Amundi Funds Absolute Volatility World Equities - AU
Asset class / Geographical area:Absolute Return / World Benchmark:None Minimum recommend investment period:3 years
Share Class Launch Date11/15/2007
Data as of 03 August 2015
Reference Currency : USD
Other dealing currency : EUR
Net assets (in M) : 742.78
NAV acc. share : 111.26
NAV distr. share : 99.79
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
* 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 03 August 2015
Net assets (in M)
NAV acc. share
NAV distr. share
NAV in USD as of 07/21/2015 to 08/03/2015
Net assets (in M)
Equity markets ended June with a decline of 2.5% for the MSCI World, driven by the Greek debt crisis. Most of the losses occurred during the last week of the month following the Greek government’s call for a referendum in order to solve the debt issue. The euro zone was the most turbulent with the Eurostoxx50 down 4.1%. Realized volatility remained sustained at above 25%. Short-term implied volatility rose sharply with the VSTOXX (the equivalent of the VIX for the Eurostoxx50) up more than eight points to cross the 30% mark, topping the levels of mid-January. In other regions, the rise was less significant. The S&P 500 one-year implied volatility increased by 0.8% to 16.4%, while that of the Japanese index fell 0.2% to 18.9%. For the euro zone, it rose 1.65% to finish the month at 21.2%, near its highs of the year. The implied volatility of the basket ended June with an increase of 0.8% to 18.3%.
With an average Vega exposure of 1.49 during the month, the directional engine was the primary contributor to performance (1.19%). Even though our active management of the Euro exposure benefited the portfolio, it could not fully compensate for the replication costs associated with the US and Asian exposures. As such, our second engine (Vol of Vol) detracted once again from performance (-0.29%). Finally, our third engine of performance (geographical allocation) had a minor negative impact in June (-0.11%) due to our over exposure to US volatility.
The current market conditions in Europe are similar to what we experienced during the last quarter of 2014 and is in line with our central scenario for the current year. However, the other geographical indices continue to exhibit greater resiliency than our central scenario. We continue to actively manage the fund even though, given the current circumstances, we only slightly reduced our Vega exposure to 1.46. We focused most of our profit-taking within the Euro segment of the fund. As such, at the end of the month, our geographical allocation was as follows: 60% US, 21% Europe and 19% Asia. Given the uncertainty regarding the outcome of the Greek referendum and a lack of visibility on the potential consequences, we currently maintain exposure to this region.
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 , 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 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