Equities fund
Dorval Manageurs

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Returns / risks

Choosing to support French leading companies in a responsible and committed fashion

Stéphane Furet Deputy Chief Executive Officer and Co-Chief Investment Officer
Louis Bert Deputy Chief Executive Officer and Co-Chief Investment Officer

Key points

  • Seeking to capture the growth of French leading companies
  • Active and unconstrained management, framed by a rigorous socially responsible investment policy
  • A fund eligible for 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 the risk of capital loss

Performance since creation

  • -

Performances net of management fees

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- -

INVESTMENT UNIVERSE

French equities.

REFERENCE INDICATOR

CAC 40 net total return from 1 January 2013.

MINIMUM RECOMMENDED INVESTMENT HORIZON

5 years 

The fund seeks to support leading French companies and to capture their growth potential over the long term. To achieve this, fundamental analysis of eligible companies is combined with an approach to environmental, social and governance (ESG) opportunities and risks.

Responding to the financing needs of Europe's leading companies and capturing their growth potential

Among French stocks, Dorval Manageurs invests both in large companies, to ensure liquidity and visibility, and in SMEs, for their performance enhancing effect. When selecting securities, the management team pays particular attention to the valuation of companies, favouring stocks that combine growth prospects and a reasonable acquisition price. In addition, based on the observation that performance is achieved when the manager company couple is operating, an additional analysis is carried out, based on qualitative and quantitative criteria relating to the manager, the management team and the governance bodies.

Active and unconstrained management, framed by a rigorous socially responsible investment policy

The construction and management over time of the portfolio combines a financial and extra financial approach and is based on :

  1. An identification of investment themes considered as promising, i.e. in line with major trends and the economic and financial context.
  2. A selection of stocks within these investment themes supplemented by securities selected for their own interest and meeting the criteria defined by Dorval AM.
  3. The allocation of these securities in the portfolio is based on a proprietary rating methodology established using these same criteria and combining financial and extra financial analyses as well as an analysis of the Manageurs 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.

A fund eligible for the PEA

In building up its portfolio, Dorval Manageurs complies with the criteria of the French equity savings plan (PEA) by investing at least 75% in French and Eurozone equities.

The fund management team ranks the company managers in 4 broad categories :

  • “Empire Builders”: genuine niche developers, they have the ability to identify one or more long-term growth opportunities.
  • “Rescuers”: they were given authority during a crisis. These managers are the heads of a pool of companies in turnaround situations.
  • “Familiy Heirs”: they have a family link with the Builder and take on the operational management of the company. They often start out with a poor image which is not always justified. They are often supported in their initiatives by an experienced manager.
  • “Homegrown Managers”: these executives started their career in the company they manage today. In most cases, they have more than 10 years’ experience in the company in a management position in an international context.
Recommended investment horizon: 5 years Class R Class N (C)
Asset management company Dorval Asset Management
Legal structure French FCP
Reference index CAC 40 (net total return)
Mutual fund/AIF Mutual fund
Inception 18 March 2005 13 December 2017
Accounting currency EUR
Allocation of earnings ISIN code Accumulation
ISIN code FR0010158048 FR0013300241
Maximum operating and management charges incl. tax 2% of net assets 1,50% of net assets
Maximum entry charges incl. tax 2%
Maximum exit charges incl. tax None
Outperformance fee incl. tax (basis: net assets) 20% of the outperformance above the CAC 40 index, after fixed management charges deducted annually on the last trading day in December. Provisions are reversed if there is underperformance relative to this reference
Decimalisation in number of units One thousandth
Minimum initial subscription One thousandth of a unit
Original net asset value €100
Valuation Daily
Centralisation time 1:00 pm
Risk and reward profile (from the lowest risk to the highest risk) 6

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.

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.

Director rating method: a rating based on ten criteria that assesses directors' intrinsic qualities and their ability to deliver superior long-term growth.

Maximum recorded loss: all-time maximum loss recorded by the fund.

"Developer" qualities: sector track record/experience and well-connected; knowledge of the competitive environment; strategic vision/ability to adapt the product range; sense of innovation; control of external growth.

"Manager" qualities: charisma/convincing, able to attract the right partner; staff management/respect and internal motivation; ability to deliver/focus on margins; respect for financial commitments/transparency; shareholder in the business/mutual interest.

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 before subscribing.

Dorval Manageur enables investors to benefit from the performance potential of financial markets in exchange for taking a certain amount of risk. 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 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 6" due to DORVAL Asset Management's decision to adopt a stock-picking strategy on equity markets for a large proportion of the fund.

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 reason behind the managerial skills theme?

The economist Jean Bodin wrote that "The only wealth is man".

We set out on the following premise: when the "manager-company" combination works, performances are never far behind. Our job is to identify companies whose directors have managerial skills that align with the company's strategy."

How do you ascertain managerial skill?

"To determine directors' qualities we look in particular at their experience, their team, their track record on external growth, etc.

Stock-picking is more than just a theoretical analysis, it involves systematic and regular meetings with the directors of these companies."

Other equities funds

Dorval Manageurs Euro

Choosing to support the leading companies in the euro zone in a responsible and committed fashion

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Dorval Manageurs Europe

Choosing to support Europe's leading companies in a responsible and committed fashion

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Dorval Manageurs Small Cap Euro

Choosing to invest in a responsible and committed way in French and European listed SMEs / ETIs

See
Dorval Manageurs Smid Cap Euro

Choosing to support medium sized companies in the euro zone in a responsible and committed fashion

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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