CPR Silver Age - P ISIN : FR0010836163
CPR Silver Age - P
P(C/D) - FR0010836163
Asset class: Equities
YTD
As of 26/08/20264.72%
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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The risk indicator assumes you keep the product according to the holding period.
NAV
As of 26/08/2026€3,126.20
SFDR ClassificationSustainable Finance Disclosure Regulation
Art. 8
Fund AUM
As of 26/08/2026€1.16B
The fund's objective is to outperform European equity markets over the long term - i.e. 5 years minimum, by leveraging on the momentum of European stocks with exposure to the theme of ageing population (pharmaceuticals, medical equipment, savings banks). For diversification purposes the fund may also invest up to 25% of its assets in other geographies.
NAVs
NAV from 08/29/2016 to 08/26/2026
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Performance
Change in NAV in base 100
FundCPR Silver Age - P (61.72% over the period)
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Change in NAV in base 100Rolling performancesYear-on-year return (365 days)Annual returnsRisk indicatorsPerformances Scenarios
FundCPR Silver Age - P (61.72% over the period)
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Portfolio Analysis
Management commentary
Effective date: 30/09/2024Market Update
European markets closed September slightly down, with the STOXX 600 posting a performance of -0.41% after 2 consecutive months of gains. The beginning of September was characterized by doubts about Chinese consumption, weaker-than-expected growth in the eurozone and German industrial production at half-mast.
Nevertheless, the market rebounded with the synchronized action of central banks: the ECB decided to cut its key rates, followed by the Fed a few days later, and then by China, which announced major measures to support the economy.
In terms of sectors, cyclicals performed better over the month, with the basic resources sector (+8.7%) the best performer on the Stoxx 600, buoyed by Chinese monetary easing. Similarly, the travel and leisure sector (+4.8%), which is highly dependent on Chinese economic activity, was also buoyed by this news. Conversely, the automotive sector (-6.4%) underwent a negative performance due to the various warnings issued by several manufacturers: Stelantis (-18.0%), Mercedes (-6.9%), Volkswagen (-1.1%), which were penalized by the slowdown in China, the decline in the number of electric and hybrid vehicles in the mix, and more generally the slowdown in vehicle sales. The energy sector (-5.6%) was directly impacted by the fall in oil prices (Brent lost -8.9% over the month). Saudi Arabia's announcement that it would increase oil production to regain market share has added to concerns about the supply/demand balance, further impacting oil prices.
On the central bank front, at its September meeting, the ECB initiated a second rate cut of 25 bps, following on from its June rate cut. The cut was widely expected by the market, and reassured investors as to the ECB's direction. The Fed followed the ECB's lead with its first rate cut of 50 bps at its September meeting. With inflation finally under control, the focus is once again on the labor market, where downside risks seem to dominate. The new economic forecasts anticipate a further 50 bp cut by the end of the year, a 100 bp cut in 2025 and a 50 bp cut in 2026 to reach a terminal rate of 2.9%. The Bank of England (BoE) left its key rate unchanged at 5%, marking a pause in the downward cycle it began in August. It confirmed that, should inflation continue to stabilize, it would be prepared to cut rates gradually over time. Finally, turning to Europe, the Swiss National Bank, the Swedish Central Bank and the Central Bank of the Czech Republic all cut rates by 25 bps, confirming a sharp decline in inflation over the past few weeks in the eurozone. In Japan, the Bank of Japan (BoJ) held its rate steady at 0.25% after its July hike, causing considerable market volatility. The BoJ wanted to calm things down on a rapid rate hike cycle, pointing out that Japanese activity is gradually recovering, but that it would continue to raise rates if its objectives were met. In China, the various monetary easing announcements led to a reduction in medium-term loans to financial institutions, from 2.3% to 2%, and a 20 bp cut in the key rate (7-day reverse repo to 1.5% vs. 1.7%).
What’s new this month in the thematic world
The “silver” consumer is nothing more than a consumer who has aged a few years. There is no “break”, but on the contrary, a natural continuum between their consumption habits, which will evolve over time, according to their tastes and needs. This first observation therefore becomes an adaptation challenge for companies selling products and services to consumers who are “going Silver”: they need to find the right messages to continue to speak to this most dynamic segment of consumers. Second observation: beware of some of our most persistent prejudices: the most dynamic segment of digital gamers in the US is not Generation Z, but Baby Boomers! A study carried out by the Statista research group has revealed that by 2021, around 29% of people aged 55 to 64 will be playing video games in the USA. Conclusion: a real trend is forming: consumers are keeping up their “hobbies” over time, and so we have a real population of “silver gamers” in the making. The consumption of “tech” products, digital products and other streaming services is also becoming a marker of the Silver generation, or at least of those entering the cohort today.
Portfolio movements and performance analysis
In September, the fund posted a gross performance of -0.7%, underperforming the MSCI Europe (-0.44%) by -0.26%.
September continued to be marked by the following issues:
A shift in investor concerns from inflation to growth, although the scenario of a US economic recession has been ruled out for the time being.
Lower US and European interest rates.
The announcement of Chinese stimulus plans, leading to significant sector rotation
In this context, the portfolio's non-exposure outside its thematic investment universe cost around -0.98% in relative performance. Indeed, as part of the sector rotation carried out at the end of the month, the real estate, minerals & commodities and logistics sectors rebounded strongly.
The pharmaceuticals sector lost -0.64% in relative performance, with major declines in Novo Nordisk (a particularly long-held stock, with unconvincing results for a new anti-obesity drug), AstraZeneca (after mixed results for one of three new lung cancer drugs) and Merck kga.
The healthcare equipment sector lost -0.22% in relative performance. Gerresheimer is down 22.7% following its profit warning (weaker-than-expected growth in bottling and flooding in one of its main US plants). Amplifon is down 11% on fears of losing market share with the arrival of Apple in the hearing aids segment, and fears of the French tax increase. Conversely, stocks exposed to China are rebounding (Siemens Healtheneers).
Conversely, the fund benefited from its high exposure to asset gatherers, with a 0.8% relative return. The multiline insurers (Axa, Allianz, Generali) performed very well, as did Prudential, which is heavily exposed to China. At the same time, private equity management companies (KKR and 3i) continue to outperform.
Finally, the leisure sector generated an outperformance of +0.35%, driven by the rebound of TUI (which, after a fine summer season, is already enjoying a satisfactory start to winter bookings), the airline ICAG and Whitbread.
During the month, we took profits on part of the insurance sector (Axa, Allianz and Munich Re), as well as on UCB and Compass, and to a lesser extent on LVMH and Richemont, following the Chinese stimulus plan announcements. Conversely, we strengthened our exposure to China by adding to our positions in Prudential and Siemens Healthineers, and then re-established positions in under-valued stocks such as Whitbread
The fund's risk structure remains broadly unchanged from the previous month. The fund's beta increased to 1, while Tracking Error fell slightly to 3.45%. At the same time, the TE breakdown remains stable. The weighting of stock selection stabilizes at 48% of total TE, while the weighting of sector risk also remains at 42% (overweight healthcare, financials and consumer discretionary, underweight energy and technology). Only 5% of TE is attributable to style (overweight quality, underweight value).
Thematic outlook
The major surprise of the month was the announcement of China's stimulus plans. The “China factor” is affecting a large number of sectors in the European stock market, from luxury goods and automobiles to industrials and commodities. While the Chinese government's stimulus plans are a step in the right direction, we believe that, in the absence of more structural reform, they are unlikely to be effective enough to boost the Chinese economy. As a result, we feel that the recent rebounds, particularly in the luxury goods sector, have been too strong. The “Golden Week” figures will also tell us whether the government's confidence-boosting measures are working. We will therefore have to be extremely selective in our stock selection to take advantage of our exposure to China.
Then come the US elections. Historically, U.S. markets have gained after the results have been published, the pre-election wait-and-see attitude having by definition disappeared. The outcome of the presidential election, but above all control of the Senate, will give us a better idea of the scenario to follow.
On a lesser scale, in France, we should see high-risk debates on the budget, which may or may not reduce the French “political risk” compared to other European countries.
Finally, we'll be eagerly awaiting the earnings season to gauge the impact of poor macro indicators and geopolitical tensions (Ukraine, Middle East) on Q3 corporate results. In this context, it is not certain that the “change of leadership” will be confirmed.
Although we have ruled out the hard landing scenario for the time being, the negative impact of each of the previous themes should not be cumulative: a Donald Trump victory, followed by a majority Republican Congress, would lead us to anticipate a rise in customs tariffs (which would upset the Chinese stimulus scenario) and public spending, potentially leading to a return of inflation, and a rise in long-term interest rates, which at a certain level could potentially impact the equity markets, all against a backdrop of more earnings warnings than expected.
Against this backdrop, the defensive nature of the silver age strategy would regain its appeal. Indeed, the healthcare sector, which was not a “safe haven” during the summer “air pocket”, could regain its defensive status after the US elections. At the same time, insurers with a proactive policy of returning cash to shareholders continue to offer high rates of return (>10%).
European markets closed September slightly down, with the STOXX 600 posting a performance of -0.41% after 2 consecutive months of gains. The beginning of September was characterized by doubts about Chinese consumption, weaker-than-expected growth in the eurozone and German industrial production at half-mast.
Nevertheless, the market rebounded with the synchronized action of central banks: the ECB decided to cut its key rates, followed by the Fed a few days later, and then by China, which announced major measures to support the economy.
In terms of sectors, cyclicals performed better over the month, with the basic resources sector (+8.7%) the best performer on the Stoxx 600, buoyed by Chinese monetary easing. Similarly, the travel and leisure sector (+4.8%), which is highly dependent on Chinese economic activity, was also buoyed by this news. Conversely, the automotive sector (-6.4%) underwent a negative performance due to the various warnings issued by several manufacturers: Stelantis (-18.0%), Mercedes (-6.9%), Volkswagen (-1.1%), which were penalized by the slowdown in China, the decline in the number of electric and hybrid vehicles in the mix, and more generally the slowdown in vehicle sales. The energy sector (-5.6%) was directly impacted by the fall in oil prices (Brent lost -8.9% over the month). Saudi Arabia's announcement that it would increase oil production to regain market share has added to concerns about the supply/demand balance, further impacting oil prices.
On the central bank front, at its September meeting, the ECB initiated a second rate cut of 25 bps, following on from its June rate cut. The cut was widely expected by the market, and reassured investors as to the ECB's direction. The Fed followed the ECB's lead with its first rate cut of 50 bps at its September meeting. With inflation finally under control, the focus is once again on the labor market, where downside risks seem to dominate. The new economic forecasts anticipate a further 50 bp cut by the end of the year, a 100 bp cut in 2025 and a 50 bp cut in 2026 to reach a terminal rate of 2.9%. The Bank of England (BoE) left its key rate unchanged at 5%, marking a pause in the downward cycle it began in August. It confirmed that, should inflation continue to stabilize, it would be prepared to cut rates gradually over time. Finally, turning to Europe, the Swiss National Bank, the Swedish Central Bank and the Central Bank of the Czech Republic all cut rates by 25 bps, confirming a sharp decline in inflation over the past few weeks in the eurozone. In Japan, the Bank of Japan (BoJ) held its rate steady at 0.25% after its July hike, causing considerable market volatility. The BoJ wanted to calm things down on a rapid rate hike cycle, pointing out that Japanese activity is gradually recovering, but that it would continue to raise rates if its objectives were met. In China, the various monetary easing announcements led to a reduction in medium-term loans to financial institutions, from 2.3% to 2%, and a 20 bp cut in the key rate (7-day reverse repo to 1.5% vs. 1.7%).
What’s new this month in the thematic world
The “silver” consumer is nothing more than a consumer who has aged a few years. There is no “break”, but on the contrary, a natural continuum between their consumption habits, which will evolve over time, according to their tastes and needs. This first observation therefore becomes an adaptation challenge for companies selling products and services to consumers who are “going Silver”: they need to find the right messages to continue to speak to this most dynamic segment of consumers. Second observation: beware of some of our most persistent prejudices: the most dynamic segment of digital gamers in the US is not Generation Z, but Baby Boomers! A study carried out by the Statista research group has revealed that by 2021, around 29% of people aged 55 to 64 will be playing video games in the USA. Conclusion: a real trend is forming: consumers are keeping up their “hobbies” over time, and so we have a real population of “silver gamers” in the making. The consumption of “tech” products, digital products and other streaming services is also becoming a marker of the Silver generation, or at least of those entering the cohort today.
Portfolio movements and performance analysis
In September, the fund posted a gross performance of -0.7%, underperforming the MSCI Europe (-0.44%) by -0.26%.
September continued to be marked by the following issues:
A shift in investor concerns from inflation to growth, although the scenario of a US economic recession has been ruled out for the time being.
Lower US and European interest rates.
The announcement of Chinese stimulus plans, leading to significant sector rotation
In this context, the portfolio's non-exposure outside its thematic investment universe cost around -0.98% in relative performance. Indeed, as part of the sector rotation carried out at the end of the month, the real estate, minerals & commodities and logistics sectors rebounded strongly.
The pharmaceuticals sector lost -0.64% in relative performance, with major declines in Novo Nordisk (a particularly long-held stock, with unconvincing results for a new anti-obesity drug), AstraZeneca (after mixed results for one of three new lung cancer drugs) and Merck kga.
The healthcare equipment sector lost -0.22% in relative performance. Gerresheimer is down 22.7% following its profit warning (weaker-than-expected growth in bottling and flooding in one of its main US plants). Amplifon is down 11% on fears of losing market share with the arrival of Apple in the hearing aids segment, and fears of the French tax increase. Conversely, stocks exposed to China are rebounding (Siemens Healtheneers).
Conversely, the fund benefited from its high exposure to asset gatherers, with a 0.8% relative return. The multiline insurers (Axa, Allianz, Generali) performed very well, as did Prudential, which is heavily exposed to China. At the same time, private equity management companies (KKR and 3i) continue to outperform.
Finally, the leisure sector generated an outperformance of +0.35%, driven by the rebound of TUI (which, after a fine summer season, is already enjoying a satisfactory start to winter bookings), the airline ICAG and Whitbread.
During the month, we took profits on part of the insurance sector (Axa, Allianz and Munich Re), as well as on UCB and Compass, and to a lesser extent on LVMH and Richemont, following the Chinese stimulus plan announcements. Conversely, we strengthened our exposure to China by adding to our positions in Prudential and Siemens Healthineers, and then re-established positions in under-valued stocks such as Whitbread
The fund's risk structure remains broadly unchanged from the previous month. The fund's beta increased to 1, while Tracking Error fell slightly to 3.45%. At the same time, the TE breakdown remains stable. The weighting of stock selection stabilizes at 48% of total TE, while the weighting of sector risk also remains at 42% (overweight healthcare, financials and consumer discretionary, underweight energy and technology). Only 5% of TE is attributable to style (overweight quality, underweight value).
Thematic outlook
The major surprise of the month was the announcement of China's stimulus plans. The “China factor” is affecting a large number of sectors in the European stock market, from luxury goods and automobiles to industrials and commodities. While the Chinese government's stimulus plans are a step in the right direction, we believe that, in the absence of more structural reform, they are unlikely to be effective enough to boost the Chinese economy. As a result, we feel that the recent rebounds, particularly in the luxury goods sector, have been too strong. The “Golden Week” figures will also tell us whether the government's confidence-boosting measures are working. We will therefore have to be extremely selective in our stock selection to take advantage of our exposure to China.
Then come the US elections. Historically, U.S. markets have gained after the results have been published, the pre-election wait-and-see attitude having by definition disappeared. The outcome of the presidential election, but above all control of the Senate, will give us a better idea of the scenario to follow.
On a lesser scale, in France, we should see high-risk debates on the budget, which may or may not reduce the French “political risk” compared to other European countries.
Finally, we'll be eagerly awaiting the earnings season to gauge the impact of poor macro indicators and geopolitical tensions (Ukraine, Middle East) on Q3 corporate results. In this context, it is not certain that the “change of leadership” will be confirmed.
Although we have ruled out the hard landing scenario for the time being, the negative impact of each of the previous themes should not be cumulative: a Donald Trump victory, followed by a majority Republican Congress, would lead us to anticipate a rise in customs tariffs (which would upset the Chinese stimulus scenario) and public spending, potentially leading to a return of inflation, and a rise in long-term interest rates, which at a certain level could potentially impact the equity markets, all against a backdrop of more earnings warnings than expected.
Against this backdrop, the defensive nature of the silver age strategy would regain its appeal. Indeed, the healthcare sector, which was not a “safe haven” during the summer “air pocket”, could regain its defensive status after the US elections. At the same time, insurers with a proactive policy of returning cash to shareholders continue to offer high rates of return (>10%).
Characteristics
General data
Inception date
22/12/2009First Nav Date
22/12/2009Currency
EURShow more
Valuation
DailyMinimum initial investment
1 one hundred thousandth part(s)/share(s)Minimum additional investment
1 one hundred thousandth part(s)/share(s)Costs 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 | 1.77% of the value of your investment per year. This percentage is based on actual costs over the last year. | €168.15 | |
| Transaction costs | 0.35% 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. | €32.98 | |
| Incidental costs taken under specific conditions (Investment EUR 10,000) | |||
| Performance fees | 15.00% annual outperformance of the reference asset 100% MSCI EUROPE (15) NR 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. | €0.00 | |
Codification
ISIN code
FR0010836163Bloomberg code
CPRSAGP FPReuters code
LP68045712Investment Objective
The fund's objective is to outperform European equity markets over the long term - i.e. 5 years minimum, by leveraging on the momentum of European stocks with exposure to the theme of ageing population (pharmaceuticals, medical equipment, savings banks). For diversification purposes the fund may also invest up to 25% of its assets in other geographies.
Documents
| Language | Documents | Type | Closing Date |
|---|---|---|---|
DE | PDF | 27/03/2026 | |
EN | PDF | 27/03/2026 | |
PDF | 31/01/2026 | ||
FR | PDF | 27/03/2026 | |
PDF | 31/07/2025 | ||
PDF | 27/03/2026 | ||
PDF | 30/01/2026 | ||
PDF | 27/03/2026 | ||
IT | PDF | 27/03/2026 | |
FR | PDF | 01/06/2024 | |
EN | PDF | 31/07/2026 | |
FR | PDF | 31/07/2026 |
Sustainability-related disclosures
| Language | Documents | Type | Closing Date |
|---|---|---|---|
DE | PDF | 01/01/2023 | |
FR | PDF | 01/01/2023 | |
PDF | 14/05/2025 | ||
IT | PDF | 01/01/2023 |
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 Informations document (KID) 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 : UniCredit Bank Czech Republic and Slovakia, a.s., Bratislava, Šancová 1/A, Postal Code 813 33, Slovak Republic
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 Informations document (KID) 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 : UniCredit Bank Czech Republic and Slovakia, a.s., Bratislava, Šancová 1/A, Postal Code 813 33, Slovak Republic