CPR Global Silver Age - P ISIN : FR0012300374

Danaher unveiled its first AI-powered autonomous laboratory on October 7, with ramp-up expected in early 2027. Installed at Abcam, the platform is designed to discover antibodies and affinity reagents through a continuous “design-build-test-learn” loop. AI models propose molecules, robotic systems produce and test them, and each result is used to retrain the model for the next design cycle. The stated targets are ambitious: accelerating discovery by up to eightfold and increasing annual reagent production capacity tenfold, from a few dozen to several hundred. These figures remain design targets that have yet to be validated; the announcement’s main significance lies in the platform’s architecture. The laboratory combines technologies from five Danaher operating companies—Beckman Coulter Life Sciences, Cytiva, Genedata, IDT and Molecular Devices—orchestrated by Automata, a start-up in which Danaher invested in January. Danaher is positioning the project within a broader programme of “smart” instruments that can be controlled through software and generate data directly usable by AI. For a research tools provider, selling integrated workflows rather than standalone equipment is a way to differentiate itself from Thermo Fisher and Agilent. It also offers a means of increasing the share of recurring revenue generated by consumables and software. Over the longer term, the automation of early-stage research could become a structural driver of demand for laboratory equipment, and Danaher is positioning itself to capture that value.
In September, the market rally was driven primarily by technology (+7%) and communication services (+6%), two sectors closely linked to the artificial intelligence theme. Healthcare also posted a modest gain, albeit to a lesser extent. By contrast, all other sectors delivered negative returns, particularly rate-sensitive areas such as real estate and consumer sectors, which were weighed down by the persistently restrictive monetary environment and rising long-term interest rates. Against this backdrop, the portfolio declined by 1.1%, underperforming the MSCI World Index by approximately 1.1 percentage points. This relative underperformance was primarily attributable to an adverse allocation effect linked to market segments in which the portfolio had little or no exposure. In particular, the absence of a position in Meta Platforms, which rose sharply over the period, detracted from relative performance. The second-largest headwind came from MedTech, with significant declines in Stryker (-12%) and Boston Scientific (-7%), both affected by operational disruptions related to cyberattacks. EssilorLuxottica (-9%) was impacted by both governance tensions and concerns over the potential disruption posed by smart glasses. Conversely, Intuitive Surgical (+10%) benefited from regulatory and commercial progress in Europe, reinforcing its leadership in robotic surgery. Life science tools also provided some support, while financials and consumer discretionary stocks were negatively affected by rising interest rates. The travel sector came under pressure as oil prices climbed above $100 per barrel. Booking Holdings (-16%) was also affected by concerns about potential disruption arising from the emergence of artificial intelligence agents. Higher interest rates also weighed on home-improvement spending, notably affecting Home Depot (-10%). In terms of portfolio activity, the main development was the reintroduction of Galderma and Lonza following their share-price corrections amid pressure from higher long-term interest rates.
Unlike in September, October’s monetary policy calendar will be concentrated at the very end of the month: the Federal Reserve will meet on 27–28 October, closely followed by the European Central Bank on 29 October, with no major policy events scheduled beforehand. This window will allow markets to focus on inflation releases and the ongoing French budget standoff. In a favourable scenario, long-term bond yields would stabilise, mechanically providing relief to long-duration growth stocks, which account for most of the fund’s exposure outside financials. Conversely, an adverse scenario would involve a continuation of the upward repricing of interest rates that weighed on performance in September, with a renewed risk of spillover to the portfolio’s large financial holdings. At the company level, October marks the start of the third-quarter earnings season, with a series of releases that will be critical to the fund’s investment convictions. LVMH is expected to report third-quarter sales in mid-October—an important test of whether Chinese demand is stabilising. Allianz and ING will publish their quarterly results in November. Until then, the pace of ING’s share buyback and whether investor wariness towards large insurers persists will remain the main areas of focus within the financials allocation. Lastly, the ability of Argenx and Genmab to sustain their respective clinical catalysts, together with developments in the commercial momentum of ivonescimab at AstraZeneca and Summit Therapeutics, will determine whether the pharmaceutical sector can repeat its positive contribution. Against this outlook, the portfolio’s sector allocation warrants a differentiated assessment. Asset managers provide a more structural signal: the resilience of retirement-focused pure players amid the correction in large insurers reinforces the fund’s conviction in this subsegment. It should continue to benefit from a structurally higher interest-rate environment, provided that credit concerns do not spread to this area. By contrast, leisure remains the main area of concern. The combined exposure to oil prices and Chinese demand for luxury goods had a cumulative negative impact in September, and nothing in the October outlook—whether regarding oil prices or Chinese sentiment—points to an imminent reversal.