Sliding performance as of 06 December 2013 ( USD )
1 week *
1 Month *
1 Year *
3 Years *
5 Years *
Calendar performance ( USD )
Risk indicators as of 06 December 2013
* 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 09 December 2013
Net assets (in M)
NAV acc. share
NAV distr. share
NAV in USD as of 11/26/2013 to 12/09/2013
Net assets (in M)
Equity markets thrived in November, spurred on by Janet Yellen’s hints of the maintenance of a loose monetary policy by the Fed; the US economy is still being buoyed up by household demand. China’s reform programme and its upbeat economic indicators also drove markets upwards.
In this context and with the end of the year coming up, the markets were extremely calm, with realised volatility below 10% for most indices (S&P500 at 9.1%, Eurostoxx50 at 9.4%). One-year implied volatility has remained stable on these indices, near the all-year low. It has, however, turned upwards on the Nikkei index, which saw its implied volatility rise by over 2% while the index is up by 9.3% over the month. Thus, the implied volatility of our basket of indices grew by 0.6% this month and the directional driver made a positive contribution due to our mean exposure of 1.51. The fund’s volatility sensitivity has been racked up anew to 1.58, an all-time high for the fund. The fund is still underexposed, however, vis-à-vis the indexing grid, which envisages a sensitivity of +2 at these volatility levels. The second performance driver, for its part, once more suffered from the lack of trading opportunities. We have still not managed to offset the long volatility position implementation costs. It is therefore necessary to be more reactive to the least movement in the interests of improving strategy performance. We are therefore looking to be more aggressive in the coming months, beginning by increasing our sensitivity to be able to take our profits quicker in the event of stress. The «country allocation» performance driver forfeited its gains of last month due to our underexposure to the Asia zone and despite our recent reweighting of the zone (11% instead of 20%). Addition of exposure to the HSI index (5 bps) has not yet borne fruit.
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