CPR Global Silver Age - E ISIN : FR0012844140
CPR Global Silver Age - E
E(C) - FR0012844140
Asset class: Equities
YTD
As of 26/08/20263.53%
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 27/08/2026€136.05
SFDR ClassificationSustainable Finance Disclosure Regulation
Art. 8
Fund AUM
As of 27/08/2026€472.91M
The fund's investment objective is to outperform global equity markets over the long-term - i.e. 5 years minimum - by leveraging on the momentum of stocks with exposure to the theme of ageing population (primarily in pharmaceuticals, medical equipment, savings banks, leisure, old-age dependency, safety, and well-being).
NAVs
NAV from 09/01/2016 to 08/27/2026
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Performance
Change in NAV in base 100
FundCPR Global Silver Age - E (48.83% over the period)
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A. On June 19, 2017, the fund became a feeder of cpr invest minus global silver age t1.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
FundCPR Global Silver Age - E (48.83% over the period)
Select period
A. On June 19, 2017, the fund became a feeder of cpr invest minus global silver age t1.Performance published and achieved before the date of the change corresponds to a different strategy from the current one.
Portfolio Analysis
Management commentary
Effective date: 31/07/2026Portfolio Movements and Performance Analysis
July 2026 will be remembered as the month when the market disrupted sectors linked to artificial intelligence. Two opposing forces were at play. On one hand, the sharp decline in semiconductors, with the sector index dropping more than 20% from its June peak—nearly $1.5 trillion in market capitalization wiped out—driven by the combined effects of the Meta Compute announcement, the breakthrough of the Chinese Moonshot model, and a Samsung earnings release that, despite strong growth, was heavily penalized. On the other hand, the end-of-month validation of cloud platform monetization: Microsoft soared 16% in a single session on Azure’s 43% growth, and Amazon rose 10% after reporting quarterly revenue of $200.6 billion. Meanwhile, the U.S. strikes on Iran on July 8 pushed Brent crude up by nearly +24%. The MSCI World fell −0.12% in euros, while the MSCI Europe rose +0.97%.
For the period from June 30 to July 31, 2026, CPR Invest Global Silver Age delivered a gross performance of +1.46%, compared to −0.12% for the MSCI World, representing an outperformance of +1.58%, or +158 bps. This breaks down into an allocation effect of +1.98% (+198 bps) and a selection effect of −0.40% (−40 bps): the thematic structure of the portfolio thus explains the entire outperformance, with stock selection contributing slightly negatively. The month illustrates the defensive nature of the Silver Age theme in a market dominated by technology volatility.
Allocation Effect and Positions Outside the Investment Universe
Securities outside the investment universe, representing 74.32% of the index’s average weight, fell by −0.61% over the period, a performance below that of the benchmark as a whole. The portfolio’s complete absence from this segment generated a positive allocation effect of +0.34%, or +34 bps—an inversion of the pattern observed in months when technology drove the index.
This net balance covers two exceptionally large movements. On the positive side, the rout in the semiconductor sector provided significant protection: Micron (−29.14%, +43 bps), Intel (−35.81%, +25 bps), Lam Research (−32.81%, +20 bps), Advanced Micro Devices (−18.55%, +20 bps), Applied Materials (−30.23%, +20 bps), and KLA (−39.79%, +18 bps) alone contributed +146 bps, with additional contributions from ASML (−16.59%, +14 bps), Caterpillar (−23.87%, +13 bps), Marvell (−37.42%, +11 bps), Corning (−46.22%, +11 bps), and Kioxia (−47.41%, +9 bps). On the negative side, the revaluation of cloud platforms was costly: the absence of Microsoft, up +23.80%, alone subtracted −73 bps, followed by Amazon (+13.23%, −36 bps); the energy rebound added ExxonMobil (+12.98%, −8 bps) and Chevron (+18.00%, −6 bps). The decoupling between hardware and platforms was thus the key event of the month.
Sector Commentary Within the Investment Universe
Sectors Contributing Most Positively to Outperformance
Retirement Savings Specialists. The sector emerged as the top contributor for the period, with a total effect of +1.80% (+180 bps)—nearly three-quarters of the fund’s outperformance. Notably, both components moved in the same direction: an allocation effect of +1.38% (+138 bps) and a selection effect of +0.42% (+42 bps). With an average weight of 27.33% versus 4.58% in the index, the overweight position fully benefited from a persistently high interest rate environment—the Federal Reserve having maintained its rates on July 29, while the market now anticipates a rate hike by the ECB in September—and the portfolio rose +7.69% compared to +6.10% for the index segment. BlackRock was the top contributor with a gain of +12.68%, generating +34 bps of relative performance. SEI Investments, absent from the index, stood out with +16.67% for +25 bps, ahead of MetLife (+12.90%, +19 bps), Charles Schwab (+13.34%, +17 bps), and Bank of America (+8.04%, +17 bps). Prudential rounded out the group with +12.11% for +16 bps.
Dependency. The sector was the second largest contributor, with a total effect of +0.57% (+57 bps) almost entirely attributable to stock selection (+0.65%, or +65 bps), with allocation subtracting −0.08%. The performance gap is significant: +4.55% in the portfolio versus −0.41% for the index segment. This is due to a compositional divergence with a clear thematic reading: the index segment is dominated by U.S. health insurers, which declined over the period—Humana (−8.98%), Centene (−3.68%)—while the portfolio favored direct exposure to dependency services. Service Corporation International, absent from the index, was the top contributor with +12.75% for +31 bps, ahead of Ensign Group (+10.44%, +10 bps) and Encompass Health (+9.33%, +9 bps), both also outside the index. Senior housing REITs completed the contribution, with Welltower (+2.64%, +7 bps) and Ventas (+4.64%, +7 bps).
Finally, healthcare equipment contributed +0.18% to outperformance, masking sharp movements where the very strong performances of Thermo Fisher (+13.83%, +29 bps), Boston Scientific (+8.80%, +19 bps), and Fresenius (+11.38%, +16 bps) were offset by Intuitive Surgical (−11.71%, −22 bps), Straumann (−7.00%, −16 bps), and HOYA (−3.55%, −11 bps).
Automotive, finally, generated +0.39%, mainly due to the absence of Tesla, which fell −26.47% and alone contributed +35 bps.
Sectors Contributing Most to Relative Underperformance
Pharmaceuticals. The sector was the main detractor, with a total effect of −0.57% (−57 bps) entirely attributable to selection (−0.58%), with allocation remaining neutral (+0.01%). The portfolio fell −3.20% while the index segment held at −0.21%. The lag is due to a concentration in European names hit by specific setbacks. UCB was the main detractor, down −14.92% for −22 bps, ahead of AstraZeneca (−9.74%, −20 bps), whose roughly 9% drop in a single session in early July followed the failure of Wainua, developed with Ionis Pharmaceuticals, to reduce cardiovascular mortality in transthyretin amyloid cardiomyopathy, compounded by the FDA’s extension of the review period for camizestrant. Argenx (−8.18%, −14 bps) and Eli Lilly (−4.82%, −6 bps) completed the negatives. On the positive side, Cencora was the top contributor with +9.33% for +10 bps.
Leisure. The sector was the second largest detractor, with a total effect of −0.27% (−27 bps), mainly due to a selection effect. The portfolio fell −2.89% compared to −0.12% for the index. Accor weighed most heavily on relative performance, down −11.68% for −20 bps, as the rise in oil prices immediately impacted expectations for hotel occupancy and margins; Carnival (−3.27%, −6 bps) and Home Depot (−6.47%, −5 bps) followed. Booking Holdings was the main exception, up +7.54% for +10 bps.
Thematic Outlook
The monetary calendar for August should be calmer. The Federal Reserve maintained its rates in the 3.50%–3.75% range on July 29, by a split vote of nine to three—Beth Hammack, Neel Kashkari, and Lorie Logan advocating for tightening in the face of inflation above target for more than five years—and will not meet again until September 16. The ECB, which also left its rates unchanged on July 23, is now almost fully expected by the market to hike in September. The Jackson Hole symposium, from August 27 to 29, will therefore attract most of the attention.
The main point of uncertainty remains the energy trajectory: a June CPI that was more moderate than expected provided some respite, which the renewed escalation in the Strait of Hormuz now directly threatens.
August is expected to be quieter in terms of earnings for the U.S. portion of the portfolio, as most releases—BlackRock, MetLife, Charles Schwab, Bank of America—already took place in July. Attention now shifts to Europe, with Allianz’s semi-annual report on August 7, when Munich Re will also confirm its final second-quarter results. The most structurally significant monitoring point, however, remains outside the portfolio: the upward revisions to investment forecasts announced by Microsoft ($255–260 billion for fiscal 2027) and Amazon ($220 billion in 2026) directly raise the question of the duration and magnitude of the semiconductor correction.
Conviction in retirement savings specialists, the portfolio’s largest position at 27.3%, is strengthened: in a scenario where the Fed holds steady and the ECB raises rates in September, the sector would continue to benefit from a favorable margin environment.
Pharmaceuticals, at 18.6%, on the other hand, require increased vigilance, particularly regarding three European names. Leisure remains the sector most directly correlated to oil, and a de-escalation in the Strait of Hormuz would be its most immediate catalyst.
July 2026 will be remembered as the month when the market disrupted sectors linked to artificial intelligence. Two opposing forces were at play. On one hand, the sharp decline in semiconductors, with the sector index dropping more than 20% from its June peak—nearly $1.5 trillion in market capitalization wiped out—driven by the combined effects of the Meta Compute announcement, the breakthrough of the Chinese Moonshot model, and a Samsung earnings release that, despite strong growth, was heavily penalized. On the other hand, the end-of-month validation of cloud platform monetization: Microsoft soared 16% in a single session on Azure’s 43% growth, and Amazon rose 10% after reporting quarterly revenue of $200.6 billion. Meanwhile, the U.S. strikes on Iran on July 8 pushed Brent crude up by nearly +24%. The MSCI World fell −0.12% in euros, while the MSCI Europe rose +0.97%.
For the period from June 30 to July 31, 2026, CPR Invest Global Silver Age delivered a gross performance of +1.46%, compared to −0.12% for the MSCI World, representing an outperformance of +1.58%, or +158 bps. This breaks down into an allocation effect of +1.98% (+198 bps) and a selection effect of −0.40% (−40 bps): the thematic structure of the portfolio thus explains the entire outperformance, with stock selection contributing slightly negatively. The month illustrates the defensive nature of the Silver Age theme in a market dominated by technology volatility.
Allocation Effect and Positions Outside the Investment Universe
Securities outside the investment universe, representing 74.32% of the index’s average weight, fell by −0.61% over the period, a performance below that of the benchmark as a whole. The portfolio’s complete absence from this segment generated a positive allocation effect of +0.34%, or +34 bps—an inversion of the pattern observed in months when technology drove the index.
This net balance covers two exceptionally large movements. On the positive side, the rout in the semiconductor sector provided significant protection: Micron (−29.14%, +43 bps), Intel (−35.81%, +25 bps), Lam Research (−32.81%, +20 bps), Advanced Micro Devices (−18.55%, +20 bps), Applied Materials (−30.23%, +20 bps), and KLA (−39.79%, +18 bps) alone contributed +146 bps, with additional contributions from ASML (−16.59%, +14 bps), Caterpillar (−23.87%, +13 bps), Marvell (−37.42%, +11 bps), Corning (−46.22%, +11 bps), and Kioxia (−47.41%, +9 bps). On the negative side, the revaluation of cloud platforms was costly: the absence of Microsoft, up +23.80%, alone subtracted −73 bps, followed by Amazon (+13.23%, −36 bps); the energy rebound added ExxonMobil (+12.98%, −8 bps) and Chevron (+18.00%, −6 bps). The decoupling between hardware and platforms was thus the key event of the month.
Sector Commentary Within the Investment Universe
Sectors Contributing Most Positively to Outperformance
Retirement Savings Specialists. The sector emerged as the top contributor for the period, with a total effect of +1.80% (+180 bps)—nearly three-quarters of the fund’s outperformance. Notably, both components moved in the same direction: an allocation effect of +1.38% (+138 bps) and a selection effect of +0.42% (+42 bps). With an average weight of 27.33% versus 4.58% in the index, the overweight position fully benefited from a persistently high interest rate environment—the Federal Reserve having maintained its rates on July 29, while the market now anticipates a rate hike by the ECB in September—and the portfolio rose +7.69% compared to +6.10% for the index segment. BlackRock was the top contributor with a gain of +12.68%, generating +34 bps of relative performance. SEI Investments, absent from the index, stood out with +16.67% for +25 bps, ahead of MetLife (+12.90%, +19 bps), Charles Schwab (+13.34%, +17 bps), and Bank of America (+8.04%, +17 bps). Prudential rounded out the group with +12.11% for +16 bps.
Dependency. The sector was the second largest contributor, with a total effect of +0.57% (+57 bps) almost entirely attributable to stock selection (+0.65%, or +65 bps), with allocation subtracting −0.08%. The performance gap is significant: +4.55% in the portfolio versus −0.41% for the index segment. This is due to a compositional divergence with a clear thematic reading: the index segment is dominated by U.S. health insurers, which declined over the period—Humana (−8.98%), Centene (−3.68%)—while the portfolio favored direct exposure to dependency services. Service Corporation International, absent from the index, was the top contributor with +12.75% for +31 bps, ahead of Ensign Group (+10.44%, +10 bps) and Encompass Health (+9.33%, +9 bps), both also outside the index. Senior housing REITs completed the contribution, with Welltower (+2.64%, +7 bps) and Ventas (+4.64%, +7 bps).
Finally, healthcare equipment contributed +0.18% to outperformance, masking sharp movements where the very strong performances of Thermo Fisher (+13.83%, +29 bps), Boston Scientific (+8.80%, +19 bps), and Fresenius (+11.38%, +16 bps) were offset by Intuitive Surgical (−11.71%, −22 bps), Straumann (−7.00%, −16 bps), and HOYA (−3.55%, −11 bps).
Automotive, finally, generated +0.39%, mainly due to the absence of Tesla, which fell −26.47% and alone contributed +35 bps.
Sectors Contributing Most to Relative Underperformance
Pharmaceuticals. The sector was the main detractor, with a total effect of −0.57% (−57 bps) entirely attributable to selection (−0.58%), with allocation remaining neutral (+0.01%). The portfolio fell −3.20% while the index segment held at −0.21%. The lag is due to a concentration in European names hit by specific setbacks. UCB was the main detractor, down −14.92% for −22 bps, ahead of AstraZeneca (−9.74%, −20 bps), whose roughly 9% drop in a single session in early July followed the failure of Wainua, developed with Ionis Pharmaceuticals, to reduce cardiovascular mortality in transthyretin amyloid cardiomyopathy, compounded by the FDA’s extension of the review period for camizestrant. Argenx (−8.18%, −14 bps) and Eli Lilly (−4.82%, −6 bps) completed the negatives. On the positive side, Cencora was the top contributor with +9.33% for +10 bps.
Leisure. The sector was the second largest detractor, with a total effect of −0.27% (−27 bps), mainly due to a selection effect. The portfolio fell −2.89% compared to −0.12% for the index. Accor weighed most heavily on relative performance, down −11.68% for −20 bps, as the rise in oil prices immediately impacted expectations for hotel occupancy and margins; Carnival (−3.27%, −6 bps) and Home Depot (−6.47%, −5 bps) followed. Booking Holdings was the main exception, up +7.54% for +10 bps.
Thematic Outlook
The monetary calendar for August should be calmer. The Federal Reserve maintained its rates in the 3.50%–3.75% range on July 29, by a split vote of nine to three—Beth Hammack, Neel Kashkari, and Lorie Logan advocating for tightening in the face of inflation above target for more than five years—and will not meet again until September 16. The ECB, which also left its rates unchanged on July 23, is now almost fully expected by the market to hike in September. The Jackson Hole symposium, from August 27 to 29, will therefore attract most of the attention.
The main point of uncertainty remains the energy trajectory: a June CPI that was more moderate than expected provided some respite, which the renewed escalation in the Strait of Hormuz now directly threatens.
August is expected to be quieter in terms of earnings for the U.S. portion of the portfolio, as most releases—BlackRock, MetLife, Charles Schwab, Bank of America—already took place in July. Attention now shifts to Europe, with Allianz’s semi-annual report on August 7, when Munich Re will also confirm its final second-quarter results. The most structurally significant monitoring point, however, remains outside the portfolio: the upward revisions to investment forecasts announced by Microsoft ($255–260 billion for fiscal 2027) and Amazon ($220 billion in 2026) directly raise the question of the duration and magnitude of the semiconductor correction.
Conviction in retirement savings specialists, the portfolio’s largest position at 27.3%, is strengthened: in a scenario where the Fed holds steady and the ECB raises rates in September, the sector would continue to benefit from a favorable margin environment.
Pharmaceuticals, at 18.6%, on the other hand, require increased vigilance, particularly regarding three European names. Leisure remains the sector most directly correlated to oil, and a de-escalation in the Strait of Hormuz would be its most immediate catalyst.
Characteristics
General data
Inception date
20/07/2015First Nav Date
29/07/2015Currency
EURShow more
Valuation
DailyMinimum initial investment
1 thousandth unit(s)/share(s)Minimum 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 | 2.32% of the value of your investment per year. This percentage is based on actual costs over the last year. | €232.30 | |
| Transaction costs | We do not charge a transaction fee for this product | €0.00 | |
| Incidental costs taken under specific conditions (Investment EUR 10,000) | |||
| Performance fees | 15.00% annual outperformance of the reference asset Indice de référence : MSCI World converti en euro (DNR). . 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. | €19.20 | |
Codification
ISIN code
FR0012844140Bloomberg code
CPRGSAE FPReuters code
LP68333073Investment Objective
The fund's investment objective is to outperform global equity markets over the long-term - i.e. 5 years minimum - by leveraging on the momentum of stocks with exposure to the theme of ageing population (primarily in pharmaceuticals, medical equipment, savings banks, leisure, old-age dependency, safety, and well-being).
Documents
| Language | Documents | Type | Closing Date |
|---|---|---|---|
FR | PDF | 18/12/2025 | |
PDF | 31/07/2024 | ||
PDF | 16/04/2026 | ||
PDF | 31/07/2024 | ||
FR | PDF | 16/04/2026 | |
FR | PDF | 31/07/2026 | |
FR | PDF | 31/07/2025 |
Sustainability-related disclosures
| Language | Documents | Type | Closing Date |
|---|---|---|---|
FR | PDF | 18/12/2025 | |
PDF | 18/12/2025 | ||
PDF | 18/12/2025 | ||
PDF | 31/07/2026 |
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.