DNCA Sérénité Plus
Short-term eurozone bonds
Art.8
Key points
A short-term bond fund invested in the eurozone.
- Flexible, active management of short-term fixed-income products.
- Security selection based on fundamental analysis of issuers, taking account of extra-financial ESG criteria.
- A fund that can be invested up to 100% in euro-denominated bonds with no rating constraints.
Managers comments February 2025
NAV
€123.97
Risk indicator
Lower risk
Higher risk
Risks :
- Risk of capital loss
- Risk relating to discretionary management
- Interest-rate risk
- Credit risk
- Liquidity risk
- Risk related to the use of forward financial instruments
- Specific Risks linked to Convertible, Exchangeable and Mandatory Convertible Bonds
- Equity risk
- Counterparty risk
- Risk related to investing in speculative securities
- Specific risks of investing in contingent convertible bonds ("Cocos")
- Sustainability risk
performance and volatility
as of 2025-04-28
Year-to-date performance
+1.22%
+3.96%
+0.81%
+8.46%
0.96%
Footnotes
*The inception date of the Fund is 2011-01-18
Portfolio Managers
Romain Grandis, CFA
Portfolio-Manager - CFA
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.
*CFA® and Chartered Financial Analyst ® are registered trademarks of the CFA Institute.
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.
*CFA® and Chartered Financial Analyst ® are registered trademarks of the CFA Institute.
Romain Grandis, CFA
Portfolio-Manager - CFA
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.
*CFA® and Chartered Financial Analyst ® are registered trademarks of the CFA Institute.
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.
*CFA® and Chartered Financial Analyst ® are registered trademarks of the CFA Institute.
Romain Grandis, CFA
Portfolio-Manager - CFA
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.
*CFA® and Chartered Financial Analyst ® are registered trademarks of the CFA Institute.
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.
*CFA® and Chartered Financial Analyst ® are registered trademarks of the CFA Institute.
Romain Grandis, CFA
Portfolio-Manager - CFA
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.
*CFA® and Chartered Financial Analyst ® are registered trademarks of the CFA Institute.
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.
*CFA® and Chartered Financial Analyst ® are registered trademarks of the CFA Institute.
Breakdown by country
DNCA Sérénité Plus is benefiting from this momentum. The fund grew by 0.31% over the month and has achieved 0.73% since the beginning of the year.
Within the portfolio, RCI Banque is redeeming its subordinated bond early, as expected. On the primary market, one issuer in particular offers a premium to be captured: Barry Callebaut, world leader in chocolate products, which needs to issue to cope with the sharp rise in cocoa prices; conversely, some short bank bonds (Banco BPM 2027, Santander 2027) are being replaced by longer ones: Belfius 2029, Unicredit 2029, DNB 2029 or Santander 2029. Other buying opportunities include Flutter 2029, Canpack 2027, and high-visibility AT1 subordinated bonds from Lloyds and Unicredit. Finally, Italian government bonds 2027 and Spanish government bonds (2030 indexed to inflation) have been reinforced. The portfolio's sensitivity increased slightly over the month, ending at 1.4.
The extra-financial characteristics of the portfolio show a responsibility performance of 4.96 and a sustainable transition exposure of 82.88%.
Developments on the equity markets seem to invalidate the notion of American exceptionalism introduced after the strong performance of indices across the Atlantic. The Trump administration's announcements and measures - concrete or otherwise - are currently a real source of instability, perhaps even more so for US economic agents, whether consumers or businesses. In this rather chaotic environment, the positioning of the equity and bond portions of the fund seem to us to offer a significant degree of serenity, with over 72% investment grade on the bond portion, a controlled duration and a comfortable yield of 3.0%.