Choose Dorval AM

« Bringing meaning
to your investment » 

Jean-François Baralon

Chief Executive Officer

Stéphane Furet

Deputy Chief Executive Officer in charge of equity portfolio management

Louis Bert

Deputy Chief Executive Officer in charge of flexible portfolio management

Making investment choices requires in-depth analysis of and extensive insight into the economic context and the financial markets to take the right direction and stay on track.

Dorval Asset Management’s approach combines macroeconomic analysis, microeconomic assessment, considerations of valuations and market momentum. Our macroeconomists consistently monitor the latest events as they analyze the economic cycle and set the foundations for our asset allocation, singling out investment themes tailored to the environment. They support portfolio managers-analysts as they seek out strong-performing companies, while this entire process is then rounded out by an analysis of sector trends in tandem with consideration of valuations and technical analysis, thus determining our convictions to build our stock-picking process and develop our portfolio construction.

Solid and ongoing investment processes based on a conviction-driven, active portfolio management approach.


Making investment choices also means looking to the world of the future and supporting the development of meaningful, responsible and sustainable solutions.

Our conviction-led approach involves investing in the real economy – not stock-market indices – as we support and back companies as they grow, while ensuring that all stakeholders can play their part, particularly staff and suppliers. In so doing, Dorval Asset Management takes on board social challenges and sustainable development issues right across every stage in the management process.

Dorval Asset Management is a responsible investor, as we hold ourselves to the highest standards with both our clients and the companies we invest as part of our broader fiduciary duty, making your investment meaningful.


Investing with confidence with Dorval Asset Management at your side

Dorval Asset Management is a subsidiary of Natixis Investment Managers, and houses a 26-strong team of investment management professionals: we offer our clients the expertise and flexibility of an entrepreneurial-driven business, combined with the solid grounding of a leading global name.

Our product and service range has also been designed with a wealth preservation focus in mind:

  • Our Dorval Convictions range skillfully steers exposure to risky assets;
  • The Dorval Manageurs range offers full and clear exposure to French and European equities;
  • Our international equities range with Dorval Global Convictions addresses today’s dwindling bond yields;
  • Lastly, a team of five experts devoted to wealth management and private banking supports our clients and meets their requirements.

Dorval Asset Management is also accredited as a Great Place to Work and Best Workplace For Women, as we place corporate social responsibility at the very heart of our business, all in the best interests of our clients. 


Our prizes and awards

History and key figures

A one-of-a-kind story

First established in 1993, Dorval Asset Management is a renowned management company specialising in flexible strategies and European equities. We focus particularly on long-term performance. Our team of portfolio managers decodes the underlying trends and adapts its investment processes in order to navigate stock market cycles with confidence while preserving the capital invested.

Key dates in our history:

  • 1993: Founding of Dorval Finance

    Dorval Finance was initially a management company specialising in wealth management for individual investors.

  • 2004: Stéphane Furet joins Dorval Finance as Chief Executive Officer

    The goal was to develop the basics of an original, conviction-based management approach based on listening and seeking performance over the long term. Dorval Finance developed an asset management business and launched a range of funds designed to preserve and grow capital.

  • 2007: Arrival of Louis Bert, a pioneer in flexible management

    Louis Bert introduced the concept of flexible management at Dorval Finance with his conviction that, in today's financial world, a flexible approach is needed to provide high-quality wealth management.

  • 2008: Dorval Finance weathers huge stock market crash

    Keyword: "weather the crisis". The Dorval Convictions fund made full use of its flexibility during this period, with the level of equity investments fluctuating between 3% at the time of the Lehman collapse and 73% during the year. This wealth management approach made it possible to limit capital losses when the markets were falling steeply, in order to be in a better position to bounce back when the markets recovered in 2009.
    Also in 2009, Sophie Chauvellier brought her flexible international abilities to the team.

  • 2011: On the lookout for new talents and unique expertise

    Dorval Finance hired economist Gustavo Horenstein, a true strategist in the financial markets and specialist in asset allocation, and tasked Eric Frenois with developing the wealth management offer.

  • 2013: Dorval Finance boosts analytical capabilities

    Aware that a conviction-based management approach requires lucid and informed observation of economic and stock market cycles, Hervé Guez joined Mathilde Guillemot and Julien Goujon as financial analyst.

  • 2014: Natixis Asset Management and Dorval Finance reinforce strategic partnership

    After six years of fruitful collaboration, Natixis Asset Management increased its stake in Dorval Finance's capital from 25% to 50.1% on 9 September 2014. Aiming to increase assets under management from 500 million to 1 billion by 2017, Dorval Finance could then utilise Natixis Global Asset Management's global distribution platform and BPCE Group's French networks.


    2016: Dorval Finance becomes Dorval Asset Management

    As Dorval AM speeds up its global deployment, the Dorval Convictions and Dorval Manageurs Europe funds are referenced for marketing in various European countries. Our organisation strives for continual growth in order to offer peace of mind to our clients. A history of people and promises kept. Our values – agility, vision, lucidity and transparency – make up our DNA and help us better understand the world's complexity.

  • 2017: Creation of a wealth management department, in addition to the discretionary investment management


  • May 2017: Launch of the fund Dorval Manageurs Smid Cap Euro


  • September 2017: The fund Dorval Flexible Monde becomes Dorval Global Convictions


  • December 2017: The assets under management reach 2.5 billion euros


  • Dorval AM recorded in 2017 a net inflow of 1.3 billion euros, such that the assets under management reached 2.5 billion euros on 31 December.


  • January 2018: The fund Dorval Flexible Emergents becomes Dorval Emerging Market Convictions


  • June 2018: The assets under management reach 3 billion euros.


  • June 2018: Launch of Dorval Global Convictions Patrimoine and Dorval Manageurs Euro Funds


  • February 2019: Dorval AM signed the Montreal Carbon Pledge Initiative and the Carbon Disclosure Project (CDP).

    In order to identify the most advanced companies engaged for the climate, and also to publish carbon reports of the European funds.

  • March 2020: Natixis Investment Managers increased its stake and now owns 88.7% of Dorval AM’s capital


11 experts committed and dedicated to the success of your investments

272 years of cumulative experience on our CVs to get the best out of the market

700 business contacts each year

50 / 50 gender mix with a unique approach

A committed team

Dorval AM: a history of people and promises kept

Dorval Asset Management's success is based on the hard work of a team of 26 highly qualified and skilled individuals supporting Louis Bert and Stéphane Furet, the strong duo of director-managers, and Jean-François Baralon, CEO. Our diverse and dynamic team embodies Dorval AM's essential values while cultivating a strong and lasting relationship with its clients.

Team member bios:

After more than ten years working alongside Dorval Asset Management to develop a strong partnership with Natixis, Jean-François will be tasked with developing the company’s international distribution in his role as CEO, while also ensuring that Dorval Asset Management retains its teams’ corporate culture and the firm’s independent investment approach within the broader Natixis universe.   Jean-François Baralon holds a Master’s degree in Management from the University of Paris IX-Dauphine and a Master’s degree in Finance from the University of Aix-Marseille III. He began his career with the CPR bank in 1991, where he held various roles in the finance department. He joined Ixis Capital Markets in 2000 as Head of Management Control and in 2004 became CFO of Ixis Asset Management. In 2007, he was appointed Director of Finance and Operations for Natixis Asset Management, where he also served on the Executive Committee. In February 2014, Jean-François was appointed Deputy CEO of Natixis Asset Management and in 2016, he became Executive Managing Director and Head of Distribution for France, Belgium, Luxembourg, Geneva and Monaco at Natixis Investment Managers International. Jean-François Baralon became Chief Executive Officer of Dorval Asset Management on October 3, 2019.   His unique expertise: Jean-François’ business development expertise, support team management experience and previous role as CFO will be huge advantages in fostering growth and developing the firm alongside the company’s two founders Stéphane Furet and Louis Bert.

Stéphane Furet graduated from ESLSCA Paris with a specialisation in Corporate Finance and from the Centre de Formation à l’Analyse Financière (CFAF). He is a member of SFAF (Société Française des Analystes Financiers). A well-known portfolio manager, he started his career in 1988 working for stockbroking firms (Rondeleux SA, then Nouailhetas SA), where he sold French equities to institutional clients. In 1991, he joined Oddo & Cie as Senior Manager specialising in consultancy on French and European equities with the Group's institutional client-base. He then joined Dorval Asset Management (ex-Dorval Finance) in 2004 in order to set up the company's asset management activity and launched 2 equity funds eligible for PEA (French equity savings plans): Dorval Patrimoine in November 2004 then Dorval Manageurs in March 2005. As Deputy-Chief Executive Officer of Dorval Asset Management, he co-manages the range of equity funds with Louis Bert since August 2007.

Louis Bert is a graduate of ISC Paris and the Centre de Formation à l’Analyse Financière (CFAF), and is a member of SFAF (Société Française des Analystes Financiers). He developed sound management expertise at Crédit Agricole Asset Management, where he was an equity salesman in 1987. A Unit Trust Manager in 1989, he was appointed Director of Equities Management France in 1995 and promoted to Director of Equities Management Europe in 1997. He managed the Atout Futur, Atout France Europe, Dieze (Convertibles) and Atout Foncier (Property) funds. He joined the Oddo & Cie group in 2003 as Director of Equities Management and, simultaneously, Portfolio Manager of the Oddo Génération and Oddo Proactif Europe funds. He joined Dorval Asset Management as Chairman in August 2007. He co-manages the range of equity funds with Stéphane Furet, Deputy-Chief Executive Officer.

François-Xavier is an experienced market economist who began his career in 1989 at Banque Indosuez on the European bond and forex market desk. He then joined BNP in 1994 as a US bond market analyst and in 1997 moved to Cheuvreux as Chief Economist. He joined Gavekal Research in 2010. François-Xavier is also an economics professor at Sciences-Po and Dauphine University. He joined Dorval Asset Management in early 2016.

Sophie Chauvellier holds a master's degree in International Trade and a degree in Chinese. She started her career in 1997 in Hong Kong as buy-side Analyst in a South African bank, INVESTEC. In 2000, she joined Oddo Securities as sell-side equity Analyst and was then appointed fund of funds Portfolio manager in 2005, before joining Dorval Finance in October 2008.

Gustavo Horenstein holds a post-graduate research degree in Macroeconomics, modelling and economic situation from Université Paris 1 Panthéon Sorbonne. He started his career in 2000 at ODDO SECURITIES as economist, then in 2006 was appointed Analyst/Manager of diversified management and multi-management at Oddo Asset Management, before joining Dorval Finance in March 2011. He has 10 years' experience in the industry. With Sophie CHAUVELLIER, he co-manages Dorval Global Convictions and Dorval Emerging Market Convictions.

Eric FRENOIS is a graduate of the Ecole Supérieure de Commerce de Lyon, holder of a master's degree in Asset Management from the Université de Lyon III and full member of the SFAF. He started his career in 1993 at Société de Banque de l’Orléanais (SBO) as financial adviser for the investment of financial products with a client-base of individual investors. In 1994, he joined CCF at Bordeaux in the wealth management activity and in 1997 was promoted wealth manager at CCF Paris Opéra for high net worth individual clients in support of 9 branches in western Paris. In 2000, he was appointed wealth manager in the stockbroking firm Oddo Pinatton. A founding member of Ethiea Gestion in 2005, he was co-director of European equities management and asset management. He joined Dorval Finance in July 2011.

In 1992, Corinne joined Barclays Bank where she developed advisory management services with Barclays Asset Management. This initial experience in the vanguard of wealth management led her to advise investors who expressed their needs for transparency and advice and guidance in managing their portfolios. Ten years later, at Banque du Louvre, Corinne was appointed Head of Equity Market for private investors, before joining Montpensier Finance in 2004, where she honed her skills in diversified investment management and asset allocation, still working with private investors.

Louis has more than 25 years’ asset management experience and joined Dorval Asset Management in September 2018. He is a trained accountant and a fund manager with a diverse career background, consisting of expertise in support businesses where he started his career as well as in collective management. Louis holds a degree in accounting and finance from the Conservatoire National des Arts et Métiers (CNAM), and started his career in finance as head of accounting for UCITS at Banque OBC in 1995. He made a career change in 1997 and joined the diversified fund management team at OBC Gestion (ABN AMRO Groupe). In 2000, Louis set up the company’s risk analysis and performance department, where he developed portfolio optimization for collective management. He later joined private bank Banque Neuflize OBC to manage fund selection and financial products. Louis took over as head of diversified fund management at Montpensier Finance in 2007, where he furthered his collective management experience by managing a range of diversified and flexible funds. He took on a new challenge in 2018 when he joined Dorval AM as Head of Multi-Asset Selection Fund in the Wealth Management department, meeting and discussing with fund managers and selecting the best in their areas of expertise. He also singles out new talents and puts forward asset allocation and investment ideas for the investment management team. Louis ranks among Citywire’s top 30 fund selectors in France in 2019.   His unique expertise: with an unusual career path and curious nature, Louis listens closely to clients and embodies Dorval AM’s values of lucidity and composure on a daily basis, with an in-depth insight into the various funds. 

Since September 2008, Mathilde Guillemot holds a double master 2 degree: "International and Corporate Finance" from the Institut Supérieur du Commerce - ISC Paris and "Risk management in finance and insurance" from the Université de Cergy Pontoise. During her studies, she also specialised in market finance in Taiwan (National Sun Yat Sen University). After a first placement in 2007 at ACMN Vie, subsidiary of Crédit Mutuel Nord Europe, she joined Dorval Finance in April 2008 as portfolio management trainee before being appointed "buy side" Financial Analyst in October 2008.

Since March 2011, Julien Goujon holds a master 2 degree: "financial markets" from the IAE in Clermont-Ferrand. After a first placement in 2009 at PROMEPAR GESTION, subsidiary of BRED, he joined Dorval Finance in June 2010 as portfolio management trainee before being appointed buy side Financial Analyst in January 2011.

Hervé Guez is a graduate of SFAF and member since 1981. A well-known analyst, he started his career in financial analysis at Banque Rothschild in 1979, then Société Générale in 1982. He was then appointed head of Financial analysis at Schelcher Prince in 1986. In 1990, he joined the stockbroking firm Ferri and became Director, Head Sale European Equities - Smith New Court in 1992. In 1996, he was appointed Head France Team - Merrill Lynch based in London. In 1999, appointed Head European Equities & Institutional Clients France at Schroder / Citigroup France. Hervé joined Dorval Finance in August 2013.

Gaëlle Guilloux holds an advanced master's degree in Strategy and Management of International Business from ESSEC, and is a graduate of Ecole Supérieure de Commerce et de Gestion (INSEEC) in Bordeaux. She started her career in 1995 holding commercial development positions at companies in the pharmaceutical sector. In 1998 she joined a financial software publisher (Proof9) where she contributed to the launch of solutions tailored to trading rooms. Appointed as consultant in 2002 at Gérer Conseil, subsidiary of the Caisse d'Epargne group, she developed the distribution of Employee Savings products to the independent financial adviser network. In 2007, she joined BNP Paribas Assurances (Cardif) as Head of Multi-management Development: she was in particular in charge of commercial relations with management companies and of development of the Life Assurance financial offer on the independent financial adviser market. She joined Dorval Finance in November 2008.
Leïla Berkani holds a master 2 degree in banking and finance from the Université d'Evry Val d'Essonne. She started her career in 2008 with a placement at the ProBTP Finance Group as SRI analyst. She joined the AG2R La mondiale group in 2010 as reporting and performance measurement analyst. She specialised in control and compliance functions by obtaining professional certification (PRAM) and took up a position within the same group as Middle Officer in November 2013. She joined Dorval Finance in December 2014. 
Denis Laval is a graduate of Centre de Formation de la Profession Bancaire (CFPB) in bonds and derivatives management. He started his career in 1988 at the stockbroking firm FMDA as trader on the bond markets, MATIF (Paris financial futures market) and MONEP (Paris options market). In 1991, he first joined PFA (AGF Group) as Asset Management Adviser and then Banque Paribas in 1993 as UCITS accountant, specifically in charge of the accounting management of funds and the preparation of balance sheets and reporting. In 1997, he became Head of the Employee Savings accounting department at Axa Gestion Intéressement and was promoted in 2000 to Commercial Manager for External Distribution at Axa Investment Managers Paris, where he developed partnerships with independent management companies and was head of commercial coordination across France. In 2004, he jointed Rothschild & Cie Gestion as  qualité de Commercial Manager Key Accounts and was appointed Commercial Director in 2006 at APRIL Patrimoine managing a team of 13 people. Since 2008, he has been in charge of commercial coordination with banking networks at Natixis Asset Management. He joined Dorval Finance in July 2011.
Melinda Casquero specialised in commercial management and has held various positions since 1990 with Lyonnaise de Banque, BNP, as UCITS management assistant and with CCF in Paris where she was management assistant in a wealth management centre. She joined Dorval Finance in 2006 as Management Assistant.
Rachel Decaux has carried out administrative tasks in industrial companies such as Thorn Europhane. She joined Dorval Finance in 2006 as Management Assistant.

The flexible management club

Want to share your ideas and discuss flexible management? 

With recognised experience in flexible management, we have launched a "Flexible Management Club" on LinkedIn

This discussion forum enables different market players to share their ideas and views on flexible asset management, and discuss with one another. Asset allocation, Investment, Stock Picking… Whatever subject is addressed, we will use this group to try to provide investors with an overall vision of and pragmatic approach to flexible management.

Please don't hesitate to join our group and add to our discussions.

TEAM DORVAL AM, a team of mountain bike
DH and Trial


Dorval Asset Management and mountain biking, a story of commitment.


Dorval Asset Management’s history in high-performance mountain biking began in 2013 as the ROC VTT OZ EN OISANS club looked for a sponsor for a few racers (Trial and DownHill) of the club which boasted an impressive track record. Dorval AM believed then in the future of this discipline which was in full development and launched its project of international Team.

Dorval AM has today the ambition to increase its presence in the circuit and has composed its own elite Team in the areas of downhill mountain biking and trials mountain biking.

The winner of trials mountain bike racing must get over natural or artificial obstacles in a zone and a particular time frame without using any other support than the tires. It is awe-inspiring!

As to the downhill mountain biking, the goal is to descend the slope within the shortest time possible. The winner must demonstrate commitment, agility and possess a finely-honed sense of steering to face the different natural obstacles encountered during the downhill ride. It is as awe-inspiring!


Driven by shared values of commitment, of vision, agility, and clear-sightedness, TEAM Dorval AM has hoisted itself to the highest levels of mountain biking in the two disciplines and confirms its position as one of the best DownHill (DH) teams worldwide.  

In 2019, the Dorval AM Pro Racing Team won prestigious titles and achieved performances that match up to its ambition: a twofold success as European Champion in both DownHill and Trial disciplines and the individual title as Trial World Champion for German racer Dominik Oswald.

In 2020, the DORVAL AM - Pro Racing Team is experiencing its best year since its creation.
The DORVAL AM - Pro Racing Team VTT DH finished in 1st place overall in the Coupe de France.

The Team won three French championship titles for Manon Basseville (his 6th) and Noah Cardonah (his 1st) in Trial, and Benoit Coulanges (his 3rd) in DH.

Mariana Salazar wins the title of DH champion of El Salvador.

Finally, all our pilots have been selected to represent their national selection at the World Championships. Camille Balanche is crowned DH Elite Women MTB World Champion (Switzerland) and Monika Hrastnik takes 3rd place (Slovenia). In the Elite men category for the French team, Benoit Coulanges is ranked 12th in the World Championship, and Baptiste Pierron 14th.


Mountain biking brings unique moments of sharing and performance! Dorval AM by organizing many events internally, allows its collaborators and clients to accompany the racers during major competitions or to attend special events with the TEAM Dorval AM. It’s an occasion to share the experience with all the members of the team and to go behind the scenes as we watch them prepare for competition.

Louis Bert, Deputy Chief Executive Officer said « We are motivated by the strong potential of the sportsmen and women we accompany daily. Dorval AM has a unique human relationship with the team by accompanying and encouraging the members on all their trips. This mountain bike team VTT Dorval AM has everything to succeed: ambition, desire, and talent! »

Dorval AM believes in the future of mountain biking, and through this innovating partnership, the investment management company continues to invest as it has always done with its investment funds: providing its team of young champions with all the necessary means for success.


Support our racers and follow them on the social networks!

  Team Dorval AM (Youtube)

  Team Dorval AM Trial (Instagram)

  Team Dorval AM DownHill (Instagram)

  Team Dorval AM Trial (Facebook)

  Team Dorval AM DownHill (Facebook)


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