DNCA Invest

Long Short / Absolute Return

Portfolio managers comments
March 2017

March was marked by a surge on the equity markets, with the EUROSTOXX 50 NR rallying 5.65%. These gains can primarily be attributed to confirmation from corporate earnings that the economic situation is improving. The latest polls in France reveal that victory for Marine Le Pen is unlikely and the result of elections in the Netherlands show that the surge in populism and Euroscepticism is stagnating. Let’s hope that the elections in France in a month’s time will confirm this, as continued European integration will clearly be key for the world economic outlook over the medium term. Any step...

Cyril Freu - Mathieu Picard - Boris Bourdet - Pierre PincemailleText completed on April 03, 2017

At 2017-04-25



Risk indicator

Year-to-date performance


annualized performance

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Volatility over 1 year


Recommended minimum investment horizon

5 Years

Net assets


Inception date

Past performance is not an indicator of future performance
Management fees are included in performance. The performances are calculated net of any fees by DNCA FINANCE.
This is not a capital guarantee fund

Fund Managers

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Cyril Freu

Cyril Freu is a qualified member of the French financial analysts’ association (SFAF) and also holds a postgraduate degree in Finance from Sciences-Po Paris and a master’s degree from Paris IX Dauphine University.

In 1998, he began his career as a sell-side financial analyst, firstly at CPR Finance then at IXIS Securities. In 2005, he was elected best financial analyst across all sectors (Agefi Extel Focus France survey). In 2006, he moved to the proprietary management team at IXIS CIB, which became Natixis, managing a diversified portfolio covering fundamental valuation strategies. Cyril joined DNCA Finance in 2009 to set up and manage the Absolute return fund range.

He became Deputy CIO of DNCA Finance in 2014.


Mathieu Picard

Mathieu Picard holds a postgraduate degree in Finance from Sciences-Po Paris and a master’s degree from Paris IX Dauphine University.

In 2002, he became a sell-side financial analyst at IXIS Securities. In June 2006, he moved to the proprietary management team as a financial analyst at IXIS CIB, which became NATIXIS.

He joined the DNCA Finance Absolute return team in September 2009.


Boris Bourdet

Boris Bourdet is a CFA charterholder and is a graduate of ESC Rouen and Sciences-Po Aix.

In 2003, he began his career as a financial auditor at Ernst & Young, before becoming a sell-side financial analyst in 2005 at IXIS Securities, which became Natixis. He was elected best sector analyst in 2007 and 2008 in the Agefi Extel Focus France survey.

He joined the DNCA Finance team in June 2011.

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Pierre Pincemaille

DNCA bolsters its Absolute return fund range by hiring a new fund manager.

Pierre Pincemaille holds a postgraduate degree in Economics and a Master in Finance from Paris II Panthéon Assas University. Pierre started his career in 1998 at Indosuez Private Banking as a European equities portfolio manager, with a particular focus on energy and chemicals stocks. He joined IXIS Asset Management in 2002 and took on responsibility for European equities funds managed on behalf of CNP, and also became a member of the investment committee. Pierre moved to BNP Paribas Asset Management in 2007 to take charge of the "Best Select" funds on Europe and the Eurozone in a team of nine staff (€11bn in UCITS and institutional mandates) and was also head of financial analysis for the energy sector.

Pierre Pincemaille joined DNCA in June 2016 as a European equities portfolio manager and will be in charge of the energy sector within the Absolute Return fund range.


Fund evolution
Annualised performances
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DNCA Invest Miura+2.02%
(1) The inception date of the Fund is 2009-11-16


DNCA Invest Miura is a Long/Covered Equities fund which is part of the DNCA Invest Sicav. This fund only operates on large- and medium-cap companies in Europe (EEE and Switzerland) and its strategy is based on a fundamental financial analysis. Knowledge of companies and their valuations is at the heart of its investment decisions. Gross exposure (Long + Short) is set at 200% and the management team uses neither leverage nor complex derivatives. With a limited net exposure of +/- 30% of the assets under management, the fund is not less dependent on equity markets. Its performance is based essentially on the managers' ability to make the appropriate 'long' choices (purchase of an equity with a view to benefiting from a potential upturn) as well as good 'short' choices (sale of an equity via CFD contracts with a view to benefiting from a potential downturn).

What objective?

The objective is to achieve better performance than the no-risk rate, represented by the EONIA, regardless of the direction of the equities market. This performance is sought by linking it to volatility which is below that found on the equities market, represented by the EUROSTOXX 50 index.

What breakdown?

The Sub-fund will invest at all times in:
- European equities or equivalent financial instruments (such as ETFs): 0 - 100%;
- CFDs - Index-linked futures: 0 - 100%;
- Monetary products: 0 - 100%.
The fund invests in regulated futures contracts on European indices, with the aim of hedging equity or forex risk or in the event of exposure to these risks , but does not actively seek overexposure. The fund can also invest on the forex market in order to hedge investments outside the euro zone, such as in the UK, Switzerland or Scandinavia.

For what type of investor?

All investors, in particular investors seeking absolute performance with managed volatility. Exposure to the equities market though with limited directional risk.

Which characteristics?

Pricing : Daily
Fund Legal Type : SICAV mutual fund governed by Luxembourg law
Country Of Domicile : LU
Min Subscription Amount :
Min Subscription Shares :
Subscription Fees : 3% max
Performance fee : 20% of the positive performance net of any fees above Eonia


Legal information

The above information is not a confirmation of any transaction and does not comprise investment advice. Past performances are not a reliable indicator of future performances. Management fees are included in performances. Access to products and services presented may be restricted regarding certain persons or countries. Tax treatment depends on the individual situation of each investor. For full information regarding strategies and fees, please refer to the prospectus, KIID documents and other regulatory information available on this website or free of charge on demand from the investment management company’s registered offices.