CPR Invest - Hydrogen - F EUR - Acc ISIN : LU2389405759
CPR Invest - Hydrogen - F EUR - Acc
F EUR(C) - LU2389405759
Asset class: Equities
YTD
As of 26/08/202615.92%
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€129.75
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 12/09/2021 to 08/26/2026
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Performance
Change in NAV in base 100
FundCPR Invest - Hydrogen - F EUR - Acc (29.98% 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 - Hydrogen - F EUR - Acc (29.98% 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 | |
|---|---|---|---|
| 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
09/12/2021Currency
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 | We do not charge an entry fee for this product. | €0 | |
| 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 | 2.96% of the value of your investment per year. This percentage is based on actual costs over the last year. | €295.80 | |
| 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. | €49.16 | |
| 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
LU2389405759Bloomberg 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 |
|---|---|---|---|
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 | 21/05/2025 | |
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.