DNCA Invest

European convertible bonds

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Portfolio managers comments
April 2019

The equity markets continued to gain, with monetary policy acting as a support. The main central banks are conveying an accommodative stance, enabling them to support a controlled slowdown in world growth. The context is still not too volatile, with investors lending credence to a US-China trade agreement and Brexit-related issues pushed back to a later date. Quarterly earnings reports confirmed sound macroeconomic figures and provide some fresh positive momentum for the current year. Against this backdrop, the European convertible bond market was quiet with just two primary issues for a...

Igor de Maack - Félix Haron - Olivier HabaultText completed on May 02, 2019



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.

Félix Haron

Félix Haron is a CFA charterholder, holds graduate of ESC Toulouse and holds a postgraduate specialist master's degree in Financial Engineering from Paris IX Dauphine University.

He began his career at BNP Paribas, as a convertible bond specialist. After a variety of experiences in trading and asset management, Félix joined the convertible management team of BNP Paribas Asset Management.

He joined DNCA Finance in September 2013.

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.


For legal reasons, we can not post the performance of the sub-fund


The investment process is made of the combination of a global bond approach and stock-picking policy. It aims to create a portfolio with a lower volatility than an underlying equity investment based on a fundamental approach and a qualitative analysis of each issuer.

What objective?

The Sub-Fund seeks to provide capital appreciation with low volatility by investing in convertible bonds. As part of a discretionary management approach, the portfolio composition will not attempt to replicate the composition of a benchmark index from a geographical or sectoral perspective. Even so, the Exane Euro Convertibles Index may be used as ex-post benchmark indicator.

What breakdown?

The Sub-Fund will at all times invest at least 50% of its total assets in convertible bonds, exchangeable bonds and mandatory redeemable bonds of issuers having their registered office in the EU or exercising the preponderant part of their economic activities in the EU within the following limits:
- Convertible or exchangeable bonds denominated in Euro: from 50% to 100% of its assets invested in convertible, exchangeable or mandatory redeemable bonds,
- Non Euro Convertible or exchangeable bonds: at most 15% of its total assets,
- Convertible bonds rated "investment grade" or whose issuer is rated "investment grade": at least 50% of its assets invested in convertible or exchangeable bonds
- Money-market and debt instruments: from 0% to 50% of its total assets.
In addition, the Sub-Fund will invest the remaining part of its total assets in warrants, subscription rights and other bonds with any equity link.
The Sub-Fund may invest up to 10% of its net assets in units or shares of UCITS or regulated 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 purpose. The currency exchange risk will not represent more than 15% of the total assets of the Sub-Fund.

For what type of investor?

For the investor who wishes to take advantage of rising equity markets as well as the benefits from bond yields.

Which characteristics?

Pricing : Daily
Fund Legal Type : SICAV mutual fund governed by Luxembourg law
Country Of Domicile : LU
Min Subscription Amount :
200000CHF (Share H-I (USD), Share I, Share I (CHF), Share H-I (CHF))
Nil (Share ND, Share N, Share B, Share B (CHF))
50000CHF (Share SI)
2500CHF (Share A, Share H-A (CHF))
Min Subscription Shares :
None (Share H-I (USD), Share ND, Share SI, Share A, Share H-A (CHF), Share N, Share I, Share I (CHF), Share B, Share B (CHF), Share H-I (CHF))
Subscription Fees : 2% max
Performance fee : 15% of the positive performance net of any fees above Exane Euro Convertible Index with High Water Mark

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.