+50% WWW.VECTOR.LU 4 Year Relative Track Record versus Average Funds versus WWW.VECTOR.LU +40% Report 2005/03 1. Last month 2. Track Record 3. Trade List & Holdings 4. Sector- & Regional Allocation +38,6% SEPTEMBER 2005 REPORT +30% 1. Return Distribution of last months' holdings 2. Performance running quarter +23,7% 3. Track-record in absolute terms +20%. 4. Track-record in relative terms 5. Statistics & Changes in Allocation 6. Sector Allocation 7. Regional Allocation 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 aug-2001 aug-2002 aug-2003 aug-2004 aug-2005 Information : call us at 00352 / 47 93 46 329 mail us at navigator@vector.lu visit www.vector.lu or www.lcf-rothschild.lu STANDARD & POOR'S WWW.FUNDS-SP.COM
1. RETURN DISTRIBUTION OF LAST MONTH's 100 HOLDINGS (in euro) Individuele prestatie van de 100 aandelen in portefeuille, afgelopen maand (in euro) -30-25 -20-15 -10-5 +0 +5 +10 +15 +20 < Best Performer Performance last month's 100 holdings Performance Performance Navigator Last month : return relative + 0,1 return compared to : Index - 0,7 + 0,8 Average Funds - 0,4 + 0,5 + 0,0 + 0,1 Fortis + 0,2-0,1 ING Invest - 0,5 + 0,6-0,8 + 0,9-0,8 + 0,9 0,10 < Navigator -0,68 < Last 12 months : return relative + 25,9 return compared to : Index + 14,7 + 11,2 Average Funds + 15,4 + 10,5 + 15,0 + 10,9 Fortis + 18,5 + 7,4 ING Invest + 14,8 + 11,1 + 13,9 + 12,0 + 14,4 + 11,5 < Worst
2. PERFORMANCE RUNNING QUARTER Koersontwikkeling Navigator, afgelopen 3 maanden Navigator sloot augustus per saldo af met een kleine winst (+0,10%), daar waar de aandelenmarkten vorige maand gemiddeld lichtjes terrein verloren (-0,68%). Voor een zomerperiode was het een vrij bewogen maand: mede als gevolg van Katrina kregen de verzekeringssector, de retailers en de Amerikaanse dollar opvallend rake klappen, terwijl de energiesector het meer dan uitstekend deed, gedragen door de nieuwe recordprijzen die voor een vat olie worden betaald. Dat olie tegenwoordig duur is, ondervond ook de Indonesische regering, die haar burgers via subsidies beschermt voor al te hoge olie-facturen, en als gevolg daarvan nu met zware begrotingstekorten wordt geconfronteerd. Als gevolg daarvan werden munt en beurs in augustus zwaar afgestraft. De 3 aandelen (van de 100) die we in dit land aanhielden drukten het rendement van de portefeuille met 0,6%. 12% 10% versus Average Funds (*) INDEX Resultaat laatste 36 maanden (31/08/2005, euro) Results last 36 months (31/08/2005, euro) : + 42.9% : + 14.7% Fortis : + 9.8% ING Invest : + 8.8% : + 8.4% : + 7.5% : + 2.9%. 8% 6% Navigator finished August with a tiny gain (0,10%), while the lost 0,68%. Considering we were still in holiday season, it was quite a volatile month: the insurance sector, retailers and the USD had a tough time, whereas the energy sector delivered hefty returns, pushed higher by another wave of record oil-prices. That oil has become expensive was also noted in Indonesia, where a government program of subsidizing oil in order to protect its citizens from high energycosts has pushed the country s budget firmly into the red. This led to a sell-off of the country s stock exchange and currency in August. The 3 stocks (out of the 100) we own there held down this month s portfolio return with 0,6%. 4% 2% 0% -2% 31/05/2005 30/06/2005 31/07/2005 31/08/2005
Price AVERAGE Funds (*) (*) ING Invest 31/12/2000 967,50 1300,79 1000,00 73,44 892,91 262,25 210,53 66,45 31/12/2001 833,04 1127,02 764,26 39,20 725,68 218,43 177,22 53,17 31/12/2002 576,46 754,97 486,91 24,34 458,85 140,72 116,61 33,50 31/12/2003 677,07 821,60 513,86 25,84 487,03 151,99 123,59 33,96 31/12/2004 760,34 860,32 523,74 26,99 497,48 151,29 126,25 34,41 31/08/2005 901,62 971,51 595,38 30,39 567,17 175,07 142,32 39,00 (*)= Gemiddelde van [average of ],, Fortis, ING Invest, 3. TRACK-RECORD (in absolute terms) Track-record (in absolute termen) 4 YEAR TRACK RECORD +7,4% AVERAGE Funds Return AVERAGE Funds (*) ING Invest 2001-13,9% -13,4% -23,6% -46,6% -18,7% -16,7% -15,8% -20,0% 2002-30,8% -33,0% -36,3% -37,9% -36,8% -35,6% -34,2% -37,0% 2003 +17,5% +8,8% +5,5% +6,2% +6,1% +8,0% +6,0% +1,4% 2004 +12,3% +4,7% +1,9% +4,5% +2,1% -0,5% +2,2% +1,3% 2005 +18,6% +12,9% +13,7% +12,6% +14,0% +15,7% +12,7% +13,3% -13,2% +20% -20% -22,5% -30% -20% -30% ING Invest -40% -40% 2001 2002 2003 2004 2005-50% aug/01 aug/02 aug/03 aug/04 aug/05
Price rescaled to Navigator AVERAGE Funds (*) (*) ING Invest 31/12/2000 967,50 967,50 967,50 967,50 967,50 967,50 967,50 967,50 31/12/2001 833,04 838,25 739,42 516,42 786,30 805,84 814,42 774,14 31/12/2002 576,46 561,53 471,09 320,65 497,18 519,15 535,88 487,75 31/12/2003 677,07 611,09 497,16 340,42 527,71 560,72 567,96 494,45 31/12/2004 760,34 639,89 506,72 355,57 539,04 558,14 580,19 501,00 31/08/2005 901,62 722,58 576,03 400,36 614,55 645,87 654,04 567,83 (*)= Gemiddelde van [average of ],, Fortis, ING Invest, 4. TRACK-RECORD (in relative terms) Track-record (in vergelijking tot wereldindex en andere fondsen) +50% +40% 4 YEAR RELATIVE TRACK RECORD versus versus Average Funds +38,6% RETURN versus AVERAGE Funds (*) ING Invest 2001-0,5% +0,0% -10,2% -33,3% -5,4% -3,4% -2,5% -6,6% 2002 +2,2% +0,0% -3,3% -4,9% -3,8% -2,6% -1,2% -4,0% 2003 +8,6% +0,0% -3,3% -2,7% -2,7% -0,8% -2,8% -7,5% 2004 +7,6% +0,0% -2,8% -0,3% -2,6% -5,2% -2,6% -3,4% 2005 +5,7% +0,0% +0,8% -0,3% +1,1% +2,8% -0,2% +0,4% +8% +6% ING Invest +30% +20% +23,7% +4% +2% -2% -4% µ -6% -8% 2001 2002 2003 2004 2005 aug/01 aug/02 aug/03 aug/04 aug/05
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 +7,4% -13,2% -22,5% -29,6% -21,7% -19,1% -17,7% -24,5% +5,3% -2,7% MONTHLY BASIS: R-SQUARED 0,85 1,00 0,98 0,83 0,99 0,98 0,98 0,96 0,00 0,38 BETA 1,15 1,00 1,02 1,01 1,05 1,04 0,98 0,99 0,01 0,33 AVERAGE RETURN +0,15% -0,29% -0,53% -0,73% -0,51% -0,44% -0,40% -0,58% +0,11% -0,06% ALPHA +0,53% +0,00% -0,23% -0,41% -0,19% -0,13% -0,11% -0,29% +0,12% +0,03% VOLATILITY +5,71% +4,58% +4,70% +5,08% +4,84% +4,82% +4,56% +4,65% +1,35% +2,45% TRACKING ERROR +2,31% +0,00% +0,60% +2,08% +0,51% +0,73% +0,65% +0,94% +4,74% +3,64% ANNUAL BASIS: AVERAGE RETURN +1,8% -3,5% -6,2% -8,4% -5,9% -5,2% -4,8% -6,8% +1,3% -0,7% ALPHA +6,57% +0,00% -2,69% -4,76% -2,26% -1,53% -1,37% -3,41% +1,43% +0,41% VOLATILITY 19,8% 15,9% 16,3% 17,6% 16,8% 16,7% 15,8% 16,1% 4,7% 8,5% TRACKING ERROR 8,02% 0,00% 2,07% 7,20% 1,78% 2,53% 2,25% 3,27% 16,41% 12,60% SHARPE RATIO (risk free = 2%) -0,01-0,34-0,50-0,59-0,47-0,43-0,43-0,55-0,15-0,32 TREYNOR RATIO (risk free = 2%) -0,00-0,05-0,08-0,10-0,08-0,07-0,07-0,09-0,74-0,08 INFORMATION RATIO (=Alpha / Tracking Error) +0,82 +0,00-1,30-0,66-1,27-0,61-0,61-1,04 +0,09 +0,03 TOP 10 HOLDINGS EXXON MOBIL US OIL & GAS JOHNSON & JOHNSON US PHARMA & BIOTECHNOLOGY PFIZER US PHARMA & BIOTECHNOLOGY BANK OF AMERICA US BANKS TOTAL FR OIL & GAS INTEL US IT HARDWARE CHEVRON US OIL & GAS WELLS FARGO & CO US BANKS ROYAL BANK OF SCTL.GP. UK BANKS CONOCOPHILLIPS US OIL & GAS In augustus schroefden we onze belangen in sectoren zoals Pharmacie & Banken wat terug, en herinvesteerden we de middelen in sectoren zoals Engineering, Olie & Mijnbouw, en Woningbouw. Dit zijn dan ook de meest overwogen sectoren op dit ogenblik. De meest gemeden sectoren zijn Pharmacie & Software. Vanuit geografisch oogpunt bouwden we onze posities in Oost-Europa en Japan af, ten voordele van de rest van Azië en de VS. Voor het eerst sinds lange tijd is de Amerikaanse beurs in onze portefeuille niet significant onderwogen. De meest overwogen regio s zijn Zuid-Afrika en Azië (ex-japan), meest onderwogen zijn Japan, Canada en Italië. +++ - - - Sth.-Africa, Asia (ex-japan) Japan, Canada Engineering, Oil, Mining Pharmacy, Software Overweighted Underweighted In July we moved some assets away from Pharmacy and Banking, and reinvested them in Engineering, Oil & Mining and Homebuilding, which are the most overweighted sectors in our portfolio. The most underweighted sectors are Pharmacy and Software. We have reduced our weighting of Eastern-Europe and Japan in favour of the rest of Asia and the US, leading to a neutral weighting of Wall Street. The fund is most overweighted in South-Africa and Asia (ex-japan). Most underweighted are Japan, Canada and Italy.
FINANCIALS (banks, insurance ) : 27%=>26% 6. SECTOR ALLOCATION INFORMATION TECHNOLOGY (internet, hardware, software...) : 6%=>5% UTILITIES (electricity, water ) : 2% NON-CYCLICAL SERVICES (telecom, food retailers ) : 6%=>5% RESOURCES (oil, gas, mining ) : 14%=>16% CYCLICAL SERVICES (distribution, retail, media, transport ) : 11% NON-CYCLICAL CONSUMER GOODS (pharma, food, packaging, tobacco ) : 11%=>9% BASIC INDUSTRIES (chemicals, steel, construction.) : 9%=>10% CYCLICAL CONSUMER GOODS (auto, textile, household goods...) : 4%=>5% GENERAL INDUSTRIALS (aerospace, engineering, electronics ) : 10%=>11%
7. REGIONAL ALLOCATION US & Canada : 39%=>42% Latin-America : 1% Australia : 3% Japan : 7%=>5% South-Africa : 6%=>5% Asia (ex Japan & Australia) : 15%=>19% Eastern Europe : 4%=>2% UK & Ireland : 9%=>8% Scandinavia : 1% Southern Europe (France, Italy, Spain ) : 9%=>8% Western Europe (Benelux, Germany, Switzerland,...) : 6% 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 www.vector.lu