DNCA €urocovery

Equities of countries in the €uro area

Portfolio managers comments
February 2017


The US and emerging markets are soaring, while European indices are recovering slowly. Earnings reports for companies in the Eurozone were positive overall, and confirm earnings projections for 2017. After tension over recent months, bond yields are falling again, despite the increase in inflation statistics. Investors are still obsessed with European political risks, particularly concerns over a surge in populist sentiment at the forthcoming French elections.

DNCA EUROCOVERY underperformed in February, with a gain of +0.87% vs. +2.61% for its benchmark, the EURO STOXX NR. This...

Jean-Charles Mériaux - Adrien Le ClaincheText completed on March 01, 2017

At 2017-04-27

NAV

120.19€

Risk indicator

Year-to-date performance

+6.52%

Annualized performance
since inception

+8.09%
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Performance 

2016

-3.11%

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Volatility over 1 year

19.18%

Recommended minimum investment horizon

5 Years

Net assets
(At 2017-03-31)

88M€

Inception date

2014-12-15
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

Jean charles meriaux img6755

Jean-Charles Mériaux

Jean-Charles Mériaux is a graduate of HEC Paris School of Management.

After starting his career at Crédit Foncier de France, he joined Oddo & Cie in 1987. In 1994, he joined LCF Edmond Rothschild Asset Management, where he became a member of the Executive Board and Head of French and European Equities Management. He launched and managed funds Tricolore Rendement and Saint-Honoré Convertibles.

He joined DNCA in October 2002 as managing partner and portfolio manager of Eurose and Centifolia. In October 2005 he became Chief Investment Officer of DNCA.

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Adrien Le Clainche

Adrien Le Clainche holds a master's degree in Financial Management from Paris X Nanterre University.

He began his career in 2006 with various asset management experiences in the banking groups Candriam, Credit Suisse and Rothschild & Co.

In October 2010, he joined DNCA Finance as a management assistant in the bond and diversified team. He became manager-analyst in 2014 and extended his skills to French and European equities.

Performances

Fund evolution
Annualised performances

Inception date : 2014-12-15

PerfAt 2017-04-27
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YTD

DNCA €urocovery+6.52%
Euro Stoxx NR+9.60%
Simulator
(1) The inception date of the Fund is 2014-12-15

Briefly

The investment strategy of this fund, which is eligible for PEA personal equity plans, is based on a stringent management process selecting discounted eurozone equities trading at valuation levels which do not reflect the fund manager’s opinions and analysis. Stocks are therefore picked from within a basket of companies which are considered neglected and trading at a discount to the theoretical intrinsic value of their assets. Investment criteria primarily include economic fundamentals, management strategy and the market positioning of the target companies, with no prerequisites in terms of market capitalisation or sectors.

What objective?

To outperform the benchmark Euro Stoxx Net Return index (dividends reinvested) over the recommended investment horizon.

What breakdown?

- Equities of European companies with registered offices in eurozone countries (60% minimum)
- Equities and other assimilated securities eligible for PEA personal equity plans : minimum 75%
- Fixed-income products : maximum 25%
- Convertible bonds : maximum 25%

For what type of investor?

All subscribers, particularly those wishing to benefit from DNCA Finance’s expertise in eurozone stocks which do not reflect the fund manager’s opinions and analysis

Which characteristics?

Pricing : Daily
Fund Legal Type : FCP
Country Of Domicile : FR
Min Subscription Amount :
Min Subscription Shares :
Subscription Fees : 3% max
Performance fee : 20% of the positive performance net of any fees above Euro Stoxx NR

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.