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 26 March 2015
Reference Currency : USD
Other dealing currency : EUR
Net assets (in M) : 967.74
NAV acc. share : 115.82
NAV distr. share : 103.89
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 26 March 2015
Net assets (in M)
NAV acc. share
NAV distr. share
NAV in USD as of 03/16/2015 to 03/26/2015
Net assets (in M)
In February, the equity markets continued to progress higher, driven, amongst other things, by an easing of fears concerning Greece. The Eurostoxx50 gained 7.4%, its highest monthly gain since October 2011, while the S&P500 gained 5.5%. Unlike January, however, this rebound was accompanied by a fall in implied and realised volatility. In fact, volatility on the Eurostoxx50 in February was only 11.5%, which is more than two times lower than the January level. Volatility on the S&P500 fell back below 10%. In this environment of 'calm' gains, the one-year implied volatility on the main indexes fell sharply (-2.4% for the S&P500, -2.9% for the Eurostoxx50 and +0.25% for the Nikkei225). The directional driver therefore weighed on performance, despite our prudent approach with an average vega exposure of 1.33 over the period. Volatility fell on a fairly linear basis during the month, leaving very little scope for active management. On top of this, there was a sharp widening of the gap between implied and realised volatility, with carry costs again impacting the performance of our second driver (vol of vol) in February. Regarding geographical allocation, our slight underweight on Europe to the advantage of the US and Japan was profitable this month. We decided to increase the fund's sensitivity again because the current volatility levels offer a good opportunity to reduce our underexposure in relation to the grid. The fund's vega exposure was 1.4 at month-end and we plan to continue purchasing volatility in the first few days of March. This is nevertheless a purely tactical move to take profits in the event of a rebound in risk aversion before the first quarter publications. This active management is in line with our central scenario for 2015, namely more pronounced fluctuations in volatility and a need to be able to take profit of these volatility movements.
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