South European Equities - UCITS Fund
As a result of the strong surge on Southern European markets in December (FTSE Mib up 13.62%, Ibex 35 gained 7.99%, PSI20 rose 5.04%), Spain ended the year up 2.60%, while declines for Italy and Portugal were brought to -7.47% and -11.93% respectively.
Risk aversion fell as a result of political stability in Italy after the resignation of Matteo Renzi and Italian authorities’ efforts to shore up and recapitalize struggling banks. The markets were also reassured by a convincing strategic plan from UniCredit, despite the announcement of a 13bn rights issue. Lastly, the ECB’s announcement that...
5-year annualized performance
Recommended minimum investment horizon
Lucy Bonmartel holds a postgraduate degree in International Finance from Paris IX Dauphine University and is a qualified member of the French financial analysts’ association (SFAF).
She began her career as Head financial sector consultant at the market survey specialist Eurostaf where she worked for 8 years, before becoming analyst then European equity portfolio manager at Société Générale Asset Management for 8 years and at Axa Investment Managers for 6 years.
She joined the DNCA Finance management team in January 2014.
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.
|DNCA Invest South Europe Opportunities||+0.82%||+0.3%||+7.25%||+13.34%||+5.49%||-0.98%||+59.17%||-16.23%||-6.73%|
|Composite - DNCA Invest South Europe Opportunities (2)||+0.19%||-0.12%||+8.36%||+12.83%||+7.15%||-2.60%||+39.04%||-44.18%||-3.58%|
The Sub-Fund, eligible, invests at least two-thirds of its assets in equity securities of issuers whose head office is located in Southern Europe (Italy, Portugal, Spain and Greece) or exercising the predominant part of their activity in these European countries.
The fund seeks to outperform the composite index consisting of 55% FTSE MIB, 40% IBEX and 5% PSI20 net return, calculated with dividends reinvested, over the recommended investment timeframe.
-European equities: 75% to 100% of its total assets
-Debt instruments: 0% to 25%
-Non-European equities: 0% to 10%
All investors, in particular investors who wishes to invest in South European equities.
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 Composite - DNCA Invest South Europe Opportunities with High Water Mark
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.