The DNCA Invest Velador targets a regular performance with limited dependence on the markets’ direction, whilst keeping a modest level of volatility. With a target net exposure 0/+50% the fund seeks to outperform a composite benchmark index made up of 25% Eurostoxx 50 Net Return and 75% EONIA whilst maintaining a volatility below 8%. Fundamental financial analysis of European companies and their valuation levels are at the core of investment decisions. The managers seek European stocks likely to outperform either their sector-based indices or market indices. Performance is mainly based on the performance gap between the stocks selected and the sector-based or equity market futures sold against them.