Equities fund
Dorval Manageurs Euro

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Returns / risks

A selection of Managers able to stand out over the long term according to Dorval AM.

Stéphane Furet CEO of Dorval AM
Louis Bert Deputy Chief Executive Officer. Chief Investment Officer

Key points

  • Euro zone equity selection focused on choosing manager-company combinations
  • A dynamic allocation between large-, mid- and small-cap stocks
  • A rigorous Euro zone valuation approach
  • A fund eligible for Equity Savings Plan treatment

Performance since creation

  • -

Performances net of management fees

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- -

INVESTMENT UNIVERSE

Euro zone equities, all capitalisations

BENCHMARK INDEX

MSCI EMU NET TOTAL RETURN EURO INDEX

MNIMUM RECOMMENDED INVESTMENT HORIZON:

5 Years

A conviction-based portfolio

Eligible for Equity Savings Plan treatment, Dorval Manageurs Euro invests at least 75% in all sizes of capitalisation and respects a degree of exposure of 60% at least in Euro zone shares. The fund's management objective is to outperform the MSCI EMU NET TOTAL RETURN EURO INDEX calculated with net total return over a five-year investment horizon. The fund management team selects companies by drawing on its in-depth knowledge of a company's directors and their managerial profile, favouring equities that offer the best growth prospects within a defined risk budget. Based on its macroeconomic analysis, the fund management team can invest up to 25% of assets in money market mutual funds and debt securities.

The main driver : management quality

The fund management team bases its decisions on specific company analyses that draw on directors' contribution to their company's growth. Setting out on the premise that performances are never far behind when the manager-company combination works, the fund management team has developed its own director rating method. This is determined based on an analysis of their career, managerial profile and regular meetings in person. The assessment method for executives is based on the analysis of their professional experience, their managerial profile and through regular direct contact. The managers assess the executives using 9 criteria that measure their intrinsic qualities as well as their ability to deliver a growth surplus over time. These criteria are based on two concepts: “developer” and “manager”. In addition, extra-financial environmental, social and governance (ESG) criteria are also included in this assessment.

The list of assessment criteria according to “developer” and “manager” type is show below:

Quality of a developer

Quality of a manager

Business skills/experience and contact network

Charisma/ability to convince and gain support from others

Knowledge of the competitive environment

Ability to deliver/margin culture

Strategic foresight/ability to adapt

Respect for financial commitments/transparency

Control of external growth

Participation in the capital/convergence of interests

Environmental, social and governance (ESG) criteria

Source: Dorval Asset Management

Stock selection : analysis of the manager-company combination

Within the universe of companies selected in Euro zone through the managerial filter, the fund management team selects stocks with particular regard to corporate valuations. The aim is to select shares that combine good growth prospects and a reasonable price.
To determine the weighting of shares selected when the portfolio is constructed, the fund managers define themes that factor in economic, structural and sector data. They endeavour to detect the emergence of new sectors or specific growth niches.
Ultimately, the Dorval Manageurs Euro portfolio is comprised of around 40 companies chosen with sector diversification in mind. Dorval Manageurs Euro invests both in large companies, to secure liquidity and visibility, and SMEs for their ability to accelerate performance.

Managers

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

  • "Builders": true niche creators, they have the ability to detect one or more long-term growth opportunities.
  • "Parachutes": they are entrusted with power during a crisis. These leaders are at the head of a pool of companies in turn.
  • "Heirs": they have a family link with the builder and assume the operational direction of the company. They often start with an image deficit that is not always justified. They are often accompanied in their initiatives by an experienced manager. 
  • "Dolphins"these leaders started in the society they lead today. In the majority of cases, they have more than 10 years of business experience in a management position in an international context.
Recommended investment horizon : 5 years Class R Class N
Asset management company Dorval Asset Management
Inception 22 June 2018
Accounting currency EUR
ISIN Code FR0013334380 FR0013334372
Allocation of earning Accumulation Accumulation
Maximum management charges Inc.Tax 2,10%* 1,50%*
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, if the FCP's performance is positive, relative to its composite reference index, MSCI EMU NET TOTAL RETURN EURO INDEX calculated with net total return (Bloomberg code: MSDEEMUN).
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 D-1 up to 1h00 pm (CET)

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

<p style="text-align: justify;">The information provided is neither contractual in nature nor serves as investment advice.</p>

<p style="text-align: justify;">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.</p>

<p style="text-align: justify;">The tax treatment depends on each client&#39;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.</p>

<p style="text-align: justify;">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.</p>

<p style="text-align: justify;">The investor must be given the Key Investor Information Document before subscribing.</p>

Dorval Manageurs Euro 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 means that an investment is low-risk rather than risk-free.

This fund is classified as "category 6" due to the discretionary management approach taken by Dorval Asset Management, which focuses on high exposure to European Union equity 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.

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."

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Dorval Manageurs Smid Cap Euro

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Contact Gaëlle Guilloux !

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

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