DNCA Invest
Evolutif

Flexible Diversified - UCITS Fund

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Portfolio managers comments
May 2017


Despite solid macroeconomic indicators in Europe with an upgrade to French growth, consumer confidence at its highest point since August 2007 and a recovery in corporate investment, the European markets consolidated in May, with a limited dip of 0.14% for the Euro Stoxx 50.

The markets’ momentum was somewhat hampered by two political factors: rumors of impeachment of president Trump and the likely organization of early parliamentary elections in Italy in October.

Profits for stocks listed on the S&P gained 16.5%, which is the highest growth seen in six years, and 70% of them outstripped the...

Augustin Picquendar - Pierre Pincemaille - Caroline Slama - Thomas PlanellText completed on June 01, 2017

At 2017-06-26

NAV

160.91€

Risk indicator

Year-to-date performance

+5,45%

5-year
annualized performance

+9,68%
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Performance 

2016

+3,0%

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Volatility over 1 year

10,3%

Recommended minimum investment horizon

5 Years

Net assets
(At 2017-05-31)

541M€

Inception date

2007-12-13
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

Pierre Pincemaille

DNCA bolsters its Absolute return fund range by hiring a new fund manager.

Pierre Pincemaille holds a postgraduate degree in Economics and a Master in Finance from Paris II Panthéon Assas University. Pierre started his career in 1998 at Indosuez Private Banking as a European equities portfolio manager, with a particular focus on energy and chemicals stocks. He joined IXIS Asset Management in 2002 and took on responsibility for European equities funds managed on behalf of CNP, and also became a member of the investment committee. Pierre moved to BNP Paribas Asset Management in 2007 to take charge of the "Best Select" funds on Europe and the Eurozone in a team of nine staff (€11bn in UCITS and institutional mandates) and was also head of financial analysis for the energy sector.

Pierre Pincemaille joined DNCA in June 2016 as a European equities portfolio manager and will be in charge of the energy sector within the Absolute Return fund range.

Augustin Picquendar

Augustin Picquendar is a graduate of ESSCA Angers, holds a postgraduate degree in Banking and Finance and is also a qualified member of the French financial analysts’ association (SFAF) and a qualified CIIA (issued by SFAF).

After an initial professional experience at BNP Paribas, he joined DNCA Finance in January 2008 as assistant manager before becoming co-manager of DNCA Evolutif and DNCA Evolutif PEA.

Caroline Slama

Caroline Slama graduated from Paris IX Dauphine and is holder of a postgraduate specialist master's degree in Banking and Finance and is also a qualified member of the French financial analysts’ association (SFAF) and a qualified CIIA (issued by SFAF).

Caroline has 15 years of experience including 7 years at Carmignac Gestion on global equities and fixed income and 6 years as a sell-side analyst (team ranked 3rd on Extel Europe in 2005 and 2006).

She joined DNCA Finance in September 2016 as co-PM of DNCA Invest Evolutif and DNCA Evolutif PEA.

Thomas Planell

Thomas Planell holds a Master’s degree in Finance from the INSEEC Business School (France).

He joined DNCA Finance in November 2013 as part of the DNCA Evolutif and DNCA Evolutif PEA fund management team, having gained previous experience at various financial institutions in asset management, selling derivatives and consulting.

Performances

Fund evolution
Annualised performances
PerfAt 2017-06-21
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YTD

DNCA Invest Evolutif+5.26%
Composite - DNCA Invest Evolutif NR (2)+5.99%
Simulator
(1) The inception date of the Fund is 2007-12-13
(2) Indice composite (60% Eurostoxx 50 NR, 30% FTSE MTS EMU GOV BOND 1-3 years, 10% EONIA capitalisé, calculé dividendes et coupons réinvestis)

Briefly

The profile of this diversified fund evolves according to our expectations, between balanced and dynamic. It is managed in a discretionary fashion depending on the convictions of the managers regarding both asset allocation and selection of securities.

What objective?

The fund aims to match the performance of the composite index consisting of 60% Eurostoxx 50, 30% FTSE MTS 1-3 years, 10% EONIA, calculated with dividends and coupons reinvested, over the recommended investment timeframe, while also safeguarding the capital during downturns as a result of an opportunity-driven asset management strategy.

What breakdown?

- Equities: 0–100%
- Bonds/Money-market instruments: 0–70%

For what type of investor?

For the investor who is unsure between a balanced and dynamic profile and who wants to take part in bull markets for equities, while trying to protect himself in difficult periods.

Which characteristics?

Pricing : Daily
Fund Legal Type : SICAV mutual fund governed by Luxembourg law
Country Of Domicile : LU
Min Subscription Amount : None (Share B) 2,500 € (Share A) 200,000 € (Share I) 2,500 € (Share AD) 200,000 € (Share ID) None (Share ND) None (Share N) 200,000 $ (Share H-I (USD)) 200,000 CHF (Share H-I (CHF)) 2,500 CHF (Share H-A (CHF)) None (Share BD) 100,000,000 € (Share SI)
Min Subscription Shares : None (Share B) None (Share A) None (Share I) None (Share AD) None (Share ID) None (Share ND) None (Share N) None (Share H-I (USD)) None (Share H-I (CHF)) None (Share H-A (CHF)) None (Share BD) None (Share SI)
Subscription Fees : 3% max
Performance fee : 20% of the positive performance net of any fees above Composite - DNCA Invest Evolutif NR with High Water Mark

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.