MM / CASH FUNDS
BONDS
ABSOLUTE RETURN
BALANCED
EQUITIES
FUND OF FUNDS
SPECIAL PURPOSE
06 14
(LF) Fund of Funds - REAL ESTATE
Investment Objective
Investment Commentary
The investment objective of the Sub‐Fund is to provide long term capital appreciation. The
Sub‐Fund invests its assets primarily in units of UCITS and/or other UCIs as described in art
41 (1) indent (e) of the 2010 Law, which invest in equity securities of companies in the real
estate/property industry (REITS, etc.) primarily located in developed countries, with
emphasis in North America/US, or that derive a significant portion of their income from
those respective markets. Units of other UCIs as defined above may not exceed 30% of the
Sub‐Fund’s net assets as described in art 46 (2) of the 2002 Law. Target UCIs may also be
open‐ended Exchange Traded Funds (ETF’s) as defined above traded in any suitable market.
During Q2‐2014, major markets rallied.
Global REITS outperformed global equities with the FTSE EPRA/NAREIT Developed Index gaining
+7.24%.
Dev Asia outperformed during the period with the FTSE EPRA/NAREIT Dev Asia gaining +8.66%. FTSE
EPRA/NAREIT N.America gained +6.69% and FTSE EPRA/NAREIT Dev Europe gained +6.37% in Euro
terms.
Secondarily, the Sub‐Fund may invest in units of UCITS and/or other UCIs as defined above
that mainly invest in global equity securities, global equities related to the real estate
industry and Global REITS.
Additionally, the Sub‐Fund may invest in units of UCITS and/or other UCIs as defined above
that invest in bank deposits and money market instruments and transferable debt securities.
In case where indirect investments through UCITS and UCIs as defined above are not
possible or too costly, or restricted by target UCI size, the Sub‐Fund can directly invest in
equity securities or convertible securities linked to eligible assets or other financial
instruments linked to eligible assets issued by companies in the real estate industry in the US
and/or Europe. Such direct investments cannot exceed in aggregate 20% of the Sub‐Fund’s
net assets.
Investor Profile
The Sub‐Fund has a high‐risk profile and is addressed to investors who want high return
potentials through participating in a fund whose assets are invested in a diversified
portfolio of units of various UCITS and/or other UCIs as described in art 41 (1) indent (e)
of the 2002 Law, of the Real Estate market, and seek to benefit from their active
management.
Funds Facts
Structure
UCITS IV Luxembourg
Total NAV Size
3.958.930,95 €
Risk Class
Benchmark
‐ 50% FTSE EPRA/NAREIT Developed Index (ENGL Index) ‐ 50% FTSE EPRA/NAREIT N.America Index (EGNA Index) Liquidity
Mngnt Co
Investment Manager
Custodian/Administrator Auditor
Daily
Eurobank FMC‐LUX
Eurobank Asset Management MFMC
Eurobank Private Bank Luxembourg S.A.
PricewaterhouseCoopers
Share Classes
Currency
ISIN code
Bloomberg ticker
MorningStar Rating
Inception date
Assets ( class currency)
NAV
Min NAV
Max NAV
Entry fee
Redemption fee
Conversion fee
Redemption scheme
Eurobank Interamerican
EUR
LU0517847660
EEFOFRE LX
2‐Star
22/6/2010
1.593.455,65
13,3499
11,5504
13,4504
0%
0%‐1%*
EUR
LU0517850029
ELFRSIN LX
2‐Star
8/12/2010
1.430.847,69
13,3496
11,5501
13,4501
1%
0%
T+3
T+3
Postbank
Eurobank (USD)
Postbank (USD)
Bancpost
EUR
USD
LU0517849104
LU0517848049
ELFREPB LX EEFFRED LX
3‐Star
3‐Star
28/9/2010
9/7/2010
18.289,35
1.209.145,86
13,3769
18,2512
11,5738
15,6957
13,4776
18,3670
2%
0%
0%‐1%*
0%‐1%*
Difference in Entry fees
T+5
T+3
USD
LU0517849369
ELFREPU LX ‐
28/9/2010
30.883,96
18,3131
15,7490
18,4295
2%
0%‐1%*
EUR
LU0517849526
ELFREBP LX 3‐Star
29/9/2010
8.423,62
13,3375
11,5409
13,4379
0%
0%‐2%*
T+5
T+5
*Depending on the investment amount
**Depending on the duration of the investment period
More Information
www.eurobankam.gr
© 2014 Morningstar UK. All Rights Reserved. Morningstar Ratings as of 31 March 2014
the information contained herein: (1) is property to Morningstar, (2) may not be copied (save (i) as incidentally necessary in the course of viewing it on‐line, and (ii) in the course of printing off single copies of web pages on which it appears for the personal
non‐commercial use of those authorised to view it on‐line), adapted or distributed; and (3) is not warranted to be accurate, complete or timely. This Morningstar ‐ sourced information is provided to you by Eurobank Ergasias and is at your own risk. You
agree that Morningstar is not responsible for any damages or losses arising from any use of this information and that the information must not be relied upon by you the user. Eurobank Ergasias SA informs you as follows: (i) no investment decision should
be made in relation to any of the information provided other than on the advice of a professional financial advisor; (ii) past performance is no guarantee of future results, and (iii) the value and income derived from investments can go down as well as up.
UCITS DO NOT HAVE A GUARANTEED RETURN AND PREVIOUS PERFORMANCE DOES NOT GUARANTEE FUTURE RETURNS
MM / CASH FUNDS
BONDS
ABSOLUTE RETURN
BALANCED
SPECIAL PURPOSE
EQUITIES
06 14
(LF) Fund of Funds - REAL ESTATE
Risk Statistics
Fund Returns
Standard Deviation
9,60%
Cumulative Returns per share class
Var 6,60%
Share Classes
Standard Deviation calculations have been performed using a data sample of
the last 12 month. The VaR analysis is based on the Historical Simulation method
using the 99th percentile as confidence interval and historical data of the last 12
months. The VaR level refers to the one month VaR.
3 months
y‐t‐d
1 y
Since Inception
Eurobank +7,53%
+12,82%
+6,48%
+33,50%
Eurobank (USD)
+6,52%
+11,73%
0,79%
+51,82%
Postbank
+7,53%
+12,81%
‐6,39%
+36,32%
Postbank (USD)
Bancpost
+6,52%
+7,53%
+11,73%
+12,81%
0,79%
‐6,40%
+38,65%
+36,41%
Interamerican
+7,53%
+12,82%
‐6,39%
+29,28%
Portfolio breakdown
Annual Returns per share class
Share Classes
2013
2012
2011
2010
Eurobank ‐3,55%
+15,87%
+0,99%
+4,85%
+16,64%
Eurobank (USD)
+0,82%
+18,16%
‐2,21%
Postbank
‐3,55%
+15,89%
+1,02%
+7,02%
Postbank (USD)
Bancpost
+0,81%
‐3,55%
+18,35%
+15,89%
‐2,14%
+3,58%
+6,28%
+4,45%
Interamerican
‐3,55%
+15,88%
+0,98%
+1,53%
Major Holdings
Based on the analysis of investments of the funds included in the FOF portfolio
MORGAN STANLEY SICAV ‐ US PROPERTY FUND
NEUBERGER BERMAN US REAL ESTATE
MORGAN STANLEY GLOBAL PROPERTY (Z$‐Acc)
JANUS CAPITAL GLOBAL RE‐I$IN
ISHARES EPRA US PROPTY YLD
LYXOR ETF FTSE EPRA/NAREIT United States
ING (L) INV ‐ GLOBAL RE (I$)
CASH IN USD (EUROBANK GREECE)
ING L INV‐EUROPE RE EST‐I
LYXOR ETF MSCI WLD REAL EST
Contact
Eurobank Asset Management M.F.M.C.
10 Stadiou Str, Athens, 10564, Τel: +30 210 33 52 800, Fax: +30 210 33 52 890
Email : [email protected]
Website : www.eurobankam.gr
FUND OF FUNDS
www.eurobank.gr
Or call Europhone Banking +30 210 95 55 000 or +30 801 111 1144
UCITS DO NOT HAVE A GUARANTEED RETURN AND PREVIOUS PERFORMANCE DOES NOT GUARANTEE FUTURE RETURNS
17,86%
17,82%
15,69%
14,78%
12,29%
5,46%
4,70%
3,18%
2,83%
2,73%