STANDARD & POOR'S. 4 Year Relative Track Record MAY 2005 REPORT. 1. Return Distribution of last months' holdings. 2. Performance running quarter

Transcriptie

1 +65% +55% +45% +35% Report 2005/03 1. Last month 2. Track Record 3. Trade List & Holdings 4. Sector- & Regional Allocation 4 Year Relative Track Record versus Average Funds versus +52,5% MAY 2005 REPORT 1. Return Distribution of last months' holdings 2. Performance running quarter 3. Track-record in absolute terms +25%. +29,8% 4. Track-record in relative terms 5. Statistics & Changes in Allocation 6. Sector Allocation 7. Regional Allocation +15% +5% Investment Advisor : Vector Conseil Custodian & Administrator : Banque Privée Edmond de Rothschild Europe Transfer & Paying Agent : Banque Privée Edmond de Rothschild Europe Auditor: Price Waterhouse Coopers -5% apr-2001 apr-2002 apr-2003 apr-2004 apr-2005 Information : call us at / mail us at navigator@vector.lu visit or STANDARD & POOR'S

2 1. RETURN DISTRIBUTION OF LAST MONTH's 100 HOLDINGS (in euro) Individuele prestatie van de 100 aandelen in portefeuille, afgelopen maand (in euro) < Best Performer Performance last month's 100 holdings Performance Performance Navigator Last month : return relative - 1,8 return compared to : Index - 1,7-0,1 Average Funds - 1,9 + 0,1-1,5-0,3 Fortis - 2,6 + 0,8 ING Invest - 2,2 + 0,4-1,5-0,3-1,6-0,2-1,74-1,82 < < Navigator Last 12 months : return relative + 7,6 return compared to : Index + 0,7 + 6,8 Average Funds - 1,1 + 8,7-1,5 + 9,1 Fortis - 2,2 + 9,8 ING Invest - 0,9 + 8,5 + 0,9 + 6,7-1,4 + 9,0 < Worst

3 2. PERFORMANCE RUNNING QUARTER Koersontwikkeling Navigator, afgelopen 3 maanden De macro-economische indicatoren die de voorbije weken werden gepubliceerd, wezen overwegend op een groeivertraging, zowel in Europa als in Amerika. Met als resultaat dat er vorige maand een uitgesproken beweging plaatsvond van cyclische naar niet-cyclische aandelen: sectoren zoals Automobiel, Staal en Chemie kregen rake klappen, terwijl sectoren zoals Farmacie, Tabak en Electriciteit hogerop gingen. Gemiddeld was wereldwijd sprake van een koersdaling van 1,74%. Navigator kon met een verlies van 1,82% niet beter doen. De recente koersdalingen maken dat de -wereldindex ten opzichte van 12 maanden geleden nu quasi onveranderd is (+0,7%), en dat de groep van representatieve wereldfondsen die we opvolgen licht onder het niveau van een jaar geleden noteert (-1,1%). Navigator boekte over dezelfde periode een winst van 7,6%. Resultaat laatste 12 maanden (30/04//2005, euro) Results last 12 months (30/04/2005, euro) : + 7.6% : + 0.7% : + 0.9% ING Invest : - 0.9% : - 1.4% : - 1.5% Fortis : - 2.2%. 8% 6% 4% 2% versus INDEX Average Funds (*) Most macro-economic indicators have been pointing towards slowing growth in Europe and North-America these last few weeks. This has resulted in a distinct shift from cyclical to non-cyclical stocks: sectors such as Automobiles, Steel and Chemicals got hit rather bad, while sectors such as Pharmacy, Tabacco and Electricity went up. On average, stocks wordwide lost 1,74% in April. Navigator did not succeed in outperforming the index (-1,82%). Recent setbacks have now left the virtually unchanged over the last 12 months (+0.7%), while the group of large global equity funds we cover lost 1,1% on average. Over the same period, Navigator gained 7,6%. 0% -2% -4% 31/01/ /02/ /03/2005

4 Price AVERAGE Funds (*) (*) ING Invest 31/12/ , , ,00 73,44 892,91 262,25 210,53 66,45 31/12/ , ,02 764,26 39,20 725,68 218,43 177,22 53,17 31/12/ ,46 754,97 486,91 24,34 458,85 140,72 116,61 33,50 31/12/ ,07 821,60 513,86 25,84 487,03 151,99 123,59 33,96 31/12/ ,34 860,32 523,74 26,99 497,48 151,29 126,25 34,41 29/04/ ,77 870,37 528,16 27,36 500,33 151,88 126,91 34,88 (*)= Gemiddelde van [average of ],, Fortis, ING Invest, 3. TRACK-RECORD (in absolute terms) +20% +10% +0% Track-record (in absolute termen) 4 YEAR TRACK RECORD AVERAGE Funds Return AVERAGE Funds (*) ING Invest ,9% -13,4% -23,6% -46,6% -18,7% -16,7% -15,8% -20,0% ,8% -33,0% -36,3% -37,9% -36,8% -35,6% -34,2% -37,0% ,5% +8,8% +5,5% +6,2% +6,1% +8,0% +6,0% +1,4% ,3% +4,7% +1,9% +4,5% +2,1% -0,5% +2,2% +1,3% ,9% +1,2% +0,8% +1,4% +0,6% +0,4% +0,5% +1,4% -10% -12,0% +20% -20% +10% +0% -30% -32,2% -10% -40% -42,3% -20% -30% ING Invest -50% -40% % apr/01 apr/02 apr/03 apr/04 apr/05

5 Price rescaled to Navigator AVERAGE Funds (*) (*) ING Invest 31/12/ ,50 967,50 967,50 967,50 967,50 967,50 967,50 967,50 31/12/ ,04 838,25 739,42 516,42 786,30 805,84 814,42 774,14 31/12/ ,46 561,53 471,09 320,65 497,18 519,15 535,88 487,75 31/12/ ,07 611,09 497,16 340,42 527,71 560,72 567,96 494,45 31/12/ ,34 639,89 506,72 355,57 539,04 558,14 580,19 501,00 29/04/ ,77 647,36 511,00 360,44 542,12 560,32 583,22 507,84 (*)= Gemiddelde van [average of ],, Fortis, ING Invest, RETURN versus AVERAGE Funds (*) ING Invest ,5% +0,0% -10,2% -33,3% -5,4% -3,4% -2,5% -6,6% ,2% +0,0% -3,3% -4,9% -3,8% -2,6% -1,2% -4,0% ,6% +0,0% -3,3% -2,7% -2,7% -0,8% -2,8% -7,5% ,6% +0,0% -2,8% -0,3% -2,6% -5,2% -2,6% -3,4% ,8% +0,0% -0,3% +0,2% -0,6% -0,8% -0,6% +0,2% 4. TRACK-RECORD (in relative terms) Track-record (in vergelijking tot wereldindex en andere fondsen) +70% +60% +50% +40% 4 YEAR RELATIVE TRACK RECORD versus versus Average Funds +52,5% +10% +8% +6% ING Invest +30% +29,8% +4% +20% +2% +0% +10% -2% -4% -6% +0% -8% -10% % apr/01 apr/02 apr/03 apr/04 apr/05

6 NAVI GATOR 5. Statistics & Changes in Allocation Average Funds Statistieken & Wijzigingen in Allocatie ING Invest JPM Govt. Bond Return Index (euro) Hedge Fund Index (euro) RETURN LAST 48 MONTHS -12,0% -32,2% -42,3% -48,1% -41,1% -40,1% -38,1% -44,2% +5,0% -12,3% MONTHLY BASIS: R-SQUARED 0,85 1,00 0,98 0,83 0,99 0,98 0,97 0,96 0,00 0,36 BETA 1,15 1,00 1,02 1,03 1,05 1,03 1,00 1,00 0,02 0,32 AVERAGE RETURN -0,27% -0,81% -1,14% -1,36% -1,10% -1,06% -0,99% -1,21% +0,10% -0,27% ALPHA +0,71% +0,00% -0,31% -0,49% -0,24% -0,23% -0,18% -0,39% +0,12% -0,02% VOLATILITY +5,84% +4,66% +4,81% +5,29% +4,91% +4,83% +4,73% +4,77% +1,42% +2,49% TRACKING ERROR +2,38% +0,00% +0,62% +2,21% +0,50% +0,68% +0,76% +0,98% +4,80% +3,74% ANNUAL BASIS: AVERAGE RETURN -3,1% -9,3% -12,8% -15,1% -12,4% -12,0% -11,3% -13,6% +1,2% -3,2% ALPHA +8,88% +0,00% -3,65% -5,78% -2,88% -2,74% -2,18% -4,63% +1,48% -0,22% VOLATILITY 20,2% 16,2% 16,7% 18,3% 17,0% 16,7% 16,4% 16,5% 4,9% 8,6% TRACKING ERROR 8,25% 0,00% 2,14% 7,66% 1,73% 2,36% 2,64% 3,39% 16,63% 12,94% SHARPE RATIO (risk free = 2%) -0,25-0,70-0,89-0,93-0,85-0,84-0,81-0,94-0,16-0,61 TREYNOR RATIO (risk free = 2%) -0,04-0,11-0,15-0,17-0,14-0,14-0,13-0,16-0,46-0,16 INFORMATION RATIO (=Alpha / Tracking Error) +1,08 +0,00-1,71-0,75-1,67-1,16-0,82-1,37 +0,09-0,02 TOP 5 HOLDINGS BANK OF AMERICA US BANKS TOTAL FR OIL & GAS ROYAL BANK OF SCTL.GP. UK BANKS TELEFONICA ES TELECOM SERVICES CONOCOPHILLIPS US OIL & GAS ALLOCATION De herschikkingen van april brengen iets meer middelen naar de sectoren Grondstoffen en Informatietechnologie, en reduceren onze belangen in Basisindustrieën. De drie meest overwogen sectoren zijn nu Verzekeringen, Engineering en Chemie, en de drie meest gemeden sectoren zijn Pharmacie, Hardware en Media. Vanuit geografisch oogpunt bouwen we onze positie in Continentaal Europa op ten nadele van Japan en de rest van Azië. De 4 meest overwogen markten zijn momenteel Duitsland, Korea, Zuid-Afrika en Indonesië. De meest onderwogen markten zijn de VS, Japan, het VK en Hong Kong Germany, Korea, Sth.-Africa North America, UK, Japan Insurance, Engineering, Chemicals Pharmacy, Media, Hardware Overweighted Underweighted The changes we made in April take some assets to Resources and Information Technology, while moving away from Basic Industries. The three most overweighted sectors are now Insurance, Engineering and Chemicals. The most underweighted sectors are Pharmacy, Hardware and Media. We have also increased our weighting of Continental Europe at the expense of positions in Japan and the rest of Asia. The fund is currently most overweighted in Germany, Korea, South-Africa and Indonesia. The most underweighted markets are the US, the UK, Japan and Hong Kong.

7 6. SECTOR ALLOCATION FINANCIALS (banks, insurance ) : 32%=>33% INFORMATION TECHNOLOGY (internet, hardware, software...) : 4%=>6% RESOURCES (oil, gas, mining ) : 8%=>10% UTILITIES (electricity, water ) : 4% NON-CYCLICAL SERVICES (telecom, food retailers ) : 4% BASIC INDUSTRIES (chemicals, steel, construction.) : 14%=>11% CYCLICAL SERVICES (distribution, retail, media, transport ) : 16%=>15% NON-CYCLICAL CONSUMER GOODS (pharma, food, packaging, tobacco ) : 3%=>4% CYCLICAL CONSUMER GOODS (auto, textile, household goods...) : 4%=>3% GENERAL INDUSTRIALS (aerospace, engineering, electronics ) : 11%=>10%

8 7. REGIONAL ALLOCATION US & Canada : 32%=>33% Latin-America : 4% Australia : 0%=>1% South-Africa : 5%=>4% Eastern Europe : 3% Japan : 9%=>7% UK & Ireland : 6% Scandinavia : 2%=>1% Asia (ex Japan & Australia) : 18%=>15% Southern Europe (France, Italy, Spain ) : 8%=>10% Western Europe (Benelux, Germany, Switzerland,...) : 13%=>16% This document does not constitute an offer or solicitation in any jurisdiction in which such offer or sollicitation is not authorised. Past performance is not a guarantee of future returns. The value of investments may fall as well as rise. Any decision to invest should be based on a full reading of the fund prospectus and the most recent financial statements, available at