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R-co Thematic Silver Plus

(*) Inactive share

Equity Range : Thematic Region : Euro zone EUR
FR0010909531

Net Asset Value

297.29 €

(11/04/2024)

AUM (fund)

164.7 M €

(11/04/2024)

Performance

+3.76 %

(YTD) (11/04/2024)

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 11/04/2024

Cumulative performance Annualised performance
10 years 5 years 3 years 1 year YTD 1 month 10 years 5 years 3 years
116.38% 35.09% 6.11% 5.21% 3.76% -0.76% 8.02% 6.19% 1.99%
101.56% 51.19% 24.46% 13.90% 7.98% 1.44% 7.25% 8.61% 7.54%
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 11/04/2024

Volatility Ratios
Fund Reference index Tracking-error Information ratio Sharpe ratio
1 year 9.87% 11.89% 5.71% -1.5695 0.0032
3 years 13.64% 15.51% 8.67% -0.6633 0.0488

Comments

31/03/2024

The European equity markets ended March on an upturn. The Eurostoxx large-cap index gained 4.5% (net dividends reinvested) on US economic resilience and a gradual decline in inflation.
Regarding central banks, the ECB and the Fed both kept their rates unchanged. Ms Lagarde and Mr Powell share the same tone, saying that they are currently not confident enough about the trend in economic indicators to lower interest rates.
In terms of sectors, retail, banks and real estate led the way, while household goods, media and technology lagged behind. The healthcare sector in the eurozone gained 3.7%.
R-co Thematic Silver Plus gained less than the eurozone large-cap index owing to its thematic nature.
The main positive contributions:
- in healthcare: laboratories including Novo Nordisk, following the Investor Day reviewing its product portfolio under development, and UCB, following the successful launch on the US market of an innovative product in the treatment of psoriasis;
- in pharma sub-contractors: Swiss company Lonza, a manufacturer of biological products, which has acquired production capacity from Roche to meet customer demand: biotechnology companies and laboratories;
- in consumption: mid-caps such as Trigano and Seb following good quarterly earnings releases.
The main negative contributions:
- in technology: Dassault Systèmes, following disappointing earnings largely due to its Médidata life sciences division;
- German mid-caps such as Fielmann, a leader in German-speaking countries in the optical and healthcare market, Redcare, a European leader in the online sales of healthcare products, and Nexus, a publisher of healthcare software, following disappointing annual results.
Regarding the main movements in March, the management sold some positions in healthcare:
The Roche line was sold, the exposure to Novo Nordisk was reduced ahead of the research and development day following a good run, as was the exposure to the German stocks, Fielmann and Nexus.
Conversely, we strengthened our position on Sanofi, which has an extensive phase-two product portfolio and a promising clinical news flow in 2024, Lonza, a Swiss pharma service provider, and AstraZeneca, ahead of the Investor Day at the end of April.
We added two new stocks to the portfolio: Rovi, a Spanish specialty laboratory, following better-than-expected 2023 results, and, in leisure, Mélia Hotel, 80% exposed to leisure hotels and generating 40% of its revenue in Spain, a country in which revenues per room posted a double-digit increase in the fourth quarter.

Summary Risk Indicator

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Managers

Nathalie Bourdoncle

European Equities Portfolio Manager

See biography

Valérie Oelhoffen

European Equities Portfolio Manager

See biography

Features

  • ISIN code : FR0010909531
  • Legal form : SICAV
  • AMF Classification : Equities of european union countries
  • Inception date : 30/11/2018
  • 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 : 1 equities
  • Subsequent subscriptions : 1/10000th equities
  • Management fees (maximum) : 1.5%
  • Entry fee (maximum) : 4%
  • Exit fee (maximum) : None
  • Performance fee : None

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