March 2011
FLASH AWARDS
Grands Prix 2011
UROFONDS Le Monde/El Pais/La Stampa/Tageblatt/Le Jeudi/Fonds.NL
Sans titre-1 1
Natixis Asset Management, Best French investment management company according to Le Monde
Awarded by Le Monde, the "Grands Prix Eurofonds-Fundclass" reward every year the best European asset manager for the regularity of the performance of their whole range according to the methodology developed by Fundclass. 17/02/11 10:33:08
In the 2011 edition, Natixis Asset Management is n°1 among French investment management companies in the "more than 100 rated funds" category. An award which confirms, for the fourth consecutive year, its leading place on the market of the asset management. This year, Natixis Asset Management saw 150 of its funds assessed according to the methodology APTimum. Developed by Fundclass, this methodology focuses on long-term performance regularity. It essentially aims to pick out the funds that obtain the best relative performance and that manage to sustain their performances over the longer term. Natixis Asset Management was thus rewarded for the regularity of the performance of its whole range over 4 years. The reference period of companies rating extends from 31/12/2006 to 31/12/2010, a period which takes into account the both the collapse of stock markets from July, 2007 till March, 2009, and ten months of spectacular return which followed. According to Le Monde Argent, the asset management companies which distinguish themselves are thus the ones which succeeded in anticipating the fall of markets and in repositioning in time to take advantage of the rebound. Another success for Natixis Asset Management. Source: Le Monde Argent - 12/03/2011
The figures mentioned refer to previous years. Past performance or references to any rankings or awards are not necessarily indicators of the fund’s future results or the future achievements of its managers.
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FLASH AWARDS / MARCH 2011
Methodology
Categories
The APTimum methodology developed by Fundclass is designed to single out funds that outperform (compared with other similar-risk-profile funds) but, above all, to capture a fund's capacity to repeat the outperformance over the medium/long term. It essentially aims, therefore, to identify the capacity of certain funds to consistently generate 'relative' outperformance compared to other funds in the same category.
As a comparison between a major banking group (with several hundred rated funds) and a small boutique (with only a dozen or so) would be of little value, Fundclass divides management companies into 7 categories depending on size. The ranking is based on the proportion of the wellrated funds in each company's entire range (categories: 4 to 7 funds, 8 to 15 funds‌, more than 100 funds). For each category, a ranking is compiled for Europe as a whole and for each of the member countries of the Eurofonds group: France, Luxemburg, Spain and Italy.
An exceptional performance at a given date will therefore not be sufficient for a fund to be well ranked by the APTimum methodology. Indeed, in the APTimum system, the funds that receive the best ratings are those that have managed to remain in the top quartile of their homogenous category despite changes in market conditions.
Group ratings The company carries out an initial screening process of all the UCITSs (SICAV and FCP) marketed in Europe, eliminating any doubles, funds without daily valuations and those with a track record of less than two-years. Finally, by studying long statistical series (12 quarters), Fundclass regroups the funds in homogeneous categories as a function of their risk profile. At the end of the process, Fundclass had rated 8 906 funds as at 31 December 2010. The management companies that regularly rank within the top quartile of their category obtain the highest rating: five stars. Each management company then receives a rating based on the stars attributed to the each product in its range over 4 years.
Source: Le Monde Argent - 12/03/2011
IN BRIEF EUROFONDS Since 1998, Eurofonds associates various quality European newspapers: Le Monde, El Pais (Spain), La Stampa (Italy), SĂźddeutsche Zeitung (Germany), Tageblatt, Le Jeudi (Luxemburg) and the dutch newspaper Fonds.nl. Since 1999, Eurofonds has published a quarterly ranking using the APTimum methodology to ascertain the quality of UCITS marketed in Europe. Since 2004, Eurofonds has also published fund ratings calculated according to the same methodology. In order to enhance the value of its work, Eurofonds has joined forces with Fundclass, a company that has developed a unique method for analysing the statistical behaviour of funds over the long term. FUNDCLASS Fundclass is a player in the fund analysis field exclusively focused on ranking and rating UCITS. With its high level of specialisation, complete independence and its application of the APTimum methodology, Fundclass provides investors with useful and transparent tools for appreciating the UCITS' performance.
The figures mentioned refer to previous years. Past performance or references to any rankings or awards are not necessarily indicators of the fund’s future results or the future achievements of its managers.
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This document has been prepared by the Communications Department -March 2011
De facto, the APTimum system penalises those funds which generate very good performances over one or two quarters but which are not capable of sustaining the performance over longer periods. Initially, Fundclass calculates - for each homogenous category - the quarterly performances of each fund corrected for any divergence from the average level of risk in the category. This allows the Agency to establish what it calls "a performance per unit of risk" or a risk/return profile for each fund. The Agency then calculates the relative decile position of each fund compared to the others and then calculates the average position in the deciles over the last 12 consecutive rankings, thereby capturing the relative rankings of funds. A score is then attributed according to the average decile: the lower the average decile, the better the score. Hence, the top score (5 stars) is attributed to funds that have managed to maintain their positions in the top quartile of the ranking over the last three years.
FLASH AWARDS / MARCH 2011
LEGAL INFORMATION The funds mentioned in this material are not registered or authorized in
2000; or are high net worth businesses with called up share capital or net
all jurisdictions and may not be available to all investors in a jurisdiction.
assets of at least £5 million or in the case of a trust assets of at least £10
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2000 (Financial Promotion) Order 2005 or the (Promotion of Collective In-
risks and expenses of any investment carefully before investing. In the
vestment Schemes) (Exemption) Order 2001 (the "Intended Recipients").
case of a fund, these can be found in the fund’s prospectus or offering
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memorandum, which should be read carefully before investing. If you
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Any reference to a ranking, a rating or an award provides no guarantee for
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future performance results and is not constant over time. Performance
Associates S.A. is a Luxembourg management company that is autho-
data shown represents past performance and is not a guarantee of fu-
rized by the Commission de Surveillance du Secteur Financier and is in-
ture results. More recent performance may be lower or higher. Principal
corporated under Luxembourg laws and registered under n. B 115843.
value and returns fluctuate over time (including as a result of currency
Registered office of Natixis Global Associates S.A.: 2-8 Avenue Charles
fluctuations) so that shares, when redeemed, will be worth more or less
de Gaulle, L-1653 Luxembourg, Grand Duchy of Luxembourg. France:
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Natixis Global Associates International (n.509 471 173 RCS Paris). Regis-
but does not include the effect of sales charges or correspondent bank
tered office: 21 quai d'Austerlitz, 75013 Paris. Italy: Natixis Global Asso-
charges, and assumes reinvestment of distributions. If such charges
ciates S.A. Succursale Italiana (Bank of Italy Register of Italian Asset Ma-
were included, returns would have been lower. The analyses, opinions,
nagement Companies no 23458.3). Registered office: Via San Clemente,
and certain of the investment themes and processes referenced herein
1 - 20122, Milan,MI, Italy. Germany: Natixis Global Associates S.A., Zwei-
represent the views of the author(s) referenced as of the date indicated.
gniederlassung Deutschland (Registration number: HRB 88541). Regis-
These, as well as the portfolio holdings and characteristics shown, are
tered office: Im Trutz Frankfurt 55, Westend Carrée, 7. Floor, Frankfurt
subject to change. There can be no assurance that developments will
am Main 60322, Germany. Netherlands: Natixis Global Associates S.A.,
transpire as may be forecasted in this material.
Nederlands filiaal (Registration number 50774670). Registered office: Evert van de Beekstraat 310, 1118CX Schiphol, the Netherlands. Swe-
In certain cases, this material is provided by one of the Natixis Global
den: Natixis Global Associates S.A. (Luxembourg) Nordics Filial (Regis-
Associates entities listed below, each of which is a subsidiary of Natixis
tration number 516405-9601 - Swedish Companies Registration Office).
Global Asset Management, the holding company of a diverse line-up of
Registered office: Master Samuelsgatan 60, 8th Floor, Stockholm 111 21,
specialised investment management and distribution entities worldwide,
Sweden.
each of which conduct any regulated activities only in and from the jurisdictions in which they are licensed or authorized. Their services and the
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products they manage are not available to all investors in all jurisdictions.
Global Associates Switzerland Sàrl. Registered office: place de la Fusterie
Although Natixis Global Associates believes that the information provi-
12, 1204 Genève.
ded in this material to be reliable, it does not guarantee the accuracy, adequacy, or completeness of such information.
In the DIFC: This material is provided in and from the DIFC financial district by Natixis Global Associates Middle East, a branch of Natixis Global
In the UK: This material is provided by Natixis Global Associates UK Li-
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