Charles-Edouard Bilbault
Global Equities Portfolio Manager
Fund update: R-co Thematic Blockchain Global Equity — November 2025
Fondos en el foco
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07/11/2025
Klara Sok
R-co Thematic Blockchain Global Equity Co-Portfolio Manager
“DeFi (Decentralized Finance) is not a threat to the financial system - it is the next evolution of it”, Federal Reserve Governor Christopher Waller during the Fed's Payments Innovation Conference
In October, global equity markets reached new record highs, with corporate earnings overall kept on delivering positive surprises. US Federal Reserve implemented a second consecutive 25 bps rate cut2 and signaled quantitative tightening to end in December but kept a cautious stance regarding future policy decision. Blockchain and digital assets adoption remained buoyant, with notable accelerated moves, supported by positive regulatory and institutional tailwinds, as reiterated by Fed governor Christopher Waller during the Fed’s Payments Innovation Conference on October 21. For instance, Visa added support to four stablecoins and shared that stablecoin linked Visa cards spends were up 4x yoy ; Apollo, which manages more than US$900bn assets as of end of Q3 20252, sealed partnership with Coinbase AM to develop tokenized credit strategies ; Samsung integrated exclusive access to Coinbase One for US Galaxy smartphone owners via Samsung wallet. Around a third of portfolio companies released earnings in October, of which more than 75% showed positive surprises vs. consensus expectations2.
In this context, portfolio kept outperforming in October, with all 5 sub-thematics contributing positively this month. Largest contributions were led by blockchain infrastructure, audit trail/industrial applications and digital assets/fintech segments. Blockchain infrastructure companies kept benefitting from ongoing diversification of their asset base return, with incremental revenue streams thanks to long-term commitments from various hyperscalers and neocloud providers. Audit trail/industrial applications allocation was led by Abaxx and SES AI, both reaching important operational milestones in product development and go-to-market strategy. Digital assets/fintech companies continue to benefit from positive regulatory tailwinds namely translating into accelerated institutional adoption and renewed capital market activity.
We remained disciplined in October and trimmed Bakkt, SES AI, Cleanspark and closed our positions on PayPal and EPAM. We introduced Figure Technology post-IPO, a pioneering fintech firm specializing in blockchain-based lending solutions. The company is experiencing rapid growth, fueled by the rollout of white label partnerships and delivering substantial cost efficiencies – such as reducing mortgage processing costs to a level 12 times lower than the industry average 3. At the end of the month, our equity exposure was 95.2%3.
Industry news to watch:
Coinbase and Apollo partner to develop stablecoin credit strategies.
Oddo launches EUROD stablecoin.
Western Union plans to launch US stablecoin.
[1] The synthetic risk indicator shows the level of risk of this product compared to others. It indicates the probability that this product will suffer losses in the event of market movements or our inability to pay you. Risk scale from 1 (lowest risk) to 7 (highest risk); the lowest category does not mean a "risk-free" investment. The risk category associated with this UCI is not guaranteed and may change over time. We have classified this product in risk class 6 of 7, which is a high risk class. This means that the potential losses associated with the future performance of the product are high and, if market conditions deteriorate, it is very likely that our ability to pay you will be affected. Other important risk factors not adequately covered by the indicator : Liquidity risk: Risk linked to the low liquidity of the underlying markets, which makes them sensitive to significant buying and selling movements.
[2] Source : Bloomberg, 31/10/2025.
[3] Source : Rothschild & Co Asset Management, 31/10/2025.
SRI risk indicator 6/7
The synthetic risk indicator is used to assess the level of risk of this product compared with others. It indicates the probability that this product will incur losses in the event of market movements or our inability to pay you. The risk indicator assumes that you hold the product for 5 years. The real risk may be very different if you opt to exit before maturity, and you may get less in return. We have classified this product in risk class 6 out of 7, which is a high risk class and mainly reflects a discretionary management policy seeking to invest in shares of companies active in blockchain themes. In other words, the potential losses linked to the future performance of the product are high and, if market conditions were to deteriorate, it is very likely that our ability to pay you would be affected. As this product does not provide protection against the vagaries of the market or a capital guarantee, you could lose all or part of your investment. Other materially relevant risks not taken into account by the indicator: credit risk, liquidity risk, impact of techniques such as derivatives: The use of derivatives may amplify the impact of market movements in the portfolio. For more information on risks, please refer to the fund prospectus available on our website: https://am.eu.rothschildandco.com
Past performance is not a reliable indicator of future performance and is not constant over time. The characteristics/objectives/strategies mentioned above are indicative and subject to change without notice. This analysis is only valid at the time of writing. The geographical and sector allocations and distributions are not fixed and may change over time within the limits of the SICAV fund’s prospectus
The information, comments and analyses in this document are provided for information purposes only and should not be construed as an investment or tax advice, or as an investment recommendation from Rothschild & Co Asset Management
[2] Source : Bloomberg, 31/10/2025.
[3] Source : Rothschild & Co Asset Management, 31/10/2025.
SRI risk indicator 6/7
The synthetic risk indicator is used to assess the level of risk of this product compared with others. It indicates the probability that this product will incur losses in the event of market movements or our inability to pay you. The risk indicator assumes that you hold the product for 5 years. The real risk may be very different if you opt to exit before maturity, and you may get less in return. We have classified this product in risk class 6 out of 7, which is a high risk class and mainly reflects a discretionary management policy seeking to invest in shares of companies active in blockchain themes. In other words, the potential losses linked to the future performance of the product are high and, if market conditions were to deteriorate, it is very likely that our ability to pay you would be affected. As this product does not provide protection against the vagaries of the market or a capital guarantee, you could lose all or part of your investment. Other materially relevant risks not taken into account by the indicator: credit risk, liquidity risk, impact of techniques such as derivatives: The use of derivatives may amplify the impact of market movements in the portfolio. For more information on risks, please refer to the fund prospectus available on our website: https://am.eu.rothschildandco.com
Past performance is not a reliable indicator of future performance and is not constant over time. The characteristics/objectives/strategies mentioned above are indicative and subject to change without notice. This analysis is only valid at the time of writing. The geographical and sector allocations and distributions are not fixed and may change over time within the limits of the SICAV fund’s prospectus
The information, comments and analyses in this document are provided for information purposes only and should not be construed as an investment or tax advice, or as an investment recommendation from Rothschild & Co Asset Management
