DNCA Invest
Norden Europe

Northern European equities

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Portfolio managers comments
April 2019

The first Q1 2019 earnings publications were respectable overall. The fund's main conviction, Coor Service Management (Sweden – facilities management), again reported better than expected organic growth at 10%. All Scandinavian countries showed high growth, especially Denmark where the group benefited from another state outsourcing policy. Similarly, we were impressed by the earnings published by Sartorius Stedim Biotech with organic growth of 19% in revenue and the orderbook!

Our investments in Scandinavian non-life insurance groups (Tryg & Gjensidige) benefited from a mild winter...

Carl Auffret - Yingying WuText completed on May 02, 2019

At 2019-05-16



Risk indicator

Year-to-date performance


Annualized performance
since inception

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Volatility over 1 year


Recommended minimum investment horizon

5 Years

Net assets
(At 2019-04-30)


Inception date

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

Carl Auffret

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

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.


Fund evolution
Annualised performances

Inception date : 2017-11-15

PerfAt 2019-05-16
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DNCA Invest Norden Europe+17.89%
Indice Composite Norden (2)+14.32%
(1) The inception date of the Fund is 2017-11-15
(2) 40% MSCI Nordic, 35% DAX, 15% SMI, 10% MSCI UK TR UK Net Local


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.

What objective?

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 (5 years).

What breakdown?

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

For what type of investor?

All investors, in particular investors looking for a Northern European equity market exposure.

Which characteristics?

Pricing : Daily
Fund Legal Type : SICAV mutual fund governed by Luxembourg law
Country Of Domicile : LU
Min Subscription Amount :
2500€ (Share A)
200000€ (Share I, Share ID)
Nil (Share N, Share B)
Min Subscription Shares :
None (Share A, Share I, Share N, Share B, Share ID)
Subscription Fees : 2% max
Performance fee : 20% of the positive performance net of any fees above Indice Composite Norden

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.