MANAGEMENT REPORT February 28 2014 EUROPEAN MARKETS, AN OASIS IN AN UNCERTAIN WORLD… European indices posted strong gains during February. The Stoxx 600 closed the month almost 5% higher, while the rally in France was led by small & mid-caps which gained over 7%. KBL Richelieu Spécial KBL Richelieu Europe Dividend KBL Richelieu Rareté KBL Richelieu Spécial Monde KBL Richelieu Invest-Immo In the US, the Standard & Poor’s index peaked at a new all-time high on the 24th of February, topping its previous record established on the 15th of January. More ambivalent macroeconomic news during the month was attributable to the harsh weather conditions, rather than reflecting any deterioration in business trends. It should also be highlighted that the cost of borrowing to buy equities hit a new record, surpassing 2007 levels. However, is this abnormal in a context of very low interest rates, compared to rising yields among equities as earnings progress globally? The dollar has so far bucked its anticipated trend, with the euro staging its strongest monthly rally against the greenback since April 2013. Among the major global indices, only China, Japan and Russia recorded negative performances in February, each for a very different specific reason. KBL Richelieu Flexible KBL Richelieu Valeur KBL Richelieu Rendement 2017 KBL Richelieu Obligations Court Terme Although further position rotation by investors away from emerging markets towards Europe (and to a lesser extent the US) is justified, the current pace of reallocation appears unsustainable and a correction, albeit minor, would be welcome. Of course, the deepening crisis in Ukraine and the risk of military intervention in Crimea provides investors with the opportunity to lock-in part of their profits generated since the beginning of the year. Furthermore, indicators from China have been highly ambivalent, with PMI manufacturing indices remaining on a downward trend pending the Chineese Communist Party meeting in the next few weeks. As usual, forecasts established early in the year have been disrupted by unforeseen events. The bullish trend does not appear to have been durably interrupted however. It should be highlighted that in his forecasts for 2014, the famous Warren Buffett remains optimistic and is betting on mergers & acquisitions, a theme that we have also been focusing on for several months now, through our KBL Richelieu Spécial and particularly KBL Richelieu Spécial Monde funds. Any price weakness will provide an opportunity to increase the KBL Richelieu Flexible. Roland Fernet, Managing Director and Nathalie Martin Pelras, Chief Investment Officer KBL Richelieu Spécial EQUITY Total Net Assets in EUR (all shares): 234,239,300 28 February 2014 FUND CHARACTERISTICS Net Asset Value 188.05 EUR Share type Legal form Classic Share French mutual fund ISIN code FR0007045737 Inception date 12/05/2000 AMF Classification Equities from European Union member states PEA-eligible Yes Benchmark Stoxx Europe 50* Fund manager(s) Nathalie Martin Pelras and Jeremy Gaudichon MAIN MONTHLY CONTRIBUTIONS Recommended investment horizon > 5 years Valuation frequency Settlement period Daily D+3 Central Transfert Agent BNP PARIBAS Securities Services Custodian BNP PARIBAS Securities Services Fund valuation agent BNP PARIBAS Funds Services SRRI (1: low, 7: high) *The benchmark was CAC 40 until 01/31/2010. From that date, it has been replaced by Stoxx Europe 50. Since 01/01/2013, the benchmark is calculated with net dividends reinvested. 6 MAIN MONTHLY INVESTMENT DECISIONS 5+ WEIR GROUP SHIRE PLC FAURECIA HUNTING PLC SPECTRIS PLC 5INVENSYS PLC TELECITY GROUP PLC KPN KONINKLIJKE DSM NV SMITHS GROUP Purchases SMITHS GROUP COMMERZBANK AG STADA ARZNEIMITTEL VIVENDI SA REZIDOR HOTEL GROUP Sales SCHNEIDER ELECTRIC SA JAZZTEL PLC SHIRE PLC WEIR GROUP NUTRECO NV MANAGEMENT COMMENTARY Although the major European indices trended sharply lower in January, the markets gained ground once again during February. As fears regarding emerging markets and tensions among the underlying currencies abated, investors were heartened by a reassuring reporting season. The main positive contributors during the month were mainly companies which published better than expected earnings and guidance, such as Weir, Shire and financial institutions. « Mid-caps » also fared generally very well, including C&C Group (beverages) and Hunting (oil services) which did not release earnings however. We made few sales in the more bullish market context, although we took profits in Shire and Weir, while reducing our position in Nutreco following disappointing figures released. We also sold our holding in Jazztel which, although still a potential takeover target for either Orange or Vodafone, is now trading on valuation multiples which are already included in the price a high speculative premium. On the other hand, the fund strengthened the investments initiated during January (Rezidor, Smiths Group) and set up a position in Commerzbank, as the bank should benefit further from restructuring, which does not yet seem to be integrated into the equity valuation. We made most of our investments at the beginning of the month, seizing upon opportunities when the markets were less bullish, strengthening our positions in Havas, Vivendi, Stada and SABMiller. Despite a sharp rally, we increased our holding in ThromboGenics, as the company announced a strategic review which could lead to a commercial partnership in the US or an outright sale. PERFORMANCE (%) - NET CLASSIC SHARE IN EUR Cumulative Year-to-date 31/12/13 28/02/14 1 month 31/01/14 28/02/14 3 months 29/11/13 28/02/14 1 year 28/02/13 28/02/14 3 years 28/02/11 28/02/14 5 years 27/02/09 28/02/14 Inception 12/05/00 28/02/14 Annualised * 3 years 28/02/11 28/02/14 5 years 27/02/09 28/02/14 FUND 3.30 4.32 3.92 19.16 23.86 BENCHMARK 2.12 4.38 2.81 15.82 13.60 88.01 88.05 7.39 13.45 4.68 72.09 -27.55 4.34 11.46 -2.31 Inception 12/05/00 28/02/14 * Annualised, since inception (cumulated if fund life < 1 year) CUMULATIVE PERFORMANCE - NET CLASSIC SHARE IN EUR * YEARLY PERFORMANCE (%) - NET CLASSIC SHARE IN EUR 30.00 250 20.00 200 88.05% 150 10.00 0.00 -10.00 100 -27.55% -20.00 50 -30.00 0 2000 2001 2002 2003 2004 2005 2006 * Since 12/05/2000 FUND : KBL Richelieu Spécial 2007 2008 2009 2010 2011 2012 2013 -40.00 -50.00 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 BENCHMARK : Stoxx Europe 50* Past performance is no guarantee of future performance. KBL Richelieu Gestion RCS 317 517 191 - Capital 16 476 512 € 22, bd Malesherbes - 75008 PARIS Calculation methods are available on the website www.kblrichelieu.com Source : BNP Paribas Securities Services 2011 2012 2013 KBL Richelieu Spécial EQUITY Total Net Assets in EUR (all shares): 234,239,300 28 February 2014 MONTHLY RETURNS (%) - NET CLASSIC SHARE IN EUR RISK INDICATORS 6.00 5.00 4.00 3.00 2.00 1.00 0.00 -1.00 -2.00 -3.00 -4.00 -5.00 03/13 04/13 05/13 06/13 07/13 08/13 09/13 10/13 11/13 12/13 01/14 02/14 KBL Richelieu Spécial Stoxx Europe 50* Fund volatility Benchmark volatility Tracking Error Information Ratio Sharpe Ratio Alpha Beta R² Portfolio Max Drawdown Weeks to recover 1 year 3 years 5 years Inception* 10.28% 12.38% 4.99% 0.65 1.87 6.47% 0.76 0.84 -5.36 4 13.71% 15.78% 5.99% 0.53 0.53 3.91% 0.81 0.86 -19.20 60 13.97% 17.65% 7.29% 0.27 0.90 4.68% 0.73 0.84 -19.20 60 14.35% 21.51% 13.00% 0.54 0.15 5.75% 0.55 0.67 -59.44 n.a. Indicators on 28/02/2014 PERFORMANCE INDICATORS (%) Year-to-date 3 years 5 years Inception* 50.00% 50.00% -0.98% 4.32% 61.11% 38.89% -7.92% 5.50% 61.67% 38.33% -7.92% 10.89% 63.25% 36.75% -20.43% 10.89% % positive months % negative months Lowest monthly return Highest monthly return Calculated on a 52-week basis (or 13 weeks if the fund's life is less than one year) * Since Inception, 12/05/2000 * Since Inception, 12/05/2000 PORTFOLIO EXPOSURE (as % of total net asset) KBL Richelieu Spécial Stoxx Europe 50* Equities and related securities Cash and money market products Diversified funds BREAKDOWN BY SECTOR Equity component - Rebased weights 89.81 10.10 0.09 Managed Funds, cash and derivatives included 20.03 Consumer Goods 15.26 Consumer Services Health Care 14.29 MAIN POSITIONS (as % of total net asset) Equity component - Non-rebased weights 13.29 Industrials 9.41 Oil & Gas STADA ARZNEIMITTEL ANSALDO STS L OREAL ING GROEP WEIR GROUP 7.66 Basic Materials 7.53 Technology 7.22 Financials 5.30 Telecom. 5.00 Germany Italy France Netherlands UK 3.02 2.82 2.36 2.26 1.99 Excluding managed funds, cash and derivatives 10.00 15.00 20.00 Excluding managed funds, cash and derivatives BREAKDOWN BY ISSUING COUNTRY Equity component - Rebased weights BREAKDOWN BY CAPITALIZATION SIZE Equity component - Rebased weights 28.69 France 28.44 UK Mid Cap (€ 1 Bn to € 5 Bn) 44.35 Large Cap (>€ 5 Bn) 10.14 Small Cap (<€ 1 Bn) 16.27 Germany 7.84 Netherlands 6.66 Italy 3.93 Sweden Belgium 45.51 3.06 Switzerland 2.54 Others 2.58 5.00 10.00 Excluding managed funds, cash and derivatives 15.00 20.00 25.00 Excluding managed funds, cash and derivatives This is a non-contractual document information. It does not constitute an offer to sell investment or to subscription. Prior to any subscription, investors are asked to get and carefully read the key investor information document (KIID) available from KBL Richelieu Gestion and on the website www.kblrichelieu.com. KBL Richelieu group denies any liability in the event of direct or indirect losses, which might be incurred through the use of the information provides in this factsheet. The terms “fund” and “share” are general terms which can mean “SICAV” or “FCP” and “equity” or “share” depending on the legal form. Figures cited refers to past years and past performance is no guarantee of future performance. In compliance with Article L314-76 of the General Regulation of the French market authority, the AMF, the client may request further details on any remuneration provided with respect to the distribution of this product. KBL Richelieu Gestion RCS 317 517 191 - Capital 16 476 512 € 22, bd Malesherbes - 75008 PARIS Calculation methods are available on the website www.kblrichelieu.com Source : BNP Paribas Securities Services KBL Richelieu Europe Dividend EQUITY Total Net Assets in EUR (all shares): 50,972,618 28 February 2014 FUND CHARACTERISTICS Net Asset Value 142.67 EUR Share type Legal form Classic Share French mutual fund ISIN code FR0000989410 Inception date 05/11/2001 AMF Classification Equities from European Union member states PEA-eligible Yes Benchmark Stoxx Europe 50* Fund manager(s) Nathalie Martin Pelras and Chicuong Dang MAIN MONTHLY CONTRIBUTIONS Recommended investment horizon > 5 years Valuation frequency Settlement period Daily D+3 Central Transfert Agent BNP PARIBAS Securities Services Custodian BNP PARIBAS Securities Services Fund valuation agent BNP PARIBAS Funds Services SRRI (1: low, 7: high) *The benchmark was Euro Stoxx 50 until 02/28/2010. From that date, it has been replaced by Stoxx Europe 50. Since 01/01/2013, the benchmark is calculated with net dividends reinvested. 6 MAIN MONTHLY INVESTMENT DECISIONS 5+ MICHELIN B NOMINATIVE NOVO NORDISK A/S AMADEUS IT HLDGS RECKITT BENCKISER PLC VINCI 5KONINKLIJKE DSM NV AXA L OREAL SKF AB LIBRE B PROSIEBENSAT.1 MEDIA AG Purchases PROSIEBENSAT.1 MEDIA AG ADIDAS AG L OREAL DEUTSCHE POST BAYER AG Sales PREMIER FARNELL SCHNEIDER ELECTRIC SA MICHELIN B NOMINATIVE NOVO NORDISK A/S KONINKLIJKE DSM NV MANAGEMENT COMMENTARY European indices closed the month sharply higher (Stoxx 50 +4.4%), boosted by annual earnings which reinforced the prevailing optimism in the markets and with liquidity remaining abundant. The rally buoyed the fund which gained 4.5% during February. Michelin is the best contributor to the performance, following the release of strong earnings and very bullish guidance in terms of cash-flow generation. Novo Nordisk also posted an excellent performance. Its leading position in the insulin market remains unchallenged, as the competitor drug developed by Eli Lilly, currently under clinical trials, does not show superior efficiency. Conversely, our position in Axa contributed slightly negatively, following lacklustre earnings and the announcement of a dividend hike slightly below market expectations. We sold our Premier Farnell holding, as growth expected in 2014 will not trigger operating margins improvement. We also sold our position in Schneider Electric which we consider fairly valued given the company’s exposure to a number of challenging emerging markets. Furthermore, we took partial profits in Michelin, Novo Nordisk, Wartsila and reduced our weighting in DSM. Conversely, we initiated a position in ProSieben in order to gain exposure to the dynamic advertising market in Germany, content creation and internet strategy. We also initiated positions in Adidas, which we consider attractively valued ahead of the « World Cup » effect, and in L’Oréal following the announced repurchase of part of stake held by Nestlé. Deutsche Post also entered our portfolio, as the company has shifted its focus onto express transports, logistics and parcels, which we consider business lines with promising cash flow outlook. Verizon Wireless also joined the portfolio, following the sale by Vodafone of its minority stake in the US operator. PERFORMANCE (%) - NET CLASSIC SHARE IN EUR Cumulative Year-to-date 31/12/13 28/02/14 1 month 31/01/14 28/02/14 3 months 29/11/13 28/02/14 1 year 28/02/13 28/02/14 3 years 28/02/11 28/02/14 5 years 27/02/09 28/02/14 Inception 05/11/01 28/02/14 Annualised * 3 years 28/02/11 28/02/14 5 years 27/02/09 28/02/14 FUND 1.30 4.51 2.38 11.66 15.55 70.84 42.27 4.94 11.30 2.90 BENCHMARK 2.12 4.38 2.81 15.82 13.60 72.28 -3.16 4.34 11.49 -0.26 Inception 05/11/01 28/02/14 * Annualised, since inception (cumulated if fund life < 1 year) CUMULATIVE PERFORMANCE - NET CLASSIC SHARE IN EUR * YEARLY PERFORMANCE (%) - NET CLASSIC SHARE IN EUR 30.00 175 20.00 150 42.27% 10.00 125 0.00 100 -3.16% 75 -10.00 -20.00 50 -30.00 25 2002 2003 2004 2005 2006 * Since 05/11/2001 FUND : KBL Richelieu Europe Dividend 2007 2008 2009 2010 2011 2012 2013 -40.00 -50.00 2002 2003 2004 2005 2006 2007 2008 2009 2010 BENCHMARK : Stoxx Europe 50* Past performance is no guarantee of future performance. KBL Richelieu Gestion RCS 317 517 191 - Capital 16 476 512 € 22, bd Malesherbes - 75008 PARIS Calculation methods are available on the website www.kblrichelieu.com Source : BNP Paribas Securities Services 2011 2012 2013 KBL Richelieu Europe Dividend EQUITY Total Net Assets in EUR (all shares): 50,972,618 28 February 2014 MONTHLY RETURNS (%) - NET CLASSIC SHARE IN EUR RISK INDICATORS 5.00 4.00 3.00 2.00 1.00 0.00 -1.00 -2.00 -3.00 -4.00 -5.00 03/13 04/13 05/13 06/13 07/13 08/13 09/13 10/13 11/13 12/13 01/14 02/14 KBL Richelieu Europe Dividend Stoxx Europe 50* Fund volatility Benchmark volatility Tracking Error Information Ratio Sharpe Ratio Alpha Beta R² Portfolio Max Drawdown Weeks to recover 1 year 3 years 5 years Inception* 11.36% 12.38% 3.23% -1.27 1.05 -1.93% 0.89 0.93 -6.82 7 15.85% 15.78% 5.14% 0.12 0.30 0.90% 0.95 0.90 -23.01 58 15.56% 17.95% 6.60% -0.03 0.67 1.86% 0.81 0.87 -23.57 58 15.46% 21.20% 10.33% 0.31 0.04 2.77% 0.65 0.80 -53.35 n.a. Indicators on 28/02/2014 PERFORMANCE INDICATORS (%) Year-to-date 3 years 5 years Inception* 50.00% 50.00% -3.07% 4.51% 66.67% 33.33% -9.52% 5.68% 66.67% 33.33% -9.52% 10.25% 61.49% 38.51% -17.71% 10.25% % positive months % negative months Lowest monthly return Highest monthly return Calculated on a 52-week basis (or 13 weeks if the fund's life is less than one year) * Since Inception, 05/11/2001 * Since Inception, 05/11/2001 PORTFOLIO EXPOSURE (as % of total net asset) KBL Richelieu Europe Dividend Stoxx Europe 50* Equities and related securities Cash and money market products Bonds and fixed income products BREAKDOWN BY ISSUING COUNTRY Equity component - Rebased weights Managed Funds, cash and derivatives included 26.46 UK 23.28 France 15.86 Germany 7.18 Sweden Others AMADEUS IT HLDGS ALLIANZ WPP PLC SANOFI AVENTIS MICHELIN B NOMINATIVE 6.75 Switzerland Italy MAIN POSITIONS (as % of total net asset) Equity component - Non-rebased weights 11.82 Netherlands Spain 95.52 4.48 0 3.42 2.27 2.96 Spain Germany UK France France 3.19 3.18 3.14 2.96 2.95 Excluding managed funds, cash and derivatives 5.00 10.00 15.00 20.00 25.00 Excluding managed funds, cash and derivatives BREAKDOWN BY SECTOR Equity component - Rebased weights BREAKDOWN BY CAPITALIZATION SIZE Equity component - Rebased weights 25.06 Consumer Goods 14.81 Industrials Mid Cap (€ 1 Bn to € 5 Bn) 11.54 9.87 Health Care 9.12 Basic Materials 7.57 Oil & Gas Others Large Cap (>€ 5 Bn) 16.02 14.44 Consumer Services Financials Technology 83.98 3.67 3.92 5.00 10.00 Excluding managed funds, cash and derivatives 15.00 20.00 25.00 Excluding managed funds, cash and derivatives This is a non-contractual document information. It does not constitute an offer to sell investment or to subscription. Prior to any subscription, investors are asked to get and carefully read the key investor information document (KIID) available from KBL Richelieu Gestion and on the website www.kblrichelieu.com. KBL Richelieu group denies any liability in the event of direct or indirect losses, which might be incurred through the use of the information provides in this factsheet. The terms “fund” and “share” are general terms which can mean “SICAV” or “FCP” and “equity” or “share” depending on the legal form. Figures cited refers to past years and past performance is no guarantee of future performance. In compliance with Article L314-76 of the General Regulation of the French market authority, the AMF, the client may request further details on any remuneration provided with respect to the distribution of this product. KBL Richelieu Gestion RCS 317 517 191 - Capital 16 476 512 € 22, bd Malesherbes - 75008 PARIS Calculation methods are available on the website www.kblrichelieu.com Source : BNP Paribas Securities Services EQUITY Total Net Assets in EUR (all shares): 1,855,484 28 February 2014 Net Asset Value 73.98 EUR Share type Legal form Classic Share French mutual fund ISIN code FR0011038454 Inception date 10/06/2011 AMF Classification Daily D+3 Central Transfert Agent BNP PARIBAS Securities Services Custodian BNP PARIBAS Securities Services Fund valuation agent European Fund Administration France No SRRI (1: low, 7: high) 6 Benchmark TR/J CRB Global Commodity Equity Index Fund manager(s) Clémence Bounaix and Julien Quistrebert CONCHO RESOURCES INC SAO MARTINHO SA PREMIER OIL OPHIR ENERGY PLC COBALT INTERNATIONAL ENERGY INC > 5 years Valuation frequency Settlement period International equities PEA-eligible Recommended investment horizon VILMORIN LABRADOR IRON ORE ROYALTY CORP ATHABASCA OIL HERITAGE OIL OSISKO MINING CORP BURU ENERGY LTD KENMARE RESOURCES AFRICAN MINERALS LTD TALISMAN ENERGY INC COM WESTERNZAGROS RESOURCES LTD Oil prices bounced in February as the harsh winter continued in the US, driving the WTI higher (+5.2%) and geopolitical tension boosted the Brent (+2.5%). Our exploration-production stocks returned mixed performances. The strongest contributor to the fund’s performance this month was Heritage Oil (+34.3%) which published reassuring production figures from its Niger delta oilfields. Cobalt International gained 17.8% following a major discovery in Angola. Conversely, Buru Energy lost 20% on the month, after announcing poor drilling results in Western Australia. Companies exposed to agricultural commodities performed strongly in February, particularly Sao Martinho (+20.7%) in Brazil, driven by a double-digit rally in the sugar prices. The palm oil producer First Resources, listed in Singapore, also fared well, gaining 11.1%. We sold our position in Vilmorin which has performed strongly over six months. Chinese indicators remained disappointing, weighing on metals prices, with the exception of copper which was relatively resilient (-0.3%). Meanwhile, the price of iron ore fell by 3.7% which, coupled with the publication of lacklustre earnings, drove African Minerals 11.6% lower in February. Our strongest contributor among precious metals this month was Stillwater Mining (+8%), boosted by a 5.6% rally in the price of palladium. The gold price increased by 6.6% per ounce in February, which enabled our gold miners to record strong performances. Goldcorp and Eldorado Gold gained respectively 7.1% and 3.8%. FUND 0.27 3.40 1.34 -14.17 - - -26.02 - - -10.49 BENCHMARK -0.90 2.50 0.36 -5.81 - - -2.10 - - -0.78 * Annualised, since inception (cumulated if fund life < 1 year) 6.00 110 4.00 105 2.00 100 -2.10% 0.00 -2.00 95 -4.00 90 -6.00 85 -8.00 80 -10.00 -12.00 75 -26.02% 70 -14.00 -16.00 -18.00 65 2011 2012 * Since 10/06/2011 2013 2014 -20.00 -22.00 2012 FUND : KBL Richelieu Rareté BENCHMARK : TR/J CRB Global Commodity Equity Index KBL Richelieu Gestion RCS 317 517 191 - Capital 16 476 512 € 22, bd Malesherbes - 75008 PARIS 2013 Calculation methods are available on the website www.kblrichelieu.com Source : BNP Paribas Securities Services EQUITY Total Net Assets in EUR (all shares): 1,855,484 28 February 2014 4.00 2.00 0.00 -2.00 -4.00 -6.00 -8.00 -10.00 03/13 04/13 05/13 06/13 07/13 08/13 09/13 10/13 11/13 12/13 01/14 02/14 KBL Richelieu Rareté TR/J CRB Global Commodity Equity Index Fund volatility Benchmark volatility Tracking Error Information Ratio Sharpe Ratio Alpha Beta R² Portfolio Max Drawdown Weeks to recover 14.50% 12.66% 6.24% -1.21 -0.94 -7.61% 1.04 0.82 -18.56 n.a. - - 20.61% 17.39% 7.43% -1.31 -0.54 -9.26% 1.11 0.88 -32.12 n.a. % positive months % negative months Lowest monthly return Highest monthly return 50.00% 50.00% -3.02% 3.40% Calculated on a 52-week basis (or 13 weeks if the fund's life is less than one year) * Since Inception, 10/06/2011 - - 42.42% 57.58% -14.17% 14.02% * Since Inception, 10/06/2011 KBL Richelieu Rareté TR/J CRB Global Commodity Equity Index Equities and related securities Cash and money market products Equity component - Rebased weights 101.92 -1.92 Managed Funds, cash and derivatives included 33.38 Explo. & Prod. Oil & Gas Fertilizers 14.97 13.92 Miners Equity component - Non-rebased weights 8.85 Integrated Oil & Gas Gold 7.90 Steel 3.14 Packaged Foods & Meats Diversified Chemicals Others 2.95 GALP ENERGIA C.B BG GROUP SAO MARTINHO SA OPHIR ENERGY PLC FMC CORP 2.98 11.90 5.00 10.00 Portugal UK Brazil UK USA 3.28 3.06 3.04 3.03 3.01 Excluding managed funds, cash and derivatives 15.00 20.00 25.00 30.00 Excluding managed funds, cash and derivatives Equity component - Rebased weights Portfolio - Non-rebased weights 30.00 USA 24.68 Canada Portugal 3.22 Brazil 2.98 Singapore Others 8.00 AUD 4.05 Norway 20.90 CAD 5.50 Australia 28.13 GBP 23.26 UK 38.27 USD 5.40 SGD 4.42 NOK 3.04 BRL 2.27 0.68 SEK 4.05 Others 5.00 10.00 Excluding managed funds, cash and derivatives 15.00 20.00 25.00 30.00 -20.00 -8.84 -10.00 10.00 20.00 30.00 Managed Funds, cash and derivatives included This is a non-contractual document information. It does not constitute an offer to sell investment or to subscription. Prior to any subscription, investors are asked to get and carefully read the key investor information document (KIID) available from KBL Richelieu Gestion and on the website www.kblrichelieu.com. KBL Richelieu group denies any liability in the event of direct or indirect losses, which might be incurred through the use of the information provides in this factsheet. The terms “fund” and “share” are general terms which can mean “SICAV” or “FCP” and “equity” or “share” depending on the legal form. Figures cited refers to past years and past performance is no guarantee of future performance. In compliance with Article L314-76 of the General Regulation of the French market authority, the AMF, the client may request further details on any remuneration provided with respect to the distribution of this product. KBL Richelieu Gestion RCS 317 517 191 - Capital 16 476 512 € 22, bd Malesherbes - 75008 PARIS Calculation methods are available on the website www.kblrichelieu.com Source : BNP Paribas Securities Services KBL Richelieu Invest Immo FUND CHARACTERISTICS 5- Purchases Sales MAIN MONTHLY INVESTMENT DECISIONS 5+ MAIN MONTHLY CONTRIBUTIONS MANAGEMENT COMMENTARY PERFORMANCE (%) - NET CLASSIC SHARE IN EUR Cumulative Year-to-date 31/12/13 28/02/14 1 month 31/01/14 28/02/14 3 months 29/11/13 28/02/14 1 year 28/02/13 28/02/14 5 years 27/02/09 28/02/14 3 years 28/02/11 28/02/14 Annualised * 3 years 28/02/11 28/02/14 Inception 04/01/99 28/02/14 CUMULATIVE PERFORMANCE - NET CLASSIC SHARE IN EUR * YEARLY PERFORMANCE (%) - NET CLASSIC SHARE IN EUR Past performance is no guarantee of future performance. 5 years 27/02/09 28/02/14 Inception 04/01/99 28/02/14 KBL Richelieu Invest Immo MONTHLY RETURNS (%) - NET CLASSIC SHARE IN EUR RISK INDICATORS 1 year 3 years 5 years Inception* Indicators on 28/02/2014 PERFORMANCE INDICATORS (%) Year-to-date 3 years 5 years Inception* PORTFOLIO EXPOSURE (as % of total net asset) BREAKDOWN BY ISSUING COUNTRY MAIN POSITIONS (as % of total net asset) BREAKDOWN BY CURRENCY BREAKDOWN BY SECTOR DIVERSIFIED Total Net Assets in EUR (all shares): 123,798,375 28 February 2014 Net Asset Value 625.15 EUR Share type Legal form Classic Share SICAV incorporated in France ISIN code FR0000029944 Inception date 23/02/1999 AMF Classification Diversified PEA-eligible Yes Benchmark Euro Stoxx 50* Fund manager(s) Pascal Bernachon Recommended investment horizon BNP PARIBAS Securities Services Custodian BNP PARIBAS Securities Services Fund valuation agent European Fund Administration France SRRI (1: low, 7: high) *The benchmark was FTSEurofirst 300 until 13/02/2013. From that date, it has been replaced by Euro Stoxx 50. Since 01/01/2013, the benchmark is calculated with net dividends reinvested. Daily D+3 Central Transfert Agent TOTAL CREDIT AGRICOLE SA VINCI UMICORE TECHNIP > 5 years Valuation frequency Settlement period TELECITY GROUP PLC ARCELORMITTAL INDITEX AXA ROYAL PHILIPS NV 5 Amid more bullish markets during February and following the January correction, the fund’s equity exposure was increased throughout the month. Exposure was 60% at the end of January and was stepped up to almost 70% at the end of February. We increased exposure by reducing the weighting of our hedge and also by strengthening our equity and sector investments (from 83% to 89%) in order to benefit from the reporting season. The banking sector therefore logically featured among the main contributors to the performance, alongside our « stock-picking » among cyclicals such as Umicore, Technip and Infineon. Conversely, as would be expected amid strongly bullish markets, overall gains were mitigated mainly by our Euro Stoxx hedge. Despite increasing our equity exposure, we nonetheless took profits and sold a number of positions, such as Aixtron and Philips. We also switched our UBM for WPP in order to remain exposed to the sector. We initiated positions in SAP, Mediobanca and Enel. As the reporting season comes to an end, the market trend will be dictated mainly by geopolitical issues in the short term. Although we are likely to reduce our equity exposure over coming weeks in this context, we are maintaining an optimistic view of the possibility that European equity markets will continue outperforming other asset classes. FUND 2.01 2.71 1.31 7.52 12.00 32.50 212.56 3.85 5.79 7.89 BENCHMARK 1.51 4.51 2.34 23.12 21.96 98.22 15.43 6.84 14.66 0.96 * Annualised, since inception (cumulated if fund life < 1 year) 30.00 175 20.00 58.01% 150 41.47% 10.00 0.00 125 -10.00 100 -20.00 75 -30.00 50 2004 2005 2006 2007 2008 * over 10 years 2009 2010 2011 2012 2013 -40.00 -50.00 2004 FUND : KBL Richelieu Flexible BENCHMARK : Euro Stoxx 50* KBL Richelieu Gestion RCS 317 517 191 - Capital 16 476 512 € 22, bd Malesherbes - 75008 PARIS 2005 2006 2007 2008 2009 2010 2011 Calculation methods are available on the website www.kblrichelieu.com Source : BNP Paribas Securities Services 2012 2013 DIVERSIFIED Total Net Assets in EUR (all shares): 123,798,375 28 February 2014 8.00 6.00 4.00 2.00 0.00 -2.00 -4.00 -6.00 03/13 04/13 05/13 06/13 07/13 08/13 09/13 10/13 11/13 12/13 01/14 02/14 KBL Richelieu Flexible Euro Stoxx 50* 9.22% 15.26% 7.76% -2.09 0.81 -4.57% 0.55 0.83 -6.12 4 9.28% 17.27% 10.69% -0.31 0.33 0.33% 0.45 0.72 -11.98 59 9.13% 17.90% 12.75% -0.70 0.54 0.28% 0.38 0.54 -11.98 59 12.83% 19.66% 14.12% 0.49 0.41 7.30% 0.46 0.49 -37.17 n.a. % positive months % negative months Lowest monthly return Highest monthly return Fund volatility Benchmark volatility Tracking Error Information Ratio Sharpe Ratio Alpha Beta R² Portfolio Max Drawdown Weeks to recover 50.00% 50.00% -0.68% 2.71% Calculated on a 52-week basis (or 13 weeks if the fund's life is less than one year) * Since Inception, 23/02/1999 47.22% 52.78% -4.85% 4.73% 53.33% 46.67% -4.85% 5.05% 58.56% 41.44% -11.42% 32.02% * Since Inception, 23/02/1999 KBL Richelieu Flexible Euro Stoxx 50* Equities and related securities Cash and money market products Bonds and fixed income products Futures Equity component - Rebased weights 19.36 Industrials Oil & Gas 14.30 Consumer Services Consumer Goods 14.26 12.57 Technology Basic Materials 6.56 Health Care 6.48 Managed Funds, cash and derivatives included TOTAL VINCI KERING SANOFI AVENTIS SAP 10.48 Financials 89.39 11.05 0 -20.29 Equity component - Non-rebased weights 12.90 3.08 Others France France France France Germany 2.66 2.40 2.40 2.37 2.36 Excluding managed funds, cash and derivatives 5.00 10.00 15.00 Excluding managed funds, cash and derivatives Equity component - Rebased weights Equity component - Rebased weights 34.72 France 20.57 Germany Mid Cap (€ 1 Bn to € 5 Bn) 11.44 Italy 5.42 Netherlands 4.26 Spain 3.49 Switzerland Others Large Cap (>€ 5 Bn) 17.13 15.90 UK Belgium 82.87 2.33 1.88 5.00 10.00 Excluding managed funds, cash and derivatives 15.00 20.00 25.00 30.00 Excluding managed funds, cash and derivatives This is a non-contractual document information. It does not constitute an offer to sell investment or to subscription. Prior to any subscription, investors are asked to get and carefully read the key investor information document (KIID) available from KBL Richelieu Gestion and on the website www.kblrichelieu.com. KBL Richelieu group denies any liability in the event of direct or indirect losses, which might be incurred through the use of the information provides in this factsheet. The terms “fund” and “share” are general terms which can mean “SICAV” or “FCP” and “equity” or “share” depending on the legal form. Figures cited refers to past years and past performance is no guarantee of future performance. In compliance with Article L314-76 of the General Regulation of the French market authority, the AMF, the client may request further details on any remuneration provided with respect to the distribution of this product. KBL Richelieu Gestion RCS 317 517 191 - Capital 16 476 512 € 22, bd Malesherbes - 75008 PARIS Calculation methods are available on the website www.kblrichelieu.com Source : BNP Paribas Securities Services KBL Richelieu Valeur FUND CHARACTERISTICS MAIN MONTHLY CONTRIBUTIONS MAIN MONTHLY INVESTMENT DECISIONS 5+ 5 Purchases Sales MANAGEMENT COMMENTARY PERFORMANCE (%) - NET CLASSIC SHARE IN EUR Cumulative Year-to-date 31/12/13 28/02/14 1 month 31/01/14 28/02/14 3 months 29/11/13 28/02/14 1 year 28/02/13 28/02/14 5 years 27/02/09 28/02/14 3 years 28/02/11 28/02/14 Annualised * 3 years 28/02/11 28/02/14 Inception 13/12/02 28/02/14 CUMULATIVE PERFORMANCE - NET CLASSIC SHARE IN EUR * YEARLY PERFORMANCE (%) - NET CLASSIC SHARE IN EUR Past performance is no guarantee of future performance. 5 years 27/02/09 28/02/14 Inception 13/12/02 28/02/14 KBL Richelieu Valeur MONTHLY RETURNS (%) - NET CLASSIC SHARE IN EUR RISK INDICATORS 1 year 3 years 5 years Inception* Indicators on 28/02/2014 PERFORMANCE INDICATORS (%) Year-to-date 3 years 5 years Inception* PORTFOLIO EXPOSURE (as % of total net asset) BREAKDOWN BY RATING MAIN POSITIONS (as % of total net asset) BREAKDOWN BY SECTOR BREAKDOWN BY MATURITY KBL Richelieu Rendement 2017 FIXED INCOME Total Net Assets in EUR (all shares): 26,463,266 28 February 2014 FUND CHARACTERISTICS Net Asset Value 117.11 EUR Share type Legal form Classic Share French mutual fund ISIN code FR0011185784 Inception date 17/02/2012 AMF Classification Until 10/31/2017 Valuation frequency Settlement period Daily D+3 Central Transfert Agent BNP PARIBAS Securities Services Custodian BNP PARIBAS Securities Services Euro-denominated bonds and other debt securities Fund valuation agent European Fund Administration France No SRRI (1: low, 7: high) 3 PEA-eligible Benchmark Recommended investment horizon OAT 4.25% échéance 25/10/2017 (FR0010517417) Fund manager(s) Etienne Dubourg MANAGEMENT COMMENTARY During February, the iTraxx indices (which gauge risk premiums) eased significantly, following tension during January caused by fears concerning emerging markets. The easing boosted the « Investment Grade » and « High Yield » segments in particular. We made no significant changes to the portfolio this month, as the fund’s investment management policy consists essentially of a « buy and hold » strategy among bonds with maturity close to 2017. PERFORMANCE (%) - NET CLASSIC SHARE IN EUR Cumulative Year-to-date 31/12/13 28/02/14 3 months 29/11/13 28/02/14 1 month 31/01/14 28/02/14 1 year 28/02/13 28/02/14 3 years 5 years Inception 17/02/12 28/02/14 Annualised * 3 years 5 years Inception 17/02/12 28/02/14 FUND 1.12 0.64 1.40 5.95 - - 17.11 - - 8.09 BENCHMARK 0.95 -0.04 0.48 1.77 - - 9.67 - - 4.65 * Annualised, since inception (cumulated if fund life < 1 year) CUMULATIVE PERFORMANCE - NET CLASSIC SHARE IN EUR * YEARLY PERFORMANCE (%) - NET CLASSIC SHARE IN EUR 5.00 17.11% 115 4.50 4.00 3.50 110 9.67% 3.00 2.50 105 2.00 100 1.50 1.00 95 2012 * Since 17/02/2012 FUND : KBL Richelieu Rendement 2017 2013 2014 0.50 0.00 2013 BENCHMARK : OAT 4.25% échéance 25/10/2017 (FR0010517417) Past performance is no guarantee of future performance. KBL Richelieu Gestion RCS 317 517 191 - Capital 16 476 512 € 22, bd Malesherbes - 75008 PARIS Calculation methods are available on the website www.kblrichelieu.com Source : BNP Paribas Securities Services KBL Richelieu Rendement 2017 FIXED INCOME Total Net Assets in EUR (all shares): 26,463,266 28 February 2014 MONTHLY RETURNS (%) - NET CLASSIC SHARE IN EUR RISK INDICATORS 2.00 1.50 1.00 0.50 0.00 -0.50 -1.00 -1.50 -2.00 03/13 04/13 05/13 06/13 07/13 08/13 09/13 10/13 11/13 12/13 01/14 02/14 KBL Richelieu Rendement 2017 OAT 4.25% échéance 25/10/2017 (FR0010517417) PERFORMANCE INDICATORS (%) % positive months % negative months Lowest monthly return Highest monthly return Year-to-date 3 years 5 years Inception* 100.00% 0.00% 0.48% 0.64% - - 80.00% 20.00% -1.98% 2.08% Fund volatility Benchmark volatility Tracking Error Information Ratio Sharpe Ratio Alpha Beta R² Portfolio Max Drawdown Weeks to recover 1 year 3 years 5 years Inception* 1.93% 2.21% 1.69% 2.55 2.94 4.93% 0.59 0.45 -2.28 16 - - 2.42% 3.23% 2.98% 1.16 3.17 6.35% 0.35 0.22 -2.28 16 Indicators on 28/02/2014 Portfolio modified duration Portfolio duration Yield to maturity of the bond pocket 3.04 3.09 1.73 Calculated on a 52-week basis (or 13 weeks if the fund's life is less than one year) * Since Inception, 17/02/2012 * Since Inception, 17/02/2012 PORTFOLIO EXPOSURE (as % of total net asset) KBL Richelieu Rendement 2017 OAT 4.25% échéance 25/10/2017 (FR0010517417) Bonds and fixed income products Cash and money market products BREAKDOWN BY RATING Portfolio - Non-rebased weights 97.69 2.31 Managed Funds, cash and derivatives included AAA AA+/AA/AAA+/A/A- 3.35 47.77 BBB+/BBB/BBB- < BB- 1.70 12.46 NR Cash ITALY 4.5000% 01/02/2018 AXA 3.7500% 01/01/2017 RALLYE 7.6250% 04/11/2016 EDP FINANCE BV 5.7500% 21/09/2017 CNH IND.FIN.EU 6.2500% 09/03/2018 32.40 BB+/BB/BB- MAIN POSITIONS (as % of total net asset) Fixed Income component - Non-rebased weights 2.31 Italy France France Portugal Italy 9.59 7.37 3.53 3.48 3.19 Excluding managed funds, cash and derivatives 10.00 20.00 30.00 40.00 Managed Funds, cash and derivatives included BREAKDOWN BY ISSUING COUNTRY Portfolio - Non-rebased weights BREAKDOWN BY SECTOR Portfolio - Non-rebased weights 56.06 France 7.75 Germany Switzerland 12.78 9.59 Government 5.99 Spain 20.39 Consumer, Cyclical Industries 18.41 Italy 22.80 Financial 9.04 Utilities 3.88 8.60 Communications Portugal 3.48 4.15 Basic Materials Netherlands 2.11 Cash 2.31 10.33 Others 10.00 20.00 Managed Funds, cash and derivatives included 30.00 40.00 50.00 Cash and other instruments 2.31 5.00 10.00 15.00 20.00 Managed Funds, cash and derivatives included This is a non-contractual document information. It does not constitute an offer to sell investment or to subscription. Prior to any subscription, investors are asked to get and carefully read the key investor information document (KIID) available from KBL Richelieu Gestion and on the website www.kblrichelieu.com. KBL Richelieu group denies any liability in the event of direct or indirect losses, which might be incurred through the use of the information provides in this factsheet. The terms “fund” and “share” are general terms which can mean “SICAV” or “FCP” and “equity” or “share” depending on the legal form. Figures cited refers to past years and past performance is no guarantee of future performance. In compliance with Article L314-76 of the General Regulation of the French market authority, the AMF, the client may request further details on any remuneration provided with respect to the distribution of this product. KBL Richelieu Gestion RCS 317 517 191 - Capital 16 476 512 € 22, bd Malesherbes - 75008 PARIS Calculation methods are available on the website www.kblrichelieu.com Source : BNP Paribas Securities Services KBL Richelieu Obligations Court Terme FUND CHARACTERISTICS MANAGEMENT COMMENTARY PERFORMANCE (%) - NET CLASSIC SHARE IN EUR Cumulative Year-to-date 31/12/13 28/02/14 1 month 31/01/14 28/02/14 3 months 29/11/13 28/02/14 1 year 28/02/13 28/02/14 3 years 5 years Annualised * 3 years Inception 30/10/12 28/02/14 CUMULATIVE PERFORMANCE - NET CLASSIC SHARE IN EUR * YEARLY PERFORMANCE (%) - NET CLASSIC SHARE IN EUR Past performance is no guarantee of future performance. 5 years Inception 30/10/12 28/02/14 KBL Richelieu Obligations Court Terme MONTHLY RETURNS (%) - NET CLASSIC SHARE IN EUR RISK INDICATORS 1 year 3 years 5 years Inception* Year-to-date 3 years 5 years Indicators on 28/02/2014 PERFORMANCE INDICATORS (%) Inception* PORTFOLIO EXPOSURE (as % of total net asset) BREAKDOWN BY RATING MAIN POSITIONS (as % of total net asset) BREAKDOWN BY MATURITY BREAKDOWN BY SECTOR I N V E S T M E N T Roland Fernet Managing Director T E A M Nathalie Martin Pelras Chief Investment Officer Clémence Bounaix Jeremy Gaudichon Pascal Bernachon Xavier Afresne Benoît de Broissia Chicuong Dang Etienne Dubourg Julien Quistrebert KBL Richelieu Spécial KBL Richelieu Flexible KBL Richelieu Europe Dividend KBL Richelieu Valeur KBL Richelieu Rareté KBL Richelieu Rendement 2017 KBL Richelieu Spécial Monde KBL Richelieu Obligations Court Terme KBL Richelieu Invest-Immo Country of registration for distribution : France 22, boulevard Malesherbes. 75008 Paris Téléphone : +33 (0)1 42 89 00 00 Fax : +33 (0)1 42 89 62 29 www.kblrichelieu.com Luxembourg Société anonyme au capital de 16 476 512 ? 317 517 191 RCS Paris Société de gestion de portefeuille Agrément AMF GP 97-36 Swiss
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