RICHELIEU EURO CREDIT UNCONSTRAINED

FR0011374651 (I)

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 integrated extra-financial criteria into its investment process. Thus, the fund invests in the 80% of issuers with the highest ratings in its universe according to internally defined Environmental, Social and Governance (ESG) criteria. The fund is classified Article 8 within the meaning of the SFDR regulations.

As of July 3, 2025

Net asset value

121 101.23 €

Assets under management

41.90 M €

Performance ytd

1.51 %

Performance 1 year

5.68 %

Performance 5 years

11.09 %

Risk and Return Profile
  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7

Management team

    Fabien Chehowah

    Manager

Features

  • PEA

    Non

  • SFDR

    Article 8

  • Date of origin

    December 19, 2012

  • Recommended investment period

    > 3 years

Performance trends

Past performance is not a reliable indicator of future performance

As of July 3, 2025 RICHELIEU EURO CREDIT UNCONSTRAINED Reference indicator
Net asset value 121 101.23 € 113.69 €
Total net assets 41.90 M € -
YTD 1.51 % 2.82 %
1 year performance 5.68 % 6.22 %
3 years performance 13.37 % 11.94 %
5 years performance 11.09 % 9.89 %
10 years performance 15.89 % 10.02 %
Volatility 1 year 2.76 % 0.44 %

Performance since inception ¹ (see characteristics)

RICHELIEU EURO CREDIT UNCONSTRAINED 21.10 %
Reference indicator ² 13.08 %

Annualized performance ¹

RICHELIEU EURO CREDIT UNCONSTRAINED Reference indicator
1 year performance 5.69 % 6.22 %
3 years performance 4.26 % 3.82 %
5 years performance 2.13 % 1.90 %
Performance since inception 1.54 % 0.99 %

Performance scenarios at

The figures shown include all costs of the product itself, but not necessarily all fees due to your advisor or distributor. These figures do not take into account your personal tax situation, which may also affect the amounts you receive. What you receive from this product depends on future market performance. Future market trends are random and cannot be accurately predicted. The unfavorable, intermediate and favorable scenarios presented represent examples using the best and worst performances, as well as the average performance of the product over the last 10 years. Markets may evolve very differently in the future. The stress scenario shows what you could achieve in extreme market situations.

Investment Scenarios for 10,000 EUR Recommended Holding Period of 3 Years If you exit after 1 year If you exit after 3 years
Minimum : There is no guaranteed minimum return. You could lose all or part of your investment.
Stress What you could get after deduction of costs 8 562.00 EUR 8 534.00 EUR
Average annual return -14.38 % -5.15 %
Unfavorable What you could get after deduction of costs 8 556.00 EUR 8 958.00 EUR
Average annual return -14.44 % -3.60 %
Moderate What you could get after deduction of costs 10 360.00 EUR 9 981.00 EUR
Average annual return 3.60 % -0.06 %
Favorable What you could get after deduction of costs 11 633.00 EUR 11 124.00 EUR
Average annual return 16.33 % 3.62 %

The unfavorable, intermediate and favorable scenarios presented are examples using the best and worst performances, as well as the average performance of the product over the last 10 years. The stress scenario shows what you could achieve in extreme market situations. Markets could evolve very differently in the future. What you get from this product depends on future market performance. Future market trends are random and cannot be accurately predicted.

Documents

Previous versions of regulatory documentation are available on request.

Pursuant to the provisions of EU Regulation No. 833/2014, subscription to units in this fund is prohibited for any Russian or Belarusian national, any natural person residing in Russia or Belarus or any legal person, entity or body established in Russia or Belarus except to nationals of a Member State and natural persons holding a temporary or permanent residence permit in a Member State.

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.

R Share: From 11/06/2024, the benchmark is €STER capitalized + 2.50%.