European Equities Fund
DNCA Invest AlphaPlay Euroland Equities
European Blend
- Life insurance
- PEA
Managers comments · September 2026
3 minutes
September 2026 marked a pause in the summer rally on eurozone stock markets. Rising long-term interest rates, persistent pressure on energy prices, and monetary tightening prompted investors to adopt a more cautious stance. On September 10, the ECB raised its key interest rates by 25 basis points, bringing the deposit rate to 2.50%, while the flash estimate for eurozone inflation came in at 3.8% year-over-year, up from 3.2% in August, driven primarily by energy costs. Against this backdrop, the EURO STOXX Net Return index fell by 2.09%. The correction, however, was highly uneven: technology and energy sectors rose, while consumer discretionary, real estate, and communication services sectors fell sharply.
DNCA Invest Alphaplay Euroland Equities posted a return of -2%%, compared with 10.11% % for its benchmark index. ASML was the top positive contributor, supported by the technology sector’s strong performance. Iberdrola, Nokia, and Legrand also made positive contributions. Stock selection in the financial and industrial sectors provided relative support, particularly thanks to ING and Banca Monte dei Paschi di Siena.
Conversely, DSV was the largest drag, ahead of CRH. EssilorLuxottica, BMW, and LVMH also weighed on performance, as did Engie and Deutsche Telekom. At the sector level, stock selection in finance and industrials largely offset the adverse effects of allocation and stock selection in energy, as well as the weakness of certain healthcare and consumer staples positions.
During the month, we closed out our positions in Infineon and Hermès. We reduced our holdings in SAP, Aena, Indra Sistemas, LVMH, Allianz, and Sodexo. At the same time, we increased our holdings in Nokia, Airbus, Iberdrola, Schneider Electric, L’Oréal, E.ON, Engie, Santander, BMW, and CTP, as well as, to a lesser extent, ASML. These moves were intended to focus the portfolio on our strongest convictions while maintaining a balanced profile.
We are entering October with heightened vigilance regarding trends in long-term interest rates and energy prices. The portfolio remains underweight in financials, energy, and industrials, and overweight in utilities and consumer staples, reflecting a somewhat defensive positioning.
NAV
As of 02/11/2026
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
- Risk relating to discretionary management
- Equity risk
- Risk relating to small-cap equity investments
- Liquidity risk
- Interest-rate risk
- Risk of investing in derivative instruments as well as instruments embedding derivatives
- Convertible securities risk
- Risk related to exchange rate
- Credit risk
- Risk of investing in speculative grade bonds
- ESG risk
- Sustainability risk
Performance and volatility
As of 02/11/2026
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 02/11/2026
- Fund name change, formerly known as DNCA Invest Euro Zone Opportunities.
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
Fabio Di Giansante
Portfolio manager
Fabio Di Giansante graduated from the University of L’Aquila in Italy.
He began his career in 2001 at NEXTRA Investment Management, and in 2007 he was recruited by Pioneer, which later became Amundi. He previously served as Senior Vice President and Head of European Equities at Amundi, managing more than €13 billion in assets. Since 2007, he had been the lead manager of Amundi Funds Euroland Equities, a strategy focused on the eurozone.
In November 2025, Fabio joined DNCA Finance as a European equity portfolio manager.
Footnotes
* The inception date of the Fund is 17/02/2026.
Date of the first NAV calculation on 08/09/2017.
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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