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Dnca Invest Eurose F L E X I B L E a S S E T

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Dnca Invest Eurose F L E X I B L E a S S E T Promotional document | Monthly management report | June 2021 | ID Share DNCA INVEST EUROSE F L E X I B L E A S S E T Investment objective Performance (from 01/09/2015 to 30/06/2021) The Sub-Fund seeks to outperform the DNCA INVEST EUROSE (ID Share) Cumulative performance Reference Index(1) 80% FTSE MTS Global + 20% EURO 130 STOXX 50 Net Return composite index calculated with dividends reinvested, over the recommended investment period (3 +23.50% years). 120 Financial characteristics NAV (€) 100.69 +13.00% Net assets (€M) 2,533 Number of issuers 147 110 Average modified duration 2.09 Average maturity (years) 2.81 Average yield 0.76% Average rating BBB 100 90 Sep-15 Sep-16 Sep-17 Sep-18 Sep-19 Sep-20 (1)80% FTSE MTS Global + 20% EURO STOXX 50 NR. Past performance is not a guarantee of future performance. Annualised performances and volatilities (%) Since 1 year 3 years 5 years inception ID Share +11.45 +1.68 +3.00 +2.12 Reference Index +5.22 +4.39 +3.35 +3.69 ID Share - volatility 5.40 7.03 5.93 6.03 Reference Index - volatility 4.17 5.45 4.89 5.07 Cumulative performances (%) Since 1 month 3 months YTD 1 year 3 years 5 years inception ID Share -0.16 +0.91 +4.91 +11.45 +5.13 +15.94 +13.00 Reference Index +0.55 +0.45 +0.62 +5.22 +13.77 +17.88 +23.50 Calendar year performances (%) 2020 2019 2018 2017 2016 ID Share -3.58 +7.38 -6.85 +5.49 +3.20 Reference Index +4.15 +10.77 -1.76 +2.22 +3.64 Risk and reward profile 1 year 3 years 5 years Lower risk Higher risk Sharpe Ratio 2.21 0.30 0.57 Tracking error 4.40% 4.51% 4.05% 1 2 3 4 5 6 7 Correlation coefficient 0.60 0.77 0.74 Lower potential reward Higher potential reward Information Ratio 1.42 -0.60 -0.08 The risk level of this fund is due to exposure to equity and/or fixed income markets Beta 0.78 0.99 0.89 Main risks: Counterparty risk, credit risk, equity risk, eSG risk, interest-rate risk, liquidity risk, risk associated with troubled financial securities, risk of investing in derivative instruments as well as instruments embedding derivatives, specific Risk linked to ABS and MBS Data as of 30 June 2021 1 / 5 DNCA INVEST EUROSE F L E X I B L E A S S E T Main positions✢ Country breakdown Weight France 45.4% Italy 15.2% CREDIT AGRICOLE SA (6.2) 2.94% Spain 9.1% Netherlands 8.7% Spain I/L 2024 2.90% Germany 3.5% Luxembourg TOTALENERGIES SE (5.6) 2.80% 1.6% USA 1.4% Italy I/L 2024 2.74% Ireland 1.0% ORANGE (6.1) 2.28% Austria 0.8% United Kingdom 0.7% SANOFI (4.9) 2.07% Sweden 0.6% Cayman Islands 0.3% COMPAGNIE DE SAINT GOBAIN (6.0) 1.99% Portugal 0.3% Norway STMICROELECTRONICS NV (Paris) (5.3) 1.97% 0.2% Finland 0.2% THALES SA (5.0) 1.96% Australia 0.1% SOCIETE GENERALE SA (4.0) 1.86% Denmark 0.1% Belgium 0.1% 23.53% Poland 0.1% UCITS 4.4% Cash and equivalents 6.1% Changes to portfolio holdings✢ Asset class breakdown In: Derichebourg SA 2.25% 2026 (6), Ford Motor Credit Co LLC 2023 FRN (4.8), Grifols SA 2.25% 2022 (5.4), InPost Bonds 58.1% SA 2.25% 2025 (2.9), LANXESS AG 2023 FRN (5.4), Nobel Bidco BV 3.13% 2026 (2.1), Paprec Holding SA 3.5% 2028 (5), thyssenkrupp AG 2.88% 2023 (4.1) and UniCredit SpA Equities 31.3% 2027 FRN (4.2) Out: Airbus SE 0% 2021 CV (5), ALD SA 2021 FRN (4.1), Banque Federative du Credit Mutuel SA 0.13% 2021, BFF UCITS 4.4% Bank SpA 2% 2022 (4.1), Capgemini SE 1.63% 2026 (5.6), CGG SA-CW22 (4.2), FCA Bank SpAIreland 2021 FRN (5.4), Rexel SA 2026 FRN (5.8), Safran SA 2021 FRN (5.1), Cash and equivalents 6.1% Solocal Group 0% 2022 CV (4.2), VINCI SA (4.9) and Volkswagen Bank GmbH 2021 FRN Bonds portfolio composition and indicators Number of Weight Maturity (yrs) Modified duration Yield lines Fixed rate bonds 33.09% 2.71 2.51 0.98% 140 Floating -rate bonds 9.99% 3.38 1.34 0.59% 43 Inflation -linked bonds 9.05% 2.94 1.45 -0.38% 5 Convertible bonds 3.08% 2.24 1.57 0.97% 9 Participative and perpetual 2.94% 2.24 2.39 2.13% 17 Total 58.15% 2.81 2.09 0.76% 214 Maturity breakdown Rating breakdown 0 - 6 months 4.1% 37.8% 6 - 12 months 13.9% 1 - 2 years 23.9% 21.8% 22.6% 2 - 3 years 18.0% 13.0% 3 - 4 years 20.2% 4 - 5 years 7.6% 2.3% 1.6% 0.5% 0.4% > 5 years 12.3% AA A BBB BB B CCC CC NR Bonds portfolio (base 100) Bonds portfolio (base 100) ✢The figure between brackets represents the issuer's 'responsibility' score. Monthly management report | Data as of 30 June 2021 2 / 5 DNCA INVEST EUROSE F L E X I B L E A S S E T Portfolio managers comments As many people have been saying since the beginning of the pandemic, the return to a normal health situation is not imminent. The markets became aware of this again at the end of the month, bringing the performance of equities (EURO STOXX 50 NR) close to 0% for the month. In this more risk-averse environment, and in parallel with less inflationary fears for the moment, long rates are falling slightly. Credit is doing well with +0.4% and +0.6% respectively for the investment grade and high yield segments. DNCA Invest Eurose was down slightly over the month (-0.16%), but its performance since the beginning of the year remains at 4.91%. The steady performance of the bond component, driven by credit, partly offsets the slight decline in the equity component of the portfolio. During the month, the fund increased its exposure to Eutelsat, TotalEnergies and Saint-Gobain. Conversely, the Bouygues, Sanofi and STMicroelectronics positions were reduced. The Vinci position was sold. At the end of June, DNCA Invest Eurose was 30.5% invested in equities (net of hedging) with significant exposure to the following sectors: banking, buildings and construction materials, energy and healthcare. The portfolio's main holdings are : Crédit Agricole (2.8%), TotalEnergies (2.8%), Orange (2.2%), Sanofi (2.1%) and Saint-Gobain (2.1%). The management team hedges part of the equity portfolio through the sale of futures contracts (EURO STOXX 50 and CAC 40), which was increased slightly in June to 3.0%. The financial characteristics of the portfolio show a still reasonable valuation with a PER for the year 2021 of 12.2x (EURO STOXX 50 at 19.0x) for an expected growth in profits of +44%; the yield of dividends paid in 2021 is estimated at 3.6% (2.2% for the EURO STOXX 50). On the bond side, the reduction of senior non-preferred positions of major European banks continues. Several new issuers entered the portfolio, including three via the primary market: Derichebourg, a French metals recycling specialist (7 years at 2.25%), in order to finance a major acquisition; InPost, the Polish leader in parcel crates (6 years at 2.25%), to finance the acquisition of Mondial Relay; and Philips Domestic Appliances, a division recently spun off from Philips (7 years at 3.1%), which specialises in household appliances such as irons, coffee machines and air purifiers. Eurose is also participating in the refinancing of Paprec (7 years at 3.5%), the French leader in recycling. Finally, Grifols and Lanxess entered the portfolio, while BFF Banking 2022 (buyout of the issuer), Capgemini 2026 and BPCE 2023 were definitively withdrawn. The evolution of the pandemic has not finished influencing the markets, both directly through the appearance of new waves in various parts of the world, and indirectly through the still open questions about its social and economic impacts. The European Central Bank is also navigating very cautiously, and should by the end of the summer begin to clarify its future intentions. In its investments, the management team is constantly seeking to strike a balance between quality companies that can emerge from the crisis as winners and reasonable valuations. This selection is now more than ever at the heart of portfolio construction. Text completed on 05/07/2021. Jean-Charles Romain Damien Adrien Baptiste Nolwenn Meriaux Grandis Lanternier Le Clainche Planchard Le Roux Monthly management report | Data as of 30 June 2021 3 / 5 DNCA INVEST EUROSE F L E X I B L E A S S E T Administrative information Legal information Name: DNCA INVEST Eurose The regulatory documents are available on our website or on request at the company's ISIN code (Share ID): LU1253057175 headquarters free of charge. In accordance with the regulations, the customer can receive, on request, details of the remuneration relating to the marketing of this product. SFDR classification: Art.8 DNCA Investments is a trademark of DNCA Finance. Inception date: 01/09/2015 Investment horizon: Minimum 3 years This promotional document is a simplified presentation tool and does not constitute a Currency: Euro subscription offer or investment advice.
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