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PARVEST BOND EURO CORPORATE
ex PARVEST EURO CORPORATE BOND

Invest in a Euro corporate bond portfolio with a particularly attractive risk/return profile

ISIN

: LU0131210360


Rating S&P :


	English
	PARVEST BOND EURO CORPORATE - Classic Capitalisation - EUR - July 2010
	PARVEST BOND EURO CORPORATE - I Capitalisation - EUR - July 2010
	PARVEST BOND EURO CORPORATE - Privilege Capitalisation - EUR - July 2010

	French
	PARVEST BOND EURO CORPORATE - Classic Capitalisation - EUR - July 2010
	PARVEST BOND EURO CORPORATE - I Capitalisation - EUR - July 2010

	Italian
	PARVEST BOND EURO CORPORATE - Classic Capitalisation - EUR - July 2010
	PARVEST BOND EURO CORPORATE - I Capitalisation - EUR - July 2010

Characteristics
Performance
Price
Breakdown
Management
To invest
Documents

• Codes

ISIN	LU0131210360
BLOOMBERG	PARECPC LX
TELEKURS	1259809
VALOREN NR.	1259809

• Legal form

SICAV

• Domicile

Luxembourg

• Launch date

17/07/2001

• Benchmark

Barclays Euro-Aggregate: Corporates

• Classification	Bonds
	Euro/Europe
	Corporate Investment Grade

• Base currency

EUR

• Risk level

• Minimum investment horizon

3 years

• Investment objective

The sub-fund seeks to increase the value of its assets over the medium term by investing mainly in good quality ("investment grade") non-government bonds issued on markets of the Euro zone or by Euro zone issuers. The interest rate outlook, derived from in-house research, sets the exposure to European bonds. The manager then selects fixed income securities which appear attractive to obtain this exposure. Modified duration between 0.5 and 8.

• Management company

BNP PARIBAS INVESTMENT PARTNERS LUXEMBOURG

•Delegated Manager
	•BNP PARIBAS ASSET MANAGEMENT SAS

Cumulative performance (%)	Fund	Benchmark

Year to date	6.40	6.49

Cumulative performance (%)	Fund	Benchmark

1 month	1.89	1.89
3 months	3.18	3.37
6 months	4.01	4.47
1 year	10.23	10.26
3 years	16.48	18.65
5 years	13.91	18.71
Since inception	45.05	57.90

Annualised performance (%)

3 years	5.21	5.86
5 years	2.64	3.49
Since inception	4.18	5.15

Statistics


	• Volatility	4.86%
	• Alpha	-0.14%
	• Beta	0.92
	• Information Ratio	-0.37
	• Sharpe ratio	0.48
	• Tracking error	1.76%
	• R²	0.88

• Source: BNP Paribas Securities Services - Engineering Reporting & Performance

Performance snapshot

From :

To :

| Ok

• Customer Performance report

• Latest net asset value	144.76 EUR
01/09/2010

• Previous net asset value	145.15 EUR
31/08/2010

• % change	-0.39 EUR
Percentage change	-0.27%

• Overall fund size

687.11 Million EUR

• Fund share size

262.92 Million EUR

• Number of shares

1,816,176.99

• Source: BNP Paribas Securities Services - Data Management Control

NAV history

•

Over a period

From :

To :

Period:


	│Ok

Weighted modified duration of main holdings as at 30/07/2010

	Dtb Bobl 5y Fut. 09/10 08/09/2010		0.38
	Euro Bund 10y Fut Ech 09/10 08/09/2010		0.12
	Axa Tv 5.25 16/04/2040		0.09
	Air Liq.fin. Emtn 3.89 09/06/2020		0.08
	Bnp Paribas Obli Credit C		0.08
	Royal Bank Of Scotland 5.50 23/03/2020		0.07
	Telecom Italia Spa 10/02/2022		0.07
	Intesa 4.13 14/04/2020		0.06
	Iberdrola 23/03/2020		0.06
	Intesa 8.38 14/10/2049		0.06

	Total number of positions		10

Contribution to the modified duration by maturity segment as at 30/07/2010

Sector breakdown as at 30/07/2010

Breakdown by issue rating as at 30/07/2010

Fund manager		Fund managed since

	Christophe AUVITY	10/03/2010

Management comment as at 30/06/2010

•

The quarter was marked by downgrades of various countries, which accentuated fears of a sovereign debt crisis, despite the different measures introduced.
The period saw a widening in spreads against German government bonds. The credit market underperformed the German government bond market, while outperforming southern eurozone countries. Cyclical industrials and financials were the worst hit.

The portfolio maintained a higher duration than the benchmark index, and benefited from this. The sub-fund slowed its investments in primary issues, as the market was less active in April and May. However, it resumed these investments in June, favouring industrial borrowers (Air Liquide, BAT, ?).

As volatility is high, we will take advantage of opportunities to return to industrial borrowers.

• Codes

ISIN	LU0131210360
BLOOMBERG	PARECPC LX
TELEKURS	1259809
VALOREN NR.	1259809

• Subscription method

Unknown price

• Redemption method

Unknown price

• Valuation frequency

Daily

• Promoter

BNP PARIBAS SECURITIES SERVICES (Luxembourg)

• Custodian

BNP PARIBAS SECURITIES SERVICES (Luxembourg)

• Dealing deadline

Day D before 3pm (Luxembourg time)

• Subscription fees

A max. of 5% (payable to the intermediary)

• Entrance fees

None

• Redemption fees

None except N Category : 5%

• Switch commission

A max. of 2% (payable to the intermediary)

• Minimum Investment

1.00 share

• Maximum management fees

Classic Category : 0.75% per year / I Category : 0.30% per year / Privilege Category : 0.40% per year / N Category : 0.75% per year

• Minimum Investment

n.d.

• Country(ies) where registered for sale

Austria, Belgium, Cyprus, Czech Republic, Finland, France, Germany, Greece, Hungary, Italy, Jersey, Lebanon, Liechtenstein, Luxembourg, Malta, Netherlands, Norway, Panama, Portugal, Slovakia, Spain, Sweden, Switzerland, Turkey, United Kingdom

Factsheet

Simplified prospectus

Full prospectus

Articles of incorporation

Notice to Shareholders


	English
	PARVEST BOND EURO CORPORATE - - January 2009
	PARVEST BOND EURO CORPORATE - - November 2008
	PARVEST BOND EURO CORPORATE - - June 2008
	PARVEST BOND EURO CORPORATE - - April 2009
	PARVEST BOND EURO CORPORATE - - June 2010
	PARVEST BOND EURO CORPORATE - - October 2009
	PARVEST BOND EURO CORPORATE - - June 2009
	PARVEST BOND EURO CORPORATE - - July 2010

	French
	PARVEST BOND EURO CORPORATE - - January 2009
	PARVEST BOND EURO CORPORATE - - November 2008
	PARVEST BOND EURO CORPORATE - - November 2008
	PARVEST BOND EURO CORPORATE - - June 2008
	PARVEST BOND EURO CORPORATE - - April 2009
	PARVEST BOND EURO CORPORATE - - June 2010
	PARVEST BOND EURO CORPORATE - - October 2009
	PARVEST BOND EURO CORPORATE - - June 2009
	PARVEST BOND EURO CORPORATE - - July 2010

	German
	PARVEST BOND EURO CORPORATE - - April 2009
	PARVEST BOND EURO CORPORATE - - July 2010

	Italian
	PARVEST BOND EURO CORPORATE - - December 2008
	PARVEST BOND EURO CORPORATE - - April 2009
	PARVEST BOND EURO CORPORATE - - April 2009
	PARVEST BOND EURO CORPORATE - - November 2009
	PARVEST BOND EURO CORPORATE - - July 2010

Annual report

Semi-Annual report

Registration country

Marketing informs you