CPR Invest - Climate Bonds Euro - A EUR - Acc ISIN : LU1902444584
CPR Invest - Climate Bonds Euro - A EUR - Acc
A(C) - LU1902444584
Asset class: Fixed Income
YTD
As of 07/10/2026-2.02%
Risk IndicatorThe level of risk of the fund mainly reflects the risk of the market in which the fund is invested and, as the case may be, the leveraging strategy or inverse performance of the index. The capital initially invested does not benefit from any guarantee. The current level of risk does not indicate the future level of risk and may change over time. The lowest risk level is not equal to a risk-free investment.
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NAV
As of 07/10/2026€101.87
SFDR ClassificationSustainable Finance Disclosure Regulation
Art. 8
Fund AUM
As of 07/10/2026€508.08M
The Compartment’s objective is to outperform the Bloomberg Barclays Euro-Agg Corporate Total Return index (over any 3-year period,) by selecting bonds denominated in Euro issued by companies around the world committed to limiting impact of climate change. The investment process also integrates Environmental, Social and Governance criteria (E, S, and G – or, when taken together, ESG).
Marketing Communication
NAVs
NAV from 12/06/2018 to 10/07/2026
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Performance
Change in NAV in base 100
FundCPR Invest - Climate Bonds Euro - A EUR - Acc (1.87% over the period)
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A. During this period the compartment was managed based on a different investment policy than the one currently in force.B. Since the beginning of this period the compartment applies the current investment policy.Performance published and achieved before the date of the change corresponds to a different strategy from the current one.
Change in NAV in base 100Rolling performancesYear-on-year return (365 days)Annual returnsRisk indicatorsPerformances Scenarios
FundCPR Invest - Climate Bonds Euro - A EUR - Acc (1.87% over the period)
Select period
A. During this period the compartment was managed based on a different investment policy than the one currently in force.B. Since the beginning of this period the compartment applies the current investment policy.Performance published and achieved before the date of the change corresponds to a different strategy from the current one.
Portfolio Analysis
Management commentary
Effective date: 30/09/2026September 2026 was marked by the return of major central banks to monetary tightening: within the space of a week, the ECB, the Fed, and the BoJ all raised their key interest rates by 25 bps, which is a first for these three central banks in the same month. This move came in a context of high energy prices. Indeed, the conflict between Iran and the United States intensified again at the beginning of the month, with attacks on both sides against ships near the Strait of Hormuz. Brent crude thus crossed the $100 mark again on September 9, for the first time since July, before retreating slightly to end the month up 16% at $104. It should be noted that both sides appear to have initiated discussions regarding a possible agreement.
The inflation indices published in September, covering the month of August, confirmed the divergence between the two sides of the Atlantic. In the euro area, headline inflation accelerated sharply to 3.2% from 2.9% in July, its highest level since September 2023, driven by a renewed acceleration in the energy component (+14.3% year-on-year). Core inflation, however, slowed slightly to 2.4%. In the United States, headline inflation (CPI) remained stable at 3.4% year-on-year, while core inflation fell to 2.4%, its lowest level since March 2021. Finally, August core PCE inflation came in at 3%, well below expectations, partly due to methodological revisions.
Activity indicators once again demonstrated the resilience of developed economies in the face of high energy prices. In the United States, the August employment report was a significant upside surprise, with 162,000 non-farm jobs created versus 53,000 expected and upward revisions for previous months, while the unemployment rate remained stable at 4.1%. GDP growth for Q2 was also significantly revised upwards, to 2.2% quarter-on-quarter annualized from 1.5% previously. Similarly, the strength of the September PMI surveys (58.4 for the United States) made an impression and was interpreted as a sign that US growth was stronger than expected. In the euro area, the composite PMI rose for the fourth consecutive month, to 53.1 in September, its highest level since April 2023, with France notably returning to expansion territory for the first time in ten months. Meanwhile, China continues to stand out, as retail sales grew by only 0.4% year-on-year in August and investment continued to contract (-7.2% over the first eight months of the year), while industrial production remains resilient at 5.2%—but is mainly driven by the technology sector and exports.
The ECB raised its key interest rates by 25 bps on September 10, increasing them for the second time in three months, with the deposit rate brought to 2.50%. The Governing Council justified its decision by stating that inflation is expected to remain persistently above the 2% target. On September 16, the Fed unanimously raised the fed funds target range by 25 bps, to 3.75/4%, marking its first rate hike since 2023. Kevin Warsh presented this decision as the "removal of a dose of accommodation" rather than a tightening, while once again emphasizing that he did not intend to provide guidance on future moves. The "dots," i.e., the FOMC members' policy rate projections, indicate another rate hike by the end of the year. Finally, the BoJ raised its main policy rate by 25 bps, to 1.25%, its highest level since 1995.
As a result, bond yields rose sharply over the month, due to the combined effect of higher oil prices and monetary tightening. The US 10-year yield rose by about 50 bps over the month, ending around 5.28%, its highest level since 2007, while the 30-year yield exceeded 5.60%, a high since 2002. The German 10-year yield rose by about 25 bps, to 3.55%, after reaching its highest level since 2009. In this context, 10-year euro area inflation expectations on the 10-year bund€i rose from 2.16% to 2.21% at the end of September. In the United States, 10-year inflation expectations on the 10-year TIPS increased from 2.32% to 2.37% at the end of September. WTI oil rose over the month from $84.0 to $90.4 per barrel. Finally, gold was penalized by the rise in real rates and lost about 6% over the month, erasing much of its August gains. Lastly, the dollar rose over the month from 1.162 to 1.133 against the euro.
September confirmed its status as a pivotal month for credit, in a context of high market volatility, rising rates in the euro area, energy tensions, and euro weakness, marked by a sharp widening of the OAT-Bund spread to 129 bps. On Euro IG, spreads widened by 12 bps over the month, to 89 bps, for an excess return of -0.4% on maturities comparable to sovereigns and a total return of -1.3%. Dispersion remained moderate, with better performance from AA-rated names, while BBBs underperformed. By maturity, the 3-5 year segment was the most penalized, while the 10-year and longer segment was more resilient in terms of spread. In Euro HY, the correction was much more pronounced: spreads widened by 41 bps, to 300 bps, excess return reached -118 bps and total return -1.8%, with CCCs underperforming BB/Bs. At the sector level, in IG, Insurance Senior, Media/Cable, Technology, Consumer Goods, Food & Beverage, and Metals & Mining were more resilient, while Automotive and Real Estate significantly underperformed. In HY, Real Estate and Building Materials weighed on performance, while Healthcare and Media/Cable held up relatively better. Activity in the primary market remained very dynamic and continued to be absorbed without difficulty. As early as September, new issues crossed the €700 billion threshold earlier than usual since the start of the year, illustrating the persistent resilience of investor appetite.
Position summary:
The fund recorded a sharp decline in performance in September, underperforming its benchmark, which ended at -1.47%. Interest rate exposure was the main factor of underperformance during the month, both in absolute and relative terms. The fund remained overweight, up to +0.7 in overall sensitivity with a marked bias towards the short end of German rates (2 years), to the detriment of the long end. The market pricing of a rate hike cycle—materialized by 3.5 hikes anticipated over the month—seemed high to us and justified this positioning. However, we neutralized this exposure at the end of the month (to +0.3 in rate sensitivity), given the very high volatility observed in sovereign rates. Furthermore, overall credit exposure, in line with the usual hierarchy between IG and HY, also underperformed and weighed on valuation developments. In terms of management, we reduced our exposure to French issuers by 4% this month, mainly on lines with tight spreads and more sensitive to movements in the 10-year OAT, notably senior banks and well-rated corporates.
The inflation indices published in September, covering the month of August, confirmed the divergence between the two sides of the Atlantic. In the euro area, headline inflation accelerated sharply to 3.2% from 2.9% in July, its highest level since September 2023, driven by a renewed acceleration in the energy component (+14.3% year-on-year). Core inflation, however, slowed slightly to 2.4%. In the United States, headline inflation (CPI) remained stable at 3.4% year-on-year, while core inflation fell to 2.4%, its lowest level since March 2021. Finally, August core PCE inflation came in at 3%, well below expectations, partly due to methodological revisions.
Activity indicators once again demonstrated the resilience of developed economies in the face of high energy prices. In the United States, the August employment report was a significant upside surprise, with 162,000 non-farm jobs created versus 53,000 expected and upward revisions for previous months, while the unemployment rate remained stable at 4.1%. GDP growth for Q2 was also significantly revised upwards, to 2.2% quarter-on-quarter annualized from 1.5% previously. Similarly, the strength of the September PMI surveys (58.4 for the United States) made an impression and was interpreted as a sign that US growth was stronger than expected. In the euro area, the composite PMI rose for the fourth consecutive month, to 53.1 in September, its highest level since April 2023, with France notably returning to expansion territory for the first time in ten months. Meanwhile, China continues to stand out, as retail sales grew by only 0.4% year-on-year in August and investment continued to contract (-7.2% over the first eight months of the year), while industrial production remains resilient at 5.2%—but is mainly driven by the technology sector and exports.
The ECB raised its key interest rates by 25 bps on September 10, increasing them for the second time in three months, with the deposit rate brought to 2.50%. The Governing Council justified its decision by stating that inflation is expected to remain persistently above the 2% target. On September 16, the Fed unanimously raised the fed funds target range by 25 bps, to 3.75/4%, marking its first rate hike since 2023. Kevin Warsh presented this decision as the "removal of a dose of accommodation" rather than a tightening, while once again emphasizing that he did not intend to provide guidance on future moves. The "dots," i.e., the FOMC members' policy rate projections, indicate another rate hike by the end of the year. Finally, the BoJ raised its main policy rate by 25 bps, to 1.25%, its highest level since 1995.
As a result, bond yields rose sharply over the month, due to the combined effect of higher oil prices and monetary tightening. The US 10-year yield rose by about 50 bps over the month, ending around 5.28%, its highest level since 2007, while the 30-year yield exceeded 5.60%, a high since 2002. The German 10-year yield rose by about 25 bps, to 3.55%, after reaching its highest level since 2009. In this context, 10-year euro area inflation expectations on the 10-year bund€i rose from 2.16% to 2.21% at the end of September. In the United States, 10-year inflation expectations on the 10-year TIPS increased from 2.32% to 2.37% at the end of September. WTI oil rose over the month from $84.0 to $90.4 per barrel. Finally, gold was penalized by the rise in real rates and lost about 6% over the month, erasing much of its August gains. Lastly, the dollar rose over the month from 1.162 to 1.133 against the euro.
September confirmed its status as a pivotal month for credit, in a context of high market volatility, rising rates in the euro area, energy tensions, and euro weakness, marked by a sharp widening of the OAT-Bund spread to 129 bps. On Euro IG, spreads widened by 12 bps over the month, to 89 bps, for an excess return of -0.4% on maturities comparable to sovereigns and a total return of -1.3%. Dispersion remained moderate, with better performance from AA-rated names, while BBBs underperformed. By maturity, the 3-5 year segment was the most penalized, while the 10-year and longer segment was more resilient in terms of spread. In Euro HY, the correction was much more pronounced: spreads widened by 41 bps, to 300 bps, excess return reached -118 bps and total return -1.8%, with CCCs underperforming BB/Bs. At the sector level, in IG, Insurance Senior, Media/Cable, Technology, Consumer Goods, Food & Beverage, and Metals & Mining were more resilient, while Automotive and Real Estate significantly underperformed. In HY, Real Estate and Building Materials weighed on performance, while Healthcare and Media/Cable held up relatively better. Activity in the primary market remained very dynamic and continued to be absorbed without difficulty. As early as September, new issues crossed the €700 billion threshold earlier than usual since the start of the year, illustrating the persistent resilience of investor appetite.
Position summary:
- Credit sensitivity down from 3.77 to 3.72
- The portfolio shows a slight decrease in interest rate sensitivity from 4.86 to 4.77
- The share of cash, including money market funds, is 4% of assets
The fund recorded a sharp decline in performance in September, underperforming its benchmark, which ended at -1.47%. Interest rate exposure was the main factor of underperformance during the month, both in absolute and relative terms. The fund remained overweight, up to +0.7 in overall sensitivity with a marked bias towards the short end of German rates (2 years), to the detriment of the long end. The market pricing of a rate hike cycle—materialized by 3.5 hikes anticipated over the month—seemed high to us and justified this positioning. However, we neutralized this exposure at the end of the month (to +0.3 in rate sensitivity), given the very high volatility observed in sovereign rates. Furthermore, overall credit exposure, in line with the usual hierarchy between IG and HY, also underperformed and weighed on valuation developments. In terms of management, we reduced our exposure to French issuers by 4% this month, mainly on lines with tight spreads and more sensitive to movements in the 10-year OAT, notably senior banks and well-rated corporates.
Characteristics
General data
Inception date
06/12/2018First Nav Date
06/12/2018Currency
EURShow more
Valuation
DailyMinimum initial investment
1 10/1000° share(s)/equityMinimum additional investment
1 10/1000° share(s)/equityCosts Composition
| One-off costs upon entry or exit (Investment EUR 10,000) | If you exit after 1 year | ||
| Entry costs | This includes distribution costs of 5.00% of amount invested. This is the most you will be charged. The person selling you the product will inform you of the actual charge. | Up to €500.00 | |
| Exit costs | We do not charge an exit fee for this product, but the person selling you the product may do so. | €0.00 | |
| Ongoing costs taken each year (Investment EUR 10,000) | |||
| Management fees and other administrative or operating costs | 0.95% of the value of your investment per year. This percentage is based on actual costs over the last year. | €90.25 | |
| Transaction costs | 0.10% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | €9.65 | |
| Incidental costs taken under specific conditions (Investment EUR 10,000) | |||
| Performance fees | 20.00% annual outperformance of the reference asset 100% BLOOMBERG EURO AGGREGATE CORPORATE (E) TR Close. The calculation applies on each Net Asset Value calculation date in accordance with the terms described in the prospectus. Past underperformances over the last 5 years should be clawed back before any new accrual of performance fee.The actual amount will vary depending on how well your investment performs. The aggregated cost estimation above includes the average over the last 5 years. The performance fee is paid even if the performance of the share over the performance observation period is negative, while remaining higher than the performance of the Reference Asset. | €4.37 | |
Codification
ISIN code
LU1902444584Bloomberg code
CPRSAEA LXReuters code
Investment Objective
The Compartment’s objective is to outperform the Bloomberg Barclays Euro-Agg Corporate Total Return index (over any 3-year period,) by selecting bonds denominated in Euro issued by companies around the world committed to limiting impact of climate change. The investment process also integrates Environmental, Social and Governance criteria (E, S, and G – or, when taken together, ESG).
Documents
| Language | Documents | Type | Closing Date |
|---|---|---|---|
DE | PDF | 01/09/2026 | |
EN | PDF | 01/09/2026 | |
FR | PDF | 01/09/2026 | |
PDF | 31/07/2024 | ||
PDF | 16/04/2026 | ||
PDF | 31/01/2026 | ||
IT | PDF | 01/09/2026 | |
DE | PDF | 30/09/2026 | |
EN | PDF | 30/09/2026 | |
FR | PDF | 30/09/2026 | |
IT | PDF | 30/09/2026 | |
FR | PDF | 26/10/2016 |
Sustainability-related disclosures
| Language | Documents | Type | Closing Date |
|---|---|---|---|
DE | PDF | 21/05/2025 | |
FR | PDF | 21/05/2025 | |
PDF | 03/08/2026 | ||
IT | PDF | 21/05/2025 |
Prices expressed in a currency other than the base currency of the portfolio are available for information purposes only. Nothing contained in this site constitutes a solicitation or offer by any member of CPR Asset Management to provide any investment advice or service or to purchase or sell any financial instruments. The information it contains aims to inform the subscriber by providing information on the UCITS supplemental to that appearing in the Information Memorandum. The material provided on this site is presented as of the date shown and "as is". CPR Asset Management does not expressly or impliedly warrant the accuracy of the information provided on this site and expressly disclaims any warranties of fitness of this site for any particular purpose. This material reflects the opinion of the management company at the date of printing. The material is based upon information that we consider reliable, but we do not represent it is accurate, complete, valid or timely and it should not be relied on as such for any particular purpose. Any subscription should be based solely on the Information Memorandum provided to subscribers prior to the subscription and/or available upon request.The Key investor Informations document (KIID) and the prospectus of the fund, as well as the annual and semi-annual reports are available free of charge on the website www.cpram.com and from the Representative or Paying Agents : CACEIS (SWITZERLAND) SA - 35 Route de Signy, CH-1260 Nyon, Suisse or CACEIS Bank, Montrouge, Succursale de Nyon - Route de Signy 35 - CH- 1260 Nyon, Suisse.