amundi

Amundi Funds Equity Europe Minimum Variance

Citywire Maastricht April 18-19, 2013

Melchior DecheletteHead of Equity Thematic

This material is solely for the attention of "professional” investors (see more details and definitions at the end of the document).

Citywire – April 2013 - page 2Citywire – April 2013 - page 2

Data Source - ©[2013] Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. 3 Lipper is not responsible for the accuracy, reliability or completeness of the information that you obtain. In addition, Lipper will not be liable for any loss or damage resulting from information obtained from Lipper or any of its affiliates. © Thomson Reuters 2013. All rights reserved.

Source: Amundi, data, organisation and net performance of Amundi Funds Equity Europe Minimum Variance – IE (C) as at End March 2013. Past performances do not prejudge future performances.

Minimum Variance expertise at Amundi

Seven years experience in risk efficient solutions

�€ 1.5bn AUM in risk efficient solutions

� Three-members team backed by three quant analysts

� First fund launched in 2007

� European, Global Developed, and Global Emerging investment universe

Competitive ranking and attractive performance

�5-star rated by Morningstar

� 1st Lipper quartile over 3 years

� +14,5 % since inception annual based performance

� 1,1 Sharpe ratio since inception


Why risk efficient solutions ?

Sector WeightEnergy 9.8%Materials 7.4%Industrials 9.2%Consumer Discretionary 9.6%Consumer Staples 9.1%Health Care 8.1%Financials 30.5%Information Technology 3.8%Telecommunication Services 6.5%Utilities 6.1%

Source : Amundi, MSCI Datastream - Weights of GICS1 sectors - december 2006Market data are no reliable indicators for future market behaviours.

Sector weightings of the world market cap index - MSCI World

Market cap weighted index is not diversified in ter ms of risks

Citywire – April 2013 - page 4

A low yield context calling for new strategies

Impact of low interest rates

Our proposal:

� Make equities relatively more attractive

� Fixed Income diversification seems to be skewed tow ards negative outcome

� Make classical diversification (bond/equity) framework ineffective

� Interest rates at 2%:

� how low can they go ?

� how high can they go ?

• reduce risk 1 in the portfolio

• diversify within the equity market

Market data are no reliable indicators for future market behaviours.1- No capital guarantee.


Market capitalization indexes

Source: MSCI, Datastream. Data as of end December 2012.Market data are no reliable indicators for future market behaviours.

Equity indexes are usually prone to :

� Sectors’ concentration

Weights of sectors in global cap weighted index

0%

5%

10%

15%

20%

25%

30%

35%

73 78 83 88 93 98 03 08

Oil & Gas

Technology

Financial

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

79 84 89 94 99 04 09

� Countries’ concentration

Weights of Japan in global cap weighted index


Market capitalization indexes

Source: MSCI, Datastream. Data as of end December 2012.Market data are no reliable indicators for future market behaviours.

Equity indexes are usually prone to :

� Stocks’ concentration

MSCI Europe – 436 stocks� 10% of risk budget on 5 stocks� 50% of risk budget on 47 stocks

Risk analysis – MSCI Europe

Company NameContribution to

total riskHSBC 3.0%BP 2.0%Santander 1.7%Total SA 1.7%Rio Tinto 1.6%

Total 10.0%



� Improve the efficiency of the equity exposure: lower risk and long term capital gains

� A three-pillar investment process focused on the risk reduction of the portfolio

With Amundi, aim for return with a lower risk

Manage fundamental risk

Reduce Volatility Mitigate model risk

Source: Amundi For illustrative purposes only.


Portfolio style exposures

-100

-80

-60

-40

-20

0

20

40

60

Aug-09 Feb-10 Aug-10 Feb-11 Aug-11 Feb-12 Aug-12 Feb-13

EU DivYld EU Growth

EU Leverage EU Momentum

EU Profit EU Size

EU Value EU Volatility

Source: Amundi, Bloomberg, data as at end of March 2013Market data are no reliable indicators for future market behaviours.


04/2009 - 03/2013Cumulative

ReturnAnnualized

ReturnVolatility

Sharpe ratio

Max Drawdown

Up participation

Down participation

Amundi Funds Equity Europe Minimum Variance - IE (net)

67.2% 14.5% 13.8% 1,01 -15.7% 68.3% 32.0%

MSCI Europe 62.7% 13.7% 18.7% 0.70 -24.3%

Attractive Performances

Source: Amundi. Net performance in EUR as at end March 2013. Daily data. Net performance of Amundi Funds Equity Europe Minimum Variance – IE (C). Past performance is no reliable indicator for future returns.For further details regarding performance, please refer to the Key Investor Information Document (KIID) of the sub-fund.

90

100

110

120

130

140

150

160

170

180

Apr-09 Oct-09 Apr-10 Oct-10 Apr-11 Oct-11 Apr-12 Oct-12

Amundi Fds Eq Europe Minimum Variance IE

MSCI Europe


80

90

100

110

120

130

140

150

160

Apr-09 Oct-09 Apr-10 Oct-10 Apr-11 Oct-11 Apr-12 Oct-12

Balanced I

Balanced II

Benefits of Minimum Variance and risk asset allocatio n

Source: Amundi. Buy and hold strategies with inception date April 29th 2009. Amundi Funds Equity Europe Minimum Variance was activated on 13 April 2012 following the merger with Structura Minimum Variance Europe which results from the absorption of Amundi Funds Minimum Variance Europe (created in April 2009) on 13 May 2011. ). Past performance is no reliable indicator for future returns. Market data are no reliable indicators for future market behaviours.

With the same 10% risk budget you can invest in: � Portfolio Balanced I: 50% MSCI Europe + 50% Barclays Euro Corp

� Portfolio Balanced II: 70% Amundi Fds Eq Eur Minimum Variance (net) + 30% Barclays Euro Corp

Balanced I: +43.3%

Balanced II : +54.2%


A P P E N D I X

F i n d o u t m o r e o n o u r d e d i c a t e d w e b s i t e s


http://minvar.amundi.com


Disclaimer

This document contains information about Amundi Funds Equity Europe Minimum Variance (the “Sub-Fund”), sub-fund of Amundi Funds (the “SICAV”), an undertaking for collective investment in transferable securities existing under Part I of the Luxembourg law of 17 December 2010, organised as a société d’investissement à capital variable and registered with the Luxembourg Trade and Companies Register under number B68.806. The SICAV has its registered office at 5, allée Scheffer, L-2520 Luxembourg.

Amundi Funds has been authorised for public sale by the Commission de Surveillance du Secteur Financier in Luxembourg.

Not all sub-funds of the SICAV will necessarily be registered or authorized for sale in all jurisdictions or be available to all investors.

Subscriptions in the Sub-Fund will only be accepted on the basis of the SICAV’s latest prospectus and the Key Investor Information Document (KIID) of its latest annual and semi-annual reports and its articles of incorporation that may be obtained, free of charge, at the registered office of the SICAV or respectively at that of the representative agent duly authorized and agreed by the relevant authority of each relevant concerned jurisdiction.

Consideration should be given to whether the risks attached to an investment in the Sub-Fund are suitable for prospective investors who should ensure that they fully understand the contents of this document. A professional advisor should be consulted to determine whether an investment in the Sub-Fund is suitable.

The value of, and any income from, an investment in the Sub-Fund can decrease as well as increase. The Sub-Fund has no guaranteed performance.

Further, past performance is not a guarantee or a reliable indicator for current or future performance and returns. The performance data do not take account of the commissions and costs incurred on the issue and redemption of units.

This document does not constitute an offer to buy nor a solicitation to sell in any country where it might be considered as unlawful, nor does it constitute public advertising or investment advice.

The information contained in this document is deemed accurate as at April 2013.

This material is solely for the attention of institutional, professional, qualified or sophisticated investors and distributors. It is not to be distributed to the general public, private customers or retail investors in any jurisdiction whatsoever nor to “US Persons”.

Moreover, any such investor should be, in the European Union, a “Professional” investor as defined in Directive 2004/39/EC dated 21 April 2004 on markets in financial instruments (“MIFID”) or as the case may be in each local regulations and, as far as the offering in Switzerland is concerned, a “Qualified Investor” within the meaning of the provisions of the Swiss Collective Investment Schemes Act of 23 June 2006 (CISA), the Swiss Collective Investment Schemes Ordinance of 22 November 2006 (CISO) and the FINMA’s Circular 08/8 on Public Advertising under the Collective Investment Schemes legislation of 20 November 2008. In no event may this material be distributed in the European Union to non “Professional” investors as defined in the MIFID or in each local regulation, or in Switzerland to investors who do not comply with the definition of “qualified investors” as defined in the applicable legislation and regulation.

Amundi, French joint stock company (“Société Anonym e”) with a registered capital of € 584 710 755 and a pproved by the French Securities Regulator (Autori té des Marchés Financiers-AMF) under number GP 04000036 as a portfolio management company, 90 boulevard Paste ur -75015 Paris-France - 437 574 452 RCS Paris.

www.amundi.com - www.amundi-funds.com