divergences by geographical region. In the United States, the S&P 500 gained +3.5%*, driven in particular by its technology stocks (Nasdaq +6%*). Eurozone equities experienced increased volatility in June due to the parliamentary elections in France. Against this backdrop, the Euro stoxx 50 and the CAC40 corrected by -1.8%* and -6.4%*, respectively. China was down, still suffering from anaemic macroeconomic data, with the Hang Seng posting a performance of -2% over the month. For the first time since 2019, the ECB cut rates in June, setting its low range at 3.75%. This move, anticipated by the market, comes in a context of inflation having fallen below 3% in recent months. The Fed, for its part, is struggling with a particularly resilient economy and a solid labour market. The consensus estimates a 70% probability of a first rate cut by the central bank in September. Donald Trump has gained a significant lead over current US President Joe Biden in the race for the White House since the two candidates debated in late June. Following this event, the Republican candidate, according to polls, took a lead of several points over the Democratic candidate. It seems that his own side has turned their back on him, and they have until 19 August to announce a new candidate. There are several possible replacements within four months of the election: Vice President Kamala Harris; Michigan Governor Gretchen Whitmer; California Governor Gavin Newsom... or Michelle Obama, who, although she said she was not interested, would lead Trump 50% to 39% according to polls.
R-co Dynamic Tap corrected by -0.84% in June (C share), bringing its year-to-date performance to +7.7%. Among the negative contributors, Chinese stocks stood out, impacted in particular by weak domestic demand data. The portfolio also suffered on its more cyclical part, such as Alstom and Ivanhoe. Although the mining company was affected by the correction in copper prices over the month, it remains largely in positive territory since the beginning of the year, with a performance of +47%. At the same time, the technology sector stood out as the best contributor alongside more defensive healthcare stocks. In June, the equity portion of the fund remained relatively stable at 66%.
Summary Risk Indicator
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Managers
![](stock/img/manager/12/yoann-ignatiew-portrait.png)
![](stock/img/manager/65/charles-edouard-bilbault-portrait.png)
Features
- ISIN code : FR0014005FP0
- Legal form : SICAV
- AMF Classification : No AMF Classification
- Inception date : 03/12/2021
- Management company : Rothschild & Co Asset Management
- Custodian : Rothschild Martin Maurel
- Dividend Policy : Accumulation
- Reference indicator : None
- Valuation : Daily
- Latest time for subscriptions-redemptions : 4:00pm
- Applicable Net Asset Value : Next working day NAV
- Settlement (Settlement date) : NAV + 2
- Minimum initial subscription : 20000000 EUR
- Subsequent subscriptions : 1/10000th equities
- Management fees (maximum) : 0.95%
- Operating and admin. costs (maximum) : 0.15%
- Entry fee (maximum) : 4%
- Exit fee (maximum) : None
- Performance fee : None