Amundi Funds Dynarbitrage Volatility

Asset class /
Geographical area : Absolute Return / World
Benchmark : 100 % EONIA COMPOUNDED
Minimum recommend investment period : 2 years

Launch date10/03/2005

Data as of 07 September 2010

Reference Currency : EUR

Other dealing currency : USD

Net assets (in M) : 541.22

NAV acc. share : 116.69

NAV distr. share : 104.75

Country of registration : Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, United Kingdom

Performance
NAVs
Management
Key features
News & Publications


Start Date	End Date
or time period	Currency

Performance from 06 October 2005 to 06 September 2010 ( EUR )

Amundi Funds Dynarbitrage Volatility - C ( 16.71% over the period)

100 % EONIA COMPOUNDED ( 12.98% over the period)

Sliding performance as of 06 September 2010 ( EUR )
	YTD	1 week *	1 Month *	1 Year *	3 Years *	5 Years *
Fund	0.57%	0.04%	0.12%	0.80%	9.95%	--
Benchmark	0.26%	0.01%	0.04%	0.37%	6.36%	--

Calendar performance ( EUR )
	2006	2007	2008	2009
Fund	2.61%	3.92%	6.01%	1.94%
Benchmark	2.91%	4.01%	4.00%	0.72%

Risk indicators as of 06 September 2010
	1 Year	3 Years	5 Years
Volatility (Volatility)	1.44% (0.01%)	1.31% (0.24%)	- (-)
Tracking Error Ex Post	1.44%	1.28%	-
Information Ratio	0.30	0.89	-
Sharpe ratio	0.30	0.87	-

* 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 08/25/2010 to 09/07/2010
Dates	NAV Acc. share	NAV Distr. share	Net assets (in M)
09/07/2010	116.69	104.75	541.22
09/06/2010	116.71	104.77	541.19
09/03/2010	116.71	104.77	541.26
09/02/2010	116.72	104.78	540.83
09/01/2010	116.73	104.79	543.52
08/31/2010	116.67	104.73	542.76
08/30/2010	116.66	104.72	542.91
08/27/2010	116.72	104.77	543.20
08/26/2010	116.59	104.66	542.68
08/25/2010	116.52	104.60	538.83

Value as of 07 September 2010
	EUR	USD
Net assets (in M)	541.22	688.79
NAV acc. share	116.69	148.51
NAV distr. share	104.75	133.31
Last coupon paid on 09/24/2009	0.81

Management comment

Optimistic winds were once again blowing in July in equity markets, driven by subsiding fears of a double dip in the world economy and a good start to the quarterly earnings season period. Moreover, the publication at the end of the month of the stress tests on European banks drove financial stocks up. However, the first phase of inventory restocking is over and it is as yet difficult to identify new growth engines. There is a short term risk that low visibility on economic perspectives will weigh on the markets and boost volatility. Market conditions for volatility arbitrage have continued to improve, especially for short strategies in equity volatility. Thus, volatility carry strategies on Carrefour, Total, France Telecom and LVMH performed best in July. We added a new arbitrage strategy on the volatility of Carrefour against Metro. At the same time, correlation strategies contributed a mildly positive performance, while the overall contribution of index strategies was mildly negative. We maintained correlation positions (long in volatility on a basket of assets against a short strategy in the volatility on the AEX index), just as the strategy based on maturity spectrum on the S&P500 (September 2010 against March 2011) and the short positions in the skew 1 month of the DJ EuroStoxx50. Finally, we opened in a new position in the Bund smile, long on in-the-money-calls vs. short in out-the-money calls, and we made no modifications in long volatility strategies on convertible bonds from KFW/Deutsche Telekom and Actelion.

Management guidance

Using volatility as a source of added value, the investment team seeks to generate absolute return (Eonia + 2.60% gross p.a.) within a pre-determined risk allocation (max. VaR = 4%). To reach this objective, they exploit valuation spreads that may appear in the market. They split their risk budget between four distinct strategies: volatility arbitrages on equity indices, single stocks, convertible bonds and interest rates.

General information
Launch Date	Distr. share : 21 February 2006
	Acc. share : 03 October 2005
Legal domicile	SICAV
Manager	HERMITTE Eric
Management Company	Amundi Luxembourg SA
Custodian	CACEIS BANK LUXEMBOURG
Asset class	Absolute Return
Country of registration :	Austria , Belgium , Switzerland , Germany , Spain , Finland , France , Greece , Luxembourg , Netherlands , Norway , Singapore , Sweden , Ireland , Denmark , United Kingdom

Conditions and fees
Valuation	Daily
Maximum subscription fee	4.50%
Max. annual management fees (incl.taxes)	0.80 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	LU0228157250	LU0228157508
BLOOMBERG	CADYVCC	CADYVCD
REUTERS	LP65010256	LP65103357

Publications

Document	Date updated	Size
Prospectus	2010-09-08	199 KB
Monthly Factsheet	2010-08-23	87 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