Dorval Asset Management addresses latest developments in controversy on Solutions30 share (FR0013379484)

On December 14, 2020, we informed you of the application of our controversy management policy(1) on the Solutions30 share, a company listed on the SBF120, whose businesses include installation of fiber optics and energy meters in consumer homes.

Solutions30 was subject to an initial controversy from an anonymous report, and subsequently from the investment firm Muddy Waters: Dorval Asset Management therefore reduced the weighting of Solutions30 to less than 3.0% of assets in the portfolios in question. At May 10, 2021(2), the share’s latest trading date, the average weighting for the stock was limited to 1.5% (between 0.8% and 2.3% depending on the fund).

In April 2021, Deloitte – mandated by the Solutions30 Supervisory Board – with the support of Didier Kling Expertise & Conseil for the accounting part, confirmed the unfounded and erroneous nature of the accusations.

However, on May 10, Solutions30, which had not published its 2020 accounts, asked Euronext to suspend trading on the share until publication of a press release. The statement was issued on Friday, May 21 after close of trading, indicating that EY (Solutions30’s auditor) informed the company that it was not in a position to express an opinion on its 2020 financial statements.

Consequently, and in light of the lack of visibility, Dorval Asset Management has placed the share on level 3 out of 4 in our controversy management policy and decided to wind down half of our remaining positions at market opening on Monday, May 24. The position now accounts for less than 0.5% of assets in each portfolio.


(1) Dorval Asset Management’s controversy management policy is available on our website at:

(2) list of funds that hold the Solutions30 share (FR0013379484) at May 10, 2021: Dorval Convictions, Dorval Convictions PEA, Dorval Manageurs, Dorval Manageurs Europe, Dorval Manageurs Euro, Dorval Manageurs SMID Cap euro and Dorval Manageurs Small Cap Euro.


Legal information

This release was drafted for information purposes only. It is intended for professional and non-professional clients as defined by MiFID. It cannot be reproduced in whole or in part without the prior authorization of Dorval Asset Management. This document does not constitute an offer to subscribe or investment advice. Information contained in this document may be partial and Dorval Asset Management reserves the right to amend the document without notice. Access to the Funds mentioned may be restricted for certain people or in certain countries. They may not be offered or sold, either directly or indirectly, for the account or benefit of any U.S. person as defined by United States Regulation S and/or FATCA. The funds carry a risk of capital loss. The risks, standard fees and other fees are set out in the Key Investor Information Documents (KIID). The prospectus, KIID and the Funds’ periodic documents are available on the website or on request from Dorval Asset Management. Investors must receive the KIID prior to subscription:

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