DNCA Invest
Evolutif

Flexible

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Portfolio managers comments
April 2019


After three months of outperformance for growth stocks, cyclical and value stocks seem to have taken over and driven the rally in April. The first signs of an economic recovery and international investors' renewed interest in the euro area have spurred on this market segment, which is more exposed to macroeconomic news in Europe and China.

However, it will be the first to suffer from profit-taking in the event of disappointment in this arena. For the moment, the market is ignoring disappointing March and April manufacturing indicators, but a further disappointment in May could revive doubts...

Augustin Picquendar - Thomas PlanellText completed on May 02, 2019

At 2019-05-17

NAV

150.36€

Risk indicator

Year-to-date performance

+7.98%

5-year
annualized performance

+1.44%
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Performance 

2018

-11.75%

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Volatility over 1 year

9.43%

Recommended minimum investment horizon

5 Years

Net assets
(At 2019-04-30)

285M€

Inception date

2007-12-13
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

Augustin Picquendar

Augustin Picquendar is a graduate of ESSCA Angers, holds a postgraduate degree in Banking and Finance and is also a qualified member of the French financial analysts’ association (SFAF) and a qualified CIIA (issued by SFAF).

After an initial professional experience at BNP Paribas, he joined DNCA Finance in January 2008 as assistant manager before becoming co-manager of DNCA Evolutif and DNCA Evolutif PEA.

Thomas Planell

Thomas Planell holds a Master’s degree in Finance from the INSEEC Business School (France).

He joined DNCA Finance in November 2013 as part of the DNCA Evolutif and DNCA Evolutif PEA fund management team, having gained previous experience at various financial institutions in asset management, selling derivatives and consulting.

Performances

Fund evolution
Annualised performances
PerfAt 2019-05-17
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YTD

DNCA Invest Evolutif+7.98%
Composite - DNCA Invest Evolutif NR (2)+9.40%
Simulator
(1) The inception date of the Fund is 2007-12-13
(2) Indice composite (60% Eurostoxx 50 NR, 30% FTSE MTS EMU GOV BOND 1-3 years, 10% EONIA capitalisé, calculé dividendes et coupons réinvestis)

Briefly

The Sub-Fund's investment strategy relies on active discretionary management unsing a stock picking policy. This policy is all based on fundamental analysis developed through main investment criteria such as market assessment, issuer's financial structure, management quality, issuer's market position or regular contacts with issuers. The Sub-Fund will be invested either in equities, bonds or money market instruments by adapting the investment strategy to the economic situation and the Investment Manager's expectations.

What objective?

The Sub-Fund seeks to outperform the 60% Eurostoxx 50, 30% FTSE MTS EMU GOV BOND 1-3 years, 10% EONIA composite index calculated dividends reinvested, over the recommended investment period, while protecting the capital during adverse periods through opportunistic management and flexible asset allocation.

What breakdown?

- Equities: 0–100%
- Bonds/Money-market instruments: 0–70%

For what type of investor?

For the investor who is unsure between a balanced and dynamic profile and who wants to take part in bull markets for equities, while trying to protect himself in difficult periods.

Which characteristics?

Pricing : Daily
Fund Legal Type : SICAV mutual fund governed by Luxembourg law
Country Of Domicile : LU
Min Subscription Amount :
200000€ (Share I, Share H-I (CHF), Share H-I (USD))
Nil (Share B, Share N, Share BD)
2500€ (Share A, Share AD, Share H-A (CHF))
Min Subscription Shares :
None (Share I, Share H-I (CHF), Share B, Share A, Share AD, Share H-I (USD), Share H-A (CHF), Share N, Share BD)
Subscription Fees : 2% max
Performance fee : 20% of the positive performance net of any fees above Composite - DNCA Invest Evolutif NR 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.