Management fees are included in performance. The performances are calculated net of any fees by DNCA FINANCE.
This is not a capital guarantee fund
*The inception date of the Fund is 13/12/2007
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, Key Information Document and other regulatory information available on this website or free of charge on demand from the investment management company’s registered offices.
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Information on the fees, commissions or non-monetary benefits : DNCA Finance would like to inform its clients (existing or potential) that within the context of its fund management business, DNCA Finance may receive from or pay to third parties (e.g. introducing brokers, distributors, brokers, asset managers) certain commissions, fees or non-monetary benefits in connection with the provision of investment or ancillary services. Upon request, DNCA Finance may communicate to its clients any additional information relating to these remunerations, commissions or non-monetary benefits.
The Sub-Fund promotes environmental and/or social characteristics within the meaning of Article 8 of SFDR.
Sustainability risk means an environmental, social, or governance event or condition that, if it occurs, could potentially or actually cause a material negative impact on the value of a Sub-Fund’s investment. Sustainability risks can either represent a risk of their own or have an impact on other risks and may contribute significantly to risks, such as market risks, operational risks, liquidity risks or counterparty risks. Sustainability risks may have an impact on long-term risk adjusted returns for investors. Assessment of sustainability risks is complex and may be based on environmental, social, or governance data which is difficult to obtain and incomplete, estimated, out of date or otherwise materially inaccurate. Even when identified, there can be no guarantee that these data will be correctly assessed.
Consequent impacts to the occurrence of sustainability risk can be many and varied according to a specific risk, region or asset class. Generally, when sustainability risk occurs for an asset, there will be a negative impact and potentially a total loss of its value and therefore an impact on the net asset value of the concerned Sub-Fund.
The reference benchmark does not intend to be consistent with the environmental or social characteristics promoted by the Sub-Fund.
On the other hand, US markets suffered firstly from the release of DeepSeek's AI at the beginning of the month, followed by the implementation of tariffs on Canada, Mexico and China, and finally, negative macroeconomic data. As a result, investors are cautious about US markets, with the Nasdaq down 4%, while European equities are more buoyant.
Against this backdrop, the fund's equity exposure stood at 68%, with a slight shift from US stocks (42% at month-end) to European equities (58% at month-end).
Fund performance: 0.67% and 0.84%
Among our positive contributors to performance, Societe Generale was up 13% this month, thanks in part to solid, better-than-expected results, as well as the announcement of an €872m share buyback program. Net income is up 69% on 2023, underpinned by improved profitability in France in the second half as well as a good performance in retail and investment banking.
Also in the banking sector, Unicredit, also up 13%, is benefiting from the prospects of rising public spending in Europe, pulling up the yield curve and consequently net interest income.
The telecoms sector was also a major contributor this month: the fund's performance benefited from the rise of T-Mobile US, AT&T and Deutsche Telekom.
Conversely, TSMC was impacted by talks of US semiconductor restrictions on China, and electrification stocks, notably Schneider Electric, Vertiv and Prysmian, suffered from the publication of a note citing Microsoft's reported cancellation of "significant" data center capacity leasing contracts in the US.