Amundi Funds Absolute Volatility World Equities

Asset class /
Geographical area : Absolute Return / World
Minimum recommend investment period : 3 years

Launch date11/15/2007

Data as of 16 May 2013

Reference Currency : USD

Other dealing currency : EUR

Net assets (in M) : 2 167.17

NAV acc. share : 130.07

NAV distr. share : 116.87

Country of registration : Austria, Belgium, Czech Republic, Finland, France, Germany, Greece, Ireland, Italy, Japan, Korea, Luxembourg, Netherlands, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, United Kingdom

Performance
NAVs
Comments & Portfolio Analysis
Key features
Downloads & News


Start Date	End Date
or time period	Currency

Performance from 20 May 2008 to 16 May 2013 ( USD )

Amundi Funds Absolute Volatility World Equities - AU ( 24.82% over the period)

Sliding performance as of 16 May 2013 ( USD )
	YTD	1 week *	1 Month *	1 Year *	3 Years *	5 Years *
Fund	-6.52%	-0.18%	-1.07%	-10.91%	-5.07%	25.34%

Calendar performance ( USD )
	2009	2010	2011	2012
Fund	7.72%	4.19%	4.59%	-4.54%

Risk indicators as of 16 May 2013
	1 Year	3 Years	5 Years
Volatility (Volatility)	5.04% (--)	5.19% (--)	7.39% (--)
Sharpe ratio	-2.18	-0.35	0.59

* 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.


Start Date	End Date
or time period	Frequency	Currency

Value as of 16 May 2013
	USD	EUR
Net assets (in M)	2 167.17	1 677.76
NAV acc. share	130.07	100.70
NAV distr. share	116.87	90.47

NAV in USD as of 05/06/2013 to 05/16/2013
Dates	NAV (C)	NAV (D)	Net assets (in M)
05/16/2013	130.07	116.87	2 167.17
05/15/2013	129.97	116.77	2 184.03
05/14/2013	129.76	116.59	2 188.89
05/13/2013	129.78	116.60	2 191.03
05/10/2013	130.31	117.08	2 206.36
05/08/2013	129.58	116.43	2 220.06
05/07/2013	129.35	116.22	2 223.06
05/06/2013	128.98	115.88	2 259.80

Management comment

Despite qualms about world growth, after disappointing figures from the US, China and Eurozone, equity markets remained bullish thanks to central bank’s loose monetary policies. The best performance of all was once more put in by the Japanese market, helped by the fall of the yen. One-year implied volatility of the basket of currencies held pretty steady, edging up from 17.7% to 17.8% on the strength of the Nikkei’s almost 2% volatility growth (-0.25% for S&P500, -0.25% for EuroStoxx50 and +1.85% for Nikkei225). Volatility movements, barring Nikkei, were pretty weak, with a spread of little more than one point between the highest and lowest during the month. Exposure was increased slightly from 1.07 to 1.16 over the month and we maintained a mean maturity of more than one year to reduce carry and roll costs. As regards yield contribution, the directional driver benefited slightly from the long volatility position (mean exposure of +1.12) and the slight rise in 1-year implied volatility (+0.1 point). The second performance driver continued to suffer from lack of trading opportunities and strategy implementation costs. The third performance driver, geographical allocation, also suffered this month; we are indeed no longer exposed to the Japanese market but overweighted on the US market after Nikkei volatility continued to soar within a bullish market and the S&P500’s slid back. The fund’s exposure has been kept for the moment at +1.16 (instead of +2) to hedge against continuing volatility falls. These seem, however, to have bottomed out at around 17%-19% in the current juncture with no improvement in economic and financial fundamentals. We also maintained our highly underweighted Nikkei position, with an allocation close to 0% instead of 20% to the benefit of S&P500 at 70% instead of 50%.

Management guidance

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.

General information
Launch Date	Distr. share : 15 November 2007
	Acc. share : 15 November 2007
Legal form	SICAV
Manager	KESKIN Gilbert
Management Company	Amundi Luxembourg SA
Custodian	CACEIS BANK LUXEMBOURG
AMF Classification	NA
Asset class	Absolute Return
Tax Category on Redemption	Taxable
Tax Category on Distribution	Taxable
Country of registration :	Austria , Belgium , Switzerland , Germany , Spain , Finland , France , Greece , Luxembourg , Netherlands , Norway , Singapore , Sweden , Ireland , United Kingdom , Czech Republic

Conditions and fees
Valuation	Daily
Maximum subscription fee	4.50%
Max. annual management fees (incl.taxes)	1.200% IAT
1st subscription minimum	1.00 in thousandths of a share(s)
Reference Currency	USD
Other currencies	EUR

List of codes
	C	D
ISIN	LU0319687124	LU0319687397
BLOOMBERG	CAMVWCC	CAMVWCD
REUTERS	LP65103366	LP65144756

Publications

Document	Closing date	Date updated	Size
Legal Document	2013-03	2013-05-02	162 KB
Monthly Factsheet	2013-04	2013-05-13	125 KB
Monthly Factsheet	2013-03	2013-04-08	130 KB
Semi-Annual report	2011-12	2012-02-22	2172 KB
Annual Report	2011-06	2011-11-02	2443 KB

Display history

Document	Closing date	Country	Language
Legal Document	2013/02/01	LUX	EN
Legal Document	2012/10/16	LUX	EN
Legal Document	2012/08/03	LUX	EN
Legal Document	2012/04/27	LUX	EN

Fund life

Effective Date	Events	Last value	New value
05/13/2013	Add - Country of registration		Ireland
12/03/2012	Change - Operating and management fees	1.00	1.20

Disclaimers

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