Objectif Alpha Europe October 2016

October 2016
Objectif Alpha Europe
NAV €
Net Assets (M €)
A units FR0000294613
480,41
103,68
R units FR0011034131
279,42
19,57
ISIN code
Europe Equities
Total Net Assets (M €)
123,25
MANAGEMENT
Overall

INVESTMENT POLICY
The management objective aims to achieve a performance greater than the Stoxx 600 index.
FUND MANAGERS' COMMENT - Axel LAROZA
The prospect of a rate hike by the Fed before the end of the year, combined with the possibility of a tapering of quantitative easing in Europe in March 2017, caused some tension in the
bond markets in October, with the Bund 10-year yield rising from -0,12% to +0,16%. This resulted in significant sector rotation, with high-yield and growth stocks being left aside in
favour of more cyclical securities, banks in particular. The market nevertheless remained hampered by the binary risk posed by the US presidential election and the referendum in Italy.
The index therefore fell 1,03% over the month. The fund’s decline was limited to 0,51%, i.e. an outperformance of 52 basis points, this despite the significant profit-warning issued by
GEA, which drove the group’s share price down 28%. Nokia and AstraZeneca also weighed on performance, but our stock picks in utilities and travel and leisure, as well as NN
Group’s takeover bid for Delta Lloyd, made a very positive contribution in October, as did the rises of Banca Popolare di Milano, Air France, Uniper, BNP Paribas, Adecco and
Vallourec, which outperformed significantly.
PERFORMANCE - A units
HISTORICAL PERFORMANCE
Objectif Alpha Europe part A
210
200
190
180
170
160
150
140
130
120
110
100
90
80
31/10/2011
30/04/2012
31/10/2012
Stoxx 600 TR euro
30/04/2013
31/10/2013
30/04/2014
31/10/2014
30/04/2015
31/10/2015
30/04/2016
31/10/2016
5
7
Past performance is not a guarantee of current or future performance
PERFORMANCE
RISK SCALE**
Cumulative performance*
Month
YTD
1 year
3 years
5 years
Objectif Alpha Europe
-0,5%
-4,5%
-7,4%
7,3%
60,3%
Stoxx 600 TR euro
-1,0%
-4,8%
-7,0%
14,2%
60,9%
Inception date: 08/12/2003
1
2
3
4
6
**Risk scale derived from the volatility of the UCITS over a period of 5
years (see detail on the back)
RISK RATIOS
Annualized performance
1 year
3 years
Objectif Alpha Europe
-7,4%
2,4%
9,9%
Stoxx 600 TR euro
-7,0%
4,5%
10,0%
1 year
5 years
3 years
Volatility
Objectif Alpha Europe
21,0%
18,6%
Stoxx 600 TR euro
17,2%
16,3%
Annual performance
2015
2014
2013
2012
2011
Tracking error
7,0%
5,6%
Objectif Alpha Europe
3,6%
3,7%
30,4%
23,2%
-17,8%
Information ratio
-0,1
-0,4
Stoxx 600 TR euro
9,6%
7,2%
20,8%
18,2%
-8,6%
Beta
1,2
1,1
* The performance quoted represents past performance. Past performance does not guarantee future results.
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 2016
Objectif Alpha Europe
GEOGRAPHICAL ALLOCATION
Objectif Alpha Europe
SECTOR ALLOCATION
Objectif Alpha Europe
Stoxx 600
35%
30%
30%
25%
25%
20%
20%
15%
Stoxx 600
10%
15%
5%
10%
0%
5%
0%
France
Euro ex-France Great Britain
Switzerland
Scandinavia
Monetary
MAIN HOLDINGS
MAIN TRANSACTIONS
Position
Country
Sector
New positions
Positions sold
Alstom
2,7%
France
Industrials
Banca Popolare Di Milano
Société Générale
Air France - KLM
2,6%
France
Consumer Services
WPP 2012
2,6%
Great Britain
Consumer Services
Adecco
2,6%
Switzerland
Industrials
Credit Suisse Group Ag (nomi.)
2,6%
Switzerland
Financials
Lafargeholcim Ltd
2,6%
Switzerland
Industrials
Peugeot
2,6%
France
Consumer Goods
Bank of Ireland (the)
2,6%
Ireland
Financials
Saint-Gobain
2,6%
France
Industrials
Imerys
2,6%
France
Basic Materials
TOTAL
25,9%
Main holdings
FUND DETAILS
ISIN Code
Bloomberg Code
Legal form
Coordinated UCITS
AMF classification
Currency
Investment horizon
A units : FR0000294613
R units: FR0011034131
A units: OBJVALE
R units: OBJVALR
SICAV
Yes
Equities International
Euro
> 5 years
Valuation
Daily
Custodian
Lazard Frères Banque
Management company
Lazard Frères Gestion
Taxation
Inception date
Capitalisation and/or distribution
Part A : 14/05/1990
Part R : 29/03/2012
Management fees
A units : 1,10% inclusive of all taxes of net assets
R units : 2,10% inclusive of all taxes of net assets
Subscription fee
4% max
Redemption fee
1% max
Subscription terms
On next NAV for orders placed before 11 a.m.
Settlement and value date
Subscription D (NAV date ) + 1 business day
Redemption D (NAV date ) + 3 business days
Outperformance fees
15% of the annual performance over the Stoxx 600 TR
** 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.
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
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 KIID 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 KIID 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