March 2011
Perspectives
Discussions on monetary policy //////// Macroeconomic Analysis Rising oil prices: inflationary or recessionary effect? //////// Asset Allocation The year of equities //////// Expertise Focus 2011 marked by mutation //////// Multimanagement Focus
www.am.natixis.com CORPORATE AND INVESTMENT BANKING / INVESTMENT SOLUTIONS / SPECIALIZED FINANCIAL SERVICES
SUMMARY Macroeconomic analysis
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Asset allocation market data
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Legal information The funds mentioned in this material are not registered or authorized in all jurisdictions and may not be available to all investors in a jurisdiction. Natixis International Funds (Lux) I is organized as an investment company with variable capital under the laws of the Grand-Duchy of Luxembourg and is authorized by the financial regulator (the CSSF) as a UCITS. Natixis Global Associates S.A. is the management company of the Fund. The provision of this material does not constitute an offer of services, nor an offer or recommendation to purchase or sell shares in any financial instrument. Investors should consider the investment objectives, risks and expenses of any investment carefully before investing. In the case of a fund, these can be found in the fund’s prospectus or offering memorandum, which should be read carefully before investing. If you would like further information about any of the funds, including charges, expenses and risk considerations, contact the sender of this document or your financial advisor for a free prospectus, simplified prospectus, copy of the Articles of Incorporation, the semi and annual reports, and/ or other materials and translations that are relevant to your jurisdiction. Any reference to a ranking, a rating or an award provides no guarantee for future performance results and is not constant over time. Performance data shown represents past performance and is not a guarantee of future results. More recent performance may be lower or higher. Principal value and returns fluctuate over time (including as a result of currency fluctuations) so that shares, when redeemed, will be worth more or less than their original cost. Performance shown is net of all fund expenses, but does not include the effect of sales charges or correspondent bank charges, and assumes reinvestment of distributions. If such charges were included, returns would have been lower. The analyses, opinions, and certain of the investment themes and processes referenced herein represent the views of the author(s) referenced as of the date indicated. These, as well as the portfolio holdings and characteristics shown, are subject to change. There can be no assurance that developments will transpire as may be forecasted in this material. In certain cases, this material is provided by one of the Natixis Global Associates entities listed below, each of which is a subsidiary of Natixis Global Asset Management, the holding company of a diverse line-up of specialised investment management and distribution entities worldwide, each of which conduct any regulated activities only in and from the jurisdictions in which they are licensed or authorized. Their services and the products they manage are not available to all investors in all jurisdictions. Although Natixis Global Associates believes that the information provided in this material to be reliable, it does not guarantee the accuracy, adequacy, or completeness of such information. • In the UK: This material is provided by Natixis Global Associates UK Limited which is authorised and regulated by the UK Financial Services Authority (register no. 190258). This material is intended to be communicated to and/or directed at persons (1) in the United Kingdom, and should not to be regarded as an offer to buy or sell, or the solicitation of any offer to buy or sell securities in any other jurisdiction than the United Kingdom; and (2) who are authorised under the Financial Services and Markets Act
2000; or are high net worth businesses with called up share capital or net assets of at least £5 million or in the case of a trust assets of at least £10 million; or any other person to whom the material may otherwise lawfully be distributed in accordance with the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 or the (Promotion of Collective Investment Schemes) (Exemption) Order 2001 (the "Intended Recipients"). To the extent that this material is issued by Natixis Global Associates UK Limited, the fund, services or opinions referred to in this material are only available to the Intended Recipients and this material must not be relied nor acted upon by any other persons. Registered Address: Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA. • In the E.U. (outside of the UK): This material is provided by Natixis Global Associates S.A. or one of its branch offices listed below. Natixis Global Associates S.A. is a Luxembourg management company that is authorized by the Commission de Surveillance du Secteur Financier and is incorporated under Luxembourg laws and registered under n. B 115843. Registered office of Natixis Global Associates S.A.: 2-8 Avenue Charles de Gaulle, L-1653 Luxembourg, Grand Duchy of Luxembourg. France: Natixis Global Associates International (n.509 471 173 RCS Paris). Registered office: 21 quai d'Austerlitz, 75013 Paris. Italy: Natixis Global Associates S.A. Succursale Italiana (Bank of Italy Register of Italian Asset Management Companies no 23458.3). Registered office: Via San Clemente, 1 - 20122, Milan,MI, Italy. Germany: Natixis Global Associates S.A., Zweigniederlassung Deutschland (Registration number: HRB 88541). Registered office: Im Trutz Frankfurt 55, Westend Carrée, 7. Floor, Frankfurt am Main 60322, Germany. Netherlands: Natixis Global Associates S.A., Nederlands filiaal (Registration number 50774670). Registered office: Evert van de Beekstraat 310, 1118CX Schiphol, the Netherlands. Sweden: Natixis Global Associates S.A. (Luxembourg) Nordics Filial (Registration number 516405-9601 - Swedish Companies Registration Office). Registered office: Master Samuelsgatan 60, 8th Floor, Stockholm 111 21, Sweden. • In Switzerland: This material is provided to Qualified Investors by Natixis Global Associates Switzerland Sàrl. Registered office: place de la Fusterie 12, 1204 Genève. • 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 Associates UK Limited, which is regulated by the DFSA. Related financial products or services are only available to persons who have sufficient financial experience and understanding to participate in financial markets within the DIFC, and qualify as Professional Clients as defined by the DFSA. Registered office: PO Box. 118257, 5th Floor, Building 8, Gate Village, DIFC, Dubai, United Arab Emirates. Under Natixis Asset Management’s social responsibility policy, and in accordance with the treaties signed by the French government, the funds directly managed by Natixis Asset Management do not invest in any company that manufactures sells or stocks anti-personnel mines and cluster bombs.
Contacts Prospectus and sales documents required for subscription are available on demand: n Natixis Global Associates (Operations): offshoreops@ga.natixis.com n or CACEIS Luxembourg (Prime Transfer Agent): f b-reg-european-ta@eu.fasnetgroup.com - Tel.: (352) 47 67 70 78 n or Natixis Asset Management (Clients servicing): nam-service-clients@am.natixis.com
This document is strictly intended for professional clients.
This material has been prepared by Natixis Asset Management, a subsidiary of Natixis Global Asset Management. Natixis Asset Management is a French asset manager authorized by the Autorité des Marchés Financiers (Code 1200009, Agreement No. GP 90-009) and licensed to provide investment management services in the EU.
Publishing Director: F. Lenoir /// Editorial Committee: Th. Benoist, Ch. Lacoste, K. Massicot, Ph. Le Mée, R. Monclar, F. Nicolas, Ch. Point, S. de Quelen, ML. Rouy, JP. Snel, B. Thiery, Ph. Waechter ///
Coordination - Writing: C. Boutou, N. Clémot /// Graphic Design: F. Dupertuys /// Contributors: A. Bonnet, B. Boulay-Mégard, T. Cuypers, A. Hamzaogullari, X. Laurent, I. Reux-Brown, F. Théret.
PAGE 3
Editorial
Major events disrupting the Near and Middle East have accelerated the bullish trend in commodities, and oil prices in particular. Franck Nicolas, Head of Global Asset Allocation and ALM, feels this surge is no new phenomenon, but forms part of a pressurized commodities context linked to a recovery of the world economy and the persistence of growth among emerging nations. Inflation now appears to be on the move in emerging countries, where growth is observed to be more inflationary than in the past. Philippe Waechter, Chief Economist of Natixis Asset Management, believes that, faced with higher prices for commodities, central banks are being forced into rapid intervention to prevent the shock waves from spreading to the rest of the economy on a permanent basis. The risk of higher inflation would eventually distort growth in the long term. Against this backdrop we have decided to dedicate this month's Expertise Focus to equities, which are making an unquestionable comeback in 2011. We have selected 3 funds geared towards extracting best advantage from current opportunities: Natixis Emerging Europe Fund, Natixis Actions US Growth and Natixis Europe Smaller Companies Fund. You can also find a focus on our multimanagement and fund selection expertise, developed by our subsidiary Natixis Multimanager. Isabelle ReuxBrown, CEO of Natixis Multimanager, lets us in on her vision of post-crisis multimanagement trends.
Enjoy reading it,
Philippe zaouati Deputy CEO, Head of Business Development
Natixis Asset Management
Perspectives /// March 2011
PAGE 4
macroeconomic analysis
Discussions on monetary policy The current behavior of central banks are a good indication of current economic diversity worldwide. This phenomenon is a normal occurrence during periods of economic recovery. Each central bank comes up against immediate specific constraints, and adapts accordingly. This does not square with the quite peculiar phase observed at the end of 2008 when a worldwide economic slump had led to some extremely accommodating attitudes on the part of central banks simultaneously. Recent behavioral changes and the resurgence of a certain amount of heterogeneity among reactions constitute a good reflection of specific constraints. A number of distinctions should be emphasized at this point: geographic problems, problems relating to choice of instruments, or problems involving reactions to inflation.
A geographic problem The first very general distinction relates to the profiles of the economies concerned. Emerging countries tended to leave the 2008-2009 recession behind more swiftly than industrialized countries. Two characteristics were observed during this phase: - rapid acceleration of growth beyond a pace sustainable in the medium term; - a rapid return to economic activity beyond prerecession levels. This was the case, for example, in Brazil or South Korea as of mid-2009. Thus the central banks of emerging countries quickly retrieved a substantially more “habitual” management of the growth cycle. Tension mounted within production cycles, especially in Asia and major emerging nations, requiring an active monetary policy.
Philippe waechter Chief Economist of Natixis Asset Management
Perspectives /// March 2011
Industrialized countries did not experience this situation. Recovery of growth was slow in 2009 and 2010. It was only at the end of 2010 that economic activity in the United States had returned to pre-recession levels, a situation which has still not been secured in the Eurozone (even in Germany, which did pull off rapid growth in 2010). Consequently there was very little tension on the production cycle and the job market. There was no reason to make any changes to the extremely accommodating monetary policies adopted during the recession, in the Eurozone, the United States, or even in the United Kingdom. In November 2010, in fact, the United States introduced an even more accommodating policy, Quantitative Easing, with a view to putting some sustainable pressure on interest rates.
The differing dynamics of emerging and developed countries led to some divergence in interest rate expectations. The US Federal Reserve’s accommodating monetary policy in fact confirmed the idea of very low rates for the duration. This led to a refocusing of investment flows towards emerging countries at higher remunerations. Flows of capital to emerging countries increased considerably, particularly on fixed income markets. This situation, however, did pose a number of problems for countries receiving the capital. In the past this had actually been quite volatile, speeding into a country and departing just as swiftly. These violent capital flow movements exerted a destabilizing effect on the host country in terms of both interest rates and also implementation of monetary policy. Some countries such as Brazil thus chose to introduce taxes on financial transactions in order to limit the disruptive capital movements.
An issue in relation to instruments For emerging countries, this situation poses a new question as to the modus operandi of monetary policy. If monetary policy has to be restrictive, can it use the habitual weapon of interest rates? This would entail the risk of attracting further capital inflows. In many countries, monetary policy is thus implemented via the level of mandatory reserves in order to enhance credit and put pressure on growth. Nevertheless, it is still a less effective instrument than interest rates to regulate the cycle. This means that the dynamic economics
Natixis Asset Management
PAGE 5
macroeconomic analysis
of emerging countries have remained in place, and have continued to meet extremely sustained demand, particularly demand for commodities. Although the prices of energy, metals or foodstuffs fell in 2009, they bounced back to higher levels in 2010 under pressure from this emerging demand, and following gradual economic recovery in developed countries. In emerging nations, these tensions can serve as an incentive to adopt currency parity as a direct instrument of monetary policy.
 Combating inflation In these ever more tense markets a single specific event can exert a considerable impact, as was the case, for instance, with regard to food prices as of the summer of 2010 following the climate contingency in Russia, or the emergence of geopolitical tensions in North Africa and the Middle East
The current behavior of central banks are a good indication of current economic diversity worldwide.
Natixis Asset Management
since the beginning of the year. Oil prices were pulled up sharply by fears of supply restrictions. This new situation compels central banks to take rapid and different courses of action to prevent this commodity disruption from being passed on permanently to the rest of the economy. The risk with a higher level of inflation would eventually distort growth conditions in the long term. One feature of emerging countries is their great sensitivity to food prices, in view of the large percentage represented by foodstuffs in household expenditure. Since, however, prices are established on a worldwide scale, the habitual instruments do not operate properly. Resorting to currency appreciation would appear to be the solution to limit the impact of imported prices and prevent an inflationary drift to the detriment of growth. Industrialized countries have a different problem. At the European Central Bank, the course of action adopted by central bankers since the beginning of 2011 has been to put pressure on behavior patterns in order to prevent the disruption of commodities from becoming an excessively major issue in wage negotiations. Growth remains fragile and must be retained, but shock waves from prices must be preventing from spreading to the rest of the economy. A specific situation is observed in the United Kingdom, where the Bank of England has a mandate to limit price rises within a corridor fluctuating between 1% and 3%. The BoE cannot simply bring pressure to bear on expectations, but must intervene and raise
its interest rates, which it will likely do in the months to come. In the United States, meanwhile, the Federal Reserve has no plans for the time being to make any changes to its strategy since it considers that the issue of inflation is subordinate to the issue of growth.
 Conclusion These observations in relation to the different situations of countries around the world enable a definition, through the focus of monetary policy, of the possible trajectory of the world economy if the current tensions on commodity prices, ushered in by the geopolitical context, prove to be merely temporary. Banks in emerging countries are more active. Their fear of short-term inflation and capital inflows tempts them to avail themselves of the option to appreciate their currencies. If their strategy is effective, it will make industrialized countries more competitive, but will also be synonymous of an overall economic situation that is conditioned more than ever by emerging countries. ///
Written on 01/03/2011
Perspectives /// March 2011
PAGE 6
Asset allocation
Rising oil prices: inflationary or recessionary effect? Civil disturbances in the Near and Middle East have accelerated the already bullish trend in commodities, and oil prices in particular. If this surge seems slightly exaggerated, it forms part of an upwardly mobile context of commodity prices due to the pace of the world economy and the pressure brought to bear on basic resources by growth in emerging countries.
franck nicolas Head of Global Asset Allocation & ALM Risk categories
Risk subcategories
Tactical allocation* 01/11(1) 02/11(2)
Fixed income Equities Fixed income United States Euro zone UK Emerging markets Japan
++ = + -
+ = = -
Euro issuers
Corporate Invest. Grade
+
+
Equities
United States Euro zone UK Japan Emerging markets
= ++ + = -
= + = + -
Dollar Yen Sterling
= -
-
+
=
-
-
++
++
Currencies (against the euro)
Commodities Oil Gold Industrial materials
(1) Investment committee as of 06/01/2011. (2) Investment committee as of 24/02/2011.
Scale from -- to ++ * Weighting gap vs. strategic allocation of investor.
Perspectives /// March 2011
In due consideration of the importance of energy in global inflation, and especially the percentage accounted for by gasoline in consumer expenditure (in the United States in particular), we may expect a general increase in inflation or the emergence of the first recessionary effects if barrel prices remain so high. The former would appear to have already emerged in emerging countries, where growth is observed as more inflationary than in the past due to price tensions imported by commodities. Meanwhile, the current prices for resources do not constitute a threat to the economy (except in a very small number of emerging regions which consume more of certain items than they produce). This remains, however, a phenomenon to be closely watched. Consequently, the Natixis Asset Management Strategic Investment Committee remained favorable to risk in February, with a very slight reduction of the overexposures implemented in the last few months.
Fixed income In relation to fixed income, in due consideration of the fact that inflation could increase, Natixis Asset Management has maintained a conservative slant, especially in more expensive zones (Germany and France). Emerging market debt shows a return towards neutrality. Some central banks that had merely been obliged to pilot deflation will be compelled to deal with inflation, thereby ushering in further uncertainty.
Equities Natixis Asset Management has also maintained a favorable allocation to equities. Even though risk has been running low on
portfolios, we feel that recent events do not appear to be raising any questions as to the pace of growth and visibility on dynamic results. We have nevertheless intensified a lower weighting for the most cyclical sectors in favor of delayed cyclical sectors, where valuation appears to be lower. In terms of geography, our preferences are still the Eurozone and Japan, considering the yen's depreciation potential. The yen may once more become a borrowing currency for carry trade transactions to fully replace the dollar, if US short rates show a moderate increase should growth in the United States be confirmed.
Currencies The configuration prevailing on the pound sterling is particularly delicate: on the one hand, the market awaits monetary tightening by the Bank of England to counter inflation, thereby assisting sterling, while on the other the UK economy is so weak that this course of action could be seen as "suicidal". If the situation stabilizes with regard to commodities and oil, the Bank of England may well try to gain some time and avoid raising its rates, and also authorize the easing of sterling.
Commodities Oil looks set to peak, and may even come down a touch if the geopolitical premium diminishes and the situation does not deteriorate in the Arab world. This is still an issue to keep an eye on, however, since the context remains unstable. ///
Written on 01/03/2011
Natixis Asset Management
PAGE 7
markets data
As of 31/01/2011 France
Value
CAC 40 CAC Mid 100 IT CAC 20 SBF 120 SBF 250
4 005.50 7 335.46 3 828.46 2 993.15 2 928.35
1 year
Europe
Value
MSCI Europe EuroStoxx 50 DAX Footsie
96.92 2 953.63 4 136.11 5 862.94
United States
Value
Dow Jones S&P 500 Nasdaq Brent Crude Future
11 891.93 1 286.12 2 700.08 101.01
2011
7.11 % 18.68 % 17.32 % 9.27 % 9.44 %
5.28 % 1.40 % 3.73 % 4.61 % 4.56 %
1 year
Value
Nikke誰 Hong Kong Singapore Shangha誰
10 237.92 23 447.34 3 179.72 306.45
1.62 % 5.76 % 2.03 % -0.63 %
18.12 % 19.76 % 25.74 % 41.35 %
Value
MSCI Monde
1 308.08
Rate
2.72 % 2.26 % 1.78 % 6.61 %
5 years French Treasury Bond 5 years USTN 10 years French Treasury Bond 10 years USTN 30 years French Treasury Bond 30 years USTN
2011
0.39 % 16.53 % 15.82 % 26.30 %
0.09 % 1.79 % -0.32 % 0.69 %
1 year
2.700 % 1.953 % 3.534 % 3.377 % 4.006 % 4.570 %
1 year 0.987 0.409 0.353 0.419 0.050
2011 0.496 0.068 0.092 0.137 0.040
1 year 0.262 -0.395 0.073 -0.230 -0.122 0.061
2011 0.563 -0.055 0.172 0.09 0.125 0.231
Currencies Value Euro/Dollar Euro/Yen (100) Euro/Sterling Dollar/Yen
2011
16.84 %
1.313 % 1.074 % 1.319 % 1.644 % 0.170 %
Fixed income
2011
1 year
World
Eonia 3 months Euribor 6 months Euribor 1 year Euribor Fed Funds
2011
13.09 % 6.37 % 22.23 % 13.00 %
1 year
Asia
Money market Rate
2.19 %
1.3710 112.3260 0.8560 81.9300
1 year
2011
-1.36 % -10.86 % -1.32 % -9.62 %
2.20 % 3.23 % -0.11 % 1.02 %
The monthly index At the end of February, the price of oil (Brent) topped 110 dollars a barrel, a price fluctuating in accordance with geopolitical events such as the recent occurrences in North Africa and the Middle East.
Price of a barrel of oil (Brent) in dollars 160 140 120
The region, which accounts for more than one quarter of the world's supply, is certainly subject to a large amount of tension, thereby creating many uncertainties on the oil market.
100 80 60 40
Beyond the immediate situation, the graph shows a net change in the trend of barrel prices since the turn of the century.
20 0 1982
1985
1988
1991
1994
1997
2000
2003
2006
2009
Source: Datastream - Natixis Asset Management
From the mid-1980s to 2003 the price stood at around 20 dollars, reaching its lowest level of approximately 10 dollars in 1999.
Those days are gone. Development on emerging markets, and especially the dramatic arrival of the newcomer China, have changed the structure of demand for oil. This demand has accelerated, thereby bringing pressure to bear on prices. Then we have supply, which developed more slowly in the 1980s and 1990s due to low returns. This is now tending to drive prices upwards. The dynamism of markets in emerging countries means that demand for oil is rapidly outstripping supply. This occasionally leads to excesses, as in 2008, but it is a reality to which a long-term solution must be found.
Natixis Asset Management
Perspectives /// March 2011
PAGE 8
expertise FOCUS
2011 outlook 2010 was a year of transition. Economic slowdown in China and the United States fuelled fears of a return to world recession, while budget imbalances rekindled concern on finance markets. 2011 arrived with forecasts of economic recovery based on: n monetary policies which remain accommodating in industrialized countries, n growth that is more robust and less dependent on public aid packages, n public deficits which are still giving cause for concern, although there is a general awareness that is leading markets back to rationality, n business fundamentals that remain solid, n a finance sector that is still healing its wounds, but constantly improving.
Seizing market opportunities in 2011 With respect to 2011 the Natixis Asset Management teams have pinpointed three main areas to seize market opportunities, with a particular focus in this issue on the n째 1 area: equities. Focuses on the other 2 areas will follow in the months to come.
1. 2011, the year of equities Supported by business profits as macroeconomics improve, and underheld by investors, the equities asset class shows a more favorable return/risk ratio than fixed income markets. American and European equities (especially in the Eurozone) are a preferable choice. Natixis Asset Management's equity specialists have more reserves as to emerging markets in 2011, with the exception of European emerging markets, where we feel valuations are more reasonable. In terms of capitalization, small & mid caps should benefit from the anticipated renewal of mergers and acquisitions.
2. Selectivity on bond markets Fixed income specialists at Natixis Asset Management are still closely watching risk on sovereign Euro debt. There will, however, be opportunities available on carry strategies, particularly in market segments with attractive returns such as high yield and emerging debt, or currency diversification strategies.
Certain risks, however, are still present: n concerning sovereign debt: the possibility of speculative attacks that may affect certain areas; upgrading of assets undervalued on bank balance sheets; fears of a lack of coordination between EU Member States, n concerning commodities: tensions raising fears of inflation-driven growth on emerging markets, or even the beginnings of recessionary effects introduced by higher prices for certain basic resources.
Perspectives /// March 2011
3. Expectations of likely volatility peaks Though markets have been showing lower volatility for several months, the Natixis Asset Management specialists are expecting volatility peaks in the course of 2011. Within this context, flexible management n to take advantage from the expected surge on markets, while striving to mitigate bearish phases; n to work volatility as a source of added value in its own right.
Natixis Asset Management
PAGE 9
EXPERTISE FOCUS
Item n° 1: European equities Although all emerging equity markets pulled off excellent performances over the last two years, emerging Europe has been slightly penalized by investors' concerns with sovereign debt in the Eurozone. Emerging Europe now offers an attractive opportunities/risk ratio with respect to its Asian and South American counterparts.
Focus on Natixis Emerging Europe Fund Why this interest in emerging Europe? GDP growth in 2011 is expected to be 2-2.5% in this zone. In central Europe, the estimates are more than 4% for Russia and more than 3% in Turkey ... We feel this context, in combination with the growth outlook for business profits, offers a solid investment criterion. Moreover, emerging Europe now shows a valuation discrepancy of around 35% with respect to emerging equity markets and 30% with respect to equity markets in developed countries.
François Théret Head of equity management, Europe & global (Natixis Asset Management)
There are other arguments in favor of countries forming part of the Community of Independent States (2): a context favorable to commodities, increasing exposure to Asian demand, and tangible signs of economic improvement in Russia.
We will, however, be keeping a close watch on the risk of higher inflation and its potential impact in terms of price regulation and monetary policy.
How can you take advantage from these opportunities? Our management process is based on a conviction approach. We feel that country allocation factors are just as important as stock selection within the Natixis Emerging Europe Fund management procedure. We implement a more diversified approach in terms of sectorial allocation and country allocation, and our portfolio makes significant bets with respect to its benchmark (for reference only) and also to its peers. Our team consists of four experienced specialists (two managers and two analysts), and is one of the main Paris-based players on the emerging Europe equities market. (1) Natixis Emerging Europe Fund is a sub-fund of the Luxembourg Sicav Natixis International Funds-(Lux) I, the main risks of which are exposure to emerging markets and currency risk. For full information in connection with risks, see the prospectus at www.am.natixis.com. The figures refer to past years. Past performance is not a reliable indicator of future performance. (2) Community of Independent States: a government entity composed of 11 of the 15 former Soviet republics. (3) Total Expense Ratio. (4) Data at 27/01/2011. References to a ranking or a price should not be interpreted as indications of the future performance of the UCITS or of the management unit. The Lipper Regular Performance score reflects the performance of a fund over the past 3 years, adjusted for short-term and long-term risk, with respect to all funds in the same Lipper France & Offshore category. A fund with a "Leader" scoring means it forms part of the best 20% in its category.
Natixis Asset Management
The fund in brief Natixis Emerging Europe Fund (1) : getting the most out of the growth in the emerging European zone as part of a conviction management strategy. Fund specifics n Investment mainly in the equity of companies in emerging Europe n Geographic allocation and selection of equities as major profit drivers n A portfolio structure based on conviction, with the benchmark acting as an indicator n A larger investment universe than that represented by the benchmark, to offer a much more diversified range of opportunities Fund features Legal form: SICAV sub-fund Benchmark: MSCI Emerging PI$ (indicative figure) Inception date class: I/A EUR: 17/05/2002 I/A USD: 16/01/1998 Net assets at 01/31/2011: USD 207.32 ISIN codes: LU0147917792 ( I/A EUR) LU0095830922 (I/A USD) Fees TER(3): 1.20 % Max. subscription fee : 4% Minimum initial subscription: 100 000 EUR (I/A EUR) 100 000 USD (I/A USD) Co-portfolio managers n François Théret n Matthieu Belondrade, CFA
Scoring Score 5 - Lipper Leader (4) Lipper "Emerging Equity Europe" category for regularity of its performance over 3 years.
Perspectives /// March 2011
PAGE 10
FOCUS expertise
Item n° 1: American equities The American equities market should also reap indirect advantage in 2011 from the second wave of the Fed's Quantitative Easing and a recovery in household consumption.
Focus on Natixis Actions US Growth What makes your Growth style approach a specific approach? Traditionally, the Growth approach consists of identifying firms that have strong growth potential, or whose profits are likely to outperform the market average. Thus we seek out companies with long-term growth drivers Our management process differs from most growth funds in that it considers additional selection criteria such as:
Aziz Hamzaogullari Head of US Large Cap Growth Management at Loomis Sayles & Co; L.P.
nq uality of the firm (sustainable competitive edge, competitive analysis, financial analysis and management quality); n v aluation (market value lower than intrinsic value). Our approach also features an utterly long-term vision, producing low portfolio turnover (around 25%).
Finally, our management choices are not guided by macroeconomic factors. This makes Natixis Actions US Growth's sectorial exposures the result of our stock picking, based on the recommendations of our research teams.
The fund in brief Natixis Actions US Growth(1): reaping the advantages of a select group of American firms benefiting from major growth outlook. Fund specifics n An alternative growth management approach based on in-depth analysis of long-term growth factors n A stringent management process striving to identify quality firms underestimated by the market n A concentrated portfolio reflecting the convictions of an experienced management teams Fund features Legal form: FCP under French law Benchmark: S&P 500 TR USD Inception date: 19/12/2005 Net assets at 31/01/2011: USD 241.35 million ISIN code: FR0010256404 (Part I USD)
How do you see 2011? We feel that the long-term outlook on the American equities market are favorable for quality firms with strong business potential, in view of:
Fees
n the current attractive valuations,
Max. operating and management fees: 1% Performance fee: 20% of the outperformance in relation to the S&P 500 TR index in dollar Minimum initial subscription: â‚Ź50,000
n and an environment where very few companies can boast growth that is both profitable and sustainable.
Portfolio manager
n low expectations on the market,
Our stock picking is now leading us to overweight the pharmaceutical, financial and technological sectors in the portfolio against industry, equipment goods and energy, which are underweighted. Although their anticipated profits are low in the short term, we have identified a number of high-quality pharma stocks which show some particularly attractive opportunities for long-term investment.
n Aziz Hamzaogullari, CFA Scoring Score 4 - Lipper Lipper "Equity North America Average" category for regularity of its performance over 3 years(2).
(1) Management of Natixis Actions US Growth has been delegated to Loomis, Sayles & Company, L.P., based in Boston, USA since 1926. Natixis Actions US Growth is a French FCP fund the main risk of which is equities risk. The management team strive to mitigate the risk by selecting top quality firms with stable cash flows and solid fundamentals. Since the fund is denominated in dollars, there may be a certain amount of currency risk. The fund is also exposed to capital loss risk. For full information in connection with risks, see the prospectus at www.am.natixis.com. (2) Data at 27/01/2011. References to a ranking or a price should not be interpreted as indications of the future performance of the UCITS or of the management unit. The Lipper Regular Performance score reflects the performance of a fund over the past 3 years, adjusted for short-term and long-term risk, with respect to all funds in the same Lipper France & Offshore category. A fund with a "Leader" scoring means it forms part of the best 20% in its category.
Perspectives /// March 2011
Natixis Asset Management
PAGE 11
FOCUS EXPERTISE
Item n° 1: Small & mid cap equities Although it has benefited from solid recovery over the last two years, the small & mid caps universe is still attractive in terms of valuation potential.
Focus on Natixis Europe Smaller Companies Fund After two excellent years, isn't it too late to invest in small & mid caps? 2009 and 2010 will indeed be remembered as prosperous years for small cap equities. However, we feel that they are still undervalued.
Thierry Cuypers Head of small & mid cap equities management Europe
In 2011 we are focusing on investmentsensitive companies, especially those operating with metals and hydrocarbons, but also on firms which are not so sensitive to any economic downturns (underweighting of consumption values in Southern Europe) and public orders, now experiencing dips (on exposure to sectors receiving subsidies, for example). We are anticipating a renewal of merger/acquisition transactions, and so the takeover potential of equities will be one of our major selection criteria.
Structurally speaking, what are the advantages of small & mid caps? Since the small & mid caps universe is structurally more cyclical than that of large caps, it has more edge in a positive economic context. Though more volatile, these equities also hold other advantages over large caps. They can usually offer better growth outlook, lower regulatory risks, and are favored as the targets of takeover bids.
How can you extract benefit from this universe? We employ conviction management which entails clear-cut choices, combining a topdown approach (macroeconomic cycle, choice of country, sectors) with a bottomup approach (selection of equities, paying particular attention to risk management, especially to liquidity criteria).
The fund in brief Natixis Europe Smaller Companies Fund(1): reaping the benefits of attractive European small and mid caps within a framework of conviction management. Fund specifics n Invest mainly in smaller European companies n An opportunistic investment approach with no style bias, combining top-down geographic and sectorial allocations and bottom-up selection of equities to generate alpha n A team specializing in small cap European equities, using Natixis Asset Management's equity search resources. Fund features Legal form: SICAV sub-fund Benchmark: MSCI Europe Small Cap DNR (indicative figure) Inception date: 01/03/1996 Net assets at 31/01/2011: €91.05 million ISIN code: LU0095827381 (I/A EUR) Fees TER(2) : 1.20 % Max. subscription fee: 4% Minimum initial subscription: €100,000 Portfolio manager n Thierry Cuypers Scoring Score 5 - Lipper Leader (3)
(1) Natixis Europe Smaller Companies Fund is a sub-fund of the Luxembourg Sicav Natixis International Funds (Lux) I, the main risk of which is share price variation heightened by the lower liquidity of small caps. For full information in connection with risks, see the prospectus at www.am.natixis.com. The figures refer to past years. Past performance is not a reliable indicator of future performance.
Lipper "Europe Small & Mid Cap Average" category for regularity of its performance over 3 years.
(2) Total Expense ratio. (3) Data at 27/01/2011. References to a ranking or a price should not be interpreted as indications of the future performance of the UCITS or of the management unit. The Lipper Regular Performance score reflects the performance of a fund over the past 3 years, adjusted for short-term and long-term risk, with respect to all funds in the same Lipper France & Offshore category. A fund with a "Leader" scoring means it forms part of the best 20% in its category.
Natixis Asset Management
Perspectives /// March 2011
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multimanagement Focus
Multimanagement : 2011, a year marked by mutation interview with... Is multimanagement still an in concept?
Isabelle Reux-Brown CEO, Natixis Multimanager
Whether it is a fund of funds or merely an advisory fund, it is a powerful tool amid a lavish offer of funds, which is difficult to decipher rapidly, and the boundaries of which are increasingly fuzzy. It is also a solution when investors are looking for returns on less familiar segments (countries, markets). Carrying all this out in an efficient and secure fashion requires time and means, and this is the objectivized expertise which multimanagement gives our customers.
What is the specific added value of multimanagement? Multimanagers are independent and position themselves alongside the investor as a guarantee of access to the most qualified experts. As genuine alpha architects with in-depth knowledge of yield constructions, we dissect performance levers and go beyond the usual notions (asset class, style, country) to define the nature of the alphas and the risks actually inherent to the fund, like architects who must necessarily be familiar with the physical properties of their building materials. This approach enables us to draw up forecasts of their future behavior throughout the various market phases in order to associate them in the fund of funds in an effective manner.
"We are a bit like architects striving to approve the very best management styles with a view to securing an optimum alpha source." Isabelle Reux-Brown,
CEO, Natixis Multimanager Created in September 2001, Natixis Multimanager is Natixis Asset Management's multimanagement specialist unit. Its key expertise lies in the ability to analyze and select fund managers and expert knowledge, and add them in to funds of funds. To do this, Natixis Multimanager avails itself of a team with over 10 years' experience in multimanagement and also fund selection and allocation consultancy.
Multimanagement expertise ‌ Natixis Multimanager offers traditional and also alternative multimanagement solutions. The cornerstone of our traditional multimanagement is ultradetailed knowledge of the best directional funds with an expert style of management. Their readability and constant long-term behavior patterns enable us to build two types of effective funds of funds: n single-asset class products, mainly equities from the Sonic range. n profiled total return multi-asset class products from the RÊactis range. Alternative multimanagement, on the other hand, is geared towards a multi-strategy approach. It uses a wide spectrum of alternative strategies (event-driven, rate arbitration, convertible bonds and volatility arbitration, global macro, long-short etc).
‌and selection and consultancy services for external UCITS Natixis Multimanager also offers a selection and consultancy service for external UCITS, broken down into three main formats: n an external UCITS selection and consultancy service following a qualitative analysis (questionnaire, in situ encounters) and also a quantitative analysis (performance, risks, competitive positioning), n monitoring of external UCITS in the form of UCITS listed by asset class or management type, fund reporting, real-time streamlining of the lists, n an allocation consultancy service for external funds.
Perspectives /// March 2011
Natixis Asset Management
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multimanagement Focus
After 2010's marked by the outbreak of the souvereign risks and the resurgence of inflation pressures int he emerging, 2011 should be synonymous of balancing in favour of the relatively undervalued European equities.
Focus on Sonic Grande Europe Why choose European equities in 2011? The developed nations are now back on the growth track, whereas emerging countries in Asia and South America harbor fears of inflation in connection with prices for commodities, especially agricultural products. Moreover, the surge at the beginning of the year fuelled by the return of capital that fled Europe in 2008 has exerted no tangible influence on valuations. They are still at reasonable levels.
xavier Laurent Head of Multimanagement, Natixis Multimanager
Which European equities should we be looking at?
The initial months of 2011 indicated a rotation of sectors / issues. Thus we reassessed the value and dividends styles, and underassessed the growth style. What we are doing is seeking out returns within a likely phase of negative real interest rates, in accordance with expectations of higher inflation. What is more, the dynamics of European markets again have a strong mismatch potential. Whereas the Eurozone went through a phase of purgatory in 2010, it is now leading the indexes ahead of Nordic or even UK equities. It is quite possible that we could be seeing a return to the market pendulum syndrome if European risk aversion re-emerges. Finally, despite a noteworthy comeback by specialist small & mid cap management, the performance lag with respect to the record highs of 2007 is still considerable. The catch-up potential is thus a reality, especially if we take account of a "mergers/ acquisitions" dimension on this segment, where the interest of larger companies is aroused to take advantage of growth drivers.
The fund in brief Sonic Grande Europe(1): multimanagement fund targeting the potential of European equities. Fund specifics n A broad universe of funds ranging between passive strategies and active management on all cap sizes n A conviction approach combining a search for the best experts and allocations in connection with the market items deemed most effective n Maximum exposure of 10% of net assets to emerging markets n Maximum exposure of 10% of net assets to small caps Find features Legal form: PEP-eligible FCP French mutual fund Inception date: 22/12/2000 Net assets at 31/01/2011: â‚Ź152 million ISIN code : FR0000449878 (I C Euro) Fees Max. operating and management fees: 0.80% inc. all tax Max. subscription fee: 2.00% Performance fee: 20% of the performance above the benchmark indicator: MSCI Europe NDR in EUR Co-portfolio managers
(1) Sonic Grande Europe, a French FCP mutual fund with an AMF "International equities" classification managed by Natixis Multimanager, targets a performance beyond the MSCI Europe DNR index as a benchmark for an investment timescale of 8 years. Its main risks are capital risk, share risk, currency risk, interest rate risk, credit and overexposure risk. For full information in connection with risks, see the prospectus at www.am.natixis.com. Natixis Multimanager is the Natixis multimanagement specialist, a funds management subsidiary of Natixis Asset Management and an independent entity in terms of investment strategies. (2) Data at 27/01/2011. References to a ranking or a price should not be interpreted as indications of the future performance of the UCITS or of the management unit. The Lipper Regular Performance score reflects the performance of a fund over the past 3 years, adjusted for short-term and long-term risk, with respect to all funds in the same Lipper France & Offshore category. A fund with a "Leader" scoring means it forms part of the best 20% in its category.
More information: www.multimanager.natixis.com
Natixis Asset Management
n Mohamadou Hayatou n Xavier Laurent
Scoring Lipper Score 4- Absolute Performances Lipper Score 4 - Regular Performances(2) Lipper Leader - Preservation of capital over 5 years "Equity Europe" category at 30/09/2010.
Perspectives /// March 2011
PAGE 14
our international Product range
Brief overview of our international product range The key expertise of Natixis Asset Management dedicated to international clients are gathered in n 8 sub-funds of the Natixis International Funds (Lux) I SICAV and the Impact Funds SICAV (pages 14 to 16), n and in a selection of 27 complementary funds covering all asset classes (listed on page 17).
Sub-funds of the Natixis International Funds SICAV
Matthieu Belondrade & François Théret
Natixis Emerging Europe Fund Get the most out of the growth in the emerging European zone as part of a conviction management strategy • Investment universe: Emerging Europe Equities • Benchmark: MSCI Emerging Europe Index (indicative only) • Minimum recommended investment period: 5 years • Risk Indicator: Target tracking-error ex ante between 6 and 10
I, A I, A I, D R, A R, A R, D
EUR USD USD EUR USD USD
LU0147917792 LU0095830922 LU0095831060 LU0147918923 LU0084288595 LU0084288678
Thierry Cuypers
Natixis Europe Smaller Companies Fund Make the most of attractive European small and mid caps in a conviction investment style • I nvestment universe: European Equities •B enchmark: MSCI Europe Small Caps NDR (indicative only) •M inimum recommended investment period: 5 years •R isk Indicator: Target tracking-error ex ante between 2 and 7 (indicative, barring crisis context)
I, A I, D R, A R, D
EUR EUR EUR EUR
LU0095827381 LU0095828272 LU0064070138 LU0064070211
Christine Lebreton
Natixis Impact Europe Equities Fund Benefit from the growth potential of socially responsible European companies through conviction-based management • Investment universe: European equities • Benchmark: MSCI Europe (indicative only) • Minimum recommended investment period: 5 years
I, A I, D R, A R, D
EUR EUR EUR EUR
LU0095828512 LU0095828785 LU0066549592 LU0066549832
See the full prospectus which is the only legally binding document. See the Legal Information on page 2 for important information about the funds.
Perspectives /// March 2011
Natixis Asset Management
PAGE 15
our international Product range
Sub-funds of the Natixis International Funds SICAV
Clothilde Malaussene
Natixis Euro Aggregate Plus Fund Benefit from a broad range of fixed income investment opportunities • Investment universe: Mainly Euro denominated government or private issuers rated Investment / Diversifying fixed income assets • Benchmark: Barclays Capital Euro Aggregate • Minimum recommended investment period: 3 years
I, A I, D R, A R, D
EUR EUR EUR EUR
LU0161120547 LU0391146155 LU0161121271 LU0390502184
Sophie Potard
Natixis Global Inflation Fund Get the most out of diversification in inflation-indexed bonds in a global universe • Investment universe: International inflation-linked bonds • Benchmark: Barclays World Government Inflation linked all maturities Index hedged in euro • Minimum recommended investment period: 2 years
H-I, A H-I, D I, A I, D R, A R, D
USD USD EUR EUR EUR EUR
LU0390502267 LU0390502341 LU0255251166 LU0255251596 LU0255251679 LU0255251752
Hanna Stekelorom
Natixis Impact Euro Corporate Bond Fund Combining responsability and conviction-based strategies in the eurocredit universe • Investment universe: Mainly Euro-denominated investment grade debt securities • Benchmark: Barclays Euro Aggregate Corporate Index • Minimum recommended investment period: 3 years
I, A I, D R, A R, D
EUR EUR EUR EUR
LU0155376477 LU0391146072 LU0155380156 LU0390502770
See the full prospectus which is the only legally binding document. See the Legal Information on page 2 for important information about the funds.
Natixis Asset Management
Perspectives /// March 2011
PAGE 16
our international Product range
Sub-funds of the Natixis International Funds SICAV
Philippe Berthelot & Vincent Marioni
Natixis Euro High Income Fund High total investment return through a combination of high current income and capital appreciation • Investment universe: The fund invests primarily in sub-investmentgrade euro-denominated debt securities • Benchmark: BofA Merrill Lynch Euro High Yield, BB-B Rated Constrained Index • Minimum recommended investment period: 3 years
R, C I, C S, C RE, C Y, C I, D R, D S, D
EUR EUR EUR EUR EUR EUR EUR EUR
LU0556617156 LU0556616935 LU0556617313 LU0556617586 LU0556617743 LU0593537219 LU0593537482 LU0593537565
Sub-fund of the Impact Funds SICAV
Clotilde Basselier & Suzanne Senellart
Impact Funds Climate Change Reconciling climate change with a performance oriented strategy in a global equity fund • Investment universe: Global equities • Benchmark: The MSCI World index (indicative only). • Minimum recommended investment period: 5 years
I, C I, C J, C
USD EUR EUR
LU0448199025 LU0448199371 LU0448199454
See the full prospectus which is the only legally binding document. See the Legal Information on page 2 for important information about the funds.
Perspectives /// March 2011
Natixis Asset Management
PAGE 17
our international Product range
A selection of 27 complementary funds This quarterly reviewed list of funds aims to highlight Natixis Asset Management's most innovative products and its wide range of expertise. Fund name
Fixed income
Money market
Asset Class
Natixis Cash Première
IA: FR0010157834
Natixis Cash A1P1
IA: FR0010322438
Natixis Cash Eonia
IA: FR0010298943
Natixis Tréso Euribor 3 mois
IA: FR0010831693
Natixis Tréso Plus 3 mois
IA: FR0007075122
Natixis Court Terme 6 mois
IA: FR0010885236
Natixis Souverains Euro 1-3
IA: FR0010208421
Natixis Souverains Euro 3-5
IA: FR0010036400
Natrixis Souverains Euro 5-7
A: FR0010201699
Natixis Souverains Euro 7-10
A: FR0000449092
Natixis Souverains Euro
IA: FR0010655456
Natixis Inflation Euro Natixis Obli Opportunités 12 mois
Equity
Natixis Crédit Euro
I: FR0010680223 IA: FR0010796391 I: FR0010171108
Natixis Convertibles Euro
IA: FR0010658963
Natixis Convertibles Europe
IA: FR0010171678
H2O Multibonds
IA: FR0010930438
Natixis Actions Euro Value
IA: FR0010270025
Natixis Actions US Growth
IA: FR0010256404
Sonic Monde Natixis Actions Global émergents Impact Funds Climate Change
Alternative investment
Share and ISIN code
Natixis Performance Active Allocation Natixis Constellation European Event
IA €: FR0010555797 IA: FR0010711051 IA $: LU0448199025 IA: FR0010688812 IA €: LU0161071237 IA $: LU0161073951
H2O Adagio
IA: FR0010929794
H2O Moderato
IA: FR0010929836
H2O Patrimoine
IA: FR0010930446
These funds are authorized for sale in France and possibly in other country(ies) where their sale is not contrary to local legislation. Please refer to legal information of this material.
Natixis Asset Management
Perspectives /// March 2011
tre-1 1
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News
Grands Prix 2011
UROFONDS Le Monde/El Pais/La Stampa/Tageblatt/Le Jeudi/Fonds.NL
Natixis Asset Management, Best French investment management company according to Le Monde
In the 2011 edition of the Grands Prix Eurofonds-Fundclass awarded by Le Monde, Natixis Asset Management is the best French management company 17/02/11 10:33:08
in the category for major European companies managing more than 100 funds*.
March 2011
FLASH AWARDS
With these Grands Prix, the French newspaper Le Monde promotes every year the leading European asset managers in recognition of sustained performance Grands Prix 2011
of their entire range using a method perfected by Fundclass.
UROFONDS Le Monde/El Pais/La Stampa/Tageblatt/Le Jeudi/Fonds.NL
Natixis Asset Management, Best French investment management company according to Le Monde
This award confirms Natixis Asset Management’s leading position in the asset management market for the 4th year running.
Sans titre-1 1
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.
Further information consult the dedicated Flash Awards available on www.am.natixis.com
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.
www.am.natixis.com CORPORATE AND INVESTMENT BANKING / INVESTMENT SOLUTIONS / SPECIALIZED FINANCIAL SERVICES
(Source: Le Monde Argent - 12/03/2011) * Companies with funds rated by Fundclass for at least four years as of December 31, 2010, and with more than 100 funds registered for sale in Europe. 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.
Perspectives /// March 2011
Natixis Asset Management
multi
expert. C ombining e x pertise to create v alue Thanks to the Natixis Global Asset Management multi-boutique model, Natixis Asset Management offers privileged access to the expertise of over 20 specialized asset managers located in Asia and the US in particular. Natixis Asset Management leverages its teams’ knowhow over all asset classes and investment styles to best meet its clients’ new requirements.
W i t h € 3 0 2 b n o f a s s e t s u n d e r m a n a g e m e n t a s o f 31 th December 2010, Natixis Asset Management offers its clients new value generating solutions.
European expert of Natixis Global Asset Management
www.am.natixis.com Corporate and Investment Banking / Investment Solutions / Specialized Financial Services
www.am.natixis.com Natixis Multimanager Subsidiary of Natixis Asset Management A French simplified joint-stock company Share Capital of 7 536 452 € RCS Number 438 284 192 Paris Regulated by AMF under n°GP 01-054 Registered Office: 21 quai d’Austerlitz 75 634 Paris, Cedex 13 - Tel. +33 1 78 40 32 00 www.multimanager.natixis.com
communication-nam@am.natixis.fr - March 2011. Cover picture : © Oleg Kozlov-Sophy Kozlova/Shutterstock.
Perspectives is a Natixis Asset Management's publication - Natixis Asset Management - Communications Department - Business Development -
Natixis Asset Management Limited Liability Company Share Capital 50 434 604,76 € RCS Number 329 450 738 Paris Regulated by AMF under n°GP 90-009 Registered Office: 21 quai d’Austerlitz 75 634 Paris, Cedex 13 - Tel. +33 1 78 40 80 00