DNCA Invest
European Bond Opportunities

European Bonds

Portfolio managers comments
December 2016


Bond markets in the Eurozone were buoyed by massive ECB intervention and shaken by political shocks during 2016, posting performances close to 3.1% for sovereign bonds, 4.7% for IG corporate debt and 8.7% for speculative-grade bonds. The much-awaited announcement from the ECB on a reduction in its asset purchases did not trigger a sharp increase in interest rates.

After a final positive month to the year for the fund, European Bond Opportunities gained 3.46% over 2016, primarily as a result of its high yield bond exposure.

The portfolio saw very few changes over the final weeks of the year....

Philippe Champigneulle - Adrien Le Clainche - Romain Grandis - Baptiste PlanchardText completed on January 02, 2017

At 2017-01-23

NAV

133.29€

Risk indicator

Year-to-date performance

+0.32%

5-year annualized performance

+4.39%
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Performance 

2016

+3.46%

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Volatility over 1 year

3.42%

Recommended minimum investment horizon

2 Years

Net assets
(At 2016-12-30)

52M€

Inception date

2009-01-02
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

Pch

Philippe Champigneulle

Philippe Champigneulle graduated as an actuary from the University of Lyons (ISFA).

After starting his career at CDC, he joined Schelcher Prince Finance in 1984, where he occupied various bond manager positions and became head of trading activities in European derivatives and bond markets, before being appointed associate director and risk controller in 2001.

Philippe joined DNCA Finance in May 2005 as product manager and then moved to the fund management team in May 2009.

Romain grandis img17335

Romain Grandis

Romain Grandis, CFA charterholder, holds a degree in civil engineering from the Ecole des Mines and an Actuarial qualification from the ISFA financial science and insurance institute in Lyon.

He began his career at CIC Lyonnaise de Banque in 2004, and in 2005 joined MMA Finance, part of the Covéa group, as a fund manager and quantitative analyst on European equities. In 2010, he joined Covéa Finance, using his quantitative analysis skills across all asset classes. In 2011, Covéa Finance appointed him to manage insurance mandates for the group’s various entities.

Romain joined DNCA Finance in May 2016 as co-fund manager in both the bond and diversified fund management teams.

Alc

Adrien Le Clainche

Adrien Le Clainche holds a master's degree in Financial Management from Paris X Nanterre University.

In October 2010, he joined the rate management team and diversified DNCA Finance.

Baptiste planchard img7518

Baptiste Planchard

Baptiste Planchard is a graduate of business school ESC Reims and holds a degree in History.

Following an initial role in Sales trading at Oddo & Cie in 2013, he joined DNCA Finance in July 2014 and is involved in both the bond and diversified fund management teams.

Performances

Fund evolution
Annualised performances
PerfAt 2017-01-23
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YTD

DNCA Invest European Bond Opportunities+0.32%
FTSE MTS Global (2)-1.11%
Simulator
(1) The inception date of the Fund is 2009-01-02
(2) FTSE MTS Global

Briefly

The investment philosophy is to seek, in the medium term, a regular rate of total return consistent with the preservation of capital by investing in the Euro bond market.

What objective?

Stable rate of return

What breakdown?

European Fixed Income Securities

For what type of investor?

For investors seeking exposure to European Fixed Income Instruments.

Which characteristics?

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 FTSE MTS Global 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.