DNCA Invest
Value Europe

European 'Value' Equities

Portfolio managers comments
January 2017

The start of the year was relatively calm after the rally in December.

Donald Trump arrived in office and with one sweep of the pen cancelled the Trans-Pacific partnership and Obamacare, approved pipeline projects that had been blocked by the previous administration and adopted a defiant attitude with Europe and China. Against a backdrop of full employment, the growth and reflation policy pursued by Trump leads to questions from the Fed and points to the possibility of several rate hikes this year.

In the UK, Theresa May announced that she would opt for hard Brexit and Parliament voted to...

Isaac Chebar - Don Fitzgerald - Maxime GenevoisText completed on February 01, 2017

At 2017-02-20



Risk indicator

Year-to-date performance


5-year annualized performance

Right arrow
Left arrow




Right arrow
Left arrow

Volatility over 1 year


Recommended minimum investment horizon

5 Years

Net assets
(At 2017-01-31)


Inception date

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


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.

Don v2

Don Fitzgerald

Don Fitzgerald, CFA (Chartered Financial Analyst) graduated from Trinity College Dublin.

He began his career with Citigroup in 1996 firstly in Dublin then in Frankfurt and Paris. He joined WestLB Paris as an investor in distressed debt in 2003 and Tocqueville Finance in 2007. From 2008 to August 2015 he managed the fund Tocqueville Value Europe to first decile performance, by Quantalys, in its category over 1, 3 and 5 years. May 2015 he was awarded the Silver Prize by REVENU for risk adjusted returns in the European equities segment over 3 years. Trilingual, Don worked in Dublin, Paris , London and Frankfurt.

In September 2015, he joined DNCA Finance.

Maxime genevois reca cf img11458

Maxime Genevois

Maxime Genevois graduated from Toulouse Business School in 2015.

After several internship in financial analysis in DNCA Finance, Financière Arbevel and Rothschild & Cie Gestion, he joined the DNCA Finance management team in August 2015.


Fund evolution
Annualised performances
PerfAt 2017-02-20
Right arrow
Left arrow


DNCA Invest Value Europe+0.89%
Stoxx Europe 600 NR+2.85%
(1) The inception date of the Fund is 2008-06-26


At any given time, the fund invests at least two thirds of total assets in stocks of companies that have their head office in Europe or that conduct the majority of their business in Europe. The fund is based on an active discretionary asset management strategy using a stock-picking approach. This approach relies entirely on a fundamental analysis of the stocks on the basis of investment criteria such as market valuation, the company’s financial structure, the quality of the management team, the company’s market position, as well as regular contact with the company.

What objective?

The fund seeks to outperform the Stoxx Europe 600 Net Return, over the recommended investment timeframe of five years.

What breakdown?

European stocks or related derivative financial instruments (such as CFD or DPS): 75% to 100% of net assets
Non-European stocks: maximum 10% of net assets
Debt securities: maximum 25% of net assets
Units and/or shares in UCI funds: maximum 10% of net assets
In securities denominated in any currency. However, exposure to a currency that is not a base currency can be hedged with a base currency in order to reduce forex risk. Futures and OTC contracts in particular can be used for this purpose.
The fund may invest in listed derivatives instruments or OTC derivatives products (other than CFD and DPS) equating to 40% of its net assets, including standardized futures contracts and non-complex options traded on the regulated markets in order to hedge or increase equity exposure, while not actively seeking overexposure.

For what type of investor?

For the investor who wants to invest in European equities while minimising risk in this asset class.

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 Stoxx Europe 600 NR 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.


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.