Performances
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Valeur Intrinsèque (P Class)
Valeur Intrinsèque (P class) Q2-2010 report
Valeur Intrinsèque (I class) Q2-2010 report
Portfolio Highlights (2009)
Annual letter to investors 2009
GENERAL INFORMATION
Valeur Intrinsèque's simplified prospectus
Net asset value (P class)
02/09/2010
:
1602,45 €
Net asset value (I class)
02/09/2010
:
1655,71
€
ISIN Code
(P class)
:
FR0000979221
ISIN Code (I class) : FR0010415463
Legal structure :
French FCP
Inception date :
June 6th, 2001
Valuation frequency :
Daily
Currency denomination :
Euro
Minimum subscription (P class) :
1 share
Recommended holding period :
Over 5 years
Custodian :
CACEIS Bank France
Central administration :
CACEIS Bank France
INVESTMENT UNIVERSE AND OBJECTIVES
Valeur Intrinsèque is an open-ended mutual fund invested primarily in publicly-traded international equities (US, UK and Continental Europe).
It is managed with the twin goal of achieving a positive long term return while minimizing the risk of permanent loss of invested capital.
Its investment methodology, developed and time tested by its manager, Pastel & Associés, is based on an original process combining an independent research effort, tightly concentrated portfolios and a “long-term owner approach” in valuing and investing in public companies.
The fund’s foreign currency exposure has been managed through forward currency sales, from the viewpoint of a euro based investor. However, rather than implementing a systematic, 100% hedging program, Pastel & Associés has opted for a more "pragmatic" approach.
CUMULATIVE RETURNS SINCE INCEPTION
|
Valeur Intrinsèque (P class) |
MSCI World (EUR) dividends reinvested |
MSCI World (EUR)
Price Index |
|
|---|---|---|---|
| Cumulative Returns* | 52,6% | -20,8% | -35,7% |
|
Compound Annual Return* |
4,7% | -2,5% | -4,7% |
* Cumulative returns and compound annual return from 06/06/2001 to
31/08/2010 (from Valeur Intrinsèque (P class) inception to the latest net asset value known of the previous mounth)
Total annual returns
|
Valeur
Intrinsèque (P Class) |
MSCI World (EUR) dividends reinvested |
MSCI World (EUR) Price Index |
|
|---|---|---|---|
| 2001* | 14,8% | -14,8% | -14,8% |
| 2002 | -22,1% | -31,7% | -33,0% |
| 2003 | 32,9% | 11,3% | 8,8% |
| 2004 | 16,3% | 6,9% | 4,7% |
| 2005 | 14,5% | 26,8% | 23,9% |
| 2006 | 13,2% | 7,9% | 5,5% |
| 2007 | -11,3% | -1,2% | -3,4% |
| 2008 | -38,1% | -37,2% | -39,1% |
| 2009 | 57,2% | 26,7% | 23,0% |
| 2010** | 3,6% | 9,1% | 7,1% |
* Valeur Intrinsèque (P class) inception on June 6th, 2001
**
From 31/12/2009
to
02/09/2010
Performances: source Pastel & Associés. The MSCI World performance has been provided herein for information only. It should be reminded that the investment manager's goal is to generate an absolute return over the long term while allowing for significant deviations from major stock indices.
In addition, the reader is cautioned that past performance is no guarantee of future results.
However comprehensive the information presented herein is, prior to making any investment decision regarding the fund, one is required to obtain and read the "Prospectus simplifié".
It is the investor's responsibility, before any investment decision is made, to seek guidance from his/her own advisers as to whether this Fund is subject or not to any restriction, and especially that the investor does not come from a country where the laws prohibit or regulate access to such products.