Choosing to support French leading companies in a responsible and committed fashion
- 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
CAC 40 net total return from 1 January 2013.
MINIMUM RECOMMENDED INVESTMENT HORIZON
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 :
- An identification of investment themes considered as promising, i.e. in line with major trends and the economic and financial context.
- A selection of stocks within these investment themes supplemented by securities selected for their own interest and meeting the criteria defined by Dorval AM.
- 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|
|Allocation of earnings ISIN code||Accumulation|
|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. The Management Company
ensures that over a performance period of 5 years
maximum, any underperformance of the UCITS
compared to the benchmark index is compensated before
performance fees become due.
|Decimalisation in number of units||One thousandth|
|Minimum initial subscription||One thousandth of a unit|
|Original net asset value||€100|
|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|
|Maximum recorded gain||-%||au - to -|
|Maximum recorded loss||-%||au - to -|
|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.
Pursuant to provisions in Council Regulation (EU) No 833/2014, the purchase of units/shares in Dorval Asset Management’s funds is prohibited for all Russian and Belarusian nationals, as well as any individuals who are resident in Russia or Belarus and any legal person, entity or body established in Russia or Belarus, apart from nationals of a Member State and individuals holding a temporary or permanent residence permit in a Member State.
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.
This UCITS is subject to sustainability risks as defined in Article 2 (22) of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector (“SFDR Regulation”); these include any environmental, social or governance event or condition that, if it occurs, could cause an actual or a potential material negative impact on the value of the investment. The portfolio’s investment process includes the ESG approach outlined above in order to incorporate sustainability risks into the investment decision or process.
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.
Why do you focus on governance in this fund?
When we developed this fund in 2005, we drew on the principle that performances are driven by a successful manager-company tandem. We firmly believe that a company’s value depends first and foremost on this manager-company duo, and our analysis of companies is therefore partly based on managers’ contribution to their companies’ growth. This detailed and in-depth analysis draws on regular discussions with management at the companies Dorval AM invests in.
In line with the management process for our Manageurs range – which contributed to our success – we have made corporate governance the cornerstone of our SRI policy. We believe that the sustainability of a company’s product and service range, the efficiency of its strategy and its execution all hinge on the quality of its governance, as does the firm's correct integration into its broader environment.
Can you tell us about your ESG approach?
We incorporate ESG criteria into our fund in a range of ways, both in determining the eligible investment universe and in our portfolio construction. Our non-financial analysis strives to deepen our insight into the companies in our portfolios, curtail certain specific risks and single out companies that enjoy ESG opportunities.
Governance aspects truly take pride of place in our non-financial analysis, comprising at least 50% of each issuer’s ESG score.
However, all three dimensions – E, S and G – are included in our non-financial analysis of companies in our investment universe.