The sub-fund seeks to increase to the value of its assets due to a partial participation in the performance of the equity markets in emerging countries, while protecting them from possible decreases in value.
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Management company
BNP PARIBAS INVESTMENT PARTNERS LUXEMBOURG
•Delegated Manager
•BNP PARIBAS ASSET MANAGEMENT SAS
• Protection Comment
The protective floor amounts to 80% of the initial Net Asset Value. At each anniversary date of the fund's creation (8 January) the protective floor is revised to represent 80% of the Net Asset Value for the following year as of the anniversary date. Between two anniversary dates, thanks to a continuous ratchet mechanism, the protective floor is constantly adjusted to 80% of the highest NAV recorded.
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Source: BNP Paribas Securities Services - Data Management Control
NAV history
No data.
Fund manager
Fund managed since
Fabien BENCHETRIT
08/01/2008
Management comment as at
30/06/2010
•
Emerging markets were down significantly. Investors on tenterhooksover the impact of the European debt crisis and risk of global contagionwere mostly to blame. Equity market volatility increased to its highest level since March 2009 and the euro took a tumble against the dollar. The MSCI Emerging Markets MXEF (USD) index contracted sharply over the quarter (-9.14%).
The sub-fund's net asset value fell over the quarter. Our restrike option strategy helped cushion the impact of the equity market decline and benefit from the rise in volatility. We closed half of this position. The guarantee was reset at 93.75, on the sub-fund's anniversary date (January 8, 2010).
The macroeconomic backdrop appears unfavourable to risky assets. Indeed, austerity measures are likely to sober the timid growth seen in the last few quarters. We will keep a conservative profile over the short term.
• Codes
ISIN
LU0336981518
BLOOMBERG
PARWEMS
• Subscription method
Unknown price
• Redemption method
Unknown price
• Valuation frequency
Daily
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Promoter
BNP PARIBAS SECURITIES SERVICES (Luxembourg)
•
Custodian
BNP PARIBAS SECURITIES SERVICES (Luxembourg)
• Dealing deadline
Day D-1 before 3pm (Luxembourg time)
• Subscription fees
A max. of 5% (payable to the intermediary)
• Redemption fees
None except in case of sizable withdrawal: a max of 1% (accruing to the fund)
• Switch commission
A max. of 2%
• Minimum Investment
100.00
EUR
• Maximum management fees
- Classic category: 1.50% / year
• Minimum Investment
n.d.
• Country(ies) where registered for sale
Austria, Belgium, Cyprus, Czech Republic, France, Greece, Hungary, Italy, Lebanon, Liechtenstein, Luxembourg, Malta, Portugal, Slovakia, Spain, Switzerland
