Flexible fund
Dorval Global Convictions Patrimoine

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Returns / risks

SRRI 3* SRI labelled asset management offer aimed at the most risk averse savers

Sophie Chauvellier Portfolio Manager, Economic Research and Asset Allocation
Gustavo Horenstein 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 contribute to global growth with measured risk
  • 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

- -
- -

INVESTMENT UNIVERSE

International equity markets and fixed-income products across all geographical areas with a maximum of 30% equities, and 0 to 100% invested on the fixed-income markets, with a sensitivity range of between -5 and +8.

BENCHMARK INDEX

80% Bloomberg Barclays EU Govt 0-5 Year TR and 20% MSCI World Equal Weighted Local Index net total return (since 09/30/2020) 

MNIMUM RECOMMENDED INVESTMENT HORIZON

3 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 contribute to global growth

Dorval Global Convictions Patrimoine can drive its exposure to equity markets up to 30% and/or its investment in interest rate markets across all geographical areas, aiming to benefit from the dynamism of all potential areas of 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).

 

*Risk and Performance Indicator: 1 is a low risk but not risk free. 7 is the highest risk. With a lower risk, a potentially lower yield, conversely a higher risk, a potentially higher yield. 

Recommended investment horizon : 3 years Class R Class N
Asset management company Dorval Asset Management
Inception 22 June 2018
Accounting currency EUR
ISIN Code FR0013333838 FR0013333820
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) None
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 €
Valuation Daily
Centralisation time 5:30 pm

* Benchmark index is the composite index: 80% Bloomberg Barclays EU Govt 0-5 Year TR and 20% MSCI World Equal Weighted Local Index net total return (since 09/30/2020).

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 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 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 related to investing in emerging markets. 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 point of investing in the asset management of this fund?

“This innovative and highly diversified approach is built on baskets of stocks, and aims to grow investors’ savings at a pace in line with potential sustainable gains in the world economy. Additionally, the team focuses particularly on risk management across various levels: extent of exposure to high-risk assets, strong portfolio diversification, strict restrictions on company-specific risks, asymmetrical hedging strategies and screening for environmental, social and governance criteria (ESG).

Dorval Global Convictions Patrimoine is a multi-asset fund that carries the SRI accreditation and seeks to address today’s new environmental and social challenges. The equity markets deliver the fund’s main performance driver – with net international stock-market exposure of up to 30% – while the fund also invests on the fixed-income markets in a range of 0 to 100% with sensitivity of between -5 and +8, in addition to currencies, which can provide exposure of 20% at most.”

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."

Other flexible funds

Dorval Convictions

An SRI-labelled offering investing in French and European companies

See
Dorval Convictions PEA

An SRI-labelled offering eligible for the PEA

See
Dorval Global Convictions

An SRI labelled offering investing in promising global themes

See

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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