North European Equities
Copier le code ISINWe have witnessed the residential real estate market bubble bursting in Sweden over the past year, and also in Norway albeit to a lesser extent. The particularly difficult situation on the premium segment in Stockholm is a result of excess supply on this market along with weakening demand, which had been artificially propped up for a (too) long time by somewhat unhealthy banking practices. Retail clients could take out a 100% loan for their property purchase, with monthly repayments involving only interest, and the balloon loans often only repaid after several decades when it came time for...
Carl Auffret - Yingying WuText completed on May 02, 2018
NAV
125.76€
Risk indicator
Year-to-date performance
Risks incurred : Liquidity risk, Credit risk, Risk relating to discretionary management, Equity risk, Foreign-exchange risk
Annualized performance
since inception
Performance
2017
+16,79%
Volatility over 1 year
Recommended minimum investment horizon
Net assets
(At 2018-04-30)
Inception date
Carl Auffret is a CFA charterholder and also holds a master’s degree in Management and a postgraduate degree in Banking and Finance from Paris IX Dauphine University.
In 1999, he began his career at SG Securities in London as a sell-side analyst covering the consumer goods sector. In July 2003, he returned to France to become sector fund manager/analyst at CM-CIC Asset Management before taking over the Union Europe Growth pan-European growth equity fund in 2005.
He joined the DNCA Finance management team in May 2012.
Yingying Wu is a graduate of HEC in 2010 and is a CFA charterholder and also holds a master’s degree in Journalism from The Communication University of China in Beijing (2005).
She began her career in the European equities department of BNP Paribas Asset Management in Paris where she co-managed global discretionary funds and an emerging Asia fund.
She joined the DNCA Finance growth team in April 2015.
| PerfAt 2018-05-24 | YTD | 1 month | 3 months | 6 months | 1 year | 2 years | 5 years | Since | 2017 |
| DNCA Invest Norden Europe | +1,57% | +4,91% | +3,3% | +3,46% | +3,07% | - | - | +25,76% | +16,79% |
| Indice Composite Norden (2) | +0.77% | +2.97% | +2.48% | +0.70% | +0.93% | +22.01% | +10.63% |
The Sub-Fund will invest at all time at least 90% of its total assets in equities of issuers listed on North European stock exchanges (Britain, Ireland, Benelux, Norway, Sweden, Finland, Denmark, Germany, Swiss, Austria) in all market capitalisation or exercising the preponderant part of their economic activities in North Europe. The selection process carried out by the Investment Manager is based on picking stocks according to their intrinsic worth (an in-depth analysis of fundamentals is conducted in-house) as opposed to a mere replication of the composition of the benchmark index. It is a conviction fund intended to be concentrated on a small number of issuers, between 30 and 60. Investments may therefore be concentrated on a limited number of stocks.
The Sub-Fund seeks to outperform of the following composite net return index denominated in Euro: 40% MSCI Nordic, 35% DAX, 15% SMI, 10% MSCI UK TR UK Net Local Currency calculated with dividends net of withholding taxes reinvested, over the recommended investment term.
The Sub-Fund may at any time invest in:
-Equities of issuers having their registered office in the North Europe: from 80% to 100% of its net assets;
-Equities outside the North Europe: from 0% to 10% of its net assets;
-Equities with total market capitalisation below 200 million EUR up to 10% of its net assets;
- Fixed income securities and money market instruments or deposits if market conditions are unfavourable: from 0% to 10% of its net assets;
- Other financial instruments up to 10% of its net assets
All investors, in particular investors looking for a Northern European equity market exposure.
Pricing : Daily
Fund Legal Type : SICAV mutual fund governed by Luxembourg law
Country Of Domicile : LU
Min Subscription Amount : 200,000 € (Share I) 2,500 € (Share A) None (Share B) None (Share N)
Min Subscription Shares : None (Share I) None (Share A) None (Share B) None (Share N)
Subscription Fees : 3% max
Performance fee : 20% of the positive performance net of any fees above Indice Composite Norden
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.
