French Multicaps selection

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Portfolio managers comments
July 2017

The CAC 40 net return started off the second half of 2017 with a lackluster performance of -0.48%, and displaying an outperformance to the CAC Mid&Small net return (+42bp) for the first time this year. The 1H earnings reporting season has been a mixed bag so far, in view of expectations and market valuations, and earnings growth revisions are not helping ease stretched multiples. From a macroeconomic standpoint, all eyes are on currency trends, with the weakening dollar at the top of the list. Several business models could be temporarily affected right from the third quarter.

Gallica has...

Igor de Maack - Romain AviceText completed on August 01, 2017

At 2017-08-22



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 2017-07-31)


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


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.

Romain avice img7534

Romain Avice

Romain Avice is a graduate of EDC and holds a master's degree in Finance.

In July 2008, he joined DNCA Finance as an assistant management before becoming manager - analyst on Gallica in December 2012 and on DNCA PME in December 2014.


Fund evolution
Annualised performances
PerfAt 2017-08-18
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SBF 120 NR+8.55%
(1) The inception date of the Fund is 2001-02-23


This fund, which is eligible for PEA personal equity plans, is managed opportunistically. The fund’s strategy is based on discretionary investment management, through stock-picking, which does not aim to replicate the benchmark index. Investment criteria primarily include relative valuation to the market, the financial structure of the company, current and expected yield, management quality and the market positioning of the target companies. The fund manager shall focus investments on securities trading at levels which, in his opinion, do accurately reflect valuation and therefore incur limited downside risk.

What objective?

The fund aims to outperform equity market trends represented by the SBF 120 index calculated on a net-return basis (dividends reinvested) via investment in French equities.

What breakdown?

Mainly French equities (75 % minimum).

For what type of investor?

The fund, which is eligible for PEA personal equity plans, targets investors seeking exposure to the French equity market.

Which characteristics?

Pricing : Daily
Fund Legal Type : FCP
Country Of Domicile : FR
Min Subscription Amount :
Min Subscription Shares :
Subscription Fees : 3% max
Performance fee : 20% of the positive performance net of any fees above SBF 120 NR 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.