Our funds

R-co Thematic Silver Plus

(*) Inactive share

Equity Range : Thematic Region : Euro zone EUR

FR0010909531

Net Asset Value

299.34 €

(20/06/2024)

AUM (fund)

161.6 M €

(20/06/2024)

Performance

+4.47 %

(YTD) (20/06/2024)

Recommended investment horizon

5 years

Risk scale

4/7

Investment objective

This theme-based SICAV invests in growth stocks in the eurozone related to developing the silver economy. The portfolio, which is mainly invested in the healthcare industry, is also exposed to companies that benefit from increased life expectancy (leisure, tourism, and enhanced quality of life). The SICAV is composed of equities that have been filtered through a strict stock-picking process and is invested in companies of all sizes. 40% to 80% of the SICAV's assets is invested in large caps, whereas 20% to 60% is invested in small caps.

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 : 30/11/2018

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.

* This sub-fund of the SICAV resulted from the merger by absorption of the Martin Maurel Senior Plus FCP on 30 November 2018. C EUR units of the FCP were created on 16 July 2010 and became C EUR shares of this sub-fund.

Performance as of 20/06/2024

Cumulative performance						Annualised performance
10 years	5 years	3 years	1 year	YTD	1 month	10 years	5 years	3 years
106.31%	29.04%	1.06%	5.96%	4.47%	-1.99%	7.50%	5.22%	0.35%
92.01%	51.22%	21.18%	14.38%	9.50%	-2.52%	6.74%	8.61%	6.60%

R-co Thematic Silver Plus 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 20/06/2024

	Volatility		Ratios
	Fund	Reference index	Tracking-error	Information ratio	Sharpe ratio
1 year	10.20%	12.83%	5.89%	-1.6069	0.292
3 years	13.74%	15.85%	8.59%	-0.7138	-0.091

Comments

31/05/2024

The equity markets in the eurozone ended May on an upward note. Expectations of a rate cut by the ECB, combined with a solid quarterly earnings season, enabled the index of eurozone large caps, the Euro Stoxx, to post a rise of +2.73% net dividends reinvested.
The index of healthcare stocks in the eurozone gained +1.65% over the month;
There was ample news coming from the healthcare sector, marked by:
- better-than-expected quarterly results, such as German life sciences group Merck and Swiss group Alcon, which raised its forecasts,
- publications of positive clinical results attesting to the strength of the sector’s innovation: source of future growth: Roche in obesity, Novo Nordisk in haemophilia,
- investor days: AstraZeneca, during which management announced a 2030 sales target (above consensus) thanks to an expanded product portfolio and a margin improvement trajectory between now and 2026, and Sartorius Stedim, during which management indicated an uncertain order trend due to high customer inventories,
- acquisitions: Merck, which is acquiring a US player present in production equipment for engineering therapeutics, and Gerresheimer, which is rounding out its offering in the plastic packaging segment for the pharmaceutical sector.
Positive contributions to performance in healthcare: Swiss company Alcon, active in medical equipment for ophthalmologists, and German company Merck, whose quarterly results combined with an acquisition were hailed by the market.
The positive contributions to performance in the financial sector came from insurers Allianz, Generali and asset manager Amundi following good quarterly results.
Negative contributions to performance came from Sartorius Stedim, a subcontractor in the pharmaceutical industry, and Biomérieux, a global leader in diagnostics, which is suffering from a more difficult competitive environment.
In consumption: the stocks that penalised performance were Kinepolis, a movie theatre operator, following the publication of a drop in the rate of theatre traffic in May, Ryanair due to a drop in its forecasts linked to a smaller increase in its prices this summer, and Hermès following cautious communication from Chanel at the publication of its quarterly results.
In the healthcare sector, the main increases concerned Amplifon following a better-than-expected quarterly publication and Sartorius Stedim on weakness.
Conversely, we reduced in Sanofi ahead of the upcoming publication of clinical results for a phase 3 product in multiple sclerosis, the development of which is considered risky by analysts, and in Qiagen in diagnostics following a lacklustre publication.
We also reduced in Ryanair and strengthened in Sodexo, a player active in the restoration of retirement homes and hospitals following an increase in its 2024 sales growth forecast.
In the mid-cap segment: we reduced Belgian Kinépolis and increased Banca Generali, an Italian asset manager, following good inflow figures in Q1.

Summary Risk Indicator

Lower risk

Higher risk

Managers

Nathalie Bourdoncle

European Equities Portfolio Manager

See biography

Valérie Oelhoffen