Flexible fund
Dorval Global Convictions

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Returns / risks

An SRI labelled offering investing in promising global themes

Gustavo Horenstein Portfolio Manager, Economic Research and Asset Allocation
Sophie Chauvellier Portfolio Manager, Economic Research and Asset Allocation
François-Xavier Chauchat Member of the Investment Committee, economist and strategist.

Key points

  • A selection of promising themes to seek to capture global growth
  • Active and agile management, framed by a rigorous socially responsible investment policy, through highly diversified baskets of securities
  • An active hedging and risk management policy for an asset risk profile
  • 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

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- -

INVESTMENT UNIVERSE 

Equities on international markets and fixed-income products. The fund may be 0 to 60% exposed to the equity markets, and invested between 0 and 100% in fixed-income products, with a sensitivity range of between -5 and +10%.

REFERENCE INDICATOR 

60% capitalised €STR index and 40% MSCI World Equal Weighted Net Total Return Local Index net dividends reinvested (since 09/30/2021) over a 5-year investment period

MINIMUM RECOMMENDED INVESTMENT HORIZON

5 years

The fund is a response to the current low interest rate environment by providing exposure to international fixed income and equity markets combining macroeconomic analysis with an approach to corporate environmental, social and governance (ESG) opportunities and risks of companies. It seeks to provide a higher net expense return than the reference index.

A selection of promising themes to seek to capture global growth

Dorval Global Convictions can drive its exposure to equity markets up to 60% and/or its investment in interest rate markets across all geographical areas, aiming to benefit from the dynamism of all potential growth areas. The management team identifies the themes deemed to be promising relevant to each phase of the cycle and rotates these schemes according to market trends.

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:

  1. Identification of investment themes considered to have higher potential, i.e. in line with the major trends and the economic and financial context.
  2. A definition of the level of risk for the portfolio.
  3. A construction of equally weighted equity and bonds baskets within the investment themes, combining financial and extra financial analyses.

The balance of the portfolio may be invested in monetary instruments. In the event of a significant risk in the financial markets, money market instruments may represent 100% of the assets.

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.

An active hedging and risk management policy for an asset risk profile

In order to protect the portfolio, the performance trajectory is driven by an active hedging and risk management policy, in particular to 3 levers:

  • The level of exposure to risky assets, regularly reviewed by the Asset Allocation Committee, according to the central scenario;
  • The degree of diversification by asset class, geographical and thematic areas, the specific risk is limited to 1% of the fund's assets for each equity:
  • The use of asymmetric hedging in a wide universe, according to alternative scenarios and with vigilance regarding their costs (safe haven assets, futures and index options).

 

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 60% capitalised €STR index and 40% MSCI World Equal Weighted Net
Total Return Local Index net dividends reinvested, in euros*
60% capitalised €STR index and 40% MSCI World Equal Weighted Net
Total Return Local Index net dividends reinvested, 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 2% None
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**

The Management Company ensures that over a performance period of 5 years maximum, any underperformance of the UCITS compared to the benchmark index
is compensated before performance fees become due.

20% of the FCP's outperformance relative to its composite reference index if the FCP's performance is positive**

The Management Company ensures that over a performance period of 5 years maximum, any underperformance of the UCITS compared to the benchmark index
is compensated before performance fees become due.

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 -% 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 Global Convictions enables investors to benefit from the performance potential of financial markets in exchange for taking a certain amount of risk. Equity investments may be subject to significant share price fluctuations. Fixed-income investments are particularly exposed to changes in interest rates, and the fund may lose value in the event of an increase in interest rates. The fund is exposed to specific risks, particularly risk related to discretionary portfolio management, risk of capital loss, equity risk, foreign exchange risk, interest rate risk, credit risk, counterparty risk, risk related to investing in high yield speculative securities, risk related to investing in convertible bonds, risk related to the use of derivatives, risk of investing on the emerging markets. Invested capital is not guaranteed. You may get back less than you invested. Please refer to the fund prospectus for additional details on risks.

This UCITS is subject to sustainability risks as defined in Article 2 (22) of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector (“SFDR Regulation”); these include any environmental, social or governance event or condition that, if it occurs, could cause an actual or a potential material negative impact on the value of the investment. The portfolio’s investment process includes the ESG approach outlined above in order to incorporate sustainability risks into the investment decision or process. 

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."

How do you approach ESG challenges?

"In our view, ESG is both a source of opportunities and a method to monitor risks. We draw on our proprietary scoring system to eliminate companies with the weakest scores and/or that have been subject to controversies, with a view to ascertaining our international investment universe. We then focus on the names that can best address or adapt to today’s environmental and social challenges on the back of their high-quality governance (50% of the score). Lastly, we pursue our engagement approach with these companies by voting for all resolutions that seek to enhance transparency and promote sustainable development practices."

 

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Dorval Global Convictions Patrimoine

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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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