* 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 15 April 2014
Net assets (in M)
NAV acc. share
NAV distr. share
NAV in USD as of 04/01/2014 to 04/15/2014
Net assets (in M)
Equity markets were shaky at the start of the month due to the Ukrainian crisis and new qualms about the prospects of the Chinese economy; these two factors unleashed a wave of risk aversion and fuelled flows towards safe haven securities like US and German bonds. Even so, they had perked up by the end of the month, MSCI World closing close to its early-February level and posting a positive Q1 performance.
In this context the one-year implied volatility of the world’s main indices, after having peaked at 18.3% over the month, ended up unchanged at 17.1%. The directional driver made no contribution despite our mean long position of 1.45. Failing to increase fund sensitivity enough at the start of the month after the profit taking in February, we missed out on the slight fluctuation this month. This is why the second performance driver made a negative contribution. This stems mainly from the costs of keeping mean maturity at one year (roll costs). Carry costs were fairly limited, partly due to a higher realised volatility on Eurostoxx50, especially in the first fortnight, but also due to partial tactical hedging of these costs in March. As for geographical allocation, we brought in a slight US overweighting (56%) to the detriment of Europe and Asia.
With volatility returning to close to its all-time low, we increased our sensitivity to 1.55, close to the all-time high chalked up after the start of the strategy. Moreover, we will not hesitate to take more profits if risk aversion should rise again in the coming weeks. The objective remains the same in this low-volatility scenario: keep a dynamic management policy to limit the inherent costs of our long volatility position while offering diversification in the event of any market setback.
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