CPR Invest - Hydrogen - R EUR - Acc ISIN : LU2389405593
CPR Invest - Hydrogen - R EUR - Acc
R EUR(C) - LU2389405593
Asset class: Equities
YTD
As of 25/08/202615.94%
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€147.21
SFDR ClassificationSustainable Finance Disclosure Regulation
Art. 8
Fund AUM
As of 26/08/2026$695.85M
The Compartment's objective is to outperform global equity markets over a long-term period (minimum of five years) by investing in international equities of companies involved in any part of the hydrogen economy. The investment process integrates a sustainable approach through Environmental, Social and Governance (ESG) criteria.
Marketing Communication
NAVs
NAV from 02/11/2022 to 08/26/2026
Select period
Performance
Change in NAV in base 100
FundCPR Invest - Hydrogen - R EUR - Acc (46.82% over the period)
Select period
* Rolling performance : for funds that have been launched since less than 1 year or 3 years or 5 years, the performance showed in the table in the 1 year or 3 years or 5 years column is the performance since inception of the fund.
All performance figures are calculated in your selected currency based NAV to NAV with gross income accumulated.
Past performance does not guarantee future returns. The value of an investment can rise or fall with market fluctuations, and you may lose the amount originally invested. The material is based upon information that we consider reliable as of the date shown, but we do not represent that it is accurate, complete, valid or timely, in particular any data communicated to us by a third party, and it should not be relied on as such for any particular purpose. All material is subject to change.
The fund performance is calculated net of investment management fees including commissions and custody fees. The benchmark performances are calculated with net dividend reinvested when applicable. Both performances for funds and benchmarks are calculated using internal software fed by external sources (predominantly Datastream).
The exchange rates used to convert the benchmark and investment funds are the rates published by WM/Reuters at 16:00 (London time) on the last day of the month.
All performance figures are calculated in your selected currency based NAV to NAV with gross income accumulated.
Past performance does not guarantee future returns. The value of an investment can rise or fall with market fluctuations, and you may lose the amount originally invested. The material is based upon information that we consider reliable as of the date shown, but we do not represent that it is accurate, complete, valid or timely, in particular any data communicated to us by a third party, and it should not be relied on as such for any particular purpose. All material is subject to change.
The fund performance is calculated net of investment management fees including commissions and custody fees. The benchmark performances are calculated with net dividend reinvested when applicable. Both performances for funds and benchmarks are calculated using internal software fed by external sources (predominantly Datastream).
The exchange rates used to convert the benchmark and investment funds are the rates published by WM/Reuters at 16:00 (London time) on the last day of the month.
Change in NAV in base 100Rolling performancesYear-on-year return (365 days)Annual returnsRisk indicatorsPerformances Scenarios
FundCPR Invest - Hydrogen - R EUR - Acc (46.82% over the period)
Select period
* Rolling performance : for funds that have been launched since less than 1 year or 3 years or 5 years, the performance showed in the table in the 1 year or 3 years or 5 years column is the performance since inception of the fund.
All performance figures are calculated in your selected currency based NAV to NAV with gross income accumulated.
Past performance does not guarantee future returns. The value of an investment can rise or fall with market fluctuations, and you may lose the amount originally invested. The material is based upon information that we consider reliable as of the date shown, but we do not represent that it is accurate, complete, valid or timely, in particular any data communicated to us by a third party, and it should not be relied on as such for any particular purpose. All material is subject to change.
The fund performance is calculated net of investment management fees including commissions and custody fees. The benchmark performances are calculated with net dividend reinvested when applicable. Both performances for funds and benchmarks are calculated using internal software fed by external sources (predominantly Datastream).
The exchange rates used to convert the benchmark and investment funds are the rates published by WM/Reuters at 16:00 (London time) on the last day of the month.
All performance figures are calculated in your selected currency based NAV to NAV with gross income accumulated.
Past performance does not guarantee future returns. The value of an investment can rise or fall with market fluctuations, and you may lose the amount originally invested. The material is based upon information that we consider reliable as of the date shown, but we do not represent that it is accurate, complete, valid or timely, in particular any data communicated to us by a third party, and it should not be relied on as such for any particular purpose. All material is subject to change.
The fund performance is calculated net of investment management fees including commissions and custody fees. The benchmark performances are calculated with net dividend reinvested when applicable. Both performances for funds and benchmarks are calculated using internal software fed by external sources (predominantly Datastream).
The exchange rates used to convert the benchmark and investment funds are the rates published by WM/Reuters at 16:00 (London time) on the last day of the month.
Portfolio Analysis
Repartition 07/31/2026
Main Lines in Portfolio (Source: Amundi)Geographical breakdown (Source: Amundi)CurrencySector allocation
Sector | Weight | Spread / Index | |
|---|---|---|---|
| SIEMENS AG-REG | Industrials | 4.63% | 4.39% |
| SCHNEIDER ELECT SE | Industrials | 4.60% | 4.42% |
| SIEMENS ENERGY AG | Industrials | 4.00% | 3.87% |
| AIR LIQUIDE SA | Materials | 3.31% | 3.18% |
| EATON CORP PLC | Industrials | 3.20% | 3.05% |
| LINDE PLC | Materials | 3.00% | 2.77% |
| ANGLO AMERICAN PLC GBP | Materials | 2.93% | 2.88% |
| HITACHI LTD | Industrials | 2.91% | 2.76% |
| NEXTERA ENERGY INC | Utilities | 2.90% | 2.72% |
| ENEL SPA | Utilities | 2.75% | 2.66% |
Management commentary
Effective date: 30/09/2024The expectations for September were low, as this month, known for its unfavourable seasonality, began with the worst week since March 2023, posting a fall of 4.15% in euros for the MSCI ACWI. However, contrary to all expectations, sentiment quickly improved, and the Fed's key rate cut led to a rise in the US stock markets. China also contributed late in the month by announcing a number of stimulus measures, including cuts in various interest rates and support for the property market. Overall, the S&P 500 recorded a gain of 2.02% (USD) and set five new closing records throughout the month. By contrast, the Stoxx 600 edged back 0.32% (EUR). The Chinese market rose 27% as a result of renewed optimism about the country's economic outlook.
The European Central Bank (ECB) made a second rate cut of 25 basis points in September, following an initial reduction in June. This decision, eagerly awaited by the market, reassured investors about the ECB's direction. The Federal Reserve (Fed) followed in the ECB's footsteps by launching its cycle with a first rate cut of 50 basis points at its September meeting. With inflation finally under control, attention has once again turned to the labour market, where downside risks seem to predominate. The latest economic forecasts anticipate a further cut of 50 basis points by the end of the year, followed by 100 basis points in 2025 and 50 basis points in 2026, aiming for a terminal rate of 2.9%.
In United States politics, the second presidential debate pitted Vice President Kamala Harris against Republican candidate Donald Trump. Although no clear winner emerged, the consensus among observers was that Harris fared better. In terms of the economy, the United States presented mixed signals. The ISM services index rose to 51.5 in August, suggesting a slight expansion in the services sector. However, the private sector added only 142,000 non-farm jobs in August, missing the consensus estimate of 160,000. The producer price index (PPI) rose 0.2% in August, with annual growth slowing to 1.7%. The core consumer price index (CPI) rose by 0.3%, exceeding expectations. Industrial output rose by 0.8%, and housing starts jumped by 9.6%. However, consumer confidence fell to 98.7, compared with 103.3 in August.
In the Eurozone, producer price inflation (PPI) accelerated to 0.8% in July, and the composite PMI index reached 51.0 in August, signalling a modest recovery. GDP rose by 0.2% in the second quarter, although industrial production recorded an annual fall of 2.2% in July. Core CPI was confirmed at 2.2% in August, while the services PMI stood at 50.5, reflecting a stable but cautious outlook.
Sector performance in September revealed a clear divergence, with a strong appetite for risk. The consumer discretionary sector performed the best, up 6.58%. By contrast, the energy sector struggled, falling by 3.82% for the month, while the health sector also dropped 3.43%.
The development of the hydrogen economy is behind schedule in 2024. Many projects have been postponed due to a lack of visibility on the conditions for granting support under the various government schemes, both in the US and in Europe. The conditions stipulated were also generally considered far too difficult to meet. In this respect, important information was released in mid-September. Europe and the United States are therefore preparing to finalise their framework with aligned conditions that are far less restrictive than those initially envisaged, in order to enable the take-off that was expected this year. In the US, the Treasury is due to publish the eligibility rules for the clean hydrogen production tax credit at Christmas. In 2025, the 3 dollars per kg of clean hydrogen should unblock many final investment decisions...
In September, the fund rose +3.8% compared with +1.5% for the MSCI ACWI. Industrial stocks made a positive contribution of 200 basis points during the month, driven on the one hand by artificial intelligence stocks and on the other by Chinese stocks, which were heavily bought back after the announcement of the 1st monetary stimulus. Vertiv, Eaton, GE Vernova and Siemens Energy continued to rise during the month. At the same time, Weichai Power and Sungrow experienced a significant upturn. DSV is also benefiting from the confirmation of its takeover of DB Schenker. Finally, Ceres Power, which develops solid oxide fuel cells and electrolysers, rose over 50% following the announcement of new partnerships and an adjustment to its cost structure. Against this backdrop, we supported the recovery in direct and indirect interest in China by initiating a position in Anglo American.
Cleantech could be on the cusp of a new turning point. Remember: in 2021, it experienced a period of euphoria in the wake of the announcements made by the Biden administration (IRA). The deflation of these exaggerations, soon followed by an increase in the cost of financing combined with a lack of visibility on the conditions for granting state subsidies, led to a period of continuous decline lasting almost 3 years. The players involved have gradually redirected their strategy towards preserving their cash flow while awaiting for projects to resume. Inflation is now under control and the monetary authorities have only just begun to cut rates. At the same time, the long-awaited rules for allowing projects to go ahead seem to be about to be laid down, with conditions that are much less stringent than those initially envisaged. There is still uncertainty about the outcome of the US election. But already, it seems increasingly clear that the elements supporting the development of the hydrogen economy will not be called into question, no matter who wins.
The European Central Bank (ECB) made a second rate cut of 25 basis points in September, following an initial reduction in June. This decision, eagerly awaited by the market, reassured investors about the ECB's direction. The Federal Reserve (Fed) followed in the ECB's footsteps by launching its cycle with a first rate cut of 50 basis points at its September meeting. With inflation finally under control, attention has once again turned to the labour market, where downside risks seem to predominate. The latest economic forecasts anticipate a further cut of 50 basis points by the end of the year, followed by 100 basis points in 2025 and 50 basis points in 2026, aiming for a terminal rate of 2.9%.
In United States politics, the second presidential debate pitted Vice President Kamala Harris against Republican candidate Donald Trump. Although no clear winner emerged, the consensus among observers was that Harris fared better. In terms of the economy, the United States presented mixed signals. The ISM services index rose to 51.5 in August, suggesting a slight expansion in the services sector. However, the private sector added only 142,000 non-farm jobs in August, missing the consensus estimate of 160,000. The producer price index (PPI) rose 0.2% in August, with annual growth slowing to 1.7%. The core consumer price index (CPI) rose by 0.3%, exceeding expectations. Industrial output rose by 0.8%, and housing starts jumped by 9.6%. However, consumer confidence fell to 98.7, compared with 103.3 in August.
In the Eurozone, producer price inflation (PPI) accelerated to 0.8% in July, and the composite PMI index reached 51.0 in August, signalling a modest recovery. GDP rose by 0.2% in the second quarter, although industrial production recorded an annual fall of 2.2% in July. Core CPI was confirmed at 2.2% in August, while the services PMI stood at 50.5, reflecting a stable but cautious outlook.
Sector performance in September revealed a clear divergence, with a strong appetite for risk. The consumer discretionary sector performed the best, up 6.58%. By contrast, the energy sector struggled, falling by 3.82% for the month, while the health sector also dropped 3.43%.
The development of the hydrogen economy is behind schedule in 2024. Many projects have been postponed due to a lack of visibility on the conditions for granting support under the various government schemes, both in the US and in Europe. The conditions stipulated were also generally considered far too difficult to meet. In this respect, important information was released in mid-September. Europe and the United States are therefore preparing to finalise their framework with aligned conditions that are far less restrictive than those initially envisaged, in order to enable the take-off that was expected this year. In the US, the Treasury is due to publish the eligibility rules for the clean hydrogen production tax credit at Christmas. In 2025, the 3 dollars per kg of clean hydrogen should unblock many final investment decisions...
In September, the fund rose +3.8% compared with +1.5% for the MSCI ACWI. Industrial stocks made a positive contribution of 200 basis points during the month, driven on the one hand by artificial intelligence stocks and on the other by Chinese stocks, which were heavily bought back after the announcement of the 1st monetary stimulus. Vertiv, Eaton, GE Vernova and Siemens Energy continued to rise during the month. At the same time, Weichai Power and Sungrow experienced a significant upturn. DSV is also benefiting from the confirmation of its takeover of DB Schenker. Finally, Ceres Power, which develops solid oxide fuel cells and electrolysers, rose over 50% following the announcement of new partnerships and an adjustment to its cost structure. Against this backdrop, we supported the recovery in direct and indirect interest in China by initiating a position in Anglo American.
Cleantech could be on the cusp of a new turning point. Remember: in 2021, it experienced a period of euphoria in the wake of the announcements made by the Biden administration (IRA). The deflation of these exaggerations, soon followed by an increase in the cost of financing combined with a lack of visibility on the conditions for granting state subsidies, led to a period of continuous decline lasting almost 3 years. The players involved have gradually redirected their strategy towards preserving their cash flow while awaiting for projects to resume. Inflation is now under control and the monetary authorities have only just begun to cut rates. At the same time, the long-awaited rules for allowing projects to go ahead seem to be about to be laid down, with conditions that are much less stringent than those initially envisaged. There is still uncertainty about the outcome of the US election. But already, it seems increasingly clear that the elements supporting the development of the hydrogen economy will not be called into question, no matter who wins.
Characteristics
General data
Inception date
30/11/2021First Nav Date
11/02/2022Currency
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 | 1.31% of the value of your investment per year. This percentage is based on actual costs over the last year. | €124.17 | |
| Transaction costs | 0.49% 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. | €46.71 | |
| Incidental costs taken under specific conditions (Investment EUR 10,000) | |||
| Performance fees | 15.00% annual outperformance of the reference asset 15% of the difference between the net assets of the Share Class and the Reference Asset. Performance indicator : MSCI All Country World Index (MSCI ACWI) Net Return Index. ESMA methodology since 01/01/2022. 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
LU2389405593Bloomberg code
Reuters code
Investment Objective
The Compartment's objective is to outperform global equity markets over a long-term period (minimum of five years) by investing in international equities of companies involved in any part of the hydrogen economy. The investment process integrates a sustainable approach through Environmental, Social and Governance (ESG) criteria.
Documents
| Language | Documents | Type | Closing Date |
|---|---|---|---|
CS | PDF | 18/12/2025 | |
EN | PDF | 31/07/2025 | |
PDF | 07/05/2026 | ||
PDF | 31/01/2026 | ||
CS | PDF | 31/07/2026 | |
EN | PDF | 26/10/2016 |
Sustainability-related disclosures
| Language | Documents | Type | Closing Date |
|---|---|---|---|
EN | PDF | 01/01/2025 | |
PDF | 07/05/2026 | ||
PDF | 01/01/2025 | ||
CS | 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 the Amundi 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". Amundi 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.cpr-am.cz and from the Representative or Paying Agents listed below : Contact Bank - KOMERCNI BANKA A.S. - Praha 1, na Prikope 33 cp 969, Postal Code : 114 07
Nothing contained in this site constitutes a solicitation or offer by any member of the Amundi 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". Amundi 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.cpr-am.cz and from the Representative or Paying Agents listed below : Contact Bank - KOMERCNI BANKA A.S. - Praha 1, na Prikope 33 cp 969, Postal Code : 114 07