DNCA Invest
Evolutif

Flexible Diversified - UCITS Fund

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Portfolio managers comments
July 2017


Despite sound economic performances in Europe (GDP growth up 0.6% in 2Q, bringing full-year growth to 2.1%, a 5-year high), the pace of growth for stockmarket indices in the area slowed in July (+0.22% for the Eurostoxx 50).

The euro’s strong rise against the dollar is the main hindrance. When the exchange rate reaches 1.20USD/EUR, it dents earnings prospects for European exporters. Beside competitiveness, there is also the positive translation effect on accounts, which reduces for each dollar cent that the euro gains.

This did not prevent many European companies publishing earnings well...

Augustin Picquendar - Pierre Pincemaille - Caroline Slama - Thomas PlanellText completed on August 01, 2017

At 2017-08-21

NAV

150.31€

Risk indicator

Year-to-date performance

+2,1%

5-year
annualized performance

+6,79%
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Performance 

2016

+2,63%

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Volatility over 1 year

10,3%

Recommended minimum investment horizon

5 Years

Net assets
(At 2017-07-31)

475M€

Inception date

2007-07-24
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

Pierre Pincemaille

DNCA bolsters its Absolute return fund range by hiring a new fund manager.

Pierre Pincemaille holds a postgraduate degree in Economics and a Master in Finance from Paris II Panthéon Assas University. Pierre started his career in 1998 at Indosuez Private Banking as a European equities portfolio manager, with a particular focus on energy and chemicals stocks. He joined IXIS Asset Management in 2002 and took on responsibility for European equities funds managed on behalf of CNP, and also became a member of the investment committee. Pierre moved to BNP Paribas Asset Management in 2007 to take charge of the "Best Select" funds on Europe and the Eurozone in a team of nine staff (€11bn in UCITS and institutional mandates) and was also head of financial analysis for the energy sector.

Pierre Pincemaille joined DNCA in June 2016 as a European equities portfolio manager and will be in charge of the energy sector within the Absolute Return fund range.

Augustin Picquendar

Augustin Picquendar is a graduate of ESSCA Angers, holds a postgraduate degree in Banking and Finance and is also a qualified member of the French financial analysts’ association (SFAF) and a qualified CIIA (issued by SFAF).

After an initial professional experience at BNP Paribas, he joined DNCA Finance in January 2008 as assistant manager before becoming co-manager of DNCA Evolutif and DNCA Evolutif PEA.

Caroline Slama

Caroline Slama graduated from Paris IX Dauphine and is holder of a postgraduate specialist master's degree in Banking and Finance and is also a qualified member of the French financial analysts’ association (SFAF) and a qualified CIIA (issued by SFAF).

Caroline has 15 years of experience including 7 years at Carmignac Gestion on global equities and fixed income and 6 years as a sell-side analyst (team ranked 3rd on Extel Europe in 2005 and 2006).

She joined DNCA Finance in September 2016 as co-PM of DNCA Invest Evolutif and DNCA Evolutif PEA.

Thomas Planell

Thomas Planell holds a Master’s degree in Finance from the INSEEC Business School (France).

He joined DNCA Finance in November 2013 as part of the DNCA Evolutif and DNCA Evolutif PEA fund management team, having gained previous experience at various financial institutions in asset management, selling derivatives and consulting.

Performances

Fund evolution
Annualised performances
PerfAt 2017-08-18
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YTD

DNCA Invest Evolutif+2.4%
Composite - DNCA Invest Evolutif NR (2)+4.16%
Simulator
(1) The inception date of the Fund is 2007-07-24
(2) Indice composite (60% Eurostoxx 50 NR, 30% FTSE MTS EMU GOV BOND 1-3 years, 10% EONIA capitalisé, calculé dividendes et coupons réinvestis)

Briefly

The Sub-Fund's investment strategy relies on active discretionary management unsing a stock picking policy. This policy is all based on fundamental analysis developed through main investment criteria such as market assessment, issuer's financial structure, management quality, issuer's market position or regular contacts with issuers. The Sub-Fund will be invested either in equities, bonds or money market instruments by adapting the investment strategy to the economic situation and the Investment Manager's expectations.

What objective?

The Sub-Fund seeks to outperform the 60% Eurostoxx 50, 30% FTSE MTS EMU GOV BOND 1-3 years, 10% EONIA composite index calculated dividends reinvested, over the recommended investment period, while protecting the capital during adverse periods through opportunistic management and flexible asset allocation.

What breakdown?

- Equities: 0–100%
- Bonds/Money-market instruments: 0–70%

For what type of investor?

For the investor who is unsure between a balanced and dynamic profile and who wants to take part in bull markets for equities, while trying to protect himself in difficult periods.

Which characteristics?

Pricing : Daily
Fund Legal Type : SICAV mutual fund governed by Luxembourg law
Country Of Domicile : LU
Min Subscription Amount : None (Share N) 200,000 € (Share I) 200,000 $ (Share H-I (USD)) 2,500 CHF (Share H-A (CHF)) None (Share B) None (Share ND) 200,000 € (Share ID) None (Share BD) 100,000,000 € (Share SI) 2,500 € (Share A) 2,500 € (Share AD) 200,000 CHF (Share H-I (CHF))
Min Subscription Shares : None (Share N) None (Share I) None (Share H-I (USD)) None (Share H-A (CHF)) None (Share B) None (Share ND) None (Share ID) None (Share BD) None (Share SI) None (Share A) None (Share AD) None (Share H-I (CHF))
Subscription Fees : 3% max
Performance fee : 20% of the positive performance net of any fees above Composite - DNCA Invest Evolutif NR 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.