Amundi Money Market Fund - Short Term (GBP) - DPC

Transcription

1 30/06/2018 Key information (source : Amundi) Net Asset Value (NAV) : 1 ( GBP ) NAV and AUM as at : 29/06/2018 Assets Under Management (AUM) : ( m illion GBP ) ISIN code : LU Bloomberg code : AMGBDPC LX Reuters code : LP SEDOL code : BD0Q4Z1 Benchmark : UK SONIA CAPITALISED Investment Objective Rated AAAm by S&P, AAAmmf by Fitch and referenced by IMMFA, the sub-fund offers investors daily liquidity, limited risks and aims to outperform the UK SONIA index (minus fees applicable to each share class). The investment team seeks the best compromise between high performance and low risk. Risk & Reward Profile (SRRI) Lower risk, potentially lower rewards Higher risk, potentially higher rewards The SRRI represents the risk a nd return profile a s presented in the Key Investor Inform a tion Docum ent (KIID). The lowest ca tegory does not im ply tha t there is no risk. The SRRI is not guaranteed and may change over time. Returns Non-capital guaranteed fund 0.5 % 0.4 % 0.3 % 0.2 % Cumulative returns * /17 12/17 01/18 02/18 03/18 04/18 05/18 06/ Portfolio Benchmark Basis points spread WAM and WAL in days WAM WAL 29/06/ /05/ /04/ /03/ /02/ /01/ /12/ /11/ /10/ /09/ /08/ /07/ WAL (Weighted Average Life) : credit duration in days WAM (Weighted Average Maturity) : modified duration in days Volatility YTD 1 m onth 3 m onths 1 yea r 3 yea rs 5 years Since Since 29/12/ /05/ /03/ /06/ /06/ /06/ /07/2012 Portfolio 0.32% 0.37% 0.36% 0.23% 0.28% 0.30% 0.30% Benchm a rk 0.46% 0.45% 0.46% 0.38% 0.36% 0.39% 0.40% Sprea d -0.14% -0.08% -0.10% -0.14% -0.08% -0.09% -0.09% Calendar year performance * Portfolio 0.16% 0.33% 0.37% 0.31% 0.31% Benchm a rk 0.25% 0.36% 0.46% 0.43% 0.43% * Source : Amundi. Cumulative returns are calculated on a yearly basis on a 365 days (expressed with the round-off superior). The a bove results perta in to full 12-m onth period per ca lenda r yea r. All performances are calculated net income reinvested and net of all charges taken by the Sub-Fund. Past perform a nce is not a relia ble indica tor of future perform a nce. The va lue of investm ents m a y va ry upwards or downwards according to market conditions. 1 yea r 3 yea rs 5 yea rs Portfolio volatility 0.02% 0.02% 0.01% Benchmark volatility 0.02% 0.02% 0.01% Volatility is a statistical indicator that measures an asset s variations around its average value. For example, market variations of +/- 1.5% per day correspond to a volatility of 25% per year. Fund statistics Portfolio Modified duration 0.15 Average rating A+ Number of lines 69 Issuer number 42 Modified duration (in points) estimates a bond portfolio s percentage price change for 1% change in yield amundi.com

2 Patrick Simeon Head of Treasury Management Benoit Palliez Portfolio manager Management commentary Moneta ry policy: At its meeting of June 21, 2018, the Bank of England left its monetary policy unchanged. Three members of the MPC nonetheless voted in favor of an immediate rise in the Bank Rate to 0.75%, stressing that growth is expected to recover in the second quarter (after a slow first quarter due to weather conditions) and that inflationary pressures could come from the labor market. The Bank of England appears to be preparing the markets for an interest rate rise at its August meeting. However, Brexit-related worries are becoming increasingly acute: numerous British and European industrial players have urged Theresa May s government to unveil its plans and intentions concerning future relations with the European Union so that they can adapt accordingly. Without this visibility, industrial players cannot invest in the United Kingdom and could be prompted to relocate their production. The future economic data will need to be examined attentively. Investment policy: Liquidity: Instantaneous liquidity was provided by term deposits and overnight, tomorrow/next and weekly CDs. Overnight liquidity stands at 17.20% (including 1.72% of UK Tbills) and one-week liquidity at 26.08% (including 5.6% of SSA under three months). Investments maturing in less than three months accounted for 68.02% of the portfolio. Interest rate risk: The OIS yield curve has steepened: the three-month swap rate has risen from 0.51% to 0.56% while the 12-month swap rate has risen from 0.62% to 0.69%. This movement follows on expectations of an interest-rate rise in the near future. Average life and average rating: The weighted average life (WAL) of this portfolio has increased by ten days to 85 days. The portfolio's average long-term rating is good, at A+. Issuers rated A-1+ account for more than half of the portfolio. The fund has an AAAm rating from Standard & Poor s. The sub-fund also benefits from Fitch s highest rating for money market funds: AAA-mmf. Portfolio breakdown Principal lines in Portfolio Portfolio Ma turity Country Instrument Group Counterpartyrty LEGAL & GENERAL FIN PLC 3.39% 06/07/2018 United Kingdom Money market - BARCLAYS BK PLC 3.19% 08/08/2018 United Kingdom Money market - STANDARD CHARTERED BANK 2.82% 27/09/2018 United Kingdom Money market - UNITED KINGDOM 2.26% 30/06/2018 United Kingdom REPO NATIONAL AUSTRALIA BANK LTD HSBC BANK PLC 2.26% 15/03/2019 United Kingdom Bonds - ACOSS(AGCE CTL ORGAN SECU SOC) 2.26% 18/09/2018 France Money market - NORDEA BANK AB 2.26% 13/09/2018 Sweden Money market - KBC BANK NV 2.26% 07/09/2018 Belgium Money market - BNP PARIBAS 2.25% 09/08/2018 France Money market - ERSTE ABWICKLGSSTALT 2.25% 08/10/2018 Germany Money market - * For reverse repurchase, displayed maturity is of 1 day. It corresponds to the time necessary to settle the transaction * Counterparty column: information only available for the reverse repurchase Portfolio breakdown - Short term Rating Portfolio breakdown - Long term rating 60 % 40 % % % % % 20 % A1 (without repo) A1+ (Repo Callable) A1+ (without repo) Rating of the agency Standard & Poor's 3.96 % 0.51 % 0 % O/N & Repo AAA AA A Portfolio Median Rating calculated of the three agencies: Fitch, Moody's and Standard & Poor's

3 Portfolio breakdown - Sector Portfolio breakdown - Instrument Type 7.19 % 9.37 % % 3.63 % 9.51 % O/N & Repo Financials Govies & agencies Corporate % Bonds Commercial Paper NEU CP Treasury Bills O/N & Repo % Portfolio breakdown by maturity O/N & Repo 2-7 days 3.73 % 8-30 days 9.25 % days % days % days % days % 0 % 5 % 10 % 15 % 20 % 25 % 30 % O/N & Repo : assets invested for one business day Long-Term ratings / maturity matrix AAA AA+ AA AA- A+ A O/N & Repo Total 0-4 months 0.34% 2.82% 7.02% 13.65% 21.80% 15.30% 15.48% 76.40% 4-12 months 0.17% % 13.51% 4.85% 1.69% % Tota l 0.51% 2.82% 10.40% 27.15% 26.64% 16.99% 15.48% 100%

4 Countries / S ectors / Maturities matrix 0-1 month 1-3 months 3-6 months 6-12 months Total Euro Zone 6.81% 17.10% 8.61% 4.00% 36.52% Belgium 2.03% 3.95% % Financials 0.34% 2.26% % Govies & agencies 1.69% 1.69% % Finla nd % % 4.55% Financials % % 4.55% Fra nce 2.97% 7.41% 2.26% 1.69% 14.33% Financials 0% 4.64% 2.26% 1.69% 8.59% Govies & agencies 1.48% 2.76% % Corporate 1.49% % Germ a ny % 2.42% % Govies & agencies % 2.42% % Luxem bourg 1.69% 1.19% % Corporate 1.69% 1.19% % Netherla nds 0.11% 0.62% 3.93% 1.13% 5.80% Financials 0.11% 0.62% 3.93% 1.13% 5.80% Rest of the world 6.16% 22.95% 10.43% 8.46% 47.99% Austra lia 0.34% % 4.52% 6.54% Financials 0.34% % 4.52% 6.54% Ca na da 0.34% 1.02% 1.97% % Financials 0.34% 1.02% 1.97% % Ja pa n 1.94% 4.08% % Financials % % Govies & agencies 1.94% 1.39% % Corporate % % Norwa y % % Financials % % Sweden 0.16% 6.54% % 8.38% Financials 0.16% 5.41% % 7.25% Corporate % % United Kingdom 3.39% 8.83% 6.77% 2.26% 21.25% Financials 3.39% 8.83% 5.08% 2.26% 19.56% Govies & agencies % % O/N & repo 15.48% %

5 Information Fund structure Management Company Custodian UCITS under Luxembourg law Amundi Luxembourg SA CACEIS Bank, Luxembourg Branch Share-class inception date 16/07/2012 Share-class reference currency Type of shares ISIN code Bloomberg code Minimum first subscription / subsequent Frequency of NAV calculation GBP Distribution LU AMGBDPC LX GBP / 1 thousandth(s) of (a) share(s) Dealing times Orders received each day D day before 14:00 Entry charge (maximum) 0% Maximum direct annual management fees including taxes Maximum indirect annual management fees including taxes - Performance fees Maximum performance fees rate (% per year) - Exit charge (maximum) 0% Daily 0.18% IAT Ongoing charge 0.20% ( realized ) - 31/01/2018 Minimum recommended investment period Benchmark index performance record UCITS compliant Current/Forward price Redemption Date Subscription Value Date No 1 Day 16/07/2012: % UK SONIA (STERLING OVERNIGHT INTERBANK AVERAGE RATE) CAPITALISED UCITS Current price D D Your fund presents a risk of ca pita l loss. Its net a sset va lue m a y fluctua te a nd the invested ca pita l is not gua ra nteed. Under no circum sta nces m a y the fund draw on external support to guarantee or stabilise its net asset value. Investing in money market funds is unlike investing in bank deposits.

6 Legal information This document is provided for information purposes only and does not constitute a recommendation, a solicitation, an offer, advice or an invitation to purchase or sell any units or shares of the fund (FCP), collective employee fund (FCPE), SICAV, SICAV sub-fund or SICAV investing primarily in real estate (SPPICAV) (collectively, the Funds ) described herein and should in no case be interpreted as such. This document is not a contract or commitment of any form. Information contained in this document may be altered without notice. The management company accepts no liability whatsoever, whether direct or indirect, that may arise from the use of information contained in this document. The management company can in no way be held responsible for any decision or investment made on the basis of information contained in this document. The information contained in this document is disclosed to you on a confidential basis and shall not be copied, reproduced, modified, translated or distributed without the prior written approval of the management company, to any third person or entity in any country or jurisdiction which would subject the management company or any of the funds, to any registration requirements within these jurisdictions or where it might be considered as unlawful. Not all of the funds are systematically registered in all jurisdictions of all investors. Investment involves risk. The past performances shown in this document, and simulations based on these, do not guarantee future results, nor are they reliable indicators of future performance. The value of an investment in units or shares of the funds may fluctuate according to market conditions and cause the value of an investment to go up or down. As a result, fund investors may lose all or part of the capital originally invested. All potential investors in the funds are advised to ascertain whether such an investment is compatible with the laws to which they are subject and the tax implications of such an investment prior to investing, and to familiarise themselves with the legal documents in force for each fund. Unless stated otherwise, the management company is the source of the data in this document. Unless stated otherwise, the data in this document are correct as at the date specified under MONTHLY REPORT at the beginning of this document. This document is designed exclusively for institutional, professional, qualified or sophisticated investors and distributors. It is not meant for the general public or private clients of any jurisdiction or those qualified as 'US Persons'. Approved investors in regard to the European Union are those which are defined as "Professional" investors in Directive 2004/39/EC of 21 April 2004 "MiFID" or, as the case may be, as defined under each local legislation and, insofar as the offer in Switzerland is concerned, "qualified investors" as set forth in the federal Law on Collective Investments (LPCC), the Ordinance on collective investments of 22 November 2006 (OPCC) and the FINMA 08/8 Circular regarding the legislation on collective investments of 20 November This document shall not, under any circumstance, be sent within the European Union to non "Professional" investors as defined by the MFI or under each local legislation, or in Switzerland to those investors which are not defined as "qualified investors" in the applicable law and regulations.