DNCA Value Europe

European 'Value' Equities

Portfolio managers comments
February 2017


On the financial markets, all eyes were on the Fed’s rate hike path and uncertainties on the Eurozone in February. After a relatively calm January, the markets took an upturn again over the month: 1) earnings reports from European companies are positive overall, 2) macro-economic signals remain on a solid trend, 3) expectations remain high on the reflationary impact of Trump’s economic stimulus measures.

However, political risk remains high as a result of upcoming elections in the Eurozone, as shown by French banks’ performances since the start of the year and the performance lag for Italian...

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

At 2017-03-29

NAV

197.48€

Risk indicator

Year-to-date performance

+3.57%

5-year annualized performance

+14.21%
Right arrow
Left arrow

Performance 

2016

+2.45%

Right arrow
Left arrow

Volatility over 1 year

17.52%

Recommended minimum investment horizon

5 Years

Net assets
(At 2017-02-28)

849M€

Inception date

2010-12-15
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

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.

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

Performances

Fund evolution
Annualised performances
PerfAt 2017-03-29
Right arrow
Left arrow

YTD

DNCA Value Europe+3.57%
Stoxx Europe 600 NR+5.31%
Simulator
(1) The inception date of the Fund is 2010-12-15

Briefly

This fund – which is eligible for the PEA scheme – has a “value” approach applied to European equities. DNCA Invest Value Europe is made up of discounted equities that offer high dividends and prospects of consistent earnings growth.

What objective?

Capital appreciation in the medium term Volatility lower than that of the MSCI Europe

What breakdown?

European equities (minimum 75%)

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 : FCP
Country Of Domicile : FR
Min Subscription Amount :
Min Subscription Shares :
Subscription Fees : 3% max

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.