Amundi Funds Emerging Europe

Asset class /
Geographical area : Equities / Emerging Countries
Benchmark : 100% MSCI EM EUROPE 10/40
Minimum recommend investment period : 5 years

Launch date12/16/1996

Data as of 08 September 2010

Reference Currency : EUR

Other dealing currency : USD

Net assets (in M) : 31.59

NAV acc. share : 30.76

NAV distr. share : 30.61

Country of registration : Austria, Belgium, Chile, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Luxembourg, Macao, Netherlands, Norway, Peru, Portugal, Singapore, Spain, Sweden, Switzerland, United Kingdom

Performance
NAVs
Management
Key features
News & Publications


Start Date	End Date
or time period	Currency

Performance from 12 September 2005 to 08 September 2010 ( EUR )

Amundi Funds Emerging Europe - C ( 16.43% over the period)

100% MSCI EM EUROPE 10/40 ( 29.69% over the period)

Sliding performance as of 08 September 2010 ( EUR )
	YTD	1 week *	1 Month *	1 Year *	3 Years *	5 Years *
Fund	12.70%	1.97%	0.82%	36.62%	-21.51%	20.27%
Benchmark	16.01%	1.94%	1.00%	36.97%	-14.32%	34.96%

Calendar performance ( EUR )
	2006	2007	2008	2009
Fund	25.57%	21.47%	-70.27%	99.03%
Benchmark	25.35%	20.98%	-65.11%	84.14%

Risk indicators as of 08 September 2010
	1 Year	3 Years	5 Years
Volatility (Volatility)	29.20% (28.06%)	43.26% (41.75%)	37.44% (35.97%)
Tracking Error Ex Post	3.99%	5.54%	5.26%
Information Ratio	-0.09	-0.49	-0.46
Sharpe ratio	1.24	-0.23	0.03

* Rolling performance : for funds that have been launched since less than 1 year or 3 years or 5 years, the performance showed in the table in the 1 year or 3 years or 5 years column is the performance since incentive of the fund.

All performance figures are calculated in your selected currency based NAV to NAV with gross income accumulated.

Past performance does not guarantee future returns. The value of an investment can rise or fall with market fluctuations, and you may lose the amount originally invested. The material is based upon information that we consider reliable as of the date shown, but we do not represent that it is accurate, complete, valid or timely, in particular any data communicated to us by a third party, and it should not be relied on as such for any particular purpose. All material is subject to change.

The fund performance is calculated net of investment management fees including commissions and custody fees. The benchmark performances are calculated with net dividend reinvested when applicable. Both performances for funds and benchmarks are calculated using internal software fed by external sources (predominantly Datastream).

The exchange rates used to convert the benchmark and investment funds are the rates published by WM/Reuters at 16:00 (London time) on the last day of the month.


Start Date	End Date
or time period	Frequency	Currency

NAV in EUR as of 08/26/2010 to 09/08/2010
Dates	NAV Distr. share	NAV Acc. share	Net assets (in M)
09/08/2010	30.61	30.76	31.59
09/07/2010	30.25	30.40	31.39
09/06/2010	30.32	30.47	31.47
09/03/2010	30.28	30.43	31.45
09/02/2010	30.22	30.37	31.39
09/01/2010	30.02	30.17	31.30
08/31/2010	29.57	29.72	30.93
08/30/2010	29.47	29.62	30.85
08/27/2010	29.55	29.70	30.93
08/26/2010	29.23	29.37	30.60

Value as of 08 September 2010
	EUR	USD
Net assets (in M)	31.59	40.26
NAV acc. share	30.76	39.21
NAV distr. share	30.61	39.02
Last coupon paid on 09/23/1998	0.11	8.16

Management comment

As the debt worries in Euroland subsided from the investors’ mind the risk trade was back on in July 2010 and Emerging markets rallied (8.3%, 1.6% YTD) in line with the developed markets. Emerging Europe (MSCI Emerging Europe) increased by (13.4%) in July (YTD -0.8%) outperforming the other emerging regions by 4.7%. As the privatization flow finally ebbed Poland bounced 19.7% (to -2.5%YTD) reversing some of its YTD underperformance. We remain underweight Poland as valuations are not attractive with respect to the limited growth prospects. The Turkish market was again strong (+16.0%, 15.3%YTD) as Q2 results are as strong as anticipated. We remain overweight this market as we believe in a strong recovery driven by solid loan growth and consumer spending benefitting from the low interest rates and deflationary environment. Rate hike fears have been pushed out to Q4-2010/Q1-2011 as inflation is still benign for the moment. We continue to be overweight in financials and domestic discretionary consumption. The Russian market (11.4%, YTD0.4%) increased in line with the oil price as risk was added to many portfolios. We remain overweight Russia given its attractive valuations and prospects for recovery. We continue being overweight in energy and domestic consumption. Hungary increased (13.4%, -10.9% YTD) as former investors felt more comfortable taking on positions so close to Euroland. The Czech market increased (+13.7% to -1.9% YTD) driven by the release of strong German indicators. The fund suffered from its u/w position in Poland, gained most from its o/w in Turkey and Russia.

SECTOR BREAKDOWN Data as of 31 July 2010

Top portfolio exposures as of 31 July 2010
GAZPROM OAO	9.49%
LUKOIL OAO	9.02%
SBERBANK	8.94%
TURKIYE GARANTI BANKASI AS	4.18%
MMC NORILSK NICKEL	4.05%
MOBILE TELESYSTEMS OJSC	3.97%
OAO ROSNEFT OIL COMPANY	3.65%
SURGUTNEFTEGAZ	2.83%
TURKIYE IS BANKASI	2.64%
OTP BANK NYRT	2.56%

Management guidance

The investment objective is to outperform the index representing a booming zone: emerging European equity markets. The team taps three main sources of value added: country selection –key to mastering the emerging market risk–, sector selection and stock picking, to benefit from the companies offering the best upside potential.

General information
Launch Date	Distr. share : 16 December 1996
	Acc. share : 16 December 1996
Legal domicile	SICAV
Manager	DE MARTINIS-MAJSTOROVIC Nina
Management Company	Amundi Luxembourg SA
Custodian	CACEIS BANK LUXEMBOURG
Asset class	Equities
Country of registration :	Austria , Belgium , Switzerland , Chile , Germany , Spain , Finland , France , Greece , Hong Kong , Luxembourg , Netherlands , Norway , Singapore , Sweden , Peru , Ireland , Portugal , United Kingdom , Macao

Conditions and fees
Valuation	Daily
Maximum subscription fee	4.50%
Max. annual management fees (incl.taxes)	1.60 IAT
1st subscription minimum	1.0 in thousandths of a share(s)
Reference Currency	EUR
Other currencies	USD

List of codes
	Acc. share	Distr. share
ISIN	LU0119094000	LU0119094422
BLOOMBERG	CAEAEAC LX	CAEAEDC LX
REUTERS	LP60083514	LP60083513

Publications

Document	Date updated	Size
Prospectus	2010-06-28	114 KB
Monthly Factsheet	2010-08-23	89 KB
Semi-Annual report	2009-02-26	1673 KB
Annual Report	2009-11-02	2906 KB

Disclaimers

Prices expressed in a currency other than the base currency of the portfolio are available for information purposes only.
Nothing contained in this site constitutes a solicitation or offer by any member of the Amundi to provide any investment advice or service or to purchase or sell any financial instruments. The information it contains aims to inform the subscriber by providing information on the UCITS supplemental to that appearing in the Information Memorandum. The material provided on this site is presented as of the date shown and "as is". Amundi does not expressly or impliedly warrant the accuracy of the information provided on this site and expressly disclaims any warranties of fitness of this site for any particular purpose. This material reflects the opinion of the management company at the date of printing. The material is based upon information that we consider reliable, but we do not represent it is accurate, complete, valid or timely and it should not be relied on as such for any particular purpose. Any subscription should be based solely on the Information Memorandum provided to subscribers prior to the subscription and/or available upon request.

Institutional Sub-Class (Sub-Class I): Shares of this sub-class are only available to institutionals subscribing for their own account or within the framework of a collective savings or any comparable scheme, as well as UCITS. As such this Sub-Class benefits from the reduced "taxe d abonnement" of 0,01%. The minimum investment in this Sub-Class is USD 500,000.
Classic Sub-Class (Sub-Class C): Share of this sub-class are available to all investors. There is no minimum investment requirement in this sub-class.
Source : Amundi