Equities fund
Dorval Manageurs Europe

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Returns / risks

Take advantage of an investment strategy that chooses the best "manager-company" combinations.

Stéphane Furet CEO of Dorval AM
Louis Bert Deputy Chief Executive Officer. Chief Investment Officer

Key points

  • An equity fund primarily invested in the European market
  • A unique selection of shares based on a concrete analysis of the quality of directors and the "manager-company combination"
  • The tax benefits of an Equity Savings Plan

Performance since creation

  • -

Performances net of management fees

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INVESTMENT UNIVERSE

European Union equities, all capitalisations.

REFERENCE INDICATOR

MSCI PAN-EURO (net total return)

MINIMUM RECOMMENDED INVESTMENT HORIZON

5 years 

Share in the growth of the European stock market

Primarily focused on French equities, Dorval Manageurs Europe invests in companies that offer both growth prospects and a reasonable purchase price. This strategy aims to utilise their ability to secure long-term, regular growth in their profits.

Extracting growth from the search for the best "manager-company" combinations

The management team is convinced that a company's value lies in the "manager-company". The assessment method for executives is based on the analysis of their professional experience, their managerial profile and through regular direct contact. The managers assess the executives using 9 criteria that measure their intrinsic qualities as well as their ability to deliver a growth surplus over time. These criteria are based on two concepts: “developer” and “manager”. In addition, extra-financial environmental, social and governance (ESG) criteria are also included in this assessment.

The list of assessment criteria according to “developer” and “manager” type is show below:

Quality of a developer

Quality of a manager

Business skills/experience and contact network

Charisma/ability to convince and gain support from others

Knowledge of the competitive environment

Ability to deliver/margin culture

Strategic foresight/ability to adapt

Respect for financial commitments/transparency

Control of external growth

Participation in the capital/convergence of interests

Environmental, social and governance (ESG) criteria

Source: Dorval Asset Management

 

Enjoy a broadly diversified portfolio

Dorval Manageurs Europe employs this management strategy to invest both in major companies and SMEs, irrespective of sector.

Promotional document. The fund carries a risk of capital loss. The risks, standard fees and other fees are set out in the Key Investor Information Document (KIID). The prospectus, KIID and the Fund’s periodic documents are available on the website www.dorval-am.com or on request from Dorval Asset Management. Investors must receive the KIID prior to subscription.

The fund management team ranks the company managers in 4 broad categories :

  • “Empire Builders”: genuine niche developers, they have the ability to identify one or more long-term growth opportunities.
  • “Rescuers”: they were given authority during a crisis. These managers are the heads of a pool of companies in turnaround situations.
  • “Familiy Heirs”: they have a family link with the Builder and take on the operational management of the company. They often start out with a poor image which is not always justified. They are often supported in their initiatives by an experienced manager.
  • “Homegrown Managers”: these executives started their career in the company they manage today. In most cases, they have more than 10 years’ experience in the company in a management position in an international context.
Recommended investment horizon: 5 years Class R Class N
Asset management company Dorval Asset Management
Legal structure French FCP
Reference index (2) MSCI PAN EURO NR calculated with net total return
Mutual fund/AIF Mutual fund
Inception 30/06/2011 13/12/2017
Accounting currency EUR
Allocation of earnings Accumulation
ISIN code FR0011038785 FR0013300225
Total charges per year 1.8% of net assets 1.50% of net assets
Maximum entry charges incl. tax 2%
Maximum exit charges incl. tax None
Outperformance fee incl. tax (basis: net assets) 20% of the outperformance, if performance is positive, relative to its reference index, the MSCI PAN EURO NR
Decimalisation in number of units One thousandth
Minimum initial subscription One thousandth of a unit
Original net asset value €100
Valuation Daily
Centralisation time 1:00 pm
Risk and reward profile (from the lowest risk to the highest risk) 6

Alpha: outperformance of a fund relative to its reference index, expressed as a percentage. This is an indicator of the fund manager's ability to create value, excluding the market effect. The higher the alpha, the better the fund's performance relative to that of its reference index.

Beta: measurement of a fund's sensitivity to market movements (represented by its reference index). A beta of more than 1 indicates that the fund amplifies both upward and downward movements in its reference market. By contrast, a beta of less than 1 means that the fund tends to react less than its reference market.

Recovery period: time expressed in days that the fund takes to exceed the highest net asset value during the period indicated.

Exposure as a percentage of net assets: a fund's overall exposure takes into account the sum of its physical positions and off-balance sheet positions. As opposed to so-called "physical" positions (which in accounting terms are entered under the schedule of investments), off-balance sheet positions encompass positions taken on both financial futures and derivatives. Examples of derivatives include futures contracts, swaps and option contracts. A maximum off-balance sheet exposure limit is defined in the prospectus.

Gain frequency: calculated based on the history of the fund since its inception, showing the ratio of the number of positive observations to the total number of observations over the period.

Maximum recorded gain: all-time maximum gain recorded by the fund.

Director rating method: a rating based on ten criteria that assesses directors' intrinsic qualities and their ability to deliver superior long-term growth.

Maximum recorded loss: all-time maximum loss recorded by the fund.

"Developer" qualities: sector track record/experience and well-connected; knowledge of the competitive environment; strategic vision/ability to adapt the product range; sense of innovation; control of external growth.

"Manager" qualities: charisma/convincing, able to attract the right partner; staff management/respect and internal motivation; ability to deliver/focus on margins; respect for financial commitments/transparency; shareholder in the business/mutual interest.

Sharpe ratio: indicator of a product's outperformance relative to a risk-free rate, taking into account the risk taken (volatility of the product). The higher this is, the better the fund.

Volatility: amplitude in the variation of a share, fund, market or index over a given period. High volatility means that the price of the share varies significantly and therefore that the risk associated with the share is high.

Ratio 1 year 3 years 5 years
Sharpe ratio - - -
Beta - - -
Alpha - - -
Information Ratio - - -
Volatility -
Ratio Value Date
Maximum recorded gain -% au - to -
Maximum recorded loss -% au - to -
Recovery period - days
Gain frequency -% per month

The information provided is neither contractual in nature nor serves as investment advice.

Past performance is no indicator of future performance. Capital invested is not guaranteed. It is advisable to follow the minimum recommended investment horizon. The characteristics, risks and charges concerning this investment are detailed in the fund prospectus, which is available free of charge from the asset management company.

The tax treatment depends on each client's situation and is subject to change at a later date. Each mutual fund may not be suitable for all investors. The risks of investing in a mutual fund are described in the Prospectus for this mutual fund, which can be downloaded from this site. Dorval Asset Management invites the individuals concerned to familiarise themselves with it.

Dorval Asset Management may not be held liable for any decision taken or not taken based on information contained in this document, or for how it may be used by a third party.

The investor must be given the Key Investor Information Document before subscribing.

Dorval Manageurs Europe enables investors to benefit from the performance potential of financial markets in exchange for taking a certain amount of risk. The risks linked to a mutual fund are as follows: capital loss risk, equity markets risk, liquidity risk, foreign exchange risk, interest rate risk, credit risk and risk linked to the use of derivatives, futures or options. The fund is neither protected nor guaranteed. You may get back less than you invested.

The fund's minimum recommended investment horizon is five years; it is intended for investors prepared to tie up their capital for this period of time.

Please refer to the fund prospectus for
additional details on risks. This is available for free on request from the asset management company or can be downloaded from this website.

Risk and reward profile*: 1 2 3 4 5 6 7

Risk scale from 1 (lowest risk) to 7 (highest risk). Risk 1 does not mean the investment is risk-free.

This fund is classified as "category 6" due to the discretionary management approach taken by DORVAL Asset Management, which focuses on high exposure to European Union equity markets.

The historical data used to calculate the synthetic indicator may not be a reliable indicator of the mutual fund's future risk profile.

The risk and reward category shown remains subject to change, meaning that the mutual fund's classification is liable to change over time.

The mutual fund is not capital guaranteed. 

What is the reason behind the managerial skills theme?

The economist Jean Bodin wrote that "The only wealth is man". When devising the Dorval Manageurs Europe fund, we set out on the following premise: when the "manager-company" combination works, performances are never far behind. Our job is therefore to identify companies whose directors have managerial skills that align with the company's strategy."

How do you ascertain managerial skill?

"To determine directors' qualities we look in particular at their experience, their team, their track record on external growth, etc.

Stock-picking is more than just a theoretical analysis, it involves systematic and regular meetings with the directors of these companies."

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Contact Gaëlle Guilloux !

+33 (0)1 44 69 90 45 - +33 (0)6 78 43 94 09

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