EUROPEAN "VALUE" EQUITIES

ISIN : C Units : FR0010058008

The inception of the fund : 02/04/2004 (C Units)

MANAGERS : Isaac Chebar, Rémy Gicquel

PHILOSOPHY
This fund – which is eligible for the PEA scheme – has a "value" approach applied to European equities. DNCA Value Europe is made up of discounted equities that offer high dividends and prospects of consistent earnings growth.

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Aggregate perf. at the 15/05/2012	Since the 01/01/12	1 month	3 month	6 month	1 year	5 year	Since the creation**	2011
Centifolia Europe	0,74 %	-0,17 %	-4,41 %	3,73 %	-8,42 %	-18,99 %	29,93 %	-5,19 %
DJ stoxx 600	0,50 %	-3,01 %	-6,40 %	3,68 %	-11,65 %	-37,62 %	0,99 %	-11,34 %
MSCI PAN Europe	-0,56 %	-2,73 %	-6,79 %	2,80 %	-11,04 %	-37,81 %	-3,37 %	-10,02 %

** Unit C created on 02/04/2004

« The last performances are not a reliable indicator of the future performances. »

OBJECTIVES
Capital appreciation in the medium term Volatility lower than that of the MSCI Europe

ASSET CLASSES
European equities (minimum 75%)

TARGET
For the investor who wants to invest in European equities while minimising risk in this asset class.

PERFORMANCES
2010 : 3,67%
2009 : 22,59%
2008 : -30,05%
2007 : 2,20 %
2006 : 16,85 %
2005 : 17,92 %
Fun created the 2nd april 2004