DNCA Invest
Beyond Infrastructure & Transition

European Infrastructure Equities SRI

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Portfolio managers comments
April 2019

Despite a robust global economy and confident prospects on the healthy state of activity during the year, the main central banks maintained their message in favor of a relatively accommodating monetary policy. This aim can be explained by the persistent lack of acceleration in inflation despite the ongoing decline in unemployment rates. The global economy nevertheless seems to have sheltered itself, at least in the short term, from the risks that could weigh on it: no hard landing in China, a delay to Brexit, a trade agreement in sight between China and the US, and no populist flood in the...

Igor de Maack - Romain Avice - Olivier HabaultText completed on May 02, 2019

At 2019-05-17



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 2019-04-30)


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

Igor de Maack

Igor de Maack graduated from HEC Paris School of Management and is a qualified member of the French financial analysts' association (SFAF) and also holds a postgraduate specialist diploma in International Taxation.

He began his career at Deloitte & Touche. In 1998, he joined the Project Financing department at BNP Paribas. In 2002, he moved to IXIS where he headed the group’s participation in the financing project for the A 28 motorway, then joined the equity research team at Ixis Securities and became senior Vice President of primary equity markets at Lazard-lxis.

He joined DNCA Finance in 2007 as an infrastructures portfolio manager.

Romain Avice

Romain Avice is a graduate of EDC and holds a master's degree in Finance.

In July 2008, he joined DNCA Finance as an assistant management before becoming manager - analyst on Gallica in December 2012 and on DNCA PME in December 2014.

Olivier Habault

Olivier Habault graduated from HEC Paris School of Management.

He began his career at Exane BNPP as a sell-side analyst on the banking sector. He joined DNCA Finance in January 2018, working on both convertible bonds and European equities.


Fund evolution

* The reference index “Macquarie Global Infrastructure Index Europe Local Total Return” has discontinued since 18 November 2016. As a consequence, the “MSCI Europe Infrastructure Net Index” is the new reference index from this date. As from 1st March 2017 the performance fee will be calculated on the positive performance compared to the performance of this new reference index with High Water Mark. Due to this change, please note that no performance fee has been charged for the civil year 2016.

Annualised performances
The performances since the fund's creation and until 11 October 2018 were achieved based on a management strategy that was altered.
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DNCA Invest Beyond Infrastructure & Transition+8.97%
MSCI Europe Infrastructure NET Index+5.34%
(1) Data are calculated from 2007-10-12


The Sub-Fund is managed taking into consideration Responsible and Sustainable principles. In this way, the investment process and resulting stock picking take into account internal scoring with respect to both corporate responsibility and sustainability of the companies. The Sub-Fund will invest at least two thirds of its total assets in equities of issuers having their registered office in Europe or exercising the preponderant part of their economic activities in Europe and whose business primarily focuses on infrastructure assets. Infrastructure assets provide essential product and/or public service (transposition services, toll-road concession, airport platform, satellite networks, electricity production, water treatment, waste treatment, gas and energy transportation networks, renewable energies, wind farm, hospitals and schools...) to a wide population for a long period in a comprehensive regulatory framework. The Sub-Fund will also invest in technologies and equipments providers that have a proven positive impact on energy efficiency for infrastructures and mobility issues.

What objective?

The Sub-Fund seeks to outperform the MSCI Europe Infrastructure Net Index on the recommended investment term.

What breakdown?

The Sub-Fund will invest at any time within the following limits in:
- European Equities or related financial derivative instruments (such as CFD or DPS): 75% to 100% of its net assets,
- up to 25% of its net assets in Non-European equities,
- debt instruments including money market instruments in case of adverse market conditions: 0% to 25% of its net assets,
- up to 10% of its net assets in units and/or shares of UCITS and/or AIFs.
The Sub-Fund may invest in securities denominated in any currency. However non-base currency exposure may be hedged back to the base currency to moderate currency exchange risks. More specifically, futures and currency forwards may be used for that purposes.
Exchange traded or OTC derivatives (other than CFD and DPS) can represent up to 40% of the Sub-Fund's net assets, including but not limited to, futures contracts and non complex options negotiated on regulated markets for the purpose of hedging or increasing equity risk without seeking overexposure.

For what type of investor?

All investors, in particular investors who wish to have an exposure to European market in infrastructure’s and utilities’ sector and who can retain this investment for the recommended investment period.

Which characteristics?

Pricing : Daily
Fund Legal Type : SICAV mutual fund governed by Luxembourg law
Country Of Domicile : LU
Min Subscription Amount :
200000€ (Share I, Share ID)
Nil (Share N, Share B, Share ND)
50000€ (Share SI)
2500€ (Share A)
Min Subscription Shares :
None (Share I, Share N, Share B, Share ID, Share SI, Share A, Share ND)
Subscription Fees : 2% max
Performance fee : 20% of the positive performance net of any fees above MSCI Europe Infrastructure NET Index with High Water Mark

What taxation?

This fund is eligible for French PEA personal equity plans. Please consult your usual financial advisor for further information.

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.