DNCA Invest
Sérénité Plus

Short-term eurozone bonds

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Portfolio managers comments
April 2019


The markets marched on with their gains in April, with euro area equity indices surging more than 5% over the month and close to 18% YTD despite bewilderment from most investors. Market volatility remains well under control on the back of the prospect of easing political and trade tension, reassuring corporate earnings, an overall sound economic situation and weak inflation. Bonds have not been left behind, with the high yield index gaining close to 6.5% YTD, while only sovereign debt saw a slight dip, with the German 10-year moving back into positive territory at the end of the month.

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Philippe Champigneulle - Romain Grandis - Adrien Le Clainche - Baptiste PlanchardText completed on May 02, 2019

At 2019-05-16

NAV

97.31€

Risk indicator

Year-to-date performance

+0.74%

Annualized performance
since inception

+0.17%
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Performance 

2018

-1.68%

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Volatility over 1 year

1.59%

Recommended minimum investment horizon

18 Months

Net assets
(At 2019-04-30)

327M€

Inception date

2016-11-29
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

Philippe Champigneulle

Philippe Champigneulle graduated as an actuary from the University of Lyon (ISFA).

After starting his career at CDC, he joined Schelcher Prince Finance in 1984, where he occupied various bond manager positions and became head of trading activities in European derivatives and bond markets, before being appointed associate director and risk controller in 2001.

Philippe joined DNCA Finance in May 2005 as product manager and then moved to the fund management team in May 2009.

Romain Grandis

Romain Grandis, CFA charterholder, holds a degree in civil engineering from the Ecole des Mines and an Actuarial qualification from the ISFA financial science and insurance institute in Lyon.

He began his career at CIC Lyonnaise de Banque in 2004, and in 2005 joined MMA Finance, part of the Covéa group, as a fund manager and quantitative analyst on European equities. In 2010, he joined Covéa Finance, using his quantitative analysis skills across all asset classes. In 2011, Covéa Finance appointed him to manage insurance mandates for the group’s various entities.

Romain joined DNCA Finance in May 2016 as co-fund manager in both the bond and diversified fund management teams.

Adrien Le Clainche

Adrien Le Clainche holds a master's degree in Financial Management from Paris X Nanterre University.

He began his career in 2006 with various asset management experiences in the banking groups Candriam, Credit Suisse and Rothschild & Co.

In October 2010, he joined DNCA Finance as a management assistant in the bond and diversified team. He became manager-analyst in 2014 and extended his skills to French and European equities.

Baptiste Planchard

Baptiste Planchard, CFA, is a graduate of business school ESC Reims and holds a degree in History.

Following an initial role in Sales trading at Oddo & Cie in 2013, he joined DNCA Finance in July 2014 and is involved in both the bond and diversified fund management teams.

Performances

Fund evolution
Annualised performances

Inception date : 2016-11-29

PerfAt 2019-05-16
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YTD

DNCA Invest Sérénité Plus+0.74%
FTSE MTS 1-3 years (2)+0.06%
Simulator
(1) Data are calculated from 2016-11-29
(2) FTSE MTS 1-3 years

Briefly

The Sub-Fund will select securities in the fixed income universe through macroeconomic, technical, financial and credit analyses. Balance sheet and cashflows analyses are core to the selection process. The modified duration of the Sub-Fund will stay between 0 and 4, without any restriction on the modified duration of individual securities in the Sub-Fund. The Sub-Fund will only invest in securities denominated in Euro.

What objective?

The Sub-Fund seeks to outperform the FTSE MTS Index 1-3 years calculated with coupons reinvested on the recommended investment period (18 months).

What breakdown?

The Sub-Fund may invest at any time within the following limits in:
- up to 100% of its total assets may be exposed to bonds and debt securities denominated in Euro (corporate bonds, Government bonds, convertible & exchangeable bonds, perpetual bonds, etc), composed of securities issued by public or private sector issuers, without any rating constraints including non-rated issues.
- up to 10% of its net assets in equities denominated in Euro, obtained from conversion of convertible bonds or by any other means.

For what type of investor?

All investors, in particular investors who are looking for a medium term investment with exposure to interest-rate market denominated in EUR, while reducing at the maximum the risk of loss of capital.

Which characteristics?

Pricing : Daily
Fund Legal Type : SICAV mutual fund governed by Luxembourg law
Country Of Domicile : LU
Min Subscription Amount :
200000€ (Share I, Share ID)
2500€ (Share A, Share AD)
Nil (Share B)
Min Subscription Shares :
None (Share I, Share ID, Share A, Share AD, Share B)
Subscription Fees : 1% max
Performance fee : 20% of the positive performance net of any fees above FTSE MTS 1-3 years

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.