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.