CPR Invest - European Strategic Autonomy - I EUR - Acc ISIN : LU2570611249

In August, the fund achieved a performance of 0.46% compared to 0.94% for the MSCI EMU Net Total Return index. Year-to-date, the fund is up 13.37% versus 12.99% for its benchmark index.
 
Once again, the month was marked by geopolitical tensions, with an initial easing followed by renewed tensions concerning the Strait of Hormuz due to targeted bombings. Ultimately, the conflict is at a stalemate and negotiations between Iran and the United States are deadlocked. The month was also marked by concerns over the evolution of long-term interest rates. Indeed, the persistent high energy prices continued to fuel fears of accelerating inflation and thus weighed on the bond markets.
After witnessing a sharp decline in technology and industrial stocks related to the AI and electrification theme last month, these stocks continued to generally trade in negative territory. Thus, Siemens Energy and Infineon fell by 2.72% and -5.35%, respectively.
Conversely, the software sector continued its rally, notably through SAP, which posted an increase of 22.43%.
The defense sector was particularly impacted by the surge in rates, with Rheinmetall down 2.53% and Leonardo down 3.72%.
The biggest detractor was the healthcare sector, with significant declines from Abivax and Novo Nordisk, down -10.09% and -10.51%, respectively.
 
Regarding portfolio movements, we continued to increase our positions in stocks related to electrification, notably ASML, Siemens Energy, and Infineon. In addition, we also increased some cyclical stocks during the month, such as Saint-Gobain and Wienerberger in construction, as well as OPMobility in the automotive sector.