DNCA Invest
South Europe Opportunities

Southern European equities

Add to bookmarked fundsCopy to clipboard Copier le code ISIN

Portfolio managers comments
February 2019

Southern European markets have staged an attractive recovery since the start of the year with the Italian, Spanish and Portuguese indexes gaining 13.1%, 9.2% and 9.6% respectively, more sensitive to good news stemming from companies than economic statistics.

The earnings publication season continued and was still solid for companies in the portfolio, with the exception of Caixabank, Fiat and Sogefi. Among the main contributors to performance since the start of the year are Ferrari (+30%), Finecobank (+24%), Unicredit (+21%) and Technogym (+20%) whereas Caixabank (-1%) was down on...

Lucy BonmartelText completed on 4 March 2019

At 21/03/2019



Risk indicator

Year-to-date performance


annualized performance

Right arrow
Left arrow




Right arrow
Left arrow

Volatility over 1 year


Recommended minimum investment horizon

5 Years

Net assets
(At 28/02/2019)


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

Lucy Bonmartel

Lucy Bonmartel holds a postgraduate degree in International Finance from Paris IX Dauphine University and is a qualified member of the French financial analysts’ association (SFAF).

She began her career as Head financial sector consultant at the market survey specialist Eurostaf where she worked for 8 years, before becoming analyst then European equity portfolio manager at Société Générale Asset Management for 8 years and at Axa Investment Managers where she managed financial and European funds for 6 years in charge of global equity and European equity portfolios.

She joined the DNCA Finance management team in January 2014.


Fund evolution
Performance over the year
PerfAt 21/03/2019
Right arrow
Left arrow


DNCA Invest South Europe Opportunities+11.93%
Composite - DNCA Invest South Europe Opportunities (2)+14.63%
(1) Data are calculated from 13/12/2012
(2) 55% FTSE MIB; 40% IBEX; 5% PSI20


The Sub-Fund will at all times invest at least two-thirds of its total assets in equities of issuers having their registered office in South Europe (Italy, Spain, Portugal, Greece) or exercice the preponderant part of their economic activites in South Europe. The Sub-Fund's investment strategy relies on active discretionary management using stock picking policy. The main investment criteria are the market assessment, the issuer's financial structure, the current and forcecast yield rate, management quality and the issuer's market position. The investment sectors targeted by the Investment Manager are not restricted, including with regard to new technology stocks.

What objective?

The Sub-Fund seeks to outperform the following composite Index net return: 55% FTSE MIB, 40% IBEX, 5% PSI20 calculated with dividends reinvested, over the recommended investment term (5 years).

What breakdown?

-European equities: 75% to 100% of its total assets
-Debt instruments: 0% to 25%
-Non-European equities: 0% to 10%

For what type of investor?

All investors, in particular investors who wishes to invest in South European equities.

Which characteristics?

Pricing : Daily
Fund Legal Type : SICAV mutual fund governed by Luxembourg law
Country Of Domicile : LU
Min Subscription Amount :
200000 (Share I)
2500 (Share A)
Nil (Share ND, Share B, Share N)
Min Subscription Shares :
None (Share I, Share A, Share ND, Share B, Share N)
Subscription Fees : 2% max
Performance fee : 20% of the positive performance net of any fees above Composite - DNCA Invest South Europe Opportunities 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.

Following a complete buyback of all shares in the class B Eur of DNCA Invest South Opportunites, subfund of the SICAV DNCA Invest, on the basis of the NAV level at 07/06/2012, the historical NAV's of this share class have not been published until 11/12/2012. The date upon which subsequent subscriptions on the B share class re-commenced being the 12/12/2015.