Amundi Funds Absolute Volatility World Equities - AU
Asset class / Geographical area:Absolute Return / World Benchmark:None Minimum recommend investment period:3 years
Share Class Launch Date11/15/2007
Data as of 22 May 2015
Reference Currency : USD
Other dealing currency : EUR
Net assets (in M) : 949.65
NAV acc. share : 111.89
NAV distr. share : 100.36
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
* 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 22 May 2015
Net assets (in M)
NAV acc. share
NAV distr. share
NAV in USD as of 05/11/2015 to 05/22/2015
Net assets (in M)
Stock markets finished higher in April, with the MSCI World index up 2.3%. But this rise was once again divergent across markets, with the S&P 500 and the Nikkei up by 1.5% and 1.3% respectively, while Eurozone equities fell by more than 1.8%. One-year implied volatility experienced different trajectories, with the S&P 500 volatility down 0.1% to 16.6%, while the Nikkei volatility ended the month at breakeven at 20.6% and the Euro Stoxx 50 volatility rose 0.45% to 19.75%. Realised volatility remained sustained on the Euro Stoxx 50 at 18.8% but the ones on other indices collapsed (9.5% for the S&P 500 and 15% for the Nikkei). The basket’s one-year implied volatility remained unchanged at 18.3% over the month, thus the directional driver made no contribution despite an average exposure of 1.65. The very low realised volatility, associated with a steep term structure, had a strong negative impact on the contribution of the second driver (vol of vol). This underperformance is related to the costs of maintaining the long volatility position. As active management opportunities were very limited (one-year implied volatility fluctuated between 17.5% at its lowest and 18.3% at its highest), we were unable to offset these replication costs during the month. The “geographical allocation” driver had very little impact as the exposure was very close the target allocation. Since the beginning of 2015, implied volatility has decreased by more than 0.8%, which largely explains the fund’s performance. With regard to the level of volatility exposure (vega), we continued our policy of making opportune purchases during the first two weeks of the month, bringing it to up to 1.73. In the last week of April, however, we took some profits by reducing the exposure to 1.59. Our central scenario remains unchanged and we continue to adopt active management for 2015.
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 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