An SRI-labelled offering eligible for the PEA
- Flexible management from 0 to 100% that adapts to market configurations
- Active and agile management, framed by a rigorous socially responsible investment policy
- Seek to capture the growth of French and European companies in accordance with the criteria of the PEA
- This product promotes environmental or social characteristics but does not have as its objective a sustainable investment. It might invest partially in assets that have a sustainable objective, for instance qualified as sustainable according to the EU classification
- The fund is exposed to capital loss risk
Performance since creation
Performances net of management fees
Mainly European equities and fixed-income products in accordance with the criteria of the PEA
50% Eonia Capitalised and 50% Euro Stoxx 50 NR (EUR) calculated with net total return since 1 January 2013
MINIMUM RECOMMENDED INVESTMENT HORIZON
The fund seeks to benefit from the dynamics of the French and European equity markets while seeking to limit the capital loss during reversal periods. To do this, the management team varies the exposure to equities from 0% to 100% according to its expectations. In addition, the fundamental analysis of eligible companies is combined with an approach of environmental, social and governance (ESG) opportunities and risks.
Flexible management from 0 to 100% that adapts to market configurations
Economies are exposed to crises on a recurring basis that can lead to both risks and opportunities. The rate of exposure of the Dorval Convictions PEA portfolio to the equity asset class is determined according to the macroeconomic and microeconomic scenario chosen by the managers. The fund management team may vary the fund’s equity exposure from 0% to 100%; the bond or monetary market exposure may vary from 0% to 100%.
Active and agile management, framed by a rigorous socially responsible investment policy
Portfolio construction and management combine financial and extra-financial approaches and are based on:
- A determination of the exposure rate to French and European equities.
- Identification of investment themes considered to have higher potential, i.e. in line with the major trends and the economic and financial context.
- A selection of securities within these investment themes supplemented by securities selected for their own interest and meeting the criteria defined by Dorval AM.
- A distribution of these securities in the portfolio, based on a proprietary rating methodology established from these same criteria and combining financial and extra-financial analyses as well as an analysis of the “executives/companies” tandem.
Information concerning the methodology and data relating to extra-financial analysis are available in the SRI policy and the Code of transparency of Dorval Asset Management available here.
Capture the growth of French and European companies in accordance with the criteria of the PEA
Through the construction of its portfolio, Dorval Convictions PEA is in line with the criteria of the Equity Savings Plan (PEA) by investing up to 75% minimum in French and European equities.
|Class R||Class N|
|Asset management company||Dorval Asset Management||Dorval Asset Management|
|Legal structure||French FCP in mutual fund form||French FCP in mutual fund form|
|Recommended investment horizon||5 years||5 years|
|Reference index||50% Eonia Capitalised and 50% Euro Stoxx 50 Net Total Return in euros from 01/01/2013||50% Eonia Capitalised and 50% Euro Stoxx 50 Net Total Return in euros from 01/01/2013|
|Allocation of earnings||Accumulation||Accumulation|
|Eligibility||Securities Account, Life Insurance, Equity Savings Plan||Securities Account, Life Insurance, Equity Savings Plan|
|Maximum entry charges incl. Tax||2% not retained by the fund, 100% of which to be paid to the distributor Share retained by the fund: 0%||2% not retained by the fund, 100% of which to be paid to the distributor Share retained by the fund: 0%|
|Maximum management charge incl. Tax||1.60% incl. tax of net assets (basis: net asset value x number of units). For example, ordinary charges actually deducted during the financial year ended December 2016 were 2.12% incl. tax of net assets, deducted directly from the fund's net assets whenever net asset value is calculated (ordinary charges include management charges and turnover commissions). A PROPORTION OF THESE CHARGES MAY BE PASSED ON TO THE DISTRIBUTOR NETWORK||1.30% incl. tax of net assets (basis: net asset value x number of units).|
|Indirect management charges||Non significant||Non significant|
|Outperformance fee||20% incl. tax of the fund's outperformance relative to its reference index if the fund's performance is positive||20% incl. tax of the fund's outperformance relative to its reference index if the fund's performance is positive|
|Subscription and redemption conditions||One thousandth of a unit||One thousandth of a unit|
|Minimum initial subscription||One thousandth of a unit||One thousandth of a unit|
|Original net asset value||€100||€100|
|Centralisation time||1:00 pm|
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.
EONIA: Euro OverNight Index Average: currency market index showing the overnight rate of interest on the eurozone interbank market. It is available at www.euribor.org.
Euro Stoxx 50 NR (Net Total Return): equity index comprised of the top 50 shares in the eurozone. It is published by Dow Jones Stoxx and available at www.stoxx.com.
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.
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.
Maximum recorded loss: all-time maximum loss recorded by the fund.
Fixed income products: the fixed income component contains funds that include cash products (government bonds) and derivatives, providing both investment and hedging solutions in the simplest and most personalised format.
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|
|Maximum recorded gain||-%||from - to -|
|Maximum recorded loss||-%||from - to -|
|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 Convictions PEA 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: capital loss risk, equity markets risk, liquidity risk, foreign exchange risk, interest rate risk, credit 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 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 4". This level reflects the discretionary management approach taken by Dorval Asset Management, which combines equity investments based on the convictions of teams of fund managers and analysts with investments in fixed income products. These can account for up to 100% of net assets.
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 benefit of a flexible management approach?
"Modern economies are repeatedly exposed to major ups and downs, which can be a source of risk but also opportunity. A flexible management approach means that the split between equities and fixed income products can be adjusted according to market developments. The key benefit of a flexible management approach is that when the economic climate is favourable, it can help investors to exploit the equity market's growth potential while limiting the risk linked to this market. Flexibility is particularly effective because there is significant room for manoeuvre and the fund managers adjust their allocation dynamically, at just the right time.
We feel that a flexible management approach is a good solution for riding through market cycles, as it lets the fund managers choose how and when to make adjustments according to their predictions."
How do you select the shares in the equity component?
"Once the equity exposure level has been set, we take a discretionary approach to stock-picking.
In the stock-picking phase, we focus our research on promising investment themes and consider all market capitalisations. We also place a great deal of importance on the valuation of shares and prefer shares that we feel are undervalued and have growth potential.
We then proceed with the investments after ensuring the portfolio has good sector diversification. "