Index opportunities fund standard presentation 310111

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Index opportunities fund standard presentation 310111

  1. 1. Aviva Investors Index Opportunities FundFebruary 2011
  2. 2. 2
  3. 3. Intended diI t d d audienceThis document is for investment professionals only The content is not approved for use y.with retail investors or pension scheme members. 3
  4. 4. IntroductionI t d ti• An absolute return product managed by an exp perienced and stable team• Fund performance, and why the short term opp y portunity is even more attractive than our long y g term objective 4
  5. 5. An experienced and stable team
  6. 6. A highly skilled, experienced and stable t hi hl kill d i d nd t bl team Richard Field Executive Director of Global Investment Solution ns Dr. Iyad Farah Jerome Nunan Director of Quant SSolutions Client Portfolio Manager (15 yrs industry, 10 0yrs Aviva) Ed Wiltshire Ned Kelly Richard Saldanha Quant Fund Manager Index Fund Manag ger Quant Analyst (16, 9) (12, 9) (4, 3) Ruy Alves Russell Harris Amelia Savory Quant Fund Manager Index Fund Manage er Quant Analyst (17, 13) (26, 26) (3, 3) Michael Cole Brad Beardsell Quant Fund Manager Index Fund Manag ger (13, 13) (6, 3) Working together for a numbe of years at Aviva Investors er 6
  7. 7. Assets under managementA t d t Index (beta) Quant (alpha) Index £3.3bn £4.4bn £8.5 5bn £1.4bn FWI £1.1bn Index + x Outperforma O t f ance range 0.25% to 1.5% oData as at 30 June 2010 7
  8. 8. Index hI d enhancement of UK portf li t f tf folio fPerformance of a sub portfolio targeting a return of 0.25% p.a. Index enh hancement 0.90 0.85 0.79 0.80 0.70 0.60 0.50 0.40 0 40 0.30 0.24 0.20 0.12 0.10 0.10 0 10 0.02 0.02 0.04 0.03 0.03 0.00 0.00 Q1 2008 Q2 2008 Q3 2008 Q4 2008 1 Year Q1 Q 2009 Q2 2009 Q3 2009 Q4 2009 1 Year Q1 2010 2008 2009 This is the outperformance of an UK FTSE All Share index trackin sub portfolio, with NAV of over £5bn. The primary objective of ng the portfolio is to replicate the FTSE All Share. The outperformanc enhancement is achieved using similar arbitrage techniques to ce those used in Aviva Investors Index Opportunities Fund Information provided gross of fees Source: Aviva Investors. Data as at 31 March 2010 8
  9. 9. GlobalGl b l opportunities t itiRegion Provider Frequency 2010 dateUS S&P 4 x p.a. Mar, Jun, Sep, DecUS Russell 12 x p.a. All except NovUS DJ TSM 12 x p.a. MonthlyWorld MSCI 4 x p.a. Feb, May, Aug, NovWorld FTSE 4xpa p.a Mar, Jun Sep, Mar Jun, Sep DecEurope Eurostoxx50 1 x p.a. SepEurope Stoxx600 4 x p.a. Mar, Jun, Sep, DecEuropeE FTSE 100 4 x p.a. Mar, Jun, Sep, Dec M J S DEurope CAC 40 4 x p.a. Mar, Jun, Sep, DecEurope DAX 4 x p.a. Mar, Jun, Sep, DecAsia Topix 12 x p.a. MonthlyAsia Nikkei 1 x p.a. OctEMs MSCI 4 x p.a. p Feb, May, Aug, Nov y g• Additions: Stocks with market capitalisation higher th existing index members han• Deletions: Stocks whose capitalisation has dropped below companies not in the index. 9
  10. 10. An overview of the product
  11. 11. Key featuresK f t• Absolute return: objective is to outperform the 1 month Euribor by 5% pa• Low risk: The fund manager targets annual volatility of less than 7.5% with an s average of 5%.• Market neutral: each portfolio position is s systematically hedged with futures, ETFs or basket of securities• Maximum exposure: 200% gross (100% long p plus 100% short), but also periods when fund will mainly hold cash• Global: using indices across Euro ope, North America, Japan, Asia Pacific and emerging markets, such a Eurostoxx50, Dow Jones, FTSE, MSCI, Topix, as S&P’s indices• Fund indicators: Bloomberg ticker: AV VIOPEI LX Equity ISIN: LU U0469930985 Sedol: B4 4V66J5 11
  12. 12. The opportunity is now
  13. 13. TheTh opportunity is now t it i• While historical data suggests the strategy is c capable of delivering a consistent source of alpha over the long term, opportunities are particular attractive at the present time rly• The credit crunch has resulted in many banks scaling back proprietary trading activity, while asset managers have been slow to step into th void. he• Share placings look set to rise, presenting extr profitable opportunities ra 13
  14. 14. Strong growth of index and ETF strategiesSt th f i d d F t t iUS: Index fund and ETF assets as a share of all long-term mutu fund and ETF assets (1993 through July 2009) ual% 18 16 14 12 10 8 6 4 2 0 93 94 95 96 97 98 99 00 01 02 0 03 04 05 06 07 08 09 Index Funds ETFs Source: Investment Company Institute, Greenwich Associates, Empirical Res search Partners Analysis and Estimate. 14
  15. 15. Indices and rebalancingI di d b l iIndex Review / Rebala Rebalance ance Example Example May 2010 Four times per annum Add – 42 (including CitiGroup, Redback Mining,MSCI World Feb, May, Aug, Nov TEVA Pharmaceuticals) Ph i l ) Delete – 45 Jun 2010Russell 3000 Once each year Add – 24 (R1000) + 237 (R2000) Delete – 4 (R1000) + 201 (R2000) Jun 2010 Four times per annum Add – 2 (African Barrick Gold, ESSAR EnergyFTSE 100 Mar, Jun, Sep, Dec Delete – 2 (Thomas Cook Group, London Stock Exchange)• Announcement date: Occurs on a regular, pre edetermined (for each global index) date when index providers announce which stocks will be added to the index and which stocks will be deleted. Index managers have a number of days to align with new index positions and weightings i hti• cially in or out of the index and can officially be Effective date: The date when stocks are offic traded 15
  16. 16. Impact on liquidity and priceI t li idit d iAGK LN (Addition) AGK LN (Addition) 14,000 14,000 1,000 nds) nds) Daily volume (Thousan ment (Thousan 12,000 12,000 950 10,000 10,000 Daily Volum v 900 8,000 8,000 850 6,000 6,000 800 4,000 4,000 750 2,000 2,000 0 0 700 01 Dec 09 Dec 17 Dec 25 Dec 01 Dec 09 Dec 17 Dec 25 Dec FTSE 100 Review, December 2009 Addition - Aggreko Announcement Date – 09/12/09 Deletion – Rentokil Effective Date – 21/12/09 16Source: Bloomberg as at 31 December 2009.
  17. 17. Underlying t tU d l i strategy AGK LN (Addition) 14,000,000 950 Daily volume Price (£ pence) 12,000,000 12 000 000 v p 900 10,000,000 850 8,000,000 6,000,000 800 4,000,000 750 2,000,000 - 700 01-Dec 03-Dec 07-Dec 09-Dec 11-Dec -Dec 15- 17-Dec 21-Dec 23-Dec 29-Dec 31-Dec Volume Price (RHS) Action: go long additions and short deletions Action: go short additions and long deletionsSource: Bloomberg as at 31 December 2009 17
  18. 18. An b l tA absolute return strategy t t tPerformance of additions and deletions from MSCI W World Index(between Announcement Date and Effective Date) 30% 20% 10% 0% -10% -20% 20% -30% Feb-03 Nov-03 Aug-04 May-05 Feb-06 Nov-06 Aug-07 May-08 Feb-09 Nov-09 Additions Deletions D Event returnSource: RBS as at 28 February 2010 18
  19. 19. TheTh opportunity is available acr t it i il bl ross th world the ldMSCI World Add-Del Strategy (HSBC) 7% 90% ategy eturns% Return of stra 6% 80% % Positive Re 5% 70% 4% 60% 3% 50% 2% 40% 1% 30% 0% 20% -1% 10% -2% 0% T-0 T+2 T+4 T+6 T+8 T+10 T+12 T+14 T+16 T+18 T+20 T+22 T+24 Trading days based around a announcement date % Positive success (RHS) ( ) Average of trad g recommendations g ding MSCI World rebasedSource: HSBC as at 28 February 2010 19
  20. 20. Investment process I t t Idea Portfolio Filter Implementation Monitoring Close out generation construction Groundwork: Exclusions: Market neutral: Trading: Adjustment: Trading: index rules and Stock specific beta, sector, Putting on Volume, Closing out stock price t k i catalysts, t l t currency, region i positions iti volatility, P&L l tilit positions iti movement insufficient liquidityInput Active and Active and Passive Active Passive Passive p passive p passive Combining multiple skills to generate returns 20
  21. 21. RiskRi k management i central t th process t is t l to the Fund managers manage risk b by: Portfolioconstruction Exclusion of non-liquidity factors Focus on short term beta and ma arket neutral positioning Balance across sectors and regio onsPerformance Managing overall leverage and ri in line with confidence levels iskmonitoring Unwind when liquidity premium is exhausted s Managers vary risk as shown below s Normal Unwind Low confidence High confidence in mis-pricing in mis-pricing Minim Mi imum Maximum 0% po osition + 5% position 21
  22. 22. Typical i kT i l risk analysis l iRexel (Bloomberg ticker: RXL FP): added to F FTSE Europe, September 2010Risk factor Result of analysisPre-Announcement Date confidence level Very high confidence that stock would be includedTrading volumes required for index funds to rebalance 6 days average daily volumeStock specific risk p No company announcements forecast for RXL or similar p y companies during anticipated holding periodLiquidity for exit Medium size company, easy to sell on exitPosition size 1.25% appropriate pp pHedge available European futuresExecution:• Bought RXL FP on 31 August 2010, sold futures as hedge• Continuous monitoring of fundamental news flow and trading volumes during the trade lifetime w• Close out position and hedge on 13 September 2 2010 Source: Aviva Investors, 22 October 2010 22
  23. 23. Hedging beta i kH d i b t riskStrategy success depends on effective hedging g• Initial objective is to create market neutral bask kets within the same country or currency – hedging longs (inclusions) with appropriate sho (exclusions). orts• If there are insufficient stocks to balance the po portfolio, we hedge the mismatch with an g appropriate future or ETF (dependent on regio country, currency or sector) on,• Beta is monitored using our desktop risk p g p packag to ensure the p age portfolio has beta as close to zero as possible – both at the implementation of the trade, and for its duration.• We monitor the “beta curve” of each stock and basket continuously – looking at beta horizons of d y g 30 days out to two years. 23
  24. 24. Limiting downside riskLi iti d id i kSince inception (23 April 2010)• Average position size has been 0.85%, with a median of 0.73% and max of 2.11%• Five days VAR@ 95% confidence has always been between 0.2% - 0.45%Back testing• Using mid-September portfolio, and limiting ea stock position to 1%, results in 1 year VAR ach figures: • For 95% confidence 3.72% 3 72% • For 99% confidence 5.26%Source: Aviva Investors, 22 October 2010 24
  25. 25. The tTh target risk-return equation t i k t ti Portfolio Leverage / net exposure Risk / return equationLong portfolio Portfolio return 2.5% Alpha Gross exposure up to 200% Portfolio Beta Alpha (ungeared) 5% = 0% + 5% Geared Alpha 5%Short portfolio 2.5% Alpha 2 5% Al h Annual volatility 5% (ungeared) (2.5%-7.5% range) Portfolio risk Portfolio Beta Alpha Beta returns 0%Net exposure 5% = 0% + 5% 0% Annual volatility 0% Information ratio = 1 25
  26. 26. MSCI W ld rebalance – M 2 World b l May 2010 Date Event Action Brok discussions – identification of approximately 60 ker April/early May Idea generation secu urities Filter list of potential candidates suggested by brokers (e g (e.g. Filter exclu MYGN US). Shortlist 12 longs and 12 shorts ude 7 May Implementation Esta ablish long and short positions 11 May (after COB) Announcement date Clos out positions not included in announcement, increase se existting positions. Also implement further 13 longs and 14 12 May onwards Monitoring shorrts Clos out positions as excess trading occurs se 26 May (after COB) Effective date Clos out remaining positions (approx 10 longs and 10 shorts) se Esta ablish long (x5) and short (x1) positions in oversold and 27 May Idea generation over rbought securities Five best Five worst UNI IM Unipol Gruppo +0.17% +0 17% CON GR Continental - 0 18% 0.18% SPWRB US Sunpower Corp +0.15% SIK SW Sika - 0.07% LUPE SS Lundin Petroleum +0.14% CIT US CIT Group - 0.06% FSA IM Fondaria SAI +0.12% KPLD SG Keppel Land - 0.06% AER CN Groupe Aeroplan +0.12% MTGB SS Modern Times - 0.05% 26Source: Bloomberg and Aviva Investors as at 24 May 2010
  27. 27. Performance since inceptionP f i i ti Performance versus benchmark since inception to 31/01/2011 k 4.5 4 3.5 3 2.5 2 1.5 1 0.5 0 -0.5 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Aviva Investors Index Opportunities I EUR (MF) EURIBOR 1 Month (IN) 1 Month 3 Months 6 Months h YTD 1 Year Since Launch % % % % % % Aviva Investors Index Opportunities I EUR -0.95 0.39 1.75 -0.95 3.2 EURIBOR 1 Month 0.07 0.21 0.37 0.07 0.58 0.49 Source: Lipper Hindsight as at 31/01/2011. Data is representative of share c lass I and is provided net of fees w ith gross income reinvested in GBP. ption of shares. Past performance is not a guide to the future. Figures do not take into account the costs incurred on the issue and redemp 27
  28. 28. MSCI Rebalance – November 2010 C
  29. 29. Lanxess share price 01 S 20 t 15 D 2010L h i Sep 010 to Dec Source: Bloomberg S Bl b
  30. 30. Lanxess i t d performance – 30 N 2010L intraday f Nov Source: Bloomberg S Bl b
  31. 31. Lanxess t di volumes at cloL trading l t lose - 30 N 2010 Nov Time Interval Time Interval Close NetChg Ope n  High High   Low Low Tick Volume 16:00 ‐ 16:05 53.19 0.32 52.8 87 53.19 52.8 145           47,452 16:05 ‐ 16:10 53.38 0.19 53.1 17 53.4 53.11 153           34,098 16:10 ‐ 16:15 53.53 0.15 53.3 38 53.53 53.38 165           40,130 16:15 ‐ 16:20 53.56 0.03 53.5 52 53.56 53.42 141           32,646 16:20 ‐ 16:25 53.66 0.1 53.5 56 53.72 53.54 118           37,604 16:25 ‐ 16:30 53.56 ‐0.1 53.6 65 53.76 53.49 145           82,957 16:30 ‐ 16:35 16:30 ‐ 16:35 53.6 53 6 0.04 0 04 53.5 53 56 5 53.6 53 6 53.53 53 53 10          2 648 2,648 16:35 ‐ 16:40 54.3 0.7 54.2 27 54.3 54 3     4,198,228 16:40 ‐ 16:45 54 ‐0.3 54.2 22 54.22 53.99 9             2,531 16:45 ‐ 16:50 54.05 0.05 54.0 05 54.05 54.05 1                 100 16:50 ‐ 16:55 54.02 ‐0.03 54.0 05 54.05 54.01 3              913 16:55 ‐ 17:00 54.1 0.08 54.1 54.1 54.1 2                 290 17:00 ‐ 17:05 17:05  17:10 17:05 ‐ 17:10 54.02 ‐0.08 0.08 54.0 02 54.02 54.02 2              188 Volume on 30  Nov 2010 0     5,470,201 Closing vol / daily vol % Cl i l / d il l%          76 75 76.75 Source: Bloomberg
  32. 32. Bekaert i t dB k t intraday performance – 30 N 2010 f Nov Source: Bloomberg S Bl b
  33. 33. Bekaert t diB k t trading volumes at clos - 30 N 2010 l t l se Nov  Time Interval  Close  NetChg Open  High    Low Tick  Volume 16:00 ‐ 16:05 71.57 0.38 71.2 71.57 71.12 168           15,367 16:05 ‐ 16:10 71.74 0.17 71.55 71.86 71.44 180        18,375 , 16:10 ‐ 16:15 71.91 0.17 71.76 71.91 71.7 171           13,115 16:15 ‐ 16:20 72.06 0.15 71.93 72.16 71.87 217           18,466 16:20 ‐ 16:25 72.07 0.01 72.06 72.12 71.78 195           14,276 16:25 ‐ 16:30 16:25 16:30 72.58 72 58 0.51 0 51 72.07 72 07 72.58 72 58 72.07 72 07 315        40 054 40,054 16:30 ‐ 16:35 73.21 0.63 73.21 73.21 73.21 480     1,847,680 16:35 ‐ 16:40 73.21   unch 73.21 73.21 73.21 1                130 16:40 ‐ 16:45 16:45 ‐ 16:50 Volume on 30  Nov 2010  2,371,895 , , Closing vol / daily vol %             77.90 Source: Bloomberg
  34. 34. Amadeus i t d performance – 30 N 2010A d intraday f e Nov Source: Bloomberg S Bl b
  35. 35. Industrivarden intradayI d t i d i t d perform f mance – 30 N 2010 Nov Source: Bloomberg
  36. 36. Stoxx 600 addition – January 2011 x
  37. 37. Brenntag share price 01 O t 20 t 24 J 2011B t h i Oct 010 to Jan Source: Bloomberg
  38. 38. Eurostoxx performance 01 O t 2010 t 24 J 2011E t f Oct to Jan Source: Bloomberg
  39. 39. Brenntag trade – JB t t d January 2011 Source: Bloomberg
  40. 40. Biographies
  41. 41. Iyad Farah Director f QI d F h – Di t of Quant S l ti t Solutions Iyad Farah, Director of quant solutio ons Joined Investment Industry in 1996 Main responsibilities Overall responsibility for active quant p process and management of Active Quant funds. Experience and qualifications p q Iyad joined Aviva Investors in 2000. Iyad was previously a senior quantitativ analyst at Union Bancaire Privee and prior to ve that, that he was a quantitative analyst at N for three years NPI years. He was a senior research associate at the University of Wales before beginning his t investment career in 1996. Iyad holds a BSc in Aeronautical Engin neering from Technion in Israel, an MSc in Aeronautical Engineering from the Univversity of Manchester and a PhD in Applied Mathematics from the University of Wales, Ab M th ti f th U i it f Wal Aberystwyth. I d i a member of th I tit t t th Iyad is b f the Institute of Investment Management and Resea arch (IIMR) and holds the UKSIP Investment Management Certificate. 41
  42. 42. Ned Kelly Fund ManagerN d K ll – F d M Ned Kelly, Fund manager Joined the investment industry in 1998 8 Main responsibilities Index funds and futures execution Experience and qualifications p q Ned joined Aviva Investors in July 2001. Previously, he worked for Legal & Gen neral Investment Management as an index fund analyst. analyst Prior to L&G, he was with Barclays Glo obal Investors as a client accountant. Ned holds a BA (Hons) in European Buusiness Systems from London Guildhall University and the UKSIP Investment Manageme Certificate. ent 42
  43. 43. Jerome NJ Nunan – Cli t P tf lio M Client Portfoli Manager Jerome Nunan Client Portfolio Manager for Index O Opportunities Fund. Jerome joined the financial services industry in 1998 Main responsibilities To provide a primary link between in nvestment and distribution teams through communication of investment messag ages, to support business development and p pp p product management in all areas related to IIndex Opportunities Fund and Securities Lending. Experience and qualifications Jerome joined Aviva Investors in Aug gust 2009 2009. Before joining Aviva Investors, Jerom spent 8 years at Deutsche Bank and 10 years in me the British Army with the Royal Tank Regiment. y y k g Jerome holds a BA (Hons) in Modern Languages from the University of East Anglia and a MBA from Cranfield University, School of Management. 43
  44. 44. Other funds
  45. 45. Products d i P d t designed f client ne d d for li t eedsDeveloping our Quant and Index proposition The future for Quant Solutions 2002 2006 2009 …building momentum… 2010 g Quant research to lead us into new products Multi factor Multi-factor quant Multi factor Multi-factor quant Multi factor Multi-factor quant Multi factor Multi-factor quant models models models models INC Long-short + long only FWI 130/30 Trend Following? Multi-factor quant Research on call Global income Global income Global income Ind models overwriting funds funds funds opps + Index Capability Research on Fundamental Fundamentally Fundamentally ! High Quality? Indexation weighted funds weighted funds Minimum Variance Index Directors’ Di t ’ Depth of research abilities Capa Dealing? Index team know-how on Index opps fund New research index rebalancing strategies ! Minimum Trend High Directors variance following Quality Dealing Regional models and long- 130/30 global short expertise funds ! Future HF long- short 45
  46. 46. Important informationI t ti f tiFor further information on our services, or to discuss how we can help please contact:Jerome NunanClient Portfolio ManagerAviva Investors Global Services LimitedNo, 1 PoultryLondon, EC2R 8EJtel.t l +44 (0) 20 7809 8031mail: jerome.nunan@avivainvestors.com 46
  47. 47. Important information (1)I t ti f tiExcept where stated as otherwise, the source of all information is A Aviva Investors Global Services Limited (Aviva Investors) as at 31December 2010.Any opinions expressed are based on the internal forecasts of Aviva Investors and they should not be relied upon as indicating any aguarantee of return from an investment managed by Aviva Investor No part of this document is intended to constitute advice or rs.recommendations of any nature.Performance figures sourced from Lipper Hindsight and illustrated o a bid to bid, gross income reinvested basis in the currency shown. onOther information sourced from Aviva Investors. The value of an in nvestment in the fund can go down as well as up and can fluctuate inresponse to changes in exchange rates. Past performance is not a guide to the future.The distribution and offering of shares may be restricted by law in c certain jurisdictions. This document should not be taken as arecommendation or offer by anyone in any jurisdiction in which such an offer is not authorised or to any person to whom it is unlawful to hmake such an offer or solicitation.For Germany: Copies of the Full and Simplified Prospectus togethe with the Report and Accounts of the SICAV are available free of ercharge from Aviva Investors Global Services Limited Zweigniederla Limited, assung Deutschland - An der Hauptwache 7 60313 Frankfurt am 7,Main, Deutschland or from Aviva Investors, 34 avenue de la Liberté 4th floor, L-1930 Luxembourg. R.C.S. Luxembourg B25708. é,For Austria: The "Raiffeisen Zentralbank Österreich AG", Am Stad dtpark 9, 1030 Vienna, has been appointed by the Company as thepaying agent within the meaning of § 34 InvFG. Accordingly, the red demption of shares can be made via the "Raiffeisen ZentralbankÖsterreich AG", Am Stadtpark 9, 1030 Vienna. The prospectus, the articles of association, the last annual report and the semi-annual AG , e semi annualreport, once published, are available at the office of the "Raiffeisen Zentralbank Österreich AG", Am Stadtpark 9, 1030 Vienna or fromAviva Investors Luxembourg, 34 avenue de la Liberté, 4th floor, L-1930 Luxembourg. R.C.S. Luxembourg B25708.For Spain: Copies of the Full and Simplified Prospectus together w the Report and Accounts of the SICAV which are approved by withand registered with CSSF in Luxembourg and CNMV in Spain are a available free of charge from Aviva Investors Global Services Ltd,Sucursal en España, Calle Velázquez 47, 2 dcha, 28001 Madrid, Es spaña. NIF: W0069758D. Inscritos en la CNMV con el número 33,or from Aviva Investors Luxembourg, 34 avenue de la Liberté, 4th floor, L-1930 Luxembourg. R.C.S. Luxembourg B25708. 47
  48. 48. Important information (2)I t ti f tiFor Switzerland: Fortis Foreign Fund Services AG, Rennweg 57, 8 g , g , 8023 Zurich was authorised by the Federal Banking Commission as y gSwiss representative of the Fund and acts also as paying agent. Copies of the Full and Simplified Prospectus together with the Reportand Accounts and articles of the SICAV are available from Aviva Fu Services, 34 avenue de la Liberté, 4th floor, L-1930 Luxembourg. undR.C.S. Luxembourg B25708.For Italy: Copies of the Full and Simplified Prospectus together with the Report and Accounts of the SICAV are available free of chargefrom Aviva Investors Global Services Limited, Corso Matteotti, 10, 2 20121 Milano, Italia or from Aviva Investors Luxembourg, 34 avenuede la Liberté, 4th floor, L-1930 Luxembourg. R.C.S. Luxembourg B B25708.For Luxembourg; Norway: Copies of the Full and Simplified Prosp pectus together with the Report and Accounts of the SICAV areavailable free of charge from Aviva Investors Global Services Limite 34 avenue de la Liberté, 4th floor, L-1930 Luxembourg. R.C.S. ed,Luxembourg B25708.For UK France: C i of th F ll and Simplified PF UK, F Copies f the Full d Si lifi d Prospectus t t togeth with th R ther ith the Report and A t d Accounts of the SICAV are available f t f th il bl free of fcharge from Aviva Investors Global Services Ltd, No. 1 Poultry, Lonndon EC2R 8EJ or from Aviva Investors Luxembourg, 34 avenue dela Liberté, 4th floor, L-1930 Luxembourg. R.C.S. Luxembourg B25 5708.On 1 April 2008 the SICAV changed its name from Aviva Morley to Aviva Investors. Please read the current Prospectus for full details of p g y pthe current fund range before investing.Aviva Investors Global Services Ltd, registered in England No. 1151 1805. Registered Office: No. 1 Poultry, London EC2R 8EJ.Authorised and regulated in the UK by the Financial Services Authoority and a member of the Investment Management Association.Contact us at Aviva Investors Global Services Ltd, No. 1 Poultry, Lo ondon EC2R 8EJ10/1426 48

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