CPR Invest - Silver Age - A EUR - Acc ISIN : LU1103786700
CPR Invest - Silver Age - A EUR - Acc
A(C) - LU1103786700
Asset class: Equities
YTD
As of 15/09/20260.38%
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 16/09/2026€1,718.89
SFDR ClassificationSustainable Finance Disclosure Regulation
Art. 8
Fund AUM
As of 16/09/2026€114.27M
The fund's investment objective is to outperform the European equity markets over the long-term (minimum five years) by capitalising on the growth of European stocks related to the ageing of the population.
NAVs
NAV from 09/19/2016 to 09/16/2026
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Performance
Change in NAV in base 100
FundCPR Invest - Silver Age - A EUR - Acc (52.67% over the period)
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* Rolling performance : for funds that have been launched since less than 1 year or 3 years or 5 years, the performance showed in the table in the 1 year or 3 years or 5 years column is the performance since inception of the fund.
All performance figures are calculated in your selected currency based NAV to NAV with gross income accumulated.
Past performance does not guarantee future returns. The value of an investment can rise or fall with market fluctuations, and you may lose the amount originally invested. The material is based upon information that we consider reliable as of the date shown, but we do not represent that it is accurate, complete, valid or timely, in particular any data communicated to us by a third party, and it should not be relied on as such for any particular purpose. All material is subject to change.
The fund performance is calculated net of investment management fees including commissions and custody fees. The benchmark performances are calculated with net dividend reinvested when applicable. Both performances for funds and benchmarks are calculated using internal software fed by external sources (predominantly Datastream).
The exchange rates used to convert the benchmark and investment funds are the rates published by WM/Reuters at 16:00 (London time) on the last day of the month.
All performance figures are calculated in your selected currency based NAV to NAV with gross income accumulated.
Past performance does not guarantee future returns. The value of an investment can rise or fall with market fluctuations, and you may lose the amount originally invested. The material is based upon information that we consider reliable as of the date shown, but we do not represent that it is accurate, complete, valid or timely, in particular any data communicated to us by a third party, and it should not be relied on as such for any particular purpose. All material is subject to change.
The fund performance is calculated net of investment management fees including commissions and custody fees. The benchmark performances are calculated with net dividend reinvested when applicable. Both performances for funds and benchmarks are calculated using internal software fed by external sources (predominantly Datastream).
The exchange rates used to convert the benchmark and investment funds are the rates published by WM/Reuters at 16:00 (London time) on the last day of the month.
Change in NAV in base 100Rolling performancesYear-on-year return (365 days)Annual returnsRisk indicatorsPerformances Scenarios
FundCPR Invest - Silver Age - A EUR - Acc (52.67% over the period)
Select period
* Rolling performance : for funds that have been launched since less than 1 year or 3 years or 5 years, the performance showed in the table in the 1 year or 3 years or 5 years column is the performance since inception of the fund.
All performance figures are calculated in your selected currency based NAV to NAV with gross income accumulated.
Past performance does not guarantee future returns. The value of an investment can rise or fall with market fluctuations, and you may lose the amount originally invested. The material is based upon information that we consider reliable as of the date shown, but we do not represent that it is accurate, complete, valid or timely, in particular any data communicated to us by a third party, and it should not be relied on as such for any particular purpose. All material is subject to change.
The fund performance is calculated net of investment management fees including commissions and custody fees. The benchmark performances are calculated with net dividend reinvested when applicable. Both performances for funds and benchmarks are calculated using internal software fed by external sources (predominantly Datastream).
The exchange rates used to convert the benchmark and investment funds are the rates published by WM/Reuters at 16:00 (London time) on the last day of the month.
All performance figures are calculated in your selected currency based NAV to NAV with gross income accumulated.
Past performance does not guarantee future returns. The value of an investment can rise or fall with market fluctuations, and you may lose the amount originally invested. The material is based upon information that we consider reliable as of the date shown, but we do not represent that it is accurate, complete, valid or timely, in particular any data communicated to us by a third party, and it should not be relied on as such for any particular purpose. All material is subject to change.
The fund performance is calculated net of investment management fees including commissions and custody fees. The benchmark performances are calculated with net dividend reinvested when applicable. Both performances for funds and benchmarks are calculated using internal software fed by external sources (predominantly Datastream).
The exchange rates used to convert the benchmark and investment funds are the rates published by WM/Reuters at 16:00 (London time) on the last day of the month.
Portfolio Analysis
Management commentary
Effective date: 31/08/2026Market Overview
European markets made slight gains in August, with the Stoxx Europe 600 rising by 0.29%, bringing its year-to-date performance to +9.9%.
The month was marked by a succession of contradictory signals in the Middle East. Initial discussions between Iran and Oman regarding a maritime corridor first rekindled hopes of a gradual resumption of traffic in the Strait of Hormuz. However, the lack of an agreement and the expiration of the provisional memorandum signed in June ended the last formal framework for de-escalation. At the same time, Washington launched its "economic D-Day," with Donald Trump announcing "the most crushing economic operation ever undertaken" against Iran and threatening countries maintaining trade relations with Tehran. As a result, the strait remained largely closed, while attacks on shipping in the Gulf and Red Sea, as well as Ukrainian strikes on Russian refineries, continued to fuel concerns about energy supply. Technical discussions held at the end of the month between Iran and Oman regarding a temporary corridor and a demining project nevertheless limited the rise in oil prices: WTI closed at $84.74, up 1.29%, and Brent at $90.12, up 0.41%.
On the macroeconomic front, the month saw a deterioration in the US labor market alongside inflation that remains too high to allow for rapid monetary easing. The US economy lost 23,000 jobs in July, compared to the expected 83,000 new jobs, while July’s PCE remained at 3.7% and core PCE at 3.3%. At Jackson Hole, Kevin Warsh reaffirmed his commitment to bringing inflation back to 2%, maintaining the risk of a rate hike in September. Tensions were mainly concentrated on longer maturities: the 10-year Treasury yield reached 4.75%, while the 30-year yield stood at 5.34%, its highest level since 2007. This situation led the US Treasury to at least double the size of its buyback operations on bonds with maturities between 10 and 30 years to support market liquidity. In Europe, investors increased their expectations of an ECB rate hike. Meanwhile, concerns about France’s fiscal and political trajectory weighed on the CAC 40, which fell by 2.1%, and pushed the yield on the 10-year French government bond above 4.13%, its highest level since 2008. The yield spread with the German Bund thus approached 87.5 basis points.
At the sector level, commodities (+9.4%) dominated, supported by the rise in gold (+9.7%) and silver (+15.6%) amid geopolitical tensions, high long-term yields, and occasional dollar weakness. Media (+4.5%) rebounded, mainly driven by WPP (+28.1%), whose half-year results showed sequential improvement in activity and profitability above expectations. Technology (+4.3%) recovered after its sharp correction in July, thanks in particular to the rebound of European software publishers, led by SAP (+21.1%) and Nemetschek (+21.1%). The segment also benefited from strong results by Salesforce (+40.0%) and CrowdStrike (+21.0%), which reassured investors about demand for enterprise software and cybersecurity solutions. Discussions around a possible acquisition of Workday by Silver Lake also supported the sector’s revaluation. Conversely, the food, beverage, and tobacco sector (−4.7%) lagged behind, penalized by weakness in beverages and spirits in a challenging demand environment in the US and China. Real estate (−4.4%) suffered from rising long-term yields and increased expectations of an ECB rate hike. Finally, construction and materials (−2.2%) underperformed due to rising energy costs and the decline of Eiffage (−11.6%), as investors mainly focused on the 2.5% drop in motorway traffic, despite confirmation of the group’s overall outlook.
Portfolio Movements and Performance Analysis
For the period from July 31 to August 31, 2026, CPR Silver Age delivered a gross performance of +0.26%, compared to a gain of +0.46% for the MSCI Europe, resulting in an underperformance of 20 basis points. This breaks down into an allocation effect of −28 basis points and a selection effect of +8 basis points. This configuration is the reverse of July, when selection explained most of the lag.
However, this overall reading remains misleading: the monthly underperformance is almost entirely concentrated on a single stock absent from the investment universe, SAP, whose 21.07% rise alone cost the fund 27 basis points.
Allocation Effect and Positions Outside the Investment Universe
Securities outside the investment universe, which represent 65.93% of the index’s average weight, rose by 0.77% over the period, a pace significantly higher than that of the benchmark as a whole (+0.47%). The portfolio’s total lack of exposure to this segment resulted in a negative allocation effect of 20 basis points. This net balance, seemingly modest and an improvement over July’s −28 basis points, actually covers two opposing forces of significant magnitude: the favorable component covers 144 stocks and totals +142 basis points, while the unfavorable component concerns 149 stocks for a total of −161 basis points. On the favorable side, the fund benefited from its lack of exposure to "bond proxies" as well as certain Anglo-Saxon financial stocks highly sensitive to long-term rate movements. British American Tobacco (−9.84%; +9 bp), HSBC (−2.76%; +8 bp), Infineon (−8.72%; +6 bp), BNP Paribas (−6.27%; +6 bp), Anheuser-Busch InBev (−9.20%; +5 bp), BP (−5.93%; +5 bp), Société Générale (−10.65%; +5 bp), and Zurich Insurance (−4.55%; +4 bp) together contributed 48 basis points. Conversely, SAP, up 21.07% after a quarterly report praised for its record cloud order book and acceleration in AI-related contracts, cost 27 basis points individually. Next came the rebound in basic resources—Rio Tinto (+9.07%; −6 bp), Glencore (+11.76%; −5 bp), and Anglo American (+14.60%; −5 bp)—driven by strong copper and gold prices, followed by Rolls-Royce (+4.44%; −5 bp), Deutsche Telekom (+6.05%; −4 bp), Vestas Wind Systems (+22.48%; −4 bp), and Deutsche Bank (+8.74%; −4 bp). These eight stocks represent a cumulative cost of 60 basis points. The structural absence of large-cap software and commodity stocks thus remains a recurring cost of the fund’s thematic bias, particularly evident in August.
Sector Analysis Within the Investment Universe
Main Positive Contributors to Relative Performance
Pension Savings Specialists. For the second consecutive month, the sector stands out as the top contributor to relative performance, with a total effect of +15 basis points. This results from an allocation effect of +22 basis points, partially eroded by a selection effect of −7 basis points. With an average weight of 32.33%, compared to 7.68% in the index, the overweighting once again played its full role in a month when rising sovereign yields and a tougher stance from central banks supported earnings expectations for life insurers and wealth management players. Allianz was the top contributor, with a 4.23% increase and a relative contribution of +10 basis points. Its half-year report on August 7 confirmed the strength of its capital generation. St. James’s Place stood out with a spectacular turnaround: up 12.94%, contributing +9 basis points, the stock fully erased the 12.39% decline suffered in July, as concerns about the fundraising momentum of UK financial advisory networks eased significantly. ASR Nederland (+4.05%; +9 bp), Aviva (+5.11%; +7 bp), Banca Mediolanum (+3.80%; +6 bp), and ABN AMRO (+8.49%; +4 bp) rounded out the positive contributions. Conversely, AXA (−4.09%; −15 bp) and Prudential (−8.97%; −15 bp) weighed equally on the sector’s relative performance, with the latter erasing all of its July gains. NN Group (−3.07%; −4 bp) and the absence of UBS, up 3.22% (−3 bp), completed the main negative contributions.
Robotics. Robotics was the second positive contributor, though at a level that should not be overinterpreted. Its total effect was about +3 basis points, with both allocation and selection effects slightly positive. The overweighting remained significant, with a portfolio weight of 14.60% versus 4.56% in the index. The segment rose by 1.02% in the fund, compared to 0.96% in the benchmark. Legrand was the top contributor, up 3.92% and adding +3 basis points. The gap noted last month between the quality of its half-year report—9.8% organic growth and an adjusted operating margin of 20.8%—and the penalty suffered by the stock in July (−11.04%) was thus partially closed. This development supports the analysis that July’s decline was more due to multiple compression than a deterioration in fundamentals. Siemens (+1.04%; +2 bp), KONE (+5.35%; +1 bp), and Schneider Electric (+1.73%; +1 bp) continued this trend. ABB remained the sector’s most penalizing stock, down 1.47% and contributing −5 basis points, as it did not participate in the rebound of its peers.
Main Detractors from Relative Performance
Leisure. The sector was the top detractor for the period, with a total effect of −20 basis points, broken down into an allocation effect of −13 basis points and a selection effect of −7 basis points. The portfolio maintained an average weight of 12.55% in the sector, compared to 2.72% in the index, for a performance of −1.32% versus −0.79% for the index segment. This pocket includes tourism, air transport, and luxury, three exposures simultaneously penalized in August: the first by higher fuel costs, the second by Middle East tensions, and the third by persistently weak Chinese demand. Carnival, an off-index position representing 0.98% of the portfolio, was the main detractor. The stock fell by 14.47% and cost 15 basis points in relative performance. The group suffered from the sustained increase in fuel costs: as early as March, it had estimated the annual impact of higher bunker fuel prices at $500 million, leading to a downward revision of its earnings per share forecast from $2.48 to $2.21. LVMH followed (−4.60%; −8 bp), ahead of TUI (−6.36%; −4 bp) and Ryanair (−3.82%; −3 bp). Among positive contributions, Amadeus took the lead (+9.15%; +8 bp), as travel technology distribution proved much less sensitive to oil prices than transport itself. Accor rose by 3.61% and contributed 3 basis points.
Dependency. The sector was the second detractor, with a total effect of −6 basis points, of which −4 basis points were due to allocation and −2 basis points to selection. Compass Group, the fund’s only position in the sector, explained the entire underperformance, falling by 4.26% and contributing −6 basis points. The stock has a defensive growth profile with long duration, precisely the category most directly penalized by the rise in real rates.
Automotive and Personal Care. These two sectors posted almost identical total effects, around −3.2 basis points each, and can be analyzed together. In automotive, the underperformance resulted from the portfolio’s total lack of exposure, compared to a 0.92% weight in the index, while the segment rose by 3.99%. Ferrari (+7.17%; −2 bp) accounted for most of the shortfall. In personal care, the decline mainly reflected the drop in food stocks held in a context of rising real rates. Danone (−4.80%; −4 bp) and Glanbia (−3.04%; −3 bp) weighed the most. Conversely, the underweighting of Nestlé—0.67% in the portfolio versus 1.76% in the index—added 4 basis points, as the stock fell by 3.50%.
Pharmaceuticals. The sector deserves specific analysis. Its total effect was marginally positive, at +2 basis points, but covered the most contrasting structure of the month: an allocation effect of −25 basis points, fully offset by a selection effect of +27 basis points. With an average weight of 26.15% versus 11.24% in the index, the overweighting was penalizing in a declining sector. However, the portfolio limited its decline to −0.03%, compared to −1.06% for the index segment. This gap was mainly due to two biotechnology stocks. argenx jumped by 17.53% and alone contributed 25 basis points, supported by positive results from a Vyvgart trial, an external growth operation, and several target price upgrades. Genmab rose by 14.17% and contributed +7 basis points, after raising its annual targets in its quarterly report. Conversely, AstraZeneca remained the sector’s most penalizing stock (−4.81%; −17 bp), extending the decline begun in July after the Wainua failure. It was followed by Novartis (−3.43%; −9 bp), Galderma (−5.25%; −8 bp), and Roche (−1.04%; −5 bp).
Portfolio Movements
During the period, we generally reduced our exposure to the healthcare sector, both in pharmaceutical companies and medical equipment suppliers, in order to strengthen the robotics sector. We also reduced several French positions—AXA, Hermès, LVMH, Sanofi, and Accor—to better manage political risk exposure ahead of the presidential election. Capital was redeployed into European stocks with similar profiles, notably Generali, Brunello Cucinelli, De’Longhi, Galderma, and Amadeus.
Risk Profile
The fund’s beta rose to 0.96, while tracking error slightly decreased to 5.3%. The breakdown of tracking error changed slightly from the previous month. The share of selection risk increased and now represents 33% of total active risk. Sector risk decreased slightly but remains the majority at 51%. The remainder, about 16%, is attributable to other components, notably currency risk (3%) and style risk (10%).
Thematic Outlook
The monetary calendar for September will be, in contrast to August, particularly busy: the ECB will meet on September 10 and the FOMC on September 16. The tone adopted at Jackson Hole by Kevin Warsh, Chairman of the Federal Reserve, who explicitly considered further tightening in the absence of sufficient convergence of inflation towards the 2% target, as well as Isabel Schnabel’s warnings about the improbability of inflation returning to target with current rate levels, leave little doubt as to the restrictive orientation of central bank communications. German inflation, at 2.9%, and the Bund yield, which rose to 3.32%, its highest level in fifteen years, reflect this on the markets. The favorable scenario is based on effective de-escalation in the Strait of Hormuz and a sustained drop in Brent below $80, which would allow central banks to pause. The unfavorable scenario, on the other hand, is based on continued bond market tensions, which could further compress the multiples of long-duration growth stocks, which are precisely the core of the fund’s exposure outside financials.
On the microeconomic front, September is a transition month between half-year reports and the third-quarter earnings season. Several events nevertheless deserve particular attention. In pharmaceuticals, monitoring the FDA’s review of camizestrant and the rebuilding of AstraZeneca’s cardiovascular pipeline remain the main risk factors. At the same time, the commercial momentum of Vyvgart at argenx will determine the repeatability of August’s contribution. Carnival traditionally reports its third fiscal quarter results at the end of September. The evolution of fuel prices and any revision of its annual forecasts will be the main points of focus.
Finally, an external catalyst remains particularly important: continued expectations for investment spending in artificial intelligence. A renewed acceleration in such spending could continue to weigh on the fund’s relative performance and highlights its structural vulnerability to rotations in favor of large-cap technology stocks, to which it is only minimally exposed by design.
In light of these outlooks, the portfolio structure calls for a differentiated reading.
Conviction in pension savings specialists is once again reinforced. The sector is the only one in the fund to directly benefit from a high-rate environment and is currently its main shock absorber. An ECB rate hike on September 10 would extend this support. Pharmaceuticals now present a more balanced profile than in July, with selection fully offsetting the cost of overweighting. However, it should be noted that this contribution is not necessarily repeatable: the 27 basis points generated by selection mainly come from the overweighting of two biotechnology stocks, argenx and Genmab, whose combined relative contributions reach 32 basis points. Their performances result from specific events—clinical results and upward revisions of annual targets—rather than a generalized sector dynamic.
Leisure remains the segment most directly exposed to oil prices and, as such, warrants increased vigilance. The dual sensitivity to fuel and luxury proved cumulative in August.
Finally, for robotics, stabilization of investor sentiment towards artificial intelligence is the most immediate bullish catalyst.
Overall, the fund weathered a rate shock in a defensive configuration, without the thematic thesis being called into question.
European markets made slight gains in August, with the Stoxx Europe 600 rising by 0.29%, bringing its year-to-date performance to +9.9%.
The month was marked by a succession of contradictory signals in the Middle East. Initial discussions between Iran and Oman regarding a maritime corridor first rekindled hopes of a gradual resumption of traffic in the Strait of Hormuz. However, the lack of an agreement and the expiration of the provisional memorandum signed in June ended the last formal framework for de-escalation. At the same time, Washington launched its "economic D-Day," with Donald Trump announcing "the most crushing economic operation ever undertaken" against Iran and threatening countries maintaining trade relations with Tehran. As a result, the strait remained largely closed, while attacks on shipping in the Gulf and Red Sea, as well as Ukrainian strikes on Russian refineries, continued to fuel concerns about energy supply. Technical discussions held at the end of the month between Iran and Oman regarding a temporary corridor and a demining project nevertheless limited the rise in oil prices: WTI closed at $84.74, up 1.29%, and Brent at $90.12, up 0.41%.
On the macroeconomic front, the month saw a deterioration in the US labor market alongside inflation that remains too high to allow for rapid monetary easing. The US economy lost 23,000 jobs in July, compared to the expected 83,000 new jobs, while July’s PCE remained at 3.7% and core PCE at 3.3%. At Jackson Hole, Kevin Warsh reaffirmed his commitment to bringing inflation back to 2%, maintaining the risk of a rate hike in September. Tensions were mainly concentrated on longer maturities: the 10-year Treasury yield reached 4.75%, while the 30-year yield stood at 5.34%, its highest level since 2007. This situation led the US Treasury to at least double the size of its buyback operations on bonds with maturities between 10 and 30 years to support market liquidity. In Europe, investors increased their expectations of an ECB rate hike. Meanwhile, concerns about France’s fiscal and political trajectory weighed on the CAC 40, which fell by 2.1%, and pushed the yield on the 10-year French government bond above 4.13%, its highest level since 2008. The yield spread with the German Bund thus approached 87.5 basis points.
At the sector level, commodities (+9.4%) dominated, supported by the rise in gold (+9.7%) and silver (+15.6%) amid geopolitical tensions, high long-term yields, and occasional dollar weakness. Media (+4.5%) rebounded, mainly driven by WPP (+28.1%), whose half-year results showed sequential improvement in activity and profitability above expectations. Technology (+4.3%) recovered after its sharp correction in July, thanks in particular to the rebound of European software publishers, led by SAP (+21.1%) and Nemetschek (+21.1%). The segment also benefited from strong results by Salesforce (+40.0%) and CrowdStrike (+21.0%), which reassured investors about demand for enterprise software and cybersecurity solutions. Discussions around a possible acquisition of Workday by Silver Lake also supported the sector’s revaluation. Conversely, the food, beverage, and tobacco sector (−4.7%) lagged behind, penalized by weakness in beverages and spirits in a challenging demand environment in the US and China. Real estate (−4.4%) suffered from rising long-term yields and increased expectations of an ECB rate hike. Finally, construction and materials (−2.2%) underperformed due to rising energy costs and the decline of Eiffage (−11.6%), as investors mainly focused on the 2.5% drop in motorway traffic, despite confirmation of the group’s overall outlook.
Portfolio Movements and Performance Analysis
For the period from July 31 to August 31, 2026, CPR Silver Age delivered a gross performance of +0.26%, compared to a gain of +0.46% for the MSCI Europe, resulting in an underperformance of 20 basis points. This breaks down into an allocation effect of −28 basis points and a selection effect of +8 basis points. This configuration is the reverse of July, when selection explained most of the lag.
However, this overall reading remains misleading: the monthly underperformance is almost entirely concentrated on a single stock absent from the investment universe, SAP, whose 21.07% rise alone cost the fund 27 basis points.
Allocation Effect and Positions Outside the Investment Universe
Securities outside the investment universe, which represent 65.93% of the index’s average weight, rose by 0.77% over the period, a pace significantly higher than that of the benchmark as a whole (+0.47%). The portfolio’s total lack of exposure to this segment resulted in a negative allocation effect of 20 basis points. This net balance, seemingly modest and an improvement over July’s −28 basis points, actually covers two opposing forces of significant magnitude: the favorable component covers 144 stocks and totals +142 basis points, while the unfavorable component concerns 149 stocks for a total of −161 basis points. On the favorable side, the fund benefited from its lack of exposure to "bond proxies" as well as certain Anglo-Saxon financial stocks highly sensitive to long-term rate movements. British American Tobacco (−9.84%; +9 bp), HSBC (−2.76%; +8 bp), Infineon (−8.72%; +6 bp), BNP Paribas (−6.27%; +6 bp), Anheuser-Busch InBev (−9.20%; +5 bp), BP (−5.93%; +5 bp), Société Générale (−10.65%; +5 bp), and Zurich Insurance (−4.55%; +4 bp) together contributed 48 basis points. Conversely, SAP, up 21.07% after a quarterly report praised for its record cloud order book and acceleration in AI-related contracts, cost 27 basis points individually. Next came the rebound in basic resources—Rio Tinto (+9.07%; −6 bp), Glencore (+11.76%; −5 bp), and Anglo American (+14.60%; −5 bp)—driven by strong copper and gold prices, followed by Rolls-Royce (+4.44%; −5 bp), Deutsche Telekom (+6.05%; −4 bp), Vestas Wind Systems (+22.48%; −4 bp), and Deutsche Bank (+8.74%; −4 bp). These eight stocks represent a cumulative cost of 60 basis points. The structural absence of large-cap software and commodity stocks thus remains a recurring cost of the fund’s thematic bias, particularly evident in August.
Sector Analysis Within the Investment Universe
Main Positive Contributors to Relative Performance
Pension Savings Specialists. For the second consecutive month, the sector stands out as the top contributor to relative performance, with a total effect of +15 basis points. This results from an allocation effect of +22 basis points, partially eroded by a selection effect of −7 basis points. With an average weight of 32.33%, compared to 7.68% in the index, the overweighting once again played its full role in a month when rising sovereign yields and a tougher stance from central banks supported earnings expectations for life insurers and wealth management players. Allianz was the top contributor, with a 4.23% increase and a relative contribution of +10 basis points. Its half-year report on August 7 confirmed the strength of its capital generation. St. James’s Place stood out with a spectacular turnaround: up 12.94%, contributing +9 basis points, the stock fully erased the 12.39% decline suffered in July, as concerns about the fundraising momentum of UK financial advisory networks eased significantly. ASR Nederland (+4.05%; +9 bp), Aviva (+5.11%; +7 bp), Banca Mediolanum (+3.80%; +6 bp), and ABN AMRO (+8.49%; +4 bp) rounded out the positive contributions. Conversely, AXA (−4.09%; −15 bp) and Prudential (−8.97%; −15 bp) weighed equally on the sector’s relative performance, with the latter erasing all of its July gains. NN Group (−3.07%; −4 bp) and the absence of UBS, up 3.22% (−3 bp), completed the main negative contributions.
Robotics. Robotics was the second positive contributor, though at a level that should not be overinterpreted. Its total effect was about +3 basis points, with both allocation and selection effects slightly positive. The overweighting remained significant, with a portfolio weight of 14.60% versus 4.56% in the index. The segment rose by 1.02% in the fund, compared to 0.96% in the benchmark. Legrand was the top contributor, up 3.92% and adding +3 basis points. The gap noted last month between the quality of its half-year report—9.8% organic growth and an adjusted operating margin of 20.8%—and the penalty suffered by the stock in July (−11.04%) was thus partially closed. This development supports the analysis that July’s decline was more due to multiple compression than a deterioration in fundamentals. Siemens (+1.04%; +2 bp), KONE (+5.35%; +1 bp), and Schneider Electric (+1.73%; +1 bp) continued this trend. ABB remained the sector’s most penalizing stock, down 1.47% and contributing −5 basis points, as it did not participate in the rebound of its peers.
Main Detractors from Relative Performance
Leisure. The sector was the top detractor for the period, with a total effect of −20 basis points, broken down into an allocation effect of −13 basis points and a selection effect of −7 basis points. The portfolio maintained an average weight of 12.55% in the sector, compared to 2.72% in the index, for a performance of −1.32% versus −0.79% for the index segment. This pocket includes tourism, air transport, and luxury, three exposures simultaneously penalized in August: the first by higher fuel costs, the second by Middle East tensions, and the third by persistently weak Chinese demand. Carnival, an off-index position representing 0.98% of the portfolio, was the main detractor. The stock fell by 14.47% and cost 15 basis points in relative performance. The group suffered from the sustained increase in fuel costs: as early as March, it had estimated the annual impact of higher bunker fuel prices at $500 million, leading to a downward revision of its earnings per share forecast from $2.48 to $2.21. LVMH followed (−4.60%; −8 bp), ahead of TUI (−6.36%; −4 bp) and Ryanair (−3.82%; −3 bp). Among positive contributions, Amadeus took the lead (+9.15%; +8 bp), as travel technology distribution proved much less sensitive to oil prices than transport itself. Accor rose by 3.61% and contributed 3 basis points.
Dependency. The sector was the second detractor, with a total effect of −6 basis points, of which −4 basis points were due to allocation and −2 basis points to selection. Compass Group, the fund’s only position in the sector, explained the entire underperformance, falling by 4.26% and contributing −6 basis points. The stock has a defensive growth profile with long duration, precisely the category most directly penalized by the rise in real rates.
Automotive and Personal Care. These two sectors posted almost identical total effects, around −3.2 basis points each, and can be analyzed together. In automotive, the underperformance resulted from the portfolio’s total lack of exposure, compared to a 0.92% weight in the index, while the segment rose by 3.99%. Ferrari (+7.17%; −2 bp) accounted for most of the shortfall. In personal care, the decline mainly reflected the drop in food stocks held in a context of rising real rates. Danone (−4.80%; −4 bp) and Glanbia (−3.04%; −3 bp) weighed the most. Conversely, the underweighting of Nestlé—0.67% in the portfolio versus 1.76% in the index—added 4 basis points, as the stock fell by 3.50%.
Pharmaceuticals. The sector deserves specific analysis. Its total effect was marginally positive, at +2 basis points, but covered the most contrasting structure of the month: an allocation effect of −25 basis points, fully offset by a selection effect of +27 basis points. With an average weight of 26.15% versus 11.24% in the index, the overweighting was penalizing in a declining sector. However, the portfolio limited its decline to −0.03%, compared to −1.06% for the index segment. This gap was mainly due to two biotechnology stocks. argenx jumped by 17.53% and alone contributed 25 basis points, supported by positive results from a Vyvgart trial, an external growth operation, and several target price upgrades. Genmab rose by 14.17% and contributed +7 basis points, after raising its annual targets in its quarterly report. Conversely, AstraZeneca remained the sector’s most penalizing stock (−4.81%; −17 bp), extending the decline begun in July after the Wainua failure. It was followed by Novartis (−3.43%; −9 bp), Galderma (−5.25%; −8 bp), and Roche (−1.04%; −5 bp).
Portfolio Movements
During the period, we generally reduced our exposure to the healthcare sector, both in pharmaceutical companies and medical equipment suppliers, in order to strengthen the robotics sector. We also reduced several French positions—AXA, Hermès, LVMH, Sanofi, and Accor—to better manage political risk exposure ahead of the presidential election. Capital was redeployed into European stocks with similar profiles, notably Generali, Brunello Cucinelli, De’Longhi, Galderma, and Amadeus.
Risk Profile
The fund’s beta rose to 0.96, while tracking error slightly decreased to 5.3%. The breakdown of tracking error changed slightly from the previous month. The share of selection risk increased and now represents 33% of total active risk. Sector risk decreased slightly but remains the majority at 51%. The remainder, about 16%, is attributable to other components, notably currency risk (3%) and style risk (10%).
Thematic Outlook
The monetary calendar for September will be, in contrast to August, particularly busy: the ECB will meet on September 10 and the FOMC on September 16. The tone adopted at Jackson Hole by Kevin Warsh, Chairman of the Federal Reserve, who explicitly considered further tightening in the absence of sufficient convergence of inflation towards the 2% target, as well as Isabel Schnabel’s warnings about the improbability of inflation returning to target with current rate levels, leave little doubt as to the restrictive orientation of central bank communications. German inflation, at 2.9%, and the Bund yield, which rose to 3.32%, its highest level in fifteen years, reflect this on the markets. The favorable scenario is based on effective de-escalation in the Strait of Hormuz and a sustained drop in Brent below $80, which would allow central banks to pause. The unfavorable scenario, on the other hand, is based on continued bond market tensions, which could further compress the multiples of long-duration growth stocks, which are precisely the core of the fund’s exposure outside financials.
On the microeconomic front, September is a transition month between half-year reports and the third-quarter earnings season. Several events nevertheless deserve particular attention. In pharmaceuticals, monitoring the FDA’s review of camizestrant and the rebuilding of AstraZeneca’s cardiovascular pipeline remain the main risk factors. At the same time, the commercial momentum of Vyvgart at argenx will determine the repeatability of August’s contribution. Carnival traditionally reports its third fiscal quarter results at the end of September. The evolution of fuel prices and any revision of its annual forecasts will be the main points of focus.
Finally, an external catalyst remains particularly important: continued expectations for investment spending in artificial intelligence. A renewed acceleration in such spending could continue to weigh on the fund’s relative performance and highlights its structural vulnerability to rotations in favor of large-cap technology stocks, to which it is only minimally exposed by design.
In light of these outlooks, the portfolio structure calls for a differentiated reading.
Conviction in pension savings specialists is once again reinforced. The sector is the only one in the fund to directly benefit from a high-rate environment and is currently its main shock absorber. An ECB rate hike on September 10 would extend this support. Pharmaceuticals now present a more balanced profile than in July, with selection fully offsetting the cost of overweighting. However, it should be noted that this contribution is not necessarily repeatable: the 27 basis points generated by selection mainly come from the overweighting of two biotechnology stocks, argenx and Genmab, whose combined relative contributions reach 32 basis points. Their performances result from specific events—clinical results and upward revisions of annual targets—rather than a generalized sector dynamic.
Leisure remains the segment most directly exposed to oil prices and, as such, warrants increased vigilance. The dual sensitivity to fuel and luxury proved cumulative in August.
Finally, for robotics, stabilization of investor sentiment towards artificial intelligence is the most immediate bullish catalyst.
Overall, the fund weathered a rate shock in a defensive configuration, without the thematic thesis being called into question.
Characteristics
General data
Inception date
29/08/2014First Nav Date
22/12/2009Currency
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 | This includes distribution costs of 5.00% of amount invested. This is the most you will be charged. The person selling you the product will inform you of the actual charge. | Up to €500.00 | |
| 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 | 2.15% of the value of your investment per year. This percentage is based on actual costs over the last year. | €204.16 | |
| 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 100% MSCI EUROPE NR Close + 1%. 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
LU1103786700Bloomberg code
CPRSAAC LXReuters code
LP68277368Investment Objective
The fund's investment objective is to outperform the European equity markets over the long-term (minimum five years) by capitalising on the growth of European stocks related to the ageing of the population.
Documents
| Language | Documents | Type | Closing Date |
|---|---|---|---|
EL | PDF | 01/09/2026 | |
EN | PDF | 31/07/2025 | |
PDF | 03/08/2026 | ||
PDF | 31/01/2026 | ||
EN | PDF | 26/10/2016 |
Sustainability-related disclosures
| Language | Documents | Type | Closing Date |
|---|---|---|---|
EL | PDF | 01/01/2025 | |
EN | PDF | 07/05/2026 |
Prices expressed in a currency other than the base currency of the portfolio are available for information purposes only.
Nothing contained in this site constitutes a solicitation or offer by any member of CPR Asset Management to provide any investment advice or service or to purchase or sell any financial instruments. The information it contains aims to inform the subscriber by providing information on the UCITS supplemental to that appearing in the Information Memorandum. The material provided on this site is presented as of the date shown and "as is". CPR Asset Management does not expressly or impliedly warrant the accuracy of the information provided on this site and expressly disclaims any warranties of fitness of this site for any particular purpose. This material reflects the opinion of the management company at the date of printing. The material is based upon information that we consider reliable, but we do not represent it is accurate, complete, valid or timely and it should not be relied on as such for any particular purpose. Any subscription should be based solely on the Information Memorandum provided to subscribers prior to the subscription and/or available upon request.The Key Informations document (KID) and the prospectus of the fund, as well as the annual and semi-annual reports are available free of charge on the website www.cpram.com and from the Representative or Paying Agents : Alpha Bank, 35, Vas. Sofias Avenue – 106 75 Athens GR
Nothing contained in this site constitutes a solicitation or offer by any member of CPR Asset Management to provide any investment advice or service or to purchase or sell any financial instruments. The information it contains aims to inform the subscriber by providing information on the UCITS supplemental to that appearing in the Information Memorandum. The material provided on this site is presented as of the date shown and "as is". CPR Asset Management does not expressly or impliedly warrant the accuracy of the information provided on this site and expressly disclaims any warranties of fitness of this site for any particular purpose. This material reflects the opinion of the management company at the date of printing. The material is based upon information that we consider reliable, but we do not represent it is accurate, complete, valid or timely and it should not be relied on as such for any particular purpose. Any subscription should be based solely on the Information Memorandum provided to subscribers prior to the subscription and/or available upon request.The Key Informations document (KID) and the prospectus of the fund, as well as the annual and semi-annual reports are available free of charge on the website www.cpram.com and from the Representative or Paying Agents : Alpha Bank, 35, Vas. Sofias Avenue – 106 75 Athens GR