* 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 21 August 2014
Net assets (in M)
NAV acc. share
NAV distr. share
NAV in USD as of 08/08/2014 to 08/21/2014
Net assets (in M)
Following the peak at the start of the month, a downward trend marked the stock markets at month end, affected by concerns regarding the development of U.S. monetary policy. The surge in geopolitical tensions in the Ukraine and in the Middle East has also had an impact on investor perception. Towards the end of the month, the payment default in Argentina, the second in thirteen years, has increased the risk of spreading to other emerging markets. As for the Eurozone, this has been affected by mitigated economic data and the resurgence of fears of generalized risk triggered by Banco Espirito Santo.
Thus the volatilities have bounced back in July, from 15.7% to 16.9%, for the one year implied volatility of an index basket. The directional driver has therefore been the main contributor to our mean exposure of 1.99 in the month. However, realized volatility has remained moderate over the month, particularly in the first weeks for the S&P500 index. In addition, the very steep slope at 9-15 months has again led to a rise in replication costs in July. The geographical allocation driver has been slightly positive due to our exposure to the HSI volatility, which has progressed more than the Nikkei225 volatility this month. In regard to fund exposure, after having increased to 2.06 during the first week, we have taken a share in the profits, reducing it to 1.86 at the end of the month. We have, above all, taken advantage of the increase in short term volatilities to hedge the negative carry in the fund. Residual exposure on December 2014 maturity (6 months) has been totally sold during the month. As a result, the sensitivity of the fund is currently divided into June and December 2015 maturities. If environmental stress at the end of July continues on into August, it may be possible to recover levels close to 20% for 1 year volatility. In this case, we shall carry out a further reduction of exposure to revert to 1 and take a good share of profits.
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