Amundi Funds Brazil

Asset class /
Geographical area : Equities / Latin America
Benchmark : 100% MSCI BRAZIL 10/40
Minimum recommend investment period : 5 years

Launch date03/06/2008

Data as of 08 September 2010

Reference Currency : USD

Other dealing currency : EUR

Net assets (in M) : 226.65

NAV acc. share : 113.23

NAV distr. share : 109.12

Country of registration : Austria, Belgium, Finland, France, Germany, Greece, Hong Kong, Italy, Luxembourg, Macao, Netherlands, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, United Kingdom

Performance
NAVs
Management
Key features
News & Publications


Start Date	End Date
or time period	Currency

Performance from 06 March 2008 to 08 September 2010 ( USD )

Amundi Funds Brazil - C ( 13.23% over the period)

100% MSCI BRAZIL 10/40 ( 2.05% over the period)

Sliding performance as of 08 September 2010 ( USD )
	YTD	1 week *	1 Month *	1 Year *	3 Years *	5 Years *
Fund	-0.42%	-0.36%	0.48%	24.18%	--	--
Benchmark	-0.07%	-0.25%	0.06%	23.98%	--	--

Calendar performance ( USD )
	2009
Fund	142.92%
Benchmark	131.33%

Risk indicators as of 08 September 2010
	1 Year	3 Years	5 Years
Volatility (Volatility)	29.11% (28.77%)	- (-)	- (-)
Tracking Error Ex Post	3.75%	-	-
Information Ratio	0.05	-	-
Sharpe ratio	0.83	-	-

* 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 incentive 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.


Start Date	End Date
or time period	Frequency	Currency

NAV in USD as of 08/26/2010 to 09/08/2010
Dates	NAV Acc. share	NAV Distr. share	Net assets (in M)
09/08/2010	113.23	109.12	226.65
09/07/2010	112.67	108.58	225.86
09/06/2010	113.14	109.04	226.87
09/03/2010	113.19	109.09	226.97
09/02/2010	113.36	109.25	227.23
09/01/2010	113.64	109.53	227.81
08/31/2010	110.01	106.02	220.67
08/30/2010	108.39	104.46	217.36
08/27/2010	110.47	106.46	221.60
08/26/2010	107.22	103.34	215.45

Value as of 08 September 2010
	USD	EUR
Net assets (in M)	226.65	177.83
NAV acc. share	113.23	88.84
NAV distr. share	109.12	85.62

Management comment

MSCI Brazil10/40 gained 14.1% in USD in July, outperforming both the MSCI World (+8.1%) and MSCI Emerging Markets (+8.3%). The rebound occurred as investors switched from concerns over sovereign solvency issues within the Eurozone and uncertainties regarding Chinese economic growth to better-than-expected bank stress tests results in Europe and corporate results in the US. Year-to-date, the Brazil index outperforms developed market equities by 2% and underperforms emerging markets by 1.9%. The fund slightly underperformed its index in July. Sector allocation contributed positively from our overweight position on real estate and underweight consumer staples. This was partly offset by our telecom overweight. Stock selection, despite positive contributions from utilities and energy, was negatively impacted by consumer stocks, mainly our overweight on media company Saraiva and underweight on beverage and tobacco stocks. During the month, we slightly raised materials (improved iron ore pricing) to the detriment of telecoms (negatively affected by merger activities). In the short term, we believe equity markets will continue to be influenced by the evolution of sovereign risk perception in Europe, as well as economic and employment recovery in developed markets. In Brazil, we continue to expect positive news from domestic demand, earnings recovery, global rates and improving perception of country risks. While uncertainties related to the extent of tightening measures in China seem to have been largely priced into commodity stocks, robust economic recovery and strong medium term fundamentals continue to make us feel highly comfortable on the ability of the country to continue to outperform developed markets over the medium to long term.

SECTOR BREAKDOWN Data as of 31 July 2010

Top portfolio exposures as of 31 July 2010
BANCO BRADESCO SA	9.66%
PETROLEO BRASILEIRO SA	7.51%
VALE SA	7.21%
OGX PETROLEO A GAS PARTICIP SA	5.83%
ITAU UNIBANCO HOLDING SA	4.87%
INVESTIMENTOS ITAU SA	4.18%
CIA SIDERURGICA NACIONAL SA	3.28%
COMPANHIA DE BEBIDA DE AMERICA	3.24%
USINAS SIDERURG MINAS GERAIS	3.24%
BRADESPAR SA	3.22%

Management guidance

Betting on Brazil, the leading economy in Latin America, the investment team aims to capture the growth potential of the country’s natural resources and internal demand. Using a tested investment process (in-depth fundamental analysis, arbitrating prospects vs. valuation vs. risks, medium term investment horizon, risk diversification), the investment team seeks to identify the best opportunities within a large universe of stocks by adding value on both sector allocation and stock picking.

General information
Launch Date	Distr. share : 06 March 2008
	Acc. share : 06 March 2008
Legal domicile	SICAV
Manager	BERNARD Lionel
Management Company	Amundi Luxembourg SA
Custodian	CACEIS BANK LUXEMBOURG
AMF Classification	International equities
Asset class	Equities
Country of registration :	Austria , Belgium , Switzerland , Germany , Spain , Finland , France , Greece , Hong Kong , Luxembourg , Netherlands , Norway , Singapore , Sweden , Portugal , United Kingdom , Macao

Conditions and fees
Valuation	Daily
Maximum subscription fee	4.50%
Subscription fee acquired	Yes
Max. annual management fees (incl.taxes)	1.60 IAT
1st subscription minimum	1.0 in thousandths of a share(s)
Reference Currency	USD
Other currencies	EUR

List of codes
	Acc. share	Distr. share
ISIN	LU0347592940	LU0347593088
BLOOMBERG	CAMBRCA	CAMBRCD
REUTERS	LP65107520	LP68028455

Publications

Document	Date updated	Size
Prospectus	2010-06-28	122 KB
Monthly Factsheet	2010-08-23	85 KB
Semi-Annual report	2009-02-26	1673 KB
Annual Report	2009-11-02	2906 KB

Disclaimers

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