DNCA Invest Beyond Alterosa
Flexible asset SRI
Art.9
Key points
Asset management with a positive social and environmental contribution
- Contributes to sustainable economic transition by investing in issuers judged to be of high quality by the management team on the basis of financial and extra-financial criteria.
- A wealth management approach through an SRI portfolio that seeks to adapt to all market conditions
- Flexible, diversified conviction management in international equities and bonds
Managers comments June 2025
NAV
€113.10
Risk indicator
Lower risk
Higher risk
Risks :
- Interest-rate risk
- Credit risk
- Equity risk
- Risk related to investments in emerging markets
- Risk of capital loss
- Risk of investing in derivative instruments as well as instruments embedding derivatives
- Specific Risk linked to ABS and MBS
- Distressed securities risk
- ESG risk
- Risk related to exchange rate
- Specific Risks linked to Convertible, Exchangeable and Mandatory Convertible Bonds
- Specific risks of investing in contingent convertible bonds ("Cocos")
- Sustainability risk
- Bond risk 144A
performance and volatility
as of 2025-08-21
Year-to-date performance
-0.65%
+4.86%
+2.17%
+6.65%
4.69%
Footnotes
*The inception date of the Fund is 2018-12-17
The fund's benchmark was changed on 25 January 2021.
Portfolio Managers
Léa Dunand-Chatellet
Portfolio-Manager, Head of the "Responsible Investment" department
Léa Dunand-Chatellet, is a graduate of the École Normale Supérieure (ENS), with an agregation in economy and management (university highest-level competitive examination for teachers’ recruitment), and is also a member of various committees on the Paris financial market. She teaches courses on responsible investment in some of France’s major business schools on a yearly basis and co-authored a key publication in 2014 “SRI and Responsible Investment” (published by Ellipse, available in French only).
Léa started her career in 2005 at Oddo Securities’ extra-financial research department, then became portfolio manager and Head of ESG research at Sycomore Asset Management in 2010. She spent five years at the company, setting up and managing a range of SRI funds with AUM of €700m, achieving a top AAA ranking from Citywire. Working within the investment management industry, she developed a pioneering extra-financial model that includes sustainable development issues in the fund management approach. In 2015, she joined Mirova as Equity CIO, managing a team of ten equity portfolio managers, with AUM of €3.5bn.
Léa Dunand-Chatellet was appointed Head of the Responsible Investment department at DNCA Finance in June 2018.
Léa started her career in 2005 at Oddo Securities’ extra-financial research department, then became portfolio manager and Head of ESG research at Sycomore Asset Management in 2010. She spent five years at the company, setting up and managing a range of SRI funds with AUM of €700m, achieving a top AAA ranking from Citywire. Working within the investment management industry, she developed a pioneering extra-financial model that includes sustainable development issues in the fund management approach. In 2015, she joined Mirova as Equity CIO, managing a team of ten equity portfolio managers, with AUM of €3.5bn.
Léa Dunand-Chatellet was appointed Head of the Responsible Investment department at DNCA Finance in June 2018.
Léa Dunand-Chatellet
Portfolio-Manager, Head of the "Responsible Investment" department
Léa Dunand-Chatellet, is a graduate of the École Normale Supérieure (ENS), with an agregation in economy and management (university highest-level competitive examination for teachers’ recruitment), and is also a member of various committees on the Paris financial market. She teaches courses on responsible investment in some of France’s major business schools on a yearly basis and co-authored a key publication in 2014 “SRI and Responsible Investment” (published by Ellipse, available in French only).
Léa started her career in 2005 at Oddo Securities’ extra-financial research department, then became portfolio manager and Head of ESG research at Sycomore Asset Management in 2010. She spent five years at the company, setting up and managing a range of SRI funds with AUM of €700m, achieving a top AAA ranking from Citywire. Working within the investment management industry, she developed a pioneering extra-financial model that includes sustainable development issues in the fund management approach. In 2015, she joined Mirova as Equity CIO, managing a team of ten equity portfolio managers, with AUM of €3.5bn.
Léa Dunand-Chatellet was appointed Head of the Responsible Investment department at DNCA Finance in June 2018.
Léa started her career in 2005 at Oddo Securities’ extra-financial research department, then became portfolio manager and Head of ESG research at Sycomore Asset Management in 2010. She spent five years at the company, setting up and managing a range of SRI funds with AUM of €700m, achieving a top AAA ranking from Citywire. Working within the investment management industry, she developed a pioneering extra-financial model that includes sustainable development issues in the fund management approach. In 2015, she joined Mirova as Equity CIO, managing a team of ten equity portfolio managers, with AUM of €3.5bn.
Léa Dunand-Chatellet was appointed Head of the Responsible Investment department at DNCA Finance in June 2018.
Léa Dunand-Chatellet
Portfolio-Manager, Head of the "Responsible Investment" department
Léa Dunand-Chatellet, is a graduate of the École Normale Supérieure (ENS), with an agregation in economy and management (university highest-level competitive examination for teachers’ recruitment), and is also a member of various committees on the Paris financial market. She teaches courses on responsible investment in some of France’s major business schools on a yearly basis and co-authored a key publication in 2014 “SRI and Responsible Investment” (published by Ellipse, available in French only).
Léa started her career in 2005 at Oddo Securities’ extra-financial research department, then became portfolio manager and Head of ESG research at Sycomore Asset Management in 2010. She spent five years at the company, setting up and managing a range of SRI funds with AUM of €700m, achieving a top AAA ranking from Citywire. Working within the investment management industry, she developed a pioneering extra-financial model that includes sustainable development issues in the fund management approach. In 2015, she joined Mirova as Equity CIO, managing a team of ten equity portfolio managers, with AUM of €3.5bn.
Léa Dunand-Chatellet was appointed Head of the Responsible Investment department at DNCA Finance in June 2018.
Léa started her career in 2005 at Oddo Securities’ extra-financial research department, then became portfolio manager and Head of ESG research at Sycomore Asset Management in 2010. She spent five years at the company, setting up and managing a range of SRI funds with AUM of €700m, achieving a top AAA ranking from Citywire. Working within the investment management industry, she developed a pioneering extra-financial model that includes sustainable development issues in the fund management approach. In 2015, she joined Mirova as Equity CIO, managing a team of ten equity portfolio managers, with AUM of €3.5bn.
Léa Dunand-Chatellet was appointed Head of the Responsible Investment department at DNCA Finance in June 2018.
Léa Dunand-Chatellet
Portfolio-Manager, Head of the "Responsible Investment" department
Léa Dunand-Chatellet, is a graduate of the École Normale Supérieure (ENS), with an agregation in economy and management (university highest-level competitive examination for teachers’ recruitment), and is also a member of various committees on the Paris financial market. She teaches courses on responsible investment in some of France’s major business schools on a yearly basis and co-authored a key publication in 2014 “SRI and Responsible Investment” (published by Ellipse, available in French only).
Léa started her career in 2005 at Oddo Securities’ extra-financial research department, then became portfolio manager and Head of ESG research at Sycomore Asset Management in 2010. She spent five years at the company, setting up and managing a range of SRI funds with AUM of €700m, achieving a top AAA ranking from Citywire. Working within the investment management industry, she developed a pioneering extra-financial model that includes sustainable development issues in the fund management approach. In 2015, she joined Mirova as Equity CIO, managing a team of ten equity portfolio managers, with AUM of €3.5bn.
Léa Dunand-Chatellet was appointed Head of the Responsible Investment department at DNCA Finance in June 2018.
Léa started her career in 2005 at Oddo Securities’ extra-financial research department, then became portfolio manager and Head of ESG research at Sycomore Asset Management in 2010. She spent five years at the company, setting up and managing a range of SRI funds with AUM of €700m, achieving a top AAA ranking from Citywire. Working within the investment management industry, she developed a pioneering extra-financial model that includes sustainable development issues in the fund management approach. In 2015, she joined Mirova as Equity CIO, managing a team of ten equity portfolio managers, with AUM of €3.5bn.
Léa Dunand-Chatellet was appointed Head of the Responsible Investment department at DNCA Finance in June 2018.
Léa Dunand-Chatellet
Portfolio-Manager, Head of the "Responsible Investment" department
Léa Dunand-Chatellet, is a graduate of the École Normale Supérieure (ENS), with an agregation in economy and management (university highest-level competitive examination for teachers’ recruitment), and is also a member of various committees on the Paris financial market. She teaches courses on responsible investment in some of France’s major business schools on a yearly basis and co-authored a key publication in 2014 “SRI and Responsible Investment” (published by Ellipse, available in French only).
Léa started her career in 2005 at Oddo Securities’ extra-financial research department, then became portfolio manager and Head of ESG research at Sycomore Asset Management in 2010. She spent five years at the company, setting up and managing a range of SRI funds with AUM of €700m, achieving a top AAA ranking from Citywire. Working within the investment management industry, she developed a pioneering extra-financial model that includes sustainable development issues in the fund management approach. In 2015, she joined Mirova as Equity CIO, managing a team of ten equity portfolio managers, with AUM of €3.5bn.
Léa Dunand-Chatellet was appointed Head of the Responsible Investment department at DNCA Finance in June 2018.
Léa started her career in 2005 at Oddo Securities’ extra-financial research department, then became portfolio manager and Head of ESG research at Sycomore Asset Management in 2010. She spent five years at the company, setting up and managing a range of SRI funds with AUM of €700m, achieving a top AAA ranking from Citywire. Working within the investment management industry, she developed a pioneering extra-financial model that includes sustainable development issues in the fund management approach. In 2015, she joined Mirova as Equity CIO, managing a team of ten equity portfolio managers, with AUM of €3.5bn.
Léa Dunand-Chatellet was appointed Head of the Responsible Investment department at DNCA Finance in June 2018.
Léa Dunand-Chatellet
Portfolio-Manager, Head of the "Responsible Investment" department
Léa Dunand-Chatellet, is a graduate of the École Normale Supérieure (ENS), with an agregation in economy and management (university highest-level competitive examination for teachers’ recruitment), and is also a member of various committees on the Paris financial market. She teaches courses on responsible investment in some of France’s major business schools on a yearly basis and co-authored a key publication in 2014 “SRI and Responsible Investment” (published by Ellipse, available in French only).
Léa started her career in 2005 at Oddo Securities’ extra-financial research department, then became portfolio manager and Head of ESG research at Sycomore Asset Management in 2010. She spent five years at the company, setting up and managing a range of SRI funds with AUM of €700m, achieving a top AAA ranking from Citywire. Working within the investment management industry, she developed a pioneering extra-financial model that includes sustainable development issues in the fund management approach. In 2015, she joined Mirova as Equity CIO, managing a team of ten equity portfolio managers, with AUM of €3.5bn.
Léa Dunand-Chatellet was appointed Head of the Responsible Investment department at DNCA Finance in June 2018.
Léa started her career in 2005 at Oddo Securities’ extra-financial research department, then became portfolio manager and Head of ESG research at Sycomore Asset Management in 2010. She spent five years at the company, setting up and managing a range of SRI funds with AUM of €700m, achieving a top AAA ranking from Citywire. Working within the investment management industry, she developed a pioneering extra-financial model that includes sustainable development issues in the fund management approach. In 2015, she joined Mirova as Equity CIO, managing a team of ten equity portfolio managers, with AUM of €3.5bn.
Léa Dunand-Chatellet was appointed Head of the Responsible Investment department at DNCA Finance in June 2018.
Léa Dunand-Chatellet
Portfolio-Manager, Head of the "Responsible Investment" department
Léa Dunand-Chatellet, is a graduate of the École Normale Supérieure (ENS), with an agregation in economy and management (university highest-level competitive examination for teachers’ recruitment), and is also a member of various committees on the Paris financial market. She teaches courses on responsible investment in some of France’s major business schools on a yearly basis and co-authored a key publication in 2014 “SRI and Responsible Investment” (published by Ellipse, available in French only).
Léa started her career in 2005 at Oddo Securities’ extra-financial research department, then became portfolio manager and Head of ESG research at Sycomore Asset Management in 2010. She spent five years at the company, setting up and managing a range of SRI funds with AUM of €700m, achieving a top AAA ranking from Citywire. Working within the investment management industry, she developed a pioneering extra-financial model that includes sustainable development issues in the fund management approach. In 2015, she joined Mirova as Equity CIO, managing a team of ten equity portfolio managers, with AUM of €3.5bn.
Léa Dunand-Chatellet was appointed Head of the Responsible Investment department at DNCA Finance in June 2018.
Léa started her career in 2005 at Oddo Securities’ extra-financial research department, then became portfolio manager and Head of ESG research at Sycomore Asset Management in 2010. She spent five years at the company, setting up and managing a range of SRI funds with AUM of €700m, achieving a top AAA ranking from Citywire. Working within the investment management industry, she developed a pioneering extra-financial model that includes sustainable development issues in the fund management approach. In 2015, she joined Mirova as Equity CIO, managing a team of ten equity portfolio managers, with AUM of €3.5bn.
Léa Dunand-Chatellet was appointed Head of the Responsible Investment department at DNCA Finance in June 2018.
Breakdown by country
Tariffs and rate cuts returned to the forefront of investors' minds. Progress in Sino-American trade negotiations buoyed US equity markets: +5.0% for the S&P 500 in USD (back to all-time highs). While emerging markets followed US indices, €uro zone equities lagged behind (-1.1% for the Cac 40). The performance gap should be put into perspective, as the dollar continued to depreciate by -3.9% to 1.18 EUR/USD, representing a fall of almost -14% over the 1st half of the year...
In the United States, the labor market remained robust, with 139,000 non-agricultural jobs created in May and the unemployment rate stable at 4.2%. Inflation data showed no significant impact from tariffs at this stage: the 1-year CPI index rose by 2.4% in May. As a result, Jerome Powell has decided to wait and see how the effects of the tariffs on inflation evolve, before deciding to lower the Fed's key rates further.
In the Eurozone, indicators were good in Germany, probably due to the 500 billion stimulus package. Overall, activity in the eurozone has more or less stabilized. Inflation slowed to below the 2% target in May (1.9% year-on-year). The ECB was able to cut its key interest rate by -0.25%, for the eighth time since 2024, notably to support growth in the Eurozone. Like her counterpart at the Federal Reserve, Christine Lagarde adopted a rather cautious tone, declaring herself alert to new shocks that could threaten the European economy and suggesting that the ECB could pause its rate cuts in the coming months.
On the bond front, credit performed well again: +0.2% for euro investment grade, +0.6% for euro high yield, +1.8% for US investment grade and +1.9% for US high yield. Credit continues to benefit from significant inflows. Europe is attracting investors who prefer to reduce their positions in the United States. The primary market is particularly buoyant for credit, especially for financials and high-yield bonds. The main reason for this is refinancing, which reduces the amount of debt due over the next few years and the risk of default. But there are also new issuers and transactions aimed at paying an exceptional dividend.
Alterosa's bond portfolio made a positive contribution, with sterling and US dollar bonds performing particularly well. Hybrids and financial subordinates also performed well over the month.
During the month, we were active on the primary market for issuers with solid fundamentals and attractive issue premiums. We also took profits on dollar-denominated issues and switched to the same issuers in euros. We have reduced our exposure to High Yield in favor of investment grade.
We remain confident about the bond market over the next two months. Credit is benefiting from an attractive carry and favorable technical factors. It continues to attract substantial flows, and the primary market could slow down over the next few days to allow for the summer break. We prefer the euro market to the dollar market. We prefer investment grade bonds to high yield for valuation reasons. Investment grade investments have been increased to 32%. Overall, credit represented 54% of the portfolio at month-end, with a yield of 3.8% and a net duration of 4.3.
In equities, the main relative outperformers in June were : Vertiv (+11 bps, active weight +0.8%), TSMC (+10 bps, active weight +1.4%), Synopsys (+6 bps, active weight +1.1%), Prysmian (+4 bps, active weight +0.9%) and Bharti Airtel (+4 bps, active weight +1.4%). Conversely, the worst relative performers were : Zoetis (-18 bps, assets +1.5%), Astrazeneca (-12 bps, assets +1.4%), Keyence (-11 bps, assets +1.1%), Air Liquide (-8 bps, assets +1.1%) and Waste Management (-7 bps, assets +0.8%).
During the month, the German real estate company Vonovia joined our selection.
As a result, the portfolio's equities portfolio comprises 34 stocks, for a gross exposure of 32.8%. The portfolio's main convictions are based on the following stocks: TSMC (1.8%), Schneider Electric (1.5%), Bharti Airtel (1.5%), Zoetis (1.4%) and Nvidia (1.4%).
The upcoming summer period encourages us to adopt a cautious stance on equities for the next two months (net exposure at 23.3%). On the macroeconomic front, July will be marked by the expiry of the 90-day truce on US tariffs, as well as the first growth estimates for the second quarter of 2025 in the US and Europe. The half-year earnings season should also be an important catalyst, as it will be a first indicator of business and profitability trends in the new post-Liberation Day economic paradigm (impact of the first US measures on volumes, currency effect, visibility for the second half, etc.). The performance of equity markets in the second quarter, coupled with the downward revision of expected earnings for 2024 and the geopolitical environment, seems to us to indicate a certain complacency on the part of investors at this stage. Confidence could be scalded by the summer deadlines, as could growth, as evidenced by consumer indicators which have already deteriorated.