Centifolia

French Value equities

Portfolio managers comments
December 2016


Following on from the election of Donald Trump, the no vote at the Italian referendum did not trigger the shock that had been expected...quite the contrary. Matteo Renzi’s defeat, which was reasonably priced in by the markets, helped unlock upside on the European equity markets, which ended 2016 close to their highs of the year. Growth and inflation projections are rising worldwide and corporate earnings projections for the Eurozone are confirming their uptrend. Portfolio rotation into risky assets is well under way in the US and is getting started in Europe. Centifolia ended 2016 with a...

Jean-Charles Mériaux - Igor de Maack - Marie-Claire MainkaText completed on January 02, 2017

At 2017-01-23

NAV

325.7€

Risk indicator

Year-to-date performance

-1.61%

5-year annualized performance

+10.91%
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Performance 

2016

+4.64%

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Volatility over 1 year

18.59%

Recommended minimum investment horizon

5 Years

Net assets
(At 2016-12-30)

1,710M€

Inception date

2002-10-04
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 meriaux img6755

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 performance and Saint-Honoré Convertibles.

He joined DNCA Finance as an associate manager in October 2002. He became CEO of DNCA Finance between October 2005 to August 2014 and President between September 2014 and June 2015.

Marie claire img7963 v2

Marie-Claire Mainka

Marie-Claire Mainka is a graduate of the ISG international business school and a qualified member of the SFAF (French Society of Financial Analysts).

She began her career as a financial analyst, spending 10 years at Ferri and then moving to Natwest. She then worked in European equity sales at Citigroup and RBS.

In May 2015, she joined DNCA Finance as an analyst.

Performances

Fund evolution
Annualised performances
PerfAt 2017-01-23
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YTD

Centifolia-1.61%
CAC 40 NR-0.83%
Simulator
(1) The inception date of the Fund is 2002-10-04

Briefly

This fund – which is eligible for the PEA scheme – has a “value” approach applied to French equities. Security selection is oriented towards companies deemed undervalued that have good potential for rising in value. The portfolio's construction highlights defensive equities to reduce risk.

What objective?

The fund seeks to outperform the CAC 40 calculated with dividends reinvested, over the recommended investment timeframe of five years.

What breakdown?

French equities (minimum 75%)

For what type of investor?

The fund targets clients seeking to invest in the French equity market via French share savings plans (PEA) and who can hold their investment for the recommended investment timeframe.

Which characteristics?

Pricing : Daily
Fund Legal Type : FCP
Country Of Domicile : FR
Min Subscription Amount :
Min Subscription Shares :
Subscription Fees : 3% max
Performance fee : 0% of the positive performance net of any fees above CAC 40 NR

What taxation?

This fund is eligible for French PEA personal equity plans. Please consult your usual financial advisor for further information.

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.