This document discusses volatility as an asset class and different approaches to investing in volatility. It provides an overview of Amundi's volatility expertise and funds. The first section describes how volatility tends to rise when equity markets fall, providing diversification. The second section notes that while VIX futures can hedge an equity portfolio, passive approaches using VIX ETNs suffer high costs over time. The third section discusses mean reversion in volatility and the potential for active approaches to add value by investing during periods of low volatility.
The document provides an outline for a technical analysis training on November 12, 2009 presented by Haryajid Ramelan. It includes an introduction to technical analysis, fundamentals versus technical analysis, Dow theory, trends and their uses, accumulation and distribution, support and resistance, Fibonacci numbers, patterns, and tips for investors. The training will cover technical analysis concepts, charts, indicators, and how to evaluate market conditions and investment performance.
We are alive! Now what? by Kārlis CērbulisRoberts Zīle
Brilliant and professional look at the current economical situation of Latvia. Kārlis Cērbulis is one of the bright economical minds in Latvia and collegue of mine in the economist association "EA2010" Enjoy!
1. The document provides an overview of PT. Sarijaya Permana Sekuritas, a securities company in Yogyakarta, Indonesia. It discusses how the stock market works, price behavior, and buying and selling of stocks.
2. Technical analysis charts and indicators are presented for several stocks, including daily price and volume data. Common chart patterns like double tops, head and shoulders, and triangles are also explained.
3. Trading strategies are outlined for identifying buy and sell signals based on trend analysis, price breaks, and the use of moving averages and oscillators.
This presentation provides an overview of Infosys and the Indian IT industry for a business network in Prague. It introduces Infosys, discusses its global presence and offerings across various industries. It then provides context on the large size and growth of the Indian IT industry, as well as foreign companies with R&D labs in India. The presentation also discusses Infosys' operations and delivery centers in Europe, including its center in the Czech Republic, and the rationale for growth of the Indian IT industry in Europe.
The document discusses China's bilateral trade with various countries and regions from January to November 2010. It provides data on the value of trade in billions of US dollars and the percentage increases over the same period in the previous year. Charts show trade values and growth rates for China's trade with the EU, US, Japan, ASEAN and various Chinese provinces. Additional charts break down exports and imports by product category and commodity prices.
The document discusses the challenges that companies face in a volatile, uncertain, complex, and ambiguous (VUCA) world. It notes that most companies struggle with balancing the need for control with the need for agility and growth. It provides insights into how the current environment differs significantly from when Sales and Operations Planning (S&OP) was originally developed. Companies are increasingly turning to new product and service development to drive growth but still rely on planning approaches designed for more stable times. The document questions whether traditional S&OP provides the right approach for navigating today's VUCA world.
The document provides an outline for a technical analysis training on November 12, 2009 presented by Haryajid Ramelan. It includes an introduction to technical analysis, fundamentals versus technical analysis, Dow theory, trends and their uses, accumulation and distribution, support and resistance, Fibonacci numbers, patterns, and tips for investors. The training will cover technical analysis concepts, charts, indicators, and how to evaluate market conditions and investment performance.
We are alive! Now what? by Kārlis CērbulisRoberts Zīle
Brilliant and professional look at the current economical situation of Latvia. Kārlis Cērbulis is one of the bright economical minds in Latvia and collegue of mine in the economist association "EA2010" Enjoy!
1. The document provides an overview of PT. Sarijaya Permana Sekuritas, a securities company in Yogyakarta, Indonesia. It discusses how the stock market works, price behavior, and buying and selling of stocks.
2. Technical analysis charts and indicators are presented for several stocks, including daily price and volume data. Common chart patterns like double tops, head and shoulders, and triangles are also explained.
3. Trading strategies are outlined for identifying buy and sell signals based on trend analysis, price breaks, and the use of moving averages and oscillators.
This presentation provides an overview of Infosys and the Indian IT industry for a business network in Prague. It introduces Infosys, discusses its global presence and offerings across various industries. It then provides context on the large size and growth of the Indian IT industry, as well as foreign companies with R&D labs in India. The presentation also discusses Infosys' operations and delivery centers in Europe, including its center in the Czech Republic, and the rationale for growth of the Indian IT industry in Europe.
The document discusses China's bilateral trade with various countries and regions from January to November 2010. It provides data on the value of trade in billions of US dollars and the percentage increases over the same period in the previous year. Charts show trade values and growth rates for China's trade with the EU, US, Japan, ASEAN and various Chinese provinces. Additional charts break down exports and imports by product category and commodity prices.
The document discusses the challenges that companies face in a volatile, uncertain, complex, and ambiguous (VUCA) world. It notes that most companies struggle with balancing the need for control with the need for agility and growth. It provides insights into how the current environment differs significantly from when Sales and Operations Planning (S&OP) was originally developed. Companies are increasingly turning to new product and service development to drive growth but still rely on planning approaches designed for more stable times. The document questions whether traditional S&OP provides the right approach for navigating today's VUCA world.
Waterside convention 2012 joshua mc callum ubs global amMarnix van Eerde
The document discusses the tipping equilibrium and potential outcomes for economies and countries in Europe. It suggests that economies could significantly improve or deteriorate depending on factors like confidence levels, spending behaviors, and capital flight. Specifically, it notes that if confidence rises and deferred spending resumes, borrowing costs will fall and growth will increase. However, if fear of a breakup rises, there could be capital flight, bank runs, and negative spillover effects across countries as they potentially leave the Eurozone. The document cautions that the current situation is precarious and could tip in either direction.
Against the tide Waterside Convention 10-2012 Kempen Capital ManagementMarnix van Eerde
This document discusses strategies for hedge funds to generate returns. It summarizes that:
1) Hedge funds can generate returns through alpha (excess returns) or alternative betas (systematic exposures different from traditional markets).
2) Less liquid hedge fund strategies historically offered higher returns but the move away from them post-2008 has been painful.
3) Frontier markets may offer attractive growth potential at lower prices than more developed markets. Stock pickers can add value in these markets.
4) Structured credit markets now offer compelling risk-reward after difficulties in 2011. Specialists can add value through security selection and hedging strategies within these markets.
Next generation Waterside Convention 10-2012 AmundiMarnix van Eerde
This document discusses improving equity exposure through asymmetrical strategies. It notes that average stock market returns have declined since 2000 while volatility has increased, presenting challenges. It then outlines Amundi's approaches for navigating volatile markets, moving from minimum risk to total risk strategies including minimum variance, risk parity, and directional asymmetric funds. These strategies aim to reduce downside risk while enhancing risk-adjusted returns through asymmetrical participation in market movements. Performance simulations show these approaches outperforming a traditional market-cap weighted benchmark since their inceptions.
1) The document discusses innovative benchmarks for fixed income investors that are fundamentally weighted rather than market capitalization weighted.
2) It presents research showing that fundamentally weighted benchmarks have outperformed traditional market cap weighted benchmarks with superior risk-adjusted returns over time.
3) The document introduces LOIM's research into developing fundamentally weighted benchmark indices for sovereign debt, emerging markets, and investment grade corporate bonds that aim to better align indices with investors' objectives.
The Waterside Convention 2011 - Kempen Capital Management - Nieuw leiderschap...Marnix van Eerde
The document discusses the shift in asset management from a profession to a marketing-driven industry, and argues that the ladder is leaning against the wrong wall. It suggests that the trend should move back towards privately-owned, entrepreneurial asset managers that specialize and focus on long-term client interests over short-term performance. Smaller asset managers with specialized strategies tend to outperform larger "supermarket" managers over time. New leadership is needed that prioritizes employee ownership, long-term clients, conservative innovation, and alignment with client interests through a commitment to stewardship over salesmanship.
The Waterside Convention 2011 Invesco - Volatiliteit: een anomalie?Marnix van Eerde
This document discusses the volatility anomaly, where higher risk stocks do not necessarily earn higher returns as expected. Several reasons are proposed for why this anomaly occurs, including investment restrictions, behavioral biases, and lottery effect preferences. The document then discusses an alternative investment process that focuses on risk management, stock selection, and constructing a portfolio with absolute risk aversion rather than benchmark orientation. The proposed process aims to produce a diversified portfolio with limited volatility and liquidity risks.
Waterside convention 2012 joshua mc callum ubs global amMarnix van Eerde
The document discusses the tipping equilibrium and potential outcomes for economies and countries in Europe. It suggests that economies could significantly improve or deteriorate depending on factors like confidence levels, spending behaviors, and capital flight. Specifically, it notes that if confidence rises and deferred spending resumes, borrowing costs will fall and growth will increase. However, if fear of a breakup rises, there could be capital flight, bank runs, and negative spillover effects across countries as they potentially leave the Eurozone. The document cautions that the current situation is precarious and could tip in either direction.
Against the tide Waterside Convention 10-2012 Kempen Capital ManagementMarnix van Eerde
This document discusses strategies for hedge funds to generate returns. It summarizes that:
1) Hedge funds can generate returns through alpha (excess returns) or alternative betas (systematic exposures different from traditional markets).
2) Less liquid hedge fund strategies historically offered higher returns but the move away from them post-2008 has been painful.
3) Frontier markets may offer attractive growth potential at lower prices than more developed markets. Stock pickers can add value in these markets.
4) Structured credit markets now offer compelling risk-reward after difficulties in 2011. Specialists can add value through security selection and hedging strategies within these markets.
Next generation Waterside Convention 10-2012 AmundiMarnix van Eerde
This document discusses improving equity exposure through asymmetrical strategies. It notes that average stock market returns have declined since 2000 while volatility has increased, presenting challenges. It then outlines Amundi's approaches for navigating volatile markets, moving from minimum risk to total risk strategies including minimum variance, risk parity, and directional asymmetric funds. These strategies aim to reduce downside risk while enhancing risk-adjusted returns through asymmetrical participation in market movements. Performance simulations show these approaches outperforming a traditional market-cap weighted benchmark since their inceptions.
1) The document discusses innovative benchmarks for fixed income investors that are fundamentally weighted rather than market capitalization weighted.
2) It presents research showing that fundamentally weighted benchmarks have outperformed traditional market cap weighted benchmarks with superior risk-adjusted returns over time.
3) The document introduces LOIM's research into developing fundamentally weighted benchmark indices for sovereign debt, emerging markets, and investment grade corporate bonds that aim to better align indices with investors' objectives.
The Waterside Convention 2011 - Kempen Capital Management - Nieuw leiderschap...Marnix van Eerde
The document discusses the shift in asset management from a profession to a marketing-driven industry, and argues that the ladder is leaning against the wrong wall. It suggests that the trend should move back towards privately-owned, entrepreneurial asset managers that specialize and focus on long-term client interests over short-term performance. Smaller asset managers with specialized strategies tend to outperform larger "supermarket" managers over time. New leadership is needed that prioritizes employee ownership, long-term clients, conservative innovation, and alignment with client interests through a commitment to stewardship over salesmanship.
The Waterside Convention 2011 Invesco - Volatiliteit: een anomalie?Marnix van Eerde
This document discusses the volatility anomaly, where higher risk stocks do not necessarily earn higher returns as expected. Several reasons are proposed for why this anomaly occurs, including investment restrictions, behavioral biases, and lottery effect preferences. The document then discusses an alternative investment process that focuses on risk management, stock selection, and constructing a portfolio with absolute risk aversion rather than benchmark orientation. The proposed process aims to produce a diversified portfolio with limited volatility and liquidity risks.
The Waterside Convention 2011 Invesco - Volatiliteit: een anomalie?
The Waterside Convention 2011 - Amundi Volatiliteit Presentatie
1. Volatility as antithesis:
risk or performance ?
?
Amsterdam, 27 January 2011
Alex Drabowicz, CAIA
Volatility Product Specialist
This material is solely for the attention of "professional” investors (see
more details and definitions at the back).
2. About Amundi and the volatility expertise
Amundi Volatility team
Investment team based in Paris run by Gilbert Keskin/Eric Hermitte since 2000
Track record directional funds since 2005
Significant AuM of € 4.6 billion
Innovation Awards France 2005, EuroHedge 2008/2009/2010
Amundi Funds Volatility World Equities
UCITS III, daily liquidity, Actively Managed Equity Volatility Fund
Bloomberg ticker CAMVWIA LX
Cost efficient replication of 1 year implied volatility, not VIX
Using listed options and futures, with clearinghouse as counterparty
Performances 2008 +25.84%, 2009 +8.53%, 2010 +5.10%
Assets: USD 1.3 billion
Source: Amundi, assets as of 31/12/2010 on directional volatility funds: Amundi Volatilité Actions Euro (French FCP), Amsterdam Volatility 2011 - page 2
Amundi Funds Volatility Euro Equities and Amundi Funds Volatility World Equities (Lux SICAV).
3. Table of Contents
1. Passive approach: for risk
2. Active approach: for performance
3. Outlook
Amsterdam Volatility 2011 - page 3
4. Volatility: An asset class in its own right
Volatility tends to rise when equity markets fall, providing diversification and decorrelation
Equities vs. equities volatility:
– Long term negative correlation: -0.70 = ideal for risk management
80 1600
1500
70
1400
60
S&P500
1300
50
1200
S&P500
VIX
40 1100
1000
30
VIX Index 900
20
800
10
700
0 600
Jan-00 Feb-01 Mar-02 Apr-03 May-04 Jun-05 Jul-06 Aug-07 Sep-08 Oct-09 Nov-10
Sources: Amundi, Bloomberg Amsterdam Volatility 2011 - page 4
5. Volatility products: VIX Futures 1/3
Futures on VIX: ideal for hedging
VIX spot index is a theoretical calculation and is NOT a tradable index
VIX indices have historically traded in “contango” markets: significant rolling costs
Popular instrument to “hedge” an equity portfolio
Jan 11, 2011: Contango is magnified
Source: Bloomberg Amsterdam Volatility 2011 - page 5
6. Volatility products: VIX ETN 2/3
Provides negative correlation but at a high cost
VIX Futures vs. VIX Spot since 2004 show the effect of contango
VIX ETN suffer also from the same effect as it is based on the VIX futures
VIX Futures: using first maturity, rolled 3 days
prior to expiry, adjusted for the price difference
500 60 600
450
50 500
400
VIX Spot
VIX Spot
350
+2%
VXX ETN Price Level
40 400
-58%
VIX Spot Level %
Base 100 March 2004
300
250
VIX Futures
30 300
200
-76%
20 200
150
100 VXX ETN
50
10
-91% 100
- 0 0
Mar-04 Nov-04 Jul-05 Mar-06 Nov-06 Jul-07 Mar-08 Nov-08 Jul-09 Mar-10 Nov-10 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10
Source: Bloomberg Amsterdam Volatility 2011 - page 6
As of 31/12/2010
7. Volatility products: VIX futures ETF 3/3
Passive volatility exposure is a losing game
Costly portfolio tool & expected performance to be negative over the long term
Source: www.source.info Amsterdam Volatility 2011 - page 7
8. Volatility products: Large inflows in passive products
The AUM in volatility ETNs exceeds $ 2 billion
While the demand in 2009 was directed to the VXX (short-term VIX futures); VXZ
(medium-term VIX futures) has become more popular
3.5
3.0
2.5
USD billions
2.0
1.5
1.0
0.5
-
Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10
VXX AUM VXZ AUM
Source: Amundi, Bloomberg Amsterdam Volatility 2011 - page 8
9. Table of Contents
1. Passive approach
2. Active approach
3. Outlook
Amsterdam Volatility 2011 - page 9
10. Volatility: its mean reverting behavior
Using market turbulence as a source of added value
Volatility behaves like an elastic band
Over the long term, volatility has a strong mean reverting behaviour
50%
1yr implied volatility SP500
45%
1yr implied volatility DJ Euro
Excessive Levels:
40% 1yr implied volatility Nikkei225
« expensive »
35%
30%
25% Average regime
20%
Low Levels
15%
“ Cheap “
10%
Jun-00 Jun-01 Jun-02 Jun-03 Jun-04 Jun-05 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10
► By buying and selling volatility, the management team
transforms uncertainty about the markets into returns
Sources: Amundi, Deutsche Bank Amsterdam Volatility 2011 - page 10
Past market behaviours are not a guarantee for future behaviours.
11. Amundi Funds Volatility World Equities Performance
Inception date: 15 November 2007
Assets under Management: USD 1.3 billion (as of 31/12/2010)
1450
Amundi Funds Volatility World Equities
I Share Net Performance 15/11/07 – 31/12/10
1350
1250
1150
1050
950
Nov-07 Apr-08 Sep-08 Feb-09 Jul-09 Dec-09 May-10 Oct-10 Dec-10
Amundi Funds Volatility World Equities I (C) Net – Monthly Performance Bloomberg ticker: CAMVWIA LX
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
2010 (0.64)% (0.32)% (0.77)% 1.27% 4.69% 0.48% 0.67% 0.77% (0.07)% (0.85%) 0.55% (0.69%) 5.10%
2009 0.90% 1.30% (1.63)% 4.74% 3.12% 0.55% 0.31% 0.51% (0.54)% 0.19% 0.02% (1.09)% 8.53%
2008 5.73% 1.58% 1.71% (4.44)% 1.84% 1.17% (0.63)% 0.96% 5.49% (3.51)% 4.17% 9.98% 25.84%
2007 0.45% (0.91)% (0.47)%
Sources: Amundi. Net performance as of 31/12/10. Institutional Accumulation shares. Amsterdam Volatility 2011 - page 11
Past performance does not prejudge future results, nor is it a guarantee of future returns
12. How the fund performed in different environments
Amundi Funds Volatility World Equities* has performed well against the
MSCI World** in several market configurations:
Market Fund Volatility Performance
Start End Bull/Bear Exposure Fund Market
1 15-Nov-07 31-Dec-07 Bull Long Vol -0.5% +0.2%
2 2-Jan-08 7-Oct-08 Bear Long Vol +15.6% -34.1%
3 8-Oct-08 9-Mar-09 Bear Short Vol +9.1% -31.4%
4 10-Mar-09 27-Jul-09 Bull Short Vol +6.2% +42.3%
5 28-Jul-09 10-Apr-10 Bull Long Vol -3.8% +20.8%
6 12-Apr-10 31-Dec-10 Bull Long Short Vol +7.4% +4.7%
14-Nov-06 31-Dec-10 Bull & Bear Long & Short +42.9% -19.2%
Vol
Source: Amundi, Bloomberg. Net Performance * Amundi Funds Volatility World Equities (Lux SICAV): Amsterdam Volatility 2011 - page 12
Bloomberg ticker CAMVIA LX / MSCI World: Bloomberg ticker: MXWO
Performance based on daily date. Correlation based on weekly data.
Past performance does not prejudge future results, nor is it a guarantee of future returns
** The MSCI World is not the reference indicator of the Sub-fund and it is used only for information purposes
13. Diversification benefits across all asset classes
Amundi Funds Volatility World Equities* shows low correlation:
Amundi Amundi
Broad Asset FD-VOLATIL HFRX classes FD-VOLATIL
Classes WORLD WORLD
S&P 500 Index 0.030 HFRX Global -0.162
MSCI WORLD 0.078 HFRX Macro -0.080
S&P GSCI Tot Return 0.062 HFRX Systematic -0.260
HFRX Global Hedge -0.162 HFRX Equity Market Neutral -0.263
JPM Global Bonds 0.197 HFRX Equity Hedge -0.133
Source: Amundi, Bloomberg. Net Performance * Amundi Funds Volatility World Equities (Lux SICAV): Amsterdam Volatility 2011 - page 13
Bloomberg ticker CAMVIA LX, data from 13/11/2007 to 12/31/2010
Correlation based on weekly data. Past performance does not prejudge future results, nor is it a guarantee of future returns
14. Table of Contents
1. Passive approach
2. Active approach
3. Outlook
Amsterdam Volatility 2011 - page 14
15. Volatility environment 1/2
Equity volatility is currently one of the least stressed risk measures across asset classes
Source: BofA Merrill Lynch Global Research. Data as of 2 Dec 10. Amsterdam Volatility 2011 - page 15
16. Volatility environment 2/2
European Financial CDS and Equity Implied Volatility is diverging
Source: Morgan Stanley, Quantitative and Derivatives Strategies Dec2010. Amsterdam Volatility 2011 - page 16
17. Outlook for 2011: 3 scenarios can be drawn
Central scenario 1: volatility stays moderately volatile (2007-2008)
1yr implied volatility trades between 20/25%, with possible spikes above 25% triggered
by tension on long term rates, FX imbalances, inflation surprises, sovereign risks
– Directional funds: can perform in line with objective
Alternative scenario 2: volatility below 20% (2004 or H2 2006)
1yr implied volatility falls below 20% as a virtuous circle unfolds: current debt crisis is
solved by higher growth thanks to government and central banks measures,
unemployment goes down, consumption resumes.
– Directional funds: suffer as a result of long volatility exposure
Alternative scenario 3: a new crisis emerges
1yr implied volatility spikes around 30%: sovereign default or downgrade (outside
PIIGS), FX realignments, asset bubble, emerging market over-heating, Eurozone split,
protectionism
– Directional funds: performance can exceed its objective
Amsterdam Volatility 2011 - page 17
18. Table of Contents
Appendix: track records
Amsterdam Volatility 2011 - page 18
19. Monthly track-records
FRENCH FCP
LUX SICAV
Bloomberg ticker: CAVEQAI LX
LUX SICAV
Bloomberg ticker: CAMVWIA LX
Sources: Amundi Amsterdam Volatility 2011 - page 19
Past performance does not prejudge future results, nor is it a guarantee of future returns
20. Disclaimer
This document contains information about Amundi Funds Volatility Euro Equities, Amundi Funds Volatility World Equities and Amundi Funds Dynarbitrage
Volatility (the “Sub-Fund”), three sub-funds of Amundi Funds (the“Sicav”), an undertaking for collective investment in transferable securities existing under Part I
of the Luxembourg law of 20 December 2002, organised as a société d’investissement à capital variable and registered with the Luxembourg Trade and
Companies Register under number B68.806. The SICAV has its registered office at 5, allée Scheffer, l-2520 Luxembourg.
Amundi Funds has been authorised for public sale by the Commission de Surveillance du Secteur Financier in Luxembourg.
Not all sub-funds of the SICAV (the "Sub-Funds") will necessarily be registered or authorized for sale in all jurisdictions or be available to all investors.
Subscriptions in the Sub-Funds will only be accepted on the basis of the SICAV’s latest complete and simplified prospectuses, its latest annual and semi-annual
reports 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 representative
agent duly authorized and agreed by the relevant authority of each relevant concerned jurisdiction.
Consideration should be given to whether the risks attached to an investment in the Sub-Funds are suitable for prospective investors who should ensure that
they fully understand the contents of this document. A professional advisor should be consulted to determine whether an investment in the Sub-Funds is suitable.
The value of, and any income from, an investment in the Sub-Funds can decrease as well as increase. The Sub-Funds have no guaranteed performance.
Further, past performance is not a guarantee or a reliable indicator for current or future performance and returns. The performance data do not take account of
the commissions and costs incurred on the issue and redemption of units.
This document does not constitute an offer to buy 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 material is solely for the attention of institutional, professional, qualified or sophisticated investors and distributors. It is not to be distributed to the
general public, 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
in financial 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 Investment Schemes Ordinance of 22 November 2006 (CISO) and the FINMA’s Circular 08/8 on
Public Offering within the meaning of the legislation on Collective Investment Schemes of 20 November 2008. In no event may this material be distributed in
the European Union to non “Professional” investors as defined in the 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 applicable legislation and regulation.
Amundi, French joint stock company (“Société Anonyme”) with a registered capital of € 578 002 350 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
Amsterdam Volatility 2011 - page 20
21. Disclaimer
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, sub-fund, (“the Funds”) described herein 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.
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, to any third person or entity in any country or jurisdiction which would subject Amundi or any of “the Funds”, to any
registration requirements within these jurisdictions or where it might be considered as unlawful. Accordingly, this material is for distribution solely in jurisdictions
where permitted and to persons who may receive it without breaching applicable legal or regulatory requirements.
Not all funds, or sub-funds will be necessarily be registered or authorized in all jurisdictions or be available to all investors.
Investment involves risk. Past performances and simulations based on these, do not guarantee future results, nor are they reliable indicators of futures
performances.
The value of an investment in the Funds, in any security or financial product may fluctuate according to market conditions and cause the value of an investment
to go up or down. As a result, you may lose, as the case may be, the amount originally invested.
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.
It is your responsibility to read the legal documents in force in particular the current French prospectus for each fund, as approved by the AMF, and each
investment should be made on the basis of such prospectus, a copy of which can be obtained upon request free of charge at the registered office of the
management company.
Amundi, French joint stock company (“Société Anonyme”) with a registered capital of € 578 002 350 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
Amsterdam Volatility 2011 - page 21