DNCA Value Europe

European Equities "Value"

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Portfolio managers comments
July 2018


The markets moved in line with political statements and Q2 earnings publications.

In the US, the doubts raised by Donald Trump over the Fed’s policy cast a cloud over its independence, with the institution clearly aiming to affirm its position in coming quarters. For the moment, despite the strong economy and unemployment at its lowest level, no changes were made to rates.

The three main global central banks are keeping a close eye on imported inflation, either via the rise in oil prices, or by the customs tariffs in place. In this respect, the main basic materials producers (chemicals, steel...

Isaac Chebar - Don Fitzgerald - Julie Arav - Maxime GenevoisText completed on August 01, 2018

At 2018-08-20

NAV

243.67€

Risk indicator

Year-to-date performance

-5,9%

5-year
annualized performance

+6,79%
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Performance 

2017

+7,95%

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Volatility over 1 year

10,58%

Recommended minimum investment horizon

5 Years

Net assets
(At 2018-07-31)

936M€

Inception date

2009-05-29
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

Julie Arav, aged 36, holds a “Master 224” degree in Banking and Finance from the University of Paris-Dauphine. She began her career in the Equity Research department at Ixis Securities in 2006 (later Natixis) as an analyst on European utilities sector stocks.

She joined Kepler Capital Markets as an equity research analyst in 2010, continuing to cover the utilities sector with a focus on French companies. Julie then moved to London in 2011 to join Barclays Capital as VP equity research analyst in the European utilities team. After three years between London and Paris, she returned to Kepler Cheuvreux in 2014 as a senior equity research analyst on the European utilities sector.

Julie joined DNCA Finance on February 2018 as a generalist financial analyst with the aim of extending the analysis and screening scope to select stocks for investments in the portfolios or for stock-picking opportunities with a value and contrarian approach.

Maxime Genevois

Maxime Genevois 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 2018-08-20
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YTD

DNCA Value Europe-5,9%
Stoxx Europe 600 NR+0.80%
Simulator
(1) The inception date of the Fund is 2009-05-29

Briefly

This fund – which is eligible for the PEA scheme – has a “value” approach applied to European equities. DNCA Invest Value Europe is made up of discounted equities that offer high dividends and prospects of consistent earnings growth.

What objective?

Capital appreciation in the medium term Volatility lower than that of the MSCI Europe.

What breakdown?

European equities (minimum 75%)

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 : FCP
Country Of Domicile : FR
Min Subscription Amount : None (Share N) 10 € (Share E) None (Share C) 100,000 € (Share I)
Min Subscription Shares : 1 (Share N) None (Share E) None (Share C) None (Share I)
Subscription Fees : 3% max

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.