DNCA Invest
Value Europe

European value equities

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Portfolio managers comments
April 2019


Equities markets posted their fourth month in a row of growth during April. The Stoxx 600 index jumped 3.2% over the month (or +15.9% YTD), driven by cyclical sectors including automotive (+9.3%), technology (+7.7%) and banks (+7.5%). In contrast, defensive sectors such as health (-1.9%), telecoms (-0.6%) and utilities (-0.3%) were at the bottom of the pack.

Several reasons explained the trend: an imminent trade agreement between the US and China, the delay to Brexit until October 31, reassuring macro-economic figures in the US and China (more mixed indicators in Europe) and still...

Isaac Chebar - Don Fitzgerald - Julie Arav - Maxime GenevoisText completed on May 02, 2019

At 2019-05-17

NAV

169.52€

Risk indicator

Year-to-date performance

+8.58%

5-year
annualized performance

+2.30%
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Performance 

2018

-18.50%

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Volatility over 1 year

12.40%

Recommended minimum investment horizon

5 Years

Net assets
(At 2019-04-30)

797M€

Inception date

2008-03-04
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

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.

Don Fitzgerald

Don Fitzgerald, CFA (Chartered Financial Analyst) graduated from Trinity College Dublin.

He began his career with Citigroup in 1996 firstly in Dublin then in Frankfurt and Paris. He joined WestLB Paris as an investor in distressed debt in 2003 and Tocqueville Finance in 2007. From 2008 to August 2015 he managed the fund Tocqueville Value Europe to first decile performance, by Quantalys, in its category over 1, 3 and 5 years. May 2015 he was awarded the Silver Prize by REVENU for risk adjusted returns in the European equities segment over 3 years. Trilingual, Don worked in Dublin, Paris , London and Frankfurt.

In September 2015, he joined DNCA Finance.

Julie Arav

“Master 224” degree in Banking and Finance from the University of Paris-Dauphine.

From 2006 to 2018, she acquire more than 12 years of experience as “sell-side” financial analyst, more specifically focused on European “Utilities” sectorat IXIS Securities (latter Natixis), Barclays Capital and Kepler Cheuvreux.

Julie joined DNCA Finance on February 2018.

Maxime Genevois

Maxime Genevois, CFA (Chartered Financial Analyst), graduated from Toulouse Business School in 2015.

After several internships in financial analysis at DNCA Finance, Financière Arbevel and Rothschild & Cie Gestion, he joined the DNCA Finance management team in August 2015.

Performances

Fund evolution
Annualised performances
PerfAt 2019-05-17
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YTD

DNCA Invest Value Europe+8.58%
Stoxx Europe 600 NR+14.90%
Simulator
(1) The inception date of the Fund is 2008-03-04

Briefly

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 Europe or exercising the preponderant part of their economic activities in Europe. The Sub-Fund's investment strategy relies on a active discretionary management using a stock picking policy. The main investment criteria are the market assessment, the issuer's financial structure, the current and forecast 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 fund seeks to outperform the Stoxx Europe 600 Net Return, over the recommended investment timeframe of five years.

What breakdown?

- European Equities or related financial derivatives instruments (such as CFD or DPS): 75% to 100%,
- Non-European equities: 0% to 10%,
- Debt instruments including money market instruments in case of adverse market conditions: up to 25%,
- Other istruments: 0 to 25%,
- up to 10% in units and/or shares of UCITS and/or AIFs.
The Sub-Fund may invest in securities denominated in any currency. However non-base currency exposure may be hedged back to the base currency to moderate currency exchange risks. More specifically, futures and currency forwards may be used for that purposes.
Exchange traded or OTC derivatives (other than CFD and DPS) can represent up to 40% of the Sub-Fund's assets, including but not limited to, futures contrats and non complex options negociated on regulated markets for the purpose of hedging or increasing equity exposure without seeking overexposure.

For what type of investor?

For the investor who wants to invest in European equities while minimising risk in this asset class.

Which characteristics?

Pricing : Daily
Fund Legal Type : SICAV mutual fund governed by Luxembourg law
Country Of Domicile : LU
Min Subscription Amount :
Nil (Share H-N (GBP), Share ND, Share N, Share B, Share N (GBP))
2500€ (Share H-A (USD), Share H-A (CHF), Share AD, Share A)
200000€ (Share ID, Share H-I (GBP), Share H-I (CHF), Share IG, Share H-I (USD), Share I, Share I (GBP))
10000000€ (Share H-SI (USD))
Min Subscription Shares :
None (Share H-N (GBP), Share ND, Share H-A (USD), Share ID, Share H-A (CHF), Share H-I (GBP), Share AD, Share H-I (CHF), Share IG, Share H-SI (USD), Share H-I (USD), Share I, Share N, Share I (GBP), Share B, Share N (GBP), Share A)
Subscription Fees : 2% max
Performance fee : 20% of the positive performance net of any fees above Stoxx Europe 600 NR 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.