DNCA Invest
Convertibles

Convertible bonds - UCITS Fund

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Portfolio managers comments
July 2017


The macroeconomic situation continues to strengthen in the euro area, justifying the IMF’s upgrade to forecasts. However, this improvement is not entirely filtering through to microeconomic performances, as shown by the 1H round of earnings reports, which have been mixed so far. The equity markets were sluggish over the month, frozen by trends on the fixed income markets and the euro that continues to soar against the dollar. Mario Draghi did not manage to reverse the trend that kicked off following his comments in Sintra. The euro has gained close to 13% against the dollar since the start...

Igor de Maack - Félix HaronText completed on August 01, 2017

At 2017-08-14

NAV

165.22€

Risk indicator

Year-to-date performance

+4,0%

5-year
annualized performance

+4,63%
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Performance 

2016

+0,73%

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Volatility over 1 year

3,65%

Recommended minimum investment horizon

5 Years

Net assets
(At 2017-07-31)

818M€

Inception date

2010-05-27
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.

Felix haron img7479

Félix Haron

Félix Haron is a CFA charterholder, holds graduate of ESC Toulouse and holds a postgraduate specialist master's degree in Financial Engineering from Paris IX Dauphine University.

He began his career at BNP Paribas, as a convertible bond specialist. After a variety of experiences in trading and asset management, Félix joined the convertible management team of BNP Paribas Asset Management.

He joined DNCA Finance in September 2013.

Performances

Fund evolution
Annualised performances
PerfAt 2017-08-11
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YTD

DNCA Invest Convertibles+3,69%
Exane Euro Convertible Index+3.58%
Simulator
(1) Data are calculated from 2010-05-27

Briefly

The investment process is made of the combination of a global bond approach and stock-picking policy. It aims to create a portfolio with a lower volatility than an underlying equity investment based on a fundamental approach and a qualitative analysis of each issuer.

What objective?

The Sub-Fund seeks to provide capital appreciation with low volatility by investing in convertible bonds. As part of a discretionary management approach, the portfolio composition will not attempt to replicate the composition of a benchmark index from a geographical or sectoral perspective. Even so, the Exane Euro Convertibles Index may be used as ex-post benchmark indicator.

What breakdown?

- Convertible or exchangeable bonds denominated in Euro: from 50% to 100% of its total assets,
- Non Euro Convertible or exchangeable bonds: at most 15% of its total assets,
- Convertible bonds rated "investment grade" or whose issuer is rated "investment grade": at least 50% of its assets invested in convertible or exchangeable bonds
- Money-market and debt instruments: from 0% to 50% of its total assets.
In addition, the Sub-Fund will invest the remaining part of its total assets in warrants, subscription rights and other bonds with any equity link. The Sub-Fund may invest up to 10% of its net assets in units or shares of UCITS or regulated AIFs.
The Sub-Fund may invest in securities denominated in any currency. However non-base currency exposure may be hedged back to the basecurrency to moderate currency exchange risks. More specifically, futures, and currency forwards may be used for that purpose.
The currency exchange risk will not represent more than 15% of the total assets of the Sub-Fund.

For what type of investor?

For the investor who wishes to take advantage of rising equity markets as well as the benefits from bond yields.

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 : 15% of the positive performance net of any fees above Exane Euro Convertible Index 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.

Suite à un rachat total des parts de DNCA Invest South Opportunities Classe B Eur, compartiment de la SICAV DNCA Invest, sur la Valeur liquidative du 07/06/2012, l’historique de la valeur liquidative n’a pas été publié jusqu’au 11/12/2012. La date du 12/12/2012 indiquée correspond à la date à laquelle de nouvelles souscriptions ont été enregistrées sur la part B.