DNCA Invest
Miuri

Absolute Return Fund

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Portfolio managers comments
July 2018


The equity markets surged in July, with the Eurostoxx 50 NR gaining 3.9%, spurred on by the reassuring earnings reporting season so far. The stance from the various management teams points to a very solid economic context, especially in China and the US, although this positive outlook does not entirely cover up the political cracks. July was a busy month for president Trump with his comments promoting greater trade protectionism and it is difficult to imagine that his tone will shift in the months ahead. Against this backdrop, and in view of gains on the markets, we maintain our cautious...

Cyril Freu - Mathieu Picard - Alexis AlbertText completed on 1 August 2018

At 20/08/2018

NAV

102.49€

Risk indicator

Year-to-date performance

-6,57%

Annualized performance
since inception

-
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Performance 

2017

-0,08%

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Volatility over 1 year

3,23%

Recommended minimum investment horizon

5 Years

Net assets

1,604M€

Inception date

30/10/2013
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

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.

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

Inception date : 30/10/2013

PerfAt 20/08/2018
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YTD

DNCA Invest Miuri-6,57%
Eonia-0.24%
Simulator
(1) The inception date of the Fund is 30/10/2013

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 +/- 30% 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 in identifying equities that have the characteristics to outperform their indexes or their sector indexes.

What objective?

The Sub-Fund seeks to achieve a higher annual performance than the risk-free rate represented by the EONIA rate. This performance is sought by associating it to a lower annual volatility than 5%.

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 : 200,000 € (Share I) None (Share B) None (Share N) 2,500 € (Share A) 200,000 $ (Share H-I (USD)) 200,000 € (Share H-I (GBP)) 2,500 € (Share AD) 200,000 € (Share ID) 200,000 € (Share IG) None (Share ND)
Min Subscription Shares : None (Share I) None (Share B) None (Share N) None (Share A) None (Share H-I (USD)) None (Share H-I (GBP)) None (Share AD) None (Share ID) None (Share IG) None (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.