Pictet Asset Management
October 2012
Pictet-Absolute Return Global
Diversified
Introduction to Pictet Asset
Management
1
3Pictet-Absolute Return Global DiversifiedPictet Asset Management For professional investors only
Total Return
Equities
0.4%
Quantitative
20.6%
Balanced
7.2%
Bonds
26.8%
Equities
22.0%
MMF/Short-term
Bonds
23.0%
Brief introduction to Pictet Asset Management
• First institutional mandate in 1967
• A worldwide presence with:
– 5 investment management centres (London, Geneva,
Zurich, Tokyo & Singapore)
– 17 marketing & client relationship management centres
• More than 600 professionals at Pictet Asset Management
Source: Pictet Asset Management, as of 31.08.2012
Assets under management: GBP 88.2 bn
Performance
Client service
Integrity
4Pictet-Absolute Return Global DiversifiedPictet Asset Management For professional investors only
Pictet Asset Management – What sets us apart
AN INVESTMENT LED SERVICE COMPANY
THE SERVICE PROVIDER
� Strong brand image: recognized for quality of service
� Transparent fees, adapted to market conditions
� Dedicated support for our distribution “partners”
THE COMPANYTHE COMPANY
� A solid group focused on asset and wealth management
� Sound financial situation for Pictet and for PAM
� ‘Human management of resources’
THE ASSET MANAGER THE ASSET MANAGER
� Long term perspective: resource, footprint and products
� Strong investment performance vs. competition
� Protection of client interest: anti-dilution, soft closings
5Pictet-Absolute Return Global DiversifiedPictet Asset Management For professional investors only
Absolute Return Global Diversified
GREATER EUROPE
EMERGING WORLD
GLOBAL SPECIALTIES ARGD
Long Only Long / Short Quantitative
Combining long term strategic views with mid-term convictions
6Pictet-Absolute Return Global DiversifiedPictet Asset Management For professional investors only
3 major mid-term convictions
• Persisting macro risk & volatility - ultimately global currency re-alignment
- Low volatility / high income strategies in demand
- Emerging debt and EM-FX will outperform
- RMB as trade and reserve currency
• Securitization 2.0 beginning
- Corporate credit as a new major asset class in Europe and EM
• Paradigm shift in benchmarking
- Cap-weights out, fundamentals in
- Quality equities and emerging debt to benefit
An proven investment approach
adapted to new market
conditions
2
9Pictet-Absolute Return Global DiversifiedPictet Asset Management For professional investors only
Benefits of our multi-asset target return solution
• Deliver positive returns in various market conditions
– Targets 4% return plus cash rate over 3/5 years cycle
• Provide resilience in adverse markets
• Offer a high degree of diversification through multi-asset,
multi-strategy investments
• Provide lower risk and lower directionality relative to
products with similar returns
– Targets volatility of 5% to 7%
• Offer daily liquidity via a UCITS product
ARGD aims to
AUM of EUR 1bn approx in
strategy
10Pictet-Absolute Return Global DiversifiedPictet Asset Management For professional investors only
ARGD performance
Net performance since inception in EURPortfolio has avoided large
drawdown during very
volatile markets
Positive upside is
preserved as can be seen
during 2006, 2007, 2010
and 2012 YTD
Substantial risk-adjusted
outperformance of ARGD
vs. global equities and
hedge fund indices
Source: Bloomberg, Pictet Asset Management as of 31.10.2012
80
90
100
110
120
130
Ma
r-0
6
Jul-
06
Nov
-06
Ma
r-0
7
Jul-
07
Nov
-07
Ma
r-0
8
Jul-
08
Nov
-08
Ma
r-0
9
Jul-
09
Nov
-09
Ma
r-1
0
Jul-
10
Nov
-10
Ma
r-1
1
Jul-
11
Nov
-11
Ma
r-1
2
Jul-
12
ARGD NAV EONIA HFRX Absolute Return
11Pictet-Absolute Return Global DiversifiedPictet Asset Management For professional investors only
Positioning ARGD
Losses in down
markets
Illiquid
Static
Expensive
Opaque
Directional
Resilience
Liquid
Dynamic
Cheap
Transparent
Non-directional
Balanced
fundsARGD Hedge funds
Product offers many
attractive features
12Pictet-Absolute Return Global DiversifiedPictet Asset Management For professional investors only
HFRX
World Eq
World Eq
+ ARGD
Balanced
+ ARGD
Balanced
ARGD
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
0.0% 5.0% 10.0% 15.0% 20.0%
ARGD improves your portfolio’s risk-return profile
In comparison to:
- A global balanced portfolio
- A world equities portfolio
- HFRX
Sharpe ratio improvements
+30%for balanced
+ 42% for World equities
Risk/return profile of ARGD and selected strategies
Return
Risk
Example of balanced portfolio comprising 50% World Eq, 30% Govt Bonds, 15% Corporate bonds, and 5% Commodities
ARGD added for 25% in World Eq and balanced portfolio
Measurement period since ARGD inception March 2006
Source: Bloomberg, Pictet Asset Management
Combining two sources of
returns
3
15Pictet-Absolute Return Global DiversifiedPictet Asset Management For professional investors only
95
100
105
110
115
120
125
130
Ma
r-0
6
Jun
-06
Sep
-06
Dec
-06
Ma
r-0
7
Jun
-07
Sep
-07
Dec
-07
Ma
r-0
8
Jun
-08
Sep
-08
Dec
-08
Ma
r-0
9
Jun
-09
Sep
-09
Dec
-09
Ma
r-1
0
Jun
-10
Sep
-10
Dec
-10
Ma
r-1
1
Jun
-11
Sep
-11
Dec
-11
Ma
r-1
2
Jun
-12
Sep
-12
Manager Market ARGD
Strategies gross performance evolution since inception (EUR)
Source: Pictet Asset Management, as of 31.10.2012
1.A market exposure (beta)
that blends asset classes
2.A market independent
exposure (alpha) that extracts
value adds from selected
Pictet fund managers
Complementary behaviour is
key to achieving absolute
returns
Correlation of 0 between both
sources of return
21 out of 26 quarters have
positive returns in at least one
strategy
Complementary returns at work
16Pictet-Absolute Return Global DiversifiedPictet Asset Management For professional investors only
0%
20%
40%
60%
80%
100%
120%
140%
160%
180%
Volatility Protection
Commodities
Emerging Market Equities
Developed Equities
Currencies
High Yield Credit
Emerging Market Debt
Developed Government Debt
Relative value equity indices
Global fixed income
Commodities
Swiss Equities Small Cap
Swiss Equities
Sector Equities
Japanese Equities
Low Risk Equities
European Equities II
European Equities I
China Equities
Source: Pictet Asset Management, PAMFolio, as at 12.11.2012
Breakdown of market exposure as at November 2012
Manager
exposure
Portfolio overview, after combining both strategies
Market
exposure
A number of diverse
strategies and investment
styles
Avoids over-reliance on
one single management
team or asset class
Portfolio includes over 1000 positions
17Pictet-Absolute Return Global DiversifiedPictet Asset Management For professional investors only
1. Market exposure is diversified across asset classes
Asset classes are
selected according to
their long term
behaviour:
-Diversifying qualities
-Return potential
-Protection in down
markets
Developed
equity
Emerging
equity
Developed
Govt bonds
Emerging
Market debtUS high yield
Currencies
Commodities
Equity
volatility
18Pictet-Absolute Return Global DiversifiedPictet Asset Management For professional investors only
Diversification of our market exposure across asset classes
Source: Pictet Asset Management, PAMFolio, as at 12.11.2012
Breakdown of market exposure by asset classes
58%
9%
6%
7%
5%
8%
5%2%
Developed
government debt
Emerging market
debt
US high yield
credit
Dev Equities
Emerging Equities
Currencies
Commodities
Volatility
Protection
19Pictet-Absolute Return Global DiversifiedPictet Asset Management For professional investors only
70
80
90
100
110
120
130
140
Market Active Manager Outperformance
2. Manager strategy: value extraction illustration
Extracting the manager outperformance* - Illustration
Some managers can beat
the market on a consistent
basis
We extract this
outperformance by carving
out the market return
The manager’s value-added
is totally uncorrelated to
market movements
* Please note the graph above is an illustration only, and DOES NOT reflect the performance of the ARGD fund relative to the market
Source: Pictet Asset Management.
(Beta) (Alpha)
20Pictet-Absolute Return Global DiversifiedPictet Asset Management For professional investors only
Source: Pictet Asset Management, PAMFolio, as of 12.11.2012
Current breakdown by manager strategy
5 - 15 sources of
value creation
Improving the odds of delivering positive active management
4%
13%
7%
11%
10%
8%
12%
7%
7%
13%
8%
China Equities
European Equities I
European Equities II
Low Risk Equities
Japanese Equities
Sector Equities
Swiss Equities
Swiss Equities Small Cap
Commodities
Global fixed income
Relative value equity indices
21Pictet-Absolute Return Global DiversifiedPictet Asset Management For professional investors only
0%
25%
50%
75%
100%
Developed Equities Emerging Equities Commodities
Corp. Credit Currencies EM Govt Bonds
Dev. Govt Bonds
With our innovative portfolio construction approach
We mitigate market volatility
by equalising risk across
asset classes
Risk is measured as the
expected loss during
extreme market events
Traditional sector allocation
leads to an unbalanced risk
allocation
Even risk allocation Resulting portfolio
The even distribution of risk drives our asset allocation weights
22Pictet-Absolute Return Global DiversifiedPictet Asset Management For professional investors only
A dynamic market exposure
MARKET EXPOSURE
(even risk distribution)
TACTICAL
ASSET
ALLOCATION
The market exposure’s two
components
• Commodities
• Currencies
• EM equities
• Developed equity
• US high yield
• EM debt
• Dev govt. bonds
• Vix futures
• Dev govt. bonds
• Dev equities
23Pictet-Absolute Return Global DiversifiedPictet Asset Management For professional investors only
Rigorous and robust manager selection
Fund managers are chosen according to their capability
– to preserve capital in down markets
– the consistency (long-term) and regularity (frequency) of
value creation
– the purity (no style impact) and robustness of their
process
Costs are kept to a minimum
(no double counting like in fund of funds)
Only funds with sustainable
and repeatable value
creation are selected
Efficient cost management
24Pictet-Absolute Return Global DiversifiedPictet Asset Management For professional investors only
Managing risk to reduce portfolio drawdown
MARKET CONDITIONS
• Adjust asset class weight to
account for market risks
(tactical adjustment over the
short term)
MANAGER OUTPERFORMANCE
ASSESSMENT
ASSET CLASS RISK
• Ensure an even distribution
across asset classes (long-term
asset class selection)
FUND MANAGER PERFORMANCE
• Include a new fund manager /
exit existing one
• Assessment via proprietary
scoring
Weekly
Month
ly
MARKET EXPOSURE
ASSESSMENT
MARKET CONDITIONS
• Adjust Vix futures exposure
based on market conditions
Conclusions
4
27Pictet-Absolute Return Global DiversifiedPictet Asset Management For professional investors only
Our competitive edge
• Dedicated research team with strong academic and industry backgrounds
• Develop strategies applied via quantitative methods
• Adaptive investment process through implementation of research findings
Research and innovation:
PAM investment universe:
Discipline and seasoned
investment process:• Combination of quantitative and discretionary decision
making
• Rigorous application of investment process
• Extensive knowledge of multi-asset class markets
• Wide range of investment teams across asset classes
• Direct access and close contact with PAM fund managers
• No double fees thanks to pool structure
28Pictet-Absolute Return Global DiversifiedPictet Asset Management For professional investors only
ARGD, a multifaceted product
The product can be used as
- A targeted return fund
- A global balanced fund
- A liquid, regulated substitute
for a fund of hedge funds
- A diversifying source of returns
for an equity or bond portfolio
29Pictet-Absolute Return Global DiversifiedPictet Asset Management For professional investors only
ARGD – Technical details
1.40%0.45%002466808LU0247079386I EUR
1.98%1.0%002466816LU0247079469P EUR
1.86%1.0%002466825LU0247079543P dy EUR
2.33%1.6%002466821LU0247079626R EUR
1.65%0.45%004929531LU0407042059HI USD
1.93%1.0%004929536LU0407042489HP USD
1.37%0.45%004929456LU0407040277HI CHF
1.91%1.0%004929471LU0407040863HP CHF
Management
Fees (%)
Exp. TER(%)*Share class ISIN code Valoren
March 2006Launch
Daily, settlement NAV + 2NAV calculation
EURReference currency
In scope - TaxEU saving directive
Compartment of the Pictet Luxembourg SICAV, UCITS compliantLegal status
EONIA Capitalization IndexReference index
Carlos OntanedaTeam Head
Pictet-Absolute Return Global DiversifiedName
* As at end of September 2012. 20% performance fee over EONIA +2% with high watermark
Source: Pictet Asset Management
Biographies
31Pictet-Absolute Return Global DiversifiedPictet Asset Management For professional investors only
Biographies
Carlos Ontaneda
Head
Multi Asset and Total Return team
Carlos Ontaneda joined Pictet Asset Management in
2007. He is head of the Multi Asset and Total
Return unit. Before assuming his current position in
2011, he was a Quantitative Analyst within the
team.
Before earning his MBA he worked for five years at
AIG where his most recent position was that of
senior financial analyst in the reinsurance group.
Carlos holds an MBA with High Honours in Analytic
Finance and Economics from the University of
Chicago Booth School of Business. He is also a
Chartered Financial Analyst (CFA) charterholder.
Odorico von Susani
Quantitative Analyst
Multi Assets and Total Return team
Odorico von Susani joined Pictet Asset
Management in 2007. He is currently a
Quantitative Analyst for the Multi Asset and Total
Return team. Before holding his current position in
2011, he served as Head of Software
Development.
Previously, from 1999 to 2002, Odorico led the IT
Architecture team at Pictet Group for E-Banking
solutions such as Private Net, Business Connect
and Custody Link.
Odorico holds an MSc and PhD in Computer
Science from the University of Geneva, a Master of
Science in Banking and Finance from the HEC
Lausanne and a Federal Diploma in Corporate
Development.
Olivier Monti
Quantitative Analyst
Multi Asset and Total Return team
Olivier Monti joined Pictet Asset Management in
2005. He is a quantitative analyst in the Multi
Asset and Total Return team. Before assuming his
current position in 2008, he was a quantitative
analyst/ fund manager in the Quantitative
Investment team where he developed and
implemented quantitative stock selection models
in an US equity fund.
Before joining Pictet he worked for SDK Asset
Management as a hedge fund analyst for a fund of
funds. His career began at Credit Suisse First
Boston where he headed the corporate actions
function for the Securities Lending and Borrowing
desk.
Olivier holds an MSc in Finance from the HEC
University of Geneva. He is a Chartered Financial
Analyst (CFA) charterholder and also a certified
Financial Risk Manager (FRM).
32Pictet-Absolute Return Global DiversifiedPictet Asset Management For professional investors only
Biographies
Rafael Matamoros
Senior Investment Manager
Multi Asset and Total Return team
Rafael Matamoros joined Pictet Asset Management in 2002 and is a Senior Investment Manager in the Multi Asset and Total Return team. Prior to his current position, he was a Senior Investment Manager in the Quantitative Investment team.
Before joining Pictet, he worked for three years at Barclays Global Investors as a Portfolio Manager for Institutional clients in international indexed funds and eight years for Capital International Perspective as an Editor of the MSCI Indices.
Rafael graduated from the University of Geneva with a degree in Economics. He also holds a diploma from the Ecole d'Ingénieurs de Genève.
Daniel Toppo
Junior Investment Manager
Multi Asset and Total Return team
Daniel Toppo joined Pictet Asset Management in 2007 and is a Junior Investment Manager in the Multi Asset and Total Return team. Prior to his current position, he was a Java Analyst Developer in the Information Technology team.
Before joining Pictet in 2007, he worked two years as a Middleware Software Project Manager at Swissquote Bank.
Daniel graduated with a master’s degree in Computer Science from both the Swiss Federal Institute of Technology (EPFL) and the UniversitatPolitècnica de Catalunya (UPC). He also qualified as a Certified International Investment Analyst (CIIA/AZEK).
Stéphane DaulSenior Quantitative Analyst Multi Asset and Total Return team
Stéphane Daul joined Pictet Asset Management in
2011 as a Senior Quantitative Analyst in the Multi
Asset and Total Return unit.
Before joining Pictet, he was with Riskmetrics
during almost 5 years as head of research. He
previously worked as a senior risk analyst at Swiss
Re until 2003 and subsequently as a senior
quantitative analyst at EIM from 2004 to 2005.
Stéphane has published numerous academic
articles in both physics and finance. He is a CFA
charter holder and was awarded a Ph.D. in
Theoretical Physics from the University of
Fribourg, Switzerland.
Appendix
34Pictet-Absolute Return Global DiversifiedPictet Asset Management For professional investors only
Your team dedicated to absolute returns
Rafael Matamoros (22)
Senior Investment Manager
Daniel Toppo (7)
Investment Manager
Odorico von Susani (13)
Quantitative Analyst
Olivier Monti (12)
Quantitative Analyst
Stéphane Daul (13)
Senior Quantitative Analyst
Vincent Heyberger (3)
Team Assistant
Interaction with other resources at Pictet Asset Management
Fixed income
investment teams
Equity
investment teams
Balanced & Strategy
teams Traders Risk control
Portfolio Construction Research Reporting & Risk Control
Carlos Ontaneda (12)
Head of Multi Asset and Total Return team
Source: Pictet Asset Management, September 2012.
(9) = number of years relevant experience.
35Pictet-Absolute Return Global DiversifiedPictet Asset Management For professional investors only
0
5
10
15
20
25
30
less
tha
n -1
0%
-10%
and
-8%
-8%
and
-6%
-6%
and
-4%
-4%
and
-2%
-2%
and
0%
0% a
nd +
2%
+2%
and
+4%
+4%
and
+6%
+6%
and
+8%
+8%
and
+10
%
mor
e th
an 1
0%
pre 2000 post 2000
Extreme movements have risen in frequency
Occurrence of “unusual”
volatility has greatly
increased post March 2000
Greater occurrence of large losses
Traditional asset
allocation models have not worked well
Frequency of market moves pre vs post march 2000 (monthly measures, rebased)
Source: Pictet Asset Management.
36Pictet-Absolute Return Global DiversifiedPictet Asset Management For professional investors only
We aim to reduce the impact of extreme risk events
Usu
al
vola
tility
range
market stress
Correlation across asset
classes increases in time of
market stress
Diversification benefits
decrease when needed most
Our proprietary risk models
account for extreme risk
scenarios
In such events, our different
asset classes contribute
equally to performance
Our proprietary risk models account for extreme volatility
37Pictet-Absolute Return Global DiversifiedPictet Asset Management For professional investors only
Performance of various asset classes since 2011
Example - benefits of low correlation
Different levels of
volatility amongst asset
classes highlight the
benefits of a diversified
portfolio
Underperformance of
equities partially
compensated by other
asset classes (since
2011)
Source: Bloomberg, Pictet Asset Management as of 31.10.2012
75
80
85
90
95
100
105
110
115
Dec
-10
Jan-
11
Feb-
11
Mar
-11
Apr-
11
May
-11
Jun-
11
Jul-
11
Aug-
11
Sep-
11
Oct
-11
Nov
-11
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr-
12
May
-12
Jun-
12
Jul-
12
Aug-
12
Sep-
12
Oct
-12
EM Equities Dev Equities Commodities Govt Bonds
38Pictet-Absolute Return Global DiversifiedPictet Asset Management For professional investors only
Portfolio exposure by strategies
Total portfolio composition: average exposure by strategy
Manager portfolio varies
between 40% and 80%
of fund assets
Market portfolio is
modified according to
risk levels in the market
Manager
60%
Cash 40%
Market
100%
Funded Notional
Manager
60%
39Pictet-Absolute Return Global DiversifiedPictet Asset Management For professional investors only
Market exposure characteristics
±6%5%Currencies
±2%8%High Yield Debt
±4%10%Emerging Debt
±6%5%Commodities
±2%4%Emerging Equities
±4%5%Developed Equities
±14%63%Developed Government Bonds
Average expected
deviation**Average weights*
* rebased to 100%
**based on historical simulation and monthly timing model
4.2
0.07
Current
0 to 6Duration
0.0 to 0.25Beta (MSCI World)
Usual range
Portfolio diversified across
several asset classes
Deviation comes from both
changes in risk assessment and
tactical overlay decisions
Source: Pictet Asset Management, PAMFolio, as at 12.11.2012
40Pictet-Absolute Return Global DiversifiedPictet Asset Management For professional investors only
Evolution of the market exposure (Beta)
Source: Pictet Asset Management, PAMFolio, as of 31.10.2012
Weight evolution by asset class
We increased the weight
of bonds in May, following
a surge in market volatility
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Aug-
11
Sep-
11
Oct
-11
Nov
-11
Dec
-11
Jan-
12
Feb-
12
Mar
-12
Apr-
12
May
-12
Jun-
12
Jul-
12
Aug-
12
Sep-
12
Oct
-12
Developed govt. debt SMT EUR corp bonds Emerging market debt US high yield credit
Currencies Commodities Equities
41Pictet-Absolute Return Global DiversifiedPictet Asset Management For professional investors only
Evolution of the manager exposure (alpha)
Source: Pictet Asset Management, PAMFolio, as of 31.10.2012
Weight evolution by strategy class since inception
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Mar
-06
Jun-
06
Sep-
06
Dec
-06
Mar
-07
Jun-
07
Sep-
07
Dec
-07
Mar
-08
Jun-
08
Sep-
08
Dec
-08
Mar
-09
Jun-
09
Sep-
09
Dec
-09
Mar
-10
Jun-
10
Sep-
10
Dec
-10
Mar
-11
Jun-
11
Sep-
11
Dec
-11
Mar
-12
Jun-
12
Sep-
12
Fixed Income Strategies Relative values strategies Equity EM StrategiesRegional large cap equities Sector equities Regional small cap equities Commodities Long/short equities Global large cap equities
42Pictet-Absolute Return Global DiversifiedPictet Asset Management For professional investors only
Enhancements to adapt to ever-changing markets
New market conditions have led to new enhancements
Pictet-Absolute
Return Global
Diversified
History
Fund inception
2006
Aug
2011
Even risk distribution
across asset classes
(market)
New global equity
strategy (manager)
Sep
2012
New fixed income
strategy (manager)
Oct
201
2 Dynamic protection
strategy through
VIX futures (TAA)
Examples of enhancements made to the fund since inception
2009 TAA adjusted for
faster reactivity
Feb
201
2
43Pictet-Absolute Return Global DiversifiedPictet Asset Management For professional investors only
ARGD performance
Annualised return in EUR
Maximum drawdown in EUR
*Based on monthly calculation since inception
Source: Bloomberg, daily data, reference period: 31.03.2006 to 31.10.2012
Annualised volatility in EUR*
3.3%
-1.7%
-2%
0%
2%
4%
Pictet-Absolute Return Global Diversified-I
EUR
HFRX Global Hedge Fund EUR Index
Pictet-Absolute Return Global Diversified-I EUR HFRX Global Hedge Fund EUR Index
7.1%
4.2%
0%
1%
2%
3%
4%
5%
6%
7%
8%
Pictet-Absolute Return Global Diversified-
I EUR
HFRX Global Hedge Fund EUR Index
-27.2%
-8.1%
-30%
-25%
-20%
-15%
-10%
-5%
0%
Pictet-Absolute Return Global
Diversified-I EUR
HFRX Global Hedge Fund EUR Index
Pictet-Absolute Return Global Diversified-I EUR HFRX Global Hedge Fund EUR Index
44Pictet-Absolute Return Global DiversifiedPictet Asset Management For professional investors only
Source: Pictet Asset Management, as of 31.10.2012
-8.1%Maximum drawdown2
Multi Asset & Total Ret.Investment team
Carlos OntanedaTeam head
4.2% Volatility ex post1
27 March 2006Inception
EUR 687m
EUR 123.89NAV(End month I EUR shares)
Fund size
Key comparison results
1Based on daily calculation2Based on monthly calculation since inception
5.9-0.60.30.41.60.7-0.60.80.01.21.92012
-
0.7
-2.6
-0.3
-2.0
-0.2
Jan
-
-0.1
0.7
1.2
0.5
1.4
Feb
-
0.9
-0.8
-0.3
1.9
-0.2
Mar
0.7
1.4
0.2
-2.3
0.3
1.3
Apr
-1.8
1.4
-0.4
-2.1
-1.2
-0.4
May
-1.1
1.0
-1.0
0.8
-1.0
-0.3
Jun
0.8
1.1
1.5
0.0
1.4
-0.5
Jul
1.0
-0.4
0.3
0.9
-0.1
-1.6
Aug
1.4
1.7
-1.6
0.8
3.2
-2.2
Sep
1.9
1.7
-2.5
0.3
0.6
1.8
Oct
1.7
-0.3
1.1
1.0
-0.1
-0.4
Nov
1.4
0.1
0.9
-0.2
2.0
1.1
Dec
6.1
9.6
-4.1
-0.3
5.4
-0.2
Year
2008
2007
2006
2009
%
2011
2010
Monthly performance since inception (in EUR net)
1.70.25.92012 YTD
2.74.09.62007
3.3
-4.1
-0.3
5.4
-0.2
-0.6
Fund
1.9
4.0
0.7
0.4
0.9
0.0
EONIA
-1.7
-23.8
13.2
4.6
-8.7
-0.6
HFRX Global HF Index
2009
2008
Since inception1
2010
%
Month
2011
Performance (in EUR net)
1Annualised
5.0
0.02
4.0Ex ante volatility %
Ex ante beta1
Weighted modified duration
Risk statistics
1Relative to MSCI World
Performance and risk data
1Relative to MSCI World
For further information, please visit our websites
www.pictet.com
www.pictetfunds.com
Pictet Asset Management
This marketing material is issued by Pictet Funds (Europe) S.A. It is neither directed to, nor intended for distribution or use by, any person or entity who is a citizen or resident of, or domiciled or located
in, any locality, state, country or jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. Only the latest version of the fund’s prospectus, regulations,
annual and semi-annual reports may be relied upon as the basis for investment decisions. These documents are available on www.pictetfunds.com or at Pictet Funds (Europe) S.A., 15, avenue J. F.
Kennedy L-1855 Luxembourg.
The information and data presented in this document are not to be considered as an offer or solicitation to buy, sell or subscribe to any securities or financial instruments.
Information, opinions and estimates contained in this document reflect a judgment at the original date of publication and are subject to change without notice. Pictet Funds (Europe) S.A. has not taken
any steps to ensure that the securities referred to in this document are suitable for any particular investor and this document is not to be relied upon in substitution for the exercise of independent
judgment. Tax treatment depends on the individual circumstances of each investor and may be subject to change in the future. Before making any investment decision, investors are recommended to
ascertain if this investment is suitable for them in light of their financial knowledge and experience, investment goals and financial situation, or to obtain specific advice from an industry professional.
The value and income of any of the securities or financial instruments mentioned in this document may fall as well as rise and, as a consequence, investors may receive back less than originally invested.
Risk factors are listed in the fund’s prospectus and are not intended to be reproduced in full in this document.
Past performance is not a guarantee or a reliable indicator of future performance. Performance data does not include the commissions and fees charged at the time of subscribing for or redeeming
shares. This marketing material is not intended to be a substitute for the fund’s full documentation or any information which investors should obtain from their financial intermediaries acting in relation
to their investment in the fund or funds mentioned in this document.