Richelieu Obligations Euro was liquidated on January 15, 2021.

For more details, please refer to the Information Letter to unitholders dated January 7, 2021, downloadable on this page.


Euro-denominated bond management

Richelieu Obligations EURO is invested in eurozone sovereign bonds. This debt may have a fixed or variable rate, in the short, medium and long term.
The benchmark index is Bloomberg Barclays Series-E Euro Govt 5 – 7 Yr Bond Index.

The fund’s objective is to achieve performance close to that of the medium-term bond market. Managed by Etienne Dubourg, Richelieu Obligation EURO is invested only in sovereign bonds, except for cash that can be invested in conventional monetary UCITS funds. The management does not seek to replicate the benchmark index, whether in terms of geography or maturity. Nevertheless, the portfolio’s exposure may not deviate from that of the benchmark index by more or less than 30%. Lastly, the fund is not exposed to any currency risk.


Fixed-Income Management


Performance at 14/01/2021 (Share class R)

Performance since inception * (see chart)
Richelieu Obligations EURO +63.13 %
Reference benchmark ** +81.66 %

Annualised performance since inception *
Richelieu Obligations EURO + 3.37 %
Reference benchmark ** + 4.13 %

* date of the most recent change in the investment policy.
** Bloomberg Barclays Series-E Euro Govt 5 – 7 Yr Bond Index.

The performance displayed before 1 October 2012 is not that of the fund. This performance is that of the KBL Richelieu Obligations EUR FCP fund, from which the fund is derived, following the splitting of the latter. Richelieu Obligations EURO used to implement an investment policy identical to that of the FCP fund. The figures indicated refer to past years. Past performance is not a reliable indicator of future performance. Sources: internal and Europerformance.

Key figures at 14/01/2021 (Share class R)

Richelieu Obligations EURO Reference benchmark
Net asset value 5,315.16 € 252.68 €
2021 performance -0.31 % -0.17 %
One-year performance +1.74 % +2.61 %
Five-year performance +4.64 % +10.25 %
Total net assets 4 M€ -
Volatility / 1 year -
Volatility / 5 years -


AMF classification : Euro-denominated bonds and other debt securities
ISIN code: FR0011302975
Inception date* : 21 April 2006
Reference benchmark: Bloomberg Barclays Series-E Euro Govt 5 – 7 Yr Bond Index
Recommended investment horizon: > 2 years

* The inception date corresponds to the date of the most recent change in the management orientation of the original fund Risk and return profile

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

High risk,
potentially higher


The above benchmark reflects the UCITS’ volatility over five years based on its main exposure to bonds and debt securities. 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 risk that has not been sufficiently taken into account by the benchmark:

- Credit risk: This concerns, for marketable bonds and debt securities, as well as money market instruments, the risk of a sudden deterioration in the creditworthiness of an issuer or that of its default. This risk is more significant for speculative, high-yield securities.


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