DNCA Invest
Europe Growth
European Growth Equities
Copier le code ISINPortfolio managers comments | February 2019
February 2019
During February, the fund and its benchmark index (Stoxx 600 NR) both performed well, gaining 6.29% and 4.15% respectively. This surprising performance was clearly driven by the (theoretically) encouraging developments in US-Chinese trade discussions, and the likely postponement of Brexit until end-June. However, caution is necessary since the outcome of these negotiations remains very uncertain. Company results published during the month were a reminder of their good quality fundamentals:
Teleperformance (no. 1 position): a 27th quarter in a row of organic growth above 5%, with growth of...
Carl Auffret - Yingying WuText completed on March 04, 2019
NAV
119.59$
Risk indicator
Year-to-date performance
Risks incurred : Risk relating to discretionary management, Equity risk, Foreign-exchange risk, Liquidity risk
Annualized performance
since inception
Performance
2018
-9.59%
Volatility over 1 year
Recommended minimum investment horizon
Net assets
(At 2019-02-28)
Inception date
Fund Managers
Carl Auffret is a CFA charterholder and also holds a master’s degree in Management and a postgraduate degree in Banking and Finance from Paris IX Dauphine University.
In 1999, he began his career at SG Securities in London as a sell-side analyst covering the consumer goods sector. In July 2003, he returned to France to become sector fund manager/analyst at CM-CIC Asset Management before taking over the Union Europe Growth pan-European growth equity fund in 2005.
He joined the DNCA Finance management team in May 2012.
Yingying Wu is a graduate of HEC in 2010 and is a CFA charterholder and also holds a master’s degree in Journalism from The Communication University of China in Beijing (2005).
She began her career in the European equities department of BNP Paribas Asset Management in Paris where she co-managed global discretionary funds and an emerging Asia fund.
She joined the DNCA Finance growth team in April 2015.
Performances
| PerfAt 2019-03-21 | YTD | 1 month | 3 months | 6 months | 1 year | 2 years | 5 years | Since | 2018 |
| DNCA Invest Europe Growth | +15.08% | +3.17% | +16.99% | -4.31% | +5.01% | +13.97% | - | +19.59% | -9.59% |
| Stoxx Europe 600 NR | +13.34% | +3.07% | +13.71% | -0.03% | +4.49% | +7.05% | +18.49% | -10.77% |
Briefly
To achieve its investment objective, the Sub-Fund's investment strategy relies on active discretionary management aimed at investing in high-quality Pan-European "growth" stocks. The selection process is based on picking stocks according to their intrinsic worth (an in-depth analysis of fundamentals is conducted in-house), not on the composition of the benchmark index. Investments may therefore be concentrated on a limited number of stocks; there must nevertheless be at least 20 stocks in the portfolio.
What objective?
The Sub-Fund's objective is to outperform pan-European equity markets over the recommended investment period. The STOXX EUROPE 600 Net Return EUR reference indicator, calculated with dividends reinvested, is provided for a posteriori comparison purposes.
What breakdown?
Stocks in companies that have their head office in the European Union or related derivatives instruments (such as CFD or DPS): 60% to 100% of net assets,
Stocks outside the European Union: up to 25% of net assets,
Euro-denominated fixed-income government or corporate securities: 0% to 25% of net assets
Units and/or shares in UCI funds: up to 10% of net assets
The fund may invest in listed derivatives instruments or OTC derivatives products (other than CFD and DPS) equating to 40% of its net assets, including standardized futures contracts and non-complex options traded on the regulated markets in order to hedge or increase equity exposure, while not actively seeking overexposure.
For what type of investor?
All investors and in particular investors who are seeking exposure to the European equity markets.
Which characteristics?
Pricing : Daily
Fund Legal Type : SICAV mutual fund governed by Luxembourg law
Country Of Domicile : LU
Min Subscription Amount :
Nil (Share B, Share N (GBP), Share H-N (GBP), Share N, Share ND)
2500 (Share H-A (CHF), Share A, Share AD, Share H-A (USD))
200000 (Share I, Share IG, Share H-I (CHF), Share ID, Share H-I (USD), Share I (GBP), Share H-I (GBP))
50000 (Share F)
Min Subscription Shares :
None (Share B, Share H-A (CHF), Share N (GBP), Share I, Share IG, Share H-I (CHF), Share H-N (GBP), Share A, Share ID, Share H-I (USD), Share I (GBP), Share N, Share F, Share ND, Share H-I (GBP), Share AD, Share H-A (USD))
Subscription Fees : 2% max
Performance fee : 20% of the positive performance net of any fees above Stoxx Europe 600 NR
What taxation?
This fund is eligible for French PEA personal equity plans. Please consult your usual financial advisor for further 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.