DNCA Evolutif

Flexible Multi-asset

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Portfolio managers comments
February 2018

The equity markets got off to an optimistic start in 2018, particularly in the US, but they underwent a severe correction in February, wiping out their gains from the first weeks of the year in the space of just a few days. This renewed volatility coincided with the publication of US wage figures (average hourly wage up 2.90% yoy and unemployment still at a low), pointing to potential inflationary pressure.

We also note the dollar’s surge against the euro over the month (+1.8%), following comments from the new Fed chair paving the way for four rate hikes this year.

Meanwhile in Europe,...

Pierre Pincemaille - Augustin Picquendar - Caroline Slama - Thomas PlanellText completed on March 01, 2018

At 2018-03-19



Risk indicator

Year-to-date performance


annualized performance

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Volatility over 1 year


Recommended minimum investment horizon

5 Years

Net assets
(At 2018-02-28)


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

Pierre Pincemaille

Pierre Pincemaille holds a postgraduate degree in Economics and a Master in Finance from Paris II Panthéon Assas University. Pierre started his career in 1998 at Indosuez Private Banking as a European equities portfolio manager, with a particular focus on energy and chemicals stocks. He joined IXIS Asset Management in 2002 and took on responsibility for European equities funds managed on behalf of CNP, and also became a member of the investment committee. Pierre moved to BNP Paribas Asset Management in 2007 to take charge of the "Best Select" funds on Europe and the Eurozone in a team of nine staff (€11bn in UCITS and institutional mandates) and was also head of financial analysis for the energy sector.

Pierre Pincemaille joined DNCA in June 2016.

Augustin Picquendar

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 assistant manager before becoming co-manager of DNCA Evolutif and DNCA Evolutif PEA.

Caroline Slama

Caroline Slama graduated from Paris IX Dauphine and is holder of a postgraduate specialist master's 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).

Caroline has 15 years of experience including 7 years at Carmignac Gestion on global equities and fixed income and 6 years as a sell-side analyst (team ranked 3rd on Extel Europe in 2005 and 2006).

She joined DNCA Finance in September 2016 as co-PM of DNCA Invest Evolutif and DNCA Evolutif PEA.

Thomas Planell

Thomas Planell holds a Master’s degree in Finance from the INSEEC Business School (France).

He joined DNCA Finance in November 2013 as part of the DNCA Evolutif and DNCA Evolutif PEA fund management team, having gained previous experience at various financial institutions in asset management, selling derivatives and consulting.


Fund evolution
Annualised performances
PerfAt 2018-03-19
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DNCA Evolutif-1,8%
Composite Index DNCA Evolutif NR (2)-1.20%
(1) Data are calculated from 2002-12-31 (date of the management guidance change)
(2) Indice composite (60% Eurostoxx 50 NR, 30% FTSE MTS EMU GOV BOND 1-3 years, 10% EONIA capitalisé, calculé dividendes et coupons réinvestis)


The profile of this diversified fund evolves according to our expectations, between balanced and dynamic. It is managed in a discretionary fashion depending on the convictions of the managers regarding both asset allocation and selection of securities.

What objective?

Capital appreciation with optimisation of the performance / risk pair. Control volatility.

What breakdown?

Equities: 30–100%
Bonds/Money-market instruments: 0–70%

For what type of investor?

For the investor who is unsure between a balanced and dynamic profile and who wants to take part in bull markets for equities, while trying to protect himself in difficult periods.

Which characteristics?

Pricing : Daily
Fund Legal Type : FCP
Country Of Domicile : FR
Min Subscription Amount : None (Share C) None (Share N)
Min Subscription Shares : 1 (Share C) 1 (Share N)
Subscription Fees : 3% max

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.