OBJECTIF ALPHA EURO October 2013

October 2013
OBJECTIF ALPHA EURO
NAV €
Net Assets (M €)
A units FR0010828913
356,54
705,42
R units FR0010830240
342,25
8,87
ISIN code
Euro Equities
Eligible for an equity savings plan
Total Net Assets (M €)
714,29
MANAGEMENT
Overall

INVESTMENT POLICY
The Lazard Alpha Euro portfolio seeks long-term capital appreciation by investing in a small selection (30-40 stocks) of large caps among the eurozone. This selection is the best allowance of
profitability / Valuation according to the fund manager. That is to say the companies’ capability of creating the more values and with an attractive valuation.
The fund is composed without any specific geographical or sector constraint. Therefore the portfolio evolution may differ from its benchmark. This fund is always invested for at least 90% in
equities.
The comparison with the performance of its index is relevant over the recommended investment period only.
FUND MANAGERS' COMMENT - Régis BÉGUÉ
October saw a continuing search for risk assets, which contributed to raise equity indexes to new year highs. The Eurozone benefited the most from this trend, since concurring
macroeconomic data advocated for a recovery in sight, particularly in Southern European countries. The release of poor Q3 earnings of the main multinational companies, adversally affected
in their exports by the negative forex effect, confirmed the relatively safer situation and higher potential of Europe as compared to the rest of the world. In spite of this backdrop, the fund, up
4.24% in october, did not outperform the index, which rose by 5.38%. The relative performance was hurt by an unfavourable stock-picking within sectors such as automobiles and technology,
but was conversally helped by a good stock selection for raw materials, utilities and chemicals. The underperformance is mainly accounted for by 2 stocks: Peugeot, hit by vague rumours of a
potential recapitalisation, and STMicroelectronics, which posted bad Q3 earnings. Nevertheless, the fund benefited from the good performance over the period of stocks such as DNB, Arcelor
Mittal, Natixis, Société Générale and AkzoNobel.
PERFORMANCE - A units
HISTORICAL PERFORMANCE
Objectif Alpha Euro - part A
Eurostoxx Total Return
200
190
180
170
160
150
140
130
120
110
100
90
80
70
10/31/08
04/30/09
10/31/09
04/30/10
10/31/10
04/30/11
10/31/11
04/30/12
10/31/12
04/30/13
10/31/13
Past performance is not a guarantee of current or future performance
PERFORMANCE AND MORNINGSTAR RANKING
RISK SCALE**
Cumulative performance*
Month
YTD
1 year
3 years
5 years
Inception
OBJECTIF ALPHA EURO
4,2%
26,5%
34,3%
26,9%
88,8%
78,3%
Eurostoxx Total Return
5,4%
21,2%
27,6%
23,1%
51,2%
42,9%
3rd
1st
1st
1st
1st
-
Annualized performance
1 year
3 years
5 years
Inception
OBJECTIF ALPHA EURO
34,3%
8,3%
13,5%
7,1%
Eurostoxx Total Return
27,6%
7,1%
8,6%
4,3%
Morningstar Quartiles
(1)
1
2
3
4
5
6
7
**Risk scale calculated from the volatility of the UCITS over a period of
5 years (see detail on the back)
Inception : 05/12/2005
RISK RATIOS
1 year
3 years
Volatility
OBJECTIF ALPHA EURO
15,5%
23,9%
Eurostoxx Total Return
13,7%
20,0%
2012
2011
2010
2009
2008
3,1%
5,3%
OBJECTIF ALPHA EURO
29,5%
-24,0%
10,2%
47,6%
-39,0%
Information ratio
1,6
0,2
Eurostoxx Total Return
19,3%
-15,2%
2,7%
27,6%
-44,6%
Beta
1,1
1,2
Annual performance
* The performance quoted represents past performance. Past performance does not guarantee future results.
Tracking error
Ratios calculated on a weekly basis
LAZARD FRERES GESTION – S.A.S au capital de 14.487.500€ - 352 213 599 RCS Paris
25, Rue de Courcelles -75008 PARIS
wwww.lazardfreresgestion.fr
October 2013
OBJECTIF ALPHA EURO
GEOGRAPHICAL ALLOCATION
Objectif Alpha Euro
SECTOR ALLOCATION
Euro Stoxx
Objectif Alpha Euro
40%
30%
35%
25%
30%
20%
25%
Euro Stoxx
15%
20%
10%
15%
5%
10%
0%
5%
-5%
0%
-5%
MAIN HOLDINGS
MOVEMENTS
%
Country
Sector
New positions
Positions sold
Total
2,6%
France
Oil and Gas
Banco Popular Espanol Sa
Repsol S.a.
BNP Paribas
2,6%
France
Financials
Sampo
Michelin
Akzo Nobel
2,6%
Netherlands
Basic Materials
Unilever
Schneider Electric
Kbc Groupe Sa
2,6%
Belgium
Financials
SAP
Carlsberg
Daimler
2,6%
Germany
Consumer Goods
Société Générale
2,6%
Germany
Financials
BMW
2,6%
Germany
Consumer Goods
Siemens
2,6%
Germany
Industrials
Arcelormittal
2,6%
France
Basic Materials
Philips
2,6%
Netherlands
Consumer Goods
TOTAL
25,8%
Main holdings
FUND DETAILS
ISIN Code
Bloomberg Code
Legal form
Coordinated UCITS
AMF classification
A units : FR0010828913
R units: FR0010830240
A units: OBJALPH FP
R units: OBJALPR FP
SICAV
yes
Valuation
Daily
Eligible for an equity savings plan
yes
Custodian
Lazard Frères Banque
Management company
Lazard Frère Gestion
Taxation
Capitalisation and/or distribution
Equities euro zone
Investment horizon
Management fees
Redemption fee
Outperformance fees
A units : 1% inclusive of all taxes of net assets
R units : 2% inclusive of all taxes of net assets
4% max
1% max
15 % of the annual performance over the
Eurostoxx TR performance
Subscription terms
Inception date
Currency
Management fees
05/12/2005
Euro
On next NAV for orders placed before 11 a.m.
Settlement and value date
Subscription D (NAV date ) + 1 business day
> 5 years
Redemption D (NAV date ) + 3 business days
(1) Classification criteria : The comparison universe is made up of French-law funds and SICAVs marketed in France, opened or present in the Morningstar database on the calculation date in its category "Eurozone Large-Cap
Equity".
** Risk scale : Derived from the historic volatility of the UCITS over a period of 5 years. The management company reserves the right to adjust the level of risk calculated according to the specific risk of the fund. This risk scale is
supplied as a rough guide and may be modified without advance notice.
Le Revenu
Trophées 2010
des Meilleurs Sicav et Fonds
LAZARD FRERES GESTION
Gamme Actions Euro sur 3 ans
Trophée
Argent
Cat. Établissements Spécialisés
Contacts :
Subscription/Redemption
Laurence Quint +33 1.44.13.02.88
(fax +33 1.44.13.08.30)
Additional information:
Laura Montesano
+33 1.44.13.01.79
Publication of NAVs :
www.lazardfreresgestion.fr
Gamme Actions & Diversifiés
Catégorie Autres Établissements
Please consider a fund’s investment objectives, risks, charges, and expenses carefully before investing. Read the prospectus or summary prospectus carefully before you invest. The prospectus and summary prospectus contain investment
objectives, risks, charges, expenses, and other information about the Portfolio(s) and The Lazard Frères Gestion Funds that may not be detailed in this document. Distributed by Lazard Frères Gestion.
The prospectus for Switzerland, the simplified prospectus for Switzerland, the articles of incorporation, the annual and semi-annual reports, as well as the list of the buying and selling transactions can be obtained free of charge from the
representative of the Fund in Switzerland, Carnegie Fund Services S.A., 11, rue du Général-Dufour, 1204 Geneva, Switzerland, Tel. +41 22 705 11 77, Fax: + 41 22 705 11 79, www.carnegie-fund-services.ch. The paying agent is Banque
Cantonale de Genève, 17 Quai de l'Ile, 1204 Geneva, Switzerland.
LAZARD FRERES GESTION – S.A.S au capital de 14.487.500€ - 352 213 599 RCS Paris
25, rue de Courcelles -75008 PARIS
wwww.lazardfreresgestion.fr