CPR Invest - MedTech - A EUR - Dist ISIN : LU2036817042
CPR Invest - MedTech - A EUR - Dist
A EUR(D) - LU2036817042
Asset class: Equities
YTD
As of 26/08/2026-10.60%
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 26/08/2026€89.53
SFDR ClassificationSustainable Finance Disclosure Regulation
Art. 8
Fund AUM
As of 26/08/2026$195.39M
The investment 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 the medical technology ecosystem, while integrating Environmental, Social and Governance (E, S, and G - or, when taken together, ESG) criteria in the investment process.
Marketing Communication
NAVs
NAV from 02/08/2021 to 08/26/2026
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Performance
Change in NAV in base 100
FundCPR Invest - MedTech - A EUR - Dist (-10.43% over the period)
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Change in NAV in base 100Rolling performancesYear-on-year return (365 days)Annual returnsRisk indicatorsPerformances Scenarios
FundCPR Invest - MedTech - A EUR - Dist (-10.43% over the period)
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Portfolio Analysis
Repartition 07/31/2026
Main Lines in Portfolio (Source: Amundi)Geographical breakdown (Source: Amundi)CurrencySector allocation
Sector | Weight | Spread / Index | |
|---|---|---|---|
| STRYKER CORPORATION | Health Care | 9.68% | 0.41% |
| ABBOTT LABORATORIES | Health Care | 8.80% | -0.11% |
| INTUITIVE SURGICAL INC | Health Care | 7.32% | 0.06% |
| MEDTRONIC PLC | Health Care | 6.13% | -2.75% |
| EDWARDS LIFESCIENCES CORP | Health Care | 5.08% | 0.85% |
| BOSTON SCIENTIFIC CORP | Health Care | 4.45% | 0.77% |
| ALCON INC - CHF | Health Care | 4.39% | 0.35% |
| DEXCOM INC | Health Care | 4.30% | 0.97% |
| ESSILORLUXOTTICA | Health Care | 3.67% | -0.51% |
| HOYA CORP | Health Care | 3.39% | -0.63% |
Management commentary
Effective date: 31/07/2026The portfolio rose by +4.28% over the month, compared to +4.37% for its benchmark index, resulting in a limited underperformance of -5 bps. The two-factor Brinson attribution highlights a positive sector allocation effect (+35 bps) fully offset by a negative selection effect (-40 bps). The month was dominated by the second quarter earnings season, which was generally positive, in a sector that nevertheless continues to lag the market since the start of the year (median performance of medical devices negative versus a sharply rising S&P 500). Tariff uncertainty related to the Section 232 investigation on medical devices and consumables continued to weigh on the stocks most exposed to imports. The currency effect was neutral: the euro ended almost unchanged against the dollar, around 1.145-1.15.
SEGMENT ANALYSIS
Dialysis/Blood (+21.8 bps, best contributor) – This segment posted the strongest growth in the portfolio (+18.6%) and was overweighted (6.2% vs 4.6%). DexCom was the almost exclusive driver, complemented by Insulet (+7.9%). The bet on continuous glucose monitoring paid off fully.
Orthopedics (+4.4 bps) – The only segment where selection was positive (+4.5% vs +4.2% for the index). Enovis (+39.9%) and Ottobock (+10.4%) offset the absence of Zimmer Biomet (+8.4%), which alone cost 8 bps.
Cardiology/Neurology (-10.3 bps) – The heaviest segment in the portfolio (24.7% vs 19.3%) but the most penalizing. The very strong contribution from AtriCure and Merit Medical was not enough to offset the underweight in Medtronic and the declines in Lantheus, Edwards, LivaNova (-3.2%) and iRhythm (-2.1%).
Imaging/Radiotherapy (-9.8 bps) and Consumables (-9.7 bps) – Two segments penalized by selection: Philips erased the good performance of Siemens Healthineers (+7.8%) and GE HealthCare (+5.6%), while the underweight in Becton Dickinson (+8.8%, 2.5% vs 4.5%) weighed on consumables.
Surgery (-9.3 bps) – Segment down 8.2%, dragged down by Intuitive Surgical and PROCEPT BioRobotics (-18.1%, against a backdrop of slowing Aquablation adoption, constrained hospital budgets, and a class action lawsuit). Coloplast (+15.3%) limited the damage. Selection was positive here (+10.8 bps), as the portfolio held up better than the index.
Diagnostics (-1.3 bps) and Non-invasive (-1.3 bps) – Almost neutral. Diagnostics posted the second-best absolute performance (+12.0%) thanks to Abbott and Thermo Fisher. In non-invasive, the marked underweight in ResMed (0.7% vs 3.4%) and the absence of Fisher & Paykel cost 13 bps, offset by Sonova (+13.5%) and the non-holdings of Cooper Companies and Medline.
More generally, off-benchmark bets on small and mid caps (AtriCure, Merit Medical, Thermo Fisher, Enovis) contributed nearly +90 bps of cumulative relative effect and demonstrate the added value of the broader universe; the overweight in DexCom and the underweight in HOYA (+5 bps) also paid off. Meanwhile, the portfolio remains structurally underexposed to the large defensive caps in the index (Medtronic, Abbott, Becton Dickinson, ResMed, Zimmer Biomet), a bias that cost about -55 bps in a month when these stocks reported strong results. Furthermore, high-volatility convictions work both ways: Lantheus and PROCEPT detracted 31 bps. Finally, it is worth noting the case of Edwards Lifesciences, whose 5.5% decline cannot be explained by the July 23 earnings release (results above expectations, raised guidance, target price upgrades at JPMorgan and Leerink): this discrepancy is more likely due to profit-taking than to a deterioration in fundamentals, which argues for maintaining the position.
After a sharp decline since the start of the year, medtech now presents an interesting paradox: valuations have contracted sharply, sometimes excessively, while operational fundamentals remain generally solid. This correction seems to reflect more a rotation by investors in favor of AI, a temporary questioning of the sector’s defensive nature, and increased market selectivity towards certain quality franchises, rather than a structural deterioration in demand. As a result, there are now more attractive entry points for several leaders, now valued at significant discounts to their historical levels, even as organic growth remains robust and product catalysts are still very much present. Fundamentally, the sector continues to benefit from resilient procedure volumes, supported by demographic aging, innovation, and the gradual shift to outpatient care. On the other hand, hospitals remain cautious in their equipment spending, due to staffing constraints and stricter budgetary trade-offs. In this context, solutions with high return on investment, minimally invasive devices, and platforms capable of gaining market share in alternative care sites retain a clear competitive advantage. A true trend reversal, however, would require investors to be convinced that the guidance revisions seen this quarter represent a low point, and that the next earnings season will open the way to a more favorable beat-and-raise sequence. Added to this is an innovation cycle that is gradually regaining visibility after being disrupted by covid, while the main risks remain well identified: persistently high rates, pricing pressures, regulatory uncertainties, reimbursement issues, and potential trade tensions.
SEGMENT ANALYSIS
Dialysis/Blood (+21.8 bps, best contributor) – This segment posted the strongest growth in the portfolio (+18.6%) and was overweighted (6.2% vs 4.6%). DexCom was the almost exclusive driver, complemented by Insulet (+7.9%). The bet on continuous glucose monitoring paid off fully.
Orthopedics (+4.4 bps) – The only segment where selection was positive (+4.5% vs +4.2% for the index). Enovis (+39.9%) and Ottobock (+10.4%) offset the absence of Zimmer Biomet (+8.4%), which alone cost 8 bps.
Cardiology/Neurology (-10.3 bps) – The heaviest segment in the portfolio (24.7% vs 19.3%) but the most penalizing. The very strong contribution from AtriCure and Merit Medical was not enough to offset the underweight in Medtronic and the declines in Lantheus, Edwards, LivaNova (-3.2%) and iRhythm (-2.1%).
Imaging/Radiotherapy (-9.8 bps) and Consumables (-9.7 bps) – Two segments penalized by selection: Philips erased the good performance of Siemens Healthineers (+7.8%) and GE HealthCare (+5.6%), while the underweight in Becton Dickinson (+8.8%, 2.5% vs 4.5%) weighed on consumables.
Surgery (-9.3 bps) – Segment down 8.2%, dragged down by Intuitive Surgical and PROCEPT BioRobotics (-18.1%, against a backdrop of slowing Aquablation adoption, constrained hospital budgets, and a class action lawsuit). Coloplast (+15.3%) limited the damage. Selection was positive here (+10.8 bps), as the portfolio held up better than the index.
Diagnostics (-1.3 bps) and Non-invasive (-1.3 bps) – Almost neutral. Diagnostics posted the second-best absolute performance (+12.0%) thanks to Abbott and Thermo Fisher. In non-invasive, the marked underweight in ResMed (0.7% vs 3.4%) and the absence of Fisher & Paykel cost 13 bps, offset by Sonova (+13.5%) and the non-holdings of Cooper Companies and Medline.
More generally, off-benchmark bets on small and mid caps (AtriCure, Merit Medical, Thermo Fisher, Enovis) contributed nearly +90 bps of cumulative relative effect and demonstrate the added value of the broader universe; the overweight in DexCom and the underweight in HOYA (+5 bps) also paid off. Meanwhile, the portfolio remains structurally underexposed to the large defensive caps in the index (Medtronic, Abbott, Becton Dickinson, ResMed, Zimmer Biomet), a bias that cost about -55 bps in a month when these stocks reported strong results. Furthermore, high-volatility convictions work both ways: Lantheus and PROCEPT detracted 31 bps. Finally, it is worth noting the case of Edwards Lifesciences, whose 5.5% decline cannot be explained by the July 23 earnings release (results above expectations, raised guidance, target price upgrades at JPMorgan and Leerink): this discrepancy is more likely due to profit-taking than to a deterioration in fundamentals, which argues for maintaining the position.
After a sharp decline since the start of the year, medtech now presents an interesting paradox: valuations have contracted sharply, sometimes excessively, while operational fundamentals remain generally solid. This correction seems to reflect more a rotation by investors in favor of AI, a temporary questioning of the sector’s defensive nature, and increased market selectivity towards certain quality franchises, rather than a structural deterioration in demand. As a result, there are now more attractive entry points for several leaders, now valued at significant discounts to their historical levels, even as organic growth remains robust and product catalysts are still very much present. Fundamentally, the sector continues to benefit from resilient procedure volumes, supported by demographic aging, innovation, and the gradual shift to outpatient care. On the other hand, hospitals remain cautious in their equipment spending, due to staffing constraints and stricter budgetary trade-offs. In this context, solutions with high return on investment, minimally invasive devices, and platforms capable of gaining market share in alternative care sites retain a clear competitive advantage. A true trend reversal, however, would require investors to be convinced that the guidance revisions seen this quarter represent a low point, and that the next earnings season will open the way to a more favorable beat-and-raise sequence. Added to this is an innovation cycle that is gradually regaining visibility after being disrupted by covid, while the main risks remain well identified: persistently high rates, pricing pressures, regulatory uncertainties, reimbursement issues, and potential trade tensions.
Characteristics
General data
Inception date
12/12/2019First Nav Date
08/02/2021Currency
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 | 1.94% of the value of your investment per year. This percentage is based on actual costs over the last year. | €184.49 | |
| Transaction costs | 0.20% 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. | €19.09 | |
| 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 World Health Care Equipment and Supplies 10/40 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. | €19.10 | |
Codification
ISIN code
LU2036817042Bloomberg code
Reuters code
Investment Objective
The investment 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 the medical technology ecosystem, while integrating Environmental, Social and Governance (E, S, and G - or, when taken together, ESG) criteria in the investment process.
Documents
| Language | Documents | Type | Closing Date |
|---|---|---|---|
FR | PDF | 18/12/2025 | |
PDF | 31/07/2025 | ||
PDF | 07/05/2026 | ||
PDF | 31/01/2026 | ||
FR | PDF | 26/10/2016 |
Sustainability-related disclosures
| Language | Documents | Type | Closing Date |
|---|---|---|---|
FR | PDF | 01/01/2025 | |
PDF | 07/05/2026 |
This site does not constitute in any way a solicitation or an offer to buy or sell securities. The information it contains is intended to inform the subscriber by supplementing certain financial characteristics of the OPC appearing in the Key Information Document (KID PRIIPs) or in the prospectus. As a result, this information is inevitably partial and is subject to change. The KID PRIIPs or the prospectus must be offered to subscribers prior to subscription, provided upon subscription and made available to the public upon request, as well as the latest financial statements available.
Data relating to past performance does not take into account any entry fees and exit fees on subscriptions and redemptions of units. These fees may impact past performance.
The funds and securities mentioned above are in no way sponsored, recommended or promoted by the sponsor of the reference index or benchmark used. The sponsor of the reference index or benchmark is not legally and legally responsible for the funds, securities, indices or any funds or securities on which these are based.
References of the local representative or paying agent from whom the legal documents are available free of charge: CACEIS Bank France 1-3, place Valhubert 75013 Paris.
Data relating to past performance does not take into account any entry fees and exit fees on subscriptions and redemptions of units. These fees may impact past performance.
The funds and securities mentioned above are in no way sponsored, recommended or promoted by the sponsor of the reference index or benchmark used. The sponsor of the reference index or benchmark is not legally and legally responsible for the funds, securities, indices or any funds or securities on which these are based.
References of the local representative or paying agent from whom the legal documents are available free of charge: CACEIS Bank France 1-3, place Valhubert 75013 Paris.