European long-hedged equities
DNCA Invest One
Absolute return
- Life insurance
Key points
Generate alpha irrespective of the direction of the financial markets
- A diversified absolute performance approach, based on the expertise of DNCA Finance's management teams, seeking to deliver an annual performance higher than the €STR risk-free rate over the recommended investment horizon.
- Management aiming to generate alpha whatever the market conditions and taking account of responsible and sustainable principles.
- Exposure to equities can vary from -30% to 30%.
Managers comments · September 2026
3 minutes
Equity markets posted mixed results in September, with the MSCI World down 1.31% and the Stoxx 600 down 2.48%. The month was dominated by a renewed escalation of tensions in the Middle East and a sharp rise in long-term interest rates. Persistent disruptions in the Strait of Hormuz and the spread of the conflict to Bab el-Mandeb pushed Brent crude to $98.03 (up 6.48% for the month), reigniting inflation fears. Against this backdrop, the 10-year Treasury yield reached 5.23%, its highest level since 2007, while the OAT-Bund spread exceeded 120 basis points during the trading session, compared with about 80 basis points at the end of August. Meanwhile, the yield on the 10-year French OAT ended the month at around 4.86%, approaching the 5% threshold—its highest level since 2002.
In the United States, the energy shock has not yet undermined the strength of the economy. The labor market remained robust in August, with 162,000 new jobs created and the unemployment rate stable at 4.1%, while the Atlanta Fed estimates third-quarter GDP growth at around 5% on an annualized basis. Inflation, however, remains high at 3.4% year-over-year. Against this backdrop, the Fed raised rates by 25 basis points, bringing the Fed funds rate range to 3.75–4.00%, and is maintaining a hawkish stance in light of a still-resilient economy.
In the eurozone, the ECB also raised its deposit rate by 25 basis points to 2.50%, in response to inflationary pressures driven by rising energy prices. Economic activity remains strong, however, with the composite PMI rising to 53.1 in September from 52.0 in August—its highest level since April 2023. This combination of resilient growth and inflation that remains above target could lead the ECB to continue tightening monetary policy by the end of the year.
The sharp rise in interest rates has led to a compression in valuation multiples, with the S&P 500’s 12-month P/E ratio hovering around 19.2x. This decline in multiples is accompanied by an earnings trend that remains favorable: notably, the consensus forecast for 2026 EPS growth for the Stoxx 600 was raised from +16.3% to +17.1% over the course of the month. At this stage, earnings growth is therefore absorbing much of the negative impact of rising rates. With U.S. nominal growth nearing 6%, we remain constructive as long as monetary tightening does not undermine economic momentum. The main risk now appears to us to be less the absolute level of rates than the extent of the tightening cycle the Fed will be forced to undertake.
In this environment, we have maintained our equity exposure at -0.5%.
NAV
As of 27/10/2026
Risk Indicator
Synthetic risk indicator according to PRIIPS. 1 corresponds to the lowest level and 7 to the highest level.
Risks
- Risk of capital loss
- Risk relating to discretionary management
- Equity risk
- Risk associated with investing in small and mid caps
- Counterparty risk
- Liquidity risk
- Interest-rate risk
- Risk related to exchange rate
- Risk related to investing in speculative securities
- High-yield investment risk
- High yield bond risk
- Risk of investing in derivative instruments as well as instruments embedding derivatives
- Leverage risk
- Convertible securities risk
- High volatility risk
- ESG risk
- Risk related to investments in emerging markets
- Real estate risk
- Sustainability risk
Performance and volatility
As of 27/10/2026
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.
Performance
As of 27/10/2026
- New investment strategy and investment objective
- Name change: previously DNCA Invest - MIURI, and change of investment strategy.
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.
Portfolio Managers
Alexis Albert
Portfolio Manager
Alexis Albert graduated from ESCP after completing an engineering program in mechanical engineering at INSA.
He began his career in 2003 as a sell-side financial analyst in Paris and London (Barclays Capital, Nomura, Natixis…).
In September 2017, he joined DNCA Finance as a buy-side analyst before becoming the portfolio manager.
Footnotes
* The inception date of the Fund is 29/10/2013.
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.
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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.