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Amundi funds bond global aggregate citywire miami 2013

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  • 1. Citywire – October 2013 - page 1 Amundi Funds Bond Global Aggregate Jacques Keller, Head of Product Specialist Global Fixed Income and Forex Citywire Miami 17 -18 October 2013 This material is solely for the attention of “professional” investors (see more details and definitions at the back).
  • 2. Citywire – October 2013 - page 2 Amundi, one of the largest asset managers in the world Mutual fund Management Open-ended funds Institutional Assets under Management $975 Bn in Assets Under Management1 No.13 No.24 No.12 No.25 No.92 No.56 1.Amundi Group figures as at 30 June 2013. 2. Total net assets - Source : IPE «Top 400 global asset managers active in the European marketplace » published in June 2013, data as at December 2012. 3. Source Europerformance NMO – June 2013– French domiciled funds. 4.Source Lipper FMI – June 2013 - funds domiciled in Europe and in related offshore territories. 5. in Europe- Open-ended funds, dedicated funds, mandates- 6, Source Top 120 IPE European Institutional Managers published in June 2013, data as at December 2012.
  • 3. Citywire – October 2013 - page 3 Global capabilities Located in some 30 countries across 5 continents, Amundi covers the main markets and investment regions throughout the world. With a strong local presence, Amundi is committed to offering its clients a relationship defined by both proximity and a long term view. . Amundi Group figures as at 30 June 2013
  • 4. Citywire – October 2013 - page 4 Access to comprehensive resources for Global Aggregate Management Strong, daily interaction with the different teams within Amundi 1, Data source : Amundi - Figures as at 30th June 2013 2, Figures as at December 2012 2, Amundi London Branch Figures as at 30thJune 2013 Global Bonds Global Equities Global Credit Global Emerging 19 Strategy & Economic Research 10 Emerging Equity PM’s and Analysts 17 Quantative Research Global Aggregate •Global Sovereign •Global Corporate •Global Emerging Debt •Global Currency 18 Credit Analysts •Global Macro Total Group AUM: $975 bn AUM1 Total Fixed Income Platform $672 bn2 / Amundi London Branch $22.9 bn3
  • 5. Citywire – October 2013 - page 5 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 YTD MTD EM external debt 14.41% US Credit 10.40% EM external debt 13.12% EM (MSCI) 51.59% EM (MSCI) 22.45% EM (MSCI) 30.31% EM (MSCI) 29.18% EM (MSCI) 36.48% US Treasury 13.74% EM (MSCI) 74.50% EM (MSCI) 16.36% US Treasury 9.81% Global High Yield 19.24% S&P 500 18.36% EM (MSCI) 6.16% US Treasury 13.52% US Treasury 6.75% US Treasury 11.79% Asia Pacific (MSCI) 38.07% DM exp. US (MSCI) 17.59% EuroStoxx 21.28% DM exp. US (MSCI) 23.47% Asia Pacific (MSCI) 12.28% Euro Treasury 8.37% Global High Yield 57.69% Global High Yield 15.07% EM external debt 8.46% EM external debt 18.54% DM exp. US (MSCI) 11.38% EuroStoxx 5.36% Euro Treasury 9.49% EU Credit 6.47% US Credit 10.52% DM exp. US (MSCI) 35.28% Asia Pacific (MSCI) 16.30% Asia Pacific (MSCI) 21.04% EuroStoxx 15.12% US Treasury 9.01% EU Credit - 2.56% Asia Pacific (MSCI) 34.46% Asia Pacific (MSCI) 14.32% US Credit 8.35% EM (MSCI) 15.15% EuroStoxx 8.77% Asia Pacific (MSCI) 5.31% US Credit 9.39% Euro Treasury 5.54% EU Credit 8.75% Global High Yield 29.33% Global High Yield 11.99% DM exp. US (MSCI) 10.86% Asia Pacific (MSCI) 14.51% DM exp. US (MSCI) 8.62% US Credit - 3.08% EM external debt 28.18% S&P 500 12.78% Global High Yield 3.63% EuroStoxx 13.79% Asia Pacific (MSCI) 5.98% DM exp. US (MSCI) 5.25% EU Credit 6.35% Global High Yield 2.44% Euro Treasury 8.23% S&P 500 26.38% EM external debt 11.73% EM external debt 10.73% S&P 500 13.62% EuroStoxx 6.79% EM external debt - 10.91% DM exp. US (MSCI) 27.75% EM external debt 12.04% Euro Treasury 2.63% Asia Pacific (MSCI) 13.61% Global High Yield 2.30% S&P 500 3.37% Global High Yield 1.28% EM external debt 1.36% Global High Yield 2.41% EM external debt 25.66% S&P 500 8.99% Euro Treasury 6.48% Global High Yield 12.20% EM external debt 6.28% Global High Yield - 25.24% S&P 500 23.45% US Credit 8.47% EU Credit 2.17% DM exp. US (MSCI) 13.55% Euro Treasury 0.16% EM external debt 0.92% EuroStoxx - 2.69% EM (MSCI) - 4.91% EM (MSCI) - 7.97% EuroStoxx 15.68% EU Credit 7.47% Global High Yield 5.65% EM external debt 9.88% US Credit 5.11% S&P 500 - 38.49% EuroStoxx 21.14% US Treasury 5.87% S&P 500 0.00% S&P 500 13.41% EU Credit 0.07% Global High Yield 0.54% S&P 500 - 10.14% S&P 500 - 13.04% Asia Pacific (MSCI) - 9.79% US Credit 7.70% Euro Treasury 6.94% EU Credit 4.09% US Credit 4.26% S&P 500 3.53% Asia Pacific (MSCI) - 43.23% US Credit 16.04% DM exp. US (MSCI) 4.90% DM exp. US (MSCI) - 14.82% EU Credit 13.06% US Treasury - 3.22% EU Credit - 0.13% DM exp. US (MSCI) - 15.21% EuroStoxx - 20.25% DM exp. US (MSCI) - 17.52% EU Credit 6.34% EuroStoxx 6.90% S&P 500 3.00% US Treasury 3.08% Euro Treasury 3.07% EuroStoxx - 44.37% EU Credit 14.41% EU Credit 4.79% EuroStoxx - 17.05% Euro Treasury 11.25% US Credit - 4.45% Euro Treasury - 0.33% Asia Pacific (MSCI) - 29.20% Asia Pacific (MSCI) - 21.84% S&P 500 - 23.37% Euro Treasury 3.13% US Credit 5.24% US Treasury 2.79% Euro Treasury 1.84% Global High Yield 1.95% DM exp. US (MSCI) - 45.09% Euro Treasury 4.16% Euro Treasury 1.02% Asia Pacific (MSCI) - 17.31% US Credit 9.37% EM (MSCI) - 6.48% US Treasury - 0.54% EM (MSCI) - 31.80% DM exp. US (MSCI) - 22.61% EuroStoxx - 37.30% US Treasury 2.24% US Treasury 3.54% US Credit 1.96% EU Credit 0.47% EU Credit 0.34% EM (MSCI) - 54.48% US Treasury - 3.57% EuroStoxx - 5.81% EM (MSCI) - 20.41% US Treasury 1.99% EM external debt -9.00% US Credit - 0.78% Sources: Bloomberg, Amundi. Data as of 16th September 2013. Information given for indicative purposes only. Past market data are no reliable indicators for current or future data. Opportunities are abundant but change over investment cycles… Spread ≈ 16% Spread ≈ 11%
  • 6. Citywire – October 2013 - page 6 Long-term macro-management in a Global Aggregate universe The broadest Universe • Bonds, Investment Grade Credit, Emerging Bonds, High Yield, ABS, Convertible Bonds & Currencies Flexible Style adapted to ‘Full Cycle’ management • Combining long-term macro-views with short-term tactical management • Dynamic asset allocation to tap value wherever it exists • $2.4 bn AUM (end August 2013) with a focus to invest in liquid assets Proven track record, Stability & Resources • 8 year track record for the flexible global bond process (Aggregate) • Managed by Hervé Hanoune since 2008 • Supported by all the London Global Fixed Income teams and the infrastructure of Amundi Group worldwide Ambitious Returns & Conviction • 6.9% annualised net outperformance since inception1 • Being nearly twice our objective of 3.5% p.a. net (IU Share class.) Source: Amundi - Inception date: 30/10/2007. Past performance is not necessarily a guide to future performance nor does it guarantee future returns. Data Source - ©[2013] Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. The rating concerns the IU class. Data as at end-August 2013. Morningstar Rating TM- Overall
  • 7. Citywire – October 2013 - page 7 In the prevailing low rate environment, a global fixed income manager can add value through active duration management and asset class diversification. A challenging environment for government bonds Information given for indicative purposes only. Past market data are no reliable indicators for current or future data.
  • 8. Citywire – October 2013 - page 8 Active management is not only a function of views. The “risk paradigm” has important implications for portfolio construction. The “risk on / risk” off behaviour prevailing on financial markets today is an important consideration when deciding on the amount of risk to deployed. Source: Amundi, Given for illustrative purposes only Portfolio construction is as important as market views EQUITIES CREDIT CURRENCIES TREASURIES Factor analysis of mixed ‘macro’ asset factors Figure a presents a traditional view of asset allocation, as was observable over 2005, where risk divided naturally along asset class divisions. Each axis represents an independent axis of risk Figure b presents a contemporary view of asset allocation, as was observed over a 52 week period ending 15/5/2013. Most investment assets occupied one pole on either end of a single axis of risk ‘Risky’ Assets ‘Safe-haven’ Assets Sample 2005 Sample 2013
  • 9. Citywire – October 2013 - page 9 The Broadest Benchmark, an even wider Investment UniverseGlobal Aggregate universe Plus Government Bonds & MBS Global Investment Grade Covered Bonds & ABS Global Currencies Benchmark Off-Benchmark Global Currencies Global HY & EM Convertible Bonds THE MOST GLOBAL BENCHMARK UNIVERSE Barclays Global Aggregate Hedged • Global Investment Grade • 68% Sovereign, 16% Credit, 16% Covered & ABS • +14 000 Issues & 2 500 Issuers • +70 Countries AMUNDI FUNDS BOND GLOBAL AGGREGATE • The use of the broadest benchmark available • An investment in currency on top of that • The possibility to invest in High Yield (min 80% IG), debt of non-OECD issuers (min 66% OECD) or Convertible Bonds (<10%) if market conditions are right Source: Amundi, Barclays Given for illustrative purposes only.
  • 10. Citywire – October 2013 - page 10Source: Barclays Relevance of a “Full Cycle” product Barclays Global Aggregate (USD hedged) calendar performance to 30th August 2013
  • 11. Citywire – October 2013 - page 11 Amundi Funds Bond Global Aggregate vs. competition Data Source - ©[2013] Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Amundi Funds Bond Global Aggregate performance since inception 10/20017. Time period 30/10/2007 to 30/06/2013. Past performance is not a guide to future returns, nor is it a guarantee of future returns. Performance for Amundi Global Aggregate AU-C and Templeton Global Total Return A Acc.Net of fees. Amundi Funds Bond Global Aggregate (IU-C)
  • 12. Citywire – October 2013 - page 12 Strong risk adjusted performance * Net of management fee of 0.45% p.a., admin fee of 0.2%. and perf. fee of 20% above benchmark p.a. Source: Amundi – Since inception performance from adoption of current investment process. Net performance of Amundi Funds Bond Global Aggregate (IU-C). Past performance is not necessarily a guide to future performance nor does it guarantee future returns. Annualized performance Annualized out-performance Information ratio 1 year +7.15% +7.03% 1.8 3 years +5.75% +3.11% 0.5 Since Oct. 2007 +11.39% +6.90% 1.1 Calendar Year Net Performance as at 30th August 2013
  • 13. Citywire – October 2013 - page 13Performance attribution graph expressed as an absolute percentage of the contribution gross performance. Source : Amundi. Data as at end August 2013. Allocation given for indicative purposes only, may change without prior notice. Sources of excess return are dynamic over time A ‘Full Cycle’ product
  • 14. Citywire – October 2013 - page 14 - Perfect complement to competitors in the global fixed income space - 50/50 portfolio provides noticeably lower risk and excellent returns - Recent performance is driven by credit & developed FX strategies - Bond market stress still provides a buying opportunity Complementary management style and drivers of returns Top-Down Multi-dimensional management provides different sources of alpha Bottom-Up Strong internal research lets portfolio construction contribute to returns Benchmark Agnostic Agnostic approach emphasizes total return, tapping value wherever it exists while providing diversification RiskBudgeting Source: Amundi. Information given for indicative purposes only. Past market data are no reliable indicators for current or future data. Amundi Funds Bond Global Aggregate is different from the competition
  • 15. Citywire – October 2013 - page 15Source: Amundi Given for indicative purposes only, may change without prior notice. A process combining strategic top down views with tactical managementNormally low-correlated asset classes / three angles Directional Relative Value Tactical Management Bonds Currencies Credit Duration $ Exposure Credit Exposure Country Allocation Curve Allocation G4 Allocation Intra-bloc Allocation Macro Sector Allocation Global Macro Views Short-Term Trading Bond Selection EM ccy Allocation Short-Term Trading Market/Industry Bond Selection Tactical Management Emerging Emerging Exposure Emerging Exposure External / Local Debt Region, Country, Curve Corporate Bond Selection Short-term Views Regional Allocation EM Ccy Allocation
  • 16. Citywire – October 2013 - page 16 A Global Macro fund: Core market views Source : Amundi Given for indicative purposes only, may change without prior notice. Core views Qualitative views expressed as a score, on a 9-point scale from very negative (-4) to very positive (+4) View Rationale Based on 4 types of factors : – Macro economic indicators – Asset valuation, – Technical/flows, – Credit fundamentals Multiple investment horizons Risk scenarios clearly identified Tactical management Technical analysis Flow analysis Short term valuations & behaviour
  • 17. Citywire – October 2013 - page 17 Outlook Source: Amundi View are those of investment team as of date shown and are subject to change Global growth is firming. The U.S. growth outlook remains constructive and China is settling onto a moderate growth path. There are some promising signs a pickup in activity in the U.K. The Eurozone has exited recession but expectations are only improving gradually. There are no signs yet that recent market volatility is negatively affecting economic sentiment. Japan has made significant first policy steps towards ending two decades of deflation. First signals from the economy are promising but the road to success will be long and winding. Any signs of increasing recovery momentum will support global activity and sentiment. Mario Draghi’s “crisis firewall” has changed the complexion of the EZ crisis. The risk of a regional or even global financial and economic meltdown has given way to concerns about traditional macroeconomic weakness. Political concerns in the most austerity ravaged countries remain. Easier global financial conditions have laid the foundation for a cyclical growth rebound. Any setback would hurt our recovery scenario. Recent market volatility, if sustained, could dent financial conditions. Global monetary policy looks set to remain accommodative. The Fed has said it will keep its target rate near zero until employment has durably improved. However, the point of maximum monetary ease has been passed, as “taper” is on the way. While other central banks are still firmly in ‘insurance mode’, the Fed will drive market expectations of a “global exit”. There are few signs of rising inflation pressure. Inflation expectations remains anchored and excess capacity remains ample. Any sign of rebounding inflation pressure will produce a disproportionate reaction in bond markets, however.
  • 18. Citywire – October 2013 - page 18 Amundi Funds Bond Global Aggregate – August 2013 Source: Amundi. Data as of August 2013. Past performance is not a guide to future returns, nor is it a guarantee of future returns. Strategies given for indicative purposes only & may change without prior notice. Tracking Error Allocation Geographic Allocation Balanced risk allocation Limited specific risk Yield 2.95% Duration 3.67 Average Rating A- Number of securities 190
  • 19. Citywire – October 2013 - page 19 Amundi Funds Bond Global Aggregate – August 2013 Source: Amundi. August 2013. Strategies given for indicative purposes only & may change without prior notice. Rating BreakdownMaturity Breakdown
  • 20. Citywire – October 2013 - page 20 Source: Amundi. Portfolio data as of August 2013. Past performance is not a guide to future returns, nor is it a guarantee of future returns. Strategies given for indicative purposes only & may change without prior notice. Re-exposing the portfolio to credit… Overweight: – Short-term credit vs. long-term credit to capture attractive spreads – Preference for Financials. Exposure to peripherals Attractive valuation’s on prime quality MBS Active use of credit derivatives to protect the fund vs. adverse scenarios Exposure to EM maintained Breakdown by sector Breakdown by seniority
  • 21. Citywire – October 2013 - page 21 …Combined with active currency management Source: Amundi. August 2013. Strategies given for indicative purposes only & may change without prior notice. Preference: – USD vs. developed markets currencies – Reduced preference for Emerging markets vs. Commodity currencies Use of options in order to increase convexity
  • 22. Citywire – October 2013 - page 22 Amundi Funds Bond Global Aggregate defined guidelines Management Benchmark: Barclays Global Aggregate Hedged Target Out-performance (internal): Management Benchmark + 3.5% p.a. net of fees Tracking Error (ex ante - internal): Maximum 4.5% p.a. (with 66% confidence level) Interest Rate Risk: Active modified duration management within a [0;+8] bracket Currency Risk: Hedged benchmark but Active currency management Investment Universe: Minimum two-thirds of assets to be invested in: - OECD Government bonds - OECD Corporate bonds - Investment grade ABS/MBS Minimum 80% of assets invested in Investment Grade instruments Typically, 100+ cash securities in the portfolio, active use of CDS For more details about the Sub-Fund and their investment objective and policy, please refer to Amundi Funds Prospectus and the Key Investors Information Document (KIID) of Amundi Funds Bond Global Aggregate. The foregoing Performance Objective is solely intended to express an objective or target for a return on your investment and represents a forward-looking statement. It does not represent and should not be construed as a guarantee, promise or assurance of a specific return on your investment. Actual returns may differ materially from the Performance Objective, and there are no guarantees that you will achieve such returns.
  • 23. Appendices
  • 24. Citywire – October 2013 - page 24 2008 & 2009 2011 2012 • At end 2008 due to our risk budgeting approach, we were able to increase the strength of our conviction and exposure to credit markets. Overweight USD • Overweight credit in 2009, yield curve steepening and overweight commodity and emerging currencies • Overweight credit due to healthy corporate balance sheets (Bank & Financials) • Overweight emerging currencies due to higher carry • Believed Central Banks would intervene to limit tail risk • Maintained 2011 positions as negative news flow magnified by acute lapses in market liquidity • ECB waited until Dec’11 & Feb’12 to intervene by flooding market with liquidity • ECB announce OMT later that year • Rebound in credit at end 2008 & safe haven flows to USD were positive • Positive contribution from continued credit rally. Aggressive cutting of G3 rates benefitted yield curve position • Long USD negative, but commodity and emerging currencies appreciate significantly • Negative corporate credit contribution • Liquidity premium for Bank & Financials • Negative currency contribution • Long USD vs. JPY • Short CHF vs. EUR • EM FX vs. USD & EUR • Rebound in risky assets including credit and emerging market currencies • Q2 profit taking & reduction of the ex ante tracking error from 4.5% limit to approximately 3.0% • Tactical management of portfolio credit “Beta” using CDS on Index (Crossover, SubFin, etc) Performance History Source: Amundi Past performance is not necessarily a guide to future performance nor does it guarantee future returns.
  • 25. Citywire – October 2013 - page 25 Sources of excess return are dynamic over time in detail Source: Amundi Past performance is not necessarily a guide to future performance nor does it guarantee future returns
  • 26. Citywire – October 2013 - page 26 Amundi Funds Bond Global Aggregate vs. competition YTD Data Source - ©[2013] Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is not a guide to future returns, nor is it a guarantee of future returns. Performance for Amundi Global Aggregate AU-C and Templeton Global Total Return A Acc.Net of fees.
  • 27. Citywire – October 2013 - page 27 0% 10% 20% 30% 40% 50% 60% 70% 80% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 G10 0% 10% 20% 30% 40% 50% 60% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Currencies 0% 10% 20% 30% 40% 50% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Credit 0% 10% 20% 30% 40% 50% 60% 70% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 EMD 0% 10% 20% 30% 40% 50% 60% Dec-01 Jul-02 Feb-03 Sep-03 Apr-04 Nov-04 Jun-05 Jan-06 Aug-06 Mar-07 Oct-07 May-08 Dec-08 Jul-09 Feb-10 Sep-10 Apr-11 Nov-11 Jun-12 Jan-13 Risk-On/Risk-Off PC1 Mean Lt-Mean Linear (PC1) Risk-On/Risk-Off analysis Figure 2a Source: Amundi/Bloomberg Analysis based on rolling 52-week samples of normalised weekly returns data from 5/1/2001 up to 10/7/2013. Lt-Mean estimated over 20+yrs Figure 1 indicates the average variance explained by the first factor (PC1) in a rolling 52-week principal component analysis of a dataset consisting of a broad selection of currency, government bond, equity, commodity and credit risk factors Figures 2a, 2b, 2c & 2d indicate the average variance explained by the first factor (PC1) in a rolling 52-week principal component analysis of a dataset consisting of a broad selection of currency, government bond, equity, commodity and credit risk factors restricted to a subset of government bonds, currencies, USD credit spreads and emerging sovereign spreads, respectively Figure 2b Figure 2c Figure 2d Figure 1:mixed ‘macro’ asset factors rolling Principal Component Analysis (PCA) Mean % Explained (R-squared) by 1st Component (PC1): All assets
  • 28. Citywire – October 2013 - page 28 Recent volatility has retraced… Source: Amundi
  • 29. Citywire – October 2013 - page 29 Bonds & Credit views – 16th September 2013 Source: Amundi. Views as at 16/09/2013. See also Disclaimer page
  • 30. Citywire – October 2013 - page 30 Forex views – 16th September 2013 Source: Amundi. Views as at 16/09/2013. See also Disclaimer page
  • 31. Citywire – October 2013 - page 31 Scenario analysis A fully integrated process – Core views are decided by the architects – Alternative worst case scenarios are considered and hedged if appropriate – Conviction of the architects views is also an input to the drawdown process – Low convictions, higher uncertainty, so more drawdown protection is needed A global macro approach – Multi asset class (FX, Fixed Income, Credit, Equity and pure Volatility strategies) – Actively selected and continuously managed to be at maximum efficiency and effectiveness – Factor based quantitative approach aids portfolio construction – Scenario analysis and other risk methodologies to monitor the impact of the drawdown strategies Alternative Risk Scenarios
  • 32. Citywire – October 2013 - page 32 Amundi, French joint stock company (“Société Anonyme”) with a registered capital of € 584 710 755 and approved by the French Securities Regulator (Autorité des Marchés Financiers-AMF) under number GP 04000036 as a portfolio management company 90 boulevard Pasteur -75015 Paris- France – 437 574 452 RCS Paris. www.amundi.com- www.amundi-funds.com Legal information This material is solely for the attention of institutional, professional, qualified or sophisticated investors and distributors who qualify as qualified purchasers under the Investment Company Act of 1940 (hereafter the “1940 Act”), as accredited investors under Rule 501 of SEC Regulation D under the US Securities Act of 1933 (“1933 Act”), and as qualified eligible persons as defined under CFTC Regulation 4.7. It is not to be distributed to the general public, private customers or retail investors in any jurisdiction whatsoever. Amundi Funds are not registered for sale in the US and this document is not an offer for sale of funds to US persons (as such term is used in Regulation S promulgated under the 1933 Act). Fund-specific information has been provided to illustrate Amundi’s expertise in the strategy. Differences between fund-specific constraints or fees and those of a similarly managed mandate would affect performance results. This material is provided for information purposes only and does not constitute a recommendation, a solicitation, an offer, an advice or an invitation to purchase or sell any fund, SICAV or sub-fund and should in no case be interpreted as such. This material, which is not a contract, is based on sources that Amundi considers to be reliable. Data, opinions and estimates may be changed without notice. Amundi accepts no liability whatsoever, whether direct or indirect, that may arise from the use of information contained in this material. Amundi can in no way be held responsible for any decision or investment made on the basis of information contained in this material. Certain results as indicated herein may be based on simulated or hypothetical performance results that have certain inherent limitations. Unlike the results shown in an actual performance record, these results do not represent actual trading. Also, because these trades have not actually been executed, these results may have under-or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated or hypothetical trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profits or losses similar to these being shown. The information contained in this document is disclosed to you on a confidential basis and shall not be copied, reproduced, modified, translated or distributed without the prior written approval of Amundi. This material is for distribution solely in jurisdictions where permitted and to persons who may receive it without breaching applicable legal or regulatory requirements. Investment involves risk. Past performance and simulations based on thereon are not indicative of future results nor are they reliable indicators of future performance. The value of an investment may fluctuate according to market conditions and cause the value of an investment to go up or down. As a result, you may lose the amount originally invested. The allocations and weightings, as well as the views and opinions of the investment team, are as of the date shown and are subject to change. All investors should seek the advice of their legal and/or tax counsel or their financial advisor prior to any investment decision in order to determine its suitability. The information provided in this document represents the management style and capabilities of the European-based management teams of Amundi and its non-US portfolios. US mandates will be managed out of our SEC registered company in New York for US investors, in line with model portfolios of European-based teams for this strategy. Details provided regarding monitoring, compliance, audit, risk, IT and other support functions as well investment professionals are applicable to European-based teams and could differ from the resources supporting a US-based team. The comparative benchmarks or indices referred to herein are for illustrative and comparison purposes only, may not be available for direct investment, are unmanaged, assume reinvestment of income, and have limitations when used for comparison or other purposes because they may have volatility, credit, or other material characteristics (such as number and types of securities) that are different from the Funds. The comparative benchmarks or indices referred to herein are for illustrative and comparison purposes only, may not be available for direct investment, are unmanaged, assume reinvestment of income, and have limitations when used for comparison or other purposes because they may have volatility, credit, or other material characteristics (such as number and types of securities) that are different from the Funds. Amundi Distributors USA, LLC is a registered broker with the Securities and Exchange Commission and a member of FINRA. The information contained in this document is deemed accurate as at September 2013.