Flexible fund
Dorval Global Convictions

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Returns / risks

Optimise your equity investments with a flexible management approach that adapts to developments on the international equity markets.

Gustavo Horenstein Fund Manager. Economic Research and Asset Allocation
Sophie Chauvellier Fund Manager. Economic Research and Asset Allocation
François-Xavier Chauchat Member of the Investment Committee. Macroeconomic framework and asset allocation.

Key points

  • A flexible approach for adapting to developments on the international markets
  • A selection of the top international equities managers
  • Diversify your assets

Performance since creation

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Performances net of management fees

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- -

INVESTMENT UNIVERSE 

Eurozone and international equity markets, in real securities, including small and mid-caps and emerging markets, may represent up to 100% of the Fund’s assets.
Eurozone and/or international interest rate/credit markets (public or private), including emerging markets, in real securities, including in bonds rated “investment grade” or “speculative” or with a rating deemed equivalent by the management company, of any maturity, may represent up to 100% of the Fund’s assets.

REFERENCE INDICATOR 

50% Eonia and 50% MSCI global index of international equities, the MSCI World NR (EUR), calculated with net total return since 1 January 2013

MINIMUM RECOMMENDED INVESTMENT HORIZON

5 years

Exploit the potential of international equity markets while aiming to reduce the impact of a downturn in the financial markets

Dorval Global Convictions is a diversified, flexible fund which may invest up to 

100% of its net assets in bearer securities, equities or fixed income in any geographical area based on the fund managers' economic and financial outlook: 

  • If the economic climate is deemed favourable, the fund mostly invests in international equities to take full advantage of their growth potential
  • If the climate is deemed unfavourable, up to 100% of Dorval Global Convictions can be reallocated to securities with less risky rates to limit capital losses

Entrust the management of your investment to experienced managers who stay on top of the markets

With many years of experience in diversified management, the managers of Dorval Global Convictions continually analyse market developments and adjust the fund's exposure to equity markets accordingly. Once the equity exposure level has been set, the management team selects the most suitable equity products to reflect their convictions in terms of geographical region, theme, management style and market capitalisation.

The investment strategy is a two-step process: 

  1. The global macroeconomic environment is analysed in order to appropriately allocate assets by class, geographic region and investment theme. 
  2. Bearer securities are chosen which meet Dorval Asset Management's own quantitative and qualitative criteria.

Ultimately, the portfolio's resources are invested in a basket of assets which mirror the investment themes determined by the management team.

Diversify your assets

Dorval Global Convictions delivers extensive geographical diversification (Europe, US, Japan, Asia, emerging markets, etc.) and has positions both in large companies and SMEs.

Recommended investment horizon: 5 years Class R Class N
Asset management company Dorval Asset Management Dorval Asset Management
Legal structure French FCP French FCP
Reference index 50% Eonia + 50% MSCI World (net total return), in euros* 50% Eonia + 50% MSCI World (net total return), in euros*
Inception 15 December 2008 29 December 2017
Accounting currency EUR EUR
Allocation of earnings Accumulation Accumulation
ISIN code FR0010687053 FR0013307626
Maximum operating and management charges incl. tax 2% of net assets 1,30% of net assets
Maximum indirect management charges None None
Maximum entry charges incl. tax 4% 4%
Maximum exit charges incl. tax None None
Outperformance fee incl. tax(basis: net assets) 20% of the FCP's outperformance relative to its composite reference index if the FCP's performance is positive** 20% of the FCP's outperformance relative to its composite reference index if the FCP's performance is positive**
Decimalisation in number of units One thousandth One thousandth
Minimum initial subscription One thousandth of a unit One thousandth of a unit
Original net asset value €100 €100
Valuation Daily Daily
Centralisation time 5:30 pm 5:30 pm
Risk and reward profile (from the lowest risk to the highest risk) 4 4

 

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.

Flexible fund: financial product that varies its allocation between asset classes over time to continually adapt to new market configurations. In the case of Dorval Convictions PEA, the allocation spans equities and fixed income products.

Fixed-income mutual fund: fund invested in bond and currency products

ETF: Exchange Traded Funds (or trackers) are mutual funds that replicate the performance of an index. They are distinctive in that they are continually traded and can be bought and sold in the same way as equities. Dorval Global Convictions only invests in equity index ETFs.

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.

Future: a future is a contract that allows an investor to buy or sell a certain quantity of a product (in this case international equities) on a fixed date (the delivery date) at a price set when the contract is made.

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

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

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 Global Convictions enables investors to benefit from the performance potential of financial markets in exchange for taking a certain amount of risk. Depending on its level of exposure to equities, the risks linked to a mutual fund are as follows: risk linked to a discretionary management approach, equity markets risk, liquidity risk, foreign exchange risk, interest rate risk, credit or counterparty risk, risk linked to investing in emerging markets 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 minimum recommended investment horizon for the fund is five years. It is intended for investors prepared to accept a capital loss risk and to tie up their capital during the recommended investment period.

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 means that an investment is low-risk rather than risk-free.

This fund is classified as "category 4" due to the discretionary management approach taken by DORVAL Asset Management, which combines equity market exposure with fixed income market exposure.

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. 

How do you determine the portfolio's investment themes?

Gustavo Horenstein Sophie Chauvellier François-Xavier Chauchat

These themes are first determined based on Dorval Asset Management's macroeconomic scenario and then narrowed down to our highest convictions. The themes we retain can be global or region- or sector-specific. We then filter them by analysing valuations, market momentum and flags within corporate accounts, which enable us to assess their stock market potential.

Why invest directly in bearer securities and within such a broad investment universe?

This method is key to making sure we use our themes appropriately. Instead of investing in regional or sector indices, in which securities may not be adapted to the real economic scenario, we select consistent baskets of securities from the companies most sensitive to our themes. We also weight each company equally within each theme to control specific risk, which is another substantial advantage over index-based funds.

 

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Dorval Convictions

Optimise your equity investments with a flexible management approach that adapts to developments on the European markets

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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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