DNCA Value Europe
European Equities "Value"
Copier le code ISINPortfolio managers comments | August 2018
August 2018
Markets were driven by political newsflow, threats of a trade war and turbulence in the emerging currency market. During this quarterly earnings season, divergences in performance between geographical regions, sectors and individual stocks were exacerbated.
Europe was once again faced with conflicting comments on the Italian budget from the finance minister (advocating for compliance with rules) and politicians (advocating for a bigger budget deficit in 2019 to accommodate campaign promises). Brexit negotiations remained difficult.
Higher commodity costs were clearly reflected in the results...
Isaac Chebar - Don Fitzgerald - Julie Arav - Maxime GenevoisText completed on 3 September 2018
NAV
230.48€
Risk indicator
Year-to-date performance
Risks incurred : Risk relating to discretionary management, Equity risk, Foreign-exchange risk, Credit risk
5-year
annualized performance
Performance
2017
+7,95%
Volatility over 1 year
Recommended minimum investment horizon
Net assets
(At 28/09/2018)
Inception date
Fund Managers
Isaac Chebar holds a chemical engineering degree from the Polytechnic school of the University of Sao Paolo in Brazil.
He began his career at Société Générale managing emerging market funds and funds investing in Southern Europe. In 2000, Isaac joined Tocqueville Finance where he set up and managed Tocqueville Value Europe until 2002. He then joined Aviva asset management as head of European investments managing several discretionary funds.
He joined the DNCA Finance management team in 2007.
Don Fitzgerald, CFA (Chartered Financial Analyst) graduated from Trinity College Dublin.
He began his career with Citigroup in 1996 firstly in Dublin then in Frankfurt and Paris. He joined WestLB Paris as an investor in distressed debt in 2003 and Tocqueville Finance in 2007. From 2008 to August 2015 he managed the fund Tocqueville Value Europe to first decile performance, by Quantalys, in its category over 1, 3 and 5 years. May 2015 he was awarded the Silver Prize by REVENU for risk adjusted returns in the European equities segment over 3 years. Trilingual, Don worked in Dublin, Paris , London and Frankfurt.
In September 2015, he joined DNCA Finance.
Julie Arav, aged 36, holds a “Master 224” degree in Banking and Finance from the University of Paris-Dauphine. She began her career in the Equity Research department at Ixis Securities in 2006 (later Natixis) as an analyst on European utilities sector stocks.
She joined Kepler Capital Markets as an equity research analyst in 2010, continuing to cover the utilities sector with a focus on French companies. Julie then moved to London in 2011 to join Barclays Capital as VP equity research analyst in the European utilities team. After three years between London and Paris, she returned to Kepler Cheuvreux in 2014 as a senior equity research analyst on the European utilities sector.
Julie joined DNCA Finance on February 2018 as a generalist financial analyst with the aim of extending the analysis and screening scope to select stocks for investments in the portfolios or for stock-picking opportunities with a value and contrarian approach.
Maxime Genevois, CFA (Chartered Financial Analyst), graduated from Toulouse Business School in 2015.
After several internships in financial analysis at DNCA Finance, Financière Arbevel and Rothschild & Cie Gestion, he joined the DNCA Finance management team in August 2015.
Performances
| PerfAt 11/10/2018 | YTD | 1 month | 3 months | 6 months | 1 year | 2 years | 5 years | Since | 2017 |
| DNCA Value Europe | -10,99% | -4,19% | -7,84% | -9,47% | -11,4% | +4,75% | +24,11% | +149,55% | +7,95% |
| Stoxx Europe 600 NR | -5.40% | -4.69% | -6.19% | -3.54% | -5.43% | +12.01% | +32.10% | +123.60% | +10.58% |
Briefly
This fund – which is eligible for the PEA scheme – has a “value” approach applied to European equities. DNCA Invest Value Europe is made up of discounted equities that offer high dividends and prospects of consistent earnings growth.
What objective?
Capital appreciation in the medium term Volatility lower than that of the MSCI Europe
What breakdown?
European equities (minimum 75%)
For what type of investor?
For the investor who wants to invest in European equities while minimising risk in this asset class.
Which characteristics?
Pricing : Daily
Country Of Domicile : FR
Min Subscription Amount : 10 € (Share E) 100,000 € (Share I) None (Share C)
Min Subscription Shares : None (Share E) None (Share I) None (Share C)
Subscription Fees : 3% max
What taxation?
This fund is eligible for French PEA personal equity plans. Please consult your usual financial advisor for further 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.
