PARVEST HUMAN DEVELOPMENT
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1 PARVEST HUMAN DEVELOPMENT EQUITY MONTHLY REPORT FOR PROFESSIONAL INVESTORS June 2018 PERFORMANCE OVERVIEW Performance at the end of June 2018 June 3M YTD Since (Gross of fees - %) 12M 24M* 36M* 60M* inc.,** Parvest Human Development MSCI World (NR) Excess return Performance History (%) - Full year Parvest Human Development MSCI World (NR) Excess return Performance History (%) - June to June Parvest Human Development MSCI World (NR) Excess Return Risk indicators (annualised) Fund volatility (%) MSCI World (NR) Tracking error (%) Information ratio W 52W 24M 36M 60M Since inc.,** All figures gross of fees (in EUR) * annualised performance **first NAV date: 15/04/2015 annualised Past performance or achievements are not indicative of current or future performance.
2 Monthly Report PARVEST June MARKET REVIEW With a 0.7% fall in the MSCI AC World index in US dollar terms, global equities once again disappointed. This was due not so much to strong investor convictions as to the latest developments in trade negotiations between the US and its main partners as the exemption on US steel and aluminum tariffs expired on 31 May. Investors worried about the reprisals announced on a number of US products by Mexico, Canada and the EU, in response to which President Trump refused to sign the communiqué of the 8-9 June G7 summit. The 15 June US announcement that heavy tariffs would become effective on 6 July on hundreds of Chinese products revived fears of an escalation, which were exacerbated by Beijing s promise of reprisals against acts of extreme pressure and blackmail. Late in the month, Trump seemed to take a slightly less aggressive approach to controlling foreign investments in US companies and ensuring protection of the technologies sector. The lack of visibility on these issues and the constant turnabouts by the US administration kept the markets on edge, with a particularly harmful impact on emerging equities. Under this environment the MSCI World index ended the month down -0.7% (in US dollar terms). In Europe, the Euro Stoxx 50 posted a 0.3% decline. In Japan, the Nikkei 225 index finished the month up 0.5%.
3 Monthly Report PARVEST June FUND PERFORMANCE 1. Relative to MSCI World Under this environment, the fund outperformed the MSCI World Index and underperformed its reference universe. The performance against the MSCI World has been positively impacted by favorable sector allocation while the stock selection has had a neutral impact. In terms of sector allocation, our structural overweight positions in Health Care and Consumer Staples, and our underweight position in Financials had the largest positive impact to the performance. Regarding stock selection, while particularly favorable within Healthcare (Vertex, Allergan, Edwards Lifesciences, Gilead, Bristol Myers), it suffered from negative contributions within Consumer Discretionary (Valeo, Elior) and Industrials (Xylem, East Japan Railway). 2. Fund Performance (absolute contribution to return) Factors contributing to performance: Sector specific factors (overweight Healthcare and Consumer Staples, underweight Financials) Stock specific factors Best performers: Vertex Allergan Edwards Lifesciences Gilead Bristol Myers AEON Factors detracting from performance: Stock specific factors Sector specific factors (underweight Consumer Discretionary and Energy) Worst performers: Valeo Elior AstraZeneca
4 Monthly Report PARVEST June Deere Kubota Amazon (lack of) PORTFOLIO ACTIVITY During the month of June we have sold our position in pharmaceutical company Novartis (stock excluded from our thematic investment universe as of end of June). We also took the opportunity to reduce our RELX position after recent stock performance. On the other hand, we have strengthened our existing positions in Henkel, GlaxoSmithKline, Novo Nordisk and Swiss Re. OUTLOOK & POSITIONING The scenario of a solid expansion in economic activity with moderate inflation has been undermined somewhat in recent months by the apparent slowdown in growth. Yet, the US economy looked strong in the second quarter, and the shift in indicators in Europe, Japan and emerging markets do not seem to point to any downturn in the global cycle. Reaffirmed commitment by central banks to continue or begin to very carefully normalize monetary policies, should ensure a smooth transition and provide support to the financial markets (both equities and bonds). In the short term, the halt to the US dollar rally, which was to be expected after a 5% increase in three months and given that current exchange rates fully price in the Fed rate rises to come, should help risky assets to recover, particularly in emerging markets. Aside from that, investors will continue to wonder about the economic scenario and the political context in Europe and to balk at US trade policy, while keeping some appetite for equities. For more information, please contact: Ramon Esteruelas Senior Investment Specialist Global, Specialist & Thematic Equities ramon.esteruelas@bnpparibas.com PERFORMANCE DETAILS Classic Capitalisation Privilege Capitalisation I Capitalisation LU LU LU Total AUM as of June 29 th 2018: EUR 168M Source: ClientPerf
5 Monthly Report PARVEST June Performance at the end of June 2018 June 3M YTD Since Classic Share (Net of fees - %) 12M 24M* 36M* 60M* inc.,** Parvest Human Development MSCI World (NR) Excess return Performance History (%) - Full year Parvest Human Development MSCI World (NR) Excess return Performance History (%) - June to June Parvest Human Development MSCI World (NR) Excess Return Risk indicators (annualised) Fund volatility (%) MSCI World (NR) Tracking error (%) Information ratio All figures net of fees (in EUR) * annualised performance **first NAV date: 15/04/2015 annualised Ongoing charges: 1.97 % Past performance or achievements are not indicative of current or future performance. 36W 52W 24M 36M 60M Since inc.,** Performance at the end of June 2018 June 3M YTD Since I Share (Net of fees - %) 12M 24M* 36M* 60M* inc.,** Parvest Human Development MSCI World (NR) Excess return Performance History (%) - Full year Parvest Human Development MSCI World (NR) Excess return Performance History (%) - June to June Parvest Human Development MSCI World (NR) Excess return Risk indicators (annualised) Fund volatility (%) MSCI World (NR) Tracking error (%) Information ratio All figures net of fees (in EUR) * annualised performance **first NAV date: 29/05/2015 annualised Ongoing charges: 0.96 % Past performance or achievements are not indicative of current or future performance. 36W 52W 24M 36M 60M Since inc.,**
6 Monthly Report PARVEST June DISCLAIMER BNP Paribas Asset Management France, the investment management company, is a simplified joint stock company with its registered office at 1 boulevard Haussmann Paris, France, RCS Paris , registered with the Autorité des marchés financiers under number GP This material is issued and has been prepared by the investment management company. This material is produced for information purposes only and does not constitute: 1. an offer to buy nor a solicitation to sell, nor shall it form the basis of or be relied upon in connection with any contract or commitment whatsoever or 2. investment advice. This material makes reference to certain financial instruments authorised and regulated in their jurisdiction(s) of incorporation. No action has been taken which would permit the public offering of the financial instrument(s) in any other jurisdiction, except as indicated in the most recent prospectus and the Key Investor Information Document (KIID) of the relevant financial instrument(s) where such action would be required, in particular, in the United States, to US persons (as such term is defined in Regulation S of the United States Securities Act of 1933). Prior to any subscription in a country in which such financial instrument(s) is/are registered, investors should verify any legal constraints or restrictions there may be in connection with the subscription, purchase, possession or sale of the financial instrument(s). Investors considering subscribing to the financial instrument(s) should read carefully the most recent prospectus and Key Investor Information Document (KIID) and consult the financial instrument(s ) most recent financial reports. These documents are available on the website. Opinions included in this material constitute the judgement of the investment management company at the time specified and may be subject to change without notice. The investment management company is not obliged to update or alter the information or opinions contained within this material. Investors should consult their own legal and tax advisors in respect of legal, accounting, domicile and tax advice prior to investing in the financial instrument(s) in order to make an independent determination of the suitability and consequences of an investment therein, if permitted. Please note that different types of investments, if contained within this material, involve varying degrees of risk and there can be no assurance that any specific investment may either be suitable, appropriate or profitable for an investor s investment portfolio. Given the economic and market risks, there can be no assurance that the financial instrument(s) will achieve its/their investment objectives. Returns may be affected by, amongst other things, investment strategies or objectives of the financial instrument(s) and material market and economic conditions, including interest rates, market terms and general market conditions. The different strategies applied to financial instruments may have a significant effect on the results presented in this material. Past performance is not a guide to future performance and the value of the investments in financial instrument(s) may go down as well as up. Investors may not get back the amount they originally invested. The performance data, as applicable, reflected in this material, do not take into account the commissions, costs incurred on the issue and redemption and taxes. All information referred to in the present document is available on
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