CPR Invest - Reactive - A EUR - Dist ISIN : LU1203020943
CPR Invest - Reactive - A EUR - Dist
A(D) - LU1203020943
Asset class: Balanced
YTD
As of 23/10/20261.43%
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 23/10/2026€1,007.96
SFDR ClassificationSustainable Finance Disclosure Regulation
Art. 8
Fund AUM
As of 23/10/2026€60.25M
This international diversified sub-fund aims to outperform its benchmark index over a minimum of 4 years with maximum projected volatility of 15%. The portfolio's equity exposure ranges from 20% to 80% and its interest-rate sensitivity from -2 to +5. The sub-fund is a feeder fund for the French mutual fund CPR Croissance Réactive.
NAVs
NAV from 28/10/2016 to 23/10/2026
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Performance
Change in NAV in base 100
FundCPR Invest - Reactive - A EUR - Dist (27.42% over the period)
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B. Since the beginning of this period, the reference indicator of the Sub-Fund is the capitalized €STR.Performance published and achieved before the date of the change corresponds to a different strategy from the current one.
Change in NAV in base 100Rolling performancesYear-on-year return (365 days)Annual returnsRisk indicatorsPerformances Scenarios
FundCPR Invest - Reactive - A EUR - Dist (27.42% over the period)
Select period
B. Since the beginning of this period, the reference indicator of the Sub-Fund is the capitalized €STR.Performance published and achieved before the date of the change corresponds to a different strategy from the current one.
Portfolio Analysis
Repartition 09/30/2026
Main Lines in Portfolio (Source: Amundi)Geographical breakdown (Source: Amundi)CurrencyPortfolio Breakdown by Maturity (Source: Amundi)
Sector | Weight | |
|---|---|---|
| AM EURO LIQUIDITY S-T RESP - Z (C) | Money Market Investments | 9.57% |
| AMUNDI EURO LIQUIDITY SELECT - Z (C) | Money Market Investments | 8.51% |
| AM EURO LIQUIDITY-RATED RESP - Z (C) | Money Market Investments | 7.04% |
| CPR INVEST - CLIMATE BONDS EURO - Z EUR | Investment Grade EMU | 6.41% |
| AM MSCI WRLD SCREENED UCITS ETF (PAR) | Equities World | 5.28% |
| abrdn Em Mkt Lcl Ccy Dbt K Acc EUR | Govies Emerging Global | 5.27% |
| CPR ABSOLUTE RETURN BONDS - Z (C) | Absolute Return Fixed Income | 5.05% |
| ARI - EUROPEAN CREDIT- I2 - C | Investment Grade EMU | 4.85% |
| CPR INVEST - CREDIXX GLOB HI YIELD | High Yield World | 4.65% |
| CPR ACTIONS USA RESPONSABLE I | Equities USA | 3.67% |
Management commentary
Effective date: 30/09/2026Economic growth remains strong
Activity indicators have once again demonstrated the resilience of developed economies in the face of high energy prices. In the United States, the August employment report was a significant upside surprise, with 162,000 non-farm jobs created compared to the expected 53,000, along with upward revisions for previous months, while the unemployment rate remained stable at 4.1%. GDP growth in Q2 was also strongly revised upwards, to 2.2% quarter-on-quarter annualized, compared to 1.5% previously. Similarly, the strength of the September PMI surveys (58.4 for the United States) made an impression and was interpreted as a sign that US growth was stronger than expected. In the eurozone, the composite PMI rose for the fourth consecutive month, reaching 53.1 in September, its highest level since April 2023, with France returning to expansion territory for the first time in ten months.
But which raises concerns of persistent inflation among central banks
The ECB raised its key rates by 25 bps on September 10, marking the second increase in three months, with the deposit rate brought to 2.50%. The Governing Council justified its decision by stating that inflation is expected to remain sustainably above the 2% target. On September 16, the Fed unanimously raised the fed funds target range by 25 bps, to 3.75/4%, its first rate hike since 2023. Kevin Warsh presented this decision as the "removal of a dose of accommodation" rather than a tightening, while once again emphasizing that he did not intend to provide guidance on future actions. The "dots," i.e., the FOMC members' projections for key rates, indicate another rate hike by the end of the year. Finally, the BoJ raised its main policy rate by 25 bps, to 1.25%, its highest level since 1995.
Equities and bonds
As a result, bond yields rose sharply over the month, driven by the combined effect of higher oil prices and monetary tightening. The US 10-year yield gained about 50 bps over the month, ending around 5.28%, its highest level since 2007, while the 30-year yield exceeded 5.60%, a high since 2002. The German 10-year yield rose by about 25 bps, to 3.55%, after reaching its highest level since 2009. In Japan, the 10-year yield crossed the 3% mark for the first time since 1996, ending the month at 3.02%. Finally, gold was penalized by the rise in real rates and lost about 6% over the month, erasing much of its August gains.
Our allocation
We took advantage of the pressure on interest rates to increase our rate sensitivity. We believe that current levels incorporate a larger safety cushion compared to an adverse scenario. Furthermore, we remain positive on High Yield Credit, given the strength of growth, especially in the US. On the equity side, we maintain our overweight position in the emerging segment, due to its valuation, the ongoing convergence of certain economies, and its diversification benefits. Finally, we remain cautious on European equities, which are much more sensitive to energy issues.
Our central scenario
We believe that a stabilization of interest rates, even at high levels, can be beneficial for risky assets, especially the equity market.
The global growth dynamic remains very positive, but it is mainly driven by technological investments. In the United States, the labor market remains solid.
Activity indicators have once again demonstrated the resilience of developed economies in the face of high energy prices. In the United States, the August employment report was a significant upside surprise, with 162,000 non-farm jobs created compared to the expected 53,000, along with upward revisions for previous months, while the unemployment rate remained stable at 4.1%. GDP growth in Q2 was also strongly revised upwards, to 2.2% quarter-on-quarter annualized, compared to 1.5% previously. Similarly, the strength of the September PMI surveys (58.4 for the United States) made an impression and was interpreted as a sign that US growth was stronger than expected. In the eurozone, the composite PMI rose for the fourth consecutive month, reaching 53.1 in September, its highest level since April 2023, with France returning to expansion territory for the first time in ten months.
But which raises concerns of persistent inflation among central banks
The ECB raised its key rates by 25 bps on September 10, marking the second increase in three months, with the deposit rate brought to 2.50%. The Governing Council justified its decision by stating that inflation is expected to remain sustainably above the 2% target. On September 16, the Fed unanimously raised the fed funds target range by 25 bps, to 3.75/4%, its first rate hike since 2023. Kevin Warsh presented this decision as the "removal of a dose of accommodation" rather than a tightening, while once again emphasizing that he did not intend to provide guidance on future actions. The "dots," i.e., the FOMC members' projections for key rates, indicate another rate hike by the end of the year. Finally, the BoJ raised its main policy rate by 25 bps, to 1.25%, its highest level since 1995.
Equities and bonds
As a result, bond yields rose sharply over the month, driven by the combined effect of higher oil prices and monetary tightening. The US 10-year yield gained about 50 bps over the month, ending around 5.28%, its highest level since 2007, while the 30-year yield exceeded 5.60%, a high since 2002. The German 10-year yield rose by about 25 bps, to 3.55%, after reaching its highest level since 2009. In Japan, the 10-year yield crossed the 3% mark for the first time since 1996, ending the month at 3.02%. Finally, gold was penalized by the rise in real rates and lost about 6% over the month, erasing much of its August gains.
Our allocation
We took advantage of the pressure on interest rates to increase our rate sensitivity. We believe that current levels incorporate a larger safety cushion compared to an adverse scenario. Furthermore, we remain positive on High Yield Credit, given the strength of growth, especially in the US. On the equity side, we maintain our overweight position in the emerging segment, due to its valuation, the ongoing convergence of certain economies, and its diversification benefits. Finally, we remain cautious on European equities, which are much more sensitive to energy issues.
Our central scenario
We believe that a stabilization of interest rates, even at high levels, can be beneficial for risky assets, especially the equity market.
The global growth dynamic remains very positive, but it is mainly driven by technological investments. In the United States, the labor market remains solid.
Characteristics
General data
Inception date
27/03/2015First Nav Date
18/04/1997Currency
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 | 2.30% of the value of your investment per year. This percentage is based on actual costs over the last year. | €218.88 | |
| 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 | 20.00% annual outperformance of the reference asset 100% ESTR CAPITALISE (OIS). The calculation applies on each Net Asset Value calculation date in accordance with the terms described in the prospectus. Past underperformances over the last 5 years should be clawed back before any new accrual of performance fee.The actual amount will vary depending on how well your investment performs. The aggregated cost estimation above includes the average over the last 5 years. The performance fee is paid even if the performance of the share over the performance observation period is negative, while remaining higher than the performance of the Reference Asset. | €0.00 | |
Codification
ISIN code
LU1203020943Bloomberg code
CPRRCAD LXReuters code
LP68307133Investment Objective
This international diversified sub-fund aims to outperform its benchmark index over a minimum of 4 years with maximum projected volatility of 15%. The portfolio's equity exposure ranges from 20% to 80% and its interest-rate sensitivity from -2 to +5. The sub-fund is a feeder fund for the French mutual fund CPR Croissance Réactive.
Documents
| Language | Documents | Type | Closing Date |
|---|---|---|---|
SV | PDF | 17/06/2026 | |
EN | PDF | 31/07/2025 | |
PDF | 01/10/2026 | ||
PDF | 31/01/2026 | ||
EN | PDF | 30/09/2026 | |
EN | PDF | 26/10/2016 |
Sustainability-related disclosures
| Language | Documents | Type | Closing Date |
|---|---|---|---|
SV | PDF | 01/01/2025 | |
EN | PDF | 03/08/2026 |