GERMANY ( BD ) : 512 ( -114 ) QUANTSTAR scores last month 1000 WESTERN EUROPE
.
NAVIGATOR
800 600
TECHNICAL
REVISIONS
400 200
JULY 2004:
0
QUALITY
1. Performance last month 2. Full Track Record (since 1/97) 3. Portfolio trade list 4. New Portfolio 5. Sector/Country Allocation
VALUE
MEXICO ( MX ) : 651 ( -206 ) GROWTH
scores last month . LATIN-AMERICA
QUANTSTAR
1000 800
TECHNICAL
600
REVISIONS
400 200 0
QUALITY
VALUE
NAVIGATOR GROWTH
MSCI WORLD INDEX Average Global Equity Funds (*)
16%
- 1%
8% -
28%
17%
7%
31/12/1996
31/12/97
31/12/98
31/12/99
6%
3%
31/12/00
14%
31/12/01
31/12/02
31/12/03
more information can be obtained from the funds' depositary bank, Banque Privée Edmond de Rothschild Europe, Tel: 00352 / 479 34 63 29 Internet: please visit the "NAV-center" at www.lcf-rothschild.lu or visit www.vector.lu
31/12/04
1. PERFORMANCE REPORT (last month's holdings) INDIVIDUAL PERFORMANCE LAST MONTH (all returns expressed in Euro) +24.2 +22.9 +20.7 +18.7 +17.1 +15.9 +15.5 +14.7 +14.4 +13.6 +13.0 +12.8 +12.7 +12.0 +10.8 +10.4 +10.4 +10.3 +10.1 +9.7 +9.7 +9.6 +9.0 +8.7 +8.5 +8.5 +8.3 +8.3 +8.0 +8.0 +7.9 +7.6 +7.4 +7.4 +7.4 +7.4 +7.1 +7.0 +6.9 +6.9 +6.8 +6.1 +6.1 +5.7 +5.6 +5.5 +5.0 +4.8 +4.8 +4.7
HEALTHSOUTH SUMITOMO HEAVY INDS. TOKAI RIKA FUJIKURA TELETECH HOLDINGS GAZPROM METRIS COS. EGIS SHUN TAK HOLDINGS HISAMITSU PHARM. RENGO VALLOUREC EMBRAER PN FUTABA INDUSTRIAL FORTUM CORP. ETAM DEVELOPEMENT AUSTRIAN AIRLINES NICHIHA NAMCO LG HHLD. & HLTHCR. RYOYO ELECTRO UNUMPROVIDENT FINNAIR US.CELLULAR MACROVISION TOYO SUISAN GERMANOS PROVIDIAN FINL. DELHAIZE SPONDA SUMITOMO ELECTRIC IND. SEINO TRANSPORTATION HYOSUNG SOMERFIELD PHILP.LONG DSN.TEL. ITOCHU ABBEY D'IETEREN AMSTELLAND MDC RWE AIR FRANCE HYUNDAI DEPT.H & S POALIM TRIAD HOSPITALS BAYER.HYPO-UND-VBK. ALLMERICA FINL. PROTECTIVE LIFE GRONTMIJ SAGE GROUP SONAE SGPS
+4.4 +4.3 +4.3 +4.1 +4.0 +3.5 +3.3 +3.2 +3.1 +2.7 +2.6 +2.3 +2.1 +1.9 +1.9 +1.2 +1.1 +1.1 +0.3 +0.3 +0.1 -0.2 -0.3 -0.6 -1.2 -1.4 -1.5 -1.5 -1.5 -1.8 -2.0 -2.0 -2.2 -2.3 -2.7 -2.8 -2.8 -3.8 -3.9 -4.3 -4.5 -4.8 -4.8 -5.0 -6.2 -7.0 -7.6 -8.0 -10.9 -13.8
BEAR STEARNS SKYWEST MAGYAR OLAJ GAZI MOL MAGYAR INVITROGEN E ON MATAV SM PRIME HOLDINGS JM TOHO GAS ALBANY MOLECULR.RESH. APRIA HEALTHCARE GROUP SNAM RETE GAS OCE TIETOENATOR PARTNERRE DBS GROUP LINAMAR KELDA GROUP HSBC HDG. BENCHMARK ELTN. AXON GROUP MCL LAND TEMPO SCAN PACIFIC TIANJIN DEVELOPMENT HDG. SUZUKEN JAPAN TOBACCO EVEREST RE GP. KEPPEL LAND TOWER AUTOMOTIVE OTP BANK CAPITAL ONE FINL. LANDAMERICA FINL.GP. SEVERN TRENT CESKY TELECOM BLOCKBUSTER 'A' INSIGHT COMMS.'A' TELENOR KOREA REINSURANCE LG CABLE & MCH. AMMB HOLDINGS SIRTI PINK ROCCADE MANILA ELECTRIC 'B' TELUS HANIL CEMENT UNIPETROL EXAR RM ENZON PHARMS. SHAW GROUP
Last month : NAVIGATOR compared to : MSCI World Index Average Global Equity Funds KBC Equity World Fortis Equity World ING Invest World DEXIA Equity World ABN AMRO Global Equity
(in Euro)
+ 4.45 + 2.29 + 1.77 + 2.00 + 1.54 + 1.89 + 2.34 + 1.06
Last 12 months : NAVIGATOR compared to : MSCI World Index Average Global Equity Funds KBC Equity World Fortis Equity World ING Invest World DEXIA Equity World ABN AMRO Global Equity
+ 21.2 + 14.1 + 10.5 + 11.3 + 10.0 + 8.9 + 14.1 + 8.0
1. PERFORMANCE REPORT (last month) Navigator zette in juni een uitstekende prestatie neer: de portefeuille ging 4,5% hogerop, terwijl het gemiddelde wereldfonds met slechts 1,7% aandikte. Navigator presteerde in alle werelddelen beter dan gemiddeld, en sluit het eerste halfjaar af met een winst van 10%. Tegenover 12 maanden terug steeg de koers met 21,2%. Een soort van fondsen waar de laatste tijd veel om te doen is, zijn hedge fondsen. Deze fondsen streven absolute rendementen na, dat wil zeggen: een rendement dat onafhankelijk is van het rendement van de aandelen- of obligatiemarkten. Zij gebruiken daarvoor ingewikkelde indekkingstechnieken. Ze staan doorgaans echter niet onder het toezicht van een regelgevende overheid zoals de bankcommissie (getuige waarvan enkele recente gevallen van fraude), en ze werken daarnaast dikwijls (maar niet altijd) met een hefboom-effect (d.w.z. ze gaan bijkomend geld lenen om zo soms een veelvoud van hun eigen middelen te kunnen investeren, wat af en toe weliswaar tot een faillissement leidt maar - in principe, of toch tot het tegendeel bewezen is - kan weggediversifieerd worden door in vele verschillende hedge-fondsen tegelijk te beleggen). Hedge-fondsen hebben in de periode 2000-2002, dankzij hun indekkingsstrategie, effectief veel beter stand gehouden dan aandelenfondsen. Maar dat geldt natuurlijk ook voor obligaties en spaarboekjes. Vermits het hier nog steeds om risicovolle beleggingen gaat, zou het gemiddelde hedge-fonds aanzienlijk méér moeten opbren gen dan bv. een Amerikaanse overheidsobligatie. Dat is lange tijd ook zo geweest. De laatste jaren was dat echter niet meer het geval. Waar het gemiddelde hedge-fonds (cfr. CSFB Tremont Hedge Fund Index) in de periode ’94-’99 gemiddeld 18,9% per jaar rendement opleverde, was dit voor de periode 2000-2004 welgeteld nog 2,3% (alle returns uitgedrukt in euro). Er zijn spaarboekjes die meer opbrengen. Natuurlijk zijn er binnen elk klasse van fondsen altijd wel fondsen die het systematisch beter doen dan hun klasse-gemiddelde (we kennen er trouwens zelf zo één heel goed), maar het verhaal dat hedge-fondsen als groep jaarlijks gemiddeld 10 à 15 % opleveren, is dus minstens voorbijgestreefd. Dat de rendementen zo fel gedaald zijn, heeft wellicht veel te maken met het feit dat er de laatste jaren zoveel geld naar dit soort van fondsen is gestroomd, dat de beheerders in kwestie er bij wijze van spreken geen raad meer mee weten – het aantal arbitrage-opportuniteiten is immers niet onbeperkt. Het zou ons daarom niet verbazen moest het rendement van hedge-fondsen in de toekomst verder blijven dalen, gezien het feit dat zij hun weg naar het grote publiek nog maar zeer recent gevonden hebben – net zoals technologie-fondsen hun weg naar het grote publiek pas vonden toen technologie-aandelen al hopeloos overgewaardeerd waren. De laatste hype achterna hollen is meestal niet de beste manier om te beleggen. Maar zelfs dan, dan willen we nog niet argumenteren dat men hedgefondsen per definitie links moet laten liggen, wél dat u uw vermogen altijd moet blijven spreiden over verschillende klassen van investeringen (aandelen, obligaties, vastgoed...), want hedge fondsen zijn evenmin dé mirakel oplossing. U maakt uw rendement pas echt door binnen elke klasse van fondsen de betere fondsen te selecteren. Op de volgende pagina maken we de vergelijking tussen Navigator en de vergelijkbare aandelenfondsen van de 5 grootste Benelux-instellingen. De lijn op de grafiek linksonder stijgt in jaren waarin Navigator het beter deed dan het gemiddelde van die 5, en daalt in jaren waarin Navigator het slechter deed. Dalen heeft die lijn totnogtoe niet gedaan, want Navigator klopte élk van deze fondsen elk jaar. Het verschil met het gemiddelde sinds januari 2001 is nu opgelopen tot 40%. Resultaat afgelopen 12 maanden / Results last 12 months (30/06/04) NAVIGATOR : + 21.2% MSCI World: + 14.1% DEXIA Equity World: + 14.1% KBC Equity World: + 11.3% Fortis Equity World: + 10.0% ING Invest World: + 8.9% ABN AMRO Global Equity: + 8.0% . Navigator returned an excellent 4,4% in June, whereas the average worldwide equity fund only returned 1,7%. The fund outperformed in all parts of the world, and closed the books on the first half of 2004 with a profit of 10%. Looking back 12 months, the NAV rose with 21,2%. Lately there has been a growing interest in hedge funds. These funds aim at absolute returns, meaning that their performance should be uncorrelated with the return of equity- and bond-markets. To achieve this they use complicated hedging strategies. Most of them are not under the supervision of a regulating authority such as the banking commission or the SEC. Most of them use leverage, meaning that they borrow money in order to invest more than 100% of the money they receive from shareholders. Now and then, this results into bankruptcy of one of them – a risk that can however be reduced by diversifying over a number of different funds. It is a fact that these funds have, on average,held up much better than equity funds did in the years 2000-2002. But this is of course also true for bonds and banking accounts. Since hedge funds remain riskier investments, they should deliver higher returns than for instance US government bonds. Which has been the case for a long time. However, over the last couple of years, this has clearly not been the case. From ’94 to ’99, the average hedge fund (cfr. CSFB Tremont Hedge Fund Index) had a return of 18,9%. From 2000 to 2004 however, the average return dropped to 2,3% a year (both figures expressed in euro). Of course, in every asset class you will find funds that outperform their peer average (we happen to know one such fund very well), but stating that hedge funds, on average, tend to return 10 to 15% a year is certainly no longer valid. The fact that average return -figures are down by so much, probably has a lot to do with the amount of new money that has been flowing in to these kind of funds: the number of arbitrage-opportunities to profit from is of course not unlimited. We would not be surprised to see average return -figures heading down even further. The point we would like to make is not that hedge funds should never even be considered as an investment. The point is rather that investors should always spread their holdings over all available asset-classes (equity, bonds, real estate,…), since hedge funds too are not thé miracle solution. Your portfolio will be best off by picking the best funds within each available asset class. On the following page, Navigator is compared to 5 competing, representative global equity funds. The line on the graph (below left) will rise in years when Navigator has done better than the average of these 5 funds, and fall in years where Navigator has underperformed. Navigator actually did better than each of these 5 funds, in each of the last couple of years. Since January 2001, Navigator beat the average with 40%.
5%
RELATIEVE PERFORMANCE NAVIGATOR WORLD
4.5%
Average Global Equity Funds (*)
4%
3%
10000
1000%
2.3% 2%
1.7%
900%
1%
800%
0%
700% -1%
-2% 31/05/2004
07/06/04
14/06/04
21/06/04
28/06/04
600%
2. UPDATE OF FULL TRACK-RECORD
(rescaled to 12/96) PRICE 31/12/96 31/12/97 31/12/98 31/12/99 31/12/00 31/12/01 31/12/02 31/12/03 30/06/04 RETURN
1997 1998 1999 2000 2001 2002 2003 2004
144 269 445 940 967 833 576 677 744.73
Average Global Equity Funds (*) 144 193 219 320 287 222 142 150 155
Navigator versus Fund Average 0% 39% 103% 194% 238% 275% 306% 353% 380%
+86% +66% +111% +3% -13.9% -30.8% +17.5% +10.0%
+34% +14% +46% -10% -22.5% -36.1% +5.5% +3.8%
+53% +52% +65% +13%
Vector Fund Navigator
+8.6% +5.3% +12.0% +6.2%
MSCI World Index 144 192 219 316 290 252 169 183 195 +33% +14% +45% -8% -13% -33% +9% +6.3%
Benchmark, comparable funds & cash, in Euro : ABN FORTIS ING AMRO KBC Equity Equity Invest Global World World World Equity 144 144 144 144 144 192 186 191 203 192 219 220 217 226 213 316 320 296 334 335 233 297 294 293 316 124 241 245 246 253 77 153 158 162 159 82 162 171 172 161 87 170 174 178 168
(starting January 1997 at 144 euro)
DEXIA Equity World
+33% +14% +45% -26% -47% -38% +6% +6.0%
+29% +18% +45% -7% -19% -37% +6% +4.8%
+32% +14% +36% -1% -17% -36% +8% +2.0%
+41% +11% +48% -12% -16% -34% +6% +3.4%
1000
500%
744.73
+33% +11% +57% -6% -20% -37% +1% +4.0%
380%
average '97-'04: +24.5% +1.0% +23.5% +4% -7% +2% +3% +3% +2% (*)= Gemiddelde van [average of ] DEXIA Equity World, KBC Equity World, Fortis Equity World, ING Invest World, ABN AMRO Global Equity (results 1997-2000 pro forma) 400% 380%
400%
300%
350%
300% 200%
250% 208 NAVIGATOR versus average of : DEXIA Equity World KBC Equity World FORTIS Equity World ING Invest World ABN AMRO Global Equity
195
200%
150% 155
100%
144 100%
(results 1997-2000 are pro forma) NAVIGATOR versus Average Global Equity Funds (*) (RH-scale) NAVIGATOR MSCI WORLD INDEX Average Global Equity Funds (*) CASH @ 5%
50%
100
0% 1996
1997
1998
1999
2000
2001
2002
2003
2004
31/12/1996 31/12/97
0%
31/12/98
31/12/99
31/12/00
31/12/01
31/12/02
31/12/03
31/12/04
3. NAVIGATOR -
last month's trades
for information on these individual stocks, see: www.bloomberg.com
sector SOFTWARE & COMPUTER SERVICES AEROSPACE & DEFENCE PHARMACEUTICALS SOFTWARE & COMPUTER SERVICES SPECIALTY & OTHER FINANCE CONSTRUCTION & BUILDING MATERIALS SOFTWARE & COMPUTER SERVICES INFORMATION TECHNOLOGY HARDWARE REAL ESTATE ENGINEERING & MACHINERY PHARMACEUTICALS TELECOM SERVICES SUPPORT SERVICES
market
SELL
BUY
UK BR US US US JP UK IT PH JP JP NW US
AXON GROUP EMBRAER PN INVITROGEN MACROVISION METRIS COS. NICHIHA SAGE GROUP SIRTI SM PRIME HOLDINGS SUMITOMO HEAVY INDS. SUZUKEN TELENOR TELETECH HOLDINGS
ALMANIJ BANK OF IRELAND CONVERIUM HOLDING R CREDIT SUISSE R DAI NIPPON PRINTING DANA PETROLEUM HUDSON'S BAY KT & G QBE INSURANCE GROUP SEARS CANADA SK THQ YUKOS
market sector BG IR SW SW JP UK CN KO AU CN KO US RS
BANKS BANKS INSURANCE BANKS MEDIA & PHOTOGRAPHY OIL & GAS RETAIL, GENERAL TOBACCO INSURANCE RETAIL, GENERAL OIL & GAS SOFTWARE & COMPUTER SERVICES OIL & GAS
Bovenstaande aandelen werden de afgelopen maand omgeruild. Deze beweging omvat een afbouwen van de sectoren Technologie en Pharmacie, ten voordele van Banken en Olieleveranciers. Daaruit resulteert een portefeuille die mikt op een relatief goede prestatie van Nutsbedrijven en de Financiële sector, en een relatief minder goede prestatie van (nog steeds) de Oliesector en niet-cyclische consumptiegoederen, zoals Farmacie. Winnaars vanuit geografisch perspectief zijn Korea, Canada en Zwitserland. We reduceren daarentegen onze posities in de VSA en Japan. De portefeuille is daarmee onderwogen in NoordAmerika & Zuid -Europa, en overwogen in Azië en Oost-Europa. +++ Asia, Eastern Europe Utilities, Financials Overweighted
--North America, Southern Europe Resources, Pharmacy Underweighted
These shares were swapped last month. The trades imply a move away from sectors such as Technology and Pharmacy, to sectors such as Banks and Oil-companies. Utilities and Financials are now most overweighted, Resources and Non-Cyclical Consumer Products (such as Pharmacy) are still underweighted. Extra money goes to Korea, Canada and Switzerland. Positions in the US and Japan are reduced. Our portfolio is overweighted in Eastern-Europe and Asia, and underweighted in North-America and Southern Europe.
This document does not constitute an offer or solicitation in any jurisdiction in which such offer or solicitation is not authorised. Past performance is not a guarantee of future returns. The value of investments may fall as well as rise. Any decision to invest should be based on a full reading of the fund prospectus and the most recent financial statements.
4. NAVIGATOR - New Portfolio Company
BUY
BUY
BUY BUY BUY BUY
BUY
ABBEY AIR FRANCE ALBANY MOLECULR.RESH. ALLMERICA FINL. ALMANIJ AMMB HOLDINGS AMSTELLAND MDC APRIA HEALTHCARE GROUP AUSTRIAN AIRLINES BANK OF IRELAND BAYER.HYPO-UND-VBK. BEAR STEARNS BENCHMARK ELTN. BLOCKBUSTER 'A' CAPITAL ONE FINL. CESKY TELECOM CONVERIUM HOLDING R CREDIT SUISSE R DAI NIPPON PRINTING DANA PETROLEUM DBS GROUP DELHAIZE D'IETEREN E ON EGIS ENZON PHARMS. ETAM DEVELOPEMENT EVEREST RE GP. EXAR FINNAIR FORTUM CORP. FUJIKURA FUTABA INDUSTRIAL GAZPROM GERMANOS GRONTMIJ HANIL CEMENT HEALTHSOUTH HISAMITSU PHARM. HSBC HDG. HUDSON'S BAY HYOSUNG HYUNDAI DEPT.H & S INSIGHT COMMS.'A' ITOCHU JAPAN TOBACCO JM KELDA GROUP KEPPEL LAND KOREA REINSURANCE
NAVIGAT OR 964 901 969 643 953 899 968 888 989 959 823 697 639 887 813 978 936 940 939 927 973 880 893 955 982 921 877 900 641 984 986 838 899 998 938 920 990 967 907 809 959 995 998 823 824 975 991 978 964 979
Sector Market CNSBM TRNSP PHARM INSUR BANKS SPFIN RLEST HLTHC TRNSP BANKS BANKS SPFIN INFOH MEDIA SPFIN TELCM INSUR BANKS MEDIA OILGS BANKS FDRET SUPSV UTILO PHARM PHARM RTAIL INSUR INFOH TRNSP UTILO ELTNC AUTMB OILGS RTAIL CNSBM CNSBM HLTHC PHARM BANKS RTAIL DIVIN RTAIL MEDIA DIVIN TOBAC RLEST UTILO RLEST INSUR
IR FR US US BG MY NL US OE IR BD US US US US CZ SW SW JP UK SG BG BG BD HN US FR US US FN FN JP JP RS GR NL KO US JP HK CN KO KO US JP JP SD UK SG KO
market value (mln.E)
average volume (mln E.)
276 3744 324 1462 9699 1239 669 1134 424 10343 10262 7244 959 449 13272 3249 1695 34621 9742 344 10186 3822 959 41001 286 445 434 3605 451 466 8796 1731 971 40650 960 109 225 2047 1418 133305 589 210 47 379 5629 12737 403 2777 540 327
0.4 13.7 2.5 12.1 6.0 3.3 0.9 10.2 0.8 27.6 1.3 76.6 12.8 9.0 122.5 11.0 6.4 162.0 24.4 1.2 25.3 15.2 0.6 2.9 0.7 7.6 0.6 26.7 6.7 0.4 15.6 11.8 1.6 72.9 2.8 0.3 0.7 10.2 2.5 150.8 1.6 1.5 0.2 2.7 27.8 36.4 1.3 12.0 1.4 1.5
Company BUY
BUY
BUY
BUY
BUY
BUY
KT & G LANDAMERICA FINL.GP. LG CABLE & MCH. LG HHLD. & HLTHCR. LINAMAR MAGYAR OLAJ GAZI MOL MAGYAR MANILA ELECTRIC 'B' MATAV MCL LAND NAMCO OCE OTP BANK PARTNERRE PHILP.LONG DSN.TEL. PINK ROCCADE POALIM PROTECTIVE LIFE PROVIDIAN FINL. QBE INSURANCE GROUP RENGO RM RWE RYOYO ELECTRO SEARS CANADA SEINO TRANSPORTATION SEVERN TRENT SHAW GROUP SHUN TAK HOLDINGS SK SKYWEST SNAM RETE GAS SOMERFIELD SONAE SGPS SPONDA SUMITOMO ELECTRIC IND. TELUS TEMPO SCAN PACIFIC THQ TIANJIN DEVELOPMENT HDG. TIETOENATOR TOHO GAS TOKAI RIKA TOWER AUTOMOTIVE TOYO SUISAN TRIAD HOSPITALS UNIPETROL UNUMPROVIDENT US.CELLULAR VALLOUREC YUKOS
NAVIGAT OR 988 947 998 940 923 974 968 946 954 825 762 933 925 818 693 999 885 913 936 689 672 966 899 891 855 917 882 825 996 891 912 860 673 964 870 904 848 865 995 949 966 812 963 818 878 994 942 960 911 993
Sector Market TOBAC INSUR ELTNC PERSH AUTMB OILGS ELECT TELCM RLEST SFTCS INFOH BANKS INSUR TELCM SFTCS BANKS INSUR SPFIN INSUR FSTPA SFTCS UTILO ELTNC RTAIL TRNSP UTILO ENGEN RLEST OILGS TRNSP UTILO FDRET FDRET RLEST ELTNC TELCM PHARM SFTCS DIVIN SFTCS UTILO AUTMB AUTMB FOODS HLTHC CHMCL LIFEA TELCM ENGEN OILGS
KO US KO KO CN HN PH HN SG JP NL HN US PH NL IS US US AU JP UK BD JP CN JP UK US HK KO US IT UK PT FN JP CN ID US HK FN JP JP US JP US CZ US US FR RS
market value (mln.E)
average volume (mln E.)
3360 602 372 366 556 3624 172 3473 237 1247 1134 4730 2493 2939 230 2740 2169 3475 5081 1013 167 20648 368 1147 1691 4081 497 772 3882 790 6921 1104 1760 546 6143 2578 288 701 190 1973 1604 1084 175 1218 2258 426 3765 1633 796 12094
11.6 8.4 2.7 1.7 0.5 10.9 0.4 5.3 0.0 4.3 3.5 16.7 7.5 2.4 0.6 9.1 6.4 27.1 19.0 3.0 0.3 1.3 1.3 2.1 7.1 36.1 6.7 1.2 32.8 6.2 43.6 7.0 4.2 0.6 20.1 8.5 0.5 13.4 0.3 9.0 1.5 4.7 3.3 3.5 19.6 2.3 24.7 2.2 1.0 2.3
5. SECTOR ALLOCATION FINANCIALS (banks, insurance…) : 24%=>27% INFORMATION TECHNOLOGY (internet, hardware, software...) : 11%=>8%
RESOURCES (oil, gas, mining…) : 2%=>5%
BASIC INDUSTRIES (chemicals, steel, construction….) : 6%=>5%
UTILITIES (electricity, water…) : 8%
GENERAL INDUSTRIALS (aerospace, engineering, electronics…) : 11%=>9%
NON-CYCLICAL SERVICES (telecom, food retailers…) : 9%=>8%
CYCLICAL SERVICES (distribution, retail, media, transport…) : 12%=>14%
CYCLICAL CONSUMER GOODS (auto, textile, household goods...) : 4%
NON-CYCLICAL CONSUMER GOODS (pharma, food, packaging, tobacco…) : 13%=>12%
5. REGIONAL ALLOCATION Japan : 16%=>14%
US & Canada : 28%=>27%
Australia : 0%=>1% Latin-America : 1%=>0%
Eastern Europe : 8%=>9%
South-Africa : 0%
UK & Ireland : 7% Asia (ex Japan & Australia) : 17%=>18%
Scandinavia : 6%=>5%
Southern Europe (Italy, Spain…) : 3%=>2% Western Europe (France, Germany, Benelux…) : 14%=>17%
