DNCA Sérénité Plus
Short-term eurozone bonds
Copier le code ISINPortfolio managers comments | December 2018
December 2018
The financial markets underwent a phase of extreme turmoil over the last quarter of 2018, dragging the FY showing for most investment strategies into the red. In the euro area, only the overall index for sovereign bonds across all maturities posted a gain of around 0.8%.
So investors fell into the depths of despair, particularly in Europe, in light of various political and trade risks combined with the fear – unwarranted so far – of a dramatic end to the cycle in the US.
Despite a 0.29% gain in December and relative resilience in the last quarter of the year, Sérénité Plus ended the year down...
Philippe Champigneulle - Romain Grandis - Adrien Le Clainche - Baptiste PlanchardText completed on January 02, 2019
NAV
112.79€
Risk indicator
Year-to-date performance
5-year
annualized performance
Performance
2018
-1.37%
Volatility over 1 year
Recommended minimum investment horizon
Net assets
(At 2019-01-31)
Inception date
Fund Managers
Philippe Champigneulle graduated as an actuary from the University of Lyon (ISFA).
After starting his career at CDC, he joined Schelcher Prince Finance in 1984, where he occupied various bond manager positions and became head of trading activities in European derivatives and bond markets, before being appointed associate director and risk controller in 2001.
Philippe joined DNCA Finance in May 2005 as product manager and then moved to the fund management team in May 2009.
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.
Adrien Le Clainche holds a master's degree in Financial Management from Paris X Nanterre University.
He began his career in 2006 with various asset management experiences in the banking groups Candriam, Credit Suisse and Rothschild & Co.
In October 2010, he joined DNCA Finance as a management assistant in the bond and diversified team. He became manager-analyst in 2014 and extended his skills to French and European equities.
Baptiste Planchard, CFA, is a graduate of business school ESC Reims and holds a degree in History.
Following an initial role in Sales trading at Oddo & Cie in 2013, he joined DNCA Finance in July 2014 and is involved in both the bond and diversified fund management teams.
Performances
| PerfAt 2019-02-20 | YTD | 1 month | 3 months | 6 months | 1 year | 2 years | 5 years | Since | 2018 |
| DNCA Sérénité Plus | +0.46% | +0.16% | +1.06% | +0.31% | -0.96% | -0.04% | +0.75% | +12.79% | -1.37% |
| FTSE MTS 1-3 years (2) | -0.07% | -0.07% | +0.45% | +0.43% | -0.26% | -0.48% | +1.61% | +9.14% | -0.29% |
(2) FTSE MTS 1-3 years
Briefly
The investment strategy of the fund is to manage, on a discretionary basis, a portfolio of debt securities (conventional, convertible or exchangeable bonds) issued by private or public entities and denominated in Euro, without any rating constraint (including speculative or not noted). The overall sensitivity of the portfolio is between 0 and 4. Portfolio management is based on a twofold analysis: macro-economic and technical in a first time, financial and credit in a second time. The management is largely based on the in-depth knowledge of the balance sheet management team of the selected entities.
What objective?
The Sub-Fund seeks to outperform the Bloomberg Eurozone Sovereign FTSE MTS 1-3 years calculated with coupons reinvested on the recommended investment period (18 months).
What breakdown?
Euro-denominated bonds and other debt securities.
For what type of investor?
The fund targets subscribers seeking opportunistic investment management and accepting exposure to fixed-income market risks over a minimumperiod of 2 years.
Which characteristics?
Pricing : Daily
Fund Legal Type : FCP
Country Of Domicile : FR
Min Subscription Amount :
Nil (Share C, Share I)
Min Subscription Shares :
1 (Share C)
1000 (Share I)
Subscription Fees : 1% max
Performance fee : 20% of the positive performance net of any fees above FTSE MTS 1-3 years
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.