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RMM Actions USA

Equity Range : RMM Region : United States EUR
FR0011212547
Morningstar Rating™
as of 31/01/2024

Net Asset Value

544.34 €

(11/04/2024)

AUM (fund)

191.9 M €

(11/04/2024)

Performance

+12.76 %

(YTD) (11/04/2024)

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 11/04/2024

Cumulative performance Annualised performance
10 years 5 years 3 years 1 year YTD 1 month 10 years 5 years 3 years
191.47% 82.93% 38.21% 29.99% 12.76% 3.21% 11.28% 12.82% 11.36%
346.07% 105.43% 46.21% 30.63% 12.71% 3.57% 16.11% 15.47% 13.46%
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 11/04/2024

Volatility Ratios
Fund Reference index Tracking-error Information ratio Sharpe ratio
1 year 9.99% 10.18% 1.05% -0.862 2.6732
3 years 15.12% 14.77% 1.44% -0.8522 0.6646

Comments

31/03/2024

The fund underperformed its index in March, up 2.83% vs. +3.3% for the S&P500, for a relative performance of -0.52%.

The Alpha allocation was impacted by the following stocks:

? Poor equity performances:
? Accenture (-8% in March), which disappointed with a downwards revision to its 2024 revenue growth forecasts;
? Nike (-10%), which exceeded expectations with its earnings report but lowered its forecasts for the next three quarters owing to increased competition and a lack of innovation and thus a dearth of new products;
? Equinix (-7%), the data centre leader, which was targeted by a “short” report by HF Hindenburg accusing the group of overestimating growth in operating free cash flow linked to the classification of maintenance capex vs. growth capex. I removed the position from the Alpha allocation.

Positive contributions:
? Nvidia, which is still growing, up 80% YTD at end-March, with AI enthusiasm showing no signs of wavering
? NextEra, the US utility specialising in renewable energies, which took advantage of an improved interest rate trend for its investments and growing interest in using green energy to run “clean” data centres.
? Disney, which continued the rebound initiated in February when it published good results
? Energy stocks: Schlumberger and Conoco benefited from the rebound in the energy sector in March, with oil prices exceeding $80 per barrel.

Regarding movements in the Alpha bucket, we exited Equinix, reduced our position in Broadcom and increased in Becton Dickinson.

Summary Risk Indicator

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Lower risk
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Managers

Thierry Combes

USA Equities Portfolio Manager

See biography

Anthony Bailly

European Equities Portfolio Manager

See biography

Features

  • ISIN code : FR0011212547
  • Legal form : SICAV
  • AMF Classification : International equities
  • Inception date : 28/02/2020
  • Management company : Rothschild & Co Asset Management
  • Custodian : Rothschild Martin Maurel
  • Dividend Policy : Accumulation
  • Reference indicator : 100% S&P 500 TR
  • Valuation : Daily
  • Latest time for subscriptions-redemptions : 12:00pm
  • Applicable Net Asset Value : Next NAV
  • Settlement (Settlement date) : NAV + 3
  • Minimum initial subscription : 1 equities
  • Subsequent subscriptions : 1/10000th equities
  • Management fees (maximum) : 1.495%
  • Entry fee (maximum) : 3%
  • Exit fee (maximum) : None
  • Performance fee : None

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