Centifolia

French Equities "Value"

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Portfolio managers comments
November 2017


November brought a slight dip on the European markets, while Wall Street keeps on hitting new highs. Solid economic indicators just keep on coming in the euro area, confidence is at a high and growth is firming up. Lending is dynamic in France and continues to drive household spending. Meanwhile, investment provided some pleasant surprises, remaining solid, especially for corporates.

Centifolia has gained 14.48% YTD vs. a 12.79% rise on the CAC40 NR. The fund took advantage of falling share prices to bolster its holdings on oil stocks (Total, Vallourec), as well as Air France, Lagardère and...

Jean-Charles Mériaux - Damien Lanternier - Marie-Claire Mainka - Adrien Le ClaincheText completed on December 01, 2017

At 2017-12-14

NAV

380.59€

Risk indicator

Year-to-date performance

+14,97%

5-year
annualized performance

+12,46%
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Performance 

2016

+4,64%

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Volatility over 1 year

9,8%

Recommended minimum investment horizon

5 Years

Net assets
(At 2017-11-30)

1,976M€

Inception date

2002-10-04
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

Jean-Charles Mériaux

Jean-Charles Mériaux is a graduate of HEC Paris School of Management.

After starting his career at Crédit Foncier de France, he joined Oddo & Cie in 1987. In 1994, he joined LCF Edmond Rothschild Asset Management, where he became a member of the Executive Board and Head of French and European Equities Management. He launched and managed funds Tricolore Rendement and Saint-Honoré Convertibles.

He joined DNCA in October 2002 as managing partner and portfolio manager of Eurose and Centifolia. In October 2005 he became Chief Investment Officer of DNCA.

Damien Lanternier

Damien Lanternier, is a CFA charterholder and also holds a Master’s degrees from HEC.

He began his career in 2002 at BNP Paribas Corporate Finance as an M&A analyst. In 2003 Damien joined Lazard Frères Asset Management as a buy-side analyst. He then joined La Financière de l’Echiquier in 2004 as a European equity analyst. He became manager of Agressor, a €1.7 bn European equity portfolio, flagship of the asset management company.

In October 2017, Damien joined DNCA Finance. He will manage DNCA’s European equity portfolio, Opportunités Zone euro. He will also co-manage Centifolia with Jean-Charles Mériaux as well as the equity segment of Eurose.

Marie claire img7963
Managed funds

Centifolia

Marie-Claire Mainka

Marie-Claire Mainka is a graduate of the ISG international business school and a qualified member of the SFAF (French Society of Financial Analysts).

She began her career as a financial analyst, spending 10 years at Ferri and then moving to Natwest. She then worked in European equity sales at Citigroup and RBS.

In May 2015, she joined DNCA Finance as an analyst.

Adrien Le Clainche

Adrien Le Clainche holds a master's degree in Financial Management from Paris X Nanterre University.

He began his career in 2006 with various asset management experiences in the banking groups Candriam, Credit Suisse and Rothschild & Co.

In October 2010, he joined DNCA Finance as a management assistant in the bond and diversified team. He became manager-analyst in 2014 and extended his skills to French and European equities.

Performances

Fund evolution
Annualised performances
PerfAt 2017-12-12
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YTD

Centifolia+15.81%
CAC 40 NR+13.99%
Simulator
(1) The inception date of the Fund is 2002-10-04

Briefly

This fund – which is eligible for the PEA scheme – has a “value” approach applied to French equities. Security selection is oriented towards companies deemed undervalued that have good potential for rising in value. The portfolio's construction highlights defensive equities to reduce risk.

What objective?

The fund seeks to outperform the CAC 40 calculated with dividends reinvested, over the recommended investment timeframe of five years.

What breakdown?

French equities (minimum 75%)

For what type of investor?

The fund targets clients seeking to invest in the French equity market via French share savings plans (PEA) and who can hold their investment for the recommended investment timeframe.

Which characteristics?

Pricing : Daily
Fund Legal Type : FCP
Country Of Domicile : FR
Min Subscription Amount : None (Share C) 10 € (Share E) None (Share D) None (Share N) None (Share ND)
Min Subscription Shares : 1 (Share C) None (Share E) 1 (Share D) None (Share N) None (Share ND)
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.

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.