4 Year Relative Track Record
+60%
NAVIGATOR versus Average Global Equity Funds WWW.VECTOR.LU
NAVIGATOR versus MSCI WORLD +50%
WWW.VECTOR.LU
Report 2005/03 1. Last month 2. Track Record 3. Trade List & Holdings 4. Sector- & Regional Allocation
DECEMBER 2005 REPORT ____________________________________
+43,5%
1. Return Distribution of last months' holdings
+40%
2. Performance running quarter 3. Track-record in absolute terms 4. Track-record in relative terms
+30%
+28,1%
.
5. Statistics & Changes in Allocation 6. Sector Allocation 7. Regional Allocation
+20%
____________________________________
+10%
Investment Advisor : Vector Conseil Custodian & Administrator : Banque Privée Edmond de Rothschild Europe Transfer & Paying Agent : Banque Privée Edmond de Rothschild Europe Auditor: Price Waterhouse Coopers
+0% nov-2001
nov-2002
nov-2003
nov-2004
nov-2005
Information : call us at 00352 / 47 93 46 329 mail us at
[email protected] visit www.vector.lu or www.lcf-rothschild.lu
STANDARD & POOR'S WWW.FUNDS-SP.COM
1. RETURN DISTRIBUTION OF LAST MONTH's 100 HOLDINGS (in euro) Individuele prestatie van de 100 aandelen in portefeuille, afgelopen maand (in euro)
-10
-5
+0
+5
+10
+15
+20
+25
+30 < Best Performer
Performance last month's 100 holdings Performance MSCI World Performance Navigator
6,26
4,78
< Navigator
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
return
+ 6,3
relative return
+ 4,8 + 5,1 + 4,5 + 5,2 + 6,7 + 5,0 + 3,9
+ 1,5 + 1,2 + 1,8 + 1,0 - 0,4 + 1,3 + 2,3
+ 28,9
return
relative return
+ 23,1 + 23,9 + 23,6 + 26,6 + 23,0 + 23,0 + 23,4
+ 5,7 + 4,9 + 5,2 + 2,2 + 5,9 + 5,9 + 5,5
< MSCI World
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
< Worst
2. PERFORMANCE RUNNING QUARTER Koersontwikkeling Navigator, afgelopen 3 maanden
November 2005 was, na een moeilijk oktober, opnieuw een uitstekende beursmaand. De wereldindex ging er met 4,8% op vooruit, en Navigator vatte 6,3% hoger post. De markten werden ondersteund door aanhoudend goede bedrijfsresultaten, ietwat afzwakkende olieprijzen, rustgevende inflatiecijfers, en, vooral de laatste dagen, uitstekende macro-economische cijfers uit zowat alle mogelijke windhoeken. Wat dit jaar totnogtoe opvalt, is dat de Benelux-grootbanken het als groep met hun wereldwijde aandelenfondsen niet merkelijk slechter doen dan de markt. De afgelopen 3 jaar presteerden ze gemiddeld 3% onder het niveau van de MSCI-wereldindex. Dit jaar hebben ze gezamenlijk een voorsprong van 0,6%. Wie 3 jaar geleden in Navigator investeerde, boekte op die investering sindsdien een positief resultaat van 50,8%, waar de MSCI-wereldindex 24,7%, en een groep van enkele vergelijkbare aandelenfondsen gemiddeld slechts 18,0% hogerop gingen. Deze resultaten zijn het gevolg van een strikt kwantitatieve aanpak voor de selectie van 100 ondergewaarde aandelen, verspreid over de ganse wereld en over alle sectoren, gecombineerd met een rigoureuze risico-controle. Resultaat laatste 36 maanden (30/11/2005, euro) Results last 36 months (30/11/2005, euro) NAVIGATOR : + 50.8% MSCI World: + 24.7% DEXIA Equity World: + 21.0% Fortis Equity World: + 19.8% KBC Equity World: + 18.6% ING Invest World: + 17.7% ABN AMRO Global Equity: + 13.0%
10%
NAVIGATOR versus MSCI Average Global Equity Funds (*) MSCI WORLD INDEX NAVIGATOR
8%
6%
4%
2%
November 2005 turned out to be an excellent month for equity investors again, following the rather difficult treat they got in October. The MSCI-worldindex gained 4,8%, Navigator 6,3%. Markets were supported by a continuous flow of good earningsreports, retreating oil-prices, comforting inflation-figures and, especially these last few days, excellent macro-economic numbers coming from all continents. Somewhat surprisingly this year, world equity products from the major Benelux banks are not systematically underperforming the MSCI-World index. Whereas in previous years, they tended to underperform the market by 3% a year, they are actually outperforming it in 2005 by 0,6%, sofar. An investor who joined Navigator 3 years ago saw the value of his investment increase by some 50,8% since then, whereas the MSCI World index gained 24,7%, and a group of a few comparable equity funds gained 18,0%. These results were obtained through a strict quantitative investment approach for the selection of 100 undervalued stocks,
0%
-2%
-4% 31/08/2005
30/09/2005
31/10/2005
30/11/2005
3. TRACK-RECORD (in absolute terms) Track-record (in absolute termen)
+30% (*) ABN AMRO MSCI ING Invest NAVIGATOR Price World Global WORLD Equity 31/12/2000 967,50 1300,79 1000,00 73,44 892,91 262,25 210,53 66,45 31/12/2001 833,04 1127,02 764,26 39,20 725,68 218,43 177,22 53,17 31/12/2002 576,46 754,97 486,91 24,34 458,85 140,72 116,61 33,50 31/12/2003 677,07 821,60 513,86 25,84 487,03 151,99 123,59 33,96 31/12/2004 760,34 860,32 523,74 26,99 497,48 151,29 126,25 34,41 30/11/2005 962,42 1044,45 638,97 32,73 606,08 188,97 152,28 41,77 (*)= Gemiddelde van [average of ] DEXIA Equity World, KBC Equity World, Fortis Equity World, ING Invest World, ABN AMRO Global Equity AVERAGE Global Equity Funds (*)
DEXIA Equity World
KBC Equity World
4 YEAR TRACK RECORD NAVIGATOR
FORTIS Equity World
Return
NAVIGATOR
MSCI WORLD
AVERAGE Global Equity Funds (*)
DEXIA Equity World
KBC Equity World
FORTIS Equity World
ING Invest World
2001 2002 2003 2004 2005…
-13,9% -30,8% +17,5% +12,3% +26,6%
-13,4% -33,0% +8,8% +4,7% +21,4%
-23,6% -36,3% +5,5% +1,9% +22,0%
-46,6% -37,9% +6,2% +4,5% +21,3%
-18,7% -36,8% +6,1% +2,1% +21,8%
-16,7% -35,6% +8,0% -0,5% +24,9%
-15,8% -34,2% +6,0% +2,2% +20,6%
ABN AMRO Global Equity -20,0% -37,0% +1,4% +1,3% +21,4%
MSCI WORLD +20%
AVERAGE Global Equity Funds
+20,0%
+10%
+0%
-6,3%
+30%
-10% +20%
-16,3% +10%
-20%
+0%
-30%
-10% NAVIGATOR MSCI WORLD DEXIA Equity World KBC Equity World FORTIS Equity World ING Invest World ABN AMRO Global Equity
-20%
-30%
-40% 2001
2002
2003
2004
2005…
-40%
-50% nov/01
nov/02
nov/03
nov/04
nov/05
4. TRACK-RECORD (in relative terms) Track-record (in vergelijking tot wereldindex en andere fondsen)
+50%
4 YEAR RELATIVE TRACK RECORD
(*) ABN DEXIA KBC FORTIS Price AMRO MSCI ING Invest rescaled to NAVIGATOR Equity Equity Equity World Global WORLD Navigator World World World Equity 31/12/2000 967,50 967,50 967,50 967,50 967,50 967,50 967,50 967,50 31/12/2001 833,04 838,25 739,42 516,42 786,30 805,84 814,42 774,14 31/12/2002 576,46 561,53 471,09 320,65 497,18 519,15 535,88 487,75 31/12/2003 677,07 611,09 497,16 340,42 527,71 560,72 567,96 494,45 31/12/2004 760,34 639,89 506,72 355,57 539,04 558,14 580,19 501,00 30/11/2005 962,42 776,84 618,21 431,18 656,71 697,15 699,81 608,16 (*)= Gemiddelde van [average of ] DEXIA Equity World, KBC Equity World, Fortis Equity World, ING Invest World, ABN AMRO Global Equity AVERAGE Global Equity Funds (*)
RETURN versus MSCI
NAVIGATOR
MSCI WORLD
AVERAGE Global Equity Funds (*)
DEXIA Equity World
KBC Equity World
FORTIS Equity World
ING Invest World
2001 2002 2003 2004 2005…
-0,5% +2,2% +8,6% +7,6% +5,2%
+0,0% +0,0% +0,0% +0,0% +0,0%
-10,2% -3,3% -3,3% -2,8% +0,6%
-33,3% -4,9% -2,7% -0,3% -0,1%
-5,4% -3,8% -2,7% -2,6% +0,4%
-3,4% -2,6% -0,8% -5,2% +3,5%
-2,5% -1,2% -2,8% -2,6% -0,8%
+10% +8% +6%
ABN AMRO Global Equity -6,6% -4,0% -7,5% -3,4% -0,0%
NAVIGATOR MSCI WORLD DEXIA Equity World KBC Equity World FORTIS Equity World ING Invest World ABN AMRO Global Equity
NAVIGATOR versus MSCI WORLD NAVIGATOR versus Average Global Equity Funds
+43,5%
+40%
+30% +28,1%
+20%
+4%
+10%
+2% +0% -2% -4%
+0%
µ
-6% -8% -10% 2001
2002
2003
2004
2005…
-10% nov/01
nov/02
nov/03
nov/04
nov/05
5. Statistics & Changes in Allocation Statistieken & Wijzigingen in Allocatie
MSCI WORLD
Average Global Equity Funds
DEXIA Equity World
KBC Equity World
FORTIS Equity World
ING Invest World
ABN AMRO Global Equity
-6,3%
-16,3%
-20,8%
-15,9%
-11,9%
-12,8%
-20,3%
JPM Global Govt. Bond Return Index (euro) +3,0%
0,84 1,09 +0,38% +0,56% +5,23% +2,13%
1,00 1,00 -0,14% +0,00% +4,38% +0,00%
0,99 1,01 -0,37% -0,23% +4,43% +0,40%
0,91 0,91 -0,48% -0,36% +4,19% +1,33%
0,99 1,05 -0,36% -0,21% +4,63% +0,50%
0,98 1,06 -0,26% -0,11% +4,70% +0,68%
0,98 1,00 -0,29% -0,15% +4,45% +0,69%
0,96 0,99 -0,47% -0,34% +4,44% +0,87%
0,00 0,02 +0,06% +0,07% +1,33% +4,50%
0,42 0,37 -0,01% +0,04% +2,50% +3,36%
ANNUAL BASIS: AVERAGE RETURN +4,7% ALPHA +6,94% VOLATILITY 18,1% TRACKING ERROR 7,39% SHARPE RATIO (risk free = 2%) +0,15 TREYNOR RATIO (risk free = 2%) +0,02 INFORMATION RATIO (=Alpha / Tracking Error) +0,94
-1,6% +0,00% 15,2% 0,00% -0,24 -0,04 +0,00
-4,4% -2,77% 15,3% 1,39% -0,41 -0,06 -1,98
-5,7% -4,24% 14,5% 4,61% -0,53 -0,08 -0,92
-4,2% -2,50% 16,0% 1,74% -0,39 -0,06 -1,44
-3,1% -1,32% 16,3% 2,37% -0,31 -0,05 -0,56
-3,4% -1,76% 15,4% 2,37% -0,35 -0,05 -0,74
-5,5% -3,95% 15,4% 3,01% -0,49 -0,08 -1,31
+0,7% +0,85% 4,6% 15,59% -0,27 -0,68 +0,05
-0,1% +0,46% 8,7% 11,62% -0,24 -0,06 +0,04
NAVI GATOR
RETURN LAST 48 MONTHS +20,0% MONTHLY BASIS: R-SQUARED BETA AVERAGE RETURN ALPHA VOLATILITY TRACKING ERROR
TOP 10 HOLDINGS BANK OF AMERICA JOHNSON & JOHNSON TOTAL ALTRIA GROUP INCO. WELLS FARGO & CO PEPSICO ROYAL BANK OF SCTL.GP. HOME DEPOT CONOCOPHILLIPS ASTRAZENECA
US US FR US US US UK US US UK
BANKS PHARMA & BIOTECHNOLOGY OIL & GAS TOBACCO BANKS BEVERAGES BANKS RETAIL, GENERAL OIL & GAS PHARMA & BIOTECHNOLOGY
MSCI Hedge Fund Index (euro) -0,3%
In november werd het fonds per saldo wat defensiever georiënteerd door het terugschroeven van sectoren zoals olie-ontginning en de bouwnijverheid, en het opvoeren van onze belangen in Pharma en Healthcare. De meest overwogen sectoren zijn nu Engineering, Transport en Olie, de meest gemeden sectoren zijn Software, Telecom en Media. Vanuit geografisch oogpunt bouwden we onze posities in Japan opnieuw wat op, wat niet wegneemt dat de portefeuille er nog steeds relatief onderwogen is, net zoals in het Verenigd Koninkrijk en Canada. De meest overwogen markten zijn nog steeds Zuid-Afrika, Korea en Frankrijk. +++ Sth.-Africa, Korea, France Engineering, Transport, Oil&Gas Overweighted
--Japan, UK, Canada Software, Telecom, Media Underweighted
In November we moved a bit to the defensive by moving some assets away from Oilexploration and Construction, towards Pharma & Healthcare. Most overweighted sectors in our portfolio are currently Engineering, Transport and Oil. The most underweighted sectors are Software, Telecom and Media. We have rebuilt some intrest in Japan, allthough it remains the most underweighted market for now, together with the UK and Canada. The fund is most overweighted in South-Africa, Korea and France.
6. SECTOR ALLOCATION FINANCIALS (banks, insurance…) : 29%
INFORMATION TECHNOLOGY (internet, hardware, software...) : 3%=>4%
RESOURCES (oil, gas, mining…) : 16%=>13%
UTILITIES (electricity, water…) : 4%
NON-CYCLICAL SERVICES (telecom, food retailers…) : 4%=>3%
BASIC INDUSTRIES (chemicals, steel, construction….) : 10%=>7% CYCLICAL SERVICES (distribution, retail, media, transport…) : 13%=>14%
GENERAL INDUSTRIALS (aerospace, engineering, electronics…) : 10%=>11%
NON-CYCLICAL CONSUMER GOODS (pharma, food, packaging, tobacco…) : 8%=>12%
CYCLICAL CONSUMER GOODS (auto, textile, household goods...) : 3%
7. REGIONAL ALLOCATION US & Canada : 40%=>39%
Latin-America : 2%=>3%
Australia : 3%=>2%
Japan : 0%=>6%
South-Africa : 6%
Eastern Europe : 2%=>1%
Asia (ex Japan & Australia) : 18%=>16% UK & Ireland : 7%=>6%
Scandinavia : 2%
Southern Europe (France, Italy, Spain…) : 11%
Western Europe (Benelux, Germany, Switzerland,...) : 9%=>8%
This document does not constitute an offer or solicitation in any jurisdiction in which such offer or sollicitation 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, available at www.vector.lu
