DNCA Invest
South Europe Opportunities

South European Equities - UCITS Fund

Portfolio managers comments
February 2017


After a break in January, the Southern European markets took an upturn in February, with Italian, Spanish and Portuguese indices rallying respectively 2.58%, 1.73% and 3.86%. the fund was buoyed by the very sound earnings reports from companies in our portfolio, ambitious guidance from management and a balance sheet clean-up for some of the key companies (Unicredit, Telefonica, Telecom Italia, Fiat and Leonardo). We think that earnings growth will remain the main driver for Southern European stocks, while an expansion in multiples should primarily concern banks and telecoms.

This month’s...

Isaac Chebar - Lucy BonmartelText completed on March 01, 2017

At 2017-03-29

NAV

85.43€

Risk indicator

Year-to-date performance

+8.15%

Annualized performance since inception

+13.16%
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Performance 

2016

-7.09%

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Volatility over 1 year

24.23%

Recommended minimum investment horizon

5 Years

Net assets
(At 2017-02-28)

198M€

Inception date

2012-12-13
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

Lucy bonmartel img5965.jpg

Lucy Bonmartel

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.

Ich

Isaac Chebar

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.

Performances

Fund evolution
Annualised performances

Inception date : 2012-12-13

PerfAt 2017-03-29
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YTD

DNCA Invest South Europe Opportunities+8.15%
Composite - DNCA Invest South Europe Opportunities (2)+7.93%
Simulator
(1) Data are calculated from 2012-12-13
(2) 55% FTSE MIB; 40% IBEX; 5% PSI20

Briefly

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.

What objective?

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.

What breakdown?

-European equities: 75% to 100% of its total assets
-Debt instruments: 0% to 25%
-Non-European equities: 0% to 10%

For what type of investor?

All investors, in particular investors who wishes to invest in South European equities.

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 Composite - DNCA Invest South Europe Opportunities with High Water Mark

What taxation?

This fund is eligible for French PEA personal equity plans. Please consult your usual financial advisor for further information.

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.

Following a complete buyback of all shares in the class B Eur of DNCA Invest South Opportunites, subfund of the SICAV DNCA Invest, on the basis of the NAV level at 07/06/2012, the historical NAV's of this share class have not been published until 11/12/2012. The date upon which subsequent subscriptions on the B share class re-commenced being the 12/12/2015.