DNCA Invest
South Europe Opportunities

South European Equities - UCITS Fund

Portfolio managers comments
January 2017


Southern European markets paused for breath after the sharp rebound at the end of the year. The Italian index shed 3.17%, the Portuguese index lost 4.36% while Spain held up well with +0.15%.

The fund ended the first month of the year down only 0.30% vs. -1.90% for its benchmark, buoyed by solid showings by Santander, Fiat Chrysler and Bankinter during the earnings reporting season, and also by rumors of interest from several groups for Generali. These stocks made a considerable contribution to the performance along with hotel groups NH Hotel and Melia, and Spanish testing, inspection and...

Isaac Chebar - Lucy BonmartelText completed on February 01, 2017

At 2017-02-20

NAV

90.68€

Risk indicator

Year-to-date performance

+1.74%

5-year annualized performance

+9.97%
Right arrow
Left arrow

Performance 

2016

-5.75%

Right arrow
Left arrow

Volatility over 1 year

24.83%

Recommended minimum investment horizon

5 Years

Net assets
(At 2017-01-31)

199M€

Inception date

2007-02-16
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
PerfAt 2017-02-20
Right arrow
Left arrow

YTD

DNCA Invest South Europe Opportunities+1.74%
Composite - DNCA Invest South Europe Opportunities (2)+0.33%
Simulator
(1) The inception date of the Fund is 2007-02-16
(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.