CPR Invest - Global Equity - A EUR (C) ISIN : LU1811426342
CPR Invest - Global Equity - A EUR (C)
A EUR(C) - LU1811426342
Asset class: Equities
YTD
As of 09/10/202618.51%
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 09/10/2026€221.28
SFDR ClassificationSustainable Finance Disclosure Regulation
Art. 8
Fund AUM
As of 09/10/2026€367.29M
The fund invests in global equities and aims to deliver long-term returns in excess of the MSCI World All Countries index (minimum 5 years). The final portfolio is constructed from around 100 stocks across all countries, sectors and market capitalisations. The investment process involves adapting the stock picking approach to the identified market regime. New investment process since December 2013.
NAVs
NAV from 11/10/2018 to 09/10/2026
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Performance
Change in NAV in base 100
FundCPR Invest - Global Equity - A EUR (C) (150.31% over the period)
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A. Simulation based on the performance from December 30, 2002 to October 10, 2018 of CPR Global Equity All Regime - Part P, French Fund absorbed by CPR Invest - GEAR World - A- Acc on October 11, 2018.B. Performance of CPR Invest - GEAR World - A - Acc since its launch date.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 - Global Equity - A EUR (C) (150.31% over the period)
Select period
A. Simulation based on the performance from December 30, 2002 to October 10, 2018 of CPR Global Equity All Regime - Part P, French Fund absorbed by CPR Invest - GEAR World - A- Acc on October 11, 2018.B. Performance of CPR Invest - GEAR World - A - Acc since its launch date.Performance published and achieved before the date of the change corresponds to a different strategy from the current one.
Portfolio Analysis
Management commentary
Effective date: 30/09/2026Key highlights of the month
The month of September 2026 was marked by the return of major central banks to monetary tightening: within the span of a week, the ECB, the Fed, and the BoJ all raised their key interest rates by 25 bps, marking the first time these three central banks have done so in the same month. This move came 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. Brent crude oil thus crossed the $100 mark again on September 9, for the first time since July, before easing slightly to end the month up 16% at $104. It should be noted that both sides appear to have initiated discussions regarding a possible agreement.
The inflation indices published in September, covering the month of August, confirmed the divergence between the two sides of the Atlantic. In the eurozone, headline inflation accelerated sharply to 3.2% from 2.9% in July, its highest level since September 2023, driven by a renewed acceleration in the energy component (+14.3% year-on-year). In the United States, headline inflation (CPI) remained stable at 3.4% year-on-year. Activity indicators once again demonstrated the resilience of developed economies in the face of high energy prices. 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 described this decision as the “removal of a dose of accommodation” rather than a tightening. Finally, the BoJ raised its main policy rate by 25 bps to 1.25%, its highest level since 1995.
As a result, bond yields rose sharply over the month, due to the combined effect of higher oil prices and monetary tightening. The US 10-year yield rose by about 50 bps over the month, ending around 5.28%, its highest level since 2007. Equity markets stalled in September, penalized by the rise in long-term rates. The S&P 500 ended the month roughly unchanged (about -0.8%), while the financial sector significantly underperformed (-7.3% for the month, its worst monthly performance since March 2023).
Summary of the main positions of the month
Over the month, the fund posted a performance below that of the benchmark index.
We note a positive sector effect, particularly a good contribution from Technology and Finance but a negative one in the Communication Services and Real Estate sectors. The country effect was neutral, with a good contribution from Emerging Markets and Europe but negative in Asia and Japan.
We also observe a positive effect from our blend factor, with a contribution of around 0.46%, and at the same time note a positive effect from our defensive factor, showing a contribution of 0.22%. The market capitalization size effect was negligible.
During the review period, we were overweight on the blend factor and underweight on the volatility factor.
At the stock level, we had very strong contributors to performance such as NetApp (OW, 19.7%), KLA (OW, 17.7%), ASML Holding (OW, 10%), Analog Devices (OW, 15.6%).
Conversely, the following stocks penalized us: Meta Platforms (UW, 30.9%), Expedia Group (OW, -14.6%), Autodesk (OW, -15.7%), Advanced Micro Devices (UW, 34.9%).
There were no transactions during the month.
Outlook for the following month
Regarding market outlook, the main message is that the end of 2026 is heading towards an environment more exposed to inflation and more fragile on the geopolitical front, without signaling a generalized financial risk. The main driver is the resurgence of tensions in the Middle East between the United States and Iran, which has pushed up oil prices, increased inflationary pressures, and made central banks more cautious. At the same time, several reports indicate that markets have largely absorbed previous episodes of liquidity stress, with spreads and ETF prices returning to near-normal levels, while most fund and issuer safety margins remain healthy.
In terms of monetary policy, the dominant expectation is for sustainably higher rates, even if the trajectory varies by region. The Fed, ECB, and BoJ are all described as restrictive or in a normalization phase, with some sources even mentioning further rate hikes in September 2026. This outlines an environment in which bond yields remain high, the traditional role of sovereign bonds as a “safety net” in the event of a recession is weaker, and macroeconomic volatility is expected to remain high.
Despite these headwinds, the investment outlook remains moderately risk-on, particularly for equities and credit. Global equities are generally viewed positively, with a preference for the United States and Japan, and in Europe for segments less exposed to weak consumption. At the sector level, banks, industry, information technology, value style, and quality are favored, while real estate and consumer sectors appear less attractive.
The month of September 2026 was marked by the return of major central banks to monetary tightening: within the span of a week, the ECB, the Fed, and the BoJ all raised their key interest rates by 25 bps, marking the first time these three central banks have done so in the same month. This move came 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. Brent crude oil thus crossed the $100 mark again on September 9, for the first time since July, before easing slightly to end the month up 16% at $104. It should be noted that both sides appear to have initiated discussions regarding a possible agreement.
The inflation indices published in September, covering the month of August, confirmed the divergence between the two sides of the Atlantic. In the eurozone, headline inflation accelerated sharply to 3.2% from 2.9% in July, its highest level since September 2023, driven by a renewed acceleration in the energy component (+14.3% year-on-year). In the United States, headline inflation (CPI) remained stable at 3.4% year-on-year. Activity indicators once again demonstrated the resilience of developed economies in the face of high energy prices. 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 described this decision as the “removal of a dose of accommodation” rather than a tightening. Finally, the BoJ raised its main policy rate by 25 bps to 1.25%, its highest level since 1995.
As a result, bond yields rose sharply over the month, due to the combined effect of higher oil prices and monetary tightening. The US 10-year yield rose by about 50 bps over the month, ending around 5.28%, its highest level since 2007. Equity markets stalled in September, penalized by the rise in long-term rates. The S&P 500 ended the month roughly unchanged (about -0.8%), while the financial sector significantly underperformed (-7.3% for the month, its worst monthly performance since March 2023).
Summary of the main positions of the month
Over the month, the fund posted a performance below that of the benchmark index.
We note a positive sector effect, particularly a good contribution from Technology and Finance but a negative one in the Communication Services and Real Estate sectors. The country effect was neutral, with a good contribution from Emerging Markets and Europe but negative in Asia and Japan.
We also observe a positive effect from our blend factor, with a contribution of around 0.46%, and at the same time note a positive effect from our defensive factor, showing a contribution of 0.22%. The market capitalization size effect was negligible.
During the review period, we were overweight on the blend factor and underweight on the volatility factor.
At the stock level, we had very strong contributors to performance such as NetApp (OW, 19.7%), KLA (OW, 17.7%), ASML Holding (OW, 10%), Analog Devices (OW, 15.6%).
Conversely, the following stocks penalized us: Meta Platforms (UW, 30.9%), Expedia Group (OW, -14.6%), Autodesk (OW, -15.7%), Advanced Micro Devices (UW, 34.9%).
There were no transactions during the month.
Outlook for the following month
Regarding market outlook, the main message is that the end of 2026 is heading towards an environment more exposed to inflation and more fragile on the geopolitical front, without signaling a generalized financial risk. The main driver is the resurgence of tensions in the Middle East between the United States and Iran, which has pushed up oil prices, increased inflationary pressures, and made central banks more cautious. At the same time, several reports indicate that markets have largely absorbed previous episodes of liquidity stress, with spreads and ETF prices returning to near-normal levels, while most fund and issuer safety margins remain healthy.
In terms of monetary policy, the dominant expectation is for sustainably higher rates, even if the trajectory varies by region. The Fed, ECB, and BoJ are all described as restrictive or in a normalization phase, with some sources even mentioning further rate hikes in September 2026. This outlines an environment in which bond yields remain high, the traditional role of sovereign bonds as a “safety net” in the event of a recession is weaker, and macroeconomic volatility is expected to remain high.
Despite these headwinds, the investment outlook remains moderately risk-on, particularly for equities and credit. Global equities are generally viewed positively, with a preference for the United States and Japan, and in Europe for segments less exposed to weak consumption. At the sector level, banks, industry, information technology, value style, and quality are favored, while real estate and consumer sectors appear less attractive.
Characteristics
General data
Inception date
11/10/2018First Nav Date
30/12/2002Currency
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 | 1.90% of the value of your investment per year. This percentage is based on actual costs over the last year. | €180.60 | |
| Transaction costs | 0.18% 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. | €17.17 | |
| Incidental costs taken under specific conditions (Investment EUR 10,000) | |||
| Performance fees | 20.00% annual outperformance of the reference asset 100% MSCI ACWI 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
LU1811426342Bloomberg code
CPIGWAE LXReuters code
Investment Objective
The fund invests in global equities and aims to deliver long-term returns in excess of the MSCI World All Countries index (minimum 5 years). The final portfolio is constructed from around 100 stocks across all countries, sectors and market capitalisations. The investment process involves adapting the stock picking approach to the identified market regime. New investment process since December 2013.
Documents
| Language | Documents | Type | Closing Date |
|---|---|---|---|
SV | PDF | 01/09/2026 | |
EN | PDF | 31/07/2025 | |
PDF | 01/10/2026 | ||
PDF | 31/01/2026 | ||
EN | PDF | 26/10/2016 |
Sustainability-related disclosures
| Language | Documents | Type | Closing Date |
|---|---|---|---|
SV | PDF | 18/12/2025 | |
EN | PDF | 03/08/2026 |