DNCA Sérénité Plus

Bond management

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Portfolio managers comments
September 2017


Despite its major concerns on continued weak inflation figures, the Fed decided to start cutting back its balance sheet in October, leaving the door wide open for a fresh rate hike at the end of the year. For the moment, the fear of losing all leeway in the event of an economic slowdown seems to be winning out over all other considerations. Against this backdrop, the US debt market, and by knock-on effect, the markets in Europe, are undergoing some pressure on the long end of the curve, wiping out some of the gains notched up over the summer. Only the High Yield market is holding up in the...

Philippe Champigneulle - Adrien Le Clainche - Romain Grandis - Baptiste PlanchardText completed on October 02, 2017

At 2017-10-19

NAV

115.67€

Risk indicator

Year-to-date performance

+1,04%

5-year
annualized performance

-
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Performance 

2016

+1,19%

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Volatility over 1 year

1,13%

Recommended minimum investment horizon

18 Months

Net assets
(At 2017-09-29)

219M€

Inception date

2011-01-18
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

Pch

Philippe Champigneulle

Philippe Champigneulle graduated as an actuary from the University of Lyons (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.

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Romain Grandis

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.

Alc

Adrien Le Clainche

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 img7518

Baptiste Planchard

Baptiste Planchard 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

Fund evolution
Annualised performances
PerfAt 2017-10-19
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YTD

DNCA Sérénité Plus+1,04%
FTSE MTS 1-3 years (2)-0.27%
Simulator
(1) The inception date of the Fund is 2011-01-18
(2) FTSE MTS 1-3 years

Briefly

The Sub-Fund will select securities in the fixed income universe through macroeconomic, technical, financial and credit analyses. Balance sheet and cashflows analyses are core to the selection process. The modified duration of the Sub-Fund will stay between 0 and 4, without any restriction on the modified duration of individual securities in the Sub-Fund. The Sub-Fund will only invest in securities denominated in Euro.

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.

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 :
Min Subscription Shares :
Subscription Fees : 1% max
Performance fee : 20% of the positive performance net of any fees above FTSE MTS 1-3 years

Highlights

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.