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The active management of convertible bonds portfolio which is not premium related.
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| Investment Objective |
| To outperform eurozone convertible bonds index (Exane ECI Euro Index), in order to secure, over the recommended investment period, an equity-equivalent performance with a lower volatility. |
| Investment Strategy |
| To manage a selection of convertible bonds and the equity exposure through the dynamic management of liquidity (money market and convertible bonds). Securities are selected on a non index related basis from across the difference risk profiles of the investment universe. |
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Portfolio Managers & Advisors
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| Jean-Luc Hivert | Lara Azouri |
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| Investment Universe |
The selection covers all convertible bonds in the eurozone
– without ruling out specific risk profiles
– with a high value-added (small and mid-cap convertible bonds, high-yield bonds, participation bonds, etc.).
Selection is based on a combination of overall sectoral weighting with a qualitative and quantitative analysis of the underlying equity. |
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| Management Parameters |
• Benchmark index: Exane ECI Euro
• Investment period: over 3 years
• Risk indicators: Annual volatility between 6 and 13%
• Target allocation:
– Cash and bonds = between 0 and 25%
– Convertible bonds = between 75 and 100% |
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Performances as of 3/10/2010
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| Return Since Inception | 2010 | 2009 | 1-Year Return | 3-Year Return | 5-Year Return | 52-Week Volatility |
| LFP Convertibles Dynamique | 30.19% | 0.35% | 19.60% | 22.84% | 6.56% | 21.54% | 6.48 % |
| Exane Euro Zone Convertible Bond | 24.88% | 0.45% | 21.85% | 22.89% | -2.00% | 21.94% | 7.49 % |
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Key Figures
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| Net Asset Value | EUR 1,301.85 |
| AUM | EUR 144,540,395.41 |
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Fund Features
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| ISIN Code | FR0007053269 |
| Category | Obligations convertibles |
| Ticker Bloomberg | LFPCDYN FP Equity |
| Currency | EUR |
| Creation date | 04/01/2001 |
| Valuation Frequency | Daily |
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