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DNCA Invest Sérénité Plus
Short-term eurozone bonds
Art.8
A highly volatile month on the markets, kicked off by the long-awaited "Liberation Day" announcements in the United States. The flow of news and rumours surrounding the tariffs remained the main reason for market movements throughout the month. After taking the brunt of the blow, by the end of the month the markets were close to returning to the levels that prevailed prior to April 2. Over the month, equities suffered only a very limited decline (EURO STOXX 50 NR -1.1%), while falling interest rates led to an increase in bond indices, including high-yield credit (+0.3%). The short bond index rose by 0.7%.
DNCA Invest Sérénité Plus is down very slightly over the month (0.49%) and has stood at 1.25% since the start of the year.
Within the portfolio, a few lines have been reduced or exited due to high valuations and their exposure to customs duties: Mercedes-Benz 7/2027, Traton 3/2027 and 1/2028, Harley-Davidson 4/2026. The high level of cash at the start of the month enabled us to invest quite significantly during volatility peaks in the first half of the month, on a large number of lines already in the portfolio, particularly in the high-yield category, with issuers such as Webuild, ZF, IGT, Verisure, Ethias, Crown, Sogecap, IQVIA, Forvia, MasOrange and iliad; short-call hybrids (Veolia Environnement), new entries (German real estate company LEG as a convertible, Swiss telecom company Salt and Spanish utilities company Naturgy as a hybrid); convertibles (Nexi with the entry of 2028). Banks were also strengthened, with a preponderance of Tier 2 subordinated bonds (ING, Erste Bank, Caixabank, Banco BPM, Montepaschi, BNP or BPER Banca) and AT1 (AIB, BBVA, Commerzbank, ABN AMRO, Intesa Sanpaolo and Unicredit). The share of high yield has risen by more than 2 points (to 30%), and AT1s represent almost 5% of the portfolio at the end of the month.
Sensitivity remains virtually stable at 1.4.
The extra-financial characteristics of the portfolio show a responsibility performance of 4.92 and a sustainable transition exposure of 79.88%.
Over and above the high volatility of recent weeks, the markets seem for the moment to be absorbing very well the major economic disruption caused by the announcement of unprecedented tariffs. Even if it is possible, or even likely, that the US administration will lower the rates applied in exchange for concessions from each of the countries involved, there will be a definite impact on the economy and on corporate earnings in general. With this in mind, we feel it is important to remain cautious and retain some room for manoeuvre, so as to continue to profit from the volatility to come on the markets.
Footnotes

*The inception date of the Fund is 03/11/2016

Romain Grandis, CFA
Portfolio-Manager - CFA
Romain Grandis, CFA charterholder, holds a degree in civil engineering from the Ecole des Mines and an Actuarial qualification from the ISFA financial science and insurance institute in Lyon.

He began his career at CIC Lyonnaise de Banque in 2004, and in 2005 joined MMA Finance, part of the Covéa group, as a fund manager and quantitative analyst on European equities. In 2010, he joined Covéa Finance, using his quantitative analysis skills across all asset classes. In 2011, Covéa Finance appointed him to manage insurance mandates for the group’s various entities.

Romain joined DNCA Finance in May 2016 as co-fund manager in both the bond and diversified fund management teams.

*CFA® and Chartered Financial Analyst ® are registered trademarks of the CFA Institute.
Romain Grandis, CFA
Portfolio-Manager - CFA
Romain Grandis, CFA charterholder, holds a degree in civil engineering from the Ecole des Mines and an Actuarial qualification from the ISFA financial science and insurance institute in Lyon.

He began his career at CIC Lyonnaise de Banque in 2004, and in 2005 joined MMA Finance, part of the Covéa group, as a fund manager and quantitative analyst on European equities. In 2010, he joined Covéa Finance, using his quantitative analysis skills across all asset classes. In 2011, Covéa Finance appointed him to manage insurance mandates for the group’s various entities.

Romain joined DNCA Finance in May 2016 as co-fund manager in both the bond and diversified fund management teams.

*CFA® and Chartered Financial Analyst ® are registered trademarks of the CFA Institute.
Romain Grandis, CFA
Portfolio-Manager - CFA
Romain Grandis, CFA charterholder, holds a degree in civil engineering from the Ecole des Mines and an Actuarial qualification from the ISFA financial science and insurance institute in Lyon.

He began his career at CIC Lyonnaise de Banque in 2004, and in 2005 joined MMA Finance, part of the Covéa group, as a fund manager and quantitative analyst on European equities. In 2010, he joined Covéa Finance, using his quantitative analysis skills across all asset classes. In 2011, Covéa Finance appointed him to manage insurance mandates for the group’s various entities.

Romain joined DNCA Finance in May 2016 as co-fund manager in both the bond and diversified fund management teams.

*CFA® and Chartered Financial Analyst ® are registered trademarks of the CFA Institute.