An original fund of funds from Flornoy | Photo credit: Shutterstock
Flornoy Ferri markets Flornoy Trends (Isin code: FR0014008WN4), the first multi-theme fund of funds that offers automated dynamic management on the most promising themes of the moment via a “momentum” engine. Three fundamental issues (environment, human and technology) and 12 specific themes have been selected (preserving, saving resources, developing sustainable energy, treating, feeding, living, consuming, having fun, communicating, analyzing, supplying and innovating). 38 thematic funds, offered by 17 management companies, can be selected. Arbitrations are made tactically according to the momentum of the themes. No macroeconomic filter is taken into account.
Currently, JPM Global Healthcare, RobecoSAM Smart Energies Equities, Credit Suisse Infrastructure, M&G Global Listed Infrastructure and Pictet-Clean Energy constitute the main lines of the portfolio, currently completely absent from technology. The positioning is therefore rather defensive for good reason. Recently, the manager, Stéphane Le Rai, reinforced Pictet Biotech and reduced DPAM Sustainable Food as well as Pictet Timber. Urbanization (28% of the fund), sustainable energies (27%) and health (26%) are the most represented sectors.
Maximum entry fee: 4%. Annual management fees: 1.8% + 15% of the outperformance in the event of a rise greater than 2 points compared to the benchmark index (80% of the MSCI World and 20% of the money market); original value of the share: 100 euros.
Investing opinion
Despite high management fees for a fund of funds (1% would have been more reasonable to limit the stacking of fees), we have a long-term view of a positive a priori on this fund positioned on buoyant themes. However, we prefer to wait a few months before advising it due to an unfavorable short-term stock market environment. Of course, a purchase will be made with an entry fee limited to 2%.