DNCA Invest
Miuri

Absolute Return Fund

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Portfolio managers comments
December 2017


The markets took a slight downturn in December, with the EURO STOXX 50 NR shedding 1.75% over the month. However, 2017 was a good vintage overall (EURO STOXX 50 NR +9.15%), driven primarily by revisions to world growth throughout the year, primarily on the back of Europe and China, as well as by ongoing low or near-zero interest rates. 2018 is poised to be somewhat more complex, as economic growth is admittedly set to remain buoyant, but continued interest rate hikes are likely to hamper share price gains. But for now we remain fairly positive on the equity markets for the next 12 months. A...

Cyril Freu - Mathieu Picard - Boris Bourdet - Alexis AlbertText completed on January 02, 2018

At 2018-01-18

NAV

99.12€

Risk indicator

Year-to-date performance

+0,73%

Annualized performance
since inception

+0,6%
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Performance 

2017

-0,09%

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Volatility over 1 year

-

Recommended minimum investment horizon

5 Years

Net assets

2,635M€

Inception date

2015-11-10
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

Cyril Freu

Cyril Freu is a qualified member of the French financial analysts’ association (SFAF) and also holds a postgraduate degree in Finance from Sciences-Po Paris and a master’s degree from Paris IX Dauphine University.

In 1998, he began his career as a sell-side financial analyst, firstly at CPR Finance then at IXIS Securities. In 2005, he was elected best financial analyst across all sectors (Agefi Extel Focus France survey). In 2006, he moved to the proprietary management team at IXIS CIB, which became Natixis, managing a diversified portfolio covering fundamental valuation strategies. Cyril joined DNCA Finance in 2009 to set up and manage the Absolute return fund range.

He became Deputy CIO of DNCA Finance in 2014.

Mathieu Picard

Mathieu Picard holds a postgraduate degree in Finance from Sciences-Po Paris and a master’s degree from Paris IX Dauphine University.

In 2002, he became a sell-side financial analyst at IXIS Securities. In June 2006, he moved to the proprietary management team as a financial analyst at IXIS CIB, which became NATIXIS.

He joined the DNCA Finance Absolute return team in September 2009.

Boris Bourdet

Boris Bourdet is a CFA charterholder and is a graduate of ESC Rouen and Sciences-Po Aix.

In 2003, he began his career as a financial auditor at Ernst & Young, before becoming a sell-side financial analyst in 2005 at IXIS Securities, which became Natixis. He was elected best sector analyst in 2007 and 2008 in the Agefi Extel Focus France survey.

He joined the DNCA Finance team in June 2011.

Alexis Albert

Alexis Albert is graduated from ESCP and holds a master degree in mechanical engineering from ENSIAME.

After 14 years experience in the industry mostly as a sell-side financial analyst in Paris and London (Barclays Capital, Nomura, Natixis…), he joined DNCA Finance in September 2017 as buy-side analyst for the Absolute Return fund range (DNCA Invest Miura, DNCA Invest Miuri, DNCA Invest Velador, DNCA Invest Venasquo).

Performances

Fund evolution
Annualised performances

Inception date : 2015-11-10

PerfAt 2018-01-17
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YTD

DNCA Invest Miuri+0,85%
Eonia-0.02%
Simulator
(1) Data are calculated from 2015-11-10

Briefly

The Sub-Fund's strategy qualifies as Long/Short equity and its investment strategy relies on fundamental financial analysis. It invests in equities issued in Europe (EEA plus Switzerland). The global risk associated with investments of the Sub-Fund (Longs and Shorts) can not exceed 200% of the net assets of the Sub-Fund. With a net exposure limited to +/- 30% of assets under management, it is not significantly dependent on the equity market trends and the performance depends essentially on the capacity of the Investment Manager in identifying equities that have the characteristics to outperform their indexes or their sector indexes.

What objective?

The Sub-Fund seeks to achieve a higher annual performance than the risk-free rate represented by the EONIA rate. This performance is sought by associating it to a lower annual volatility than 5%.

What breakdown?

The Sub-fund will invest at all times in:
- European equities or equivalent financial instruments (such as ETFs): 0 - 100%;
- CFDs – Index-linked futures: 0 - 100%;
- Monetary products: 0 - 100%.

For what type of investor?

All investors, in particular investors seeking absolute performance with managed volatility. Exposure to the equities market though with limited directional risk.

Which characteristics?

Pricing : Daily
Country Of Domicile : LU
Min Subscription Amount : None (Share BG) 2,500 € (Share AD) 2,500 € (Share A) 200,000 € (Share I) None (Share B) 2,500 € (Share AG) 200,000 $ (Share H-I (USD)) 2,500 $ (Share H-A (USD)) None (Share NG) 200,000 € (Share IG) 200,000 € (Share ID) None (Share ND) None (Share N) 200,000 € (Share H-I (GBP))
Min Subscription Shares : None (Share BG) None (Share AD) None (Share A) None (Share I) None (Share B) None (Share AG) None (Share H-I (USD)) None (Share H-A (USD)) None (Share NG) None (Share IG) None (Share ID) None (Share ND) None (Share N) None (Share H-I (GBP))
Subscription Fees : 3% max
Performance fee : 20% of the positive performance net of any fees above Eonia

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.