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 29 June 2015
Reference Currency : USD
Other dealing currency : EUR
Net assets (in M) : 956.06
NAV acc. share : 112.85
NAV distr. share : 101.22
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 29 June 2015
Net assets (in M)
NAV acc. share
NAV distr. share
NAV in USD as of 06/15/2015 to 06/29/2015
Net assets (in M)
Equity markets in developed countries ended May on a balanced note overall. However, the Japanese index performed well, increasing by more than 5% on the back of further depreciation in the yen against the US dollar. The eurozone had a volatile month, despite ending the month flat. Euro Stoxx 50 realized volatility was once again high, above 20% with daily variations regularly greater than 1%. Despite this environment , one-year implied volatilities (IV) on indices ended the month lower, with the S&P500 IV falling 1% to 15.6%, the Nikkei IV falling by 1.5% to 19.1% and Euro Stoxx 50 IV losing 0.2% to 19.55%. Indeed, the rebound in risk aversion during the last few days did not mitigate the fall observed mid–month. The directional driver therefore made a negative contribution in May, with an average exposure of 1.63 over the period and a fall of 0.8% in the basket's volatility . Replication costs once again strongly penalised performance, particularly on the U.S. index, where the extremely low daily fluctuations (realized volatility of 10%) hindered our ability to save the time value of the options. Added to this, are the non-existent active management opportunities; the second driver of performance (vol of vol) is therefore also in negative territory. For the time being, the market is not supporting us, as we expected higher stress spikes during reallocations between asset classes. Daily funds management consists mostly in reducing costs as much as possible when we readjust the options in the portfolio, with few possibilities of actively managing the overall exposure. The outcome of the Greek saga should, however, generate significant upward or downward movements in the equity markets along with a greater volatility reaction.
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