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DNCA Evolutif PEA
Flexible
Art.8
A flexible management eligible to the PEA
  • A flexible fund with equity exposure that can vary between 0 and 100% of net assets
  • A management approach that aims to adapt to different market configurations. 
  • The investment strategy is based on in-depth analysis and convictions of the management team. 
Geopolitics had a limited impact on markets (+4.96% for the S&P 500, +0.56% for the MSCI World EUR and -1.3% for the Stoxx 600), which focused more on trade negotiations (notably with China and Europe) and improved macroeconomic indicators in Europe and the United States.
In the US, the labor market remained solid, with unemployment stable at 4.2%, and consumer confidence improved thanks to the easing of trade tensions. Logically, the Fed kept rates unchanged, and Mr Powell did not commit to a precise timetable for the rate cut, although the market is now anticipating a first cut in September, followed by a second in December.
In the eurozone, the ECB cut rates by 25 bp at the same time as it revised its inflation forecasts downwards (low point expected at 1.4% in Q1 2026, compared with 1.9% in May).
On the microeconomic front, business sentiment stabilized, with the June composite PMI at 50.2, as in May. German economic momentum continues to improve, with surveys (ZEW, PMI, IFO) posting better-than-expected results due to the positive impact of fiscal stimulus.
As a result, we continue to believe that the economic environment should remain favorable to risky assets, provided that trade negotiations are not derailed, and that industrial activity in the US confirms its rebound.
Against this backdrop, we have maintained our exposure to equities at 77%, after having briefly lowered it to around 62% at the time of the peak of uncertainty in the Middle East.
Following a conference in Frankfurt with numerous German CEOs, we increased our exposure to Infineon, Commerzbank and Siemens.
Conversely, we lightened our exposure to the European defense sector (Thales sold, RENK and Leonardo lightened) ahead of the NATO summit, mainly on the grounds of valuation and stock market momentum.
Our positive contributors include Airbus, Asml and Safran, while our three main detractors are Leonardo, Renk and Renault.
Text completed on July 11, 2025
Augustin Picquendar, Alexis Albert, Valérie Hanna
€199.16
JavaScript chart by amCharts 3.21.15
Lower risk
Higher risk
Risks :
  • Risk relating to discretionary management
  • Risk of capital loss
  • Equity risk
  • Credit risk
  • Interest-rate risk
  • Risk related to exchange rate
  • Liquidity risk
  • Risk related to investing in speculative securities
  • Risk relating to small-cap equity investments
  • Sustainability risk
  • Risk relating to investments in derivative products
as of 2025-08-07
Year-to-date performance
+7.91%
Performance 2024
+5.77%
Performance 5 years
annualized
+5.42%
Performance 5 years
+30.20%
Volatility over 5 years
11.66%
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
Footnotes

*The inception date of the Fund is 2006-08-03

Augustin Picquendar
Scalable investment fund manager

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 co-manager of the evolutive range.
Augustin Picquendar
Scalable investment fund manager

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 co-manager of the evolutive range.
Augustin Picquendar
Scalable investment fund manager

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 co-manager of the evolutive range.
Augustin Picquendar
Scalable investment fund manager

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 co-manager of the evolutive range.
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, Key Information Document and other regulatory information available on this website or free of charge on demand from the investment management company’s registered offices.

You can access a summary of your rights here.

Information on the fees, commissions or non-monetary benefits : DNCA Finance would like to inform its clients (existing or potential) that within the context of its fund management business, DNCA Finance may receive from or pay to third parties (e.g. introducing brokers, distributors, brokers, asset managers) certain commissions, fees or non-monetary benefits in connection with the provision of investment or ancillary services. Upon request, DNCA Finance may communicate to its clients any additional information relating to these remunerations, commissions or non-monetary benefits.



This product promotes environmental or social characteristics, but does not have as its objective a sustainable investment. It might invest partially in assets that have a sustainable objective, for instance qualified as sustainable according to the EU classification.
This product is subject to sustainability risks as defined in the Regulation 2019/2088 (article 2(22)) by environmental, social or governance event or condition that, if it occurs, could cause an actual or a potential material negative impact on the value of the investment.

If the portfolio investment process can incorporate ESG approach, the portfolio's investment objective is not primarily to mitigate this risk. The sustainability risk management policy is available on the website of the Management Company’.

The reference benchmark as defined in the Regulation 2019/2088 (article 2(22)) does not intend to be consistent with the environmental or social characteristics promoted by the fund.

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