CPR Invest - Social Equities - A lcl EUR - Acc ISIN : LU2360923994

CPR Invest - Social Equities - A lcl EUR - Acc
A(C) - LU2360923994
Asset class: Equities
YTD
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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
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SFDR ClassificationSustainable Finance Disclosure Regulation
Art. 8
Fund AUM
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The fund’s objective is to outperform global equity markets over a long-term period (minimum of five years) by investing in international equities which contribute to social progress and to the reduction of inequalities around the world. The investment process integrates a sustainable approach. In order to define the universe, the Management Company assesses each company on different aspects such as tax policy, wage policy, health & well-being, education, diversity, ethic, …

NAVs

NAV from 16/10/2026 to 01/01/1970
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Performance

Change in NAV in base 100
FundCPR Invest - Social Equities - A lcl EUR - Acc (0% over the period)
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Change in NAV in base 100Rolling performancesYear-on-year return (365 days)Annual returnsRisk indicatorsPerformances Scenarios
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Portfolio Analysis

Repartition 09/30/2026
Sector allocationMain Lines in Portfolio (Source: Amundi)Geographical breakdown (Source: Amundi)Currency
Created with Highcharts 11.4.8Values36.29​36.2916.59​16.5913.07​13.079.86​9.865.06​5.063.55​3.553.03​3.032.60​2.602.31​2.311.32​1.320.71​0.710.02​0.0233.01​33.0116.26​16.2610.31​10.318.49​8.492.25​2.254.55​4.553.51​3.511.46​1.468.00​8.008.21​8.213.95​3.95PortfolioBenchmark0246810121416182022242628303234363840Information TechnologyFinancialsIndustrialsHealth CareUtilitiesConsumer StaplesMaterialsReal EstateCommunication ServicesUnknownConsumer DiscretionaryEnergyHighcharts.com

Management commentary

Effective date: 30/09/2026In September, global equities rose by +1.10% in euros, but in a mixed environment characterized by a strong concentration of gains in technology and communication services stocks. The launch of Muse, Meta’s new personal agent, served as a new catalyst for the technology sector, strengthening demand prospects for the infrastructure required to deploy AI agents, particularly semiconductors and CPUs. However, this positive momentum for equities took place in a much more restrictive interest rate environment. The yield on 10-year US Treasuries rose by 53 basis points over the month to reach 5.3%, driven by persistent inflationary pressures, concerns about the trajectory of public finances, and considerable financing needs, in addition to the massive investments required for the development of AI-related infrastructure. This rise in US rates spread to European bond markets, with particularly strong pressure in France: the French 10-year yield rose by 61 basis points to reach 4.85%, compared to only 26 basis points for the German Bund (3.6%), as concerns about the French budget trajectory were amplified by the approach of the 2027 presidential election. The sharp rise in oil prices, with Brent up by around 14% over the month amid ongoing tensions in the Middle East, further heightened inflation fears.

In this context, the fund rose by 0.99% compared to 1.13% for the MSCI ACWI index. The fund’s absolute and relative performance was driven by the technology sector, notably by the rise in semiconductors with Intel +37%, TSMC +13%, Qualcomm +11% following the announcement of a commercial agreement with Amazon, and semiconductor equipment manufacturers. The fund’s relative performance also benefited from our significant underweighting in the consumer discretionary sector, which was penalized by rising rates but also by the launch of the Muse agent, which could create greater price transparency and arbitrage, or even disintermediate certain business models (Booking -16%, DoorDash -19%). Our underexposure to and stock selection in the consumer staples sector also worked in our favor, with Ahold Delhaize outperforming the food segment from which we are absent. Nevertheless, the fund slightly lagged the index due to our overexposure to France (exposure nonetheless reduced at the end of August), mainly through the industrial sector (Schneider, Legrand, Saint Gobain). We were also penalized by the underperformance of the MedTech sector, dragged down by Stryker’s warning on its third-quarter results at the Wells Fargo healthcare conference. Finally, we did not benefit from the rise in Meta (+4%) and Alphabet (+30%), which are absent from our social thematic universe.
During the month, we again reduced our exposure to France by more than 1 percentage point. We also decreased our overweight in banks, particularly US banks, believing that rising rates could intensify competition for deposits and weaken both market and economic momentum. At the same time, we took profits on the artificial intelligence infrastructure theme, mainly among equipment manufacturers and processor makers. Conversely, we selectively increased our exposure to software, notably through Microsoft, Synopsys, and ServiceNow. We believe the market is overestimating the risks that the rise of artificial intelligence poses to their competitive positions, even as its integration into their offerings could support their growth and open up new sources of revenue. Finally, we switched from Visa to Mastercard, whose growth prospects for 2027 appear more favorable to us.
 
Finally, while AI has remained a powerful market driver, questions surrounding its development have increased. The debate now focuses as much on the sector’s considerable financing needs as on the ability to control increasingly autonomous agents. At the same time, opposition to the development of data centers is intensifying in the United States, particularly around their electricity and water consumption, and is gradually becoming a political issue ahead of the midterm elections. In this context, we are gradually diversifying the portfolio’s exposure beyond the theme of data center-related infrastructure. In doing so, we favor stocks offering opportunities that go beyond the simple continuation of the cycle.

Characteristics

General data

Inception date
15/07/2021
First Nav Date
Currency
EUR
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Valuation
Daily
Minimum initial investment
1 10/1000° share(s)/equity
Minimum additional investment
1 10/1000° share(s)/equity

Costs Composition

One-off costs upon entry or exit (Investment EUR 10,000)If you exit after 1 year
Entry costsThis 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 costsWe 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 costs1.95% of the value of your investment per year. This percentage is based on actual costs over the last year.€185.25
Transaction costs0.33% 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.€31.60
Incidental costs taken under specific conditions (Investment EUR 10,000)
Performance fees

15.00% annual outperformance of the reference asset 100% MSCI ACWI 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
LU2360923994
Bloomberg code
Reuters code

Investment Objective

The fund’s objective is to outperform global equity markets over a long-term period (minimum of five years) by investing in international equities which contribute to social progress and to the reduction of inequalities around the world. The investment process integrates a sustainable approach. In order to define the universe, the Management Company assesses each company on different aspects such as tax policy, wage policy, health & well-being, education, diversity, ethic, …

Documents

LanguageDocumentsTypeClosing Date
FR
PDF
01/09/2026
PDF
31/07/2025
PDF
03/08/2026
PDF
31/01/2026
FR
PDF
02/02/2026
PDF
31/12/2024
FR
PDF
26/10/2016
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.
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