DNCA Invest
Beyond European Bond Opportunities

Eurozone bonds

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Portfolio managers comments
December 2018


The financial markets underwent a phase of extreme turmoil over the last quarter of 2018, dragging the FY showing for most investment strategies into the red. In the euro area, only the overall index for sovereign bonds across all maturities posted a gain of around 0.8%.

So investors fell into the depths of despair, particularly in Europe, in light of various political and trade risks combined with the fear – unwarranted so far – of a dramatic end to the cycle in the US.

After another negative month in December (/PERxf_1M_f%) brought a tough quarter to a close, 2018 ended with a /PERxf_YTD_%...

Philippe Champigneulle - Romain Grandis - Adrien Le Clainche - Baptiste PlanchardText completed on January 02, 2019

NAV

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Risk indicator

Year-to-date performance

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Annualized performance
since inception

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Volatility over 1 year

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Recommended minimum investment horizon

2 Years

Net assets
(At 2018-12-31)

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Inception date

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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, CFA, 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

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

Briefly

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 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 (2 years).

What breakdown?

The Sub-Fund will at all times invest at least two thirds of its total assets directly or indirectly in fixed income securities and debt obligations issued or guaranteed by governments, corporate issuers, or supranational entities having their registered office in Europe or exercising the preponderant part of their economic activities in Europe, denominated in Euro.
The Sub-Fund may invest in exchange traded or OTC financial derivative instruments in order to achieve investment goals, and especially with a view of managing the portfolio’s modified duration or exploiting any anomaly in the interest rate structure within the limit of 100% of the Sub-Fund’s net assets.
The Sub-Fund will primarily invest in future contracts and, to a lesser extent, in non-complex options negociated on regulted markets and in non-complex interest rate swaps (fix rate/variable rate – variable rate/fix rate – variable rate/variable rate) negociated on OTC markets.The Sub-Fund may invest up to 10% of its net asset in units and/or shares of UCITS and/or in AIFs.

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 :
2500 (Share A)
200000 (Share I)
Nil (Share B, Share ND, Share N)
Min Subscription Shares :
None (Share A, Share I, Share B, Share ND, Share N)
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.