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French boutique overhauls top manager’s Italy fund

French boutique overhauls top manager’s Italy fund

DNCA Finance has opted to reposition Citywire AAA-rated manager Isaac Chebar’s Italian equity fund into a broader Southern Europe strategy.

This sees the Luxembourg-domiciled DNCA Invest Italian Opportunities rebranded and its investment philosophy changed.

The Paris-based group launched the fund as a dedicated Italian equity strategy for Chebar in November 2009.

Following the change, which occurred in May, the fund is now known as the DNCA Invest Southern European Opportunities fund and has a much broader reach.

It will invest at least two-thirds of its assets in companies based or doing the bulk of their business in Italy, Portugal, Spain and Greece.

Chebar will continue to be supported on the fund by Lucy Bonmartel. The former AXA IM fund manager was assigned as Chebar’s deputy in March of this year.

DNCA Finance said the fund will seek to tap the investment opportunities created by the European peripheral recovery.

Chebar and Bonmartel continue to co-manage two European equity funds on behalf of the group. These are the DNCA Invest Value Europe, which is domiciled in Luxembourg, and the France-domiciled DNCA Value Europe fund.

The DNCA Invest Italian Opportunities fund returned 39.36% in euro terms over the three years to the end of June 2014. The Comite R index, the fund’s reference benchmark, rose 10.74% over the same period.

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