DNCA Invest
South Europe Opportunities

Southern European equities

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Portfolio managers comments
April 2019

Southern European markets made fresh gains in April, underpinned by a few economic statistics and encouraging corporate earnings, with hopes of an easing in international trade tension and further accommodating monetary policies.

Political risk also eased in the region as the Ligue-M5S coalition in Italy showed its solidity and we witnessed a degree of normalization in European democracies based on the Italian model. As such, the fragmentation in the political landscape, the rise of the far right party Vox and the victory of the socialist party during the Spanish elections on 28 April did...

Lucy BonmartelText completed on May 02, 2019

At 2019-05-16



Risk indicator

Year-to-date performance


annualized performance

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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

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.


Fund evolution
Annualised performances
PerfAt 2019-05-16
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DNCA Invest South Europe Opportunities+12.78%
Composite - DNCA Invest South Europe Opportunities (2)+14.23%
(1) The inception date of the Fund is 2007-02-16
(2) 55% FTSE MIB; 40% IBEX; 5% PSI20


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 :
Nil (Share B, Share ND, Share N)
200000€ (Share H-I (USD), Share ID, Share I)
2500€ (Share A, Share AD)
Min Subscription Shares :
None (Share B, Share H-I (USD), Share ND, Share ID, Share A, Share I, Share AD, 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.