CPR Invest - MedTech - A EUR - Acc ISIN : LU2036816820

CPR Invest - MedTech - A EUR - Acc
Asset class: Equities

YTD
As of 26/08/2026
-10.59%

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 26/08/2026
€104.64

SFDR ClassificationSustainable Finance Disclosure Regulation
Art. 8

Fund AUM
As of 26/08/2026
$195.39M
The investment 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 the medical technology ecosystem, while integrating Environmental, Social and Governance (E, S, and G - or, when taken together, ESG) criteria in the investment process.

NAVs

NAV from 12/12/2019 to 08/26/2026
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Created with Highcharts 11.4.8CPR Invest - MedTech - A EUR - AccMay '20Jan '21Sep '21May '22Jan '23Sep '23May '24Jan '25Sep '25May '266080100120140160

Performance

Change in NAV in base 100
FundCPR Invest - MedTech - A EUR - Acc (4.64% over the period)
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Created with Highcharts 11.4.8CPR Invest - MedTech - A EUR - AccBenchmarkMay '20Jan '21Sep '21May '22Jan '23Sep '23May '24Jan '25Sep '25May '266080100120140160
FundCPR Invest - MedTech - A EUR - Acc (4.64% over the period)
Select period
Created with Highcharts 11.4.8CPR Invest - MedTech - A EUR - AccBenchmarkMay '20Jan '21Sep '21May '22Jan '23Sep '23May '24Jan '25Sep '25May '266080100120140160

Portfolio Analysis

Repartition 07/31/2026
Sector
Weight
Spread / Index
STRYKER CORPORATIONHealth Care9.68%0.41%
ABBOTT LABORATORIESHealth Care8.80%-0.11%
INTUITIVE SURGICAL INCHealth Care7.32%0.06%
MEDTRONIC PLCHealth Care6.13%-2.75%
EDWARDS LIFESCIENCES CORPHealth Care5.08%0.85%
BOSTON SCIENTIFIC CORPHealth Care4.45%0.77%
ALCON INC - CHFHealth Care4.39%0.35%
DEXCOM INCHealth Care4.30%0.97%
ESSILORLUXOTTICAHealth Care3.67%-0.51%
HOYA CORPHealth Care3.39%-0.63%

Management commentary

Effective date: 31/07/2026The portfolio rose by +4.28% over the month, compared to +4.37% for its benchmark index, resulting in a limited underperformance of -5 bps. The two-factor Brinson attribution highlights a positive sector allocation effect (+35 bps) fully offset by a negative selection effect (-40 bps). The month was dominated by the second quarter earnings season, which was generally positive, in a sector that nevertheless continues to lag the market since the start of the year (median performance of medical devices negative versus a sharply rising S&P 500). Tariff uncertainty related to the Section 232 investigation on medical devices and consumables continued to weigh on the stocks most exposed to imports. The currency effect was neutral: the euro ended almost unchanged against the dollar, around 1.145-1.15.

SEGMENT ANALYSIS
Dialysis/Blood (+21.8 bps, best contributor) – This segment posted the strongest growth in the portfolio (+18.6%) and was overweighted (6.2% vs 4.6%). DexCom was the almost exclusive driver, complemented by Insulet (+7.9%). The bet on continuous glucose monitoring paid off fully.
Orthopedics (+4.4 bps) – The only segment where selection was positive (+4.5% vs +4.2% for the index). Enovis (+39.9%) and Ottobock (+10.4%) offset the absence of Zimmer Biomet (+8.4%), which alone cost 8 bps.
Cardiology/Neurology (-10.3 bps) – The heaviest segment in the portfolio (24.7% vs 19.3%) but the most penalizing. The very strong contribution from AtriCure and Merit Medical was not enough to offset the underweight in Medtronic and the declines in Lantheus, Edwards, LivaNova (-3.2%) and iRhythm (-2.1%).
Imaging/Radiotherapy (-9.8 bps) and Consumables (-9.7 bps) – Two segments penalized by selection: Philips erased the good performance of Siemens Healthineers (+7.8%) and GE HealthCare (+5.6%), while the underweight in Becton Dickinson (+8.8%, 2.5% vs 4.5%) weighed on consumables.
Surgery (-9.3 bps) – Segment down 8.2%, dragged down by Intuitive Surgical and PROCEPT BioRobotics (-18.1%, against a backdrop of slowing Aquablation adoption, constrained hospital budgets, and a class action lawsuit). Coloplast (+15.3%) limited the damage. Selection was positive here (+10.8 bps), as the portfolio held up better than the index.
Diagnostics (-1.3 bps) and Non-invasive (-1.3 bps) – Almost neutral. Diagnostics posted the second-best absolute performance (+12.0%) thanks to Abbott and Thermo Fisher. In non-invasive, the marked underweight in ResMed (0.7% vs 3.4%) and the absence of Fisher & Paykel cost 13 bps, offset by Sonova (+13.5%) and the non-holdings of Cooper Companies and Medline.
More generally, off-benchmark bets on small and mid caps (AtriCure, Merit Medical, Thermo Fisher, Enovis) contributed nearly +90 bps of cumulative relative effect and demonstrate the added value of the broader universe; the overweight in DexCom and the underweight in HOYA (+5 bps) also paid off. Meanwhile, the portfolio remains structurally underexposed to the large defensive caps in the index (Medtronic, Abbott, Becton Dickinson, ResMed, Zimmer Biomet), a bias that cost about -55 bps in a month when these stocks reported strong results. Furthermore, high-volatility convictions work both ways: Lantheus and PROCEPT detracted 31 bps. Finally, it is worth noting the case of Edwards Lifesciences, whose 5.5% decline cannot be explained by the July 23 earnings release (results above expectations, raised guidance, target price upgrades at JPMorgan and Leerink): this discrepancy is more likely due to profit-taking than to a deterioration in fundamentals, which argues for maintaining the position.
 
After a sharp decline since the start of the year, medtech now presents an interesting paradox: valuations have contracted sharply, sometimes excessively, while operational fundamentals remain generally solid. This correction seems to reflect more a rotation by investors in favor of AI, a temporary questioning of the sector’s defensive nature, and increased market selectivity towards certain quality franchises, rather than a structural deterioration in demand. As a result, there are now more attractive entry points for several leaders, now valued at significant discounts to their historical levels, even as organic growth remains robust and product catalysts are still very much present. Fundamentally, the sector continues to benefit from resilient procedure volumes, supported by demographic aging, innovation, and the gradual shift to outpatient care. On the other hand, hospitals remain cautious in their equipment spending, due to staffing constraints and stricter budgetary trade-offs. In this context, solutions with high return on investment, minimally invasive devices, and platforms capable of gaining market share in alternative care sites retain a clear competitive advantage. A true trend reversal, however, would require investors to be convinced that the guidance revisions seen this quarter represent a low point, and that the next earnings season will open the way to a more favorable beat-and-raise sequence. Added to this is an innovation cycle that is gradually regaining visibility after being disrupted by covid, while the main risks remain well identified: persistently high rates, pricing pressures, regulatory uncertainties, reimbursement issues, and potential trade tensions.

Characteristics

General data

Inception date
12/12/2019
First Nav Date
12/12/2019
Currency
EUR
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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 costs1.94% of the value of your investment per year. This percentage is based on actual costs over the last year.€184.68
Transaction costs0.20% 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.€19.09
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 Health Care Equipment and Supplies 10/40 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.

€6.94

Codification

ISIN code
LU2036816820
Bloomberg code
CPRMAEA LX
Reuters code

Investment Objective

The investment 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 the medical technology ecosystem, while integrating Environmental, Social and Governance (E, S, and G - or, when taken together, ESG) criteria in the investment process.

Documents

LanguageDocumentsTypeClosing Date
RO
PDF
18/12/2025
EN
PDF
31/07/2025
PDF
07/05/2026
PDF
31/01/2026
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 : CACEIS Bank France 1-3, place Valhubert 75013 Paris