International Multi-strategies Bonds
DNCA Invest Alpha Bonds
Absolute return bonds
- Life insurance
Key points
A multi-strategy, flexible, and international fixed income management approach.
- A flexible and international management approach with active duration management between [-3; +7].
- A dynamic allocation leveraging a wide range of fixed income strategies.
- A strategy aimed at outperforming its benchmark with annualized volatility below 5% under normal market conditions.
Managers comments · September 2026
2 minutes
September was marked by a return to volatility and upward pressure on interest rates. This deterioration was fueled by renewed tensions on the conflict front and persistent inflationary pressures against the backdrop of continued robust global growth. Indeed, the latest economic activity data, such as the published PMIs, confirm the positive trend in the economy in both the United States and Europe. Inflation figures, however, even after the revision of the methodology in the U.S., remain too high relative to the targets set by major central banks. These central banks have therefore responded by raising their policy rates (with the exception of the BOE), accelerating the flattening of yield curves as investors now anticipate an aggressive rate-hiking cycle.
The portfolio posted a negative return for the month, impacted primarily by its “real rates” and “yield curve” strategies. Duration was gradually increased from 3 to 3.8 years. Positions at the short end of the German yield curve were strengthened due to market expectations deemed aggressive, but also as part of an overall risk management strategy. The “foreign exchange” strategy continues to contribute positively, as does our defensive stance on the French spread.
Despite the sharp rise in yields, we remain cautious on the long end of the U.S. and European yield curves, favoring exposure to German debt with maturities of less than 5 years, which offers an attractive risk/return profile in the current environment. Regarding our exposure to U.K. duration, we have reduced our exposure to political risk and fiscal execution risk by positioning ourselves along the swap curve. We maintain our preference for the Japanese and New Zealand yield curves, which offer term premiums and steep curves. Overall, with RATP declining across major regions and visibility remaining low, we are maintaining a low ex-ante risk level, below 2%.
NAV
As of 27/10/2026
Risk Indicator
Synthetic risk indicator according to PRIIPS. 1 corresponds to the lowest level and 7 to the highest level.
Risks
- Risk of capital loss
- Interest-rate risk
- Risk relating to discretionary management
- Credit risk
- Inflation risk
- Counterparty risk
- Risk related to investing in speculative securities
- Risk of investing in derivative instruments as well as instruments embedding derivatives
- Convertible securities risk
- Specific Risks linked to Convertible, Exchangeable and Mandatory Convertible Bonds
- Risk related to exchange rate
- Liquidity risk
- High volatility risk
- Equity risk
- ESG risk
- Sustainability risk
Performance and volatility
As of 27/10/2026
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.
Breakdown by country
As of 30/09/2026
Performance
As of 27/10/2026
- The index and hurdle rate (minimum required rate of return) used to compare performance and calculate the performance fee are adapted to each of the Sub-Fund's share classes.
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.
Portfolio Managers
Pascal Gilbert
Portfolio manager
Pascal Gilbert began his career in 1987 at Banque Fédérative du Crédit Mutuel as a prop trader. In 1998 Pascal joined Banque de Financement et de Trésorerie where as Head of Eurozone bond portfolio management. He then joined La Française in 2001 as Head of bond funds, he was in charge of a team of seven and he managed more than €15bn, including the Multistratégies Obligataires Fund which was rated 5 stars by Morningstar. He was ranked AAA by Citywire.
In September 2017, Pascal Gilbert joined DNCA Finance.
Footnotes
* The inception date of the Fund is 14/12/2017.
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.
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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.
The Sub-Fund promotes environmental and/or social characteristics within the meaning of Article 8 of SFDR.
Sustainability risk means an environmental, social, or governance event or condition that, if it occurs, could potentially or actually cause a material negative impact on the value of a Sub-Fund’s investment. Sustainability risks can either represent a risk of their own or have an impact on other risks and may contribute significantly to risks, such as market risks, operational risks, liquidity risks or counterparty risks. Sustainability risks may have an impact on long-term risk adjusted returns for investors. Assessment of sustainability risks is complex and may be based on environmental, social, or governance data which is difficult to obtain and incomplete, estimated, out of date or otherwise materially inaccurate. Even when identified, there can be no guarantee that these data will be correctly assessed.
Consequent impacts to the occurrence of sustainability risk can be many and varied according to a specific risk, region or asset class. Generally, when sustainability risk occurs for an asset, there will be a negative impact and potentially a total loss of its value and therefore an impact on the net asset value of the concerned Sub-Fund.
The reference benchmark does not intend to be consistent with the environmental or social characteristics promoted by the Sub-Fund.