4 Year Relative Track Record
+50%
NAVIGATOR versus Average Global Equity Funds WWW.VECTOR.LU
NAVIGATOR versus MSCI WORLD +40%
Report 2005/03
WWW.VECTOR.LU +38,6%
1. Last month 2. Track Record 3. Trade List & Holdings 4. Sector- & Regional Allocation
SEPTEMBER 2005 REPORT ____________________________________
1. Return Distribution of last months' holdings
+30%
2. Performance running quarter +23,7%
3. Track-record in absolute terms 4. Track-record in relative terms
+20%
.
5. Statistics & Changes in Allocation 6. Sector Allocation 7. Regional Allocation
+10%
____________________________________
+0%
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
-10% aug-2001
aug-2002
aug-2003
aug-2004
aug-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)
-30
-25
-20
-15
-10
-5
+0
+5
+10
+15
+20 < Best Performer
Performance last month's 100 holdings Performance MSCI World Performance 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
0,10
-0,68
return
+ 0,1
relative return
- 0,7 - 0,4 + 0,0 + 0,2 - 0,5 - 0,8 - 0,8
+ 0,8 + 0,5 + 0,1 - 0,1 + 0,6 + 0,9 + 0,9
+ 25,9
return
relative return
+ 14,7 + 15,4 + 15,0 + 18,5 + 14,8 + 13,9 + 14,4
+ 11,2 + 10,5 + 10,9 + 7,4 + 11,1 + 12,0 + 11,5
< Navigator
< 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
Navigator sloot augustus per saldo af met een kleine winst (+0,10%), daar waar de aandelenmarkten vorige maand gemiddeld lichtjes terrein verloren (-0,68%). Voor een zomerperiode was het een vrij bewogen maand: mede als gevolg van Katrina kregen de verzekeringssector, de retailers en de Amerikaanse dollar opvallend rake klappen, terwijl de energiesector het meer dan uitstekend deed, gedragen door de nieuwe recordprijzen die voor een vat olie worden betaald. Dat olie tegenwoordig duur is, ondervond ook de Indonesische regering, die haar burgers via subsidies beschermt voor al te hoge olie-facturen, en als gevolg daarvan nu met zware begrotingstekorten wordt geconfronteerd. Als gevolg daarvan werden munt en beurs in augustus zwaar afgestraft. De 3 aandelen (van de 100) die we in dit land aanhielden drukten het rendement van de portefeuille met 0,6%. Resultaat laatste 36 maanden (31/08/2005, euro) Results last 36 months (31/08/2005, euro) NAVIGATOR : + 42.9% MSCI World: + 14.7% Fortis Equity World: + 9.8% ING Invest World: + 8.8% KBC Equity World: + 8.4% DEXIA Equity World: + 7.5% ABN AMRO Global Equity: + 2.9%
12%
NAVIGATOR versus MSCI Average Global Equity Funds (*) MSCI WORLD INDEX NAVIGATOR
10%
8%
. Navigator finished August with a tiny gain (0,10%), while the MSCI World lost 0,68%. Considering we were still in holiday season, it was quite a volatile month: the insurance sector, retailers and the USD had a tough time, whereas the energy sector delivered hefty returns, pushed higher by another wave of record oil-prices. That oil has become expensive was also noted in Indonesia, where a government program of subsidizing oil in order to protect its citizens from high energycosts has pushed the country’s budget firmly into the red. This led to a sell-off of the country’s stock exchange and currency in August. The 3 stocks (out of the 100) we own there held down this month’s portfolio return with 0,6%.
6%
4%
2%
0%
-2% 31/05/2005
30/06/2005
31/07/2005
31/08/2005
3. TRACK-RECORD (in absolute terms) Track-record (in absolute termen)
+10% (*) 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 31/08/2005 901,62 971,51 595,38 30,39 567,17 175,07 142,32 39,00 (*)= 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
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% +18,6%
-13,4% -33,0% +8,8% +4,7% +12,9%
-23,6% -36,3% +5,5% +1,9% +13,7%
-46,6% -37,9% +6,2% +4,5% +12,6%
-18,7% -36,8% +6,1% +2,1% +14,0%
-16,7% -35,6% +8,0% -0,5% +15,7%
-15,8% -34,2% +6,0% +2,2% +12,7%
ABN AMRO Global Equity -20,0% -37,0% +1,4% +1,3% +13,3%
+7,4%
NAVIGATOR
FORTIS Equity World
MSCI WORLD AVERAGE Global Equity Funds +0%
-10% -13,2%
+20%
-20% -22,5%
+10%
+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% aug/01
aug/02
aug/03
aug/04
aug/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 31/08/2005 901,62 722,58 576,03 400,36 614,55 645,87 654,04 567,83 (*)= 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% +5,7%
+0,0% +0,0% +0,0% +0,0% +0,0%
-10,2% -3,3% -3,3% -2,8% +0,8%
-33,3% -4,9% -2,7% -0,3% -0,3%
-5,4% -3,8% -2,7% -2,6% +1,1%
-3,4% -2,6% -0,8% -5,2% +2,8%
-2,5% -1,2% -2,8% -2,6% -0,2%
+10% +8% +6%
ABN AMRO Global Equity -6,6% -4,0% -7,5% -3,4% +0,4%
NAVIGATOR versus MSCI WORLD NAVIGATOR versus Average Global Equity Funds
+40% +38,6%
+30%
+23,7%
NAVIGATOR MSCI WORLD DEXIA Equity World KBC Equity World FORTIS Equity World ING Invest World ABN AMRO Global Equity
+20%
+4%
+10%
+2% +0% -2% -4%
+0%
µ
-6% -8% -10% 2001
2002
2003
2004
2005…
-10% aug/01
aug/02
aug/03
aug/04
aug/05
5. Statistics & Changes in Allocation Statistieken & Wijzigingen in Allocatie
NAVI GATOR
MSCI WORLD
Average Global Equity Funds
RETURN LAST 48 MONTHS
+7,4%
-13,2%
-22,5%
-29,6%
-21,7%
-19,1%
-17,7%
-24,5%
JPM Global Govt. Bond Return Index (euro) +5,3%
MONTHLY BASIS: R-SQUARED BETA AVERAGE RETURN ALPHA VOLATILITY TRACKING ERROR
0,85 1,15 +0,15% +0,53% +5,71% +2,31%
1,00 1,00 -0,29% +0,00% +4,58% +0,00%
0,98 1,02 -0,53% -0,23% +4,70% +0,60%
0,83 1,01 -0,73% -0,41% +5,08% +2,08%
0,99 1,05 -0,51% -0,19% +4,84% +0,51%
0,98 1,04 -0,44% -0,13% +4,82% +0,73%
0,98 0,98 -0,40% -0,11% +4,56% +0,65%
0,96 0,99 -0,58% -0,29% +4,65% +0,94%
0,00 0,01 +0,11% +0,12% +1,35% +4,74%
0,38 0,33 -0,06% +0,03% +2,45% +3,64%
ANNUAL BASIS: AVERAGE RETURN +1,8% ALPHA +6,57% VOLATILITY 19,8% TRACKING ERROR 8,02% -0,01 SHARPE RATIO (risk free = 2%) TREYNOR RATIO (risk free = 2%) -0,00 INFORMATION RATIO (=Alpha / Tracking Error) +0,82
-3,5% +0,00% 15,9% 0,00% -0,34 -0,05 +0,00
-6,2% -2,69% 16,3% 2,07% -0,50 -0,08 -1,30
-8,4% -4,76% 17,6% 7,20% -0,59 -0,10 -0,66
-5,9% -2,26% 16,8% 1,78% -0,47 -0,08 -1,27
-5,2% -1,53% 16,7% 2,53% -0,43 -0,07 -0,61
-4,8% -1,37% 15,8% 2,25% -0,43 -0,07 -0,61
-6,8% -3,41% 16,1% 3,27% -0,55 -0,09 -1,04
+1,3% +1,43% 4,7% 16,41% -0,15 -0,74 +0,09
-0,7% +0,41% 8,5% 12,60% -0,32 -0,08 +0,03
TOP 10 HOLDINGS EXXON MOBIL JOHNSON & JOHNSON PFIZER BANK OF AMERICA TOTAL INTEL CHEVRON WELLS FARGO & CO ROYAL BANK OF SCTL.GP. CONOCOPHILLIPS
US US US US FR US US US UK US
OIL & GAS PHARMA & BIOTECHNOLOGY PHARMA & BIOTECHNOLOGY BANKS OIL & GAS IT HARDWARE OIL & GAS BANKS BANKS OIL & GAS
DEXIA Equity World
KBC Equity World
FORTIS Equity World
ING Invest World
ABN AMRO Global Equity
MSCI Hedge Fund Index (euro) -2,7%
In augustus schroefden we onze belangen in sectoren zoals Pharmacie & Banken wat terug, en herinvesteerden we de middelen in sectoren zoals Engineering, Olie & Mijnbouw, en Woningbouw. Dit zijn dan ook de meest overwogen sectoren op dit ogenblik. De meest gemeden sectoren zijn Pharmacie & Software. Vanuit geografisch oogpunt bouwden we onze posities in Oost-Europa en Japan af, ten voordele van de rest van Azië en de VS. Voor het eerst sinds lange tijd is de Amerikaanse beurs in onze portefeuille niet significant onderwogen. De meest overwogen regio’s zijn Zuid-Afrika en Azië (ex-Japan), meest onderwogen zijn Japan, Canada en Italië. +++ Sth.-Africa, Asia (ex-Japan) Engineering, Oil, Mining Overweighted
--Japan, Canada Pharmacy, Software Underweighted
In July we moved some assets away from Pharmacy and Banking, and reinvested them in Engineering, Oil & Mining and Homebuilding, which are the most overweighted sectors in our portfolio. The most underweighted sectors are Pharmacy and Software. We have reduced our weighting of Eastern-Europe and Japan in favour of the rest of Asia and the US, leading to a neutral weighting of Wall Street. The fund is most overweighted in South-Africa and Asia (ex-Japan). Most underweighted are Japan, Canada and Italy.
6. SECTOR ALLOCATION
FINANCIALS (banks, insurance…) : 27%=>26%
INFORMATION TECHNOLOGY (internet, hardware, software...) : 6%=>5%
UTILITIES (electricity, water…) : 2%
NON-CYCLICAL SERVICES (telecom, food retailers…) : 6%=>5%
RESOURCES (oil, gas, mining…) : 14%=>16%
CYCLICAL SERVICES (distribution, retail, media, transport…) : 11%
BASIC INDUSTRIES (chemicals, steel, construction….) : 9%=>10%
NON-CYCLICAL CONSUMER GOODS (pharma, food, packaging, tobacco…) : 11%=>9%
CYCLICAL CONSUMER GOODS (auto, textile, household goods...) : 4%=>5%
GENERAL INDUSTRIALS (aerospace, engineering, electronics…) : 10%=>11%
7. REGIONAL ALLOCATION
US & Canada : 39%=>42%
Latin-America : 1% Australia : 3%
Japan : 7%=>5%
South-Africa : 6%=>5% Asia (ex Japan & Australia) : 15%=>19% Eastern Europe : 4%=>2%
UK & Ireland : 9%=>8%
Scandinavia : 1% Southern Europe (France, Italy, Spain…) : 9%=>8%
Western Europe (Benelux, Germany, Switzerland,...) : 6%
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
