DNCA Invest
Miura

Long Short - Absolute Return

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Portfolio managers comments
September 2017


The equity markets rallied right throughout the month of September, with the EUROSTOXX 50 NR gaining 5.2%. The main events of the month were the stabilization in the euro’s rise along with economic figures from Europe and some emerging markets, such as China, indicating that the economic context continues to improve. This should lead to sound quarterly corporate earnings reports right through the month of October. However, this continued improvement increases the likelihood of a fresh interest rate hike in the very near future.

MIURA gained 100bps in September. This month’s strong...

Cyril Freu - Mathieu Picard - Boris Bourdet - Wladimir PouxText completed on October 02, 2017

At 2017-10-19

NAV

126.18€

Risk indicator

Year-to-date performance

+1,19%

5-year
annualized performance

+3,89%
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Performance 

2016

+0,39%

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Volatility over 1 year

4,1%

Recommended minimum investment horizon

5 Years

Net assets

798M€

Inception date

2010-05-25
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

Cyril freu img8192

Cyril Freu

Cyril Freu is a qualified member of the French financial analysts’ association (SFAF) and also holds a postgraduate degree in Finance from Sciences-Po Paris and a master’s degree from Paris IX Dauphine University.

In 1998, he began his career as a sell-side financial analyst, firstly at CPR Finance then at IXIS Securities. In 2005, he was elected best financial analyst across all sectors (Agefi Extel Focus France survey). In 2006, he moved to the proprietary management team at IXIS CIB, which became Natixis, managing a diversified portfolio covering fundamental valuation strategies. Cyril joined DNCA Finance in 2009 to set up and manage the Absolute return fund range.

He became Deputy CIO of DNCA Finance in 2014.

Mpi

Mathieu Picard

Mathieu Picard holds a postgraduate degree in Finance from Sciences-Po Paris and a master’s degree from Paris IX Dauphine University.

In 2002, he became a sell-side financial analyst at IXIS Securities. In June 2006, he moved to the proprietary management team as a financial analyst at IXIS CIB, which became NATIXIS.

He joined the DNCA Finance Absolute return team in September 2009.

Bbo

Boris Bourdet

Boris Bourdet is a CFA charterholder and is a graduate of ESC Rouen and Sciences-Po Aix.

In 2003, he began his career as a financial auditor at Ernst & Young, before becoming a sell-side financial analyst in 2005 at IXIS Securities, which became Natixis. He was elected best sector analyst in 2007 and 2008 in the Agefi Extel Focus France survey.

He joined the DNCA Finance team in June 2011.

Wladimir poux img7278

Wladimir Poux

Wladimir Poux holds a master's management science degree in Finance from Paris IX Dauphine University.

After 7 years’ experience in sales and sales trading at Oddo & Cie and then at Bryan, Garnier & Co, he joined the DNCA Finance Absolute return team in September 2014.

In addition to his role in the Performance Absolute team, Wladimir is appointed as the person responsible for the trading of DNCA in June 2016.

Performances

Fund evolution
Annualised performances
PerfAt 2017-10-19
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YTD

DNCA Invest Miura+1,19%
Eonia-0.29%
Simulator
(1) The inception date of the Fund is 2010-05-25

Briefly

The Sub-Fund's strategy qualifies as Long/Short equity and its investment strategy relies on fundamental financial analysis. It invests in equities issued in Europe (EEA plus Switzerland). The global risk associated with investments of the Sub-Fund (Longs and Shorts) can not exceed 200% of the net assets of the Sub-Fund. With a net exposure limited to +/- 20% of assets under management, it is not significantly dependent on the equity market trends and the performance depends essentially on the capacity of the Investment Manager to take the right decisions as to the long positions (purchase of a share to benefit from its upside potential) and synthetic short position (sale of a share through CFD or DPS to benefit form its downside potential).

What objective?

The Sub-Fund seeks to achieve a positive performance higher than the risk-free rate represented by the EONIA rate. This performance is sought by associating it to a lower volatilty than the equity market materialised by the Eurostoxx 50 Index.

What breakdown?

The Sub-fund will invest at all times in:
- European equities or equivalent financial instruments (such as ETFs): 0 - 100%;
- CFDs - Index-linked futures: 0 - 100%;
- Monetary products: 0 - 100%.
The fund invests in regulated futures contracts on European indices, with the aim of hedging equity or forex risk or in the event of exposure to these risks , but does not actively seek overexposure. The fund can also invest on the forex market in order to hedge investments outside the euro zone, such as in the UK, Switzerland or Scandinavia.

For what type of investor?

All investors, in particular investors seeking absolute performance with managed volatility. Exposure to the equities market though with limited directional risk.

Which characteristics?

Pricing : Daily
Fund Legal Type : SICAV mutual fund governed by Luxembourg law
Country Of Domicile : LU
Min Subscription Amount :
Min Subscription Shares :
Subscription Fees : 3% max
Performance fee : 20% of the positive performance net of any fees above Eonia

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.