DNCA Invest
Infrastructures (Life)

European Equities Specialised in Infrastructure

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Portfolio managers comments
July 2018

Apart from recurring geopolitical episodes, July was characterized by interim earnings publications by the majority of infrastructure companies. The earnings season showed the sector’s resilience, driven by robust economic momentum. This was reflected in Q2 motorway traffic, up 2.5% for Vinci Autoroutes and 4.5% for APRR, the Eiffage motorway network. Airport traffic also looked very healthy, with Aéroports de Paris posting growth in traffic of 4.6% at the Paris-Charles de Gaulle and Paris-Orly airports (excluding the impact of strike action). This underscores buoyant economic trends for...

Igor de Maack - Romain Avice - Olivier HabaultText completed on 1 August 2018



Risk indicator

Year-to-date performance


annualized performance

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Volatility over 1 year


Recommended minimum investment horizon

5 Years

Net assets
(At 31/07/2018)


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

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.

Romain Avice

Romain Avice is a graduate of EDC and holds a master's degree in Finance.

In July 2008, he joined DNCA Finance as an assistant management before becoming manager - analyst on Gallica in December 2012 and on DNCA PME in December 2014.

Olivier Habault

Olivier Habault graduated from HEC Paris School of Management.

He began his career at Exane BNPP as a sell-side analyst on the banking sector. He joined DNCA Finance in January 2018, working on both convertible bonds and European equities.


For legal reasons, we can not post the performance of the sub-fund


The Sub-Fund will invest at least two thirds of its total assets in equities of issuers having their registered office in Europe or exercising the preponderant part of their economic activities in Europe and whose business primarily focuses on infrastructure assets. Infrastructure assets provide essential product and/or public service (transposition services, toll-road concession, airport platform, satellite networks, electricity production, water treatment, waste treatment, gas and energy transportation networks, renewable energies, wind farm, hospitals and schools...) to a wide population for a long period in a comprehensive regulatory framework.

What objective?

The Sub-Fund seeks to outperform the MSCI Europe Infrastructure Net Index on the recommended investment term.

What breakdown?

European stocks or related derivative financial instruments (such as CFD or DPS): 75% to 100% of net assets,
Non-European stocks: up to 25% of net assets,
Debt securities: up to 25% of net assets
Units and/or shares in UCI funds: up to 10% of net assets
In securities denominated in any currency. However, exposure to a currency that is not a base currency can be hedged with a base currency in order to reduce forex risk. Futures and OTC contracts in particular can be used for this purpose.
The fund may invest in listed derivatives instruments or OTC derivatives products (other than CFD and DPS) equating to 40% of its net assets, including standardized futures contracts and non-complex options traded on the regulated markets in order to hedge or increase equity exposure, while not actively seeking overexposure.

For what type of investor?

All investors, in particular investors who wish to have an exposure to European market in infrastructure’s and utilities’ sector and who can retain this investment for the recommended investment period.

Which characteristics?

Pricing : Daily
Fund Legal Type : SICAV mutual fund governed by Luxembourg law
Country Of Domicile : LU
Min Subscription Amount : None (Share B) None (Share N) 200,000 € (Share ID) 2,500 € (Share A) 200,000 € (Share I) None (Share ND)
Min Subscription Shares : None (Share B) None (Share N) None (Share ID) None (Share A) None (Share I) None (Share ND)
Subscription Fees : 3% max
Performance fee : 20% of the positive performance net of any fees above MSCI Europe Infrastructure NET Index with High Water Mark

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.