DNCA Invest
Eurose
Flexible asset
Copier le code ISINPortfolio managers comments | December 2018
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.
DNCA Invest Eurose lost -6.42% over 2018, with the equity markets accounting for close to 70% of this decline.
Low average...
Jean-Charles Mériaux - Philippe Champigneulle - Romain Grandis - Damien Lanternier - Adrien Le Clainche - Baptiste PlanchardText completed on January 02, 2019
NAV
150.58€
Risk indicator
Year-to-date performance
5-year
annualized performance
Performance
2018
-6,42%
Volatility over 1 year
Recommended minimum investment horizon
Net assets
(At 2018-12-31)
Inception date
Fund Managers
Eurose, DNCA Invest Eurose, Centifolia, DNCA Opportunités Zone Euro
Jean-Charles Mériaux is a graduate of HEC Paris School of Management.
After starting his career at Crédit Foncier de France, he joined Oddo & Cie in 1987. In 1994, he joined LCF Edmond Rothschild Asset Management, where he became a member of the Executive Board and Head of French and European Equities Management. He launched and managed funds Tricolore Rendement and Saint-Honoré Convertibles.
He joined DNCA in October 2002 as managing partner and portfolio manager of Eurose and Centifolia. In October 2005 he became Chief Investment Officer of DNCA.
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, 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.
Damien Lanternier, is a CFA charterholder and also holds a Master’s degrees from HEC.
He began his career in 2002 at BNP Paribas Corporate Finance as an M&A analyst. In 2003 Damien joined Lazard Frères Asset Management as a buy-side analyst. He then joined La Financière de l’Echiquier in 2004 as a European equity analyst. He became manager of Agressor, a €1.7 bn European equity portfolio, flagship of the asset management company.
In October 2017, Damien joined DNCA Finance. He will manage DNCA’s European equity portfolio, Opportunités Zone euro. He will also co-manage Centifolia with Jean-Charles Mériaux as well as the equity segment of Eurose.
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, 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
| PerfAt 2019-01-17 | YTD | 1 month | 3 months | 6 months | 1 year | 2 years | 5 years | Since | 2018 |
| DNCA Invest Eurose | +0,46% | -0,1% | -3,25% | -4,98% | -7,07% | -1,3% | +6,95% | +50,58% | -6,42% |
| Composite Index Eurose NR (2) | +0.70% | +0.55% | +0.91% | -2.00% | -1.68% | +1.64% | +18.83% | +54.29% | -1.77% |
(2) 80% FTSE MTS Global; 20% DJ Eurostoxx 50 NR
Briefly
The overall invesment strategy of the Sub-Fund is to seek to enhance the return on a wealth investment through active management of the portfolio of Euro denominated equities and fixed income products. It aims to provide an alternative to investments in bonds and convertibles bonds (directy or through mutual funds) as well as an alternative to Euro denominated funds benefitting from a capital guarantee. The Sub-Fund however dos not benefit from a guarantee on capital invested.
What objective?
The Sub-Fund seeks to outperform the 20% Eurostoxx 50 + 80% FTSE MTS Global composite index calculated with dividends reinvested, over the recommended investment period.
What breakdown?
- Up to 100% of its total assets may be exposed to fixed income securities denominated in Euro, composed of securities issued by public or private sector-issurers, without any rating constraint including non-rated issues.
- At least 50% of the Sub-Fund's fixed income portfolio should be composed of securities belonging to the "investment grade" category (i.e. have a Standard & Poor's minimum A-3 short-term rating or BBB- long-term rating or equivalent). The Investment Manager shall not solely base its investment decisions on ratings assigned by independant rating agencies and can proceed to its own credit risk assessment. The Sub-Fund's fixed income portfolio may be composed of securities belonging to the "speculative grade" category (i.e. not belonging to the "investment grade" category) or non-rated. The Investment Manager may invest in securities which qualify as distressed securities up to 5% of its net assets.
- Up to 35% of its net assets in equities from issuers belonging to all market capitalisation categories, headquartered in OECD countries and denominated in Euro. Investment in equities issued by issuers which capitalisation is under 1 billion Euros may not exceed 5% of the net assets of the Sub-Fund.
The duration of the Sub-Fund's portfolio will be limited to 7 years.
The Sub-Fund may invest up to 10% of its net assets in units and/or shares of UCITS and/or AIFs.
In order to achieve the investment objective, the Sub-Fund may also invest in equities or related financial derivative instruments as well as in convertible bonds, warrants and rights which may embed derivatives, for the purpose of hedging or increasing interest rate risk without seeking overexposure
For what type of investor?
For the investor wishing to diversify and energise his savings in a cautious way.
Which characteristics?
Pricing : Daily
Fund Legal Type : SICAV mutual fund governed by Luxembourg law
Country Of Domicile : LU
Min Subscription Amount :
200000 (Share I (CHF), Share I, Share H-I (CHF), Share H-I (USD), Share ID)
2500 (Share AD, Share H-A (CHF), Share H-A (USD), Share H-AD (USD), Share A)
Nil (Share B, Share N, Share B (CHF), Share ND)
Min Subscription Shares :
None (Share I (CHF), Share AD, Share B, Share N, Share I, Share H-I (CHF), Share H-I (USD), Share H-A (CHF), Share B (CHF), Share H-A (USD), Share ND, Share H-AD (USD), Share ID, Share A)
Subscription Fees : 3% max
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.