* 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 06 March 2014
Net assets (in M)
NAV acc. share
NAV distr. share
NAV in USD as of 02/20/2014 to 03/06/2014
Net assets (in M)
After an exceptional performance in 2013, equity markets kicked off the new year in feverish mood. For the first time since 2010 the main stockmarkets all closed in the red. Worries about emerging economies, exacerbated by the steepling falls of many of their currencies, hit stockmarkets hard. A lacklustre results season across the Pond also fuelled risk aversion, volatility soaring as a result.
This rise has manifested itself above all for now in short maturities; this is why the one-year implied volatility of the indices grew by 0.8% over the month, ending up at 18.2%. The first three weeks of the month were extremely calm, in the style of 2013, with 10% realised volatility in the beacon indices. At the same time implied volatility was no longer falling as investors started to buy hedges again against market peaks. Events then proved them right with a market fall of 5% and soaring realised volatility.
Over the month, therefore, the directional driver made a positive contribution on the strength of our mean long position of 1.52. We profited from this surge to trim fund sensitivity to 1.33 at the end of the month.
As for the second performance driver, despite the favourable environment of the last week, this was not enough to offset the losses run up since the start of the month. Nonetheless, we profited from this more strategy-favourable market structure to, on the one hand, slash fund carry costs and, on the other, increase the mean maturity of the options portfolio. The favourable geographical allocation of S&P500 vis-à-vis Nikkei225 allowed 0.22% to be tagged on over the month. The market seems to be very nervous in these early days of the year and this might augur a period more favourable to our management techniques and performances more on target.
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