Flexible fund
Dorval Emerging Market Convictions

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Returns / risks

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

Gustavo Horenstein Fund Manager. Economic Research and Asset Allocation
Sophie Chauvellier Fund Manager. Economic Research and Asset Allocation

Key points

  • A unique management approach for exploiting the potential of emerging markets
  • A flexible approach for adapting to developments on emerging financial markets
  • Diversify your assets

Performance since creation

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Performances net of management fees

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INVESTMENT UNIVERSE

Emerging equity ETFs 

Emerging equity mutual funds

Mixed equity mutual funds, including convertible bonds

Mutual funds investing in fixed income products from emerging regions

REFERENCE INDICATOR

50% Eonia and 50% MSCI EM NR (EUR) emerging markets index, calculated with net total return since 1 January 2013

MINIMUM RECOMMENDED INVESTMENT HORIZON

5 years

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

Dorval Emerging Market Convictions is a flexible fund that can invest anywhere from 0% to 100 % of its emerging assets in bearer securities, equities or fixed income according to the fund managers' economic and financial predictions. Ups and downs in the markets are often amplified on emerging financial markets relative to markets in the developed world. Dorval Emerging Market Convictions takes a fully flexible management approach to share in attractive opportunities on these markets while aiming to limit capital losses:

  • If the economic climate is deemed favourable, the fund is mostly invested in emerging equity funds to take full advantage of their growth potential.
  • If the climate is deemed unfavourable, up to 100% of Dorval Emerging Market Convictions can be reallocated to money market and fixed income mutual funds with less risky rates.

Entrust the management of your investment to experienced managers attentive to the markets

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

Position your investment in higher-potential emerging regions

Dorval Emerging Market Convictions has the ability to invest in different emerging regions, allowing the fund managers to choose countries that offer the best investment opportunities irrespective of geographical location.

Recommended investment horizon: 5 years Class R Class N (C)
Asset management company Dorval Asset Management Dorval Asset Management
Legal structure French FCP in mutual fund form French FCP in mutual fund form
UCITS/AIF UCITs UCITs
Inception 30/06/2006 15/01/2018
Reference currency EUR EUR
ISIN code FR0010354811 FR0013309903
Allocation of earnings Accumulation Accumulation
Total charges (/year) (1) 2% 2%
Indirect management charges 2,50% 2,50%
Maximum management charges 2% of net assets 2% of net assets
Maximum entry charges(2) 2% 2%
Exit charges None None
Outperformance fee 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
Subscription and redemption conditions One thousandth of a unit One thousandth of a unit
Minimum initial subscription €1,000 €1,000
Minimum subsequent subscription One thousandth of a unit One thousandth of a unit
Original net asset value €100 €100
Valuation Daily Daily
Centralisation time 1:00 PM 1:00 PM

 (1) Charges, expressed as a percentage, include management charges and administration charges. (2) Not retained by the mutual fund.

 

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.

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.

Emerging markets: Dorval Emerging Market Convictions encompasses all of the countries considered "emerging" by the MSCI Emerging Markets Index, which includes around 20 countries. (see the list of countries at http://www.msci.com/products/indices/tools/index.html#EM)

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 -% from - to -
Maximum recorded loss -% from - 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 Emerging Market 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: capital loss risk, 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 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 5". This level reflects the active and flexible management approach taken by DORVAL  Asset Management, favouring investments that have exposure to emerging 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. 

Can emerging equities be integrated into an asset management plan?

"Emerging countries currently account for 84%* of the world's population and 48.9%** of GDP in purchasing power parity. Their contribution to the global economy is continually rising and they are now powerful growth drivers.

Emerging markets are becoming a key component of asset allocation as a way to enhance performance while achieving diversification.

Combined with a fully flexible allocation approach, this potential forms the backbone of the Dorval Emerging Market Convictions asset management goal. "

Sources: World Bank 2017, IMF 2018.

In what way is Dorval Emerging Market Convictions an innovative investment?

"What's unique about this fund is that very few emerging funds currently take a flexible approach. Given the high volatility on the local stock markets, there is a real opportunity for the fund managers to adjust the allocation to market trends.

This means that asset allocation will be decisive in generating future performances. "

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Do you need information?

Contact Gaëlle Guilloux !

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

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