Dynamic momentum and growth of SMEs



RICHELIEU CROISSANCE PME

More than 20 years of active management in small-cap high-growth stocks.

Managed by Xavier Afresne, Richelieu Croissance PME has invested in a selection of listed French small-cap and mid-cap companies since 1992. Its area of research concerns mainly high-growth stocks able to contribute annual growth in earnings per share of 10% or more, while offering an optimal profitability/risk ratio. These stocks generally operate in more dynamic sectors than large-caps, and are often likely to be taken over. These companies are mainly family-owned, which contributes to the regularity and quality of their results.

No index accurately reflects the management aim of this fund, which is characterised by a high-conviction approach; nevertheless, the closest benchmark index (based on the profile of the stocks comprising it) is the CAC Mid & Small index.




Xavier AFRESNE
Manager


Equity Management

 

Performance at 11/12/2018 (Share class R)

Performance since inception * (see chart)
Richelieu Croissance PME +1,036.34 %
Cac Mid & Small +511.97 %


Annualised performance since inception *
Richelieu Croissance PME + 9.75 %
Cac Mid & Small + 7.18 %

* date of the most recent change in the management orientation.

The figures indicated refer to past years. Past performance is not a reliable indicator of future performance. Sources: internal and Europerformance.

As the UCITS was initially compared with the SBF Second Marché index, since its inception until the index disappeared on 30/06/2005, the performance of the reference benchmark displayed opposite is that of the SBF Second Marché index, until that date, followed by that of the CAC Small index from 01/07/2005 to 16/10/2017. As from 16/10/2017, the reference benchmark was the CAC Mid & Small index. Until 31 December 2012, the reference benchmark was calculated with dividends not reinvested. Since 1 January 2013, it has been calculated with net dividends reinvested. It should be noted that, since 11 February 2013, the UCITS is allowed to invest in companies with capital of less than €3 billion.


Key figures at 11/12/2018 (Share class R)

Net asset value 191.30 €
2018 performance -23.18 %
One-year performance -21.90 %
Five-year performance +42.33 %
Total net assets 87 M€

Characteristics

AMF classification : French equities
PEA : Yes
ISIN code: FR0010092197
Inception date*: 6 November 1992
Reference benchmark: CAC Mid & Small
Recommended investment horizon: > 5 years

* The inception date corresponds to the first available NAV


Risk and return profile

The historical data used to calculate this benchmark may not be a reliable indicator of the UCITS’ future risk profile. The risk category associated with this UCITS is not guaranteed and may change over time. The weakest category does not mean a “risk-free” investment. The UCITS’ capital is not guaranteed.

Low risk,
potentially lower
return

High risk,
potentially higher
return

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The above benchmark reflects the UCITS’ volatility over five years based on its main exposure to French equity markets. It is calculated based on the UCITS’ historical returns and, in the event of insufficient historical data, based on the returns of its reference benchmark.
 
Major risks for the UCITS that have not been sufficiently taken into account by the benchmark are:

- Liquidity risk: this involves the price decrease that the fund may need to accept when it is forced to sell certain assets for which there is insufficient demand on the market. This risk is greater for small-caps, in particular those traded on Euronext Growth, which have a limited number of listed securities.

- Counterparty risk: This concerns the risk of default by a counterparty, resulting in payment default. Accordingly, throughout the life of the fund, payment default by a counterparty may cause the net asset value to fall.


Downloads

DICI et prospectus


Our range

 

  • Richelieu France
  • Richelieu Spécial
  • Richelieu Europe Quality
  • Richelieu Family Small Cap

  • Richelieu Harmonie 50
  • Richelieu Obligations Euro
  • Richelieu Obligations Court Terme
  • Richelieu Monétaire