DNCA Invest
Infrastructures (Life)

European Equities Specialised in Infrastructure - UCITS Fund

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Portfolio managers comments
May 2017


The US and the eurozone central banks are now gradually leaving it up to democracies, and their leaders, to undertake structural reforms or to implement measures designed to put the economy back on a steady growth trend, which is both balanced and, where possible, fair. With the electoral hurdle past in France, investors may discover that the planets are once again favorably aligned in continental Europe. The bullish factors which have combined include 1/ the economic recovery 2/ monetary policy 3/ election results avoiding extremist risk and 4/ upwards earnings forecast revisions....

Igor de Maack - Romain AviceText completed on June 01, 2017

At 2017-06-21

NAV

166.2€

Risk indicator

Year-to-date performance

+16,31%

5-year
annualized performance

+14,33%
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Performance 

2016

+2,68%

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Volatility over 1 year

13,41%

Recommended minimum investment horizon

5 Years

Net assets
(At 2017-05-31)

192M€

Inception date

2007-09-21
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

Idm

Igor de Maack

Igor de Maack graduated from HEC Paris School of Management and is a qualified member of the French financial analysts' association (SFAF) and also holds a postgraduate specialist diploma in International Taxation.

He began his career at Deloitte & Touche. In 1998, he joined the Project Financing department at BNP Paribas. In 2002, he moved to IXIS where he headed the group’s participation in the financing project for the A 28 motorway, then joined the equity research team at Ixis Securities and became senior Vice President of primary equity markets at Lazard-lxis.

He joined DNCA Finance in 2007 as an infrastructures portfolio manager.

Romain avice img7534

Romain Avice

Romain Avice is a graduate of EDC and holds a master's degree in Finance.

In July 2008, he joined DNCA Finance as an assistant management before becoming manager - analyst on Gallica in December 2012 and on DNCA PME in December 2014.

Performances

Fund evolution

* The reference index “Macquarie Global Infrastructure Index Europe Local Total Return” has discontinued since 18 November 2016. As a consequence, the “MSCI Europe Infrastructure Net Index” is the new reference index from this date. As from 1st March 2017 the performance fee will be calculated on the positive performance compared to the performance of this new reference index with High Water Mark. Due to this change, please note that no performance fee has been charged for the civil year 2016.

Annualised performances
PerfAt 2017-06-21
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YTD

DNCA Invest Infrastructures (Life)+16,31%
MSCI Europe Infrastructure NET Index+9.89%
Simulator
(1) The inception date of the Fund is 2007-09-21

Briefly

DNCA Invest Infrastructures (LIFE) will invest in listed European companies in the following businesses: toll roads, car parks, airports, diversified concessionaires, satellite network managers, public service managers (hospitals, prisons, etc.), electricity producers/distributors, gas producers/distributors, gas and electricity transport networks, water distribution network managers, waste collection and treatment and renewable energies. The fund, which is eligible for the french equity savings plan (PEA), will invest at least 75% of its net assets in European companies (EU-27). Up to 25% of its net assets may be invested in international equities.

What objective?

The fund seeks to outperform the Macquarie Global Infrastructure Index Europe Local Total Return over the recommended investment timeframe.

What breakdown?

European stocks or related derivative financial instruments (such as CFD or DPS): 75% to 100% of net assets,
Non-European stocks: up to 25% of net assets,
Debt securities: up to 25% of net assets
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, in particular investors who wish to have an exposure to European market in infrastructure’s and utilities’ sector and who can retain this investment for the recommended investment period.

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 MSCI Europe Infrastructure NET Index 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.

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.