BFT MONETAIRE COURT TERME ISR CLIMAT - I (C) ISIN : FR0010232298
BFT MONETAIRE COURT TERME ISR CLIMAT - I (C)
Asset class: Money Market
YTD
As of 08/10/20262.15%
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 08/10/2026€14,775.8300
SFDR ClassificationSustainable Finance Disclosure Regulation
Art. 8
Fund AUM
As of 08/10/2026€2.13B
The investment objective is to outperform its benchmark, capitalized Eonia, an index representing the eurozone's money market rate, after deducting ongoing charges. To achieve this, the management team selects securities from public or private issuers, in euros or in foreign currencies. These securities will be deemed to be of high quality by the management team and in compliance with the management company's internal credit risk monitoring policy. Fund management may invest, but not exclusively or automatically, in securities issued by...
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NAV from 10/09/2016 to 10/08/2026
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Performance
Change in NAV in base 100
FundBFT MONETAIRE COURT TERME ISR CLIMAT - I (C) (9.28% 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
FundBFT MONETAIRE COURT TERME ISR CLIMAT - I (C) (9.28% 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: 30/09/2026September 2026 was marked by the return of major central banks to monetary tightening: within the space of a week, the ECB, the Fed, and the BoJ all raised their key interest rates by 25 bps, marking the first time these three central banks have acted in the same month. This move came against a backdrop of high energy prices. Indeed, the conflict between Iran and the United States intensified again at the beginning of the month, with attacks on both sides against ships near the Strait of Hormuz. Brent crude oil thus crossed the $100 mark again on September 9, for the first time since July, before easing slightly to end the month up 16% at $104.
The inflation indices published in September, covering the month of August, confirmed the divergence between the two sides of the Atlantic. In the euro area, headline inflation accelerated sharply to 3.2% from 2.9% in July, its highest level since September 2023, driven by a renewed acceleration in the energy component (+14.3% year-on-year). Core inflation, however, slowed slightly to 2.4%. In the United States, headline inflation (CPI) remained stable at 3.4% year-on-year, while core inflation fell to 2.4%, its lowest level since March 2021. Finally, August core PCE inflation came in at 3%, well below expectations, partly due to methodological revisions.
Activity indicators once again demonstrated the resilience of developed economies in the face of high energy prices. In the United States, the August employment report was a significant upside surprise, with 162,000 non-farm jobs created versus 53,000 expected and upward revisions for previous months, while the unemployment rate remained stable at 4.1%. Q2 GDP growth was also sharply revised upwards, to 2.2% quarter-on-quarter annualized from 1.5% previously. Similarly, the strength of the September PMI surveys (58.4 for the United States) made an impression and was interpreted as a sign that US growth was stronger than expected. In the euro area, the composite PMI rose for the fourth consecutive month, to 53.1 in September, its highest level since April 2023, with France notably returning to expansion territory for the first time in ten months. Meanwhile, China continues to stand out, as retail sales grew by only 0.4% year-on-year in August and investment continued to contract (-7.2% over the first eight months of the year), while industrial production remains resilient at 5.2%—but mainly driven by the technology sector and exports.
The ECB raised its key interest rates by 25 bps on September 10, increasing for the second time in three months, with the deposit rate brought to 2.50%. The Governing Council justified its decision by stating that inflation is expected to remain persistently above the 2% target. On September 16, the Fed unanimously raised the fed funds target range by 25 bps, to 3.75/4%, its first rate hike since 2023. Kevin Warsh presented this decision as the "removal of a dose of accommodation" rather than a tightening, while once again emphasizing that he did not intend to provide guidance on future moves. The "dots," i.e., the FOMC members' policy rate projections, indicate another rate hike by the end of the year. Finally, the BoJ raised its main policy rate by 25 bps, to 1.25%, its highest level since 1995.
As a result, bond yields rose sharply over the month, due to the combined effect of higher oil prices and monetary tightening. The US 10-year yield rose by about 50 bps over the month, ending around 5.28%, its highest level since 2007, while the 30-year yield exceeded 5.60%, a high since 2002. The German 10-year yield rose by about 25 bps, to 3.55%, after reaching its highest level since 2009.
€STR swap levels are up by 10 bps for the 3-month swap at 2.52% and by +27 bps for the 1-year swap at 2.98%.
Spreads for bank issuers on the NeuCP money market remained stable over the month. Spreads for French banks averaged ESTR +34 bps for one-year maturities and ESTR +24 bps for six-month maturities, stable compared to the previous month.
Issuance rates for Corporate issuers stand at +270 bps for 3-month maturities, a sharp increase over the month, representing an average spread vs 3-month ESTR Swap of +17.5 bps.
At the end of September, the fund shows an average life (WAL) of 71 days, up 2 days over the month. The fund's interest rate sensitivity (WAM) stands at 2 days, stable over the month.
Liquidity and Money Market UCITS represent 37.6% of the fund, a slight increase over the month. Exposure to bank issuers stands at 40.7%, down over the month, while exposure to Corporate issuers stands at 21.6%, up 2% over the month.
During the month, we invested €400 million, including €280 million in Financials and €120 million in Corporate issuers. The WAL of investments made during the month (excluding overnight) is 122 days, down compared to the previous month.
The fund's average ESG rating stands at C, above its investment universe after excluding the bottom 30% of issuers.
The inflation indices published in September, covering the month of August, confirmed the divergence between the two sides of the Atlantic. In the euro area, headline inflation accelerated sharply to 3.2% from 2.9% in July, its highest level since September 2023, driven by a renewed acceleration in the energy component (+14.3% year-on-year). Core inflation, however, slowed slightly to 2.4%. In the United States, headline inflation (CPI) remained stable at 3.4% year-on-year, while core inflation fell to 2.4%, its lowest level since March 2021. Finally, August core PCE inflation came in at 3%, well below expectations, partly due to methodological revisions.
Activity indicators once again demonstrated the resilience of developed economies in the face of high energy prices. In the United States, the August employment report was a significant upside surprise, with 162,000 non-farm jobs created versus 53,000 expected and upward revisions for previous months, while the unemployment rate remained stable at 4.1%. Q2 GDP growth was also sharply revised upwards, to 2.2% quarter-on-quarter annualized from 1.5% previously. Similarly, the strength of the September PMI surveys (58.4 for the United States) made an impression and was interpreted as a sign that US growth was stronger than expected. In the euro area, the composite PMI rose for the fourth consecutive month, to 53.1 in September, its highest level since April 2023, with France notably returning to expansion territory for the first time in ten months. Meanwhile, China continues to stand out, as retail sales grew by only 0.4% year-on-year in August and investment continued to contract (-7.2% over the first eight months of the year), while industrial production remains resilient at 5.2%—but mainly driven by the technology sector and exports.
The ECB raised its key interest rates by 25 bps on September 10, increasing for the second time in three months, with the deposit rate brought to 2.50%. The Governing Council justified its decision by stating that inflation is expected to remain persistently above the 2% target. On September 16, the Fed unanimously raised the fed funds target range by 25 bps, to 3.75/4%, its first rate hike since 2023. Kevin Warsh presented this decision as the "removal of a dose of accommodation" rather than a tightening, while once again emphasizing that he did not intend to provide guidance on future moves. The "dots," i.e., the FOMC members' policy rate projections, indicate another rate hike by the end of the year. Finally, the BoJ raised its main policy rate by 25 bps, to 1.25%, its highest level since 1995.
As a result, bond yields rose sharply over the month, due to the combined effect of higher oil prices and monetary tightening. The US 10-year yield rose by about 50 bps over the month, ending around 5.28%, its highest level since 2007, while the 30-year yield exceeded 5.60%, a high since 2002. The German 10-year yield rose by about 25 bps, to 3.55%, after reaching its highest level since 2009.
€STR swap levels are up by 10 bps for the 3-month swap at 2.52% and by +27 bps for the 1-year swap at 2.98%.
Spreads for bank issuers on the NeuCP money market remained stable over the month. Spreads for French banks averaged ESTR +34 bps for one-year maturities and ESTR +24 bps for six-month maturities, stable compared to the previous month.
Issuance rates for Corporate issuers stand at +270 bps for 3-month maturities, a sharp increase over the month, representing an average spread vs 3-month ESTR Swap of +17.5 bps.
At the end of September, the fund shows an average life (WAL) of 71 days, up 2 days over the month. The fund's interest rate sensitivity (WAM) stands at 2 days, stable over the month.
Liquidity and Money Market UCITS represent 37.6% of the fund, a slight increase over the month. Exposure to bank issuers stands at 40.7%, down over the month, while exposure to Corporate issuers stands at 21.6%, up 2% over the month.
During the month, we invested €400 million, including €280 million in Financials and €120 million in Corporate issuers. The WAL of investments made during the month (excluding overnight) is 122 days, down compared to the previous month.
The fund's average ESG rating stands at C, above its investment universe after excluding the bottom 30% of issuers.
Characteristics
General data
Inception date
27/11/2000First Nav Date
17/12/2000Currency
EURShow more
Valuation
DailyMinimum initial investment
10 share(s)Minimum 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 day | ||
| 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 | 0.09% of the value of your investment per year. This percentage is based on actual costs over the last year. | €0.02 | |
| Transaction costs | 0.02% 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. | €0.01 | |
| Incidental costs taken under specific conditions (Investment EUR 10,000) | |||
| Performance fees | 10.00% annual outperformance of the reference asset 100% ESTR CAPITALISE (OIS). 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
FR0010232298Bloomberg code
Reuters code
Investment Objective
The investment objective is to outperform its benchmark, capitalized Eonia, an index representing the eurozone's money market rate, after deducting ongoing charges. To achieve this, the management team selects securities from public or private issuers, in euros or in foreign currencies. These securities will be deemed to be of high quality by the management team and in compliance with the management company's internal credit risk monitoring policy. Fund management may invest, but not exclusively or automatically, in securities issued by private entities with one of the top two short-term ratings determined by each of the recognized rating agencies, or in securities with an investment grade rating issued by public entities. Securities in foreign currencies will be hedged against the currency risk.
Documents
| Language | Documents | Type | Closing Date |
|---|---|---|---|
NL | PDF | 26/05/2026 | |
EN | PDF | 31/03/2026 | |
PDF | 16/04/2026 | ||
PDF | 30/09/2025 | ||
PDF | 16/04/2026 | ||
EN | PDF | 16/05/2025 |
Sustainability-related disclosures
| Language | Documents | Type | Closing Date |
|---|---|---|---|
EN | PDF | 19/06/2025 |
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 the Amundi 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". Amundi 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 collective inestment scheme (UCITS) has been recognised for public marketing in the Netherlands by the Authority for The Financial Markets (AFM)
Nothing contained in this site constitutes a solicitation or offer by any member of the Amundi 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". Amundi 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 collective inestment scheme (UCITS) has been recognised for public marketing in the Netherlands by the Authority for The Financial Markets (AFM)