www.bnpparibas-ip.com.hk 28/11/2014 PARVEST EQUITY WORLD CONSUMER DURABLES • The fund seeks to increase the value of its assets over the medium term by investing mainly in shares or other similar securities of companies that conduct the majority of their business activities in the sectors of durable consumer goods, leisure and media, and in related or connected sectors. • The fund may use financial derivative instruments extensively for investment and/or hedging purposes, which may involve material additional risks, for example counterparty default risk or insolvency, volatility risk, liquidity risk, leverage risk and valuation risk, and may expose the fund to significant losses. • The fund has significant exposure to a single sector and is likely to be subject to a greater concentration risk and higher volatility than a more diversified investment. • The management company may at its discretion pay dividends out of the capital of the fund. Payment of dividends out of capital amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. Any distributions involving payment of dividends out of the fund’s capital may result in an immediate reduction of the net asset value per share. • Investors should not solely rely on this document to make any investment decision. Please refer to the Hong Kong offering document for further information (including the risk factors) about the fund. PERFORMANCE (NAV TO NAV, DIVIDEND REINVESTED, in EUR) INVESTMENT STRATEGY This compartment invests primarily in the shares of companies that are active in the international consumer durables, leisure and media sectors. These may be companies active in media, hotels, restaurants, leisure, household consumer goods, specialised distribution, automobiles, general distribution, automobile parts, textiles, clothing, and software. Management of this compartment follows a bottom-up approach that consists of selecting securities placing prime consideration on the characteristics specific to each security. The securities are selected based on the classification of securities in the international sector of consumer durables. The manager's role is to build a diversified portfolio of shares that present an attractive risk/yield ratio. This compartment may, as opportunity presents and on an ancillary basis, invest in other financial instruments. Over 5 years 300 268.34 260.37 250 200 150 100 50 10 11 12 Fund 13 14 Benchmark CUMULATIVE PERFORMANCES AS OF 28/11/2014 (Net) 1 month 3 months KEY FIGURES - EUR Total net assets (mln) EUR 130.97 USD Fund Benchmark Fund Benchmark 4.09% 6.14% 3.57% 5.62% 6.42% 9.40% 0.72% 3.54% 1 year 3 years 11.55% 16.33% 2.45% 6.83% 81.19% 94.31% 67.79% 79.95% 2012 18.93% 22.40% 20.79% 24.31% 2011 -1.62% -1.55% -4.80% -4.74% Since 5 years inception (04/06/99) 160.37% 35.60% 168.34% 49.27% 116.20% 64.04% 122.82% 80.58% ANNUAL PERFORMANCES AS OF 28/11/2014 (Net) EUR USD CHARACTERISTICS Management Company Benchmark Subscription fee max Redemption fee max Conversion fee max Base currency (of share class) Other currencies (unhedged) BNP PARIBAS INVESTMENT PARTNERS LUXEMBOURG MSCI World [S] Consumer Discretionary (NR) 5% 0% 2% Euro USD Fund Benchmark Fund Benchmark YTD 10.00% 15.39% -0.48% 4.39% 2013 34.40% 33.22% 40.47% 39.24% 2010 39.01% 33.23% 29.98% 24.58% 2009 28.13% 35.27% 32.25% 39.61% Past performance is not indicative of future performance. Source: BNP Paribas Investment Partners (net of fees) NAV-to-NAV, with dividends reinvested. The performance quoted in the material belongs to Classic - Capitalisation share class. All information of “Classic” mentioned in this document refers to Classic-Capitalisation share class. On 27 May 2013, BNPPL1 Equity World Consumer Durables was merged into PARVEST Equity World Consumer Durables. The performance / information shown on / before the date of merger belong to the old fund. The inception date is that of the old fund. FUND DETAILS Classic ISIN Bloomberg Annual management fee OCR Dividend frequency Last dividend payout date Dividend payout LU0823411706 FORELMA LX 1.5% 2.03% At 30/11/13 1/2 www.bnpparibas-ip.com.hk MANAGEMENT COMMENT as of 30/09/2014 During Q3, the MSCI World posted a strong gain (+6%) and geographically, although most of regions were positive, the leader was the US. Consumer discretionary stocks climbed but underperformed the MSCI World Index on a relative basis. Against these market conditions, the Parvest Equity World Consumer Durables posted a gain but underperformed its benchmark. Stock selection in Automobile and Retailing was the main detractor to the performance. From a region perspective, weak stock selection in North America detracted the most from excess return. Daimler and Sands China posted strong losses in value this quarter, and not owning Home Depot was the key detractors. We initiated positions on 21th Century Fox (media), Discovery Communications(media) and Koito Manufacturing (auto) while we sold out our exposure to Liberty Global (media), DR Horton (durables) and Sky (media). Discretionary has been among the worst-performing sectors this year, with Media being the notable execption. While the outlook for earnings remains positive, multiple compression has pressured returns. Growth prospects for Media and more secular portions of the group appear favorable relative to less economically sensivite names. RISK ANALYSIS Volatility (%) Alpha (%) Beta Information ratio Sharpe ratio Tracking error (%) 3 years earnings growth (%) P/Book value P/E ratio ROE (%) Fund Bench. 9.27 -3.32 1.05 -0.84 2.32 3.42 16.75 4.40 17.54 24.32 8.21 2.97 - Period: 3 years. Frequency: monthly PORTFOLIO'S MAIN HOLDINGS Asset name WALT DISNEY CO AT & T COMCAST CORP - CL A NIKE INC. B PRICELINE.COM MARRIOTT INTL. - A VF LOWE S COMPANIES INC STARWOOD HOTELS & RES WORLDWIDE TATA MOTORS ADR DAIMLER AG Number of holdings in the portfolio: 49 SECTOR EXPOSURE % Sector 7.72 7.08 4.00 3.72 3.38 2.97 2.97 2.96 2.72 2.68 Media Media App., acces, & lux. Internet & Cat. Retail Hot., Rest. & Leisure App., acces, & lux. Specialty Retail Hot., Rest. & Leisure Automobiles Automobiles Source of data: BNP Paribas Securities Services of the portfolio Hot., Rest. & Leisure 25.99% Media 25.78% Automobiles 9.64% App., acces, & lux. 8.97% Automobiles & Components 8.84% Internet & Cat. Retail 7.61% Household Durables 6.34% Specialty Retail 4.70% Internet Soft. & Srvcs 1.21% Leisure Equipment & Products 0.00% compared with the index 13.16 2.69 -6.35 -0.61 2.35 1.25 1.83 -9.64 1.21 -1.17 Source of data: BNP Paribas Securities Services BREAKDOWN BY COUNTRY (%) 69.23 7.68 6.28 3.80 3.40 2.83 2.75 1.74 2.29 USA Germany Japan UK Hong Kong France India Sweden Others Total exposure: 99.07 % Source of data: BNP Paribas Securities Services Sources for non fixed income funds: BNP Paribas Investment Partners and Morningstar. Sources for fixed income funds: BNP Paribas Investment Partners, Morningstar, Fitch, Moody's and Standard & Poor's. • Investment involves risks. Please refer to the offering document for further information (including the risk factors) about the fund. •The issuer of the material is BNP Paribas Investment Partners Asia Limited, a member of BNP Paribas Investment Partners. The material has not been reviewed by the Securities and Futures Commission. This material is produced for information purposes only and does not constitute as such an offer to invest in the funds mentioned herein or an investment advice. Opinions included in this material constitute the judgment of BNP Paribas Investment Partners Asia Limited at the time specified and may be subject to change without notice. BNP Paribas Investment Partners Asia Limited is not obliged to update or alter the information or opinions contained within this material. Investors should consult their own professional advisors in respect of investment, legal, accounting, domicile and tax advice prior to investing in the funds in order to make an independent determination of the suitability of the consequences of an investment. Given the economic and market risks, there can be no assurance that the funds will achieve their investment objectives. Investors may not get back the amount they originally invested. Hotline: 2533 0088 Address: 30/F, Three Exchange Square, Central, Hong Kong. 2/2
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