Produits
At the heart of our offer... BFT AUREUS ISR
Following the merger of CPRAM and BFT IM, BFT Aureus ISR, a benchmark1 money market fund launched in 2008, is integrated into the CPRAM fund offering. Its objective: to provide all types of investors with a net performance after fees that exceeds that of the money market by investing in short-term money market and bond debt securities considered to be of high quality. Olivier Robert, Head of the "Fixed Income" team at CPRAM, discusses the specifics of his management approach, which is both cautious, active, and responsible.
Published on 13 October 2025
Can you introduce the BFT Aureus ISR fund to us? Who is it intended for?
BFT Aureus ISR is a standard money market fund, compliant with the European MMF (Money Market Fund) regulation, which governs the management of money market funds to protect investors.
Its assets under management reached 26 billion euros at the end of September 2025, making it one of the largest funds in the market1!
Its management objective is to achieve, over the recommended investment horizon of 1 day to 1 month, a net performance after fees higher than that of the compounded €STR, while integrating ESG (Environmental, Social, Governance) criteria into the security selection and analysis process.
Our fund targets a broad spectrum of investors, both professional and individual, who seek to enhance their short-term cash holdings with a limited level of risk2.
Furthermore, its responsible approach, compliant with the requirements of the ISR France label, positions it as an appropriate response to the growing demand from investors for more responsible management of their investments, including the placement of their cash.
Can you tell us more about your monetary management and the investment strategy of BFT Aureus ISR?
CPRAM has been a leading player in cash management for over 35 years. The management of our funds is carried out by a dedicated team composed of specialists in the money market.
We select securities from issuers considered to be of high quality (mainly banks and companies), relying on a dedicated team of credit analysts. Risk management and monitoring take place at every stage of the management process.
The investment strategy of BFT Aureus ISR consists, on one hand, of managing interest rate sensitivity (WAM - Weighted Average Maturity) and, on the other hand, credit sensitivity (WAL - Weighted Average Life), by selecting issuers that we believe offer the best opportunities available in this market.
Furthermore, we pay particular attention to geographic, sectoral, and instrument diversification3 in order to optimize the portfolio’s risk/return profile.
What management has been implemented within BFT Aureus ISR in recent months?
The management has adapted to the different market environments. Thus, this year, in an uncertain market context, interest rate sensitivity was kept at a very low level. Furthermore, credit sensitivity was gradually increased throughout the year to take advantage of credit premiums deemed attractive, particularly in the banking sector.
Moreover, as part of our cautious approach, the management team maintained a significant liquidity buffer to cope with potential redemptions.
What is the positioning of BFT Aureus ISR for the coming months?
Market expectations now anticipate a stabilization of key interest rates in the eurozone in the short term. In this context, BFT Aureus ISR should maintain the same approach, namely low interest rate sensitivity, credit sensitivity close to current levels, as well as a significant liquidity buffer.
Is it really possible to monitor extra-financial criteria over the medium/long term in this money market fund, given that it invests in short-term securities?
Yes, BFT Aureus ISR primarily invests in short-term debt securities, and the manager can apply ESG criteria in its selection of securities. Indeed, it is the issuers who are rated based on environmental, social, and governance criteria.
Even though our investments have short maturities, they are frequently renewed and therefore allow the issuer's rating to be reflected over a long period.
1. The 4th largest fund in the market in terms of assets under management (according to Bloomberg data, July 2025).
2. The fund's SRI (Synthetic Risk Indicator) is 1 on a scale from 1 (least risky) to 7 (most risky). The lowest category does not mean "risk-free." The SRI is not guaranteed and may change over time.
3. Diversification does not mean risk-free.
Warning
Statements collected on 10/10/2025. Comments, estimates, viewpoints, analyses, and projections on markets and their developments reflect the opinion of CPRAM as of the publication date and do not engage the company's liability. The information provided has no contractual value and does not constitute investment advice or recommendations to buy or sell. They are based on sources considered reliable by CPRAM, which does not guarantee their accuracy, relevance, or completeness. This publication may not be reproduced, in whole or in part, or communicated to third parties without prior authorization from CPRAM. Subject to compliance with its obligations, CPRAM cannot be held responsible for financial or any other consequences resulting from the investment.
For more details on risks, investment policy, costs, ancillary fees, and other expenses, please refer to the Prospectus and the PRIIPs KID.
The fund is primarily exposed to the risk of capital loss, sought overexposure risk, credit risk, currency risk, interest rate and market risk, inflation decrease/increase risk, arbitrage risk, risk related to investments in emerging countries, volatility risk, liquidity risk, counterparty risk, liquidity risk related to temporary sales and acquisitions of securities and/or total return swap (TRS) contracts, and discretionary risk.
Nothing guarantees that the professionals currently employed by CPRAM will continue to be employed or that the past performance or success of an employee serves as an indicator of their future performance or success.