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The BNP Paribas Flexible Fund Stars index, an index for exposure to flexible funds!

Launched this year, the BNP Paribas Flexible Fund Stars index allows investors to position themselves in an equally weighted basket of four UCITS flexible funds, all having an excellent accumulated performance, a track record of 5 years and significant assets under management...

Article also available in : English EN | français FR

For the construction of the index, the BNPP has taken a minimum of risk. The bank of Antin Street has selected four flexible funds whose assets are among the most important in the market.

It obviously includes Carmignac Patrimoine. Launched in 1989 by Edouard Carmignac, at the end of September 2012 the fund displayed an outstanding 28, 307 billion. Carmignac Patrimoine uses three performance drivers: international obligations, international equities and currencies. To stick with its heritage vocation, the fund permanently invests at least 50% of its assets in fixed income and cash.

If stocks are one of the selection criteria, the historical performance and resistance to past crises are other factors for selecting the composition of the BNP Paribas Flexible Fund Stars index. Here too, Carmignac Patrimoine pulls out of the game. Cumulative performance of funds, from octobre1989 to December 2011 was 586.90%, an annualized return of 9.06% with a volatility of 7.97% and a Max drawdown of -26.56 %.

In addition, the Fund has fully withstood the financial crisis of 2008 with a performance of +0.01% against a decline in the Euro Stoxx 50 index of -43.59% (see chart).

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This is also the case of the Standard Life Global Absolute Return Strategies fund (GARS SLI), also selected in the BNP Paribas Flexible Fund Stars index.

Displaying 10.938 billion euros in assets at the end of 2011, the fund has more than resist during the financial crisis of 2011, generating a return of -18.25% +2.91% against the Euro Stoxx 50 (see chart) .

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From June 2006 to December 2011, the cumulative performance of the fund is 53.34%, an annualized return of 7.99% with a volatility of 8.17% and a drawdown of -14.06% Max.

The two other funds in the BNP Paribas Flexible Fund Stars index are Ethna-AKTIV E and BNY Mellon Global Real Return Fund.

Managed by Luca Pesarini, Arnoldo Valsangiacomo and Guido Barthels the Ethna-AKTIV E fund was awarded in 2011 in the Netherlands, best funds in the Morningstar "mixed funds" category. With almost 2.6 billion euros in assets at the end of 2011, it is according to Lipper, the flexible fund [1] which has the most collected in 2011, attracting nearly 651 million euros. Between February 2002 and December 2011, the fund posted a cumulative performance of 118.3%, or an annualized return of 8.24%, with a volatility of 4.64% and a max drawdown of -10.14%.

The BNP Paribas Flexible Fund Stars index includes a volatility control mechanism designed to hold close to 5% [2].

It has no currency risk as the index and the underlying funds are in Euro.

"This index has been placed in the form of certificate and EMTN to different customers selling structured products, and may be offered in other legal envelopes" said the BNPP.

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Performances historiques (Simulations jusqu’au 30 décembre 2011)

Paul Monthe November 2012

Article also available in : English EN | français FR



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