* 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 24 July 2014
Net assets (in M)
NAV acc. share
NAV distr. share
NAV in USD as of 07/10/2014 to 07/24/2014
Net assets (in M)
Stockmarkets remained bullish in June, driving MSCI World to a 6+% rise since the start of the year. The Fed president’s reassuring words went down well with the market, overriding concerns about the impact of the Iraq crisis on oil prices. The sharp downward revision of the US Q1 GDP growth rate had little impact on investor sentiment. Risk appetite is therefore still fairly high, driving the performance of certain high-yield sectors. In this context of a search for yield “at any cost” the systematic sale of volatility remains a performance driver in an environment of very low realised volatility on the indices. Selling pressure is therefore still present in short maturities, whose implied volatilities continued their fall of last month. Moreover the risk of losses on these strategies is very high at these volatility levels, a factor underestimated by investors. One-year implied volatility of the indices fell again to end up at 15.7%, weighing heavily on the directional engine. Fluctuations were totally absent this month with only 0.6% between the volatility peak and trough This is why the second engine once more made a negative contribution, affected by carry cost (8% realised volatility on Eurostoxx50 and 5% on S&P500). Losses bound up with the maintenance of a maturity of less than one year (rolling costs) were also heavy. Geographical allocation came out slightly negative. Fund exposure rose anew, to stand at 1.94 by the end of the month. The balance of the first half year, for now, is negative, bearing in mind that the environment has turned out to be in line with our pessimistic scenario for 2014. Even so we have managed to keep replication costs at levels similar to 2013 with a mean exposure 30% higher.
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