DNCA Invest
Venasquo

European long-hedged 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.

VENASQUO dropped -5.9% in October, vs. a -2.97% decline for the benchmark (50% EUROSTOXX 50 NR + 50% EONIA). Some of our top picks reported reassuring...

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

At 13/12/2018

NAV

89.08€

Risk indicator

Year-to-date performance

-16,86%

Annualized performance
since inception

-0,52%
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Performance 

2017

+7,17%

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Volatility over 1 year

9,02%

Recommended minimum investment horizon

5 Years

Net assets

91M€

Inception date

28/12/2016
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

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.

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.

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 : 28/12/2016

PerfAt 13/12/2018
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YTD

DNCA Invest Venasquo-16,86%
Composite Venasquo-4.50%
Simulator
(1) The inception date of the Fund is 28/12/2016

Briefly

The Sub-Fund's strategy qualifies as absolute return and relies on fundamental financial analysis performed by the Investment Manager. It invests in European issuers (EEA plus Switzerland). The global risk associated with investments of the Sub-Fund (Longs and Futures) cannot exceed 200% of the net assets of the Sub-Fund. With a net exposure which can evolve from 0% to 100% of the assets under management, the performance is based on two pillars: capacity of the team to make the good assumptions regarding net market exposure and capacity of the team to make a good stock picking and to detect equities that have the characteristics to outperform their market indexes or their sector indexes.

What objective?

The Sub-Fund seeks to achieve a positive performance higher than the following composite Index: 50% EUROSTOXX 50 Net Return + 50% EONIA. The investment manager's team will try to reach this target with an average annual volatility around 10% in normal market conditions.

What breakdown?

- Equities issued in Europe (EEA plus Switzerland) or equivalent financial instruments (such as ETF, futures, CFD and/or DPS, etc.): from 0% to 100% of its net assets;
- Equities issued outside of EEA plus Switzerland: up to 10% of its net assets;
- Equities with total capitalisation below 150 million Euros: up to 5% of its net assets;
- Fixed income securities (such as Euro zone Ordinary Bonds, convertible bonds or equivalent): from 0% to 100% of its net assets in adverse market conditions and from 0% to 25% in case of normal market conditions;
- Money-market instruments or deposits: from 0 to 100% of its net assets in adverse market conditions and from 0% to 25% in case of normal market conditions;
- Other financial instruments: up to 10% of its net assets.

For what type of investor?

All investors, in particular investors looking for a European share market exposure with no reference to any market index.

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

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.