ANDBANK EUROPEAN EQUITIES -A

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ANDBANK EUROPEAN EQUITIES -A
Sub-fund of ANDBANK FUNDS FCP
Risk Profile
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Performance & analysis at January 31, 2015
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Objectives & Investment Policy
The objective is to achieve long-term capital appreciation. The Sub-fund will invest principally in equity securities issued by companies domicilied in an European country or deriving a
significant part of their revenues from European countries.
Characteristics
Share Class
Fund
Man. Co. Domicile
Asset Class
Currency
Valuation
Launch Date
Investment Horizon
Nav Evolution since inception
A
UCITS
Luxembourg
Equity
EUR
Daily
12/11/2013
5-7yr
108
106
104
102
ISIN
Bloomberg Ticker
Radical Andbank
LU0986194024
ANDBNKA LX
38319
100
98
Benchmark
96
MSCI Europe Net Returns
94
01-2014
Management Company
Andbank Asset Management Luxemburg
Custody
Citibank International plc
Investment Advisor
Andorra Gestió Agrícol Reig, S.A.U.
03-2014
05-2014
07-2014
09-2014
11-2014
01-2015
2015 performance evolution
MTD
YTD
10%
7,53%
6%
Management Fee
1,50%
Ongoing Charge
2,84%
2%
-2%
-6%
-10%
Jan.
Past performance should not be considered an indicator of future performance
AUMs (Mill.)
No. Of Shares
NAV
Volatility (%)
Max. Drawdown (%)
Tracking Error (%)
Positive Weeks (%)
Sharpe Ratio
Alpha (%)
Beta
Monthly Historical evolution (%)
32,82
275.941
118,94
15,42
- 9,29
61,90
0,49
0,13
0,77
Monthly data last 3 yrs
Annualized return(%)
1 yr
3 yr
5 yr
Since inception
16,37
15,59
2015
2014
2013
2012
2011
Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
7,53
YTD
-0,85
7,00
-0,50
-1,10
1,52
-0,41
-2,14
1,44
0,79
-0,94
2,91
-0,32
7,53
7,29
-
-
-
-
-
-
-
-
-
-
1,34
1,73
3,09
-
-
-
Past performance should not be considered an indicator of future performance
Top 10 Holdings
Position
Sector
NOVARTIS AG-REG
Consumer Non-cyclical
BAYER AG-REG
Consumer Non-cyclical
ASTRAZENECA PLC
Consumer Non-cyclical
ROCHE HOLDING AG-GENUSSCHEINConsumer Non-cyclical
TELEFONICA SA
Communications
VALEO SA
Consumer Cyclical
BANCO SANTANDER SA
Financial
MERCK KGAA
Consumer Non-cyclical
ROYAL DUTCH SHELL PLC-A SHS
Energy
UPM-KYMMENE OYJ
Basic Materials
ANDBANK EUROPEAN EQUITIES -A
ANDBANK EUROPEAN EQUITIES
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Country
Switzerland
Germany
United Kingdom
Switzerland
Spain
France
Spain
Germany
Netherland
Finland
Div.Yield
2,7
1,6
3,5
3,1
4,4
1,4
8,0
1,1
5,7
3,8
Weight(%)
3,17
2,74
2,61
2,42
2,06
1,86
1,85
1,78
1,76
1,69
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ANDBANK
EUROPEAN
EQUITIES -A
ANDBANK LATIN
AMERICAN
Subfondo
deANDBANK
ANDBANK
FUNDS
Sub-fund of
FUNDS
FCP FCP
Manager Review
The two main focuses of attention in the month of January were the expected announcement of QE by the ECB and the victory of SYRIZA
parliamentary elections in Greek. Although much remains concerned, global inflation and the continued decline in oil prices.
So last January 22 the ECB announced the expected QE, with a rate of purchase of public and private debt of € 60 bn per month, beginning in
March 2015 to September 2016. In addition, the monetary authority remains flexible to extend the volume and duration of the stimulus to reach
the inflation target of 2%. The risk will not be shared to 100% by the ECB, as the central banks of the countries themselves buy their own
government debt, taking them on their balance sheets, the risk of debt defaults.
SYRIZA won parliamentary elections in Greece, with 149 seats, 2 below the absolute majority of 151 seats. Given the significant majority, a few
days formed a coalition government with the Independent Greeks, a right-wing party, which had won 13 seats. Surprising as it may seem
coalition between these two parties, there is great determination in both groups to end austerity policies.
Inflation worries and much globally. The CPI in the Eurozone January stood at levels of -0.6% YoY due to low levels of energy, with the price of
a barrel of oil breaking $ 50. Core inflation in December, stood at levels 0.8% + YoY, it being far from the mid term set by the ECB 2%.
The S & P 500 fell 3.0% in January due to seasonal disappointing results for the fourth quarter, where concerns about the impact of the strong
dollar and slowing global growth were a recurring theme.
Meanwhile developments in European equity markets during the month were: DAX: + 9.06%, Ibex-35 + 1.20%, CAC-40: + 8.45% FTSE Mib: +
7.84% FTSE 100: +3.09 %, Eurostoxx 50: + 6.87%. While the American market, had a worse relative performance, closing the S & P 500 4.10%, Dow Jones -4.55% and the Nasdaq -2.97%. On the part of the MSCI Emerging emerging in Euros, took a + 8.49% and the MSCI World
in euro ended the month at + 5.07%.
The main bets during the month of January were underweight Consumer staples, finance and Energy against overweight sectors Consumer
Discretionary and HealthCare.
The worst performers during the month were: Banco de Santander , Basf y Boskalis . From the other side, the best performers shares were:
Yara, Merck and Valeo
Sector Breakdown
Basic Materials
Communications
Consumer Cyclical
Consumer Non-cyclical
Diversified
Energy
Financial
Government
Industrial
Technology
Utilities
Funds
Cash
Currency Breakdown
6,5%
11,0%
14,1%
26,9%
0,0%
5,9%
19,9%
0,0%
6,5%
4,6%
2,0%
0,0%
2,6%
EUR
CHF
DKK
GBP
NOK
SEK
Country Breakdown
52,8%
12,3%
3,8%
22,1%
3,8%
5,2%
Germany
Belgium
Bermuda
Denmark
Spain
Finland
France
Netherland
Italy
Norway
United Kingdom
South Africa
Sweden
Switzerland
Cash
15,2%
3,1%
1,2%
3,8%
5,6%
5,0%
9,5%
6,5%
3,1%
3,5%
20,6%
2,2%
5,2%
12,7%
2,6%
This document is commercial and is supplied only for purposes of information; it does not form nor can it be interpreted as an offer, invitation or inducement to the sale, purchase or
subscription of securities, nor can its content constitute the basis of any contract, undertaking or decision of any kind. This document does not replace the essential legal information which must
be consulted before making any investment decision; the legal information prevails in the event of any disagreement. The client is recommended to read together with this document the key
investor information document (KIID) or the information leaflet, these are available on the webpage www.andbank.com and in the branches of the marketing entity. The information contained
in this document refers to the date appearing on it, therefore it may be subject to changes due to market fluctuations.
The performance shown refers to past performance and does not guarantee future results. Current expenses and, where applicable, commissions on results/management are included in the
calculations of past performance, which do not include the effects of possible subscription and/or reimbursement commissions.
Investments in the investment funds or other financial products referred to in this document can be subject to many risks: market, credit, issuer and counterparty risks, liquidity and exchange
risks, fluctuations in value and the possible loss of the capital invested.
ANDBANK EUROPEAN EQUITIES -A
ANDBANK EUROPEAN EQUITIES
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