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 25 August 2016
Reference Currency : USD
Other dealing currency : EUR
Net assets (in M) : 1 433.31
NAV acc. share : 115.73
NAV distr. share : 103.80
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 25 August 2016
Net assets (in M)
NAV acc. share
NAV distr. share
NAV in USD as of 08/16/2016 to 08/25/2016
Net assets (in M)
Stock markets benefited from tail winds in July, as lingering concerns over potential risks from the Brexit vote were offset by optimism about the prospect of continued policy accommodation from central banks. Thus the MSCI World ended the month up 4.2% in dollar terms (net return). Consequently both implied and realised volatilities retraced significantly (realised volatility over the month of the S&P 500 is down at 7.7%). The VIX and the VSTOXX dropped respectively 3.8 and 6 points to 11.9% and 20.2%. Intraday they reached YTD lows at 11.4% for the VIX and 18.6% for the European index. The 1-year implied volatilities of the various indices followed the same trend, with the global basket ending the month down 1.3 points at 18.5% (S&P 500 at 15.9%, Euro Stoxx 50 at 20.6% and Nikkei 225 at 22%). In this risk-on environment, the directional engine suffered due to the long volatility position with an average sensitivity of 1.15. Cost of maintaining the 1 year maturity and unfavourable cost of carry also detracted from performance, in particular with respect to the US exposure. These cost significantly weighed on the second engine in July. Our geographic allocation in favour of Asian volatility, in particular via the HSI index, at the expense of the U.S., allowed to mitigate these negative impacts. Indeed the volatility of the HSI retraced less than for the other indices (-0.75 points at 18.75%). The funds sensitivity to the 1yr implied volatility (vega) has been slightly increased and stands at 1.18. Over the first seven month of the year the entire performance comes from our active management. Indeed implied volatilities of most indices dropped below their levels at the beginning of the year, except for Japan. We maintain our central scenario, where markets lack direction and switch between risk-on and risk-off mode. Our active management will remain the major source of performance in the coming months.
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