DNCA Invest
European Bond Opportunities

Fixed Income Fund

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Portfolio managers comments
November 2017


The past few weeks have seen the equity markets on either side of the Atlantic post contrasting performances. Wall Street has rallied ahead of much-awaited tax reform, while European markets have dipped following some mixed 3Q earnings reports and a surge from the euro. Despite hefty issue volumes, the European bond markets are flat overall, still dulled by the ECB’s asset purchases and sluggish inflation figures. The credit markets dipped, while sovereign debt surged, reflecting a moderate return of risk aversion.

Net asset value for DNCA Invest European Bond Opportunities dipped slightly...

Philippe Champigneulle - Romain Grandis - Adrien Le Clainche - Baptiste PlanchardText completed on December 01, 2017

At 2017-12-14

NAV

137.18€

Risk indicator

Year-to-date performance

+3,25%

5-year
annualized performance

+2,71%
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Performance 

2016

+3,46%

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Volatility over 1 year

0,82%

Recommended minimum investment horizon

2 Years

Net assets
(At 2017-11-30)

54M€

Inception date

2009-01-02
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

Philippe Champigneulle

Philippe Champigneulle graduated as an actuary from the University of Lyon (ISFA).

After starting his career at CDC, he joined Schelcher Prince Finance in 1984, where he occupied various bond manager positions and became head of trading activities in European derivatives and bond markets, before being appointed associate director and risk controller in 2001.

Philippe joined DNCA Finance in May 2005 as product manager and then moved to the fund management team in May 2009.

Romain Grandis

Romain Grandis, CFA charterholder, holds a degree in civil engineering from the Ecole des Mines and an Actuarial qualification from the ISFA financial science and insurance institute in Lyon.

He began his career at CIC Lyonnaise de Banque in 2004, and in 2005 joined MMA Finance, part of the Covéa group, as a fund manager and quantitative analyst on European equities. In 2010, he joined Covéa Finance, using his quantitative analysis skills across all asset classes. In 2011, Covéa Finance appointed him to manage insurance mandates for the group’s various entities.

Romain joined DNCA Finance in May 2016 as co-fund manager in both the bond and diversified fund management teams.

Adrien Le Clainche

Adrien Le Clainche holds a master's degree in Financial Management from Paris X Nanterre University.

He began his career in 2006 with various asset management experiences in the banking groups Candriam, Credit Suisse and Rothschild & Co.

In October 2010, he joined DNCA Finance as a management assistant in the bond and diversified team. He became manager-analyst in 2014 and extended his skills to French and European equities.

Baptiste Planchard

Baptiste Planchard is a graduate of business school ESC Reims and holds a degree in History.

Following an initial role in Sales trading at Oddo & Cie in 2013, he joined DNCA Finance in July 2014 and is involved in both the bond and diversified fund management teams.

Performances

Fund evolution
Annualised performances
PerfAt 2017-12-13
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YTD

DNCA Invest European Bond Opportunities+3.28%
FTSE MTS Global+1.40%
Simulator
(1) The inception date of the Fund is 2009-01-02

Briefly

The overall investment strategy is to seek, in the medium term, a regular rate of total return consistent with a capital preservation objective by investing in the Euro bond market and in other negotiable debt securities. The Sub-Fund seeks to select securities in the fixed income universe by exploring various compartments of this market. Selection may also be operated via analysis of underlying fundamental features that may indicate an attractive value proposition for investors.

What objective?

The Sub-Fund seeks to outperform the FTSE MTS Global index on the recommended investment period.

What breakdown?

European Fixed Income Securities

For what type of investor?

For investors seeking exposure to European Fixed Income Instruments.

Which characteristics?

Pricing : Daily
Fund Legal Type : SICAV mutual fund governed by Luxembourg law
Country Of Domicile : LU
Min Subscription Amount : 2,500 € (Share A) None (Share B) None (Share ND) None (Share N) 200,000 € (Share I)
Min Subscription Shares : None (Share A) None (Share B) None (Share ND) None (Share N) None (Share I)
Subscription Fees : 3% max
Performance fee : 20% of the positive performance net of any fees above FTSE MTS Global 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.