DNCA Invest
Velador

Absolute Return Fund

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Portfolio managers comments
August 2017


The equity markets were fairly flat in August, with the EUROSTOXX 50 NR down a slight 0.7%. The main event this month was the euro’s strong surge against a number of other currencies, especially the dollar, which could dent future earnings projections. Meanwhile corporate earnings reports in Europe were somewhat disappointing compared to high expectations, with some management teams displaying a more cautious stance. These factors combined to overshadow the positive effects of a seemingly improving context and ongoing low interest rates that shore up market valuations.

VELADOR shed 77bp in...

Mathieu Picard - Cyril Freu - Boris Bourdet - Wladimir PouxText completed on September 01, 2017

At 2017-09-19

NAV

109.24€

Risk indicator

Year-to-date performance

+5,18%

Annualized performance
since inception

+3,84%
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Performance 

2016

+2,5%

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Volatility over 1 year

-

Recommended minimum investment horizon

5 Years

Net assets
(At 2017-08-31)

855M€

Inception date

2015-05-18
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

Cyril freu img8192

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.

Mpi

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.

Bbo

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.

Wladimir poux img7278

Wladimir Poux

Wladimir Poux holds a master's management science degree in Finance from Paris IX Dauphine University.

After 7 years’ experience in sales and sales trading at Oddo & Cie and then at Bryan, Garnier & Co, he joined the DNCA Finance Absolute return team in September 2014.

In addition to his role in the Performance Absolute team, Wladimir is appointed as the person responsible for the trading of DNCA in June 2016.

Performances

Fund evolution
Annualised performances

Inception date : 2015-05-18

PerfAt 2017-09-18
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YTD

DNCA Invest Velador+5,09%
Composite Index Velador (2)+2.19%
Simulator
(1) The inception date of the Fund is 2015-05-18
(2) 25% EuroStoxx 50 NR + 75% Eonia

Briefly

The Sub-Fund's strategy qualifies as absolute return and relies on fundamental financial analysis performed by the Investment Manager. It invests in European issuers (EEA plus Switzerland). The global risk associated with investments of the Sub-Fund (Longs and Futures) cannot exceed 200% of the net assets of the Sub-Fund. With a net exposure limited to 0/+ 50% of the assets under management, it is not significantly dependent on the equity market trends. The major part of the performance depends on the Investment Managers' capacity in identifying equities that have the characteristics to outperform their market indexes or their sector indexes.

What objective?

The Sub-Fund seeks to achieve a positive performance higher than the following composite Index: 25% EUROSTOXX 50 NR + 75% EONIA. This performances objective is sought by associating it to a lower annual volatility than 8%.

What breakdown?

The Sub-Fund may at any time be invested in:
- Equities issued in Europe (EEA plus Switzerland) or equivalent financial instruments (such as ETF, futures, CFD and/or DPS, etc.): from 75% to 100% of its net assets,
- Equities issued outside of EEA plus Switzerland: up to 10% of its net assets,
- Equities with total capitalisation below 150 million Euros up to 5% of its net assets,
- Euro zone Ordinary Bonds, convertible bonds or equivalent, money-market instruments or deposits: from 0% to 25% of its net assets,
- other financial instruments up to 10% of its net assets.

For what type of investor?

All investors, in particular investors looking for a European share market exposure.

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 Composite Index Velador

What taxation?

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

Highlights

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.