BFT CREDIT 12 MOIS ISR - I (C) ISIN : FR0010796433
BFT CREDIT 12 MOIS ISR - I (C)
Asset class: Money Market
YTD
As of 04/11/20261.23%
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 04/11/2026€297,392.22
SFDR ClassificationSustainable Finance Disclosure Regulation
Art. 8
Fund AUM
As of 04/11/2026€1.46B
The objective is, over a 12-month investment horizon, to achieve an annual net performance exceeding by 0.30% that of the capitalized €ster, an index representative of the eurozone money market rate.
The strategy consists of enhancing the portfolio by investing in debt securities and money market instruments, primarily from private issuers with an investment grade rating across all geographic regions, while incorporating ESG criteria into the security selection and analysis process.
Securities denominated in foreign currencies are hedged...
View moreThe strategy consists of enhancing the portfolio by investing in debt securities and money market instruments, primarily from private issuers with an investment grade rating across all geographic regions, while incorporating ESG criteria into the security selection and analysis process.
Securities denominated in foreign currencies are hedged...
NAVs
NAV from 07/11/2016 to 04/11/2026
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Performance
Change in NAV in base 100
FundBFT CREDIT 12 MOIS ISR - I (C) (11.48% over the period)
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B. The fund becomes autonomous and adopts an investment strategy based on the principles of ISR.Performance published and achieved before the date of the change corresponds to a different strategy from the current one.
Change in NAV in base 100Rolling performancesYear-on-year return (365 days)Annual returnsRisk indicatorsPerformances Scenarios
FundBFT CREDIT 12 MOIS ISR - I (C) (11.48% over the period)
Select period
B. The fund becomes autonomous and adopts an investment strategy based on the principles of ISR.Performance published and achieved before the date of the change corresponds to a different strategy from the current one.
Portfolio Analysis
Repartition 09/30/2025
Sectors | % asset | Mod. duration | |
|---|---|---|---|
| BANQUE FED CREDIT MUTUEL | Financials | 2.12% | 0.02 |
| AYVENS SA | Industrials | 1.63% | 0.02 |
| SKANDINAVISKA ENSKILD BANKE AB | Financials | 1.42% | 0.03 |
| ABN AMRO BANK NV | Financials | 1.38% | 0.02 |
| COOPERATIEVE RABOBANK UA | Financials | 1.35% | 0.02 |
| LA BANQUE POSTALE | Financials | 1.31% | 0.02 |
| BPCE SA | Financials | 1.21% | 0.02 |
| SPAIN (KINGDOM OF ) | Sovereign EMU | 1.13% | 0.00 |
| BNP PARIBAS SA | Financials | 1.13% | 0.01 |
| INTESA SANPAOLO SPA | Financials | 1.12% | 0.02 |
Management commentary
Effective date: 30/09/2026September 2026 was marked by the return of major central banks to monetary tightening: within the space of a week, the ECB, the Fed, and the BoJ all raised their key interest rates by 25 bps, marking the first time these three central banks have acted in the same month. This move came against a backdrop of high energy prices. Indeed, the conflict between Iran and the United States intensified again at the beginning of the month, with attacks on both sides against ships near the Strait of Hormuz. Brent crude oil thus crossed the $100 mark again on September 9, for the first time since July, before easing slightly to end the month up 16% at $104. It should be noted that both sides appear to have initiated discussions regarding a possible agreement.
The inflation indices published in September, covering the month of August, confirmed the divergence between the two sides of the Atlantic. In the euro area, headline inflation accelerated sharply to 3.2% from 2.9% in July, its highest level since September 2023, driven by a renewed acceleration in the energy component (+14.3% year-on-year). Core inflation, however, slowed slightly to 2.4%. In the United States, headline inflation (CPI) remained stable at 3.4% year-on-year, while core inflation fell to 2.4%, its lowest level since March 2021. Finally, August core PCE inflation came in at 3%, well below expectations, partly due to methodological revisions.
Activity indicators once again demonstrated the resilience of developed economies in the face of high energy prices. In the United States, the August employment report was a significant upside surprise, with 162,000 non-farm jobs created versus 53,000 expected and upward revisions for previous months, while the unemployment rate remained stable at 4.1%. GDP growth for Q2 was also significantly revised upwards, to 2.2% quarter-on-quarter annualized from 1.5% previously. Similarly, the strength of the September PMI surveys (58.4 for the United States) made an impression and was interpreted as a sign that US growth was stronger than expected. In the euro area, the composite PMI rose for the fourth consecutive month, to 53.1 in September, its highest level since April 2023, notably with France returning to expansion territory for the first time in ten months.
The ECB raised its key interest rates by 25 bps on September 10 for the second time in three months, bringing the deposit rate to 2.50%. The Governing Council justified its decision by stating that inflation is expected to remain persistently above the 2% target. On September 16, the Fed unanimously raised the fed funds target range by 25 bps, to 3.75/4%, its first rate hike since 2023. Kevin Warsh presented this decision as the "removal of a dose of accommodation" rather than a tightening, while once again emphasizing that he did not intend to provide guidance on future moves. The "dots," i.e., the FOMC members' policy rate projections, indicate another rate hike by the end of the year. Finally, the BoJ raised its main policy rate by 25 bps, to 1.25%, its highest level since 1995.
As a result, bond yields rose sharply over the month, driven by the combined effect of higher oil prices and monetary tightening. The US 10-year yield rose by about 50 bps over the month, ending around 5.28%, its highest level since 2007, while the 30-year yield exceeded 5.60%, a high since 2002. The German 10-year yield rose by about 25 bps, to 3.55%, after reaching its highest level since 2009. On the short end, the German 2-year yield rose by 27 bps (3.21% at the end of September). As of September 30, markets were pricing in almost four ECB rate hikes over the next year (+0.91%).
On the credit market, September confirmed its reputation as a complex month, amid high market volatility, rising rates in the euro area, energy tensions, and euro weakness, marked by a sharp widening of the OAT-Bund spread to 129 bps. In Euro IG, spreads widened by 12 bps over the month, to 89 bps. Dispersion remained moderate, with AA-rated names holding up better, while BBBs underperformed. By maturity, the 3-5 year segment was the most penalized, while the 10-year and longer segment was more resilient in terms of spread. In Euro HY, the correction was much more pronounced: spreads widened by 41 bps, to 300 bps. At the sector level, in IG, Insurance Senior, Media/Cable, Technology, Consumer Goods, Food & Beverage, as well as Metals & Mining were more resilient, while Automotive and Real Estate significantly underperformed. In HY, Real Estate and Building Materials weighed on performance, while Healthcare and Media/Cable held up relatively better.
Primary market activity remained very dynamic and continued to be absorbed without difficulty. By September, issuance volumes had surpassed the €700 billion mark year-to-date, illustrating the persistent resilience of investor appetite.
In September, the fund posted a negative performance, penalized by the general rise in sovereign yields. In this context, we maintained the portfolio’s interest rate sensitivity unchanged (0.87% at the end of September). Credit sensitivity was slightly reduced to 1.47.
During the month, the fund was particularly active on the secondary market: Danone, Nordea, Rentokil, Michelin, Novonesis, Eandis… In the current context, we favor intermediate maturity bonds (3-4 years) given the attractive overall carry offered in this segment. The fund’s ESG rating remains “C.”
The inflation indices published in September, covering the month of August, confirmed the divergence between the two sides of the Atlantic. In the euro area, headline inflation accelerated sharply to 3.2% from 2.9% in July, its highest level since September 2023, driven by a renewed acceleration in the energy component (+14.3% year-on-year). Core inflation, however, slowed slightly to 2.4%. In the United States, headline inflation (CPI) remained stable at 3.4% year-on-year, while core inflation fell to 2.4%, its lowest level since March 2021. Finally, August core PCE inflation came in at 3%, well below expectations, partly due to methodological revisions.
Activity indicators once again demonstrated the resilience of developed economies in the face of high energy prices. In the United States, the August employment report was a significant upside surprise, with 162,000 non-farm jobs created versus 53,000 expected and upward revisions for previous months, while the unemployment rate remained stable at 4.1%. GDP growth for Q2 was also significantly revised upwards, to 2.2% quarter-on-quarter annualized from 1.5% previously. Similarly, the strength of the September PMI surveys (58.4 for the United States) made an impression and was interpreted as a sign that US growth was stronger than expected. In the euro area, the composite PMI rose for the fourth consecutive month, to 53.1 in September, its highest level since April 2023, notably with France returning to expansion territory for the first time in ten months.
The ECB raised its key interest rates by 25 bps on September 10 for the second time in three months, bringing the deposit rate to 2.50%. The Governing Council justified its decision by stating that inflation is expected to remain persistently above the 2% target. On September 16, the Fed unanimously raised the fed funds target range by 25 bps, to 3.75/4%, its first rate hike since 2023. Kevin Warsh presented this decision as the "removal of a dose of accommodation" rather than a tightening, while once again emphasizing that he did not intend to provide guidance on future moves. The "dots," i.e., the FOMC members' policy rate projections, indicate another rate hike by the end of the year. Finally, the BoJ raised its main policy rate by 25 bps, to 1.25%, its highest level since 1995.
As a result, bond yields rose sharply over the month, driven by the combined effect of higher oil prices and monetary tightening. The US 10-year yield rose by about 50 bps over the month, ending around 5.28%, its highest level since 2007, while the 30-year yield exceeded 5.60%, a high since 2002. The German 10-year yield rose by about 25 bps, to 3.55%, after reaching its highest level since 2009. On the short end, the German 2-year yield rose by 27 bps (3.21% at the end of September). As of September 30, markets were pricing in almost four ECB rate hikes over the next year (+0.91%).
On the credit market, September confirmed its reputation as a complex month, amid high market volatility, rising rates in the euro area, energy tensions, and euro weakness, marked by a sharp widening of the OAT-Bund spread to 129 bps. In Euro IG, spreads widened by 12 bps over the month, to 89 bps. Dispersion remained moderate, with AA-rated names holding up better, while BBBs underperformed. By maturity, the 3-5 year segment was the most penalized, while the 10-year and longer segment was more resilient in terms of spread. In Euro HY, the correction was much more pronounced: spreads widened by 41 bps, to 300 bps. At the sector level, in IG, Insurance Senior, Media/Cable, Technology, Consumer Goods, Food & Beverage, as well as Metals & Mining were more resilient, while Automotive and Real Estate significantly underperformed. In HY, Real Estate and Building Materials weighed on performance, while Healthcare and Media/Cable held up relatively better.
Primary market activity remained very dynamic and continued to be absorbed without difficulty. By September, issuance volumes had surpassed the €700 billion mark year-to-date, illustrating the persistent resilience of investor appetite.
In September, the fund posted a negative performance, penalized by the general rise in sovereign yields. In this context, we maintained the portfolio’s interest rate sensitivity unchanged (0.87% at the end of September). Credit sensitivity was slightly reduced to 1.47.
During the month, the fund was particularly active on the secondary market: Danone, Nordea, Rentokil, Michelin, Novonesis, Eandis… In the current context, we favor intermediate maturity bonds (3-4 years) given the attractive overall carry offered in this segment. The fund’s ESG rating remains “C.”
Characteristics
General data
Inception date
05/11/2009First Nav Date
04/11/2009Currency
EURShow more
Valuation
DailyMinimum initial investment
100000 eurosMinimum additional investment
1 thousandth unit(s)/share(s)Costs 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 | 0.25% of the value of your investment per year. This percentage is based on actual costs over the last year. | €24.80 | |
| Transaction costs | 0.05% 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. | €5.03 | |
| Incidental costs taken under specific conditions (Investment EUR 10,000) | |||
| Performance fees | 20.00% annual outperformance of the reference asset 100% ESTR CAPITALISE (OIS) + 0.3%. 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. | €3.60 | |
Codification
ISIN code
FR0010796433Bloomberg code
BFTCRM9 FPReuters code
LP68034313Investment Objective
The objective is, over a 12-month investment horizon, to achieve an annual net performance exceeding by 0.30% that of the capitalized €ster, an index representative of the eurozone money market rate.
The strategy consists of enhancing the portfolio by investing in debt securities and money market instruments, primarily from private issuers with an investment grade rating across all geographic regions, while incorporating ESG criteria into the security selection and analysis process.
Securities denominated in foreign currencies are hedged against exchange rate risk.
The fund is managed within a global interest rate sensitivity range between 0 and 2.
The strategy consists of enhancing the portfolio by investing in debt securities and money market instruments, primarily from private issuers with an investment grade rating across all geographic regions, while incorporating ESG criteria into the security selection and analysis process.
Securities denominated in foreign currencies are hedged against exchange rate risk.
The fund is managed within a global interest rate sensitivity range between 0 and 2.
Documents
| Language | Documents | Type | Closing Date |
|---|---|---|---|
FR | PDF | 01/09/2026 | |
PDF | 30/09/2025 | ||
PDF | 01/09/2026 | ||
PDF | 31/03/2026 | ||
FR | PDF | 31/03/2026 | |
PDF | 02/01/2026 | ||
PDF | 30/09/2026 | ||
PDF | 30/09/2026 | ||
FR | PDF | 20/12/2024 | |
PDF | 31/12/2025 | ||
FR | PDF | 30/09/2025 | |
FR | PDF | 31/12/2025 |
Sustainability-related disclosures
| Language | Documents | Type | Closing Date |
|---|---|---|---|
FR | PDF | 20/12/2024 | |
PDF | 20/12/2024 | ||
PDF | 20/12/2024 | ||
PDF | 30/09/2025 |
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.