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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
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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.
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