Our funds

RMM Actions USA

Equity Range : RMM Region : United States EUR

FR0011212547

Morningstar Rating™

as of 31/01/2024

Net Asset Value

558.67 €

(25/07/2024)

AUM (fund)

206.8 M €

(25/07/2024)

Performance

+15.73 %

(YTD) (25/07/2024)

Recommended investment horizon

5 years

Risk scale

5/7

Investment objective

RMM Actions USA's investment objective is to outperform the Standard & Poor's 500 DNR Index by maintaining a minimum of 75% of its assets in the US equity market.

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 : 28/02/2020

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.

* The Fund’s performance is calculated with net coupons reinvested. Conversely, that of the benchmark does not take into account revenue distributed. This sub-fund of the SICAV resulted from the merger by absorption of the R-co Conviction USA FCP on 28 February 2020. C units of the FCP were created on 16 November 2005 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
169.93%	78.17%	31.18%	21.17%	15.73%	-2.80%	10.43%	12.23%	9.44%
306.63%	99.83%	39.06%	22.21%	16.17%	-2.45%	15.05%	14.83%	11.58%

RMM Actions USA C EUR

100% S&P 500 TR

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	10.69%	10.86%	0.89%	-0.9721	1.5503
3 years	15.23%	14.90%	1.43%	-0.7981	0.5072

Comments

30/06/2024

US indices continued to rise in June against a backdrop of slowing inflation figures.
The fund underperformed its index slightly in June, with +4.75% vs. +5% for the S&P 500, i.e. a relative performance of -0.2%.

The Alpha allocation was impacted by the following stocks:

o Contributors:
? the selection of stocks in the growth sphere contributed to performance, with Nvidia, Broadcom, Amazon and Microsoft still buoyed by the AI momentum
? Accenture rebounded post-earnings, maintaining its sales growth target of +21% for the year
? Honeywell was one of the best performers in the industrial sector in June, after a mixed start to the year
o Detractors
? Nike: big disappointment from the publication with a downward revision of sales growth forecasts to -5% vs. positive growth expectations! clearly a complicated turnaround story that will take time = patience required!
? NextEra: the group maintained its growth outlook for 2027 at +5%/+7%, which was disappointing given the increased anticipation of electricity demand linked to AI, which suggested an upward revision.
? Estée Lauder: no improvement to be expected for the moment, confirmed by my meeting with the CEO in mid-June! Here too, a turnaround story made complicated by a still weak China and loss of market share in the US.

In terms of movements in the Alpha allocation, we can mention the strengthening of positions in Schlumberger, Iqvia, Nextera and Unitedhealth.

Summary Risk Indicator

Lower risk

Higher risk

Managers

Thierry Combes

USA Equities Portfolio Manager

See biography

Anthony Bailly

European Equities Portfolio Manager