Log in

Forgot your password?

Forgot your password?

Log in

R-co Valor

(*) Inactive share

Diversified Range : Valor Region : World EUR
FR0011253624
Morningstar Rating™
as of 31/01/2024

Net Asset Value

3221.69 €

(11/04/2024)

AUM (fund)

4736.4 M €

(11/04/2024)

Performance

+8.80 %

(YTD) (11/04/2024)

Recommended investment horizon

5 years

Risk scale

4/7

Investment objective

The objective of R-co Valor is to seek performance, by investing mainly in global equity and fixed income markets, through the implementation of discretionary management based in particular on the selection of financial instruments based on the financial analysis of issuers.

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 : 03/10/2012
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 UCITS was created in 2012 when it was spun off from the R VALOR SICAV. Furthermore, the performances shown here take into account the performance history of the spun off SICAV of the same name on 3 October 2012, as the two UCITS had similar characteristics at that time.

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
139.23% 45.52% 15.50% 14.36% 8.80% 3.68% 9.11% 7.78% 4.91%
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

  Ratios
Volatility Tracking-error Information ratio Sharpe ratio
1 year 9.37% 1.1429
3 years 13.33% 0.2691

Comments

31/03/2024

Western equity markets continued to rise to new highs in March 2024 despite macroeconomic data that was globally positive in the US but more mixed in Europe. The MSCI All Country grew 2.9%*, led by Europe (+4.2%* for the Eurostoxx 50) and the United States (+3.1%* for the S&P 500). After rebounding in February, the Chinese market slowed, with the Hang Seng index rising 0.2%*. Cyclical stocks staged a comeback in March, with an outperformance in industry (+4.3%*), energy (+10.4%*) and banking (+4.7%*). There were disparities in tech stocks and the Nasdaq posted a mere 1.8%* gain. The market and the Fed are now closely aligned on expectations of three cuts, at the June, September and December meetings. In Europe, Eurostat data for March 2024 showed a drop in annual consumer price inflation to 2.4%. The market expects four ECB rate cuts by the end of 2024, with the first to come on 6 June. Trends in China are contrasted, with the government remaining focused on targeted support measures. The Caixin manufacturing PMI rose to 51.1 in March from 50.9 the previous month, outstripping analysts’ forecasts and expanding for the fifth consecutive month.
The fund gained 3.2% in February (C unit), bringing its year-to-date performance to 7.5%. Technology proved the worst contributor after several consecutive months as the best. The sector lagged in the US and corrected on certain Chinese stocks, including Vipshop, down 14% in March. The mining sector was the top contributor, driven in particular by our gold mining stocks. Newmont and Agnico Eagle gained 15% and 24% respectively over the month, making up in part for the cumulative underperformance as gold topped the $2,300 mark for the first time. In March, the equity component of the fund held steady at 68%. However, we went ahead with several transactions, still with the aim of reducing the most cyclical part of the portfolio in favour of companies with a more defensive profile. As such, we sold our entire position in Swiss industrial group ABB and significantly reduced our position in diversified mining company Teck Resources. At the same time, we increased our exposure to gold mining companies with Newmont and copper producers with the projects of NGEx Minerals and Filo Corp. In technology, we are taking profits by trimming companies having appreciated significantly recently (Facebook and Uber) and repositioning on Match Group. We believe the dating app market still has strong growth potential, both in usage and monetization.

Summary Risk Indicator

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
Lower risk
Higher risk

Managers

Yoann Ignatiew

General Partner, Global Equities Portfolio Manager

See biography

Charles-Edouard Bilbault

Global Equities Portfolio Manager

See biography

Features

  • ISIN code : FR0011253624
  • Legal form : SICAV
  • AMF Classification : No AMF Classification
  • Inception date : 03/10/2012
  • 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 : 0 EUR
  • Subsequent subscriptions : 1/10000th equities
  • Management fees (maximum) : 1.45%
  • Entry fee (maximum) : 3%
  • Exit fee (maximum) : None
  • Performance fee : None

Downloads