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 17 April 2015
Reference Currency : USD
Other dealing currency : EUR
Net assets (in M) : 930.41
NAV acc. share : 114.92
NAV distr. share : 103.07
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 17 April 2015
Net assets (in M)
NAV acc. share
NAV distr. share
NAV in USD as of 04/07/2015 to 04/17/2015
Net assets (in M)
We saw a divergence in equity markets in developed countries during March, with the S&P 500 down 1.7% while Europe and Japan continued to rise, up more than 2%. However, regarding volatility, all indices trended similarly, namely upwards, both for implied and realised volatility. The S&P 500 and Eurostoxx50 recorded volatility of 14.7% and 16.2%, respectively, in March, compared to 10% and 11.5% the previous month. One-year implied volatility rose by 1.2% and 1.4%, on a constant basis, ending the month with highs of 16.7% for the S&P 500 and 19.3% for the Eurostoxx50. The Japanese market remained fairly quiet with a limited rise in one-year volatility of 0.15%. The directional driver therefore made a positive contribution this month, with an average vega exposure of 1.56 over the period and volatility up 1.1% on average. However, due to the market configuration (rising volatility in a bull market), our options portfolio was unable to lock in all of this increase, in particular in Europe, as it had done in November 2014. Replication costs, as well as the structure of the options portfolio, therefore weighed on the performance of the second driver (vol of vol), which was negative in March. In an environment of low volatility fluctuations, our active management was very limited and we were unable to offset these negative effects. With regard to the fund’s level of vega exposure, we increased it at a slower-than-expected pace, as it rose from 1.4 to 1.64 at month-end. This increase was mainly across Europe and the US, which has reduced our underweight position in the Eurozone. We are maintaining a conservative bias in order to accelerate our volatility purchases in the event of a more pronounced decline. However, if the rise in volatility were to accelerate, profit-taking would then be considered.
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