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PARVEST EUROPEAN CONVERTIBLE BOND by znu21902

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									PARVEST EUROPEAN CONVERTIBLE BOND
                                                                                                                                    31/01/2010                                    Privilege share

                                                                                                    MODIFIED DURATION
o INVESTMENT OBJECTIVE                                                                                                               Convertible bonds/Europe
The sub-fund seeks to maximise returns over the medium term by investing principally in                                              Theme-based
European convertible bonds. The fund manager draws on the expertise of equity analysts
dedicated to the underlying European convertible bonds universe and on BNP Paribas Asset
Management's investment strategy committee. The fund aims to provide investors with                                                  RISK SCALE (1=LOW ; 6=HIGH)                                4
exposure to European equities without the corresponding volatility. Modified duration
between 0 and 5.                                                                                                                     Recommended investment horizon : Minimum three years


                                                                                                                                     FUND MANAGER
o MANAGEMENT COMMENT AS AT 31/01/2010                                                                                                Eric Bouthillier (BNP Paribas Asset Management)
The convertible bond market went nowhere during the month, with the rise in the US dollar and
pound sterling, together with favourable moves by certain underlying shares, making up for the
general fall in equities and in volatility. In relation to its benchmark, the portfolio suffered from                                BENCHMARK
its lower exposure to small-caps and its bias, albeit reduced, in favour of Natural Resources.                                       UBS CB European Focus (RI)

We sold convertible bonds with more of a bond profile, such as the AXA 3.75% 17, the
Artemis/PPR 2% 11, the Newscorp/BSKYB 0.75% 23 and the STM 0% 16. In return, we                                                      KEY FIGURES - EUR
participated in the issue of the Industrivarden 2.5% 15 (Swedish industrial holding company).
We trimmed our exposure to basic products (the Vedanta 5.5% 16 and the Xstrata 4% 17) in                                             Net asset value
order to strengthen industrial cyclicals (the Faurecia 4.5% 15, the Soitec 6.25% 14) and                                             NAV (Capitalisation)                                                879.60
defensives (the Cable and Wireless 4.75% 14).                                                                                        max 2010                                                            906.69
                                                                                                                                     min 2010                                                            876.70
The portfolio is offering a mixed profile in terms of sensitivity to equities and to interest rates. In                              Assets of the sub-fund (mln)                                        463.04
comparison with our investment universe, we are maintaining an overexposure to cyclical and
defensive stocks at the expense of Natural Resources and Financials.


                                                                                                                                     C CODE
                                                                                                                                                                                                   C code
                                                                                                                                      ISIN                                                  LU0111466198
                                                                                                                                      BLOOMBERG                                               PARACPV LX
o PERFORMANCES AS AT 31/01/2010
                                                                          EUR                                     USD
  Cumulative (%)                                                  Fund      Benchmark                Fund           Benchmark        MODIFIED DURATION (BONDS)
  1 month                                                         -0.09           0.48               -3.21               -2.66
                                                                                                                                     Fund                                                                  2.61
  3 months                                                         6.16           5.74                0.00               -0.38
  Year to date                                                    -0.09           0.48               -3.21               -2.66       Benchmark                                                             2.26
  1 year                                                          28.48          25.59               39.36               36.22
  3 years                                                         -9.11         -11.48               -2.78               -5.32       EXPOSURE TO EQUITY RISK                                              33.18
  5 years                                                         15.77          14.51               23.44               22.09
  Since inception (29/05/1998)                                    24.88          51.70               56.68               90.33       BREAKDOWN BY ASSET TYPE (%)
  Annualised (%)                                                                                                                                                       99.62         Convertible bonds
  3 years                                                         -3.14           -3.99              -0.94                 -1.81                                        0.38         Other
  5 years                                                          2.97            2.75               4.30                  4.08
  Since inception (29/05/1998)                                     1.92            3.63               3.92                  5.67


o CUMULATIVE AND ANNUAL PERFORMANCE ( EUR )
           150


           125
                                                                                                                           15.77%
Base 100




           100
                                                                                                                           14.51%
                                                                                                                                     PORTFOLIO'S MAIN HOLDINGS
                                                                                                                                      INTERNATIONAL POWER                5.03%                               UK
            75                                                                                                                        PUBLICIS GROUP                     5.00%                           France
                                                                                                                                      CAP GEMINI 3.5%09-0114 O...        4.76%                           France
            50                                                                                        32.04%      30.85%              WPP 5.75%190514 CONV               4.40%                               UK
                                                                                                                            25%
                                         11.99%     13.51%                                                                            ALCATEL LUCENT OCEANE              4.22%                           France
                                                             -2.51%
                                                                                                                            0%        PORTUGAL TELECOM CV                3.63%                         Portugal
                                                                                                                            -25%      DANONE EURAZEO 6,25%               3.50%                           France
                                                                              -28.43%     -31.84%                                     ACERGY CV                          3.31%                      Luxembourg
                                                                                                                            -50%
                   2005                      2006                 2007             2008                    2009                       CIE GEN DES ETABLIST MICH...       3.26%                           France
                 Fund performance                                                                                                     SAGEPAR CV                         3.18%                          Belgium
                 Benchmark performance
                                                                                                                                     Total number of positions : 46                                         1/2
     PARVEST EUROPEAN CONVERTIBLE BOND                                                                                                                                                            www.bnpparibas-am.com




     o BREAKDOWN BY ECONOMIC SECTOR - EQUITIES (%)
                                                                                22,38             Consumer Discret.
                                                                                15,30             Info. Technology
                                                                                14,15             Materials
                                                                                11,93             Industrials
                                                                                10,69             Energy
                                                                                 7,98             Financials
                                                                                 5,64             Health Care
                                                                                                                                                                        Risk analysis (over 3 years)
                                                                                11,94             Other                                                                 Volatility                                          13.71%
                                                                                                                                                                        Tracking error                                       3.53%
                                                                                                                                                                        Information Ratio                                      0.24
     o GEOGRAPHIC BREAKDOWN - EQUITIES (%)                                                                                                                              Sharpe ratio
                                                                                                                                                                        Alpha
                                                                                                                                                                                                                              -0.49
                                                                                                                                                                                                                             0.26%
                                                                                47,79             France
                                                                                26,88             UK                                                                    Beta                                                   0.88
                                                                                 7,82             Luxembourg                                                            R²                                                     0.96
                                                                                 5,41             Norway
                                                                                 3,98             Belgium
                                                                                 3,60             Switzerland
                                                                                 2,03             Germany
                                                                                 2,50             Other




     o CONTRIBUTION TO SENSITIVITY BY MATURITY
       31/12/09)
                                                                                                                                                   (31/01/10 ;
                                                                                                                                                                        CHARACTERISTICS
                                                                                                                                                                        Legal creation date                          May 7, 1998




                                                                                                                                                                                                                                          BNP Paribas Asset Management - Simplified joint-stock company with a capital of 62 845 552 euros - Registered office : 1 bld Haussmann 75009 Paris - RCS Paris 319 378 832 - Design and layout : Marketing/Communication
                  10 +                                 0.04>-0.05
                                                       0.04                                                                                                             Base currency                                        EUR
                 5 - 10
                                                                                                                  1.10>0.92                                             Legal form              Sub-fund of Parvest, an umbrella
                                                                                          0.66                                                                                                fund established under Luxembourg
                                                                                                                                      1.16>1.51                                                                              law
                  3-5
                                                                                                                        1.26
     Years




                  1-3                                              0.13>0.18
                                                                      0.25
                                                                                                                                                                        FUND PARTICULARS
                                                       0.04>0.04
               0.25 - 1
                                                       0.04
                                                                                                                                                                        Subscription fees (1)
                                                                                                                                                                        A max. of 5% (payable to the intermediary)
               0 - 0.25
                                                       0.01                                                                                                             Minimum investment
                     -0,5                          0                            0,5                      1                          1,5
                                                                                                                                                                        Classic Category: 1 share
                                  Modified Duration of fund                                                                                                             Entrance fees (1)
                                  Modified Duration of benchmark
                                                                                                                                                                        None
                                                                                                                                                                        Switch commission (1)
                                                                                                                                                                        A max. of 2% (payable to the intermediary)
     o BREAKDOWN BY ISSUE RATING* (EXCLUDING FUNDS)                                                                                                                     Exit fees
                                                                                                                                                                        None unless in the case of a sizeable withdrawal, a max.
                                                                                                                                                  31.59%                of 1% (accruing to the fund)
                  30%
                                                                                                                                                                        Maximum Management fees
                  25%
                                                                                                                                                                        - Classic Category: 1.10% / year
                  20%
                                                                                                         15.69%
                                                                                                                                                                        - Institutions Category: 0.55% / year
                  15%
                                                                               12.04%
                                                                                                                                                                        with a minimum investment of EUR 3 million on the sub-
                                                                                        10.87%
                  10%                                                                                                                                                   fund or EUR 10 million on Parvest as a whole
                                             6.49%
                   5%
                           4.86%
                                                                      2.95%                      3.45%                        3.76%       4.22%                         NAV calculation date
                                                         2.17%                                                      1.51%
                   0%
                                                                                                                                                                        Daily (D+1)
                            AAA       AA-      A              A-      BBB+      BBB     BBB-      BB+        BB      BB-       B+           B       NA
                                                                                                                                                                        Dealing deadline
                          * or long term issuer if not known
                                                                                                                                                                        Day D before 3pm (Luxembourg time)
                                                                                                                                                                        Execution
The material in this presentation is issued by BNP Paribas Asset Management (BNPP AM), authorised as an investment management company by the French
                                                                                                                                                                        Placed at unknown NAV (D=Day of NAV)
Autorité des marchés financiers (AMF). It contains opinions and statistical data that BNPP AM considers lawful and correct on the day of their establishment
according to the economic and financial environment at the time. This information does not constitute or form part of an offer document or any offer or invitation to
                                                                                                                                                                        Settlement and delivery
subscribe for or purchase any securities, or derivatives thereof, nor shall it or any part of it form the basis of any contract or commitment whatsoever. We            Account credited/debited D+4
provide this document without knowledge of your situation. Prior to contracting with you, a suitability test will be performed. Prior to any subscription, investors
should verify in which countries the fund is registered, and, in those countries, which compartments and which classes of shares are authorised for public
sale. In particular, the fund cannot be offered or sold publicly in the United States. Investors considering subscribing for shares should read carefully the most
                                                                                                                                                                        Promoter
recent prospectus agreed by the regulatory authority (AMF), available from BNPP AM – Marketing and Communication department - 14 rue Bergère 75009                      BNP Paribas
Paris or the fund’s marketing distributors and consult the fund’s most recent financial reports, which are also available from BNPP AM local correspondents if
any, or from the entities marketing the fund. Investors should consult their own legal and tax advisors prior to investing in the fund. In accordance with Swiss        Management Company
legislation, certain BNPP AM funds are not authorised to be distributed to the Swiss public or from Switzerland. For that reason, this document is addressed to
you on a purely confidential basis, and only in your capacity as a qualified investor. Public use or distribution of this document is consequently not authorised.      BNP Paribas Asset Management
In the event of an authorisation of distribution in Switzerland, the legal documents can be obtained, free of charge, from the representative and paying agent,
BNP Paribas (Switzerland) SA, 2, place de Hollande, 1204, Geneva, Switzerland. Given the economic and market risks, there can be no assurance that the                  Custodian
fund will achieve its investment objectives. The value of the shares can decrease as well as increase. The performances are shown net of management fees,
but do not include subscription fees or tax. Past performance is not a guarantee of future results.                                                                     BNP Paribas Securities Services, Luxembourg branch


                                                                                                                                                                        (1) for the Classic and Institutions categories of shares
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