; Newsletter ABN AMRO GLOBAL HIGH INCOME EQUITY FUND NEWSLETTER
Documents
Resources
Learning Center
Upload
Plans & pricing Sign in
Sign Out
Your Federal Quarterly Tax Payments are due April 15th Get Help Now >>

Newsletter ABN AMRO GLOBAL HIGH INCOME EQUITY FUND NEWSLETTER

VIEWS: 40 PAGES: 2

  • pg 1
									 Newsletter

 ABN AMRO GLOBAL HIGH INCOME EQUITY FUND
 NEWSLETTER OCTOBER 2008                                                                                                                                                            Data as of 31 October 2008


   Ranking & Rating                                      Fund Manager’s Comment
   Morningstar Rating                                    October was another difficult month for all investors, including those invested in the Global High Income Equity Fund.
                                                         The fund was down 14.9%, but outperformed its benchmark, the S&P High Income Equity Index, by 1.4% as this
                                                         benchmark was down 16.3%. The MSCI index performed better, trading down 10.5%. The big difference is mainly due
                                                         to the strengthening of the US dollar (up 11% versus the euro). As the High Income style hedges all currency exposure,
                                                         the stronger US dollar did not help our investors.

                                                         Looking at the different regions it comes as no surprise that all three of them were down in absolute terms. The North
                                                         America portfolio was down 12.7%, outperforming its benchmark by more than 4%. One of the best performing stocks
                                                         in the region was Boardwalk Pipeline Partners (+15%), as the revenues of this gas pipeline operator are mainly fee based
                                                         and the company was able to increase its dividends.

                                                         The Asian region was down 15.6%, outperforming the local benchmark by 4.5%. Australian retailer Woolworths was the
                                                         best performing stock (+2%) as the company announced close to 10% sales growth over the most recent quarter.
Important Information                                    Mining service provider NRW Holding (-63%) was the worst performer, reflecting the declining commodity prices.
This newsletter is provided to you for information
purposes only. The ABN AMRO Global High Income           The European portfolio fell 15.3%, and was underperforming its benchmark by 0.5%. One of the worst performing stocks
Equity Fund, a fund of ABN AMRO Mix Umbrella             was Telenor (-46%). The Norwegian telecom operator fell because of its exposure to emerging markets. The company
Fund N.V., is registered with the Dutch regulator        announced to start a mobile operator in India, which will require additional capital. ING was hit hard (-51%) as the
(Autoriteit Financiële Markten) pursuant to the Act on   company needed a capital increase by the Dutch government.
financial supervision. For this product a Financial
Information Leaflet (in Dutch), with information about
the product, the cost’s and the risks has been drawn
up. Ask for it and read it before you buy the product.
The value of the assets may fluctuate as a result of
the investment policy. All products are subject to
purchase and sales charges. The value of your
investments may fluctuate. Past performance is no
guarantee for future returns. The Financial
Information Leaflet and information about the product
may be obtained via Fortis Investments, Client and
Sales Support, PO Box 283, 1000 EA Amsterdam and
via www.fortisinvestments.com. ABN AMRO Asset
                                                         Sector Breakdown                                                                           Top Holdings
Management (Netherlands) B.V. has taken all                         Liquidity   -1.7%                                                                    1   Total SA                                            3.6%
reasonable care to ensure that the information
                                                                    Utilities                           12.5%                                            2   HSBC Hldgs                                          2.8%
contained in this document is correct but does not
accept liability for any misprints. ABN AMRO Asset           Telecom. Serv.                             14.0%
                                                                                                                                                         3   ENI                                                 2.6%
Management (Netherlands) B.V. reserves the right to                                            3.0%
                                                                                                                                                         4   Vodafone Group                                      2.2%
                                                                   Materials

make amendments to this newsletter.                          Inform. Techn.                    3.1%
                                                                                                                                                         5   Glaxosmithkline                                     2.2%
                                                                   Industrial                    7.4%
ABN AMRO Asset Management Limited is part of the
                                                                                                                                                         6   JPMorgan Chase & CO                                 2.0%
Fortis Investment Management Group. Fortis                       Healthcare                     5.7%
Investments is the trade name for all entities within             Financials                                     26.1%
                                                                                                                                                         7   Telefonica SA                                       2.0%
the Fortis Investment Management Group.
                                                                     Energy                              14.4%                                           8   Imperial Tobacco                                    1.9%
                                                              Cons. Staples                       8.3%                                                   9   E on AG                                             1.9%
                                                         Cons. Discretionary                     7.2%                                                10 Vivendi SA                                               1.7%
                                                                          -10.0%        0.0%    10.0%    20.0%   30.0%   40.0%   50.0%   60.0%                                    Source: ABN AMRO Asset Management




                                                         Performance Index (net in EUR, Total Return)
                                                         200
                                                         195
                                                         190
                                                         185
                                                         180
                                                         175
                                                         170
                                                         165
                                                         160
                                                         155
                                                         150
                                                         145
                                                         140
                                                         135
                                                         130
                                                         125
                                                         120
                                                         115
                                                         110
                                                         105
                                                         100                                                                        ABN AMRO GLOBAL HIGH INCOME EQUITY FUND
                                                          95
                                                               10-03                    04-04            10-04           04-05           10-05   04-06        10-06       04-07      10-07       04-08       10-08


                                                                                                                                                                                       Source: ABN AMRO Asset Management

This newsletter is published monthly.

                                                                                                                                                                                                                     925
ABN AMRO GLOBAL HIGH INCOME EQUITY FUND                                                                                                                                              Equity Funds

Fund Profile                                                                                                                                  Fund Portrait
Focus: Investors throughout the world are showing an increased interest in investments offering                                                              Company Size
a high dividend yield. In periods of slower economic growth and low interest rates, a high
dividend yield with no currency risk is particularly valued. More and more countries have                                                            Large Cap
introduced tax regimes in which dividends received are exempt from taxation. At the same time,                                                       Mid Cap
companies are becoming more and more aware of the importance of paying out a high dividend.                                                          Small Cap

Management Style: The Fund invests worldwide in equities offering a relatively high dividend
yield. The sustainability of the dividend policy is a key factor in the stock selection. In addition,
the Fund seeks to achieve a balanced country and sector spread of its investments.                                                                       Management Style


                                                                                                                                                     Top Down
                                                                                                                                                     Bottom up
                                                                                                                                                     Blend




Competitive Performance (net, %)*                                                                                                             Fund Facts
  33                                                                                                                                          Class of shares:                           Class A
  31
  29                                                                                                                                          Currency:                                  EUR
  27
  25
  23
                                                                                                                                              Inception date:                            30 September 2003
  21
  19                                                                                                                                          Total net assets:                          EUR 1,824.2 million
  17
  15
  13                                                                                                                                          NAV per share:                             EUR 48.14
  11
   9                                                                                                                                          Sales charge:                              1.50% annually
   7
   5
   3
                                                                                                                                              Service fee:                               0.06% annually
   1
  -1                                                                                                                                          Bloomberg code:                            AAHIE NA
  -3
  -5
  -7                                                                                                                                          Reuter code:                               AAHIE.AS
                                                     ABN AMRO Global High Income Equity Fund
  -9
       10-03      04-04       10-04        04-05       10-05     04-06          10-06      04-07       10-07       04-08      10-08



data as at prior month end

*cumulative, against MS Sector Average (=0), from 09/2003                                                 Source: ABN AMRO Asset Management




Performance (net, Total Return, Fund denominated in EUR)                                                                                      Cumulative Net Performance
                                         Actual                    Year to Annualized                                                 since                                              EUR
                                             1 mth     3 mths            Date           1 yr       3 yrs        5 yrs      10 yrs     09/03   Last Quarter                               -20.7%
Fund in EUR                                -14.9%      -20.7%      -36.2%          -39.8%          -6.6%       2.7%            --     2.7%    1 year                                     -39.8%
Benchmark* in EUR                          -16.3%      -19.9%      -35.4%          -39.6%          -7.6%       1.3%            --     1.3%    3 years                                    -18.5%
* Citigroup High Income Equity Index (Euro hedged)                                                        Source: ABN AMRO Asset Management   5 years                                    14.1%
                                                                                                                                              Since 09/2003                              14.1%


                                                                                                                                                                         Source: ABN AMRO Asset Management



Risk Profile                                                                                                                                  Portfolio Statistics*
                                                                                                                                              Alpha                                         0.78
                                                                                                                                              Beta                                          0.98
Low                                                                                                High                                       Standard deviation                           15.30
                                                                                 data as at quarter end                                       Tracking error                                3.39

Addendum                                                                                                                                      Sharpe ratio                                 -0.68
Risk is measured in absolute terms by the standard deviation of the total return of the fund.                                                 Information ratio                             0.29
The greater the standard deviation, the wider the fluctuations between the high and the
low prices of the fund. The risk of each fund is displayed by a bar that has been equally
divided into 7 risk categories, going from ‘low’ to ‘high’. Fund performance figures have                                                     * EUR based, 3 yr monthly rolling period

been calculated net of fees, and on a total return basis with dividends received reinvested.
All data in this newsletter is unaudited. Past performance is no guarantee of future returns.
The net asset value of the fund may fluctuate and may go down as well as up.                                                                                             Source: ABN AMRO Asset Management

								
To top