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					   Inflation-Hedging
   Inflation Hedging Portfolios
   in Different Regimes
                                                                     Ombretta Signori
                                                                     Amundi Asset Management
                                                                     CFA Québec 30 March 2010




Important: This document is for internal use only. This document
presents the ideas and the views of the Strategy team and does not
reflect AMUNDI Investment Committee’s decisions. This document may
not be reproduced or copies distributed without authority.
    q
Our questions


How to build the ideal diversified portfolio protecting from inflation risk?

Does this optimal allocation change with macroeconomic conditions?
– Volatile economic environment (1970s and 1980s)
– Stable - Great Moderation (1990s and 2000s)

How does the optimal asset allocation change
   ith the investor’s h i
– with th i     t ’ horizon??
– when the investor targets a more ambitious real rate of return?




                                               Inflation-Hedging Portfolios in different inflation regimes - 30/03/2010 - page 2
Contents


Literature Review

Data and Methodology

Results
– Inflation-hedging properties of individual assets
    Correlations with inflation
    P b bilit of not achieving th i fl ti t t t investment h i
    Probability f t hi i the inflation target at i   t   t horizon
– Optimal allocation to hedge inflation risk
    For “pure inflation-hedgers”
    For “ambitious inflation-hedgers”




                                                Inflation-Hedging Portfolios in different inflation regimes - 30/03/2010 - page 3
Literature Review

Inflation hedging properties of assets
– Attié and Roache (2009) for detailed literature review

Strategic Asset Allocation with partially predictable returns varying overtime
– Assets only framework: Brennan et al. (1997), Campbell and Viceira (2002), Campbell
  et al. (2003, 2004)
– ALM framework: Van Binsbergen and Brandt (2007), Goetzmann and Valaitis (2006),
  Hoovenaars et al. (2008), Amenc et al. (2009)

Portfolio optimization with liabilities
– ALM research f                   /                        f           (         (    )
                   focus on mean/variance optimization of the surplus (Leibotwitz (1987),
  Sharpe and Tint (1990), Hoovenaars et al. (2008))
    Optimization in a mean / shortfall probability framework more appropriate
  (“safety-first” portfolios, Roy (1952), Amenc et al. (2009))
                                                    inflation         rates
– Classical ALM liabilities depend on fluctuating “inflation and real rates”
    But some investors have an “inflation + fixed real rate” objective




                                                      Inflation-Hedging Portfolios in different inflation regimes - 30/03/2010 - page 4
Data

Our case: a US “safety-first” investor
– Minimizing shortfall probability
– With a range of investment horizons from 1 month to 30 years

Allowed to invest on six liquid asset classes
– Cash: 3-month T-bills rate
– Nominal bonds: Morgan Stanley 7-10 year
– Inflation-linked bonds: Barclays Global Inflation Total Return Index from 1997,
  reconstruction before that date (Kothari and Shanken (2004))
– Equities: MSCI US
– Real Estate: FTSE NAREIT Composite Index
– Commodities: GSCI

Study period: January 1973 – June 2009




                                                      Inflation-Hedging Portfolios in different inflation regimes - 30/03/2010 - page 5
         gy
Methodology


Lack of historical data
– Strategic allocation can only be studied with a model for the joint distribution of asset
  returns and inflation
– This model allows to simulate long-term holding portfolio returns based on different
  scenarios

Specification of the joint dynamics of asset returns
– Vector-Autoregressive (structural VAR(1))
– Six asset classes (log returns)+ three predictive variables: inflation, term spread,
  dividend yield




                                                        Inflation-Hedging Portfolios in different inflation regimes - 30/03/2010 - page 6
           gy
  Methodology

   Difficulty: change of the asset returns dynamics/correlations
    – Ex: stock bond correlation (Li (2002), Ilmanen (2003), Baele et al. (2009))

   Changing economic regime is the main cause
    – Breakpoint detected in Dec. 1990 (test for structural break in correlations,
      Goetzmann et al. (2005))


                                                                    5 years macroeconomic volatility
           5%
                                                                                                                                                                           US inflation
           4%
                                                                                                                                                                           US GDP
           3%

           2%

           1%

           0%
                                                                               Q1 1988

                                                                                         Q3 1990

                                                                                                   Q1 1993

                                                                                                             Q3 1995

                                                                                                                       Q1 1998

                                                                                                                                 Q3 2000

                                                                                                                                           Q1 2003

                                                                                                                                                     Q3 2005

                                                                                                                                                               Q1 2008
                                                Q3 1980

                                                          Q1 1983

                                                                     Q3 1985
                                      Q1 1978
                  Q1 1973

                            Q3 1975




                                                                               Q

                                                                                         Q

                                                                                                   Q

                                                                                                             Q

                                                                                                                       Q

                                                                                                                                 Q

                                                                                                                                           Q

                                                                                                                                                     Q

                                                                                                                                                               Q
                                                Q

                                                          Q

                                                                     Q
                                      Q
                  Q

                            Q




Source : Datastream, authors’ calculations                                                                                   Inflation-Hedging Portfolios in different inflation regimes - 30/03/2010 - page 7
         gy
Methodology


We estimate two VAR models
– First period: Jan. 1973 – Dec. 1990
– Second period: Jan. 1991 – Jun. 2009

             ,
We simulate 5,000 scenarios
– Each of the VAR models provides a data-generating process
  that will serve to run 5,000 simulations
– We simulate inflation paths and long-term holding returns

We measure
– inflation-hedging properties of individual assets
– optimal composition of inflation-hedging diversified portfolios




                                                Inflation-Hedging Portfolios in different inflation regimes - 30/03/2010 - page 8
               g g properties of individual assets
  Inflation-hedging p p
   Assets returns’ correlations with inflation
   – 1973-1990



                  0.8
                  0.6                                                                                            Vary with investment horizon
                                                                               Cash
                  0.4
                  0.2
                                                                               Nom Bonds                         Short horizon
     orrelation




                                                                               IL Bonds                          – Best inflation hedgers:
                    0                                                                                              commodities, cash
                                                                               Equities
                  -0 2
                  -0.2
    Co




                                                                               Real Estate
                  -0.4                                                                                           Long horizon
                                                                               Commodities                       – Best hedgers:
                  -0.6
                                                                                                                   cash, IL bonds
                  -0.8
                         0   60   120 180 240 300 360

                                      Months




Source : Datastream, Shiller Database, US Federal Reserve Economic Database,              Inflation-Hedging Portfolios in different inflation regimes - 30/03/2010 - page 9
authors’ calculations
               g g properties of individual assets
  Inflation-hedging p p
   Assets returns’ correlations with inflation
   – 1991-2009



                   0.8

                   0.6
                                                                               Cash
                   0.4                                                         Nom Bonds                      Short horizon
                                                                                                              – Best inflation hedgers:
      orrelation




                                                                               IL Bonds
                   0.2                                                                                          commodities, cash
                                                                               Equities
     Co




                     0                                                         Real Estate                    Long horizon
                                                                               Commodities                    – Best hedgers:
                   -0.2
                                                                                                                cash, followed by equities,
                                                                                                                nominal bonds, real estate
                   -0.4
                          0   60   120 180 240 300 360

                                      Months




Source : Datastream, Shiller Database, US Federal Reserve Economic Database,          Inflation-Hedging Portfolios in different inflation regimes - 30/03/2010 - page 10
authors’ calculations
               g g properties of individual assets
  Inflation-hedging p p
   Shortfall probabilities of individual assets
   – 1973-1990
  Horizon                  2 years          5 years         10 years           30 years
  Cash                        18%             17%              14%               4%
                                                                                                       Probabilities decrease strongly
  Nom Bonds                   39%             35%              29%              17%
                                                                                                       with time
  IL Bonds                    45%             42%              36%              25%
  Equities                    38%             29%              20%               6%
                                                                                                       Short horizon
  Real Estate                 44%             40%              32%              18%                    – Best inflation hedger:
  Commodities                 35%             26%              19%               8%                      cash

      1991-2009
    – 1991 2009                                                                                        Long horizon
  Horizon                  2 years          5 years         10 years           30 years                – Best hedgers 1973-1990:
                                                                                                         cash, equities, commodities
  Cash                        13%             19%              22%               21%
  Nom Bonds                   17%              8%               4%               1%                    – Best hedgers 1991-2009:
  IL Bonds                    30%             23%              19%               12%                     nom bonds, commodities
  Equities                    32%             29%              26%               13%
  Real Estate                 36%             31%              27%               19%
  Commodities                 39%             29%              18%               4%


Source : Datastream, Shiller Database, US Federal Reserve Economic Database,           Inflation-Hedging Portfolios in different inflation regimes - 30/03/2010 - page 11
authors’ calculations
          g                               portfolio?
How to hedge inflation with a diversified p


2 cases
– “Pure inflation-hedgers” want to attain pure inflation target
– “Ambitious inflation-hedgers” wish to attain inflation +1%, 2%, 3%, 4%.


We measure optimal asset allocation of “safety first” portfolios:
– minimizing the shortfall probability
– for a given target return (inflation + x%)




                                               Inflation-Hedging Portfolios in different inflation regimes - 30/03/2010 - page 12
                  p                 g
  How to attain a pure inflation target

   “Safety-first” portfolios (1973-1990)
   – Min shortfall probabilities decrease with investment horizon
   – Mainly invested in cash when investment horizon is short
   – Increase allocation to IL bonds, equities, commodities real estate
     when horizon increases

                         Horizon                                        2 years    5 years           10 years           30 years
                 Min Shortfall Probability                              10.8%      11.5%              9.0%               1.4%
                Ann. Excess Return Volatility                            1.9%       3.6%              5.1%               5.4%
                    Ann.
                    Ann Excess Return                                    1.6%
                                                                         1 6%       1.9%
                                                                                    1 9%              2.2%
                                                                                                      2 2%               2 2%
                                                                                                                         2.2%
                 Cumulated Excess Return                                 3.2%       9.7%              21.8%              65.2%
                         Weights
                           Cash                                           88%        81%                72%                 64%
                        Nom Bonds                                         0%          0%                0%                   0%
                         IL Bonds                                         6%          7%                11%                 17%
                          Equities                                         1%         3%                 7%                  8%
                        Real Estate                                        0%         0%                 0%                  5%
                       Commodities                                         5%         9%                10%                  6%


Source : Datastream, Shiller Database, US Federal Reserve Economic Database,      Inflation-Hedging Portfolios in different inflation regimes - 30/03/2010 - page 13
authors’ calculations
                  p                 g
  How to attain a pure inflation target

   “Safety-first” portfolios (1991-2009)
   – Lower min shortfall probabilities and higher excess returns in a more stable
     economic environment
   – Mainly invested in cash when investment horizon is short
   – Increase allocation to nominal bonds, equities and commodities when horizon
     increases

                                 Horizon                                       2 years        5 years          10 years           30 years
                         Min Shortfall Probability                              4.4%           3.2%             1.3%               0.0%
                        Ann. Excess Return Volatility
                                                    y                           1.3%           3.0%             4.8%               5.1%
                            Ann. Excess Return                                  1.5%           2.4%             3.4%               3.2%
                         Cumulated Excess Return                                3.0%          12.2%             33.8%              96.7%
                                 Weights
                                   Cash                                         80%             41%               0%                 0%
                                Nom Bonds                                       17%             48%               77%                73%
                                 IL Bonds                                        0%              0%                0%                 0%
                                  Equities                                       0%              5%               10%                10%
                                Real Estate                                      1%              0%                0%                 0%
                               Commodities                                       2%              6%               13%                17%


Source : Datastream, Shiller Database, US Federal Reserve Economic Database,          Inflation-Hedging Portfolios in different inflation regimes - 30/03/2010 - page 14
authors’ calculations
                                  g
How to attain a more ambitious target


     g                                 g (from 1% to 4%) leads to
Having a more ambitious real return target (           )
– A greater shortfall probability
– A different optimal portfolio composition: larger weight to risky assets

In    l til        i     i
I a volatile economic environment, ambitious i
                                t    biti         t     h ld
                                             investors should
– Gradually abandon IL bonds and real estate
– Concentrate on equities, commodities

In a more stable economic environment, ambitious investors should
– Reduce portfolio weights in nominal bonds and equities
– Invest a higher share in commodities




                                                Inflation-Hedging Portfolios in different inflation regimes - 30/03/2010 - page 15
Conclusion

Optimally diversifying a portfolio strongly improves inflation-hedging
properties and reduces shortfall probabilities

Be careful of the economic regime! It radically changes:
– The inflation-hedging properties of individual assets
  An i     t ’    ti l ll    ti
– A investor’s optimal allocation

Limitations and further developments:
–   Alternative investments: private equity, infrastructures
–   Optimization framework taking into account non-normality of asset returns
–   Dynamic asset allocation
–   Different specific targets: inflation + real rate (ALM), etc.




                                               Inflation-Hedging Portfolios in different inflation regimes - 30/03/2010 - page 16
  Conclusion
    How to hedge inflation? A simple map
                                                                        Volatile Economic                             Stable Economic
                                                                          E i
                                                                          Environment t                                 E i       t
                                                                                                                        Environment
                                           Best inflation-hedging
                                                                                  Cash                                            Cash
                                              asset classes*

                                                                                   y
                                                                             Mainly cash
      Short-term                           Optimal allocation for
                                                                        (+small allocation to IL
                                                                                                                            Mainly cash
       investor                           “pure inflation-hedgers”                                                        + nominal bonds
                                                                         bonds, commodities)
                                                                        Decrease cash weight,                        Decrease cash weight,
                                         Optimal allocation for
                                                                        increase equities and                        increase equities and
                                      “ambitious inflation-hedgers”
                                                                             commodities                                  commodities

                                           Best inflation-hedging
                                                                      Cash, equities, commodities                Nominal bonds, commodities
                                              asset classes*

      Long-term                            Optimal allocation for      Cash, IL bonds, equities,                         Nominal bonds,
       investor                            pu e     a o edge s
                                          “pure inflation-hedgers”     co    od es, ea estate
                                                                       commodities, real es a e                       commodities, equ es
                                                                                                                      co   od es, equities

                                                                             Equities and                           Nominal bonds, equities
                                         Optimal allocation for
                                                                         increasing weight of                        and increasing weight
                                      “ambitious inflation-hedgers”
                                                                             commodities                                of commodities




* Individual asset classes with the smallest shortfall probability          Inflation-Hedging Portfolios in different inflation regimes - 30/03/2010 - page 17
    pp             p
   Appendix: Descriptive Statistics
    Summary statistics, 1973-2009



                                     Cash           Nom Bonds IL bonds Equities Real Estate Commodities
    Ann. Ret.                        5.8%             7.8%      6.5%     8.6%      7.8%        8.3%
   Max Monthly                       1.3%
                                     1 3%             11 3%
                                                      11.3%     13.9%
                                                                13 9%    16.4%
                                                                         16 4%     26 9%
                                                                                   26.9%       22.9%
                                                                                               22 9%
   Min Monthly                       0.0%             -9.0%    -13.8%   -23.9%    -36.4%      -33.1%
    Ann. Vol.                        0.9%              7.6%      9.9%    15.9%     18.5%       20.6%
Risk-adjusted Ret.                    6.6               1.0       0.6      0.5       0.4        0.4
    Skewness                          0.7
                                      07                03
                                                        0.3       0.1
                                                                  01      -0 7
                                                                          -0.7      -1.2
                                                                                    -1 2        -0 3
                                                                                                -0.3
     Kurtosis                         3.9               5.9       6.8     5.7       12.4        6.1




 Source : Datastream, Shiller Database, US Federal Reserve Economic Database,   Inflation-Hedging Portfolios in different inflation regimes - 30/03/2010 - page 18
 authors’ calculations
   pp
  Appendix: Correlation matrices
   1973-1990
                       Inflation             Cash            Nom Bonds         IL bonds           Equities           Real Estate         Commodities
  Inflation
    Cash                  48%
Nom Bonds                -11%                  0%
  IL bonds                 3%                -10%                 71%
  Equities                -7%                 -8%                 27%            25%
 Real Estate              -3%                 -9%                 23%            31%                65%
Commodities               -4%                 -9%                -15%           -11%                -7%                   -4%


    1991-2009
                         Inflation             Cash            Nom Bonds        IL bonds           Equities           Real Estate        Commodities
     Inflation
       Cash                  9%
   Nom Bonds                21%
                           -21%                7%
     IL bonds               -3%                7%                  70%
     Equities                3%                16%                 -4%             6%
    Real Estate             11%                9%                   4%            18%                53%
   Commodities              33%                6%                  -1%            10%                17%                  21%


Source : Datastream, Shiller Database, US Federal Reserve Economic Database,       Inflation-Hedging Portfolios in different inflation regimes - 30/03/2010 - page 19
authors’ calculations
     pp             y        p          (1973-1990)
    Appendix: “Safety-first” portfolios (         )

      Target = inflation +1%

         Horizon
         H i                        2 years      5 years      10 years     30 years
 Min Shortfall Probability          28.9%        23.7%         17.6%        5.8%
Ann. Excess Return Volatility        2.8%         7.1%         14.4%        14.9%
    Ann. Excess Return               1.1%         2.3%          4.2%        4.3%
 Cumulated Excess Return             2.2%        11.4%         42.4%       127.8%
         Weights
           Cash                       80%          50%           0%           0%
        Nom Bonds                      0%           0%           0%           0%
         IL Bonds                      1%           0%           0%           0%
          Equities                     9%          23%          55%          63%
        Real Estate                    0%           0%           0%           0%               Target = inflation +2%
       Commodities                    11%          27%          45%          37%

                                                                                          Horizon                       2 years       5 years      10 years     30 years
                                                                                  Min Shortfall Probability             36.7%         30.0%         36.7%        11.4%
                                                                                 Ann. Excess Return Volatility          12.2%         13.1%         14.6%        15.1%
                                                                                     Ann. Excess Return                  2.9%          3.1%          3.3%         3.3%
                                                                                  Cumulated Excess Return                5.9%         15.4%         33.0%        99.8%
                                                                                          Weights
                                                                                            Cash                          0%            0%            0%            0%
                                                                                         Nom Bonds                        0%            0%            0%            0%
                                                                                          IL Bonds                        0%            0%            0%            0%
                                                                                           Equities                      45%           47%           51%           59%
                                                                                         Real Estate                      0%            0%            0%            0%
                                                                                        Commodities                      55%           53%           49%           41%



  Source : Datastream, Shiller Database, US Federal Reserve Economic Database,              Inflation-Hedging Portfolios in different inflation regimes - 30/03/2010 - page 20
  authors’ calculations
     pp             y        p          (1973-1990)
    Appendix: “Safety-first” portfolios (         )
      Target = inflation +3%
         Horizon                  2 years      5 years      10 years     30 years
 Min Shortfall Probability        40 9%
                                  40.9%        35.9%
                                               35 9%         30.7%
                                                             30 7%        19.7%
                                                                          19 7%
Ann. Excess Return Volatility     14.1%        13.8%         15.3%        15.7%
    Ann. Excess Return             2.3%         2.2%          2.4%         2.4%
 Cumulated Excess Return           4.6%        11.2%         24.3%        73.4%
         Weights
           Cash                     0%            0%           0%           0%
        Nom Bonds                   0%            0%           0%           0%
         IL Bonds                   0%            0%           0%           0%
          Equities                 33%           40%          44%          52%
        Real Estate                 0%            0%           0%           0%                  Target = inflation +4%
       Commodities                 67%           60%          56%          48%

                                                                                          Horizon                     y
                                                                                                                    2 years       5 years
                                                                                                                                    y             y
                                                                                                                                               10 years         y
                                                                                                                                                             30 years
                                                                                  Min Shortfall Probability         44.0%         41.5%         37.8%         29.9%
                                                                                 Ann. Excess Return Volatility      21.3%         18.1%         18.1%         18.4%
                                                                                     Ann. Excess Return              2.3%          1.7%          1.8%          1.8%
                                                                                  Cumulated Excess Return            4.5%          8.6%         17.7%         53.1%
                                                                                          Weights
                                                                                            Cash                      0%           0%            0%            0%
                                                                                         Nom Bonds                    0%           0%            0%            0%
                                                                                          IL Bonds                    0%           0%            0%            0%
                                                                                           Equities                   0%           14%           23%           32%
                                                                                         Real Estate                  0%            0%            0%            0%
                                                                                        Commodities                  100%          86%           77%           68%




  Source : Datastream, Shiller Database, US Federal Reserve Economic Database,            Inflation-Hedging Portfolios in different inflation regimes - 30/03/2010 - page 21
  authors’ calculations
   pp             y        p          (1991-2009)
  Appendix: “Safety-first” portfolios (         )

   Target = inflation +1%
          Horizon                        2 years      5 years     10 years     30 years
  Mi Sh tf ll P b bilit
  Min Shortfall Probability              16.0%
                                         16 0%         9 1%
                                                       9.1%        5 8%
                                                                   5.8%         0.8%
                                                                                0 8%
 Ann. Excess Return Volatility            4.5%         4.5%        4.8%         5.3%
     Ann. Excess Return                   3.2%         2.7%        2.4%          2.3%
  Cumulated Excess Return                 6.3%        13.3%        24.1%        70.2%
          Weights
            Cash                          0%           0%           0%           0%
         Nom Bonds                        76%          78%          76%          70%
          IL Bonds                         0%           0%           0%           0%
           Equities                       17%          13%          10%          10%
         Real Estate                       0%           0%           0%           0%
        Commodities                        7%          10%          14%          21%       Target = inflation +2%
                                                                                  Horizon                      2 years      5 years      10 years      30 years
                                                                          Min Shortfall Probability            24.7%        20.6%         17.4%         7.5%
                                                                         Ann. Excess Return Volatility          4.5%         4.6%          5.1%         6.4%
                                                                             Ann. Excess Return                 2.2%         1.7%          1.5%         1.7%
                                                                          Cumulated Excess Return               4.4%         8.4%         15.1%         50.4%
                                                                                  Weights
                                                                                    Cash                         0%            0%            0%            0%
                                                                                 Nom Bonds                      75%           76%           72%           60%
                                                                                  IL Bonds                       0%            0%            0%            0%
                                                                                   Equities                     18%           13%            9%            9%
                                                                                 Real Estate                     0%            0%            0%            0%
                                                                                Commodities                      7%           11%           19%           30%




Source : Datastream, Shiller Database, US Federal Reserve Economic Database,           Inflation-Hedging Portfolios in different inflation regimes - 30/03/2010 - page 22
authors’ calculations
      pp             y        p          (1991-2009)
     Appendix: “Safety-first” portfolios (         )
       Target = inflation +3%
         Horizon                  2 years      5 years      10 years     30 years
 Mi Sh f ll P b bili
 Min Shortfall Probability        35.4%
                                  35 4%        36 4%
                                               36.4%         34 1%
                                                             34.1%        18.8%
                                                                          18 8%
Ann. Excess Return Volatility      4.7%         5.1%          9.9%        18.9%
    Ann. Excess Return             1.2%         0.8%          1.3%         3.0%
 Cumulated Excess Return           2.5%         3.9%         12.8%        91.5%
         Weights
           Cash                     0%            0%           0%          0%
        Nom Bonds                  73%           69%          42%          0%
         IL Bonds                  0%            0%            0%          0%
          Equities                 20%           11%           0%          0%
        Real Estate                 1%            5%           7%          0%                     Target = inflation +4%
       Commodities                  5%           15%          51%         100%

                                                                                             Horizon
                                                                                             H i                       2 years      5 years       10 years     30 years
                                                                                     Min Shortfall Probability         44.9%        45.9%          41.3%        27.6%
                                                                                    Ann. Excess Return Volatility      12.5%        16.3%          18.3%        18.9%
                                                                                        Ann. Excess Return              1.1%         0.7%           1.3%         2.1%
                                                                                     Cumulated Excess Return            2.3%         3.7%          12.8%        61.6%
                                                                                             Weights
                                                                                               Cash                      0%           0%            0%            0%
                                                                                            Nom Bonds                   26%           0%            0%            0%
                                                                                             IL Bonds                    0%           0%            0%            0%
                                                                                              Equities                  33%           0%            0%            0%
                                                                                            Real Estate                 40%           54%           0%            0%
                                                                                           Commodities                   0%           46%          100%          100%




   Source : Datastream, Shiller Database, US Federal Reserve Economic Database,             Inflation-Hedging Portfolios in different inflation regimes - 30/03/2010 - page 23
   authors’ calculations
   p
Complete Reference




 “Inflation Hedging-Portfolios in Different Regimes” M. Brière and O.
   Signori, Université Libre de Bruxelles Working paper, 2009
 htt //id              / / l/         /09 047 ht l
 http://ideas.repec.org/p/sol/wpaper/09-047.html




                                         Inflation-Hedging Portfolios in different inflation regimes - 30/03/2010 - page 24
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                    p                                                            y                                              y             p       g y
  The information provided herein is confidential and is addressed exclusively to Canadian institutional investors and to any other exempt category within the
  meaning of the applicable laws. This information is not meant to be distributed or used by any person or entity in a country or jurisdiction where such
  distribution or use would be contrary to legal or regulatory requirements, or would obligate Amundi Canada or its affiliates (together, the “Crédit Agricole
  group”) to any registration requirements in such country or jurisdiction. Moreover, unless otherwise specified, the date provided herein is for informational
  purposes only and it does not constitute an offer to buy, a solicitation to sell, an investment advice regarding a security, an offer or solicitation by Amundi
  Canada or by any member of the Crédit Agricole group to provide an advice or a financial, legal, fiscal or investment service or to buy or sell financial
  instruments. Neither Amundi Canada nor any member of the Crédit Agricole group can warrant or declare, implicitly or explicitly, that the information provided
  herein is exact, complete or current.




Crédit Agricole Asset Management
A joint stock company (Société anonyme) with registered capital of 546,162,915 euros
An investment management company approved by the French Securities Authority
(Autorité des marchés financiers) under no. GP 04000036
Registered office: 90 boulevard Pasteur 75015, RCS Paris no. 437 574 452

				
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