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    Ais city wire workshop may 2013f inalspore Ais city wire workshop may 2013f inalspore Presentation Transcript

    • For Distributors and Financial Advisers OnlyAmundi International SICAV« Making more by losing less* »Wealth Manager – CityWire ConferenceMay 2013Robert Hackney, Senior Managing DirectorFirst Eagle Investment Management, LLC.*The SICAV does not offer a capital guaranteeMorningstar rating as of April 2013
    • For Distributors and Financial Advisers OnlyDelegation of portfoliomanagementInvestmentManagerSub-InvestmentManagerAmundiInternationalSICAVCrédit Agricole Société Générale75% 25%Partners with one objective: generating value for our clientsAmundi International SICAV – May 2013 - Slide 2
    • For Distributors and Financial Advisers OnlyExecutive SummaryWe are Owners of Enterprise, not stock tradersAmundi International SICAV – May 2013 - Slide 3Source: Amundi - Annualized data, net of fees, Retail Share (AU-C), since inception, in USD, as ofend April 2013. Past performance is not a reliable indictor of future returns. The fund has no officialbenchmark. The MSCI World is provided for comparative purposes only. Investment Objective – To preserve and enhance the purchasing power of capital overtime– To avoid the permanent impairment of capital through a time-testedvalue approach– To achieve these goals by investing in a broad universe of assets,including global equities, corporate and short term sovereignbonds, and gold related securities Key features – Inception: 1996– Market capitalization: All– Sector/Country Constraints: None– Historical Portfolio Turnover:less than 20%– Currency Hedging: Useddefensively Results since inception(ending April 2013)– Absolute Positive Returns:10.72% vs MSCI World 5.84% (inUSD)– Low Volatility: 11.23% STDvs MSCI World 18.20%
    • For Distributors and Financial Advisers Only“The Future is Uncertain!”But it is certain that crisis periods are recurrentSource: Amundi, First Eagle. Data as of end April 2013.The fund has no official benchmark. The MSCI World is provided for comparative purposes only.Past performance is not indicative of future returns. First Eagle Global Value composite performance returns are presented toillustrate the application of First Eagle’s global value strategy. As Accounts included in the Composite may have different feestructures, the returns do not represent the actual performance returns of the Amundi International SICAV. Information presentedhere is for reference only3001,000100,0001006002,0002003,000 TMTBubbleBurstSARSEpidemicBankruptcy ofContinentalIllinois BankBlack Monday,October 19, 1987GulfWar IMexicanPesoCrisisAsianCurrencyCrisisLTCMBankruptcyEnronFraud09/11GulfWar IISubprimeCrisisLehmanBankruptcyGreekDebtCrisisGlobalEconomicCrisisJapanEarthquake& TsunamiUS &EuropeanDebt CrisisLATAMDebt CrisisJapaneseEquityBubbleBurstRussianDebtDefault10,00020,0006,000Amundi International SICAV – May 2013 - Slide 4
    • For Distributors and Financial Advisers OnlyWhat We Seek to Avoid High valuations High levels of leverage “Black box” balance sheets Vulnerable business models Aggressive management behavior0.0% in Japan4.8% in Tech/Telecom1.72% in Financials** 31/12/1988 31/12/1999 31/12/2006MSCI World: 44.12%MSCI World: 32.47%MSCI World: 26.39%Jean-Marie Eveillard« I would prefer to losehalf of my clients ratherthan half of my client’smoney. »* Source: First Eagle.** Excludes holding companies, paper and forest, Gold ETF.Performance of First Eagle Global Fund may not be representative of Amundi International SICAV.Information presented here is for reference only.Global ValueStrategy*Rule No 1: Don’t lose money!Amundi International SICAV – May 2013 - Slide 5
    • For Distributors and Financial Advisers OnlyLooking for the ugly, unwanted and unlovedWhat We DoAnalyze andunderstandbusiness modelsRecast financialstatementsCalculate intrinsicvalueInvest when thebusiness trades at a30%-50% discountWhat a knowledgeable investor wouldpay for the entire company in cash todayIntrinsicValueGiven for indicative purpose only, may be changed without prior notice Amundi International SICAV – May 2013 - Slide 6
    • For Distributors and Financial Advisers OnlyMargin of safety: Following Rule No. 1What We DoProtection againstuncertaintyTo avoid Permanentimpairment of CapitalMarginof SafetyDiscount between intrinsic value and market priceMarginof SafetyGiven for indicative purpose only, may be changed without prior notice Amundi International SICAV – May 2013 - Slide 7
    • For Distributors and Financial Advisers Only020406080100120140160180200200520062007200820092010201160708090100110120Focus on companies passing the Bordeaux-TestIncome vs number of outstanding sharesSource: Amundi, First Eagle as at April 2013.References to specific securities are presented to illustrate the application of First Eagle’s investmentphilosophy only and are not to be considered recommendations by First Eagle or Amundi. It should not beassumed that investments in the securities identified were or will always be profitable.05010015020025020052006200720082009201020118085909510010511002040608010012014016018020052006200720082009201020116065707580859095100105110Operating Income (Rebased 100; in USD, based on weighted average annual exchange rates, RHS)Weighted Average Shares Outstanding (rebased 100, LHS)Amundi International SICAV – May 2013 - Slide 8Nestle Microsoft Fanuc
    • For Distributors and Financial Advisers OnlyCash & Cash Equivalents as residual of investment opportunitiesPrice is “the” TriggerSource: First Eagle. Data as of end April 2013 Amundi International SICAV – May 2013 - Slide 9
    • For Distributors and Financial Advisers OnlyEmphasizing sustainable competitive advantageTop 10 Holdings Number of Holdings: 143 AUM: $4,189.9 MillionSource: First Eagle. Data as of end April 2013 Amundi International SICAV – May 2013 - Slide 10
    • For Distributors and Financial Advisers OnlyAsset & Sector Breakdown Asset Breakdown  Sector BreakdownFocusing on companies & revenues, not on marketsSource: First Eagle. Data as of end April 2013 Amundi International SICAV – May 2013 - Slide 11
    • For Distributors and Financial Advisers Only1000Providing consistent positive absolute returns over timeHistorical Performance in USD since inception100200300400500700Am undi International SICAV - 5y rolling annualised net returnsM SCI W orld (ND) - 5y rolling annualised net returnsSource: Amundi - Data net of fees, Retail Share, since inception, in USD. Past performance is not a reliable indictorof future returns. The SICAV has no official benchmark. The MSCI World is provided for comparative purposes only.Inception date of the fund: 12/08/1996.Given for Illustrative purpose only.Amundi International SICAV – May 2013 - Slide 12Performance 1 year 3 years 5 years 10 years InceptionAmundi International SICAV 9,35% 7,32% 3,70% 10,71% 10,72%MSCI World (ND) 16,30% 9,29% 1,80% 8,35% 5,84%Spread -6,95% -1,97% 1,90% 2,36% 4,88%Net of fees, in USD, Retail Share (AU-C), monthly data, as of April 30, 2013annualized returns
    • For Distributors and Financial Advisers OnlyOther rolling annualized net returns since inception (monthly data, AU-C Share)Amundi International SICAV MSCI World (ND)1Y3Y7Y10YWith patience as allySource: Amundi - net of fees, Retail Share, since inception, monthly data, in USD, as of end April 2013.Past performance is not a reliable indictor of future returns. The fund has no official benchmark. The MSCIWorld is provided for comparative purposes only.Amundi International SICAV – May 2013 - Slide 13
    • For Distributors and Financial Advisers OnlyCompetitive Positioning over 5 years (5y returns vs. 5y volatility)And an unique risk/return profileSource: Amundi - Data net of fees, Retail Share, since inception, in USD. The figures shown in this chart arethose applicable for the years mentioned. Past performances are not a guarantee for future results, they are notconstant over time. Ranking & Quartile – Lipper – Funds registered for sale in Europe, Performances, Ranking &Quartile are calculated with A Share – Data as of end December 2012.CarmignacInvestissement AHigherReturnsHigherReturnsLowerReturnsLowerReturnsHigher VolatilityLower VolatilityLower Volatility Higher VolatilityLipper Global EquityUniverse Average(23.11%;-2.52%)Blackrock GlobalAllocation Fund A2 USDAmundi International SICAV – May 2013 - Slide 14
    • For Distributors and Financial Advisers OnlyA dedicated team with one goal: minimizing risk of capital lossResearch TeamPortfolio ManagementMatt McLennan, CFAHead of Global Value TeamPortfolio Manager21 years of experienceKimball Brooker, Jr.Deputy Head of Global Value TeamPortfolio Manager20 years of experienceAbhay Deshpande, CFAPortfolio Manager20 years of experienceJean-Marie EveillardSenior Adviser50 years of experienceBruce Greenwald, PhDSenior AdviserSenior AdvisersAlan Barr, CFANon-food consumer products,forest products/paper, chemicalsRachel BenepeRetail, gold, metals and miningindustries, steel & coal,automobilesGiorgio CaputoEnergy, distribution, packaging,building products, restaurants,special situationsManish GuptaTechnology hardware andequipment, commodity chemicalsRobert Hordon, CFAReal estate, infrastructure, retailand constructionMatt Lamphier, CFAIndustrials, energy, medicaldevices, gaming and leisure,transportationDebra LusmanManager of Research OperationsOanh Thi NguyenMedia, telecomElizabeth TobinPharmaceuticals, agricultureMark Wright, CFABanks and food & beverageAmundi International SICAV – May 2013 - Slide 15Source: First Eagle.
    • For Distributors and Financial Advisers Only“Making more by losing less” means… Capital preservation in real terms over time as main performance objective Purchasing good businesses at great prices and/or great businesses at goodprices Remaining flexible in terms of sector, country & market cap Broadly diversifying the portfolio through investments in Gold, Bonds and Cash Being prudent, patient, long term oriented, independent and benchmark agnostic« One of the mostsuccessful long-term recordsin the investment world. »1MorningstarLast but not leastAmundi International SICAV – May 2013 - Slide 161Quote as of 27/06/2003
    • For Distributors and Financial Advisers OnlyAmundi International SICAVAppendix– Historical Portfolio Data– Global Value AUM– Fund CharacteristicsAmundi International SICAV – May 2013 - Slide 17
    • For Distributors and Financial Advisers OnlyHistorical Volatility Capture Ratio vs MSCI World (AU-C Share)Amundi International SICAV – AppendixSource: Amundi - Annualized data, net of fees, Retail Share (AU-C), since inception, in USD, as of endApril 2013. Past performance is not a reliable indictor of future returns. The fund has no official benchmark.The MSCI World is provided for comparative purposes only.Amundi International SICAV – May 2013 – Slide 18
    • For Distributors and Financial Advisers OnlyHistorical Tracking Error vs MSCI World (AU-C Share)Amundi International SICAV – AppendixSource: Amundi - Annualized data, net of fees, Retail Share (AU-C), since inception, in USD, as of endApril 2013. Past performance is not a reliable indictor of future returns. The fund has no official benchmark.The MSCI World is provided for comparative purposes only.Amundi International SICAV – May 2013 – Slide 19
    • For Distributors and Financial Advisers OnlyAmundi International SICAV – AppendixAmundi International SICAV – May 2013 - Slide 20Historical Asset Breakdown As of end April 2013Source: Amundi. Data as of end April 2013 – Please note that the SICAV was closed tosubscriptions between 2004 and August 2008. The negative cash level in early 2008 is aresult of significant redemptions during that period.
    • For Distributors and Financial Advisers OnlyAmundi International SICAV – AppendixAmundi International SICAV – May 2013 - Slide 21Historical Regional Breakdown As of end April 2013Source: Amundi. Data as of end April 2013 – Please note that the SICAV was closed tosubscriptions between 2004 and August 2008. The negative cash level in early 2008 is aresult of significant redemptions during that period.
    • For Distributors and Financial Advisers OnlyAmundi International SICAV – AppendixCash & Short TermGovernment BondsUtilitiesTelecommunicationServicesMaterialsInformation TechnologyIndustrialsHealth CareFinancialsEnergyConsumer StaplesConsumer DiscretionaryAmundi International SICAV – May 2013 - Slide 22Historical Sector Breakdown As of end April 2013Source: Amundi. Data as of end April 2013 – Please note that the SICAV was closed tosubscriptions between 2004 and August 2008. The negative cash level in early 2008 is aresult of significant redemptions during that period.
    • For Distributors and Financial Advisers OnlyAmundi International SICAV – AppendixAmundi International SICAV – May 2013 - Slide 23Historical Market Cap Breakdown As of end April 2013Source: Amundi. Data as of end April 2013
    • For Distributors and Financial Advisers OnlyAmundi International SICAV – AppendixAmundi International SICAV – May 2013 - Slide 24Currency Hedging – EUR/USD As of end April 2013Source: First Eagle, Amundi. Data as of end April 2013
    • For Distributors and Financial Advisers OnlyAmundi International SICAV – AppendixAmundi International SICAV – May 2013 - Slide 25Currency Hedging – JPY/USD As of end April 2013Source: First Eagle, Amundi. Data as of end April 2013
    • For Distributors and Financial Advisers OnlyAmundi International SICAV – AppendixGlobal Value AUM Global Value Strategy Historical AUM  Global Value AUM by Sub-StrategySource: First Eagle Investment Management, LLC. Data as of end March 201370.5bn USD AUMSep-11First Eagle Global Value Composite Assets (USD Billions)Amundi International SICAV – May 2013 - Slide 26
    • For Distributors and Financial Advisers OnlyDisclaimerAmundi International SICAV – May 2013 - Slide 27This document contains information about Amundi International SICAV (the “SICAV”), an undertaking for collective investment in transferable securitiesexisting under Part I of the Luxembourg law of 17 December 2010, organised as a société d’investissement à capital variable and registered with theLuxembourg Trade and Companies Register under number B55.838. The SICAV has its registered office at 16, Boulevard Royal L-2449 Luxembourg. TheSICAV has been authorised for public sale by the Commission de Surveillance du Secteur Financier in Luxembourg. The SICAV will not necessarily beregistered or authorized for sale in all jurisdictions or be available to all investors.The SICAV is not authorised or recognised by the Monetary Authority of Singapore ("MAS") and are not allowed to be offered to the Singapore retail public.This document is not a prospectus as defined in the Securities and Futures Act, Cap. 289 of Singapore (the "SFA") and accordingly, statutory liability under theSFA in relation to the content of prospectuses would not apply.This document has not been registered as a prospectus by the MAS, and the offer of the Shares of the SICAV are made pursuant to the exemptions underSections 304 and 305 of the SFA. Accordingly, the Shares may not be offered or sold, nor may the Shares be the subject of an invitation for subscription orpurchase, nor may this document or any other document or material in connection with the offer or sale, or invitation for subscription or purchase of the Sharesbe circulated or distributed, whether directly or indirectly, to any person in Singapore other than under exemptions provided in the SFA for offers made (a) to aninstitutional investor (as defined in Section 4A of the SFA) pursuant to Section 304 of the SFA, (b) to a relevant person (as defined in Section 305(5) of theSFA), or any person pursuant to an offer referred to in Section 305(2) of the SFA, and in accordance with the conditions specified in Section 305 of the SFA or(c) otherwise pursuant to, and in accordance with, the conditions of any other applicable provision of the SFA.Subscriptions in the SICAV will only be accepted on the basis of the SICAV’s latest complete and simplified prospectuses, its latest annual and semi-annualreports and its articles of incorporation that may be obtained, free of charge, at the registered office of the SICAV or respectively at that of the representativeagent duly authorized and agreed by the relevant authority of each relevant concerned jurisdiction. The value of, and any income from, an investment in theSICAV can decrease as well as increase. The SICAV has no guaranteed performance. Further, past performance is not a guarantee or a reliable indicator forcurrent or future performance and returns. The performance data do not take account of the commissions and costs incurred on the issue and redemption ofthe Shares. This document is solely for the internal use of distributors and financial advisors. It is for your information only and does not constitute an offer tobuy nor a solicitation to sell in any country where it might be considered as unlawful, nor does it constitute public advertising or investment advice.This document is personal and confidential and may not be copied or distributed to anyone or in any jurisdiction that would make such distribution unlawful.The information contained in this document has been obtained from sources believed to be reliable but has not been independently verified, although Amundiand its affiliated companies (“Amundi”) believe it to be fair and not misleading. Such information is solely indicative and may be subject to modification fromtime to time and should be read in conjunction with the appropriate offering document. We do not accept any liability whatsoever whether direct or indirect thatmay arise from the use of information contained in this document. Amundi, its associates, directors, connected parties and/or employees may from time to timehave interests and or underwriting commitments in the investments mentioned in this document.Amundi does not guarantee that all risks associated to the transactions mentioned herein have been identified, nor does it provide advice as to whether youshould enter into any such transaction. Amundi does not make any representation as to the merits, suitability, expected success, or profitability of any suchtransaction mentioned herein.Amundi Singapore Limited168 Robinson Road#24-01 Capital Tower Singapore 068912Company Registration Number: 198900774E