CPR Invest - Hydrogen - A EURH - Acc ISIN : LU2475552779
CPR Invest - Hydrogen - A EURH - Acc
A EUR(C) - LU2475552779
Asset class: Equities
YTD
As of 14/10/20266.43%
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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The risk indicator assumes you keep the product according to the holding period.
NAV
As of 14/10/2026€128.59
SFDR ClassificationSustainable Finance Disclosure Regulation
Art. 8
Fund AUM
As of 14/10/2026$642.00M
The Compartment's objective is to outperform global equity markets over a long-term period (minimum of five years) by investing in international equities of companies involved in any part of the hydrogen economy. The investment process integrates a sustainable approach through Environmental, Social and Governance (ESG) criteria.
NAVs
NAV from 25/05/2022 to 14/10/2026
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Performance
Change in NAV in base 100
FundCPR Invest - Hydrogen - A EURH - Acc (27.95% 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 - Hydrogen - A EURH - Acc (27.95% 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
Repartition 09/30/2026
Main Lines in Portfolio (Source: Amundi)Geographical breakdown (Source: Amundi)CurrencySector allocation
Sector | Weight | Spread / Index | |
|---|---|---|---|
| SIEMENS ENERGY AG | Industrials | 5.39% | 5.27% |
| SCHNEIDER ELECT SE | Industrials | 5.06% | 4.88% |
| EATON CORP PLC | Industrials | 4.24% | 4.07% |
| SIEMENS AG-REG | Industrials | 3.62% | 3.39% |
| AIR LIQUIDE SA | Materials | 3.50% | 3.38% |
| ANGLO AMERICAN PLC GBP | Materials | 3.39% | 3.34% |
| LINDE PLC | Materials | 3.26% | 3.04% |
| IBERDROLA SA | Utilities | 3.25% | 3.11% |
| INGERSOLL-RAND INC | Industrials | 3.17% | 3.14% |
| PRYSMIAN SPA | Industrials | 2.63% | 2.59% |
Management commentary
Effective date: 30/09/2026Global equity markets experienced a difficult September, with energy-related inflationary pressures and rising bond yields weighing on investor sentiment across all regions. Central banks adopted increasingly restrictive stances, while investment in AI remained a key driver of equity performance, alongside growing concerns about infrastructure constraints and security risks. Political volatility and geopolitical tensions related to the conflict in Iran continued to cloud the outlook.
US equities ended September mostly lower; the Russell 2000 index posted its largest monthly decline since March 2025, and the DJIA saw its steepest drop since the start of the year. Markets were influenced by the Fed’s first rate hike in three years, with hawkish comments following the meeting reinforcing expectations of further monetary tightening. Key economic indicators surprised to the upside: nonfarm payrolls reached 162,000 (versus a consensus of around 55,000), core retail sales jumped 1.4%, and the September composite PMI hit its highest level since July 2021. However, price pressures intensified amid severe supply chain bottlenecks. Third-quarter earnings growth was expected to reach nearly 30%, extending a streak of eight consecutive quarters of double-digit growth. The AI segment significantly outperformed, driven by the momentum of “agentic” (autonomous) AI.
European equity markets posted their first monthly decline in six months, pressured by high energy prices and rising yields. The ECB raised rates by 25 basis points with a hawkish tone and revised its inflation forecasts, with the overall Consumer Price Index (CPI) not expected to return to its 2% target before the end of 2027. Despite these headwinds, eurozone GDP growth for the second quarter was revised upward (to 0.6%), and the composite PMI showed the fastest expansion in over three years. UK indicators were weaker, with slowing PMI readings and consumer confidence remaining fragile. Politically, Germany’s CDU underperformed in regional elections, raising questions about Chancellor Merz’s future, while French political risk intensified, with the yield spread between French and German 10-year bonds reaching its highest level since 2012.
CPR Hydrogen underperformed the markets by 2.5% in September with a return of -1.4% versus +1.1% for the MSCI ACWI. The absence of technology stocks, supported by the rise of agentic AI, cost -180 bps, while the backlash against infrastructure development penalized industrial stocks, costing -70 bps, and rising interest rates weighed on utilities, costing -90 bps. The absence of financials, penalized by rate hikes, only partially offset these losses (+65 bps). Notably, CATL underperformed (-18%), hit in China by the introduction of a new consumption tax on lithium and internationally by strengthened US import bans on Chinese equipment. BYD also fell 11% due to a slowdown and intensifying competition in the Chinese market (price cuts and Geely’s new fast-charging technology), as well as rising geopolitical and regulatory tensions (threats of additional tariffs in Europe). Ultimately, while CPR Invest Hydrogen’s performance remained largely positive at the end of September (+14.9%), the fund underperformed international markets by 9% in Q3, giving back slightly more than the outperformance accumulated in the first six months of the year. This reversal in trade momentum for AI infrastructure is mainly linked to strong opposition to their development during the US midterm election campaign.
At this stage, we believe the accumulated underperformance is close to being exhausted because: valuations have returned to reasonable levels, Q3 results will show limited or no impact on the order books of the companies concerned, and above all, these companies will emphasize that the new momentum they are experiencing—which has generally shifted their organic growth from MSG to HSD or even low DD—was triggered by the development of AI infrastructure, but will be sustained by a combination of trends involving energy independence and digitalization, such as: reindustrialization, increased electrification of buildings for heating (heat pumps) and cooling (air conditioning), and electrification of the vehicle fleet (accelerated by rising diesel prices). For these deep and lasting reasons, while the first wave of acceleration (linked to AI infrastructure) has passed and normalization has followed, a new wave—perhaps less strong but more durable—will follow.
US equities ended September mostly lower; the Russell 2000 index posted its largest monthly decline since March 2025, and the DJIA saw its steepest drop since the start of the year. Markets were influenced by the Fed’s first rate hike in three years, with hawkish comments following the meeting reinforcing expectations of further monetary tightening. Key economic indicators surprised to the upside: nonfarm payrolls reached 162,000 (versus a consensus of around 55,000), core retail sales jumped 1.4%, and the September composite PMI hit its highest level since July 2021. However, price pressures intensified amid severe supply chain bottlenecks. Third-quarter earnings growth was expected to reach nearly 30%, extending a streak of eight consecutive quarters of double-digit growth. The AI segment significantly outperformed, driven by the momentum of “agentic” (autonomous) AI.
European equity markets posted their first monthly decline in six months, pressured by high energy prices and rising yields. The ECB raised rates by 25 basis points with a hawkish tone and revised its inflation forecasts, with the overall Consumer Price Index (CPI) not expected to return to its 2% target before the end of 2027. Despite these headwinds, eurozone GDP growth for the second quarter was revised upward (to 0.6%), and the composite PMI showed the fastest expansion in over three years. UK indicators were weaker, with slowing PMI readings and consumer confidence remaining fragile. Politically, Germany’s CDU underperformed in regional elections, raising questions about Chancellor Merz’s future, while French political risk intensified, with the yield spread between French and German 10-year bonds reaching its highest level since 2012.
CPR Hydrogen underperformed the markets by 2.5% in September with a return of -1.4% versus +1.1% for the MSCI ACWI. The absence of technology stocks, supported by the rise of agentic AI, cost -180 bps, while the backlash against infrastructure development penalized industrial stocks, costing -70 bps, and rising interest rates weighed on utilities, costing -90 bps. The absence of financials, penalized by rate hikes, only partially offset these losses (+65 bps). Notably, CATL underperformed (-18%), hit in China by the introduction of a new consumption tax on lithium and internationally by strengthened US import bans on Chinese equipment. BYD also fell 11% due to a slowdown and intensifying competition in the Chinese market (price cuts and Geely’s new fast-charging technology), as well as rising geopolitical and regulatory tensions (threats of additional tariffs in Europe). Ultimately, while CPR Invest Hydrogen’s performance remained largely positive at the end of September (+14.9%), the fund underperformed international markets by 9% in Q3, giving back slightly more than the outperformance accumulated in the first six months of the year. This reversal in trade momentum for AI infrastructure is mainly linked to strong opposition to their development during the US midterm election campaign.
At this stage, we believe the accumulated underperformance is close to being exhausted because: valuations have returned to reasonable levels, Q3 results will show limited or no impact on the order books of the companies concerned, and above all, these companies will emphasize that the new momentum they are experiencing—which has generally shifted their organic growth from MSG to HSD or even low DD—was triggered by the development of AI infrastructure, but will be sustained by a combination of trends involving energy independence and digitalization, such as: reindustrialization, increased electrification of buildings for heating (heat pumps) and cooling (air conditioning), and electrification of the vehicle fleet (accelerated by rising diesel prices). For these deep and lasting reasons, while the first wave of acceleration (linked to AI infrastructure) has passed and normalization has followed, a new wave—perhaps less strong but more durable—will follow.
Characteristics
General data
Inception date
12/05/2022First Nav Date
25/05/2022Currency
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 | 1.95% of the value of your investment per year. This percentage is based on actual costs over the last year. | €185.63 | |
| Transaction costs | 0.47% 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. | €44.42 | |
| Incidental costs taken under specific conditions (Investment EUR 10,000) | |||
| Performance fees | 15.00% annual outperformance of the reference asset 100% MSCI ACWI CROSS HEDGED WITH USD TO EUR NET NR Close. 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. | €0.19 | |
Codification
ISIN code
LU2475552779Bloomberg code
Reuters code
Investment Objective
The Compartment's objective is to outperform global equity markets over a long-term period (minimum of five years) by investing in international equities of companies involved in any part of the hydrogen economy. The investment process integrates a sustainable approach through Environmental, Social and Governance (ESG) criteria.
Documents
| Language | Documents | Type | Closing Date |
|---|---|---|---|
EL | PDF | 04/09/2026 | |
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 | 21/05/2025 | |
EN | PDF | 03/08/2026 |
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