CPR Invest - Silver Age - I EUR - Acc ISIN : LU1103787187
CPR Invest - Silver Age - I EUR - Acc
I(C) - LU1103787187
Asset class: Equities
YTD
As of 07/10/20260.65%
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 07/10/2026€188,330.00
SFDR ClassificationSustainable Finance Disclosure Regulation
Art. 8
Fund AUM
As of 07/10/2026€112.26M
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 10/10/2016 to 10/07/2026
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Performance
Change in NAV in base 100
FundCPR Invest - Silver Age - I EUR - Acc (67.34% over the period)
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*All performance figures are calculated in your selected currency based NAV to NAV with gross income accumulated.
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.
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 - I EUR - Acc (67.34% over the period)
Select period
*All performance figures are calculated in your selected currency based NAV to NAV with gross income accumulated.
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.
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: 30/09/2026Market Overview
European markets declined in September, with the STOXX 600 down -2.48%, bringing its YTD performance to 7.2%. The month was dominated by a renewed escalation of tensions in the Middle East, soaring energy prices, and a marked tightening of rates. The conflict intensified in Hormuz, with new strikes between Washington and Tehran, before spreading to Bab el-Mandeb, where the Houthis strengthened their grip and targeted Saudi oil facilities in Yanbu. Despite a partial recovery in oil flows at the end of the month, refined product exports remained heavily disrupted. In this context, Brent rose by 6.48% to $98.03 and WTI by 5.43% to $90.42. Inflationary pressures simultaneously pushed the US 10Y Treasury to 5.23%, its highest level since 2007, while the OAT-Bund spread exceeded 120 bps during the session, compared to around 80 bps at the end of August, reflecting a sharp increase in the risk premium demanded on French debt.
On the macroeconomic front, the energy shock revived inflationary pressures without undermining the growth dynamic, prompting major central banks to continue their monetary tightening. The ECB raised its deposit rate by 25 bps to 2.50%, while the Fed raised the Fed funds target range to 3.75%-4.00% and continued to signal a restrictive bias. The BoJ also raised its rate by 25 bps to 1.25%, its highest level since 1995, while the BoE kept its rate at 3.75%, with three members in favor of a hike. PMIs remain solid: the eurozone composite reached 53.1, its highest level since April 2023, while the US composite jumped to 58.4, a more than five-year high. Conversely, the UK showed signs of slowing, with its composite PMI falling back to 51.7. Price pressures are also spreading to European economies: French harmonized inflation accelerated to +3.4%, versus +3.1% expected. This combination of resilient growth and persistent inflation has reinforced expectations of high rates for a prolonged period, weighing on valuations.
At the sector level, energy (+2.8%) and technology (+2.0%) were the only sectors to end the month in positive territory. Energy benefited from rising oil prices and ongoing disruptions in Hormuz and Bab el-Mandeb. Frontline (+15.7%), an oil transport player, indirectly benefited from these disruptions, which reduced vessel availability and supported freight rates. Technology was supported by structural demand for semiconductors and AI infrastructure, with Soitec (+35.7%) largely driving sector performance after raising its revenue growth target for Q2 2027 to around +50%.
Conversely, automobiles (-8.1%) lagged behind, penalized by deteriorating outlooks for Volkswagen and Porsche, against a backdrop of ever-intensifying Chinese competition in Europe. Volkswagen now targets a 2026 margin of 1% at most, after around €10bn in exceptional charges. Financial services (-7.1%) suffered from rising yields and, for online brokers, concerns related to the rise of AI agents. Real estate (-7.2%) was hit by more expensive credit, while commodities (-6.7%) were penalized by the correction in precious metals.
Portfolio Movements and Performance Analysis
Over the period from August 31 to September 30, 2026, CPR Silver Age posted a gross performance of -2.62%, compared to -2.40% for the MSCI Europe, representing an underperformance of 22 basis points. This resulted from a clearly negative allocation effect of -187 basis points, three-quarters offset by a selection effect of +165 basis points. This configuration, similar to that of August, confirms a now recurring reading of the portfolio: the fund’s thematic bias, which structurally excludes it from the large technology, energy, and banking caps of the MSCI Europe, continues to cost in allocation, while the positive result of stock-picking within the selected themes significantly limits the impact.
Allocation Effect and Positions Outside the Investment Universe
The lack of exposure outside the investment universe cost 64 basis points of relative performance. This net balance, seemingly contained, covers two opposing forces of significant magnitude: the favorable component covers 162 stocks and totals +122 basis points, while the unfavorable component concerns 122 stocks for a total of -186 basis points. On the favorable side, the fund benefited from its lack of exposure to the broad decline in European defense stocks — Rheinmetall, down 13.90%, alone contributed +5 basis points — as well as Deutsche Telekom (-8.00%; +4 bps), Experian (-18.86%; +4 bps), Rio Tinto (-7.30%; +4 bps), and Barclays (-7.68%; +3 bps). Conversely, the unfavorable component is dominated by a single line: ASML, up 9.99% after another upward revision of its 2026 outlook driven by demand for lithography equipment linked to artificial intelligence, alone cost the fund 57 basis points — more than the net cost of the entire out-of-universe pocket. Shell (+6.95%; -17 bps) and BP (+7.0%; -7 bps), supported by firm oil prices, Nebius (+16.9%; -6 bps), an AI infrastructure stock, and Iberdrola (+2.6%; -5 bps) complete this ranking. Thus, excluding ASML, all positions outside the investment universe would have contributed positively to the fund’s relative performance — a reminder of the portfolio’s structural vulnerability to any rotation in favor of large technology caps.
Sector Analysis Within the Investment Universe
Main Positive Contributors to Relative Performance
Pharmaceuticals. The sector ranks as the top contributor to relative performance, with a total effect of +29 basis points, resulting from a slightly negative allocation effect of -6 basis points, dominated by a selection effect of +35 basis points. With an average weight of 26.20%, compared to 11.25% in the index, the overweight remains significant, but the sector limited its decline to -1.42%, versus -2.77% for the index segment — confirming the traditionally defensive role played by pharmaceuticals during rate shock phases. AstraZeneca emerged as the main contributor, with a rise of 2.80% and a contribution of +14 basis points: the stock continued its recovery after the drop following the Wainua failure that penalized it until August, a movement reinforced at the end of the month by the September 29 announcement of a $2 billion strategic investment in Summit Therapeutics for the development of ivonescimab in oncology. Genmab continued its momentum from previous months (+10.41%; +8 bps), while the fund’s position in Sandoz rose by 3.24% for a contribution of +6 basis points. The main discordant note of the month came from Novo Nordisk, whose September 24 investor day disappointed due to the lack of precise growth targets and confirmation of delays compared to Eli Lilly, resulting in a 13.41% drop over the period; however, the fund’s structural underweight in this stock turned this setback into a positive contribution of +7 basis points.
Pension Savings Managers. The sector ranks as the second contributor, with a total effect of +21 basis points, broken down into a clearly negative allocation effect of -61 basis points and a selection effect of +82 basis points. With an average weight of 32.95%, compared to 7.74% in the index, the overweight was penalized by a marked sector decline (-4.76% for the index segment), but the portfolio limited its drop to -2.29% thanks to particularly distinctive stock selection. The September rate shock indeed hit financial stocks very unevenly: large multi-line insurers, more exposed to market risk on their bond portfolios and to credit risk fears (which also weighed on banks) after Bank of America’s warning, significantly underperformed, while pure retirement and savings players, less directly exposed to this risk, fared better or even rose. ING Groep emerged as the portfolio’s top contributor across all lines, with a rise of 3.28% and a contribution of +20 basis points, driven by a share buyback program nearing completion and a continued positive earnings trend. Man Group stood out with a jump of 7.01% for +13 basis points. The absence of UBS, down 9.96%, completed the main positive contributions (+9 bps). Conversely, Allianz was the sector’s main detractor (-7.65%; -16 bps), dragged down by the same generalized distrust of the bond balance sheets of large financial groups; Prudential (-7.71%; -8 bps), FinecoBank (-6.70%; -7 bps), and St. James's Place (-10.15%; -6 bps) completed this ranking.
Main Detractors from Relative Performance
Leisure. The sector was the main detractor for the period, with a total effect of -30 basis points, broken down into a strongly negative allocation effect of -66 basis points and a positive selection effect of +37 basis points. The portfolio maintained an average weight of 12.00%, compared to 2.65% in the index, for a decline of 6.29%, compared to -9.23% for the index segment: stock selection thus clearly outperformed, but was not enough to offset the cost of a structural overweight in a segment doubly penalized by the persistently high oil price — Brent and WTI trading above $100 for much of the month — and by the continued deterioration in sentiment on Chinese demand for luxury goods. LVMH was the main detractor, with a drop of 13.96% costing the fund 15 basis points, in a move that took the stock to multi-year lows amid persistent weakness in the Chinese market. Richemont followed (-11 bps), penalized despite reporting 20% sales growth in the first quarter, a solid result that the market chose to ignore in a deteriorated sector climate — a further illustration of multiple compression rather than a questioning of fundamentals. Amadeus (-10.99%; -9 bps) and Brunello Cucinelli (-7.52%; -9 bps) completed the main negative contributions. Among the sector’s few bright spots, the out-of-index position in Carnival (+5.05%; +6 bps) and the lack of exposure to Hermès (-15.46%; +6 bps) partially offset the overall cost.
HPC (hygiene, beauty, food). The sector was the second detractor, with a total effect limited to -8 basis points, broken down into a nearly neutral allocation effect (-1 bp) and a selection effect of -7 basis points. This decline should be put into perspective: it is almost entirely attributable to a single line, Glanbia, whose stock fell 11.25% after a profit warning announcing the sale of its SlimFast brand, costing 7 basis points — a clearly idiosyncratic event rather than a sign of generalized sector weakness. Danone completed this ranking with a drop of 8.68% costing 5 basis points, while the underweight in Nestlé (-4.56% in the index) provided a positive contribution of 2 basis points, thus limiting the sector’s net cost.
Portfolio Movements
The trades carried out during the month were limited in scope. At the very start of the period, the fund continued to reduce its French positions begun in August, taking advantage of each favorable market window, in a still uncertain political and budgetary climate. Within healthcare, the reduction in Novartis continued, with the freed-up capital being partially redeployed to other pharmaceutical stocks deemed more promising. Finally, a further reduction in the LVMH position allowed for an increase in Schneider Electric within the robotics pocket, extending the rebalancing already initiated in previous months between French stocks with political risk and themes considered more resilient.
Risk Profile
The fund’s beta rose to 0.97, while tracking error decreased slightly to 5.29%. The breakdown of TE changed slightly compared to the previous month. The share of selection risk remained stable at 33% of total active risk. Sector risk increased slightly, to 53%. The balance, or about 14%, is attributable to other components, notably currency risk (3%) and style risk (10%).
Thematic Outlook
Unlike September, October’s monetary calendar is only tight at the end of the month: the Federal Reserve will meet on October 27 and 28, closely followed by the European Central Bank on October 29, with no major deadlines before then. This window will allow markets to focus on inflation releases and the ongoing French budget standoff. The favorable scenario would be based on a stabilization of long-term yields, which would mechanically relieve long-duration growth stocks that dominate the fund’s exposure outside financials; the unfavorable scenario would see, conversely, a continuation of the upward repricing of rates that weighed on September, with renewed contagion risk to the portfolio’s large financial stocks.
On the microeconomic front, October marks the start of the third-quarter earnings season, with a series of releases crucial for the fund’s convictions. LVMH is expected to report its third-quarter sales in mid-October — an important test of whether or not Chinese demand is stabilizing. Allianz and ING will report their quarterly results in November; until then, the momentum of ING’s share buyback and the continuation, or not, of distrust towards large insurers will remain the main points of attention in the financial pocket. Finally, the ability of Argenx and Genmab to extend their respective clinical catalysts, as well as the monitoring of the commercial momentum of Ivonescimab at AstraZeneca and Summit Therapeutics, will determine the repeatability of the positive contribution from pharmaceuticals.
In light of these prospects, the sector structure of the portfolio calls for a differentiated reading. Pharmaceuticals, the top contributor of the month, show a balanced profile between allocation and selection, which should, however, be put into perspective: a significant part of September’s positive contribution came from an avoided accident, namely the underweight in Novo Nordisk ahead of a disappointing investor day. Asset managers offer a more structural signal: the resilience of pure retirement players in the face of the correction in large insurers reinforces the fund’s conviction on this sub-segment, which should continue to benefit from a persistently higher rate environment as long as credit fears do not extend to this pocket. Leisure remains, conversely, the main point of vigilance: the double exposure to oil and Chinese luxury demand proved cumulative in September, and nothing in October’s outlook — neither for oil nor for Chinese sentiment — suggests an imminent reversal. Finally, the 57 basis point cost linked to the sole absence of ASML is a further reminder of the fund’s structural vulnerability to any continuation of the artificial intelligence rally. All in all, the fund is weathering this new rate shock in a configuration largely similar to that of August, without the underlying thematic thesis being called into question.
European markets declined in September, with the STOXX 600 down -2.48%, bringing its YTD performance to 7.2%. The month was dominated by a renewed escalation of tensions in the Middle East, soaring energy prices, and a marked tightening of rates. The conflict intensified in Hormuz, with new strikes between Washington and Tehran, before spreading to Bab el-Mandeb, where the Houthis strengthened their grip and targeted Saudi oil facilities in Yanbu. Despite a partial recovery in oil flows at the end of the month, refined product exports remained heavily disrupted. In this context, Brent rose by 6.48% to $98.03 and WTI by 5.43% to $90.42. Inflationary pressures simultaneously pushed the US 10Y Treasury to 5.23%, its highest level since 2007, while the OAT-Bund spread exceeded 120 bps during the session, compared to around 80 bps at the end of August, reflecting a sharp increase in the risk premium demanded on French debt.
On the macroeconomic front, the energy shock revived inflationary pressures without undermining the growth dynamic, prompting major central banks to continue their monetary tightening. The ECB raised its deposit rate by 25 bps to 2.50%, while the Fed raised the Fed funds target range to 3.75%-4.00% and continued to signal a restrictive bias. The BoJ also raised its rate by 25 bps to 1.25%, its highest level since 1995, while the BoE kept its rate at 3.75%, with three members in favor of a hike. PMIs remain solid: the eurozone composite reached 53.1, its highest level since April 2023, while the US composite jumped to 58.4, a more than five-year high. Conversely, the UK showed signs of slowing, with its composite PMI falling back to 51.7. Price pressures are also spreading to European economies: French harmonized inflation accelerated to +3.4%, versus +3.1% expected. This combination of resilient growth and persistent inflation has reinforced expectations of high rates for a prolonged period, weighing on valuations.
At the sector level, energy (+2.8%) and technology (+2.0%) were the only sectors to end the month in positive territory. Energy benefited from rising oil prices and ongoing disruptions in Hormuz and Bab el-Mandeb. Frontline (+15.7%), an oil transport player, indirectly benefited from these disruptions, which reduced vessel availability and supported freight rates. Technology was supported by structural demand for semiconductors and AI infrastructure, with Soitec (+35.7%) largely driving sector performance after raising its revenue growth target for Q2 2027 to around +50%.
Conversely, automobiles (-8.1%) lagged behind, penalized by deteriorating outlooks for Volkswagen and Porsche, against a backdrop of ever-intensifying Chinese competition in Europe. Volkswagen now targets a 2026 margin of 1% at most, after around €10bn in exceptional charges. Financial services (-7.1%) suffered from rising yields and, for online brokers, concerns related to the rise of AI agents. Real estate (-7.2%) was hit by more expensive credit, while commodities (-6.7%) were penalized by the correction in precious metals.
Portfolio Movements and Performance Analysis
Over the period from August 31 to September 30, 2026, CPR Silver Age posted a gross performance of -2.62%, compared to -2.40% for the MSCI Europe, representing an underperformance of 22 basis points. This resulted from a clearly negative allocation effect of -187 basis points, three-quarters offset by a selection effect of +165 basis points. This configuration, similar to that of August, confirms a now recurring reading of the portfolio: the fund’s thematic bias, which structurally excludes it from the large technology, energy, and banking caps of the MSCI Europe, continues to cost in allocation, while the positive result of stock-picking within the selected themes significantly limits the impact.
Allocation Effect and Positions Outside the Investment Universe
The lack of exposure outside the investment universe cost 64 basis points of relative performance. This net balance, seemingly contained, covers two opposing forces of significant magnitude: the favorable component covers 162 stocks and totals +122 basis points, while the unfavorable component concerns 122 stocks for a total of -186 basis points. On the favorable side, the fund benefited from its lack of exposure to the broad decline in European defense stocks — Rheinmetall, down 13.90%, alone contributed +5 basis points — as well as Deutsche Telekom (-8.00%; +4 bps), Experian (-18.86%; +4 bps), Rio Tinto (-7.30%; +4 bps), and Barclays (-7.68%; +3 bps). Conversely, the unfavorable component is dominated by a single line: ASML, up 9.99% after another upward revision of its 2026 outlook driven by demand for lithography equipment linked to artificial intelligence, alone cost the fund 57 basis points — more than the net cost of the entire out-of-universe pocket. Shell (+6.95%; -17 bps) and BP (+7.0%; -7 bps), supported by firm oil prices, Nebius (+16.9%; -6 bps), an AI infrastructure stock, and Iberdrola (+2.6%; -5 bps) complete this ranking. Thus, excluding ASML, all positions outside the investment universe would have contributed positively to the fund’s relative performance — a reminder of the portfolio’s structural vulnerability to any rotation in favor of large technology caps.
Sector Analysis Within the Investment Universe
Main Positive Contributors to Relative Performance
Pharmaceuticals. The sector ranks as the top contributor to relative performance, with a total effect of +29 basis points, resulting from a slightly negative allocation effect of -6 basis points, dominated by a selection effect of +35 basis points. With an average weight of 26.20%, compared to 11.25% in the index, the overweight remains significant, but the sector limited its decline to -1.42%, versus -2.77% for the index segment — confirming the traditionally defensive role played by pharmaceuticals during rate shock phases. AstraZeneca emerged as the main contributor, with a rise of 2.80% and a contribution of +14 basis points: the stock continued its recovery after the drop following the Wainua failure that penalized it until August, a movement reinforced at the end of the month by the September 29 announcement of a $2 billion strategic investment in Summit Therapeutics for the development of ivonescimab in oncology. Genmab continued its momentum from previous months (+10.41%; +8 bps), while the fund’s position in Sandoz rose by 3.24% for a contribution of +6 basis points. The main discordant note of the month came from Novo Nordisk, whose September 24 investor day disappointed due to the lack of precise growth targets and confirmation of delays compared to Eli Lilly, resulting in a 13.41% drop over the period; however, the fund’s structural underweight in this stock turned this setback into a positive contribution of +7 basis points.
Pension Savings Managers. The sector ranks as the second contributor, with a total effect of +21 basis points, broken down into a clearly negative allocation effect of -61 basis points and a selection effect of +82 basis points. With an average weight of 32.95%, compared to 7.74% in the index, the overweight was penalized by a marked sector decline (-4.76% for the index segment), but the portfolio limited its drop to -2.29% thanks to particularly distinctive stock selection. The September rate shock indeed hit financial stocks very unevenly: large multi-line insurers, more exposed to market risk on their bond portfolios and to credit risk fears (which also weighed on banks) after Bank of America’s warning, significantly underperformed, while pure retirement and savings players, less directly exposed to this risk, fared better or even rose. ING Groep emerged as the portfolio’s top contributor across all lines, with a rise of 3.28% and a contribution of +20 basis points, driven by a share buyback program nearing completion and a continued positive earnings trend. Man Group stood out with a jump of 7.01% for +13 basis points. The absence of UBS, down 9.96%, completed the main positive contributions (+9 bps). Conversely, Allianz was the sector’s main detractor (-7.65%; -16 bps), dragged down by the same generalized distrust of the bond balance sheets of large financial groups; Prudential (-7.71%; -8 bps), FinecoBank (-6.70%; -7 bps), and St. James's Place (-10.15%; -6 bps) completed this ranking.
Main Detractors from Relative Performance
Leisure. The sector was the main detractor for the period, with a total effect of -30 basis points, broken down into a strongly negative allocation effect of -66 basis points and a positive selection effect of +37 basis points. The portfolio maintained an average weight of 12.00%, compared to 2.65% in the index, for a decline of 6.29%, compared to -9.23% for the index segment: stock selection thus clearly outperformed, but was not enough to offset the cost of a structural overweight in a segment doubly penalized by the persistently high oil price — Brent and WTI trading above $100 for much of the month — and by the continued deterioration in sentiment on Chinese demand for luxury goods. LVMH was the main detractor, with a drop of 13.96% costing the fund 15 basis points, in a move that took the stock to multi-year lows amid persistent weakness in the Chinese market. Richemont followed (-11 bps), penalized despite reporting 20% sales growth in the first quarter, a solid result that the market chose to ignore in a deteriorated sector climate — a further illustration of multiple compression rather than a questioning of fundamentals. Amadeus (-10.99%; -9 bps) and Brunello Cucinelli (-7.52%; -9 bps) completed the main negative contributions. Among the sector’s few bright spots, the out-of-index position in Carnival (+5.05%; +6 bps) and the lack of exposure to Hermès (-15.46%; +6 bps) partially offset the overall cost.
HPC (hygiene, beauty, food). The sector was the second detractor, with a total effect limited to -8 basis points, broken down into a nearly neutral allocation effect (-1 bp) and a selection effect of -7 basis points. This decline should be put into perspective: it is almost entirely attributable to a single line, Glanbia, whose stock fell 11.25% after a profit warning announcing the sale of its SlimFast brand, costing 7 basis points — a clearly idiosyncratic event rather than a sign of generalized sector weakness. Danone completed this ranking with a drop of 8.68% costing 5 basis points, while the underweight in Nestlé (-4.56% in the index) provided a positive contribution of 2 basis points, thus limiting the sector’s net cost.
Portfolio Movements
The trades carried out during the month were limited in scope. At the very start of the period, the fund continued to reduce its French positions begun in August, taking advantage of each favorable market window, in a still uncertain political and budgetary climate. Within healthcare, the reduction in Novartis continued, with the freed-up capital being partially redeployed to other pharmaceutical stocks deemed more promising. Finally, a further reduction in the LVMH position allowed for an increase in Schneider Electric within the robotics pocket, extending the rebalancing already initiated in previous months between French stocks with political risk and themes considered more resilient.
Risk Profile
The fund’s beta rose to 0.97, while tracking error decreased slightly to 5.29%. The breakdown of TE changed slightly compared to the previous month. The share of selection risk remained stable at 33% of total active risk. Sector risk increased slightly, to 53%. The balance, or about 14%, is attributable to other components, notably currency risk (3%) and style risk (10%).
Thematic Outlook
Unlike September, October’s monetary calendar is only tight at the end of the month: the Federal Reserve will meet on October 27 and 28, closely followed by the European Central Bank on October 29, with no major deadlines before then. This window will allow markets to focus on inflation releases and the ongoing French budget standoff. The favorable scenario would be based on a stabilization of long-term yields, which would mechanically relieve long-duration growth stocks that dominate the fund’s exposure outside financials; the unfavorable scenario would see, conversely, a continuation of the upward repricing of rates that weighed on September, with renewed contagion risk to the portfolio’s large financial stocks.
On the microeconomic front, October marks the start of the third-quarter earnings season, with a series of releases crucial for the fund’s convictions. LVMH is expected to report its third-quarter sales in mid-October — an important test of whether or not Chinese demand is stabilizing. Allianz and ING will report their quarterly results in November; until then, the momentum of ING’s share buyback and the continuation, or not, of distrust towards large insurers will remain the main points of attention in the financial pocket. Finally, the ability of Argenx and Genmab to extend their respective clinical catalysts, as well as the monitoring of the commercial momentum of Ivonescimab at AstraZeneca and Summit Therapeutics, will determine the repeatability of the positive contribution from pharmaceuticals.
In light of these prospects, the sector structure of the portfolio calls for a differentiated reading. Pharmaceuticals, the top contributor of the month, show a balanced profile between allocation and selection, which should, however, be put into perspective: a significant part of September’s positive contribution came from an avoided accident, namely the underweight in Novo Nordisk ahead of a disappointing investor day. Asset managers offer a more structural signal: the resilience of pure retirement players in the face of the correction in large insurers reinforces the fund’s conviction on this sub-segment, which should continue to benefit from a persistently higher rate environment as long as credit fears do not extend to this pocket. Leisure remains, conversely, the main point of vigilance: the double exposure to oil and Chinese luxury demand proved cumulative in September, and nothing in October’s outlook — neither for oil nor for Chinese sentiment — suggests an imminent reversal. Finally, the 57 basis point cost linked to the sole absence of ASML is a further reminder of the fund’s structural vulnerability to any continuation of the artificial intelligence rally. All in all, the fund is weathering this new rate shock in a configuration largely similar to that of August, without the underlying 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
100000 eurosMinimum 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 | 1.28% of the value of your investment per year. This percentage is based on actual costs over the last year. | €121.20 | |
| 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
LU1103787187Bloomberg code
CPRSAIC LXReuters code
LP68277369Investment 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 |
|---|---|---|---|
EN | PDF | 01/09/2026 | |
PDF | 31/07/2025 | ||
PDF | 25/06/2026 | ||
PDF | 31/01/2026 | ||
EN | PDF | 26/10/2016 |
Sustainability-related disclosures
| Language | Documents | Type | Closing Date |
|---|---|---|---|
EN | PDF | 01/01/2025 | |
PDF | 03/08/2026 |
The net asset value (NAV) price is the value of one unit of the Fund as of the date listed. The NAV does not take into account any sales charges that may apply when shares are purchased or redeemed.
The prospectuses for the above Authorised Funds are available and may be obtained from the Manager or its authorised distributors. Investors should read the relevant prospectus before deciding to invest in the Funds. All applications for the Funds must be made on application forms accompanying the prospectus.
Past performance and any forecasts made are not indicative of future performance of the Funds. The information on this website is intended for general circulation without taking into account the specific investment objectives, financial situation or particular needs of any particular investor. An investor may wish to seek advice from a financial adviser regarding the suitability of any of the Funds before making a commitment to purchase units in the Funds. In the event an investor chooses not to do so, the investor should consider whether the Funds are suitable for him. For Funds that make payouts, the payouts are neither guaranteed nor assured unless specifically stated in the prospectus of the relevant fund. The Manager has the sole discretion to determine whether a payout is to be made and the rate and/or frequency of distribution.
Investments in the Funds are subject to investment risks, including the possible loss of the principal amount invested. Value of the units in the Funds and the income accruing to the units, if any, may fall or rise. Investors should read the Prospectus before making an investment decision.
The prospectuses for the above Authorised Funds are available and may be obtained from the Manager or its authorised distributors. Investors should read the relevant prospectus before deciding to invest in the Funds. All applications for the Funds must be made on application forms accompanying the prospectus.
Past performance and any forecasts made are not indicative of future performance of the Funds. The information on this website is intended for general circulation without taking into account the specific investment objectives, financial situation or particular needs of any particular investor. An investor may wish to seek advice from a financial adviser regarding the suitability of any of the Funds before making a commitment to purchase units in the Funds. In the event an investor chooses not to do so, the investor should consider whether the Funds are suitable for him. For Funds that make payouts, the payouts are neither guaranteed nor assured unless specifically stated in the prospectus of the relevant fund. The Manager has the sole discretion to determine whether a payout is to be made and the rate and/or frequency of distribution.
Investments in the Funds are subject to investment risks, including the possible loss of the principal amount invested. Value of the units in the Funds and the income accruing to the units, if any, may fall or rise. Investors should read the Prospectus before making an investment decision.