31/01/2018 Key information (source : Amundi) Net Asset Value (NAV) : 102,282.0663 ( EUR ) NAV and AUM as at : 31/01/2018 Assets Under Management (AUM) : 5,475.94 ( m illion EUR ) ISIN code : FR0011088657 Bloomberg code : AMUT36M FP Reuters code : 68132787 SEDOL code : - Benchmark : Compounded EONIA Investment Objective Over the recommended investment period, the investment team seeks to optimise performance against EONIA. To this end, it uses two sources of performance: active steering of sensitivity to exploit the rate premium offered by fixed rate bonds compared with overnight investments, and rigorous selection of issuers to exploit the credit/liquidity premium offered by non-government bonds. 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 0.1 % 0 % -0.1 % -0.2 % -0.3 % -0.4 % 37.0 8.1 Cumulative returns * 29.3 32.9 18.0 30.5 02/17 03/17 04/17 05/17 06/17 07/17 08/17 09/17 10/17 11/17 12/17 01/18 14.8 19.8 28.4 Benchmark Basis points spread 15.9 11.0 20.9 40 30 20 10 0 WAM and WAL in days WAM WAL 31/01/2018 60 235 29/12/2017 62 227 30/11/2017 61 231 31/10/2017 45 233 29/09/2017 70 245 31/08/2017 55 219 31/07/2017 68 247 30/06/2017 53 264 31/05/2017 82 250 28/04/2017 87 254 31/03/2017 85 240 28/02/2017 95 238 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 29/12/2017 29/12/2017 31/10/2017 31/01/2017 30/01/2015 31/01/2013 03/10/2011-0.15% -0.15% -0.19% -0.13% 0.03% 0.20% 0.36% Benchm a rk -0.36% -0.36% -0.35% -0.36% -0.27% -0.13% -0.03% Sprea d 0.21% 0.21% 0.16% 0.22% 0.30% 0.32% 0.39% Calendar year performance * 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008-0.13% 0.09% 0.18% 0.52% 0.38% 0.96% - - - - Benchm a rk -0.36% -0.32% -0.11% 0.10% 0.09% 0.24% - - - - * Source : Am undi. Cum ula tive returns a re ca lcula ted on a yea rly ba sis on a 360 da ys over one period < 1 yea r a nd 365 da ys ba sis of over one period > 1 yea r (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 perform a nces a re ca lcula ted net incom e reinvested a nd net of a ll cha rges ta ken by the Sub-Fund. Pa st perform a nce is not a relia ble indicator of future performance. The value of investments may vary upwards or downwards according to market conditions. 1 yea r 3 yea rs 5 yea rs volatility 0.02% 0.04% 0.05% Benchmark volatility 0% 0.02% 0.03% 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 Modified duration 0.17 Average rating A- Number of lines 226 Issuer number 139 Modified duration (in points) estimates a bond portfolio s percentage price change for 1% change in yield amundi.com
Nathalie Coffre Head of Short-Term Solutions Management Estelle Honthaasa s manager Management commentary The ECB left its key interest rates unchanged in January: the refi rate stayed at 0%, the deposit facility rate at -0.40% and the marginal rate at 0.25%. The Eonia rate stood at -0.36 at end- December and the 3-month Euribor remained virtually unchanged at -0.325%. At the close of the January 25 meeting of the Governing Council, Mario Draghi noted the continuing improvement in economic conditions in the Eurozone but also, given the insufficient inflation rate, ruled out any rise in interest rates in 2018. He gave no information as to the ECB s intentions regarding the future of the quantitative easing program. This resulted in a very slight fall in the 1-year Eonia rate (from -0.33% to -0.34% month on month) whereas the 2-year swap has continued to rise, up from -0.32% at end October to -0.25% at end-december and -0.22% at end-january. This double movement reflects unchanged interest-rate expectations for 2018 and expectations of a first rise in key rates sometime in 2019. German sovereign rates rose sharply in January, with the 10-year rate rising from 0.40% to 0.70% and the two-year rate rising from -0.65% to -0.55%. The Spanish and Italian two-year sovereign rates remained virtually unchanged over the month, as did credit spreads at the short end of the curve. In these conditions, fixed-rate investments contributed positively to the fund s performance. As, by construction, their maximum maturity is less than 13 months, they were not affected by the rise in rates which was concentrated on maturities of more than 18 months. We continued to invest mainly in the negotiable debt market given the lack of opportunities in the bond market. Negotiable debt securities now represent one third of the portfolio. Note that following its acquisition of Aricent, Altran has requested a rating. Given the leverage that resulted from this acquisition, the ratings assigned to Altran by Standard & Poor s and Moody s were, respectively, BB and Ba2, without this calling its credit quality into question. Therefore, after consultation with our risk department, we have decided to keep the two Altran lines, which represent 0.25% of the assets and mature in July 2018, in the portfolio. The portfolio s weighted average life (WAL) was up slightly to 235 days at month-end. Its weighted average maturity (WAM) was virtually stable at 60 days at month-end. breakdown Principal lines in breakdown by maturity Ma turity INTESA SANPAOLO BANK LUX SA 1.46% 09/07/2018 SOCIETE GENERALE 1.28% 20/03/2019 CHINA CONSTRUCTION BK CORP/LUX 1.19% 25/05/2018 UNICREDIT SPA 1.11% 29/05/2018 SPAIN (KINGDOM OF ) 1.10% 18/01/2019 CREDIT SUISSE LONDON BRANCH 1.10% 11/10/2018 INTESA SANPAOLO BANK IRELAND 1.10% 08/11/2018 INTESA SANPAOLO BANK IRELAND 1.10% 19/09/2018 DEUTSCHE BANK AG 1.10% 04/01/2019 INTESA SANPAOLO BANK LUX SA 1.10% 25/09/2019 2-7 days 8-30 days 31-60 days 61-90 days 91-180 days 181-397 days > 397 days 0.09 % 5.48 % 5.73 % 7.92 % 16.48 % 16.44 % 32.55 % 0 % 5 % 10 % 15 % 20 % 25 % 30 % 35 % : assets invested for one business day breakdown - Short term Rating breakdown - Long term rating 0.25 % 1.29 % 3.21 % 60 % 46.53 % 40 % 33.21 % A1 A1+ A2 A3 B NR 50.75 % 1.46 % 27.72 % 20 % 0 % O/N & Repo 1.48 % 3.21 % 0.25 % AA A BBB NR BB Median Rating calculated of the three agencies: Fitch, Moody's and Standard & Poor's Median Rating calculated of the three agencies: Fitch, Moody's and Standard & Poor's
breakdown - Sector breakdown - Instrument Type 32.88 % 3.20 % 10.85 % 48.05 % 4.33 % Financials Govies & agencies Corporate 47.48 % Bonds Commercial Paper NEU CP Treasury Bills 22.58 % Countries / S ectors / Maturities matrix 0-1 month 1-3 months 3-6 months 6-12 months 1-2 years > 2 years Total Euro Zone 3.15% 9.90% 8.60% 20.63% 10.36% 0% 52.64% Belgium - 0.78% - 0.49% - - 1.28% Financials - 0.33% - 0.49% - - 0.82% Corporate - 0.46% - - - - 0.46% Fra nce 0.81% 1.86% 2.93% 3.80% 4.12% 0% 13.52% Financials 0.14% 1.57% 1.83% 2.55% 2.18% - 8.28% Govies & agencies - - - 0.37% - - 0.37% Corporate 0.67% 0.28% 1.10% 0.88% 1.93% 0% 4.87% Germ a ny - 4.32% 0.62% 6.13% 1.77% - 12.84% Financials - 0.36% 0.36% 3.53% - - 4.26% Corporate - 3.96% 0.25% 2.60% 1.77% - 8.59% Irela nd - - 0.17% 0.41% - - 0.58% Financials - - 0.17% 0.41% - - 0.58% Ita ly 0.93% 1.05% 2.85% 6.18% 1.49% - 12.50% Financials - 0.89% 2.12% 3.77% 1.49% - 8.27% Govies & agencies - - 0.46% 2.40% - - 2.86% Corporate 0.93% 0.17% 0.27% - - - 1.36% Luxem bourg - 1.37% 1.46% 0.46% 1.89% - 5.18% Financials - 1.28% 1.46% 0.46% 1.64% - 4.84% Corporate - 0.09% - - 0.25% - 0.34% Netherla nds 1.29% 0.43% 0.27% 0.76% 1.00% - 3.73% Financials 0.22% 0.43% - 0.40% 0.09% - 1.14% Corporate 1.07% - 0.27% 0.36% 0.90% - 2.60% Spa in 0.12% 0.09% 0.30% 2.40% 0.09% - 3.01% Financials - 0.09% 0.19% - 0.09% - 0.37% Govies & agencies - - - 1.10% - - 1.10% Corporate 0.12% - 0.12% 1.30% - - 1.54% Rest of the world 1.96% 4.20% 7.88% 8.24% 9.77% - 32.05% Austra lia - 0.15% - - - - 0.15% Corporate - 0.15% - - - - 0.15% Ca na da - - - 0.28% - - 0.28% Financials - - - 0.28% - - 0.28% China - 1.46% 2.43% 0.82% - - 4.71% Financials - 1.46% 2.43% 0.82% - - 4.71% Denm a rk 0.31% - - - - - 0.31% Corporate 0.31% - - - - - 0.31% Hong Kong - - 0.36% - - - 0.36% Financials - - 0.36% - - - 0.36% Ja pa n - - 0.21% - 1.53% - 1.74% Financials - - - - 1.49% - 1.49% Corporate - - 0.21% - 0.04% - 0.25% Qa ta r - - 0.36% 0.18% - - 0.55% Financials - - 0.36% 0.18% - - 0.55% Sweden - - 0.37% 1.47% 0.82% - 2.67% Corporate - - 0.37% 1.47% 0.82% - 2.67% Switzerla nd - - 0.91% 1.10% 0.99% - 3.01% Financials - - 0.91% 1.10% 0.99% - 3.01%
Countries / S ectors / Maturities matrix 0-1 month 1-3 months 3-6 months 6-12 months 1-2 years > 2 years Total Rest of the world 1.96% 4.20% 7.88% 8.24% 9.77% - 32.05% United Kingdom 0.55% 2.14% 1.86% 3.19% 3.01% - 10.73% Financials - 1.48% 1.30% 2.44% 2.04% - 7.26% Corporate 0.55% 0.66% 0.55% 0.75% 0.97% - 3.47% United States 1.11% 0.46% 1.37% 1.21% 3.41% - 7.55% Financials - 0.46% 0.55% 0.14% 0.13% - 1.27% Corporate 1.11% - 0.82% 1.07% 3.28% - 6.28% O/N & repo 15.31% - - - - - 15.31% Long-Term ratings / maturity matrix BB AA AA- A+ A A- BBB+ BBB BBB- NR Total 0-4 months - - - 1.04% 6.16% 2.10% 4.25% 8.17% 0.56% 2.58% 15.31% 40.18% 4-12 months 0.25% 0.37% 0.66% 4.55% 8.73% 0.82% 8.75% 14.78% 0.73% 0.07% - 39.70% 12-18 months - - 0.46% 1.29% 4.24% 1.28% 2.60% 2.99% - 0.31% - 13.17% 18-24 months - - - 1.46% 0.23% 1.31% 2.07% 1.62% - 0.25% - 6.95% Tota l 0.25% 0.37% 1.11% 8.35% 19.36% 5.51% 17.68% 27.57% 1.29% 3.21% 15.31% 100% Information Fund structure Management Company Custodian Mutual Fund (FCP) under French law Amundi Asset Management CACEIS Bank Share-class inception date 03/10/2011 Share-class reference currency Classification Type of shares ISIN code Bloomberg code Minimum first subscription / subsequent Frequency of NAV calculation EUR Monetary Accumulation FR0011088657 AMUT36M FP 10 Share(s) / 1 Share(s) Daily Dealing times Orders received each day D day before 12:25 Entry charge (maximum) 0% Maximum direct annual management fees including taxes Maximum indirect annual management fees including taxes Performance fees 0.15% IAT 0.40% IAT Yes Maximum performance fees rate (% per year) 10 Exit charge (maximum) 0% Ongoing charge 0.10% ( realized ) - 30/11/2016 Minimum recommended investment period Benchmark index performance record UCITS compliant Current/Forward price 3 to 6 month 03/10/2011: COMPOUNDED EONIA UCITS Forward pricing Redemption Date D+1 Subscription Value Date D+1
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 2008. 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.