DNCA Invest


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Portfolio managers comments
February 2019

Coordinated moves from G5 central banks since January have helped offset risk aversion and bring down the cost of capital again. After two months of uninterrupted multiple reflation, Europe made up for December's excessive under-valuations, and the question now is whether the equity markets' valuation – back at its historical average – can move beyond that mark.

The Eurostoxx50 is trading on 13.6x 2019 earnings with earnings yield of 7.4%, reflecting very reasonable valuations for 2019 EPS growth (expected at +8%). More importantly, there is limited scope for surprise as the average profit...

Pierre Pincemaille - Augustin Picquendar - Thomas PlanellText completed on 4 March 2019

At 21/03/2019



Risk indicator

Year-to-date performance


Annualized performance
since inception

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Volatility over 1 year


Recommended minimum investment horizon

5 Years

Net assets
(At 28/02/2019)


Inception date

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

Pierre Pincemaille

Pierre Pincemaille holds a postgraduate degree in Economics and a Master in Finance from Paris II Panthéon Assas University. Pierre started his career in 1998 at Indosuez Private Banking as a European equities portfolio manager, with a particular focus on energy and chemicals stocks. He joined IXIS Asset Management in 2002 and took on responsibility for European equities funds managed on behalf of CNP, and also became a member of the investment committee. Pierre moved to BNP Paribas Asset Management in 2007 to take charge of the "Best Select" funds on Europe and the Eurozone in a team of nine staff (€11bn in UCITS and institutional mandates) and was also head of financial analysis for the energy sector.

Pierre Pincemaille joined DNCA in June 2016.

Augustin Picquendar

Augustin Picquendar is a graduate of ESSCA Angers, holds a postgraduate degree in Banking and Finance and is also a qualified member of the French financial analysts’ association (SFAF) and a qualified CIIA (issued by SFAF).

After an initial professional experience at BNP Paribas, he joined DNCA Finance in January 2008 as assistant manager before becoming co-manager of DNCA Evolutif and DNCA Evolutif PEA.

Thomas Planell

Thomas Planell holds a Master’s degree in Finance from the INSEEC Business School (France).

He joined DNCA Finance in November 2013 as part of the DNCA Evolutif and DNCA Evolutif PEA fund management team, having gained previous experience at various financial institutions in asset management, selling derivatives and consulting.


Fund evolution
Performance over the year

Inception date : 10/10/2017

PerfAt 21/03/2019
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DNCA Invest Evolutif+7.34%
Composite - DNCA Invest Evolutif NR (2)+7.42%
(1) The inception date of the Fund is 10/10/2017
(2) Indice composite (60% Eurostoxx 50 NR, 30% FTSE MTS EMU GOV BOND 1-3 years, 10% EONIA capitalisé, calculé dividendes et coupons réinvestis)


The Sub-Fund's investment strategy relies on active discretionary management unsing a stock picking policy. This policy is all based on fundamental analysis developed through main investment criteria such as market assessment, issuer's financial structure, management quality, issuer's market position or regular contacts with issuers. The Sub-Fund will be invested either in equities, bonds or money market instruments by adapting the investment strategy to the economic situation and the Investment Manager's expectations.

What objective?

The Sub-Fund seeks to outperform the 60% Eurostoxx 50, 30% FTSE MTS EMU GOV BOND 1-3 years, 10% EONIA composite index calculated dividends reinvested, over the recommended investment period, while protecting the capital during adverse periods through opportunistic management and flexible asset allocation.

What breakdown?

- Equities: 0–100%
- Bonds/Money-market instruments: 0–70%

For what type of investor?

For the investor who is unsure between a balanced and dynamic profile and who wants to take part in bull markets for equities, while trying to protect himself in difficult periods.

Which characteristics?

Pricing : Daily
Fund Legal Type : Compartiment de la SICAV de droit luxembourgois
Country Of Domicile : LU
Min Subscription Amount :
2500 (Share A, Share AD)
Nil (Share B, Share N)
200000 (Share I, Share ID)
Min Subscription Shares :
None (Share A, Share B, Share I, Share ID, Share N, Share AD)
Subscription Fees : 2% max
Performance fee : 20% of the positive performance net of any fees above Composite - DNCA Invest Evolutif NR with High Water Mark

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.