Sliding performance as of 18 September 2014 ( USD )
1 week *
1 Month *
1 Year *
3 Years *
5 Years *
Calendar performance ( USD )
Risk indicators as of 18 September 2014
* 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 19 September 2014
Net assets (in M)
NAV acc. share
NAV distr. share
NAV in USD as of 09/08/2014 to 09/19/2014
Net assets (in M)
Amid a well-performing market (MSCI All Countries rising by over 2% in USD), volatilities resumed their downward trend ending at 16% for the one year implied volatility of our index basket, equal to a drop of 0.9% in the month. Japan volatility even exhibited a decline of 1.6%, falling below 18%. The Eurozone, adversely affected by disappointing economic indicators and the crisis in Ukraine at the start of the month, has experienced a vigorous recovery in anticipation of the QE policy to be applied by the ECB. Thus, the implied volatility of the Euro Stoxx 50 finished with a 0.5% drop to 16.9%. The directional driver has lost a large share of the July profits as a result of our average exposure of 1.68. Given the increase in risk aversion at the start of the month, we continued to realize profits as we began in July, reducing our exposure from 1.86 to 1.58. This active management enabled us to soften the fall but does not offset management costs. In fact, despite the « carry cost » hedging policy adopted at the end of July, the costs of maintaining a 1 year maturity continue to work against us, particularly for the S&P 500 where the volatility downward slope is still very steep. We have extended the average maturity of the portfolio by reducing our sensitivity to maturity June 2015 in favor of December 2015. The geographical allocation has once again been slightly favorable, backed by our exposure, partly, to the HSI index instead of the Nikkei index whose volatility experienced the sharpest fall this month. Our position is once again prudent regarding our target exposure of 2. If the situation improves and the risk aversion should fall again, we will then increase our sensitivity. Geopolitical uncertainties and divergence in central bank policies may in any event lead to several turbulent weeks. We will use our leeway in order to make the most of the upcoming volatility fluctuations.
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 , Germany , Spain , Finland , France , Greece , Luxembourg , Netherlands , Norway , Singapore , Sweden , Ireland , United Kingdom , Czech Republic
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