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M o n t h l y R e p o r t - D e c e m b e r 2 0 2 0

DNCA INVEST Sérénité Plus

Short-term eurozone bonds

Management Report December 2020 Share A: ISIN code LU1490785414 - Ticker Bloomberg DNSPAAE LX

Share class created the 03 November 2016 Data as of 31/12/2020

DNCA Investments is a trademark held by DNCA Finance. This promotional document is a simplified presentation and does not constitute a subscription offer or an investment recommendation. No part of this document may be reproduced, published or distributed without prior approval from the investment management company. Past performance is not a guarantee of future performance. The performances are calculated net of any fees by DNCA FINANCE. Access to products and services presented may be restricted regarding certain persons or countries. Tax treatment depends on the individual situation of each investor. All subscribers must receive the KIID prior to making a subscription. For full information regarding strategies and fees, please refer to the prospectus, KIID documents and other regulatory information available on our website www.dnca-investments.com or free of charge on demand from the investment management company’s registered offices. This sub-fund is a sub-fund of DNCA Invest, which is organized as an investment company with variable capital under the laws of the Grand Duchy of Luxembourg and is authorized by the financial regulator (the CSSF) as a UCITS. DNCA Finance - 19, place Vendôme - 75001 Paris - tel: +33 (0)1 58 62 55 00. Email: [email protected] - www.dnca-investments.com - dedicated intranet site for independents. An investment management company authorized by the AMF (Financial Market Authorities) under number GP 00-030 on 18 August 2000. Non-independent investment advisor as stipulted by the MIFID II Directive.

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INVESTMENT OBJECTIVE

The Sub-Fund seeks to outperform the FTSE MTS Index 1-3 years calculated with coupons reinvested on the recommended investment period (18 months).

PORTFOLIO MANAGERS COMMENTS

The historical upward trend in risky assets continued in December, although to a lesser extent versus November. After the "resolution" of the uncertainties surrounding the American election and the arrival of vaccines (at the end of the year) it was the agreement on Brexit that animated the year as it settled down. During the period, Sovereign rates remained fairly stable.

DNCA Invest Sérénité Plus continued to progress in December (0.06%), bringing its annual performance to 0.43%. Performance is explained by the exposure to corporate credit throughout the year and the significant opportunistic reinforcements made at the time of the crisis.

The portfolio includes several new lines: the German leasing company Sixt (maturity 2024, 1.75% yield), the Spanish gas producer and distributor Naturgy (hybrid call 2022, 1.1%), the Italian payment specialist Nexi, in full consolidation of the sector (2024, 1.3%), the 2023 convertible from the service company Elis (2% yield), two short convertibles (July 2021 and January 2022) from European shopping centre leader Unibail-Rodamco-Westfield (0.3% and 0.4% respectively). The Klöckner 2023 convertible is also being reinforced (1.75% yield).

On the reverse, the Casino distributor has entirely exited the portfolio by participating in the issuer's new buyback offer, and the latest Air France-KLM and TUI bonds are sold in the strong revaluation of the securities.

The equity portion of the portfolio represents less than 2% of the assets, in parallel with the end of the operation concerning Open Group, 2 new operations of porting on the shares of companies targeted by takeover bids have been initiated: Orange Belgium first of all, for which Orange has made an offer on the minority part of the capital it does not hold, and EOS Imaging, a French specialist in medical imaging, soon to be bought by the American Alphatec Holdings, operating in the same sector.

Despite the widespread economic chaos caused by the pandemic and more uncertainty expected for several more quarters, the prospects for vaccination at the end of the year have overcome market doubts. Governments and the European Central Bank, through their unprecedented support measures, have to some extent "insured" the losses incurred, and thus guaranteed the markets to rise.

As a result, equity and bond valuations have returned to near-record levels. Despite the positive base effect created by the fall in economies in 2020, we have a certain amount of caution for a strong rebound in 2021 and in 2022. Sérénité Plus starts the year with a high level of cash at 15%.

Text completed on 08/01/2021.

Philippe CHAMPIGNEULLE - Romain GRANDIS - Baptiste PLANCHARD

RISK AND REWARD PROFILE

The risk level of this fund is due to exposure to equity and/or fixed income markets

1 2 3 4 5 6 7

Lower risk Higher risk

Lower potential reward Higher potential reward

PERFORMANCE AND VOLATILITY

Share A Reference Index(1)

YTD performance 0.43% -0.15%

2019 performance 1.57% 0.07%

Annualised performance since inception 0.33% -0.12%

Volatility 1 year 3.36% 1.07%

Volatility 3 years 2.13% 0.95%

Volatility since inception 1.92% 0.83%

PERFORMANCE SINCE 03/11/2016

DNCA INVEST SÉRÉNITÉ PLUS (Share A) Cumulative performance Reference Index(1)

(1)FTSE MTS Index 1-3 years. Past performance is not a guarantee of future performance.

BREAKDOWN BY ASSETS

95

96

97

98

99

100

101

102

Nov-16 Jul-17 Mar-18 Nov-18 Jul-19 Mar-20 Nov-20

+1.39%

-0.50%

38,5%

15,3%

11,0%

10,1%

9,1%

1,4%

14,7%

Fixed rate bonds

Floating-rate bonds

Convertible bonds

Inflation-linked bonds

Participative and perpetual

Equities

Cash and equivalents

MAIN CHARACTERISTICS

NAV €101.39 Net assets €243M

Average yield 0.31% Average modified duration 1.22

Average maturity (years) 1.76 Bonds and related 84.0%

Modified duration: The modified duration of a bond measures the change in its percentage value induced by a change in the interest rate.

DNCA INVEST Sérénité Plus

Short-term eurozone bonds

Management Report December 2020 Share A: ISIN code LU1490785414 - Ticker Bloomberg DNSPAAE LX


19, place Vendôme 75001 Paris

www.dnca-investments.com

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E-mail: [email protected] - www.dnca-investments.com - dedicated intranet site for independents An investment management company authorized by the AMF (Financial Market Authorities) under number GP 00-030 on 18 August 2000. Non-independent

investment advisor as stipulted by the MIFID II Directive.

PERFORMANCE (%)

Year january february march april may june july august september october november december Annual

2017 0.00% 0.23% 0.03% 0.23% 0.16% -0.03% 0.19% -0.04% 0.08% 0.16% -0.05% 0.02% 0.98%

2018 0.12% -0.16% -0.06% 0.22% -1.41% -0.10% 0.36% -0.59% 0.37% -0.48% -0.23% 0.26% -1.70%

2019 0.24% 0.37% 0.21% 0.18% -0.51% 0.39% 0.37% 0.10% 0.11% 0.05% -0.07% 0.12% 1.57%

2020 -0.13% -0.45% -3.41% 1.18% 0.71% 0.64% 0.48% 0.50% 0.00% 0.05% 0.87% 0.06% 0.43%

Past performance is not a guarantee of future performance.

RISK ANALYSIS

Share A Index(1)

Number of positive months 34 26

Number of negative months 15 23

Worst performance 1 month -3.41% -0.85%

Best performance 1 month 1.18% 0.34%

Worst performance 1 quarter -3.98% -0.60%

Best performance 1 quarter 2.53% 0.61% (1)FTSE MTS Index 1-3 years Datas calculated since inception

1 year 3 years 5 years

Tracking Error(2) 3.11% 1.93% -

Information Ratio 0.20 0.10 -

Sharpe Ratio 0.27 0.22 - (2)Tracking error is a measure of the risk, with which the performance of a fund is diverging from its index.

Fixed Income Portfolio rating

These data are provided for guidance purposes only. The management company does not systematically and automatically use ratings issued by credit rating agencies and carry out its own credit analysis.

6.5%

11.6%

43.6%

21.1%

17.3%

AA A BBB BB NR

BREAKDOWN BY ASSET CLASS. BONDS

Weight Maturity (yrs) Duration Modified duration Yield

Fixed rate bonds 38.48% 1.39 1.34 1.34 0.35%

Floating-rate bonds 15.29% 1.58 0.29 0.24 0.12%

Convertible bonds 11.04% 1.10 1.09 0.96 1.01%

Inflation-linked bonds 10.06% 4.23 2.04 2.07 -0.84%

Participative and perpetual 9.11% 1.69 1.73 1.75 0.85%

Total 83.98% 1.76 1.24 1.22 0.31%

MAIN HOLDINGS

Bonds Convertible bonds Equities

Fixed Rate FERRARI NV 0.25% 2021 TELECOM ITALIA SPA/MILANO 1.13% 2022 CV ORANGE BELGIUM

UNICREDIT SPA 6.95% 2022 PRYSMIAN SPA 0% 2022 CV KIADIS PHARMA NV

BANCO BPM SPA 2% 2022 AIRBUS SE 0% 2021 CV EOS IMAGING SA

Floating-rate ALD SA 2021 FRN

FCA BANK SPA/IRELAND 2021 FRN

RCI BANQUE SA 2023 FRN

Inflation-linked FRANCE I/L 2024

FRANCE I/L 2027

ITALY I/L 2024

DNCA INVEST Alpha Bonds

International Multi-strategies Bonds

Management Report December 2020 Share B: ISIN code LU1694789535 - Ticker Bloomberg DNCABBE

Share class created the 14 December 2017 Data as of 31/12/2020




The Sub-Fund seeks to provide, throughout the recommended investment period of more than three years, a higher performance, net of any fees, than the EONIA index plus 2.5%. This performance objective is sought by associating it to a lower annual volatility than 5% in normal market conditions. Investors’ attention is drawn to the fact that the management style is discretionary.


In the short term, imposed new measures related to the pandemic are expected to weigh on economic activity, although the medium-term outlook is becoming less obscure with the start of the vaccination campaigns. At their December meetings, the central banks chose to extend the duration of their asset purchase programmes rather than increasing the pace, giving the market more visibility on their actions. Regarding budgetary policies, it is worth noting that the European budget plan was adopted by the 27 Member States as well as a new recovery plan on the other side of the Atlantic. Regarding inflation, the rise raw materials prices following the temporary reduction in VAT in Germany will likely imply a significant rise in the European price index from January onwards.

While the timing of the recovery is still very uncertain and directly linked to the progress of vaccination campaigns, it is expected to be strong thanks to abundant savings. However, the recovery may happen with limited supply, particularly in the service sector. An increase in demand in the face of constrained supply, could drive prices up from the second half of 2021.

Over the month, the fund's performance was up thanks to rising inflation expectations (Eurozone and United States) as well as the good performance of emerging markets.

On the portfolio management side, sensitivity to interest rate risk remains stable at just over 2. We reduced short exposure in the Eurozone and increased the level of duration hedging for US index-linked securities. We initiated investments in Korean and Indonesian government bonds that offer attractive risk premiums while benefiting from solid fundamentals. On currencies, we increased our exposure to the yen and Indonesian rupee and closed out our short exposure to sterling. The risk budget of the portfolio remained stable over the month. Exposure to break-even inflation continues to be the primary investment theme. The allocation to government bonds and Asian currencies is now the 2nd investment theme. Arbitrage positions between interest rate curves finally complete the portfolio which is positioned to benefit from the reflationary environment.


Pascal GILBERT - François COLLET - Fabien GEORGES



1 2 3 4 5 6 7




Share B Reference Index(1)

YTD performance -0.71% 2.09%

2019 performance 2.71% 2.16%

Annualised performance since inception 0.61% 2.15%





DNCA INVEST ALPHA BONDS (Share B) Cumulative performance Reference Index(1)

(1)EONIA Capitalisé +250BP. Past performance is not a guarantee of future performance.

PERFORMANCE CONTRIBUTION MTD

Performance Contribution Gross 0.66%

Govies - Core eurozone 0.07%

Euro Interest Rate Swaps -0.06%

Euro Inflation Swaps 0.04%

Govies - G10 non eurozone 0.32%

Govies - Peripherals eurozone 0.11%

Govies - Emerging countries 0.17%

Private sector 0.00%

Cash 0.00%

CURRENCY RISK

EXPOSURE BY RATING


85

90

95

100

105

110

Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20

+1.87%

+6.69%

5,08%

4,19%

1,69%

1,05%

0,99%

-0,73%

CNY

JPY

NOK

IDR

RUB

ZAR

36.87%

13.86% 11.42%

27.50%

4.42%

AAA AA A BBB BB


NAV €101.87 Net assets €2,518M

Bloomberg liquidity score 97.8% Average modified duration 2.56

Volatility ex ante 4.45%

The Bloomberg Liquidity Score reflects the security's centile rank, and is represented with a relative value between 1 and 100. A score of 100 is the most liquid, with the lowest average liquidation cost for a range of volumes. Volatility: The range of change in a security, fund, market or index over a given period. Modified duration: The modified duration of a bond measures the change in its percentage value induced by a change in the interest rate.

DNCA INVEST Alpha Bonds

International Multi-strategies Bonds

Management Report December 2020 Share B: ISIN code LU1694789535 - Ticker Bloomberg DNCABBE




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PERFORMANCE (%)


2018 0.91% 0.35% -0.20% 0.31% -0.55% 0.06% 0.26% -0.46% 0.72% 0.07% -0.64% -1.05% -0.25%

2019 1.12% 0.52% -0.51% 0.61% -0.91% 0.29% 0.27% -2.04% 0.48% 0.93% 0.77% 1.20% 2.71%

2020 -1.25% -2.33% -5.42% 1.72% 1.47% 0.83% 1.54% 1.79% -0.92% 0.09% 1.56% 0.46% -0.71%


MODIFIED DURATION BY COUNTRY

MODIFIED DURATION EVOLUTION

Source: DNCA Finance


-0.33

-0.37

-0.59

-0.88

-1.93

1.68

1.60

1.15

0.69

0.30

0.29

0.27

0.19

0.15

0.14

0.08

0.07

0.05

-2.5 -2.0 -1.5 -1.0 -0.5 0 0.5 1.0 1.5 2.0

USA

Australia

New Zealand

China

South Africa

Hungary

Korea (South)

Canada

Romania

Indonesia

Mexico

Norway

Portugal

France

Czech Republic

Germany

United Kingdom

EuroLong

Short

-3

-2

-1

0

1

2

3

4

5

6

7

12/2017 07/2018 03/2019 10/2019 05/2020 12/2020

VOLATILITY CONTRIBUTION

VOLATILITY EVOLUTION



2,34%

0,87%

0,73%

0,41%

0,11%

Govies - G10 non eurozone

Govies - Core eurozone

Govies - Emerging countries

Govies - Peripherals eurozone

Forex

Euro Inflation Swaps

Private sector

0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

12/2017 07/2018 03/2019 10/2019 05/2020 12/2020

Private sector Govies - Peripherals eurozone Govies - G10 non eurozone

Govies - Emerging countries Govies - Core eurozone Forex

Cash Overall Volatility

DNCA INVEST Flex Inflation

International Inflation Linked Bonds

Management Report December 2020 Share B: ISIN code LU1694790202 - Ticker Bloomberg DNCAFBE





The Sub-Fund seeks to provide, over the recommended investment period of more than three years, a higher performance, net of any fees, than the Bloomberg Barclays World Govt Inflation Linked Bonds Hedged EUR (Bloomberg ticker : BCIW1E Index). Investors’ attention is drawn to the fact that the management style is discretionary


In the short term, new measures related to the pandemic may weigh on economic activity, however, the medium-term horizon is now much clearer with the start of vaccination campaigns. At their December meetings, the central banks chose to extend the duration of their asset purchase programs rather than increasing the pace, giving the markets more visibility on their actions. As far as budgetary policies are concerned, it is worth noting the adoption of the European budget plan by the 27 Member States and of a new recovery plan for the other side of the Atlantic. Finally, as far as inflation is concerned, the rise in the prices of raw materials combined with the end of Germany’s temporary reduction in VAT should significantly raise the European price index from January onwards.

While the timing of the recovery is very uncertain (directly linked to the progress of vaccination campaigns), it is expected to be strong thanks to abundant savings. However, the recovery will come up against limited supply, and particularly in the service sector. This increase in demand, in the face of constrained supply, will likely drive prices up from the second half of the year.

Over the month, the fund's performance improved thanks to both rising inflation expectations and lower real rates. The portfolio's balanced allocation between break-even inflation and real rates should benefit from an environment characterised by the maintenance of accommodative monetary policies despite rising inflationary pressures.


Pascal GILBERT - François COLLET - Fabien GEORGES



1 2 3 4 5 6 7





YTD performance 2.53% 8.34%

2019 performance 3.34% 5.36%






DNCA INVEST FLEX INFLATION (Share B) Cumulative performance Reference Index(1)

(1)Bloomberg Barclays World Govt Inflation Linked Bonds Hedged EUR. Past performance is not a guarantee of future performance.

BREAKDOWN BY ASSETS

MAIN HOLDINGS

TSY INFL_0,125_15072030 Inflation-linked bonds 27.23%

BUONI POLIENNALI DEL TES_0,4_15052030 Inflation-linked bonds 12.74%

NEW ZEALAND GVT ILB_2.5_20092040 Inflation-linked bonds 12.30%

TSY INFL IX_0,25_15022050 Inflation-linked bonds 7.00%

ITALY BTPS I-L 1.25% 15-15-09-2032 Inflation-linked bonds 5.69%

80

85

90

95

100

105

110

115

Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20

+3.71%

+10.71%

91,8%

8,2%





Bloomberg liquidity score 96.7% Average modified duration 8.66

Volatility ex ante 7.42% Tracking Error ex ante 5.27%

The Bloomberg Liquidity Score reflects the security's centile rank, and is represented with a relative value between 1 and 100. A score of 100 is the most liquid, with the lowest average liquidation cost for a range of volumes. Volatility: The range of change in a security, fund, market or index over a given period. Tracking error is a measure of the risk, with which the performance of a fund is diverging from its index. Modified duration: The modified duration of a bond measures the change in its percentage value induced by a change in the interest rate.

DNCA INVEST Flex Inflation

International Inflation Linked Bonds

Management Report December 2020 Share B: ISIN code LU1694790202 - Ticker Bloomberg DNCAFBE




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EXPOSURE BY MODIFIED DURATION

Fixed Rate Inflation-linked Total Index*

Germany -0.30 - -0.30 0.25

Italy -1.81 2.09 0.27 0.44

USA -2.12 6.11 3.99 3.66

Australia - 1.55 1.55 0.11

Canada - 1.09 1.09 0.30

New Zealand - 2.02 2.02 0.06

Spain - - 0 0.15

Sweden - - 0 0.04

United Kingdom - - 0 6.46

Japan - - 0 0.16

France - - 0 0.72

Euro -3.37 3.39 0.02 -

Modified duration -7.60 16.25 8.65 12.34 *Bloomberg Barclays World Govt Inflation Linked Bonds Hedged EUR

EXPOSURE BY RATING


56.93%

12.30%

22.59%

AAA AA BBB

EXPOSURE BY COUNTRY

Fixed Rate Inflation-linked Total Index*

Germany -3.34% - -3.34% 2.52%

Italy -22.89% 22.59% -0.30% 5.60%

USA -17.55% 43.26% 25.71% 44.51%

Australia - 7.28% 7.28% 1.12%

Canada - 6.39% 6.39% 1.96%

New Zealand - 12.30% 12.30% 0.52%

Spain - - 0% 2.23%

Sweden - - 0% 0.67%

United Kingdom - - 0% 29.78%

Japan - - 0% 2.88%

France - - 0% 8.22%

Euro - 158.53% 158.53% -

Exposure -43.77% 250.35% 206.58% 100.00%

*Bloomberg Barclays World Govt Inflation Linked Bonds Hedged EUR

TOP 5 EXPOSURE BY CURRENCY (EXCLUDING EURO)

MODIFIED DURATION BY MATURITY

0.63%

0.29%

-0.16%

0.10%

0.01%

AUD

CAD

USD

NZD

JPY

0,00

0,07

1,94

0,62

6,02

< 2 years

2 - 5 years

5 - 10 years

10 - 15 years

> 15 years

PERFORMANCE (%)


2018 -0.66% -0.07% 0.09% 0.26% 0.77% 0.38% 0.04% -0.34% -0.36% -0.19% -1.03% -1.15% -2.24%

2019 1.00% 0.00% 0.16% 0.51% -0.06% 0.00% 1.51% -0.10% -0.99% 0.31% 0.91% 0.06% 3.34%

2020 0.37% -1.71% -8.16% 4.01% 2.19% 0.54% 3.54% 1.43% -0.83% -1.08% 2.01% 0.76% 2.53%


DNCA INVEST Convertibles

European convertible bonds

Management Report December 2020 Share A: ISIN code LU0401809073 - Ticker Bloomberg LDNCACA





The Sub-Fund seeks to provide capital appreciation with low volatility by investing in convertible bonds. As part of a discretionary management approach, the portfolio composition will not attempt to replicate the composition of a benchmark index from a geographical or sectoral perspective. Even so, the Exane Euro Convertibles Index may be used as ex-post benchmark indicator over the recommended investment duration (5 years).


Equity markets continued to rally in December, buoyed by a favorable economic environment and the international vaccination campaign launch which should lead to an end to the crisis. The main central banks (ECB and FED in particular) extended accommodating monetary policies and the long-discussed recovery plans were validated on both sides of the Atlantic. These elements, coupled with an agreement on Brexit in the last few moments, make it possible to start 2021 with greater visibility. That said, there will still be risks regarding the implementation of health and budgetary plans. Asset classes annual performance continues to be very heterogeneous and the catch-up of the "value" versus “growth” theme has only been partial. The latest move was essentially achieved through cash investments and not through material turnover, enabling technology stocks and US government bonds to finish the year with strong performances. Sector rotation should be one of the biggest themes in 2021. In this context, the primary convertible bond market remained dynamic with 4 transactions proposed for a total amount close to €1.5 billion.

The DNCA Invest Convertibles fund posted monthly performance of 1.42% against 1.53% for its benchmark index, the Exane ECI €. Among the transactions offered on the primary front, only the Pirelli 2025 investment was included in the selection. The Italian group specializing in tire production allows the portfolio to diversify into the automotive sector through one of the leaders at the top of the range. On the secondary side, reinforcements have been concentrated on cyclical stocks with promising valuation potential and whose credit risk is under control: Accor 2027, Schneider Electric 2026, MTU Aero Engines 2027 and Nexity 2025. These transactions were financed by relief on securities with a bond profile (Fresenius 2024, AMS 2025, Quadient Perp) and partial profit-taking on securities that have enjoyed a good run (Neoen 2024, Delivery Hero 2028, AMS 2027, Remy Cointreau 2026). Finally, partial arbitrage was carried out on two STMicroelectronics group stocks: the 2027 stock, with a more mixed profile and longer maturity, was bought at the expense of the 2024 stock, which is trading with a delta close to 100%.

Convertible bonds had a remarkable year, confirming both the tactical and strategic attributes of the asset class. Performance also illustrates the sector bias of the European pool (significant exposure to the growth theme), which now requires a high degree of selectivity, explaining why it is important to properly calibrate. For its part, the fund has a balanced exposure to the two themes (cyclical and value) that enabled it to participate in the strong rally that began in November. True to its DNA, the fund is keen to keep a bias to cyclical and value (while only via quality signatures, correctly valued, in the growth segment). In particular, it is invested to capture certain promising trends such as the payments industry, semiconductors and green energy.

European convertible bonds remain technically attractive, and particularly in certain pockets to which the fund is exposed (investments that capture a discount compared to traditional bonds and/or options markets). The mergers and acquisitions theme benefited the fund in 2020 and everything suggests that this momentum should continue over the coming years. Favorable financing conditions, the need for sector consolidation and positive cash flow situations are among the arguments put forward by certain players. The primary market has been dynamic with a record level of issues since 2003 (~€24bn), which is the result of the war on convertible bonds. This primary market has allowed a more important diversification of the European deposit and this trend should continue over the year 2021. The fund's profile remains relatively defensive with an average delta close to 42% against 47% for its benchmark index. This is one of the highest levels ever seen in the fund, which will remain selective in terms of the investments selected, particularly in the credit sector, with an expected increase in default rates (Investment Grade ratio close to 50%).


Félix HARON - Jean-Charles MERIAUX



1 2 3 4 5 6 7






2019 performance 7.19% 7.57%

Annualised performance 5 years 1.07% 2.92%





DNCA INVEST CONVERTIBLES (Share A) Cumulative performance Reference Index(1)

(1)Exane Eurozone Convertible Bond. Past performance is not a guarantee of future performance.

MAIN HOLDINGS

Electricite de France SA 0% 2024 CV 4.56%

Iberdrola International BV 0% 2022 CV 2.92%

Cellnex Telecom SA 0.5% 2028 CV 3.57%

Amadeus IT Group SA 1.5% 2025 CV 2.91%

MTU Aero Engines AG 0.05% 2027 CV 3.23%

Ubisoft Entertainment SA 0% 2024 CV 2.90%

Worldline SA/France 0% 2026 CV 3.02%

Accor SA 0.7% 2020 CV 2.50%

Safran SA 0.88% 2027 CV 3.01%

International Consolidated Airlines Group SA 0.63% 2022 CV

2.49%

CHANGES TO PORTFOLIO HOLDINGS

IN

Accor Sa 0.7% 12/07/2027 Pirelli & C Spa 0% 12/22/2025 Stmicroelectronics Nv 0% 2027 Cv

OUT

Remy Cointreau Sa 0% 2026 Cv

50

100

150

200

Dec-08 Dec-10 Dec-12 Dec-14 Dec-16 Dec-18 Dec-20

+67.41%

+88.93%



Delta 42.2% Average yield -2.59%

Average modified duration 2.58 Average premium 57.47%

Average maturity (years) 5.77 Number of lines 57

Tracking Error(2) 3.4

(2) Tracking error is a measure of the risk, with which the performance of a fund is diverging from its index. Delta : The delta measures the sensitivity of a convertible bond to changes in the underlying share.

DNCA INVEST Convertibles

European convertible bonds

Management Report December 2020 Share A: ISIN code LU0401809073 - Ticker Bloomberg LDNCACA




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PERFORMANCE (%)


2015 3.49% 2.34% 1.55% 0.31% 0.71% -2.29% 0.89% -2.49% -1.54% 3.12% -0.43% -1.08% 4.44%

2016 -2.22% -1.42% 1.85% -0.05% 0.69% -2.47% 2.56% 0.33% 0.41% 0.89% -1.00% 1.46% 0.89%

2017 0.00% 1.15% 0.85% 1.65% 0.82% -0.75% 0.40% -0.03% 1.33% 1.01% -0.75% 0.30% 6.11%

2018 0.32% -1.09% -0.61% 0.88% -1.26% -0.98% -0.30% -0.66% 0.09% -2.11% -2.11% -2.00% -9.44%

2019 1.51% 1.57% 1.04% 1.52% -2.69% 1.52% 1.14% 0.44% -0.15% -0.04% 0.30% 0.88% 7.19%

2020 0.89% -1.26% -9.65% 1.76% -0.34% 2.38% -0.08% 1.69% -0.66% -0.43% 6.56% 1.42% 1.50%


PORTFOLIO DATAS - CONVERTIBLE BONDS

MAIN COUNTRIES

BREAKDOWN BY PROFILE

BREAKDOWN BY MATURITY

52.6%

11.6%

10.9%

10.2%

7.2%

2.3%

2.0%

1.7%

0.9%

0.6%

France

Spain

Germany

Netherlands

Italy

Austria

Switzerland

Luxembourg

Belgium

USA

30,7%

52,9%

9,2%

6,9%

0,3%

Fixed-income profile

Mixed profile

Equities profile

Corporate bonds/TP/FCP


17,2%

12,5%

21,3%

15,9%

30,3%

1 - 2 years

2 - 3 years

3 - 4 years

4 - 5 years

> 5 years

RATING BREAKDOWN

BREAKDOWN BY SECTOR


0.6%

21.9%

34.1%

7.9%

35.5%

AA A BBB BB NR

21,9%

20,9%

11,3%

10,1%

7,9%

5,4%

5,3%

4,2%

4,0%

3,5%

2,8%

1,2%

1,1%

0,4%

Industrial Goods and Services

Technology

Utilities

Travel and Leisure

Retail

Construction and Materials

Personal and Household Goods

Automobiles and Parts

Telecommunications

Health Care

Real Estate

Oil and Gas

Financial Services


DNCA INVEST Global Convertibles

Global convertible bonds

Management Report December 2020 Share A: ISIN code LU1526313751 - Ticker Bloomberg DNIGCAE

Share class created the 02 March 2017 Data as of 31/12/2020




The Sub-Fund seeks to provide capital appreciation with low volatility (annual average volatility around 7% in normal market conditions) by investing in global convertible bonds. Investors’ attention is drawn to the fact that the management style is discretionary. The portfolio composition will not attempt to replicate the composition of a benchmark index from a geographical or sectoral perspective. Even so, the UBS Thomson Reuters Global Focus Vanilla Hedged (Eur) CB Index may be used as ex-post benchmark indicator.


Equity markets continued to rally in December, buoyed by a favorable economic environment and the international vaccination campaign launch which should lead to an end to the crisis. The main central banks (ECB and FED in particular) extended accommodating monetary policies and the long-discussed recovery plans were validated on both sides of the Atlantic. These elements, coupled with an agreement on Brexit in the last few moments, make it possible to start 2021 with greater visibility. That said, there will still be risks regarding the implementation of health and budgetary plans. Asset classes annual performance continues to be very heterogeneous and the catch-up of the "value" versus “growth” theme has only been partial. The latest move was essentially achieved through cash investments and not through material turnover, enabling technology stocks and US government bonds to finish the year with strong performances. Sector rotation should be one of the biggest themes in 2021. In this context, the primary convertible bond market remained dynamic with 20 transactions proposed for a total amount close to $20 billion.

The DNCA Invest Global Convertibles fund posted monthly performance of 2.56% against 3.52% for its benchmark, the UBS Thompson Reuters Global Focus Vanilla Hedged (EUR). Among the transactions offered on the primary front, only Zynga 2026 and Iqiyi 2026 were included in the selection. On the secondary side, purchases were made on the following securities: Xiaomi 2027, Square 2027, Pinduoduo 2025 and Shopify 2025. These transactions were financed by partial profit-taking on stocks that benefited from a good track record (Hubspot 2025, Snapchat 2025 and Air Canada 2025) and a full disposal of Pluralsight 2024 stock following the offer to purchase by Vista Equity Partner. Finally, a partial arbitrage was carried out on two Okta group shares: the 2026 stock, with a more mixed profile and longer maturity, was bought at the expense of the 2025 stock, which has an equity profile.

Convertible bonds had a remarkable year, confirming both the tactical and strategic attributes of the asset class. Performance also illustrates the sector bias of the European pool (significant exposure to the growth theme), which now requires a high degree of selectivity, explaining why it is important to properly calibrate. For its part, the fund has a balanced exposure to the two themes (cyclical and value) that enabled it to participate in the strong rally that began in November. True to its DNA, the fund is keen to keep a bias to cyclical and value (while only via quality signatures, correctly valued, in the growth segment). In particular, it is invested to capture certain promising trends such as the payments industry, semiconductors and green energy.

Mergers and acquisitions were dynamic in 2020 and everything suggests that this dynamic should continue over the coming years. Favorable financing conditions, the need for sector consolidation and positive cash flow situations are all arguments put forward by certain players. The primary market was particularly dynamic, with 269 issues for a total amount of approximately $140 billion. This primary market has allowed a greater diversification of the international pool and this trend should continue over the year 2021. The fund's profile remains in such a relatively defensive context with an average delta close to 52%. The fund will remain selective on the selected investments, particularly on the credit side with an expected increase in default rates.


Félix HARON - Jean-Charles MERIAUX



1 2 3 4 5 6 7






2019 performance 8.21% 10.11%






DNCA INVEST GLOBAL CONVERTIBLES (Share A) Cumulative performance Reference Index(1)

(1)UBS Thomson Reuters Global Focus - CB Index. Past performance is not a guarantee of future performance.

MAIN HOLDINGS

Singapore Airlines Ltd 1.63% 2025 CV 2.16%

Atos SE 0% 2024 CV 1.54%

STMicroelectronics NV 0% 2025 CV 2.08%

Accor SA 0.7% 2020 CV 1.52%

Vinci SA 0.38% 2022 CV 1.94%

Sika AG 0.15% 2025 CV 1.46%

Carrefour SA 0% 2024 CV 1.86%

STMicroelectronics NV 0.25% 2024 CV 1.38%

Electricite de France SA 0% 2024 CV 1.83%

Cellnex Telecom SA 0.5% 2028 CV 1.36%


IN

Accor Sa 0.7% 12/07/2027 Iqiyi Inc 4% 12/15/2026 Pinduoduo Inc 0% 12/01/2025 Square Inc 0.25% 11/01/2027 Zynga Inc 0% 12/15/2026

OUT

Fresenius Se & Co Kgaa 0% 2024 Cv Line Corp 0% 2020 Cv Okta Inc 0.13% 2025 Cv Orpar Sa 0% 2024 Cv Pluralsight Inc 0.38% 2024 Cv Quadient Sa Perp Snap Inc 0.25% 2025 Cv

90

100

110

120

130

Mar-17 Nov-17 Jul-18 Mar-19 Nov-19 Jul-20

+16.74%

+28.64%



Delta 52.0% Average yield -3.73%

Average modified duration 2.40 Average premium 47.85%

Average maturity (years) 4.04 Number of lines 119

Tracking Error(2) 3.5

(2) Tracking error is a measure of the risk, with which the performance of a fund is diverging from its index. Delta : The delta measures the sensitivity of a convertible bond to changes in the underlying share.

DNCA INVEST Global Convertibles

Global convertible bonds

Management Report December 2020 Share A: ISIN code LU1526313751 - Ticker Bloomberg DNIGCAE




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PERFORMANCE (%)


2018 0.39% -0.08% -1.20% 0.74% 0.55% -1.12% -0.34% 1.09% -0.09% -2.30% -1.74% -2.34% -6.32%

2019 2.62% 1.56% 0.54% 1.44% -2.32% 1.36% 1.35% 0.04% -0.49% 0.26% 0.84% 0.79% 8.21%

2020 0.81% -2.14% -8.76% 3.89% 3.10% 3.22% 2.56% 2.45% -0.80% 0.10% 5.79% 2.56% 12.66%


PORTFOLIO DATAS - CONVERTIBLE BONDS

MAIN COUNTRIES

BREAKDOWN BY PROFILE

BREAKDOWN BY MATURITY

30.5%

25.4%

12.6%

5.2%

4.3%

4.0%

3.7%

2.5%

1.8%

1.8%

1.6%

1.5%

1.4%

1.2%

1.1%

0.6%

0.4%

0.3%

USAFranceJapan

NetherlandsSpain

GermanySingapore

Cayman IslandsLuxembourg

ItalySwitzerland

CanadaIndia

LiberiaIsrael

AustriaBermuda

United Kingdom

23,1%

42,5%

28,2%

2,9%

3,3%

Fixed-income profile

Mixed profile

Equities profile

Corporate bonds/TP/FCP


1,7%

12,7%

11,1%

18,7%

27,7%

22,7%

< 1 year

1 - 2 years

2 - 3 years

3 - 4 years

4 - 5 years

> 5 years

RATING BREAKDOWN

BREAKDOWN BY SECTOR


2.2%

15.9%

22.0%

4.1% 3.6%1.6%

50.6%

AA A BBB BB B CCC NR

31,8%

12,6%

8,6%

8,3%

7,7%

5,4%

5,3%

4,7%

3,5%

2,2%

1,7%

1,0%

0,9%

0,8%

0,7%

0,4%

0,3%

4,0%

Technology


Retail

Travel and Leisure

Health Care



Utilities

Telecommunications

Media


Insurance

Financial Services

Banks

Food and Beverage

Oil and Gas

Basic Resources


DNCA INVEST Miuri

European long-hedged equities

Management Report December 2020 Share B: ISIN code LU0641745681 - Ticker Bloomberg DMIURBE





The Sub-Fund seeks to achieve a higher annual performance than the risk-free rate represented by the EONIA rate. The Investment Manager’s team (hereinafter the "team") will try to reach this target with an average annual volatility around 5% in normal market conditions, throughout the recommended investment period.


Equity markets confirmed their upward trajectory in December, with the Eurostoxx 50 NR up by 1.8% over the month. After the "shock" of the vaccines, sector rotations were less precise with outperformance in cyclical sectors (automotive +4.5%), reopening (travel & leisure +6.5%) and beneficiaries of long-term trends (technology +4.9%). The banking sector stabilized in December while two major macro questions continued to weigh. On the one hand, the capacity of Europe and Great Britain to conclude an exit deal and on the other hand the conclusion of the US Senate election. At the time of writing, we can say that these two questions have been answered. Europe and Great Britain have found common ground and Georgia has brought a Democratic majority to the US Senate. These conclusions imply a favorable impact on fforecasts for economic recovery and inflation.

MIURI progressed by 0.85% in December (benchmark -0.04%) and ended the year up by 6.07% (benchmark -0.47%). This performance is the result of the following elements :

• Good performance from our biggest position(s), PSA (+13.2%) and FCA (+12.2%). Both stocks benefited from the European Commission’s green light. The shareholders' meetings (of the two groups in early January) will be the last step(s) before the conclusion of this historic merger. Despite the progress of the two stocks over the past six months, we continue to believe that the potential remains significant. Nearly 80% of FCA's share price can still be explained by the value of synergies and dividend distributions (cash and Faurecia shares)

• Positive performance in some of our value holdings which benefited from reassuring publications (Imperial brands +12.8%), constructive prospects on corporate discretionary spending (Publicis +7.0%) or the ability of shops to open during the key Christmas period (Fnac +16.9%);

• A price increase on the public offer initiated by Patrick Drahi on Altice (+20.6%)

The main negative contribution in December came from Saint-Gobain (-5.8%). The group suffered a flood of negative news from the British Parliament where hearings were being held in the investigation into the Grenfell Tower tragedy. After analyzing the situation, we decided maintain our position in the portfolio (4.9%). Direct responsibilities seem to us to be foreign to the group and nothing at this stage justifies the stock market movement (>1bn).

MIURI's exposure is 17% at the end of the month. This exposure includes two "carry" positions: Altice (1.2% of the portfolio) until the end of the offer and 2MX (1.2%), a Spac whose volatility should remain limited until the choice of its first deal in food distribution. We remain relatively optimistic about the potential for a recovery in activity and this is reflected in the choice of stocks in the portfolio. In line with its DNA, stock picking remains at the heart of MIURI's strategy.


Mathieu PICARD - Alexis ALBERT



1 2 3 4 5 6 7






2019 performance -2.52% -0.40%

Annualised performance 5 years -1.30% -0.38%





DNCA INVEST MIURI (Share B) Cumulative performance Reference Index(1)

(1)EONIA. Past performance is not a guarantee of future performance. MAIN LONG POSITIONS

MAIN SHORT POSITIONS

LAFARGEHOLCIM 5.4%

CAPGEMINI SE 5.1%

FIAT CHRYSLER AUTOMOBILES 4.9%

COMPAGNIE DE SAINT GOBAIN 4.9%

ILIAD SA 4.5%

DAX -10.5%

STOXX 600 Technology -8.6%

STOXX 600 Product and Household Goods -8.2%

STOXX 600 Food and Beverages -7.2%

EURO STOXX 50 -7.0%

Holdings may change over time.

SEGMENT EXPOSURE

RISK ANALYSIS

Sharpe Ratio 0.82

90

100

110

120

130

Dec-11 Dec-13 Dec-15 Dec-17 Dec-19

+15.23%

-1.56%

18%

64%

-33%-15% -18%

-40%

-20%

0%

20%

40%

60%

80%

Defensive Cyclical Futures

Long Short



Gross exposure 147% Net exposure 17.0%

Net exposure (beta adjusted) 29.2% Long positions 46

DNCA INVEST Miuri


Management Report December 2020 Share B: ISIN code LU0641745681 - Ticker Bloomberg DMIURBE




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SECTOR EXPOSURE

GROSS EXPOSURE TO EQUITIES BY CURRENCY

52-WEEK VOLATILITY

MARKET EXPOSURE

PERFORMANCE (%)

Share B Performance index(1)




Best performance 1 quarter 5.53% 0.09% (1)EONIA Datas calculated since inception


2015 Share - B Index(1)

1.24% 0.00%

1.11% 0.00%

-0.19% 0.00%

1.59% -0.01%

0.20% -0.01%

-0.67% -0.01%

0.52% -0.01%

-0.11% -0.01%

-0.90% -0.01%

0.20% -0.01%

0.89% -0.01%

-0.57% -0.02%

3.33% -0.11%


-0.39% -0.02%

0.85% -0.02%

0.14% -0.03%

-1.01% -0.03%

0.34% -0.03%

-1.41% -0.03%

1.51% -0.03%

-0.20% -0.03%

0.91% -0.03%

-0.53% -0.03%

-0.11% -0.03%

0.37% -0.03%

0.43% -0.32%


0.34% -0.03%

0.40% -0.03%

0.71% -0.03%

-0.01% -0.03%

0.31% -0.03%

-0.30% -0.03%

0.19% -0.03%

-0.81% -0.03%

0.28% -0.03%

-1.34% -0.03%

-0.58% -0.03%

0.60% -0.03%

-0.24% -0.36%


0.04% -0.03%

-0.03% -0.03%

-1.89% -0.03%

0.70% -0.03%

-1.65% -0.03%

-1.79% -0.03%

-1.05% -0.03%

-0.76% -0.03%

-0.26% -0.03%

-1.44% -0.03%

-0.59% -0.03%

-1.27% -0.03%

-9.57% -0.37%


-1.74% -0.03%

0.74% -0.03%

-2.37% -0.03%

1.23% -0.03%

-2.42% -0.03%

-0.52% -0.03%

0.00% -0.03%

-1.21% -0.03%

2.24% -0.03%

0.62% -0.04%

-0.33% -0.04%

1.35% -0.04%

-2.52% -0.40%


-2.50% -0.04%

1.20% -0.04%

-0.71% -0.04%

1.61% -0.04%

-0.81% -0.04%

1.81% -0.04%

-1.38% -0.04%

1.66% -0.04%

-0.28% -0.04%

-0.39% -0.04%

5.08% -0.04%

0.85% -0.04%

6.07% -0.47%

(1)EONIA. Past performance is not a guarantee of future performance.

-20% -15% -10% -5% 0% 5% 10% 15% 20%

Automobiles and PartsBanks

Construction and MaterialsFinancial Services

Food and BeverageHealth Care

Industrial Goods and ServicesMedia

Oil and GasPersonal and Household Goods

RetailTechnology

TelecommunicationsTravel and Leisure

UtilitiesDAX

EURO STOXX 50

Long

Short

44.2%

42.2%

8.7%

5.0%

Futures (euro)

EUR

CHF

GBP

0%

1%

2%

3%

4%

5%

6%

7%

8%

DNCA Invest Miuri-CLASS B Indice 5%

12/202006/201912/201806/201612/2012

7,58%

5,00%

0%

50%

100%

150%

200%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

09/2012 04/2014 12/2015 08/2017 04/2019

Net Gross

58

50Number of positive months

Number of negative months

DNCA INVEST Venasquo


Management Report December 2020 Share B: ISIN code LU1526313249 - Ticker Bloomberg DNIVQBE





The Sub-Fund seeks to achieve a positive performance higher than the following composite Index: 50% EUROSTOXX 50 Net Return + 50% EONIA. The investment manager’s team will try to reach this target with an average annual volatility around 10% in normal market conditions, throughout the recommended investment period.


The equities continued to rally in December, with the Eurostoxx 50 NR rising by 1.8% over the month. After the "shock" of the vaccines, sector rotations were less precise leading to upside in cyclical sectors (automotive +4.5%), reopening sectors (travel & leisure +6.5%) and sectors that benefit from long-term trends (technology +4.9%). The banking sector stabilized in December with two major macro questions pending. On one hand, the capacity of Europe and Great Britain to conclude an exit deal and on the other hand the conclusion of the US Senate election. At the time of writing, we can say that these two questions have been answered. Europe and Great Britain have found common ground and Georgia has brought a Democratic majority to the US Senate. This news flow has had a positive impact on the forecasts for economic recovery and inflation.

VENASQUO rose by 1.93% in December (benchmark 50% Eonia / 50% Eurostoxx 50 NR: 0.88%) and ended the year up 7.37% (benchmark -0.54%). Performance is a result of:

• Good performance from our top position(s), PSA (+13.2%) and FCA (+12.2%). Both stocks benefited from the European Commission’s green light. The shareholders' meetings of the two groups in early January will be the last steps before the conclusion of this historic merger. Despite the progress of the two stocks over the past six months, we continue to believe that the potential remains significant. Nearly 80% of FCA's share price can still be explained by the value of synergies and dividend distributions (cash and Faurecia shares)

• An increase in our value positioning which benefited from reassuring publications (Imperial brands +12.8%), constructive prospects on corporate discretionary spending (Publicis +7.0%) or the ability of shops to open during the key Christmas period (Fnac +16.9%)

• A price increase on the public offer initiated by Patrick Drahi on Altice (+20.6%)

The main negative contribution in December came from Saint-Gobain (-5.8%). The group suffered a flood of negative news from the British Parliament where hearings were being held in the investigation into the Grenfell Tower tragedy. After analyzing the situation, we decided to maintain our position in the portfolio (4.7%). We do not identify enough proof to justify this stock market movement (>1bn).

VENASQUO's exposure is 58% at the end of the month (benchmark 50%). Our exposure includes two "carry" positions: Altice (0.9% of the portfolio) until the end of the offer and 2MX (1.2%), and Spac whose volatility should remain limited until the choice of its first deal in food distribution. We remain relatively optimistic about the potential for a recovery in activity in 2021 and this is reflected in the choice of stocks in the portfolio. In accordance with its DNA, stock picking remains at the heart of VENASQUO's strategy.


Mathieu PICARD - Alexis ALBERT



1 2 3 4 5 6 7






2019 performance 11.69% 13.24%






DNCA INVEST VENASQUO (Share B) Cumulative performance Reference Index(1)

(1)50% EONIA + 50% EURO STOXX 50 NR. Past performance is not a guarantee of future performance. MAIN LONG POSITIONS

MAIN SHORT POSITIONS

FIAT CHRYSLER AUTOMOBILES 5.8%

CAPGEMINI SE 5.4%

LAFARGEHOLCIM 5.3%

SOPRA STERIA GROUP 5.1%

ATOS SE 4.8%

STOXX 600 Technology -7.0%

STOXX 600 Product and Household Goods -6.2%

STOXX 600 Food and Beverage -5.9%

STOXX 600 Health Care -4.2%

STOXX 600 Utilities -3.5%


SEGMENT EXPOSURE

RISK ANALYSIS

Sharpe Ratio 0.32

70

80

90

100

110

120

Dec-16 Aug-17 Apr-18 Dec-18 Aug-19 Apr-20 Dec-20

+5.05%

+10.57%

20%

70%

-21%-8%

-3%

-40%

-20%

0%

20%

40%

60%

80%

Defensive Cyclical Futures

Long Short



Gross exposure 123% Net exposure 57.5%

Net exposure (beta adjusted) 71.9% Long positions 43

DNCA INVEST Venasquo


Management Report December 2020 Share B: ISIN code LU1526313249 - Ticker Bloomberg DNIVQBE




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SECTOR EXPOSURE

GROSS EXPOSURE TO EQUITIES BY CURRENCY

52-WEEK VOLATILITY

MARKET EXPOSURE

PERFORMANCE (%)

Share B Performance index(1)




Best performance 1 quarter 11.60% 8.41% (1)50% EONIA + 50% EURO STOXX 50 NR Datas calculated since inception



-0.34% -0.87%

2.46% 1.42%

1.92% 2.78%

0.80% 0.98%

1.21% 0.49%

-0.76% -1.50%

0.63% 0.14%

-1.10% -0.36%

3.18% 2.54%

-0.84% 1.11%

-0.25% -1.40%

0.16% -0.88%

7.17% 4.43%


-0.14% 1.53%

-0.67% -2.31%

-2.98% -1.08%

1.66% 2.86%

-1.83% -1.27%

-2.28% -0.09%

-0.72% 1.94%

-0.56% -1.87%

-0.78% 0.13%

-5.90% -2.97%

-1.27% -0.36%

-4.26% -2.65%

-18.24% -6.16%


1.93% 2.72%

3.47% 2.19%

-1.73% 0.91%

4.55% 2.62%

-5.56% -2.79%

2.39% 2.95%

1.14% -0.05%

-1.41% -0.51%

3.26% 2.10%

0.68% 0.55%

1.28% 1.37%

1.54% 0.59%

11.69% 13.24%


-3.71% -1.34%

-1.85% -4.27%

-8.97% -7.92%

5.16% 2.75%

1.30% 2.42%

4.39% 3.24%

-1.29% -0.78%

3.41% 1.59%

-1.23% -1.14%

-3.49% -3.70%

13.15% 8.73%

1.93% 0.88%

7.37% -0.54%

(1)50% EONIA + 50% EURO STOXX 50 NR. Past performance is not a guarantee of future performance.

-30% -20% -10% 0% 10% 20% 30%

Automobiles and PartsBanks

Construction and MaterialsFinancial Services

Food and BeverageHealth Care

Industrial Goods and ServicesMedia

Personal and Household GoodsRetail

TechnologyTelecommunications

Travel and LeisureUtilities

DAX

Long

Short

62.2%

26.6%

7.5%

3.7%

EUR

Futures (euro)

CHF

GBP

0%

5%

10%

15%

20%

25%

DNCA Invest Venasquo-CLASS B Indice 10%

12/202010/201904/201912/201812/2017

20,39%

10,00%

0%

50%

100%

150%

200%

0%

10%

20%

30%

40%

50%

60%

70%

80%

01/2017 10/2017 07/2018 05/2019 02/2020 12/2020

Net Gross

23

25Number of positive months

Number of negative months

DNCA INVEST Eurose

Flexible asset

Management Report December 2020 Share A: ISIN code LU0284394235 - Ticker Bloomberg LEODEFA LX

Share class created the 28 September 2007 Data as of 31/12/2020




The Sub-Fund seeks to outperform the 80% FTSE MTS Global + 20% EURO STOXX 50 Net Return composite index calculated with dividends reinvested, over the recommended investment period (3 years).


In December, although to a lesser extent, risky assets continued the historic upward trend that started in November. After the "resolution" of uncertainties surrounding the American election and the arrival of vaccines, at the very end of the year it was the agreement on Brexit, the last of these major themes, that animated the year as it settled down.

DNCA Invest Eurose was stable in December (-0.09%), bringing its annual performance to -4.27%. Exposure to equities accounts for the entire decrease; bonds made a positive contribution over the year.

During the month, the fund initiated a new position in the Belgian telecom specialist Orange Belgium. Orange, which already owns more than 50% of the group, launched a takeover bid at a price of €22. The fund also increased its exposure to Orange, Total and Saint-Gobain. On the reverse, Crédit Agricole, Michelin and STMicroelectronics positions have been reduced.

The bond portfolio includes several new lines, notably from the primary market: the German leasing company Sixt (maturity 2024 at 1.75% yield), Italian construction leader Webuild (5 years at 5.9%), Dutch telecoms number 2 VodafoneZiggo (8 years at 2.9%, green bond), Swedish social property specialist SBB (hybrid at 2.8% at call 2025) and Italian industrialist IMA listed (8 years at 3.75%). A hybrid of the Spanish gas producer and distributor Naturgy also entered the portfolio. On the other hand, exposure to the Casino distributor is greatly reduced by the participation in the issuer's new buyback offer, and the latest Air France-KLM bonds were sold in the strong revaluation movement of the securities.

Despite the widespread economic chaos caused by the pandemic (which will continue for several more quarters), the prospects for vaccinations at the end of the year have overcome market doubts. Governments and the European Central Bank, through their unprecedented support measures, have to some extent "insured" losses incurred, and thus guaranteed the markets to rise.

As a result, equity and bond valuations have returned to near-record levels. The fall in economic figures in 2020 has created the potential for a strong rebound in 2021 and probably in 2022, yet a certain amount of caution must still be exercised. Investment selectivity is imperative, and the valuation criterion must be considered in the context of polarized markets. Eurose starts the new year with equity exposure of 28.79%.


Jean-Charles MERIAUX - Philippe CHAMPIGNEULLE - Damien LANTERNIER - Romain GRANDIS - Adrien LE CLAINCHE - Baptiste PLANCHARD



1 2 3 4 5 6 7





YTD performance -4.27% 4.15%

2019 performance 7.85% 10.77%






DNCA INVEST EUROSE (Share A) Cumulative performance Reference Index(1)

(1)80% FTSE MTS Global + 20% EURO STOXX 50 NR. Past performance is not a guarantee of future performance.

BREAKDOWN BY ASSETS

50

100

150

200

Sep-07 Sep-09 Sep-11 Sep-13 Sep-15 Sep-17 Sep-19

+54.75%

+77.08%

29,3%

28,8%

14,0%

9,8%

4,4%

4,3%

3,8%

5,6%

Fixed rate bonds

Equities

Floating-rate bonds


UCITS


Convertible bonds







DNCA INVEST Eurose

Flexible asset

Management Report December 2020 Share A: ISIN code LU0284394235 - Ticker Bloomberg LEODEFA LX

Share class created the 28 September 2007 Data as of 31/12/2020



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PERFORMANCE (%)


2015 2.58% 2.72% 0.60% -0.04% 0.42% -1.99% 1.63% -2.44% -1.99% 3.35% 0.73% -2.50% 2.85%

2016 -1.61% -1.64% 1.49% 0.18% 0.56% -2.06% 2.03% 0.35% 0.33% 0.46% -0.44% 2.92% 2.48%

2017 -0.99% 1.24% 1.48% 1.11% 1.34% -0.89% 0.02% -0.16% 1.72% 0.56% -0.73% -0.01% 4.73%

2018 0.89% -1.16% -0.58% 1.24% -1.57% -0.64% 1.23% -1.23% 0.53% -2.29% -1.00% -1.97% -6.42%

2019 1.74% 1.40% 0.35% 1.79% -2.98% 1.86% 0.51% 0.12% 1.42% 0.03% 0.78% 0.68% 7.85%

2020 -0.86% -2.33% -10.62% 2.03% 0.63% 1.77% -0.74% 1.42% -1.04% -0.75% 7.15% -0.09% -4.27%


RISK ANALYSIS

Share A Index(1)

Number of positive months 102 102

Number of negative months 57 57




Best performance 1 quarter 6.53% 6.90% (1)80% FTSE MTS Global + 20% EURO STOXX 50 NR Datas calculated since inception

1 year 3 years 5 years

Tracking Error(2) 7.35% 5.16% 4.49%

Information Ratio -1.07 -1.04 -0.64

Sharpe Ratio -0.30 -0.12 0.14 (2)Tracking error is a measure of the risk, with which the performance of a fund is diverging from its index.

Fixed Income Portfolio rating


2.0%

17.0%

44.8%

17.2%

1.8% 1.0% 0.5%

16.0%

AA A BBB BB B CCC CC NR

BREAKDOWN BY ASSET CLASS. BONDS

Weight Maturity (yrs) Duration Modified duration Yield

Fixed rate bonds 29.32% 2.42 2.31 2.28 0.97%

Floating-rate bonds 14.01% 2.10 0.51 0.47 0.38%

Inflation-linked bonds 9.79% 3.42 1.66 1.68 -0.33%

Participative and perpetual 4.25% 1.72 1.40 1.53 2.08%

Convertible bonds 3.81% 1.66 1.60 1.34 1.03%

Total 61.18% 2.41 1.69 1.66 0.71%

MAIN HOLDINGS

Bonds Convertible bonds Equities

Fixed Rate UNICREDIT SPA 6.95% 2022 TELECOM ITALIA SPA/MILANO 1.13% 2022 CV CREDIT AGRICOLE SA

ORANO SA 3.13% 2022 PRYSMIAN SPA 0% 2022 CV TOTAL SE

UNIONE DI BANCHE ITALIANE SPA 1.75% 2023 AIRBUS SE 0% 2021 CV BOUYGUES SA

Floating-rate BNP PARIBAS SA 2023 FRN

BPCE SA 2023 FRN

SOCIETE GENERALE SA 2023 FRN

Inflation-linked SPAIN I/L 2024

ITALY I/L 2023

ITALY I/L 2023

DNCA INVEST Evolutif

Flexible

Management Report December 2020 Share B: ISIN code LU0284394821 - Ticker Bloomberg LEOFLXB LX

Share class created the 23 July 2007 Data as of 31/12/2020




The Sub-Fund seeks to outperform the 60% EURO STOXX 50 Net Return, 30% FTSE MTS EMU GOV BOND 1-3 years, 10% EONIA composite index calculated dividends reinvested, over the recommended investment period, while protecting the capital during adverse periods through opportunistic management and flexible asset allocation.


The last quarter of 2020 was one of rebalancing. Cyclicals and value stocks, who had suffered, benefited from more optimistic positioning by investors, focusing on the potential for a global recovery and the inflation that could be a result. Evolutif has started to make a cautious rotation within the portfolio, which is now profiled at 65% growth and 35% value and cyclically. We will continue to balance gradually as epidemiological data and macroeconomic indicators confirm the recovery scenario.

The search for exposure to the global recovery in 2021 will be diversified in terms of geography and value styles. Shimano, the Japanese leader in bicycle equipment, has joined our Asian allocation. Salesforce and Visa reinforce our exposure to global hyperscalers while the reintroduction of the RUSSEL 2000 rebuilds the cyclical sensitivity of our US exposure. In terms of revaluation opportunities, we reintroduced Bouygues, and initiated several optional buyer strategies on Renault, Danone, STMicro-Electronics in December. On the contrary, we chose to take our profits on our Arcelor Mittal calls. The steelmaker benefited from a significant re-rating of the sector and industrial metals in general.

Overall, the allocation in shares remained close to the upper bounds at the end of December, closing a final month of the year that was buoyant for the markets. We are taking advantage of the low volatility and risk appetite to strengthen the portfolio's hedging positions as danger has not been totally eliminated. New variants of the virus, the risk of a stronger than expected recovery in inflation, currency credibility, public debt, corporate bankruptcies all represent uncertainty requires. We will prepare for risks through hedging positions against market risk and alternative strategies (DNCA INVEST FLEX INFLATION, gold stocks). However, the downturns may provide an opportunity to continue balancing styles, provided that nothing structurally calls into question the recovery scenario.


Augustin PICQUENDAR - Thomas PLANELL



1 2 3 4 5 6 7






2019 performance 12.56% 16.29%






DNCA INVEST EVOLUTIF (Share B) Cumulative performance Reference Index(1)

(1)60% EURO STOXX 50 NR + 30% FTSE MTS EMU GOV BOND 1-3 years + 10% EONIA. Past performance is not a guarantee of future performance. MAIN HOLDINGS

Bonds Equities

INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA 0.63% 2022 CV

2.10% AIR LIQUIDE SA 3.28%

AIRBUS SE 0% 2021 CV 1.45% NESTLE SA-REG 2.90%

TELEFONICA PARTICIPACIONES SAU 0% 2021 CV 1.45% MICROSOFT CORP 2.53%

TELEFONICA EUROPE BV PERP 0.84% ROCHE HOLDING AG-GENUSSCHEIN 2.51%

THYSSENKRUPP AG 1.88% 2023 0.70% ASTRAZENECA PLC 2.46% Holdings may change over time.

BREAKDOWN BY ASSETS

50

100

150

200

Jul-07 Jul-09 Jul-11 Jul-13 Jul-15 Jul-17 Jul-19

+54.67%

+44.25%

74,6%

8,9%

6,3%

2,4%

1,4%

0,2%

6,3%

Equities

UCITS

Convertible bonds

Fixed rate bonds


Floating-rate bonds




Estimated PER 2021 24.6 x ND/EBITDA 2020 1.6 x

Estimated net yield 2020 1.61% EV/EBITDA 2021 13.2 x

PER (Price Earnings Ratio) is the ratio of market capitalisation to net earnings. It is a way of estimating how expensive a share is. Net debt is gross financial debt adjusted for the cash pile ND/EBITDA is the ratio between net debt and gross operating profit. It helps estimate a stock's financial leverage. EV/EBITDA is the ratio between enterprise value (market capitalisation + net debt) and gross operating profit. It helps estimate how expensive a share is.

DNCA INVEST Evolutif

Flexible

Management Report December 2020 Share B: ISIN code LU0284394821 - Ticker Bloomberg LEOFLXB LX

Share class created the 23 July 2007 Data as of 31/12/2020



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PERFORMANCE (%)


2015 4.00% 4.60% 0.78% 0.25% 0.58% -3.21% 3.10% -4.89% -3.51% 5.70% 1.48% -2.94% 5.39%

2016 -4.29% -1.11% 1.75% 0.32% 1.70% -4.25% 2.62% 0.71% 0.19% 0.66% 0.50% 4.16% 2.63%

2017 -0.88% 1.80% 2.49% 1.17% 1.25% -2.49% -0.32% -1.11% 2.94% 0.24% -1.68% -0.24% 3.03%

2018 1.39% -2.49% -1.81% 3.65% -1.08% -1.23% 1.47% -2.17% 0.58% -4.53% -1.48% -4.76% -12.07%

2019 2.61% 3.36% 0.33% 2.68% -3.25% 3.33% -0.85% 0.37% 0.60% -0.20% 2.12% 1.00% 12.56%

2020 -0.77% -1.99% -7.48% 3.78% 3.71% 3.70% 0.07% 0.42% -0.92% -3.17% 3.80% 2.53% 3.03%



IN

BOUYGUES SA TELEFONICA EUROPE BV PERP SAFRAN SA VISA INC-CLASS A SHARES SALESFORCE.COM INC SHIMANO INC SWEDENCARE AB

OUT

AMADEUS IT GROUP SA AVAST PLC DEUTSCHE BOERSE AG SCHNEIDER ELECTRIC SE 0% 2026 CV

BREAKDOWN BY SECTOR

BREAKDOWN BY COUNTRY

BOND'S PORTFOLIO RATING

CURRENCY BREAKDOWN

16,6%

13,5%

10,7%

10,4%

8,1%

5,4%

4,5%

3,9%

3,0%

2,1%

1,4%

1,2%

1,2%

0,7%

0,6%

0,2%

0,2%

8,9%

6,2%

Technology


Health Care


Chemicals


Utilities

Telecommunications

Food and Beverage

Travel and Leisure

Media

Insurance

Financial Services

Retail


Basic Resources

Banks

UCITS


21.9%

9.5%

8.5%

8.0%

7.2%

6.7%

4.4%

4.0%

3.7%

2.3%

2.2%

2.0%

1.6%

1.1%

0.6%

0.6%

0.2%

0.2%

8.9%

6.2%

France

USA

Switzerland

Spain

Netherlands

Germany

United Kingdom

Denmark

Sweden

Hong Kong

Portugal

Ireland

Italy

Japan

Austria

China

Luxembourg

Belgium

UCITS


16.2%

36.9%

32.6%

14.2%

A BBB BB NR

61.6%

10.8% 9.6%4.9% 4.5% 4.1% 3.3%

1.2%

EUR USD CHF GBP DKK SEK HKD JPY

Centifolia

French value equities

Management Report December 2020 Share C: ISIN code FR0007076930 - Ticker Bloomberg DNCACEC

Share class created the 04 October 2002 Data as of 31/12/2020




The management objective is to seek a higher performance than that on the CAC 40 index over the recommended investment duration (5 years), dividends reinvested. To be able to achieve the management objective, the UCITS investment strategy is based on discretionary management via a stock-picking policy, which does not aim to duplicate the benchmark indicator.


Big scare and big jump describe the extreme turmoil that characterized the stock market in 2020. After the fall in March and the spread of the pandemic in Western countries, the markets quickly regained confidence thanks to massive central bank intervention and determined support for fiscal policies. The vaccine discoveries announced in November allowed the markets to look beyond the health crisis. The sense of ecstasy surrounding technology stocks also allowed indices such as the Nasdaq to set new records.

In the end, despite the worst recession in recent decades, the American S&P 500 NR index is up +17.75%, while the European indices limit their losses to -5.57% for the CAC40 NR and -3.21% for the Eurostoxx50 NR. 2020 was a year that was unfavorable for value management, Centifolia's performance is down by -13.97%.

During December, the fund strengthened its positions in Orange, Saint-Gobain and Véolia Environnement. The fund also took a position in ArcelorMittal, the world's leading steel producer. The company is now benefiting from a shortage in the steel market that is causing a series of price hikes. The company has also achieved its debt reduction objectives, which should now allow a better return to its shareholders. On the disposal side, Centifolia reduced its weight in Carrefour, Michelin and Crédit Agricole after a sharp rise. The portfolio remains exposed to banks (14% of assets). The level of liquidity is stable at 2%.

The extreme differences in performance between management styles (growth/quality stocks soaked in euphoria and value stocks abandoned or even massacred) leaves an impression of "déjà vu". The concentration of the market's rise on a few stocks is becoming dangerous. As visibility improves, the rotation that started last November will likely be amplified, allowing markets to consolidate their rise of the last few months under better conditions with valuations tightening.


Jean-Charles MERIAUX - Damien LANTERNIER - Adrien LE CLAINCHE - Emilie BRUNET-MANARDO



1 2 3 4 5 6 7




Share C Reference Index(1)

YTD performance -13.97% -5.57%

2019 performance 15.31% 29.24%

Annualised performance 5 years -0.34% 5.98%





CENTIFOLIA (Share C) Cumulative performance Reference Index(1)

(1)CAC 40 NET - TOTAL RETURN. Past performance is not a guarantee of future performance. MAIN HOLDINGS

TOTAL SE 8.18%

EDF 4.97%

SANOFI 7.82%

STMICROELECTRONICS NV 4.48%

CREDIT AGRICOLE SA 7.33%

THALES SA 4.33%

ORANGE 6.12%

SOPRA STERIA GROUP 3.87%

BOUYGUES SA 5.60%

MICHELIN (CGDE) 3.78%


BEST CONTRIBUTIONS IN THE MONTH

Weight Contribution

CREDIT AGRICOLE SA 7.33% 0.55%

FNAC DARTY SA 3.10% 0.44%

RENAULT SA 2.65% 0.17%

SOPRA STERIA GROUP 3.87% 0.13%

FLEURY MICHON SA 0.80% 0.10%

WORST CONTRIBUTIONS IN THE MONTH

Weight Contribution

SANOFI 7.82% -0.58%

STMICROELECTRONICS NV 4.48% -0.36%

ORANGE 6.12% -0.29%

COMPAGNIE DE SAINT GOBAIN 2.40% -0.15%

TOTAL SE 8.18% -0.13%

0

200

400

Oct-02 Oct-05 Oct-08 Oct-11 Oct-14 Oct-17 Oct-20

+211.05%+225.04%






Centifolia

French value equities

Management Report December 2020 Share C: ISIN code FR0007076930 - Ticker Bloomberg DNCACEC




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PERFORMANCE (%)


2015 6.71% 7.03% 2.08% 0.53% 1.00% -3.61% 4.42% -6.08% -3.55% 7.58% 0.91% -3.32% 13.26%

2016 -4.10% -2.72% 0.97% 1.30% 2.95% -7.26% 3.71% 0.26% 2.38% 0.50% 1.33% 5.94% 4.64%

2017 -2.72% 3.05% 5.26% 2.56% 3.89% -1.70% -0.01% -0.72% 5.04% 1.13% -1.77% -0.09% 14.38%

2018 2.87% -2.86% -1.61% 3.45% -1.63% -2.30% 2.05% -1.56% -0.34% -7.22% -2.52% -6.45% -17.19%

2019 4.35% 4.07% -1.70% 6.32% -7.60% 4.27% -0.38% -0.25% 2.92% -0.74% 2.01% 1.84% 15.31%

2020 -3.79% -6.64% -22.02% 3.35% 1.36% 4.61% -3.93% 3.90% -3.73% -5.51% 23.46% -0.01% -13.97%



IN

ARCELORMITTAL

OUT

NONE

BREAKDOWN BY SECTOR


MARKET CAP BREAKDOWN

CURRENCY BREAKDOWN

13,6%

10,0%

9,7%

8,8%

8,7%

7,8%

6,8%

6,4%

6,1%

5,8%

5,6%

5,1%

1,6%

1,4%

0,2%

2,3%

Banks


Technology

Media

Oil and Gas

Health Care



Telecommunications

Utilities

Food and Beverage

Retail

Chemicals

Insurance

Basic Resources


93.1%

4.7%

2.3%

France

Netherlands


6.9%

16.6%

5.1%

71.4%

0 - 1 Bn €

1 - 5 Bn €

5 - 10 Bn €

+10 Bn €

100.0%

EUR

DNCA INVEST Value Europe

European value equities

Management Report December 2020 Share B: ISIN code LU0284396289 - Ticker Bloomberg LEOVLUB





The Sub-Fund seeks to outperform the following index: Stoxx Europe 600 Net Return, over the recommend investment term.


Markets were lively until the last hours of 2020 and the year ended surprisingly well. Who would have thought after what happened in March, with that we would see a spectacular market rally and a revival of an appetite for risk? With production activity resuming at the end of June, companies have had an opportunity to restock and normalize alongside repressed demand. Oil has also benefited from this normalization, rising by 60% after the lows seen in of March.

In China, the economic recovery is surprisingly strong, proving that their domestic market remain buoyant with rising material imports. In the United States, the $900 billion recovery plan was approved after chaotic discussions. In Europe, the €750 billion green recovery plan was also approved with Poland and Hungary's agreement. While support plans are extended, the third wave of containment and curfews is upon us. After laborious negotiations, an agreement was reached on Brexit. While waiting for mass vaccinations, the markets move into 2021 with renewed optimism.

The markets were supported by the approval of Pfizer and Moderna vaccines, with more arriving in the first half of 2021. So-called "reopening" actions were sought despite their indebted balance sheets and revenues down by more than 60%. However, these stocks are still down by 50% on average in 2020. During the month of December, IPOs continued. AirBnb doubled on its first day of listing, while the appetite for everything that benefits from teleworking (home delivery, DIY, online shopping, etc.) continues to grow.

DNCA Value Europe had a good month of December. The recovery was significant but not enough to erase the fund's sharp fall relative to its index during the first quarter. The performance of the banking sector was mixed following the latest recommendations of the European regulator, indicating that the return of dividends will be gradual and limited depending on profits and equity. Like the price per barrel, the majors posted stable performance over the month despite uncertainties regarding demand and a supply that still appears high. Cyclical stocks continue to perform very well in line with expectations of a strong economic recovery in 2021.

The main contributors this month are Prosieben, Nexans, CNH Industrial, FLSmidth and Imperial Brands while Babcock, Sanofi, Saint Gobain, ISS and Unicredit are the main detractors.

While the Value style has recently regained interest, our discipline remains intact with a 30% valuation discount on the portfolio compared to the Stoxx 600 (out of 2021: 12.7x PE and 11.5x EV/Ebit for the fund vs. 17.7x and 17.1x for the benchmark). The management team is optimistic and confident about the stocks in the portfolio as it enters the new year 2021.


Isaac CHEBAR - Don FITZGERALD - Julie ARAV - Maxime GENEVOIS



1 2 3 4 5 6 7






2019 performance 16.52% 26.82%

Annualised performance 5 years -1.58% 4.52%





DNCA INVEST VALUE EUROPE (Share B) Cumulative performance Reference Index(1)

(1)STOXX 600 RETURN EUR. Past performance is not a guarantee of future performance. MAIN HOLDINGS

NEXANS SA 2.79%

CREDIT AGRICOLE SA 2.68%

PROSIEBENSAT.1 MEDIA SE 2.76%

LANXESS AG 2.65%

ASR NEDERLAND NV 2.73%

FLSMIDTH & CO A/S 2.64%

CNH INDUSTRIAL NV 2.73%

CIE FINANCIERE RICHEMO-A REG 2.59%

PUBLICIS GROUPE 2.69%

LLOYDS BANKING GROUP PLC 2.58%



Weight Contribution

PROSIEBENSAT.1 MEDIA SE 2.76% 0.34%

NEXANS SA 2.79% 0.33%

CNH INDUSTRIAL NV 2.73% 0.32%

FLSMIDTH & CO A/S 2.64% 0.29%

IMPERIAL BRANDS PLC 2.09% 0.25%


Weight Contribution

BABCOCK INTL GROUP PLC 1.43% -0.30%

SANOFI 2.27% -0.17%

COMPAGNIE DE SAINT GOBAIN 1.99% -0.17%

ISS A/S 2.26% -0.16%

UNICREDIT SPA Out -0.11%

40

60

80

100

120

140

160

180

200

Mar-08 Mar-10 Mar-12 Mar-14 Mar-16 Mar-18 Mar-20

+60.22%

+86.33%






DNCA INVEST Value Europe

European value equities

Management Report December 2020 Share B: ISIN code LU0284396289 - Ticker Bloomberg LEOVLUB




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PERFORMANCE (%)


2015 7.87% 9.19% 3.17% 0.28% 0.78% -3.50% 4.34% -6.38% -4.50% 6.41% 3.43% -4.54% 16.14%

2016 -6.22% -1.95% 2.58% 0.93% 2.25% -7.20% 2.74% 1.67% -1.02% 1.21% 1.65% 6.00% 1.86%

2017 -0.76% 1.65% 3.27% 2.17% 1.87% -2.43% -0.18% -1.53% 4.99% -0.38% -1.47% 1.17% 8.40%

2018 1.89% -3.32% -2.33% 4.70% -2.02% -2.97% 1.46% -2.92% -1.01% -5.13% -1.17% -6.92% -18.50%

2019 4.31% 3.40% 0.14% 4.30% -6.94% 4.00% -0.96% -0.63% 4.05% 0.90% 1.24% 2.19% 16.52%

2020 -4.00% -9.82% -21.60% 5.56% 2.91% 4.06% -2.48% 4.02% -3.23% -6.23% 21.85% 2.35% -11.92%



IN

ASSOCIATED BRITISH FOODS PLC

OUT

UNICREDIT SPA

BREAKDOWN BY SECTOR


MARKET CAP BREAKDOWN

CURRENCY BREAKDOWN

18,2%

10,3%

9,6%

9,1%

7,8%

6,1%

5,8%

4,7%

4,6%

4,3%

4,1%

2,9%

2,8%

2,7%

0,9%

0,8%

3,2%

2,1%


Media

Banks


Health Care

Oil and Gas

Telecommunications


Insurance

Basic Resources

Utilities

Food and Beverage

Retail

Chemicals

Technology

Travel and Leisure

UCITS


34.8%

20.8%

10.1%

9.8%

6.4%

5.5%

4.4%

2.7%

3.2%

2.1%

France

United Kingdom

Germany

Netherlands

Denmark

Italy

Switzerland

Spain

UCITS


16.7%

4.6%

78.7%

1 - 5 Bn €

5 - 10 Bn €

+10 Bn €

67.2%

21.6%

6.6% 4.6%

EUR GBP DKK CHF

DNCA INVEST Archer Mid-Cap Europe

European mid-cap equities

Management Report December 2020 Share B: ISIN code LU1366712518 - Ticker Bloomberg DNCAMEB

Share class created the 24 June 2016 Data as of 31/12/2020




The Sub-Fund seeks to achieve superior long term risk adjusted returns (i.e. returns adjusted for volatility) by investing primarily in equities and equity related securities of medium sized and smaller European companies over the recommended investment term (five years). Investors’ attention is drawn to the fact that the management style is discretionary. The portfolio composition will not attempt to replicate the composition of a benchmark index from a geographical or sectorial perspective. Even so, MSCI EUROPE MID CAP Net Return Euro Index may be used as an ex-post benchmark indicator.


The performance of the fund in 2020 was 20.18% vs the benchmark 4.23% ; The performance of the fund since inception is 76.28% vs the benchmark 49.79% ;

The rollercoaster year of 2020 was a very unusual year dominated by the covid-19 sanitary crisis and the sharp sudden recession that it induced. The market volatility and overall confusion generated far more opportunities for alpha generation than in a typical year. Your fund remained fully invested throughout the year and it was particularly satisfying that the fund outperformed the reference index in each of the four calendar quarters.

At the risk of oversimplifying as the sanitary crisis unfolded earlier in February / March we increased our weightings towards businesses we already owned that we felt were likely to benefit from structural tailwinds (rather than temporary windfall profits) from the health crisis such as meal kits company Hellofresh or mobile video gamer Stillfront. Exposure to more cyclical companies was trimmed. After the big correction in Q1 we began to gradually ease back into businesses more exposed to the economic cycle and physical contact (e.g. Wizz Air, ABF, Informa etc) particularly seeking businesses with strong balance sheets and proactive management teams that could take share from weaker competitors.

Looking forward we are humble enough to refrain from making bold forecasts as to how 2021 will play out. However, we note that we are likely closer to the end rather than the beginning of the sanitary crisis, that monetary policy and fiscal policy are for the time being supportive for financial markets. Furthermore, an extremely disruptive no deal Brexit has been avoided and the European political environment appears more stable than in recent years. Nevertheless, overall market valuations are higher than historical averages and stock-picking will likely turn out to be even more important than ever. In this context it is business as usual for the fund: we will seek out above average businesses with strong prospects, run by honest and talented managers yet available at acceptable valuations.


Don FITZGERALD - Isaac CHEBAR - Julie ARAV - Maxime GENEVOIS



1 2 3 4 5 6 7






2019 performance 31.40% 29.97%






DNCA INVEST ARCHER MID-CAP EUROPE (Share B) Cumulative performance Reference Index(1)

(1)MSCI Europe Mid Cap NR. Past performance is not a guarantee of future performance.

MAIN HOLDINGS

Responsibility score Weight Responsibility score Weight

Hellofresh Se 3.9 4.31% Trigano Sa 4.9 2.49%

D'Ieteren Sa/Nv 4.8 3.36% Embracer Group Ab 4.0 2.41%

Stillfront Group Ab 4.2 3.23% Amsterdam Commodities Nv

5.3 2.37%

Also Holding Ag-Reg 3.12% Dermapharm Holding Se 4.5 2.33%

Smurfit Kappa Group Plc 6.1 2.90% Keywords Studios Plc 3.9 2.26%

Holdings may change over time. CHANGES TO PORTFOLIO HOLDINGS

IN Responsibility score

Adapteo Oyj Amsterdam Commodities Nv 5.3 Fasadgruppen Group Ab

OUT Responsibility score

Ab Ignitis Grupe - Reg S Gdr 6.3 Bonesupport Holding Ab 4.2 Solutions 30 Se 5.5 Verallia 5.7

50

100

150

200

Jun-16 Mar-17 Dec-17 Sep-18 Jun-19 Mar-20 Dec-20

+76.28%

+49.79%





Average Responsibility Score 4.9/10 Sustainable Transition exposure 27.1%

Coverage rate - carbon datas 81.2% Carbon footprint 51t CO2 / M€

invested

Companies with severe social corporate restructuring

1 Companies with human right controversies 0

% of independent boards 78.4% Coverage rate - ESG datas 100%


DNCA INVEST Archer Mid-Cap Europe

European mid-cap equities

Management Report December 2020 Share B: ISIN code LU1366712518 - Ticker Bloomberg DNCAMEB

Share class created the 24 June 2016 Data as of 31/12/2020



BEST CONTRIBUTIONS IN THE MONTH WORST CONTRIBUTIONS IN THE MONTH

Weight Contribution

Hellofresh Se 4.31% 1.07%

D'Ieteren Sa/Nv 3.36% 0.53%

Keywords Studios Plc 2.26% 0.48%

Swedencare Ab 2.00% 0.42%

Embracer Group Ab 2.41% 0.33%

Weight Contribution

Origin Enterprises Plc 1.46% -0.24%

Dcc Plc 1.98% -0.20%

Swedish Match Ab 1.71% -0.12%

Solutions 30 Se Out -0.09%

Jumbo Sa 1.57% -0.05%

SRI PORTFOLIO EXPOSURE (% in number of holdings)

SDG'S EXPOSURE (% of sales)

SUSTAINABLE TRANSITION EXPOSURE (% in number of holdings)

CORP

ORAT

E RE

SPON

SIBI

LITY

RIS

K (C

SR)

Limited 8-10

Low 6-8 6% 3% 2% 4%

Neutral 4-6

52% 2% 3% 5% 8%

Moderate 2-4 15%

High 0-2

None Low Trend Major Pure player

0% 0-10% 10-40% 40-80% 80-100%

SUSTAINABLE TRANSITION EXPOSURE (% Revenue)

The ABA (Above and Beyond Analysis) proprietary analysis model enables the valuation of the portfolio's exposure to Corporate Risk and the opportunities of Sustainable Transition through a matrix. We are committed to having portfolios invested at least on a neutral CSR risk.

BREAKDOWN BY SECTOR BREAKDOWN BY COUNTRY

PERFORMANCE (%)


2017 0.70% 4.54% 4.45% 5.07% 2.06% -0.67% 0.24% -0.98% 4.23% 1.30% -2.25% 1.82% 22.18%

2018 1.72% -2.55% -3.45% 4.15% -1.24% -0.59% -1.34% -0.63% -0.46% -9.77% -1.84% -5.46% -20.03%

2019 7.75% 3.96% 0.48% 4.75% -4.87% 3.99% 1.46% -0.82% 2.58% 1.89% 4.59% 2.42% 31.40%

2020 -0.39% -7.07% -15.01% 12.67% 8.65% 3.45% 0.37% 3.13% 1.91% -4.57% 12.77% 6.26% 20.18%


3 5.8%

9 2.3%

12 2.1%

13 1.2%

5 1.1%

7 1.1%

15 1.0%

No exposure 85.4%

14.6%

Demographic 0.0%

Medical 5.8%

Economic 7.0%

Lifestyle 5.7%

Ecological 8.6%

No exposure 72.9%

27.1%

17,9%

16,4%

13,8%

13,4%

11,4%

6,8%

5,5%

4,7%

2,6%

2,0%

1,7%

1,4%

1,0%

0,4%

0,3%

0,1%



Retail

Food and Beverage

Technology

Financial Services

Health Care

Travel and Leisure


Media

Utilities

Real Estate

Banks

Insurance

Telecommunications


22.8%

15.6%

11.7%

10.1%

8.3%

5.4%

5.1%

5.0%

4.6%

3.4%

2.7%

1.7%

1.6%

1.3%

0.8%

0.1%

United Kingdom

Sweden

Germany

France

Ireland

Netherlands

Switzerland

Finland

Italy

Belgium

Spain

Portugal

Greece

Norway

USA


Exclusion area

DNCA INVEST Europe Growth

European growth equities

Management Report December 2020 Share B: ISIN code LU0870553459 - Ticker Bloomberg DIEGRBE





The Fund’s objective is to outperform pan-European equity markets over the recommended investment period (5 years). The STOXX EUROPE 600 Net Return EUR reference indicator, calculated with dividends reinvested, is provided for a posteriori comparison purposes.


The year 2020 will undoubtedly go down in history with the health crisis of unparalleled magnitude changing a great number of our habits (teleworking, hygiene, distance, etc.) and undoubtedly accelerating the forced digitalization of economies. Despite increased volatility in performance, the balance sheet for the year 2020 is satisfactory with the fund posted a performance of 11.87%, i.e. an outperformance of 1386 basis points against its benchmark index, accompanied by less volatility.

The fund's overexposure to the Healthcare sector (Pharma; Medtech; Elderly Services), combined with an almost complete absence of exposure to highly cyclical and financial sectors, made a significant contribution to this result. The sector allocation at the beginning of year was not fundamentally disrupted, although we increased our exposure to companies likely to benefit from an improvement in the economic climate (e.g. Luxury Goods).

Counter-intuitively, the Logistics sector (DSV Panalpina, ID Logistics) also performed well. Indeed, the explosion of eCommerce and the sharp rise in prices in Air Freight explain the increase in results.

We were also impressed by the ability of some companies to bounce back (e.g. LVMH, IMCD, Thule, Sika), or to take advantage of the crisis by seize opportunities (Teleperformance) or to reduce the cost base (e.g. Amplifon).

During December, Astrazeneca announced a friendly takeover bid for US laboratory Alexion, specialized in rare diseases. The operation does not appear to be motivated by scientific reasons, but rather financial ones (it allows Astrazeneca to take control of a low-valued group, particularly profitable (operating margin > 50%) with high cash flow generation). In addition, there is probably a potential for revenue synergy in China, a market in which Alexion is completely absent.

Still in the pharmaceutical field, Novo Nordisk has decided to launch a phase III study of its Semaglutide molecule in the treatment of Alzheimer's. Although the laboratory has an excellent "track record" from a scientific point of view, we should not be naïve as up until now, all the industry's efforts against this disease have failed. The addressable market is potentially huge, but for the sake of caution, we are assuming a modest probability of success.

Finally, in the wake of DNCA's ESG policy, the fund has now obtained its SRI label. This label implies sectoral exclusions (Hydrocarbons, Nuclear, Defense) but also implies an internal rating based on a battery of extra-financial criteria. This approach complements our traditional financial analysis and aims to improve the societal and environmental impact of our investments.

After a challenging year 2020 in many areas, we wish you all the best for the new year 2021 and wish you success .... and good health!


Carl AUFFRET, CFA - YingYing WU, CFA



1 2 3 4 5 6 7






2019 performance 30.70% 26.82%






DNCA INVEST EUROPE GROWTH (Share B) Cumulative performance Reference Index(1)

(1)STOXX 600 RETURN EUR. Past performance is not a guarantee of future performance.

MAIN HOLDINGS


Amplifon Spa 4.9 7.89% Novo Nordisk A/S-B 6.4 4.89%

Teleperformance 3.2 5.75% Dsv Panalpina A/S 5.7 4.70%

Sartorius Stedim Biotech 5.0 5.17% Orpea 4.3 4.65%

Lonza Group Ag-Reg 6.0 5.04% Flutter Entertainment Plc 5.6 4.64%

Lvmh Moet Hennessy Louis Vui

4.6 5.02% Sika Ag-Reg 6.1 4.46%



Atlas Copco Ab-A Shs 5.9


Galenica Ag 5.3 Solutions 30 Se 5.5

75

100

125

150

175

200

225

250

Dec-12 Dec-14 Dec-16 Dec-18 Dec-20

+141.89%

+77.63%







invested





DNCA INVEST Europe Growth

European growth equities

Management Report December 2020 Share B: ISIN code LU0870553459 - Ticker Bloomberg DIEGRBE





Weight Contribution

Vat Group Ag 3.17% 0.44%

Flutter Entertainment Plc 4.64% 0.31%

Lvmh Moet Hennessy Louis Vui 5.02% 0.30%

Id Logistics Group 2.01% 0.29%

Evolution Gaming Group 1.63% 0.23%

Weight Contribution

Solutions 30 Se Out -0.87%

Astrazeneca Plc 4.36% -0.31%

Sartorius Stedim Biotech 5.17% -0.24%

Biomerieux 4.14% -0.22%

Teleperformance 5.75% -0.13%




CORP

ORAT

E RE

SPON

SIBI

LITY

RIS

K (C

SR)

Limited 8-10

Low 6-8 8% 1% 6% 6% 14%

Neutral 4-6 17% 9% 5% 3% 25%

Moderate 2-4 6%

High 0-2


0% 0-10% 10-40% 40-80% 80-100%




PERFORMANCE (%)


2015 7.76% 6.97% 1.33% 1.40% 3.31% -4.75% 4.00% -5.85% -2.78% 7.67% 5.26% -1.88% 23.36%

2016 -6.70% -0.80% 1.88% 0.95% 4.48% -6.10% 4.82% 0.29% -0.03% -3.14% -0.50% 4.03% -1.61%

2017 0.42% 3.21% 3.18% 4.55% 2.50% -2.32% -0.67% -1.17% 3.35% 0.71% -2.89% 1.67% 12.93%

2018 2.82% -4.29% -0.42% 2.31% 4.01% 0.49% 2.11% 0.69% -0.78% -8.01% -4.07% -6.83% -12.11%

2019 5.68% 6.13% 2.36% 2.50% -3.61% 5.72% 1.00% -0.46% 0.53% 1.25% 4.70% 1.74% 30.70%

2020 0.21% -4.79% -9.96% 10.19% 5.59% 0.05% 3.41% 2.40% 1.68% -2.59% 5.32% 1.26% 11.87%


3 37.3%

5 4.6%

8 4.4%

11 4.0%

12 1.8%

9 1.7%

13 0.4%

7 0.3%

No exposure 45.4%

54.6%

Demographic 4.0%

Medical 39.8%

Economic 2.9%

Lifestyle 10.9%

Ecological 11.5%

No exposure 31.0%

69.0%

35,9%

16,8%

13,0%

10,2%

6,3%

5,7%

5,5%

2,5%

1,3%

0,5%

1,4%

0,8%

Health Care


Chemicals


Travel and Leisure


Technology

Real Estate

Oil and Gas

Food and Beverage

UCITS


32.3%

14.4%

9.6%

9.2%

8.9%

8.0%

4.9%

4.6%

4.3%

1.6%

1.4%

0.8%

France

Switzerland

Denmark

Italy

United Kingdom

Netherlands

Sweden

Ireland

Germany

Norway

UCITS


Exclusion area

DNCA INVEST Norden Europe

Northern European equities

Management Report December 2020 Share A: ISIN code LU1490785091 - Ticker Bloomberg DNNEAAE





The Sub-Fund seeks to outperform of the following composite net return index denominated in Euro: 40% MSCI Nordic, 35% DAX, 15% SMI, 10% MSCI UK TR UK Net Local Currency calculated with dividends net of withholding taxes reinvested, over the recommended investment term (5 years).


The year 2020 will undoubtedly go down in history with the health crisis of unparalleled magnitude changing many of our habits (teleworking, hygiene, distance, etc.) while undoubtedly accelerating the forced digitalization of economies. Even though performance was much more volatile than usual, 2020 is particularly satisfying as the fund posted performance of +30.24%, i.e. an outperformance of 2366 basis points against its benchmark index, accompanied by lower volatility.

The fund's overexposure to the Healthcare sector (Pharma; Medtech), combined with an almost complete absence of exposure to highly cyclical and financial sectors, contributed strongly to the result. Counter-intuitively, the Logistics sector (DSV Panalpina) also performed well. Indeed, the explosion in eCommerce and the sharp rise in prices in Air Freight explain the increase in results.

We were also impressed by the ability of some companies to bounce back (e.g. IMCD, Thule, Sika), or even take advantage of the crisis to seize organic opportunities (Musti, Harvia, MIPS) or M&A (SwedenCare, NCAB, Stillfront).

During December, Astrazeneca announced a friendly takeover bid for US laboratory Alexion, specialized in rare diseases. The operation does not appear to be motivated by scientific reasons, but rather financial one as this operation allows Astrazeneca to take control of a low-valued group that is particularly profitable (operating margin > 50%) with high cash flow generation. In addition, there is probably a potential for revenue synergy in China, a market in which Alexion is completely absent.

Still in the pharmaceutical field, Novo Nordisk has decided to launch a phase III study of its Semaglutide molecule in the treatment of Alzheimer's. The laboratory has an excellent "track record" from a scientific point of view, but we should not be naïve: to date, all the industry's projects against this disease have failed. The addressable market is potentially huge, but for the sake of caution, we are assuming a modest probability of success.

Finally, in the wake of DNCA's ESG policy, the fund has just obtained its SRI label. This label implies sectoral exclusions (Hydrocarbons, Nuclear, Defence) and adds an internal rating based on a battery of extra-financial criteria, which now complements our traditional financial analysis and improves the societal and environmental impact of our investments.

After a challenging year 2020 in many areas, we wish you all the best for the new year 2021 and wish you success .... and good health!


Carl AUFFRET, CFA - YingYing WU, CFA



1 2 3 4 5 6 7






2019 performance 33.80% 25.28%






DNCA INVEST NORDEN EUROPE (Share A) Cumulative performance Reference Index(1)

(1)40% MSCI Nordic + 35% DAX + 15% SMI + 10% MSCI UK TR UK Net Local Currency, denominated in Euro. Past performance is not a guarantee of future performance.

MAIN HOLDINGS


Dsv Panalpina A/S 5.7 4.85% Harvia Oyj 5.4 3.48%

Musti Group Oy 5.4 4.29% Lonza Group Ag-Reg 6.0 3.39%

Flutter Entertainment Plc 5.6 4.14% Swedencare Ab 4.5 3.09%

Astrazeneca Plc 7.2 4.11% Vat Group Ag 4.5 3.07%

Novo Nordisk A/S-B 6.4 3.49% Sartorius Stedim Biotech 5.0 3.06%



None


Galenica Ag 5.3 Netent Ab 4.9 Orphazyme A/S 4.0 Sap Se 5.9

50

100

150

200

Nov-16 Jul-17 Mar-18 Nov-18 Jul-19 Mar-20 Nov-20

+92.94%

+44.00%







invested





DNCA INVEST Norden Europe

Northern European equities

Management Report December 2020 Share A: ISIN code LU1490785091 - Ticker Bloomberg DNNEAAE





Weight Contribution


Musti Group Oy 4.29% 0.53%

Evolution Gaming Group 2.67% 0.50%

Harvia Oyj 3.48% 0.48%

Fortnox Ab 2.08% 0.47%

Weight Contribution

Astrazeneca Plc 4.11% -0.30%

Sartorius Stedim Biotech 3.06% -0.14%

Gn Store Nord A/S 1.41% -0.07%

Link Mobility Group Holding 0.51% -0.04%

Brockhaus Capital Mgmt Ag 0.27% -0.03%




CORP

ORAT

E RE

SPON

SIBI

LITY

RIS

K (C

SR)

Limited 8-10

Low 6-8 16% 4% 5% 13%

Neutral 4-6 39% 3% 2% 3% 10%

Moderate 2-4 2% 1%

High 0-2


0% 0-10% 10-40% 40-80% 80-100%




PERFORMANCE (%)


2017 1.28% 3.84% 2.34% 3.89% 2.90% -0.76% -1.13% -1.11% 2.25% 1.94% -2.97% 2.45% 15.67%

2018 1.03% -3.28% -2.41% 0.60% 5.53% -0.33% 2.30% 0.74% -0.38% -7.17% 0.13% -6.07% -9.57%

2019 5.95% 4.24% 2.76% 3.95% -3.34% 5.23% -1.09% -0.95% 1.81% 3.06% 4.53% 3.76% 33.80%

2020 0.61% -5.17% -9.33% 14.25% 3.76% 3.98% 5.41% 4.93% 2.03% -3.46% 5.78% 6.01% 30.24%


3 22.0%

5 4.7%

13 1.7%

7 1.6%

12 1.3%

No exposure 68.8%

31.2%

Demographic 0.0%

Medical 25.8%

Economic 1.8%

Lifestyle 2.2%

Ecological 12.8%

No exposure 57.3%

42.7%

20,1%

13,1%

11,7%

8,8%

7,8%

6,9%

6,8%

5,1%

3,1%

2,9%

2,1%

2,0%

1,5%

0,5%

0,3%

5,4%

Health Care



Technology

Chemicals

Retail

Travel and Leisure

Insurance

Food and Beverage


Oil and Gas

Media

Real Estate

Telecommunications

Financial Services


23.9%

14.4%

13.5%

10.4%

9.1%

7.2%

4.4%

4.4%

4.1%

3.1%

5.4%

Sweden

Denmark

Switzerland

United Kingdom

Finland

Norway

Netherlands

Germany

Ireland

France


Exclusion area

DNCA INVEST South Europe Opportunities

Southern European equities

Management Report December 2020 Share A: ISIN code LU0284395638 - Ticker Bloomberg LEOVALA

Share class created the 23 February 2007 Data as of 31/12/2020




The Fund seeks to outperform the following composite Index Net Return: 55% FTSE MIB, 40% IBEX, 5% PSI20 calculated with dividends reinvested, over the recommended investment term (5 years).


After the strong rally, the fund gained +4.48% over the last month ending the year at -0.42% against an index at -7.32%. The Italian IT services company SeSa (+116%), utilities Solaria (+214%), Iberdrola (+33%) and Enel (+22%), healthcare stocks Diasorin (+48%) and Amplifon (+33%) as well as Ferrari (+28%),5%) have been the main contributors to this performance while the financial stocks Unicredit (-43%) and Banco Santander (-29%), the oil company ENI (-41.5%) and the airline company IAG (-63%) penalized performance.

Despite the health risk that is still prevalent at the end of the year and the pending outcomes of vaccinations being properly deployed and effectivewe expect the trend to remain remain positive. Business transactions, as was the case in December with Moncler's bid for Stone Island, Investindustrial's bid for Guala Closures and Unicaja's bid for Liberbank, will continue to support Southern European markets. Finally, it should be noted that the latter are still trading at multiples well below the European average (discount of around 20%).

There were no notable movements in December apart from profit-taking on Guala Closures (+19%). Stock selection remains exposed to the dynamics of the ecological transition (Enel, Iberdrola, EDP but also smaller stocks such as Solaria, Erg or Falck Renewables), to the most agile and reasonably valued growth stocks (SeSa, Diasorin, Ferrari, Cellnex...) as well as to a selection of value stocks (FCA, Intesa Sanpaolo, ACS...).

More generally, while 2020 has been punctuated by health announcements, 2021 should above all test the effectiveness of monetary and budgetary policies to support economic recovery. The political stability that currently reigns in Southern Europe and lower global geopolitical risks after the December agreements (Brexit, European and American budgets) provide a favorable framework.

I wish you all an excellent year 2021 and thank you for the trust you have placed in me.


Lucy BONMARTEL



1 2 3 4 5 6 7






2019 performance 25.19% 24.82%






DNCA INVEST SOUTH EUROPE OPPORTUNITIES (Share A) Cumulative performance Reference Index(1)

(1)55% FTSE MIB + 40% IBEX + 5% PSI20. Past performance is not a guarantee of future performance.

MAIN HOLDINGS


Enel Spa 6.0 9.19%

Fiat Chrysler Automobiles Nv

3.9 4.87%

Iberdrola Sa 8.4 8.18% Cellnex Telecom Sa 6.3 4.48%

Intesa Sanpaolo 7.2 6.28%

Finecobank Spa 7.0 4.02%

Ferrari Nv 5.0 6.09% Amplifon Spa 4.9 3.26%

Sesa Spa 6.2 5.51% Banco Santander Sa 4.8 2.95%



None


None

50

100

150

200

Nov-09 Nov-11 Nov-13 Nov-15 Nov-17 Nov-19

+68.17%

+16.44%






Coverage rate - carbon datas 96.8% Carbon footprint 202t CO2 /

M€ invested





DNCA INVEST South Europe Opportunities

Southern European equities

Management Report December 2020 Share A: ISIN code LU0284395638 - Ticker Bloomberg LEOVALA

Share class created the 23 February 2007 Data as of 31/12/2020




Weight Contribution

Sesa Spa 5.51% 1.09%

Fiat Chrysler Automobiles Nv 4.87% 0.56%

Solaria Energia Y Medio Ambi 2.62% 0.46%

Ferrari Nv 6.09% 0.40%

Edp-Energias De Portugal Sa 2.52% 0.35%

Weight Contribution

Cellnex Telecom Sa 4.48% -0.36%

Enagas Sa 1.24% -0.13%

Enel Spa 9.19% -0.12%

Diasorin Spa 2.59% -0.10%

Hera Spa 1.79% -0.05%




CORP

ORAT

E RE

SPON

SIBI

LITY

RIS

K (C

SR)

Limited 8-10 9% 1%

Low 6-8 20% 18% 9% 5%

Neutral 4-6 14% 3% 2% 1% 12%

Moderate 2-4 5% 1%

High 0-2


0% 0-10% 10-40% 40-80% 80-100%




PERFORMANCE (%)


2015 5.51% 10.69% 4.04% 0.19% 0.88% -3.26% 4.43% -6.41% -4.77% 5.20% 0.44% -4.67% 11.39%

2016 -11.68% -4.31% 3.02% 3.13% -1.31% -11.22% 6.31% 2.43% -2.46% 5.40% -4.32% 10.70% -6.73%

2017 -0.39% 1.33% 8.24% 1.53% 2.00% -1.54% 3.61% 0.25% 4.01% 0.41% -2.14% -1.53% 16.45%

2018 6.85% -3.83% -0.79% 5.96% -6.51% 0.78% 2.20% -5.99% 1.88% -8.01% 0.86% -4.53% -11.75%

2019 7.39% 2.72% 1.32% 3.46% -5.58% 4.59% 0.01% -0.85% 4.92% 1.42% 2.85% 1.03% 25.19%

2020 -1.13% -5.34% -22.99% 6.57% 6.14% 3.90% 0.52% 2.91% -2.40% -3.62% 15.64% 4.48% -0.42%


3 7.4%

13 5.7%

7 5.6%

8 3.8%

5 1.9%

9 1.3%

11 0.9%

10 0.6%

12 0.3%

6 0.2%

No exposure 72.2%

27.8%

Demographic 1.0%

Medical 7.3%

Economic 16.8%

Lifestyle 2.2%

Ecological 38.6%

No exposure 34.2%

65.8%

24,8%

16,6%

13,0%

8,5%

7,4%

5,5%

5,5%

5,5%

4,5%

2,6%

2,1%

1,2%

1,1%

0,8%

0,9%

Utilities

Banks



Health Care

Oil and Gas

Technology


Telecommunications

Insurance

Financial Services

Travel and Leisure

Chemicals

Real Estate


64.2%

32.3%

2.5%

0.9%

Italy

Spain

Portugal


Exclusion area

DNCA INVEST Beyond Alterosa

Flexible asset SRI

Management Report December 2020 Share A: ISIN code LU1907594748 - Ticker Bloomberg DNCABAA





The Sub-Fund seeks to outperform the 30% EUROSTOXX 50 (Bloomberg ticker: SX5T Index) + 70% FTSE MTS Global (Bloomberg ticker:EMTXGRT Index) composite index, calculated with dividends reinvested, over the recommended investment period (minimum 5 years). The Sub-Fund is managed taking into consideration Responsible and Sustainable principles. In this way, the investment process and resulting stock and bond picking take into account internal scoring with respect to both corporate responsibility and sustainability of the companies.


Big scare and big jump describe the extreme turmoil that characterized the stock market in 2020. After the fall in March and the spread of the pandemic in Western countries, the markets quickly regained confidence thanks to massive central bank intervention and determined support for fiscal policies. The vaccine discoveries announced in November allowed the markets to look beyond the health crisis. The sense of ecstasy surrounding technology stocks also allowed indices such as the Nasdaq to set new records.

In the end, despite the worst recession in recent decades, the American S&P 500 NR index is up +17.75%, while the European indices limit their losses to -5.57% for the CAC40 NR and -3.21% for the Eurostoxx50 NR.

Beyond Alterosa achieved a monthly performance of 0.65% against 0.64% for its benchmark index (30% EURO STOXX 50 + 70% FTSE MTS Global). Equities contributed more than 85% to this positive performance, with Dassault Systèmes +15bps, ASML +11bps and Crédit Agricole +7bps as main contributors. Bonds contributed 15%, with the main contributors being the issuers: Solocal +1bp, Solvay +1bp and Fnac Darty +1bp. Over the year, the fund posted a performance of 0.67% against 3.59% for its benchmark index. Equities and bonds made similar positive contributions.

During the month, we increased exposure to ASML, Bureau Veritas, Crédit Agricole, Enel, Intesa Sanpaolo, Michelin, STMicroelectronics, Tomra, Unilever and Véolia. The Kingspan position was closed. At the end of December, Beyond Alterosa remains invested in 27.92% on equities with significant exposure to technology, chemicals and household20.27xsonal care products sectors. The portfolio’s growth bias is maintained with 70% of shares dedicated to this theme. Financial characteristics show a PER for the year 2021 of 20.6x, for expected profit growth of +18%.

The bond portfolio welcomes several new lines: the Dutch telecoms number 2 VodafoneZiggo (8 years at 2.9%, green bond), the Swedish social real estate specialist SBB (hybrid at 2.8% at call 2025) and the IMA listed Italian industrialist IMA (8 years at 3.75%), the Italian payment specialist Nexi, in full consolidation of the sector (2024, 1.3%). The Canpack 2027 and Nokia 2025 lines are reinforced.

On the reverse, Corestate Capital was removed from the portfolio following sudden and unexpected changes in ownership, management and the supervisory board. The 2023 inflation-linked Spanish sovereign bond line was also sold to focus on corporate debt, providing a better risk/return ratio.

At the end of 2020, the main convictions of the portfolio are maintained: Air Liquide (Ecological Transition, 2.3%), Dassault Systèmes (Lifestyle Transition, 2.2%), Roche (Medical Transition, 2.1%), Geberit (Demographic Transition, 4.7%) and Unilever (Medical Transition, 4.1%). Positioning is characterized by equity market exposure of 27.92% (50% maximum), which still reflects we are prudent and expect more favorable entry points to strengthen certain positions; 51% for the bond portion and 16% for cash. With more than 40% in investment grade bonds, the yield on the bond portion remains high at 1.2% with low sensitivity of 2.4. Extra-financial characteristics show a responsible performance rating of 6/10 and sustainable transition exposure at 72%.


Léa DUNAND-CHATELLET - Adrien LE CLAINCHE - Romain GRANDIS - Damien LANTERNIER - Baptiste PLANCHARD



1 2 3 4 5 6 7






2019 performance 13.20% 12.89%





DNCA INVEST BEYOND ALTEROSA (Share A) Cumulative performance Reference Index(1)

(1)30% EURO STOXX 50 + 70% FTSE MTS Global. Past performance is not a guarantee of future performance.

MAIN HOLDINGS

Bonds Responsibility score Weight Equities Responsibility score Weight

Telecom Italia Spa/Milano 1.13% 2022 Cv

4.6 2.43% Air Liq.Prime 2022 8.5 2.25%

Unicredit Spa 6.95% 2022 4.3 1.89% Dassault Systemes Se 8.2 2.17%

Amadeus It Group Sa 2.5% 2024

5.3 1.83% Roche Holding Ag-Genusschein

6.9 2.13%

Intesa Sanpaolo Spa 6.63% 2023

7.2 1.52% Geberit Ag-Reg 8.4 1.62%

Symrise Ag 1.25% 2025 6.2 1.37% Unilever Plc 6.6 1.57%




6.4 5.5


Corestate Capital Holding Sa 1.38% 2022 Cv

3.8

Kingspan Group Plc 6.0 Sixt Leasing Se 1.13% 2020 4.1 Spain I/L 2023

95

100

105

110

115

120

Dec-18 Apr-19 Aug-19 Dec-19 Apr-20 Aug-20 Dec-20

+13.40%

+16.49%





Coverage rate - carbon datas 94.9% Carbon intensity 143t CO2 / M€ sales






Nexi Spa 1.75% 10/31/2024Samhallsbyggnadsbolaget 2.625%Sofima Holding S.P.A 3.75% 01/15/2028Vz Vendor Financing 2.875% 01/15/2029

DNCA INVEST Beyond Alterosa

Flexible asset SRI

Management Report December 2020 Share A: ISIN code LU1907594748 - Ticker Bloomberg DNCABAA







CORP

ORAT

E RE

SPON

SIBI

LITY

RIS

K (C

SR)

Limited 8-10

1%

3%

6%

3%

Low 6-8

1%

11%

9%

12%

3%

Neutral 4-6

27%

14%

4%

3%

1%

Moderate 2-4

High 0-2


0% 0-10% 10-40% 40-80% 80-100%


The ABA (Above and Beyond Analysis) proprietary analysis model enables the valuation of the portfolio's exposure to Corporate Risk and the opportunities of Sustainable Transition through a matrix. We are committed to having portfolios invested at least on a neutral CSR risk. BREAKDOWN BY SECTOR


BREAKDOWN BY ASSETS

BOND'S PORTFOLIO RATING


PERFORMANCE (%)


2019 1.63% 1.95% 1.19% 2.21% -2.43% 2.34% 0.28% 0.22% 1.92% 0.50% 1.53% 1.22% 13.20%

2020 0.21% -2.13% -9.10% 2.97% 1.80% 1.74% 0.80% 1.26% 0.15% -1.11% 4.06% 0.65% 0.67%


3 9.8%

8 4.4%

12 4.4%

13 3.1%

7 2.1%

11 1.5%

9 1.0%

10 0.9%

5 0.7%

6 0.5%

15 0.2%

No exposure 71.5%

28.5%

Demographic 2.7%

Medical 15.3%

Economic 22.1%

Lifestyle 9.4%

Ecological 22.7%

No exposure 27.7%

72.3%

14,6%11,2%

8,6%7,5%

5,5%5,4%

4,6%4,4%4,3%

3,2%2,4%

2,1%1,7%

1,1%0,8%

0,6%0,5%

4,9%16,0%

Banks

Technology


Chemicals

Telecommunications


Utilities


Health Care


Financial Services

Retail

Real Estate

Media

Travel and Leisure

Basic Resources

Food and Beverage

UCITS


27.5%

16.7%

9.6%

9.1%

3.8%

3.8%

2.1%

1.5%

1.4%

0.8%

0.7%

0.6%

0.4%

0.4%

0.4%

4.9%

16.0%

France

Italy

Spain

Netherlands

Germany

Switzerland

Austria

Denmark

United Kingdom

Belgium

Norway

Finland

Luxembourg

Ireland

Sweden

UCITS


34,4%

27,9%

8,4%

4,9%

4,3%

4,1%

16,0%

Fixed rate bonds

Equities

Floating-rate bonds

UCITS

Convertible bonds


Cash and equivalents0.7%

7.8%

32.6% 33.4%

1.5%

24.0%

AA A BBB BB CC NR

Exclusion area

DNCA INVEST Beyond Semperosa

Impact - European Equities Fund SRI

Management Report December 2020 Share A: ISIN code LU1907595398 - Ticker Bloomberg DNCABSA





The Sub-Fund seeks to outperform of the following index denominated in Euro: Euro Stoxx NR (Bloomberg ticker: SXXT Index) calculated with dividends net of withholding taxes reinvested, over the recommend investment term. The sub-funds philosophy is particularly to focus on companies that have a strong social and/or environmental impact. This impact is evaluated through their exposure (in terms of turnover, R&D expenses or capex) via the proprietary model of the Investment Manager


What a year! From every point of view, 2020 will remain an exceptional year. Society, as a whole, has undergone an unprecedented upheaval. There is no need review the calendar of health events that will have punctuated our daily lives all over the world and, by variation, the financial markets. What we do remember is the panic-stricken environment and global economic crisis, which marked a sharp downturn that was short-lived. This is reflected in the performance of the leading indices, most of which ended the year in the green: CAC -0.7%, DAX +3.5%, DJ +6.6%. The erratic behavior of the markets, was marked by violent movements (both upwards and downwards), demonstrating a certain frenzy, but above all, a strong inconsistency between the financial sphere and the real sphere. There is no doubt. 2020 will not be just a parenthesis. The economic and societal consequences will be felt in the coming months and even years. In the shorter term, a form of blindness is looming. Supported by fiscal stimulus packages (with amounts that exceed our normal thinking and whose associated deficits are unprecedented) and by monetary policies (whose accommodation no longer has any limits), it is likely that the stock market upturn will last. Over the last month of the year, the Semperosa fund recorded a performance of 1.67% compared to 2.09% for its benchmark index, the Eurostoxx. Over the year, the fund significantly outperformed 9.89% compared with 0.25% for its benchmark index.

In 2020, the main contributors to performance were : Thule (Medical Transition, +120bp), Voltalia (Ecological Transition, +87bp), BioMérieux (Medical Transition, +85bp), Albioma (Ecological Transition, +84bp) and Mayr Melnhof (Ecological Transition, +77bp). Conversely, the main underperformers are: Hera (Ecological Transition, -58bp), Saint-Gobain (Ecological Transition, -52bp), Danone (Medical Transition, -48bp), Korian (Medical Transition, -39bp) and Essity (Medical Transition, -32bp).

At the end of 2020, the portfolio is composed of 39 stocks. The main convictions in the portfolio are unchanged: Air Liquide (Transition Ecologique, 4.7%), Roche (Transition Médicale, 4.7%), Iberdrola (Transition Ecologique, 4.7%), Dassault Systèmes (Transition Mode de Vie, 4.4%) and Essity (Transition Médicale, 4.1%). In line with our management style and SRI conviction, the portfolio is concentrated with a top 10 representing 39.5%, reflecting our prudent positioning and our expectation for more favorable entry points to strengthen certain positions in the portfolio. Equity exposure at the end of the month was 92%, unchanged from the previous month.


Léa DUNAND-CHATELLET - Adrien LE CLAINCHE



1 2 3 4 5 6 7






2019 performance 28.46% 26.11%





DNCA INVEST BEYOND SEMPEROSA (Share A) Cumulative performance Reference Index(1)

(1)Euro Stoxx Net Return. Past performance is not a guarantee of future performance.

MAIN HOLDINGS


Roche Holding Ag-Genusschein

6.9 4.75% Asml Holding Nv 7.4 3.97%

Iberdrola Sa 8.4 4.67% Thule Group Ab/The 5.8 3.67%

Air Liquide Sa 8.5 4.59% Michelin (Cgde) 8.3 3.26%

Dassault Systemes Se 8.2 4.42% Stmicroelectronics Nv 5.3 3.09%

Essity Aktiebolag-B 6.8 4.09% Bureau Veritas Sa 7.4 2.90%



None


Kingspan Group Plc 6.0

80

100

120

140

160

Dec-18 Apr-19 Aug-19 Dec-19 Apr-20 Aug-20 Dec-20

+39.81%

+24.01%







M€ invested





DNCA INVEST Beyond Semperosa

Impact - European Equities Fund SRI

Management Report December 2020 Share A: ISIN code LU1907595398 - Ticker Bloomberg DNCABSA






Weight Contribution

Voltalia Sa- Regr 1.49% 0.38%

Asml Holding Nv 3.97% 0.32%

Dassault Systemes Se 4.42% 0.31%

Thule Group Ab/The 3.67% 0.30%

Tomra Systems Asa 1.96% 0.21%

Weight Contribution

Kingspan Group Plc Out -0.43%

Stmicroelectronics Nv 3.09% -0.27%

Air Liquide Sa 4.59% -0.12%

Biomerieux 1.79% -0.09%

Edenred 1.81% -0.06%




CORP

ORAT

E RE

SPON

SIBI

LITY

RIS

K (C

SR)

Limited 8-10

4%

7%

10%

6%

Low 6-8

25%

24%

10%

Neutral 4-6

10%

4%

Moderate 2-4

High 0-2


0% 0-10% 10-40% 40-80% 80-100%




PERFORMANCE (%)


2019 5.55% 5.06% 2.56% 4.22% -4.18% 4.26% -0.31% -1.19% 2.88% 1.23% 3.94% 1.74% 28.46%

2020 0.39% -4.43% -9.53% 4.61% 5.41% 2.73% 1.70% 2.49% 1.04% -3.44% 8.09% 1.67% 9.89%


3 24.7%

8 12.6%

12 10.9%

13 9.2%

7 5.4%

5 1.7%

11 1.7%

15 0.4%

9 0.4%

6 0.2%

No exposure 32.8%

67.2%

Demographic 2.1%

Medical 37.3%

Economic 3.7%

Lifestyle 19.9%

Ecological 36.9%

No exposure 0.0%

100.0%

19,8%

13,3%

12,4%

11,6%

11,0%

8,8%

5,5%

3,8%

3,6%

0,2%

2,9%

7,1%


Technology


Chemicals

Health Care

Utilities



Food and Beverage

Oil and Gas

UCITS


35.3%

13.4%

9.8%

7.8%

6.4%

4.7%

3.5%

2.5%

2.0%

2.0%

1.5%

1.2%

2.9%

7.1%

France

Netherlands

Switzerland

Sweden

Germany

Spain

Italy

Denmark

Ireland

Norway

Austria

Finland

UCITS


Exclusion area

DNCA INVEST Beyond Infrastructures et Transition

European infrastructure equities SRI

Management Report December 2020 Share B: ISIN code LU0309082799 - Ticker Bloomberg LEOIBBC





The Sub-Fund seeks to outperform the MSCI Europe Infrastructure Net Index on the recommended investment term (5 years).


The European stock market indices ended 2020 only slightly down despite the health and economic crisis linked to the Covid-19 pandemic (Stoxx 600 -4.04% and Eurostoxx -1.58% YTD). After the euphoria of November, the markets rose more moderately in December (Stoxx 600 +2.48%; Eurostoxx 2.01%), accompanied by a volatile trajectory. Concerns about a mutation of the virus and the tightening of restrictions in certain countries (curfews, suspension of air links with the United Kingdom, etc.) were mitigated by the good news surrounding the post-Brexit trade agreement signed in extremis, the lifting of the Hungarian and Polish vetoes on the European budget (including the €750bn recovery plan) and the vote in Congress on the American support plan ($900bn; 4% of GDP). The appetite for cyclical sectors has thus been maintained.

The DNCA Invest Beyond Infrastructure & Transition fund continued the trend of the previous month, with relative outperformance of 266bp over the past month, allowing it to record an absolute annual performance of -2.65%, against -0.3% for its benchmark (MSCI Europe Infrastructure NR). The fund continued to benefit from its repositioning towards "Infrastructure 2.0" themes with a balanced profile in terms of management style (growth/value) and sector exposure (Energy 44%, Communications 20%, Transport/Mobility 20%, Buildings/Digital Infrastructure 16%, against 95% of Utilities and Telecom for the index).

The main contributors to the monthly performance are the values of renewables: Grenergy Renovables (156bp), Solarpack (76bp), EDP (41bp), Voltalia (36bp), as well as Scatec and Orsted to a lesser extent. Conversely, the main underperformers were Cellnex (-25bp), Vinci (-19bp), Inwit (-17bp), Iren (-13bp) and Eiffage (-11bp).

We carried out a few marginal transactions during the month of December while also making two significant moves: 1) liquidated our position in the Portuguese electricity grid operator REN, based on our belief that the potential for the share to appreciate in the short term is limited; 2) reduced our position in Saint Gobain by around half, due to the investigation into the Grenfell Tower fire in London in 2017, which points to the possible involvement of its British subsidiary Celotex. We remain fundamentally positive on the company, but we wait for more visibility on this case despite our believe that the risks are essentially reputational more than financial. At the end of December, the portfolio's investment rate is 95.92%.

After the strong rebound in activity from the low points of March/April which will be supportive for confidence indicators, the macroeconomic outlook and the return to pre-crisis trends will depend on the speed of deployment of vaccination campaigns around the world and the lifting of restrictions in all sectors of activity (services in particular, including leisure and tourism, which have been very badly affected). Monetary policies are expected to remain accommodative in the coming quarters and fiscal measures will provide support in most economies. In this context, the theme of reflation may move back to the forefront.

While uncertainty about the recovery trajectory remains high, we enter 2021 with an unchanged investment strategy (now in place since 1 April 2020, following the management team change which resulted in a portfolio turnover rate of 53%).

We are confident that the fund will continue to rebound in 2021, given : 1) its positioning on secular growth themes, providing a defensive profile; 2) an environment of low real interest rates, whereas a more inflationary environment would be favorable to Utilities and Transport stocks in particular; 3) significant stimulus plans focused on green and digital infrastructure, on which the fund is positioned; 4) exposure to transport and mobility stocks (airports, ports and motorways) which offer significant potential for a rebound once the vaccine is rolled out and restrictions on passenger flows are lifted.


Julie ARAV - Léa DUNAND-CHATELLET



1 2 3 4 5 6 7






2019 performance 22.16% 16.38%






DNCA INVEST BEYOND INFRASTRUCTURES ET TRANSITION (Share B) Cumulative performance Reference Index(1)

(1)MSCI Europe Infrastructure Net Index. Past performance is not a guarantee of future performance. Performances since inception are based on a strategy that has been modified on October 11, 2018.

MAIN HOLDINGS


Enel Spa 6.0 3.81% Grenergy Renovables 4.1 2.94%

Deutsche Telekom Ag-Reg

6.5 3.64% Veolia Environnement 6.2 2.86%

Vinci Sa 4.9 3.54%

Edp-Energias De Portugal Sa

6.1 2.85%

Cellnex Telecom Sa 6.3 3.35% Eiffage 5.3 2.73%

Bouygues Sa 5.7 3.33%

Engie 4.7 2.72%



None


Redes Energeticas Nacionais 6.1

50

100

150

200

Oct-07 Oct-09 Oct-11 Oct-13 Oct-15 Oct-17 Oct-19

+44.65%

+6.54%







M€ invested





DNCA INVEST Beyond Infrastructures et Transition

European infrastructure equities SRI

Management Report December 2020 Share B: ISIN code LU0309082799 - Ticker Bloomberg LEOIBBC






Weight Contribution

Grenergy Renovables 2.94% 1.56%

Solarpack Corp Tecnologica S 2.63% 0.76%

Edp-Energias De Portugal Sa 2.85% 0.41%

Voltalia Sa- Regr 1.41% 0.36%

Korian 2.32% 0.27%

Weight Contribution

Cellnex Telecom Sa 3.35% -0.25%

Vinci Sa 3.54% -0.19%

Infrastrutture Wireless Ital 1.79% -0.17%

Iren Spa 2.08% -0.13%

Eiffage 2.73% -0.11%




CORP

ORAT

E RE

SPON

SIBI

LITY

RIS

K (C

SR)

Limited 8-10

2%

1%

1%

Low 6-8

9%

10%

12%

11%

9%

Neutral 4-6

13%

10%

4%

7%

9%

Moderate 2-4

High 0-2


0% 0-10% 10-40% 40-80% 80-100%




PERFORMANCE (%)


2015 6.35% 4.98% 0.57% 0.91% -0.60% -4.28% 4.73% -4.26% -3.04% 4.39% 0.43% -1.94% 7.76%

2016 -3.62% -1.55% 4.43% 3.08% -1.14% -1.72% 2.44% -0.42% -1.14% -0.66% -4.70% 6.85% 1.23%

2017 -2.16% 4.82% 5.73% 0.93% 4.83% -2.97% 1.66% 1.08% 0.16% 1.34% -1.19% -1.27% 13.27%

2018 -0.60% -4.58% -0.01% 5.76% -6.02% -0.19% 3.13% -5.68% -0.50% -2.26% 1.58% -4.54% -13.68%

2019 7.00% 1.81% 2.49% -0.13% -2.23% 3.57% 2.38% -0.36% 3.30% -0.03% 1.93% 0.76% 22.16%

2020 1.04% -6.31% -18.54% 5.22% 1.99% 3.44% -0.82% 3.43% -2.77% -4.53% 15.27% 3.62% -2.65%


13 14.0%

7 11.4%

11 3.7%

5 3.7%

12 2.7%

9 1.7%

6 1.7%

8 1.5%

10 0.0%

3 0.0%

No exposure 59.6%

40.4%

Demographic 3.2%

Medical 0.1%

Economic 5.9%

Lifestyle 8.1%

Ecological 60.3%

No exposure 22.5%

77.5%

33,5%

18,6%

18,0%

13,6%

5,5%

2,5%

2,3%

2,0%

1,6%

2,5%

Utilities



Telecommunications

Oil and Gas

Media

Health Care

Technology

UCITS


36.4%

17.3%

16.2%

10.9%

3.9%

3.8%

3.0%

2.9%

1.6%

1.6%

2.5%

France

Spain

Italy

Germany

Switzerland

Denmark

United Kingdom

Portugal

Norway

UCITS


Exclusion area

DNCA INVEST Beyond Global Leaders

Global equities SRI

Management Report December 2020 Share B: ISIN code LU0383784146 - Ticker Bloomberg LGBLBCE





The Sub-Fund seeks to outperform the MSCI All Countries World Index (MSCI ACWI Index) calculated with dividends reinvested on the recommended investment term (5 years).


“True originality consists not in a new manner but in a new vision.” – Edith Wharton

The fund performed spectacularly in December – both on an absolute basis as well as on a relative basis. There is nothing else to say. How can this fund manager explain the performance? A little bit of luck such as the news of AstraZeneca announcing the acquisition of Alexion – a position in the fund, but mostly strong stockpicking. Evelo Biosciences announced successful data in its trials, Abivax’s trial was declared a National Priority by the French Government, Swedencare rose on the back of yet another earnings accretive acquisition, Nanoform rose on the announcement of its first patients being dosed. And on the back of five successful - for now - stock picks, the surreal year that was 2020 ended with a flourish.

December just accentuated even further the difference between sectors, with technology being the standout, in a year where the MSCI Global Index was actually up 14.3% (in USD) despite the whole world closing down for most of the first half of the year. Semiconductors continued to show stronger than expected growth. EV sales figures continued to impress. Actually everything digital performed well.

Whether 2021 will continue where 2020 left off, is anyone’s guess. 2020 is gone. And good riddance. With not one, not two, but three approved vaccines, let’s hope that the roll-out will go smoothly. Will we go back to the way Life was? Once again, anyone’s guess. But it would be nice to start living again. And along with that, a strong pick up in global growth will also be needed. For all those who lost...either friends or family, or their jobs and livelihood.

Happy new year, everyone.


Rajesh VARMA - YingYing WU, CFA



1 2 3 4 5 6 7






2019 performance 27.42% 28.93%






DNCA INVEST BEYOND GLOBAL LEADERS (Share B) Cumulative performance Reference Index(1)

(1)MSCI All Countries World Index NTR (MSCI ACWI). Past performance is not a guarantee of future performance. Performances since inception are based on a strategy that has been modified on October 11, 2018.

MAIN HOLDINGS


Swedencare Ab 4.5 4.94% Taiwan Semiconductor Manufac

8.9 2.25%

Bioxcel Therapeutics Inc 5.5 4.41% Puretech Health Plc 6.2 2.21%

Evelo Biosciences Inc 4.1 3.08% Sumco Corp 4.9 2.15%

Samsung Sdi Co Ltd 4.8 2.75% Alexion Pharmaceuticals Inc

5.6 2.14%

Housing Development Finance

4.0 2.32% Roche Holding Ag-Genusschein

6.9 2.02%



None


None

75

100

125

150

175

200

225

250

275

Nov-10 Nov-12 Nov-14 Nov-16 Nov-18 Nov-20

+163.76%+152.89%



Estimated PER 2021 25.7 x ND/EBITDA 2020 -0.2 x




invested





DNCA INVEST Beyond Global Leaders

Global equities SRI

Management Report December 2020 Share B: ISIN code LU0383784146 - Ticker Bloomberg LGBLBCE






Weight Contribution

Evelo Biosciences Inc 3.08% 2.08%


Nanoform Finland Plc 1.63% 0.68%

Puretech Health Plc 2.21% 0.67%

Abivax Sa 1.77% 0.61%

Weight Contribution

Polypid Ltd 0.58% -0.14%

Astrazeneca Plc-Spons Adr 1.44% -0.14%

Daiichi Sankyo Co Ltd 1.98% -0.12%

Unilever Plc 1.99% -0.08%

Chatwork Co Ltd 1.39% -0.07%




CORP

ORAT

E RE

SPON

SIBI

LITY

RIS

K (C

SR)

Limited 8-10

3%

Low 6-8

2%

3%

9%

9%

Neutral 4-6

3%

8%

11%

11%

39%

Moderate 2-4

High 0-2


0% 0-10% 10-40% 40-80% 80-100%




PERFORMANCE (%)


2015 6.54% 5.03% 2.43% -3.93% 3.74% -3.36% 2.77% -8.47% -4.61% 8.94% 3.57% -1.65% 9.91%

2016 -7.59% -0.37% 1.58% 0.61% 3.25% -1.91% 4.81% 0.52% 0.34% -1.66% 0.95% 0.40% 0.41%

2017 1.89% 4.68% 1.36% 1.57% 0.87% -0.13% -1.00% 0.83% 1.75% 3.32% -1.56% -0.43% 13.77%

2018 1.43% -1.84% -2.40% -0.91% 4.54% -3.32% 1.92% 0.45% -3.76% -6.90% 3.49% -4.14% -11.43%

2019 4.61% 5.23% 3.89% 3.75% -7.09% 4.48% 2.08% -0.52% 1.24% 2.08% 1.32% 4.06% 27.42%

2020 -0.49% 0.18% -10.27% 12.12% 4.40% 3.31% -1.91% 1.03% 1.77% 0.27% 6.33% 8.13% 25.75%


3 43.3%

9 7.5%

8 6.5%

5 3.9%

13 2.4%

10 1.4%

7 1.4%

12 0.9%

11 0.4%

15 0.0%

No exposure 32.3%

67.7%

Demographic 0.0%

Medical 51.0%

Economic 10.2%

Lifestyle 11.1%

Ecological 22.2%

No exposure 5.5%

94.5%

33,4%

20,9%

9,2%

5,6%

4,9%

2,3%

2,0%

2,0%

1,3%

2,6%

15,7%

Health Care

Technology



Food and Beverage

Financial Services

Telecommunications

Retail


UCITS


24.6%

14.0%

6.8%

6.6%

5.1%

4.3%

3.9%

3.6%

2.7%

2.0%

2.0%

1.6%

1.5%

1.5%

1.4%

2.6%

15.7%

USA

Japan

Sweden

United Kingdom

Switzerland

India

Taiwan

France

Korea (South)

Denmark

Australia

Finland

Hong Kong

Netherlands

Germany

UCITS


Exclusion area

DNCA Finance - 19 place Vendôme 75001 ParisAn investment management company authorised by the AMF

(Financial Market Authorities) under number GP 00-030 on 18 August 2000

Public limited company with capital of 1,500,000 eurosTél. : +33 (0)1 58 62 55 00 | Fax : +33 (0)1 58 62 55 19

www.dnca-investments.comDedicated intranet site for independents

This promotional document is a simplified presentation and does not constitute a subscription offer or an investment recommendation. No part of this document may be reproduced, published or distributed without prior approval from the investment management company. Access to products and services presented may be restricted regarding certain persons or countries. Tax treatment depends on the individual situation of each investor. All subscribers must receive the KIID prior to making a subscription. For full information regarding strategies and fees, please refer to the prospectus, KIID documents and other regulatory information available on our website www.dnca-investments.com or free of charge on demand from the investment management company’s registered offices. Specific consideration for Swiss investors : as DNCA Finance does not have the status of Swiss Distributor, the Swiss Prospectus, the Key Investor Information Document (KIID), the articles of incorporation, the annual and semi-annual report in French and supplemental information may be obtained free of charge from the Swiss Representative of the Funds. The Swiss Representative of the Funds is Carnegie Fund Services S.A., 11 rue du Général-Dufour, CH-1204 Genève, Switzerland, web : www.carnegie-fund-services.ch. The paying agent service is assumed by Banque Cantonale de Genève, 17, quai de l’Ile, CH-1204 Geneva, Switzerland. For the Funds authorized for the distribution to non qualified investors, the latest net asset values are published on www.swissfunddata.ch.DNCA Investments is a trademark held by DNCA Finance

ContactsFrédéric Kampschöer | Head of Sales - [email protected] - +33 01 58 62 55 03Thomas Péan | Head of Sales Nothern Europe - [email protected] - +352 28 48 01 55 23 Jeroen Vrancken | Sales Nothern Europe - [email protected] - +32 479 99 87 10

http://www.dnca-investments.com/fr/

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