low volatility fund
Transcription
low volatility fund
LOW VOLATILITY FUND Reporting 06rd january 2017 – Share I UCITS IV AISM LV FUND PRESENTATION AISM LV FUND TARGETS Legal form inception UCITS IV Creation date 27th December 2011 Classification Diversified Fund CurrencyEURO Yearly performance Volatility ISIN Code Asset manager KEY FIGURES LU0677960717 (Bloomberg Ticker: AISMGOI LX) Total Assets Net Asset Value Weekly Performance Annualized performance since inception Trailing 52 weeks Performance since inception Volatility 3 years Victor MASSUÉ ASSET CLASS BREAKDOWN Cash 7.00% Bonds 84.39% Valorisation Daily Cut-off Each days 12.a.m CET (working days) Custody/ Administrator CACEIS BANK Luxembourg Luxembourg Management fees 1.2% maximum Subscription fees 4% maximum Redemption fees 2% maximum Convertible bonds 2.24% Stocks 0.00% €76 869 236.51 €1 016.94 0.13% 0.46% -0.64% 1.56% 5.87% SUBSCRIPTION AND REDEMPTION Reverse convertible bonds 0.00% Mutual funds 6.37% from 5 to 6% in average per year below 4% PERFORMANCE CONTRIBUTORS Week ending on 06rd january 2017 Coupon0.04% Trading0.00% Mutual funds 0.14% Equities0.00% Reverse Convertible 0.01% Convertibles Bonds -0.01% Bonds0.01% 0% 0,08% Since inception Coupon22.62% Trading-0.19% Mutual funds -1.05% Equities-1.74% Reverse Convertible -0.86% Convertibles Bonds -0.32% Bonds-16.11% -15% -7.5% 0% 7.5% 15% www.aism.lu Tél : +352 278 54 71 - fax : +352 278 58 597 21 rue Aldringen - L - 1118 LUXEMBOURG - Grand Duché de Luxembourg RCS : B 165.086 Société de gestion agréée par la CSSF This presentation is confidential, for private use only, and may not be shared with others (other than your advisors) without AISM’s written permission. The information contained on this presentation does not constitute either an offer to supply services others than those corresponding in the laws and the applicable rules in every country, or an invitation to sign in any way parts of capital fund or securities. LOW VOLATILITY FUND Reporting 06rd january 2017 – Share I UCITS IV PERFORMANCE HISTORY JAN FEV MAR AVR MAI JUIN JUIL AOUT SEPT OCT NOV DEC YTD 12M 2012 1.76% 1.50% -0.28% -1.05% -1.19% 1.86% 0.49% 1.71% 1.44% 1.63% 0.59% 0.99% 9.79% - 2013 0.23% 0.57% 0.11% 1.05% 0.74% -2.20% 0.87% 0.42% 0.07% 1.37% 0.32% 0.56% 4.16% - 2014 0.53% 0.92% 0.19% 0.76% 0.49% 0.59% -0.24% 0.22% -0.41% -0.64% 0.45% -1.29% 1.56% - 2015 -0.19% 1.84% 0.26% 0.60% -0.68% -2.06% 0.84% -3.14% -3.37% -3.57% 0.55% -2.71% -11.22% - 2016 -3.77% -0.73% 3.34% 0.40% -0.09% 1.15% 1.06% 0.03% -0.25% -0.64% -1.28% -0.57% -1.48% - 2017 0.13% 0.13% -0.64% ANNUALIZED PERFORMANCE SINCE INCEPTION : 0.46% www.aism.lu Tél : +352 278 54 71 - fax : +352 278 58 597 21 rue Aldringen - L - 1118 LUXEMBOURG - Grand Duché de Luxembourg RCS : B 165.086 Société de gestion agréée par la CSSF This presentation is confidential, for private use only, and may not be shared with others (other than your advisors) without AISM’s written permission. The information contained on this presentation does not constitute either an offer to supply services others than those corresponding in the laws and the applicable rules in every country, or an invitation to sign in any way parts of capital fund or securities. LOW VOLATILITY FUND Reporting 06rd january 2017 – Share I UCITS IV COMMENTS The weekly performance of your fund came in at +0.13%. At the beginning of 2017, the main narrative of the market operators with which the management team remains in contradiction, has been slightly modified since the different problems concerning the Chinese financial system and the implementation of the economic program of Donald Trump have emerged, allowing risk-free assets such as precious metals and government bonds to appreciate. The US yield curve has been hit hard by both the fanciful expectations of analysts and the consequences of a Chinese central bank which does not know what to do to protect its currency and the capital outflow from the country. This overreaction allowed the fund to reposition itself on the long parts of the curve between 10 and 30 years. If China were to create a panic by allowing its currency to devalue sharply, the safe haven of precious metals, the American and German sovereign curves would be appreciated together. However, the general narrative of the market remains oriented towards a new economic dynamism, at least in the United States, thanks to a fiscal stimulus and public spending that, in theory, should solve all our economic problems. The main problem of this narrative is the certainty of the return of growth, in an environment where energy prices rise strongly over a year, creating even more inflationary pressures, while economic dynamism erodes. The US Federal Reserve issued once more a report of its last meeting with the word «uncertainties». Investments in the Eurozone will remain cautious, with the fund emphasizing on the highly-rated bonds with a variable rate. Year 2017 will be an important one in Europe, with numerous electoral events and a monetary stimulus that should gradually decline at the end of the year. In view of the fact that the European Central Bank, through its massive purchases, created very significant distortions on the European yield curves, staying long in terms of duration could prove to be a dangerous game. The fund will nevertheless count assets as risk-free in its portfolio, with long duration of countries in the heart of Europe. The fund’s duration remained unchanged at 3.70 years as well as the carry rate at 2.05%. www.aism.lu Tél : +352 278 54 71 - fax : +352 278 58 597 21 rue Aldringen - L - 1118 LUXEMBOURG - Grand Duché de Luxembourg RCS : B 165.086 Société de gestion agréée par la CSSF This presentation is confidential, for private use only, and may not be shared with others (other than your advisors) without AISM’s written permission. The information contained on this presentation does not constitute either an offer to supply services others than those corresponding in the laws and the applicable rules in every country, or an invitation to sign in any way parts of capital fund or securities.