CPR Invest - Global Silver Age - A EUR - Acc ISIN : LU1291158233

CPR Invest - Global Silver Age - A EUR - Acc
Asset class: Equities

YTD
As of 27/08/2026
2.82%

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.
1234567
Lower Risk
Higher Risk
The risk indicator assumes you keep the product according to the holding period.

NAV
As of 28/08/2026
€1,631.00

SFDR ClassificationSustainable Finance Disclosure Regulation
Art. 8

Fund AUM
As of 28/08/2026
€775.77M
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 08/28/2026
Select period
Created with Highcharts 11.4.8CPR Invest - Global Silver Age - A EUR - AccJul '17Jul '18Jul '19Jul '20Jul '21Jul '22Jul '23Jul '24Jul '25Jul '268001K1.2K1.4K1.6K1.8K2K

Performance

Change in NAV in base 100
FundCPR Invest - Global Silver Age - A EUR - Acc (53.6% over the period)
Select period
Created with Highcharts 11.4.8BCPR Invest - Global Silver Age - A EUR - AccBenchmarkJul '17Jul '18Jul '19Jul '20Jul '21Jul '22Jul '23Jul '24Jul '25Jul '2650100150200250300350
B. During this period, the Compartment was a Feeder Compartment.Performance published and achieved before the date of the change corresponds to a different strategy from the current one.
FundCPR Invest - Global Silver Age - A EUR - Acc (53.6% over the period)
Select period
Created with Highcharts 11.4.8BCPR Invest - Global Silver Age - A EUR - AccBenchmarkJul '17Jul '18Jul '19Jul '20Jul '21Jul '22Jul '23Jul '24Jul '25Jul '2650100150200250300350
B. During this period, the Compartment was a Feeder Compartment.Performance published and achieved before the date of the change corresponds to a different strategy from the current one.

Portfolio Analysis

Repartition 07/31/2026
Created with Highcharts 11.4.8Values21.621.617.917.924.024.01.91.91.51.59.79.710.710.73.23.219.819.814.214.223.223.22.12.11.21.210.110.111.511.52.12.120.320.315.915.922.122.13.03.01.11.17.77.79.49.41.01.028/11/202527/02/202629/05/2026Health Care EquipmentPharmaceuticalsAsset GatherersRoboticsHPCLeisuresDependencyAutomobiles051015202530Highcharts.com

Management commentary

Effective date: 30/09/2024

In September, the fund recorded a 0.64% increase, underperforming the MSCI World by 0.36% (+1.00%). This back-to-business month was marked by various macroeconomic events that led investors to favor cyclical stocks, as well as a rebound in China-related equities. These movements negatively impacted the energy and healthcare sectors, the latter representing the majority of the month’s negative allocation effect for the fund. In absolute terms, asset managers were the primary contributors, benefiting from positive momentum and strong stock selection. Additionally, the leisure sector also contributed positively. These two cyclical dimensions acted as buffers against the negative impact experienced by healthcare. Specifically, the leisure sector benefited from lower interest rates, driven by the FED's dovish sentiment, with companies like Lowe's and highly indebted companies like cruise lines performing well. The luxury sector also regained momentum, supported by hopes for a Chinese economic recovery following government stimulus announcements. The healthcare sector acted as a funding pocket for the market, with pharmaceutical companies being the worst contributors for the month. This situation was exacerbated by a significant drop in Novo Nordisk, which suffered from negative news surrounding an oral GLP-1 product in development, as well as disappointing results from AstraZeneca regarding a phase III oncology product. Merck KGaA, despite the end of its research tools destocking, struggled to see a rebound in its sales volumes. Meanwhile, Inspire continued its recovery in healthcare equipment, and Amplifon dropped due to fears of Apple’s entry into the market with its AirPods being positioned as consumer hearing aids. In terms of trades, the fund swapped UnitedHealth for Elevance Health, sold Stellantis (before its decline) over concerns about its U.S. management, increased positions in Whitbread and Hermès (at entry points), and initiated new positions in Pfizer (after it stabilized) and McKesson for diversification.

The major surprise of the month was the announcement of China's stimulus plans. The “China factor” is affecting a large number of sectors in the European stock market, from luxury goods and automobiles to industrials and commodities. While the Chinese government's stimulus plans are a step in the right direction, we believe that, in the absence of more structural reform, they are unlikely to be effective enough to boost the Chinese economy. As a result, we feel that the recent rebounds, particularly in the luxury goods sector, have been too strong. The “Golden Week” figures will also tell us whether the government's confidence-boosting measures are working. We will therefore have to be extremely selective in our stock selection to take advantage of our exposure to China. Then come the US elections. Historically, U.S. markets have gained after the results have been published, the pre-election wait-and-see attitude having by definition disappeared. The outcome of the presidential election, but above all control of the Senate, will give us a better idea of the scenario to follow.  On a lesser scale, in France, we should see high-risk debates on the budget, which may or may not reduce the French “political risk” compared to other European countries. Finally, we'll be eagerly awaiting the earnings season to gauge the impact of poor macro indicators and geopolitical tensions (Ukraine, Middle East) on Q3 corporate results. In this context, it is not certain that the “change of leadership” will be confirmed. Although we have ruled out the hard landing scenario for the time being, the negative impact of each of the previous themes should not be cumulative: a Donald Trump victory, followed by a majority Republican Congress, would lead us to anticipate a rise in customs tariffs (which would upset the Chinese stimulus scenario) and public spending, potentially leading to a return of inflation, and a rise in long-term interest rates, which at a certain level could potentially impact the equity markets, all against a backdrop of more earnings warnings than expected. Against this backdrop, the defensive nature of the silver age strategy would regain its appeal. Indeed, the healthcare sector, which was not a “safe haven” during the summer “air pocket”, could regain its defensive status after the US elections. At the same time, European insurers with a proactive policy of returning cash to shareholders continue to offer high rates of return (>10%).

Characteristics

General data

Inception date
29/09/2015
First Nav Date
22/12/2014
Currency
EUR
Show more
Valuation
Daily
Minimum initial investment
1 10/1000° share(s)/equity
Minimum additional investment
1 10/1000° share(s)/equity

Costs Composition

One-off costs upon entry or exit (Investment EUR 10,000)If you exit after 1 year
Entry costsThis 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 costsWe 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 costs1.95% of the value of your investment per year. This percentage is based on actual costs over the last year.€185.44
Transaction costs0.36% 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.€34.03
Incidental costs taken under specific conditions (Investment EUR 10,000)
Performance fees

15.00% annual outperformance of the reference asset 15% of the difference between the net assets of the Share Class and the Reference Asset. Performance indicator : MSCI World Net Return Index. ESMA methodology since 01/01/2022. 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.

€8.65

Codification

ISIN code
LU1291158233
Bloomberg code
CPRGSAA LX
Reuters code
LP68340806

Investment 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

LanguageDocumentsTypeClosing Date
HU
PDF
18/12/2025
EN
PDF
31/07/2025
PDF
07/05/2026
PDF
31/01/2026
HU
PDF
31/07/2026
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 investor Informations document (KIID) and the prospectus of the fund, as well as the annual and semi-annual reports are available free of charge on the website www.cpr-am.com and from the Representative or Paying Agents : Unicredit Bank Hungary ZRT., Szabadsag ter 5-6– Budapest 1054, Hungary