Centifolia

French Value equities

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Portfolio managers comments
September 2017


The clear improvement in economic outlook for the euro area against a positive world economic context helped get equity indices back on an upswing this month. Economic growth in the euro area is at its highest since 2011, based on solid domestic demand and a steady improvement in the job market. The stabilization and even slight dip in the euro, the fresh impetus for European integration after political risks dwindled, and the announcement of major business tie-ups between European companies strengthened this positive sentiment on European and French equities. Centifolia has gained 15.24%...

Jean-Charles Mériaux - Igor de Maack - Marie-Claire MainkaText completed on October 02, 2017

At 2017-10-19

NAV

295.16€

Risk indicator

Year-to-date performance

+15,14%

5-year
annualized performance

+13,19%
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Performance 

2016

+4,64%

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Volatility over 1 year

16,7%

Recommended minimum investment horizon

5 Years

Net assets
(At 2017-09-29)

1,951M€

Inception date

2002-10-04
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

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Jean-Charles Mériaux

Jean-Charles Mériaux is a graduate of HEC Paris School of Management.

After starting his career at Crédit Foncier de France, he joined Oddo & Cie in 1987. In 1994, he joined LCF Edmond Rothschild Asset Management, where he became a member of the Executive Board and Head of French and European Equities Management. He launched and managed funds Tricolore Rendement and Saint-Honoré Convertibles.

He joined DNCA in October 2002 as managing partner and portfolio manager of Eurose and Centifolia. In October 2005 he became Chief Investment Officer of DNCA.

Idm

Igor de Maack

Igor de Maack graduated from HEC Paris School of Management and is a qualified member of the French financial analysts' association (SFAF) and also holds a postgraduate specialist diploma in International Taxation.

He began his career at Deloitte & Touche. In 1998, he joined the Project Financing department at BNP Paribas. In 2002, he moved to IXIS where he headed the group’s participation in the financing project for the A 28 motorway, then joined the equity research team at Ixis Securities and became senior Vice President of primary equity markets at Lazard-lxis.

He joined DNCA Finance in 2007 as an infrastructures portfolio manager.

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Marie-Claire Mainka

Marie-Claire Mainka is a graduate of the ISG international business school and a qualified member of the SFAF (French Society of Financial Analysts).

She began her career as a financial analyst, spending 10 years at Ferri and then moving to Natwest. She then worked in European equity sales at Citigroup and RBS.

In May 2015, she joined DNCA Finance as an analyst.

Performances

Fund evolution
Annualised performances
PerfAt 2017-10-19
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YTD

Centifolia+15,14%
CAC 40 NR+12.65%
Simulator
(1) The inception date of the Fund is 2002-10-04

Briefly

This fund – which is eligible for the PEA scheme – has a “value” approach applied to French equities. Security selection is oriented towards companies deemed undervalued that have good potential for rising in value. The portfolio's construction highlights defensive equities to reduce risk.

What objective?

The fund seeks to outperform the CAC 40 calculated with dividends reinvested, over the recommended investment timeframe of five years.

What breakdown?

French equities (minimum 75%)

For what type of investor?

The fund targets clients seeking to invest in the French equity market via French share savings plans (PEA) and who can hold their investment for the recommended investment timeframe.

Which characteristics?

Pricing : Daily
Fund Legal Type : FCP
Country Of Domicile : FR
Min Subscription Amount :
Min Subscription Shares :
Subscription Fees : 3% max
Performance fee : 0% of the positive performance net of any fees above CAC 40 NR

What taxation?

This fund is eligible for French PEA personal equity plans. Please consult your usual financial advisor for further information.

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.