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Amundi

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Amundi

  1. 1. Amundi International SICAV « Making more by losing less* » Wealth Manager – CityWire Conference & Awards March 4-5, 2013 Robert Hackney, Senior Managing Director First Eagle Investment Management, LLC.*The SICAV does not offer a capital guarantee.This material is solely for the attention of "professional” investors (see more details and definitions at the end of the document).
  2. 2. Partners with one objective: generating value for our clients Crédit Agricole Société Générale 75% 25% Investment Sub-Investment Manager Manager Delegation of portfolio management Amundi International SICAVGiven for illustration purpose only Amundi International SICAV – February 2013 - Slide 2 FOR EXCLUSIVE USE OF PROFESSIONAL CLIENTS
  3. 3. We are Owners of Enterprise, not stock tradersExecutive Summary  Investment Objective – To preserve and enhance the purchasing power of capital over time – To avoid the permanent impairment of capital through a time-tested value approach – To achieve these goals by investing in a broad universe of assets, including global equities, corporate and short term sovereign bonds, and gold related securities  Key features – Inception: 1996 – Historical Portfolio Turnover: Less than 20% – Market capitalization: All – Currency Hedging*: – Sector/Country Constraints: None Used defensively  Results since inception – Absolute Positive Returns: – Low Volatility: 11.35% STD (ending January 2013) 10.66% vs MSCI World 5.57% vs MSCI World 18.38% (in USD)Source: Amundi - Annualized data, net of fees, Retail Share (AU-C), since inception, in USD, as of end January 2013. Amundi International SICAV – February 2013 - Slide 3Past performance is not a reliable indictor of future returns. The fund has no official benchmark.The MSCI World is provided for comparative purposes only. FOR EXCLUSIVE USE OF PROFESSIONAL CLIENTS* Given for illustrative purpose, may be changed without prior notice within the limits stated in the prospectus
  4. 4. “The Future is Uncertain!” But it is certain that crisis periods are recurrent Socgen International Sicav - Performance figures (Log) 20,000100,000 10000000 10,000 6,000 Japan Earthquake Greek & Tsunami 3,000 1000000 TMT Subprime Debt Bubble Crisis Crisis Burst 09/1 2,000 1 Lehman Bankruptcy US & LTCM European 1,000 Bankruptcy Debt Black Monday, SARS Global Crisis Russian October 19, 1987 Asian Enron Epidemic Economic 600 Debt Currency Default Fraud Gulf Crisis War II 100000 Mexican Crisis Peso Gulf Crisis 300 Japanese War I LATAM Equity Debt Crisis Bubble 200 Burst Bankruptcy of Continental Illinois Bank 100 10000 Jan-79 Jan-80 Jan-81 Jan-82 Jan-83 Jan-84 Jan-85 Jan-86 Jan-87 Jan-88 Jan-89 Jan-90 Jan-91 Jan-92 Jan-93 Jan-94 Jan-95 Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 MSCI World First Eagle Global Value Composite Source: Amundi, First Eagle. Data as of end January 2013. Amundi International SICAV – February 2013 - Slide 4 The fund has no official benchmark. The MSCI World is provided for comparative purposes only. First Eagle Global Fund is a US based mutual fund which preceded the launch of the Luxembourg-based Amundi FOR EXCLUSIVE USE OF PROFESSIONAL CLIENTS International Sicav. Past markets behaviours do not prejudge future behaviours.
  5. 5. Rule No 1: “Don’t lose money!”What We Seek to Avoid Global Value Strategy* High valuations High levels of leverage  31/12/1988 0.0% in Japan MSCI World: 44.12% “Black box” balance sheets  31/12/1999 4.8% in Tech/Telecom MSCI World: 32.47%  31/12/2006 1.72% in Financials** MSCI World: 26.39% Vulnerable business models Aggressive management behavior « I would prefer to lose half of my clients rather than half of my client’s money. » Jean-Marie Eveillard* Source: First Eagle Investment Management, LLC. Amundi International SICAV – February 2013 - Slide 5** Excludes holding companies, paper and forest, Gold ETF.Given for illustrative purpose only FOR EXCLUSIVE USE OF PROFESSIONAL CLIENTS
  6. 6. Looking for the ugly, unwanted and unlovedWhat We Do Intrinsic What a knowledgeable investor would Value pay for the entire company in cash today Analyze and Recast financial Calculate intrinsic Invest when the understand business trades at a statements value business models 30%-50% discount Amundi International SICAV – February 2013 - Slide 6Given for indicative purpose only, may be changed without prior notice FOR EXCLUSIVE USE OF PROFESSIONAL CLIENTS
  7. 7. Margin of safety: Following Rule No. 1What We Do Margin Discount between intrinsic value and market price of Safety To avoid Permanent Margin Protection against impairment of Capital of Safety uncertainty Amundi International SICAV – February 2013 - Slide 7Given for indicative purpose only, may be changed without prior notice FOR EXCLUSIVE USE OF PROFESSIONAL CLIENTS
  8. 8. Focus on companies passing the Bordeaux-TestIncome vs number of outstanding shares180 110 200 120 250 110160 105 180 160 110 105140 100 200 95 140120 100 100 200 90 120 150 110100 150 85 100 90 100 9580 80 100 80 9060 100 80 90 75 60 8040 50 70 40 50 70 70 8520 65 20 0 60 0 2005 60 2006 0 2007 2008 60 2009 0 2010 2011 80 20 5 06 07 20 8 09 20 0 11 05 20 6 07 20 8 20 9 10 11 20 5 20 6 20 7 20 8 20 9 20 0 11 0 0 1 0 0 0 0 0 0 0 0 1 20 20 20 20 20 20 20 20 20 Operating Income (Rebased Operating based on weighted average annual exchange rates, RHS) 100; in USD, Income (Rebased 100; Weighted Average Shares Outstanding (rebased 100, LHS) Operating Income (Rebased 100; in USD, LHS) in USD, based on weighted Source: Amundi,Income (Rebased 100; in LLC. Operating First Eagle Investment Management, Weighted Average Shares Amundi Internationalannual exchange rates, 8 average SICAV – February 2013 - Slide Past performances do not prejudged future performances Outstanding (rebased 100, RHS) USD, based on weighted average FOR EXCLUSIVE USE OF PROFESSIONAL CLIENTS RHS) annual exchange rates, RHS) Weighted Average Shares
  9. 9. Price is “the” TriggerCash & Cash Equivalents as residual of investment opportunitiesSource: First Eagle Investment Management, LLC. Amundi International SICAV – February 2013 - Slide 9Data as of end January 2013 FOR EXCLUSIVE USE OF PROFESSIONAL CLIENTSThe fund has no official benchmark. The MSCI World is provided for comparative purposes only.
  10. 10. Emphasizing sustainable competitive advantageTop 10 Holdings Number of Holdings: 143 AUM: $3,535.1 Million Holdings* DB Physical Gold ETC (UK) 2,89% Northrop Grumman Corp. (US) 1,77% Comcast Corp. Cl A Special (US) 1,72% Cisco Systems Inc. (US) 1,58% Secom Co. Ltd. (JPN) 1,57% Sysco Corp. (US) 1,56% Keyence Corp. (JPN) 1,51% Bank of New York Mellon Corp. (US) 1,39% Microsoft Corp. (US) 1,39% HeidelbergCement AG (GER) 1,33% Total 16,71% *Ex Short-Term US Government BondsSource: First Eagle Investment Management, LLC. Amundi International SICAV – February 2013 - Slide 10Data as of end January 2013Given for illustrative purpose only may be change without prior notice within the limits stated in the prospectus FOR EXCLUSIVE USE OF PROFESSIONAL CLIENTS
  11. 11. Focusing on companies & revenues, not on marketsAsset & Sector Breakdown Asset Breakdown  Sector BreakdownSourceFirst Eagle Investment Management, LLC. Amundi International SICAV – February 2013 - Slide 11Data as of end January 2013 FOR EXCLUSIVE USE OF PROFESSIONAL CLIENTSGiven for illustrative purpose only may be change without prior notice within the limits stated in the prospectus
  12. 12. Providing consistent positive absolute returns over timeHistorical Performance in USD since inception annualized returns Performance 1 year 3 years 5 years 10 years Inception Amundi International SICAV - 5y rolling annualised n Amundi International SICAV 8,17% 25% 8,40% 4,11% 10,91% 10,66% MSCI World (ND) 16,10% 9,95% 1,64% 8,44% 5,57% Spread -7,93% 20% -1,55% 2,47% 2,47% 5,09% Net of fees, in USD, Retail Share (AU-C), monthly data, as of January 31, 2013 15% 1000 700 10% 500 400 5% 300 0% 200 Aug-01 Aug-02 Aug-03 Aug-04 Aug-05 Aug-06 Aug-07 Aug-08 Aug-09 Aug-10 -5% 100 -10% Amundi International SICAV - 5y rolling annualised net returns MSCI World (ND) - 5y rolling annualised net returnsSource: Amundi - Data net of fees, Retail Share, since inception, in USD. Past performance is not a reliable indictor of Amundi International SICAV – February 2013 - Slide 12future 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. Please refer to the KIID for details FOR EXCLUSIVE USE OF PROFESSIONAL CLIENTSconcerning the performance
  13. 13. With patience as ally Other rolling annualized net returns since inception (monthly data, AU-C Share) Amundi International SICAV - 10y rolling annualised net returns (monthly data) 1Y 7Y8%6%4%2%0%8%6%4% 3Y 10Y2%0%2% Aug-06 Feb-07 Aug-07 Feb-08 Aug-08 Feb-09 Aug-09 Feb-10 Aug-10 Feb-11 Aug-11 Feb-124% Amundi International SICAV MSCI World (ND) Source: Amundi - net of fees, Retail Share, since inception, monthly data, in USD, as of end January 2013. Amundi International SICAV – February 2013 - Slide 13 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. Given for Illustrative purpose only. FOR EXCLUSIVE USE OF PROFESSIONAL CLIENTS Please refer to the KIID for details concerning the performance
  14. 14. And an unique risk/return profile Competitive Positioning over 5 years (5y returns vs. 5y volatility) Lower Volatility Higher Volatility Higher Higher Returns Returns Lipper Global Equity Universe Average (23.11%;-2.52%) Blackrock Global Carmignac Allocation Fund A2 USD Investissement A Lower Lower Returns Returns Lower Volatility Higher VolatilitySource: Amundi - Data net of fees, Retail Share, since inception, in USD. The figures shown in this chart are thoseapplicable for the years mentioned. Past performances are not a guarantee for future results, they are not constant over Amundi International SICAV – February 2013 - Slide 14time. Ranking & Quartile Lipper – Funds registered for sale in Europe, Performances, Ranking & Quartile are calculated withA Share Lipper - Lipper is not responsible for the accuracy, reliability or completeness of the information that you obtain FOR EXCLUSIVE USE OF PROFESSIONAL CLIENTSfrom Lipper. In addition, Lipper will not be liable for any loss or damage resulting from information obtained from Lipper orany of its affiliates. © Thomson Reuters 2011. All rights reserved.Data as of end December 2012.
  15. 15. A dedicated team Portfolio Management Research Team Matt McLennan, CFA Alan Barr, CFA Matt Lamphier, CFA Head of Global Value Team Non-food consumer products, Industrials, energy, medical Portfolio Manager forest products/paper, chemicals devices, gaming and leisure, 21 years of experience Rachel Benepe transportation Retail, gold, metals and mining Debra Lusman Kimball Brooker, Jr. industries, steel & coal, Manager of Research Operations Deputy Head of Global Value Team automobiles Portfolio Manager Oanh Thi Nguyen 20 years of experience Giorgio Caputo Media, telecom Energy, distribution, packaging, Elizabeth Tobin Abhay Deshpande, CFA building products, restaurants, Pharmaceuticals, agriculture Portfolio Manager special situations 20 years of experience Mark Wright, CFA Manish Gupta Banks and food & beverage Technology hardware and Senior Advisers equipment, commodity chemicals Robert Hordon, CFA Jean-Marie Eveillard Real estate, infrastructure, retail Senior Adviser and construction 50 years of experience Bruce Greenwald, PhD Senior Adviser Amundi International SICAV – February 2013 - Slide 15 FOR EXCLUSIVE USE OF PROFESSIONAL CLIENTS
  16. 16. Last but not least“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 good prices 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 most successful long-term records in the investment world. » Morningstar*The SICAV does not offer a capital guarantee. Amundi International SICAV – February 2013 - Slide 16 FOR EXCLUSIVE USE OF PROFESSIONAL CLIENTS
  17. 17. Amundi International SICAVAppendix– Historical Portfolio Data– Global Value AUM– Fund Characteristics Amundi International SICAV – February 2013- Slide 17 FOR EXCLUSIVE USE OF PROFESSIONAL CLIENTS
  18. 18. Amundi International SICAV – AppendixHistorical Asset Breakdown As of end January 2013Source: Amundi. Data as of end January 2013 – Please note that the SICAV was closed to subscriptions Amundi International SICAV – February 2013 - Slide 18between 2004 and August 2008. The negative cash level in early 2008 is a result of significant redemptions FOR EXCLUSIVE USE OF PROFESSIONAL CLIENTSduring that period.
  19. 19. Amundi International SICAV – AppendixHistorical Regional Breakdown As of end January 2013 100% Cash & Short Term 90% Government Bonds 80% Emerging Markets (ex- Europe) 70% Developed Asia-Pacific 60% Japan 50% 40% Europe ex-Euro Zone 30% Euro-zone 20% 10% North America 0% Mar- Mar- Mar- Mar- Mar- Mar- Mar- Mar- Mar- Mar- Mar- Mar- 01 02 03 04 05 06 07 08 09 10 11 12Source: Amundi. Data as of end January 2013 – Please note that the SICAV was closed to subscriptions Amundi International SICAV – February 2013 - Slide 19between 2004 and August 2008. The negative cash level in early 2008 is a result of significant redemptions FOR EXCLUSIVE USE OF PROFESSIONAL CLIENTSduring that period.
  20. 20. Amundi International SICAV – AppendixHistorical Sector Breakdown As of end January 2013 100% Cash & Short Term Government Bonds Utilities 80% Telecommunication Services Materials 60% Information Technology Industrials Health Care 40% Financials Energy 20% Consumer Staples Consumer Discretionary 0% Jun-01 Jun-02 Jun-03 Jun-04 Jun-05 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12Source: Amundi. Data as of end January 2013 – Please note that the SICAV was closed to subscriptions Amundi International SICAV – February 2013 - Slide 20between 2004 and August 2008. The negative cash level in early 2008 is a result of significant redemptions FOR EXCLUSIVE USE OF PROFESSIONAL CLIENTSduring that period.
  21. 21. Amundi International SICAV – AppendixHistorical Market Cap Breakdown As of end January 2013Source: Amundi. Data as of end January 2013 Amundi International SICAV – February 2013 - Slide 21 FOR EXCLUSIVE USE OF PROFESSIONAL CLIENTS
  22. 22. Amundi International SICAV – AppendixCurrency Hedging – EUR/USD As of end January 2013Source: First Eagle Investment Management, LLC. Amundi. Data as of end January 2013 Amundi International SICAV – February 2013 - Slide 22 FOR EXCLUSIVE USE OF PROFESSIONAL CLIENTS
  23. 23. Amundi International SICAV – AppendixCurrency Hedging – JPY/USD As of end January 2013Source: First Eagle Investment Management, LLC. Amundi. Data as of end January 2013 Amundi International SICAV – February 2013 - Slide 23 FOR EXCLUSIVE USE OF PROFESSIONAL CLIENTS
  24. 24. Amundi International SICAV – AppendixGlobal Value AUM Global Value Strategy Historical AUM  Global Value AUM by Sub-Strategy First Eagle Global Value Composite Assets (USD Billions) First Eagle Global Value Composite Assets (USD Billions) 40 50 35 44,5 33,4 US Value 45 Gold Strategy; Strategy; 2,8bn USD 3bn USD 30 40 28,9 International 36,6 35 Value Strategy 25 (ex-US); 30 21,5 28,9 13,8bn USD 20,3 20,1 20 25 16,9 16,0 21,5 20,3 20,1 15 20 16,9 16,0 10,7 15 10 10,7 10 Global Value 4,9 5 4,9 Strategy; 2,6 2,2 5 2,61,9 1,7 1,7 2,2 1,9 1,7 1,7 44,5bn USD 0 0 1 19 98 19 99 000 11 22 33 20 4 20 05 200 06 087 98 09 S20 0 19 8 2 9 04 20 5 2 06 2 7 2 -1 200 0 0 00 0 00 00 0 200 0 0 00 0 10 11 9 9 0 0 ep1 19 220 220 00 20 220 220 00 20 22 22 First Eagle Global Value Composite Assets (USD Billions) 65.1bn USD AUM First Eagle Global Value Composite Assets (USD Billions)Source: First Eagle Investment Management, LLC. Data as of end December 2012 Amundi International SICAV – February 2013 - Slide 24 FOR EXCLUSIVE USE OF PROFESSIONAL CLIENTS
  25. 25. Amundi International SICAV – Appendix Management company Amundi Luxembourg S.A. Investment manager Amundi Sub-Investment manager First Eagle Investment Management, LLC. Custodian Société Générale Bank & Trust S.A. Reference currency of the SICAV USD All Investors Institutional Investors Distributors AU- AE- AHE AHC AHG AHG AE- AHE IHE- IHC- IHG- FU- FE- FHE Share Class IU-C IE-C C C -C -C -C -D D -D C C C C C -C Reference currency of the class USD EUR EUR CHF GBP GBP EUR EUR USD EUR EUR CHF GBP USD EUR EUR Currency Hedge No No Yes Yes Yes Yes No Yes No No Yes Yes Yes No No Yes LU0 LU0 LU0 LU0 LU0 LU0 LU0 LU0 LU0 LU0 LU0 LU0 LU0 LU0 LU0 LU0 0685 5651 4331 6500 5651 5651 5654 5651 4331 5651 4331 6500 5651 1819 5651 4331 ISIN Code 7850 3574 8241 9285 3523 3540 1969 3493 8217 3604 8250 9307 3639 6212 3655 8268 8 5 6 0 2 6 3 8 6 0 7 2 6 6 2 9 Share Categories Accumulation Distribution Accumulation 5 million USD or the Minimum initial subscription None equivalent amount in None EUR Frequency of NAV calculation Daily Cut off for dealing times Luxembourg Dealing days before 2pm (Luxemburg time) Maximum subscription fee 5.00% None None Administration fee 0,15% 0,10% 0,15% Maximum annual management fee 2.00% 1.00% 2.00% Distribution fee None None 1.00% Performance fee 15% of the outperformance (net of fees) of the SICAV vs the Libor 3m USD + 400 basis points - on a yearly basis Maximum redemption fee NoneNot all share classes and, as the case may be, share categories are registered for sale in all countries. Investors may Amundi International SICAV – February 2013 - Slide 25contact Amundi Luxembourg for further information. Please consult the prospectus for a comprehensive explanation of all FOR EXCLUSIVE USE OF PROFESSIONAL CLIENTSfees. A detailed explanation of the performance fees is provided in the Prospectus. Please note that conversions are subjectto the discretion of the Directors. See prospectus for further information.
  26. 26. DisclaimerThis material is solely for the attention of institutional, professional, qualified or sophisticated investors and distributors. It is not to be distributed to the generalpublic, private customers or retail investors in any jurisdiction whatsoever nor to “US Persons”.Moreover, any such investor should be, in the European Union, a “Professional” investor as defined in Directive 2004/39/EC dated 21 April 2004 on markets infinancial instruments (“MIFID”) or as the case may be in each local regulations and, as far as the offering in Switzerland is concerned, a “Qualified Investor”within the meaning of the provisions of the Swiss Collective Investment Schemes Ordinance of 23 June 2006 (CISA), the Swiss Collective InvestmentSchemes Ordinance of 22 November 2006 (CISO) and the FINMA’s Circular 08/8 on Public Offering within the meaning of the legislation on CollectiveInvestment Schemes of 20 November 2008. In no event may this material be distributed in the European Union to non “Professional” investors as defined inthe MIFID or in each local regulation, or in Switzerland to investors who do not comply with the definition of “qualified investors” as defined in the applicablelegislation and regulation.Amundi, French joint stock company (“Société Anonyme”) with a registered capital of € 578 002 350 and approved by the French Securities Regulator (Autoritédes Marchés Financiers-AMF) under number GP 04000036 as a portfolio management company, 90 boulevard Pasteur -75015 Paris-France – 437 574 452RCS Paris.amundi.com Amundi International SICAV – February 2013 - Slide 26 FOR EXCLUSIVE USE OF PROFESSIONAL CLIENTS

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