Mid Cap European Equities Fund
The fund invests in the attractive European mid cap segment in competitively advantaged businesses with aligned shareholder / management interests and attractive valuations.
European equity markets held up well in January in the face of heightened geopolitical uncertainty thanks to encouraging macro-economic statistics.
Turning to the fund, Pfeiffer Vacuum was the subject of a rather ungenerous takeover offer from 27% shareholder Busch. Pfeiffer is a high quality niche industrial business generating high capital returns which had lost its way after a poorly judged acquisition of a competitor....
Annualized performance since inception
Recommended minimum investment horizon
Don Fitzgerald, CFA (Chartered Financial Analyst) graduated from Trinity College Dublin.
He began his career with Citigroup in 1996 firstly in Dublin then in Frankfurt and Paris. He joined WestLB Paris as an investor in distressed debt in 2003 and Tocqueville Finance in 2007. From 2008 to August 2015 he managed the fund Tocqueville Value Europe to first decile performance, by Quantalys, in its category over 1, 3 and 5 years. May 2015 he was awarded the Silver Prize by REVENU for risk adjusted returns in the European equities segment over 3 years. Trilingual, Don worked in Dublin, Paris , London and Frankfurt.
In September 2015, he joined DNCA Finance.
Isaac Chebar holds a chemical engineering degree from the Polytechnic school of the University of Sao Paolo in Brazil.
He began his career at Société Générale managing emerging market funds and funds investing in Southern Europe. In 2000, Isaac joined Tocqueville Finance where he set up and managed Tocqueville Value Europe until 2002. He then joined Aviva asset management as head of European investments managing several discretionary funds.
He joined the DNCA Finance management team in 2007.
Maxime Genevois graduated from Toulouse Business School in 2015.
After several internship in financial analysis in DNCA Finance, Financière Arbevel and Rothschild & Cie Gestion, he joined the DNCA Finance management team in August 2015.
For legal reasons, we can not post the performance of the sub-fund
The Sub-Fund's investment strategy relies on active discretionary management and stock selection based upon fundamental financial analysis. The manager seeks to identify shares trading below the Investment Manager’s estimate of intrinsic value and asymmetric risk reward opportunities whilst paying attention to portfolio volatility. Idea generation stems from a combination of various quantitative screening & qualitative factors. The Investment Manager carefully evaluates industry dynamics, entry barriers, the company’s competitive positioning within the industry, its competitive advantage (if any), management quality, incentives and alignment as well as growth and reinvestment prospects. The company’s normalized, projected, historical profitability, cash conversion and return on capital are assessed. Attention is paid to the variations between reported earnings and cash generation, off balance sheet liabilities and asset values.
The Sub-Fund seeks to achieve superior long term risk adjusted returns (i.e. returns adjusted for volatility) by investing primarily in equities and equity related securities of medium sized and smaller European companies over the recommended investment term (five years). Investors' attention is drawn to the fact that the management style is discretionary. The portfolio composition will not attempt to replicate the composition of a benchmark index from a geographical or sectorial perspective. Even so, MSCI EUROPE MID CAP Net Return Euro Index may be used as an ex-post benchmark indicator.
The Sub-Fund may at any time invest in:
- Equities issued in Europe (EEA plus Switzerland) or equivalent financial instruments (such as ETF, futures, CFD and/or DPS, etc.): from 75% to 100% of its net assets;
- Equities issued out of EEA plus Switzerland: up to 25% of its net assets;
- Equities with total market capitalisation below 100 million up to 10% of its net assets;
- Fixed income securities (such as Euro zone Government Bonds, corporate bonds, convertible bonds or equivalent): from 0% to 25% of its net assets;
- Money-market instruments or deposits: from 0 to 25% of its net assets;
- Other financial instruments up to 10% of its net assets.
The Sub-Fund may invest up to 10% of its net assets in units and/or shares of UCITS and/or AIFs.
The Sub-Fund may use exchange traded or OTC derivatives up to 25% of the Sub-Fund's net assets, including but not limited to, futures contracts and non complex options negociated on regulated markets for the purpose of hedging or increasing equity exposure without seeking overexposure. The Sub-Fund can also operate on the foreign exchange markets to cover investments realised in other currency than European currencies and major internationally traded currency.
Investment zone : Europe (European Economic Area and Switzerland)
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 : 20% of the positive performance net of any fees above MSCI Europe Mid Cap NR
The Sub-Fund is eligible to the PEA (French equity savings plan).
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.