CPR Invest - Climate Bonds Euro - R EUR - Acc ISIN : LU1902444824
CPR Invest - Climate Bonds Euro - R EUR - Acc
R(C) - LU1902444824
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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).
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psf.module.graph.perf.titleCPR Invest - Climate Bonds Euro - R EUR - Acc psf.module.nav.perf.period
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A. data.material_change_comments.during.this.period.the.compartment.was.managed.based.on.a.different.investment.policy.than.the.one.currently.in.forceB. data.material_change_comments.since.the.beginning.of.this.period.the.compartment.applies.the.current.investment.policypsf.gap_commentaries.disclaimer
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psf.module.graph.perf.titleCPR Invest - Climate Bonds Euro - R EUR - Acc psf.module.nav.perf.period
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psf.labels.effective_dateSeptember 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.
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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).
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DE | psf.file_format.pdf | 01/09/2026 | |
EN | psf.file_format.pdf | 01/09/2026 | |
FR | psf.file_format.pdf | 01/09/2026 | |
psf.file_format.pdf | 31/07/2024 | ||
psf.file_format.pdf | 16/04/2026 | ||
psf.file_format.pdf | 31/01/2026 | ||
IT | psf.file_format.pdf | 01/09/2026 | |
FR | psf.file_format.pdf | 26/10/2016 |
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DE | psf.file_format.pdf | 21/05/2025 | |
FR | psf.file_format.pdf | 21/05/2025 | |
psf.file_format.pdf | 03/08/2026 | ||
IT | psf.file_format.pdf | 21/05/2025 |