DNCA Invest
Global Leaders

International Equities

Add to bookmarked funds

Portfolio managers comments
May 2017

“Fear is the path to the dark side.” - Yoda

May was another good month so the fund continued this month where April left off – both on an absolute and relative basis, with the fund outperforming its index of reference yet again despite maintaining a very high cash level (18%).

Currency volatility led to quite disparate performances across regions. The weaker JPY led to a strong performance by Japan – and the fund retains a large weighting in the Land of the Rising Sun. Globally the earnings season has been good. And in addition, geopolitical concerns eased following the results of the French...

Rajesh Varma - Yingying WuText completed on June 01, 2017

At 2017-06-27



Risk indicator

Year-to-date performance


annualized performance

Right arrow
Left arrow




Right arrow
Left arrow

Volatility over 1 year


Recommended minimum investment horizon

5 Years

Net assets
(At 2017-05-31)


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

Rajesh varma img8266

Rajesh Varma

Rajesh Varma is a graduate of the University of Michigan (BSE 1986 and MBA 1988).

He began his career at Fidelity in Hong Kong as an analyst covering Asian markets. Between 1991 and 1993 he worked in a hedge fund in Hong-Kong (Arral Associates - the first Asian hedge fund) covering Asia and technology. In 1993, he set up an Asia hedge fund at KI Pacific AM based in London. In 1997, he joined Montgomery AM in San Francisco as fund manager specialising in several global sectors. At the end of 2000, he moved to Paris, where he worked for two years at Eurazeo. Rajesh joined Carmignac Gestion in December 2002 where he managed global funds focusing on new technologies, healthcare and renewable energies, participating in Asian stock-picking for the whole range of funds.

He joined the DNCA Finance management team in September 2010.


Yingying Wu

Yingying Wu is a graduate of HEC in 2010 and is a CFA charterholder and also holds a master’s degree in Journalism from The Communication University of China in Beijing (2005).

She began her career in the European equities department of BNP Paribas Asset Management in Paris where she co-managed global discretionary funds and an emerging Asia fund.

She joined the DNCA Finance growth team in April 2015.


Fund evolution
Annualised performances
PerfAt 2017-06-21
Right arrow
Left arrow


DNCA Invest Global Leaders+14,18%
MSCI All Countries World Index (EUR) NR+4.52%
(1) The inception date of the Fund is 2010-11-15


The fund seeks to invest in companies that are global leaders, irrespective of geographic location, that have high barriers to entry, and that benefit from secular – rather than cyclical growth. These companies must also have fiscally conservative balance sheets, with a rapidly changing global economic order.

What objective?

The fund aims to outperform the MSCI All Countries World Index (MSCI ACWI Index) over the recommended investment timeframe of five years.

What breakdown?

Stocks or related derivative financial instruments (such as CFD or DPS): 60% to 100% of net assets
Debt securities: up to 40% of net assets
In the event of market downturns, the fund can invest up to 100% of its net assets in money market instruments.
Units and/or shares in UCI funds: up to 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?

All investors and in particular investors who are seeking an opportunity-driven fund management style and are willing to accept exposure to market risk as part of the discretionary asset allocation management strategy, while also holding their positions over a long investment timeframe.

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 : 10% of the positive performance net of any fees above MSCI All Countries World Index (EUR) NR


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.