DNCA Invest
Eurose

Flexible asset

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Portfolio managers comments
April 2019


The markets marched on with their gains in April, with euro area equity indices surging more than 5% over the month and close to 18% YTD despite bewilderment from most investors. Market volatility remains well under control on the back of the prospect of easing political and trade tension, reassuring corporate earnings, an overall sound economic situation and weak inflation. Bonds have not been left behind, with the high yield index gaining close to 6.5% YTD, while only sovereign debt saw a slight dip, with the German 10-year moving back into positive territory at the end of the month.

DNCA...

Jean-Charles Mériaux - Philippe Champigneulle - Romain Grandis - Damien Lanternier - Adrien Le Clainche - Baptiste PlanchardText completed on May 02, 2019

At 2019-05-16

NAV

97.54€

Risk indicator

Year-to-date performance

+3.04%

Annualized performance
since inception

-1.18%
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Performance 

2018

-8.30%

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Volatility over 1 year

-

Recommended minimum investment horizon

3 Years

Net assets
(At 2019-04-30)

5,034M€

Inception date

2017-04-07
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

Jean-Charles Mériaux

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

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.

Damien Lanternier

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

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

Fund evolution
Annualised performances

Inception date : 2017-04-07

PerfAt 2019-05-16
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YTD

DNCA Invest Eurose+3.04%
Composite Index Eurose NR (2)+5.54%
Simulator
(1) The inception date of the Fund is 2017-04-07
(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 :
2500€ (Share H-AD (USD), Share AD, Share H-A (USD), Share A, Share H-A (CHF))
200000€ (Share ID, Share I (CHF), Share H-I (USD), Share H-I (CHF), Share I)
Nil (Share N, Share ND, Share B, Share B (CHF))
Min Subscription Shares :
None (Share H-AD (USD), Share ID, Share I (CHF), Share AD, Share H-I (USD), Share H-I (CHF), Share H-A (USD), Share I, Share A, Share N, Share ND, Share B, Share H-A (CHF), Share B (CHF))
Subscription Fees : 1% max

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.