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 23 January 2015
Reference Currency : USD
Other dealing currency : EUR
Net assets (in M) : 908.16
NAV acc. share : 116.62
NAV distr. share : 104.60
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
Performance is currently being calculated and is thus temporarily unavailable. Our apologies for the inconvenience.
Value as of 23 January 2015
Net assets (in M)
NAV acc. share
NAV distr. share
NAV in USD as of 01/12/2015 to 01/23/2015
Net assets (in M)
Performance in December was in line with a more volatile environment that we encountered in June-August 2014. This reflects the unsettled equity markets in December, with the MSCI World dropping by -1.7% , accompanied by a rise in implied and realised volatilities. For example, the realised volatility of the Euro Stoxx 50 was above 27% in December, while the realised volatility of theS&P 500 rebounded to 16% after hitting an all-time low of 4.2% in November. As a result, the one-year implied volatility of the index basket rose by +1.4 points to finish the year at 19.1%. Thus, the directional engine was the main contributor due to our average vega exposure of 1.4 over the period. However, this upward movement was not straight and the one-year implied volatility hit a high of 20.3% after dropping back to 17.6% at the beginning of the month. Our active management enabled us to capture these movements and thus lock in the performance allocated to the second driver (vol of vol). The fund's exposure (Vega) fluctuated between 1.17 and 1.62 before ending the year at 1.31. Replication costs had little impact last month: firstly because realised volatility was high enough to limit carry costs, and secondly because the rolling costs were limited as a result of a flatter term structure (except for the S&P 500). Regarding the third performance driver, our slight overweight on the US enabled us to outperform the target allocation (50% S&P 500, 30% Euro Stoxx 50, 20% Asia). We plan to continue our active management in 2015 and we are confident in our capacity to generate performance in an uncertain macroeconomic and political environment.
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