RICHELIEU EURO CREDIT UNCONSTRAINED (I)
Formerly Richelieu Obligations Court Terme
A selection of bonds with short maturities in euros
An unconstrained credit fund to sail through the bond markets with peace of mind.
The Richelieu ECU fund is a fixed income fund with varying credit risk and rate sensitivity. The fund can operate across the entire spectrum of ratings of public and private bond issuers, while favoring, under normal market conditions, significant exposure to high-yield securities in euros. The fund’s interest rate sensitivity range is -4% to +8%.
Managed by Fabien Chehowah, Richelieu ECU applies an analysis process leading to three main performance drivers:
- BETA: optimization of allocation to the various segments of the bond market
- ALPHA: bond picking in the high-yield and crossover euro credit universe
- OVERLAYS: tactical positions for hedging credit and rate risks or arbitraging the sovereign rate curves
In addition to traditional credit and interest rate risks, the management process attaches particular importance to the management of market risk (volatility) and the management of discretionary risk by establishing a dialectic between macro/micro-economic analysis and price momentum on the markets.
The management objective is to achieve over the recommended holding period a performance superior to the capitalized €str + 2.5% – 3.1% per year (depending on the share class). Since management style is unconstrained, this index is an a posteriori comparison tool and has no link with the management style actually deployed.
*Since July 15, 2020, the fund has incorporated extra-financial criteria into its investment process. Thus, the fund invests in the 80% best-rated issuers in its universe according to Environmental, Social and Governance (ESG) criteria defined internally.
Performance at 11-07-2024
- Fonds
- Benchmark*
Past performance is not a reliable indicator of future performance
| At 11-07-2024 | RICHELIEU EURO CREDIT UNCONSTRAINED (I) | REFERENCE INDICATOR |
|---|---|---|
| NAV | 115219.84 € | |
| Overall net assets | 27747186 € | |
| YTD | +2,55% | +1,18% |
| 1 year performance | +5,78% | +4,46% |
| 3 years performance | +2,31% | +2,01% |
| 5 years performance | +4,04% | +2,64% |
| 10 years performance | +11,17% | +3,88% |
| Volatility 1 year | — | — |
| Performance since origin ¹ (see features) | |
|---|---|
| RICHELIEU EURO CREDIT UNCONSTRAINED (I) | +15,22% |
| Benchmark ² | - |
| Annualized performance ¹ | ||
|---|---|---|
| RICHELIEU EURO CREDIT UNCONSTRAINED (I) | REFERENCE INDICATOR | |
| 1 year performance | +5,75% | +4,43% |
| 3 years performance | +0,76% | +0,66% |
| 5 years performance | +0,79% | +0,52% |
| Performance since origin | +1,23% | - |
¹ Figures quoted relate to past years. Past performance is not a reliable indicator of future performance. Sources: internal and Bloomberg.
² Until 28/06/2016, the reference indicator used the performance of the composite index 30% EONIA capitalized and 70% of the Euro MTS 1-3 years net coupons reinvested. From 06/28/2016 and until 02/27/2018, the reference indicator was the composite index 30% of the capitalized EONIA and 70% of the Bloomberg Eurozone Sovereign Bond Index 1 to 3 years net coupons reinvested. As of 02/27/2018 the benchmark is the composite index comprising 30% of the capitalized EONIA and 70% of the Bloomberg Barclays EuroAgg Corporate 1 – 3 Years TR Index, net coupons reinvested.
I share: From 11/06/2024, the reference indicator is €STER capitalized + 3.10%.Managers
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Characteristics
Risk and return profile
Low risk
Yield potentially
weaker
At high risk,
Yield potentially
higher
The risk indicator assumes that you hold the product for 2 years. The actual risk could be significantly different if you choose to exit before maturity, potentially resulting in a lower return. The synthetic risk indicator allows for assessing the level of risk of this product compared to others. It indicates the probability of this product incurring losses due to market movements or our inability to pay you. We have classified this product in risk class 2 out of 7, which is a low-risk class. In other words, potential losses associated with the future performance of the product are at a low level, and if the situation were to deteriorate in the markets, it’s likely that the compartment’s ability to pay you would be affected. Since this product does not provide protection against market uncertainties, you could potentially lose all or part of your investment.
The significant risks for the UCITS that are not sufficiently taken into account by the indicator are :
Credit risk : It represents, for negotiable bonds or debt securities and money market instruments, the risk of a sudden deterioration in the creditworthiness of an issuer or that of its default.
Liquidity risk : risk related to the share of investments made in financial instruments that may present by nature and/or under certain circumstances a relatively low level of liquidity.
Risk related to financial futures : risk linked to variations in the prices of forward financial instruments and to a downward or upward amplification effect of market movements.
Counterparty risk : risk of non-payment of a flow (or commitment) due by a counterparty with which positions have been exchanged and commitments signed.
