DNCA Invest

Long Covered - Absolute Return

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Portfolio managers comments
June 2017

The equity markets fell in June, with the EUROSTOXX 50 NR shedding 3%. This decline followed on from four successive months of gains and reflects concerns on both possible rate hikes, which could affect market valuations, and potential disappointments ahead in the US, where Donald Trump seems to have trouble implementing his policies. We note that the decline took place at the end of the month, against a backdrop of a slight increase in long rates and a fall in the dollar. 1H earnings will be reported in July and look set to be solid, particularly for groups exposed to Europe and some...

Mathieu Picard - Boris Bourdet - Cyril Freu - Wladimir PouxText completed on July 10, 2017

At 2017-07-20



Risk indicator

Year-to-date performance


Annualized performance
since inception

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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

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.

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.


Fund evolution
Annualised performances

Inception date : 2013-10-30

PerfAt 2017-07-20
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DNCA Invest Miuri+1.97%
(1) The inception date of the Fund is 2013-10-30


DNCA Invest Miuri 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 Sub-Fund seeks to achieve a higher annual performance than the risk-free rate represented by the EONIA rate. This performance is sought by associating it to a lower annual volatility than 5%.

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%.

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
Country Of Domicile : LU
Min Subscription Amount : None (Share B) 200,000 € (Share I) 2,500 € (Share A) None (Share N) None (Share ND) 200,000 € (Share ID) 200,000 $ (Share H-I (USD)) 2,500 € (Share AD) 2,500 $ (Share H-A (USD)) None (Share BG) 200,000 € (Share IG) 200,000 € (Share H-I (GBP)) 2,500 € (Share AG)
Min Subscription Shares : None (Share B) None (Share I) None (Share A) None (Share N) None (Share ND) None (Share ID) None (Share H-I (USD)) None (Share AD) None (Share H-A (USD)) None (Share BG) None (Share IG) None (Share H-I (GBP)) None (Share AG)
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.