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DNCA Invest Flex Inflation
International Inflation Linked Bonds
Art.8
A flexible international bond fund to adapt to the inflation cycle
  • A flexible investment approach, an active management of the sensitivity between 0 and 15.
  • A universe of OECD Government bonds mainly indexed on inflation.
  • An objective to outperform the global inflation-linked bond market represented by the benchmark.
April was marked by a deterioration in global economic sentiment, dominated by an upsurge in trade tensions initiated by the Trump administration. In the United States, Q1 growth contracted (-0.3% QoQ annualized), due to the strong negative contribution of foreign trade, despite a resilient consumer that limits the risk of a sharp recession. Despite the rapid deterioration in confidence indicators, the job market remains robust and inflation continues its slow decline. In the absence of a clear deterioration in labor data, the Fed is unlikely to be in a position to initiate another rate cut soon, while inflationary risks generated by customs barriers and immigration threaten a resumption of price rises by the end of the summer.

In Europe, growth remains modest but positive (+1.2% annualized in Q1) and inflation is stabilizing around the ECB's target. After the euphoria that followed the announcement of the German stimulus plan, the reality of the impact and timeframe of this spending, coupled with expectations of a global slowdown, are still leading the ECB to continue its monetary easing cycle. The rising euro and falling oil prices are powerful factors for a downward revision of inflation in 2026. Under these conditions, the way is wide open for further cuts over the coming months, leading to an accommodating monetary policy (Ester below 2%).

Fiscal concerns continue to loom large in the USA as we await the budget talks starting in July, and while they seem to have taken a back seat in some Eurozone countries, they are likely to resurface in the second half of the year.

This volatile macroeconomic context led us to adjust our portfolio allocation.

First of all, the risk-off episode that followed Liberation Day, accompanied by a lack of confidence in US assets, led us to reinforce our long position on US and European real rates at levels incompatible with economic growth momentum.

We also reduced our hedge on European inflation-indexed bonds, reducing our exposure to break-even inflation rates in favor of a long exposure to eurozone real rates.
Text completed on May 12, 2025
Pascal Gilbert, François Collet, Fabien Georges, Paul Lentz, Thibault Chrapaty
€114.98
JavaScript chart by amCharts 3.21.15
Lower risk
Higher risk
Risks :
  • Risk of capital loss
  • Interest-rate risk
  • Risk relating to discretionary management
  • Credit risk
  • Inflation risk
  • Counterparty risk
  • Risk relating to investments in derivative products
  • Risk related to exchange rate
  • Liquidity risk
  • Equity risk
  • ESG risk
  • Sustainability risk
as of 2025-06-02
Year-to-date performance
-0.29%
Performance 2024
0%
Performance 3 years
annualized
+0.76%
Performance 3 years
+2.29%
Volatility over 3 years
4.24%
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
Footnotes

*The inception date of the Fund is 2017-12-13

Pascal Gilbert
Pascal Gilbert began his career in 1987 at Banque Fédérative du Crédit Mutuel as a prop trader. In 1998 Pascal joined Banque de Financement et de Trésorerie where as Head of Eurozone bond portfolio management. He then joined La Française in 2001 as Head of bond funds, he was in charge of a team of seven and he managed more than €15bn, including the Multistratégies Obligataires Fund which was rated 5 stars by Morningstar. He was ranked AAA by Citywire.

In September 2017, Pascal Gilbert joined DNCA Finance.
Pascal Gilbert
Pascal Gilbert began his career in 1987 at Banque Fédérative du Crédit Mutuel as a prop trader. In 1998 Pascal joined Banque de Financement et de Trésorerie where as Head of Eurozone bond portfolio management. He then joined La Française in 2001 as Head of bond funds, he was in charge of a team of seven and he managed more than €15bn, including the Multistratégies Obligataires Fund which was rated 5 stars by Morningstar. He was ranked AAA by Citywire.

In September 2017, Pascal Gilbert joined DNCA Finance.
Pascal Gilbert
Pascal Gilbert began his career in 1987 at Banque Fédérative du Crédit Mutuel as a prop trader. In 1998 Pascal joined Banque de Financement et de Trésorerie where as Head of Eurozone bond portfolio management. He then joined La Française in 2001 as Head of bond funds, he was in charge of a team of seven and he managed more than €15bn, including the Multistratégies Obligataires Fund which was rated 5 stars by Morningstar. He was ranked AAA by Citywire.

In September 2017, Pascal Gilbert joined DNCA Finance.
Pascal Gilbert
Pascal Gilbert began his career in 1987 at Banque Fédérative du Crédit Mutuel as a prop trader. In 1998 Pascal joined Banque de Financement et de Trésorerie where as Head of Eurozone bond portfolio management. He then joined La Française in 2001 as Head of bond funds, he was in charge of a team of seven and he managed more than €15bn, including the Multistratégies Obligataires Fund which was rated 5 stars by Morningstar. He was ranked AAA by Citywire.

In September 2017, Pascal Gilbert joined DNCA Finance.
Pascal Gilbert
Pascal Gilbert began his career in 1987 at Banque Fédérative du Crédit Mutuel as a prop trader. In 1998 Pascal joined Banque de Financement et de Trésorerie where as Head of Eurozone bond portfolio management. He then joined La Française in 2001 as Head of bond funds, he was in charge of a team of seven and he managed more than €15bn, including the Multistratégies Obligataires Fund which was rated 5 stars by Morningstar. He was ranked AAA by Citywire.

In September 2017, Pascal Gilbert joined DNCA Finance.
Pascal Gilbert
Pascal Gilbert began his career in 1987 at Banque Fédérative du Crédit Mutuel as a prop trader. In 1998 Pascal joined Banque de Financement et de Trésorerie where as Head of Eurozone bond portfolio management. He then joined La Française in 2001 as Head of bond funds, he was in charge of a team of seven and he managed more than €15bn, including the Multistratégies Obligataires Fund which was rated 5 stars by Morningstar. He was ranked AAA by Citywire.

In September 2017, Pascal Gilbert joined DNCA Finance.
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, Key Information Document and other regulatory information available on this website or free of charge on demand from the investment management company’s registered offices.

You can access a summary of your rights here.

Information on the fees, commissions or non-monetary benefits : DNCA Finance would like to inform its clients (existing or potential) that within the context of its fund management business, DNCA Finance may receive from or pay to third parties (e.g. introducing brokers, distributors, brokers, asset managers) certain commissions, fees or non-monetary benefits in connection with the provision of investment or ancillary services. Upon request, DNCA Finance may communicate to its clients any additional information relating to these remunerations, commissions or non-monetary benefits.



The Sub-Fund promotes environmental and/or social characteristics within the meaning of Article 8 of SFDR.
Sustainability risk means an environmental, social, or governance event or condition that, if it occurs, could potentially or actually cause a material negative impact on the value of a Sub-Fund’s investment. Sustainability risks can either represent a risk of their own or have an impact on other risks and may contribute significantly to risks, such as market risks, operational risks, liquidity risks or counterparty risks. Sustainability risks may have an impact on long-term risk adjusted returns for investors. Assessment of sustainability risks is complex and may be based on environmental, social, or governance data which is difficult to obtain and incomplete, estimated, out of date or otherwise materially inaccurate. Even when identified, there can be no guarantee that these data will be correctly assessed.
Consequent impacts to the occurrence of sustainability risk can be many and varied according to a specific risk, region or asset class. Generally, when sustainability risk occurs for an asset, there will be a negative impact and potentially a total loss of its value and therefore an impact on the net asset value of the concerned Sub-Fund.
The reference benchmark does not intend to be consistent with the environmental or social characteristics promoted by the Sub-Fund.

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