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R-co Valor

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

Net Asset Value

3049.96 €

(20/02/2024)

AUM (fund)

4399.2 M €

(20/02/2024)

Performance

+3.00 %

(YTD) (20/02/2024)

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 20/02/2024

Cumulative performance Annualised performance
10 years 5 years 3 years 1 year YTD 1 month 10 years 5 years 3 years
122.25% 44.01% 13.48% 5.41% 3.00% 4.72% 8.31% 7.56% 4.30%
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 20/02/2024

  Ratios
Volatility Tracking-error Information ratio Sharpe ratio
1 year 11.84% 0.3945
3 years 13.53% 0.2348

Comments

31/01/2024

Global equity markets started the year on a slightly positive note. The MSCI All Country World put on 0.5%* in January, driven by the United States and Europe, while the S&P500 gained 1.6%* and the Eurostoxx 50 2.8%*. China corrected sharply, the Hang Seng dipping 9.2%*. After fighting inflation with ten successive rate hikes, the ECB is adopting a wait-and-see stance. Faced with sluggish growth in Europe, the central bank appears to be gradually moving towards a cut in key rates to stimulate economic activity. In her most recent speech, Christine Lagarde confirmed the disinflationary trend under way while stressing the need for more data before committing to a new trajectory. As a reminder, core inflation in the eurozone is still at 3.3%, far from the 2% target. Europe is lagging behind the US, where GDP grew by 2.5% in 2023. Nevertheless, rate cuts are also a big issue stateside. After hiking rates 11 times to combat inflation, the Fed is now considering cutting them, but has yet to specify a timetable. Some observers expect a cut as early as March while most market participants now expect a cut in May. The Chinese economy, already weakened by the real estate crisis, got off to a difficult start in 2024. Chinese exports fell for the first time in seven years last year on geopolitical tensions and sluggish global demand. Falling productivity and an ageing population have also been cited as factors of China’s economic slowdown. President Xi Jinping reportedly summoned financial market regulators a few days ago. This news was applauded by investors, who saw it as a strong sign of the Party’s involvement. However, several measures have already been taken in an effort to stabilise the markets, including a partial ban on short selling, an increase in sovereign fund investments in ETFs, and incentives for share buybacks by listed companies. The fund lost 0.21% over the month (C unit). Financials stood out among the worst contributors, particularly impacted by Coinbase. The stock was affected by profit-taking on the market following a particularly buoyant 2023 (+391%*). Luxury ranked as the leading contributor. In their quarterly earnings reports, LVMH and Richemont confirmed resilient margins, even in a lacklustre macroeconomic environment. In January, the equity portion of the fund increased slightly to 68.5%. We took advantage of the sharp correction in China mid-month to add to some portfolio stocks at attractive entry prices, such as Kingdee, Alibaba and Ping AN. We also introduced a new Chinese stock to the portfolio, Contemporary Amperex Technology (CATL), a world leader in lithium-ion batteries for electric vehicles and energy storage systems. At the same time, we took profits on the luxury goods sector with Richemont and the tech sector by trimming Uber and Alphabet (ahead of earnings reports). The markets are currently dancing to the tune of fourth-quarter corporate earnings publications. And results are relatively good, in line with the last four quarters, with 54% of companies currently exceeding expectations (S&P500). Within the portfolio, there were positive and negative surprises in the same sectors. For example, Alphabet corrected by 7.5%* after publishing its earnings as its CAPEX forecasts were considerably higher than expected. Meta Platforms recorded the biggest increase in market value in a single session, gaining $204.5 billion after a 20% jump.

Summary Risk Indicator

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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

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