Our funds

R-co Thematic Silver Plus

(*) Inactive share

Equity Range : Thematic Region : Euro zone EUR

FR0010909531

Net Asset Value

294.34 €

(25/07/2024)

AUM (fund)

155.7 M €

(25/07/2024)

Performance

+2.73 %

(YTD) (25/07/2024)

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 25/07/2024

Cumulative performance						Annualised performance
10 years	5 years	3 years	1 year	YTD	1 month	10 years	5 years	3 years
110.41%	23.57%	-3.86%	3.39%	2.73%	-1.86%	7.72%	4.32%	-1.30%
94.75%	45.43%	16.61%	9.69%	7.08%	-1.87%	6.89%	7.77%	5.24%

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 25/07/2024

	Volatility		Ratios
	Fund	Reference index	Tracking-error	Information ratio	Sharpe ratio
1 year	9.90%	12.19%	5.39%	-1.0257	-0.1068
3 years	13.82%	15.95%	8.59%	-0.7833	-0.2199

Comments

30/06/2024

The European markets ended June on a downturn, with the Euro stoxx down -2.7%. The major event was the announcement by French President Emmanuel Macron of the dissolution of the National Assembly following the European Parliament elections, triggering early legislative elections in France on 30 June and 7 July. This announcement severely disrupted French stocks in a context in which the government’s fiscal trajectory and future draft laws have become uncertain. In terms of sectors, technology stocks led the way (+7.3%) amid renewed optimism for the second half of the year (particularly in the semiconductors segment), followed by retail (+3.4%) and media (+0.1%). Conversely, the construction and materials sector posted the worst performance (-9.2%), suffering from the political uncertainty hanging over France, particularly with regard to the regulations surrounding the concessions, notably motorways; the healthcare sector for its part was down only -1.6%, driven by favourable news.
Against this backdrop, R-co Silver Plus advanced in line with that of the eurozone index: the Euro stoxx.
In healthcare: the portfolio benefited from the good performances of Danish laboratories (Novo Nordisk, +8.5%) and Belgian laboratories: UCB (+8%) and biotechnology companies (Zealand Pharma +37%, Argenx +20%) following the publication of favourable clinical results attesting to the strength of innovation. Lastly, the creation of a cash allocation contributed positively to performance.
Conversely, the declines posted by Sartorius Stedim, a subcontractor in the pharmaceutical industry, following fears of a profit warning, and German company Merck following a second failure in research and development, weighed on the fund’s performance.
In consumer discretionary, French stocks penalised the fund’s performance ahead of the legislative elections: mid-caps Trigano (-22%), Seb (-14%) and L’Oréal (-9%) following its management’s more cautious stance on China for the second quarter.
With regard to the main movements: in healthcare, the holdings in Novo Nordisk and UCB were reduced following good performances: Conversely, we increased our positions in Roche, due to its attractive valuation, and AstraZeneca, following R&D successes.
Lastly, a position was initiated in Danish biotechnology company Zealand Pharma following favourable phase 2 clinical results in Nash or fatty liver disease.
Conversely, in consumer discretionary, ahead of the French general elections, we reduced French stocks such as L’Oréal and Hermès International and mid caps such as Seb.

Summary Risk Indicator

Lower risk

Higher risk

Managers

Nathalie Bourdoncle

European Equities Portfolio Manager

See biography

Valérie Oelhoffen