DNCA Invest
Convertibles

Convertible bonds - UCITS Fund

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Portfolio managers comments
May 2017


The European markets remain on a sound trend this month, buoyed by solid economic indicators and broadly positive microeconomic figures. Investors largely priced in the election of a pro-European president in France and they are now waiting for him to implement the reforms he promised during the campaign. Meanwhile, investment momentum continues, with the ninth week in a row of inflows into the euro area. Severe fluctuations in the /$ exchange rate continue to surprise investors and make it very difficult to draw up projections. The stance from the two main central banks as to the outlook...

Igor de Maack - Félix HaronText completed on June 01, 2017

At 2017-06-21

NAV

105.19CHF

Risk indicator

Year-to-date performance

+5,92%

Annualized performance
since inception

+1,17%
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Performance 

2016

-0,54%

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Volatility over 1 year

5,11%

Recommended minimum investment horizon

5 Years

Net assets
(At 2017-05-31)

809MCHF

Inception date

2013-02-19
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

Idm

Igor de Maack

Igor de Maack graduated from HEC Paris School of Management and is a qualified member of the French financial analysts' association (SFAF) and also holds a postgraduate specialist diploma in International Taxation.

He began his career at Deloitte & Touche. In 1998, he joined the Project Financing department at BNP Paribas. In 2002, he moved to IXIS where he headed the group’s participation in the financing project for the A 28 motorway, then joined the equity research team at Ixis Securities and became senior Vice President of primary equity markets at Lazard-lxis.

He joined DNCA Finance in 2007 as an infrastructures portfolio manager.

Felix haron img7479

Félix Haron

Félix Haron is a CFA charterholder, holds graduate of ESC Toulouse and holds a postgraduate specialist master's degree in Financial Engineering from Paris IX Dauphine University.

He began his career at BNP Paribas, as a convertible bond specialist. After a variety of experiences in trading and asset management, Félix joined the convertible management team of BNP Paribas Asset Management.

He joined DNCA Finance in September 2013.

Performances

Fund evolution
Annualised performances

Inception date : 2013-02-19

PerfAt 2017-06-21
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YTD

DNCA Invest Convertibles+5,92%
Exane Euro Convertible Index+4.87%
Simulator
(1) The inception date of the Fund is 2013-02-19

Briefly

The assets of DNCA Invest Convertibles are primarily invested in investment grade convertible bonds as well up to 50% in investment grade corporate bonds.

What objective?

The Sub-Fund will at all times invest at least 50% of its total assets in convertible bonds and exchangeable bonds of issuers having their registered office in the EU or exercising the preponderant part of their economic activities in the EU within the following limits:

What breakdown?

- Convertible or exchangeable bonds denominated in Euro: from 50% to 100% of its total assets,
- Non Euro Convertible or exchangeable bonds: at most 15% of its total assets,
- Convertible bonds rated "investment grade" or whose issuer is rated "investment grade": at least 50% of its assets invested in convertible or exchangeable bonds
- Money-market and debt instruments: from 0% to 50% of its total assets.
In addition, the Sub-Fund will invest the remaining part of its total assets in warrants, subscription rights and other bonds with any equity link. The Sub-Fund may invest up to 10% of its net assets in units or shares of UCITS or regulated AIFs.
The Sub-Fund may invest in securities denominated in any currency. However non-base currency exposure may be hedged back to the basecurrency to moderate currency exchange risks. More specifically, futures, and currency forwards may be used for that purpose.
The currency exchange risk will not represent more than 15% of the total assets of the Sub-Fund.

For what type of investor?

For the investor who wishes to take advantage of rising equity markets as well as the benefits from bond yields.

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 : 15% of the positive performance net of any fees above Exane Euro Convertible Index with High Water Mark

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.