DNCA Invest
Norden Europe

European Equities Fund

Portfolio managers comments
February 2017


We made substantial investment in a small Finnish company in February: Kotipizza (market cap 72m). It is the unrivalled leader in Pizzeria chains in Finland with 260 franchise restaurants. The new CEO has overhauled menus over the past two years (Organic, Digital, local sourcing, vegetable proteins, etc.) and changed the restaurant atmosphere. The result is fairly spectacular as the average ticket has increased by 15%. The business model generates high cashflow as it is based on a network of franchises, therefore requiring very little capex. The group also owns one of the main food...

Carl Auffret - Yingying WuText completed on March 01, 2017

At 2017-03-29

NAV

113.08€

Risk indicator

Year-to-date performance

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Annualized performance since inception

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Performance 

2016

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Volatility over 1 year

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Recommended minimum investment horizon

5 Years

Net assets

12M€

Inception date

2016-11-02
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

Cau

Carl Auffret

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.

Ywu

Yingying Wu

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.

Performances

For legal reasons, we can not post the performance of the sub-fund

Briefly

The Sub-Fund will invest at all time at least 90% of its total assets in equities of issuers listed on North European stock exchanges (Britain, Ireland, Benelux, Norway, Sweden, Finland, Denmark, Germany, Swiss, Austria) in all market capitalisation or exercising the preponderant part of their economic activities in North Europe. The selection process carried out by the Investment Manager is based on picking stocks according to their intrinsic worth (an in-depth analysis of fundamentals is conducted in-house) as opposed to a mere replication of the composition of the benchmark index. It is a conviction fund intended to be concentrated on a small number of issuers, between 30 and 60. Investments may therefore be concentrated on a limited number of stocks.

What objective?

The Sub-Fund seeks to outperform of the following composite net return index denominated in Euro: 40% MSCI Nordic, 35% DAX, 15% SMI, 10% MSCI UK TR UK Net Local Currency calculated with dividends net of withholding taxes reinvested, over the recommended investment term.

What breakdown?

The Sub-Fund may at any time invest in:
-Equities of issuers having their registered office in the North Europe: from 80% to 100% of its net assets;
-Equities outside the North Europe: from 0% to 10% of its net assets;
-Equities with total market capitalisation below 200 million EUR up to 10% of its net assets;
- Fixed income securities and money market instruments or deposits if market conditions are unfavourable: from 0% to 10% of its net assets;
- Other financial instruments up to 10% of its net assets

For what type of investor?

All investors, in particular investors looking for a Northern European equity market exposure.

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 Indice Composite Norden

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.