07/09/2012
Delubac AM creates an I share class in Exceptions Pricing Power fund
From 7 September, subscribers, particularly institutionals, will have access to a new I share class in the Delubac Exceptions Pricing Power fund. The fund, launched on 30 September 2005, currently has assets of EUR35m, with slight net subscriptions since the beginning of the year. However, returns YTD at 5 September total 26%, compared with 18% for the best euro zone index (the Dax, ati +18%). The fund has also outperformed the best euro zone indices in 2010 and 2011, with 17.16% compared with 16.16% for the Dax, and -4.03%, compared with -11.87% for the AEX index, respectively. The fund is expected to receive a fifth star from Morningstar soon.At the end of the bear year that was 2011, eight of the 34 positions in the portfolio were nonetheless at all-time highs, says the manager, Gérard Moulin. The fund is clearly positioned on growth shares which are protected by pricing power; the average cap size for companies in the portfolio is about EUR17bn. For stock-picking, Moulin and Séverine Alluin, management assistant, refuse “to confuse performance and expensiveness,” and bet on solidity and long-term credibility.CharacteristicsName: Delubac Exceptions Pricing Power, I-class sharesISIN code: FR0011304229Front-end fee: noneManagement commission: 1% (compared with 2.15% for P-class shares)Performance commission: 15% of performance exceeding the MSCI Europe + 500 basis pointsMinimal initial subscription: EUR250,000Initial value of shares: EUR10,000
