Amundi Funds Emerging Markets

Asset class /
Geographical area : Equities / Emerging Countries
Benchmark : 100% MSCI EM (EMERGING MARKETS) IMI
Minimum recommend investment period : 5 years

Launch date01/02/1991

Data as of 08 September 2010

Reference Currency : USD

Other dealing currency : GBP , EUR

Net assets (in M) : 414.25

NAV acc. share : 30.66

NAV distr. share : 29.89

Country of registration : Austria, Belgium, Chile, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Norway, Peru, Portugal, Spain, Sweden, 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 ( USD )

Amundi Funds Emerging Markets - C ( 47.26% over the period)

100% MSCI EM (EMERGING MARKETS) IMI ( 83.13% over the period)

Sliding performance as of 08 September 2010 ( USD )
	YTD	1 week *	1 Month *	1 Year *	3 Years *	5 Years *
Fund	2.26%	1.60%	-1.06%	16.47%	-5.60%	49.29%
Benchmark	4.09%	1.69%	-0.58%	17.90%	1.89%	84.72%

Calendar performance ( USD )
	2006	2007	2008	2009
Fund	25.18%	24.88%	-53.17%	75.22%
Benchmark	31.96%	39.39%	-53.26%	82.36%

Risk indicators as of 08 September 2010
	1 Year	3 Years	5 Years
Volatility (Volatility)	21.61% (22.06%)	32.21% (34.21%)	27.55% (29.07%)
Tracking Error Ex Post	2.40%	4.36%	4.43%
Information Ratio	-0.60	-0.58	-1.06
Sharpe ratio	0.76	-0.09	0.21

* 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 USD as of 08/26/2010 to 09/08/2010
Dates	NAV Distr. share	NAV Acc. share	Net assets (in M)
09/08/2010	29.89	30.66	414.25
09/07/2010	29.87	30.64	414.19
09/06/2010	30.08	30.86	417.04
09/03/2010	29.86	30.63	412.64
09/02/2010	29.60	30.36	407.82
09/01/2010	29.42	30.18	405.34
08/31/2010	28.87	29.62	403.63
08/30/2010	28.85	29.60	402.91
08/27/2010	28.88	29.62	402.82
08/26/2010	28.74	29.48	400.90

Value as of 08 September 2010
	USD	EUR
Net assets (in M)	414.25	325.03
NAV acc. share	30.66	24.06
NAV distr. share	29.89	23.45
Last coupon paid on 09/24/2009	0.38

Management comment

The Fund outperformed, returning 8.9% (Net of fees) versus 8.2% for the benchmark (MSCI EM IMI, Net). Markets closed up across the board in July, led by Eastern European markets, Poland (+19.4%) and Czech Republic (+14.1%), along with the rebound in Turkey (+15%). Latin America also outperformed, especially Brazil (+13.5%), where material stocks began to recover. Country allocation detracted value from the Fund, primarily as a result of underweight allocations in South Africa and Brazil. On the other hand, our underweight in the larger markets of India and China/HK, along with overweight in Poland added to performance. Stock selection added to performance, led by the South African, Poland and Korean portfolios. In South Africa, our underweight in expensive gold mining companies and our overweight in Naspers, a multinational media company with investments across emerging markets (including a significant holding in China’s internet player Tencent), added value. Our stock holding in Korean Reinsurance also did well. Detracting were stock picks in India, Russia and Colombia.

SECTOR BREAKDOWN Data as of 31 July 2010

Top portfolio exposures as of 31 July 2010
SAMSUNG ELECTRONICS CO LTD	4.15%
EMM UMBRELLA EMERG SMALL CAP	4.06%
PETROLEO BRASILEIRO SA	2.90%
VALE SA	2.64%
SBERBANK	2.59%
ITAU UNIBANCO HOLDING SA	2.54%
KGHM POLSKA MIEDZ SA	2.37%
TAIWAN SEMICOND MANUF-TSMC	2.12%
CHINA MOBILE LTD	1.95%
NASPERS LTD	1.92%

Management guidance

The investment objective is to outperform the index representing a booming zone: global emerging 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. The sub-fund's management is entrusted to an emerging country specialist: EMM.

General information
Launch Date	Distr. share : 02 January 1991
	Acc. share : 02 January 1991
Legal domicile	SICAV
Manager	MORROW Felicia
Management Company	Amundi Luxembourg SA
Custodian	CACEIS BANK LUXEMBOURG
Asset class	Equities
Country of registration :	Austria , Belgium , Chile , Germany , Spain , Finland , France , Greece , Luxembourg , Netherlands , Norway , Sweden , Peru , Ireland , Denmark , Portugal , United Kingdom

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	USD
Other currencies	GBP, EUR

List of codes
	Acc. share	Distr. share
ISIN	LU0119095825	LU0119096476
BLOOMBERG	CAEMMAC LX	CAEMMDC LX
REUTERS	LP60030913	LP60053602

Publications

Document	Date updated	Size
Prospectus	2010-06-28	110 KB
Monthly Factsheet	2010-08-23	88 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