DNCA Evolutif


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Portfolio managers comments
January 2019

Contre toute attente, les marchés européens ont progressé de +5,25% (Eurostoxx50 NR) au mois de janvier dans le sillage du S&P500 enregistrant une hausse de +7,90%, son meilleur démarrage depuis 1987. Ce bon début d'année peut s'expliquer par 4 éléments.

Le plus important fut incontestablement le changement de ton de la part de la réserve fédérale américaine choisissant finalement de temporiser dans le rythme de sa normalisation monétaire. La réduction de son bilan se fera de manière très progressive, ce qui a rassuré les investisseurs quant au niveau de liquidités toujours abondant sur les...

Pierre Pincemaille - Augustin Picquendar - Thomas PlanellText completed on February 01, 2019

At 2019-02-14



Risk indicator

Year-to-date performance


Annualized performance
since inception

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Volatility over 1 year


Recommended minimum investment horizon

5 Years

Net assets
(At 2019-01-31)


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.

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

Inception date : 2017-12-06

PerfAt 2019-02-14
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DNCA Evolutif+3.44%
Composite Index DNCA Evolutif NR (2)+3.74%
(1) The inception date of the Fund is 2017-12-06
(2) 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 :
Nil (Share C, Share N)
Min Subscription Shares :
1 (Share C, 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.