DNCA Invest
Venasquo

Absolute Return Fund

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Portfolio managers comments
August 2018


The equity markets took a downturn in August, with the EUROSTOXX 50 NR losing 3.7%. After companies finished reporting their fairly sound 1H earnings, the political environment clouded the scene again, with the crisis in Turkey and some emergings, signals of a slowdown in China, Italy’s forthcoming budget and how it fits with conditions for remaining in the euro area, and Donald Trump’s continued trade war. Visibility is hazy on the effects of these various issues on future economic growth, so caution remains the watchword.

VENASQUO fell 46bps in August vs. a 188bps drop on the benchmark...

Cyril Freu - Mathieu Picard - Alexis AlbertText completed on September 03, 2018

At 2018-11-15

NAV

93.21€

Risk indicator

Year-to-date performance

-13,83%

Annualized performance
since inception

+0,47%
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Performance 

2017

+8,18%

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Volatility over 1 year

6,95%

Recommended minimum investment horizon

5 Years

Net assets

98M€

Inception date

2016-12-28
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

Cyril Freu

Cyril Freu is a qualified member of the French financial analysts’ association (SFAF) and also holds a postgraduate degree in Finance from Sciences-Po Paris and a master’s degree from Paris IX Dauphine University.

In 1998, he began his career as a sell-side financial analyst, firstly at CPR Finance then at IXIS Securities. In 2005, he was elected best financial analyst across all sectors (Agefi Extel Focus France survey). In 2006, he moved to the proprietary management team at IXIS CIB, which became Natixis, managing a diversified portfolio covering fundamental valuation strategies. Cyril joined DNCA Finance in 2009 to set up and manage the Absolute return fund range.

He became Deputy CIO of DNCA Finance in 2014.

Mathieu Picard

Mathieu Picard holds a postgraduate degree in Finance from Sciences-Po Paris and a master’s degree from Paris IX Dauphine University.

In 2002, he became a sell-side financial analyst at IXIS Securities. In June 2006, he moved to the proprietary management team as a financial analyst at IXIS CIB, which became NATIXIS.

He joined the DNCA Finance Absolute return team in September 2009.

Alexis Albert

Alexis Albert is graduated from ESCP and holds a master degree in mechanical engineering from ENSIAME.

After 14 years experience in the industry mostly as a sell-side financial analyst in Paris and London (Barclays Capital, Nomura, Natixis…), he joined DNCA Finance in September 2017 as buy-side analyst for the Absolute Return fund range (DNCA Invest Miura, DNCA Invest Miuri, DNCA Invest Velador, DNCA Invest Venasquo).

Performances

Fund evolution
Annualised performances

Inception date : 2016-12-28

PerfAt 2018-11-15
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YTD

DNCA Invest Venasquo-13,83%
Composite Venasquo (2)-3.35%
Simulator
(1) The inception date of the Fund is 2016-12-28
(2) 50% eonia capi - 50% euro stoxx 50 NR

Briefly

The Sub-Fund's strategy qualifies as absolute return and relies on fundamental financial analysis performed by the Investment Manager. It invests in European issuers (EEA plus Switzerland). The global risk associated with investments of the Sub-Fund (Longs and Futures) cannot exceed 200% of the net assets of the Sub-Fund. With a net exposure which can evolve from 0% to 100% of the assets under management, the performance is based on two pillars: capacity of the team to make the good assumptions regarding net market exposure and capacity of the team to make a good stock picking and to detect equities that have the characteristics to outperform their market indexes or their sector indexes.

What objective?

The Sub-Fund seeks to achieve a positive performance higher than the following composite Index: 50% EUROSTOXX 50 Net Return + 50% EONIA. The investment manager's team will try to reach this target with an average annual volatility around 10% in normal market conditions.

What breakdown?

- Equities issued in Europe (EEA plus Switzerland) or equivalent financial instruments (such as ETF, futures, CFD and/or DPS, etc.): from 0% to 100% of its net assets;
- Equities issued outside of EEA plus Switzerland: up to 10% of its net assets;
- Equities with total capitalisation below 150 million Euros: up to 5% of its net assets;
- Fixed income securities (such as Euro zone Ordinary Bonds, convertible bonds or equivalent): from 0% to 100% of its net assets in adverse market conditions and from 0% to 25% in case of normal market conditions;
- Money-market instruments or deposits: from 0 to 100% of its net assets in adverse market conditions and from 0% to 25% in case of normal market conditions;
- Other financial instruments: up to 10% of its net assets.

For what type of investor?

All investors, in particular investors looking for a European share market exposure with no reference to any market index.

Which characteristics?

Pricing : Daily
Fund Legal Type : SICAV mutual fund governed by Luxembourg law
Country Of Domicile : LU
Min Subscription Amount : 2,500 € (Share A) None (Share B) 200,000 € (Share I) None (Share N)
Min Subscription Shares : None (Share A) None (Share B) None (Share I) None (Share N)
Subscription Fees : 3% max
Performance fee : 20% of the positive performance net of any fees above Composite Venasquo

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.