DNCA Invest
Miura

European long-short equities

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Portfolio managers comments
October 2018


The equity markets took a hefty drop in October, with the EUROSTOXX 50 NR shedding 5.9%. 9M earnings reports for European companies were more mixed than expected, which added to ongoing concerns on the political context both in Europe (Brexit, Italy, Germany, etc.) and elsewhere (trade relationship between the US and the rest of the world, elections in Brazil, slowdown in China), as well as a fresh phase of rising interest rates/inflation.

MIURA dipped -2.67% in October. Some of our top picks reported reassuring earnings (Publicis, Saint-Gobain) or even very good figures (Carrefour, TF1),...

Pierre Valade - Mathieu Picard - Alexis AlbertText completed on 5 November 2018

At 13/12/2018

NAV

107.46€

Risk indicator

Year-to-date performance

-13,21%

5-year
annualized performance

-1,3%
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Performance 

2017

+0,42%

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Volatility over 1 year

5,56%

Recommended minimum investment horizon

5 Years

Net assets

429M€

Inception date

16/11/2009
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 Valade

Pierre Valade, aged 47, has been working on the equity markets for 20 years. He started his career at PriceWaterhouseCoopers in 1996. Then he passed ten years as a Long-Short portfolio manager at GLG Partners in London, where he co-managed the absolute return “GLG European Alpha Alternative Fund”.
Pierre previously spent six years at Natixis Securities, two of which were spent as head of sales in the UK, and also worked at Exane in New York where he focused on stock-picking on US companies for European investors.
In November 2018, Pierre Valade joined DNCA Finance.

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.

Alexis Albert

Alexis Albert is graduated from ESCP and holds a master degree in mechanical engineering from ENSIAME.

After 14 years experience in the industry mostly as a sell-side financial analyst in Paris and London (Barclays Capital, Nomura, Natixis…), he joined DNCA Finance in September 2017 as buy-side analyst for the Absolute Return fund range (DNCA Invest Miura, DNCA Invest Miuri, DNCA Invest Velador, DNCA Invest Venasquo).

Performances

Fund evolution
Performance over the year
PerfAt 13/12/2018
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YTD

DNCA Invest Miura-13,21%
Eonia-0.35%
Simulator
(1) The inception date of the Fund is 16/11/2009

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 :
Nil (Share N, Share B, Share ND)
2500 (Share A)
200000 (Share I)
Min Subscription Shares :
None (Share N, Share A, Share I, Share B, Share ND)
Subscription Fees : 3% max
Performance fee : 20% of the positive performance net of any fees above Eonia

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.