monthly market outlook july / august 2010 - bank zweiplus · pdf filemonthly market outlook...

July / August 2010 www.bankzweiplus.ch / marketplus

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Asset Allocation

MarketplusMonthly market outlookJuly / August 2010


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Contents

Contents

Asset Allocation Window of opportunity for risky assets 3

Funds in focus 5

Fund Selection List 7


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Asset Allocation

Window of opportunity for risky assetsFollowing the equity market correction in Q2 2010, we see a window of opportunity for a recovery in the third quarter. First, concerns about the euro debt crisis should gradually recede and, second, corporate results should spring some very positive surprises. We expect mostly positive news to support a decline in risk aversion and a recovery in risky assets. That said, we expect to see more signs of a global slowdown in growth in autumn at the latest, and the equity markets should resume their downward trend after a temporary recovery.

Review

Euro debt crisis dampens risk appetiteInvestor optimism was riding high at the beginning of Q2 2010. Surprisingly positive corporate results fanned hopes of a lasting upswing. Towards the end of April, however, the Euroland debt cri-sis came to the attention of investors. In a bid to counter the dan-ger of the Greek crisis spreading to the other European states, the European Union (EU) put together a bailout package worth EUR 750 bn. But these measures were also only able to calm the finan-cial markets for a brief period. Plagued by nascent growth fears, equities as well as commodities corrected sharply in Q2 2010.

Equities and commodities correct in Q2 2010

Source: Datastream

Macro outlook

Fiscal impulses come to an endThe fiscal and monetary stimuli triggered a spectacular up-swing, which has kept up since H2 2009. The labour market has also started to recover since the beginning of 2010. But in the mean-time, leading indicators have peaked. The discontinuance of fiscal impulses should trigger an economic slowdown in H2 2010. The reduction of credit bubble excesses will continue to act as a brake until the beginning of 2011. On the other hand, emerging market countries will help to underpin global growth.

Equity correction discounts part of slowdown

Source: Sarasin

Equity strategy

Summer rally looks likelyThe uptrend on the equity markets in Q2 2010 came to an abrupt halt due to the debt crisis in the Euroland. However, the stock mar-ket correction appears overdone in the short term and there are good reasons to expect a rebound at the beginning of Q3 2010. The spectacular cyclical up-swing should engender further positive sur-prises in corporate results. Also, our market sentiment indicators suggest that investor sentiment is a lot less optimistic than it was at the beginning of Q2 2010. We have upgraded our emerging market equity weighting to neutral after the setback in Q2 2010. Emerging market equities are inexpensive and stand to profit the most from a decline in risk aversion. Furthermore, the earnings risks are lower in relation to US equities. Within Europe, we continue to focus on core countries, including Switzerland and the UK, while avoiding equities from the Euroland periphery. A rising level of risk willingness among investors in Q3 2010 suggests the weighting for the cyclical sectors will be increased at the expense of the defen-sive sectors.


4

Asset Allocation

Bond strategy

Debt crisis still a driving force Central banks are likely to stick to their zero interest rate policy in the coming 12 months, due to the debt crisis and the incipient eco-nomic upswing. Together with the dampening impact of inflation, this should keep interest rates on the long end of the yield curve low. However, we cannot rule out a setback in the short term due to the princely valuation of government bonds. Since the credit spreads on corporate bonds rose in Q2 2010 while the fundamental data improved, we see greater potential once more for corporate bonds.

Currencies

Swiss franc remains in demand as a safe-haven currencyThe level of confidence shows that the euro will pass its test. How-ever, the euro recovery is likely to be short-lived: the dramatic con-solidation measures mean monetary tightening is no longer an is-sue for now. Relative monetary policy will support the US dollar and the Swiss franc will remain in demand as a safe-haven currency. Since the Swiss National Bank (SNB) stopped making intervention threats in June, the Swiss franc should continue to trend firmly.

Alternative assets

Hopes of a recoveryThe projected decline in risk aversion should also lead to a recovery in alternative assets. Relatively speaking, commodities are more attractive than real estate assets because they are likely to profit from the rising level of demand in the emerging markets. The hard-est-hit commodities – i.e. industrial metals, in particular – should record the biggest gains during a recovery. Fears of a global slow-down in growth should reexert their negative influence on com-modity prices and real estate assets in autumn at the latest.

Asset allocation for Q3 2010: Overweight alternative assets

Source: Sarasin

Asset allocation

Balanced investment strategyAfter we reduced our equities allocation to underweight at the be-ginning of Q2 2010, the risk/return profile after the correction looks more attractive again. At the beginning of Q3 2010, positive news should outweigh negative news again on the back of strong corpo-rate results. Accordingly, we have increased our equity allocation to neutral. On the other hand, bonds do not have any more potential left since interest rates are at a record low level. We have therefore discarded bonds in favour of risky asset purchases. Thanks to the high level of volatility in June, we were able to purchase alternative assets with attractive yields. We have up-graded real estate assets from underweight to neutral. We continue to overweight commodi-ties and expect them to also recover in Q3 2010.


5

Funds in focus

Investment StrategyThe Fidelity Funds - South East Asia Fund invests in companies lo-cated in the South East Asia region. It is actively managed and aims to outperform the benchmark and peer group over the long term. The Manager is a growth-oriented investor and focuses on compa-nies with above-average earnings growth relative to their sector or the market. The fund’s performance may deviate substantially from the benchmark index, since the Manager is not restricted to the benchmark.

Performance (See notes on page 15)

Source: Datastream

Portfolio SplitThe fund manager does not aim to hold a specific number of stocks in the portfolio. He may invest in large, mid and small cap stocks. China, South Korea, Taiwan, Singapore and Hong Kong are the high-est weighted countries in the fund.

Current Fund Data and Information

Share price 5.409

Fund size in millions (share class) 4 444

Domicile Luxembourg

Mgmt. Company / Portfolio Mgmt. FIL

ISIN LU0048597586

Swiss Sec. No. 207 547

Currency USD

EU Tax Directive Status in scope no tax

Launch date 14.12.1995

Management Fee, p.a. (%) n.a.

TER, p.a. (%) 1.96

Dividend payment date –

Payment 2009 none

Reference index MSCI AC Far East ex Japan

Source: Datastream, Lipper

Legal Representatives in Switzerland Fortis Foreign Fund Services AG, Rennweg 57, P.O. Box, CH-8021 Zurich

Paying Agent Fortis Banque (Suisse) S.A., Zurich branch, Rennweg 57, CH-8021 Zurich

The prospectus and simplified prospectus are available free of charge from Fortis Foreign Fund Services AG, Rennweg 57, P.O. Box, CH-8021 Zurich

Investment StrategyThe investment objective of the fund is capital appreciation. The fund invests primarily in quoted securities in the UK, seeking to ex-ploit areas with excessively negative sentiment and a catalyst for change. Stocks are selected on basis of fundamental and technical analysis. Currency hedging may be employed to protect against ex-change rate risk.


Source: Datastream

Portfolio SplitThere is no information available about the Portfolio Split of the Fund.t


Share price 1026.12

Fund size in millions (share class) 277

Domicile UK

Mgmt. Company / Portfolio Mgmt. GAM

ISIN GB0002426426


Currency GBP



Management Fee, p.a. (%) 1.50

TER, p.a. (%) 1.63


Payment 2009 none

Reference index FTSE all Share


Legal Representatives in Switzerland GAM Anlagefonds AG, Klausstrasse 10, CH-8008 Zurich

Paying Agent Rothschild Bank AG, Zollikerstrasse 181, 8034 Zurich

The prospectus and simplified prospectus are available free of charge from GAM Anlagefonds AG, Klausstrasse 10, CH-8008 Zurich

Fidelity Funds - South East Asia A USD

GAM UK Diversified Acc


6

Funds in focus

Investment StrategyThe Henderson Global Technology Fund invests globally in tech-nology stocks. It is actively managed and aims to outperform its benchmark consistently. The Manager believes that various cycli-cal factors drive the technology sector, such as technology super cycle, macro economic data, seasonal factors, technology lifecycle and company-specific product cycles. Therefore, the Manager focuses on companies that benefit directly from those catalysts.


Source: Datastream

Portfolio SplitThe portfolio contains roughly 50-100 stocks. There are no sector or geographical restrictions. However, the average holding is between 0.5 % and 5 % in each position.


Share price 27.66


Domicile Luxembourg

Mgmt. Company / Portfolio Mgmt. Henderson

ISIN LU0070992663


Currency USD




TER, p.a. (%) 2.01


Payment 2009 none

Reference index MSCI ACWI IT


Legal Representatives in Switzerland Fortis Foreign Fund Services AG, Rennweg 57, 8021 Zurich

Paying Agent Fortis Banque (Suisse) S.A., Rennweg 57, 8021 Zurich

The prospectus and simplified prospectus are available free of charge from Fortis Foreign Fund Services AG, Rennweg 57, 8021 Zurich

Investment StrategyThe fund aims to provide a return by investing primarily in a diver-sified portfolio of convertible securities and warrants, globally. Convertibles offer the performance potential of equities, with the lower volatility and downside protection characteristics of bonds.


Source: Datastream

Portfolio SplitThe Fund is ideal for those investors seeking strong outperfor-mance potential combined with lower risk.


Share price 125.86


Domicile Luxembourg

Mgmt. Company / Portfolio Mgmt. JPMorgan

ISIN LU0194732953

Swiss Sec. No. 1 884 276

Currency USD

EU Tax Directive Status in scope tax



TER, p.a. (%) 1.65


Payment 2009 none

Reference index UBS Global Conv Hedged


Legal Representatives in Switzerland J.P. Morgan (Suisse) SA, 8 rue de la Confédération, P.O. Box, 1211 Geneva 11

Paying Agent J.P. Morgan (Suisse) SA, 8 rue de la Confédération, P.O. Box, 1211 Geneva 11

The prospectus and simplified prospectus are available free of charge from J.P. Morgan (Suisse) SA, 8 rue de la Confédération, P.O. Box, 1211 Geneva 11

Henderson HF Global Technology A2 USD

JPM Global Convertibles USD A Acc USD


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Fund Selection List

Equity Funds

Switzerland

Fund/Index Currency Price YTD Perf. 3Y Perf. ann. ISIN Distribution DomicileEU Tax Directive

DWS Aktien Schweiz CHF 35.99 –1.85 % –12.50 % DE000DWS0D27 None DE OUT

SMI CHF –7.51 % –10.19 %

Switzerland Small and Mid Caps


Pictet (CH) - Swiss Mid-Small Cap P CHF 2 884.47 –0.17 % –7.02 % CH0003299580 Annual CH OUT

SPI S&M Caps CHF 2.97 % –10.35 %

Germany


DWS Deutschland EUR 90.33 1.85 % –4.13 % DE0008490962 Annual DE OUT

MSCI Germany EUR –2.78 % –10.84 %

Germany Small & Mid Caps


UBS Equity Fund Small Caps Germany EUR 232.11 12.88 % –7.72 % DE0009751651 Annual DE OUT

MSCI Small Cap Germany EUR 2.70 % –10.64 %

Europe

Fund/Index Currency Price YTD Perf. 3Y Perf. ann.. ISIN Distribution DomicileEU Tax Directive

Carmignac Grande Europe EUR 127.85 3.29 % –9.40 % LU0099161993 None LU n.a.

DJ Stoxx 600 EUR –5.34 % –11.42 %

Europe Large Caps


Henderson Pan European EF EUR 15.01 3.23 % –5.74 % LU0138821268 None LU OUT

FTSE World Europe EUR –4.66 % –11.36 %

Europe Small Caps


Gartmore Pan European Smaller Comp. EUR 4.85 2.37 % –10.95 % LU0135928611 None LU OUT

MSCI Europe Small Companies EUR 1.44 % –14.53 %

France


Fidelity Funds - France A Euro EUR 32.00 –6.16 % –12.41 % LU0048579410 Annual LU OUT

MSCI France EUR –10.57 % –12.79 %

See notes on page 15


8

Fund Selection List

Italy


Fidelity Funds - Italy A Euro EUR 22.68 –12.33 % –20.95 % LU0048584766 Annual LU OUT

MSCI Italy EUR –16.79 % –18.98 %

United Kingdom


Dexia Equities L - United Kingdom GBP 219.21 –9.29 % –4.79 % LU0093582269 None LU IN

MSCI Great Britain GBP –9.39 % –5.54 %

USA


Robeco US Premium Equities USD 100.82 –6.97 % –6.75 % LU0226953718 None LU OUT

S&P 500 Composite Index USD –7.57 % –9.80 %

USA Small & Mid Caps


Schroder ISF US S&M Caps USD 125.42 –4.90 % –5.37 % LU0205193047 None LU OUT

Russel 2500 Index USD –2.39 % –8.30 %

Japan


Oyster Japan Opportunities Fund JPY 12 019.00 –3.35 % –14.94 % LU0204987902 None LU OUT

Topix Index JPY –8.73 % –20.68 %

China


Fidelity Fund China Focus A USD 40.61 –6.60 % 2.49 % LU0173614495 Annual LU OUT

MSCI China USD –7.68 % –1.46 %

India


JPMF India Fund A USD 72.09 4.07 % –0.67 % LU0058908533 Annual LU OUT

MSCI India USD 1.78 % 1.71 %

Latin America


Blackrock Latin American Fund USD 78.24 –9.55 % 0.11 % LU0072463663 None LU OUT

MSCI EM Latin America USD –11.59 % –1.03 %



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Fund Selection List

Global Equities Emerging Markets


Aberdeen Gl Emerging Markets Fund USD 50.78 0.69 % 5.24 % LU0132412106 None LU OUT

MSCI Emerging Markets USD –7.22 % –2.26 %

Global Equities


Carmignac Investissement (A) EUR 8 398.24 8.04 % 6.06 % FR0010148981 None FR n.a.

MSCI World EUR 4.39 % –10.50 %

Bond Funds

CHF Mid / Long Term


Credit Suisse Bond Fund Dynamic CHF 112.96 3.57 % 3.50 % CH0002770201 Annual CH IN

Citigroup GBI Switzerland All Maturities CHF 3.56 % 6.29 %

CHF Inflation Linked


Credit Suisse Bond Fd Inflation Linked CHF 109.10 0.83 % 2.43 % LU0175163889 None LU IN

Citigroup GBI Switzerland All Maturities CHF 3.56 % 6.29 %

CHF Convertible Bonds hedged


LODH Horizon - Convertible (CHF) P A CHF 20.62 –2.65 % –1.71 % LU0437702334 None LU n.a.

EUR Mid / Long Term


BNY Mellon Euroland Bond Fund EUR 1.44 4.25 % 9.00 % IE0032722260 None IE IN

Citigroup GBI Europe All Maturities EUR 2.24 % 6.50 %

EUR Corporate Bonds


Schroder ISF Euro Corporate Bond EUR 15.58 0.84 % 5.38 % LU0113257694 None LU IN

Citigroup EuroBIG Corporate EUR 3.74 % 6.64 %

EUR Inflation Linked


Credit Suisse Bond Fd Inflation Linked EUR 119.00 1.10 % 4.22 % LU0175163459 None LU IN

Barclays Euro Govt. Infl-Linked 1-10Y EUR 1.59 % 6.03 %



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Fund Selection List

USD Mid / Long Term


Schroder USD Bond Fund USD 18.30 4.87 % 7.85 % LU0106260564 None LU IN

Citigroup WGBI 3-5 years USD –1.43 % 8.25 %

Global Bonds


Templeton Global Total Return USD 21.70 4.77 % 12.03 % LU0170475312 None LU IN

Citigroup GBI USA All Maturities USD 5.77 % 7.76 %

Global Emerging Markets Bonds


Pictet Funds - Global Emerging Debt USD 253.26 4.47 % 9.84 % LU0128467544 None LU IN

JPM EMBI GLB USD 5.37 % 8.19 %

Money Market Funds

CHF


Clariden Leu (Lie) MM Fund CHF CHF 1 017.83 0.12 % n.a. LI0037728396 None LI n.a.

Citigroup 3 Months CHF CHF 0.06 % 1.53 %

EUR


Clariden Leu (Lie) MM Fund EUR EUR 1 040.12 0.11 % n.a. LI0037729428 None LI n.a.

Citigroup 3 Months EUR EUR 0.21 % 2.91 %

GBP


JPML Sterling Liquidity Fund GBP 14 908.81 0.02 % 2.76 % LU0070177588 None LU IN

Citigroup 3 Months GBP GBP 0.24 % 3.44 %

USD


Clariden Leu MM Fund USD USD 1 020.03 0.07 % n.a. LI0037729709 None LI n.a.

Citigroup 3 Months USD USD 0.12 % 2.40 %

Insurance Linked Investments

CHF CAT Bond


Falcon Cat Bond Fund CHF CHF 109.01 2.32 % 3.55 % CH0019572533 Annual CH IN

Citigroup 3 Months CHF CHF 0.06 % 1.53 %



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Fund Selection List

EUR CAT Bond


Falcon Cat Bond Fund EUR EUR 119.02 2.67 % 4.88 % CH0019572566 Annual CH IN

Citigroup 3 Months EUR EUR 0.21 % 2.91 %

Asset Allocation Funds

CHF Strategy – Conservative


Swisscanto (LU) Portfolio Fund Yield-B CHF 152.74 0.08 % –0.93 % LU0161539233 None LU OUT

CHF Strategy – Balanced


Swisscanto PF Balanced B CHF 171.48 –1.41 % –4.47 % LU0161534606 None LU OUT

CHF Strategy – Growth


Swisscanto PF Growth B CHF 205.42 –3.18 % –7.93 % LU0112806418 None LU OUT

EUR Strategy – Conservative


UBS (Lux) SF-Yield B EUR 2 636.50 3.25 % 1.60 % LU0033040782 None LU IN

EUR Strategy – Balanced


Swisscanto PF Balanced B EUR 104.49 6.24 % 0.84 % LU0236191481 None LU n.a.

EUR Strategy – Growth


Swisscanto PF Growth B EUR 102.97 4.08 % –3.04 % LU0112799613 None LU OUT

USD Strategy – Conservative


JB Strategy Conservative B USD 120.27 –0.74 % –1.02 % LU0175821353 None LU IN

USD Strategy – Balanced


UBS (Lux) SF-Balanced USD B USD 2 048.39 –2.58 % –2.95 % LU0049785792 None LU OUT

USD Strategy – Growth


CS Portfolio Fund Growth B USD 175.95 –6.89 % –7.15 % LU0078042453 None LU OUT



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Fund Selection List

Sector Funds

Energy


Investec GSF Global Energy Fund USD 269.82 –12.51 % –6.67 % LU0345779515 Annual LU OUT

MSCI Energy USD –18.12 % –9.95 %

New Energy


Pictet Fund Lux Clean Energy USD 70.25 –17.52 % –13.40 % LU0280430660 None LU n.a.

MSCI Energy USD –18.12 % –9.95 %

Utilities


ING Utilites Fund USD 543.00 –14.97 % –13.54 % LU0119219227 None LU OUT

MSCI Utilities USD –14.72 % –9.12 %

Family Business


Kapitalfonds LK Family Business EUR 93.07 3.45 % –4.60 % LU0179106983 Annual LU n.a.

MSCI Europe EUR –4.40 % –11.53 %

Financials


CAAM Global Finance USD 8.49 –14.84 % –17.38 % LU0119138732 None LU n.a.

MSCI World Financials USD –8.46 % –29.99 %

Water


Pictet Funds Water P Cap EUR 134.71 8.70 % –6.08 % LU0104884860 None LU OUT

MSCI World Water Utilities EUR –15.24 % –4.32 %

Health Care Global


BGF World Health Science USD 13.64 –9.91 % –2.68 % LU0122379950 None LU OUT

MSCI World Health Care USD –9.57 % –5.39 %

Health Care Europe


Fortis Equity Health Care Europe EUR 103.30 2.38 % –5.22 % LU0119119864 None LU OUT

MSCI Europe Health Care EUR 5.20 % –4.92 %



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Fund Selection List

Biotech


Pictet Funds Biotech P cap USD 243.34 –12.87 % –6.40 % LU0090689299 None LU OUT

MSCI World Biotechnology USD –11.82 % –1.94 %

Technology Europe


JPMF Europe Technology Fund EUR 8.05 9.52 % –7.47 % LU0104030142 Annual LU OUT

MSCI Technology Europe EUR 2.88 % –18.82 %

Technology Global


Henderson Global Technology Fund USD 27.18 –8.18 % –2.85 % LU0070992663 None LU n.a.

MSCI World Information Technology USD –10.34 % –7.30 %

Telecom Global


Fidelity Funds Global Telecom Fund EUR 6.73 6.95 % –7.15 % LU0099575291 Annual LU OUT

FTSE Global Telecom Index EUR –25.84 % –14.92 %

Telecom Europe


Fortis Equity Telecom Europe EUR 94.57 0.84 % –5.60 % LU0119122900 None LU OUT

DJ EuroStoxx Telecom Europe EUR –16.51 % –2.92 %

Mining


BGF World Mining Fund USD 58.02 –13.56 % –8.53 % LU0075056555 None LU OUT

MSCI World Metals & Mining USD –14.85 % –10.05 %

Gold Mines


Falcon Gold Equity Fund A USD 506.86 14.79 % 17.15 % CH0002783535 None CH OUT

FTSE Gold Mines USD 10.92 % 15.57 %

Source: bank zweiplus ltd, Bloomberg


Contact

Patrik Kauffmann, Productmanagement, T +41 (0)58 059 27 31, [email protected]


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Abbreviations

A actual value

abs.ch absolute change

ASW asset swap spread

avg. average

bn Billion = 1 000 000 000

bp basis points

corp. corporate

CPI Consumer Price Index

Div. yield or DY dividend yield

E estimate

EBIT earnings before interest and taxes

EPS earnings per share

EV/EBITDA enterprise value to earnings before interest, taxes, depreciation and amortisation

excl. excluding

FY financial year

GAAP Generally Accepted Accounting Principles

GDP gross domestic product

GNP gross national product

gov. government

m million

M&A Mergers & Acquisitions

mavg moving average

MV/revenues market value to revenues

N.A. not available

p.a. per annum

P/B price-to-book ratio

P/E price-to-earnings ratio

R&D Research & Development

R.H. Scale right hand scale

ROE return on equity

SAA Strategic Asset Allocation, long term strategy based on investment profiles

TAA Tactical Asset Allocation; short term strategy based on return/risk expectations

vs. versus

yoy year over year


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Imprint

Marketplus Monthly market outlook, July / August 2010 Publisher bank zweiplus ltd, Bändliweg 20, CH-8048 Zurich, [email protected] Source Bank Sarasin & Cie Ltd., Elisabethenstrasse 62, CH-4002 Basel Concept and Design Haus der Kommunikation AG, Identity & Design Subscription New subscriptions via e-mail to: [email protected] Publication dates 12 online-issues a year in German and English under www.bankzweiplus.ch / marketplus

Note regarding performances

Past performance does not guarantee future returns. The performance shown does not take account of any commissions and costs charged when subscribing and redeeming units.

Important information

This publication was compiled by bank zweiplus ltd (hereinafter referred to as “bzp”) solely for information purposes. It is not the result of financial analyses, and the “Directives on the Independence of Financial Research” of the Swiss Bankers Association therefore, do not apply to this document. This publication was prepared with publicly assessable infor-mation and data (“the information”) that are deemed to be reliable and based on the respective designated source. Nevertheless, bzp assumes no representation or warranty, ex-press or implied, as to the accuracy or completeness of this information. Any errors in this information constitute no basis for direct or indirect liability on the part of bzp. In particu-lar, bzp assumes no responsibility for any changes in the opinions expressed herein, plans or details about products, the relevant strategies and the economic environment, as well as market, competitive or regulatory conditions, etc. Although bzp has done everything within its power to create a reliable publication, we cannot rule out that it may contain errors or is incomplete. Neither the Bank, nor its shareholders or employees, assumes any responsibility regarding the relevance of the opinions, assessments and conclusions conveyed herein. Despite the release of this publication in connection with an existing contractual relationship, any liability on the part of bzp is limited to gross negligence or willful intent only. Furthermore, bzp accepts no liability for any immaterial inaccuracies. In such case, any liability on the part of bzp is limited to an amount that would normally be expected. bzp explicitly accepts no liability for indirect damages. This publication does not constitute an offer, or solicitation of an offer, to buy or sell securities or other specific financial products. Past performance of an investment is not indicative of its future trend. The value of investments and resulting realized returns are subject to increases as well as decreases. Fur-thermore, there is no guarantee that investors will, in every case, recoup all the amounts invested. International investments harbor currency risks in addition to risks relating to the political and economic uncertainties of other countries. The products mentioned in this publication are not suitable for all recipients. We recommend obtaining detailed information regarding the respective product, as well as consulting a professional advisor, prior to making an investment. Any investment decision necessitates thorough and diligent clarifica-tion and should not be carried out solely on the basis of this document. This publication is for personal use only and may not be redistributed.

Fund Selection List: Investment/Performance

We recommend that you obtain detailed information before taking any investment decision. Investments should be made on the basis of the current prospectus. Past performance is no guarantee of future trends. The performance shown does not take in account of any commissions and costs charged when subscribing and redeeming units. This document may not be distributed to any person outside the country, where you have received it. Should a person domiciled in another jurisdiction receive this report he/she must observe any applicable sales restrictions for the herein mentioned products. © Copyright bank zweiplus ltd. All rights reserved.

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