CPR Invest - Silver Age - A EUR - Acc ISIN : LU1103786700
CPR Invest - Silver Age - A EUR - Acc
A(C) - LU1103786700
Asset class: Equities
YTD
As of 25/08/20264.61%
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€1,780.20
SFDR ClassificationSustainable Finance Disclosure Regulation
Art. 8
Fund AUM
As of 26/08/2026€119.30M
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 08/29/2016 to 08/26/2026
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Performance
Change in NAV in base 100
FundCPR Invest - Silver Age - A EUR - Acc (58.51% over the period)
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Change in NAV in base 100Rolling performancesYear-on-year return (365 days)Annual returnsRisk indicatorsPerformances Scenarios
FundCPR Invest - Silver Age - A EUR - Acc (58.51% over the period)
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Portfolio Analysis
Management commentary
Effective date: 31/07/2026Market Overview
European markets advanced in July, with the Stoxx600 rising by +1.16%, bringing its YTD performance to +9.6%. However, this performance masks a further deterioration in the situation in the Middle East: the resumption of Iranian attacks on shipping, the reinstatement of the US blockade, and new strikes against Tehran’s military and logistical capabilities have once again severely disrupted traffic in the Strait of Hormuz. Tensions have also spread to the Red Sea, with several attacks claimed by the Houthis against Saudi interests, though without an effective closure of the Bab el-Mandeb strait. WTI rose by +21.8% to $84.23 and Brent by +23.6% to $90.1, after briefly exceeding $100 during the month. The second half of the month was also marked by H1 2026 earnings releases, which triggered significant individual movements in a market where expectations were particularly high.
This rise in oil prices rekindles concerns about inflation and interest rates, despite a more reassuring US CPI in June, down -0.4% m/m, with annual inflation reduced to +3.5% and core CPI at +2.6%. The ECB is keeping its deposit rate at 2.25% but emphasizes that the full effects of the energy shock are yet to come. The Fed also maintains its corridor at 3.50%-3.75%, with 3 members favoring a 25bp hike, while the BoE keeps its rate at 3.75%, also with three votes for an increase. Meanwhile, the “AI” trade has clearly deflated: after their exceptional H1 performances, semiconductors are experiencing significant unwinding of positions, fueled by high valuations, questions about hyperscaler investment returns, and Chinese progress in DUV lithography equipment, despite still solid earnings from most players.
On a sectoral level, oil and gas (+9.1%) delivered the best performance, supported by the rise in crude and persistent disruptions to flows at Hormuz. Banks (+6.4%) benefited from sustainably high rates and generally solid H1 results, especially in market and investment banking activities. Finally, personal care (+5.1%) profited from a rotation towards more defensive activities; the sector was also lively at the end of the month with Couche-Tard’s offer for Zabka (+16.9%) at 32PLN/share, valuing its equity at around €7.45bn, with the support of shareholders representing nearly 57% of the capital.
Conversely, technology (-7.3%) clearly lagged, penalized by the global correction of the AI theme and the rise of the Chinese semiconductor supply chain, as seen with ASML (-16.7%). Travel and leisure (-4.9%) suffered from the increase in oil and kerosene prices. Telecommunications (-2.6%) were notably weighed down by Nokia (-31.1%) and SES (-29.2%), the latter disappointing on its Q2 revenue. Construction and materials (-1.9%) also underperformed due to uncertainties about input costs and construction demand.
Among individual stocks, Rotork (+64.6%) delivered the best performance of the month after ABB’s (-9.2%) recommended cash offer at 503p/share, supplemented by a dividend of up to 3p, valuing the group’s equity at around £4.1bn. Adecco (+51.0%) and Randstad (+44.8%) rebounded with improved temporary work prospects; Randstad notably reported Q2 organic growth of +1.9%, versus +1.0% expected, with a return to growth in Germany and acceleration in North America. Teleperformance (+50.1%) rebounded after strong skepticism related to AI, supported by sequential improvement in Q2 activity (-1.2% vs -1.4% and -2.2% in Q1) & confirmation of 2026 targets.
On the downside, semiconductors accounted for most of the corrections after their H1 surge. AT&S (-38.0%), Aixtron (-31.1%), and BE Semiconductor (-30.9%) were penalized by the unwinding of AI-related positions and sector correction, amplified by Chinese advances in DUV lithography, despite BESI’s Q2 orders rising +129%. Nokia (-31.1%) declined in the same movement despite better-than-expected results. Finally, Universal Music Group (-21.2%) was penalized after underlying subscription revenue growth was limited to +6.7% in Q2, versus +9.4% expected, reigniting concerns about its main growth driver.
Portfolio Movements and Performance Analysis
July 2026 almost reversed, point for point, the configuration of June. The US strikes on Iran on July 8 and the resumption of hostilities in the Strait of Hormuz propelled Brent up nearly +24% for the month, above $88 a barrel, completely erasing the easing seen in June. Supported by strong half-year earnings releases, European markets still advanced, with MSCI Europe gaining +0.97%. However, the sector hierarchy was radically reshuffled: basic resources (+3.5%), banks (+2.7%), and aerospace-defense (+2.6%) dominated, while healthcare (−2.2%) lagged and European semiconductors suffered a sharp correction following doubts about the profitability of AI investments.
Over the period from June 30 to July 31, 2026, CPR Silver Age achieved a gross performance of +0.27%, compared to a +0.97% rise for MSCI Europe, resulting in an underperformance of −0.7%, or −70bp. This breaks down into an allocation effect of +0.31% (+31bp) and a selection effect of −1.01% (−101bp). The market configuration for the month — oil shock, rotation into energy and financials, healthcare correction — proved unfavorable to the fund’s thematic core.
Allocation Effect and Positions Outside the Investment Universe
Securities outside the investment universe, which represent 65.43% of the index weight, rose by +1.39% over the period, a pace higher than the benchmark as a whole. The portfolio’s total absence from this segment mechanically results in a negative allocation effect of −0.28%, or −28bp. However, this net balance masks two opposing forces of considerable magnitude.
On the favorable side, the rout of European semiconductors powerfully protected the fund: the mere absence of ASML, down −16.59%, generated +95bp of relative performance, supplemented by Infineon (−24.49%, +22bp), Nokia (−30.90%, +15bp), Nebius (−31.49%, +13bp), Siemens Energy (−11.07%, +12bp), and STMicroelectronics (−29.18%, +10bp) — totaling +167bp for these six lines alone. On the unfavorable side, the rebound of oil majors and large banks was costly: Shell (+16.23%, −24bp), HSBC (+10.98%, −23bp), SAP (+17.67%, −19bp), BP (+19.18%, −13bp), TotalEnergies (+12.33%, −12bp), and BBVA (+10.65%, −10bp) were the main missed opportunities. The structural absence of energy and large-cap banks thus remains the recurring cost of the thematic stance.
Sector Commentary Within the Investment Universe
Sectors Contributing Most Positively to Relative Performance
Retirement Savings Specialists. The sector stands out as the top contributor for the period, with a total effect of +0.93% (+93bp), resulting from an allocation effect of +1.19% (+119bp) partially eroded by a selection effect of −0.26% (−26bp). With an average weight of 31.73% versus 7.59% in the index, the portfolio’s overweight fully played out in a month where central banks’ restrictive turn and the prospect of an ECB rate hike in September supported margin expectations for life insurers and asset managers; the sector rose +5.19% in the portfolio versus +6.06% in the index, explaining the negative selection effect. ING Groep was the top contributor with a rise of +10.01%, generating +25bp of relative performance, as the sensitivity of its net interest margin to curve steepening was fully valued. Prudential (+12.11%, +16bp), ASR Nederland (+7.33%, +14bp), and Allianz (+4.44%, +11bp) complete the picture. Conversely, St. James’s Place was the most penalizing stock in the sector, down −12.39% for −11bp, amid persistent skepticism about the fundraising dynamics of UK advisory networks.
Security. The sector was the second positive contributor, but at a marginal level: its total effect of +0.03% (+3bp) barely masks that the positive contribution for the month was, in practice, almost entirely concentrated on retirement savings specialists. The modest overweight (1.16% versus 0.39%) nevertheless proved profitable in a segment up +3.96% in the portfolio versus +2.48% for the index. ASSA ABLOY, the fund’s sole position in the sector, accounted for the entire contribution with a rise of +3.96% for +3bp.
Sectors Contributing Most to Relative Underperformance
Pharmaceuticals. The sector was the main detractor for the period, with a total effect of −0.95% (−95bp), nearly four-fifths of the fund’s total lag. The breakdown is doubly unfavorable: an allocation effect of −0.48% (−48bp), due to an overweight of 28.11% versus 11.61% in a declining sector, and a selection effect of −0.46% (−46bp), with the portfolio down −3.46% versus −1.88% for the index segment. European healthcare posted the worst sector performance of the month, penalized by a series of clinical setbacks. AstraZeneca weighed most heavily on relative performance, down −9.74% for −39bp: the failure of Wainua, developed with Ionis Pharmaceuticals, to reduce cardiovascular mortality in transthyretin cardiac amyloidosis caused a drop of about 9% in a single session in early July, worsened by the FDA’s extension of the review period for camizestrant. UCB was the second detractor (−14.92%, −23bp), ahead of argenx (−8.18%, −15bp) and Sandoz (−10.90%, −13bp). Only Roche made a significant positive contribution, up +5.27% for +10bp.
Robotics. The sector was the second detractor, with a total effect of −0.34% (−34bp), including −0.31% (−31bp) allocation effect and −0.03% (−3bp) selection effect. The portfolio maintained an average weight of 12.29% versus 4.48% in the index, for a performance of −3.05% versus −2.81%. The movement was less about deteriorating fundamentals than about multiple compression: doubts expressed at the end of July about the profitability of AI investments hit electrical equipment makers exposed to the data center theme indiscriminately. ABB was the main detractor, down −10.04% for −22bp. Legrand followed closely (−11.04%, −13bp), even as the group reported a record half-year on July 29 — organic growth of +9.8%, adjusted operating margin of 20.8%, data center revenue up over 30% — along with an upward revision of its annual forecast. Schneider Electric, up +1.47%, resisted much better and contributed positively by +1bp.
Leisure — Additional Note. At a level almost identical to robotics, the leisure sector posted a total effect of −0.33% (−33bp) and was the first direct sector victim of the oil shock. The portfolio, overweight at 12.01% versus 2.81%, fell −2.30% versus −1.47% for the index. Accor (−11.68%, −14bp), Ryanair (−11.30%, −8bp), and IAG (−8.87%, −6bp) concentrated the losses, as the rise in kerosene immediately weighed on margin expectations for airlines and hotels. Amadeus (+6.09%, +3bp) was the main exception.
We did not make any significant movements during the period
From a risk profile perspective, the fund’s beta remains at a low point at 0.93 while tracking error slightly decreases to 5.56%. The breakdown of tracking error also remains unchanged from the previous month: the share of selection risk remains at 28% of total tracking error, while industry risk remains at 54%, with the balance (about 19%) attributable to other components such as country risk (3%) and style risk (10%).
Thematic Outlook
The monetary calendar for August should be quieter: neither the ECB, which kept rates unchanged on July 23, nor the Federal Reserve will meet before September, so the Jackson Hole symposium, from August 27 to 29, will attract most of the attention ahead of the September 16 FOMC. The market now almost fully anticipates an ECB hike in September, a scenario that would only be challenged by a marked easing in energy prices; Eurosystem projections forecast average inflation of 3.0% in 2026, revised upward due to the energy trajectory, and Christine Lagarde has explicitly warned of the risk of second-round effects. The favorable scenario depends on de-escalation at Hormuz and a retreat in Brent; the unfavorable scenario, on Brent staying above $90, which would force central banks to tighten further and compress multiples across the European market.
The month is, however, busy for the insurance and savings pocket of the portfolio: Allianz will publish its half-year report on August 7, when Munich Re will confirm its final Q2 results, whose preliminary elements released on July 24 showed a quarterly result of €2.2bn. The half-year releases of UK and Dutch insurers will be spread over the second half, with three points of focus: the sensitivity of revenues to curve steepening, climate claims after the late June heatwave, and fundraising dynamics, particularly at St. James’s Place. In pharmaceuticals, monitoring the FDA review of camizestrant and rebuilding AstraZeneca’s cardiovascular pipeline after the Wainua failure are the main risk factors.
Conviction in retirement savings specialists, the portfolio’s largest position at 31.7%, is strengthened this month: an almost certain ECB hike in September would mechanically extend support for net interest margins and recurring revenues, and the sector is now the fund’s main buffer against an interest rate environment that penalizes its other components. Pharmaceuticals, at 28.1%, require increased vigilance: the month’s underperformance is now largely idiosyncratic — a clinical accident on the portfolio’s top line — rather than thematic, which argues for maintaining exposure, but the concentration of risk on AstraZeneca justifies close monitoring.
In robotics, the gap between Legrand’s publication quality and the stock’s reaction illustrates a valuation mismatch rather than a fundamental one; stabilization of sentiment on artificial intelligence would be an immediate bullish catalyst. Leisure remains the position most directly correlated to oil: de-escalation in the Strait of Hormuz would, by far, be the most powerful catalyst for the portfolio, as it would simultaneously benefit the leisure stocks held and reduce the cost of our structural absence from the energy sector. Overall, the fund suffered this month the most unfavorable combination possible — oil shock and clinical accident — without the thematic thesis itself being invalidated; the shield provided by the absence of semiconductors, which delivered +167bp on just the top six lines concerned, attests to this.
European markets advanced in July, with the Stoxx600 rising by +1.16%, bringing its YTD performance to +9.6%. However, this performance masks a further deterioration in the situation in the Middle East: the resumption of Iranian attacks on shipping, the reinstatement of the US blockade, and new strikes against Tehran’s military and logistical capabilities have once again severely disrupted traffic in the Strait of Hormuz. Tensions have also spread to the Red Sea, with several attacks claimed by the Houthis against Saudi interests, though without an effective closure of the Bab el-Mandeb strait. WTI rose by +21.8% to $84.23 and Brent by +23.6% to $90.1, after briefly exceeding $100 during the month. The second half of the month was also marked by H1 2026 earnings releases, which triggered significant individual movements in a market where expectations were particularly high.
This rise in oil prices rekindles concerns about inflation and interest rates, despite a more reassuring US CPI in June, down -0.4% m/m, with annual inflation reduced to +3.5% and core CPI at +2.6%. The ECB is keeping its deposit rate at 2.25% but emphasizes that the full effects of the energy shock are yet to come. The Fed also maintains its corridor at 3.50%-3.75%, with 3 members favoring a 25bp hike, while the BoE keeps its rate at 3.75%, also with three votes for an increase. Meanwhile, the “AI” trade has clearly deflated: after their exceptional H1 performances, semiconductors are experiencing significant unwinding of positions, fueled by high valuations, questions about hyperscaler investment returns, and Chinese progress in DUV lithography equipment, despite still solid earnings from most players.
On a sectoral level, oil and gas (+9.1%) delivered the best performance, supported by the rise in crude and persistent disruptions to flows at Hormuz. Banks (+6.4%) benefited from sustainably high rates and generally solid H1 results, especially in market and investment banking activities. Finally, personal care (+5.1%) profited from a rotation towards more defensive activities; the sector was also lively at the end of the month with Couche-Tard’s offer for Zabka (+16.9%) at 32PLN/share, valuing its equity at around €7.45bn, with the support of shareholders representing nearly 57% of the capital.
Conversely, technology (-7.3%) clearly lagged, penalized by the global correction of the AI theme and the rise of the Chinese semiconductor supply chain, as seen with ASML (-16.7%). Travel and leisure (-4.9%) suffered from the increase in oil and kerosene prices. Telecommunications (-2.6%) were notably weighed down by Nokia (-31.1%) and SES (-29.2%), the latter disappointing on its Q2 revenue. Construction and materials (-1.9%) also underperformed due to uncertainties about input costs and construction demand.
Among individual stocks, Rotork (+64.6%) delivered the best performance of the month after ABB’s (-9.2%) recommended cash offer at 503p/share, supplemented by a dividend of up to 3p, valuing the group’s equity at around £4.1bn. Adecco (+51.0%) and Randstad (+44.8%) rebounded with improved temporary work prospects; Randstad notably reported Q2 organic growth of +1.9%, versus +1.0% expected, with a return to growth in Germany and acceleration in North America. Teleperformance (+50.1%) rebounded after strong skepticism related to AI, supported by sequential improvement in Q2 activity (-1.2% vs -1.4% and -2.2% in Q1) & confirmation of 2026 targets.
On the downside, semiconductors accounted for most of the corrections after their H1 surge. AT&S (-38.0%), Aixtron (-31.1%), and BE Semiconductor (-30.9%) were penalized by the unwinding of AI-related positions and sector correction, amplified by Chinese advances in DUV lithography, despite BESI’s Q2 orders rising +129%. Nokia (-31.1%) declined in the same movement despite better-than-expected results. Finally, Universal Music Group (-21.2%) was penalized after underlying subscription revenue growth was limited to +6.7% in Q2, versus +9.4% expected, reigniting concerns about its main growth driver.
Portfolio Movements and Performance Analysis
July 2026 almost reversed, point for point, the configuration of June. The US strikes on Iran on July 8 and the resumption of hostilities in the Strait of Hormuz propelled Brent up nearly +24% for the month, above $88 a barrel, completely erasing the easing seen in June. Supported by strong half-year earnings releases, European markets still advanced, with MSCI Europe gaining +0.97%. However, the sector hierarchy was radically reshuffled: basic resources (+3.5%), banks (+2.7%), and aerospace-defense (+2.6%) dominated, while healthcare (−2.2%) lagged and European semiconductors suffered a sharp correction following doubts about the profitability of AI investments.
Over the period from June 30 to July 31, 2026, CPR Silver Age achieved a gross performance of +0.27%, compared to a +0.97% rise for MSCI Europe, resulting in an underperformance of −0.7%, or −70bp. This breaks down into an allocation effect of +0.31% (+31bp) and a selection effect of −1.01% (−101bp). The market configuration for the month — oil shock, rotation into energy and financials, healthcare correction — proved unfavorable to the fund’s thematic core.
Allocation Effect and Positions Outside the Investment Universe
Securities outside the investment universe, which represent 65.43% of the index weight, rose by +1.39% over the period, a pace higher than the benchmark as a whole. The portfolio’s total absence from this segment mechanically results in a negative allocation effect of −0.28%, or −28bp. However, this net balance masks two opposing forces of considerable magnitude.
On the favorable side, the rout of European semiconductors powerfully protected the fund: the mere absence of ASML, down −16.59%, generated +95bp of relative performance, supplemented by Infineon (−24.49%, +22bp), Nokia (−30.90%, +15bp), Nebius (−31.49%, +13bp), Siemens Energy (−11.07%, +12bp), and STMicroelectronics (−29.18%, +10bp) — totaling +167bp for these six lines alone. On the unfavorable side, the rebound of oil majors and large banks was costly: Shell (+16.23%, −24bp), HSBC (+10.98%, −23bp), SAP (+17.67%, −19bp), BP (+19.18%, −13bp), TotalEnergies (+12.33%, −12bp), and BBVA (+10.65%, −10bp) were the main missed opportunities. The structural absence of energy and large-cap banks thus remains the recurring cost of the thematic stance.
Sector Commentary Within the Investment Universe
Sectors Contributing Most Positively to Relative Performance
Retirement Savings Specialists. The sector stands out as the top contributor for the period, with a total effect of +0.93% (+93bp), resulting from an allocation effect of +1.19% (+119bp) partially eroded by a selection effect of −0.26% (−26bp). With an average weight of 31.73% versus 7.59% in the index, the portfolio’s overweight fully played out in a month where central banks’ restrictive turn and the prospect of an ECB rate hike in September supported margin expectations for life insurers and asset managers; the sector rose +5.19% in the portfolio versus +6.06% in the index, explaining the negative selection effect. ING Groep was the top contributor with a rise of +10.01%, generating +25bp of relative performance, as the sensitivity of its net interest margin to curve steepening was fully valued. Prudential (+12.11%, +16bp), ASR Nederland (+7.33%, +14bp), and Allianz (+4.44%, +11bp) complete the picture. Conversely, St. James’s Place was the most penalizing stock in the sector, down −12.39% for −11bp, amid persistent skepticism about the fundraising dynamics of UK advisory networks.
Security. The sector was the second positive contributor, but at a marginal level: its total effect of +0.03% (+3bp) barely masks that the positive contribution for the month was, in practice, almost entirely concentrated on retirement savings specialists. The modest overweight (1.16% versus 0.39%) nevertheless proved profitable in a segment up +3.96% in the portfolio versus +2.48% for the index. ASSA ABLOY, the fund’s sole position in the sector, accounted for the entire contribution with a rise of +3.96% for +3bp.
Sectors Contributing Most to Relative Underperformance
Pharmaceuticals. The sector was the main detractor for the period, with a total effect of −0.95% (−95bp), nearly four-fifths of the fund’s total lag. The breakdown is doubly unfavorable: an allocation effect of −0.48% (−48bp), due to an overweight of 28.11% versus 11.61% in a declining sector, and a selection effect of −0.46% (−46bp), with the portfolio down −3.46% versus −1.88% for the index segment. European healthcare posted the worst sector performance of the month, penalized by a series of clinical setbacks. AstraZeneca weighed most heavily on relative performance, down −9.74% for −39bp: the failure of Wainua, developed with Ionis Pharmaceuticals, to reduce cardiovascular mortality in transthyretin cardiac amyloidosis caused a drop of about 9% in a single session in early July, worsened by the FDA’s extension of the review period for camizestrant. UCB was the second detractor (−14.92%, −23bp), ahead of argenx (−8.18%, −15bp) and Sandoz (−10.90%, −13bp). Only Roche made a significant positive contribution, up +5.27% for +10bp.
Robotics. The sector was the second detractor, with a total effect of −0.34% (−34bp), including −0.31% (−31bp) allocation effect and −0.03% (−3bp) selection effect. The portfolio maintained an average weight of 12.29% versus 4.48% in the index, for a performance of −3.05% versus −2.81%. The movement was less about deteriorating fundamentals than about multiple compression: doubts expressed at the end of July about the profitability of AI investments hit electrical equipment makers exposed to the data center theme indiscriminately. ABB was the main detractor, down −10.04% for −22bp. Legrand followed closely (−11.04%, −13bp), even as the group reported a record half-year on July 29 — organic growth of +9.8%, adjusted operating margin of 20.8%, data center revenue up over 30% — along with an upward revision of its annual forecast. Schneider Electric, up +1.47%, resisted much better and contributed positively by +1bp.
Leisure — Additional Note. At a level almost identical to robotics, the leisure sector posted a total effect of −0.33% (−33bp) and was the first direct sector victim of the oil shock. The portfolio, overweight at 12.01% versus 2.81%, fell −2.30% versus −1.47% for the index. Accor (−11.68%, −14bp), Ryanair (−11.30%, −8bp), and IAG (−8.87%, −6bp) concentrated the losses, as the rise in kerosene immediately weighed on margin expectations for airlines and hotels. Amadeus (+6.09%, +3bp) was the main exception.
We did not make any significant movements during the period
From a risk profile perspective, the fund’s beta remains at a low point at 0.93 while tracking error slightly decreases to 5.56%. The breakdown of tracking error also remains unchanged from the previous month: the share of selection risk remains at 28% of total tracking error, while industry risk remains at 54%, with the balance (about 19%) attributable to other components such as country risk (3%) and style risk (10%).
Thematic Outlook
The monetary calendar for August should be quieter: neither the ECB, which kept rates unchanged on July 23, nor the Federal Reserve will meet before September, so the Jackson Hole symposium, from August 27 to 29, will attract most of the attention ahead of the September 16 FOMC. The market now almost fully anticipates an ECB hike in September, a scenario that would only be challenged by a marked easing in energy prices; Eurosystem projections forecast average inflation of 3.0% in 2026, revised upward due to the energy trajectory, and Christine Lagarde has explicitly warned of the risk of second-round effects. The favorable scenario depends on de-escalation at Hormuz and a retreat in Brent; the unfavorable scenario, on Brent staying above $90, which would force central banks to tighten further and compress multiples across the European market.
The month is, however, busy for the insurance and savings pocket of the portfolio: Allianz will publish its half-year report on August 7, when Munich Re will confirm its final Q2 results, whose preliminary elements released on July 24 showed a quarterly result of €2.2bn. The half-year releases of UK and Dutch insurers will be spread over the second half, with three points of focus: the sensitivity of revenues to curve steepening, climate claims after the late June heatwave, and fundraising dynamics, particularly at St. James’s Place. In pharmaceuticals, monitoring the FDA review of camizestrant and rebuilding AstraZeneca’s cardiovascular pipeline after the Wainua failure are the main risk factors.
Conviction in retirement savings specialists, the portfolio’s largest position at 31.7%, is strengthened this month: an almost certain ECB hike in September would mechanically extend support for net interest margins and recurring revenues, and the sector is now the fund’s main buffer against an interest rate environment that penalizes its other components. Pharmaceuticals, at 28.1%, require increased vigilance: the month’s underperformance is now largely idiosyncratic — a clinical accident on the portfolio’s top line — rather than thematic, which argues for maintaining exposure, but the concentration of risk on AstraZeneca justifies close monitoring.
In robotics, the gap between Legrand’s publication quality and the stock’s reaction illustrates a valuation mismatch rather than a fundamental one; stabilization of sentiment on artificial intelligence would be an immediate bullish catalyst. Leisure remains the position most directly correlated to oil: de-escalation in the Strait of Hormuz would, by far, be the most powerful catalyst for the portfolio, as it would simultaneously benefit the leisure stocks held and reduce the cost of our structural absence from the energy sector. Overall, the fund suffered this month the most unfavorable combination possible — oil shock and clinical accident — without the thematic thesis itself being invalidated; the shield provided by the absence of semiconductors, which delivered +167bp on just the top six lines concerned, attests to this.
Characteristics
General data
Inception date
29/08/2014First Nav Date
22/12/2009Currency
EURShow more
Valuation
DailyMinimum initial investment
1 10/1000° share(s)/equityMinimum 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 | 2.11% of the value of your investment per year. This percentage is based on actual costs over the last year. | €199.98 | |
| 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 (15) NR Close. 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
LU1103786700Bloomberg code
CPRSAAC LXReuters code
LP68277368Investment 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 |
|---|---|---|---|
SV | PDF | 17/06/2026 | |
EN | PDF | 31/07/2025 | |
PDF | 07/05/2026 | ||
PDF | 31/01/2026 | ||
EN | PDF | 26/10/2016 |
Sustainability-related disclosures
| Language | Documents | Type | Closing Date |
|---|---|---|---|
SV | PDF | 01/01/2025 | |
EN | PDF | 07/05/2026 |