DNCA Invest
South Europe Opportunities

South European Equities - UCITS Fund

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Portfolio managers comments
June 2017

The fund held up well in June, losing only 1.54% vs. -1.79% for the benchmark and -2.53% for the STOXX 600. Solid economic indicators, the easing of political risk and rescues for struggling banks all helped underpin indices.

Financials benefited from both approval of the rescue plan for Banca Monte dei Paschi di Siena, the consolidation movement (buyouts of Popolare di Vicenza and Veneto Banca by Intesa Sanpaolo, Banco Popular by Santander and Banco Mare Nostrum by Bankia) and the prospects for swifter tightening than expected in ECB monetary policy. In our portfolio, Intesa Sanpaolo...

Isaac Chebar - Lucy BonmartelText completed on July 10, 2017

At 2017-07-20



Risk indicator

Year-to-date performance


annualized performance

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Volatility over 1 year


Recommended minimum investment horizon

5 Years

Net assets
(At 2017-06-30)


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

Lucy Bonmartel

Lucy Bonmartel holds a postgraduate degree in International Finance from Paris IX Dauphine University and is a qualified member of the French financial analysts’ association (SFAF).

She began her career as Head financial sector consultant at the market survey specialist Eurostaf where she worked for 8 years, before becoming analyst then European equity portfolio manager at Société Générale Asset Management for 8 years and at Axa Investment Managers for 6 years.

She joined the DNCA Finance management team in January 2014.

Isaac Chebar

Isaac Chebar holds a chemical engineering degree from the Polytechnic school of the University of Sao Paolo in Brazil.

He began his career at Société Générale managing emerging market funds and funds investing in Southern Europe. In 2000, Isaac joined Tocqueville Finance where he set up and managed Tocqueville Value Europe until 2002. He then joined Aviva asset management as head of European investments managing several discretionary funds.

He joined the DNCA Finance management team in 2007.


Fund evolution
Annualised performances
PerfAt 2017-07-20
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DNCA Invest South Europe Opportunities+14.73%
Composite - DNCA Invest South Europe Opportunities (2)+14.46%
(1) Data are calculated from 2007-02-23
(2) 55% FTSE MIB; 40% IBEX; 5% PSI20


The Sub-Fund, eligible, invests at least two-thirds of its assets in equity securities of issuers whose head office is located in Southern Europe (Italy, Portugal, Spain and Greece) or exercising the predominant part of their activity in these European countries.

What objective?

The fund seeks to outperform the composite index consisting of 55% FTSE MIB, 40% IBEX and 5% PSI20 net return, calculated with dividends reinvested, over the recommended investment timeframe.

What breakdown?

-European equities: 75% to 100% of its total assets
-Debt instruments: 0% to 25%
-Non-European equities: 0% to 10%

For what type of investor?

All investors, in particular investors who wishes to invest in South European equities.

Which characteristics?

Pricing : Daily
Fund Legal Type : SICAV mutual fund governed by Luxembourg law
Country Of Domicile : LU
Min Subscription Amount : 2,500 € (Share A) None (Share B) 200,000 € (Share I) 200,000 € (Share ID) 200,000 $ (Share H-I (USD)) 2,500 € (Share AD) None (Share N) None (Share ND)
Min Subscription Shares : None (Share A) None (Share B) None (Share I) None (Share ID) None (Share H-I (USD)) None (Share AD) None (Share N) None (Share ND)
Subscription Fees : 3% max
Performance fee : 20% of the positive performance net of any fees above Composite - DNCA Invest South Europe Opportunities with High Water Mark

What taxation?

This fund is eligible for French PEA personal equity plans. Please consult your usual financial advisor for further information.


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.