Amundi Funds Absolute Volatility World Equities - AU
Asset class / Geographical area:Absolute Return / World Minimum recommend investment period:3 years
Share Class Launch Date11/15/2007
Data as of 04 February 2016
Reference Currency : USD
Other dealing currency : EUR
Net assets (in M) : 878.99
NAV acc. share : 118.31
NAV distr. share : 106.11
Country of registration:Austria, Belgium, Czech Republic, Finland, France, Germany, Greece, Ireland, Italy, Japan, Luxembourg, Netherlands, Norway, Portugal, Singapore, South Korea, Spain, Sweden, Switzerland, United Kingdom
Sliding performance as of 03 February 2016 ( USD )
1 week *
1 Month *
1 Year *
3 Years *
5 Years *
Calendar performance ( USD )
Risk indicators as of 04 February 2016
* 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 inception 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.
Value as of 04 February 2016
Net assets (in M)
NAV acc. share
NAV distr. share
NAV in USD as of 01/22/2016 to 02/04/2016
Net assets (in M)
December got off to a shaky start following the announcements of the ECB, which disappointed equity markets, resulting in a drop of nearly 10% in Europe and 4% in the US. Following the expected rate hike by the FED markets rebounded slightly and set off to a more quiet second half of the month. In this environment, realised volatilities of major equity indices rose significantly (18.7% vs 11.8% in November for the S&P 500, 26% versus 16.2% for the Euro Stoxx 50 and 20.1% vs 12.6% for the Nikkei 225), while implied volatilities were more dispersed. Thus the VIX ended the month being up at 18.2%, while the VSTOXX (its European equivalent) ended down at 22.2% after having spiked at 30.4% during the month. 1-year implied volatilities have also taken different paths with those of the S&P 500 and the Euro Stoxx 50 being respectively up 40bps, while they were down approx. 50bps for the Nikkei and the HSI. The implied volatility of our global basket is up only 20bps in December and finishes the year at the same level as in 2014 at 19.1%. Due to our average long volatility sensitivity of +1.2 over the month the directional engine delivered a positive performance. Trading opportunities were abundant in December. Indeed between the 1-year implied volatility low at 18.7% and its high (20.4%) we saw a range of 1.7 points during the month. This together with low cost of carry and cost of maintaining an average 1 year maturity over the month results in a positive second engine in December. However, our overweight Asia at the expense of the US cost 14bps over the month, which are attributed to the third engine. The sensitivity of the fund stands at +1.26 at the end of the year. We will continue to favour an active management style in the coming months as we expect in our central scenario markets with ups and downs generating more frequent volatility spikes, as we have seen in the past 18 months in Europe.
Over a minimum investment horizon of three years, the sub-fund aims to achieve a gross performance of 7% per annum within a framework of controlled risk. To reach this objective, the management team sets up an exposure to volatility of the world equity markets: positive when volatility is low and negative when volatility is high.
Distr. share : 15 November 2007
Acc. share : 15 November 2007
Amundi Luxembourg SA
CACEIS BANK LUXEMBOURG
Tax Category on Redemption
Tax Category on Distribution
Country of registration :
Austria , Belgium , Switzerland , Czech Republic , Germany , Spain , Finland , France , Greece , Luxembourg , Netherlands , Norway , Singapore , Sweden , United Kingdom , Ireland
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 Asset Management 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 Asset Management 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 Asset Management