«The art of balancing risk and return»
ETHNA | FUNDS
Citywire Zurich, 26 June 2012
Not for distribution and only for professional investors!
Page 3ETHNA FUNDS I Citywire Zurich, 26 June 2012
INDEX
1 ETHNA FUNDS
2 ETHNA-AKTIV E
3 AWARDS
Page 4ETHNA FUNDS I Citywire Zurich, 26 June 2012
1 ETHNA FUNDS
Page 5ETHNA FUNDS I Citywire Zurich, 26 June 2012
TIMELESS VALUES FOR SUBSTAINABLE GROWTH ANDPERMANENT SUCCESS
2002Establishment of the balancedasset management fundEthna-AKTIV E byLuca Pesarini and Arnoldo Valsangiacomo
2007Expansion of the funds on offer bythe launch of a risk-minimised assetmanagement fund
2008Strengthening of thefund management teamGuido Barthels, who isspecialized in capitalmarkets and bonds
2009Complementing of Ethna Funds product portfolio by launching a profit-oriented asset managementfund
2010 Foundation of theinvestment companyETHENEA Independent Investors S.A. in September
Page 6ETHNA FUNDS I Citywire Zurich, 26 June 2012
ETHENEA Independent Investors S.A.
Guido BarthelsChief Investment Officer
Luca PesariniFounder/Managing Partner
Arnoldo ValsangiacomoManaging Partner
Fund(not allowed for public distribuition in
Switzerland) Ethna-AKTIV E
Funds(not allowed for public distribuition in
Switzerland)
Investment Company
Assets under management: 3.23 Billion Euro (as of 31.05.2012)
THE FUND MANAGEMENT OF ETHNA FUNDS
Fund Management
Page 7ETHNA FUNDS I Citywire Zurich, 26 June 2012
Preservation of the invested capital and a positive absolute return every year. • The highest commandment is always: Preserve your capital, because years
with a negative return decide on the long-term success or failure of an investment.
Avoiding of unnecessary risks thanks to a balanced investment-strategy.• Risk minimization due to a broad diversification of the portfolios in different
sectors and asset-classes.
Low fund price volatility.• The pure volatility of an investment does not bring additional return to the
investor, but only fear.
INVESTMENT PHILOSOPHY
Page 8ETHNA FUNDS I Citywire Zurich, 26 June 2012
BondsCash
Equities Futures and Options
INVESTMENT CLASSES OF THE ETHNA FUNDS
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INVESTMENT PROCESS OF THE ETHNA FUNDS
PORTFOLIO
IdeaGeneration
Financial Analysis
Fundamental Analysis
Technical Analysis
Relative Value
Analysis
BOTTOM UP TOOLS
PRE TRADE POST TRADE
Target Return and
Volatility
Investment Universe
RiskFramework
Investment Guidelines
Performance Risk
Stop Loss / Target
Limits
Global Macroeconomic Analysis
Region and Country Analysis
Sector Analysis
Asset Allocation
TOP DOWN INPUTS
Page 10ETHNA FUNDS I Citywire Zurich, 26 June 2012
Bonds• Mainly debentures from the public sector, international organizations
and companies with a good credit rating.
• Every bond position in the portfolio can be up to a maximum of 5 %.
Equities• Country focus is Germany, Switzerland and the Euro-Zone.
• Investments can and will be made in securities from OECD-countries,namely the US and Canada.
• The fund management primarily buys high dividend-yield blue chips,but also small and mid-caps after thorough individual check-ups andcase-by-case analysis.
• The portfolio is extremely diversified. No performance contribution byrisk-taking, i.e. investing/concentrating on a few stocks.
INVESTMENT CLASSES I
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Cash/Liquidity
Financial Market-Instruments and Derivatives
• Futures and options can be flexibly used as a hedging strategy forexisting portfolio investments as well as a short-term investmentvehicle in critical market situations.
• Cash is deposited with first class rated banks, following marketconditions.
• Depending on the market situation, 100 per cent of the assets of thefund may also be moved into term deposits and money marketinstruments.
• Reference currency is the Euro.
INVESTMENT CLASSES II
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Fund AKTIV E Fund
Wealth Management Fund
Yes Yes Yes
ISIN (distributing)ISIN (accumulating)ISIN (CHF, distributing)ISIN (CHF, accumulating)
Not allowed for publicdistribution in Switzerland
LU0136412771 (A)LU0431139764 (T)LU0666480289 (CHF-A)LU0666484190 (CHF-T)
Not allowed for publicdistribution in Switzerland
Maximum Equity Ratio
0 % - 10 %Focus Bonds
0 % - 49 % 30 % - 70 %Focus Equities
Investment Universe World (OECD) World (OECD)primarily Europe
World (OECD)
Target Return up to 5 % 5 % - 10 % 10 % plus
Target Volatility below 4 % below 6 % ca. 10 %
Launch 02.04.2007 15.02.2002 (A)01.07.2009 (T)
10.11.2009
NAV (per 31.05.2012) € 463.91 mio. € 2,738.64 mio. € 22.56 mio.
OVERVIEW ETHNA FUNDS
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2 ETHNA-AKTIV E
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INVESTMENT OBJECTIVES ETHNA-AKTIV E
• Main objective of the Ethna-AKTIV E fund is to achieve an absolutepositive return in every market situation.
• Targeted return is 5 % - 10 % p. a. with a volatility below 6 %.
• Following capital markets, the equity ratio will be actively adjustedbetween 0 % - 49 %.
• Thanks to a well-balanced investment strategy, needless risks shall beavoided. A low volatility (in conjunction with a low tracking error, nocluster risks & liquid assets) is another main target.
Page 15ETHNA FUNDS I Citywire Zurich, 26 June 2012
PERFORMANCE ETHNA-AKTIV E SINCE LAUNCH
-40%
-20%
0%
20%
40%
60%
80%
100%
120%
140%
02/2002 02/2003 02/2004 02/2005 02/2006 02/2007 02/2008 02/2009 02/2010 02/2011 02/2012
Ethna-AKTIV E (A) 60 % IBOXX € Total Return & 40 % Stoxx Europe 600 NTR
Current State: 31.05.2012Source: Bloomberg, Union Investment Financial Services, LRI Invest, ow n calculation ETHENEA
Ethna-AKTIV E (A): +124,29 %IBOXX / Stoxx Europe 600 NTR: +49,77 %
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MONTHLY PERFORMANCE OF THE ETHNA-AKTIV E SINCE LAUNCH
Source: LRI Invest, Union Investment Financial Services, own calculation ETHENEA, Class A
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2002 0.10% 1.20% -0.77% -2.43% -3.34% 1.98% 0.48% 1.11% 0.57% 0.77% -1.95% -2.40%
2003 0.59% 0.20% 0.63% 3.80% 0.51% 4.24% 2.36% 3.67% 0.39% 3.12% -0.37% 1.71% 22.79%
2004 2.25% 2.51% -2.02% 1.75% -0.96% 2.40% -4.00% -0.75% 0.53% 1.87% 6.18% 1.58% 11.55%
2005 3.14% 4.21% 0.13% 0.42% 0.73% 3.52% 4.67% 0.46% 2.10% -1.89% -0.14% 1.50% 20.30%
2006 1.78% 3.68% 4.51% 1.76% -3.38% -1.20% 0.21% 0.89% 1.33% 0.75% 0.10% 1.66% 12.52%
2007 1.15% 0.68% 1.06% 0.73% 0.35% -0.72% -0.67% -1.87% 0.20% 3.28% -1.81% -0.31% 1.96%
2008 -2.78% -0.17% -0.75% -0.06% -0.06% -0.06% 0.06% 0.69% -3.82% -0.43% 2.03% 1.50% -3.90%
2009 0.64% 0.62% 0.71% 1.97% 1.61% 0.38% 2.90% 1.04% 1.57% 0.45% 0.35% 1.45% 14.54%
2010 1.39% 0.65% 3.37% 0.69% -1.47% 0.68% 1.07% 1.08% 0.20% 0.93% -1.66% 2.70% 9.93%
2011 0.03% 0.49% -0.59% 0.56% 1.57% -1.57% 0.70% -2.63% -2.40% 1.29% -2.59% 3.47% -1.86%
2012 1.51% 1.20% -0.21% -0.34% 0.19% 2.37%
% positive months: 71,77% best month: 6,18%
% negative months: 28,23% worst month: -4,00%
Annualized volatility: 3.90%
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ASSET ALLOCATION – ETHNA-AKTIV E
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
06/2009 12/2009 06/2010 12/2010 06/2011 12/2011
% o
f the
Por
tfolio
ALLOCATION* Equities Others Bonds Cash
Current State: 31.05.2012*Simplified display. This information is confidential and not intended to be passed on to third parties. Source: LRI Invest, Union Investment Financial Services, ow n calculation ETHENEA
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90 DAYS VOLATILITY
0%
10%
20%
30%
40%
50%
60%
11/2005 11/2006 11/2007 11/2008 11/2009 11/2010 11/2011
90T Vola REX Index 90T Vola Stoxx 600 Europe NTR90T Vola Ethna-AKTIV E (A) 90T Vola Ethna-GLOBAL Defensiv (T)90T Vola Ethna-GLOBAL Dynamisch (T)
Current State: 31.05.2012Source: Bloomberg, Union Investment Financial Services, LRI Invest, ow n calculation ETHENEA
Fund not allowed for public distribution in SwitzerlandFund not allowed for public distribution in Switzerland
Page 19ETHNA FUNDS I Citywire Zurich, 26 June 2012
PORTFOLIO STRUCTURE AND CURRENCY ALLOCATIONOF ETHNA-AKTIV E
Current State: 25.06.2012Source: Union Investment Financial Services, own calculation ETHENEA
Current State: 25.06.2012Source: Union Investment Financial Services, own calculation ETHENEA
58,8 %
9,1 %
30,3 %
1,8 %
PORTFOLIO STRUCTURE
Bonds
Equities
Cash
Others
3,7 %
5,7 %
73,2 %
-1,7 %
6,6 %
0,4 %
12,1 %
AUD
CHF
EUR
GBP
NOK
SEK
USD
CURRENCY ALLOCATION
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31.5%49.6%
PORTFOLIO COMPOSITION OF ETHNA-AKTIV EBY ISSUER RATING
17,7 %
2,9 %
10,9 %
18,1 %
7,1 % 2,0 %
9,1 %
30,3 %
1,8 %
AAA
AA
A
BBB
NON IG
Not rated
Equities
Cash
Others
Ethna-AKTIV E
% of Total NAV
Current State: 25.06.2012Source: Union Investment Financial Services, own calculation ETHENEA
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18,9
7,6 7,1 6,45,3 4,7
3,2 2,4 2,4 2,3 1,6 1,5 1,3 1,3 0,9 0,8 0,61,8
0
5
10
15
20
Bonds Equities
Ethna-AKTIV E
% of total NAV
*including 7 other countries
Current State: 31.05.2012Source: Union Investment Financial Services, ow n calculation ETHENEA
PORTFOLIO COMPOSITION OF ETHNA-AKTIV E
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15,6
10,38,8
6,7
3,7 3,32,4 2,3
1,5 1,4 1,4 1,4 1,2 1,1 1,1 1,1 1,0 1,0 0,8 0,7 0,6 0,6 0,61,9
0
2
4
6
8
10
12
14
16
18
Bonds Equities
Ethna-AKTIV E
% of total NAV
*including 9 other sectors
Current State: 31.05.2012Source: Union Investment Financial Services, ow n calculation ETHENEA
PORTFOLIO COMPOSITION OF ETHNA-AKTIV E
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3 AWARDS
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AWARDS 2012 | 2011 | 2010 | 2009
Morningstar Award Netherlands 2011Ethna-AKTIV E was awarded the 1st prize at the Dutch Morningstar Awards 2011 in thecategory “Mixed Funds”.
German Fund Award 2011Ethna-GLOBAL Defensiv wins 1st prize in the category „Mixed Funds GlobalConservative, 3 years“ and Ethna-AKTIV E is winner of the German Fund Award in thecategory “Balanced Wealth Management Funds Europe, over 3 years and over 5 years".
Austrian Fund Award 2011Ethna-AKTIV E wins the 1st prize in the category “Balanced Wealth Management FundsEurope, over 3 years“ and 2nd prize in the the category “Balanced Wealth ManagementFunds Europe, over 5 years". Ethna-GLOBAL Defensiv was awarded with the 1 prize in thecategory „Mixed Funds Global Conservative, 3 years“.
Lipper Fund Award 2012, 2011, 2010 and 2009The renowned Fund Rating-Agency Lipper has awarded the balanced Ethna-AKTIV E fundfor its outstanding risk-adjusted outperformance. Ethna-AKTIV E received the highestratings for consistent earnings over a 3 year and 5 year period and became winner in its peergroup "Mixed Asset EUR Flexible Europe".
Euro Fund Award 2010 and 2009 Number 1 in the balanced fund category (Equities and Bonds). Ethna-AKTIV E obtainedthis ranking after the analysis of Euro-Fund-Statistics, in comparison with 75 other funds.
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CONTACT
ETHENEA Independent Investors S.A.9a, rue Gabriel Lippmann • L-5365 MunsbachPhone +352 276 921 10 • Fax: +352 276 921 [email protected] • www.ethnafunds.com • www.ethenea.com
Page 26ETHNA FUNDS I Citywire Zurich, 26 June 2012
An investment in investment funds, as with all securities and comparable financial assets, carries the risk of capital or currency losses. Consequently, the unit price and the
yield are variable and cannot be guaranteed. The costs of a fund investment have an effect on the actual profit. No guarantee can be given that the investment objectives
will be achieved. The statutory sales documents (sales prospectuses and reports) provide detailed information on potential risks and form the sole legal basis for a purchase
of units. These documents can be obtained free of charge from the management company, ETHENEA Independent Investors S.A., the custodian bank, as well as the
relevant national paying and information agents. These are: Germany: DZ BANK AG, Deutsche Zentral-Genossenschaftsbank, Platz der Republik, D-60265 Frankfurt am
Main; Austria: Erste Bank der oesterreichischen Sparkassen AG, Graben 21, A-1010 Vienna; Switzerland: IPConcept (Switzerland) AG, In Gassen 6, Postfach 2918, CH-
8022 Zurich; Belgium: CACEIS Belgium SA/NV, Avenue du Port, Havenlaan 86C b 320, B-1000 Brussels; DEUTSCHE BANK NV, Marnixlaan 13-15, B-1000
Brussels; Luxembourg: DZ PRIVATBANK S.A., 4, rue Thomas Edison, L-1445 Luxembourg-Strassen; Liechtenstein: Volksbank AG, Feldkircher Strasse 2, FL-9494
Schaan; France: CACEIS Bank, 1/3, Place Valhubert, F-75013 Paris; Italy: State Street Bank S.p.A., Via Col Moschin, n. 16, IT-20136 Milan; Spain: CAPITAL
STRATEGIES PARTNERS, A.V., S.A., C/ Joaquín Bau, 7. 3ºI., ES-28036 Madrid; RBC Dexia, 20, Fernando el Santo, ES-28010 Madrid. The sales documents are also
available at www.ethenea.com/fonds. Key investor information documents are available in the official language of the country of distribution.
All information published here constitutes a product description only. It does not constitute investment advice, an offer to enter into an agreement for the provision of
advice or information, or an offer to buy or sell securities. The contents have been carefully researched, compiled and checked. No guarantee can be given for correctness,
completeness or accuracy. The information includes past data which are no indicator of future performance. The management fee, custodian bank fee and all other
additional costs are taken into account in the calculation of the unit price as stated in the provisions of the contract. Performance is calculated using the BVI method
(German federal association for investment and asset management), which means that the calculations do not include an issuing charge, transaction costs (such as order
fees and brokerage fees), custodian bank fees, or other management fees. Including the issuing surcharge would reduce performance.
The performance shown is not a reliable indicator of future performance. All information (unless otherwise indicated) is valid as of 25.06.2012. This document is MIFID-
compliant.
ETHENEA Independent Investors S.A. • 9a, rue Gabriel Lippmann • L-5365 Munsbach • R.C.S. Luxembourg B 155427Phone +352 276 921 10 • Fax +352 276 921 99 • [email protected] • www.ethenea.com
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