L'objectif du Compartiment est de générer un revenu régulier et d'assurer une croissance du capital à moyen-long terme en investissant dans des actions européennes et d'autres titres à revenu fixe.
Readjustments in volatility levels sparked a net correction to equities in February, which then affected the credit market by widening spreads. Nevertheless, sovereign yields remained relatively stable in the euro zone, while they continued to climb in the United States. In this climate, the euro stopped appreciating further after its strong rise in 2017, testing its footing at around 1.25 against the US dollar, which is a critical level for corporate earnings prospects. These are expected to rise in 2018, supported by the euro zone cycle, even if leading indicators at their highest since 2010 don't improve further. The market correction primarily illustrates a change in financial variables (an up-tick in volatility in an environment where monetary policy is normalising) rather than any anticipation of a downturn in economic activity. As a result, the equity-hedge was halved at the beginning of the month and measures were taken to strengthen equity (with Korian, MunichRe, NN Group, SAP and Veolia). In fact, exposure has increased from 14% to 17% since January's end. The cash reserve has been reduced to 16% on a conviction that Risk/Return ratios on credit are becoming attractive again. The spread-widening witnessed in February, which is more significant for insurance and CoCo structures, is more reflective of an exit effect from that asset class, rather than any deterioration in fundamentals or financial conditions. On this note, in the market downturn at the month's start, the fund deployed 5% of its cash to strengthen on high-yield beta bonds such as Nordex or Nyrstar and bank paper (ABN, Bankia). The fund also took part in the new issues staged for Algeco and Faurecia, which were particularly attractive in these troubled market conditions. Meanwhile, though our rate-hedge was maintained in order to limit sensitivity, it was diluted by the month's receipts.
Indice de référence
(1) L'indicateur synthétique de risque et de rendement note les fonds sur une échelle de 1 à 7. Ce système de notation est basé sur les fluctuations moyennes de la NAV sur les cinq dernières années, c'est-à-dire l'amplitude de variation de l'ensemble du portefeuille à la hausse et à la baisse. Si la NAV a moins de 5 ans, la notation résulte des autres méthodes de calcul réglementaires. Les données historiques telles que celles utilisées pour calculer l'indicateur synthétique pourraient ne pas constituer une indication fiable du profil de risque futur. La catégorie actuelle n'est ni une garantie ni un objectif. La catégorie 1 ne signifie pas un investissement sans risque.