CPR Invest - Global Resources - O USD - Acc ISIN : LU1989770984

CPR Invest - Global Resources - O USD - Acc
O USD(C) - LU1989770984
Asset class: Equities
YTD
As of 23/07/2024
2.38%
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 23/07/2024
$143,754.33
SFDR ClassificationSustainable Finance Disclosure Regulation
Art. 8
Fund AUM
As of 23/07/2024
-
The Compartment's objective is to outperform (after applicable fees) over a long-term period (minimum 5 years), the S&P Global Natural Resources Index by investing in international equities mainly involved in the energy, gold and materials activities.

NAVs

NAV from 10/16/2020 to 07/23/2024
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Created with Highcharts 11.4.8CPR Invest - Global Resources - O USD - AccJan '21Apr '21Jul '21Oct '21Jan '22Apr '22Jul '22Oct '22Jan '23Apr '23Jul '23Oct '23Jan '24Apr '24Jul '2480K100K120K140K160K

Performance

Change in NAV in base 100
FundCPR Invest - Global Resources - O USD - Acc (52.96% over the period)
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Created with Highcharts 11.4.8ABCPR Invest - Global Resources - O USD - AccBenchmarkMay '18Jan '19Sep '19May '20Jan '21Sep '21May '22Jan '23Sep '23May '245075100125150175200
A. Simulation based on the performance from inception to Oct 15, 2020 of AF - CPR Global Resources - OU (C) absorbed by CPR Invest - Global Resources - O USD - Acc on Oct 16, 2020. CPR Invest - Global Resources - O USD - Acc has adopted a fee structure with a total ongoing charges higher by more 0,15% than those of AF - CPR Global Resources - OU (C) estimated at the merger date Oct 16, 2020.B. Performance of CPR Invest - Global Resources - O USD - Acc since its launch date.Performance published and achieved before the date of the change corresponds to a different strategy from the current one.
*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.
Change in NAV in base 100Rolling performancesYear-on-year return (365 days)Annual returnsRisk indicatorsPerformances Scenarios
FundCPR Invest - Global Resources - O USD - Acc (52.96% over the period)
Select period
Created with Highcharts 11.4.8ABCPR Invest - Global Resources - O USD - AccBenchmarkMay '18Jan '19Sep '19May '20Jan '21Sep '21May '22Jan '23Sep '23May '245075100125150175200
A. Simulation based on the performance from inception to Oct 15, 2020 of AF - CPR Global Resources - OU (C) absorbed by CPR Invest - Global Resources - O USD - Acc on Oct 16, 2020. CPR Invest - Global Resources - O USD - Acc has adopted a fee structure with a total ongoing charges higher by more 0,15% than those of AF - CPR Global Resources - OU (C) estimated at the merger date Oct 16, 2020.B. Performance of CPR Invest - Global Resources - O USD - Acc since its launch date.Performance published and achieved before the date of the change corresponds to a different strategy from the current one.
*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.

Portfolio Analysis

Repartition 09/30/2026
Main Lines in Portfolio (Source: Amundi)Geographical breakdown (Source: Amundi)Currency
Sector
Weight
Spread / Index
SHELL PLC GBPEnergy5.98%0.96%
EXXONMOBIL HOLDINGS CORPEnergy5.93%1.18%
NUTRIEN LTDMaterials5.00%-0.10%
TOTALENERGIES SE PARISEnergy4.88%1.38%
CHEVRON CORPEnergy3.63%0.91%
FREEPORT-MCMORAN INCMaterials3.07%0.67%
UPM-KYMMENE OYJMaterials2.52%-0.72%
AGNICO EAG MINES-USDMaterials2.40%0.18%
CORTEVA INCMaterials2.27%-0.20%
NEWMONT CORP USDMaterials2.22%-0.72%

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 basis points, which is a first for these three central banks in the same month. This move occurred in a context 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.

The materials sector faced several simultaneous headwinds. Gold fell sharply as there was a significant rise in the US 10-year real interest rates of almost 50 basis points and a 2% appreciation of the US dollar against major currencies. Gold producers were heavily sold in September. Copper experienced a volatile month: prices reached a record high at the beginning of the month due to tight supply and tariff expectations, which supported copper stocks, but then fell sharply on September 10 after Reuters reported that the White House had blocked tariffs on refined copper due to concerns about affordability. Lithium stocks were the most affected subsector, penalized by persistent concerns of oversupply and declining political support in China. Fertilizer stocks were impacted by Trump's announcement of a potential potash deal with Belarus.

The energy sector was divided between refiners and upstream/oilfield services. Retail diesel prices in the United States climbed to record levels above $6.50 per gallon, driven by the ongoing war between the United States and Iran disrupting flows through the Strait of Hormuz and Ukrainian strikes on Russian refineries. This created a strong tailwind for refining margins — the ultra-low sulfur diesel margin reportedly reached about $106 per barrel — which significantly boosted profits and refining stocks until mid-month. However, the rally stopped in the last two weeks, with reports that the Trump administration was preparing a 90-day diesel export ban, triggering massive one-day sell-offs in refiner stocks. Oilfield services and the uranium/nuclear sectors significantly underperformed. Companies exposed to LNG benefited from the energy supply shock, with Shell's final investment decision (FID) on phase 2 of the LNG Canada project (doubling capacity to 28 mtpa) providing a catalyst at the end of the month.

In this environment, the natural resources theme posted a significantly negative performance, far worse than global equities. While the energy sector proved the most resilient, metals and mining were particularly affected. The agriculture sector ranked in the middle of the pack.

In this context, the fund recorded a markedly negative performance, underperforming its benchmark index. Materials were the main detractor from performance, notably through metals and mining including gold miners (Kinross Gold, Agnico Eagle), diversified miners (Solaris Resources, Nouveau Monde Graphite), lithium producers (Standard Lithium, Albemarle), and aluminum (Alcoa). The underexposure to the paper and wood industry, which proved more defensive, was also penalizing. The energy sector also contributed negatively through uranium (Cameco Corp, Nexgen Energy) and the overweight in oilfield services. Conversely, the refining sector and the absence of exposure to pure exploration/production stocks were beneficial.

Regarding portfolio management, a new stock was added to the portfolio: Energy Fuels, which develops uranium and rare earth projects in the United States. Furthermore, the main increases concerned the energy sector, through integrated oil companies Shell Plc, BP Plc, and Chevron Corp, oilfield services including Vallourec, and uranium via Nexgen Energy. Conversely, one stock was removed from the portfolio: Ingredion Inc, in favor of an increase in Bunge Global in agricultural products. Additionally, the main reductions concerned Gold Fields and Newmont Corp among gold miners, Ero Copper in copper, West Fraser in the wood industry, and Stee Dynamics in steel.

Characteristics

General data

Inception date
16/10/2020
First Nav Date
14/12/2017
Currency
USD
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Valuation
Daily
Minimum initial investment
1 share(s)
Minimum additional investment
1 10/1000° share(s)/equity

Costs Composition

One-off costs upon entry or exit (Investment USD 10,000)If you exit after 1 year
Entry costsThis includes distribution costs of 10.00% 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 $1,000.00
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 USD 10,000)
Management fees and other administrative or operating costs0.23% of the value of your investment per year. This percentage is based on actual costs over the last year.$20.43
Transaction costs0.32% 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.$28.91
Incidental costs taken under specific conditions (Investment USD 10,000)
Performance feesThere is no performance fee for this product.$0.00

Codification

ISIN code
LU1989770984
Bloomberg code
Reuters code

Investment Objective

The Compartment's objective is to outperform (after applicable fees) over a long-term period (minimum 5 years), the S&P Global Natural Resources Index by investing in international equities mainly involved in the energy, gold and materials activities.

Documents

LanguageDocumentsTypeClosing Date
EN
PDF
01/09/2026
PDF
31/07/2025
PDF
25/06/2026
PDF
31/01/2026
EN
PDF
26/10/2016
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.
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