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 08 December 2016
Reference Currency : USD
Other dealing currency : EUR
Net assets (in M) : 1 244.32
NAV acc. share : 112.56
NAV distr. share : 100.96
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
Sliding performance as of 07 December 2016 ( USD )
1 week *
1 Month *
1 Year *
3 Years *
5 Years *
Calendar performance ( USD )
Risk indicators as of 07 December 2016
* 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 08 December 2016
Net assets (in M)
NAV acc. share
NAV distr. share
NAV in USD as of 11/25/2016 to 12/08/2016
Net assets (in M)
November has been a surprising month for financial markets. Risk aversion had risen by the end of October, due to the fears of a potential victory by Donald Trump in the US presidential election. It vanished within hours after - against all expectations - his victory became clear. Asian markets and in particular Japan were most impacted due to the time difference (-5.3% on the 9th followed by +6.7% on the 10th of November for the Nikkei). Ultimately the result has been rather well received by financial markets, which focused on the positive short term growth impact of the President-Elect's programme. Furthermore the compromise found amongst OPEP members to reduce oil production led to a rebound of the oil price. Thus over the month the S&P 500 rose 3.4%. The index even rebounded over 6% between its pre-election low and the high reached thereafter. In Japan the market rose even in excess of 5% as the rise was sustained by the weakening Yen. The Euro Stoxx 50 also experienced an intra-month rebound, before ending the month at the same level as in October. The turmoil anticipated ahead of the event did not materialise, as reflected by the short term realised volatility levels of various indices (10.5% for the S&P 500 and 12.3% for the Euro Stoxx 50). Therefore implied volatilities did not react. The VSTOXX ended the month unchanged at 21.4% and the VIX even dropped 3.7 points to 13.3%. The 1-year implied volatility of our global basket of indices receded by 40bps in November to 18.3% despite the concerns over the Italian referendum (S&P500 -0.65 at 16.25%, Euro Stoxx 50 down 40bps to 20.3%, HSI -5bps at 18.65%). Japan was the only market where implied volatility increased (+70bps at 20.65%) despite the equity rebound. Following the 2 events experienced this year (Brexit referendum and US elections), markets seem to abandon the idea that upcoming political events lead to strong market impacts. Our long volatility position obviously suffered from the enthusiasm for equity markets. The directional engine contributed negatively (-0.58%), due to our average exposure of 1.44 in November. The second engine was also detrimental, as the cost of carry related to realised volatility being well below implied volatility again weighed on performance. Our small short position on short-dated maturities, where IV remained relatively stable compared to receding 1-year IV, also deteriorated this month's performance. As the anticipated opportunities for active management did not materialise, we could not compensate the cost of maintaining a long volatility exposure. The only positive this month came from our geographic allocation. The overweight Asia at the expense of the US allowed to contain the losses. Our volatility sensitivity at 1.45 remains close to the YTD highs. The allocation remains in favour of Asia and more specifically on the HSI index, which might react to the sharp rise of the USD and to potential tensions between China and the US. It is likely that the second half of December will be quiet, due to the holidays. Nevertheless our positioning remains cautious in particular in light of the Italian referendum on December 4th, which may trigger some market stress.
The sub-fund aims to achieve a positive return in any type of market condition (absolute return strategy). Specifically, the sub-fund seeks to outperform (after applicable fees) the USD LIBOR 1-month index + 3% a year over any given 3- year period, while offering controlled risk exposure.
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