Asset Allocation
| Position | Category/Sector | Target Weight |
|---|---|---|
AI.PA L'Air Liquide S.A. | Basic Materials | 14.29% |
DSY.PA Dassault Systèmes SE | Technology | 14.29% |
MC.PA LVMH Moët Hennessy - Louis Vuitton, Société Européenne | Consumer Cyclical | 14.29% |
OR.PA L'Oréal S.A. | Consumer Defensive | 14.29% |
RI.PA Pernod Ricard SA | Consumer Defensive | 14.29% |
RMS.PA Hermès International Société en commandite par actions | Consumer Cyclical | 14.29% |
SAN.PA Sanofi | Healthcare | 14.29% |
Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in France's wide moats, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends. The portfolio is rebalanced Every 3 months.
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The earliest data available for this chart is Jul 2, 1996, corresponding to the inception date of DSY.PA
Returns By Period
As of Apr 3, 2026, the France's wide moats returned -12.65% Year-To-Date and 10.24% of annualized return in the last 10 years.
| 1D | 1M | YTD | 6M | 1Y | 3Y* | 5Y* | 10Y* | |
|---|---|---|---|---|---|---|---|---|
Benchmark S&P 500 Index | 0.11% | -3.43% | -3.84% | -1.98% | 16.08% | 16.86% | 10.37% | 12.29% |
Portfolio France's wide moats | -0.48% | -4.98% | -12.65% | -15.41% | -13.91% | -6.90% | 0.77% | 10.24% |
| Portfolio components: | ||||||||
RI.PA Pernod Ricard SA | -1.33% | -16.42% | -15.31% | -23.57% | -24.39% | -28.78% | -14.81% | -1.73% |
SAN.PA Sanofi | -0.80% | 2.75% | -1.93% | -4.37% | -8.67% | -0.33% | 3.20% | 5.34% |
RMS.PA Hermès International Société en commandite par actions | -0.57% | -12.68% | -22.63% | -23.27% | -25.99% | -0.79% | 12.20% | 19.58% |
MC.PA LVMH Moët Hennessy - Louis Vuitton, Société Européenne | -0.46% | -6.80% | -28.26% | -13.82% | -10.81% | -14.44% | -2.51% | 14.33% |
DSY.PA Dassault Systèmes SE | 0.11% | -4.51% | -27.40% | -40.92% | -46.77% | -20.17% | -13.89% | 2.91% |
OR.PA L'Oréal S.A. | -0.16% | -2.15% | -4.02% | -5.73% | 8.87% | -1.44% | 3.12% | 10.57% |
AI.PA L'Air Liquide S.A. | -0.17% | 3.26% | 10.65% | 0.68% | 9.73% | 12.95% | 10.93% | 13.34% |
Monthly Returns
Based on dividend-adjusted daily data since Mar 9, 2007, France's wide moats's average daily return is +0.05%, while the average monthly return is +0.93%. At this rate, your investment would double in approximately 6.2 years.
Historically, 60% of months were positive and 40% were negative. The best month was Sep 2010 with a return of +18.5%, while the worst month was Oct 2008 at -20.1%. The longest winning streak lasted 8 consecutive months, and the longest losing streak was 4 months.
On a daily basis, France's wide moats closed higher 52% of trading days. The best single day was Nov 24, 2008 with a return of +13.2%, while the worst single day was Oct 6, 2008 at -10.2%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -1.95% | 0.39% | -12.32% | 1.21% | -12.65% | ||||||||
| 2025 | 9.39% | -0.22% | -3.99% | 3.92% | -0.76% | -1.82% | -2.45% | 4.76% | -2.65% | 0.22% | -0.32% | -0.43% | 4.99% |
| 2024 | -0.12% | 2.59% | -0.24% | -4.90% | 0.70% | -5.16% | 0.13% | 4.96% | 3.09% | -11.99% | -5.47% | 2.43% | -14.27% |
| 2023 | 10.87% | -1.11% | 9.74% | 4.43% | -4.84% | 5.66% | -0.23% | -5.55% | -7.69% | -0.24% | 8.30% | 4.33% | 23.87% |
| 2022 | -8.43% | -2.37% | 0.74% | -5.59% | -2.18% | -7.46% | 9.77% | -8.28% | -6.65% | 3.85% | 14.18% | -1.23% | -15.27% |
| 2021 | -2.99% | 1.59% | 3.93% | 8.85% | 6.24% | 1.17% | 3.10% | -0.99% | -6.03% | 8.08% | 2.40% | 2.44% | 30.32% |
Benchmark Metrics
France's wide moats has an annualized alpha of 6.37%, beta of 0.59, and R² of 0.28 versus S&P 500 Index. Calculated based on daily prices since March 09, 2007.
- This portfolio participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (93.85%) than losses (86.29%) — typical of diversified or defensive assets.
- Beta of 0.59 may look defensive, but with R² of 0.28 this portfolio is largely uncorrelated with S&P 500 Index — low beta reflects independence, not downside protection. See the Volatility section for a true picture of this portfolio's risk.
- R² of 0.28 means this portfolio moves largely independently of S&P 500 Index — capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 6.37%
- Beta
- 0.59
- R²
- 0.28
- Upside Capture
- 93.85%
- Downside Capture
- 86.29%
Expense Ratio
France's wide moats has an expense ratio of 0.00%, meaning no management fees are charged. Below, you can find the expense ratios of the portfolio's funds side by side and easily compare their relative costs.
Return for Risk
Risk / Return Rank
France's wide moats ranks 2 for risk / return — in the bottom 2% of portfolios on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
| Portfolio | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.68 | 0.88 | -1.56 |
Sortino ratioReturn per unit of downside risk | -0.87 | 1.37 | -2.24 |
Omega ratioGain probability vs. loss probability | 0.90 | 1.21 | -0.31 |
Calmar ratioReturn relative to maximum drawdown | -0.26 | 1.39 | -1.65 |
Martin ratioReturn relative to average drawdown | -0.72 | 6.43 | -7.16 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
How much return does each position deliver for the risk it carries? Higher values mean better reward for the risk taken.
| Risk / Return Rank | Sharpe ratio | Sortino ratio | Omega ratio | Calmar ratio | Martin ratio | |
|---|---|---|---|---|---|---|
RI.PA Pernod Ricard SA | 15 | -0.78 | -1.04 | 0.88 | -0.47 | -1.07 |
SAN.PA Sanofi | 30 | -0.31 | -0.24 | 0.97 | -0.01 | -0.02 |
RMS.PA Hermès International Société en commandite par actions | 14 | -0.89 | -1.17 | 0.86 | -0.46 | -1.10 |
MC.PA LVMH Moët Hennessy - Louis Vuitton, Société Européenne | 30 | -0.32 | -0.24 | 0.97 | 0.02 | 0.05 |
DSY.PA Dassault Systèmes SE | 4 | -1.27 | -1.68 | 0.72 | -0.81 | -1.66 |
OR.PA L'Oréal S.A. | 52 | 0.33 | 0.66 | 1.08 | 0.95 | 2.08 |
AI.PA L'Air Liquide S.A. | 56 | 0.46 | 0.80 | 1.10 | 1.34 | 2.72 |
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Dividends
Dividend yield
France's wide moats provided a 3.12% dividend yield over the last twelve months.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio | 3.12% | 2.78% | 2.27% | 1.82% | 1.74% | 1.33% | 1.54% | 1.62% | 1.98% | 1.83% | 1.90% | 1.91% |
| Portfolio components: | ||||||||||||
RI.PA Pernod Ricard SA | 7.46% | 6.43% | 4.31% | 2.94% | 2.24% | 1.48% | 1.70% | 1.96% | 1.65% | 1.53% | 1.83% | 1.71% |
SAN.PA Sanofi | 4.75% | 4.74% | 4.01% | 3.97% | 3.71% | 3.61% | 4.00% | 3.43% | 4.00% | 4.12% | 3.81% | 3.63% |
RMS.PA Hermès International Société en commandite par actions | 1.65% | 1.23% | 1.08% | 0.68% | 0.55% | 0.30% | 0.52% | 0.68% | 1.34% | 0.84% | 0.86% | 0.95% |
MC.PA LVMH Moët Hennessy - Louis Vuitton, Société Européenne | 2.76% | 2.02% | 2.05% | 1.70% | 1.76% | 0.96% | 0.90% | 1.50% | 2.09% | 1.71% | 1.98% | 2.28% |
DSY.PA Dassault Systèmes SE | 1.48% | 1.09% | 0.69% | 0.47% | 0.51% | 0.21% | 0.42% | 0.44% | 0.56% | 0.60% | 0.65% | 0.58% |
OR.PA L'Oréal S.A. | 1.95% | 1.91% | 1.93% | 1.33% | 1.44% | 0.96% | 1.24% | 1.46% | 1.76% | 1.78% | 1.79% | 1.74% |
AI.PA L'Air Liquide S.A. | 1.83% | 2.06% | 1.85% | 1.67% | 1.99% | 1.79% | 2.01% | 1.91% | 2.44% | 2.25% | 2.40% | 2.46% |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the France's wide moats. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the France's wide moats was 47.02%, occurring on Mar 3, 2009. Recovery took 363 trading sessions.
The current France's wide moats drawdown is 25.20%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -47.02% | Jun 2, 2008 | 194 | Mar 3, 2009 | 363 | Aug 3, 2010 | 557 |
| -31.76% | Nov 22, 2021 | 220 | Sep 27, 2022 | 132 | Mar 31, 2023 | 352 |
| -27.7% | Mar 14, 2024 | 519 | Mar 26, 2026 | — | — | — |
| -26.51% | Jan 20, 2020 | 44 | Mar 19, 2020 | 72 | Jul 2, 2020 | 116 |
| -21.34% | Jul 27, 2011 | 50 | Oct 4, 2011 | 128 | Apr 2, 2012 | 178 |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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Diversification
Diversification Metrics
Number of Effective Assets
The portfolio contains 7 assets, with an effective number of assets of 7.00, reflecting the diversification based on asset allocation. This number of effective assets indicates a moderate level of diversification, where some assets may have a more significant influence on overall performance.
Asset Correlations Table
| Benchmark | SAN.PA | DSY.PA | RI.PA | RMS.PA | AI.PA | OR.PA | MC.PA | Portfolio | |
|---|---|---|---|---|---|---|---|---|---|
| Benchmark | 1.00 | 0.35 | 0.38 | 0.32 | 0.35 | 0.43 | 0.40 | 0.45 | 0.48 |
| SAN.PA | 0.35 | 1.00 | 0.41 | 0.45 | 0.36 | 0.56 | 0.53 | 0.48 | 0.66 |
| DSY.PA | 0.38 | 0.41 | 1.00 | 0.46 | 0.50 | 0.54 | 0.54 | 0.55 | 0.72 |
| RI.PA | 0.32 | 0.45 | 0.46 | 1.00 | 0.49 | 0.54 | 0.62 | 0.59 | 0.75 |
| RMS.PA | 0.35 | 0.36 | 0.50 | 0.49 | 1.00 | 0.52 | 0.56 | 0.68 | 0.76 |
| AI.PA | 0.43 | 0.56 | 0.54 | 0.54 | 0.52 | 1.00 | 0.64 | 0.65 | 0.79 |
| OR.PA | 0.40 | 0.53 | 0.54 | 0.62 | 0.56 | 0.64 | 1.00 | 0.68 | 0.82 |
| MC.PA | 0.45 | 0.48 | 0.55 | 0.59 | 0.68 | 0.65 | 0.68 | 1.00 | 0.85 |
| Portfolio | 0.48 | 0.66 | 0.72 | 0.75 | 0.76 | 0.79 | 0.82 | 0.85 | 1.00 |