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R-co Valor

(*) Inactive share

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

Net Asset Value

2871.89 €


AUM (fund)

4990.1 M €



+10.00 %

(YTD) (16/07/2024)

Recommended investment horizon

5 years

Risk scale


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 16/07/2024

Cumulative performance Annualised performance
10 years 5 years 3 years 1 year YTD 1 month 10 years 5 years 3 years
109.07% 42.09% 15.28% 12.27% 10.00% 1.39% 7.65% 7.27% 4.85%
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 16/07/2024

Volatility Tracking-error Information ratio Sharpe ratio
1 year 9.04% 0.9298
3 years 13.18% 0.2389



The equity markets posted mixed performances over the month, with marked divergences by geographical region. In the United States, the S&P 500 gained +3.5%*, driven in particular by its technology stocks (Nasdaq +6%*). Eurozone equities experienced increased volatility in June due to the parliamentary elections in France. Against this backdrop, the Euro stoxx 50 and the CAC40 corrected by -1.8%* and -6.4%*, respectively. China was down, still suffering from anaemic macroeconomic data, with the Hang Seng posting a performance of -2% over the month. For the first time since 2019, the ECB cut rates in June, setting its low range at 3.75%. This move, anticipated by the market, comes in a context of inflation having fallen below 3% in recent months. The Fed, for its part, is struggling with a particularly resilient economy and a solid labour market. The consensus estimates a 70% probability of a first rate cut by the central bank in September. Donald Trump has gained a significant lead over current US President Joe Biden in the race for the White House since the two candidates debated in late June. Following this event, the Republican candidate, according to polls, took a lead of several points over the Democratic candidate. It seems that his own side has turned their back on him, and they have until 19 August to announce a new candidate. There are several possible replacements within four months of the election: Vice President Kamala Harris; Michigan Governor Gretchen Whitmer; California Governor Gavin Newsom... or Michelle Obama, who, although she said she was not interested, would lead Trump 50% to 39% according to polls.
R-co Valor corrected by -1% in June (C share), bringing its year-to-date performance to +8%. Among the negative contributors, Chinese stocks stood out, impacted in particular by weak domestic demand data. The portfolio also suffered on its more cyclical part, such as Airbus and Ivanhoe. The mining company was affected by the correction in copper prices over the month but remains largely in positive territory since the beginning of the year, with a performance of +47%. As for the aircraft manufacturer, it fell after announcing a revised delivery forecast for 2024 from 800 to 770 aircraft, mainly due to supply chain issues. At the same time, the technology sector stood out as the best contributor alongside more defensive healthcare stocks. In June, the equity portion of the fund remained relatively stable at 67.7%. However, there was some buying. We participated in Alstom’s capital increase, bringing the position to 1.5% at the end of the month. We added to Airbus on weakness, with the conviction that the company will be able to overcome its supply chain problems in the medium term. Lastly, we continued to build up our position in Filo Corp, a copper mining project in South America.

Summary Risk Indicator

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Yoann Ignatiew

General Partner, Global Equities Portfolio Manager

See biography

Charles-Edouard Bilbault

Global Equities Portfolio Manager

See biography


  • ISIN code : FR0011261197
  • 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) : 1.8%
  • Entry fee (maximum) : 2.5%
  • Exit fee (maximum) : None
  • Performance fee : None