Selection of pan-European growth stocks
2016 ended on a sour note. The fund underperformed its benchmark for the first time since it was set up in late 2012, shedding 1.61% vs. a gain of 1.73%. However, the fund was not at fault, having consistently posted a positive relative performance until end-November, but sector rotation that was already highly visible in October and November and fuelled by the rise in long-term rates stepped up a pace in the first part of December.
This month’s best contributors include our long-term convictions, such as Teleperformance and Fresenius, as well as companies in the construction sector, Sika,...
Annualized performance since inception
Recommended minimum investment horizon
Carl Auffret is a CFA charterholder and also holds a master’s degree in Management and a postgraduate degree in Banking and Finance from Paris IX Dauphine University.
In 1999, he began his career at SG Securities in London as a sell-side analyst covering the consumer goods sector. In July 2003, he returned to France to become sector fund manager/analyst at CM-CIC Asset Management before taking over the Union Europe Growth pan-European growth equity fund in 2005.
He joined the DNCA Finance management team in May 2012.
Yingying Wu is a graduate of HEC in 2010 and is a CFA charterholder and also holds a master’s degree in Journalism from The Communication University of China in Beijing (2005).
She began her career in the European equities department of BNP Paribas Asset Management in Paris where she co-managed global discretionary funds and an emerging Asia fund.
She joined the DNCA Finance growth team in April 2015.
|DNCA Invest Europe Growth||+0.26%||+0.91%||+1.31%||+1.83%||+6.24%||+13.72%||-||+67.11%||-1.61%|
|Stoxx Europe 600 NR||-0.08%||+0.34%||+5.17%||+6.86%||+9.86%||+2.98%||+44.73%||+1.73%|
The Sub-Fund's investment strategy relies on active discretionary management aimed at investing in high-quality pan-European growth stocks. The selection process is based on picking stocks according to their intrinsic worth (an in-depth analysis of fundamentals is conducted in-house), not on the composition of the benchmark index. Investments may therefore be concentrated on a limited number of stocks; there must nevertheless be at least 20 stocks in the portfolio.
The fund seeks to outperform the pan-European equity markets over the recommended investment timeframe. The Stoxx Europe 600 Net Return EUR benchmark index, calculated with dividends reinvested, can be used as a comparison post-performance.
Stocks in companies that have their head office in the European Union or related derivatives instruments (such as CFD or DPS): 60% to 100% of net assets,
Stocks outside the European Union: up to 25% of net assets,
Euro-denominated fixed-income government or corporate securities: 0% to 25% of net assets
Units and/or shares in UCI funds: up to 10% of net assets
The fund may invest in listed derivatives instruments or OTC derivatives products (other than CFD and DPS) equating to 40% of its net assets, including standardized futures contracts and non-complex options traded on the regulated markets in order to hedge or increase equity exposure, while not actively seeking overexposure.
All investors and in particular investors who are seeking exposure to the European equity markets.
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 Stoxx Europe 600 NR
This fund is eligible for French PEA personal equity plans. Please consult your usual financial advisor for further 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.