Gustavo Horenstein

"Analysing the world, deciding on portfolios, explaining what we do"
Fund Manager. Economic Research and Asset Allocation

By drawing on his understanding of the economy from the academic world and from his financial market experience, Gustavo provides Dorval AM with his high-quality macroeconomic analysis and his expertise on emerging regions. He joined our team in 2011 and works with Sophie Chauvellier. A trained economist, he co-manages the company’s funds Dorval Global Convictions and Dorval Emerging Market Convictions.

A graduate in economics from the Pantheon-Sorbonne University and with research and teaching experience at Paris Dauphine University, Gustavo started his career at the Ministry of Finance in his first mission as an economist, assigned to Bangkok. In 2000 he joined the economic research department of Oddo et Cie before joining the asset allocation team of Oddo Asset Management in 2006, where he worked as a fund manager for the first time .

His rich experience in Asia, combined with his exceptional background and his excellent academic record, attracted the interest of Louis Bert and Stéphane Furet. In 2011, he joined Dorval AM to strengthen the team’s macroeconomic expertise and co-manage the international flexible multi-asset funds together with Sophie Chauvellier.

On a daily basis, Gustavo builds macroeconomic scenarios while seeking to understand political issues and place them in a financial context in order to take the right decisions for the management of his funds. Clear-headed, methodical and a team player, above all he likes to compare his opinions with those of the other Dorval AM managers to establish an objective view of the world around him.

His rare know-how: His academic knowledge enables him to take a longer-term view and look beyond the market’s short-term reactions. His critical and contrarian view is a noteworthy contribution in a conviction investment approach. His ability to share his passion for economics makes him an excellent communicator.

Funds co-managers

François-Xavier Chauchat
Member of the Investment Committee. Macroeconomic framework and asset allocation.
Sophie Chauvellier
Fund Manager. Economic Research and Asset Allocation

Funds management

Recent point of view

Exposure rates of the Dorval Asset Management Range – 7th September 2018
We are now just two months away from the US midterm elections and voting is set to take place in an economically thriving country near full employment with gradually normalising wages (+2.9% in August) and prices (+2.0% in July for the PCE deflator, excluding food and energy). 

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+33 (0)1 44 69 90 44

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