DNCA Invest

Patrimonial diversified - UCITS Fund

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Portfolio managers comments
May 2017

All markets have displayed fresh rallies over recent weeks following the easing of political risk in Europe. Equities have obviously further heightened their recovery already seen in April, while bonds were not seen wanting either: sovereign debt and corporate bonds of all credit qualities posted reasonable performances as compared to their usual returns. Capital inflows back into the euro area and the ECB’s ongoing hefty intervention promote these synchronized gains, although this growth should in no way be seen as sustainable for the bond market.

DNCA Invest Eurose gained 4.53% at end-May,...

Jean-Charles Mériaux - Philippe Champigneulle - Adrien Le Clainche - Baptiste Planchard - Romain GrandisText completed on June 01, 2017

At 2017-06-21



Risk indicator

Year-to-date performance


annualized performance

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Volatility over 1 year


Recommended minimum investment horizon

3 Years

Net assets
(At 2017-05-31)


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

Jean-Charles Mériaux

Jean-Charles Mériaux is a graduate of HEC Paris School of Management.

After starting his career at Crédit Foncier de France, he joined Oddo & Cie in 1987. In 1994, he joined LCF Edmond Rothschild Asset Management, where he became a member of the Executive Board and Head of French and European Equities Management. He launched and managed funds Tricolore Rendement and Saint-Honoré Convertibles.

He joined DNCA in October 2002 as managing partner and portfolio manager of Eurose and Centifolia. In October 2005 he became Chief Investment Officer of DNCA.

Philippe Champigneulle

Philippe Champigneulle graduated as an actuary from the University of Lyons (ISFA).

After starting his career at CDC, he joined Schelcher Prince Finance in 1984, where he occupied various bond manager positions and became head of trading activities in European derivatives and bond markets, before being appointed associate director and risk controller in 2001.

Philippe joined DNCA Finance in May 2005 as product manager and then moved to the fund management team in May 2009.

Romain Grandis

Romain Grandis, CFA charterholder, holds a degree in civil engineering from the Ecole des Mines and an Actuarial qualification from the ISFA financial science and insurance institute in Lyon.

He began his career at CIC Lyonnaise de Banque in 2004, and in 2005 joined MMA Finance, part of the Covéa group, as a fund manager and quantitative analyst on European equities. In 2010, he joined Covéa Finance, using his quantitative analysis skills across all asset classes. In 2011, Covéa Finance appointed him to manage insurance mandates for the group’s various entities.

Romain joined DNCA Finance in May 2016 as co-fund manager in both the bond and diversified fund management teams.

Adrien Le Clainche

Adrien Le Clainche holds a master's degree in Financial Management from Paris X Nanterre University.

He began his career in 2006 with various asset management experiences in the banking groups Candriam, Credit Suisse and Rothschild & Co.

In October 2010, he joined DNCA Finance as a management assistant in the bond and diversified team. He became manager-analyst in 2014 and extended his skills to French and European equities.

Baptiste Planchard

Baptiste Planchard is a graduate of business school ESC Reims and holds a degree in History.

Following an initial role in Sales trading at Oddo & Cie in 2013, he joined DNCA Finance in July 2014 and is involved in both the bond and diversified fund management teams.


Fund evolution
Annualised performances
PerfAt 2017-06-21
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DNCA Invest Eurose+4.81%
Composite Index Eurose NR (2)+2.55%
(1) The inception date of the Fund is 2007-06-21
(2) 80% FTSE MTS Global; 20% DJ Eurostoxx 50 NR


This diversified fund seeks to improve the performance by active yet defensive management of four categories of assets in the Euro Zone. It offers an alternative to bond funds, convertible bond funds and funds in euros but without any capital guarantee.

What objective?

The fund seeks to outperform the composite benchmark indicator consisting of 20% Eurostoxx 50 + 80% FTSE MTS Global calculated with dividends and coupons reinvested, over the recommended investment timeframe.

What breakdown?

Equities : 0 to 35%
Bonds : 0 to 100%
Convertibles bonds : 0 to 100%

For what type of investor?

For the investor wishing to diversify and energise his savings in a cautious way.

Which characteristics?

Pricing : Daily
Fund Legal Type : SICAV mutual fund governed by Luxembourg law
Country Of Domicile : LU
Min Subscription Amount : None (Share ND) 2,500 $ (Share H-A (USD)) 200,000 € (Share I) None (Share B) 2,500 $ (Share H-AD (USD)) 200,000 $ (Share H-I (USD)) 200,000 CHF (Share H-I (CHF)) 2,500 € (Share A) 200,000 CHF (Share I (CHF)) 200,000 € (Share ID) None (Share B (CHF)) 2,500 CHF (Share H-A (CHF)) 2,500 € (Share AD) None (Share N)
Min Subscription Shares : None (Share ND) None (Share H-A (USD)) None (Share I) None (Share B) None (Share H-AD (USD)) None (Share H-I (USD)) None (Share H-I (CHF)) None (Share A) None (Share I (CHF)) None (Share ID) None (Share B (CHF)) None (Share H-A (CHF)) None (Share AD) None (Share N)
Subscription Fees : 3% max


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.