The fund with the strongest emphasis on patrimonial management of the “Convictions” range.
- Flexible wealth management style which aims to capture world growth through promising themes based on the economic cycle
- A deployment through equity baskets and international fixed income products.
- An active risk hedging strategy.
Performance since creation
Performances net of management fees
International equities, including small and mid-capitalization equities and emerging markets. The fund’s equity market exposure can range from 0 to 30%
International fixed income products including sovereign or corporate issues in the Euro Zone, junk bonds or issues of a rating deemed equivalent by the asset management company, as well as emerging market debt. The fund’s fixed income exposure can range from 0 to 100%
40% Bloomberg Barclays EU Govt 0-5 Year TR (Bloomberg: BCEE2T) + 40% Bloomberg Barclays EU Govt 5-10 Year TR (Bloomberg: BCEE3T) + 20% du MSCI World 100% Hedged to EUR Net TR (Bloomberg: MXWOHEUR)
MNIMUM RECOMMENDED INVESTMENT HORIZON
An active and flexible investment management approach in an international universe
Dorval Global Convictions Patrimoine caters to the most risk-averse investors and is positioned as the fund that will do most to preserve capital within the broader "Convictions" range. The portfolio includes a maximum of 30% equities, while fixed-income exposure can range from 0 to 100%.
Investment in this flexible and diversified fund combines equities and bonds, and seeks to significantly reduce volatility. Dorval Global Convictions Patrimoine can steer its exposure to equity and/or fixed-income markets across all geographical areas.
The fund's asset allocation can vary depending on our portfolio managers's economic and financial projections:
- The fund targets a performance in line with world economic growth thanks to an original investment process involving in particular the design of equity baskets and fixed income products,
- The fund’s performance is steered using an active risk hedging and management policy,
- Dorval Global Convictions Patrimoine enables European investors to benefit from momentum in other growth areas with controlled risk.
Dorval Global Convictions Patrimoine is thus characterised by an active and discretionary management style, and can also move significantly away from its benchmark.
Fund managers are experienced and specialised in flexible management
Drawing on many years of experience in diversified flexible management, portfolio managers in charge of Dorval Global Convictions Patrimoine analyse market trends on a continuous basis, and constantly adjust the fund’s exposure to international equity and fixed-income markets.
The investment strategy follows a three-step process:
- Analysis of the world macro-economic environment to determine asset allocation by asset class and geographical region, and also to identify investment themes.
- Selection of tradable securities on the basis of quantitative and qualitative criteria specific to Dorval Asset Management.
- Active risk-hedging management policy.
Market trend analysis is at the very heart of the management process and our portfolio allocation is adjusted accordingly.
A theme-based approach by baskets of securities
The combination of the "top-down" approach and "bottom-up" selection, implemented through theme-based baskets generates value over the long term. The portfolio management team uses this approach to build theme-based and/or geography-focused equity baskets. The securities are assessed as part of a quantitative screening process of the investment universe, factoring in liquidity, financial analysis and valuation criteria. The weighting for each security does not exceed 1% of the fund’s total assets and securities are equally weighted within the basket with the aim of keeping stock-specific risk to a minimum. The number of stocks per basket depends on the theme and on the weighting of the basket within the fund, and should come to 20 securities on average.
|Recommended investment horizon : 3 years||Class R||Class N|
|Asset management company||Dorval Asset Management|
|Inception||22 June 2018|
|Allocation of earning||Accumulation||Accumulation|
|Maximum management charges Inc.Tax||1,20%||0,90%|
|Maximum entry charges Inc.Tax||2% (Not retained by the mutual fund)|
|Maximum exit charges Inc.Tax||None|
|Outperformance fee Inc.Tax||20% of the FCP's outperformance relative to its composite refrence index*, if the FCP's performance is positive|
|Decimalisation in number of units||One thousandth|
|Minimum initial subscription||One thousandth||One thousandth|
|Minimum subsequent subscription||One thousandth||One thousandth|
|Original net asset value||100 €||100 €|
|Centralisation time||5:30 pm|
* Benchmark index is the composite index: 40% Bloomberg Barclays EU Govt 0-5 Year TR + 40% Bloomberg Barclays EU Govt 5-10 Year TR + 20% of MSCI World 100% Hedged to EUR Net TR..
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|
|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 Global Convictions Patrimoine 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 capital loss, risk linked to a discretionary management approach, equity markets risk, risk linked to exposure to small and mid-caps, foreign exchange risk, interest rate risk, credit or counterparty risk, risk linked to investing in emerging markets, risk linked to the use of derivatives, futures or options and risk linked to investing in convertible bonds. The fund is neither protected nor guaranteed. You may get back less than you invested.
The minimum recommended investment horizon for the fund is three years. It is intended for investors prepared 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 3" due to the discretionary and active 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.
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. "