DNCA Invest
South Europe Opportunities

Southern European equities

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Portfolio managers comments
December 2018

The South Europe Opportunities fund was down 10.05xf_YTD_% in 2018, but outperformed its benchmark index by /surperfor basis points (bps). This was also the case the previous year. This performance was driven by 1) a choice of stocks guided by in-depth fundamental analysis, the conclusions of which are validated by regular discussions with company managers (more than 200 meetings a year), 2), an opportunist stance stemming more from a very close monitoring of stocks enabling rapid responsiveness rather than bets on sectors, countries, styles or sized of market capitalization.

Testifying to...

Lucy Bonmartel - Isaac ChebarText completed on January 02, 2019



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 2019-01-31)


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

Lucy Bonmartel

Lucy Bonmartel holds a postgraduate degree in International Finance from Paris IX Dauphine University and is a qualified member of the French financial analysts’ association (SFAF).

She began her career as Head financial sector consultant at the market survey specialist Eurostaf where she worked for 8 years, before becoming analyst then European equity portfolio manager at Société Générale Asset Management for 8 years and at Axa Investment Managers where she managed financial and European funds for 6 years in charge of global equity and European equity portfolios.

She joined the DNCA Finance management team in January 2014.

Isaac Chebar

Isaac Chebar holds a chemical engineering degree from the Polytechnic school of the University of Sao Paolo in Brazil.

He began his career at Société Générale managing emerging market funds and funds investing in Southern Europe. In 2000, Isaac joined Tocqueville Finance where he set up and managed Tocqueville Value Europe until 2002. He then joined Aviva asset management as head of European investments managing several discretionary funds.

He joined the DNCA Finance management team in 2007.


For legal reasons, we can not post the performance of the sub-fund


The Sub-Fund will at all times invest at least two-thirds of its total assets in equities of issuers having their registered office in South Europe (Italy, Spain, Portugal, Greece) or exercice the preponderant part of their economic activites in South Europe. The Sub-Fund's investment strategy relies on active discretionary management using stock picking policy. The main investment criteria are the market assessment, the issuer's financial structure, the current and forcecast yield rate, management quality and the issuer's market position. The investment sectors targeted by the Investment Manager are not restricted, including with regard to new technology stocks.

What objective?

The Sub-Fund seeks to outperform the following composite Index net return: 55% FTSE MIB, 40% IBEX, 5% PSI20 calculated with dividends reinvested, over the recommended investment term (5 years).

What breakdown?

-European equities: 75% to 100% of its total assets
-Debt instruments: 0% to 25%
-Non-European equities: 0% to 10%

For what type of investor?

All investors, in particular investors who wishes to invest in South European equities.

Which characteristics?

Pricing : Daily
Fund Legal Type : SICAV mutual fund governed by Luxembourg law
Country Of Domicile : LU
Min Subscription Amount :
2500 (Share A, Share AD)
Nil (Share ND, Share B, Share N)
200000 (Share H-I (USD), Share I, Share ID)
Min Subscription Shares :
None (Share A, Share ND, Share AD, Share B, Share H-I (USD), Share I, Share ID, Share N)
Subscription Fees : 2% max
Performance fee : 20% of the positive performance net of any fees above Composite - DNCA Invest South Europe Opportunities with High Water Mark

What taxation?

This fund is eligible for French PEA personal equity plans. Please consult your usual financial advisor for further information.

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.