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FONDS DE PLACEMENT COMMENT FAIRE SON CHOIX PARMI LES PLUS GRANDES BASES DE DONNÉES

«CONSEILLERS ROBOTS» ÉMERGENCE D’UNE NOUVELLE ESPÈCE DE GESTIONNAIRE

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Ce hors-série ne peut être vendu séparément Le Temps Mercredi 3 février 2016

CLASSEMENTS DE LIPPER (THOMSON REUTERS)

Finance

Le Temps l Mercredi 3 février 2016

ÉDITO

Investir avec bon sens L’investisseur individuel bénéfici aujourd’hui d’une multitude de canaux d’information. En particulier, il peut entreprendre lui-même des recherches sur l’ensemble des fonds de placement autorisés à la vente en Suisse en recourant aux sélecteurs des bases de données en libre accès, comme Swiss Fund Data, Morningstar ou Lipper. Il peut ainsi faire ressortir de manière instantanée des listes de produits selon un certain nombre de critères prédéfinis qu’il peut combiner comme il l’entend, par exemple la performance, la volatilité, les frais, etc. Sans compter l’accès tout aussi rapide aux documents décrivant ces fonds, leur stratégie d’investissement ou encore l’ancienneté du gérant. Comme chacune de ces bases de données présente des caractéristiques particulières et parfois complémentaires, leur utilisation parallèle procure

LORIS VON SIEBENTHAL

Par Pierre Novello

un réel atout à celui qui en maîtrise les arcanes pour mieux cerner la nature de ces produits financiers Il faut toutefois prendre garde à ne pas surestimer cet avantage. En effet, toute l’information disponible repose sur le passé. Ce type de données est important et il est possible qu’une belle performance récente se renouvelle à l’avenir. Mais rien n’est moins sûr, et ce pour les deux raisons suivantes. Tout d’abord, on ne peut obtenir que peu d’informations qualitatives: la description de la stratégie du fonds reste trop sommaire pour en saisir le fonctionnement. Pour savoir ce que fait vraiment le gérant, il faudrait aller l’interroger directement. C’est la démarche suivie par les professionnels, mais qui n’est pas véritablement à la portée du premier venu. Pour répondre à ce besoin, Morningstar offre depuis quelques années une analyse qualitative

d’une sélection de fonds en leur attribuant des notes, mais dont les motifs détaillés sont réservés à ses clients. Si l’on a suffisamment confiance dans ce analyses, on pourrait ne choisir que les fonds les mieux notés pour constituer son portefeuille. Mais une telle approche pourrait se révéler désastreuse… En effet, et c’est la deuxième et plus importante raison de se méfier des performances histo riques, le fonds doit être positionné sur un secteur porteur. Car, au-delà du talent du gérant et de sa capacité à se distinguer de ses concurrents, la performance effective du fonds dépendra fondamentalement – dans les stratégies traditionnelles – de l’évolution du domaine d’activité dans lequel il investit ou du style de gestion qu’il applique. Si le marché sous-jacent s’effondre, la valeur du fonds prendra automatiquement le même chemin.

Idéalement, il faudrait donc ne choisir que les fonds des secteurs au plus fort potentiel, en sélectionnant les produits les mieux gérés et les plus solides. Dans le monde réel, personne n’est capable de prédire l’avenir, et la philosophie de base demeure une saine diversification, de manière à trouver un bon compromis entre le rendement attendu et la volatilité du portefeuille. L’investisseur individuel aura évidemment de la peine à se constituer un portefeuille optimal en se basant uniquement sur Morningstar, Lipper et autres, et en recourant à des informations et avis divers, grappillés ici ou là. Mais il pourra tirer pleinement parti de ces outils pour évaluer les produits dont on lui vantera les mérites et ils l’aideront à détecter ceux qui sont notoirement mal gérés ou trop chers.

SOMMAIRE FONDS DE PLACEMENT

Les bases de données incontournables

Il est facile de passer en revue l’ensemble des fonds de placement autorisés à la vente en Suisse sur différents sites en libre accès. Enquête.

PLACEMENT

Les solutions permettant aux clients de simuler un portefeuille ou de comparer le profil risque- endement de leurs placements se démocratisent.

Par Pierre Novello

«Les investisseurs doivent éviter de se focaliser sur la performance de court terme»

Thomas Lancereau, responsable de la recherche pour la France, le Moyen-Orient et l’Afrique de Morningstar, met en garde contre ce biais. Par Pierre Novello

Comment les professionnels sélectionnent les fonds de placement

La facilité d’accès à l’information n’est pas un gage de réussite pour une allocation optimale de son portefeuille. On peut s’inspirer des professionnels.

Par Yves Hulmann

TECHNOLOGIE

LIQUIDITÉS

INTERVIEW

«La gestion d’actifs est un métier cher»

Nicolas Faller, coresponsable de la gestion d’actifs au sein de l’UBP, met en avant les efforts à fournir et les atouts nécessaires pour devenir un acteur de référence sur ce marché.

LÉGISLATION

GESTION

La Suisse attire les gérants

Des sociétés de gestion ont récemment établi une présence en Suisse, alors que d’autres y ont renforcé leur ancrage au cours des dernières années.

Les fonds immobiliers restent intéressants

En 2015, l’attrait pour cette classe d’actifs appréciée pour son aspect de diversification dans les po tefeuilles s’est encore accru. Par Nicolas Di Maggio

LSFin et LEFin, une chance pour la Suisse

Le 4 novembre 2015, le Conseil fédéral a adopté le message relatif à la LSFin et à la LEFin – une étape importante pour la gestion d’actifs. Il est souhaitable que ces projets de lois soient ratifiés dans leur état actue par le Parlement. Par Markus Fuchs

Par Yves Hulmann

PIERRE

Fonds monétaires plutôt que comptes bancaires?

Les rendements de ce type de titres sont actuellement inférieurs à ceux des comptes bancaires, mais ils permettent de protéger intégralement ses liquidités en cas de faillite de sa banque. Par Pierre Novello

Par Sébastien Dubas

Plongée dans le monde des «conseillers robots»

Les «conseillers robots» sont censés éviter les biais comportementaux et offrir une gestion à très bas coût. Mais le fonctionnement diffère. Par Emmanuel Garessus

Par Pierre Novello

Les outils de «do-it-yourself» se multiplient dans la finan e

Comment exporter nos fonds de placement?

Alors que le marché suisse est très ouvert aux produits étrangers, les fonds de placement nationaux font face à de nombreux obstacles pour être distribués à l’étranger, notamment dans l’Union européenne. Par Yvan Mermod et Ann-Mirjam Lévy Duvernay

CLASSEMENTS

Fonds de placement

Dix pages sur les performances des fonds en 2015. Par Lipper (Thomson Reuters)

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Finance

Le Temps l Mercredi 3 février 2016

FONDS DE PLACEMENT

Les bases de données incontournables Depuis quelques années, il est possible de passer en revue l’ensemble des fonds de placement autorisés à la vente en Suisse selon de multiples critères, sur Swiss Fund Data, Morningstar et Lipper. Le tout s’effectue selon des méthodes spécifique à chaque fournisseur d’informations. Enquête. Par Pierre Novello

out et tout de suite! Si l’information économique et financièr a toujours occupé une place importante dans l’espace public, Internet a rendu son accès extrêmement aisé. Car il ne s’agit plus de subir les choix éditoriaux de tel ou tel support médiatique, mais de procéder soi-même à des recherches selon ses propres critères. Les investisseurs en fonds de placement bénéficient depuis plusieurs années de tels outils, librement accessibles, leur permettant, à l’instar des professionnels, de faire ressortir les fonds correspondant à leurs exigences. Leur facilité d’utilisation n’est malheureusement pas sans contrepartie: pour les novices en finance les résultats obtenus induiront souvent des prises de décision allant à l’encontre du bon sens, notamment pour ceux qui vont se focaliser sur les performances à court terme. Mais avant d’en détailler les effets pervers, on peut passer rapidement en revue les sites gratuits les plus efficaces, pour un investisseur individuel. Ils sont en fait peu nombreux: pour les produits autorisés à la vente en Suisse, il s’agit de Swiss Fund Data et Morningstar et, dans une moindre mesure, de Lipper.

Swiss Fund Data

L’investisseur domicilié en Suisse pourra ainsi utiliser le site de Swiss Fund Data (www.swissfunddata. ch), qui est une société commune à la Sfama (Swiss Funds and Asset Management Association) et Six Swiss Exchange. Ce site très convivial, disponible en français (ainsi qu’en allemand, italien et anglais), permet de passer au crible l’ensemble des produits autorisés à la vente en Suisse, pour faire ressortir les fonds les mieux classés par catégorie de fonds, selon des critères comme la performance (avec les graphiques historiques correspondants), la volatilité, les frais, etc. L’un des atouts de ce site est que chaque fonds est assorti de liens sur les documents de base à télécharger, à savoir le prospectus – mais qui est presque illisible pour l’investisseur moyen et de nature essentiellement juridique – et le KIID (Key Investor Information Document) qui est un résumé standard et légal du contenu et de la politique de placement suivie par le fonds. Mais ces informations sont notoirement insuffisante pour appréhender la nature de ce type de véhicule d’investissement. Un lien pointe heureusement sur un autre document synthétique: le factsheet, qui résume les caractéristiques du fonds, en fournissant un certain nombre d’indicateurs techniques de base. Comme autre opérateur suisse, on pourrait également citer Fundlab (https://fundlab.credit-suisse. com/global/fr), qui a été pionnier dans la promotion de l’architecture ouverte et qui existe depuis 1999. Toutefois, malgré de très intéressantes fonctionnalités, sa capacité à classer les fonds de manière quantitative est limitée au critère de la performance.

Morningstar offre une évaluation purement quantitative sous forme d’étoiles pour l’ensemble des fonds contenus dans sa base de données, et qualitative pour une sélection d’entre eux. Les analystes attribuent ainsi une note, la meilleure étant Gold. www.morningstar.fr

Lipper offre un outil de tri uniquement quantitatif, basé sur différents critères, qui peuvent être ainsi combinés. Il s’agit de Performance absolue, Performance régulière, Préservation du capital et Frais réels. Chaque critère étant noté sur une échelle de 1 à 5. www.lipperleaders.com

Morningstar

Le géant américain Morningstar est également présent sur le marché des produits autorisés à la vente en Suisse. Pour y accéder, il faut passer par le site qui lui est dédié, soit www.morningstar.ch. C’est sans doute le produit dont les fonctionnalités sont les plus nombreuses en termes de classements, de sélection de fonds, d’informations sur chaque produit individuel, de l’évolution graphique de la valeur nette d’inventaire (VNI) avec son indice de référence, sur la composition de son portefeuille, etc., ainsi que d’un grand nombre d’études sur les marchés et les produits financiers Malheureusement, pour les investisseurs suisses romands, ce site peut s’avérer quelque peu rédhibitoire puisqu’il n’est disponible qu’en allemand, même si les descriptions des fonds apparaissent souvent en anglais. On peut cependant obtenir la traduction de tous les termes utilisés en recourant à la base de données consacrée au marché français de ce même fournisseur d’informations en allant sur le site www.morningstar.fr. On y trouvera par ailleurs de nombreuses études dans la langue de Molière. L’intérêt pour cette base de données est d’autant plus grand qu’elle se démarque de ses concurrents par deux systèmes d’évaluation originaux: d’une part, les étoiles attribuées à chaque fonds, correspondant à sa performance passée, corrigée du risque, selon la catégorie à laquelle il appartient; d’autre part, l’évaluation de la qualité d’un certain nombre de fonds, sur une base fondamentale, donnant lieu à des notations positives (Gold, Silver et Bronze), neutres ou négatives.

Les étoiles

Le système des étoiles de Morningstar existe depuis une trentaine d’années et repose sur une analyse quantitative de la performance ajustée au risque, mesurée par la volatilité, par catégorie de fonds, par exemple les actions de grandes capitalisations européennes de croissance. Concrètement, les fonds sont notés sur une échelle de une à cinq étoiles, la note la plus élevée correspondant aux fonds les plus performants corrigés du risque. Le classement est découpé selon une courbe en forme de cloche: 10% des fonds sont notés 5 étoiles; 22,5%, 4 étoiles; 35%, 3 étoiles; 22,5%, 2 étoiles; 10%, une étoile. Pour qu’un fonds obtienne une ou plusieurs étoiles, il doit avoir au moins trois ans d’existence, car en dessous les performances sont jugées non significatives Ce système de notation a connu une forte notoriété et a influen é de nombreux investisseurs individuels. Malheureusement, une grande partie d’entre eux se serait appuyée uniquement sur cet indicateur pour acquérir des parts de fonds, avec des effets tout à fait néfastes. Car, comme l’a montré Matthew Morey, dans une étude publiée en 2004 sous le titre cruel de «Kiss of Death»1, les fonds qui avaient obtenu leur précieux 5 étoiles avaient enregistré dans les trois années suivantes la chute de leur performance et l’augmentation de leur volatilité. Le chercheur ne s’en étonnait pas puisque cela corroborait toutes les études précédentes qui montraient qu’il n’y avait pas de persistance dans les résultats. Face à cette critique, Thomas Lancereau, responsable de la re-

cherche pour la France, le MoyenOrient et l’Afrique de Morningstar, se montre serein: «Les étoiles, il faut toujours les combiner avec d’autres indicateurs: par exemple, si vous choisissez des fonds 5 étoiles dont les frais sont inférieurs à la moyenne, vous augmenterez considérablement vos chances de succès.»

Les notes d’analystes

Contrairement aux étoiles, qui reposent sur une pure analyse quantitative, le système des notes d’analystes constitue une vraie démarche qualitative. L’objectif affic é par Morningstar est d’identifier les fonds capables de surperformer leur indice de référence et leurs pairs sur le long terme, sur une base ajustée du risque. «Cette analyse repose sur cinq piliers, détaille Thomas Lancereau, qui sont considérés comme cruciaux pour prédire le succès futur du fonds: l’équipe de gestion, à commencer par le gérant, mais pas seulement; le processus d’investissement; la société de gestion; la performance ajustée des risques; les frais.» L’analyse de chaque fonds est suivie par la publication d’un rapport de quelques pages qui n’est cependant pas accessible librement, mais est réservé aux clients, c’est-à-dire contre rémunération. En revanche, Morningstar en synthétise le résultat par l’attribution d’une note, selon une échelle allant de Gold – la meilleure – à Silver, puis Bronze pour les opinions positives. Lorsqu’il n’y a pas de conviction, c’est la note Neutral qui est appliquée. Enfin, si l’opinion est négative, la note est dite Negative. Pour être plus concret, un fonds qui obtient la note Gold doit bé-

néficier des atouts suivants, selon la méthodologie décrite par Morningstar: «Un gérant ou une équipe de gestion aguerri(e), talentueux(se) et à succès; un processus solide et sérieux qui a été exécuté avec habileté et consistance; un portefeuille qui est en harmonie avec le processus fi é et qui est capable de délivrer une récompense qui compense les investisseurs pour les risques qu’ils ont pris; des frais raisonnables; une organisation solide de la société détenant le fonds qui se concentre sur la gestion des actifs des investisseurs. »

Lipper

L’autre grand groupe international en matière d’informations fina cières sur les fonds de placement, c’est Lipper. Par rapport à Morningstar, son offre en libre accès est très modeste, puisqu’il ne propose que des aperçus de ses recherches sur son site www.lipperweb.com, et exclusivement en anglais. On peut cependant effectuer des sélections de fonds particuliers sur le site www.lipperleaders. com, qui permet d’accéder, notamment, au marché des fonds de placement autorisés à la vente en Suisse. Toutefois, plusieurs différences fondamentales distinguent l’offre de Lipper de celle de son grand concurrent. Tout d’abord, sa recherche est purement quantitative, jamais qualitative. Par ailleurs, les données chiffrées mises à la disposition du grand public sont très limitées, portant uniquement la performance sur différentes périodes. En revanche, Lipper propose un système de notation plus fin que celui des étoiles de Morningstar, explique Otto Christian Kober, responsable de la méthodologie: «Lipper prend en compte le risque lié à la catégorie à laquelle appartient le fonds pour lui attribuer ses notes. Cette méthode repose ainsi sur cinq critères clés, soit Performance absolue, Préservation du capital, Performance régulière, Frais réels et Optimisation fiscale Ce dernier facteur n’a cependant pas de sens hors des Etats-Unis. En fait, les deux critères les plus importants sont Performance régulière et Frais réels. Chacun de ces facteurs est noté sur une échelle de 1 à 5, la note la plus élevée étant la meilleure.» Si l’on détaille quelque peu chacun des quatre critères valables pour la Suisse, en commençant par Performance absolue, celui-ci permet d’identifier les fonds ayant généré une performance globale supérieure à celle de leurs pairs de la même catégorie (revenus des dividendes et intérêts et appréciation du capital). De même, Performance régulière permet de sélectionner les fonds ayant fourni une performance corrigée du risque régulière et supérieure à celle de leurs pairs de la même catégorie. Tandis que Préservation du capital donne la possibilité de trouver les fonds ayant fait preuve d’une capacité supérieure à préserver le capital, et ce, dans différents contextes de marché, par rapport à d’autres fonds de la

Finance

Le Temps l Mercredi 3 février 2016

même classe d’actifs. Enfin, Frais réels permet d’identifier les fonds qui ont réussi à maintenir leurs frais à un niveau inférieur à celui de leurs pairs ayant des structures de frais similaires. L’investisseur qui utiliserait cet outil de sélection pourrait donc combiner plusieurs critères, voire tous, selon ses préférences. Par exemple, celui qui privilégie la régularité des performances pourrait fixer un objectif de 5 pour le critère correspondant. S’il est attentif aux frais mais qu’il ne veut pas trop restreindre son choix, il pourrait abaisser la barre jusqu’au chiffre 4 pour le critère Frais réels. Ces instruments de sélection ne permettront évidemment pas de produire un portefeuille optimal et parfaitement adapté à son profil de risque en trois ou quatre clics de souris, comme le reconnaît volontiers notre interlocuteur: «On s’attend à ce que l’investisseur ait déjà des idées et qu’il sache ce qu’il veut ou qu’il soit conseillé par sa banque. L’avantage de notre système est qu’il permet d’écarter des produits ne correspondant pas à son profil, en raison de son aversion au risque ou de son âge par exemple.» En d’autres termes, l’allocation d’actifs du portefeuille doit être déjà établie avant d’entreprendre cette étape du processus. Par ailleurs, il faut souligner que ces critères restent fondamentalement basés sur les résultats historiques, ce qu’assume Otto Christian Kober: «Nous pensons qu’un fonds qui a toujours bien performé dans le passé est susceptible de continuer sur cette lancée dans l’avenir proche.» 1. Kiss of Death: A 5-Star Morningstar Mutual Fund Rating, par Matthew R. Morey, Pace University - Lubin School of Business - Department of Finance and Economics, septembre 2003

«Les investisseurs doivent éviter de se focaliser sur la performance de court terme, car c’est un piètre indicateur»

Thomas Lancereau, responsable de la recherche pour la France, le Moyen-Orient et l’Afrique pour Morningstar France, détaille l’approche qualitative développée depuis 2009. Pourquoi avez-vous lancé cette prestation de notations qualitatives en parallèle de votre analyse quantitative traditionnelle, que symbolise votre système d’étoiles? Nous pensons que les analyses quantitative et qualitative sont toutes deux utiles pour l’investisseur. Notre système de classement par étoiles, selon la performance ajustée du risque, permet de faire un premier tri, dans un univers qui comprend entre 30 000 et 40 000 fonds en Europe. Tandis que la note des analystes de Morningstar, qui est prospective et indépendante, ne s’applique qu’à 1400 fonds, à cause du travail humain que cela implique. Il est vraiment important de dire aux investisseurs dans leur

sélection de titres qu’ils doivent éviter de se focaliser sur la performance de court terme, car elle constitue un très piètre indicateur de la performance de long terme. Ils devraient plutôt essayer de regarder, à l’aide – je l’espère – des outils de Morningstar, d’autres facteurs que sont la qualité des équipes de gestion, la robustesse des processus d’investissement ou l’intégrité des sociétés de gestion qui détiennent le fonds. Il ne faut par ailleurs pas qu’ils sous-estiment l’impact des frais, qui est le seul élément d’un fonds qu’on peut contrôler en termes quantitatifs pour l’avenir. L’examen des notes qualitatives des analystes de Morningstar sur les fonds montre qu’elles sont majoritairement positives, avec très peu de notes négatives. Comment expliquer un tel résultat? Y a-t-il un biais dans la sélection des fonds alors que vous affirmez par ailleurs votre complète indépendance à cet égard? Statistiquement, c’est vrai que nous avons un biais positif. Mais il s’explique facilement. Tout d’abord, même s’il n’y a pas de critères rigides pour établir ces évaluations, Morningstar s’est attaché à noter en priorité les fonds les plus gros, car l’objectif est d’aider leurs nombreux investisseurs à prendre des décisions grâce à une analyse indépendante. En privilégiant les fonds de grande taille, nous obtenons donc ce type de notes, qui résulte également d’une certaine effi cience du marché.

Mais en parallèle nous notons des fonds de plus petite taille, parce que nous les considérons a priori comme intéressants pour les investisseurs. Ce serait par exemple le cas d’un fonds qui viendrait d’être créé par un gérant talentueux. En revanche, on ne risque pas de trouver de petits fonds mal notés, avec des appréciations négatives ou neutres. Cela n’aurait pas beaucoup d’intérêt, puisqu’il y a peu d’investisseurs dans ce type de produits. Par ailleurs, et c’est le second point qui est aussi très important, ces notes sont revues au moins une fois par an: nous décidons alors de ce que nous continuons à couvrir ou pas. Or comme ces notes s’adressent a fortiori aux investisseurs, les fonds qui sont notés de manière négative ou neutre vont être remplacés le plus fréquemment possible, car ils ne présentent plus d’intérêt en termes d’opportunités de placement. Cela nous permet de renouveler à chaque fois notre liste de couverture et explique qu’au fil du temps, il y ait de moins en moins de notes négatives. Bien que nous n’ayons pas vocation à couvrir les fonds indéfi niment, nous allons cependant continuer à le faire pour de très grands véhicules de placement pour indiquer que nous n’avons pas de conviction ou que le produit ne nous semble pas bon. Par la suite, les arbitrages se font, et nous pourrons alors nous concentrer sur notre objectif qui est d’identifier les meilleurs

fonds pour les investisseurs. L’investisseur individuel qui aurait pleine confian e en vos analyses n’aurait-il donc qu’à aller chercher les fonds uniquement notés Gold pour constituer son portefeuille? Il ne faut pas simplifier à l’extrême, car le plus mauvais portefeuille peut être constitué de fonds notés uniquement Gold! Parce qu’il ne s’agit pas de recommandations, mais d’opinions. L’investisseur doit faire son travail d’allocation de style par exemple. Si vous avez acheté trois fonds Valeur notés Gold, vous n’aurez que des fonds Gold. Mais vous ne serez pas diversi é. Comme nous sommes totalement indépendants, nous n’allons pas nous forcer à trouver des fonds Gold. Si notre convic-

«Le plus mauvais portefeuille peut être constitué de fonds notés uniquement Gold» tion n’est pas très forte, notre meilleure notation sera peut-être Bronze ou Silver. Mais si l’investisseur en a besoin pour établir son portefeuille d’allocation d’actifs, il devra quand même les acheter. C’est pourquoi nous avons ces trois notes Gold, Silver et Bronze pour signaler aux investisseurs notre conviction positive et son degré. Et c’est vraiment le point de rupture entre Bronze et Neutre, qui n’est pas une note positive. Propos recueillis par Pierre Novello

Finance

Le Temps l Mercredi 3 février 2016

Comment les professionnels sélectionnent les fonds de placement L

«On peut parfois prendre les résultats du passé pour déterminer l’évolution future du fonds, mais il faut comprendre les vecteurs de la performance historique et se poser la question de savoir s’ils sont toujours en place» formations, dites qualitatives. Il ne pourrait d’ailleurs pas les exploiter convenablement, à moins d’avoir lui-même une formation financière très poussée. Il n’aura en outre accès qu’à une fraction des données émises par les grands fournisseurs d’informations financières, comme Lipper ou Morningstar, comme on l’a dit précédemment. Cela dit, une connaissance même limitée peut faire la différence. Par exemple, pourquoi acheter des fonds aux frais élevés, qui pèsent sur la performance, alors qu’il est si facile de les comparer? Mais il peut aussi être judicieux de s’inspirer de la démarche des professionnels pour se constituer un portefeuille de fonds de placement et mieux s’orienter sur ce marché.

La démarche professionnelle

La toute première étape dans la constitution d’un portefeuille pour un investisseur individuel «sera d’identifier son horizon d’investissement et sa capacité à perdre de l’argent», rappelle Laurent Auchlin, responsable du nouveau service de recherche de gérants auprès de Credit Suisse pour la clientèle extrêmement aisée. Ce qui déterminera la composition globale de son portefeuille, soit fondamentalement la répartition entre actions et obligations, que ce soit directement, ou plus généralement sous forme de fonds de placement. Une fois déterminées les grandes classes d’actifs de son portefeuille, il faudra passer à l’étape de l’allocation d’actifs proprement dite. Les choix seront d’autant plus importants que la performance du portefeuille va dépendre essentiellement de

l’évolution des marchés sur lesquels les véhicules de placement vont être investis. L’investisseur individuel aura souvent de la peine à résister aux sirènes du dernier thème à la mode, en s’accrochant à la performance historique la plus récente. Le mouvement se poursuivra-t-il? Peut-être, mais pendant combien de temps et à quel moment un autre secteur du marché prendrat-il la relève? C’est d’autant plus important d’avoir les réponses à ces questions que les performances des fonds classiques – dits long only – reposent essentiellement sur les mouvements du marché sur lequel le véhicule de placement est investi, tant à la hausse qu’à la baisse. Ainsi, ce sont les grandes tendances économiques qui vont déterminer les performances de chaque secteur et de chaque type de produits sous-jacents. Dans cette perspective, la performance historique ne constitue donc pas un indicateur fiabl pris isolément, car il manque de consistance, pour reprendre la terminologie utilisée par les professionnels. En d’autres termes, comme le résume bien Michaël Malquarti, responsable de la recherche gérant chez Syz Asset Management: «On peut parfois prendre les résultats du passé pour déterminer l’évolution future du fonds, mais il faut comprendre les vecteurs de la performance historique et se poser la question de savoir s’ils sont toujours en place.» Les professionnels de la gestion de fortune vont donc généralement établir leur stratégie sur la base d’un scénario macroéconomique, en intégrant les considérations géopolitiques et autres interventions des banques centrales, pour déterminer l’évolution plus ou moins prévisible des différents secteurs de l’économie. Ensuite, si l’on considère par exemple le marché des actions, les analystes procéderont avec une approche descendante: à l’intérieur des catégories au potentiel le plus riche, ils essayeront d’identifier les titres des sociétés les mieux placées pour en profi ter, selon leur modèle d’affaires, la palette de leurs produits et la qualité de leur management notamment. Etant donné qu’aucun prévisionniste et autre analyste finan cier ne dispose de boule de cristal, la politique de placement s’avérera plus nuancée, comme l’explique Haroldo Jimenez: «Il faut en effet diversifier le portefeuille, en orientant les recommandations selon notre stratégie. On va

ainsi d’un véritable indicateur pour rester investi dans ce type de fonds pendant ce court laps de temps.»

Notes de Morningstar et Lipper

SONY SIVANANDAN

a facilité d’accès à l’information n’est pas un gage de réussite dans l’allocation optimale de son portefeuille, d’autant qu’elle n’est que partielle et requiert des connaissances souvent pointues. Pour s’aider dans cette tâche, on peut s’inspirer de la démarche suivie par les professionnels. «Malgré l’énorme évolution de l’information mise à la disposition des investisseurs, il est impressionnant de constater que ceux-ci sont encore ancrés sur la performance, et qui plus est la performance récente, juge Haroldo Jimenez, responsable des études financières et sélectionneur de fonds auprès de la Banque Cantonale de Genève (BCGE). C’est même parfois le cas de la part de professionnels. C’est ainsi que chacun est tenté de faire ses choix sur de simples classements. Si les informations données par les fournisseurs sont utiles, il faut une clé pour savoir dans quoi investir. Sans compter que les chiffres en eux-mêmes sont insuffisants: il faut compléter cette analyse par une recherche qualitative, c’est-à-dire en allant visiter le fonds ou en interrogeant le gérant sur sa stratégie.» Ce constat est quelque peu décourageant pour l’investisseur individuel, même prêt à aller au-delà de la simple performance, puisqu’il n’a pas la possibilité d’obtenir ce genre d’in-

ainsi construire un portefeuille qui soit robuste et performant, pour lui permettre de moins baisser lorsque le marché traverse une période de turbulences et de faire aussi bien que lui en période de hausse.»

Retour vers la moyenne

Si l’on sait que les étoiles de Morningstar ont souvent joué le rôle d’unique critère de décision pour de nombreux investisseurs, on comprend qu’ils jouissent d’une réputation quelque peu sulfureuse auprès de certains des professionnels interrogés. Ces derniers se référant d’ailleurs souvent à cette fameuse étude «Kiss of Death», dont les conclusions ont été résumées en page 4, pour étayer leurs propos. On n’y reviendra donc pas. En revanche, il est tout de même intéressant de s’arrêter un instant sur l’un de ses arguments explicatifs, car il est omniprésent dans le débat: c’est le retour vers la moyenne de la performance historique. Mais avant d’aller plus loin, comment ce phénomène s’explique-t-il? «Le retour vers la moyenne est un principe de base des statistiques, rappelle Akimou Ossé, analyste quantitatif et associé-gérant de la société Quantplus: comme les événements ex-

trêmes sont rares par définition un résultat extraordinaire est généralement suivi d’un résultat moyen. Le phénomène est aussi connu sous le nom de «régression vers la moyenne». Dans le cas de la gestion collective, un fonds qui enregistre une performance exceptionnelle au cours des trois dernières années a moins de chances de répéter un tel résultat au cours des trois années suivantes, ne serait-ce qu’en raison des flux de capitaux importants qui vont alimenter le fonds et qui risquent de limiter la marge de manœuvre du gérant.» Le retour vers la moyenne n’est évidemment guère favorable aux étoiles de Morningstar, et pas tellement non plus pour le critère de Performance absolue que propose Lipper sur son site www.lipperleaders.com. Si Otto Christian Kober, responsable de la méthodologie de Lipper, reconnaît volontiers l’existence de ce phénomène, il en nuance le mécanisme pour mettre en avant le retard avec lequel il se produit et qui peut être mis à profit par l’investisseur: «Avant d’entamer son mouvement de retour vers la moyenne, les fonds les mieux classés continuent à le rester pendant des périodes pouvant aller jusqu’à six mois. On dispose

Les notes des analystes de Morningstar suscitent des réactions nettement plus positives. Par exemple, Laurent Auchlin juge «que ces études sont utiles aux analystes pour leur permettre de comparer les résultats de leurs propres recherches». Haroldo Jimenez se montre plus sévère, estimant que «ces analyses sont un peu superficielles pour les professionnels et un peu complexes pour l’utilisateur moyen». On peut rappeler que ce dernier n’a pas accès aux rapports, réservés aux abonnés (payants), qui ont abouti à la notation de Morningstar. Si vous avez un fonds noté Gold, vous ne savez ainsi pas pourquoi il est si bien placé. C’est d’autant plus problématique pour ces notations qu’elles ne sont en fait pas réellement prospectives, puisqu’elles ne prennent pas en compte les perspectives du marché sous-jacent, comme le souligne l’analyste de la BCGE: «Ces analyses sont très intrinsèques: un fonds Gold sur des titres de croissance pourra ne pas bien se comporter si le segment de marché sous-jacent entame un mouvement baissier de longue durée.» Toutefois, ces mesures qui peuvent être considérées comme très basiques n’en sont pas moins utiles lorsqu’on les combine pour effectuer un premier tri dans une catégorie donnée, comme l’explique Akimou Ossé: «Pour sélectionner un fonds, je ne vais pas m’intéresser à celui qui n’a qu’une étoile et dont la note des analystes de Morningstar est négative. Je ne prendrai ainsi en considération que les fonds notés quatre étoiles et plus, pour disposer d’un choix plus large, et qui bénéficien d’une notation à partir de Bronze ou de Silver, pour aboutir à une liste d’une dizaine de fonds. J’examinerai encore le niveau des frais, puis j’essaierai de décider par moi-même.» La démarche décrite par notre interlocuteur paraît simple à mettre en œuvre, mais il faut souligner qu’elle suppose une compétence professionnelle pointue: elle implique tout d’abord que l’investisseur sache sur quel marché et dans quels instruments il faut investir. Ensuite, qu’il a l’aptitude d’effectuer l’analyse fine du fonds, tant sur le plan quantitatif que qualitatif. Pierre Novello

Conseils pour l’investisseur individuel On l’aura compris, les professionnels ne laissent guère d’espoir à l’investisseur lambda pour construire et gérer effica ement son portefeuille par lui-même, malgré (ou à cause) de la masse d’informations dont il peut disposer aujourd’hui. En revanche, il n’est plus aussi démuni que par le passé pour dialoguer avec son conseiller en placement ou s’il veut simplement évaluer les produits que pourrait lui proposer son banquier. Il lui est ainsi très facile d’en connaître la performance historique, avec la possibilité de visualiser l’évolution de la valeur nette d’actifs (VNI) par rapport à son indice de référence, de savoir dans quoi il investit, comment est composé son portefeuille, quel est son style de gestion, ainsi qu’une foule de données plus ou moins techniques. Mais, évidemment, comme on dit, trop d’informations tuent l’information. Pour illustrer un cas où ces sélecteurs de fonds s’avèrent très utiles même si l’on n’y connaît pas grand-chose aux marchés financie s, ce sont les frais. Certains promoteurs de fonds estiment qu’il n’est pas logique de les prendre en

considération, puisqu’ils sont déjà intégrés dans les performances publiées. Pourtant, comme l’indique Akimou Ossé en citant une étude de Morningstar publiée en 2010: «Le TER (Total Expense Ratio) est un bon prédicteur de la performance future. Il faut donc rester vigilant par rapport aux fonds qui pratiquent les frais les plus élevés dans une catégorie donnée.» Toujours dans la démarche d’élimination de produits, la mauvaise performance à long terme, pour des fonds déjà anciens, c’est-àdire ceux qui ont plus d’une dizaine d’années, constitue un signal très clair. En effet, si un produit se traîne dans les tréfonds des classements depuis sa création, il y a peu de chance qu’il se mette à battre des records dans l’avenir, à moins qu’une star de la gestion n’ait récemment été engagée. A écarter, donc ! On pourrait imaginer cette recommandation superflue puisque selon le principe de la sélection naturelle, les fonds aux performances médiocres devraient finir par dispa aître, sous l’effet de la concurrence. Mais, comme nous l’ont confirmé ertains de nos interlocuteurs,

il existe bel et bien une importante catégorie de fonds qui survivent sur le long terme malgré leurs faibles résultats, en raison de la capacité de leurs promoteurs à les distribuer à leur clientèle sur une large échelle. Dans la même perspective, il faudrait essayer d’éliminer des fonds qui se prétendent actifs, et qui prélèvent des frais correspondants, c’està-dire élevés, alors qu’en réalité ils ne font que suivre leur indice de référence. Si c’est le cas, autant acheter un ETF qui remplira la même fonction, mais de manière beaucoup moins coûteuse. Pour un investisseur individuel, c’est malheureusement difficile de aire la distinction, explique Akimou Ossé: «Deux indicateurs combinés permettent de détecter les “faux fonds actifs “: le premier, c’est le tracking error, qui est l’écart de performance d’un fonds par rapport à son indice de référence; la seconde, c’est l’active share, qui mesure la différence de contenu entre le portefeuille et son indice de référence. » Si le tracking error est aisé à trouver, l’active share n’est malheureusement accessible qu’aux professionnels. PN

Finance

Le Temps l Mercredi 3 février 2016

INTERVIEW

«La gestion d’actifs est un métier cher» Nicolas Faller, coresponsable de la gestion d’actifs au sein de l’UBP, met en avant les efforts à fournir et les atouts nécessaires pour devenir un acteur de référence sur ce marché. Propos recueillis par Sébastien Dubas

icolas Faller est coresponsable de la gestion d’actifs au sein de l’Union Bancaire Privée (UBP), qui compte 200 collaborateurs, dont la moitié est basée à Genève. C’est une activité sur laquelle l’établissement genevois, comme beaucoup d’autres, mise énormément pour son développement futur. UBP Asset Management gère aujourd’hui 32 milliards d’actifs contre 27 milliards environ il y a un an, avec une croissance à deux chiffres en 2015 pour la quatrième année consécutive.

Pourquoi? Car l’histoire n’a pas radicalement changé! La politique de la Fed est ainsi parfaitement cohérente, elle consiste à mettre un terme à la politique des taux zéro sans pour autant agiter des hausses de taux à tout va. La remontée se fera graduellement et en fonction des chiffres économiques. Les autres banques centrales continuent d’in-

«Avec le retour de la volatilité il faut surtout essayer de rester le plus mobile possible et ne pas hésiter à repositionner les portefeuilles quand les marchés corrigent» jecter de la liquidité. Maintenant, il est vrai que la chute du pétrole inquiète et que la volatilité reste importante sur la bourse chinoise. Nous ne serions donc pas surpris de connaître une année en dents de scie, avec des gains et des pertes de 10% sur les marchés au fil des mois Où faut-il aller chercher des rendements dans un tel environnement? Nous sommes plutôt orientés vers le risque actions, qui est le plus rémunérateur actuellement. Avec le retour de la volatilité, il faut surtout essayer de rester le plus mobile possible et ne pas hésiter à repositionner les portefeuilles quand les marchés corrigent. Le risque de défaut étant également plus important, il faut éviter de

MARK HENLEY/PANOS PICTURES

Craignez-vous que 2016 soit une année cataclysmique pour les marchés financie s ? L’environnement a été très favorable pour l’ensemble des classes d’actifs depuis 2012, notamment grâce aux importantes injections de liquidités des banques centrales. Depuis l’été dernier, nous connaissons toutefois une période de forte volatilité qui s’explique par trois facteurs: les incertitudes qui ont entouré la politique de la Réserve fédérale américaine, la très forte correction de la bourse chinoise après une forte hausse et, plus récemment, l’importante correction des prix du pétrole. Les marchés peuvent désormais perdre 10%, les reprendre juste après puis les reperdre à nouveau. Nous l’avons vécu au mois d’août, en octobre et à nouveau en janvier. Il va donc falloir réapprendre à vivre avec cette volatilité. Cela étant dit, nous ne sommes pas trop inquiets vis-à-vis de la situation actuelle.

pliquées comme en 2008. Nous avons aussi des résultats qui, je pense, plaident en notre faveur.

prendre trop de risques spécifiques et privilégier des stratégies liquides et actives desquelles on pourrait rapidement sortir si les événements devaient déraper. Encore une fois, nous ne sommes pas spécialement inquiets. La croissance reste correcte aux Etats-Unis et devrait se stabiliser en Europe. Quant aux pays émergents, nous préférons nous en tenir éloignés pour le moment. Mais si les prix des matières premières devaient se stabiliser, alors un important rebond serait possible sur ces marchés. Quelle a été votre performance en 2015 ? Nos performances ont été plutôt bonnes en général. Nous avons même eu une excellente année sur les actions suisses avec notre fonds qui fait partie des 3 meilleurs de sa catégorie, selon Morningstar, et de très bonnes performances avec notre fonds sur les actions européennes qui, pour la cinquième année consécutive, a battu les indices de référence. 2015 a également été une bonne année pour ce qui concerne la collecte des fonds notamment le high yield. Une collecte diversi ée, qui concerne l’ensemble de nos classes de fonds et qui n’a pas été le fruit d’une zone géographique ni d’une clientèle particulière. Vous êtes deux CEO à la tête d’UBP Asset Management. Pourquoi? Nous avons toujours été deux. Michael Lok, ancien responsable des investissements (CIO) de la banque privée de Credit Agricole, a remplacé Eftychia Fischer, qui s’est retirée de l’opérationnel pour devenir membre du conseil d’administration. Lui s’occupe des équipes de gestion alors que de mon côté je gère les équipes commerciales, marketing et produits. Mais nous prenons ensemble toutes les grandes décisions. Quels sont vos objectifs à moyen terme? La gestion d’actifs est-elle appelée à devenir l’équivalent de

la banque privée (32milliards sous gestion fin 2 15, ndlr) pour UBP? Je ne suis pas de ceux qui adorent chiffrer les objectifs. Pour moi vouloir atteindre X milliards sous gestion d’ici à cinq ans ne veut rien dire si l’on ne prend pas en compte les marges, par exemple. Maintenant, UBP ne fait pas 50 métiers, elle en fait deux: la banque privée et la gestion d’actifs. L’objectif de la banque est donc évidemment d’arriver à un équilibre entre les deux métiers. La banque privée reste le métier historique du Groupe et celui dans lequel la banque investit au travers de ses récentes acquisitions. Nous pensons pouvoir continuer à grandir plus rapidement de façon organique aujourd’hui dans la gestion d’actifs, un métier dans lequel nous avons déjà gagné pas mal de parts de marché. Notre fort développement géographique, que ce soit en Chine, à Taïwan, au Japon, en Italie ou en Grande-Bretagne, commence à porter ses fruits. De combien de fonds disposez-vous aujourd’hui? Une trentaine, dont 85% sont gérés par des équipes maison. Il y a 5 ans, nous avons décidé de faire davantage de choses nousmêmes, nous avons ainsi recruté une équipe pour les actions européennes, par exemple, et une autre pour les actions asiatiques. Toutefois nous n’avons pas la prétention de pouvoir tout faire tout seuls, nous recourons donc également à des gérants externes. Combien de stratégies cela représente-t-il ? Nous couvrons une douzaine de classes d’actifs. Si nous sommes surtout reconnus pour notre couverture de l’ensemble du spectre fixed income – que ce soit dans sa version high yields, émergente ou convertible – nous nous sommes également fait un nom dans la gestion des actions. Que ce soit pour les actions suisses, européennes ou asiatiques que nous

proposons, justement, via un gérant externe. Et puis la gestion alternative reste toujours un de nos points forts. Une gestion alternative qui continue de décevoir année après année. C’est vrai. Malgré des performances positives en 2015, les hedge funds ont malheureusement encore un peu déçu dans l’ensemble. Ils n’ont pas été capables de gérer la volatilité qu’ils ont presque autant subi que la gestion classique. Je pense toutefois que l’on pourrait connaître une meilleure année en 2016, même s’il est vrai que beaucoup de clients ont déjà un peu jeté l’éponge. La gestion d’actifs est un secteur sur lequel se profilent beau oup de banques suisses aujourd’hui. Comment vous démarquez-vous de la concurrence ? Beaucoup de banques ont découvert les charmes de l’asset management relativement récemment, notamment parce qu’en raison de la réglementation il est beaucoup plus difficile de gagner autant d’argent aujourd’hui que par le passé dans la gestion de fortune. Le problème, c’est que la gestion d’actifs est un métier cher et qui nécessite du temps pour s’implanter. Vous ne pouvez pas devenir un acteur de référence sans avoir de très bons professionnels qu’il faut payer en conséquence. Ensuite les clients institutionnels, qui sont par ailleurs tout aussi regardants que la clientèle privée en termes d’informations et de transparence, ne vont pas vous confier de l’argent simplement parce que vous lancez un nouveau produit. Il faut être patient, se faire un nom. Chez UBP, nous avons l’avantage d’être présents dans le business institutionnel depuis une vingtaine d’années, les clients nous connaissent et nous ont vu à l’oeuvre aussi bien dans des périodes euphoriques que dans des périodes plus com-

Ces talents justement, est-il facile de les recruter? Oui et non. Nous sommes moins dans un monde de mercenaires qu’il y a une dizaine d’années quand des équipes étaient prêtes à changer de banque du jour au lendemain pour 20% de salaire en plus. Aujourd’hui, les talents sont davantage soucieux de l’accompagnement auquel ils auront droit chez leur nouvel employeur, ils veulent savoir combien la banque est prête à mettre de sa poche au lancement du fonds pour que celui-ci soit tout de suite assez gros pour être géré correctement. Il y a 10 ans, personne ne posait cette question. Par ailleurs, ce n’est pas parce que vous êtes une bonne équipe de gestion que les clients vont automatiquement vous suivre. Nous en avons fait l’expérience avec une équipe que nous avons recrutée auprès de Threadneedle pour les actions européennes. Les clients ont attendu de voir, un ou deux ans avant de nous rejoindre. Je dirais donc que c’est un peu plus compliqué que par le passé, car les gens sont moins mobiles. Par contre, si vous arrivez à leur proposer un projet entrepreneurial satisfaisant, beaucoup sont prêts à bouger. La lutte est-elle également rude en matière de tarificatio ? Les gérants d’actifs gagnent de l’argent avec les frais de gestion. Et donc en réalisant de bonnes performances. La vraie guerre aujourd’hui met aux prises la gestion active et la gestion passive. Il faut être capable de tarifer correctement sa gestion active à condition de générer effectivement une surperformance. La pression est donc grande, mais c’est à nous, les acteurs de la gestion active, de la combattre. Il est très facile de succomber au dumping. Or ce n’est pas comme cela que vous allez construire une affaire durable. Qu’entendez-vous par là ? La seule chose qui compte à la fi ce sont les performances de vos fonds. Si elles sont bonnes, c’est que vous avez de bons gérants qu’il faut payer en conséquence. Du coup si vous faites du dumping, vous ne pouvez plus les payer. De la même manière, si vous faites du dumping sur vos produits de bonne qualité, vous allez grandir rapidement si bien que vous devrez fermer le fonds. C’est le serpent qui se mord la queue. Chaque gestion a son prix, il n’y a pas de raison de facturer trop ni pas assez. Le problème, ce sont les gérants qui font de la fausse gestion active et qui n’arrivent plus à facturer au prix justement de la gestion active. Tant pis pour eux. Si pendant cinq ou six ans vous n’arrivez pas à battre les indices et que vous continuez de facturer à 100 points de base, à un moment cela n’est plus tenable. Ce qui est très bien d’ailleurs, car cela contribue à purifier le marché. Je ne connais aucune industrie au monde dans laquelle vous pouvez surfacturer de mauvais produits.

Finance

Le Temps l Mercredi 3 février 2016

GESTION D’ACTIFS

La Suisse attire les gérants Des sociétés de gestion d’actifs ont récemment établi une présence en Suisse, alors que d’autres ont renforcé leur ancrage sur le marché helvétique ces dernières années. Le marché institutionnel constitue un aimant pour de nombreuses enseignes étrangères. Par Yves Hulmann

lors que le nombre de banques étrangères en Suisse n’a cessé de diminuer depuis le début de la décennie, la tendance n’est pas la même pour les gérants d’actifs. Au contraire, plusieurs sociétés ont pris pied à Genève ou à Zurich ces dernières années. Dernier exemple en date, La Financière de l’Echiquier (LFDE), une société de gestion indépendante française qui gère 8 milliards d’euros, a récemment annoncé l’ouverture d’une filiale à Genève. En franchissant cette étape, elle a souhaité montrer sa volonté de «s’installer durablement en Suisse, au contact des investisseurs», a déclaré Didier Le Menestrel, président de LFDE, dans un communiqué daté du 20 janvier.

Un «degré de conservatisme plus élevé» en Suisse

Acteur emblématique dans le domaine des fonds en Europe, Carmignac a inauguré n avril 2015 sa nouvelle filiale à Zurich. Le gérant d’actifs basé à Paris, qui distribuait déjà ses fonds en Suisse depuis treize ans, dispose d’une équipe de sept personnes dans la ville du bord de la Limmat. Pourquoi établir un bureau en Suisse? «Chaque fois que nous avons atteint un niveau de développement suffisant dans un pays, nous avons ensuite établi une présence sur le marché local pour poursuivre ce développement», explique Didier Saint Georges, membre du comité d’investissement chez Carmignac. Il juge qu’il est important de réussir son insertion au sein de «l’establishment local» pour assurer la meilleure qualité de service à la clientèle. Selon lui, les investisseurs suisses ont «un degré de conservatisme plus élevé, une technicité plus grande que la moyenne des investisseurs européens, tout comme ils ont aussi très souvent une large ouverture sur les marchés internationaux». Des caractéristiques qui correspondent du reste bien à la philosophie d’investissement de Carmignac, qui met l’accent sur la maîtrise du risque et la gestion globale, note-t-il. Si Carmignac n’a pas créé de nouveaux fonds exclusivement pour le marché helvétique, les suggestions apportées par l’équipe présente en Suisse ont permis d’ajouter des éléments spécifique destinés à ce marché: «Notre bureau à Zurich a, par exemple, constaté qu’il y avait une véritable demande de la part des investisseurs pour des fonds libellés dans différentes devises. A leur demande, nous proposons certains de nos fonds non seulement en francs mais aussi en euros, en dollars et en livres sterling», illustre Didier Saint Georges. «De même, nous proposons désormais des parts offrant un dividende régulier, pour répondre au besoin de rendement sur le marché suisse.» Il est plus facile d’identifier et de tenir compte de telles observations lorsque l’on a une présence sur place, constate-t-il. D’autres sociétés ont renforcé leur présence dans le pays ces dernières années. Outre BlackRock, numéro cinq sur le marché des fonds en Suisse, on peut citer le gérant d’actifs américain Neuberger Berman, qui a étoffé ses équipes à Zurich en 2014, ou encore le britannique Jupiter Asset Management, qui dispose d’un

relais permanent au bord de la Limmat depuis deux ans. L’an dernier, le marché suisse des fonds de placement a vu sa fortune totale progresser de 2% pour atteindre 891 milliards de francs à fin décembre 2015. Quarante milliards d’argent frais ont été investis dans des fonds l’an dernier.

Les taux négatifs, un cas particulier

Etabli en Suisse depuis 2009, PIMCO, leader mondial sur le marché obligataire, a connu en Suisse une croissance très rapide ces six dernières années. Basée à Zurich, l’entité helvétique opère avec dix collaborateurs, dont deux personnes qui s’occupent uniquement du marché genevois. Actuellement, la situation parti-

culière des taux négatifs en Suisse n’a fait qu’accentuer la difficul é pour les caisses de pension à trouver des placements suffisammen attrayants, observe Jürg Rimle, directeur de PIMCO (Suisse). «Même si PIMCO n’a pas d’activités de gestion dans le pays, la société a pris en compte la spécifici é de la situation actuelle des taux négatifs pour élaborer des solutions sur mesure adressées aux investisseurs», explique-t-il. Pour le marché suisse, la société a créé un fonds ETF libellé en francs investissant dans des obligations d’entreprises américaines de haute qualité avec une duration courte. L’approche ciblée de la société a porté ses fruits: avant 2009, le marché helvétique, traité à partir de Londres et de Munich, affichai

des volumes inférieurs à 4 milliards de francs. A fin 2015, ils s’élevaient à quelque 30 milliards de francs. La plus grande partie, soit environ 60%, est souscrite par des clients institutionnels.

Travailler depuis l’étranger n’a pas de sens à long terme

Pioneer Investments occupe une position de niche sur le marché helvétique mais compte une présence ininterrompue en Suisse depuis 2003. Installé d’abord à Genève, le gérant d’actifs opère désormais uniquement depuis le bord de la Limmat pour toute la Suisse avec une équipe de six personnes. Avec 2,5 milliards de francs d’actifs sous gestion, le volume géré pour la clientèle suisse est le plus important atteint à ce

jour. «La Suisse est le troisième plus grand marché pour les sociétés de gestion d’actifs en Europe après le Royaume-Uni et l’Italie», souligne Rainer Lenzin, directeur pour la Suisse de Pioneer Investments depuis 2012. Serait-il possible de couvrir le marché suisse depuis l’étranger? Rainer Lenzin n’est pas de cet avis: «Une société peut, bien sûr, envoyer un spécialiste pour le marché suisse depuis Londres. Mais cela coûte aussi et vous n’avez pas la flexi bilité nécessaire pour rencontrer les clients lorsqu’il le faut. Opérer à partir de l’étranger n’a pas de sens sur le long terme. Cela peut fonctionner seulement lors de la phase initiale durant laquelle une société bâtit peu à peu sa présence sur le marché suisse», juge-t-il.

Finance

Le Temps l Mercredi 3 février 2016

PIERRE

Les fonds immobiliers restent intéressants En 2015, l’attrait envers cette classe d’actifs appréciée pour son aspect de diversiﬁcation dans les portefeuilles s’est encore accru, avec pour effet une pression sur les rendements. Si les augmentations de capital vont se poursuivre, d’autres éléments, notamment structurels, devront être analysés pour se positionner sur ce marché

valuées à plus de 5 milliards de francs en 2015, les augmentations de capital, lancements de nouveaux produits et autres cotations de produits existants ont contribué à l’évolution en dents de scie du marché des titres immobiliers. Après une phase d’exagération (+10,5%), ces véhicules d’investissement appréciés comme alternative aux classes d’actifs traditionnelles ont traversé une période de consolidation pour ﬁnir l’année avec une performance de 4,2%.

Offre trop forte

Principale explication à ce retournement de situation, la hausse de l’agio qui accompagne généralement une baisse des taux a été partiellement effacée par les volumes d’émission. Cette offre trop forte a en effet dilué la valeur boursière des fonds immobiliers de plus de 8%, réduisant ainsi son écart d’avec leur valeur d’inventaire. Le chiffre peut surprendre, mais les cotations de nouveaux produits et les émissions des fonds cotés à la Bourse suisse ont totalisé plus de 2 milliards de francs, soit près de 7% de la capitalisation totale des fonds. Cette tendance se poursuivra-t-elle? Si les perspectives dépendront bien évidemment de l’évolution des taux d’intérêt, de la situation économique du pays et du marché immobilier, les ren-

dements de cette classe d’actifs resteront grandement inﬂuencés par le nombre et la taille des nouvelles émissions. Ainsi, même si le niveau d’agio offre une certaine résilience aux variations des taux, l’effet dilutif des augmentations en capital en limitera sans doute à nouveau l’ampleur. Notre scénario table donc sur une performance entre 3 et 4% cette année. Il se base sur un rendement au dividende de 3% et sur une croissance des valeurs d’inventaire de l’ordre de 1%. Un niveau de distribution qui reste intéressant, car les fonds immobiliers afﬁchent des rendements supérieurs au marché obligataire et une volatilité moins élevée que le marché actions.

Marché déséquilibré

A plus long terme, le marché des titres immobiliers pourrait aussi réagir à des éléments structurels. Ainsi, certains dysfonctionnements du marché immobilier suisse auront des conséquences lors de la prochaine hausse des taux. Dans un scénario optimal, la baisse du taux d’intérêt de référence aurait en effet dû se matérialiser par un recul généralisé des loyers des baux en cours. Ce mouvement aurait diminué les revenus locatifs et donc limité l’augmentation de la valeur totale de la fortune du fonds déjà touchée par la baisse des intérêts attendus sur le placement. A l’in-

LES FONDS IMMOBILIERS ENTRE ACTIONS ET OBLIGATIONS Base 100=31 décembre 2009

Actions suisses

(Swiss Performance Index)

Fonds immobiliers (SXI Real Estate Funds)

Obligations suisses

(Swiss Bond Index AAA-BBB)

160 140 120 100 80 60 31 décembre 2009

31 décembre 2015

Source: Bloomberg, BCV

verse, lors de la prochaine phase haussière, la remontée des taux d’escompte aurait été en partie compensée par l’adaptation légale des loyers. Or ces derniers n’ont pas forcément baissé en raison notamment du déséquilibre entre l’offre et la demande. Et l’on peut légitimement s’interroger sur la capacité d’un ménage moyen à supporter une hausse entre 3 et 12%, si le taux de référence revenait à la situation de 2010, voire de 2% s’il remontait au niveau pré-crise de 2008. Ainsi, d’un côté, ﬁgureront les propriétaires qui pourront notiﬁer des hausses de loyer amenant à une progression des recettes locatives compensant en

partie l’augmentation des taux d’escompte utilisés dans les valeurs d’inventaire. Et de l’autre, ceux qui, par une politique plus (trop?) agressive, verront s’effriter la valeur de leurs immeubles. A noter encore que, les prix des transactions ayant dépassé les valeurs d’expertise des fonds existant depuis le milieu des années 2000, la plupart des acquisitions ont globalement réduit le rendement net des parcs immobiliers.

Maintenir des dividendes attractifs

Dans ce contexte, l’objectif prioritaire des gestionnaires de fonds doit rester la capacité à maintenir sur le long terme des dividendes

attractifs pour l’investisseur. Il convient alors de surveiller l’évolution du ratio de distribution du marché (payout ratio), soit le pourcentage des bénéfices retournés à l’investisseur. Plus il est faible, plus la capacité du gérant à maintenir un certain niveau de dividende est élevée. Or, en dix ans, il a progressé de 85 à 96% en raison de la forte appréciation de la classe d’actifs et du désendettement des fonds souhaité par le législateur. La seule prise en compte du niveau d’agio pour juger de la cherté et des perspectives de rendement est donc insuffisante. Une connaissance approfondie et un suivi régulier des investissements peuvent permettre, avec une stricte gestion des risques, d’atteindre des rendements supérieurs à ceux du marché. Et ainsi de permettre aux investisseurs de trouver dans l’immobilier indirect une classe d’actifs répondant à leurs attentes de diversification.

> Nicolas Di Maggio Responsable gestion immobilière suisse, BCV

PLACEMENT

Les outils de «do-it-yourself» se multiplient dans la finance Les solutions permettant aux clients de simuler un portefeuille ou de comparer le proﬁl risque-rendement de leurs placements se démocratisent. Par Yves Hulmann

réer soi-même un portefeuille de titres, simuler différentes stratégies d’allocation d’actifs ou évaluer le niveau de risque de ses placements devient peu à peu à la portée de tous. Différents outils en ligne, en général gratuits, permettent aux clients d’évaluer leur stratégie de placement. Exemple récent de cette tendance, UBS a lancé en décembre une plateforme intitulée «My House View». Ce site interactif, en anglais, permet à l’utilisateur de comparer son portefeuille à la stratégie recommandée par la banque. En pratique, il doit entrer dans le système des indications concernant la répartition des actifs qu’il détient (liquidités, actions, obli-

gations, matières premières, etc.) et sélectionner, ajuster son proﬁl risque-rendement. Ensuite, le site compare l’allocation d’actifs de l’utilisateur à celle recommandée par UBS. Le même exercice peut être répété ensuite au sein de chaque catégorie d’actifs: si un individu a placé 25% de son

«Nous ne voulons pas surcharger les investisseurs avec trop d’informations mais les rendre attentifs à celles susceptibles de les intéresser»

portefeuille uniquement en titres suisses, le système lui conseille d’investir une partie de ses papiers-valeurs aussi dans la zone euro ou aux Etats-Unis. «Cet outil mesure l’écart entre l’allocation d’actifs de l’utilisateur et celle recommandée par UBS», résume Daniel Kalt, chef économiste d’UBS. Autre fonction proposée: la plateforme sélectionne aussi les articles publiés par la recherche d’UBS qui ont un rapport avec le portefeuille de l’utilisateur. «Nous ne voulons pas surcharger les investisseurs avec trop d’informations mais les rendre attentifs à celles susceptibles de les intéresser en fonction de leurs placements», poursuit-il. Dans le but de les inciter à acheter certains produits ou fonds?

«En aucun cas. Le système ne propose aux clients aucun produit ou fonds à l’achat», souligne Daniel Kalt. A ce stade, «My House View» reste avant tout une «expérience», selon le chef économiste. «Il y a beaucoup de clics, mais nous ne savons pas exactement qui sont les utilisateurs et s’ils effectuent l’ensemble du processus proposé», ajoute-t-il.

Autres outils de comparaison

VermögensZentrum (VZ) propose sur son site plusieurs outils de comparaison ou de calcul dans divers domaines, allant des hypothèques aux questions d’héritage. L’offre comprend désormais aussi des outils relatifs à la gestion de fortune.

Performance Corner s’adresse spéciﬁquement aux utilisateurs qui cherchent à comparer la performance des placements gérés par leur banque à celle réalisée par d’autres acteurs. Ce service de comparaison, gratuit et ouvert à tous, collecte le plus grand nombre de données qui lui sont fournies aﬁn de disposer d’un échantillon le plus complet possible. Elaboré par la société vaudoise IBO spécialisée dans la supervision, le service est ouvert à tous les utilisateurs qui ont un portefeuille auprès d’une banque, sans qu’un montant minimum ne soit requis. Le site ne permet toutefois pas de constituer soi-même un portefeuille, ni d’investir réellement ensuite.

Finance

Le Temps l Mercredi 3 février 2016

TECHNOLOGIE

Plongée dans le monde des «conseillers robots» Les «conseillers robots» sont censés éviter les biais comportementaux et offrir une gestion à très bas coût. Mais le fonctionnement diffère. Plongée dans le cœur de la machine. Par Emmanuel Garessus

«M

on fils a voulu voir notre robot, mais il a été déçu. Il ne s’agissait pas d’un vrai robot mais d’un logiciel, explique Marc Bürki, directeur général du groupe Swissquote. La qualité du robot est définie par ce qu’on y place à l’intérieur», ajoutet-il. Au premier abord, tous les acteurs suisses présents sur la scène des conseillers robots (robo-advisor) partagent le même discours. Avec leurs solutions en ligne, ils partent de l’hypothèse que la stratégie doit être passive. Personne ne connaît l’avenir. Il est donc préférable d’avoir des ETF (fonds indiciels cotés) dans son portefeuille, d’autant que la gestion est ainsi moins coûteuse qu’avec des fonds de placement actifs. Les coûts des robots suisses se situent donc entre 0,35 et 0,65% par an.

(reporting, rééquilibrage des positions, gestion du compte). Son bilan est très positif. Sur toute la grille, aucun point négatif. «La mise en œuvre de la stratégie est très efficient », déclare Patrick Müller, directeur de Zwei Wealth Experts. A son avis, il n’y a toutefois pas de stratégie d’investissement dans la mesure où chacun définit son choix en fonction de sa tolérance au risque. «Si on sait ce que l’on veut, c’est très efficac », dit-il. L’algorithme utilisé n’est pas très compliqué, à son avis. L’offre lui plaît par son fort degré d’individualisation et sa structure de coûts «basse et transparente». La société affirme même qu’il s’agit d’«une bonne alternative à un mandat classique». A son avis, l’offre de VZ correspond davantage à celle d’un fonds d’actifs avec algorithme, selon l’expert.

Automatisation du service

Le portefeuille en ligne de Swissquote, qui se veut «plus proche de la gestion classique», introduit «davantage de granularité que les robots standards puisqu’il permet d’intégrer des actions directes et pas uniquement des ETF», fait valoir Marc Bürki. Son algorithme, comme d’autres, est basé sur la «Value at Risk» (VaR), puis l’analyse des branches, pays ou titres que l’investisseur préfère. «C’est très interactif», lance Marc Bürki. Le client a souvent une idée précise de ses souhaits. «S’il veut absolument le titre Apple, le logiciel intègre son choix en prenant en compte sa tolérance au risque et le besoin de diversific tion», indique-t-il. L’univers à disposition du robot comprend environ 2500 titres. Le robot en choisit une quarantaine, si la fortune investie oscille autour

Tous insistent sur l’automatisation du service, donc sur l’emploi d’algorithmes destinés à traduire en portefeuille personnalisé la tolérance au risque d’un individu et qui, de plus, permet d’éviter les biais comportementaux: ne pas céder à l’humeur du moment, par exemple, pour vendre comme tout le monde ou acheter lorsqu’un titre est à la mode. Plus de 200 sociétés se sont lancées sur le créneau de l’offre de stratégies par Internet depuis 2009, selon le Wall Street Journal. Les plus connus sont Betterment, à New York, et Wealthfront, à San Francisco. En Suisse, les robots se trouvent chez True Wealth, Investomat (Banque cantonale de Glaris), VZ VermögensZentrum et Swissquote. La qualité est parfois proche d’une gestion classique, affirm Zwei Wealth Experts, une société suisse spécialisée dans l’analyse des offres de gestion de fortune pour les investisseurs privés. Elle a, par exemple, réalisé une étude sur la qualité de True Wealth. Ses critères portent sur la construction de portefeuille ou la délégation des tâches

Swissquote

Plus de 200 sociétés se sont lancées sur le créneau de l’offre de stratégies par Internet depuis 2009

de 100 000 francs, selon la société. Dans les actions, l’algorithme est basé sur le rendement, c’est-à-dire sur l’espérance mathématique du cours. Une fois les paramètres définis, l’investissement se fait immédiatement. Le coût s’élève à environ 1% (0,5% de gestion et 0,5% de dépôt et de mise en œuvre). Deux fonds de placement de Swissquote sont gérés par le même robot que celui qui gère les comptes iPrivate Banking. La politique d’investissement consiste à maintenir un niveau de risque constant à travers le temps (mesuré par l’expected shortfall, ou moyenne des pertes potentielles sur un horizon au-delà de la VaR). En 2015, le rendement du fonds Qfunds en francs a atteint 6,9%, (contre 2,4% pour l’indice SPI), en 2014 15,5% (contre 12,9%) et en 2013 26,7% (contre 24,5%).

True Wealth

L’approche est différente pour True Wealth et ses «plus de 600 clients». Dans le bureau étroit qui regroupe les quatre collaborateurs de la start-up, à Zurich, Felix Niederer, cofondateur, explique que la société «ne se profile pas en fonction du rendement, mais de l’efficience en termes de coûts». Il n’y a ni rétrocession ni contrat avec un émetteur, assure Felix Niederer. Aucun risque de conflit d’intérêts. La banque de dépôts est Saxo Bank. Le coût est fi é à 0,5% tout compris (gestion et transactions). Il est inférieur à ses concurrents, selon le responsable, lequel souligne les possibilités de «personnalisation de sa solution». Comme pour les autres plateformes, le client se voit d’abord proposer de mesurer sa tolérance au risque. C’est le fruit d’une dizaine de questions qui évalue la propension au risque et la capacité à l’assumer. Par exemple, qu’attendre du mandat? «De faibles risques de pertes, même à court terme.» Ou «des chances de gains saines et des risques de pertes modérées ne me dérangent pas». Ou «de fortes chances de gains et la préservation à long terme de mon

pouvoir d’achat sont plus importants pour moi. Je peux subir des pertes au sein d’un cycle.» Une alternative est également proposée à la personne qui veut exclure les risques de pertes. Une tentative personnelle et virtuelle souligne l’extrême et la convivialité du système. Rien n’est plus visible que les effets sur le portefeuille et sa composition du déplacement du curseur sur le degré de tolérance au risque, ou sur les vœux de modificatio de la composition du portefeuille pour une diversification accrue ou inférieure. L’aspect ludique se couple à un avantage administratif évident, comprenant aussi le reporting fiscal gratuit. «Le portefeuille peut être changé à volonté par l’investisseur, lequel constate immédiatement comment ses gestes modifient le degré de risque et de diversificatio », indique Felix Niederer, cofondateur de True Wealth. Entre l’objectif de l’investisseur et la situation actuelle du portefeuille, un rééquilibrage s’avère parfois nécessaire. Il est réalisé deux fois par semaine. Les ETF inclus dans le portefeuille sont le fruit d’une simulation de rendement. «Nous nous rapprochons beaucoup du système de Wealthfront», explique Felix Niederer.

VZ VermögensZentrum

«Le premier conseiller robot suisse a été celui de VZ VermögensZentrum puisqu’il existe depuis 2010», explique Marc Weber, directeur de la banque de dépôts du groupe VZ. «Ici, c’est le client qui remplace le gérant de fortune, alors que pour d’autres c’est l’institut qui le remplace», fait valoir le banquier. L’originalité du processus du conseiller financier est illustrée par un processus en trois étapes établi en fonction du degré de sophistication de l’investisseur. La première étape correspond à celle des robots les plus simples. On élimine les biais comportementaux, on offre un portefeuille d’ETF et les coûts sont très bas. Mais contrairement à d’autres, le

rééquilibrage du portefeuille n’est pas fonction du temps (deux fois par semaine pour True Wealth), mais d’un ensemble de règles prédéfinies. Sur son portail financie , VZ emploie le terme de «gestion de fortune basée sur des règles fixe ». VZ a d’ailleurs publié un ouvrage de 200 pages (en allemand) sur les règles en question que l’on

En Suisse, les robots se trouvent chez True Wealth, Investomat (Banque cantonale de Glaris), VZ VermögensZentrum et Swissquote retrouve dans le robot. «Nous ne rééquilibrons le portefeuille que si c’est sensé», explique le directeur. Le portefeuille n’est modi é que si, à la suite des variations de marché, la quote-part d’un actif s’éloigne de 20% (pour les actions) de la pondération visée (la limite dépend de la volatilité et n’est donc pas toujours de 20%). S’il est modi é trop souvent, on réduit le potentiel de gain. La deuxième étape du processus intègre les subtilités de la gestion tactique et la troisième celles de la sélection des titres. Au total, plus de 15 000 clients ont adopté ce système, soit environ 2 milliards de francs d’actifs, selon Marc Weber. Les coûts atteignent 0,55% pour la première étape et sont plus élevés pour les suivantes. «L’une des règles les plus ef caces pour connaître la tendance du marché est celle de la moyenne mobile à 200 jours», affirme Marc Weber. Elle montre par exemple que depuis août 2015, il fallait se montrer plus prudent dans les actions. Le robot de VZ a intégré de lui-même ce type de considérations. Quant au rendement, c’est le client qui en est responsable, en fonction de la diversification qu’il choisit, de son profil de risque et du portefeuille qu’il privilégie. Le robot n’est finalement qu’un instrument, aussi performant soit-il.

Finance

Le Temps l Mercredi 3 février 2016

LIQUIDITÉS

Fonds monétaires plutôt que comptes bancaires? Les rendements de ce type de titres sont actuellement inférieurs à ceux des comptes bancaires, mais ils permettent de protéger intégralement ses liquidités en cas de faillite de sa banque. Par Pierre Novello

l’heure actuelle, l’épargnant moyen qui possède quelques dizaines de milliers de francs sur son compte auprès de sa banque n’a en principe aucun avantage à en convertir une partie en fonds de placement monétaires en francs suisses pour en espérer un meilleur rendement. On rappellera que les marchés monétaires sont composés de placements à court terme, jusqu’à 12 mois d’échéance, sur des débiteurs de premier ordre, donc en principe très sûrs.

Les fonds monétaires dans le rouge

Une telle opération serait d’autant plus perdante que la quasi-totalité des banques ont renoncé à appliquer le moindre taux négatif sur les comptes de leurs épargnants, mais ne les rémunère pratiquement plus. A la notable exception de la petite banque WIR qui a annoncé à la ﬁn de l’année dernière qu’elle allait prélever un intérêt négatif de 0,125% sur les comptes courants et de 0,75% à partir de 100 000 francs de dépôt. Mais le mouvement n’a manifestement pas été suivi. D’ailleurs, même pour les clients de cette banque dont les comptes seraient supérieurs à

100 000 francs, les fonds monétaires en francs suisses leur coûteraient plus chers que la ponction prélevée par cet établissement. En effet, la rémunération de ces fonds reﬂète celle de son marché sousjacent, et par conséquent les effets de la politique de la BNS: les taux d’intérêt ﬂuctuent donc autour de – 0,75%, à quoi vont encore s’ajouter les frais et les droits de garde, qui ne sont pas négligeables.

Distinction fondamentale

Dans cette perspective, on peut évidemment se demander à quoi servent les fonds monétaires s’ils semblent moins avantageux que les comptes auprès des banques. Ce serait méconnaître la distinction fondamentale entre un compte et une part de fonds monétaire. Le premier n’est qu’une simple créance, qui demande des délais plus ou moins longs pour les retraits, tandis que la seconde est un titre détenu directement par le client, qui peut le vendre immédiatement et sans contrainte. Cette différence de nature juridique joue un rôle essentiel en cas de faillite de la banque. En effet, les comptes bénéﬁcient d’une garantie, ﬁnancée par les banques et négociants en valeurs mobilières, mais seulement jusqu’à 100 000 francs par client. Le remboursement des

montants supérieurs va ainsi dépendre du solde de la masse en faillite à partager entre créanciers. En revanche, les détenteurs de parts de fonds de placement, qui sont hors bilan, auront droit à leur restitution intégrale. Si l’on est allergique aux fonds de placement monétaires, on peut y renoncer pour placer ses liquidités en ouvrant des comptes dans différents établissements pour moins de 100 000 francs à chaque fois. Mais cette stratégie va sans doute compliquer la gestion de son patrimoine, sans compter la génération de nouveaux frais, dont les banques sont de plus en plus friandes. On pourrait se demander s’il ne serait pas plus judicieux de

Liquidités en devises étrangères

placer son surplus de liquidités sur des obligations à court terme, qu’on utilise traditionnellement dans ce but. Mais le niveau actuel des taux d’intérêt fausse la donne: ces titres sont très faiblement rémunérés, tout en étant exposés au risque de la remontée des taux qui en ferait baisser le cours. Le handicap est d’autant plus grand que la part de liquidités dans les portefeuilles est sans doute plus importante que celle qui devrait lui être consacrée selon une allocation d’actifs traditionnelle: le krach de 2008 est encore dans toutes les mémoires et l’environnement économique et ﬁnancier reste passablement anxiogène, surtout en ce début d’année.

SOLARSEVEN

Pour ceux qui veulent conserver des liquidités dans une devise différente du franc suisse, les fonds monétaires n’offrent aucun intérêt en euros ou en dollars américains, pour les mêmes raisons que celles évoquées pour le franc suisse. En revanche, pour les monnaies qui bénéﬁcient de taux d’intérêt élevés à court terme, comme c’est le cas actuellement du dollar australien, il en va tout différemment. Ainsi, explique Olivier Maillard, responsable de la gestion de fortune auprès de la Banque Cantonale de Fribourg: «En période de taux élevés, les banques ne vont jamais offrir une rémunération aussi importante sur les comptes que celle qui est servie sur le papier monétaire. Dans le cas particulier du dollar australien, le client ne sera pratiquement pas rémunéré avec un compte dans cette devise, alors que le taux sur le fonds monétaire se situe entre 2,5% et 3%.» Donc, même en tenant compte des frais et droits de garde, l’investisseur qui veut conserver des dollars australiens sera largement gagnant en privilégiant les fonds monétaires à un compte bancaire dans cette devise.

LÉGISLATION

LSFin et LEFin, une chance pour la Suisse Le 4 novembre 2015, le Conseil fédéral a adopté le message relatif à la LSFin et à la LEFin – une étape importante pour la gestion d’actifs. Il est souhaitable que ces projets de lois soient ratiﬁés dans leur état actuel par le Parlement

a Loi fédérale sur les services financiers (LSFin) règle les conditions applicables à la fourniture de services financiers et à l’offre d’instruments financiers. Quant à la Loi fédérale sur les établissements financiers (LEFin), cette dernière prévoit pour les instituts financiers soumis à autorisation des règles de surveillance différenciées en fonction de leurs activités. L’objectif poursuivi est la création de conditions concurrentielles uniformisées, le renforcement de la compétitivité de la place financière ainsi qu’une meilleure protection de la clientèle. La Sfama accueille favorablement le projet adopté par le Conseil fédéral. En effet, ce pro-

«L’accès aux marchés étrangers a été rendu de plus en plus difﬁcile ces dernières années»

jet représente une chance importante pour la place suisse des fonds et de la gestion d’actifs. Il est important que les deux projets de lois soient ratiﬁés dans leur état actuel par les Chambres fédérales.

La capacité d’exportation, une condition sine qua non

En tant que petite économie nationale, la Suisse doit pouvoir proposer ses produits et services également à l’étranger. L’accès aux marchés étrangers a toutefois été rendu de plus en plus difficile ces dernières années, et ce, précisément dans le domaine des services financiers. C’est ainsi que l’UE a conditionné l’accès au marché pour les prestataires issus d’Etats tiers – citons entre autres: Alternative Investment Fund Manager Directive (AIFMD), Markets in Financial Instruments Directive II (MiFID II), ou encore European Market Infrastructure Regulation (EMIR). Le droit suisse des marchés financiers se doit d’être en phase avec les normes internationales

de régulation, permettant l’exportation si possible sans obstacle de services et produits ﬁnanciers suisses. Une surveillance reconnue de tous les gestionnaires de fortune (LEFin) fait partie des normes principales, outre des règles de conduite adéquates (LSFin). L’exportation est d’une importance particulière pour la gestion d’actifs institutionnelle: dans ce domaine, une croissance faible est à prévoir ces prochaines années sur le marché suisse. Les prévisions mondiales concernant ce secteur sont, quant à elles, considérablement plus élevées. La gestion d’actifs institutionnelle, du fait des évolutions démographiques, constitue pour l’industrie ﬁnancière LE marché de croissance sur le plan mondial. Pour le renforcer et le maintenir compétitif, les prestataires suisses doivent pouvoir participer à la croissance internationale de valeurs patrimoniales avec les caisses de pension et les institutions de la prévoyance comme

clientèle. L’exportation ﬁnancière suisse a lieu pour l’essentiel vers l’UE. Une orientation de principe de notre réglementation des marchés ﬁnanciers sur celle de l’UE est dès lors indispensable. Elle n’affaiblit pas la position des prestataires suisses sur les marchés hors UE puisque ces derniers s’alignent également de plus en plus sur les règles communautaires.

Une gestion d’actifs compétitive

La LSFin de même que la LEFin contribuent dans une mesure déterminante à la compatibilité requise. Elles ont pour conséquence une amélioration de la faculté d’action sur la scène internationale et un renforcement de la réglementation mais dans une mesure très limitée. La Suisse reprend ainsi dans une large mesure les réglementations internationales reconnues. Les deux lois doivent néanmoins être conçues de manière telle que les exigences suisses ne dépassent pas celles existant sur le plan international.

La gestion d’actifs institutionnelle représente aujourd’hui déjà un pilier important de l’industrie financière suisse. La concurrence mondiale autour de la clientèle est énorme. Les places financières en concurrence font tout pour avoir une longueur d’avance sur nous. La Suisse ne peut pas se payer le luxe de retards dans le renforcement de sa réglementation des marchés financiers. A défaut de LSFin/LEFin, la Suisse risquerait d’être considérée comme une place financière de second rang. Exploitons la chance qui se présente à nous!

> Markus Fuchs directeur de la Swiss Funds & Asset Management Association, SFAMA

Finance

Le Temps l Mercredi 3 février 2016

LÉGISLATION

Comment exporter nos fonds de placement? Alors que le marché suisse est très ouvert aux produits étrangers, les fonds de placement nationaux font face à de nombreux obstacles pour être distribués à l’étranger, notamment dans l’Union européenne

Marché suisse très ouvert

Sur le plan international, les investisseurs en Suisse représentent indéniablement un marché cible important pour les promoteurs suisses et étrangers de placements collectifs de capitaux. A fin décembre 2015, les placements collectifs autorisés à la distribution publique en Suisse ont été très largement dominés par les fonds de droits étrangers: leur nombre s’élève à 7189 pour 802 fonds suisses. A ces derniers, s’ajoutent les fonds destinés uniquement à des investisseurs considérés comme qualifiés dont 737 produits suisses et une quantité non répertoriée de fonds étrangers réservés aux investisseurs qualifiés, ces placements n’étant pas soumis à autorisation. Force est de constater qu’avec son régime de reconnaissance et de distribution très libéral pour les produits étrangers, le marché suisse propose aux investisseurs locaux une offre pléthorique, tout en générant une concurrence importante pour les promoteurs de produits suisses. Pour un promoteur ou un gestionnaire de placements collectifs établi en Suisse, un des points clés est de pouvoir distribuer ses

produits hors de nos frontières, notamment dans l’Union européenne (UE), qui reste un marché de choix. Cela requiert de disposer, d’une part, d’une autorisation pour déployer une activité de distribution et, d’autre part, de produits autorisés à être commercialisés dans les pays cibles.

Les différentes options de distribution

En matière de produits, il existe à ce jour plusieurs options. Celle qui prévaut sur le marché, notamment pour les principaux promoteurs suisses de placements collectifs, est de créer des placements collectifs de juridiction européenne. Cela offre le double avantage de pouvoir les promouvoir tant sur le marché européen que sur le marché suisse, en utilisant les possibilités offertes par la réglementation suisse pour la distribution de fonds étrangers (réimportation). L’autre option consiste à promouvoir des fonds de droit suisse sur le plan européen. Cette option reste pour l’instant très limitée compte tenu de la non-reconnaissance actuelle des placements collectifs suisses à l’étranger, à une exception près, celle de l’Allemagne, pays avec lequel une procédure simpliﬁée existe. A relever également qu’en plus de ces options, il existe, dans certains pays européens, des régimes de placement privés, dont la distribution est limitée aux investisseurs professionnels. Néanmoins, ces derniers se caractérisent par un manque d’harmonisation et en-

LE MARCHÉ SUISSE ATTIRE TOUJOURS PLUS DE FONDS ÉTRANGERS Domicile

Fin septembre 2015

Fin septembre 2014

Fonds suisses

1540

1515

Fonds étrangers

7075

6701

- Luxembourg - Irlande - Autres domiciles

Source: Sfama/Finma

4799 1385 891

4539 1223 939

gendrent ainsi, inévitablement, des coûts et des risques additionnels.

Evolution à attendre de l’UE

Quelle évolution devons-nous attendre à l’avenir en matière de reconnaissance des placements collectifs suisses dans l’Union européenne (UE)? Il est particulièrement intéressant de suivre l’évolution du débat réglementaire européen relatif à l’opportunité, pour les promoteurs établis dans des pays tiers à l’UE, d’obtenir un accès, par le biais d’un passeport de commercialisation pour les gérants alternatifs («Alternative Investment Fund Managers (AIFM)») au marché européen. En janvier 2015, la Swiss Fund & Asset Management Association (Sfama) et l’Association suisse des banquiers (ASB) avaient toutes deux communiqué à l’European Securities and Markets Authority (ESM) leur prise de position relative à la procédure de consultation sur l’opportunité de l’ouverture du marché pour la distribution des fonds alternatifs uniquement aux pays non UE. Tant l’ASB que la Sfama avaient alors conclu que la Suisse avait adapté son cadre réglementaire aux exigences nécessaires. Suite à cela et à l’analyse du cadre réglementaire de six pays, l’ESMA avait alors émis une recommandation positive envers notre pays, avec comme condition l’implémentation de certaines révisions légales, prévues pour le 1er janvier 2016. Toutefois, la recommandation de l’ESMA envers la Commission européenne était de repousser la décision quant à l’octroi d’un passeport de distribution de produits alternatifs pour les pays tiers, en raison notamment du nombre limité de pays concernés et pour éviter de créer une distorsion de marché. En octobre 2015, la Commission européenne a décidé de suivre la recommandation de l’ESMA de repousser la décision relative à l’octroi ou non du passeport européen aux pays tiers à mars 2016.

SONY SIVANANDAN

ous l’égide de l’Association Suisse des Banquiers (ASB) et de la Swiss Fund and Asset Management Association (Sfama) notamment, la place ﬁnancière suisse a fait de la gestion d’actifs un pilier de sa stratégie future. Celle-ci se trouve face à de nombreux déﬁs, dont la question de la distribution.

Produits classiques

Qu’en est-il des types de produits qui ne sont pas alternatifs? Ces produits, plus standardisés, représentent un marché bien plus important en termes d’actifs. Mais, compte tenu du protectionnisme qui prévaut actuellement, il semble que la porte de la distribution en Union européenne de ce type de produit de juridiction suisse n’est pas même encore entrouverte. La Suisse, bon élève, a régulièrement intégré les développements réglementaires et ﬁscaux internationaux atteignant ainsi un cadre réglementaire qui devrait pouvoir être jugé équivalent aux principaux standards internationaux. Pourtant, force est de constater

que l’accès au marché, si fréquemment cité en Suisse, n’est de loin pas encore obtenu. Il permettrait, notamment dans le cadre de la stratégie de développement de la gestion d’actifs en Suisse, de développer notre industrie à partir de cette dernière.

> Yvan Mermod Associé, KPMG Financial Services

> Ann-Mirjam Lévy Duvernay Directrice, KPMG Financial Services

Finance

Le Temps l Mercredi 3 février 2016

CLASSEMENTS www.letemps.ch/finance. La performance d’un fonds peut aussi être recherchée sur le site de Lipper, à l’adresse www.lipperweb.com/research/screener.asp. Ne pas oublier de chercher dans les fonds autorisés à la vente en Suisse.

Les performances des fonds sont exprimées en francs, celles des hedge funds dans leur devise de référence. Pour des raisons de place, certaines catégories ne figurent pas dans les tableaux ci-après. L’intégralité des classements est disponible sur Internet:

Nom

LEGAL DISCLAIMERS Lipper research pages are for informational purposes only, and do not constitute investment advice or an offer to sell or the solicitation of an offer to buy any security of any entity in any jurisdiction. No guarantee is made that the information in this report is accurate or complete and no warranties are made with regard to the results to be obtained from its use. In addition, Lipper will not be liable for any loss or damage resulting from information obtained from Lipper or any of its affiliates. The performance data shown represents the fund’s historical performance. Past performance is not indicative of future results. Upon redemption shares may be worth more or less than their original cost. The current performance may be higher or lower than the quoted performance. Numeric Rankings for the fund is based on the Total Return Performance and represents the numeric position achieved by the fund within its Lipper classification universe for that time period.

Nom

Actifs nets mios francs

Performance totale % 2015 3 ans 5 ans

Volatilité annualisée % 2015 3 ans 5 ans

Perf. annualisée % 3 ans 5 ans

ACTIONS – MARCHÉS FRONTIÈRES AFC Asia Frontier (Non-US) USD-A 1.5 51.9 10.9 12.1 15.0 Charlemagne Magna New Frontiers R EUR 19.00 –5.5 34.8 18.7 14.7 10.5 Charlemagne OAKS Emerging and Frontier Opps A EUR 29.59 –6.6 16.7 BMO LGM Frontier Markets A Inc 557.79 –8.9 30.0 15.1 13.2 9.1 HSBC GIF Frontier Markets A Cap USD 307.26 –9.2 32.0 16.8 14.7 9.7 Nomura Funds Ireland-Glo Frontier EM Equity A EUR 4.75 –10.0 17.0 Tundra Frontier Opportunities, A (SEK) 40.41 –10.4 13.2 Baring Frontier Markets A USD Acc 41.76 –10.5 16.0 Morgan Stanley Frontier Emerging Markets Eq A USD 73.41 –10.7 15.8 T Rowe Price Frontier Markets Equity A USD 8.57 –12.2 15.1 Templeton Frontier Markets A (acc) USD 881.44 –14.3 5.0 –2.5 15.6 13.1 13.1 1.7 –0.5 Schroder ISF Frontier Markets Equity A Acc 1092.71 –16.9 31.9 25.6 15.2 16.8 15.8 9.7 4.7 JSS EmergingSar – New Frontiers P USD dist 9.76 –17.3 –8.5 –23.6 15.6 11.6 11.1 –2.9 –5.3 db x-trackers S&P Select Frontier UCITS ETF 1C 50.48 –20.5 4.4 –18.8 24.2 19.2 17.1 1.5 –4.1 Actions – Marchés Frontières Average 223.47 –10.8 22.7 –4.9 16.1 14.4 14.3 6.8 –1.3 ACTIONS AFRIQUE DU SUD Lyxor UCITS ETF South Africa (FTSE JSE Top 40) CE iShares MSCI South Africa UCITS ETF Actions Afrique du Sud Average

41.42 25.37 33.39

–20.3 –25.2 –22.8

–17.4 –20.9 –19.1

–20.4 –22.1 –21.3

20.4 20.4 20.4

15.4 16.9 16.1

16.0 17.2 16.6

–6.2 –7.5 –6.8

–4.5 –4.9 –4.7

ACTIONS ALLEMAGNE MainFirst – Germany Fund A ACATIS CHAMPS SEL – ACATIS AKTIEN DEUTSCHLAND ELM UBS (Lux) Equity Sicav – German High Div (CHFh) Pd UBS (Lux) Equity Sicav – German High Div (CHFh) Pa Fidelity Funds – Germany A-EUR GS&P Fonds Deutschland aktiv G Allianz German Equity – AT – EUR Baring German Growth Trust GBP Acc DWS Investa Fondak – A – EUR DWS Deutschland JPM Germany Equity A Dis EUR Deutsche Invest I German Equities LC Swiss & Global AM Deutsche Aktien Julius Baer EF German Value-EUR B ComStage F.A.Z. Index UCITS ETF DekaLux-Deutschland TF A UBS (Lux) Equity Sicav – German High Div (EUR) P-a UniFonds FPM Funds Stockpicker Germany All Cap C UBS (D) Aktienfonds – Special I Deutschland ComStage DAX TR UCITS ETF iShares DAX® (DE) ComStage FR DAX UCITS ETF db x-trackers DAX UCITS ETF (DR) db x-trackers DAX UCITS ETF (DR) Income LYXOR DAX (DR) UCITS ETF EUR PARVEST Equity Germany C C EUR Generali IS German Equities D Cap EUR FT Frankfurt-Effekten-Fonds Candriam Equities L Germany C Cap iShares DivDAX® (DE) ComStage DivDAX TR UCITS ETF Actions Allemagne Average

193.31 24.1 90.9 92.5 20.5 15.6 18.3 24.1 14.0 203.02 11.3 56.5 74.2 17.9 13.3 14.3 16.1 11.7 139.30 10.2 49.3 19.6 14.2 14.3 139.30 10.2 49.3 19.6 14.2 14.3 1427.85 9.4 44.4 53.7 17.8 14.2 17.4 13.0 9.0 38.10 9.0 22.9 45.0 15.7 12.2 13.3 7.1 7.7 391.17 8.2 38.8 18.6 13.4 11.6 731.44 7.7 40.8 48.3 17.8 13.7 17.4 12.1 8.2 4006.83 6.8 46.9 51.3 22.1 16.1 20.5 13.7 8.6 2207.91 4.7 33.8 31.8 19.4 14.1 18.3 10.2 5.7 6256.55 4.5 41.5 56.2 20.2 15.2 19.8 12.3 9.3 240.25 4.3 34.3 38.5 16.7 14.1 17.3 10.3 6.7 788.34 4.2 37.4 19.9 15.5 11.2 65.28 2.3 38.7 42.1 18.2 14.3 17.1 11.5 7.3 139.36 2.2 38.7 42.0 17.9 14.1 17.0 11.5 7.3 37.45 1.5 30.8 20.3 14.9 9.4 643.67 1.0 25.9 22.4 19.8 14.5 19.4 8.0 4.1 139.30 0.8 36.4 18.9 14.6 10.9 2456.84 0.5 24.7 26.5 21.9 15.8 18.8 7.6 4.8 146.71 –0.6 38.1 30.5 17.6 14.2 16.3 11.4 5.5 155.37 –0.9 25.1 30.0 21.3 15.8 17.9 7.8 5.4 750.57 –1.1 26.5 34.1 22.2 16.0 18.7 8.2 6.0 10194.17 –1.1 26.6 33.9 22.2 16.0 18.7 8.2 6.0 102.16 –1.1 25.8 33.1 22.0 15.9 18.5 8.0 5.9 5701.17 –1.2 26.0 33.4 22.2 16.0 18.7 8.0 5.9 639.14 –1.2 26.1 22.2 16.0 8.0 1275.44 –1.4 25.7 32.8 22.2 16.1 18.8 7.9 5.8 152.41 –2.0 21.1 25.2 21.3 15.4 18.2 6.6 4.6 20.99 –2.6 23.7 23.8 21.6 15.7 18.1 7.3 4.4 2273.43 –3.8 17.5 17.9 21.3 15.3 19.0 5.5 3.4 151.20 –6.7 17.7 21.7 20.7 15.0 17.5 5.6 4.0 604.65 –7.1 25.7 33.4 22.9 17.5 19.4 7.9 5.9 51.99 –7.2 25.8 22.9 17.5 7.9 1234.99 2.6 34.4 39 20.2 15 18 10.2 6.7

ACTIONS ALLEMAGNE – PMC UniDeutschland XS ComStage SDAX TR UCITS ETF FPM Funds Stockpicker Germany Small/Mid Cap C WARBURG – D – FONDS SMALL&MIDCAPS DEUTSCHLAND R ComStage MDAX TR UCITS ETF iShares MDAX® (DE) Allianz Nebenwerte Deutschland – A – EUR CS (Lux) Small and Mid Cap Germany Eq Fd B EUR UBS (D) Equity Fund – Mid Caps Germany UBS (D) Equity Fund – Small Caps Germany Actions Allemagne – PMC Average

687.07 20.4 81.0 68.9 14.3 13.4 15.5 21.9 11.1 46.47 13.7 52.9 16.2 14.7 15.2 58.45 12.3 49.3 65.5 15.8 14.1 15.1 14.3 10.6 74.32 12.3 52.8 17.7 14.0 15.2 57.61 10.5 18.4 1893.76 10.3 54.2 73.4 18.4 14.4 15.8 15.5 11.6 806.72 8.2 54.3 63.4 18.6 14.7 16.3 15.6 10.3 448.35 8.0 50.6 63.8 18.3 14.9 16.2 14.6 10.4 91.82 5.8 39.6 51.6 17.3 14.5 15.5 11.8 8.7 109.96 0.2 37.3 30.4 15.1 15.5 16.6 11.2 5.5 427.45 10.2 52.5 59.6 17 14.5 15.8 15 9.7

ACTIONS ASEAN Islamic ASEAN Equity USD A Acc 6.98 Baring ASEAN Frontiers A USD Inc 311.71 JPMorgan ASEAN Equity A Acc USD 422.68 Invesco ASEAN Equity A Annual Dist USD 156.30 HSBC GIF ASEAN Equity AC USD Fidelity Funds – ASEAN A-USD 813.29 BGF Asean Leaders A2 USD 135.28 Mirae Asset ASEAN Sector Leader Equity K USD 3.59 Amundi Fds Equity ASEAN – AU (C) 77.62 Actions ASEAN Average 240.93

–10.8 0.6 –11.2 –1.1 4.9 –13.3 –2.0 12.1 –14.3 –6.8 –6.0 –15.9 –17.0 –8.3 1.4 –18.5 –6.6 –18.7 –20.0 –17.5 –7.4 –15.5 –6 1

14.9 13.2 0.2 17.2 16.8 15.3 –0.4 17.7 15.0 14.2 –0.7 16.1 14.5 14.9 –2.3 19.7 18.5 14.8 13.7 –2.9 18.9 16.1 –2.2 16.9 17.5 15.7 14.8 –6.2 17.5 15.2 14.6 –2.1

1.0 2.3 –1.2 0.3 –1.5 0.2

ACTIONS ASIE PACIFIQUE UBS ETF MSCI Pacific Socially Resp UCITS (USD)Ad 27.52 6.2 34.4 18.9 13.5 10.4 JPMorgan Pacific Equity A Dis USD 546.08 4.9 27.4 22.0 17.9 12.8 12.4 8.4 4.1 Matthews Asia Fds-Asia Dividend A Acc USD 307.42 4.0 24.1 33.0 16.1 11.9 10.6 7.5 5.9 LLB Aktien Pazifik (JPY) 88.54 4.0 29.6 18.8 13.2 9.0 SSgA SPDR S&P Pan Asia Div Aristocrats ETF 29.50 3.6 18.0 VP Classic Equity Fund USD 43.71 3.4 38.3 22.3 16.8 11.4 ComStage MSCI Pacific TRN UCITS ETF 98.82 3.2 27.9 24.1 18.9 13.0 12.4 8.6 4.4 VP Bank Fund Selection Aktien Pazifik B 24.70 3.2 22.8 14.6 18.2 12.6 11.9 7.1 2.8 State Street Asia Pacific Enhanced Equity Fd P JPY 152.73 2.7 27.5 20.4 18.2 12.7 12.2 8.4 3.8 GAM Star Asia-Pacific Equity EUR Acc 2.0 23.8 12.9 20.0 13.6 13.4 7.4 2.5 Fidelity Funds – Pacific A-USD 2006.31 0.6 46.3 35.9 20.4 14.3 13.0 13.5 6.3 CB – Accent (Lux) Far East Equity Fund B USD 70.11 –0.3 46.5 45.6 19.5 14.4 13.8 13.6 7.8 Candriam Sustainable Pacific C Cap 317.25 –1.0 22.7 12.6 19.2 13.2 12.4 7.1 2.4 Vitruvius Asian Equity B USD 47.85 –1.2 24.4 31.8 20.0 13.6 12.6 7.6 5.7 Swisscanto (CH) Equity Fund Asia A 82.27 –1.2 14.1 6.0 16.5 11.6 11.4 4.5 1.2 Robeco Asia-Pacific Equities D EUR 756.10 –1.6 22.4 24.5 18.8 12.4 11.8 7.0 4.5 BGF Pacific Equity A2 USD 185.72 –1.7 27.9 20.3 18.6 13.7 13.3 8.6 3.8 CB – Accent (Lux) Far East Equity Fund B CHF 70.11 –2.0 31.6 15.4 13.0 9.6 Indus PacifiChoice Asia B EUR 230.04 –2.1 27.0 16.0 12.3 8.3 PARVEST Equity High Div Pacific C C EUR 73.58 –2.5 8.7 1.5 18.7 13.9 12.8 2.8 0.3 PTR-Mandarin-P USD 144.80 –2.7 29.5 14.5 13.1 10.9 10.4 9.0 2.7 Invesco Pacific Equity A Annual Dist USD 121.49 –2.9 29.8 21.6 19.4 13.3 13.9 9.1 4.0 DWS Top Asien 1533.58 –3.1 14.4 3.5 19.9 13.6 13.0 4.6 0.7 Deutsche Invest I Top Asia LC 274.74 –3.2 14.5 3.1 19.5 13.4 13.0 4.6 0.6 Swisscanto (LU) SmartCore Eq Fd Asia Pacific B 26.73 –3.3 17.9 16.7 11.8 5.7 Popso IFS Asian Equity EUR B 17.87 –3.9 17.4 CapitalAtWorkFoyer-Asian Equities atWork C EUR 188.89 –4.3 9.8 –7.7 19.7 13.7 12.6 3.2 –1.6 AZ Fund 1Japan Champion A AZ FUND Acc 132.80 –4.9 13.0 4.4 20.1 12.8 11.6 4.2 0.9 Acatis Asia Pacific Plus Fonds UI 30.63 –7.0 10.2 –5.1 14.3 11.5 10.9 3.3 –1.0 Lumen Value Asia Fund 15.56 –7.6 –3.5 16.1 10.8 –1.2 Amundi Fds Index Equity Pacific Ex Japan – AE (C) 129.55 –8.3 11.1 6.0 19.7 14.9 13.5 3.6 1.2 UniAsiaPacific A 381.78 –8.7 –1.1 –1.9 17.8 13.4 13.4 –0.4 –0.4 PARVEST Green Tigers C C EUR 63.71 –9.4 14.3 –4.7 21.5 14.5 14.3 4.6 –1.0 Asia-Pacific Quant Selection Fund USD 4.33 –11.0 –19.7 –33.5 19.1 13.5 15.2 –7.0 –7.8 Janus Asia Frontier Markets A USD Acc 2.39 –15.3 17.7 iShares Asia Pacific Dividend UCITS ETF 369.96 –16.0 –5.3 13.9 20.1 15.9 14.1 –1.8 2.6 Actions Asie Pacifique Average 234.16 –2.4 20.1 12.3 18.4 13.2 12.7 6.1 2.2 ACTIONS ASIE PACIFIQUE – PMC JOHCM Asia ex Japan Small & Mid Cap B GBP UBS (Lux) Eq S – Asian Smaller Comp (USD) P-acc Allianz Asian Small Cap Equity – AT – USD Macquarie Asia New Stars A SEK Pinebridge Asia ex Japan Small Cap Equity A USD Schroder ISF Asian Smaller Companies A Acc HSBC GIF Asia Ex Japan Equity Smaller Cos AD USD AXA Rosenberg Pacific Ex-Jpn SmCap Alpha B USD Nomura Funds Ireland-Asian Smaller Companies A EUR Templeton Asian Smaller Companies A (acc) USD Fidelity Funds – Asian Smaller Companies A-ACC-USD Deutsche Invest I Asian Small/Mid Cap LC DNB Fund Asian Small Cap Aberdeen Global – Asian Smaller Comp A2 Acc USD Actions Asie Pacifique – PMC Average ACTIONS ASIE PACIFIQUE HORS JAPON PUB Equities Japan (JPY) Galileo Asia Fund A (USD) Veritas Asian GBP B Goldman Sachs Asia Portfolio Base USD

99.19 55.70 39.37 1240.48 82.65 332.05 430.33 173.63 10.51 1287.80 144.69 91.23 204.70 1968.26 440.04 627.20 22.54 381.92 98.98

9.7 41.3 6.0 44.0 5.0 3.1 51.1 2.7 45.6 54.0 1.7 41.3 29.0 1.4 50.1 40.2 –3.2 9.1 17.1 –3.3 –4.8 18.8 34.2 –5.8 51.7 –8.2 19.6 2.3 –11.3 27.9 –7.7 –14.9 –5.0 11.3 –1.6 32.9 22.6

15.1 14.0 12.2 17.2 14.1 12.9 19.4 16.3 13.5 14.7 16.5 13.6 14.1 13.3 14.0 12.6 14.8 12.2 21.5 17.5 16.9 14.5 19.5 15.1 15.5 2.9 19.2 14.8 13.2 13.4 5.9 20.0 15.7 14.9 17.5 14.6 14.9 6.2 18.4 16.8 17.5 8.5 15.4 14.0 12.7 –1.7 17.5 14.6 15 9.7

0.5 –1.6 2.2 3.9

10.9 4.1 3.5 2.8

18.9 14.2 14.9 15.4

5.0 4.6 4.5 2.1

47.3 31.9 33.8 18.8

27.8 25.4 24.6 11.2

13.7 13.0 11.3 12.1

14.4 11.8 12.2 12.6

13.8 9.7 10.2 5.9

9.0 5.2 7.0 3.2 6.1

Actifs nets mios francs

Performance totale % 2015 3 ans 5 ans

Volatilité annualisée % 2015 3 ans 5 ans

Perf. annualisée % 3 ans 5 ans

BGF Asian Growth Leaders A2RF USD 811.07 1.7 49.7 19.2 14.3 14.4 Asia Pacific Performance D USD 60.59 1.3 12.1 –4.8 16.2 13.8 14.5 3.9 –1.0 Fidelity Funds – Asian Aggressive A-ACC-EUR 51.25 1.3 15.5 15.9 18.2 13.3 13.4 4.9 3.0 UBS (Lux) KSS-Asian Equities (USD) P-acc 52.69 0.6 8.8 5.7 15.2 12.5 13.7 2.9 1.1 NPB Asia (ex Japan) Equity Fund P 29.74 0.2 6.0 –3.2 21.1 15.8 15.0 2.0 –0.6 UBS (Lux) Key Sel 2-Asian Eq 130/30 USD P-acc 5.94 0.1 12.8 8.8 15.5 12.4 13.5 4.1 1.7 Comgest Growth Asia Pac ex Japan US Dollar 261.49 –0.1 44.7 23.1 15.3 12.6 13.2 13.1 4.2 Hermes Asia ex Japan Equity F EUR Inc 1601.84 –0.7 19.8 Baring Asia Growth A USD Inc 78.70 –0.7 19.7 11.4 17.1 13.4 14.5 6.2 2.2 Jupiter JGF Asia Pacific L USD Acc 10.31 –1.3 18.3 14.4 18.4 13.8 13.9 5.8 2.7 Threadneedle (Lux)-Asia Contrarian Equity AU 5.40 –1.5 19.0 Fidelity FAST Asia A-ACC-USD 130.57 –1.6 17.0 Matthews Asia Fds-Pacific Tiger A Acc USD 355.85 –1.7 23.1 24.3 17.9 13.4 12.4 7.2 4.5 T Rowe Asian Opportunities Equity A USD 2.20 –1.9 15.2 Invesco Asia Opportunities Equity A Acc USD 141.15 –1.9 16.5 9.2 14.7 11.6 12.7 5.2 1.8 Threadneedle (Lux)-Developed Asia Gth and Inc AU 33.39 –2.0 18.6 Schroder ISF Asian Total Return A Acc 2039.16 –2.4 17.7 33.8 12.7 10.6 9.8 5.6 6.0 Barclays GA – Pacific Rim (ex-Japan) Z Acc USD –2.5 8.0 8.0 15.3 12.7 12.8 2.6 1.6 PARVEST Equity Best Select Asia Ex-Japan C C EUR 620.22 –2.6 11.8 6.8 16.3 12.6 15.1 3.8 1.3 Mirae Asset Asia Great Consumer Equity A USD 772.76 –2.6 32.8 15.3 14.7 9.9 Stewart Investors Asia Pacific Sustnbl A GBP Acc 463.40 –2.9 33.1 53.1 14.2 11.1 10.5 10.0 8.9 Vontobel MTX Sust Asian Leaders (Ex-Japan) Eq B 48.10 –3.2 32.1 22.9 20.1 15.2 15.7 9.7 4.2 Mirabaud – Equities Asia Ex Japan A USD 155.46 –3.2 12.2 0.5 18.8 13.5 12.9 3.9 0.1 Mirae Asset Asia Pacific Equity A USD 29.78 –3.3 28.2 23.8 17.2 12.8 14.3 8.6 4.4 iShares MSCI AC F East ex-Japan SC UCITS ETF 62.23 –3.3 12.1 4.4 20.7 14.8 14.4 3.9 0.9 UBS (CH) Equity Fund – Asia (USD) P 102.66 –3.4 6.8 4.6 15.8 12.3 13.3 2.2 0.9 Allianz Asia Pacific Equity – A – EUR 34.85 –3.5 12.2 4.4 18.2 12.9 13.1 3.9 0.9 Stewart Investors Asia Pacific Leaders A GBP Acc 11505.78 –3.6 20.0 33.4 14.0 11.5 11.2 6.3 5.9 Mirae Asset Asia Sector Leader Equity A USD 518.62 –3.6 15.8 Schroder ISF Asian Opportunities A Acc 3037.25 –3.7 12.3 22.8 14.0 11.3 12.2 4.0 4.2 LGT Select Equity Asia/Pacific ex Japan (USD) B 310.06 –3.9 6.6 13.0 16.5 12.1 11.6 2.1 2.5 Waverton Asia Pacific A USD 89.34 –4.1 12.1 0.1 18.1 13.7 14.1 3.9 0.0 Fidelity Funds – Asian Special Sits A-USD 1516.95 –4.1 18.8 14.5 17.2 12.7 12.5 5.9 2.8 VP Bank Fund Selection Aktien Emerging Asia B 11.93 –4.2 4.7 –0.4 15.6 11.8 12.5 1.6 –0.1 Pioneer Funds Asia (Ex Japan) Eq E No Dis EUR 88.61 –4.2 16.5 –2.6 16.2 12.2 13.8 5.2 –0.5 BGF Asian Dragon A2 USD 1684.87 –4.3 21.2 10.5 19.2 13.9 15.6 6.6 2.0 Guinness Asian Equity Income C EUR Acc 20.96 –4.4 17.1 PineBridge Asia ex Japan Equity A Acc USD 242.89 –4.5 20.6 8.4 17.0 13.0 14.1 6.4 1.6 DJE – Asien High Dividend PA (EUR) 99.83 –4.6 0.6 –4.2 15.0 11.0 11.1 0.2 –0.9 Threadneedle (Lux)-Asian Focus AU 7.05 –4.7 19.7 Mirae Asset Asia Pacific Dividend Equity K USD 5.94 –4.7 15.0 RBC Funds (Lux) Asia ex Japan Equity A USD Cap 7.87 –4.9 16.8 East Capital (Lux) Emerging Asia A EUR Cap 55.39 –4.9 10.4 4.7 19.4 14.6 15.3 3.4 0.9 Stewart Investors Asia Pacific A GBP Acc 1048.88 –4.9 22.8 37.4 14.5 12.0 11.3 7.1 6.6 Hamon Asian Market Leaders Fund USD 21.29 –5.0 0.8 –19.7 20.3 16.3 17.2 0.3 –4.3 Morgan Stanley Asia-Pacific Equity A USD 115.72 –5.0 7.0 15.9 12.8 2.3 GAM Star Asian Equity USD Ordinary Acc –5.2 8.0 –4.4 25.1 18.0 16.8 2.6 –0.9 UBAM Asia Equity AC USD 44.19 –5.4 16.4 –2.6 19.4 14.3 18.0 5.2 –0.5 Fidelity Funds – Asia Pac Div A-USD 263.13 –5.6 14.7 17.6 17.5 12.8 12.7 4.7 3.3 Edmond de Rothschild Asia Leaders C 84.36 –5.9 3.8 17.7 13.2 1.3 JOHCM Asia ex Japan B Inc GBP 455.71 –6.0 16.4 12.7 11.8 5.2 UBS (Lux) Eq Fd – Asian Consumption (USD) P-acc 232.29 –6.0 –1.5 6.2 14.9 12.6 11.4 –0.5 1.2 Invesco Asia Infrastructure A Acc USD 561.24 –6.3 1.8 –8.3 14.1 11.4 12.6 0.6 –1.7 T Rowe Asian ex-Japan Equity A USD 534.91 –6.3 6.1 9.4 16.9 12.6 12.5 2.0 1.8 Janus Asia A USD Acc 112.59 –6.4 6.5 18.7 13.7 2.1 Invesco Asian Equity A Annual Dist USD 1535.76 –6.5 16.6 14.8 17.5 13.1 13.5 5.3 2.8 Capital Group Asia Pacific ex-Jap Eq (LUX) B USD 20.22 –6.7 7.6 –1.9 16.8 13.0 13.5 2.5 –0.4 Legg Mason Martin Currie GF Asia Pacific USD 2.73 –6.7 –2.4 3.5 17.6 13.0 13.2 –0.8 0.7 Fidelity Funds – South East Asia A-USD 1960.81 –6.8 3.0 –1.1 18.3 13.2 13.9 1.0 –0.2 Invesco Asian Focus Equity A Acc USD 7.03 –6.9 12.7 17.3 13.5 4.1 Morgan Stanley Asian Equity A USD 134.64 –7.0 3.2 –1.6 16.7 12.9 13.1 1.0 –0.3 Julius Baer EF Asia Focus USD B 47.97 –7.0 17.8 JPM Asia Pacific Strategic Equity A Acc USD 386.10 –7.2 10.5 14.3 17.4 13.2 13.5 3.4 2.7 ComStage MSCI Pacific ex Japan TRN UCITS ETF 19.96 –7.2 5.1 11.8 19.8 15.7 15.3 1.7 2.3 Nikko AM Asia-Pacific ex-Japan B USD 62.19 –7.2 5.0 –0.7 16.5 14.2 16.2 1.7 –0.1 Vontobel Fund Far East Eq B USD 752.35 –7.2 12.0 21.3 14.1 13.1 11.6 3.9 3.9 Schroder ISF Asian Dividend Maximiser A Acc 288.86 –7.3 15.3 Pictet-Asian Equities Ex Japan-P USD 169.14 –7.6 14.0 5.6 17.1 13.3 13.7 4.5 1.1 BCV Developed Asia Pacific A 23.95 –7.6 19.2 Vanguard FTSE Developed AsPac ex Japan UCITS ETF 100.58 –7.6 18.4 EIP Pacific Basin Equity Prgme Srs 2 USD 90.23 –7.7 8.1 8.8 18.1 13.4 13.9 2.6 1.7 WMP (Dublin) Asia ex Japan Equity EUR D Acc Unh 56.12 –7.7 15.3 MFS Meridian Funds-Asia Pacific ex-Japan A1 USD 85.44 –7.8 2.6 3.5 18.2 13.3 13.1 0.9 0.7 Henderson HF Asian Growth A2 28.79 –7.8 13.2 6.8 15.3 12.0 14.5 4.2 1.3 DB PWM II-GIS Asia Ex Japan A 33.79 –7.8 9.4 15.8 13.4 3.1 PIGUET FUND – Actions Asie-Pacifique ex-Japon 21.85 –7.8 0.6 19.3 13.8 0.2 Invesco Asian Equity C Acc CHF Hdg 1535.76 –7.9 17.3 Legg Mason QS MV AsPac ex Jpn Eq Gr&Inc A DisA USD 39.74 –7.9 7.3 –1.3 14.5 12.2 13.3 2.4 –0.3 UBS (Lux) Eq Fund-Asian Consumption (USD)(CHFh) Qa 232.29 –7.9 –11.7 13.6 12.5 –4.1 UBS (Lux) Eq Fd – Asian Consumption (CHFh) P-acc 232.29 –8.0 –11.7 13.3 12.5 –4.1 iShares Core MSCI Pacific ex Japan UCITS ETF 161.20 –8.0 3.9 9.8 19.1 15.5 15.2 1.3 1.9 Allianz Total Return Asian Equity – A – USD 343.69 –8.0 16.3 11.3 16.8 12.6 13.4 5.2 2.2 Amundi Fds Equity Asia Ex-Japan – AU (C) 95.61 –8.1 6.9 –2.6 17.8 12.9 13.8 2.3 –0.5 PUB Equities Asia/Pacific (ex Japan) (USD) 890.58 –8.1 4.4 1.8 19.7 15.7 15.8 1.5 0.4 UBS ETF MSCI Pacific (ex Japan) UCITS ETF(USD)Ad 168.97 –8.1 4.1 10.1 19.7 15.8 15.4 1.3 1.9 Vanguard Pacific Ex-Japan Stock Index GBP Acc 1284.75 –8.1 4.3 10.8 19.8 15.8 15.8 1.4 2.1 HSBC MSCI PACIFIC ex JAPAN UCITS ETF 92.18 –8.2 3.9 9.9 19.1 15.5 15.3 1.3 1.9 db x-trackers MSCI Pacific Ex Jpn UCITS ETF 1C DR 502.15 –8.2 3.5 9.4 19.8 15.7 15.4 1.1 1.8 Invesco Asia Infrastructure A Acc CHF Hedged 561.24 –8.2 13.5 JPMorgan Asia Equity A Acc USD 75.98 –8.2 5.2 –2.0 16.9 13.4 13.8 1.7 –0.4 iShares MSCI Pacific ex-Japan UCITS ETF (Dist) 261.73 –8.3 3.4 9.2 19.0 15.4 15.3 1.1 1.8 Pictet-Pacific Ex Japan Index-P USD 480.49 –8.3 3.9 10.6 20.1 15.9 15.8 1.3 2.0 BGIF Pacific ex Japan Equity Index A2 USD 202.34 –8.4 3.0 20.4 15.7 1.0 SLI Glo SICAV Asian Equities A USD 41.99 –8.4 13.3 14.1 18.7 13.7 14.0 4.3 2.7 Amundi ETF MSCI Pacific Ex Japan UCITS ETF – EUR 174.24 –8.4 3.0 8.9 19.8 15.6 15.3 1.0 1.7 Invesco Asian Equity A Acc CHF Hdg 1535.76 –8.4 17.3 HSBC GIF Asia Ex Japan Equity AD USD 245.13 –8.4 3.2 –10.7 18.2 14.5 15.8 1.1 –2.2 Source Man GLG Asia Plus UCITS ETF –8.5 18.7 BCV Seapac A 45.23 –8.6 3.7 1.5 19.1 13.5 14.0 1.2 0.3 NN (L) Asia Income P Cap USD 150.29 –8.7 –0.9 –8.9 18.8 13.7 13.4 –0.3 –1.8 Invesco Asia Consumer Demand A Acc USD 384.56 –8.7 9.8 5.5 14.2 11.8 12.5 3.2 1.1 Parworld Track Pacific ex Japan CC 115.59 –8.7 1.7 6.3 19.7 15.8 15.4 0.6 1.2 Schroder ISF Asian Equity Yield A Acc 1690.56 –8.7 3.7 21.1 15.6 12.2 12.4 1.2 3.9 Deutsche Invest II Asian Top Dividend LC 103.14 –8.7 5.9 16.0 12.2 1.9 Swisscanto (CH) Equity Fund Tiger A 52.00 –8.8 2.8 –2.5 19.4 14.1 14.5 0.9 –0.5 Principal GI Asian Equity A Acc USD 7.69 –8.8 1.3 7.5 16.8 12.8 13.8 0.4 1.5 AllianceBernstein-Asia Ex-Japan Equity Pf A USD 417.99 –8.9 –1.0 –8.4 20.4 15.1 15.9 –0.3 –1.7 Threadneedle Asia Retail Net Acc GBX 665.86 –9.2 8.1 4.2 17.4 13.1 14.3 2.6 0.8 Henderson HF Asian Dividend Income A2 USD 282.35 –9.2 5.1 11.5 16.4 12.7 12.5 1.7 2.2 BL Equities Asia B Cap 145.16 –9.2 17.0 db x-trackers MSCI AC Asia Ex Japan Idx UCITS ETF 789.05 –9.3 4.5 1.9 17.6 12.9 13.7 1.5 0.4 UBS ETFs plc MSCI AC As ex Jp SF UCITS ETF USD Aa 70.92 –9.3 4.1 17.6 12.9 1.4 Nordea 1 – Asian Focus Equity BP USD 87.54 –9.3 6.1 –3.9 17.8 12.8 13.5 2.0 –0.8 HSBC MSCI AC Far East ex Japan UCITS ETF 128.25 –9.4 19.0 Investec Asia ex Japan A Acc Net GBP 227.31 –9.4 10.0 10.7 18.1 13.1 13.6 3.2 2.0 Aviva Investors Asian Equity Income A 80.37 –9.5 4.6 2.3 16.4 12.9 13.3 1.5 0.5 iShares MSCI AC Far East ex-Japan UCITS ETF 1628.63 –9.5 3.2 4.7 19.0 13.4 13.9 1.1 0.9 Lyxor UCITS ETF MSCI AC Asia-Pacific Ex Japan C-E 344.74 –9.5 2.7 2.5 17.8 13.3 13.7 0.9 0.5 AllianceBernstein-Asia Pacific Eq Inc Pf A USD 7.28 –9.6 17.3 BGF Asia Pacific Equity Income A2 USD 613.53 –10.0 12.7 17.9 19.0 14.6 15.4 4.1 3.4 M&G Asian A Inc 805.82 –10.0 4.0 6.3 17.4 13.7 14.0 1.3 1.2 Investec GSF Asian Equity A Acc 3056.11 –10.0 7.4 8.3 17.4 12.7 13.2 2.4 1.6 HSBC GIF Asia Pacific Ex Japan Eq High Div AC USD 115.85 –10.1 –0.2 0.4 17.0 13.3 13.4 –0.1 0.1 BSF Asia Extension A2 USD 124.19 –10.1 10.1 14.4 11.4 3.3 AXA Rosenberg Pacific Ex-Japan Equity Alpha B USD 145.18 –10.4 –2.7 4.2 19.3 15.8 16.0 –0.9 0.8 BNY Mellon Asian Equity A USD 92.60 –10.6 –8.0 –17.2 17.3 13.5 13.7 –2.8 –3.7 Candriam Equities L Asia C Cap 79.35 –10.7 5.1 0.1 18.9 13.4 14.2 1.7 0.0 Invesco Asia Consumer Demand A Acc CHF Hdg 384.56 –10.7 12.5 Robeco Asian Stars Equities D EUR 161.70 –10.8 7.9 19.6 14.1 2.6 Willerequity Asia ex-Japan P Cap USD 26.16 –11.1 1.3 2.6 17.5 12.8 12.8 0.4 0.5 PowerShares FTSE RAFI AsPac Ex-Japan UCITS ETF USD 5.48 –11.2 –6.2 0.2 18.4 14.5 15.0 –2.1 0.0 Threadneedle (Lux)-Asian Equity Income AU 33.13 –11.4 8.4 –2.5 14.8 11.5 12.4 2.7 –0.5 BSI-Multinvest – Asian Stocks USD A 158.89 –11.7 4.9 –7.1 20.8 14.8 15.1 1.6 –1.5 Old Mutual Pacific Equity A USD 182.51 –12.0 2.1 8.7 19.5 14.1 13.4 0.7 1.7 RBS Market Access DAXGlobal® Asia Index ETF Fd 9.60 –12.1 6.5 4.0 17.2 14.2 14.9 2.1 0.8 Eastspring Investments-Asian Equity Income A 329.74 –12.3 1.5 7.9 18.6 14.0 13.5 0.5 1.5 Investec GSF Asia Pacific Equity A Inc 345.92 –12.7 0.9 2.6 17.6 13.0 13.6 0.3 0.5 Newton Asian Income GBP Inc 3247.47 –12.9 –1.2 20.6 18.2 13.9 12.6 –0.4 3.8 Templeton Asian Dividend A (acc) USD 5.35 –13.0 14.8 Janus Asia Growth Drivers A USD Acc 2.32 –13.1 17.6 Templeton Shariah Asian Growth A (acc) USD 4.30 –13.3 –13.2 16.6 12.4 –4.6 CS (Lux) Asian Equity Dividend Plus Fund B USD 17.64 –13.3 –7.4 –12.5 17.0 12.9 14.6 –2.5 –2.6 New Capital Asia Pacific Equity Inc USD Ord Inc –13.4 –5.5 19.2 14.1 –1.9 BNY Mellon Asian Income A GBP Acc 30.99 –13.4 18.2 AXA Rosenberg AC AsPac ex-Japan Eq Alpha B EUR 21.24 –13.5 –1.6 –4.1 18.4 14.3 14.3 –0.5 –0.8 BSI-Multinvest – Asian Stocks CHFhdg A 158.89 –13.5 –6.0 21.2 14.9 –2.0 Old Mutual Asian Equity Income A GBP 239.67 –13.6 –9.0 20.3 15.3 –3.1 Aberdeen Global – Asia Pacific Eqty A2 Acc USD 4616.05 –14.3 –7.8 –5.3 17.9 13.3 13.0 –2.7 –1.1 UBS (Lux) Eq S – Asia High Dividend (USD) P-acc 67.25 –14.6 –2.8 15.6 12.0 –1.0 Aberdeen (Swiss) Funds Tiger Equity Fd 72.77 –14.7 –9.6 0.9 19.3 13.7 13.0 –3.3 0.2 UBS (Lux) Eq S – Asia High Dividend (USD)(CHFh)Q-a 67.25 –16.2 –12.8 16.0 12.6 –4.5 UBS (Lux) Eq S – Asia High Dividend (CHFh) P-acc 67.25 –16.4 –12.9 16.0 12.6 –4.5 AZ Fund 1 Asia Absolute A-AZ Fund Acc 18.48 –19.9 14.9 Eastspring Investments-Asian Dynamic A 131.95 –21.0 –15.2 19.3 14.5 –5.3 Templeton Asian Growth A (Ydis) USD 5007.86 –26.3 –20.9 –23.1 18.8 15.3 15.0 –7.5 –5.1 Templeton Asian Growth A (acc) CHF-H1 5007.86 –28.3 –29.1 –31.6 18.3 15.0 18.2 –10.8 –7.3 Actions Asie Pacifique hors Japon Average 504.15 –7.4 7.3 6.5 17.4 13.5 13.9 2.3 1.2 ACTIONS AUSTRALASIE Aberdeen Global – Australasian Equity A2 AUD Actions Australasie Average

49.50 49.5

–6.3 –6.3

–4.8 –4.8

21.2 21.2

16.6 16.6

16.4 16.4

–2.2 –2.2

–1.0 –1

Finance

Le Temps l Mercredi 3 février 2016

CLASSEMENTS Nom

Actifs nets mios francs

Performance totale % 2015 3 ans 5 ans

Volatilité annualisée % 2015 3 ans 5 ans

Perf. annualisée % 3 ans 5 ans

–1.9 2.5 2.4 –6.9 1.3 9.2 –8.7 –2.0 3.5 –9.5 –9.6 –2.2 3.2 –10.2 –1.8 0.1 –11.5 –5.6 –2.4 –12.8 –5.1 –0.4 –8.9 –1.9 2.2

22.0 17.7 17.9 0.8 21.6 17.9 17.1 0.4 21.9 18.3 17.5 –0.7 22.1 21.5 18.3 17.6 –0.7 23.6 19.4 18.4 –0.6 22.8 18.5 17.5 –1.9 23.0 19.1 18.3 –1.7 22.3 18.5 17.8 –0.6

ACTIONS AUSTRALIE Baring Australia A USD Inc Fidelity Funds – Australia A-AUD Lyxor UCITS ETF Australia (S&P ASX 200) D-EUR UBS (Irl) ETF plc-MSCI Australia UCITS (AUD)Aa iShares MSCI Australia UCITS ETF Candriam Equities L Australia C AUD Cap PARVEST Equity Australia Classic Cap UBS (Lux) Eq Fd – Australia (AUD) P-acc Actions Australie Average

84.05 389.13 50.59 74.89 665.32 238.04 50.78 264.50 210.25

ACTIONS AUTRES Partners Group Listed – Listed Private Equity P IHAG Covered Portfolio One Nordea 1 – African Equity Fund BP EUR Tundra Nigeria & Sub Sahara Actions Autres Average

228.91 –1.1 46.1 46.6 20.0 14.0 15.8 13.5 8.0 29.84 –2.7 23.6 31.4 15.0 10.4 11.4 7.3 5.6 44.87 –27.9 –23.0 –32.4 14.4 13.5 13.5 –8.3 –7.5 1.64 –28.5 24.2 76.31 –15.1 15.6 15.2 18.4 12.6 13.5 4.2 2

ACTIONS AUTRICHE ComStage ATX UCITS ETF Actions Autriche Average ACTIONS BELGIQUE Petercam Equities Belgium B Actions Belgique Average

0.5 1.8 0.7 0.6 0.0 –0.5 –0.1 0.4

17.60 17.6

1.7 1.7

–5.2 –5.2

–21.0 –21

25.9 25.9

18.3 18.3

19.0 19

–1.8 –1.8

–4.6 –4.6

139.77 139.77

10.9 10.9

45.5 45.5

59.0 59

18.4 18.4

12.8 12.8

13.0 13

13.3 13.3

9.7 9.7

ACTIONS BRÉSIL BTG Pactual SICAV-Brazil Equity Plus A USD (acc) BNY Mellon Brazil Equity A USD UBS (Lux) Eq S – Brazil (USD) P-acc Nordea 1 – Brazilian Equity Fund BP USD Aberdeen Global – Brazil Equity A2 Acc USD JSS Responsible Equity – Brazil C USD acc Legg Mason WA Brazil Equity A Dis A USD Santander AM Brazilian Equity A Cap Amundi Fds Equity Brazil – AU (C) UBS (Irl) ETF plc-MSCI Brazil UCITS ETF (USD) A-d db x-trackers MSCI Brazil Index UCITS ETF (DR) 1C Pictet-Brazil Index-P USD Amundi ETF MSCI Brazil UCITS ETF iShares MSCI Brazil UCITS ETF (Acc) iShares MSCI Brazil UCITS ETF (Dist) HSBC MSCI BRAZIL UCITS ETF JPM Brazil Equity A Acc USD Lyxor Brazil (Ibovespa) UCITS ETF C-EUR PARVEST Equity Brazil C C USD Deutsche Invest I Brazilian Equities LC HSBC GIF Brazil Equity AC USD Actions Brésil Average

9.73 56.95 28.04 8.02 12.54 8.63 1.72 6.26 19.58 2.36 75.14 5.42 12.47 49.02 206.29 5.99 123.84 209.70 96.69 29.03 196.71 55.43

–27.1 –29.1 –36.9 –51.4 –58.0 –38.9 –55.7 –67.4 –38.9 –47.3 –39.7 –55.6 –64.7 –40.0 –40.6 –55.3 –66.2 –40.7 –54.9 –65.2 –41.0 –55.6 –66.0 –41.3 –54.6 –41.3 –55.0 –66.0 –41.3 –54.9 –41.4 –54.7 –65.6 –41.9 –55.2 –66.0 –41.9 –55.3 –66.1 –42.0 –55.4 –66.0 –42.4 –57.0 –66.5 –42.5 –61.6 –74.0 –42.7 –56.8 –66.5 –45.1 –57.8 –45.4 –61.7 –70.2 –40.6 –54.2 –66.3

21.4 19.2 –10.8 26.3 23.5 22.6 –21.4 29.4 26.9 24.9 –23.8 27.4 22.4 –19.2 26.9 24.8 23.2 –23.7 24.5 27.8 24.7 25.7 –23.5 29.9 26.0 23.5 –23.3 27.7 25.6 24.0 –23.7 31.9 27.7 –23.2 31.9 27.7 25.1 –23.4 32.0 27.7 –23.3 32.0 27.7 25.1 –23.2 32.1 27.7 25.1 –23.5 32.1 27.7 25.1 –23.6 32.1 27.7 25.2 –23.6 29.5 25.2 23.5 –24.5 32.6 28.1 26.9 –27.3 31.4 26.8 24.4 –24.4 32.7 28.7 –25.0 29.8 26.4 24.2 –27.4 29.6 26.1 24.6 –23.1

ACTIONS CANADA UBS (Lux) Eq Fd – Canada (CAD) P-acc RBC Funds (Lux) Canadian Equity Value A CAD Cap Lyxor UCITS ETF Canada (S&P TSX 60) D-EUR UBS ETFs plc – MSCI Canada SF UCITS ETF CAD A acc db x-trackers MSCI Canada Index UCITS ETF 1C UBS ETF MSCI Canada UCITS ETF (CAD) Adis iShares MSCI Canada UCITS ETF HSBC MSCI CANADA UCITS ETF Actions Canada Average

75.04 3.42 72.33 43.21 57.02 196.55 431.47 39.26 123.87

–20.4 –22.8 –23.1 –23.6 –23.6 –23.7 –23.7 –23.9 –23.1

25.9 23.9 23.2 23.5 23.5 23.6 23.5 23.5 23.8

–7.8 –18.1 –10.0 –10.2 –14.9 –11.6 –11.6 –17.8 –11.3 –17.5 –11.4 –17.4 –11.5 –10.7 –17.1

17.0 15.3 15.8 15.8 14.5 15.9 16.0 14.6 16.0 14.6 15.9 14.6 16.0 16.1 14.7

–2.7 –3.5 –3.5 –4.0 –4.0 –3.9 –4.0 –4.0 –3.7

–15.9 –20.1 –18.8 –19.5 –19.0 –19.4 –19.4 –19.2 –19.4 –19.5 –19.4 –19.6 –23.6 –19.6 –21.5 –19.6 –3.9 –3.2 –3.8 –3.8 –3.8 –3.7

ACTIONS CHINE UBS (Lux) Eq Fd – China Opportunity (USD) P-acc 1596.22 16.8 66.1 38.3 28.0 18.8 19.2 18.4 6.7 East Capital (Lux) China Fund A EUR 21.49 7.1 30.5 18.9 26.4 19.3 18.3 9.3 3.5 Lyxor Fortune SG UCITS ETF MSCI China A (DR) C-USD 43.28 6.2 38.4 Julius Baer EF China Evolution-USD B 24.26 5.0 28.1 Vontobel Fund China Stars Equity B USD 93.95 3.2 32.9 26.1 25.2 18.8 20.0 9.9 4.7 Invesco China Focus Equity A Acc USD 47.08 2.1 40.0 25.0 17.5 11.9 Allianz China Fund – A – USD 105.81 1.2 23.7 5.7 26.8 18.9 18.5 7.3 1.1 Jupiter JGF China Select L USD Acc 9.14 1.1 39.9 8.3 27.2 19.1 20.4 11.8 1.6 Wells Fargo (LUX) WW China Equity A USD 53.27 1.0 29.8 22.6 24.6 17.7 16.9 9.1 4.2 Fidelity Funds – China Focus A-USD 4493.46 –0.2 33.0 21.2 25.8 19.2 17.3 10.0 3.9 HSZ China Fund USD 97.23 –0.2 15.9 1.1 26.8 20.6 19.8 5.0 0.2 Invesco PRC Equity A Annual Dist USD 742.70 –0.5 22.2 6.2 25.4 19.2 18.3 6.9 1.2 Baring China Select A USD Inc 31.36 –1.6 21.6 7.6 27.7 19.3 18.7 6.7 1.5 Schroder ISF China Opportunities A Acc 1240.51 –1.8 23.0 11.8 25.4 17.9 17.1 7.2 2.2 BGF China A2 USD 3247.51 –1.9 27.2 21.3 26.8 19.4 19.1 8.4 3.9 Invesco PRC Equity A Acc CHF Hdg 742.70 –2.6 25.9 Guinness China & Hong Kong B 0.43 –3.5 10.2 –11.8 26.0 18.3 18.1 3.3 –2.5 ComStage HSI UCITS ETF 26.07 –3.5 13.2 14.2 20.4 15.4 15.7 4.2 2.7 Mirae Asset China Sector Leader Equity A USD 41.05 –4.1 14.5 –0.7 28.3 19.4 18.8 4.6 –0.1 LFP JKC China Value Class GP USD 84.94 –4.5 5.6 –8.2 24.2 18.4 17.1 1.8 –1.7 Pioneer Funds China Equity E No Dis EUR 517.04 –5.2 18.9 10.3 26.4 18.6 18.0 6.0 2.0 ChinaAMC China Opportunities A Acc USD 224.08 –5.4 38.4 55.6 29.0 20.3 17.5 11.4 9.3 AllianceBernstein-China Opportunity Pf A USD 150.30 –5.6 27.2 HSBC GIF Chinese Equity AD USD 1692.81 –5.7 20.8 12.5 26.3 19.8 19.2 6.5 2.4 Neptune China A Acc GBP 47.75 –5.9 6.8 –6.6 27.0 19.6 18.2 2.2 –1.4 Eastspring Investments-China Equity A 259.08 –6.7 2.7 0.4 23.9 17.4 17.4 0.9 0.1 Goldman Sachs China Opportunity Pf Base Acc USD 7.37 –7.0 14.0 1.5 29.9 20.3 19.2 4.5 0.3 JPMorgan China A Dis USD 1246.14 –7.0 18.6 0.9 27.3 20.1 20.5 5.8 0.2 Pictet-China Index-P USD 141.55 –7.4 11.5 25.3 18.5 3.7 db x-trackers MSCI China Index UCITS ETF (DR) 1C 196.10 –7.6 10.4 7.0 25.5 18.6 18.2 3.4 1.4 HSBC MSCI CHINA UCITS ETF 167.86 –7.9 10.9 25.7 18.7 3.5 Threadneedle China Opportunities Ret Net Acc EUR –8.0 34.6 18.7 25.9 18.2 18.2 10.4 3.5 CSOP Source FTSE China A50 UCITS ETF 16.00 –8.2 34.9 ComStage FTSE China A50 UCITS ETF 18.74 –8.2 34.0 SLI Glo SICAV China Equities A USD 140.42 –8.9 26.3 14.1 23.8 17.4 16.8 8.1 2.7 Deutsche Invest I Chinese Equities LC 171.16 –8.9 9.2 –3.5 28.4 20.1 18.7 3.0 –0.7 Robeco Chinese Equities D EUR 961.26 –11.1 16.9 14.1 28.8 20.2 19.0 5.3 2.7 db x-trackers FTSE China 50 UCITS ETF (DR) 333.00 –11.2 6.6 0.6 26.1 20.1 19.9 2.2 0.1 New Capital China Equity USD Ord Acc –11.3 28.5 29.5 21.7 8.7 iShares China Large Cap UCITS ETF 695.55 –11.5 6.4 0.8 26.1 20.1 20.0 2.1 0.2 ComStage HSCEI UCITS ETF 35.90 –15.7 0.0 –8.0 28.7 22.3 22.4 0.0 –1.6 Amundi ETF MSCI China UCITS ETF – EUR 73.02 –15.9 1.3 –6.2 29.8 22.8 22.6 0.4 –1.3 Lyxor China Enterprise (HSCEI) UCITS ETF C-EUR 681.38 –17.5 –1.4 –9.0 29.3 23.0 22.9 –0.5 –1.9 Mont Blanc China Opportunity Fund HKD 6.18 –25.3 –7.5 –7.0 31.1 23.0 19.8 –2.6 –1.4 Actions Chine Average 476.77 –4.9 19 8.2 27.3 19.4 18.9 5.8 1.5 ACTIONS CORÉE Invesco Korean Equity A Ann Dist USD Baring Korea Trust GBP Acc Mirae Asset Korea Equity A USD Fidelity Funds – Korea A-USD Templeton Korea A (acc) USD Allianz Korea Fund – A – USD JPMorgan Korea Equity A Acc USD Schroder ISF Korean Equity A Acc iShares MSCI Korea UCITS ETF (Dist) iShares MSCI Korea UCITS ETF (Acc) db x-trackers MSCI Korea Index UCITS ETF (DR) Lyxor UCITS ETF MSCI Korea C-EUR Amundi Fds Equity Korea – AU (C) PARVEST Equity South Korea C C HSBC GIF Korean Equity AD USD Actions Corée Average ACTIONS DANEMARK Danske Invest Denmark Focus A Actions Danemark Average ACTIONS ESPAGNE White Fleet SICAV – CS Equity Spain A EUR Mirabaud – Equities Spain A EUR Actions Espagne Average

266.59 162.99 47.35 146.16 45.47 22.31 140.97 103.10 520.59 37.10 231.15 84.24 37.09 9.19 37.51 126.12

19.9 6.5 2.3 0.7 –3.3 –4.1 –5.6 –6.4 –6.4 –6.5 –6.6 –6.9 –8.0 –10.2 –10.9 –3

51.4 3.2 2.3 –2.1 –5.2 –6.0 –7.0 –9.9 –8.3 –7.4 –8.0 –8.4 –9.4 –21.8 –11.2 –3.2

43.4 4.8 –13.4 –11.5 –16.0 –12.7 –15.1 –16.7 –4.4 –4.5 –5.2 –6.5 –19.2 –26.2 –19.6 –8.2

10.9 15.2 12.9 16.9 16.9 13.1 17.2 15.0 18.9 18.9 19.2 19.1 17.2 15.9 16.6 16.3

11.2 13.5 11.5 14.7 14.2 12.6 14.5 13.9 15.4 15.5 15.6 15.7 14.1 14.1 14.3 14.1

13.7 15.6 15.4 16.7 18.4 14.6 17.1 15.1 16.9 16.8 16.9 16.8 15.6 16.7 16.4 16.2

14.8 1.0 0.8 –0.7 –1.8 –2.0 –2.4 –3.4 –2.8 –2.5 –2.8 –2.9 –3.2 –7.9 –3.9 –1.3

7.5 1.0 –2.8 –2.4 –3.4 –2.7 –3.2 –3.6 –0.9 –0.9 –1.1 –1.3 –4.2 –5.9 –4.3 –1.9

61.01 61.01

26.1 26.1

130.9 130.9

103.7 103.7

16.4 16.4

12.6 12.6

16.3 16.3

32.2 32.2

15.3 15.3

21.6 21.0 16.7 18.8 7.7 21.3 16.7 18.8 7.7

2.7 2.7

22.33 102.81 48.54

–6.9 –8.3 25.0 14.5 –7.6 25 14.5

ACTIONS EUROPE BSF European Opportunities Extension A2 EUR 758.00 23.8 114.5 132.1 17.4 12.3 13.3 29.0 18.3 EI Sturdza Strategic Europe Value CHF 909.23 21.7 16.0 UBS (Lux) Eq S-Europn Opp Unconstr (EUR)(CHFh)Qa 5576.18 21.5 16.5 UBS (Lux) Eq S – Europn Opp Unconstr (EUR)CHFh Pa 5576.18 21.2 16.5 Arnica European Opportunity Fund 37.23 20.9 52.9 39.9 15.5 12.3 15.0 15.2 7.0 New Capital Dynamic European Equity USD Ord Inc 18.4 66.6 20.3 13.1 18.5 Swissquote Quant – European Equities CHF A 8.17 17.8 33.7 15.6 17.5 13.0 12.5 10.2 2.9 Jupiter JGF European Growth L EUR Acc 2777.91 17.4 57.0 72.2 17.1 11.7 13.4 16.2 11.5 RAM (Lux) SF-European Equities C CHF 340.96 16.2 57.7 59.0 11.7 9.0 11.1 16.4 9.7 Alpora Innovation Europa Fonds 51.10 15.7 18.3 RAM (Lux) SF-European Equities N CHF 340.96 15.6 11.9 Allianz Europe Equity Growth – AT (H-CHF) – CHF 8558.44 15.1 42.7 16.9 11.6 12.6 Comgest Growth Europe ex Switzerland CHF Z Acc 94.95 14.7 16.2 GAM Star (Lux) European Momentum C EUR 66.67 14.2 62.4 75.2 16.7 13.1 14.2 17.5 11.9 Invesco Pan European Structured Eqty C Acc CHF Hdg 7881.21 14.2 16.9 BGF European Special Situations A2 EUR 1944.28 13.7 45.6 62.6 17.1 11.8 12.7 13.3 10.2 Invesco Pan European Structured Eqty A Acc CHF Hdg 7881.21 13.6 17.0 Comgest Growth Greater Europe Opps Euro 167.37 13.1 50.5 78.8 17.7 12.3 12.8 14.6 12.3 Candriam Equities L Europe Innovation C Cap 423.49 12.8 42.3 44.8 19.2 12.4 12.6 12.5 7.7 MFS Meridian Funds-European Value AH1 CHF 6769.95 12.8 17.9 Fidelity Funds – European Dynamic Gth A-EUR 1316.02 12.5 39.0 54.7 18.2 12.3 12.8 11.6 9.1 EI Sturdza Strategic Europe Value Fund 909.23 11.9 60.3 76.4 17.1 12.4 11.8 17.0 12.0 DNCA Invest Europe Growth B 457.90 11.6 52.7 17.6 12.1 15.1 BZ Fine Fund – Europe A (CHF) 40.75 11.5 56.3 50.2 19.5 12.9 13.9 16.0 8.5 UBS (Lux) Eq S – Europn Opp Unconstr (EUR) Pa 5576.18 11.4 58.3 16.1 11.9 16.5 MFS Meridian Funds-European Research AH1 CHF 2200.27 11.3 17.6

Nom

Actifs nets mios francs

Performance totale % 2015 3 ans 5 ans

Volatilité annualisée % 2015 3 ans 5 ans

Perf. annualisée % 3 ans 5 ans

JPM Highbridge Europe STEEP A (perf) Acc EUR 98.03 11.2 49.3 48.7 18.4 12.0 14.3 14.3 8.3 Julius Baer EF Europe Focus-EUR B 139.14 11.0 26.2 14.6 18.2 14.0 14.7 8.1 2.8 Evolution Europe 288.59 10.5 53.0 51.4 17.1 12.1 14.3 15.2 8.6 Fidecum SICAV – avant-garde Stock Fund A 22.26 10.4 48.2 44.3 19.6 14.0 14.5 14.0 7.6 GAM Star European Equity EUR Acc 10.2 37.9 55.5 15.4 11.7 13.0 11.3 9.2 JPM Europe Strategic Growth A Dis EUR 601.94 10.2 61.2 60.5 15.3 11.7 13.0 17.2 9.9 OYSTER European Selection R CHF HP 164.25 10.1 37.9 19.2 14.1 11.3 Tocqueville Value Europe P 208.05 9.8 43.5 44.5 17.1 11.8 12.2 12.8 7.6 Threadneedle Pan European Focus Ret Net Acc GBX 141.28 9.8 48.5 51.1 16.5 12.1 13.5 14.1 8.6 Argonaut Pan Europn Alpha Eur A Acc 211.93 9.5 52.2 59.2 17.7 13.9 13.5 15.0 9.7 B & P Vision – Q-Selection Europe 6.47 9.2 47.2 28.5 15.1 13.9 14.5 13.8 5.1 AMG Europa A 54.96 9.1 29.7 18.7 12.5 9.7 12.3 9.1 3.5 Great European Models AC 405.70 9.1 42.9 17.7 12.7 12.6 PK CSG Europa Aktien I 341.17 9.0 17.2 Baillie Worldwide Pan-European B EUR Acc 32.82 8.9 18.3 Swissquote Quant – European Equities EUR A 8.17 8.8 23.8 5.3 18.2 13.9 13.8 7.4 1.0 OYSTER European Opportunities C CHF HP PR 1017.09 8.4 33.4 17.8 12.9 10.1 Dorval Manageurs Europe C 113.48 8.2 53.1 21.4 16.6 15.2 Hedge Invest Principia Fund USD R 159.09 8.0 32.3 12.0 10.2 9.8 Allianz Europe Equity Growth – AT – EUR 8558.44 7.9 35.0 58.1 17.7 12.0 12.8 10.5 9.6 Brandes European Equities EUR A 322.37 6.8 38.9 44.1 21.6 15.2 16.6 11.6 7.6 Allianz Europe Equity Growth Select – A – EUR 381.34 6.7 18.1 Vontobel Fund – European Equity EUR B 737.78 6.4 23.7 52.4 17.1 11.8 10.8 7.3 8.8 Invesco Pan European Equity C Acc CHF Hdg 5922.79 6.4 20.3 RAM (Lux) SF-European Equities B EUR 340.96 6.3 44.4 42.0 15.7 11.2 12.5 13.0 7.3 MainFirst – Top European Ideas A 1183.91 6.2 32.6 50.8 21.8 16.2 15.3 9.9 8.6 Old Mutual European Best Ideas A EUR 274.50 6.2 36.6 33.1 16.8 12.3 15.3 11.0 5.9 Schroder ISF European Special Situations A Acc 705.62 6.2 28.1 37.5 16.9 12.0 12.8 8.6 6.6 Hedge Invest Principia CHF R 159.09 6.0 20.2 5.3 6.5 6.3 Raiffeisen Fonds – EuroAc B 106.13 5.9 43.6 44.5 18.6 13.1 13.9 12.8 7.6 UniDynamicFonds: Europa A 457.12 5.9 34.0 33.6 15.9 11.7 13.0 10.2 6.0 Goldman Sachs Europe Eqty Partners Pf Base EUR 464.47 5.9 36.3 39.0 17.2 13.0 13.9 10.9 6.8 UniEuropa -net- 402.16 5.8 35.2 33.0 17.7 12.5 14.0 10.6 5.9 CIIM European Stock Portfolio EUR 40.46 5.8 29.4 31.4 18.8 13.8 14.9 9.0 5.6 UBS (F) European Opportunity Unconstrained PEA E R 160.11 5.7 34.8 40.2 18.7 13.0 13.6 10.5 7.0 UBAM European Opportunities Equity AC EUR 5.09 5.7 18.2 Invesco Pan European Equity A Acc CHF Hdg 5922.79 5.7 20.2 Luxcellence Alliance Trust SF Pan-Eupn Eq B 188.95 5.6 38.1 43.3 17.8 12.7 12.6 11.4 7.5 UBS ETF – FTSE 250 UCITS ETF (GBP) A-dis 7.76 5.4 19.8 DNCA Value Europe C 873.03 5.4 41.6 51.5 18.7 13.8 13.5 12.3 8.7 EG European Equities (EUR) 32.07 5.4 30.3 59.4 18.3 12.1 11.4 9.2 9.8 Metzler European Growth Class A 339.43 5.3 32.8 40.3 18.6 12.5 13.0 9.9 7.0 UBS (CH) Equity Fund – European Opp (EUR) P 228.67 5.2 37.3 41.4 16.8 11.9 13.0 11.1 7.2 Hermes Sourcecap European Alpha R EUR Acc 848.07 5.2 25.1 18.6 13.5 7.8 UBS (Lux) Eq Fd – Europn Opportunity (EUR) P-acc 1151.13 5.1 37.2 41.3 16.8 11.9 12.9 11.1 7.2 Comgest Growth Europe Euro 2310.19 5.1 31.2 66.8 18.5 12.1 11.6 9.5 10.8 ComStage STOXX Europe 600 Tech NR UCITS ETF 10.48 5.1 45.9 54.4 22.6 16.0 17.6 13.4 9.1 DNCA Invest Value Europe B 735.09 5.0 40.9 49.8 18.9 13.8 13.5 12.1 8.4 SLI Glo SICAV European Equity Unconstrained A EUR 114.40 5.0 33.7 35.0 16.2 11.5 13.7 10.2 6.2 Baring Europa A USD Inc 85.09 5.0 31.8 30.7 16.8 12.8 16.0 9.6 5.5 Principal GI European Equity A Acc USD 115.53 4.9 36.3 40.3 16.8 12.1 14.8 10.9 7.0 Metzler European Concentrated Growth Class A 9.69 4.8 20.3 19.5 12.4 6.4 Parworld Quant Equity Europe Guru Classic C 819.51 4.8 49.0 16.0 12.1 14.2 FT UnternehmerWerte (PT) 71.45 4.8 31.3 37.3 17.0 12.1 14.2 9.5 6.5 THEAM Quant Equity Europe Guru B 1322.36 4.7 51.1 45.9 16.0 12.2 14.5 14.7 7.8 LO Funds – Europe High Conviction P A 1369.95 4.7 37.7 64.1 18.5 11.6 10.9 11.3 10.4 Comgest Growth Europe S Euro 10.78 4.6 33.7 69.4 18.8 12.1 11.6 10.2 11.1 Deutsche Quant Equity Low Volatility Europe NC 389.94 4.6 30.4 34.6 14.7 11.2 13.6 9.2 6.1 Varenne Valeur A 298.46 4.5 32.4 40.3 13.2 11.0 11.8 9.8 7.0 Santander AM European Equity Opportunities A 78.41 4.5 18.5 Goldman Sachs Europe CORE Equity Pf Base EUR 192.19 4.4 36.0 32.7 17.3 13.1 14.8 10.8 5.8 Investec GSF European Equity A Acc 1590.35 4.4 52.2 17.3 12.0 15.0 Invesco European Growth Equity A Acc EUR 50.59 4.4 31.2 44.2 17.7 11.8 12.1 9.5 7.6 iShares MSCI Europe Min Volatility UCITS ETF 668.20 4.3 39.3 16.2 10.9 11.7 Henderson HF Pan European Equity A2 5348.84 4.3 38.3 47.2 17.5 12.4 13.3 11.4 8.0 MFS Meridian Funds-European Core Equity A1 EUR 25.01 4.3 30.1 49.4 18.0 12.4 12.8 9.2 8.4 JPM Europe Equity Plus A (perf) Acc EUR 6045.94 4.2 48.3 70.9 16.8 12.7 14.2 14.0 11.3 Invesco Pan European Structured Eqty A Acc EUR 7881.21 4.2 44.0 63.5 16.5 11.7 11.8 12.9 10.3 Schroder ISF European Opportunities A Acc 516.24 4.2 17.3 AllianceBernstein-European Value Pf A EUR 254.82 4.1 36.4 29.0 18.8 13.6 15.2 10.9 5.2 KBL Key Fund-Europe 42.60 4.0 25.8 21.9 17.6 12.2 12.5 7.9 4.0 Heptagon European Focus Equity AE Acc EUR 102.47 4.0 19.3 MFS Meridian Funds-European Value A1 EUR 6769.95 3.8 39.5 58.2 17.5 11.6 11.1 11.7 9.6 JSS Sustainable Equity – Europe P EUR dist 67.27 3.7 26.2 28.9 19.1 13.3 13.8 8.1 5.2 Robeco European Conservative Equities B EUR 1656.99 3.7 37.3 45.7 16.1 11.3 11.6 11.2 7.8 CAPB Funds Europe Growth G Cap 96.21 3.5 16.9 Pictet-European Equity Selection-P EUR 129.74 3.5 8.3 12.5 20.0 13.8 14.0 2.7 2.4 CPR Silver Age P 1505.51 3.5 41.9 58.1 18.3 12.9 12.8 12.4 9.6 Stryx Europa EUR 63.38 3.5 33.8 18.3 12.0 10.2 VP Bank Fund Selection Aktien Europa B 35.42 3.4 32.6 35.9 16.0 11.5 12.2 9.9 6.3 Candriam Equities L Europe Conviction C Cap 391.39 3.4 29.9 19.2 12.8 9.1 CPR Invest – Silver Age – A – Acc 105.15 3.4 18.3 Jupiter JGF European Opportunities L EUR Acc 541.91 3.2 35.5 44.3 18.3 12.7 13.8 10.7 7.6 Bellevue F (Lux) BB Entrepreneur Europe B EUR 91.59 3.2 16.9 22.8 17.7 12.8 13.7 5.4 4.2 Petercam Equities Europe B 80.32 3.0 20.2 27.8 18.7 13.2 13.5 6.3 5.0 UBS ETF-MSCI EMU Socially Responsible U (EUR)Ad 69.20 3.0 35.2 19.4 13.3 10.6 NN (L) European Equity P Cap EUR 224.27 2.7 28.1 27.3 18.7 13.4 14.5 8.6 4.9 Amundi Fds Equity Europe Concentrated – AE (C) 105.74 2.7 27.3 25.3 19.4 14.2 15.2 8.4 4.6 Seeyond Europe MinVariance R/A (EUR) 796.12 2.7 14.5 Danske Invest Europe Long-Short Dynamic AP 618.68 2.7 7.3 13.8 9.1 2.4 HSBC GIF European Equity AD EUR 211.96 2.6 27.6 27.1 16.3 12.5 14.4 8.5 4.9 F&C European Equity A Eur 24.76 2.6 30.9 58.5 18.4 13.0 13.4 9.4 9.6 DWS Eurovesta 697.65 2.6 27.8 17.9 17.9 12.7 15.1 8.5 3.3 Quoniam SICAV – European Equities Dynamic EUR A 76.29 2.6 44.0 19.4 13.9 12.9 JPM Europe Equity A Dis EUR 497.77 2.6 37.8 38.6 17.4 13.1 14.6 11.3 6.7 OSSIAM Stoxx Europe 600 EqualWgtNR UCITS ETF 1CEUR 74.87 2.6 35.3 18.9 13.4 10.6 JPM Europe Focus A (perf) Acc EUR 21.48 2.6 33.6 38.8 17.1 13.7 15.1 10.1 6.8 Danske Invest SICAV Europe A 111.28 2.4 22.8 18.4 12.3 7.1 NN (L) European Sustainable Equity P Cap EUR 160.20 2.3 18.0 Nordea 1 – European Focus Equity BP EUR 144.58 2.3 18.4 Threadneedle Pan European Ret Net Acc GBX 579.12 2.3 33.7 38.2 17.6 12.6 13.7 10.2 6.7 BGF European Value A2 EUR 3427.33 2.3 39.1 58.7 17.4 13.3 15.0 11.6 9.7 MFS Meridian Funds-European Research A1 EUR 2200.27 2.3 30.7 44.0 18.3 12.1 12.5 9.3 7.6 INTECH European Core A EUR Acc 104.49 2.2 18.4 DWS Top Europe 1318.16 2.2 29.8 30.3 18.0 12.8 14.1 9.1 5.4 M&G Pan European Select A Inc 210.22 2.1 22.9 23.7 18.4 12.4 13.6 7.1 4.3 FT EuropaDynamik P 311.72 2.1 35.5 39.7 18.3 12.5 14.2 10.6 6.9 Deutsche Invest I Top Europe LC 178.37 2.1 30.4 19.0 17.3 12.9 15.2 9.2 3.5 Bati Actions Investissement P 219.19 2.0 37.2 43.5 18.5 12.8 12.7 11.1 7.5 Focus Generation P 142.25 1.9 18.6 18.3 12.2 5.8 SSgA Europe Equity Fund P EUR Cap 83.98 1.8 32.1 28.9 19.6 13.9 15.2 9.7 5.2 BGF European Focus A2 EUR 3012.06 1.8 29.1 34.9 17.1 12.5 13.3 8.9 6.2 Edmond de Rothschild Europe Value & Yield C 672.42 1.8 22.3 24.6 17.0 12.6 13.1 6.9 4.5 Henderson Gartmore Pan European R EUR Acc 1351.41 1.8 41.2 53.0 16.5 12.1 12.6 12.2 8.9 First Private Europa Aktien ULM A 494.61 1.8 37.3 44.7 17.7 13.6 14.3 11.1 7.7 Echiquier Agressor 1835.25 1.8 27.9 28.3 17.5 12.8 14.3 8.6 5.1 Templeton European A (acc) EUR 306.33 1.7 25.0 32.6 19.9 14.5 15.5 7.7 5.8 JPM Europe Dynamic A Dis EUR 2023.58 1.7 41.9 48.9 16.7 13.5 14.8 12.4 8.3 Schroder ISF European Large Cap A Acc 212.41 1.7 25.1 31.5 18.6 13.4 14.5 7.8 5.6 Swisscanto (CH) Equity Fund Europe (I) A 187.62 1.5 31.2 27.9 19.7 14.0 15.3 9.5 5.0 OYSTER European Selection R EUR 164.25 1.4 28.0 20.8 15.3 8.6 Edmond de Rothschild Fund-Europe Value A 2.48 1.4 20.1 19.5 17.3 12.8 14.1 6.3 3.6 Ossiam iSTOXX Europe Minimum Variance NR 1C (EUR) 759.70 1.4 33.3 15.9 10.9 10.0 Threadneedle (Lux)-Pan European Equities AE 187.79 1.3 32.0 36.9 18.0 12.8 13.2 9.7 6.5 Invesco Pan European Focus Equity A Ann Dist EUR 102.71 1.3 48.7 18.5 13.2 14.1 Mirova Europe Sustainable Equity R/A (EUR) 387.19 1.3 26.8 18.7 13.2 8.2 Legg Mason QS MV Eupn Eqty Gr & Inc A Dis A EUR 185.31 1.2 30.7 33.1 16.3 11.2 12.6 9.3 5.9 Trusteam Roc Europe C 155.77 1.2 17.2 Schroder ISF European Equity Alpha A Acc 908.16 1.2 31.3 31.1 17.7 12.9 14.6 9.5 5.6 Mirova Europe Environmental Equity R/A (EUR) 137.31 1.1 16.8 Candriam Quant Equities Europe C Cap 949.09 1.1 24.0 23.6 18.8 13.2 13.9 7.4 4.3 Generali IS European SRI Eq D Cap EUR 165.27 1.0 18.9 15.2 17.9 13.3 15.0 5.9 2.9 PARVEST Equity Europe Value C C EUR 560.17 1.0 18.3 17.6 21.5 15.4 16.4 5.8 3.3 T Rowe European Equity A EUR 698.45 1.0 39.8 48.7 15.9 12.2 13.4 11.8 8.3 AAM European Equities E1 20.67 0.8 16.9 CAPB Funds Europe Opportunities G Cap 490.56 0.8 17.5 DNCA Invest South European Opportunities A 361.93 0.7 20.4 LGT Sustainable Equity Fund Europe (EUR) B 101.02 0.7 32.3 33.2 18.2 13.2 14.5 9.8 5.9 EdR Prifund European Equities A EUR 148.60 0.7 28.7 25.5 17.1 12.5 13.7 8.8 4.6 Pictet-European Sustainable Equities-P EUR 140.89 0.7 33.0 36.5 17.2 12.2 12.6 10.0 6.4 Pioneer Funds Top European Players E No Dis EUR 1892.70 0.6 27.8 42.1 19.0 13.4 13.9 8.5 7.3 Sparinvest-European Value EUR R 21.14 0.5 30.8 14.9 20.7 15.1 16.8 9.4 2.8 Danske Invest Europe Focus A 129.35 0.5 7.8 20.8 18.3 12.7 15.5 2.5 3.9 Synchrony Europe Equity A 221.50 0.4 25.5 28.8 18.2 12.8 13.8 7.9 5.2 BGF European A2 EUR 6796.85 0.4 24.9 30.1 17.1 12.6 13.6 7.7 5.4 JOHCM European Select Values B GBP 2237.81 0.3 37.1 48.6 18.9 13.1 13.6 11.1 8.2 BNY Mellon Pan European Equity A EUR 53.48 0.3 21.5 19.1 16.6 12.2 13.4 6.7 3.6 Oddo Equity Large Cap Europe ESG CR-EUR 62.54 0.2 20.0 20.3 13.7 6.3 iShares STOXX Europe 600 (DE) 6693.09 0.2 29.7 34.5 18.8 13.3 13.7 9.1 6.1 Degroof Equities Europe Behavioral Value B 462.16 0.2 31.9 25.4 21.4 15.3 17.6 9.7 4.6 ComStage STOXX Europe 600 NR UCITS ETF 203.30 0.2 29.3 33.8 18.8 13.3 13.8 8.9 6.0 BL Equities Europe B Cap 856.84 0.1 27.4 43.1 17.3 11.9 12.9 8.4 7.4 Goldman Sachs GMS Europe Equity Pf P Acc EUR 489.58 –0.2 26.1 30.6 18.0 13.3 13.9 8.0 5.5 KBL Richelieu Special C 185.39 –0.3 22.4 21.1 18.0 12.8 13.0 7.0 3.9 OYSTER European Opportunities C EUR PF 1017.09 –0.3 21.2 22.3 16.5 12.5 13.4 6.6 4.1 Pioneer Funds European Research E No Dis EUR 861.26 –0.5 27.3 32.2 19.7 13.9 14.4 8.4 5.7 Man GLG European Equity D EUR 404.10 –0.5 36.5 28.0 17.2 13.8 15.2 10.9 5.1 Fidelity FAST Europe A-ACC-EUR 2850.17 –0.6 26.1 33.4 18.5 12.9 13.0 8.0 5.9 SYNCHRONY (LU) EuroPEAn (EUR) A 5.54 –0.6 26.2 18.5 13.1 8.1 Pioneer Funds Core European Equity E No Dis EUR 319.63 –0.6 24.1 30.5 19.4 13.3 13.3 7.5 5.5 UBS (Lux) Key Sel 2-Europ Eq Unconstr(EUR) P-acc 2.07 –0.6 21.5 20.3 19.5 13.7 14.9 6.7 3.8 Amundi ETF Stoxx Europe 600 UCITS ETF 156.17 –0.6 28.4 34.0 19.2 13.4 13.9 8.7 6.0

Finance

Le Temps l Mercredi 3 février 2016

CLASSEMENTS Nom

Actifs nets mios francs

Performance totale % 2015 3 ans 5 ans

Volatilité annualisée % 2015 3 ans 5 ans

Perf. annualisée % 3 ans 5 ans

Orion SICAV – Actions Europe 34.08 –0.6 10.7 8.7 16.7 13.6 11.8 3.5 1.7 Santander AM Euro Equity A 132.84 –0.7 27.5 18.9 19.9 15.1 17.8 8.4 3.5 LGT Select Equity Europe (EUR) B 598.40 –0.8 30.2 36.4 19.0 13.0 14.3 9.2 6.4 Fidelity Funds – European A-ACC-EUR 300.61 –0.8 26.5 29.9 18.5 12.6 13.3 8.1 5.4 Source STOXX Euro 600 ETF 593.17 –0.9 27.8 32.3 19.2 13.4 13.9 8.5 5.8 Candriam Sustainable Europe C Cap 179.68 –0.9 13.7 14.2 19.2 13.1 13.6 4.4 2.7 Edmond de Rothschild Synergy Europe A 15.51 –0.9 22.3 17.7 12.6 6.9 Capital Group European Growth and Inc (LUX) B EUR 600.41 –0.9 43.2 51.9 16.4 12.8 13.8 12.7 8.7 SLI Glo SICAV European Equities A 88.16 –0.9 25.5 37.0 17.9 12.4 13.2 7.9 6.5 Alatus UCITS-Inflection Long Only-I EUR 138.31 –1.0 17.0 CEAMS Quality Europe Equity Fd B 8.45 –1.0 23.7 21.9 18.9 13.0 12.9 7.3 4.0 Nordea 1 – European Opportunity BP EUR 20.29 –1.0 14.3 11.3 17.7 14.5 16.4 4.5 2.2 Schroder ISF European Total Return A Acc 39.00 –1.1 11.6 15.9 11.2 3.7 db x-trackers MSCI Europe Index UCITS ETF (DR) 3245.94 –1.1 26.0 31.1 19.2 13.4 13.9 8.0 5.6 Amundi Fds Index Equity Europe – AE (C) 762.45 –1.1 25.7 28.3 19.0 13.4 13.7 7.9 5.1 M&G European Strategic Value A Inc 1546.61 –1.2 32.2 33.1 18.4 13.2 14.3 9.8 5.9 FBG Europe Equity 36.90 –1.2 17.9 14.7 17.4 12.8 14.8 5.7 2.8 ComStage MSCI Europe TRN UCITS ETF 25.80 –1.2 26.2 31.9 19.2 13.4 13.9 8.1 5.7 HSBC MSCI EUROPE UCITS ETF 251.53 –1.2 26.0 30.7 19.1 13.4 13.8 8.0 5.5 MFS Meridian Funds-European Concentrated A1 EUR 4.85 –1.2 18.7 18.1 12.1 5.9 IAM – European Equity Fund CHF A 171.60 –1.2 20.1 29.7 19.2 13.1 12.4 6.3 5.3 Metropole Selection A 2409.38 –1.3 26.4 21.4 18.3 15.5 17.4 8.1 3.9 Candriam Equities L Europe C Cap 718.09 –1.3 18.7 21.3 19.2 13.0 13.3 5.9 3.9 JPM Europe Select Equity A Acc EUR 1668.66 –1.3 30.6 33.4 18.9 13.8 14.9 9.3 5.9 LLB Aktien Europa (EUR) 191.75 –1.3 20.7 20.5 19.6 13.6 14.1 6.5 3.8 UBAM Europe Equity AC EUR 997.74 –1.4 33.8 38.3 18.1 12.9 13.4 10.2 6.7 Fidelity Funds – Fidelity Selection Europe A-EUR 35.27 –1.5 25.3 25.7 18.9 13.0 13.9 7.8 4.7 AXA WF Framlington Europe Opportunities AC 553.57 –1.5 22.6 31.9 18.7 13.0 13.8 7.0 5.7 Edmond de Rothschild Europe Synergy A 1216.43 –1.5 20.6 24.8 17.8 12.7 12.8 6.4 4.5 Petercam Equities Europe Sustainable B 38.98 –1.5 13.5 16.1 18.8 13.6 14.1 4.3 3.0 NN (L) European Eqty Opportunities P Cap EUR 93.75 –1.5 16.2 16.8 20.4 13.9 15.2 5.1 3.2 Swiss Rock (Lux) Sicav – European Equity / AE A –1.6 25.2 25.0 18.6 13.1 13.7 7.8 4.6 BGIF Europe Equity Index A2 EUR 423.44 –1.6 24.5 18.1 13.2 7.6 Exane Equity Select Europe B 248.13 –1.6 27.4 20.8 14.3 8.4 Fidelity Funds – European Growth A-EUR 8439.90 –1.7 26.6 21.7 20.2 13.7 14.4 8.2 4.0 CapitalAtWorkFoyer-European Equities atWork C EUR 390.96 –1.7 20.1 29.5 18.4 12.9 13.5 6.3 5.3 Goldman Sachs GIVI Europe Equity Pf Base Acc EUR 125.19 –1.7 27.2 17.1 12.5 8.3 SSgA Europe Enhanced Equity Fund P EUR Cap 774.55 –1.7 26.4 30.0 19.2 13.4 14.0 8.1 5.4 Planetarium Fund Anthilia Red A 108.66 –1.7 8.7 1.7 18.0 12.9 12.0 2.8 0.3 Metropole Selection Europe 34.72 –1.8 18.6 Carmignac Pfl Grande Europe F CHF acc Hdg 334.81 –1.8 18.3 15.2 11.1 5.8 Vanguard FTSE Developed Europe UCITS ETF 496.73 –1.8 19.5 Vanguard SRI European Stock Acc GBP 933.10 –1.8 24.9 19.3 13.5 7.7 Fronalpstock Fds – Anlagestrategie Europa (EUR) B 25.32 –1.9 16.2 Planetarium Fund Fundamental European Selection A 81.66 –1.9 24.0 21.1 19.9 13.9 14.6 7.4 3.9 Fidelity Funds – European Larger Cos A-EUR 990.39 –1.9 26.2 42.6 20.1 13.7 13.8 8.1 7.4 Allianz Vermoegensbildung Europa – A – EUR 356.12 –2.0 19.9 24.6 19.7 13.5 14.7 6.2 4.5 Lyxor UCITS ETF MSCI Europe D-EUR 1925.09 –2.0 25.3 30.3 19.4 13.5 13.9 7.8 5.4 PUB Equities Europe (ex Switzerland) (EUR) 751.06 –2.0 25.8 21.1 19.4 13.6 14.4 7.9 3.9 Amundi ETF MSCI Europe UCITS ETF 674.12 –2.0 25.3 30.2 19.4 13.5 13.9 7.8 5.4 UBS ETF MSCI Europe UCITS ETF (EUR) Adis 233.96 –2.0 25.2 30.1 19.4 13.5 13.9 7.8 5.4 Pioneer SF European Eq Market Plus A No Dis EUR 335.52 –2.0 26.0 29.4 19.4 13.6 14.0 8.0 5.3 iShares MSCI Europe UCITS ETF (Acc) 644.22 –2.0 24.8 29.6 19.4 13.5 13.9 7.7 5.3 SSgA SPDR MSCI Europe UCITS ETF 743.43 –2.1 19.4 PARVEST Sustainable Equity Europe C C EUR 133.15 –2.1 21.1 16.9 20.3 14.1 15.0 6.6 3.2 DNCA Invest Infrastructures (life) A 94.66 –2.1 24.4 23.5 15.5 12.5 13.1 7.5 4.3 iShares MSCI Europe UCITS ETF (Dist) 6478.61 –2.1 24.7 29.9 19.4 13.5 13.9 7.6 5.4 MSCI Europe Source ETF 516.32 –2.1 24.8 28.6 19.4 13.5 13.9 7.6 5.2 Vanguard European Stock Index Inv USD 5708.58 –2.2 24.4 29.4 19.4 13.5 14.6 7.6 5.3 Pictet-Europe Index-P EUR 1680.13 –2.2 24.3 28.8 19.4 13.5 13.8 7.5 5.2 Old Mutual European Equity A EUR 60.60 –2.4 26.6 29.8 18.2 13.1 14.7 8.2 5.4 Carmignac Pfl Grande Europe A CHF acc Hdg 334.81 –2.4 18.8 15.2 11.3 5.9 PARVEST Equity Europe Growth C C EUR 594.52 –2.4 14.2 26.1 20.9 13.9 13.9 4.5 4.7 Fidelity Funds – European Value A-ACC-EUR 176.11 –2.5 25.9 20.3 14.3 8.0 R Conviction Europe C 199.90 –2.5 32.2 23.0 21.6 18.6 21.0 9.8 4.2 Amundi ETF MSCI Europe Ex Switzerland UCITS ETF 35.24 –2.5 22.9 26.6 20.0 14.0 14.6 7.1 4.8 ComStage MSCI Europe Large Cap TRN UCITS ETF 8.08 –2.6 23.2 29.5 19.5 13.7 14.1 7.2 5.3 Moorea Fund Selection Europe RE Cap 44.65 –2.6 17.9 Swisscanto (CH) Index Equity Fund MSCI Europe A 232.01 –2.6 23.2 27.3 19.5 13.7 14.1 7.2 4.9 LUKB Aktien Ausland qualifiziert –2.6 19.6 AXA Rosenberg Pan Eupn Enhcd Idx Eq Alpha B EUR 22.99 –2.7 24.3 26.4 19.0 13.5 14.3 7.5 4.8 Echiquier Major 1313.80 –2.7 20.1 24.3 16.9 12.4 13.4 6.3 4.4 Willerequity Europe P EUR Cap 23.63 –2.8 15.4 7.1 17.9 12.7 13.1 4.9 1.4 JPM Europe Strategic Value A Dis EUR 1569.68 –2.8 28.1 27.9 17.9 13.7 15.7 8.6 5.0 Vitruvius European Equity B EUR 134.97 –2.8 25.7 23.4 17.1 12.7 13.1 7.9 4.3 Julius Baer Eq Global Excellence Europe (EUR) B 33.82 –2.8 18.3 iShares STOXX Europe 50 (DE) 448.53 –2.9 20.1 23.0 19.6 13.5 13.7 6.3 4.2 Invesco Pan European Equity A Acc EUR 5922.79 –2.9 33.4 42.1 20.0 14.5 15.4 10.1 7.3 VF (Lux) – Valiant Aktien Europa P D 61.01 –2.9 18.0 20.1 19.3 13.2 14.1 5.7 3.7 Pioneer Funds European Equity Value E No Dis EUR 471.46 –3.0 26.6 31.2 19.3 14.0 14.9 8.2 5.6 Mi-Fonds (CH) – EuropeStock A 60.08 –3.0 20.2 22.0 19.8 13.9 14.4 6.3 4.1 Gestielle Investment Sicav – Value Equity Europe R 8.49 –3.0 17.8 12.4 17.5 12.5 13.3 5.6 2.4 Parvest Equity Best Selection Europe C C EUR 1802.55 –3.0 13.5 24.0 20.7 13.9 13.8 4.3 4.4 RobecoSAM Sustainable European Equities D EUR 558.00 –3.0 24.3 24.7 19.1 13.1 14.7 7.5 4.5 AXA Rosenberg Pan European Equity Alpha B EUR 132.13 –3.1 25.7 24.2 18.4 13.3 14.6 7.9 4.4 SWC (CH) EF Europe (II) AA 14.33 –3.1 19.6 20.6 19.2 13.6 14.3 6.1 3.8 RF Capital Sierra Europe UCITS R EUR 76.52 –3.1 16.9 Portfolio Mgt Solution Equity Alpha EUR B Gen C 25.14 –3.3 –2.3 –7.0 13.1 8.3 8.4 –0.8 –1.5 AXA WF Framlington Europe AC 1224.82 –3.3 16.6 24.2 19.4 13.0 13.0 5.3 4.4 Cadmos Fund Management-Guile Europ Engagement A 84.27 –3.4 11.3 12.2 20.8 13.6 14.6 3.6 2.3 Swisscanto (LU) SmartCore Eq Fd Europe (ex CH) B 16.17 –3.4 25.4 19.4 14.0 7.8 UBAM Europe Equity Flex AC EUR 38.26 –3.4 15.0 UBS (F) – Opportunity PEA (EUR) P 138.81 –3.5 10.2 5.7 18.4 12.3 12.4 3.3 1.1 Franklin European Growth A (acc) EUR 982.37 –3.5 16.7 30.6 18.8 13.3 13.0 5.3 5.5 BNP Paribas L1 Equity Europe C Cap 989.14 –3.6 14.6 22.0 19.8 13.4 13.5 4.6 4.1 iShares STOXX Europe 50 UCITS ETF 920.72 –3.7 19.2 22.8 20.0 13.7 13.8 6.0 4.2 CB – Accent (Lux) European Equity Fund B 32.47 –3.7 18.0 9.9 21.3 15.8 17.5 5.7 1.9 BCV Systematic Europe Equity A 43.73 –3.7 24.9 24.3 19.7 14.5 15.3 7.7 4.4 4Q-EUROPEAN VALUE FONDS 15.81 –4.0 10.4 0.7 15.2 12.2 15.3 3.4 0.1 Metropole Frontiere Europe 65.21 –4.0 11.7 –11.8 16.2 13.4 16.1 3.8 –2.5 Franklin Mutual European A (acc) EUR 2481.04 –4.0 17.7 23.0 20.5 14.1 14.3 5.6 4.2 Notenstein La Roche Europa –4.1 20.4 ABN AMRO MMF Pzena European Eq A Cap EUR 431.03 –4.4 21.2 UBS (Lux) KSS-European Equities (EUR) P-acc 131.22 –4.4 12.5 13.5 18.8 13.1 14.4 4.0 2.6 JPM Europe Select Equity Plus A (perf) Acc EUR 22.20 –4.4 28.3 35.7 19.2 14.1 15.1 8.7 6.3 Edmond de Rothschild Fund-Selective Europe A EUR 49.20 –4.6 20.7 Janus Europe A EUR Acc 145.02 –4.8 12.0 16.6 22.8 15.3 14.7 3.8 3.1 Odey Pan European EUR R 262.09 –4.8 29.9 36.0 16.5 12.8 14.4 9.1 6.3 PIGUET FUND – Actions Pan-Europe 35.82 –5.0 13.5 19.6 13.7 4.3 Franklin European A (acc) EUR 11.13 –5.2 18.8 18.9 13.8 5.9 Morgan Stanley European Equity Alpha Fund A EUR 884.06 –5.4 18.7 21.7 17.9 13.3 13.7 5.9 4.0 Odey European Absolute Return GBP I 49.48 –5.6 13.5 iShares FTSEurofirst 100 UCITS ETF 47.75 –5.6 17.7 22.0 21.4 14.9 15.1 5.6 4.1 Alken Fund – European Opportunities – R 5549.84 –5.8 38.2 50.1 21.8 14.9 17.6 11.4 8.5 Objectif Alpha Europe A 148.91 –5.8 26.2 23.5 19.7 15.2 16.9 8.1 4.3 Richelieu Equity-Europe Value 54.20 –5.9 12.9 18.5 13.5 4.1 BCV Europe Equity A 159.97 –6.0 12.2 9.5 20.3 14.9 15.8 3.9 1.8 PARVEST Flexible Equity Europe Classic Cap EUR 67.67 –6.3 6.1 12.7 17.8 11.9 12.4 2.0 2.4 PPF – Pan European Opportunity Invest A 5.09 –6.5 –16.6 –26.4 23.6 16.1 15.1 –5.9 –6.0 Popso IFS European Equity B 32.30 –6.5 10.9 2.7 21.6 14.4 15.5 3.5 0.5 BZ Fine Fund – Agro A (CHF) 42.64 –6.7 5.4 7.0 23.5 15.9 15.9 1.8 1.4 Berenberg Syst Approach – Europ Stockpicker Fd A 78.83 –6.8 5.4 7.2 20.9 14.5 15.5 1.8 1.4 PowerShares FTSE RAFI Europe UCITS ETF 8.58 –6.9 21.3 17.7 20.8 15.0 16.0 6.6 3.3 Aberdeen Global – European Equity A2 EUR 266.58 –7.3 9.4 15.0 18.3 13.1 13.4 3.0 2.8 Aberdeen (Swiss) Funds European Opps Equity Fd 85.42 –7.6 8.9 14.6 19.0 13.4 13.2 2.9 2.8 Henderson HF Pan European Alpha A2 EUR 2049.78 –7.7 17.7 20.4 14.2 9.8 9.8 5.6 3.8 THEAM QUANT – Equity Euro Covered C acc EUR 16.47 –9.4 –6.8 –7.1 20.8 15.0 14.4 –2.3 –1.5 CAPB Funds Europe Value GC Cap 65.90 –9.4 21.2 Schroder ISF European Equity Focus A Acc 9.41 –10.3 15.5 17.4 13.1 4.9 Carmignac Pfl Grande Europe A EUR acc 334.81 –10.8 6.4 3.5 20.1 14.0 13.0 2.1 0.7 Mandarine Valeur R 605.73 –15.0 –0.3 –7.2 25.3 18.7 20.2 –0.1 –1.5 Actions Europe Average 854.67 1.9 28.7 32 18.2 13.1 14 8.7 5.6 ACTIONS EUROPE – PMC Argos Funds Argonaut A CHF Argos Funds Argonaut D CHF SLI Glo SICAV European Smaller Companies A EUR JPM Europe Dynamic Small Cap A (perf) Acc EUR AXA WF Framlington Europe Small Cap AC Allianz Europe Small Cap Equity – AT – EUR Comgest Growth Mid-Caps Europe Euro Alken Fund – Small Cap Europe-R Metzler European Smaller Companies Class A Metzler European Small and Micro Cap A JPM Europe Small Cap A Dis EUR RFP Special Europe A Bellevue F (Lux) BB Entrepreneur EurSmall B EUR Threadneedle European Smaller Cos Ret Net Acc GBX Threadneedle (Lux)-Pan Europ Small Cap Opp AE Petercam Equities Europe Small Caps B Montanaro European Smaller Companies GBP Threadneedle Pan European Sm Cos Ret Net Acc GBX Pictet-Small Cap Europe-P EUR Deutsche Invest I European Small Cap LC PARVEST Equity Europe Small Cap C C Invesco Pan European Small Cap Equity A Acc EUR Fidelity Funds – European Smaller Cos A-EUR Natixis Europe Smaller Companies Fund R/A (EUR) M&G European Smaller Companies A Inc Echiquier Agenor LO Funds – Eurozone Small & Mid Caps P D Argos Funds Argonaut E EUR

244.12 24.0 78.2 8.0 10.0 21.2 244.12 23.5 73.8 8.1 9.8 20.2 379.75 23.0 80.2 84.0 15.0 12.8 14.2 21.7 13.0 446.63 20.6 75.6 79.9 15.8 13.5 14.9 20.6 12.5 758.97 20.0 61.9 65.7 18.1 13.2 14.0 17.4 10.6 1033.70 19.6 53.8 55.5 19.1 13.2 14.3 15.4 9.2 131.20 18.5 56.5 91.8 18.7 12.6 12.1 16.1 13.9 358.81 18.3 88.7 85.2 16.9 13.6 17.0 23.6 13.1 669.76 18.2 66.2 63.9 17.8 13.4 15.2 18.5 10.4 27.93 17.6 58.3 17.1 14.5 16.6 652.07 17.1 74.3 65.5 16.1 13.2 14.6 20.3 10.6 67.13 17.1 57.2 53.6 15.9 12.2 13.8 16.3 9.0 16.87 16.6 69.4 19.6 14.9 19.2 2049.17 16.3 47.8 71.6 17.8 12.0 12.7 13.9 11.4 365.46 16.2 55.5 78.3 18.6 12.6 13.3 15.9 12.3 125.60 15.9 46.9 49.8 15.6 11.3 13.5 13.7 8.4 1332.69 14.9 35.4 45.2 18.5 12.2 13.3 10.6 7.7 2615.01 14.5 47.2 67.4 17.8 11.9 12.8 13.7 10.9 357.66 14.3 52.1 53.9 17.2 12.7 14.0 15.0 9.0 119.03 14.3 51.0 50.0 17.0 13.4 14.9 14.7 8.4 2347.45 14.3 62.0 80.8 17.1 12.3 13.5 17.4 12.6 223.32 14.1 56.0 59.0 19.3 14.0 15.4 16.0 9.7 1201.09 13.9 47.8 45.2 18.0 12.7 14.0 13.9 7.7 264.22 13.7 59.1 56.3 17.6 13.0 14.6 16.7 9.3 176.69 13.6 39.7 46.4 19.1 13.4 15.1 11.8 7.9 481.20 13.4 38.0 18.3 18.1 12.7 14.3 11.3 3.4 450.39 13.3 36.3 27.6 16.7 12.1 14.2 10.9 5.0 244.12 13.1 65.3 79.8 15.9 13.4 14.4 18.2 12.4

Nom

Actifs nets mios francs

Performance totale % 2015 3 ans 5 ans

Volatilité annualisée % 2015 3 ans 5 ans

Perf. annualisée % 3 ans 5 ans

Mandarine Unique Small&Mid Caps Europe R 971.31 13.1 56.1 66.5 17.6 12.0 12.1 16.0 10.7 T Rowe European Smaller Companies Equity A EUR 77.04 12.9 53.9 68.1 18.8 12.8 13.8 15.5 11.0 Digital Funds Stars Europe Acc 333.01 12.8 58.2 57.5 16.6 13.3 13.8 16.5 9.5 ComStage MSCI Europe Small Cap TRN UCITS ETF 47.33 12.6 58.7 61.4 17.9 13.1 14.5 16.6 10.0 State Street Europe Small Cap Equity Fund P Cap 116.52 12.6 64.3 79.2 17.1 12.9 14.1 18.0 12.4 Baring Europe Select Trust GBP Inc 2149.58 12.5 55.4 62.6 17.0 12.1 14.0 15.8 10.2 UBS (Lux) Eq Fd – Mid Caps Europe (EUR) P-acc 182.39 12.4 45.5 43.6 17.5 12.8 14.5 13.3 7.5 AXA WF Framlington Europe Microcap AC 185.43 12.3 70.9 47.3 17.1 12.7 14.1 19.6 8.1 OYSTER European Mid & Small Cap C EUR PR 80.37 12.2 39.4 30.5 20.5 15.2 16.3 11.7 5.5 Henderson Gartmore Pan European Sm Cos R EUR Acc 153.89 11.8 56.7 60.8 18.9 14.5 16.1 16.2 10.0 Oddo Avenir Europe CR-EUR 2078.57 11.8 39.8 37.0 16.1 11.1 12.5 11.8 6.5 SSgA SPDR MSCI Eur Small UCITS ETF C 63.30 11.8 18.1 Baring European Opportunities Class A EUR Acc 199.43 11.7 17.8 Pioneer Funds European Potential A No Dis EUR 2231.46 11.6 57.6 68.8 17.3 12.8 13.8 16.4 11.0 Franklin European Small-Mid Cap Growth A (acc) EUR 1068.53 11.5 44.5 50.0 16.8 12.9 13.6 13.1 8.4 Henderson HF Pan European Smaller Companies A2 629.50 11.2 52.3 44.2 18.5 14.5 17.9 15.1 7.6 Vontobel Fund European M&S Cap Eq B EUR 190.48 11.1 48.3 39.4 18.9 13.8 16.1 14.0 6.9 Quantex Nebenwerte Fonds R 38.11 11.0 27.5 39.2 7.5 5.9 6.6 8.4 6.8 Danske Invest Europe Small Cap A 166.75 10.9 37.3 32.2 16.9 12.1 16.2 11.2 5.7 Montanaro European MidCap EUR Dist 124.56 10.6 44.7 17.2 12.2 13.1 Nordea 1 – European Small and Mid Cap Eq BP EUR 574.22 10.5 38.4 40.8 18.2 12.2 14.0 11.4 7.1 DekaLux-MidCap TF A 150.11 10.3 44.0 28.5 16.3 12.0 13.9 12.9 5.1 DWS European Opportunities 1085.64 10.2 57.5 59.5 18.2 12.7 14.8 16.4 9.8 Kempen (Lux) European Small Cap A 318.81 10.1 55.3 50.1 18.6 13.5 15.1 15.8 8.5 MFS Meridian Funds-European Smaller Cos A1 EUR 1413.38 10.1 52.0 85.1 17.5 11.3 11.6 15.0 13.1 UBS (Lux) Eq S – Small Caps Europe (EUR) P acc 587.45 10.0 52.9 52.8 19.4 13.6 14.5 15.2 8.8 Schroder ISF European Smaller Companies A Acc 476.47 9.9 54.0 49.0 22.1 14.8 16.0 15.5 8.3 Julius Baer EF Europe Small & Mid Cap-EUR B 102.92 9.8 54.6 50.3 16.1 12.7 14.6 15.6 8.5 AXA Rosenberg Pan European Small Cap Alpha B EUR 32.79 9.7 54.0 61.7 16.6 12.7 14.8 15.5 10.1 AZ Fund 1 Opportunities A AZ FUND Acc 202.72 9.2 31.0 16.8 15.4 11.1 13.4 9.4 3.1 Invesco Continental European Small Cap Eq A AD USD 713.49 9.2 61.4 62.6 16.9 15.0 18.5 17.3 10.2 PARVEST Equity Europe Mid Cap C C EUR 171.25 9.1 46.4 57.1 18.8 12.7 13.5 13.5 9.5 CS (Lux) Small and Mid Cap Europe Eq Fd B EUR 134.21 8.6 54.7 44.5 16.9 13.0 14.0 15.7 7.6 UBS (CH) Equity Fund – Small Caps Europe (EUR) P 66.17 8.6 47.4 47.6 19.4 13.7 14.7 13.8 8.1 Edmond de Rothschild Europe Midcaps A 207.72 8.5 35.9 31.5 18.2 13.1 14.4 10.8 5.6 Argos Funds Family Enterprise D EUR Cap 25.00 8.2 50.1 18.4 13.5 14.5 F&C European SmallCap A Inc EUR 631.57 8.1 58.7 93.2 19.2 13.3 13.8 16.7 14.1 SWMC Small Cap European A USD 8.0 41.9 13.8 9.9 12.4 AXA WF Framlington Human Capital AC 435.64 6.0 28.9 30.2 17.8 12.8 14.2 8.8 5.4 PowerShares FTSE RAFI Europe Mid-Small UCITS ETF 28.23 5.0 43.2 37.7 17.4 12.9 13.8 12.7 6.6 ComStage MSCI Europe Mid Cap TRN UCITS ETF 16.21 4.9 41.0 42.2 17.8 12.6 13.8 12.1 7.3 GS&P Fonds Family Business R 147.87 3.2 12.6 13.0 18.6 12.9 13.0 4.0 2.5 Nordea 1 – European Value BP EUR 1519.75 2.6 23.1 31.3 18.2 12.7 12.7 7.2 5.6 BL European Smaller Companies B Cap 236.70 2.4 28.3 19.3 12.6 8.7 Carmignac Euro-Entrepreneurs A EUR acc 427.07 1.1 32.7 36.6 18.2 14.4 13.6 9.9 6.4 Scherrer Small Caps Europe 42.34 –0.9 43.1 44.7 15.4 14.0 14.7 12.7 7.7 Metropole Avenir Europe A 235.60 –1.0 25.1 21.4 18.3 14.9 16.5 7.7 4.0 Entrepreneurs 303.10 –1.1 21.0 29.9 17.2 13.5 12.9 6.6 5.4 Actions Europe – PMC Average 510.99 11.8 50.5 52.7 17.3 12.8 14.2 14.5 8.7 ACTIONS EUROPE – REVENU Candriam Equities L Europe Optimum Quality C Cap UBS (Lux) Eq S – European High Dividend (CHFh) P-d CS (Lux) European Dividend Plus Equity Fd IBH CHF CS (Lux) European Dividend Plus Equity Fund BH CHF UBS (Lux) Eq S-European High Divid (EUR)(CHFh)Q-d M&G Pan European Dividend A Inc GBP FP Argonaut European Income GBP A Acc BGF European Equity Income A2 EUR Invesco Pan European Equity Income A Acc EUR Petercam Equities Europe Dividend B Amundi ETF MSCI EMU High Dividend UCITS ETF LBBW Dividenden Strategie Euroland R Tocqueville Dividende C F&C European Growth and Income A EUR Threadneedle Pan European Eq Div Ret Net Acc GBX Santander European Dividend A Polar Capital European Income R Euro Acc Aviva Investors European Equity Income A KBL Richelieu Europe Dividend C JPM Europe Strategic Dividend A Acc EUR NN (L) Euro Income P Cap EUR UBS (Lux) Eq S – European High Dividend (EUR) P-a UBAM Europe Equity Dividend+ AHD CHF UBAM Europe Equity Dividend+ AHC CHF Swisscanto (LU) Equity Fund Top Dividend Europe B Aberdeen Global – European Equity Div A2 Hdg CHF UBAM Euro Equity Income AC EUR Fidelity Funds – European Div A-ACC-EUR Danske Invest Europe High Dividend A Franklin European Dividend A (acc) EUR ComStage EURO STOXX Sel Div 30 NR UCITS ETF CS (Lux) European Dividend Plus Equity Fund B EUR db x-trackers EuroStoxx Slct Div 30 UCITS ETF (DR) iShares EURO Dividend UCITS ETF UniDividendenAss A NN (L) Euro High Dividend P Cap EUR Richelieu Equity-Dividend EURO Lyxor UCITS ETF Stoxx Europe Select Dividend 30 Amundi ETF MSCI Europe High Dividend UCITS ETF Pioneer Funds European Eq Target Inc E ND EUR Allianz European Equity Dividend – AT – EUR Deutsche Invest II European Top Dividend LC Kempen (Lux) European High Dividend A PARVEST Equity High Dividend Europe CL Cap EUR Schroder ISF European Equity Yield A Acc NN (L) European High Dividend P Cap EUR Schroder ISF European Dividend Maximiser A Acc UBAM Europe Equity Dividend+ AC EUR Aberdeen Global – European Equity Dividend A2 EUR Echiquier Dividende Actions Europe – Revenu Average

265.34 8.8 17.8 701.76 8.4 37.9 17.0 11.6 11.3 411.61 8.0 38.4 49.4 17.2 11.6 11.7 11.4 8.4 411.61 7.0 34.8 17.2 11.6 10.5 701.76 6.8 35.8 17.9 12.1 10.7 111.71 6.2 33.9 41.0 16.9 12.1 13.3 10.2 7.1 254.89 4.8 36.5 14.5 11.0 10.9 4619.44 4.5 47.0 62.3 14.2 11.3 12.1 13.7 10.2 164.13 3.7 46.6 62.2 17.5 12.6 13.3 13.6 10.2 513.39 3.1 33.0 39.2 17.6 12.4 12.9 10.0 6.8 44.46 3.1 43.8 32.3 16.5 13.4 16.2 12.9 5.8 931.00 2.7 31.6 30.1 18.8 14.3 15.6 9.6 5.4 168.48 2.1 20.9 6.9 18.5 12.4 13.3 6.5 1.4 80.09 1.8 33.8 56.7 17.7 12.8 13.5 10.2 9.4 108.60 1.5 32.7 50.6 15.8 11.5 12.2 9.9 8.5 148.35 1.4 29.6 24.6 16.4 11.6 13.6 9.0 4.5 0.00 1.1 17.5 404.33 0.3 28.8 28.9 17.4 13.0 13.7 8.8 5.2 38.18 0.2 17.0 15.4 17.3 12.2 13.3 5.4 2.9 4548.25 –0.1 33.2 39.8 15.2 11.8 12.7 10.0 6.9 96.90 –0.3 13.5 9.6 15.8 12.5 13.3 4.3 1.9 701.76 –0.5 26.3 26.1 17.1 12.3 12.8 8.1 4.7 37.69 –0.7 2.6 9.7 7.0 0.8 37.69 –0.7 2.5 9.7 7.0 0.8 121.92 –0.8 30.7 29.9 18.3 13.0 14.2 9.3 5.4 88.91 –0.9 18.3 29.7 19.2 13.2 12.4 5.7 5.3 76.71 –1.4 17.9 630.73 –1.5 25.0 34.1 17.6 12.2 11.9 7.7 6.0 200.88 –1.5 23.6 25.1 15.7 11.2 13.5 7.3 4.6 190.46 –1.6 25.8 18.4 12.8 7.9 58.76 –1.7 31.9 17.5 18.7 14.2 15.4 9.7 3.3 411.61 –1.7 23.9 28.7 17.2 12.1 12.6 7.4 5.2 190.67 –1.7 30.9 16.1 18.8 14.2 15.4 9.4 3.0 739.36 –1.8 31.5 18.7 18.7 14.2 15.3 9.6 3.5 1385.22 –1.8 23.0 22.0 17.4 12.3 13.0 7.2 4.1 931.27 –2.2 26.9 12.4 21.3 15.9 17.7 8.3 2.4 23.02 –2.2 23.4 5.8 18.3 13.0 14.3 7.3 1.1 187.34 –2.6 26.2 22.1 16.6 11.6 12.0 8.1 4.1 41.59 –2.8 29.3 35.1 17.8 13.1 13.3 9.0 6.2 2961.35 –3.0 25.9 16.9 12.0 8.0 5504.07 –3.2 27.3 31.5 15.9 11.5 12.0 8.4 5.6 167.50 –3.6 26.3 15.7 12.3 8.1 61.65 –3.7 14.9 26.5 18.0 12.6 12.6 4.8 4.8 664.50 –4.3 8.9 15.3 19.0 13.4 13.3 2.9 2.9 267.78 –4.6 25.3 35.7 17.1 13.2 13.9 7.8 6.3 503.55 –5.4 17.6 18.0 20.9 14.4 14.7 5.5 3.4 1729.57 –6.9 16.1 27.1 16.6 12.0 12.8 5.1 4.9 37.69 –7.2 –3.7 16.7 10.6 –1.2 88.91 –8.8 8.9 16.2 17.2 12.9 12.7 2.9 3.1 41.58 –9.3 18.9 744.32 –0.3 26 29 17.1 12.3 13.5 7.9 5.1

ACTIONS EUROPE HORS ROYAUME-UNI GAM Star Continental European Equity GBP Acc 11.6 39.9 58.6 15.5 11.8 13.6 11.8 9.7 Digital Funds Stars Europe Ex-UK GBP 280.51 11.0 56.9 46.0 17.5 14.0 15.0 16.2 7.9 OYSTER Continental European Selection R GBP 30.94 10.9 21.8 FP Argonaut European Enhanced Inc GBP A Acc Hgd 201.00 10.4 51.0 19.7 12.7 14.7 FP Argonaut European Alpha GBP A Acc 604.22 9.5 53.5 17.8 13.9 15.3 BGF Continental European Flexible A2RF EUR 2759.22 9.2 42.1 49.8 16.6 12.9 14.3 12.4 8.4 Hermes Sourcecap Europe Ex-UK F GBP Acc 273.86 7.3 32.6 18.0 12.9 9.9 Threadneedle European Retail Net Acc GBX 1104.71 7.3 35.2 38.7 16.7 12.0 14.3 10.6 6.8 Memnon European Fund R EUR 457.37 6.0 46.3 17.4 13.4 13.5 Barclays GA – Europe (ex-UK) Alpha Z Acc EUR 5.7 36.1 34.1 17.4 12.9 15.8 10.8 6.0 Threadneedle (Lux)-European Select AE 11.35 5.0 17.1 Threadneedle European Select Ret Net Acc GBX 4569.92 5.0 38.3 61.6 16.8 12.0 12.8 11.4 10.1 EIP Continental European Eq Index Prgme Srs 2 EUR 64.33 4.9 35.0 35.5 18.7 13.5 14.9 10.5 6.3 Schroder ISF European Equity (Ex UK) A Dis 218.33 4.8 16.7 JOHCM Continental European B GBP 2498.73 4.3 43.3 50.8 16.9 13.2 15.9 12.7 8.6 M&G European Select A Inc 256.71 3.9 27.9 33.5 18.2 12.6 14.8 8.5 5.9 Parworld Track Continental Europe C C 8.00 3.8 32.0 29.5 18.8 13.7 14.9 9.7 5.3 Lazard European Equity Ret Inc EUR 60.57 3.4 33.0 38.7 15.1 12.2 14.8 10.0 6.8 Henderson Gartmore Continental European R EUR Acc 5487.32 3.0 40.4 52.1 16.2 12.1 13.2 12.0 8.8 Neptune European Opportunities A Acc GBP 718.45 3.0 19.0 19.2 18.6 15.5 15.2 6.0 3.6 Invesco Continental European Equity A Ann Dist EUR 99.70 2.5 49.5 44.7 18.1 14.4 16.5 14.3 7.7 MFS Meridian Funds-Continental European Eq A1 EUR 10.44 1.8 25.6 35.3 18.2 12.6 13.0 7.9 6.2 iShares MSCI Europe ex-UK UCITS ETF 1965.31 0.8 30.7 32.0 19.0 13.8 14.8 9.3 5.7 UBS ETF MSCI Europe ex UK UCITS ETF (EUR) Adis 14.58 0.3 19.2 UBS (Irl) ETF plc MSCI EMU CyclicalUCITS ETF EURAd 14.20 0.3 21.4 UBS (Irl) ETF plc MSCI EMU Defens. UCITS ETF EURAd 7.69 –1.5 19.4 PARVEST Eq Best Selection Europ Ex-Uk C C EUR 3.50 –1.7 18.2 31.2 19.8 13.7 13.9 5.7 5.6 Aberdeen Global – European Equity Ex UK A2 EUR 76.35 –2.1 16.7 20.9 18.0 12.6 13.7 5.3 3.9 Guinness European Equity Income C EUR Acc 0.16 –2.2 17.6 AXA Rosenberg Europe Ex-UK Equity Alpha B EUR 11.95 –3.1 28.7 22.2 18.4 14.2 15.9 8.8 4.1 Source Man GLG Continental Europe Plus UCITS ETF –3.8 17.8 Actions Europe hors Royaume-Uni Average 757.31 3.9 36.2 38.6 18 13.2 14.6 10.8 6.7 ACTIONS EUROZONE – PMC Groupama Avenir Euro N C Objectif Small Caps Euro A H & A Aktien Small Cap EMU B Amundi Fds Equity Euroland Small Cap – AE (C) BNP Paribas Smallcap Euroland C iShares MSCI EMU Small Cap UCITS ETF BNY Mellon Small Cap Euroland A EUR R Midcap Euro C UBS ETF MSCI EMU Small Cap UCITS ETF (EUR) Ad Lyxor UCITS ETF MSCI EMU Small Cap Synergy Smaller Cies A Oddo Avenir Euro CR-EUR BNY Mellon Compass Euro Small Cap Equity C EUR HSBC GIF Euroland Equity Smaller Cos AC EUR Quadrator IC iShares EURO STOXX Mid UCITS ETF iShares MSCI EMU Mid Cap UCITS ETF Generali IS Small&Mid Cap Euro Equities D Cap EUR iShares EURO STOXX Small UCITS ETF Actions Eurozone – PMC Average

943.68 777.19 44.32 390.76 672.85 649.16 67.41 130.29 43.80 483.67 282.72 290.43 159.99 342.23 102.39 546.02 258.82 455.94 589.53 363.23

ACTIONS FRANCE Moneta Multi Caps C Mirabaud – Equities France A

2740.33 44.21

28.6 83.4 83.1 20.0 64.1 41.0 17.6 13.7 49.3 45.3 13.7 55.0 67.0 13.3 57.6 45.9 13.1 58.2 50.4 12.6 27.8 24.7 12.6 57.2 12.3 55.2 42.3 11.5 51.8 39.6 11.2 37.5 34.8 8.1 38.5 20.4 8.0 41.8 34.0 7.4 37.7 40.8 7.4 45.1 36.6 5.9 5.0 28.0 21.3 2.9 29.9 18.5 11.8 48.1 40.4 6.8 6.3

48.1 27.2

57.6 24.3

17.5 12.8 13.9 22.4 17.8 14.7 16.7 17.9 18.7 17.0 13.0 14.6 14.3 16.9 12.7 14.2 15.7 17.5 14.0 15.8 16.4 17.2 13.8 16.8 16.5 17.4 13.2 14.3 8.5 17.6 14.1 16.3 17.6 14.3 16.1 15.8 18.4 13.8 15.2 14.9 16.5 11.4 12.9 11.2 16.8 14.3 16.6 11.5 17.6 14.0 16.4 12.3 14.9 11.6 13.3 11.2 18.0 13.4 15.6 13.2 17.6 17.3 13.6 15.3 8.6 18.2 14.6 15.6 9.1 17.4 13.5 15.2 13.9 18.4 21.1

14.2 15.3

15.6 16.4

14.0 8.3

12.9 7.1 7.8 10.8 7.8 8.5 4.5 7.3 6.9 6.2 3.8 6.0 7.1 6.4 3.9 3.4 6.9 9.5 4.4

Finance

Le Temps l Mercredi 3 février 2016

CLASSEMENTS Nom

Actifs nets mios francs

Performance totale % 2015 3 ans 5 ans

Volatilité annualisée % 2015 3 ans 5 ans

Perf. annualisée % 3 ans 5 ans

TOCQUEVILLE Odyssee C KBL Richelieu France Edmond de Rothschild Tricolore Rendement C Fidelity Funds – France A-EUR JPM France Equity A Acc EUR Centifolia C ComStage CAC 40 UCITS ETF iShares MSCI France UCITS ETF Amundi ETF CAC 40 UCITS ETF(C) Actions France Average

99.68 6.0 40.0 33.1 18.8 14.8 15.9 11.9 5.9 94.27 6.0 35.9 25.5 17.2 13.3 14.9 10.8 4.7 1701.08 5.2 31.6 21.8 18.7 15.1 16.4 9.6 4.0 253.50 3.5 25.5 31.3 19.3 14.2 15.3 7.9 5.6 48.12 2.8 30.0 16.9 14.4 9.1 1946.43 2.4 34.3 28.5 17.8 14.9 15.5 10.3 5.1 14.28 2.4 26.6 23.3 20.5 15.4 16.7 8.2 4.3 11.73 1.3 20.3 882.36 1.1 26.0 26.2 21.1 15.7 17.0 8.0 4.8 712.36 4 32.5 30.2 19.1 14.7 16 9.8 5.4

ACTIONS FRANCE – PMC Oddo Avenir CR-EUR Actions France – PMC Average

902.53 902.53

14.7 14.7

45.7 45.7

54.3 54.3

16.6 16.6

37.54 10.87 40.26 29.56

–13.3 –17.4 –21.2 –17.3

53.1 23.0 12.6 14.5 1.1 30.2 6.9

17.1 18.1 19.7 18.3

ACTIONS GCC (CONSEIL COOPÉRATION GOLF) Invest AD Sicav-GCC Focus Fund A (USD) iShares MSCI GCC ex-Saudi Arabia UCITS ETF FT Emerging Arabia(EUR) Actions GCC (Conseil Coopération Golf) Average

ACTIONS GRANDE CHINE China SDD-China New Balance Opportunity A USD Acc 200.66 UBS (Lux) Eq Fd – Greater China (USD) P-acc 440.70 UBS (Lux) Eq Fd – Greater China (USD)(CHFh) Q-acc 440.70 UBS (Lux) Eq Fd – Greater China (USD)(CHFh) P-acc 440.70 GAM Star China Equity USD Acc NN (L) Greater China Eqty P Cap USD 160.19 Comgest Growth Greater China Euro 144.70 Neuberger Berman China Equity USD A Acc 839.57 Henderson HF China A2 USD 185.95 Matthews Asia Fds-China A Acc USD 50.16 Pictet-Greater China-P USD 224.15 EI Sturdza Strategic China Panda Fund USD 173.73 First State Greater China Growth A GBP Acc 263.75 Fidelity Funds – China Consumer A-ACC-USD 1623.85 Schroder ISF Greater China A Acc 668.95 Fidelity Funds – Greater China A-USD 445.22 Legg Mason Martin Currie GF Greater China USD 12.60 Hamon Greater China Fund USD 11.54 Danske Invest Greater China A 30.08 Vitruvius Greater China Equity B USD 76.84 Baring Hong Kong China A USD Inc 1569.27 Nordea 1 – Chinese Equity BP USD 200.92 JPMorgan Greater China A Dis USD 934.94 Invesco Greater China Equity A Acc USD 1102.79 Fidelity Funds – China Opportunities A-ACC-EUR 47.88 Generali IS Greater China Equities D Cap USD 210.57 Javelin Select China B EUR Cap 33.74 Old Mutual China Equity A USD 70.94 Invesco Greater China Equity A Acc CHF Hedged 1102.79 Aberdeen Global – Chinese Equity A2 Acc USD 871.00 Threadneedle (Lux)-Greater China Equities AU 4.28 Amundi Fds Equity Greater China – AU (C) 277.82 Allianz Greater China Dynamic – AT – USD 13.57 Templeton China A (acc) USD 601.90 PARVEST Equity China Classic Cap USD 221.76 DNB Fund China Century 6.72 Actions Grande Chine Average 391.57

13.6 55.0 13.2 47.3 28.4 11.9 33.6 11.2 32.8 4.4 35.6 21.3 4.1 25.1 19.7 3.2 40.3 26.5 1.5 39.8 44.6 1.0 37.9 16.2 –0.2 11.1 –0.9 –0.7 17.2 9.9 –0.8 25.3 13.9 –1.9 22.0 28.3 –2.4 35.4 –2.4 21.7 12.4 –2.8 28.7 24.6 –3.2 20.3 4.1 –3.3 14.1 –13.0 –3.5 15.8 7.4 –3.7 27.3 30.3 –3.8 19.0 5.7 –3.9 –4.5 24.5 17.7 –4.8 32.8 25.4 –5.1 14.6 3.1 –5.8 18.4 –5.9 21.3 3.4 –6.1 16.2 12.3 –6.5 –6.8 –4.6 –5.6 –7.4 28.6 12.6 –8.8 17.1 10.2 –9.6 21.0 7.5 –10.6 –7.7 –16.7 –11.6 0.0 –5.7 –15.1 9.9 –32.6 –2.1 23.5 10.7

11.8 11.8

12.8 12.8

13.4 13.4

9.1 9.1

18.1 20.2 18.2 17.0 15.6 18.5 16.9

15.2 7.1 4.6 9

2.4 0.2 1.3

39.7 25.8 15.7 28.2 18.8 18.2 13.8 29.1 19.2 10.1 29.2 19.3 9.9 31.0 21.7 20.4 10.7 22.5 15.2 15.4 7.7 19.4 14.9 15.8 11.9 25.2 18.9 17.1 11.8 22.7 17.4 24.9 11.3 26.3 18.2 16.3 3.6 18.9 13.7 13.8 5.4 23.2 17.4 14.8 7.8 21.9 14.6 13.5 6.9 22.8 16.6 10.6 22.2 15.6 15.4 6.8 22.0 15.4 14.6 8.8 21.3 14.8 14.9 6.3 30.5 21.9 21.5 4.5 24.4 17.9 17.1 5.0 32.7 21.7 18.5 8.4 26.6 18.8 17.8 6.0 22.1 21.1 15.0 15.4 7.6 20.9 14.7 14.2 9.9 22.8 16.3 15.5 4.7 22.9 15.6 5.8 25.0 17.5 17.9 6.7 19.3 14.8 13.8 5.1 21.3 18.1 13.5 12.9 –1.6 21.5 15.1 15.7 8.8 21.2 15.2 15.2 5.4 28.3 19.9 18.1 6.6 24.8 17.3 16.5 –2.6 24.5 17.6 19.5 0.0 28.4 20.1 22.9 3.2 24.5 17.4 16.8 7.1

5.1 3.9 3.7 4.8 7.7 3.0 –0.2 1.9 2.6 5.1 2.4 4.5 0.8 –2.7 1.4 5.4 1.1 3.3 4.6 0.6 0.7 2.4 –1.1 2.4 2.0 1.5 –3.6 –1.2 –7.6 1.9

ACTIONS HONG KONG HSBC GIF Hong Kong Equity PD USD Lyxor UCITS ETF Hong Kong (HSI) D-EUR Schroder ISF Hong Kong Equity A Acc JPMorgan Hong Kong A Dis USD Allianz Hong Kong Equity – A – USD Actions Hong Kong Average

214.87 211.28 2765.90 143.85 629.74 668.45

–2.2 –4.2 –4.5 –4.5 –4.9 –4.1

15.1 13.9 16.1 16.8 15.3 15.4

11.3 15.5 15.4 9.4 2.7 10.9

23.7 20.7 18.9 21.6 23.9 21.7

17.8 15.7 13.7 16.1 16.7 16

17.6 15.9 14.2 16.7 16.7 16.2

4.8 4.4 5.1 5.3 4.9 4.9

2.2 2.9 2.9 1.8 0.5 2.1

ACTIONS IBÉRIQUE Fidelity Funds – Iberia A-EUR Actions Ibérique Average

1402.93 1402.93

4.4 4.4

33.3 33.3

43.2 43.2

17.6 17.6

16.0 16

17.1 17.1

10.1 10.1

7.4 7.4

ACTIONS INDE Jupiter JGF India Select L USD Invesco India Equity A Annual Dist USD Pinebridge India Equity A USD Kotak Funds-India Midcap A Acc USD Goldman Sachs India Equity Pf Base Acc USD Nomura Funds Ireland-India Equity A EUR Mirae Asset India Sector Leader Equity A USD Stewart Investors Indian Subcontinent A GBP Acc IDFC India Equities Fund RE/A (USD) Amundi Fds Equity India Infrastructure – AU (C) BGF India A2 USD Amundi Fds Equity India Select – AU (C) Morgan Stanley Indian Equity A USD Amundi Fds Equity India – AU (C) JPMorgan India A Dis USD Danske Invest India A Schroder ISF Indian Opportunities A Acc Pioneer Funds Indian Equity E No Dis EUR Schroder ISF Indian Equity A Acc Pictet-Indian Equities-P USD Matthews Asia Fds-India A Acc USD Comgest Growth India US Dollar Fidelity Funds – India Focus A-USD PARVEST Equity India C C USD Kotak Funds-India Growth A Acc USD Baring India A USD Acc Aberdeen Global – Indian Equity A2 Acc USD AllianceBernstein-India Growth Portfolio AX USD Neptune India A Acc GBP Franklin India A (acc) USD Nordea 1 – Indian Equity BP USD Robeco Indian Equities D EUR DNB Fund India Pictet-India Index-P USD Eastspring Investments-India Equity A BTS Funds (Lux) – Gate of India – A - Edmond de Rothschild India A db x-trackers MSCI India Index UCITS ETF 1C Amundi ETF MSCI India UCITS ETF – EUR Lyxor UCITS ETF MSCI India C-EUR db x-trackers Nifty 50 UCITS ETF HSBC GIF Indian Equity AD USD SLI Glo SICAV Indian Eq Midcap Opportunities A USD Actions Inde Average

275.19 227.28 944.39 628.83 1728.48 51.64 116.88 61.26 78.82 28.84 500.96 88.83 246.22 526.73 1240.32 62.81 149.51 102.31 294.52 262.85 79.10 170.43 1583.05 1447.75 169.34 23.69 3879.43 265.87 127.42 3380.67 207.36 36.45 63.58 76.30 158.33 9.22 179.84 154.71 325.59 1240.00 234.20 1820.30 18.31 541.11

7.6 47.0 21.6 5.6 50.8 20.0 4.8 67.0 34.7 4.6 68.7 38.1 3.8 57.7 45.7 3.2 35.6 0.5 42.7 0.3 60.9 57.2 –0.1 30.2 –0.2 41.3 –6.7 –0.3 40.8 7.3 –0.4 32.9 –1.2 –0.5 42.6 10.9 –0.5 41.1 11.3 –1.0 29.7 5.3 –1.2 43.7 25.4 –1.4 –2.1 31.4 –8.2 –2.4 39.4 17.9 –2.4 41.4 0.2 –2.5 54.1 –2.5 45.2 18.0 –2.7 35.2 9.8 –2.8 33.1 10.6 –2.8 41.8 19.3 –3.3 39.6 –3.4 40.4 22.3 –3.8 38.9 5.6 –4.7 33.5 3.5 –4.8 38.9 14.4 –5.4 34.8 –5.4 31.6 12.6 –5.7 30.9 2.1 –6.0 19.8 –6.7 26.0 –2.7 –6.8 34.9 –1.4 –7.0 28.9 2.6 –7.1 17.4 –10.3 –7.1 17.3 –10.3 –7.1 17.2 –10.9 –8.6 20.5 –6.6 –11.6 8.4 –19.4 –13.4 11.0 –27.4 –2.6 36.8 8.9

19.5 20.6 22.2 13.7 16.1 17.9 20.7 14.7 15.8 18.9 19.9 18.6 16.0 22.7 23.9 19.0 17.2 20.4 21.6 16.4 15.5 18.1 10.7 14.8 17.9 12.6 14.6 16.6 17.2 17.2 15.6 15.9 9.2 17.6 25.3 26.7 12.2 16.8 19.1 21.1 12.1 14.6 18.5 21.3 9.9 17.6 18.7 20.7 12.5 17.6 19.0 21.9 12.1 17.0 18.3 20.6 9.1 16.1 18.8 19.5 12.9 17.2 16.0 17.7 21.3 9.5 16.5 16.9 19.8 11.7 15.9 18.6 21.9 12.2 15.4 20.5 15.5 17.3 22.2 21.7 13.2 18.4 18.9 20.9 10.6 18.0 17.8 19.7 10.0 16.1 19.2 21.9 12.3 14.7 19.0 11.8 15.6 17.4 18.3 12.0 17.4 21.0 22.5 11.6 17.0 19.7 20.8 10.1 15.7 19.3 20.4 11.6 15.8 16.9 10.5 17.0 18.1 19.1 9.6 18.3 20.8 22.0 9.4 16.4 17.8 6.2 16.5 18.4 21.1 8.0 15.9 18.9 21.6 10.5 17.5 17.0 18.7 8.8 16.5 17.9 21.7 5.5 16.4 17.8 21.6 5.5 16.4 17.9 21.7 5.4 16.1 19.5 22.2 6.4 16.7 23.9 26.6 2.7 15.4 19.9 24.5 3.5 16.5 19 21.3 10.9

4.0 3.7 6.1 6.7 7.8

–0.5 –0.3 0.5 –2.2 –2.1 –2.3 –1.4 –4.2 –6.2 1.5

–18.9 –19.7 –20.2 –20.3 –21.9 –23.8 –20.8

30.4 29.4 29.0 30.1 30.0 32.0 30.2

–2.0 –4.3 –4.5 –3.5

ACTIONS INDONESIE HSBC MSCI INDONESIA UCITS ETF PARVEST Equity Indonesia C C USD JPMorgan Indonesia Equity A Acc USD Fidelity Funds – Indonesia A-USD Eastspring Investments-Indonesia Equity A Allianz Indonesia Equity – A – USD Actions Indonesie Average ACTIONS INTERNATIONALES Valex Marystone Equity Fund MainFirst – Global Equities A Morgan Stanley Global Opportunity A USD EI Sturdza Strategic Global Quality Fund USD Inst DJE – Dividende & Substanz I (H-CHF) DNB Fund Technology A EUR ValueInvest Lux Global C1 Acc LOYS – Loys Global System S Grand Cru Swiss BNY Mellon Long-Term Global Equity W CHF Hdg Investec GSF Global Franchise A Acc USD Investec GSF Global Quality Equity Income A Inc PEC Global Equity Fund Pictet-Water-HP CHF Classic Value Equity Fund OLZ – Efficient World Developed Equity (ex CH) I-A Stryx World Growth GBP JOHCM Global Opportunities B Inc GBP WMP (Dublin) Durable Co EUR S Acc Unhedged LGT Sustainable Quality Equity Fund Hedged USD B Lyxor UCITS ETF World Water D-EUR Lyxor UCITS ETF Privex D-EUR Invesco Global Structured Equity A Ann Dist USD LGT Sustainable Quality Equity Fund Hedged (CHF) C OLZ – Efficient World Developed Equity (CHFh) I-A Investec GSF Global Franchise A Acc CHF Hdg T Rowe Global Focused Growth Equity A USD LGT Sustainable Equity Fund Global (EUR) B UBS (Lux) Eq SICAV-Solid Consumer Brands USD Pa Vontobel Fund New Power H (hedged) Echiquier Global Nordea 1 – Global Portfolio BP EUR iShares MSCI World Minimum Volatility UCITS ETF LOF – Fundamental Equity L/S Sys.Hdg.Seed (USD) PA

20.06 51.81 69.34 417.08 190.51 68.16 136.16

–16.1 –17.9 –15.5 –14.5 –15.8 –9.7 –20.2 –19.6 –22.9 –20.4 –17.9 –16.3

25.9 25.9 22.7 26.0 26.5 22.1 26.1 21.8 26.3 22.2 26.1 22.2

–5.7 –6.3 –5.1 –5.6 –7.3 –8.3 –6.4

9.5 –1.4 1.4 –0.2 2.1 2.2 1.0 4.6 –1.7 3.3 0.0 3.4 1.9 2.0 3.6 4.1 1.1 0.7 2.7 2.4 0.4

–3.3

9.19 21.3 9.9 121.40 21.1 15.1 746.69 19.5 93.1 93.6 19.3 14.6 13.7 24.5 14.1 13.11 16.4 19.2 1366.18 12.4 40.7 44.7 17.1 11.2 10.8 12.1 7.7 279.73 11.5 87.2 92.2 26.4 17.0 16.3 23.2 14.0 686.45 10.6 57.7 52.0 17.3 11.6 11.6 16.4 8.7 153.23 10.0 17.9 10.60 9.9 23.1 15.4 10.6 7.2 1576.29 9.6 17.3 2065.88 9.0 41.2 70.8 19.3 12.5 11.7 12.2 11.3 168.65 8.8 41.1 67.4 19.7 12.7 11.7 12.2 10.9 424.04 8.8 46.4 38.4 11.7 9.0 10.1 13.5 6.7 3416.79 8.8 46.5 16.7 12.1 13.6 163.60 8.6 66.0 91.1 18.7 14.3 14.9 18.4 13.8 469.32 8.1 10.1 205.10 7.9 62.7 99.2 23.8 14.7 13.7 17.6 14.8 202.75 7.5 55.6 18.0 11.7 15.9 125.90 7.5 15.2 198.67 7.1 51.4 17.2 11.5 14.8 374.29 7.1 60.0 77.2 17.6 13.0 12.1 17.0 12.1 20.10 7.1 49.0 49.7 22.6 15.8 16.6 14.2 8.4 744.68 6.9 63.6 83.5 18.5 12.3 11.9 17.8 12.9 198.67 6.8 11.5 64.89 6.8 10.1 2065.88 6.7 14.4 169.86 6.6 62.2 58.0 20.9 14.1 14.0 17.5 9.6 192.31 6.4 48.9 44.6 12.9 9.6 11.9 14.2 7.6 159.70 6.1 20.4 252.27 6.1 34.5 12.8 19.6 13.3 13.9 10.4 2.4 148.91 6.0 32.5 35.7 21.7 13.8 12.7 9.8 6.3 492.06 5.9 44.1 43.1 21.7 14.5 13.9 13.0 7.4 865.26 5.9 51.7 14.6 10.5 14.9 225.94 5.8 13.2

Nom

Actifs nets mios francs

Performance totale % 2015 3 ans 5 ans

Volatilité annualisée % 2015 3 ans 5 ans

Perf. annualisée % 3 ans 5 ans

Bellevue F (Lux) BB Research Select B CHF 7.39 5.8 20.3 Morgan Stanley Global Brands A USD 5980.45 5.7 43.2 72.4 20.6 13.9 12.5 12.7 11.5 BNY Mellon Global Opportunities A USD 142.07 5.7 46.1 48.7 19.9 12.6 12.4 13.5 8.3 SSgA Global Managed Volatility Equity Fund B 300.38 5.7 56.7 14.2 10.5 16.1 Henderson Gartmore Global Growth R USD Acc 59.18 5.6 66.8 60.5 18.6 12.8 13.6 18.6 9.9 BCV Cluster Equity Opportunity (CHF) A 17.29 5.5 20.8 –1.3 6.5 5.3 7.2 6.5 –0.3 UBS (Lux) Eq SICAV-Solid Consumer Brands CHFh Qa 159.70 5.4 13.9 Pictet-Security-P USD 1229.32 5.3 52.5 57.1 20.8 13.5 13.8 15.1 9.5 UBAM 30 Global Leaders Equity AHC USD 188.48 5.2 43.7 50.9 21.6 13.9 13.2 12.9 8.6 LGT Sustainable Quality Equity Fund Hedged CHF B 198.67 5.2 32.8 11.4 9.1 9.9 UBS (Lux) Eq SICAV-Solid Consumer Brands CHF h Pa 159.70 5.2 13.9 Morgan Stanley Global Quality Fund A USD 1574.04 5.1 20.2 LOF – Fundamental Equity L/S Sys.Hdg.Seed (CHF) IA 225.94 5.1 6.5 Threadneedle Global Extended Alpha Ret Net Acc USD 5.1 58.3 70.8 21.5 14.2 13.6 16.5 11.3 SWC (CH) EF Global Consumers AA 56.04 4.9 58.7 66.1 19.2 14.0 14.8 16.6 10.7 LO Funds – Generation Global (USD) P A 1029.77 4.9 57.6 63.4 19.7 12.9 12.1 16.4 10.3 Fidelity FAST Global A-ACC-USD 48.26 4.8 21.4 BCV Cluster Equity Alpha (CHF) A 6.38 4.7 7.9 –6.2 3.2 3.8 4.1 2.6 –1.3 Fidelity Funds – Global Demographics A-ACC-USD 107.58 4.5 55.9 19.2 12.9 16.0 Mirova Global Sustainable Equity R/A (EUR) 133.31 4.5 19.2 Old Mutual Global Equity Abs Return USD A Acc 5268.85 4.4 11.8 Vontobel Fund MTX Sust Global Leaders B USD 369.27 4.4 49.7 19.1 12.7 14.4 JSS CET Equity Fund P USD acc hedged 52.10 4.4 12.5 LOF – Fundamental Equity L/S Sys.Hdg.Seed (CHF) MA 225.94 4.4 6.6 OekoWorld Klima C 20.10 4.4 41.3 26.8 21.8 16.3 15.6 12.2 4.9 Fidelity Funds – Gl Consumer Indust A-EUR 645.83 4.3 48.0 65.7 19.8 13.2 12.1 14.0 10.6 Calamos Global Equity A USD Acc 69.45 4.3 34.0 42.7 19.6 13.0 12.8 10.3 7.4 Vontobel Fund – Global Equity USD B 1784.81 4.3 37.5 65.2 17.3 12.0 10.8 11.2 10.6 LLB Aktien Fit for Life (CHF) 16.71 4.3 60.8 80.5 19.0 12.8 12.1 17.2 12.5 B & P Vision – OptiMix World 5.75 4.2 30.2 9.8 13.4 11.7 12.3 9.2 1.9 Morgan Stanley Global Advantage A USD 10.10 4.2 20.4 BL Equities Horizon B Cap 52.54 4.2 25.8 32.5 15.6 10.5 10.2 8.0 5.8 Zurich Life Umb Fd-Vermgen Allgemein Aktien + 713.62 4.1 51.7 60.1 18.6 12.7 12.5 14.9 9.9 Morgan Stanley Global Brands AH CHF 5980.45 4.1 28.6 16.4 12.9 8.8 Nordea 1 – Senior Generations Equity BP USD 44.75 4.1 56.6 18.8 12.7 16.1 RVT Wachstum Fund 5.92 4.0 31.6 26.3 16.9 11.9 10.8 9.6 4.8 Goldman Sachs Glo CORE Eq Pf Base USD (Snap) 683.63 4.0 64.2 71.1 19.0 13.0 12.9 18.0 11.3 UBAM 30 Global Leaders Equity AHC CHF 188.48 3.9 14.3 Fidelity Funds – World A-EUR 1170.76 3.9 56.7 60.9 22.3 14.1 13.9 16.2 10.0 Sparinvest-Ethical Global Value EUR R 85.36 3.8 35.8 17.1 18.5 12.3 13.3 10.7 3.2 UBS (D) Equity Fund – Global Opportunity 142.79 3.8 50.7 52.2 19.2 12.7 12.1 14.6 8.8 UBS (CH) Equity Fund – Global Opportunity (USD) P 284.51 3.8 50.1 55.3 19.2 12.6 12.0 14.5 9.2 GAMAX Funds – Junior A 167.08 3.7 40.3 44.0 17.8 11.9 11.0 11.9 7.6 F&C Responsible Global Equity A EUR 207.81 3.5 43.1 45.8 18.8 12.2 11.8 12.7 7.8 ACATIS AKTIEN GLOBAL FONDS UI D 325.34 3.5 40.1 40.8 16.7 11.1 11.8 11.9 7.1 OekoWorld OekoVision Classic C 576.35 3.5 35.1 40.7 17.6 12.8 12.8 10.5 7.1 Morgan Stanley Global Quality Fund AH (CHF) 1574.04 3.5 15.4 RBC Funds (Lux) Global Equity Focus A USD Cap 21.64 3.4 18.4 DNB Fund Renewable Energy 39.99 3.4 40.9 –10.5 25.7 19.4 20.5 12.1 –2.2 Deka-Globale Aktien LowRisk CF (A) 467.63 3.4 47.1 16.8 11.3 13.7 Charlemagne Magna Biopharma EUR B Acc 26.60 3.3 19.3 Threadneedle Global Select Ret Net Acc GBX 1554.34 3.3 47.0 47.6 23.2 14.9 14.1 13.7 8.1 White Fleet OLZ Efficient World®Equity B 81.08 3.2 15.2 Classic Global Equity Fund 876.55 3.2 64.1 96.8 19.1 16.1 16.9 17.9 14.5 UBS ETF-MSCI EMU hgd to SGD UCITS (SGD) A-acc 8.63 3.2 25.3 Vontobel Fund Clean Technology B 113.38 3.1 47.8 41.7 20.1 13.6 13.8 13.9 7.2 Old Mutual World Equity A USD 155.66 3.1 49.8 44.2 18.6 12.8 13.6 14.4 7.6 iShares Global Clean Energy UCITS ETF 116.27 3.1 59.2 –24.3 24.3 19.3 24.0 16.8 –5.4 Nordea 1 – Global Opportunity BP EUR 362.86 3.1 21.3 Deutsche Invest I New Resources LC 79.39 3.0 24.2 8.3 19.0 13.9 14.1 7.5 1.6 Raiffeisen Fonds – Clean Technology B 43.61 2.9 48.2 43.4 20.0 13.5 13.5 14.0 7.5 BNY Mellon Global Equity A USD 255.68 2.8 42.7 40.5 19.6 12.6 12.4 12.6 7.0 Astra-Fonds 367.76 2.8 19.9 15.4 17.6 13.0 12.5 6.2 2.9 OYSTER World Opportunities C EUR 188.42 2.6 42.9 41.4 17.7 11.7 11.4 12.6 7.2 Thornburg Global Equity Income Cl A 2.82 2.6 37.6 19.3 12.4 11.2 UniDynamicFonds: Global A 237.34 2.6 41.4 37.0 19.7 13.0 12.9 12.2 6.5 1618 IF World Equity USD 21.30 2.5 40.1 19.6 14.2 11.9 Pioneer Funds Global Ecology A No Dis EUR 1236.34 2.5 34.7 32.7 18.7 13.9 13.1 10.4 5.8 AXA WF Framlington Talents Global AC EUR 168.68 2.5 48.1 28.5 20.1 13.0 13.6 14.0 5.2 DWS Akkumula LC 4339.76 2.4 45.3 40.4 21.1 13.5 13.7 13.3 7.0 Vontobel Fund MTX Sust Global Leaders H CHF 369.27 2.4 33.9 14.1 11.4 10.2 Raiffeisen Futura Global Stock A 83.10 2.4 53.2 53.1 17.9 12.5 12.3 15.3 8.9 DWS (CH) – World Equities SmartFactor 65.34 2.3 39.9 39.7 21.1 14.3 14.8 11.8 6.9 Hermes Global Equity ESG Z USD Acc 44.34 2.3 19.2 Schroder ISF Global Demographic Opps A Acc 38.01 2.3 38.2 48.9 19.3 13.3 12.5 11.4 8.3 Robeco Global Conservative Equities D EUR 401.24 2.3 37.3 15.8 10.7 11.2 Trusteam Roc A 120.41 2.2 44.1 59.1 17.3 12.2 11.8 12.9 9.7 Veritas Global Focus USD B 3790.55 2.2 44.0 55.2 18.9 12.2 11.5 12.9 9.2 LO Funds – Golden Age (CHF) I A 733.19 2.2 48.8 59.5 13.9 10.8 11.5 14.2 9.8 Comgest Growth World US Dollar 62.32 2.1 45.0 46.4 17.9 11.6 11.0 13.2 7.9 Threadneedle (Lux)-Global Focus AU 39.23 2.1 51.1 58.3 20.3 13.7 12.7 14.8 9.6 Swisscanto (LU) Eq Fd Sel International B 236.08 2.1 48.0 62.1 19.1 12.4 11.8 13.9 10.1 Schroder ISF Global Equity A Acc 64.13 2.1 42.6 41.0 20.5 13.5 13.1 12.6 7.1 Ossiam World Minimum Variance NR UCITS ETF 1C USD 49.30 2.1 50.5 15.5 10.7 14.6 Schroder ISF Glo Climate Change Equity A Acc 207.78 2.1 39.1 33.6 18.5 12.6 12.7 11.6 6.0 PowerShares Global Buyback Achievers UCITS ETF 83.77 2.1 20.3 JSS CET Equity Fund P CHF acc hedged 52.10 2.1 3.9 AmundiETF GlEq MltSmartAllocScientificBeta UCITS E 520.21 2.1 16.9 UniFavorit: Aktien 1259.43 2.1 53.5 65.6 18.9 12.9 12.3 15.3 10.6 AllianceBernstein-Thematic Research Pf A USD 73.58 2.0 38.9 16.5 20.4 13.4 14.2 11.6 3.1 DJE – Dividende & Substanz P (EUR) 1366.18 2.0 26.2 23.9 15.6 10.9 11.0 8.1 4.4 AllianceBernstein-Concentrated Glob Eq Pf A USD 95.82 2.0 19.0 UniGlobal -net- 1120.96 2.0 39.2 44.4 20.0 12.8 12.1 11.7 7.6 LO Funds – Golden Age (CHF) M A 733.19 1.9 13.9 PrivilEdge – William Blair Global Leaders (USD) PA 103.62 1.9 19.9 JPM Global Unconstrained Equity A Dis USD 618.66 1.9 43.8 44.6 22.0 14.8 14.2 12.9 7.7 BL Global Equities B Cap 417.19 1.9 26.8 37.2 15.9 10.0 10.0 8.2 6.5 Nordea 1 – Global Stable Equity Unhdg BP EUR 2263.00 1.9 50.6 66.9 18.4 12.3 11.5 14.6 10.8 CBR Strategy Fund – Optimum Classic (CHF) 34.40 1.9 12.3 10.6 7.9 3.9 CS (Lux) Global Value Equity Fund IBH CHF 167.18 1.9 27.3 15.6 11.7 8.4 H & A PRIME VALUES Equity A 7.54 1.8 20.5 4.9 17.3 11.7 11.4 6.4 1.0 BNP Paribas Aqua P Accu EUR 1150.79 1.8 40.9 50.5 19.5 13.4 12.6 12.1 8.5 PowerShares Global Listed Private Equity UCITS ETF 3.83 1.8 44.5 44.7 18.9 13.3 14.4 13.0 7.7 VP Bank Fund Selection Aktien Welt 39.91 1.8 35.2 18.9 12.2 10.6 BNP Paribas L1 Equity World Aqua C C EUR 307.44 1.7 19.4 Pinebridge Global Funds – Global Focus Equity A 148.53 1.7 40.1 35.9 19.2 13.1 12.9 11.9 6.3 Bellevue F (Lux) BB Research Absolute B 8.19 1.6 9.9 Pictet CH Inst-World Equities-I dy CHF 128.99 1.6 41.3 46.8 19.4 12.5 12.1 12.2 8.0 SLI Glo SICAV Global Equities A USD 312.99 1.6 43.6 51.6 18.2 12.2 12.9 12.8 8.7 Fidelity Funds – Global Focus E-ACC-EUR 346.81 1.6 37.0 38.0 18.8 12.3 11.9 11.1 6.7 Sparinvest-Global Value EUR R 354.15 1.6 32.3 16.0 18.7 12.4 13.4 9.8 3.0 Sparinvest-Equitas EUR R 2.20 1.5 41.2 38.1 17.8 11.7 12.0 12.2 6.7 UniGlobal 5001.10 1.5 39.4 46.4 19.8 12.7 12.2 11.7 7.9 Zurich Non-Life Umbrella Fund-VermoegenGIZCHAk+ 432.27 1.4 19.4 AZ Fund 1 Alpha Manager Equity A AZ FUND Acc 137.23 1.4 26.6 10.3 16.1 10.9 11.4 8.2 2.0 AllianceBernstein-Concentrated Glob Eq Pf F CHF H 95.82 1.4 12.9 Notenstein Sustainable Water B 60.17 1.3 19.6 SIP World Equity Index (CHF hedged) B1 2403.58 1.3 13.9 LO Funds – Golden Age (CHF) P A 733.19 1.2 44.8 52.7 13.9 10.8 11.5 13.1 8.8 LO Funds – Golden Age (CHF) P D 733.19 1.2 44.8 52.7 13.9 10.8 11.5 13.1 8.8 SIP World Equity Index (CHF Hedged) B2 2403.58 1.1 13.9 Source Goldman Sachs Equity Fac Idx Wrld UCITS ETF 657.35 1.1 17.7 Stewart Investors Worldwide Sustnblty B Acc 241.00 1.1 35.3 16.3 10.7 10.6 Comgest Monde 614.00 1.1 41.7 42.2 17.8 11.6 10.9 12.3 7.3 AllianceBernstein-Global Gth Trends Pf A USD 852.73 1.0 35.5 31.3 19.9 13.3 13.0 10.7 5.6 CS (Lux) Global Security Equity Fund B USD 214.54 1.0 20.0 Franklin World Perspectives A (acc) USD 413.66 1.0 40.4 43.1 19.0 12.3 11.6 12.0 7.4 T Rowe Global Growth Equity A USD 383.50 0.9 41.8 47.2 19.5 13.8 13.7 12.4 8.0 Robeco BP Global Premium Equities D EUR 1809.28 0.9 51.2 68.3 18.8 12.6 12.4 14.8 11.0 DWS Vermoegensbildungsfonds I LD 7532.12 0.9 40.8 34.3 21.8 13.9 13.9 12.1 6.1 Lazard Global Equity Select Inst Acc USD 4.42 0.9 35.5 20.6 13.3 10.7 Nordea 1 – Climate and Environment Equity BP EUR 80.57 0.8 38.2 36.8 21.7 15.2 16.0 11.4 6.5 Seeyond Global MinVariance R/A (EUR) 224.17 0.8 13.0 American Century SICAV-Global Growth Eq A (x) USD 30.68 0.7 45.3 53.4 19.4 13.5 12.8 13.3 8.9 Swisscanto (CH) Equity Fund International A 88.10 0.7 43.9 53.1 19.1 12.5 11.7 12.9 8.9 iShares MSCI World CHF Hedged UCITS ETF 293.84 0.7 39.7 13.8 10.2 11.8 AllianceBernstein-Concentrated Glob Eq Pf I CHF H 95.82 0.7 12.9 Amundi ETF MSCI World Ex Europe UCITS ETF – EUR 45.79 0.6 51.3 63.5 19.9 12.9 12.1 14.8 10.3 Lazard Global Hexagon Equity Inst Acc USD 93.04 0.6 12.6 Zurich Non-Life Umbrella Fd-VermoegenGCiEAktien+ 435.08 0.6 19.3 Allianz Global Intellectual Capital – A – EUR 83.44 0.5 69.9 51.8 20.9 15.3 15.8 19.3 8.7 CS (Lux) Global Value Equity Fund BH CHF 167.18 0.5 23.0 8.6 15.5 11.7 11.2 7.1 1.7 COVAMOS Global Stock Fund K K3 7.82 0.5 49.5 40.1 21.8 15.8 16.6 14.4 7.0 Swisscanto (LU) Eq Fd Global Innovation Leaders B 65.75 0.5 45.3 19.8 13.0 13.3 Principal GI Global Equity A Acc USD 59.43 0.4 41.0 56.4 17.6 11.8 12.0 12.1 9.4 Investec GSF Global Endurance Equity S Acc USD 662.15 0.4 47.5 17.5 11.8 13.8 Carmignac Pfl Investissement F CHF acc Hdg 213.34 0.4 26.9 18.0 11.7 8.3 Grand Cru 7.26 0.4 12.9 0.4 20.8 13.5 12.6 4.1 0.1 Target Investment Fund 100 CHF B 29.53 0.4 37.8 44.7 18.0 11.9 11.5 11.3 7.7 Goldman Sachs GMS Global Equity Pf P Acc USD 331.91 0.3 40.1 41.6 17.8 12.2 11.7 11.9 7.2 ERSTE RESPONSIBLE STOCK GLOBAL T 217.67 0.3 35.3 36.0 20.9 13.7 13.0 10.6 6.3 Robeco Global Stars Equities D EUR 86.63 0.3 44.3 48.6 21.8 14.1 14.0 13.0 8.3 Stewart Investors Worldwide Ls A Acc GBP 49.30 0.2 38.5 45.0 16.8 11.7 12.7 11.5 7.7 Tocqueville-Falcon Global Equity Fund A USD 6.77 0.2 20.8 Pictet CH Inst-WorldexSwissEqTrkUSTEexSL-ZxUSD 1469.91 0.2 19.7 Goldman Sachs Glo Eq Partners Pf Base Acc USD 846.16 0.1 46.4 45.6 19.7 13.2 13.5 13.6 7.8 ComStage MSCI World TRN UCITS ETF 673.87 0.1 46.3 55.6 19.8 12.8 12.2 13.5 9.3 Helicon Global Equity D 37.21 0.1 18.4 Allianz Best Styles Global Equity – A – EUR 826.90 0.1 20.3 Amundi ETF MSCI World UCITS ETF – EUR 534.76 0.1 44.0 54.0 19.5 12.6 12.1 12.9 9.0 Fidelity Funds – FPS Global Growth A-USD 147.56 0.0 46.5 46.9 19.4 12.7 12.5 13.6 8.0 RobecoSAM Sustainable Water Fund B 687.54 0.0 43.1 38.2 18.3 12.4 12.2 12.7 6.7

Finance

Le Temps l Mercredi 3 février 2016

CLASSEMENTS Nom

Actifs nets mios francs

Performance totale % 2015 3 ans 5 ans

Volatilité annualisée % 2015 3 ans 5 ans

Perf. annualisée % 3 ans 5 ans

Lyxor UCITS ETF MSCI World D-EUR 1358.65 –0.1 43.9 53.8 19.6 12.6 12.1 12.9 9.0 Falcon Invest SICAV – Falcon Best Select Equity 70.55 –0.1 37.9 36.0 17.6 12.0 12.2 11.3 6.3 Nuveen NWQ Global Equity A USD Acc 0.97 –0.1 20.4 Planetarium Fund Riverfield Equities Z 76.30 –0.1 24.7 32.6 16.8 10.8 10.4 7.6 5.8 Amundi Fds Equity Global Conservative – Au (C) 113.68 –0.1 40.4 17.9 11.8 12.0 Pictet-Water-P EUR 3416.79 –0.1 34.8 43.4 18.6 13.2 12.2 10.5 7.5 M&G Global Select A Inc 936.01 –0.1 28.0 31.6 19.9 12.9 13.1 8.6 5.6 Fidelity Funds – International A-USD 1948.99 –0.1 47.1 49.7 19.4 12.7 12.4 13.7 8.4 Investec GSF Global Dynamic A Acc 423.47 –0.2 36.2 47.2 19.5 13.2 12.8 10.8 8.0 Stewart Investors WorldWide Equity A GBP Acc 39.16 –0.2 24.8 16.2 10.9 7.7 db x-trackers MSCI World Index UCITS ETF 1C 2165.42 –0.2 43.3 53.4 19.6 12.6 12.1 12.7 8.9 db x-trackers MSCI World Index UCITS ETF (DR) 1023.95 –0.3 19.4 MSCI World Source ETF 414.79 –0.3 43.1 52.7 19.6 12.6 12.1 12.7 8.8 BZ Fine Fund – Infra A (CHF) 23.13 –0.3 35.4 21.6 23.8 14.6 13.8 10.6 4.0 Notenstein Sustainable Equity World B 19.00 –0.3 19.4 iShares MSCI World UCITS ETF (Dist) 6000.41 –0.3 43.6 53.2 19.5 12.6 12.1 12.8 8.9 Amundi Fds Index Equity World – AU (C) 270.70 –0.3 19.7 Limmat Global Equity Fund 44.80 –0.3 25.3 25.9 20.6 13.1 12.7 7.8 4.7 Danske Invest Global Stockpicking A 239.21 –0.3 32.3 33.6 18.8 12.5 12.3 9.8 6.0 Investec Global Dynamic A Acc Net GBP 972.53 –0.3 39.4 49.1 20.2 13.8 13.6 11.7 8.3 Solis Global Equity Fund 25.06 –0.3 26.3 27.9 17.9 12.5 13.8 8.1 5.0 SIP World Equity Index C3 441.48 –0.3 43.8 54.3 19.7 12.6 12.1 12.9 9.1 Pictet-Environmental Megatrend Selection-P EUR 59.78 –0.4 35.7 27.9 18.8 13.1 12.8 10.7 5.0 Vanguard Global Stock Index Inv USD 8610.38 –0.4 43.0 52.6 19.6 12.6 12.4 12.7 8.8 UBS (Irl) ETF plc-MSCI World UCITS ETF (USD) A-dis 39.98 –0.4 42.6 19.6 12.6 12.5 Hermes Global Equity F GBP Acc 450.83 –0.4 50.2 21.1 13.6 14.5 Kairos International Sicav – Europa P 159.80 –0.4 22.3 20.4 16.4 6.9 Pictet CH Inst-WorldexSwiss Eq Tracker -I USD 294.92 –0.4 43.5 19.7 12.6 12.8 UBS ETF MSCI World UCITS ETF (USD) Adis 1064.77 –0.4 43.2 53.0 19.6 12.6 12.1 12.7 8.9 Schroder ISF Global Equity Alpha A Acc 968.77 –0.4 35.4 30.2 21.4 13.9 13.4 10.6 5.4 UBS (D) Konzeptfonds I 20.17 –0.4 30.6 29.8 18.1 12.2 13.1 9.3 5.4 Invesco Global Select Equity A Annual Dist USD 40.71 –0.4 30.0 41.2 20.8 13.5 12.6 9.1 7.2 Vanguard SRI Global Stock Acc GBP 875.15 –0.4 41.7 19.4 12.4 12.3 Allianz Global Equity – AT – USD 133.90 –0.4 41.6 49.1 19.7 12.9 12.9 12.3 8.3 Legg Mason QS MV Global Eqty Gr & Inc A Dis A USD 11.72 –0.4 41.5 46.4 16.3 11.3 11.5 12.3 7.9 GAM Star Global Quality USD Acc –0.4 44.5 18.5 12.7 13.1 Carmignac Investissement A CHF acc Hdg 6092.76 –0.4 24.9 18.1 11.8 7.7 JPM Global Focus A Acc CHF Hgd 2066.06 –0.4 35.3 28.5 15.4 12.6 14.0 10.6 5.1 American Century SICAV-Conc Gl Gth Eq A (x) USD 64.24 –0.5 49.5 19.5 13.9 14.3 Swisscanto (LU) Portf Fd Green Invest Equity B 184.53 –0.5 33.3 23.4 20.1 13.0 12.2 10.0 4.3 Heptagon Oppenheimer Global Focus Equity C 145.52 –0.5 24.9 Russell Multi-Asset 90 A USD 122.17 –0.5 32.7 35.1 18.1 11.7 11.4 9.9 6.2 Vanguard FTSE Developed World UCITS ETF USD 47.43 –0.5 19.5 DWS Top World 1737.91 –0.5 39.6 38.4 20.6 13.2 12.8 11.8 6.7 Swisscanto (CH) Equity Fund Green Invest A 183.53 –0.5 33.6 24.1 20.2 13.1 12.4 10.1 4.4 JSS Sustainable Equity – New Power P EUR acc 35.57 –0.6 12.7 –16.1 21.7 14.0 15.1 4.1 –3.5 Altinea Global Equity (CHF) 4.36 –0.6 16.0 SWC (CH) EF Nachhaltigkeit Large Cap AA 55.54 –0.6 37.6 33.7 18.6 12.2 12.4 11.2 6.0 Henderson HF Global Opportunities A2 5.72 –0.6 36.4 37.6 20.2 13.4 12.9 10.9 6.6 JSS Multi Label SICAV – New Energy Fund (EUR) B 71.04 –0.6 14.7 –15.4 21.3 13.7 15.0 4.7 –3.3 Argos Funds World Growth Opportunities A EUR 11.53 –0.6 33.3 17.9 14.0 10.0 Polar Capital Global Alpha R USD 103.68 –0.6 33.2 18.8 12.6 10.0 Fidelity Funds – Fidelity Sel Internationale A-EUR 143.43 –0.7 37.6 38.0 19.2 12.7 12.8 11.2 6.6 CS (Lux) Global Security Equity Fund BH CHF 214.54 –0.7 12.3 TreeTop Global Opportunities B USD 344.41 –0.7 32.7 22.3 21.3 14.3 14.3 9.9 4.1 Pictet CH-Global Equities-P dy USD 293.12 –0.7 42.1 51.3 19.3 12.4 12.0 12.4 8.6 iShares Core MSCI World UCITS ETF 5254.67 –0.7 44.4 54.2 19.9 12.8 12.2 13.0 9.1 Fidelity Funds – FPS Growth A-EUR 167.41 –0.7 37.0 39.0 19.1 12.6 12.7 11.1 6.8 BGF Global Opportunities A2 USD 308.35 –0.7 34.8 29.5 19.1 13.3 12.8 10.5 5.3 Schroder ISF QEP Global Quality A Acc 1475.53 –0.7 39.1 47.7 18.5 12.1 11.4 11.6 8.1 Schroder ISF QEP Global Core C Acc 1212.34 –0.7 42.8 52.9 19.8 12.9 12.2 12.6 8.9 Thornburg Global Opportunities Cl A 19.31 –0.7 64.1 21.7 14.3 17.9 UBS (Lux) Eq Fd – Infrastructure (EUR) P-acc 40.80 –0.8 33.3 52.5 14.7 10.6 10.8 10.1 8.8 UBAM Global Equity Income AD EUR 3.11 –0.8 15.5 Swisscanto (CH) Index EF MSCI World ex Switz A 416.80 –0.8 41.6 50.4 19.6 12.5 12.0 12.3 8.5 BNY Mellon Long-Term Global Equity A EUR 1576.29 –0.8 27.2 39.7 19.8 12.4 11.5 8.4 6.9 SSgA SPDR MSCI ACWI IMI ETF 37.43 –0.9 39.0 18.9 12.3 11.6 Wells Fargo (LUX) WW Global Equity A USD 134.75 –0.9 30.3 45.0 21.5 13.8 12.7 9.2 7.7 PostFinance Fonds Global 94.86 –0.9 33.5 39.2 18.3 11.8 11.5 10.1 6.8 Pictet-Quality Global Equities-P USD 930.81 –0.9 42.8 17.7 11.7 12.6 M&G Global Leaders A Inc 1097.26 –0.9 30.2 25.2 22.7 14.7 14.1 9.2 4.6 IAM – Global Equity Fund 206.13 –0.9 41.0 44.4 19.5 12.8 12.0 12.1 7.6 BGIF World Equity Index A2 USD 653.68 –1.0 42.5 19.7 13.0 12.5 PPF – LPActive Value Fund EUR P 102.19 –1.0 32.2 47.4 17.5 12.2 14.8 9.8 8.1 JPM Global Focus A Dis EUR 2066.06 –1.0 37.6 30.6 20.0 14.4 14.1 11.2 5.5 Capital Group Global Equity (LUX) B USD 685.58 –1.0 39.4 44.0 19.5 13.3 12.9 11.7 7.6 HSBC MSCI WORLD UCITS ETF 255.64 –1.1 42.1 52.7 19.6 12.6 12.1 12.4 8.8 Mi-Fonds (CH) – InterStock A 25.02 –1.1 38.7 44.5 19.6 12.6 12.1 11.5 7.6 RobecoSAM Smart Energy Fund B 250.93 –1.2 16.7 –2.3 22.3 14.5 14.8 5.3 –0.5 ACATIS Fair Value Aktien Global EUR-P- 43.19 –1.2 28.9 14.6 18.2 12.2 12.5 8.8 2.8 UBS ETF MSCI World Socially Resp UCITS (USD) Ad 131.97 –1.2 40.9 19.3 12.5 12.1 CS (Lux) SystematicReturn Fund USD B 87.68 –1.2 13.0 UBS (Lux) Strategy Fd – Equity (USD) P-acc 57.80 –1.2 41.1 44.5 19.1 12.5 12.1 12.2 7.6 MFS Meridian Funds-Global Concentrated A1 USD 730.68 –1.2 45.5 62.3 21.3 14.3 13.3 13.3 10.2 NN (L) Global Sustainable Equity P Cap EUR 591.85 –1.2 34.3 40.5 18.9 12.3 11.9 10.3 7.0 UBS (Lux) KSS-Global Equities (USD) P-acc 90.34 –1.2 33.3 27.0 20.0 13.0 13.4 10.1 4.9 Investec GSF Global Strategic Equity A Acc 1649.26 –1.3 45.1 54.6 18.8 12.7 12.9 13.2 9.1 1741 Equity Systematic World 12.00 –1.3 48.5 53.8 19.5 12.8 12.7 14.1 9.0 JPM Global Dynamic A Acc CHF Hgd 531.71 –1.3 35.1 33.8 13.9 11.2 13.3 10.6 6.0 Symphonia Lux – Azionario Trend Lungo Periodo 8.03 –1.3 17.7 MFS Meridian Funds-Global Research A1 USD 344.39 –1.4 32.5 19.4 12.4 9.8 Investec Global Strategic Equity A Acc Net GBP 840.86 –1.4 48.3 55.8 20.0 13.6 14.0 14.0 9.3 DWS ZukunftsInvestitionen 161.17 –1.5 30.6 34.3 21.4 14.4 14.8 9.3 6.1 BGF Global Dynamic Equity A2 USD 872.78 –1.5 39.1 40.3 19.5 13.1 12.3 11.6 7.0 SKAGEN Global A NOK –1.5 20.6 27.3 22.0 15.0 14.8 6.4 4.9 Goldman Sachs GMS Dyn World Eq Pf Base USD 890.10 –1.5 47.2 61.7 21.2 14.1 12.6 13.7 10.1 AllianceBernstein-Global Eq Blend Pf A USD 323.37 –1.5 38.3 30.5 19.6 12.9 13.1 11.4 5.5 CG – Global Sustainable Fund of Funds A 22.18 –1.5 44.2 45.4 17.0 11.7 11.1 13.0 7.8 Trinity Street Global Equity A EUR 31.41 –1.5 47.5 49.6 21.5 14.6 15.4 13.8 8.4 Amundi Fds Equity Global Concentrated – AU (C) 251.49 –1.6 20.8 BCV (LUX) Strategy Equity (CHF) 6.27 –1.6 19.1 Franklin Global Growth A (acc) USD 91.20 –1.6 29.1 36.5 21.3 14.0 13.4 8.9 6.4 AXA Rosenberg Glbl Defensive Eq Inc Alpha B USD 17.74 –1.6 44.2 18.2 12.0 13.0 LUKB Expert-TopGlobal 112.62 –1.6 26.9 28.5 20.2 12.9 12.6 8.3 5.1 Pioneer Funds Global Select A No Dis EUR 941.59 –1.7 41.8 40.4 20.8 13.7 13.5 12.4 7.0 Swisscanto (LU) SmartCore Eq Fd Global (ex CH) B 22.05 –1.7 37.8 18.4 11.9 11.3 SGKB (LUX) Fund – Multi Spectra (CHF) B 19.14 –1.7 24.4 17.6 19.6 12.6 12.1 7.6 3.3 SSgA SPDR MSCI ACWI ETF 367.18 –1.8 35.2 19.2 12.4 10.6 MFS Meridian Funds-Global Equity A1 USD 5578.33 –1.8 38.5 56.6 19.9 13.3 12.5 11.5 9.4 CS (Lux) Global Dividend Plus Equity Fund B USD 118.02 –1.8 32.4 42.6 18.3 12.0 11.9 9.8 7.4 Flossbach von Storch – Dividend R 79.06 –1.9 35.1 21.2 13.6 10.6 PARVEST Equity Wld Low Volatility C C EUR 749.40 –1.9 36.2 50.6 19.6 12.8 12.0 10.8 8.5 Goldman Sachs Glo Eq Unconstrained Pf Base Acc USD 5.44 –1.9 33.5 20.1 13.1 10.1 Henderson Global Care Growth A Inc 622.04 –1.9 48.4 43.4 22.0 14.0 13.9 14.1 7.5 Swiss Rock (Lux) Sicav – Global Equity / AW X –1.9 19.2 Vanguard FTSE All-World UCITS ETF USD Inc 944.67 –1.9 36.4 19.1 12.3 10.9 Candriam Quant Equities World C Cap 95.30 –1.9 35.8 41.3 19.9 12.8 12.3 10.7 7.2 JPM Islamic Global Dynamic Equity USD A Acc 40.56 –1.9 35.8 36.6 18.6 12.7 12.7 10.7 6.4 F&C Multi Strategy Global Equity F Euro Acc 476.65 –2.0 19.4 UBS (Lux) Strategy Fd – Equity (CHF) P-acc 189.95 –2.0 27.5 29.7 14.0 10.0 10.5 8.4 5.3 OnCapital SICAV-Global Equity A 24.51 –2.0 13.9 9.5 7.9 4.4 JPM Global Dynamic A Dis USD 531.71 –2.1 38.8 38.8 19.3 13.2 13.2 11.6 6.8 Davis Global A 16.06 –2.1 38.1 18.9 13.3 11.4 BGF New Energy A2 USD 940.56 –2.1 30.4 4.2 19.3 12.9 13.3 9.2 0.8 Franklin Global Growth and Value A (acc) USD 62.90 –2.1 31.1 38.3 20.7 13.5 13.2 9.5 6.7 Nuveen NWQ Large-Cap Value ESG I USD 3.44 –2.2 47.5 42.0 24.7 16.0 15.7 13.8 7.3 Top World Equity Fund B 75.84 –2.2 22.6 16.8 17.2 12.0 13.8 7.0 3.2 T Rowe Global Value Equity A Acc 3.05 –2.2 48.5 18.6 12.6 14.1 Pictet-Global Megatrend Selection-P USD 4401.04 –2.2 41.8 44.9 19.0 12.8 12.2 12.3 7.7 Brandes Global Equities USD A 267.21 –2.2 39.0 42.3 18.5 12.3 12.6 11.6 7.3 AXA Rosenberg Global Equity Alpha B USD 371.78 –2.2 45.6 52.3 19.3 12.8 12.9 13.3 8.8 Corando Value Investment Fund 15.86 –2.2 39.0 50.5 18.9 13.0 11.8 11.6 8.5 Partners Group Listed -Listed Income CHF P 46.22 –2.2 11.2 iShares MSCI ACWI UCITS ETF 374.87 –2.3 34.8 19.1 12.4 10.5 DWS Global Growth 571.06 –2.3 29.5 34.7 18.7 12.6 12.1 9.0 6.1 JPM Global Select Equity A Acc USD 198.63 –2.4 38.7 39.3 20.3 13.6 13.4 11.5 6.9 Robeco 3335.75 –2.4 39.8 42.8 23.5 15.0 14.7 11.8 7.4 SWC (CH) AZF Kapitalgewinn AA 295.16 –2.4 25.5 27.3 17.1 11.4 11.2 7.9 4.9 iShares Listed Private Equity UCITS ETF 320.10 –2.4 40.1 42.5 19.6 13.7 15.6 11.9 7.3 Candriam Equities L Sustainable World C Cap 365.13 –2.4 37.7 47.5 20.5 13.2 12.5 11.3 8.1 Jupiter JGF Global Ecology Growth L EUR Acc 11.37 –2.4 33.4 26.7 19.8 13.0 12.8 10.1 4.8 Oasis Global Equity A 58.43 –2.4 40.2 46.5 17.9 11.7 11.6 11.9 7.9 JPM Global Select Equity Plus A (perf) Acc USD 10.18 –2.4 40.6 41.8 19.5 13.5 13.1 12.0 7.2 Credit Suisse – Holt Global Equity Fund R1C1 CHF 0.57 –2.4 47.5 19.2 12.9 13.8 Candriam Sustainable World C Cap 37.34 –2.5 38.7 45.2 20.6 13.3 12.5 11.5 7.7 HSBC GIF Global Equity Climate Change AC USD 18.26 –2.5 29.4 22.2 19.0 13.1 13.9 9.0 4.1 Baring Global Select A USD Inc 40.12 –2.5 29.2 29.3 19.5 13.1 12.9 8.9 5.3 Aberdeen Global – Multi-Manager World Eqty A2 EUR 23.36 –2.5 28.6 20.9 14.1 8.7 Petercam Equities World B 43.96 –2.5 20.7 LGT Capital Crown Listed Private Equity B EUR 237.48 –2.6 15.4 db x-trackers MSCI AC World Index UCITS ETF (DR) 153.95 –2.6 19.1 Vontobel Fund New Power B 252.27 –2.6 23.7 1.3 21.2 14.4 15.0 7.3 0.3 NN (L) Glbl Eqty Opportunities P Cap EUR 544.34 –2.6 23.1 20.6 20.8 13.2 13.2 7.2 3.8 Investec GSF Global Equity A Acc 756.70 –2.6 34.0 40.6 18.8 12.6 12.3 10.2 7.1 JSS OekoSar Equity – Global P EUR dist 174.96 –2.6 25.0 27.1 20.5 13.2 12.7 7.7 4.9 Avadis – Strategie Aktien A 104.15 –2.7 28.3 36.9 15.4 10.6 10.6 8.7 6.5 RobecoSAM Sustainable Healthy Living Fund B 318.01 –2.7 50.0 50.3 18.0 12.5 11.7 14.5 8.5 EIC Renewable Energy Fund EUR A 33.07 –2.7 39.1 –10.8 20.5 19.8 19.5 11.6 –2.3 GAM Star Composite Global Equity USD Acc –2.7 37.8 19.0 12.6 11.3 PARVEST Opportunities World C CU USD 171.93 –2.7 27.7 20.7 21.0 13.9 12.8 8.5 3.8 RobecoSAM Sustainable Global Equities EUR B 30.69 –2.8 38.5 35.0 19.8 13.0 12.9 11.5 6.2 SWC (CH) AZF Nachhaltigkeit Kapitalgewinn AA 28.03 –2.8 28.4 42.8 17.1 11.5 11.0 8.7 7.4

Nom

Actifs nets mios francs

Performance totale % 2015 3 ans 5 ans

Volatilité annualisée % 2015 3 ans 5 ans

Perf. annualisée % 3 ans 5 ans

Investec Global Equity A Acc Net GBP 474.56 –2.8 36.9 42.6 20.1 13.4 13.4 11.0 7.4 CS (Lux) Global Dividend Plus Equity Fund IBH CHF 118.02 –2.8 21.7 12.4 10.2 6.8 Waverton Equity A GBP 133.03 –2.8 30.9 35.7 20.4 13.8 13.1 9.4 6.3 GAM Global Diversified Acc –2.9 33.5 42.8 18.3 12.3 13.2 10.1 7.4 Jupiter JGF Global Equities L USD Acc 10.85 –2.9 26.2 39.6 18.0 11.8 11.3 8.1 6.9 1741 (Lux) Eq Dynamic Index World BC EUR 43.38 –2.9 18.5 LLB Aktien Dividendenperlen Global (CHF) T 104.86 –2.9 36.6 42.0 21.8 13.9 12.9 10.9 7.3 BCV (LUX) Strategy Equity (EUR) 5.66 –2.9 19.0 Investec GSF Global Value Equity A Acc USD 52.50 –2.9 34.0 16.3 11.0 10.3 Mi-Fonds (Lux) – InterStock B 51.86 –2.9 24.3 26.2 18.6 12.3 12.2 7.5 4.8 Julius Baer Global Excellence Equity (CHF) Bh 111.77 –3.0 14.9 DB Global Equity Income FD 82.22 –3.0 16.8 Neptune Global Equity A Acc GBP 482.02 –3.0 30.7 10.1 25.7 16.6 16.1 9.3 1.9 AllianceBernstein-Global Core Equity Pf A USD 909.63 –3.0 18.8 Goldman Sachs GIVI Gl Eq-GrMkTilt Pf BaseAcc(Snap) 72.39 –3.0 30.2 17.1 11.7 9.2 Controlfida Delta UCITS A Inst EUR Acc 260.67 –3.0 21.6 30.9 18.1 11.3 11.2 6.7 5.5 Wellington Enduring Assets USD D Acc Unhdgd 188.74 –3.1 14.9 PARVEST Global Environment Cl C EUR 408.93 –3.1 29.0 27.8 20.5 13.6 13.7 8.9 5.0 Robeco Global Growth Trends Equities D EUR 37.06 –3.1 19.9 RH&P Global Value Fund 23.01 –3.1 23.0 9.9 19.4 14.1 14.3 7.1 1.9 CS (Lux) SystematicReturn Fund USD BH CHF 87.68 –3.1 3.5 Fidelity Funds – Global Opportunities A-ACC-EUR 534.96 –3.2 31.1 36.8 18.6 12.2 11.7 9.4 6.5 CV Strategiefonds CHF 18.09 –3.2 –1.1 –17.3 5.8 3.8 7.3 –0.4 –3.7 Perkins Global Value A USD Acc 165.38 –3.2 33.3 44.6 16.6 10.8 10.6 10.0 7.7 DNB Fund Global SRI A EUR 58.35 –3.2 33.5 35.5 21.6 14.3 13.9 10.1 6.3 Goldman Sachs Glo Resp Eq Pf Base Acc USD (Snap) 22.73 –3.3 31.5 33.1 20.4 13.7 13.0 9.6 5.9 LOYS Sicav – LOYS Global P 419.54 –3.3 25.0 30.5 18.1 12.1 12.2 7.7 5.5 Goldman Sachs Strategic Glo Equity Pf Base USD 13.69 –3.4 35.7 39.8 21.3 14.2 13.4 10.7 6.9 Julius Baer Equity Fd Special Value Kh CHF hdg 769.17 –3.4 15.4 Julius Baer Equity Fd Special Value Ch CHF hdg 769.17 –3.4 15.4 Morgan Stanley Global Discovery Fund A USD 4.72 –3.4 17.6 Janus Global Research Fund A USD Acc 39.19 –3.4 35.0 37.3 19.5 12.9 12.5 10.5 6.5 NN (L) Global Equity P Cap EUR 287.60 –3.5 28.1 32.4 19.9 12.7 12.8 8.6 5.8 CapitalAtWorkFoyer-Contrarian Eqs atWork C EUR 572.62 –3.5 33.2 46.0 20.0 13.4 13.6 10.0 7.9 Berenberg Syst Approach – Global Stockpicker Fd A 52.84 –3.6 29.7 34.7 21.3 13.6 13.3 9.1 6.1 BCV Strategie Actions Monde 10.36 –3.6 25.3 25.3 17.6 11.6 11.5 7.8 4.6 JPM Global Socially Responsible A Dis USD 80.99 –3.7 39.9 36.4 21.7 14.6 14.0 11.9 6.4 Swisscanto (LU) Eq Fd Global Climate Invest B 60.58 –3.7 12.6 –16.5 19.6 13.7 14.8 4.0 –3.5 Warburg Value Fund – Anteilklasse A 428.46 –3.7 25.0 9.4 20.4 14.0 13.5 7.7 1.8 Synchrony (CH) World Equity (CHF) 11.57 –3.7 24.0 23.3 17.7 11.8 11.6 7.4 4.3 HSBC GIF Emerging Wealth AD USD 13.32 –3.7 19.2 11.6 19.3 13.4 13.8 6.0 2.2 CS (Lux) Global Dividend Plus Equity Fund BH CHF 118.02 –3.7 18.2 12.4 10.2 5.7 ACATIS AKTIEN GLOBAL FONDS UI A 325.34 –3.7 30.4 27.6 18.8 12.3 12.8 9.3 5.0 HSBC GIF Economic Scale Index Global Equity AD USD 210.64 –3.8 39.2 44.5 19.7 13.1 12.7 11.7 7.6 BRASCRI des Leodan Nachhaltigkeitsfonds 4.99 –3.8 10.0 12.5 17.0 12.2 10.4 3.2 2.4 RobecoSAM Smart Materials Fund B 266.91 –3.8 22.7 13.8 21.1 14.0 14.6 7.0 2.6 AllianceBernstein-Global Value Pf A USD 407.59 –3.8 41.3 30.2 19.6 12.9 13.6 12.2 5.4 Quantex Global Value Fund 52.62 –3.9 64.2 87.3 20.6 16.2 15.4 18.0 13.4 Vontobel Fund Future Resources H (hedged) 78.47 –3.9 3.6 20.9 13.7 1.2 Tweedy Browne Value USD 72.98 –3.9 20.9 33.1 15.6 11.9 11.4 6.5 5.9 CS (Lux) Global Property Inc Maximiser Eq Fd A USD 13.21 –4.0 14.8 Swisscanto (LU) Equity Fund Global Water Invest B 192.17 –4.0 31.7 42.6 19.1 13.7 12.5 9.6 7.4 Swisscanto (LU) Portfolio Fund Equity B 333.53 –4.1 25.8 25.8 19.1 12.4 12.2 7.9 4.7 Partners Group – Listed Infrastructure CHF-P 566.22 –4.1 22.1 12.1 9.5 6.9 Allied Finance Fund – Growth B 16.24 –4.1 26.4 20.4 22.1 15.2 13.4 8.1 3.8 iShares MSCI World Islamic UCITS ETF 101.38 –4.2 30.6 35.8 18.7 12.2 11.9 9.3 6.3 Albin Kistler Akien Welt D 56.07 –4.2 20.4 Julius Baer Equity Fd Special Value Ah CHF hdg 769.17 –4.2 15.4 Julius Baer Equity Fd Special Value Bh CHF hdg 769.17 –4.2 15.4 Acatis – 5 Sterne Universal Fonds 19.99 –4.2 14.4 0.8 17.8 11.5 12.1 4.6 0.2 WMP Equity Opportunities Fund B 31.63 –4.2 43.8 30.7 24.8 15.9 14.6 12.9 5.5 AZ Fund 1 Global Growth Selector A AZ FUND Acc 131.42 –4.2 22.4 20.3 13.0 7.0 Degroof Global ISIS High Cap 669.65 –4.3 19.0 13.6 17.9 12.3 12.6 6.0 2.6 JSS EquiSar – Global P EUR dist 226.71 –4.3 28.7 25.4 21.0 13.2 12.6 8.8 4.6 ENISO Forte G (EUR) 8.24 –4.3 15.0 –3.1 20.2 13.2 14.3 4.8 –0.6 ENISO Forte G (CHF) 60.43 –4.3 22.1 7.2 20.2 13.1 14.1 6.9 1.4 Flossbach von Storch – Global Equity R 240.97 –4.4 32.7 32.1 18.7 12.2 11.7 9.9 5.7 Manavest – Global Equity 32.67 –4.4 27.5 20.5 14.4 8.4 IVY Global Invest Science And Tech A USD 34.74 –4.4 24.0 Rolinco 679.60 –4.4 37.8 28.0 22.1 14.9 14.6 11.3 5.1 CS (Lux) Global Responsible Equity Fund B EUR 59.55 –4.5 28.1 26.4 19.6 12.6 12.0 8.6 4.8 Vanguard FTSE All-World High Div Yield UCITS ETF 350.95 –4.5 18.7 AllianceBernstein-Global Core Equity Pf I CHF H 909.63 –4.5 12.5 Schroder ISF QEP Global Blend USD A Acc 391.20 –4.5 29.8 18.4 12.4 9.1 20 UGS (UCITS) Funds Equity Opportunity P USD Cap 19.09 –4.6 16.8 GAM Star Worldwide Equity USD Inc –4.6 23.9 25.3 19.0 13.2 13.2 7.4 4.6 Capital Group Gl Growth and Inc (LUX) B USD 225.08 –4.6 29.0 36.6 18.2 12.0 11.4 8.9 6.4 Templeton Global A (Ydis) USD 1323.70 –4.6 34.3 41.3 20.7 13.9 14.3 10.3 7.2 UBS ETFs plc – MSCI ACWI RW SF UCITS ETF USD A-ac 10.39 –4.7 22.2 16.8 11.2 6.9 Baloise F Invest (Lux) – BFI InterStock (CHF) R 52.69 –4.7 26.2 27.2 18.0 12.0 11.7 8.1 4.9 UBS (Lux) Eq Fd – Gl Sust. Innovators (EUR) P 112.12 –4.7 27.3 12.8 21.2 14.0 14.2 8.4 2.4 LOF – Fundamental Equity L/S Sys.Hdg.Seed (EUR) MA 38.21 –4.7 14.0 Valex Marystone Strategy Fund 5.19 –4.8 10.2 DWS Concept Winton Global Equity USD LC 145.56 –4.8 42.9 18.5 12.7 12.6 Generali IS Global Equity Allocation D Cap EUR 33.91 –4.8 –3.4 –8.5 21.4 14.1 14.4 –1.1 –1.8 Mirabaud – Global Equity High Income A Cap USD 125.66 –4.9 16.9 SYNCHRONY (LU) WORLD EQUITY (EUR) A 6.27 –4.9 21.0 19.3 12.8 6.6 Reichmuth Global Leaders 16.00 –5.1 13.9 19.5 12.8 4.4 OneFund SICAV Global Equity Style R 56.35 –5.1 36.9 20.5 14.0 11.0 BNP Paribas L1 Equity World Quality Focus C C 178.82 –5.1 20.9 Mirova Global Transition Energy Equity Fund RAU 49.73 –5.2 10.4 –0.7 20.6 13.5 14.7 3.4 –0.1 UBS (Lux) Eq Fd – Global Sustainable (USD) P-acc 247.66 –5.3 37.6 44.6 20.1 13.5 13.4 11.2 7.7 Quoniam Fd Sel. SICAV Global Eq MinRisk EUR hdg A 140.27 –5.3 33.6 38.4 19.3 13.4 12.1 10.1 6.7 First State Global Listed Infrastructure A GBP Acc 1602.44 –5.3 34.9 49.6 15.5 11.0 10.8 10.5 8.4 Parworld Quant Equity World Guru CC 150.19 –5.4 45.5 15.8 13.0 13.3 BNP Paribas L1 Equity World GURU C C 182.77 –5.4 14.3 Legg Mason ClearBridge Global Equity A Dis A USD 10.40 –5.4 24.7 32.8 19.4 12.7 12.0 7.6 5.8 Franklin Mutual Global Discovery A (acc) USD 1108.27 –5.5 25.7 31.8 20.5 13.3 12.5 7.9 5.7 PowerShares FTSE RAFI All-World 3000 UCITS ETF 24.51 –5.5 30.0 30.0 19.5 12.8 12.7 9.1 5.4 Templeton Shariah Global Equity A (acc) USD 66.40 –5.5 14.2 18.2 12.2 4.5 Bruellan Dynamic – Tactical EUR 27.87 –5.5 46.4 23.3 19.6 14.0 13.8 13.6 4.3 Harris Associates Global Equity Fund R/A (USD) 1488.45 –5.5 37.1 36.2 23.3 15.2 14.2 11.1 6.4 HSBC GIF Global Equity Volatility Fcsd AC USD 359.17 –5.6 18.5 JSS Sustainable Equity – Global P EUR dist 86.94 –5.6 24.5 33.1 19.8 12.9 12.2 7.6 5.9 OekoWorld Growing Markets 2.0 C 69.60 –5.6 17.3 17.3 14.9 5.5 Argos Funds The Active Governance C USD Cap 9.22 –5.6 21.3 Nordea 1 Global Stable Equity Euro Hedged BP EUR 1414.70 –5.7 34.9 48.1 19.5 13.6 12.4 10.5 8.2 Orion SICAV – Actions Monde 3.81 –5.7 17.0 9.9 22.7 15.5 13.0 5.4 1.9 TreeTop Sequoia Equity A 262.25 –5.8 32.0 27.1 15.8 12.4 16.2 9.7 4.9 Global Brand Leader Fund 4.01 –5.9 14.5 CS (Lux) Infrastructure Equity Fund B USD 88.04 –6.0 23.2 22.7 12.5 10.1 11.7 7.2 4.2 Carmignac Pfl Investissement Latitude F CHF accHdg 148.05 –6.0 14.4 Nomura Funds Ireland-Fundamental Idx Glo Eq A USD 24.83 –6.0 22.9 25.4 18.8 12.7 13.0 7.1 4.6 Baloise F Invest (Lux) – BFI Equity Fund (EUR) R 416.23 –6.1 25.1 25.2 19.0 12.6 12.1 7.8 4.6 CapitalAtWorkFoyer-Equities at Work C EUR 331.45 –6.1 17.1 Templeton Global (Euro) A (Ydis) EUR 766.26 –6.1 32.9 40.0 21.6 14.6 14.3 9.9 7.0 CapitalAtWorkFoyer-Dynamic D 23.97 –6.1 10.6 14.1 10.6 3.4 CBR Strategy Fund – Optimum Classic (EUR) 34.40 –6.1 4.9 –2.5 13.9 10.3 12.0 1.6 –0.5 BNP Paribas Islamic Fund – Equity Optimiser C 42.09 –6.2 18.0 32.7 19.5 12.5 11.9 5.7 5.8 BBVA Durbana IF Global Equity A EUR Cap 40.05 –6.2 26.4 21.8 21.1 13.9 13.4 8.1 4.0 DB Platinum PWM CROCI Multi Fund R1C 147.84 –6.2 23.2 22.0 19.2 12.4 11.9 7.2 4.1 Schroder ISF QEP Global Active Value A Acc 1580.13 –6.2 28.2 26.4 18.6 12.4 12.1 8.6 4.8 OekoWorld Water for Life C 16.55 –6.3 20.8 21.2 14.7 12.1 11.9 6.5 3.9 Partners Group Listed – Listed Infrastructure P 566.22 –6.4 22.5 35.7 15.6 11.0 10.6 7.0 6.3 FBG Four Elements P 27.59 –6.6 23.6 5.0 20.2 13.7 13.1 7.3 1.0 Active Timing – Quanto CHF 10.33 –6.6 15.7 CS (Lux) Global ILC Equity Fund B USD 55.96 –6.6 18.0 StarCapital Starpoint A – EUR 190.80 –6.7 18.8 Long Term Invest Fd (SIA)-Classic EUR 162.49 –6.7 20.2 9.1 19.5 13.6 14.6 6.3 1.8 Global Value Quant Selection Fund A 9.49 –6.8 4.4 3.7 12.5 10.2 12.3 1.5 0.7 JOHCM Global Select B GBP 2869.61 –6.8 49.6 44.8 23.3 15.9 14.9 14.4 7.7 UBS (Lux) Strategy Fd – Equity (EUR) P-acc 93.14 –6.8 16.6 13.5 19.2 13.0 13.5 5.3 2.6 DJE – Agrar & Ernaehrung PA (EUR) 103.75 –6.8 –3.1 8.9 18.9 12.8 12.3 –1.0 1.7 Templeton Growth (Euro) A (acc) EUR 7610.10 –6.9 27.3 40.0 21.8 14.3 13.8 8.4 7.0 Uni21. Jahrhundert -net- 487.08 –7.0 30.1 19.6 18.0 12.7 12.6 9.2 3.6 CS Invest (Lux) SICAV IndexBlink B 44.97 –7.1 12.2 13.2 18.8 11.9 11.9 3.9 2.5 Swiss Rock (Lux) Sicav – Global Equity / AW C –7.1 16.4 Petercam Equities World Sustainable B 269.47 –7.3 21.0 26.7 15.3 10.7 11.2 6.6 4.8 Deutsche Invest I Global Infrastructure CHF LCH 802.54 –7.3 16.5 Pictet Select-Global Short-Long Equity A EUR 1311.44 –7.4 15.5 ARVEST Eurasia Stars Fund 5.59 –7.5 0.8 –0.1 15.1 10.6 11.1 0.3 0.0 M&G Global Basics A Inc 2702.64 –7.6 –0.9 –10.5 19.1 12.3 12.4 –0.3 –2.2 Allianz Global Agricultural Trends – AT – USD 208.14 –7.6 17.1 11.0 20.3 15.2 15.2 5.4 2.1 Partners Group Listed -Listed Income EUR I 46.22 –7.7 14.8 CS (Lux) Global Value Equity Fund B EUR 167.18 –7.8 13.0 –1.6 18.4 13.5 12.5 4.1 –0.3 Carmignac Pfl Investissement F GBP acc 213.34 –7.8 17.1 World Value Opportunities I in liq 0.90 –7.9 19.5 Julius Baer Equity Fd Special Value B EUR 769.17 –7.9 18.0 LO Funds – Golden Age (EUR) P A 733.19 –8.0 31.3 35.7 20.7 14.5 14.0 9.5 6.3 Pro Fonds (Lux) Premium B 9.28 –8.1 –5.4 –13.7 22.1 13.5 15.8 –1.8 –2.9 Petercam Equities Agrivalue B 61.34 –8.1 7.5 –1.5 19.9 13.0 13.4 2.5 –0.3 ARVEST Global Stars Fund 17.23 –8.2 –0.4 3.0 16.8 11.1 10.6 –0.1 0.6 UBS (Lux) Eq SICAV-Western Winners (USD) P-acc 135.25 –8.3 22.1 SKAGEN Vekst A NOK –8.3 6.3 –4.3 18.7 13.8 14.6 2.1 –0.9 Carmignac Investissement A EUR acc 6092.76 –8.4 15.1 9.0 16.6 11.8 10.8 4.8 1.7 BBGI Share Clean Energy (USD) 11.76 –8.5 24.7 –19.6 21.7 16.2 17.9 7.6 –4.3 InvestInvent Wind Energy B EUR –8.5 –3.7 0.8 15.7 9.3 8.8 –1.2 0.2 UBS (Lux) Eq SICAV-Western Winners (CHF hgd) K-1-a 135.25 –8.6 16.7 HSBC GIF China Consumer Opportunities AC USD 65.19 –8.6 15.8 19.2 13.7 5.0 Julius Baer Global Excellence Equity (EUR) B 111.77 –8.6 18.5 JSS EquiSar – IIID (EUR) P EUR acc 121.72 –8.7 2.5 –2.4 19.0 11.7 10.8 0.8 –0.5 Nordea 1 – Global Value BP EUR 67.44 –8.8 24.4 36.8 19.3 13.8 12.2 7.6 6.5

Finance

Le Temps l Mercredi 3 février 2016

CLASSEMENTS Nom

Actifs nets mios francs

Performance totale % 2015 3 ans 5 ans

Volatilité annualisée % 2015 3 ans 5 ans

Perf. annualisée % 3 ans 5 ans

Pictet-Agriculture-P EUR 293.53 –8.8 6.8 –2.1 19.3 12.9 12.5 2.2 –0.4 MostDiversifPtf Sicav Tobam AB World Eq Fd B1 988.95 –8.9 37.1 14.1 10.6 11.1 PARSUMO – PARworld Dynamic Equity Strategy Fund 30.50 –8.9 13.5 Unicorn SICAV Active Recycling RC USD Cap 6.45 –8.9 18.9 Deutsche Invest I Global Thematic LC 43.23 –8.9 20.5 14.6 19.6 14.0 13.7 6.4 2.8 DB Platinum CROCI World R1C-E 149.52 –9.0 34.7 39.2 21.1 13.8 13.3 10.5 6.8 CS Invest (Lux) SICAV Londinium Global Equities B 28.44 –9.0 6.7 0.0 18.6 12.9 14.3 2.2 0.0 Franklin Global Equity Strategies A (acc) USD 98.36 –9.2 11.0 9.1 19.0 12.6 12.6 3.5 1.8 Nuveen Global Infrastructure A USD 19.47 –9.3 24.0 15.2 11.0 7.4 Allianz Global EcoTrends – A – EUR 127.46 –9.3 19.8 2.7 21.1 14.8 14.1 6.2 0.5 PIMCO GIS RAE Fndm Plus Gl Dvlp E USD Acc 805.83 –9.3 22.3 UBS (Lux) Eq SICAV-Western Winners (CHF hgd) P-acc 135.25 –9.3 16.7 PI Global Value Fund -EUR-P- 141.61 –9.4 10.1 10.3 20.2 15.4 15.4 3.3 2.0 Reichmuth Bottom Fishing 7.61 –9.5 8.7 –8.0 22.2 15.6 15.5 2.8 –1.7 Fidelity Funds – Global Real Asset Sec A-ACC-USD 100.73 –9.6 1.5 2.5 18.8 12.9 13.0 0.5 0.5 Longleaf Partners Global UCITS USD 245.50 –9.6 32.4 24.0 21.0 14.7 15.4 9.8 4.4 SEB Sicav 2 Listed Private Equity C (EUR) 358.94 –9.7 30.8 16.9 15.5 12.2 15.8 9.4 3.2 LSF – Atyartha Global Opportunities Fd A 25.75 –9.7 7.5 20.1 13.4 2.4 Earth Exploration Fund UI (EUR R) 14.99 –9.9 –61.7 –82.6 34.1 32.7 29.9 –27.4 –29.5 Waverton Global Equity A GBP 75.93 –10.0 30.4 30.7 19.4 13.1 13.5 9.3 5.5 RM Strategic Fund 62.03 –10.1 20.4 Tweedy Browne Global High Dividend Value D 86.13 –10.4 8.3 20.9 17.8 13.0 12.2 2.7 3.9 Third Avenue (Dub) Value USD Acc 4.81 –10.4 17.6 12.7 22.5 14.4 14.6 5.5 2.4 Timeo Neutral Sicav – BZ Equity Value R EUR 15.70 –10.5 11.3 –2.7 19.3 14.6 16.1 3.6 –0.5 4Q-VALUE FONDS 17.40 –10.6 14.8 9.6 21.4 14.8 15.2 4.7 1.8 FBG FOF Global Growth Strategy 16.08 –10.9 1.2 –11.0 19.0 12.2 11.2 0.4 –2.3 Heptagon Kopernik Global All-Cap Equity C 102.84 –11.2 23.5 Zeus Strategie Fund 13.20 –11.2 –8.5 –15.7 12.6 9.1 9.6 –2.9 –3.4 Guinness Alternative Energy B 5.29 –11.4 44.5 –28.4 24.9 23.4 26.0 13.1 –6.5 JPM Global Developing Trends A Acc USD 145.06 –11.6 12.3 23.5 15.7 4.0 Raiffeisen Fonds – Future Resources B 25.32 –11.8 –5.0 –13.1 22.3 14.8 16.0 –1.7 –2.8 Pictet-Clean Energy-P USD 492.96 –11.9 25.6 0.6 22.5 15.2 15.0 7.9 0.1 Aberdeen (Swiss) Funds Global Opps Equity Fd 28.69 –12.1 6.4 16.1 18.7 12.7 11.7 2.1 3.0 Amundi Fds Equity Global Agriculture – AU (C) 112.10 –12.1 13.1 3.6 17.7 12.6 12.6 4.2 0.7 Julius Baer EF Infrastructure-EUR B 37.33 –12.2 18.6 26.1 14.4 10.5 10.6 5.8 4.8 CEAMS Quality Global Equity Fund B 3.87 –12.2 9.6 8.5 21.4 14.5 14.1 3.1 1.7 Aberdeen Global – World Equity A2 Acc USD 973.39 –12.2 7.5 18.0 18.7 12.9 12.2 2.4 3.4 Aberdeen Global – Ethical World Equity A2 Acc 16.96 –12.7 7.1 10.5 19.2 13.1 12.7 2.3 2.0 AZ Fund 1 QInternational A AZ FUND Acc 24.04 –13.3 –6.0 14.5 9.6 –2.0 BGF World Agriculture A2 USD 108.21 –13.4 5.0 –1.6 18.7 13.3 13.8 1.7 –0.3 RobecoSAM Sustainable Agribusiness Equities D EUR 153.87 –13.4 9.4 5.3 18.3 13.3 13.2 3.0 1.0 DB Platinum CROCI Sectors Fund R3C 549.08 –13.5 30.3 19.6 14.2 9.2 StarCapital – Priamos A – EUR 76.47 –13.6 13.3 –2.6 17.4 13.6 13.8 4.3 –0.5 Third Avenue (Dub) International Value USD Acc 5.09 –13.7 –1.1 –2.2 19.5 13.0 12.9 –0.4 –0.5 Baring Global Agriculture A GBP Acc 94.78 –13.8 2.9 –4.6 21.0 14.6 14.3 1.0 –0.9 GAM Star Global Selector USD Acc –13.9 5.3 25.1 21.8 13.9 12.9 1.7 4.6 Aberdeen Global – Responsible World Equity A2 USD 17.89 –13.9 8.4 14.4 18.8 13.0 12.5 2.7 2.7 Carmignac Pfl Investissement Latitude A EUR acc 148.05 –13.9 14.8 Carmignac Investissement Latitude A EUR acc 638.86 –14.0 0.4 –3.5 14.8 11.3 10.6 0.1 –0.7 DB Platinum CROCI Branchen Stars R1C 51.81 –14.2 27.6 37.8 23.3 16.7 16.3 8.5 6.6 Oppenheimer Developing Markets Eqty AE Acc EUR 0.06 –14.3 19.2 Morgan Stanley Global Infrastructure Fund A USD 457.37 –14.6 25.5 62.9 16.3 12.0 11.7 7.9 10.3 Deutsche Invest I Global Infrastructure LC 802.54 –15.0 24.6 11.6 15.3 11.8 12.1 7.6 2.2 Edmond de Rothschild Fund-Global Value A EUR 275.59 –15.1 30.5 22.1 21.9 15.3 15.2 9.3 4.1 Edmond de Rothschild Infrasphere A 46.86 –15.3 9.4 15.5 16.4 11.5 10.7 3.0 2.9 Edmond de Rothschild Fund-Premiumsphere A EUR 65.68 –16.1 18.0 Schroder ISF Global Recovery A Acc 141.63 –16.4 17.4 R Opal Biens Reels C 50.61 –16.7 –16.6 –27.3 17.6 13.0 12.9 –5.9 –6.2 Deutsche Invest I Global Agribusiness LC 746.29 –17.4 –9.7 –11.0 15.7 12.9 13.3 –3.4 –2.3 SYZ AM (CH) 1 – Natural Resources Equity A 24.78 –17.8 –9.3 –28.6 22.2 15.8 17.5 –3.2 –6.5 VP Bank Fund Selection Aktien Natural Resources B 2.54 –18.1 –20.8 –34.6 18.4 13.3 12.5 –7.5 –8.2 4Q-SMART POWER -EUR- 57.34 –18.4 –11.1 –18.1 29.7 18.2 19.6 –3.9 –3.9 Julius Baer EF Energy Transition-USD B 37.12 –18.6 –4.1 –25.7 25.6 19.2 19.2 –1.4 –5.8 Legg Mason Martin Currie GF Global Resources USD 17.65 –18.8 –16.5 –29.6 25.8 17.4 17.7 –5.8 –6.8 HMG Globetrotter C 103.62 –19.0 –22.2 –17.5 18.4 13.0 12.1 –8.0 –3.8 Baring Global Resources A USD Inc 289.66 –19.6 –24.7 –46.6 25.0 17.6 18.9 –9.0 –11.8 SWC (CH) EF Global Ressources AA 99.43 –20.4 –25.2 –44.1 23.8 16.2 18.4 –9.2 –11.0 Amundi Fds Equity Global Resources – AU (C) 86.14 –21.2 –30.2 –46.3 23.6 18.1 16.7 –11.3 –11.7 Quantex Nucleus Fonds CHF 24.67 –21.3 –41.7 –59.6 20.8 18.8 19.3 –16.5 –16.6 RBC Funds (Lux) Global Resources B USD Cap 13.30 –22.3 –18.1 24.0 17.0 –6.4 KBL Key Fund-Natural Resources Equities EUR 14.12 –23.2 –35.5 –52.7 23.4 17.1 16.7 –13.6 –13.9 Aberdeen Global – World Resources Equity A2 USD 106.08 –25.0 –28.1 –32.8 22.5 16.2 16.2 –10.4 –7.6 Long Term Invest Fd (SIA)-Natural Resources EUR 6.97 –25.3 –35.5 –60.2 27.7 19.8 24.6 –13.6 –16.8 Henderson HF Global Natural Resources A2 EUR 4.41 –26.0 23.1 Julius Baer EF Natural Resources-USD B 18.23 –26.1 –34.4 –47.6 24.8 17.6 17.2 –13.1 –12.1 LGT Select Commodity Diversified (USD) B 75.80 –26.6 –37.1 16.2 11.8 –14.3 Aberdeen Global – World Resources Eqty A2 Hdg CHF 106.08 –26.9 –36.3 –40.8 20.8 16.4 19.1 –14.0 –10.0 Raw materials fund – EUR - 2.73 –27.8 –33.9 –46.3 25.4 18.4 19.1 –12.9 –11.7 MRB Goldminen- & Rohstoffaktien Fonds 7.12 –33.3 –54.8 –69.5 24.6 23.3 20.9 –23.2 –21.1 First State Global Resources A GBP Acc 443.60 –34.9 –46.5 –63.2 31.0 22.9 22.7 –18.8 –18.1 UBS (Irl) ETF plc-Solactive Gl Oil Eq UCITS(USD)Ad 6.95 –36.6 –45.7 45.3 33.3 –18.4 JPM Global Natural Resources A Acc EUR 461.72 –36.9 –57.1 –73.2 31.8 25.0 23.9 –24.6 –23.2 Actions Internationales Average 449.46 –2.6 29.8 28.6 18.7 13.2 13.2 8.7 4.6 ACTIONS INTERNATIONALES – PMC Franklin Global Small-Mid Cap Growth A (acc) USD Invesco Global Smaller Companies Eq A Acc USD LSF – Xantos A AXA WF Framlington Global Small Cap A C USD F&C Global Smaller Cap Equity A Acc USD ZIF Aktien Global Small Cap A1 Threadneedle (Lux)-Global Smaller Companies AE Schroder ISF Global Smaller Companies A Acc Goldman Sachs Glo SmCp CORE Eq Pf Base USD (Close) Principal GI Global Small Cap Equity A Acc USD Allianz Global Small Cap Equity – AT – USD Nordea 1 – Global Small Cap BP USD AXA Rosenberg Global Small Cap Alpha B USD SSgA SPDR MSCI World Small Cap UCITS ETF Invesco Global Small Cap Equity A Ann Dist USD Impax Environmental Markets GBP A PARVEST Environmental Opportunities C C EUR Invesco Global Small Cap Equity C Acc CHF Hdg Aberdeen Global – World Smaller Companies A2 USD EG Global Equities (EUR) Invesco Global Small Cap Equity A Acc CHF Hdg SWC (CH) EF Nachhaltigkeit Small & Mid Cap AA Petercam L Equities Opportunity B RobecoSAM Global Small Cap Equities EUR B BGF Global SmallCap A2 USD Third Avenue (Dub) Small Cap Value USD Acc Templeton Global Smaller Companies A (Ydis) USD MRB Globaler Value & Dividenden Fonds EUR Actions Internationales – PMC Average ACTIONS INTERNATIONALES – REVENU Deutsche Invest I Top Div CHF FCH (P) Deutsche Invest I Top Div CHF LCH (P) BCV IF Systematic Defensive High Dividend Equity B BNY Mellon Global Equity Income A USD Inc Federated Strategic Value Equity A USD DIS Fidelity Funds – Global Div A-ACC-USD DWS Top Dividende LD Deutsche Invest I Top Div LC UBS (Lux) Eq S – Gl High Dividend(USD) P-acc BGF Global Equity Income A2 USD Petercam Equities World Dividend B EUR JSS EquiSar – International Income P EUR acc Threadneedle Global Equity Income Ret Net Acc GBP UBS (Lux) Equity SICAV – Gl Inc (USD) P-acc Invesco Global Equity Income A Acc USD JPM Global Dividend A Acc USD RAM (Lux) SF-Global Shareholder Yield Eq Bp USD BGF Global Equity Income D2 CHF Hedged UBS (Lux) Eq S – Global High Dividend(CHFh)P-dis Nuveen Santa Barbara Global Dividend Gr A USD Acc UBS (Lux) Eq S – Global Income (USD)(CHFhdg) Q-a UBS (Lux) Eq S – Global Income (USD)(CHFhdg) Q-d BGF Global Equity Income A2 CHF Hedged Invesco Global Equity Income C Acc CHF Hedged UBS (Lux) Equity SICAV – Gl Inc CHFhdg Pacc UBS (Lux) Equity SICAV – Gl Inc CHFhdg Pdis Julius Baer Global Equity Income Fund B Invesco Global Equity Income A Acc CHF Hedged Pioneer Funds Global Eq Target Inc A ND EUR OYSTER Global High Dividend R USD Lyxor UCITS ETF SG Global Quality Income NTR D-EUR AXA WF Framlington Global High Income A C USD Guinness Global Equity Income B AllianceBernstein-Global Equity Income Pf A USD BGF Global Enhanced Equity Yield A2 USD Pictet-High Dividend Selection-P EUR BCV Systematic Global High Dividend Equity A INTECH Global Dividend A USD Acc Capital Group World Div Growers (LUX) B USD OYSTER Global High Dividend C CHF HP NN (L) Global High Dividend P Cap EUR AllianceBernstein-Global Equity Income Pf I CHF H Templeton Global Equity Income A (Mdis) USD DB Platinum CROCI Global Dividends R1D-E Schroder ISF Global Dividend Maximiser A Acc Schroder ISF Global Equity Yield A Acc

244.48 9.7 38.3 48.8 18.5 12.2 11.9 11.4 8.3 137.68 8.1 62.4 19.9 13.2 17.5 51.44 8.0 50.0 21.6 15.6 14.5 36.21 7.9 18.8 33.38 6.3 18.0 247.61 5.0 19.5 6.09 3.3 18.4 243.84 3.3 54.3 52.0 18.9 12.6 12.4 15.6 8.7 476.45 2.6 54.6 66.5 17.5 12.7 12.3 15.6 10.7 21.25 2.3 55.2 17.6 12.8 15.8 453.84 1.9 19.8 121.80 1.2 17.7 468.45 0.6 53.0 65.4 17.1 12.3 12.9 15.2 10.6 63.43 –0.4 19.4 413.40 –0.4 40.3 41.0 17.2 11.7 12.8 12.0 7.1 88.56 –0.9 34.4 17.5 18.5 12.7 12.9 10.4 3.3 145.97 –1.4 32.4 12.9 18.9 13.1 13.1 9.8 2.5 413.40 –1.8 12.3 13.32 –1.9 16.8 16.3 11.8 5.3 16.65 –2.1 25.8 10.6 17.6 12.1 11.9 7.9 2.0 413.40 –2.5 12.5 24.31 –3.2 40.8 1.7 19.5 14.2 14.8 12.1 0.3 45.30 –3.2 17.7 10.0 17.4 12.2 12.4 5.6 1.9 12.02 –4.0 20.5 389.42 –6.0 39.8 40.2 20.3 14.5 13.5 11.8 7.0 1.15 –6.5 32.5 39.6 21.6 15.5 13.8 9.8 6.9 117.69 –6.8 17.9 –0.7 19.5 13.4 14.0 5.6 –0.1 12.67 –7.4 4.1 8.6 19.8 12.8 13.4 1.4 1.7 180.9 0.4 37.2 29.6 18.4 13.1 13 11 5.1 4539.87 4539.87 24.15 471.15 12.12 4069.08 15691.97 4539.87 651.00 2382.40 135.26 39.12 2220.62 702.20 904.65 114.94 45.35 2382.40 651.00 161.51 702.20 702.20 2382.40 904.65 702.20 702.20 67.51 904.65 2452.20 89.04 201.34 15.32 146.80 5.55 839.02 1340.12 4.66 1.90 33.51 89.04 1114.17 5.55 201.07 375.96 4196.22 490.12

5.4 36.9 4.4 33.7 4.1 3.5 31.8 2.7 48.4 77.2 2.4 46.8 1.9 34.5 46.6 1.7 32.9 41.7 1.3 41.5 1.2 32.8 51.3 1.1 46.9 0.8 35.8 43.4 0.6 29.9 39.1 0.5 0.5 39.4 0.4 34.1 37.4 0.1 –0.3 –0.4 27.7 –0.8 34.4 –1.0 –1.0 –1.0 –1.0 –1.2 –1.2 –1.5 –1.7 –1.9 30.6 28.8 –2.3 36.0 –2.3 23.4 –3.4 25.0 –3.6 37.5 50.0 –3.6 –3.8 24.3 24.7 –3.9 20.6 25.2 –4.0 –4.2 –4.7 –4.8 19.8 –4.9 27.4 35.0 –5.0 –5.5 22.0 25.0 –5.8 26.7 –5.9 22.4 39.7 –6.1 28.0 43.8

10.9 8.5 11.1 10.9 8.5 10.2 11.3 16.1 10.5 9.7 15.2 10.7 11.7 14.1 18.5 11.9 13.6 16.7 11.1 10.7 10.4 15.7 10.8 10.4 9.9 16.7 11.2 12.3 18.1 11.9 11.2 9.9 18.6 12.2 13.7 18.4 11.8 11.5 10.8 18.0 12.1 11.7 9.1 15.8 17.9 11.8 11.7 17.0 11.5 11.4 10.3 16.4 13.3 11.4 9.0 8.5 19.1 12.2 10.3 10.1 10.1 13.4 13.2 10.1 10.1 18.2 13.2 17.9 11.4 11.9 9.3 17.5 11.9 10.8 14.7 10.6 7.3 18.0 11.9 7.7 19.1 12.7 11.8 11.2 17.5 15.3 10.8 11.3 7.5 17.9 12.0 11.4 6.4 19.1 16.4 16.0 11.6 9.9 6.2 20.6 13.1 12.3 8.4 12.9 20.1 13.4 13.4 6.8 20.1 13.0 8.2 17.1 11.3 11.3 7.0 18.0 12.4 12.3 8.6

12.1 8.0 7.2 8.6 7.5 6.8 6.6

5.2

8.5 4.5 4.6

6.2 4.6 6.9 7.5

Nom

Actifs nets mios francs

Performance totale % 2015 3 ans 5 ans

Volatilité annualisée % 2015 3 ans 5 ans

Perf. annualisée % 3 ans 5 ans

db x-trackers STOXX Gl Select Div 100 UCITS ETF 1D 603.71 –6.5 24.6 36.3 16.1 11.0 10.3 7.6 6.4 Tower Developed Markets Eq USD 10.28 –6.7 15.8 Barclays GA – Global Equity Income A Acc GBP –6.9 17.4 22.6 14.6 5.5 SSgA SPDR S&P Gbl Div Aristocrats UCITS ETF 130.48 –8.7 16.5 Veritas Global Equity Income GBP B 1843.22 –8.8 5.6 19.6 20.2 13.4 12.8 1.8 3.6 BL Equities Dividend B Cap 937.86 –9.3 13.4 22.7 15.3 10.0 9.0 4.3 4.2 PIMCO GIS Global Dividend E USD Inc 69.21 –9.5 18.0 19.1 12.7 5.7 UBS (Irl) ETF plc DJ Gl Sel Divid UCITS ETF USDAd 23.99 –9.5 17.0 Neuberger Berman Global Equity Income USD A Acc 6.06 –10.4 17.4 KS Global Value Fund EUR-R 32.10 –11.6 2.4 12.2 8.1 0.8 M&G Global Dividend A GBP Inc 8655.22 –11.9 15.7 27.9 23.5 15.5 14.2 5.0 5.1 Legg Mason ClearBridge Tct Div Inc LM Acc USD 69.79 –13.3 18.1 Aberdeen Global – World Equity Dividend E1 Inc EUR 40.40 –13.4 –4.6 18.8 13.4 –1.5 Swiss Life Funds (LUX) Eq Gl High Div R EUR 153.78 –13.8 6.5 3.6 18.0 12.7 12.3 2.1 0.7 Miller Howard SICAV – Dividend Equity R USD 3.47 –18.5 22.7 UBS (CH) Equity Fund – EM High Dividend P 69.72 –21.7 16.4 Actions Internationales – Revenu Average 1219.48 –3.8 27.1 36 16.3 11.6 11.7 8.2 6.2 ACTIONS INTERNATIONALES HORS US Thornburg Global Equity Ex-U.S. Cl A Vontobel Fund – Global Equity (ex-US) USD B Tweedy Browne International Value CHF Investor Morgan Stanley International Equity (ex US) A USD BCV Systematic World ex US & Western Europe Eq A Tweedy Browne International Value EUR Investor Actions Internationales hors US Average ACTIONS ITALIE AXA WF Framlington Italy AC EUR OYSTER Italian Opportunities C EUR PR AZ Fund 1 Italian Trend A AZ FUND Acc Schroder ISF Italian Equity A Acc Kairos International Sicav – Risorgimento X Fidelity Funds – Italy A-EUR CS (Lux) Italy Equity Fund B EUR Pioneer Funds Italian Equity E No Dis EUR iShares FTSE MIB UCITS ETF (Dist) iShares FTSE MIB UCITS ETF (Acc) db x-trackers FTSE MIB UCITS ETF (DR) Kairos International Sicav- Italia P Actions Italie Average ACTIONS ITALIE – PMC Willerequity Italy P Cap EUR OYSTER Italian Value C EUR PF Actions Italie – PMC Average

7.01 103.29 281.24 59.58 27.66 109.62 98.07

4.4 19.1 2.0 18.9 35.8 0.7 15.0 30.7 0.2 –8.3 0.6 –8.5 –8.8 10.6 22.7 –1.6 12.8 20.2

17.6 11.9 6.0 16.2 11.5 10.6 5.9 12.5 10.5 9.6 4.8 17.1 18.9 13.1 12.0 0.2 16.8 12.7 12.1 3.4 16.5 12 11.1 4.1

6.3 5.5 –1.8 4.2 3.6

701.44 14.3 44.9 32.7 18.8 18.3 19.7 13.2 5.8 183.67 11.1 38.7 16.9 19.0 16.9 18.8 11.5 3.2 603.48 11.0 36.3 9.6 21.5 22.3 24.6 10.9 1.8 453.46 10.3 42.9 33.8 17.7 16.5 18.2 12.6 6.0 69.07 10.3 18.2 1390.59 9.5 41.4 30.8 17.8 19.2 20.7 12.2 5.5 108.93 8.6 47.1 26.0 18.5 19.5 21.5 13.7 4.7 91.84 5.9 27.5 9.7 16.5 16.6 18.5 8.4 1.9 1198.90 4.0 26.8 4.6 18.6 19.9 22.3 8.2 0.9 275.40 4.0 26.6 5.1 18.6 19.9 22.3 8.2 1.0 281.47 3.9 26.4 4.9 18.7 19.9 22.3 8.1 1.0 612.92 –1.8 14.3 431.14 7.6 35.9 17.4 18.2 18.9 20.9 10.7 3.2 22.83 51.27 37.05

7.0 –3.0 2

33.8 30.9 32.4

16.6 9.9 13.3

18.2 18.8 18.5

16.3 17.4 16.8

17.2 18.7 17.9

10.2 9.4 9.8

3.1 1.9 2.5

ACTIONS JAPON BL Equities Japan B Cap 146.21 21.1 56.5 18.6 13.6 16.1 Comgest Growth Japan Yen 64.98 20.4 71.7 62.0 18.7 14.0 13.5 19.8 10.1 OYSTER Japan Opportunities C JPY PR 334.62 19.7 51.5 32.4 17.9 13.0 14.4 14.9 5.8 JPMorgan Japan Equity A Dis USD 1745.81 19.4 62.8 54.1 19.0 16.0 15.5 17.6 9.0 ValueInvest Lux Japan A Cap 92.91 19.2 50.0 49.7 12.7 10.8 12.3 14.5 8.4 BNY Mellon Japan All Cap Equity C JPY 32.67 16.4 17.4 Allianz Japan Equity – A – USD 294.40 16.3 51.0 42.0 20.9 15.1 15.4 14.7 7.3 AXA Rosenberg Japan Equity Alpha B JPY 246.11 14.9 46.3 29.2 17.6 13.0 14.3 13.5 5.3 Fidelity Funds – Japan Aggressive I-ACC-JPY 104.43 14.9 83.6 80.8 18.6 18.3 16.6 22.5 12.6 Schroder ISF Japanese Opportunities A Acc 1271.63 14.7 65.8 57.9 17.5 14.0 13.7 18.4 9.6 T Rowe Japanese Equity A EUR 3.10 14.3 47.0 39.7 17.6 13.9 13.9 13.7 6.9 Henderson HF Japan Opportunities A2 USD 46.00 14.0 52.4 38.9 21.3 15.4 15.8 15.1 6.8 Vontobel Fund Japanese Eq B YEN 82.12 14.0 48.6 30.5 16.4 13.9 14.6 14.1 5.5 GAM Star Japan Equity EUR Acc 13.7 47.3 29.0 20.3 14.6 14.5 13.8 5.2 AXA Rosenberg Japan Enhcd Index Eq Alpha B JPY 65.73 13.5 45.7 34.7 17.5 12.9 13.9 13.4 6.1 Invesco Japanese Value Equity A Acc JPY 143.54 13.0 46.2 17.8 13.7 13.5 Goldman Sachs Japan Portfolio Base JPY 1801.66 12.9 48.0 32.9 17.2 13.4 14.3 13.9 5.8 Nomura Funds Ireland-Japan High Conviction A JPY 34.42 12.9 21.2 Metzler Focus Japan 23.33 12.6 50.8 35.3 19.1 13.8 14.7 14.7 6.2 MFS Meridian Funds-Japan Equity A1 USD 11.93 12.5 40.3 36.1 19.9 15.4 14.6 11.9 6.4 Man GLG Japan CoreAlpha Equity D JPY 4802.65 12.5 53.8 29.3 22.4 14.9 16.8 15.4 5.3 Eastspring Investments-Japan Dynamic A 2060.40 12.4 55.8 21.7 15.3 15.9 Franklin Japan A (acc) JPY 358.01 12.4 41.9 31.4 17.9 14.3 14.2 12.4 5.6 UBAM IFDC Japan Opportunities Equity APC JPY 63.09 12.3 40.0 44.0 16.1 11.8 12.8 11.9 7.6 Janus Japan A USD Acc Hedged 2.02 12.1 21.9 Pioneer Funds Japanese Equity E No Dis EUR 364.70 11.9 37.1 16.6 16.1 12.2 13.8 11.1 3.1 LGT Select Equity Japan (JPY) B 430.92 11.6 48.7 33.3 17.6 13.8 14.6 14.1 5.9 ComStage TOPIX UCITS ETF 23.02 11.6 45.5 31.0 18.1 13.3 14.1 13.3 5.6 F&C Japanese Equity A EUR 25.76 11.5 43.8 23.1 20.9 14.4 15.0 12.9 4.2 Invesco Japanese Equity A Annual Dist USD 38.62 11.5 41.7 13.3 18.5 14.1 14.8 12.3 2.5 Aberdeen Global – Japanese Equity A2 Acc JPY 3516.52 11.4 41.4 46.3 19.8 14.1 13.4 12.2 7.9 Amundi ETF JPX-Nikkei 400 UCITS ETF – EUR 422.91 11.2 18.7 db x-trackers Nikkei 225 UCITS ETF (DR) 108.36 11.1 18.2 Jupiter JGF Japan Select L USD Acc 55.81 11.0 41.7 28.0 16.7 13.8 14.1 12.3 5.1 Lyxor UCITS ETF Japan (Topix) – D-EUR 1162.59 11.0 45.4 32.3 18.2 13.4 14.2 13.3 5.8 Invesco Japanese Value Equity A Acc CHF Hedged 143.54 10.9 17.8 Pictet-Japanese Equity Opportunities-P JPY 2144.59 10.9 51.4 44.6 20.1 15.0 14.8 14.8 7.7 LO Funds – Alpha Japan (JPY) P A 154.38 10.9 34.5 21.5 16.2 12.7 13.9 10.4 4.0 Schroder ISF Japanese Equity A Acc 3412.88 10.8 39.3 32.5 18.0 13.8 13.6 11.7 5.8 Vanguard FTSE Japan UCITS ETF 850.62 10.8 18.8 Danske Invest Japan A 40.23 10.7 43.4 25.1 17.6 13.3 14.1 12.8 4.6 Melchior Sel Trust Japan Adv E5 CHF Cap 110.17 10.6 17.1 iShares Nikkei 225 UCITS ETF 351.82 10.5 48.0 42.6 18.3 13.5 13.5 14.0 7.4 ComStage Nikkei 225 UCITS ETF 48.86 10.5 47.6 40.6 18.2 13.5 13.5 13.9 7.1 HSBC GIF Economic Scale Index Jap Eq AD JPY 140.78 10.5 37.0 19.2 18.6 13.6 14.1 11.1 3.6 iShares Core MSCI Japan IMI UCITS ETF 1407.21 10.4 45.1 32.1 18.2 13.5 14.7 13.2 5.7 Invesco Japanese Equity Core A Annual Dist USD 756.02 10.4 42.9 20.9 20.3 15.3 18.5 12.6 3.9 Old Mutual Japanese Equity A JPY 67.22 10.4 45.3 26.7 17.9 13.9 14.3 13.3 4.9 M&G Japan A Inc 395.75 10.3 53.8 40.5 23.4 16.1 17.5 15.4 7.0 LO Funds – Alpha Japan (CHF) I A 154.38 10.2 69.6 65.6 16.6 15.1 16.7 19.2 10.6 Nomura Funds Ireland-Japan Strategic Value A JPY 3266.70 10.2 48.3 34.5 16.8 13.1 13.5 14.0 6.1 SLI Glo SICAV Japanese Equities A JPY 217.67 10.2 42.0 29.8 18.1 13.5 13.9 12.4 5.4 Julius Baer EF Japan-JPY B 3091.85 10.1 43.8 35.8 19.8 13.6 13.9 12.9 6.3 Invesco Japanese Equity Advantage A Acc JPY 1147.24 10.1 46.4 19.7 14.3 13.5 Pictet CH Inst-Japanese Equities Tracker-I JPY 132.80 10.1 45.1 18.9 13.7 13.2 Vanguard Japan Stock Index Inv USD 2265.16 10.0 44.8 30.5 18.9 13.7 14.3 13.1 5.5 JPM Japan Strategic Value A Acc JPY 405.63 10.0 39.7 35.1 17.3 13.5 14.5 11.8 6.2 Amundi Fds Equity Japan Target – AJ (C) 227.30 10.0 45.7 31.8 16.5 13.0 14.5 13.4 5.7 Pictet-Japan Index-P JPY 1228.65 10.0 44.9 30.9 18.9 13.7 14.4 13.2 5.5 LO Funds – Alpha Japan (CHF) MD 154.38 10.0 16.7 UBS ETF MSCI Japan UCITS ETF (JPY) A-dis 1091.02 10.0 44.5 30.1 18.9 13.7 14.4 13.1 5.4 LO Funds – Alpha Japan (CHF) M A 154.38 10.0 16.6 Polar Capital Japan R JPY 2876.88 9.9 39.4 28.5 20.6 15.9 15.8 11.7 5.1 UBS ETF-MSCI Japan hgd to USD UCITS (USD) A-a 666.30 9.9 24.1 UBS ETFs plc – MSCI Japan SF UCITS ETF JPY A-acc 57.52 9.8 43.9 18.9 13.8 12.9 Swisscanto (CH) Index Equity Fund MSCI Japan A 134.51 9.8 43.5 29.3 18.8 13.7 14.4 12.8 5.3 Principal GI Japanese Equity A Acc USD 29.26 9.8 39.4 31.3 18.7 13.6 14.1 11.7 5.6 Amundi ETF MSCI Japan UCITS ETF – EUR 397.95 9.8 43.9 29.7 18.9 13.6 14.3 12.9 5.3 iShares MSCI Japan USD Hedged UCITS ETF 725.02 9.8 24.1 Threadneedle Japan Retail Net Acc GBP 600.60 9.6 36.7 20.0 19.8 14.9 15.1 11.0 3.7 UBAM IFDC Japan Opportunities Equity APHC CHF 63.09 9.6 64.6 17.1 12.8 18.1 iShares MSCI Japan UCITS ETF (Dist) 2844.91 9.6 42.9 29.2 19.1 13.8 14.6 12.6 5.3 CS (Lux) Japan Value Equity Fund B JPY 110.57 9.5 39.0 14.6 13.3 11.6 UniJapan 131.72 9.5 37.3 26.8 18.1 13.8 14.1 11.1 4.9 Invesco Japanese Equity Core C Acc CHF Hedged 756.02 9.5 20.7 ComStage MSCI Japan TRN UCITS ETF 11.00 9.4 43.9 31.4 19.1 13.8 14.5 12.9 5.6 Polar Capital Japan Alpha R JPY 113.45 9.4 46.7 22.3 16.3 13.6 Amundi Fds Index Equity Japan – AE (C) 427.38 9.4 42.0 26.2 19.0 14.1 14.9 12.4 4.8 NN (L) Japan Equity P Cap JPY 336.66 9.3 42.3 30.6 17.7 13.4 13.9 12.5 5.5 LO Funds – Alpha Japan (CHF) P A 154.38 9.3 65.0 58.4 16.6 15.1 16.7 18.2 9.6 HSBC MSCI JAPAN UCITS ETF 190.36 9.2 43.6 31.3 19.2 13.9 14.5 12.8 5.6 db x-trackers MSCI Japan Index UCITS ETF 1C (DR) 2225.09 9.2 42.9 30.3 19.1 13.8 14.5 12.6 5.4 Barclays GA – Japan Z Acc JPY 9.2 44.9 28.8 19.8 15.3 15.3 13.2 5.2 iShares MSCI Japan UCITS ETF (Acc) 545.69 9.1 43.8 29.7 19.3 13.9 14.4 12.9 5.3 Invesco Japanese Equity Advantage C Acc CHF Hdg 1147.24 9.0 19.4 Amundi Fds Equity Japan Value – AJ (C) 75.49 8.9 32.1 22.4 19.2 13.5 14.2 9.7 4.1 PARVEST Equity Japan Classic Cap JPY 682.10 8.9 39.5 22.7 20.2 15.1 14.6 11.7 4.2 CAPB Funds Japan Opportunities G Cap 93.70 8.9 40.2 28.5 19.1 13.8 13.4 11.9 5.1 BCV Japac (JPY) A 240.28 8.8 41.2 30.3 19.5 14.2 14.3 12.2 5.4 BSI-Multinippon A 77.69 8.8 37.0 31.9 18.1 14.1 13.2 11.1 5.7 Invesco Japanese Equity Core A Acc CHF Hedged 756.02 8.8 20.7 Aberdeen Global – Japanese Equity S2 Hdg CHF 3516.52 8.7 70.5 86.4 20.0 16.0 15.6 19.5 13.3 Fidelity Funds – Japan Advantage A-JPY 367.64 8.7 27.0 17.7 18.8 14.4 14.8 8.3 3.3 Fidelity Funds – Japan A-JPY 403.45 8.7 32.7 12.9 18.0 13.3 14.4 9.9 2.5 Metzler Japanese Equity Fund A 42.27 8.7 47.2 28.4 17.6 12.8 14.8 13.8 5.1 BGIF Japan Equity Index A2 USD 135.63 8.7 41.5 19.8 14.5 12.3 Parworld Track Japan C C 181.99 8.5 40.1 23.9 19.0 13.7 14.4 11.9 4.4 JPM Japan Select Equity A Acc JPY 165.86 8.5 39.5 18.9 19.2 14.4 15.2 11.7 3.5 Morgan Stanley Japanese Equity A JPY 312.46 8.5 31.8 15.3 18.2 14.3 15.6 9.6 2.9 Capital Group Japan Equity (LUX) B EUR 199.66 8.4 46.4 35.5 22.1 16.5 15.9 13.5 6.3 Julius Baer EF Japan-CHF Bh 3091.85 8.3 20.7 Polar Capital Japan R Hedged CHF 2876.88 8.2 21.1 Julius Baer EF Japan-CHF Ah 3091.85 8.2 20.7 Pictet-Japanese Equity Selection-P JPY 533.49 8.2 41.7 28.4 20.5 15.1 15.0 12.3 5.1 Invesco Japanese Equity Advantage A Acc CHF Hdg 1147.24 8.1 19.4 BGF Japan Flexible Equity A2 JPY 268.29 8.1 43.5 24.0 19.6 15.5 15.4 12.8 4.4 UBAM SNAM Japan Equity Value AC JPY 665.32 7.9 47.1 29.2 21.2 14.3 14.7 13.7 5.3 Capital Group Japan Equity (LUX) Zh CHF 199.66 7.9 21.4 UBS ETF-MSCI Japan h to CHF UCITS ETF (CHF)A-a 370.14 7.9 19.7 iShares MSCI Japan CHF Hedged UCITS ETF 607.76 7.8 74.7 19.8 16.5 20.4 Capital Group Japan Equity (LUX) Xh CHF 199.66 7.6 21.3 Lazard Japanese Strategic Equity Inst Acc JPY 33.11 7.3 23.6 PIGUET FUND – Actions Japon 35.93 7.3 36.9 17.5 13.9 11.0 Nippon Portfolio JPY A 32.00 6.7 35.9 19.8 17.4 14.8 14.5 10.8 3.7

Finance

Le Temps l Mercredi 3 février 2016

CLASSEMENTS Nom

Actifs nets mios francs

Performance totale % 2015 3 ans 5 ans

Volatilité annualisée % 2015 3 ans 5 ans

Perf. annualisée % 3 ans 5 ans

AllianceBernstein-Japan Strategic Val Pf A JPY Nikko AM Japan Insight B JPY Candriam Equities L Japan C Cap Select Equities Japan Multi Management D EUR JPM Japan Advantage Equity A Acc JPY SICH – Japan Core 100 Equity Fund UBAM SNAM Japan Equity Value AC CHF DB Platinum IV CROCI Japan R1C Willerequity Japan P EUR Cap JOHCM Japan B GBP Legg Mason Martin Currie GF Japan JPY Vitruvius Japanese Equity B JPY UBS (Lux) Equity Fund – Japan (JPY) P-acc Schroder ISF Japanese Equity Alpha A Acc UBS ETF-MSCI Japan h to GBP UCITS ETF (GBP)A-a Aramus (CH) Japan Fund A UBS ETF-MSCI Japan h to SGD UCITS ETF (SGD)A-a Nippon Growth Fund Ltd Konwave Japan Opportunities Fund B Amundi ETF Japan Topix UCITS ETF – Dly Hged EUR Konwave Japan Opportunities Fund Bh (CHF) hdg DSBI Japan Equity Fundamental Active A EUR UBS ETF-MSCI Japan h to EUR UCITS ETF (EUR)A-a iShares MSCI Japan EUR Hedged UCITS ETF JPM Japan Market Neutral A Acc JPY MS Nezu Cyclicals Japan UCITS H EUR Acc TBF Japan Fund EUR Neptune Japan Opportunities A Acc GBP Actions Japon Average

335.17 6.6 35.6 14.8 20.9 14.6 15.2 10.7 2.8 43.17 6.5 39.1 27.5 18.9 14.3 14.3 11.6 5.0 190.35 6.3 35.3 21.8 19.4 14.4 14.9 10.6 4.0 157.94 6.3 32.8 23.7 26.0 18.1 16.9 9.9 4.3 204.98 5.7 36.9 13.4 20.8 14.9 15.7 11.0 2.6 13.25 5.7 26.9 8.7 19.8 14.4 14.9 8.3 1.7 665.32 5.5 22.5 109.48 5.5 29.3 15.1 19.1 13.6 13.2 8.9 2.9 27.29 5.3 31.0 17.7 18.3 14.0 14.0 9.4 3.3 899.96 5.2 35.5 32.4 19.2 15.6 15.8 10.7 5.8 2.78 4.8 29.7 15.4 18.8 13.9 14.5 9.1 2.9 229.24 4.6 26.7 15.8 17.9 14.0 14.1 8.2 3.0 44.83 4.1 43.8 24.5 19.8 14.5 15.0 12.9 4.5 55.26 3.6 18.8 4.3 20.8 13.8 14.2 5.9 0.8 201.70 3.5 28.3 28.09 3.4 25.5 6.2 20.5 16.2 17.4 7.9 1.2 15.61 3.0 26.5 58.55 2.2 25.9 15.4 20.2 18.4 19.1 8.0 2.9 1.72 1.8 14.6 1122.21 0.4 62.7 23.6 18.4 17.6 1.72 0.3 15.2 48.29 –0.8 24.0 322.27 –1.3 24.7 3666.74 –1.4 59.9 46.5 24.8 19.1 19.7 16.9 7.9 112.16 –3.6 –20.0 9.5 9.0 –7.2 196.94 –6.4 15.2 41.56 –7.1 26.7 755.91 –7.6 51.3 41.8 30.1 22.5 21.6 14.8 7.2 606.29 9.1 43.9 30.9 19.4 14.4 14.8 12.8 5.4

ACTIONS JAPON – PMC Schroder ISF Japanese Smaller Companies A Acc BNY Mellon Japan Small Cap Equity Focus C JPY Henderson HF Japanese Smaller Companies A2 Janus Japan Emerging Opportunities A USD Acc Hdg Fidelity Funds – Japan Smaller Cos A-JPY AXA Rosenberg Japan Small Cap Alpha B JPY iShares MSCI Japan Small Cap UCITS ETF (Dist) PARVEST Equity Japan Small Cap Classic JPY Cap PineBridge Japan Small & Mid Cap Equity A USD M&G Japan Smaller Companies A Inc BGF Japan Small & MidCap Opportunities A2 JPY Swisscanto (LU) Eq Fd Small & Mid Caps Japan B Aberdeen Global – Japanese Smaller Comp D2 AccGBP Aberdeen Global – Japanese Smaller Comp A2 CHF Invesco Nippon Small/Mid Cap Equity A Acc JPY Actions Japon – PMC Average

296.40 36.82 264.56 3.29 211.44 144.12 254.56 564.52 31.87 171.03 666.42 187.80 943.16 943.16 97.81 321.13

22.7 62.1 54.9 19.7 17.9 73.3 79.5 16.4 15.7 61.9 51.6 15.7 46.8 43.2 15.4 55.3 52.3 12.4 61.1 83.6 11.9 68.1 61.9 10.4 66.4 71.8 9.2 49.6 39.8 8.4 59.3 55.4 8.2 59.3 73.5 7.3 2.4 56.3 30.6 12.9 60 58.2

14.2 12.8 13.9 17.5 11.7 13.8 11.9 13.9 20.1 21.3 17.7 14.7 14.4 17.4 14.1 13.0 14.1 13.6 14.0 13.1 14.0 15.8 12.1 13.5 14.1 17.2 14.9 15.4 14.8 18.9 17.3 14.5 16.3 18.5 15.7 15.9 14.9 14.4 15.2 14.0 14.9 16.8 23.3 17.6 16.0 16.8 21.0 11.7 16.8 16.3 16.1 15.9 14.4 14.8 16.9

9.2 12.4 8.7 7.4 8.8 12.9 10.1 11.4 6.9 9.2 11.6 5.5 9.5

ACTIONS JAPON – REVENU JOHCM Japan Dividend Growth B EUR 6.1 21.9 Actions Japon – Revenu Average N/A 6.1 N/A N/A 21.9 N/A N/A N/A N/A ACTIONS MALAISIE Fidelity Funds – Malaysia A-USD db x-trackers MSCI Malaysia Idx UCITS ETF (DR) 1C HSBC MSCI MALAYSIA UCITS ETF Actions Malaisie Average

71.38 17.22 4.50 31.03

–17.7 –19.9 –20.0 –19.2

–11.4 –3.3 –17.5 –8.6 –17.3 –15.4 –6

23.6 23.8 23.8 23.7

16.7 15.0 16.7 15.1 16.7 16.7 15.1

–4.0 –6.2 –6.1 –5.4

–0.7 –1.8 –1.2

ACTIONS MENA ( AFR NORD & MOYEN ORIENT) Charlemagne Magna MENA R EUR Franklin MENA A (acc) USD Amundi Fds Equity MENA – AU (C) Baring MENA A USD Acc Schroder ISF Middle East A Acc T Rowe Middle East & Africa Equity A USD JPM Emerging Middle East Equity A Dis USD Emirates NBD SICAV Mena Top Companies Fd B GBP C Actions MENA ( Afr Nord & Moyen Orient) Average

28.11 135.23 75.19 7.67 143.93 8.84 148.12 149.82 84.01

1.3 91.4 –10.4 42.2 27.8 –16.5 33.0 31.5 –17.5 29.1 24.0 –17.7 18.6 21.6 –19.1 17.9 13.0 –19.4 0.5 –9.2 –23.0 –15.3 33.2 18.1

22.7 18.5 24.2 15.8 15.6 15.1 12.4 18.4 16.8 17.3 10.0 14.8 15.2 15.1 8.9 13.9 16.7 17.1 5.9 14.3 12.6 13.2 5.7 12.1 16.8 17.1 0.2 23.1 16.9 16 15.8 9.6

ACTIONS MEXIQUE BTG Pactual SICAV-Mexico Equity A USD Investec GSF Mexican Equity A Acc USD LarrainVial AM – Mexican Equity A HSBC GIF Mexico Equity AC USD iShares MSCI Mexico Capped UCITS ETF db x-trackers MSCI Mexico Index UCITS ETF (DR) 1C Actions Mexique Average

5.88 4.47 33.86 173.48 74.10 68.96 60.13

0.2 –1.8 –6.5 –10.0 –14.2 –16.3 –7.8 –14.2 –16.9 –9.0 –7.8 –16.6 –8.4

24.8 22.3 21.9 22.4 22.5 17.1 16.5 –5.8 22.4 17.0 16.4 –6.0 22.7 17.1 16.4 –5.9

–1.6 –1.9 –1.7

20.5 20.5

–2.9 –2.9

5.0 5.6 4.4 4.0 2.5 –1.9 3.3

ACTIONS NORVÈGE Nordea 1 – Norwegian Equity BP NOK Actions Norvège Average

57.98 57.98

ACTIONS PAKISTAN Tundra Pakistan Fund, A (SEK) Actions Pakistan Average

135.97 –3.9 101.7 16.2 20.9 26.3 135.97 –3.9 101.7 N/A 16.2 20.9 N/A 26.3 N/A

–8.5 –8.5

–7.7 –7.7

–13.5 –13.5

16.9 16.9

18.7 18.7

–2.6 –2.6

ACTIONS PAYS EMERGENTS – AMÉRIQUE LATINE Stewart Investors Latin America A GBP Acc LC (Lux) Latam Tigers Fund P (USD) BTG Pactual SICAV-Latin American Equity A USD Henderson Gartmore Latin American R USD Acc AXA WF Framlington LatAm A C USD T Rowe Latin American Equity A USD Investec GSF Latin Amer Smaller Cos A Acc USD Templeton Latin America A (Ydis) USD Willerequity Latinamerica P Cap USD BSF Latin American Opportunities A2 USD LarrainVial AM – Small&MidCap Latin Amer Equity A Fidelity Funds – Latin America A-USD Edmond de Rothschild Latin America C Pinebridge Global Funds – Lat Am Sm&Mid Cap Eq A Pioneer Funds Latin American Equity E No Dis EUR Pinebridge Global Funds – Latin America Equity A Investec GSF Latin America Equity A Acc USD Charlemagne Magna Latin American A EUR Deutsche Invest I Latin American Equities FC Baring Latin America A USD Inc Schroder ISF Latin American A Acc Aberdeen Global – Latin American Equity A2 Acc USD Santander AM Latin American Equity Opportunities A BGF Latin American A2 USD Santander AM Latin American Equity A Cap JPM Latin America Equity A Dis USD Invesco Latin American Equity A Acc Morgan Stanley Latin American Equity A USD Amundi ETF MSCI Em Latin America UCITS ETF – EUR NN (L) Latin America Equity P Cap USD db x-trackers MSCI EM LatAm Index UCITS ETF 1C Pictet-Latam Index-P USD Lyxor UCITS ETF MSCI EM Latin America C-EUR AZ Fund 1 Emerging Mrkt Latin America A AZ FD Acc Nordea 1 – Latin American Equity BP EUR SSgA SPDR MSCI EM Latin America UCITS ETF iShares MSCI EM Latin America UCITS ETF (Dist) BGF Latin American D2 CHF Hedged MFS Meridian Funds-Latin American Equity A1 USD Amundi Fds Equity Latin America – AU (C) BGF Latin American A2 CHF Hedged HSBC MSCI EM LATIN AMERICA UCITS ETF Itau Europa Lux SICAV Itau Latin America Eq A PARVEST Equity Latin America Classic USD Cap HSBC GIF Latin American Equity M1D USD Threadneedle Latin American Ret Net Acc GBX Comgest Growth Latin America Euro MFS Meridian Funds-Latin American Equity AH1 CHF SSgA Emerging Latin America Equity Fund P EUR Cap Actions Pays Emergents – Amérique Latine Average

152.16 20.00 8.45 43.94 7.04 4.86 46.35 851.24 9.57 31.72 8.01 525.58 18.62 54.18 18.53 60.23 4.48 20.75 19.86 215.98 171.31 192.97 13.09 1106.47 13.51 602.76 3.95 260.44 39.91 74.52 107.18 4.10 91.69 62.18 16.50 3.47 156.88 1106.47 27.91 210.01 1106.47 12.63 26.75 78.25 25.30 422.04 39.95 27.91 6.10 165.96

–16.4 –30.6 –25.0 –19.3 –22.1 –28.9 –24.0 –38.8 –49.9 –24.5 –35.9 –26.7 –42.5 –53.6 –27.9 –45.6 –28.0 –46.9 –55.2 –28.0 –34.2 –41.6 –28.0 –39.4 –48.6 –28.5 –44.8 –28.7 –40.3 –48.0 –28.9 –44.4 –29.1 –51.1 –61.0 –29.1 –46.7 –57.2 –29.2 –42.1 –54.5 –29.4 –44.9 –52.5 –29.5 –39.3 –47.9 –29.6 –34.6 –29.7 –41.2 –51.5 –29.8 –46.5 –53.5 –30.0 –46.0 –46.1 –30.2 –42.9 –46.6 –30.2 –40.7 –53.1 –30.3 –41.2 –53.6 –30.3 –40.1 –46.3 –30.3 –44.7 –50.2 –30.7 –43.8 –51.7 –30.8 –43.7 –30.8 –45.5 –58.5 –31.0 –44.3 –52.9 –31.0 –44.0 –31.1 –44.2 –52.9 –31.2 –47.9 –59.3 –31.3 –41.1 –47.3 –31.3 –44.3 –31.3 –44.7 –51.7 –32.1 –46.5 –32.1 –46.7 –52.2 –32.6 –46.1 –56.8 –32.6 –47.6 –32.7 –47.8 –33.1 –42.9 –47.7 –33.2 –46.9 –55.2 –33.3 –43.6 –53.4 –33.3 –47.2 –55.6 –33.3 –39.4 –44.3 –33.9 –33.9 –49.8 –56.4 –29.7 –43 –51.2

21.6 17.1 16.0 –11.5 19.5 20.9 18.1 –10.7 20.9 19.7 18.6 –15.1 23.9 19.5 –13.8 23.8 20.5 20.1 –16.9 23.0 18.4 –18.4 22.9 18.1 17.7 –19.0 21.7 18.0 16.1 –13.0 23.9 19.1 20.2 –15.4 20.7 17.5 –18.0 22.9 19.7 18.6 –15.8 18.5 17.0 –17.8 21.2 18.6 18.9 –21.2 24.3 19.8 18.9 –18.9 21.2 18.6 18.4 –16.6 23.3 19.5 18.5 –18.0 22.5 20.2 19.0 –15.3 26.5 22.4 –13.2 21.0 19.0 18.6 –16.2 23.5 19.9 18.5 –18.8 22.1 20.1 19.9 –18.6 23.5 20.1 19.8 –17.0 22.6 20.2 19.7 –16.0 23.6 19.5 18.6 –16.2 23.6 19.8 19.0 –15.7 22.7 19.5 18.5 –17.9 24.3 20.4 19.5 –17.5 24.3 20.5 –17.4 23.4 19.8 19.4 –18.3 24.3 20.5 19.5 –17.7 24.2 20.5 –17.6 24.3 20.6 19.5 –17.7 23.6 19.4 18.5 –19.5 24.0 20.9 20.3 –16.2 24.2 20.4 –17.7 24.1 20.5 19.3 –17.9 20.8 21.3 –18.8 22.4 18.9 18.5 –18.9 23.4 20.6 19.8 –18.6 20.8 21.3 –19.4 24.1 20.4 –19.5 23.9 20.7 19.6 –17.0 25.5 21.0 19.7 –19.0 24.5 20.3 19.4 –17.4 24.3 21.0 19.4 –19.2 21.1 17.9 17.1 –15.4 18.9 23.6 21.0 19.3 –20.5 22.9 19.7 18.9 –17.2

ACTIONS PAYS EMERGENTS – ASIE AZ Fund 1 Emerging Market Asia A AZ FUND Acc UBS (CH) Equity Fund – Emerging Asia (USD) P UBS (CH) Equity Fund – Emerging Asia (USD)(CHFh) Q UBS (CH) Equity Fund – Emerging Asia (USD)(CHFh) P Fidelity Funds – Emerging Asia A-ACC-USD Schroder ISF Emerging Asia A Acc iShares MSCI EM Asia UCITS ETF Amundi ETF MSCI Em Asia UCITS ETF – EUR SSgA SPDR MSCI EM Asia UCITS ETF db x-trackers MSCI EM Asia Index UCITS ETF 1C HSBC MSCI EM FAR EAST UCITS ETF SSgA Emerging Asia Equity Fund P EUR Cap Actions Pays Emergents – Asie Average

311.92 179.60 179.60 179.60 833.60 775.07 147.84 581.61 163.23 590.25 26.33 113.93 314.2

2.3 –2.7 –4.2 –4.6 –5.7 –6.6 –9.6 –9.6 –9.7 –9.9 –10.0 –10.7 –6.8

16.2 15.8 15.5 15.5 14.8 17.0 17.5 17.6 17.4 17.6 19.5 15.2 16.6

14.3 3.0 6.5 4.5 –4.1 –4.4 17.3 8.3 10.6 7.6 2.8 –1.1 3.6 2.8 2.7 –1.3 1.4 2.0 0.3 –0.2 4.5 2.9

12.1 13.0 12.7 13.3 12.5 12.5 13.1 13.6 12.8 13.4 13.0 13.9 12.9 13.0 13.0 13.9 13.7 14.1 12.4 13.0 12.8 13.5

4.5 2.1 –1.4 –1.5 5.5 3.4 0.9 1.2 0.9 0.9 0.5 0.1 1.4

–5.6 –12.9 –14.2 –14.8 –10.2 –12.5 –12.3 –17.2 –15.6 –14.6 –13.8 –12.2 –13.5 –14.2 –11.6 –11.8 –14.1 –14.2 –11.7 –13.0 –13.6 –16.1 –14.0 –14.0 –16.4 –12.0 –13.6 –13.7 –15.4 –12.2 –14.8 –14.2 –15.0 –11.0 –15.3 –13.5 0.6 0.9 1.6 1.5 –0.2 –0.3 0.4 0.0 0.6

ACTIONS PAYS EMERGENTS – AUTRES Morgan Stanley Emer Eu M East & Africa Eq A EUR 130.03 –4.4 –2.7 –15.2 18.7 14.8 14.9 –0.9 –3.2 CS (Lux) Asia Consumer Equity Fund B USD 18.59 –9.7 2.3 –14.7 19.1 14.0 15.2 0.7 –3.1 CS (Lux) Asia Consumer Equity Fund BH CHF 18.59 –11.4 –8.5 –23.8 18.2 14.3 18.7 –2.9 –5.3 FT Emerging ConsumerDemand (PA) 118.82 –14.6 22.0 Fidelity Funds – Em Eu M East and Afr A-ACC-USD 591.20 –15.0 –9.2 –13.5 16.5 13.3 14.3 –3.2 –2.8 JPM Emerging EMEA Eq A Dis USD 287.39 –15.7 –23.7 –30.2 18.1 15.1 16.1 –8.6 –6.9 Coronation Africa A –19.0 3.8 6.8 15.1 13.4 15.3 1.3 1.3 Charlemagne Magna Africa A EUR 18.59 –19.9 –15.4 –34.0 16.0 13.5 14.9 –5.4 –8.0

Nom Bellevue F (Lux) BB African Opportunities B EUR Threadneedle (Lux)-STANLIB Africa Equity ZU USD Invest AD Emerging Africa A USD Deutsche Invest I Africa LC SGKB (LUX) Fund – African Dawn (USD) B Templeton Africa A (acc) USD JPM Africa Equity A (perf) Acc USD Templeton Africa A (acc) CHF-H1 Julius Baer EF Africa Focus-EUR B Actions Pays Emergents – Autres Average

Actifs nets mios francs 72.58 13.98 34.46 92.99 6.29 85.38 215.28 85.38 16.91 106.56

Performance totale % 2015 3 ans 5 ans –22.0 –9.7 –16.3 –22.6 –22.8 –7.0 –23.5 –35.2 –47.8 –26.5 –20.3 –26.5 –21.9 –27.7 –20.4 –24.1 –28.1 –30.0 –28.1 –19.8 –14.1 –21.3

Volatilité annualisée % 2015 3 ans 5 ans

Perf. annualisée % 3 ans 5 ans

11.3 12.4 14.0 –3.4 15.4 13.4 14.8 –2.4 13.6 14.4 15.6 –13.4 15.4 14.7 –7.3 15.6 13.9 –7.9 16.2 14.1 14.4 –7.3 12.0 12.3 –11.2 18.7 16.2 13.9 15.3 –5.1

–3.5 –12.2 –5.4 –4.9

ACTIONS PAYS EMERGENTS – EUROPE SEB Eastern Europe Small Cap C (EUR) 47.32 11.0 –0.6 –33.8 22.4 17.8 18.4 –0.2 –7.9 Willerequity Russia & East Europe P Cap USD 15.42 4.3 –11.9 –30.7 19.5 14.9 18.6 –4.1 –7.1 SWMC Emerging European B EUR 0.5 21.7 Invesco Emerging Europe Equity A Acc USD 16.99 –0.6 –27.2 –35.6 25.5 19.7 20.5 –10.0 –8.4 db x-trackers MSCI EM East Eur 10/40 UCITS ETF 1C 8.83 –4.7 –33.7 27.0 21.2 –12.8 Aberdeen Global – Eastern European Eqty A2 Acc EUR 56.71 –5.0 –22.7 –28.1 25.4 19.5 19.8 –8.2 –6.4 Templeton Eastern Europe A (acc) EUR 288.32 –5.2 –27.0 –50.4 19.7 17.7 19.4 –9.9 –13.1 Avaron Emerging Europe Fund A 48.05 –5.5 17.3 10.1 16.8 13.1 14.2 5.5 1.9 Aviva Investors Emerging Europe Equity B EUR 46.23 –6.5 –9.4 –17.1 17.2 14.1 17.8 –3.3 –3.7 Trigon New Europe Fund A Unit 60.18 –6.7 11.9 21.1 19.0 14.2 14.7 3.8 3.9 AXA WF Framlington Europe Emerging AC 21.47 –7.5 –27.3 –36.0 23.4 18.6 20.0 –10.1 –8.5 iShares MSCI Eastern Europe Capped UCITS ETF 131.10 –8.0 –33.0 –40.4 28.5 20.8 21.9 –12.5 –9.8 Schroder ISF Emerging Europe A Acc 350.37 –8.2 –24.7 –25.7 24.4 19.3 20.1 –9.0 –5.8 ComStage MSCI EM Eastern Europe TRN UCITS ETF 12.15 –8.2 –35.7 –41.9 29.8 21.9 23.1 –13.7 –10.3 Jupiter JGF New Europe L EUR Acc 4.88 –8.3 –31.9 –42.1 24.7 19.9 20.6 –12.0 –10.4 Pioneer Funds Em Europe and Med Eq E No Dis EUR 188.10 –8.4 –32.3 –40.1 23.2 18.8 20.0 –12.2 –9.7 Danske Invest Eastern Europe Convergence A 21.96 –8.4 –6.1 –15.6 16.5 14.1 18.0 –2.1 –3.3 Danske Invest Trans-Balkan A 7.81 –8.5 10.8 –8.8 15.5 12.6 16.0 3.5 –1.8 Baring Eastern Europe A USD Inc 684.92 –8.6 –35.2 –44.6 26.4 21.1 21.9 –13.5 –11.1 AZ Fund 1 Emerging Market Europe A AZ FUND Acc 62.03 –8.7 –36.6 –51.3 25.2 19.5 20.9 –14.1 –13.4 East Capital (Lux) Eastern European A USD 156.36 –9.0 –36.6 –48.2 24.0 19.3 20.7 –14.1 –12.3 BGF Emerging Europe A2 EUR 901.91 –9.3 –26.1 –35.9 26.1 20.4 21.4 –9.6 –8.5 Metzler Eastern Europe Class A 55.40 –9.7 –32.5 –45.6 23.5 19.1 21.2 –12.3 –11.5 JPM Emerging Europe Equity A Dis EUR 447.11 –9.8 –35.1 –45.0 21.9 19.2 20.5 –13.4 –11.3 T Rowe Emerging Europe Equity A EUR 6.14 –10.3 –34.0 –46.8 24.5 21.4 21.4 –12.9 –11.9 Danske Invest SICAV Eastern Europe A 2.81 –10.6 –29.0 25.0 20.0 –10.8 Eastern European A USD Inc 79.66 –11.0 –32.6 –36.4 23.9 19.3 20.2 –12.3 –8.6 Renasset Ottoman A EUR 56.27 –11.0 –25.0 –23.2 23.4 18.8 19.8 –9.1 –5.1 Candriam Equities L Emerging Europe C Cap 0.94 –11.1 –36.8 –41.3 23.4 19.4 20.1 –14.2 –10.1 Charlemagne Magna Eastern European C EUR 13.68 –11.2 –33.8 –43.1 24.8 20.4 22.1 –12.8 –10.7 Renasset Eastern European A EUR 81.97 –11.7 –38.1 –47.4 25.2 21.3 21.1 –14.8 –12.1 Julius Baer EF Eastern Europe Focus EUR B 26.14 –11.9 –31.0 –41.6 21.0 19.2 20.1 –11.7 –10.2 Pictet-Eastern Europe-P EUR 89.31 –13.4 –39.8 –46.9 26.3 20.5 21.3 –15.6 –11.9 NN (L) Emerging Europe Equity P Cap EUR 50.73 –14.3 –34.5 –38.7 22.9 18.2 20.1 –13.2 –9.3 BNY Mellon Compass East Europe Divsfd C EUR 6.90 –14.6 –26.9 –37.7 17.2 17.2 19.2 –9.9 –9.0 Raiffeisen-Osteuropa-Aktien R A 332.77 –14.8 –37.9 –42.0 23.6 19.6 20.8 –14.7 –10.3 Allianz Emerging Europe – A – EUR 130.77 –14.9 –37.6 –45.4 21.7 18.5 19.6 –14.6 –11.4 UBS (Lux) Eq Fd – Central Europe (EUR) P-acc 53.17 –15.0 –21.1 –30.2 17.5 15.5 18.4 –7.6 –6.9 PARVEST Equity Europe Emerging Classic Cap EUR 85.73 –15.1 –34.8 –45.0 24.4 19.4 20.7 –13.3 –11.3 Allianz Eastern Europe Equity – A – EUR 41.28 –15.2 –31.3 –41.4 22.0 18.0 19.7 –11.8 –10.1 Deka-ConvergenceAktien CF 187.30 –15.7 –36.9 –45.4 23.5 18.6 19.9 –14.2 –11.4 SSgA SPDR MSCI EM Europe ETF 6.17 –16.0 –37.8 24.9 19.2 –14.7 Callander Fund – Central Europe C1 0.61 –16.3 –35.6 –45.8 19.7 15.5 17.6 –13.6 –11.5 Pinebridge Global Funds – Emerging Europe Equity A 25.25 –17.8 –42.9 –49.7 24.7 21.1 22.4 –17.1 –12.8 Amundi ETF MSCI Eastern Europe Ex Russia UCITs EUR 31.42 –18.6 –24.8 –30.3 18.4 16.1 19.4 –9.1 –7.0 Lyxor UCITS ETF Eastern Europe (CECE NTR EUR) CEUR 172.24 –18.8 –26.3 –31.5 17.2 16.0 19.4 –9.7 –7.3 DWS Osteuropa 119.62 –19.4 –42.1 –49.9 21.3 17.6 20.3 –16.6 –12.9 Generali IS Central & Eastern Europ Eq D Cap EUR 47.99 –20.6 –23.7 –29.7 16.5 14.3 16.9 –8.6 –6.8 Actions Pays Emergents – Europe Average 112.39 –10.2 –27.2 –35.8 22.5 18.3 19.8 –10.4 –8.8 ACTIONS PAYS EMERGENTS – INTERNATIONAL Carmignac Emergents A CHF acc Hdg 1159.81 3.7 2.6 17.8 13.3 0.9 iShares MSCI Emerging MarketsCnsmrGro UCITS ETF 4.59 –4.4 16.3 Carmignac Emergents A EUR acc 1159.81 –4.9 –6.0 –6.4 16.4 12.9 12.5 –2.0 –1.3 UBS Global Emerging Markets Opportunity P USD 1338.07 –5.2 –9.2 –9.6 16.2 13.4 14.9 –3.2 –2.0 Goldman Sachs Gro&EM Broad Eq Pf Base USD 292.31 –5.2 1.2 –8.0 16.5 14.0 14.1 0.4 –1.6 Vontobel Fund MTX Sust Emerging Mkts Leaders A 139.11 –5.6 10.1 19.2 14.1 3.3 Hermes Global Emerging Markets F GBP Acc 652.44 –6.0 14.4 17.2 13.2 4.6 Fidelity Funds – Emerging Markets A-USD 3575.45 –6.2 12.2 6.5 15.6 12.6 13.0 3.9 1.3 iShares MSCI Emerging Mkts SC UCITS ETF 263.06 –6.3 1.5 –12.2 17.8 13.8 14.2 0.5 –2.6 Fidelity Emerging Markets Retail Acc 1588.84 –6.6 11.9 4.6 16.2 12.9 13.7 3.8 0.9 Morgan Stanley Emerging Leaders Equity A USD 193.42 –6.7 3.0 16.9 12.9 1.0 Classic Investment Fund Limited –6.9 13.7 Mirae Asset GEM Sector Leader Equity A USD 15.26 –7.4 3.0 –10.6 18.9 14.2 15.1 1.0 –2.2 Fidelity FAST Emerging Markets A-ACC-USD 1458.24 –7.7 14.7 14.4 12.4 4.7 AllianceBernstein-Emerging Mkts Equity Pf A USD 10.15 –7.8 14.2 AllianceBernstein-Emerging Consumer Pf A USD 27.69 –7.9 18.8 Goldman Sachs BRICs Portfolio Base Acc USD 192.16 –8.0 –7.5 –23.3 18.2 16.0 17.0 –2.6 –5.2 LO Funds – Emerging Consumer (USD) P A 569.91 –8.0 2.2 14.9 10.9 0.7 Comgest Growth GEM Promising Companies Euro 281.83 –8.1 6.7 –6.9 16.6 13.8 13.2 2.2 –1.4 Baring Global Emerging Markets A USD Inc 298.15 –8.2 –9.5 –21.9 19.3 14.8 15.7 –3.3 –4.8 Candriam Eqs L Sustainable Emerging Markets C Cap 148.55 –8.3 –0.1 –12.2 15.7 12.7 13.0 0.0 –2.6 Alger SICAV-Alger Emerging Markets A 30.57 –8.5 17.3 RBC Funds (Lux) Emerging Markets Equity A USD C 142.57 –8.5 14.7 Vontobel Fund Emerging Markets Equity B USD 5121.08 –8.6 –2.5 10.7 14.0 13.2 12.3 –0.8 2.1 LO Funds – Emerging Consumer (CHF) I A 569.91 –8.6 –4.4 11.8 9.9 –1.5 Vitruvius Emerging Markets Equity B USD 43.37 –8.7 6.5 –10.1 16.5 12.2 11.7 2.1 –2.1 Goldman Sachs Growth Mkts Plus Eq Pf Base Acc USD 22.97 –8.8 16.7 Flossbach von Storch Global Emerging Markets Eq R 25.60 –8.9 16.0 LO Funds – Emerging Consumer (CHF) M A 569.91 –8.9 11.8 LO Funds – Emerging Consumer (CHF) M D 569.91 –8.9 11.8 Calamos Emerging Markets A USD Acc 109.15 –9.0 0.2 16.2 11.3 0.1 AXA WF Framlington Emerging Markets A C USD 374.81 –9.3 –9.5 –19.9 16.8 12.9 13.2 –3.3 –4.3 Comgest Growth Emerging Markets Flex EUR R Acc 156.19 –9.3 1.5 11.1 10.3 0.5 Julius Baer Eq Global Excellence EmMarkets (USD) B 164.17 –9.5 18.7 Wells Fargo (LUX) WW EM Mkt Equity Inc A USD Acc 180.19 –9.5 –3.6 16.0 12.5 –1.2 LO Funds – Emerging Consumer (CHF) P A 569.91 –9.6 –7.0 11.8 10.0 –2.4 LO Funds – Emerging Consumer (CHF) PD 569.91 –9.6 11.8 JOHCM GEM Opportunities B GBP 207.86 –9.6 1.0 19.0 14.7 0.3 Amundi Fds Equity Emerging Focus – AU (C) 196.10 –9.6 –1.0 –7.9 15.9 12.8 13.3 –0.3 –1.6 WMP (Lux) Emerging Markets Research Eqty Ptfls S 0.83 –9.8 19.6 MostDiversifPtf Sicav Tobam AB EM Eq Fd R 1667.31 –10.0 15.0 UBS (Lux) Eq S – Emer Mkts Growth (USD) P-acc 188.44 –10.1 –9.1 –20.5 16.5 12.7 15.0 –3.1 –4.5 Invesco Emerging Markets Equity A AD USD 59.06 –10.1 0.9 –8.4 17.0 13.2 14.4 0.3 –1.7 Comgest Growth Emerging Markets US Dollar 3787.34 –10.1 7.8 –4.3 16.7 13.3 13.3 2.5 –0.9 Stewart Invs Global Em Mkts Leaders A GBP Acc 3311.19 –10.1 –0.7 11.6 12.7 10.7 10.9 –0.2 2.2 Charlemagne Magna Global Emerging Markets C EUR 9.98 –10.2 –6.8 –20.9 20.2 14.8 15.3 –2.3 –4.6 AllianceBernstein-Emerging Mkts Growth Pf A USD 536.62 –10.2 1.3 –10.3 18.1 14.2 15.0 0.4 –2.2 Edmond de Rothschild Global Emerging A 73.87 –10.5 –3.2 –17.0 17.5 13.6 13.2 –1.1 –3.7 Goldman Sachs Gro&EM CORE Eq Pf Base Acc(Close) 235.25 –10.5 –5.9 –6.9 16.7 13.5 14.6 –2.0 –1.4 Morgan Stanley Emerging Markets Equity A USD 1560.95 –10.5 –7.8 –12.8 15.6 12.6 12.5 –2.7 –2.7 Candriam Equities L Emerging Markets C Cap 507.50 –10.6 –2.2 –11.9 15.8 13.2 13.6 –0.7 –2.5 Deutsche Invest I Global Emerging Markets Eq LC 617.96 –10.8 18.3 Vontobel Fund Emerging Markets Eq H CHF hdg 5121.08 –10.8 –13.4 12.9 13.8 –4.7 WMP(Dublin) Emerging Markets Opps CAD S Acc Unhdg 141.41 –10.9 18.9 Magellan C 3056.03 –11.0 6.1 –7.0 16.9 13.4 13.2 2.0 –1.4 KBL Key Fund-Global Emerging USD 20.83 –11.1 –13.0 –29.1 15.6 13.8 15.2 –4.5 –6.7 Cadmos Fund Management-Guile Em Mkts Engagement A 40.24 –11.1 3.8 –10.3 17.0 13.5 14.5 1.3 –2.1 Old Mutual Global Emerging Markets A USD 216.46 –11.1 3.0 –6.0 18.7 14.1 15.1 1.0 –1.2 Bonhote Selection – BRIC Multi-Fonds CHF 17.62 –11.2 –6.1 –21.8 22.5 16.0 15.8 –2.1 –4.8 Pinebridge Global Funds – Global Em Mkts Fcs Eq A 27.04 –11.3 –9.5 –29.9 18.3 14.1 14.8 –3.3 –6.9 CS (Lux) Global Small and Mid Cap EM Eq Fd B USD 116.30 –11.3 5.7 –13.6 16.7 14.1 16.2 1.9 –2.9 Fidelity Funds – Emerging Mrkts Focus A-USD 5.20 –11.3 16.3 Henderson Gartmore Emerging Markets R EUR Acc 43.96 –11.3 –7.6 –17.9 14.0 12.7 14.0 –2.6 –3.9 RAM (Lux) SF-Emerging Markets Equities B USD 2105.58 –11.4 2.1 13.4 16.9 12.8 12.2 0.7 2.6 iShares BRIC 50 UCITS ETF 239.91 –11.4 –10.9 –21.8 21.5 16.6 16.8 –3.8 –4.8 PARVEST Equity Bric C C USD 138.88 –11.4 –15.8 –32.7 18.1 15.5 17.0 –5.6 –7.6 Mirae Asset GEM Great Consumer Equity A USD 9.51 –11.4 1.9 16.4 14.8 0.6 iShares Emerging Mkt Infrstrctre UCITS ETF 76.86 –11.5 –1.2 0.5 17.3 13.8 14.8 –0.4 0.1 Synchrony Emerging Equity M 36.06 –11.5 –1.1 17.0 12.9 –0.4 CEAMS Quality Emerging Markets Equity Fund B 19.83 –11.7 –10.2 –19.0 13.8 10.8 12.1 –3.5 –4.1 T Rowe Emerging Markets Equity A USD 994.45 –11.8 –8.2 –14.3 17.1 14.3 14.7 –2.8 –3.0 Janus Emerging Markets A USD Acc 3.96 –11.8 –9.8 –25.3 19.0 14.5 15.8 –3.4 –5.7 HSBC S&P BRIC 40 UCITS ETF 4.05 –11.8 –7.5 22.7 17.1 –2.6 Amundi Fds Equity Emerging World – AU (C) 163.81 –11.8 –8.5 –20.8 16.5 13.0 13.6 –2.9 –4.6 WMP EM Established Leaders Fund CHF B 76.10 –12.0 –2.4 12.4 12.9 11.6 10.8 –0.8 2.4 iShares MSCI Em Mrkts Min Vol UCITS ETF 290.77 –12.0 –4.1 15.1 11.5 –1.4 Stewart Investors Global Em Mkts Sustnbl A GBP Acc 358.85 –12.2 2.5 12.1 13.6 11.0 11.1 0.8 2.3 Allianz BRIC Equity – AT – EUR 63.43 –12.3 –14.3 –33.7 20.7 16.3 17.6 –5.0 –7.9 UBS (Lux) Eq S – Em Mkts Sustainable (USD) Pa 16.16 –12.4 –1.4 –31.2 15.7 14.1 15.8 –0.5 –7.2 Amundi Fds Equity Emerging Conservative – AU (C) 56.19 –12.5 13.4 Schroder ISF Emerging Markets A Acc 2505.06 –12.5 –11.0 –14.0 16.0 12.8 13.9 –3.8 –3.0 Raiffeisen-Eurasien-Aktien R A 465.27 –12.5 –7.1 –18.1 19.5 16.1 15.9 –2.4 –3.9 Stewart Invs Global Emerging Markets A GBP Acc 990.31 –12.5 –4.5 4.8 13.5 11.5 11.5 –1.5 0.9 Nordea 1 – Stable Emerging Markets Equity BP USD 666.83 –12.7 0.4 17.5 13.5 0.1 Schroder ISF BRIC A Acc 928.34 –12.8 –8.9 –21.0 17.2 14.8 15.7 –3.1 –4.6 Pioneer Funds Emerging Markets Equity E No Dis EUR 380.87 –12.8 –16.5 –31.7 17.3 14.0 13.5 –5.8 –7.4 MFS Meridian Funds-Emerging Markets Equity A1 USD 62.80 –12.8 –18.1 –23.7 17.8 13.6 13.6 –6.4 –5.3 Goldman Sachs GIVI Growth&EM Eq Pf Base Acc USD 3.99 –12.9 –8.0 18.6 13.8 –2.7 Wells Fargo (LUX) WW Emerging Markets Equity A USD 318.55 –13.0 –12.8 –21.3 17.9 13.5 13.0 –4.5 –4.7 Robeco Emerging Markets Equities D EUR 765.89 –13.0 –12.1 –20.1 20.0 15.3 15.7 –4.2 –4.4 Nordea 1 – Emerging Stars Equity Fund BP USD 1640.05 –13.1 1.2 17.4 14.3 0.4 JOHCM Emerging Markets B GBP 32.73 –13.2 –4.1 –14.0 18.2 13.9 13.9 –1.4 –3.0 Schroder ISF Global Emer Mkts Opp USD A Acc 542.63 –13.2 –4.6 –18.3 15.4 13.1 13.8 –1.5 –4.0 Nordea 1 – Emerging Markets Focus Equity BP USD 48.59 –13.2 0.7 18.2 14.6 0.2 RBS Market Access DAXGlobal® BRIC Index ETF 16.09 –13.3 –20.2 –32.8 20.4 16.3 16.8 –7.2 –7.6 Barclays GA – Emerging Market Equity Z Acc USD –13.3 –14.1 –14.5 14.5 12.7 13.6 –4.9 –3.1 Pro Fonds (Lux) Emerging Markets B 69.54 –13.3 –7.5 –19.4 20.1 16.0 15.5 –2.6 –4.2 CAPB Funds High Growth Markets G Cap 95.38 –13.5 –11.5 –23.2 16.3 12.9 14.0 –4.0 –5.1 Principal GI Emerging Market Equity A Acc USD 8.45 –13.6 –16.7 –19.7 15.8 13.1 14.5 –5.9 –4.3

Finance

Le Temps l Mercredi 3 février 2016

CLASSEMENTS Nom

Actifs nets mios francs

Performance totale % 2015 3 ans 5 ans

Volatilité annualisée % 2015 3 ans 5 ans

Perf. annualisée % 3 ans 5 ans

EIP Global Emerging Markets Equity Prgme Srs 2 USD 44.45 –13.6 –6.5 –12.2 18.0 13.8 14.8 –2.2 –2.6 Danske Invest Global Emerging Markets A 761.81 –13.6 –16.1 –8.6 15.7 14.2 14.6 –5.7 –1.8 Swisscanto (LU) EF Green Invest Emerging Markets B 128.52 –13.6 3.2 –13.1 18.4 14.4 15.4 1.1 –2.8 Mirabaud – Equities Glb Emerging Markets A Cap USD 106.47 –13.7 –12.7 18.5 14.8 –4.4 BCV Global Emerging A 43.72 –13.7 –13.4 18.0 13.6 –4.7 Quoniam Fd Sel. SICAV – EM Eq. MinRisk EUR A 1780.19 –13.7 –5.1 4.6 13.8 11.5 10.9 –1.7 0.9 BNP Paribas L1 Equity World Emerging C D USD 35.75 –13.8 –15.8 –23.4 18.6 14.1 15.7 –5.6 –5.2 Swiss Rock (Lux) Sicav – Emerging Equity / AS A –13.8 –11.4 –19.7 16.8 13.2 13.8 –4.0 –4.3 PARVEST Equity World Emerging C C USD 410.25 –13.8 –16.0 –23.5 18.6 14.1 15.7 –5.6 –5.2 iShares Core MSCI Emerging Markets IMI UCITS ETF 1442.29 –13.8 17.6 Natixis Global Emerging Equity R/A (EUR) 114.12 –13.8 17.2 Ossiam EmergingMkts MinimumVarNR UCITS ETF 1C USD 166.96 –13.9 –7.4 14.4 10.9 –2.5 F&C Global Emerging Markets Portfolio A USD 38.69 –13.9 –15.6 –23.7 15.4 13.2 13.7 –5.5 –5.3 Goldman Sachs GMS Em Mkts Equity Pf P Acc USD 371.96 –14.0 –10.0 18.1 14.4 –3.4 Select Equities Emerg Multi Mgt B USD Cap 274.37 –14.1 –9.5 19.1 15.2 –3.3 Aberdeen Global – Emerging Mkts Equity A2 Acc USD 5523.15 –14.1 –16.1 –10.2 16.6 14.3 14.4 –5.7 –2.1 UBS ETF MSCI Emerging Markets SR USD Ad 33.66 –14.2 14.9 Montlake Skyline UCITS Ret USD Acc –14.2 –9.6 15.6 12.7 –3.3 JPM Emerging Markets Diversified Equity A Acc EUR 484.09 –14.2 –15.3 18.6 14.4 –5.4 Swisscanto (CH) Equity Fund Emerging Markets A 66.67 –14.3 –11.0 –24.5 17.6 14.2 14.8 –3.8 –5.5 Robeco Emerging Stars Equities D EUR 438.31 –14.3 –5.8 –10.0 18.8 15.6 15.3 –2.0 –2.1 Vanguard Emerging Markets Stock Index Acc 5634.85 –14.3 –12.0 –17.4 17.8 13.5 14.4 –4.2 –3.8 Deutsche Invest I Emerging Markets Top Div LC 185.19 –14.4 –12.7 –19.4 16.0 12.8 12.8 –4.4 –4.2 Julius Baer Equity Special Value Emerg Mark USD B 13.33 –14.4 –13.3 –25.7 20.2 14.8 14.3 –4.6 –5.8 RARE Emerging Markets G GBP –14.6 14.5 F&C Global Emerging Markets A USD Inc 33.28 –14.6 –16.9 –25.7 15.8 13.0 14.3 –6.0 –5.8 Amundi ETF MSCI Emerging Markets UCITS ETF – EUR 405.31 –14.6 –12.7 –18.9 17.9 13.6 14.3 –4.4 –4.1 ComStage MSCI Emerging Markets TRN UCITS ETF 73.83 –14.6 –12.7 17.9 13.6 –4.4 RAM (Lux) SF-Emerging Markets Core Eqs B USD 42.14 –14.7 17.3 UBS ETF MSCI Emerging Markets UCITS ETF (USD)Ad 508.97 –14.7 –12.8 –19.2 17.8 13.5 14.1 –4.5 –4.2 BGIF Emerging Markets Equity Index A2 USD 399.53 –14.8 –13.2 18.4 14.0 –4.6 Amundi Fds Index Equity Emerging Markets – AU (C) 120.82 –14.8 17.9 Pictet-Emerging Markets Index-P USD 461.85 –14.8 –13.4 –19.3 17.8 13.5 14.1 –4.7 –4.2 iShares MSCI Emerging Mrkts UCITS ETF (Acc) 301.84 –14.8 –14.0 –19.7 17.8 13.5 14.3 –4.9 –4.3 iShares MSCI Emerging Markets UCITS ETF (Dist) 3604.00 –14.9 –13.9 –19.9 17.8 13.6 14.1 –4.9 –4.3 SLI Glo SICAV Glbl Em Mkts Eqty Unconst A USD 110.51 –14.9 2.9 20.1 15.9 1.0 Charlemagne Magna Undervalued Asset N EUR 3.21 –14.9 0.2 –10.7 17.6 12.8 13.3 0.1 –2.2 HSBC MSCI Emerging Markets UCITS ETF 220.61 –14.9 –14.3 17.7 13.5 –5.0 DNB Fund Global Emerging Markets SRI A 74.12 –14.9 –9.9 –20.7 18.5 14.2 15.3 –3.4 –4.5 Lyxor MSCI Emerging Markets UCITS ETF C-EUR 1278.89 –14.9 –13.5 –19.5 17.9 13.6 14.2 –4.7 –4.3 VP Bank Fund Selection Aktien Emerging Markets B 32.76 –14.9 –13.5 –20.7 16.7 12.7 13.3 –4.7 –4.5 db x-trackers MSCI Em Markets Idx UCITS ETF 1C 1497.51 –15.0 –13.7 –19.8 17.9 13.6 14.2 –4.8 –4.3 MSCI Emerging Markets Source ETF 133.48 –15.0 –14.0 –19.9 17.9 13.6 14.2 –4.9 –4.3 UBS ETFs plc – MSCI Em Mkts SF UCITS ETF USD A ac 1852.30 –15.1 –13.9 17.9 13.6 –4.9 SSgA SPDR MSCI Emerging Markets UCITS ETF 124.58 –15.1 –13.4 17.8 13.6 –4.7 Templeton BRIC A (acc) USD 681.93 –15.2 –19.7 –38.3 21.8 16.5 16.9 –7.0 –9.2 BGF Emerging Markets Equity Income A2 USD 274.43 –15.2 –10.6 14.7 12.9 –3.7 Vanguard FTSE Emerging Markets UCITS ETF USD Inc 524.17 –15.3 –10.7 17.6 13.8 –3.7 Raiffeisen-EmergingMarkets-Aktien R A 214.10 –15.3 –15.1 –23.1 22.8 17.2 17.2 –5.3 –5.1 Quantex Emerging & Frontier Markets Fund 9.24 –15.3 –23.7 –27.0 15.4 12.6 12.8 –8.6 –6.1 Legg Mason QS Emerging Markets Equity A Acc USD 14.96 –15.4 –20.2 –30.9 16.7 12.9 14.1 –7.3 –7.1 Investec GSF Emerging Markets Equity A Acc USD 1241.32 –15.4 –8.0 17.4 13.3 –2.7 M&G Global Emerging Markets GBP A Inc 1906.71 –15.7 –16.9 –20.1 19.8 15.7 15.1 –6.0 –4.4 SKAGEN Kon-Tiki A NOK –15.7 –9.4 –15.4 20.7 15.5 15.7 –3.2 –3.3 JPM Emerging Markets Equity A Dis USD 3205.37 –15.7 –14.5 –20.2 16.5 14.0 14.6 –5.1 –4.4 Robeco Emerging Conservative Equities D EUR 2382.46 –15.7 –7.3 15.5 12.3 –2.5 HSBC GIF BRIC Equity M1C USD 351.04 –15.7 –20.5 –35.1 24.0 19.7 21.0 –7.4 –8.3 Threadneedle (Lux)-Global Emerging Mkt Eqs AU 4.22 –15.8 –9.7 –18.7 15.4 12.6 13.6 –3.3 –4.1 Aviva Investors Emerging Markets Equity Inc A USD 794.83 –15.9 –15.1 –25.4 14.5 12.9 14.1 –5.3 –5.7 Capital International Emerging Markets Fund B USD 1461.59 –15.9 –15.9 –28.5 18.5 13.7 14.1 –5.6 –6.5 GS&P Fonds Schwellenlaender R 18.04 –16.0 –20.4 –33.6 17.3 13.0 12.7 –7.3 –7.9 iShares MSCI Emerging Mkts Islamic UCITS ETF 17.57 –16.1 –24.3 –31.9 17.9 13.3 14.0 –8.9 –7.4 Threadneedle Global EM Eq Net Acc GBP 277.39 –16.1 –9.0 –17.2 16.0 13.0 14.1 –3.1 –3.7 Charlemagne Magna Emerging Markets Div N Acc EUR 385.69 –16.1 –9.3 –4.3 18.7 14.4 13.5 –3.2 –0.9 Goldman Sachs N-11 Equity Pf Base Acc USD 524.36 –16.2 –11.6 14.4 12.9 –4.0 White Fleet – OLZ Efficient World® Em Markets Eq B 80.67 –16.2 –15.2 14.0 11.8 –5.4 LGT Select Equity Emerging Markets (USD) B 381.33 –16.3 –10.7 –14.6 17.2 14.2 14.1 –3.7 –3.1 Polar Capital Emerging Mrkts Grwth R USD 44.30 –16.3 –13.4 –15.2 16.5 13.4 13.1 –4.7 –3.2 Synchrony Emerging Equity M/CHF-H 36.06 –16.3 17.0 Aberdeen Global – Emerging Mkts Equity A2 CHF 5523.15 –16.3 –25.4 –20.2 15.3 14.8 17.3 –9.3 –4.4 Pictet-Emerging Markets-P USD 220.75 –16.5 –13.1 –26.9 18.2 14.2 15.0 –4.6 –6.1 IAM – Emerging Markets Fund 25.64 –16.6 –17.9 –27.0 18.0 14.3 14.6 –6.4 –6.1 ACM BVI-Emerging Markets Value Portfolio A USD 230.15 –16.7 –17.7 –29.6 20.9 15.8 16.3 –6.3 –6.8 EV Intl (Ireland) Parametric Emerging Mkts M2 USD 744.00 –16.8 –12.3 –17.2 15.5 12.0 12.5 –4.3 –3.7 Avadis Fund – Aktien Emerging Markets E 5.18 –17.1 –13.8 18.7 14.2 –4.8 SSgA SPDR MSCI EM Beyond BRIC UCITS ETF 6.20 –17.2 15.9 JSS Sustainable Equity – Global EM P USD acc 26.38 –17.3 –16.9 –25.1 17.4 13.1 13.2 –6.0 –5.6 JPM Emerging Markets Opportunities A Acc USD 1981.13 –17.4 –15.1 –13.7 19.1 14.7 14.5 –5.3 –2.9 HSBC GIF Global Emerging Markets Equity AD USD 166.48 –17.5 –20.1 –31.2 18.9 15.3 17.9 –7.2 –7.2 HSBC GIF BRIC Markets Equity EC USD 150.91 –17.6 –20.2 –32.4 23.8 17.7 18.3 –7.2 –7.5 GAM Star North of South EM Equity EUR Acc –17.7 –10.0 20.4 15.4 –3.5 UBS (Lux) Equity SICAV – EM Rising Giants USD Pac 27.31 –17.8 18.2 JSS EmergingSar – Global P USD dist 111.72 –17.9 –22.5 –26.7 16.6 13.0 13.3 –8.1 –6.0 CS (Lux) Global Emerging Market ILC Eq Fd B USD 260.02 –18.0 –13.7 –26.9 16.6 13.7 14.4 –4.8 –6.1 Invesco Emerging Mkt Quantitative Eq A Acc USD 56.31 –18.0 –20.2 –20.2 17.0 13.7 14.3 –7.2 –4.4 AXA Rosenberg Global Em Mkts Eq Alpha B USD 63.95 –18.2 –16.7 –23.4 18.6 14.1 14.7 –5.9 –5.2 LO Funds – Emerging Equity Risk Parity (USD) P A 140.45 –18.5 –21.4 –24.1 16.5 13.1 13.5 –7.7 –5.4 PARVEST Equity World Em Low Volatility Cl C USD 101.62 –18.5 –17.9 15.9 11.9 –6.4 BNY Mellon Glbl Em Mkts Eq Val A USD 49.46 –18.5 –20.4 –34.2 21.3 16.5 17.1 –7.3 –8.0 SSgA Emerging Markets Select Equity Fund P EUR 88.79 –18.6 17.4 BGF Emerging Markets A2 USD 397.16 –18.7 –15.6 –21.2 18.3 14.4 14.4 –5.5 –4.7 Polar Capital Emrging Mkt Income R USD Acc 312.88 –18.7 –14.7 15.9 13.0 –5.1 Pictet-Emerging Markets Sustainable Equities-P USD 65.87 –18.8 –16.0 15.3 12.3 –5.6 Pictet-Emerging Markets High Dividend-P USD 95.81 –18.8 –17.9 18.2 14.2 –6.4 NN (L) EM High Dividend P Cap EUR 174.63 –18.9 –18.8 –26.6 20.1 15.0 14.6 –6.7 –6.0 HSBC GIF Economic Scale Index GEM Equity IC 349.08 –19.0 19.5 Templeton Emerging Markets A (Ydis) USD 489.15 –19.2 –20.2 –26.5 17.5 13.4 13.4 –7.3 –6.0 Brandes Emerging Markets Equities I USD 25.68 –19.2 –14.9 22.1 16.6 –5.2 Schroder ISF QEP Global Emerging Markets A Acc 647.75 –19.4 –14.2 16.7 12.9 –5.0 UBS (Lux) Eq SICAV-EM Rising Giants (USD)(CHFh) Qa 27.31 –19.5 17.4 UBS (Lux) Equity SICAV – EM Rising Giants CHFh Pac 27.31 –19.6 17.4 JPM Emerging Markets Opportunities A Acc CHF Hgd 1981.13 –19.9 18.6 Ashmore SICAV Emerging Mkts Global Eqty R USD Inc 5.95 –20.1 –20.3 22.7 15.7 –7.3 Deutsche Invest I Emerging Markets Satellites LC 26.22 –20.2 –27.9 20.7 16.1 –10.3 db x-trackers MSCI EM EMEA Index UCITS ETF 62.88 –20.3 –31.8 –36.2 19.5 15.3 16.5 –12.0 –8.6 ComStage S&P SMIT 40 Index TRN UCITS ETF 10.21 –20.3 19.3 Robeco Active Quant Emerging Markets Eq D EUR 459.29 –20.9 –19.3 –21.4 20.9 15.8 16.2 –6.9 –4.7 JPM Emerging Markets Dividend A Acc EUR 129.48 –21.6 –16.3 16.0 13.3 –5.8 Oaktree (Lux) Fds-Oaktree Em Mkts Equity H CHF B 216.43 –21.8 19.1 Neuberger Berman Emerging Markets Eq EUR A Acc 220.14 –21.9 –25.9 –36.9 20.6 15.8 17.8 –9.5 –8.8 PowerShares FTSE RAFI EmergMarkets UCITS ETF USD 6.36 –22.2 –26.0 –33.0 23.1 17.3 16.5 –9.5 –7.7 UBS (Lux) Eq S – Emerg Mkts High Div (USD) P-acc 236.57 –22.9 –24.7 17.0 13.0 –9.0 OYSTER Emerging Opportunities C USD 44.85 –23.7 –19.3 17.0 14.1 –6.9 iShares Emerging Markets Dividend UCITS ETF 159.95 –24.0 –32.9 20.8 15.0 –12.4 JPM Emerging Markets Dividend A Acc CHF Hgd 129.48 –24.1 14.7 UBS (Lux) Eq S – Emerg Mkts High Div (USD)(CHFh)Qa 236.57 –24.4 16.2 UBS (Lux) Eq S – Emerg Mkts High Div (USD)(CHFh)Qd 236.57 –24.4 –32.4 16.2 14.0 –12.2 UBS (Lux) Eq S – Emerg Mkts High Div (CHFh) P-dist 236.57 –24.6 –32.6 16.2 14.0 –12.3 UBS (Lux) Eq S – Emerg Mkts High Div (USD) CHFh P 236.57 –24.6 16.2 OYSTER Emerging Opportunities C CHF HP 44.85 –25.0 –27.7 16.3 14.4 –10.2 Northern Star Globetrotter A 4.53 –25.2 –20.5 16.3 13.7 –7.4 PIMCO GIS RAE Fndm PLUS EM E EUR Unhdg Acc 29.24 –25.7 21.6 SSgA SPDR S&P Emerging Markets Dividend ETF 48.85 –26.2 –35.1 20.0 15.4 –13.4 Actions Pays Emergents – International Average 540.6 –14 –10.3 –18 17.3 13.8 14.5 –3.7 –4 ACTIONS PAYS EMERGENTS – INTERNATIONAL – PMC Carmignac Pfl Emerging Discovery F CHF acc Hdg Carmignac Pfl Emerging Discovery A CHF acc Hdg Ashmore SICAV Em Mkts Global SmCap Eqty R USD Inc UBS (Lux) Eq S – Emerg Mkts Sm Cps (USD)P-a Templeton Emerging Markets Smaller Cos A (acc) USD SSgA SPDR MSCI Emerging Markets Small Cap ETF Ashmore SICAV Em Mkts Global SmCap Eqty R CHF Inc JPM Emerging Markets Small Cap A (perf) Acc USD Nordea 1 – Emerging Markets Small Cap BP USD Carmignac Pfl Emerging Discovery A EUR acc Schroder ISF Global EM Smaller Companies A Acc Aviva Investors Emerging Markets Eq Sm Cap A USD Robeco Emerging Markets Smaller Companies Eq D USD Danske Invest Global Emerging Markets Small Cap Aberdeen Global – Emerging Mkts Sm Cos A2 Acc USD BI SICAV – New Emerging Markets Equities R EUR Actions Pays Emergents – International – PMC Average

298.82 298.82 218.18 115.14 423.26 37.79 218.18 504.79 82.90 298.82 65.57 114.85 2.11 129.76 1171.61 40.95 224.64

ACTIONS PAYS-BAS iShares AEX UCITS ETF Actions Pays-Bas Average

439.24 439.24

–3.5 –3.5

24.7 24.7

23.7 23.7

22.0 22

15.8 15.8

15.9 15.9

7.6 7.6

4.3 4.3

81.41 81.41

2.4 2.4

–9.8 –9.8

–31.3 –31.3

21.1 21.1

20.5 20.5

19.4 19.4

–3.4 –3.4

–7.2 –7.2

ACTIONS PORTUGAL ComStage PSI 20 UCITS ETF Actions Portugal Average

2.7 14.7 1.9 12.2 –2.7 6.1 –3.5 13.3 –5.1 25.3 8.2 –5.5 1.4 –5.5 –5.5 –5.9 12.6 –0.2 –6.7 –6.9 2.6 –7.1 –7.1 –8.6 5.8 –6.2 –9.8 5.7 –14.6 –11.6 –2.7 –14.6 –9.8 –1.1 –17.1 13.0 24.3 –6.8 6.1 2.2

12.9 10.8 4.7 12.6 10.7 3.9 23.2 15.9 2.0 17.1 13.2 4.2 14.5 13.5 14.4 7.8 17.3 13.1 0.5 22.0 15.8 –1.9 16.6 14.4 14.6 4.0 17.0 12.9 11.2 11.3 0.9 13.6 14.3 13.3 13.4 1.9 15.6 12.9 1.9 14.8 14.9 14.5 –4.0 16.2 15.2 14.4 –3.4 19.4 15.9 14.7 4.1 16.3 13.6 13.9 1.9

1.6 0.0 –1.5 –1.3 –0.6 –0.2 4.4 0.4

ACTIONS ROYAUME-UNI Old Mutual UK Dynamic Equity GBP Inc A 581.76 17.1 82.7 121.1 18.5 13.3 14.5 22.3 17.2 SWMC UK B 14.2 17.5 Threadneedle UK Select Ret Net Inc GBX 318.77 5.7 48.7 62.9 17.9 12.4 12.8 14.1 10.2 BGF United Kingdom A2 GBP 310.11 5.2 29.9 35.7 18.5 12.6 13.3 9.1 6.3 Fidelity FAST UK A-ACC-GBP 136.71 3.7 42.9 19.2 12.8 12.6 AXA Framlington UK Select Opportunities R Inc 6419.62 3.1 38.2 55.4 19.8 13.7 13.4 11.4 9.2 JOHCM UK Opportunities B Acc 2.4 33.8 57.9 17.8 12.0 11.7 10.2 9.6 Fidelity Funds – United Kingdom A-GBP 172.30 2.3 41.9 47.8 18.5 13.1 13.2 12.4 8.1 Schroder ISF UK Equity CHF Hedged A Acc 334.66 1.1 11.1

Nom

Actifs nets mios francs

Performance totale % 2015 3 ans 5 ans

Volatilité annualisée % 2015 3 ans 5 ans

Threadneedle UK Retail Net Inc GBX 2496.55 Threadneedle (Lux)-UK Equities AG 141.45 Waverton UK B GBP 36.62 Aviva Investors UK Opportunities Aa 100.25 UBS (Irl) ETF plc-MSCI UK IMI SR U ETF GBP Ad 47.15 Investec GSF UK Alpha A Acc GBP 102.49 Moorea Fund UK Equity H Cap 36.92 HSBC GIF UK Equity AC GBP 59.13 UBS ETF MSCI United Kingdom hgd to USD (USD)Aa 308.58 AXA Rosenberg UK Equity Alpha B GBP 7.93 Barclays GA – UK Opportunities Z Acc GBP Mirabaud – Equities UK High Income A Cap GBP 39.85 Schroder ISF UK Equity A Acc 334.66 M&G UK Select A Acc 1050.90 MFS Meridian Funds-UK Equity A1 GBP 167.85 SSgA SPDR FTSE UK All Share ETF 199.35 iShares UK Dividend UCITS ETF 1205.91 Candriam Equities L United Kingdom C Cap 74.88 UBS ETF-MSCI United Kingdom hgd to CHF (CHF)Aa 223.74 EIP United Kingdom Equity Index Prgme Srs 2 GBP 1308.99 Invesco UK Equity E Acc EUR 282.88 JOHCM UK Dynamic B Acc Schroder ISF UK Opportunities A Dis 177.51 ComStage FTSE 100 TR UCITS ETF 13.56 iShares FTSE 100 UCITS ETF 401.30 iShares Core FTSE 100 UCITS ETF (Dist) 5422.21 UBS ETF – FTSE 100 UCITS ETF (GBP) A-dis 166.84 Amundi ETF FTSE 100 UCITS ETF – EUR 14.88 HSBC FTSE 100 UCITS ETF 227.80 UBS ETFs plc – FTSE 100 SF UCITS ETF (GBP) A-acc 32.55 UBS ETF-MSCI United Kingdom UCITS ETF (GBP) A-acc 453.75 iShares MSCI UK UCITS ETF 144.50 Parworld Track UK C C 19.98 Lazard UK Equity Ret Inc GBP 4.38 UBS ETF-MSCI United Kingdom hgd to SGD (SGD)Aa 4.81 Old Mutual UK Alpha A USD Acc 221.18 Aberdeen Global – UK Equity A2 Acc GBP 52.11 iShares MSCI UK Large Cap UCITS ETF 13.95 UBS (Lux) Eq Fd – Great Britain (GBP) P-acc 40.35 M&G Recovery A Inc 5505.89 JOHCM UK Growth B 537.54 GAM UK Diversified Acc UBS ETF-MSCI United Kingdom hgd to EUR (EUR)Aa 154.11 Actions Royaume-Uni Average 628.26

0.5 34.4 52.8 0.4 34.6 0.4 33.3 36.7 0.2 33.6 50.1 –0.2 –0.2 34.1 45.3 –0.8 –1.4 25.4 35.9 –1.8 –2.3 26.7 37.4 –2.4 29.7 45.3 –2.8 20.8 28.6 –3.0 31.8 44.3 –3.3 25.7 37.9 –3.4 17.7 33.3 –3.7 22.0 –4.1 32.1 48.8 –4.1 18.9 23.8 –4.2 –4.3 20.4 31.9 –4.5 35.3 64.5 –5.2 32.7 56.9 –5.3 –5.4 16.4 26.1 –6.1 16.3 26.5 –6.2 15.9 26.1 –6.2 16.1 26.5 –6.3 16.0 26.6 –6.4 15.7 25.9 –6.5 15.1 25.4 –7.1 –7.2 14.2 25.0 –7.2 11.6 18.7 –7.6 17.0 21.5 –7.8 –7.8 –8.6 10.9 23.8 –8.9 9.1 17.2 –9.4 15.9 17.8 –9.7 –3.0 0.8 –10.1 34.5 47.7 –11.8 19.5 39.4 –11.9 –3.1 26.1 38.1

18.8 13.0 13.3 10.4 19.2 12.8 10.4 19.6 13.8 15.4 10.1 19.4 13.2 13.0 10.1 19.4 19.4 13.0 13.2 10.3 17.0 19.0 13.3 13.4 7.8 17.1 20.1 13.6 13.9 8.2 17.2 11.8 13.3 9.0 19.9 13.3 13.1 6.5 18.6 13.2 13.6 9.6 21.6 14.4 14.2 7.9 19.0 12.7 12.6 5.6 19.8 13.3 6.9 19.2 13.4 13.3 9.7 18.5 12.5 12.2 6.0 13.3 20.2 13.6 13.0 6.4 20.2 14.2 13.5 10.6 19.9 13.4 14.3 9.9 18.2 20.3 13.7 13.0 5.2 20.5 13.9 13.1 5.2 20.5 13.9 13.2 5.0 20.5 13.9 13.2 5.1 20.5 13.9 13.2 5.1 20.5 13.9 13.2 5.0 20.5 13.9 13.5 4.8 20.7 20.7 13.9 13.2 4.5 20.4 13.8 13.1 3.7 18.6 13.1 13.7 5.4 19.3 18.6 19.3 13.7 13.2 3.5 21.2 14.3 13.4 2.9 21.4 14.3 13.6 5.1 20.1 13.2 13.2 –1.0 19.3 13.6 15.1 10.4 20.2 13.3 13.1 6.1 18.1 19.1 13.4 13.4 7.9

ACTIONS ROYAUME-UNI – PMC Threadneedle UK Smaller Companies Ret Net Inc GBX Hermes UK Small & Mid Cap Companies F GBP Acc F&C UK Smaller Companies 1 Acc iShares MSCI UK Small Cap UCITS ETF iShares FTSE 250 UCITS ETF Actions Royaume-Uni – PMC Average

17.4 13.1 12.0 8.7 5.4 11.3

19.4 19.1 18.1 20.4 19.8 19.3

296.31 326.54 63.86 100.40 1682.63 493.95

ACTIONS ROYAUME-UNI – RENDEMENT Threadneedle UK Equity Income Z Net Acc CHF Hdg 4807.90 Threadneedle UK Equity Income Ret Net Acc CHF Hdg 4807.90 Threadneedle UK Equity Income Ret Net Inc GBX 4807.90 SSgA SPDR S&P UK Dividend Aristocrats ETF 113.92 JOHCM UK Equity Income B Acc Barclays GA – UK Alpha Z Acc GBP Actions Royaume-Uni – Rendement Average 2908.38

67.5 91.1 65.9 61.3 98.7 52.9 75.1 49.2 71.3 59.4 84.1

2.2 2.1 –1.3 39.6 65.8 –2.7 27.6 –4.3 30.2 56.8 –6.4 26.2 43.2 –1.7 30.9 55.3

12.8 14.2 12.3 11.8 13.3 14.2 14.4 13.4 13.4 12.9 13.8

Perf. annualisée % 3 ans 5 ans

18.8 18.4 17.3 15.2 14.3 16.8

11.5 11.4 18.1 12.4 12.1 11.8 16.6 12.0 8.5 20.2 13.6 14.0 9.2 18.3 12.8 13.7 8.1 16 12.7 13.3 9.4

8.9 6.5 8.5 7.8 6.3 6.6 7.8 5.2 7.6 6.6 5.9 8.3 4.4 5.7 10.5 9.4 4.8 4.8 4.7 4.8 4.8 4.7 4.6 4.6 3.5 4.0 4.4 3.2 3.3 0.2 8.1 6.9 6.5 13.8 14.7 11.9 11.4 12.9

10.6 9.4 7.4 9.2

ACTIONS RUSSIE Pioneer Funds Russian Equity A No Dis EUR 24.21 11.1 –26.6 31.2 25.9 –9.8 Baring Russia A USD Acc 35.23 9.9 –31.3 –49.3 35.0 27.3 26.3 –11.8 –12.7 PARVEST Equity Russia Classic Cap EUR 544.44 8.3 –27.7 –39.5 30.8 24.8 24.8 –10.2 –9.6 UBAM Russian Equity AC USD 5.39 7.3 –33.9 –46.6 33.2 27.0 26.5 –12.9 –11.8 JPM Russia A Acc USD 508.20 7.2 –33.0 –50.5 29.7 25.2 25.6 –12.5 –13.1 Carnegie Rysslandsfond 327.29 6.7 –28.5 –35.9 32.0 25.1 24.1 –10.6 –8.5 CS (Lux) Russian Equity Fund B USD 60.43 6.2 –32.9 –48.5 37.9 30.0 30.4 –12.5 –12.4 SEB 2 SEB Russia Fund C (EUR) 86.07 6.1 –39.8 –54.1 34.7 27.7 26.7 –15.6 –14.4 PARVEST Equity Russia Opportunities Classic C USD 77.80 5.7 –26.2 –39.1 31.0 24.5 24.5 –9.6 –9.4 Neptune Russia & Greater Russia A Acc GBP 190.77 5.7 –37.6 –52.5 37.3 29.8 27.5 –14.6 –13.8 Raiffeisen-Russland-Aktien EUR R T 52.26 5.6 –34.2 –46.8 34.1 27.3 26.1 –13.0 –11.8 UBS (Lux) Eq S – Russia (USD) P-acc 121.86 5.3 –33.2 –51.8 32.6 25.8 26.6 –12.6 –13.6 Pictet-Russian Equities-P USD 102.03 5.1 –37.8 –50.7 36.7 28.4 27.7 –14.6 –13.2 Danske Invest Russia A 7.47 5.1 –30.5 –43.8 32.9 27.7 26.0 –11.4 –10.9 Pictet-Russia Index-P USD 16.50 3.6 –40.4 34.0 27.7 –15.9 Russian Prosperity A USD Cap 3.5 35.5 Aberdeen Global – Russian Equity A2 Acc 18.19 3.2 –34.6 –49.4 35.0 27.2 26.4 –13.2 –12.7 Tundra Rysslandsfond 1.45 2.7 –33.7 28.9 24.4 –12.8 HSBC GIF Russia Equity AC USD 195.09 2.3 –39.8 –52.4 36.3 28.3 27.1 –15.6 –13.8 East Capital (Lux) Russian A EUR 384.98 –0.8 –49.3 –60.3 37.8 30.7 29.4 –20.3 –16.9 Valartis Russian Market Fund A 7.74 –0.8 –46.9 –57.9 35.2 28.3 27.6 –19.0 –15.9 RBS Market Access DAXGlobal Russia Index ETF 8.82 –1.2 –40.8 –50.3 37.1 27.8 26.4 –16.0 –13.1 ComStage MSCI Russia 30 % Capped TRN UCITS ETF 9.03 –2.3 –39.8 –46.2 37.3 27.6 26.9 –15.6 –11.7 DWS Russia 133.26 –2.9 –35.2 –46.4 34.0 25.8 26.0 –13.5 –11.7 Lyxor UCITS ETF Russia (DJ Russia GDR) C-EUR 385.55 –2.9 –41.3 –46.5 38.8 28.8 27.3 –16.3 –11.8 iShares MSCI Russia ADR/GDR UCITS ETF 149.41 –3.3 –40.8 –48.0 38.6 28.7 27.6 –16.0 –12.3 Actions Russie Average 138.14 3.7 –35.8 –48.5 34.5 27.3 26.7 –13.8 –12.5 ACTIONS SECTEUR – SOINS DE SANTÉ BZ Fine Fund – Pharma A (CHF) Lacuna – BB Adamant Asia Pacific Health P UBS (Lux) Eq Fd – Health Care (USD) P-acc Julius Baer EF Health Innovation-USD B AllianceBernstein-Internatl Health Care Pf A USD Aberdeen (Swiss) Funds Global Pharma Equity Fd BB Adamant Global Medtech und Services AA Klasse PHARMA/wHEALTH -R (USD)- FCP OP Medical Biohealth-Trends EUR DWS Health Care Typ 0 NC MIV Global Medtech Fund P1 Polar Capital Healthcare Opportunities USD DSC Equity Fund – Healthcare NN (L) Health Care P Cap USD Fidelity Funds – Global Health Care A-EUR Lyxor UCITS ETF MSCI World Health Care TR C-EUR Health Care S&P US Select Sector Source ETF ComStage STOXX Europe 600 HC NR UCITS ETF iShares STOXX Europe 600 Health Care (DE) Janus Global Life Sciences Fd A USD Acc SSgA Health Care Index Equity Fund P AXA WF Framlington Health A USD Lyxor UCITS ETF Stoxx Europe 600 Health Care BGF World Healthscience A2 USD SWC (CH) EF Global Health Care AA PARVEST Equity World Health Care C C EUR SSgA SPDR MSCI Europe Health Care UCITS ETF SSgA Sectoral Healthcare Equity Fund P JPM Global Healthcare A Acc USD Polar Capital Healthcare Blue Chip I USD Acc Invesco Global Health Care A Annual Dist USD Pictet-Health-P USD Bellevue F (Lux) BB Adamant Medtech B EUR Bellevue F (Lux) BB Adamant Medtech HB CHF BB Adamant Global Generika AA Klasse VS – Sectoral EM Health Care Fund P – ACCU – USD Actions Secteur – Soins de Santé Average ACTIONS SECTEUR – BIENS DE CONSOMMATION DE BASE ComStage STOXX Europe 600 P&HG NR UCITS ETF ComStage STOXX Europe 600 F&B NR UCITS ETF SSgA SPDR MSCI Europe Consumer Staples UCITS ETF NN (L) Food & Beverages P Cap USD Lyxor UCITS ETF MSCI Wld Consmr Staples TR C-EUR Consumer Staples S&P US Select Sector Source ETF SSgA Consumer Staples Index Equity Fund P DSC Equity Fund – Consumer Staples ETFS S-Net ITG Gl Agri Business GO UCITS ETF PowerShares Global Agriculture UCITS ETF Actions Secteur – Biens de Consommation de Base Average

29.57 20.6 20.2 140.46 14.6 55.4 47.9 15.8 13.1 12.5 15.8 8.1 292.68 10.0 94.2 118.2 21.0 14.1 13.2 24.8 16.9 254.36 9.9 21.0 494.36 8.7 78.8 104.3 19.3 13.0 12.9 21.4 15.4 117.22 8.6 61.1 90.5 18.0 11.9 11.1 17.2 13.8 102.45 8.5 74.9 68.9 20.7 14.5 13.4 20.5 11.1 116.09 8.2 90.8 103.4 17.7 12.6 12.5 24.0 15.3 115.20 8.0 121.7 132.1 22.2 17.4 16.4 30.4 18.3 481.03 7.6 97.4 134.6 19.9 14.0 13.1 25.4 18.6 674.30 7.5 76.9 96.6 19.8 14.2 13.0 20.9 14.5 1092.47 7.4 127.9 200.7 21.8 16.6 15.2 31.6 24.6 27.01 7.4 79.0 19.4 13.1 21.4 317.75 7.1 87.4 131.2 16.8 12.1 11.6 23.3 18.2 1186.08 7.1 87.6 110.6 18.9 13.3 12.4 23.3 16.1 269.97 6.9 85.4 132.4 18.4 12.8 12.1 22.8 18.4 103.37 6.9 102.3 158.5 19.5 14.1 13.3 26.5 20.9 79.42 6.7 58.7 101.9 17.3 12.7 12.0 16.7 15.1 625.05 6.5 58.6 99.8 17.3 12.7 12.0 16.6 14.8 1969.51 6.5 133.9 198.5 22.0 17.0 15.2 32.7 24.4 46.27 6.0 80.3 122.3 18.4 12.8 12.0 21.7 17.3 115.49 5.8 87.9 124.4 18.4 13.4 12.6 23.4 17.5 249.43 5.6 56.8 100.9 17.5 12.7 12.0 16.2 15.0 3917.97 5.3 103.5 146.4 19.7 15.0 13.6 26.7 19.8 99.97 5.2 69.4 108.2 19.4 13.3 12.4 19.2 15.8 421.50 4.1 84.2 124.6 19.2 14.2 13.0 22.6 17.6 135.76 3.8 17.3 105.30 3.7 86.3 110.8 17.9 13.1 12.7 23.1 16.1 4471.09 2.9 119.5 197.2 19.1 15.5 14.6 30.0 24.3 60.87 2.0 19.4 622.91 1.8 81.3 109.0 23.5 16.3 14.9 21.9 15.9 646.68 0.3 78.9 79.6 19.6 13.7 12.9 21.4 12.4 145.06 0.3 56.3 65.0 20.0 15.1 13.6 16.1 10.5 145.06 0.0 47.4 14.6 12.6 13.8 181.40 –1.7 46.3 52.2 20.2 13.8 11.8 13.5 8.8 44.85 –3.7 10.2 525.19 6 82.9 116.2 18.9 13.9 13 22.1 16.4 22.14 59.39 35.71 324.43 94.81 28.06 40.06 15.92 17.38 6.58 60.84

11.4 44.6 76.4 9.5 36.8 71.4 8.1 7.6 49.1 73.1 6.7 49.5 79.3 6.2 64.9 99.7 5.9 45.6 71.6 4.7 –8.6 –3.9 –4.4 –18.7 –12.3 –15.8 3.3 34.3 56.4

19.8 14.3 13.6 13.1 16.0 12.0 11.4 11.0 17.3 17.0 12.3 11.5 14.3 16.7 12.1 11.6 14.4 18.2 13.6 13.5 18.1 16.8 12.0 11.5 13.3 13.9 17.2 12.5 13.5 –1.3 19.4 14.0 13.7 –4.3 17.2 12.9 12.5 9.8

12.0 11.4 11.6 12.4 14.8 11.4 –0.9 –3.4 8.7

ACTIONS SECTEUR – BIENS DE CONSOMMATION DIS ComStage STOXX Europe 600 T&L NR UCITS ETF 12.11 11.6 74.0 92.3 12.9 11.7 12.9 20.3 14.0 Lyxor UCITS ETF MSCI Wld Cons Discret TR C-EUR 85.49 5.8 64.9 90.2 20.9 14.0 13.2 18.1 13.7 ComStage STOXX Europe 600 Media NR UCITS ETF 8.79 5.0 59.4 71.9 15.6 12.1 13.3 16.8 11.4 SSgA Consumer Discretionary Index Equity Fd P 31.06 4.9 60.1 81.2 20.9 13.9 13.0 17.0 12.6 Robeco Global Consumer Trends Equities D EUR 1662.33 4.7 57.0 78.8 19.5 13.5 12.9 16.2 12.3 ComStage STOXX Europe 600 A&P NR UCITS ETF 26.68 4.2 56.2 62.4 28.1 22.2 25.7 16.0 10.2 Amundi Fds Eq Glbl Luxury & Lifestyle – AU (C) 181.51 3.6 37.6 54.1 21.5 14.4 14.8 11.2 9.0 DSC Equity Fund – Consumer Discretionary 3.2 45.9 18.6 12.7 13.4 PARVEST Equity Wld Consumer Durables CL Cap EUR 163.03 3.1 54.4 74.4 21.2 14.6 13.3 15.6 11.8 Invesco Global Leisure A Acc USD 325.96 2.6 83.1 108.0 21.9 15.7 15.0 22.3 15.8 DMC Fund Dynapartners Luxury Brands Fund R CHF Hdg 24.95 1.7 12.0 SSgA SPDR MSCI Europe Consumer Discr UCITS ETF 172.60 1.4 18.9 ComStage STOXX Europe 600 Ret NR UCITS ETF 9.29 1.2 21.2 24.4 18.6 14.5 14.6 6.6 4.5 Pictet-Premium Brands-HI CHF 737.73 0.3 16.7 NN (L) Consumer Goods P Cap USD 161.42 0.2 41.9 73.1 20.9 13.8 12.4 12.4 11.6 Pictet-Premium Brands-HP CHF 737.73 –0.5 27.1 16.7 12.7 8.3 JSS Bluevalor Sustainable Lifestyle Brand Equity 46.09 –2.2 35.6 55.6 19.0 13.2 11.9 10.7 9.2 LO Funds – Asia Consumer (USD) P A 114.70 –5.6 14.7

Finance

Le Temps l Mercredi 3 février 2016

CLASSEMENTS Nom

Actifs nets mios francs

Performance totale % 2015 3 ans 5 ans

Volatilité annualisée % 2015 3 ans 5 ans

Perf. annualisée % 3 ans 5 ans

–6.3 –6.6 –6.7 –6.8 –7.6 –8.6 11.1 27.9 –8.8 16.7 26.3 –11.6 3.9 –0.2 –13.9 0.7 12.2 –1.2 41.7 58.3

20.2 12.9 17.4 12.9 12.9 18.8 14.2 14.5 3.6 17.8 13.7 14.8 5.3 16.5 13.3 13.4 1.3 18.8 14.7 16.2 0.2 18 14.2 14.5 12

Amundi ETF S&P Global Luxury UCITS ETF EUR LO Funds – Asia Consumer (CHF) I A DMC Fund Dynapartners Luxury Brands Fund R EUR LO Funds – Asia Consumer (CHF) MA LO Funds – Asia Consumer (CHF) PA Julius Baer EF Luxury Brands-EUR B Pictet-Premium Brands-P EUR Nordea 1 – Emerging Consumer BP EUR NN (L) Prestige & Luxe P Cap EUR Actions Secteur – Biens de Consommation Dis Average

16.09 114.70 24.95 114.70 114.70 315.73 737.73 148.50 81.06 228.59

ACTIONS SECTEUR – BIOTECHNOLOGIE HBM Global Biotechnology Fund -USD- Polar Capital Biotechnology R USD Source NASDAQ Biotech UCITS ETF Pictet-Biotech-P USD Pictet-Biotech-HP CHF CS (Lux) Gl Biotech Innovators Eq Fd B USD Candriam Equities L Biotechnology C Cap Bellevue F (Lux) BB Adamant Biotech B USD BB Adamant Global Biotech AA Klasse Franklin Biotechnology Discovery A (acc) USD Franklin Biotechnology Discovery A (acc) CHF-H1 UBS (Lux) Eq Fd – Biotech (USD) P-acc RH&F Global Life Sciences Fund A USD Cap Actions Secteur – Biotechnologie Average

30.32 17.8 197.2 24.8 22.2 43.8 68.60 13.2 26.0 68.81 12.1 25.5 1607.86 11.5 129.8 165.1 25.4 21.4 20.0 32.0 21.5 1607.86 10.4 107.7 22.5 20.8 27.6 230.60 10.2 152.7 240.7 24.4 21.8 20.9 36.2 27.8 751.54 8.9 163.6 248.6 27.6 22.8 20.4 38.1 28.4 90.68 8.4 162.8 208.8 27.4 23.1 21.5 38.0 25.3 153.55 6.9 167.0 251.6 29.5 24.6 22.4 38.7 28.6 2747.46 5.7 153.9 246.6 27.1 23.3 20.6 36.4 28.2 2747.46 4.8 23.8 1510.39 2.3 142.7 222.1 27.2 24.7 22.3 34.4 26.4 64.16 1.3 128.1 157.1 22.6 19.6 20.0 31.6 20.8 898.41 8.7 150.6 217.6 25.7 22.4 21 35.7 25.9

ACTIONS SECTEUR – ENERGIE Carnot Efficient Energy Fund (CHF) B 50.46 ComStage STOXX Europe 600 O&G NR UCITS ETF 22.28 iShares STOXX Europe 600 Oil & Gas (DE) 579.47 Lyxor UCITS ETF Stoxx Europe 600 Oil & Gas 166.65 UBS (CH) Equity Fund – Energy (USD) P liq MFS Meridian Funds-Global Energy A1 USD 23.38 Carmignac Pfl Commodities F CHF acc Hdg 498.63 SSgA SPDR MSCI Europe Energy UCITS ETF C 20.17 Carmignac Pfl Commodities A CHF acc Hdg 498.63 Aberdeen (Swiss) Global Energy Equity A 27.62 T Rowe Global Natural Resources Eq A USD 250.31 NN (L) Energy P Cap USD 54.33 Energy S&P US Select Sector Source ETF 101.23 Amundi ETF MSCI World Energy UCITS ETF – EUR 67.20 Lyxor UCITS ETF MSCI World Energy TR C-EUR 69.48 Threadneedle (Lux)-Global Energy Equities AU 24.12 SSgA Energy Index Equity Fund P 25.38 BO FUND IV – BO Energy USD 8.88 Swisscanto (LU) Equity Fund Global Energy B 34.99 BBGI Islamic Share Energy (USD) 4.39 UBS (Lux) Eq S – Energy Transformation (USD) P-acc 17.18 Carmignac Pfl Commodities A EUR acc 498.63 PARVEST Equity World Energy Classic C EUR 130.15 BGF Natural Res Gro & Inc A2 USD 13.93 Heritam Sicav – Energy Fund USD 5.43 DNB Fund Navigator 3.87 CS (Lux) Gl Energy Winners Eq Fd B USD 76.84 Guinness Global Energy B Ret USD 223.13 Investec GSF Global Energy A Acc USD 642.35 Franklin Natural Resources A (acc) USD 198.07 Allianz Energy – A – EUR 45.50 Investec Global Energy A Acc Net GBP 89.92 CS (Lux) Gl Energy Winners Eq Fd BH CHF 76.84 AXA WF Framlington Hybrid Resources AC 57.60 BGF World Energy A2 USD 1526.21 Franklin Natural Resources A (acc) CHF-H1 198.07 Invesco Energy A Acc USD 134.27 AXA WF Framlington Junior Energy AC USD 10.78 BGF World Energy D2 CHF Hedged 1526.21 BGF World Energy A2 CHF Hedged 1526.21 Investec GSF Global Natural Res A Acc CHF Hdg 149.48 Van Eck – Global Hard Assets R1 Acc 248.16 iShares Oil & Gas Exp & Prod UCITS ETF 72.65 LO Funds – Global Energy P A 30.76 Source Morningstar US En Infr LP UCITS ETF A Ac 184.38 Schroder ISF Global Energy A Acc 336.40 ComStage STOXX Europe 600 BR NR UCITS ETF 13.15 Lyxor UCITS ETF Stoxx Europe 600 Basic Resources 118.85 Goldman Sachs NAm Shale Revo&En Infra Pf Base Acc 156.17 Credit Suisse MLP Index A EUR 23.49 UBS (Irl) ETF plc-SolactiveGlCopperMining U(USD)Ad 1.42 Actions Secteur – Energie Average 213.77

–7.7 14.0 10.4 –12.1 –16.0 –16.6 –12.3 –16.5 –17.4 –12.8 –17.2 –17.0 –14.5 –12.2 –21.0 –16.4 –10.8 –15.3 –16.7 –17.2 –16.7 –17.2 –18.6 –18.9 –16.7 –18.1 –19.6 –8.0 –23.8 –19.9 –16.9 –26.6 –22.1 –3.7 0.5 –22.6 –13.1 –13.5 –22.6 –13.2 –14.0 –22.7 –15.6 –23.8 –23.0 –15.1 –16.9 –23.1 –23.6 –17.3 –22.6 –23.9 –24.9 –39.3 –24.0 –20.9 –24.2 –25.5 –48.7 –24.2 –25.4 –30.9 –24.3 –22.4 –25.9 –19.0 –26.1 –26.4 –48.1 –55.3 –26.8 –29.1 –37.7 –27.6 –22.0 –32.9 –27.7 –32.1 –40.5 –28.0 –33.5 –46.1 –28.1 –34.0 –43.6 –28.4 –30.4 –40.0 –28.5 –29.2 –39.1 –50.1 –29.4 –24.2 –40.5 –30.2 –40.7 –30.6 –24.2 –38.1 –30.8 –32.7 –43.6 –31.1 –31.4 –31.6 –33.0 –31.8 –42.5 –33.5 –34.3 –36.1 –34.5 –35.1 –39.8 –36.6 –37.3 –49.2 –63.7 –38.3 –47.2 –61.7 –38.7 –47.5 –61.6 –41.5 –45.4 –46.0 –66.2 –26.3 –25.7 –31.6

17.5 12.9 13.7 4.5 29.5 20.8 19.5 –5.7 29.5 20.7 19.4 –5.8 29.8 20.9 19.6 –6.1 23.2 17.8 18.2 –4.2 20.9 15.3 15.5 –3.7 18.3 13.1 –6.1 29.3 18.3 13.1 –6.6 24.0 17.5 17.3 –5.9 24.5 17.7 17.9 –2.7 25.8 18.8 18.5 –6.0 26.2 18.9 18.2 –1.2 26.5 18.8 17.8 –4.6 26.6 18.7 17.8 –4.6 25.4 18.7 18.5 –5.5 26.4 18.6 17.6 –5.3 29.3 28.9 20.6 19.8 –6.1 24.0 17.6 17.7 –9.1 27.1 19.3 –7.5 21.1 14.9 16.5 –9.3 29.4 20.7 19.3 –9.3 23.8 16.3 –8.1 31.9 23.2 23.3 –6.8 32.4 24.2 24.2 –19.6 28.5 21.0 22.2 –10.8 30.2 22.4 22.1 –8.0 31.6 23.2 22.1 –12.1 30.0 21.5 21.1 –12.7 33.2 22.1 22.3 –12.9 35.6 24.9 24.0 –11.4 26.1 20.2 14.9 14.4 –15.2 29.8 20.9 19.8 –8.8 28.3 21.9 –16.0 33.8 23.8 23.2 –8.8 29.5 23.6 22.6 –12.4 26.8 20.2 –11.8 26.7 20.1 –12.5 22.5 17.3 –16.8 29.2 34.7 24.9 –13.9 33.5 24.1 22.1 –13.4 25.7 38.8 28.7 26.6 –20.2 33.3 24.1 24.5 –19.2 33.3 24.1 24.6 –19.3 30.0 29.8 52.9 35.2 –30.3 28.3 20.4 20.1 –9.8

5.0 4.8 0.0 2.3 9.3

2.0 –3.6 –3.7 –3.7 –4.6 –3.3

–3.9 –5.3 –6.0 0.1 –2.9 –3.0 –5.3 –3.6 –5.0 –9.5 –12.5 –7.1 –5.9 –14.9 –9.0 –7.7 –9.9 –11.6 –10.8 –9.7 –13.0 –9.9 –9.2 –10.8

–9.7 –18.4 –17.5 –17.4

–7.8

ACTIONS SECTEUR – FINANCE ComStage STOXX Europe 600 FS NR UCITS ETF Polar Capital Global Insurance A GBP Inc ComStage STOXX Europe 600 Ins NR UCITS ETF iShares STOXX Europe 600 Insurance (DE) Polar Capital Financial Opportunities R USD Inc Fidelity Funds – Global Financial Serv A-EUR Jupiter JGF Global Financials L EUR Acc NN (L) Banking & Insurance P Cap USD Financials S&P US Select Sector Source ETF PARVEST Equity World Finance C C EUR Amundi ETF MSCI World Financials UCITS ETF – EUR Lyxor UCITS ETF MSCI World Financials TR C-EUR SSgA Financials Index Equity Fund P JPM Global Financials A Acc USD DSC Equity Fund – Finance SSgA SPDR MSCI Europe Financials UCITS ETF Henderson Global Financials A GBP Acc SWC (CH) EF Global Financials AA Robeco New World Financial Equities D EUR Polar Capital Asian Financials Oddo European Banks A BGF World Financials A2 USD Axiom Equity C ComStage STOXX Europe 600 Banks NR UCITS ETF iShares STOXX Europe 600 Banks (DE) STOXX® Europe 600 Optimised Banks Source ETF Lyxor UCITS ETF Stoxx Europe 600 Banks Guinness Global Money Managers B EURO STOXX Optimised Banks Source ETF iShares EURO STOXX Banks 30-15 UCITS ETF (DE) World Invest Strategy Fund Growth Actions Secteur – Finance Average

8.83 10.9 73.8 70.2 20.6 15.6 16.8 20.2 11.2 560.75 8.1 65.0 19.9 13.5 18.2 13.85 7.7 62.4 94.2 18.5 14.5 18.7 17.5 14.2 103.63 7.5 63.7 95.1 18.5 14.6 18.5 17.8 14.3 40.51 3.2 36.5 18.1 13.1 10.9 888.47 2.5 42.4 44.7 20.8 14.3 14.6 12.5 7.7 93.98 1.8 41.3 35.8 19.7 13.9 14.2 12.2 6.3 105.98 –1.0 30.9 29.3 22.1 14.3 15.8 9.4 5.3 771.32 –1.7 64.0 69.5 23.5 16.3 17.3 17.9 11.1 29.36 –2.3 33.3 32.1 25.3 16.3 16.5 10.1 5.7 169.15 –3.1 37.2 41.1 21.8 14.2 14.9 11.1 7.1 23.09 –3.1 37.1 40.7 21.8 14.2 15.0 11.1 7.1 27.57 –3.5 33.9 34.8 21.8 14.2 14.9 10.2 6.1 181.30 –3.7 31.9 28.6 23.0 15.6 17.6 9.7 5.2 25.86 –3.7 23.4 18.7 12.7 7.3 344.45 –4.0 21.7 90.38 –4.2 35.9 26.6 24.3 15.7 16.6 10.8 4.8 51.82 –4.9 27.3 27.0 20.8 14.2 14.3 8.4 4.9 251.00 –5.6 34.8 31.0 23.2 16.0 18.2 10.5 5.6 37.24 –6.1 12.7 20.9 13.9 15.2 14.6 4.1 3.9 156.87 –6.4 20.1 25.7 20.5 6.3 407.71 –6.9 30.2 31.8 22.4 15.2 15.9 9.2 5.7 24.03 –7.4 27.1 65.01 –9.2 11.0 –6.1 25.0 20.1 22.8 3.5 –1.2 628.47 –9.2 10.9 –5.9 25.0 19.9 22.5 3.5 –1.2 122.35 –9.5 12.9 –5.1 26.2 21.0 24.2 4.1 –1.0 992.19 –10.0 9.7 –6.2 25.3 20.1 22.8 3.1 –1.3 8.42 –10.9 52.7 56.7 22.6 17.1 17.2 15.1 9.4 259.93 –10.9 14.1 29.7 26.8 4.5 1264.94 –11.4 13.2 –17.7 30.0 26.6 29.5 4.2 –3.8 11.49 –14.1 –20.6 17.1 11.8 –7.4 243.2 –3.6 32.5 33.4 22.4 16.5 18 9.5 5.5

ACTIONS SECTEUR – IMMOBILIER AMÉRIQUE DU NORD iShares US Property Yield UCITS ETF Lyxor UCITS ETF FTSE EPRA/NAREIT United States DE Neuberger Berman US Real Estate Sec USD A Acc Morgan Stanley US Property A USD Actions Secteur – Immobilier Amérique du Nord Average

760.75 30.61 191.53 402.86 278.61

3.3 2.9 2.3 –0.4 2

46.0 46.6 34.3 43.4 42.6

85.1 83.9 61.4 64.5 73.7

17.7 18.6 16.8 20.3 18.4

14.9 15.3 13.3 15.8 14.8

14.1 14.5 13.3 15.3 14.3

13.4 13.6 10.3 12.8 12.5

13.1 13.0 10.0 10.5 11.6

ACTIONS SECTEUR – IMMOBILIER ASIE PACIFIQUE Henderson HF Asia-Pacific Property Equities A2 USD First State Asian Property Securities A GBP Acc AMADEUS ASIAN REAL ESTATE SECURITIES FUND- A – EUR Lyxor UCITS ETF FTSE EPRA/NAREIT Asia Ex Japan DE Schroder ISF Asia Pacific Property Sec A Acc Morgan Stanley Asian Property A USD iShares Asia Property Yield UCITS ETF Fidelity Funds – Asia Pacific Property A-EUR PARVEST Real Estate Securities Pacific C C EUR Aberdeen Global – Asian Property Share A2 USD Actions Secteur – Immobilier Asie Pacifique Average

271.35 13.54 26.28 8.89 177.16 180.24 199.78 14.74 29.68 56.00 97.77

–4.1 –4.3 –5.1 –5.5 –6.5 –6.7 –7.3 –7.3 –7.3 –12.8 –6.7

6.1 5.0 –6.2 0.0 –0.5 1.4 6.0 1.7 –1.0 –8.8 0.4

9.0 19.2 5.7 9.4 16.2 12.3 17.7 10.4 13.8 9.2 12.3

14.1 15.6 18.5 19.7 15.4 14.3 12.7 15.3 15.1 15.9 15.7

14.2 13.9 14.7 16.3 13.8 13.9 12.9 13.6 14.6 13.3 14.1

14.7 14.7 15.2 19.0 13.8 15.3 13.8 13.5 14.5 13.2 14.8

2.0 1.6 –2.1 0.0 –0.2 0.5 2.0 0.6 –0.3 –3.0 0.1

1.7 3.6 1.1 1.8 3.0 2.3 3.3 2.0 2.6 1.8 2.3

ACTIONS SECTEUR – IMMOBILIER AUTRE iShares UK Property UCITS ETF Actions Secteur – Immobilier Autre Average

1174.44 1174.44

6.3 6.3

63.1 63.1

94.9 94.9

17.5 17.5

13.9 13.9

14.4 14.4

17.7 17.7

14.3 14.3

ACTIONS SECTEUR – IMMOBILIER EUROPE SFPC European Property Securities MV ImmoXtra Schweiz Fonds P Henderson HF Pan European Property Equities A2 EUR F&C Real Estate Securities A GBP Inc E&G FONDS Immobilienaktien Europa Classic Cap PARVEST Real Estate Secur Europe C C EUR AXA WF Framlington Europe Real Estate Secs AC Petercam Securities Real Estate Europe B CS Select Fund (CH) Swiss Real Estate Sec A Aviva Investors European Real Estate Sec A EUR CS (Lux) European Property Equity Fund B EUR SF Property Securities Fund CH A Lyxor UCITS ETF FTSE EPRA/NAREIT DevelopedEuropeDE iShares European Property Yield UCITS ETF SSgA EMU Index Real Estate Fund P Petercam Real Estate Europe Dividend A Morgan Stanley European Property A EUR UBS ETF (CH) – SXI Real Estate® (CHF) A-dis Swisscanto (CH) RE Fd Switzerland indirect (II) B ComStage STOXX Europe 600 RE NR UCITS ETF NN (L) European Real Estate P Cap EUR PvB Immobilien Schweiz Dachfonds A CHF

15.01 20.24 615.55 110.25 3.06 634.53 890.98 347.47 216.95 67.07 29.39 185.99 19.96 1476.13 24.20 191.94 463.27 21.16 53.65 27.89 404.82 27.53

12.4 11.9 10.4 9.2 7.9 7.7 7.7 7.5 7.0 6.7 6.6 6.5 6.5 6.1 6.0 5.9 5.7 5.5 5.4 5.3 5.2 4.8

47.2 49.3 8.3 6.6 65.6 85.6 62.6 83.4 31.1 44.5 45.6 46.6 52.8 68.9 47.5 58.5 16.4 34.0 43.3 52.4 44.1 50.9 12.9 30.6 45.3 63.0 33.4 39.3 31.7 35.2 44.5 44.7 42.4 55.7 15.8 14.7 40.3 62.1 35.3 41.8 13.1 28.8

15.1 3.8 15.6 15.3 15.3 16.4 15.8 15.5 13.0 15.6 16.4 12.9 16.0 16.8 16.4 13.5 15.1 12.2 12.2 16.2 16.2 13.5

12.8 13.5 3.2 2.6 12.4 13.4 12.3 13.6 11.8 13.8 13.0 13.7 12.7 13.1 12.0 12.8 8.8 7.3 12.1 12.6 13.2 13.6 8.6 7.2 12.7 13.6 13.4 13.2 13.8 14.7 10.6 12.0 12.3 13.2 8.3 8.4 13.3 13.5 12.7 12.9 9.2 7.7

13.7 2.7 18.3 17.6 9.4 13.3 15.2 13.8 5.2 12.7 13.0 4.1 13.3 10.1 9.6 13.1 12.5 5.0 4.7 11.9 10.6 4.2

8.3 1.3 13.2 12.9 7.6 8.0 11.0 9.6 6.0 8.8 8.6 5.5 10.3 6.9 6.2 7.7 9.3 10.1 7.2 5.2

Nom Mi-Fonds (CH) – SwissImmo A AXA Aedificandi AD IAM – Immo Securities Fund UBS ETF (CH) – SXI Real Estate® Fds (CHF) A-dis Pictet CH Inst-Swiss Real Estate Funds-I dy SSgA Europe Index Real Estate Fund P Swiss Life Funds (CH) Real Estate CHF FoF A2 Actions Secteur – Immobilier Europe Average

Actifs nets mios francs 152.12 655.67 276.02 333.51 327.99 42.61 24.19 264.11

Performance totale % 2015 3 ans 5 ans 4.6 4.4 4.1 4.1 3.8 3.7 1.5 6.3

12.1 26.8 38.8 41.5 17.3 26.2 16.1 31.0 15.4 30.3 37.9 51.3 11.1 32.5 45.7

Volatilité annualisée % 2015 3 ans 5 ans 11.6 15.9 11.1 11.5 11.4 16.1 12.1 14.1

7.8 6.7 13.1 13.9 7.7 6.7 8.3 7.2 8.3 7.0 13.0 13.1 8.8 10.8 11.3

Perf. annualisée % 3 ans 5 ans 3.9 11.5 5.4 5.1 4.9 11.3 3.6 9.7

4.9 7.2 4.8 5.5 5.4 8.6 7.7

ACTIONS SECTEUR – IMMOBILIER INTERNATIONAL Kempen (Lux) Global Property Fund A C 40.17 JSS Sustainable Equity – Real Estate Global P EUR 87.73 EdR Prifund Alpha Property Securities B CHF EdR Prifund Alpha Property Securities A CHF BGF World Real Estate Securities A2 USD 17.22 Nordea 1 – Global Real Estate Fund BP USD 236.91 JSS Real Estate Equity – Global P EUR acc 76.88 Deutsche Invest I RREEF Global Real Estate Sec LC 89.65 Henderson HF Global Property Equities A2 USD 396.89 Franklin Global Real Estate A (Qdis) USD 372.79 T Rowe Global Real Estate Securities A USD 37.45 Robeco Property Equities D EUR 379.30 iShares Developed Markets Prop Yld UCITS ETF 3086.03 Lyxor UCITS ETF FTSE EPRA/NAREIT GlobalDevelopedDE 85.74 Henderson HF Global Property Equities G2 CHF Hdg 396.89 Schroder ISF Global Prop Securities A Acc 305.02 AXA WF Framlington Global Real Estate Sects AC EUR 179.75 LGT Select REITS -(USD) B- 508.94 NN (L) Global Real Estate P Cap EUR 352.71 First State Global Property Securities A GBP Acc 362.72 SSga SPDR Dow Jones Global Real Estate UCITS ETF 154.64 E&G FONDS Global REITs Classic Cap. 14.04 AllianceBernstein-Global Real Est Sec Pf A USD 43.70 LLB Aktien Immobilien Global (CHF) P 74.40 Henderson HF Global Property Equities A2 CHF Hdg 396.89 Morgan Stanley Global Property A USD 1089.52 Invesco Global Real Estate Secs A AD USD 106.72 BNY Mellon Global Property Securities A EUR 15.25 Fidelity Funds – Global Property A-ACC-USD 253.88 SLI Glo SICAV Global REIT Focus A EUR 123.08 JPM Gl Real Est Securities USD A Acc USD 127.80 Kempen (Lux) Global Property Fundamental A 290.30 Invesco Global Income Real Estate Secs A Acc USD 23.03 PARVEST Real Estate Securities Wld C C EUR 86.23 Third Avenue (Dub) Real Estate A1 USD Acc 143.77 Janus Global Real Estate Fd A USD Acc 131.85 CS (Lux) Global Emerging Market Prop Eq Fd B USD 7.11 Ascend Global Fund (CHF) 8.79 CS (Lux) Global Emerging Market Prop Eq Fd BH CHF 7.11 EdR Prifund Alpha Property Securities A EUR CS PortfolioReal A 24.33 SKAGEN m2 A Franklin Glo Listed Infrastructure A (acc) USD 13.81 LFL – Forum Global REITs Income – R (C) Euro 127.61 Macquarie Global Listed Infrastructure A USD 64.17 Barclays GA – Global Property Securities Z Acc EUR Actions Secteur – Immobilier International Average 257.44

2.3 1.9 26.5 41.2 1.5 14.0 8.9 1.5 14.0 8.9 1.4 0.9 29.8 0.9 29.7 49.1 0.9 0.7 23.7 38.7 0.4 25.3 44.3 0.3 25.5 45.7 0.2 21.2 38.1 0.1 29.7 53.3 –0.1 29.2 51.2 –0.4 –0.4 20.4 36.7 –0.4 26.8 50.5 –0.5 29.1 –0.6 23.0 41.0 –0.6 28.3 51.9 –0.6 31.9 –0.8 22.7 38.8 –0.9 23.8 40.1 –1.0 20.6 34.1 –1.3 10.8 –1.4 25.0 40.1 –1.6 25.6 43.3 –1.9 21.5 35.1 –1.9 28.9 44.4 –2.1 24.0 40.6 –2.3 24.9 41.7 –2.3 22.9 –2.4 18.3 31.5 –3.9 16.0 34.0 –3.9 32.3 47.1 –4.0 23.9 36.5 –4.8 –11.7 –11.3 –5.3 1.2 1.8 –6.8 –21.1 –22.0 –6.9 5.0 –1.2 –7.6 –7.2 –15.7 –8.6 4.7 –9.6 –10.3 –10.4 18.7 16.9 –10.5 –0.2 –2.2 19 31.4

15.0 15.1 12.2 12.1 8.2 6.2 5.3 5.0 4.5 6.2 5.3 5.0 4.5 14.6 14.5 11.6 9.1 14.6 12.1 11.8 9.1 14.8 15.0 12.1 11.9 7.4 14.3 12.0 11.6 7.8 14.9 11.8 11.5 7.9 14.2 12.1 12.0 6.6 13.8 12.2 11.8 9.1 14.5 12.2 12.0 8.9 11.9 14.5 11.3 11.6 6.4 15.1 12.3 11.8 8.2 13.3 10.3 8.9 14.6 12.2 11.8 7.1 15.5 11.8 12.3 8.7 14.8 12.7 9.7 12.7 10.6 10.0 7.1 14.0 11.5 11.7 7.4 14.0 11.5 11.3 6.5 11.8 12.0 3.5 13.9 11.1 11.7 7.7 14.0 11.7 12.2 7.9 15.2 12.2 12.1 6.7 13.2 11.6 11.5 8.8 15.4 12.4 12.4 7.4 15.1 12.3 12.2 7.7 15.0 12.8 7.1 10.6 9.6 9.5 5.8 15.1 12.2 11.9 5.1 14.1 10.4 11.5 9.8 14.3 10.9 11.8 7.4 21.3 18.0 17.7 –4.1 8.3 5.8 5.0 0.4 21.8 18.1 21.3 –7.6 14.2 9.5 8.9 1.6 12.7 8.0 7.5 –2.5 15.8 14.6 1.5 14.6 13.3 14.3 10.3 10.2 5.9 14.3 13.3 –0.1 14.1 11.5 11.3 5.8

ACTIONS SECTEUR – INDUSTRIELS Galileo US Equity Fund – I USD DSC Equity Fund – Industrials 32.14 Galileo US Equity Fund – A CHF ComStage STOXX Europe 600 IG&S NR UCITS ETF 9.92 SSgA SPDR MSCI Europe Industrials UCITS ETF 10.70 Lyxor UCITS ETF MSCI World Industrials TR C-EUR 89.66 SWC (CH) EF Global Infrastructure AA 59.41 SSgA Industrials Index Equity Fund P 18.64 NN (L) Industrials P Cap EUR 86.13 Fidelity Funds – Global Industrials A-EUR 101.18 Actions Secteur – Industriels Average 45.75

2.5 0.1 42.7 –0.9 –1.2 23.4 27.3 –1.5 –1.8 40.3 45.5 –2.0 29.2 34.6 –2.7 36.1 38.4 –6.8 24.8 31.0 –10.2 4.9 –8.5 –2.5 28.8 28

17.7 19.1 12.2 12.6 11.6 21.0 14.7 15.9 7.3 21.3 20.4 13.5 13.5 12.0 17.1 11.4 12.2 8.9 20.3 13.4 13.4 10.8 20.3 14.2 15.0 7.7 21.8 14.6 15.4 1.6 19.1 13.4 14.2 8.7

ACTIONS SECTEUR – MATÉRIELS ComStage STOXX Europe 600 C&M NR UCITS ETF Kairos International Sicav – Key X ComStage STOXX Europe 600 Chem NR UCITS ETF Industrials S&P US Select Sector Source ETF iShares Global Timber & Forestry UCITS ETF Pictet-Timber-P USD Materials S&P US Select Sector Source ETF PARVEST Equity World Materials Classic Cap EUR iShares Agribusiness UCITS ETF Vontobel Fund Future Resources B db x-trackers S&P Global Infrastr UCITS ETF 1C iShares Global Infrastructure UCITS ETF DSC Equity Fund – Materials NN (L) Materials P Cap USD Lyxor UCITS ETF MSCI World Materials TR C-EUR First State Global Agribusiness A GBP Acc SSgA Materials Index Equity Fund P SSgA SPDR MSCI Europe Materials UCITS EFT Aberdeen Global – Emerging Markets Infra Eq S2 USD Aberdeen Global – Emerging Mkts Infr Eq A2 Hdg CHF DJE – Gold & Ressourcen PA (EUR) Investec GSF Enhanced Natural Res A Acc USD Investec GSF Global Natural Res A Acc LGT Select Commodity Producers (USD) B IAM – Gold & Metals A iShares STOXX Europe 600 Basic Resources (DE) BGF World Mining A2 USD Allianz Global Metals and Mining – A – EUR BGF World Mining D2 CHF Hedged BGF World Mining A2 CHF Hedged Actions Secteur – Matériels Average

9.53 310.65 15.77 69.31 70.26 469.44 6.38 79.77 41.91 78.47 120.29 407.08 15.60 47.93 66.61 15.83 13.76 10.43 185.78 185.78 47.67 21.85 149.48 42.74 28.62 140.50 3010.87 284.37 3010.87 3010.87 386.23

8.4 44.3 36.2 –1.8 –2.7 19.6 40.5 –2.8 60.0 76.7 –6.8 23.3 22.0 –7.5 15.3 25.4 –8.6 30.7 30.7 –8.8 –8.4 –19.4 –10.2 5.7 –11.7 –4.7 –12.6 –12.1 21.0 29.2 –12.3 21.1 23.1 –13.4 –5.8 –13.9 –12.1 –30.1 –15.0 –10.2 –22.0 –15.1 –2.5 –4.8 –15.7 –12.6 –25.5 –17.6 –21.5 –22.5 –17.0 –23.0 –30.4 –25.8 –24.3 –50.3 –66.5 –24.8 –31.1 –43.9 –29.9 –35.3 –50.4 –33.1 –43.8 –36.5 –53.4 –67.2 –38.4 –47.5 –61.4 –40.9 –62.5 –74.6 –42.4 –64.6 –42.8 –66.6 –43.2 –67.3 –78.3 –18.9 –13.9 –13.7

20.8 15.8 18.2 13.0 17.5 20.4 14.4 16.6 6.2 20.9 14.8 15.2 17.0 22.6 15.8 16.6 7.2 20.5 14.8 15.6 4.9 24.9 16.2 16.0 9.3 23.4 15.2 15.6 –2.9 18.8 13.2 1.9 22.2 14.8 15.8 –1.6 14.5 10.8 11.0 6.6 13.7 11.0 11.5 6.6 22.1 14.6 –2.0 24.7 16.3 17.1 –4.2 23.5 15.6 15.6 –3.5 22.2 14.8 14.9 –0.8 23.4 15.5 15.5 –4.4 24.7 15.6 13.8 13.5 –8.1 14.6 14.1 16.3 –11.4 23.3 21.6 20.3 –20.8 19.7 13.7 12.5 –11.7 24.1 17.1 17.2 –13.5 30.8 20.7 –17.5 26.5 20.4 19.9 –22.5 33.1 23.8 24.4 –19.4 32.4 25.0 24.3 –27.9 34.5 26.6 –29.3 32.4 25.8 –30.6 32.7 25.9 28.8 –31.1 23.4 17.2 17.1 –6.8

ACTIONS SECTEUR – OR ET MÉTAUX PRÉCIEUX Precious Capital Global Mining & Metals Fd BAKERSTEEL GLOBAL SICAV PreciousMetals Fund A2 EUR Quantex Strategic Precious Metal (CHF) I Quantex Strategic Precious Metal (CHF) A Quantex Strategic Precious Metal (USD) Swiss Rock Gold Fds B (CHF) hedged ETFS DAX Global Gold Mining GO UCITS ETF Aberdeen (Swiss) Funds Global Gold Equity Fd UBS (Irl) ETF plc-SolactiveGlPureGoldMiners(USD)Ad Franklin Gold and Precious Metals A (acc) USD iShares Gold Producers UCITS ETF BGF World Gold A2RF USD Swisscanto (CH) Equity Fund Gold (I) A SWC (CH) EF Gold (II) AA Edmond de Rothschild Goldsphere A Investec GSF Global Gold A Acc Lyxor UCITS ETF MSCI ACWI Gold C-USD Investec Global Gold A Acc Net GBP BGF World Gold D2 CHF Hedged Franklin Gold and Precious Metals A (acc) CHF-H1 AMG Gold Minen & Metalle A Invesco Gold & Precious Metals A Acc USD Orion SICAV – Or et Metaux Precieux BGF World Gold A2 CHF Hedged Amundi Fds Equity Global Gold Mines – AU (C) LO Funds – World Gold Expertise (USD) P A Tocqueville Gold P Van Eck – Global Gold R1 Acc Falcon Gold Equity UCITS Fund A USD Konwave Gold Equity Fund B (USD) UBS (CH) Equity Fund – Gold (USD) P Earth Gold Fund UI (EUR R) Deutsche Invest I Gold and Precious Metals Eq LC LO Funds – World Gold Expertise (CHF) I A Falcon Gold Equity A LO Funds – World Gold Expertise (CHF) M A LO Funds – World Gold Expertise (CHF) P A LO Funds – World Gold Expertise (CHF) P D BBGI Share Gold (USD) RBS Market Access NYSE Arca Gold BUGS Index ETF ComStage NYSE Arca Gold BUGS UCITS ETF Baring Global Mining A USD Acc Actions Secteur – Or et Métaux Précieux Average

13.28 47.54 29.60 29.60 3.80 10.87 48.37 13.15 6.63 79.59 196.74 2212.46 16.42 7.12 21.32 186.16 6.05 45.94 2212.46 79.59 96.13 28.04 2.39 2212.46 105.38 90.13 73.64 0.68 284.52 56.11 24.45 47.95 59.50 90.13 96.96 90.13 90.13 90.13 6.06 89.56 154.92 7.66 207.83

12.0 –56.8 –75.1 –1.1 –47.6 –69.9 –1.4 –2.1 –54.6 –65.4 –14.4 –62.1 –70.8 –16.1 –42.4 –16.2 –58.5 –72.0 –17.1 –61.0 –74.1 –20.4 –61.7 –20.8 –60.5 –75.4 –21.2 –64.4 –21.3 –57.9 –68.9 –22.0 –64.3 –77.1 –22.4 –64.3 –76.9 –22.5 –64.4 –76.9 –22.6 –57.2 –69.1 –22.8 –66.1 –23.1 –57.2 –69.9 –24.0 –62.7 –24.2 –65.5 –78.8 –24.5 –65.8 –74.5 –24.6 –57.5 –69.6 –24.6 –54.8 –69.3 –24.6 –63.6 –73.5 –24.9 –65.8 –77.7 –25.3 –62.5 –74.5 –25.4 –60.9 –71.8 –25.5 –63.0 –25.7 –61.7 –26.5 –68.8 –78.3 –26.5 –68.1 –77.3 –26.6 –69.3 –79.6 –27.6 –66.2 –77.5 –27.7 –66.1 –76.8 –27.8 –61.6 –73.7 –27.9 –28.5 –67.3 –78.1 –28.5 –67.3 –78.1 –29.8 –73.0 –81.7 –31.8 –72.4 –78.9 –32.1 –71.6 –78.9 –35.4 –53.1 –22 –62.2 –74.7

33.9 41.0 35.4 –24.4 34.4 37.7 33.3 –19.4 23.6 23.6 33.4 31.3 –23.2 20.2 33.4 30.4 –27.6 13.2 11.7 –16.8 31.6 36.1 31.7 –25.4 32.3 35.1 30.9 –26.9 29.4 37.5 –27.4 23.2 31.7 28.8 –26.6 32.8 35.6 –29.1 22.8 31.4 28.3 –25.1 29.1 36.5 32.2 –29.1 30.8 38.5 33.9 –29.0 28.0 34.8 30.8 –29.1 26.3 29.2 26.5 –24.6 35.2 36.0 –30.3 29.2 32.5 28.8 –24.6 29.0 32.9 –28.0 29.3 33.8 32.1 –29.8 30.0 37.9 33.7 –30.1 28.6 34.9 30.9 –24.8 23.2 30.4 26.1 –23.2 29.2 33.0 31.5 –28.6 28.2 35.6 31.4 –30.1 25.8 34.8 31.0 –27.9 25.5 34.9 30.1 –26.9 25.9 35.9 –28.2 25.9 39.2 –27.4 33.0 40.7 34.9 –32.2 29.9 35.6 31.4 –31.7 32.0 41.2 35.7 –32.5 29.7 34.9 30.7 –30.4 32.6 36.9 33.1 –30.3 25.9 34.8 31.1 –27.3 32.6 32.6 36.9 33.1 –31.1 32.6 36.9 33.1 –31.1 32.3 37.9 33.1 –35.4 40.9 38.2 33.8 –34.9 40.6 38.4 33.9 –34.3 26.8 22.4 –22.3 29.1 34.8 31.7 –27.9

ACTIONS SECTEUR – SERVICES PUBLICS Lyxor UCITS ETF New Energy D-EUR Tareno Waterfund W H CHF LSF – Solar & Sustainable Energy Fund A1 Tareno Waterfund R1 H CHF JSS Sustainable Water Fund P EUR dist iShares Global Water UCITS ETF UBS (Lux) Eq SICAV – Water (USD) P-acc Utilities S&P US Select Sector Source ETF NN (L) Utilities P Cap USD Tareno Waterfund R1 EUR Lyxor UCITS ETF MSCI World Utilities TR C-EUR LSF – Active Solar C USD

49.30 5.0 34.8 –8.9 24.6 18.7 18.4 10.5 –1.9 143.03 2.9 15.3 22.54 2.6 115.3 –28.5 38.5 37.4 42.8 29.1 –6.5 143.03 2.1 15.3 223.16 0.9 33.1 31.1 19.1 13.3 12.5 10.0 5.6 430.59 –1.1 40.4 53.7 17.9 12.8 11.9 12.0 9.0 8.30 –3.2 19.0 7.34 –5.5 45.5 68.1 15.5 14.4 15.0 13.3 10.9 23.05 –6.2 29.9 19.9 15.2 11.6 11.7 9.1 3.7 143.03 –6.3 34.4 42.5 16.3 13.1 13.2 10.3 7.3 50.66 –6.3 30.9 25.5 14.5 11.3 12.0 9.4 4.7 57.01 –6.9 155.2 –43.7 39.3 37.6 43.4 36.7 –10.9

7.1 1.7 1.7 8.3 6.8 7.6 7.8 6.7 8.9 8.6 6.4 8.5 7.1 8.7 6.8 7.0 6.0 7.0 7.5 6.2 7.6 7.1 7.2 5.6 6.0 8.0 6.4 –2.4 0.4 –4.8 –0.2 –3.4

3.2 5.4

4.9 7.8 6.1 6.7 5.5 –1.8 4.9 6.4 7.0 12.1 4.1 4.6 5.5 –4.2 –2.7 5.3 4.3 –6.9 –4.8 –1.0 –5.7 –3.7 –5.8 –19.7 –10.9 –13.1 –20.0 –17.3 –23.9 –26.4 –5.1 –24.3 –21.3 –19.1 –21.8 –22.5 –23.7 –24.4 –20.8 –25.5 –25.4 –25.4 –20.9 –21.3 –26.7 –23.9 –21.2 –21.0 –23.3 –25.9 –23.9 –22.4 –26.3 –25.6 –27.2 –25.8 –25.3 –23.4 –26.2 –26.2 –28.8 –26.7 –26.7 –24.2

Finance

Le Temps l Mercredi 3 février 2016

CLASSEMENTS Nom

Actifs nets mios francs

Performance totale % 2015 3 ans 5 ans

Volatilité annualisée % 2015 3 ans 5 ans

Perf. annualisée % 3 ans 5 ans

PARVEST Equity World Utilities Classic Cap EUR 79.61 –7.7 32.9 21.2 14.2 11.2 12.1 10.0 3.9 SSgA Utilities Index Equity Fund P 1.04 –7.8 24.5 17.2 14.3 11.2 11.9 7.6 3.2 ComStage STOXX Europe 600 Utls NR UCITS ETF 15.74 –8.4 22.5 7.8 17.5 13.3 14.8 7.0 1.5 iShares STOXX Europe 600 Utilities (DE) 227.01 –8.6 22.1 7.8 17.7 13.4 14.7 6.9 1.5 DSC Equity Fund – Utilities 23.57 –8.9 13.4 SSgA SPDR MSCI Europe Utilities UCITS ETF 15.29 –9.2 17.7 Notenstein La Roche Energie & Infrastruktur –11.5 8.3 –15.0 13.5 10.9 13.0 2.7 –3.2 EIC Energy Utility Fund A (CHF-Class) 76.86 –11.7 23.9 29.6 15.2 11.9 12.4 7.4 5.3 KBI Water A GBP 121.02 –12.2 22.0 36.0 24.6 16.7 15.3 6.9 6.3 DSC Equity Fund – Energy 23.83 –22.8 –20.0 26.6 17.4 –7.2 White Fleet II Energy Champions Fund A1 24.92 –38.7 34.0 Actions Secteur – Services Publics Average 83.31 –7.4 38.6 16.5 20 16.2 17.2 10.7 2.5 ACTIONS SECTEUR – TECHNOLOGIES DE L’INFORMATION JPM Europe Technology A Dis EUR 271.47 15.7 78.7 85.9 17.4 14.6 16.1 21.4 13.2 Dominion Global Trends-eCommerce EUR B 11.9 21.6 Fidelity Funds – Global Technology A-EUR 979.85 9.9 79.9 80.9 23.4 15.8 15.5 21.6 12.6 Threadneedle (Lux)-Global Technology AU 30.24 8.5 75.6 68.4 22.9 15.0 15.3 20.6 11.0 Vitruvius Growth Opportunities B USD 19.06 8.4 67.6 68.3 23.8 15.3 15.2 18.8 11.0 PARVEST Equity World Technology C C EUR 137.50 8.2 61.1 59.2 23.6 15.1 14.8 17.2 9.8 Franklin Technology A (acc) USD 1114.23 8.1 68.3 71.3 22.4 15.5 15.6 18.9 11.4 Polar Capital Global Technology USD 7.9 64.8 56.5 21.9 15.0 16.3 18.1 9.4 JPM US Technology A Dis USD 397.97 7.5 65.2 61.8 26.6 18.3 18.1 18.2 10.1 Pictet-Digital Communication-P USD 798.38 7.4 69.8 75.5 22.2 14.8 13.3 19.3 11.9 Invesco Global Technology A Annual Dist USD 132.05 6.9 62.9 55.9 24.6 17.1 17.7 17.7 9.3 AllianceBernstein-Internatl Technology Pf A USD 218.30 6.6 51.2 65.9 23.2 15.7 15.4 14.8 10.7 Technology S&P US Select Sector Source ETF 558.88 5.5 67.9 93.2 23.0 14.8 14.3 18.9 14.1 4Q-GROWTH FONDS 57.84 5.2 55.0 40.7 21.5 15.9 17.5 15.7 7.1 Lyxor UCITS ETF MSCI Wld Information Tech TR C-EUR 52.34 5.1 69.1 81.8 23.0 14.8 14.5 19.1 12.7 iShares STOXX Europe 600 Technology (DE) 55.83 4.9 45.7 53.8 22.8 16.1 17.6 13.4 9.0 Henderson HF Global Technology A2 USD 2512.04 4.8 58.0 69.3 22.2 15.1 14.5 16.5 11.1 UBS (Lux) Eq Fd – Global Multi Tech (USD) P-acc 200.74 4.8 52.6 52.7 24.2 15.5 15.1 15.1 8.8 BGF World Technology A2 USD 200.36 4.8 57.8 50.9 20.9 14.7 14.6 16.4 8.6 SSgA SPDR MSCI Europe Technology UCITS ETF 7.01 4.4 22.5 SSgA Technology Index Equity Fund P 32.37 4.2 64.6 73.9 22.9 14.7 14.4 18.1 11.7 UBS (Lux) Eq Fd – Global Multi Tech (USD)(CHFh) Qa 200.74 3.8 38.5 17.3 12.8 11.5 UBS (Lux) Eq Fd – Global Multi Tech (CHFh) P-acc 200.74 3.3 37.9 17.3 12.8 11.3 Henderson HF Global Technology A2 CHF Hdg 2512.04 3.3 16.2 Janus Global Technology Fd A USD Acc 60.51 2.5 57.6 62.1 23.2 15.1 14.6 16.4 10.1 DSC Equity Fund – Information Technology 87.74 2.3 53.3 24.2 15.4 15.3 NN (L) Information Tech P Cap USD 176.53 2.2 52.2 58.7 24.4 15.7 14.9 15.0 9.7 Montlake Open Field Capital Technolgy Ret GBP Acc 10.76 1.2 27.1 Fourpoints Funds Info Tech R 46.83 0.0 36.8 28.0 21.6 15.1 16.4 11.0 5.1 GAM Star Technology USD Acc –1.6 51.8 22.8 16.9 14.9 LO Funds – Technology (USD) P A 223.45 –4.2 41.3 47.8 20.8 15.0 14.8 12.2 8.1 Aberdeen Global – Technology Equity A2 Acc USD 212.32 –4.7 29.9 38.6 23.7 15.3 14.5 9.1 6.7 Exane Funds 2 – Exane Prime Technology B Cap 28.44 –5.4 17.8 Aberdeen (Swiss) Funds Global High Tech Equity Fd 34.56 –6.1 27.2 35.3 24.1 15.2 14.4 8.3 6.2 S & P US High Tech Fund 4.77 –7.7 50.6 50.9 19.6 13.2 13.8 14.6 8.6 Actions Secteur – Technologies de l’Information Average 351.2 4 56.4 61 22.2 15.2 15.4 16 9.9 ACTIONS SECTEUR – TÉLÉCOMMUNICATIONS Lyxor UCITS ETF MSCI Wld Telecom Services TR C-EUR PARVEST Equity World Telecom C C EUR ComStage STOXX Europe 600 Tlcom NR UCITS ETF SSgA Telecommunication Index Equity Fund P Lyxor UCITS ETF Stoxx Europe600 Telecommunications SSgA SPDR MSCI Europe Telecom UCITS ETF C NN (L) Telecom P Cap USD Fidelity Funds – Global Telecoms A-EUR DSC Equity Fund – Telecommunication Actions Secteur – Télécommunications Average ACTIONS SINGAPOUR Fidelity Funds – Singapore A-USD UBS (Lux) Eq Fd – Singapore (USD) P-acc JPMorgan Singapore A Dis USD HSBC GIF Singapore Equity PD USD Actions Singapour Average ACTIONS SUÈDE Carnegie Sverigefond Carnegie Strategy Fund Danske Invest Sweden A Actions Suède Average

29.49 2.8 42.5 48.8 16.9 12.0 12.2 12.5 8.3 58.79 2.4 38.8 46.1 17.5 12.4 12.0 11.6 7.9 93.94 2.0 56.7 42.6 18.6 15.1 14.6 16.2 7.4 1.31 1.8 36.7 40.3 17.0 12.0 12.1 11.0 7.0 111.99 1.4 55.7 42.2 18.7 15.1 14.6 15.9 7.3 11.34 1.2 19.1 82.44 1.1 41.6 52.7 18.5 12.3 11.9 12.3 8.8 190.40 0.9 33.8 41.5 16.2 11.2 11.2 10.2 7.2 11.48 –5.9 16.3 65.69 0.9 43.7 44.9 17.6 12.9 12.7 12.8 7.7 78.27 59.18 54.20 23.68 52.6

–13.8 –14.0 –15.5 –17.4 –15.2

–2.6 –3.7 –7.7 –10.5 –6.1

0.9 1.8 –1.2 –5.5 –1

18.1 16.9 19.5 19.6 18.5

13.5 13.1 14.6 14.7 14

14.0 14.0 15.1 16.0 14.8

–0.9 –1.2 –2.6 –3.6 –2.1

0.2 0.4 –0.2 –1.1 –0.2

1748.05 91.83 24.40 621.43

–0.2 –1.6 –6.7 –2.8

42.1 28.9 11.8 27.6

45.4 25.8 11.9 27.7

16.1 13.6 18.4 16

13.3 9.8 14.0 12.4

15.6 12.1 18.9 15.5

12.4 8.8 3.8 8.3

7.8 4.7 2.3 4.9

ACTIONS SUISSE OLZ Aktien Schweiz Optimiert IR 390.03 15.1 65.5 77.2 16.9 10.8 10.4 18.3 12.1 PS CH-Swiss Equities-P 1.70 10.7 52.0 18.9 12.4 15.0 1741 Switzerland Minimum Volatility Index Fonds B 100.80 10.2 15.1 Albin Kistler Aktien Schweiz A 109.88 9.7 13.9 1741 Switzerland Quality Index Fonds B 9.35 8.4 20.9 B & P Vision – Q-Selection Switzerland 4.56 8.3 46.3 19.6 17.5 13.1 14.2 13.5 3.6 Unigestion Swiss Equities 102.17 8.2 49.3 61.9 16.5 11.0 10.4 14.3 10.1 UBAM (CH) Swiss Small and Mid Cap Equity A 40.68 8.1 50.6 56.0 18.6 12.4 12.6 14.6 9.3 RFP Swiss Equity Equal-Weighted A-Klasse 53.57 8.1 50.1 56.7 17.9 11.8 11.8 14.5 9.4 Finreon Swiss Eq IsoPro® (CHF) A 244.64 7.9 47.2 18.5 11.7 13.8 Cadmos Fund Management-Guile Swiss Engagement Fd A 38.48 7.9 16.9 1741 Switzerland Momentum Index Fonds B 12.10 7.7 22.1 Swiss Equity Discovery Fund A 27.37 7.4 49.1 29.9 19.4 13.1 13.2 14.2 5.4 zCapital – Swiss Dividend Fund A 147.64 7.3 52.2 13.0 8.7 15.0 SGKB (LUX) Fund – Schweiz (CHF) B 60.42 7.2 49.1 49.1 16.5 11.8 12.3 14.2 8.3 Swissquote Quant – Swiss Equities CHF A 14.40 6.7 56.2 38.9 13.7 9.7 9.4 16.0 6.8 UBS (CH) Equity Fund – Swiss High Dividend (CHF) P 393.64 6.6 51.9 16.2 11.0 14.9 AS Equities Fund – Opportunity Switzerland (CHF) 36.58 6.4 24.7 27.2 9.2 5.9 5.1 7.6 4.9 BB Entrepreneur Switzerland 63.07 6.4 48.5 40.9 20.4 13.3 14.1 14.1 7.1 DWS Zuerich Invest Aktien Schweiz 186.14 6.3 40.2 40.3 19.8 12.9 13.3 11.9 7.0 1741 Switzerland Risk Parity Index Fonds B 64.36 6.1 19.1 UBAM Swiss Equity AC CHF 1314.76 6.1 52.2 61.0 18.7 12.4 12.6 15.0 10.0 DWS Aktien Schweiz LC 126.91 5.8 39.3 39.3 18.4 12.1 12.8 11.7 6.9 BEKB Aktien Schweiz Value I 218.28 5.7 43.0 48.2 16.9 11.4 11.9 12.7 8.2 Reichmuth Dividendselektion Schweiz 19.00 5.5 34.6 15.2 10.0 10.4 Raiffeisen Futura Swiss Stock A 588.10 5.4 53.2 53.5 16.9 11.6 12.2 15.3 8.9 CEAMS Quality Switzerland Eq Fd B 8.17 5.4 42.8 40.2 20.8 13.3 12.9 12.6 7.0 New Capital Swiss Select Equity CHF Ord Acc 5.3 19.5 Vitruvius Swiss Equity B CHF 34.06 5.3 42.6 27.7 16.2 11.1 11.8 12.6 5.0 UBS (CH) Equity Fund – Swiss Income (CHF) P 162.86 4.9 15.0 BCV Systematic Swiss Equity A 113.87 4.9 51.4 32.1 18.9 12.9 13.5 14.8 5.7 Swiss Rock Aktien Schweiz A 77.57 4.9 43.2 40.8 18.0 11.8 12.4 12.7 7.1 EdR Prifund Swiss Equities A CHF 58.63 4.8 37.0 30.4 16.9 11.1 11.6 11.1 5.4 Julius Baer EF Swiss-CHF B 174.27 4.7 46.3 42.4 19.5 12.9 13.1 13.5 7.3 Candriam Equities L Switzerland C Cap 69.01 4.6 46.1 53.2 16.8 11.4 11.7 13.5 8.9 Swiss Opportunity Fund 59.18 4.6 43.2 49.9 15.4 10.1 10.3 12.7 8.4 Raiffeisen Fonds – SwissAc B 276.74 4.3 43.2 36.8 18.9 12.5 12.7 12.7 6.5 Pictet CH Inst-Swiss Equities-P dy CHF 777.18 4.2 44.5 53.5 17.7 11.8 11.6 13.1 9.0 CS Equity Fund (CH) Swiss Dividend Plus B 245.49 4.2 44.1 15.1 11.0 13.0 MIRABAUD FUND (CH)-Swiss Equities-A Cap 76.01 4.1 40.9 48.4 16.7 11.6 11.4 12.1 8.2 1741 Switzerland Value Index Fonds B 67.86 4.1 18.3 AS Equities Fund – Flexibility Switzerland (CHF) 52.30 4.1 30.0 33.6 12.6 8.9 10.6 9.1 6.0 UBS (Lux) Eq S – Swiss Opportunity (CHF) P-acc 239.79 3.9 43.4 39.7 18.0 12.1 12.6 12.8 6.9 Crossfund Sicav – Crossinvest Swiss Opp Fund-A 81.90 3.8 18.9 Pictet CH-Swiss Equities-P dy 320.83 3.8 42.9 53.6 18.2 12.1 11.9 12.6 9.0 LO Funds – Swiss Equity (CHF) PA 81.23 3.7 18.0 SWC (CH) EF Switzerland (III) AA 808.17 3.7 45.3 52.2 17.5 12.0 11.9 13.3 8.8 Systematic Equity Switzerland 8.38 3.7 16.8 White Fleet III – Globes Conviction Swiss Stocks I 109.26 3.5 20.0 Synchrony All Caps CH M 42.45 3.4 18.9 Julius Baer (CH) Swiss Opportunity CHF A 28.10 3.4 19.0 Swiss Rock Aktien Schweiz Index Plus A 40.02 3.1 16.1 Mi-Fonds (Lux) – SwissStock B 75.97 3.1 38.0 39.2 18.7 12.5 12.7 11.3 6.8 PIGUET FUND – Actions Suisses A 51.96 3.1 40.0 44.8 17.3 12.0 12.7 11.9 7.7 UBAM Swiss Equity AHC USD (CHF) 1314.76 3.0 29.1 Base Investments Equities Switzerland 11.20 3.0 29.5 17.3 18.3 12.7 14.2 9.0 3.2 UBS ETF (CH)-MSCI Switzerland h to USD (USD)Ad 235.48 2.9 26.1 Vontobel Swiss Dividends A 77.26 2.9 37.6 32.6 17.5 11.7 12.3 11.2 5.8 UBS ETF (CH) – SLI® (CHF) A-dis 656.73 2.9 39.0 49.4 19.8 13.3 13.2 11.6 8.4 Pictet-Ethos CH – Swiss Sustainable Equities-P dy 150.87 2.8 48.7 56.6 14.6 10.4 10.7 14.2 9.4 Swisscanto (CH) Equity Fund Value Switzerland A 33.77 2.8 44.6 53.1 17.6 12.0 12.0 13.1 8.9 Schroder ISF Swiss Equity Opportunities A Acc 60.83 2.8 42.1 37.6 17.6 11.6 12.4 12.4 6.6 Synchrony Optimised SPI I 219.48 2.6 17.1 BCV Swiss Equity A 159.75 2.6 43.8 50.8 17.7 12.2 12.0 12.9 8.6 iShares Core SPI® (CH) 530.49 2.6 17.1 SIP Swiss Equity Index C2 87.11 2.6 44.1 57.1 17.1 11.8 11.6 12.9 9.5 UBS ETF (CH) – SPI® (CHF) A-dis 296.73 2.5 43.2 17.1 11.8 12.7 Vontobel Fund (CH) – Sustainable Swiss Equity A 98.58 2.5 42.3 42.9 17.3 11.9 12.2 12.5 7.4 Pictet CH Inst-Swiss Equities Tracker-I CHF 967.02 2.5 43.6 17.1 11.8 12.8 Schroder ISF Swiss Equity A Acc 219.13 2.5 38.2 42.1 18.2 12.1 12.5 11.4 7.3 BDG FUND Swiss Stocks 13.05 2.4 37.4 48.1 16.4 11.6 11.6 11.2 8.2 EIP Swiss Equity Programme Srs 2 CHF 17.03 2.4 37.6 40.4 18.6 12.4 12.6 11.2 7.0 VP Bank Fund Selection Aktien Schweiz B 37.01 2.3 37.9 35.4 17.3 11.5 11.6 11.3 6.3 Pictet CH-Swiss Market Tracker-P dy CHF 1139.26 2.3 43.0 54.3 17.0 11.8 11.6 12.7 9.1 BCVs / WKB (CH) Equity Switzerland M 111.66 2.3 17.5 iShares SLI® (CH) 625.09 2.3 37.9 48.0 19.8 13.3 13.2 11.3 8.2 AXA WF Framlington Switzerland AC CHF 110.66 2.2 36.2 35.2 18.8 12.4 12.5 10.8 6.2 CS Equity Fund (CH) Swissac B 466.23 2.2 42.9 48.5 19.5 13.2 12.7 12.6 8.2 Swisscanto (CH) Index EF Switzerland Total (II) A 1880.10 2.2 42.6 53.6 17.1 11.8 11.6 12.5 9.0 Raiffeisen Index Fonds-SPI 196.60 2.2 42.6 16.9 11.7 12.5 iShares SLI (DE) 193.49 2.1 37.4 52.5 19.7 13.1 12.4 11.2 8.8 LO Funds (CH) – Swiss Leaders P D 136.95 2.1 37.4 49.8 16.5 11.6 11.5 11.2 8.4 PostFinance Fonds Suisse 214.16 2.1 42.1 52.7 17.1 11.8 11.6 12.4 8.8 UBS 100 Index-Fund Switzerland (CHF) P 1157.37 2.1 42.0 52.8 17.2 11.9 11.7 12.4 8.9 UBS ETF MSCI Switzerland 20/35 h toUSD (USD)Aa 171.27 2.0 26.3

Nom

Actifs nets mios francs

Performance totale % 2015 3 ans 5 ans

Volatilité annualisée % 2015 3 ans 5 ans

Perf. annualisée % 3 ans 5 ans

BSI-Multinvest – Swiss Stocks A UBS (CH) Equity Fund – Switzerland (CHF) P M&C Funds – Swiss Equity Capital Fund ComStage DJ Switzerland Titans 30 Net TR UCITS ETF 1741 Switzerland Cap Weighted Index Fonds B Mirabaud Swiss Equity Asymmetric – A Swisscanto (CH) Equity Fund Switzerland (I) A UBS ETF (CH)-MSCI Switzerland (CHF) A-dis PE(CH)-Swiss Equities 130/30-P dy CS Select Fund (CH) Swiss Equities 130/30 B Mi-Fonds (CH) – SwissStock A IAM – Swiss Equity Fund FORTUNA Equity Fund Switzerland db x-trackers SLI UCITS ETF Schroder Swiss Equity Core Fund A ComStage SPI TR UCITS ETF CS Equity Fund (CH) Swiss Blue Chips B BSI-Multihelvetia A iShares Swiss Dividend (CH) UBS ETF-MSCI Switzerland 20/35 UCITS ETF (CHF) A-a M&C Aktien Schweiz Klasse A UBS ETF (CH) – SMI® (CHF) A-dis Amundi ETF MSCI Switzerland UCITS ETF – EUR LO Funds (CH) – Swiss Equity Tracker I D Synchrony Swiss Equity LLB Aktien Schweiz (CHF) Helvetia Growth Fund T iShares SMI® (CH) SVM Value Fund GR Aktien Schweiz A PowerShares FTSE RAFI Switzerland UCITS ETF db x-trackers SMI UCITS ETF (DR) 1D WinFund Equity-Index Switzerland Falcon Swiss Equity Fund A Aquila International Fd-Corby Swiss Equity (CHF) CB – Accent (Lux) Swiss Equity Fund B JSS Sustainable Equity Switzerland Notenstein Sustainable Equity Switzerland B CIC CH Large Caps Swiss Equities Active CHF B BBGI Equities Switzerland Behavioral Value OP Swiss Opportunity Swiss Life Funds (CH) Equity Switzerland PvB (CH) Swiss Equity Futures Fund A ENISO Forte CH SMI Expanded Fidelity Funds – Switzerland A-CHF Quantus Top of Class of Swiss Equity Funds DJD IndexTracker PLUS – SMI Popso IFS Swiss Equity B TSD Swiss Focus Fund SICAV Klasse P UBS ETF (CH)-MSCI Switzerland h to GBP (GBP)Ad EG Swiss Equities (CHF) UBAM Swiss Equity AHC EUR (CHF) UBS ETF (CH)-MSCI Switzerland h to EUR (EUR)Ad UBS ETF MSCI Switzerland 20/35 h toEUR (EUR)Aa Actions Suisse Average

68.74 2.0 39.0 42.2 18.9 12.5 12.3 11.6 7.3 570.14 1.9 40.0 44.5 17.2 11.9 11.9 11.9 7.6 73.11 1.9 40.6 45.5 17.9 12.0 12.3 12.0 7.8 49.79 1.9 39.6 54.6 18.6 12.7 12.1 11.8 9.1 100.23 1.9 17.5 33.07 1.8 28.7 25.5 11.7 8.5 8.5 8.8 4.7 519.84 1.8 40.4 49.4 17.1 11.8 11.7 12.0 8.4 332.28 1.8 17.4 351.14 1.7 41.1 53.9 19.1 12.4 12.5 12.2 9.0 180.54 1.6 47.0 70.1 20.2 13.7 13.4 13.7 11.2 121.66 1.6 40.8 49.9 17.1 11.9 11.7 12.1 8.4 160.85 1.5 41.2 57.7 15.2 11.0 10.5 12.2 9.5 309.10 1.5 39.8 49.1 17.2 11.9 11.6 11.8 8.3 38.00 1.4 35.5 44.0 19.7 13.2 13.2 10.7 7.6 32.46 1.4 41.6 51.2 17.2 11.8 11.9 12.3 8.6 16.96 1.4 40.3 17.2 11.9 12.0 458.56 1.3 38.8 47.2 17.9 12.2 12.0 11.5 8.0 149.86 1.2 37.9 41.8 17.1 11.8 11.7 11.3 7.2 146.21 1.2 18.4 525.90 1.1 17.3 9.81 1.1 17.0 1559.95 1.0 40.6 58.5 17.2 12.1 11.8 12.0 9.7 216.09 0.9 37.8 51.6 17.3 12.0 11.7 11.3 8.7 50.99 0.9 40.5 58.5 17.2 12.1 11.8 12.0 9.7 77.00 0.9 39.4 47.4 17.4 12.3 12.5 11.7 8.1 194.82 0.8 36.9 35.3 17.7 12.1 12.7 11.1 6.2 7.24 0.8 36.3 36.0 21.0 13.7 14.0 10.9 6.3 2726.99 0.8 39.9 57.7 17.2 12.1 11.9 11.8 9.5 16.31 0.7 29.3 30.8 13.8 9.7 11.8 8.9 5.5 54.32 0.7 39.4 44.9 17.2 11.8 11.8 11.7 7.7 2.61 0.6 37.7 43.3 17.4 12.2 12.4 11.3 7.5 1038.44 0.5 37.4 52.6 17.4 12.1 11.8 11.2 8.8 33.46 0.1 37.1 52.9 17.2 12.1 11.9 11.1 8.9 47.36 0.0 34.7 43.9 17.2 12.1 12.2 10.4 7.6 17.29 0.0 29.6 37.3 20.0 13.9 12.7 9.0 6.5 34.65 0.0 27.9 32.1 19.6 13.1 13.1 8.5 5.7 522.42 0.0 39.7 48.6 16.4 11.5 11.7 11.8 8.2 60.86 0.0 15.9 25.30 –0.1 28.7 31.4 19.3 12.7 13.0 8.8 5.6 25.92 –0.3 29.9 42.1 18.1 12.5 12.0 9.1 7.3 5.65 –0.9 32.7 34.9 18.6 12.2 12.5 9.9 6.2 62.91 –1.1 40.8 49.2 16.6 11.6 11.5 12.1 8.3 44.73 –1.3 30.9 33.58 –1.3 28.7 20.1 13.9 8.8 343.92 –1.3 41.1 35.9 18.6 12.9 13.1 12.2 6.3 5.39 –1.7 29.3 19.5 15.9 10.5 11.6 8.9 3.6 32.98 –1.8 27.1 31.4 15.6 10.5 12.1 8.3 5.6 27.79 –2.1 24.9 23.3 18.3 12.9 14.0 7.7 4.3 4.92 –2.6 –0.5 8.1 4.7 –0.2 5.44 –3.3 29.8 13.15 –3.8 28.7 35.2 17.8 12.3 11.8 8.8 6.2 1314.76 –6.4 32.8 33.2 30.5 18.9 17.9 9.9 5.9 63.72 –8.3 28.9 166.18 –8.8 28.9 235.27 2.8 40.1 44.5 18.1 11.9 12.1 11.9 7.6

ACTIONS SUISSE – PMC CS Equity Fund (CH) Swiss Small Cap Equity A BGF Swiss Small & MidCap Opp A2 CHF AMG Substanzwerte Schweiz A Swiss Active Alpha Fund P Mirabaud – Equities Swiss Small and Mid-A Cap-CHF zCapital Swiss Small & Mid Cap Fund – A Vontobel Fund Swiss Small Companies A DWS (CH)-Small and Mid Caps Switzerland B BEKB Aktien Schweiz Small & Mid Caps Value I UBS (CH) Equity Fd – Small Caps Switzerland CHF P Pictet CH-Swiss Mid Small Cap-P dy CHF Synchrony Small & Mid Caps CH A Vontobel Fund Swiss M&S Cap Eq B CHF Vontobel Fund (CH)-Ethos Eq Swiss Mid & Small A SaraSelect P CHF UBS ETF (CH) – SMIM® (CHF) A-dis iShares SMIM® (CH) UBS ETF (CH) – SPI® Mid (CHF) A-dis Julius Baer Swiss Sustainable Companies-CHF A VF (CH) – Valiant Aktien Schweiz S&M Caps P D Swisscanto (CH) EF Small & Mid Caps Switz (I) A Schroder ISF Swiss Small & Mid Cap Equity A Acc Julius Baer EF Swiss Small & Mid Cap-CHF B UBS (CH) Equity Fd – Mid Caps Switzerland (CHF) P CS Equity Fund (CH) Small & Mid Cap Switzerland B LLB Aktien Regio Bodensee (CHF) Bank Linth Regiofonds Zuerichsee (CHF) GR Aktien Schweiz Small & MidCaps A Reichmuth Pilatus RFP Small & Mid Caps Switzerland Classe A LO Funds (CH) – Swiss Cap (ex-SMI) Z D Falcon Swiss Small & Mid Caps Equity Fund T LO Funds (CH) – Swiss Cap (ex-SMI) P D CIC CH Small & Mid Caps Swiss Equities Active B SWC (CH) EF Small & Mid Caps Switzerland (II) AA 3V Invest Swiss Small & Mid Cap Actions Suisse – PMC Average

86.78 1029.69 449.52 5.17 546.26 650.58 244.51 90.64 60.69 268.88 912.27 107.97 151.41 350.48 449.92 455.40 1249.45 51.56 152.10 74.64 790.85 308.77 86.67 431.51 88.52 82.03 80.73 115.23 84.00 39.44 22.74 16.54 149.72 16.47 116.63 24.99 273.41

17.0 69.2 52.8 14.9 74.8 61.0 14.2 71.2 72.6 14.1 50.9 36.4 13.1 63.5 51.5 12.8 63.7 57.4 12.6 66.5 42.9 12.6 72.9 12.3 58.9 45.4 12.3 62.0 39.1 12.1 69.6 58.1 12.0 57.1 27.2 11.6 65.9 40.2 11.6 61.7 46.7 11.1 47.9 26.7 11.0 62.8 48.4 10.7 61.8 46.8 10.5 59.8 10.4 56.8 37.0 10.3 50.4 37.8 10.1 54.7 39.6 10.0 52.0 41.4 9.6 57.0 34.3 9.6 58.1 44.4 8.9 53.0 40.8 8.6 60.3 41.8 7.8 48.0 41.0 7.7 48.1 34.8 7.6 50.2 42.3 7.4 61.9 46.4 6.9 6.8 50.8 37.2 5.3 42.4 26.3 5.1 47.9 5.1 40.9 1.7 45.9 33.6 10.2 57.7 43

20.1 12.9 14.5 19.2 16.3 11.0 12.4 20.5 8.8 6.9 7.4 19.6 18.3 12.5 15.2 14.7 21.6 14.1 14.5 17.8 16.8 10.8 11.8 17.9 19.8 12.4 13.8 18.5 20.2 13.0 20.0 16.8 11.2 12.4 16.7 19.1 12.3 14.6 17.4 19.9 12.7 13.9 19.3 20.1 12.8 13.2 16.2 20.5 13.1 14.3 18.4 20.3 12.7 13.6 17.4 16.7 11.2 13.1 13.9 19.1 12.3 13.1 17.6 19.1 12.3 13.1 17.4 18.4 11.8 16.9 19.8 12.9 14.3 16.2 19.0 12.2 12.7 14.6 19.2 12.2 13.0 15.7 17.8 11.5 13.6 15.0 19.9 12.9 14.5 16.2 19.6 12.6 13.6 16.5 21.9 13.9 14.4 15.2 16.5 12.1 15.0 17.0 17.8 11.6 13.2 14.0 18.8 11.9 13.0 14.0 16.6 11.1 12.5 14.5 19.4 12.9 14.0 17.4 16.5 19.7 13.0 14.2 14.7 16.5 11.4 12.1 12.5 17.2 11.2 13.9 18.2 11.7 12.1 18.5 12.5 14.0 13.4 18.5 12.1 13.4 16.4

ACTIONS TAIWAN Schroder ISF Taiwanese Equity A Acc JPMorgan Taiwan A Dis USD Fidelity Funds – Taiwan A-USD db x-trackers MSCI Taiwan Index UCITS ETF (DR) ComStage MSCI Taiwan TRN UCITS ETF Lyxor UCITS ETF MSCI Taiwan USD HSBC MSCI TAIWAN UCITS ETF iShares MSCI Taiwan UCITS ETF HSBC GIF Taiwan Equity AC USD Actions Taiwan Average

252.08 206.16 128.94 131.20 16.78 46.79 8.12 409.41 3.50 133.66

–0.3 –4.5 –7.5 –11.6 –11.6 –11.6 –11.7 –11.7 –16.1 –9.6

20.8 27.0 18.7 8.4 24.6 5.6 12.8 0.6 12.2 1.1 12.6 0.7 13.0 12.5 0.7 2.4 –9.6 14.4 4.3

16.6 15.7 19.9 16.0 15.9 16.0 16.8 16.8 14.6 16.5

12.0 13.7 12.4 13.7 14.2 14.5 11.9 14.1 11.8 14.1 11.8 14.1 12.2 12.2 14.1 11.6 13.6 12.2 14

6.5 5.9 7.6 4.1 3.9 4.0 4.1 4.0 0.8 4.6

0.1 –2.0 0.8

ACTIONS THAÏLANDE Templeton Thailand A (acc) USD Amundi Fds Equity Thailand – AU (C) Allianz Thailand Equity – A – USD Fidelity Funds – Thailand A-USD db x-trackers MSCI Thailand Idx UCITS ETF (DR) 1C HSBC GIF Thai Equity AD USD Actions Thaïlande Average

121.09 45.66 146.98 310.25 20.53 61.84 117.73

–14.3 –15.6 –16.7 –18.1 –23.3 –24.0 –18.7

–5.1 –5.9 0.6 –7.3 –18.2 –18.8 –9.1

20.5 25.0 41.6 30.1 3.8 3.3 20.7

14.1 12.9 13.6 13.8 15.7 14.7 14.2

18.3 18.8 18.8 18.2 18.4 17.9 18.4

18.2 18.0 18.4 17.4 18.3 17.7 18

–1.7 –2.0 0.2 –2.5 –6.5 –6.7 –3.2

3.8 4.6 7.2 5.4 0.7 0.7 3.7

ACTIONS TURQUIE Istanbul Equity Fund JPM Turkey Equity A Dis EUR HSBC GIF Turkey Equity AC EUR UBAM Turkish Equity AC USD UBS ETF MSCI Turkey UCITS ETF (EUR) Adis HSBC MSCI TURKEY UCITS ETF iShares MSCI Turkey UCITS ETF Lyxor UCITS ETF Turkey (DJ Turkey Titans 20) PARVEST Equity Turkey C C EUR Actions Turquie Average

6.23 46.71 94.73 22.30 5.63 6.61 168.22 117.53 52.69 57.85

–24.3 –29.6 –29.9 –31.4 –31.7 –31.8 –31.8 –32.7 –32.8 –30.7

–31.9 –49.3 –26.5 –34.8 –27.0 –27.5 –20.3 –36.2 –36.3 –34.4 –36.4 –34.2 –37.9 –36.0 –37.8 –34.8 –33.9 –33.7

23.5 19.1 19.3 20.1 20.5 20.8 20.8 21.1 19.8 20.6

33.3 31.5 27.6 29.5 29.8 27.4 28.2 28.4 28.5 29.1 28.3 29.1 28.5 28.8 28.2 28.9 28.9 29.3

–12.0 –9.8 –13.3 –10.2 –13.9 –14.0 –14.0 –14.7 –14.7 –12.9

–12.7

ACTIONS US T. Rowe Price US Blue Chip Equity Q EUR 10.88 T Rowe US Blue Chip Equity A USD 395.94 Morgan Stanley US Advantage A USD 4414.12 Morgan Stanley US Growth A USD 1480.26 T Rowe US Large Cap Growth Equity A USD 1690.11 Edgewood L Select US Select Growth A USD 2395.02 AllianceBernstein-American Growth Pf A USD 941.55 Amundi Fds Equity US Concentrated Core – AU (C) 113.20 ComStage Nasdaq-100 UCITS ETF 208.97 PowerShares EQQQ Nasdaq-100 UCITS ETF 1356.83 iShares NASDAQ 100 UCITS ETF 955.36 Amundi ETF Nasdaq-100 UCITS ETF – EUR 188.99 Artemis US Extended Alpha I GBP 331.68 Legg Mason ClearBridge US Lrg Cap Gro A Dis A USD 248.07 Vitruvius US Equity B USD 111.15 Natixis Actions US Growth R USD 582.68 T Rowe US Large Cap Equity A USD 7.62 Vontobel Fund – US Equity USD B 1247.85 JPM US Growth A Dis USD 483.17 Stryx America USD 17.26 UBS (Lux) Eq S – USA Growth (USD) P-acc 2883.12 Artemis US Select I GBP Acc 537.96 Janus US Twenty Fund A USD Acc 373.61 AllianceBernstein-US Thematic Research Pf A USD 53.34 Pioneer Funds US Fundamental Growth E No Dis EUR 2812.84 Alger SICAV-The Alger American Asset Growth A 631.62 New Capital US Growth USD Ord Acc UBS (Lux) Eq SICAV – USA Growth (USD)(CHFhdg) Q-a 2883.12 Franklin US Opportunities A (acc) USD 4801.40 NN (L) US Growth Eqty P Cap USD 438.51 BGF US Growth A2RF USD 453.10 UBS (Lux) Eq S – USA Growth (CHF hedged) P-acc 2883.12 iShares S&P 500 Minimum Volatility UCITS ETF 684.64

12.7 11.7 87.1 114.0 11.5 76.8 101.8 11.3 87.8 94.3 10.7 86.9 106.0 10.6 83.0 114.7 10.4 83.6 103.2 10.4 60.6 82.1 10.3 99.3 130.6 10.0 93.4 131.0 10.0 93.1 130.2 9.9 93.0 130.2 9.7 9.3 79.5 106.8 8.7 68.8 92.0 8.3 71.8 96.5 7.1 72.2 92.4 7.1 60.8 99.4 7.1 71.6 85.5 6.7 75.2 101.9 6.6 69.3 92.7 6.4 6.3 72.3 87.2 5.9 67.4 65.8 5.8 70.2 98.8 5.7 71.5 93.2 5.6 88.7 94.7 5.6 53.7 5.6 69.5 75.0 5.4 65.0 89.2 5.3 66.5 61.3 5.2 53.2 5.1 66.6

21.8 21.7 15.6 14.4 23.2 22.9 14.6 13.2 20.9 22.9 16.0 14.8 23.4 22.0 15.9 15.0 23.2 20.4 13.9 13.0 22.3 20.0 13.4 13.8 22.5 22.8 15.2 13.5 17.1 23.0 15.1 14.4 25.8 22.7 14.9 14.1 24.6 22.5 14.8 14.0 24.5 22.7 15.0 14.1 24.5 21.1 20.4 13.6 13.2 21.5 22.4 14.9 13.5 19.1 22.2 14.6 13.4 19.8 21.0 14.1 13.5 19.9 19.6 13.2 12.3 17.1 22.4 14.7 13.7 19.7 21.2 14.6 13.5 20.6 22.7 14.8 13.7 19.2 20.5 21.4 14.4 13.7 19.9 20.9 14.0 14.6 18.7 21.1 13.8 12.7 19.4 21.1 14.1 13.3 19.7 21.0 14.4 14.6 23.6 15.5 11.8 15.4 20.7 14.3 13.9 19.2 20.6 13.9 13.1 18.2 22.0 15.4 14.7 18.5 15.5 11.8 15.3 17.1 11.8 18.5

8.9 10.0 11.5 6.4 8.7 9.5 7.4 7.8 6.8 9.6 4.9 7.0 8.0 4.8 8.2 8.0 6.5 6.6 6.9 7.2 6.1 7.6 7.1 7.2 7.1 6.1 7.3 7.9 6.5 4.8 6.0 7.4 4.9 1.6 1.1 0.1 0.2 0.1

–6.1 –4.4 –8.1 –8.0 –8.5 –8.2 –8

16.4 15.1 14.2 15.6 16.5 15.2 12.7 18.2 18.2 18.2 18.1 15.6 13.9 14.5 14.0 14.8 13.1 15.1 14.0 13.4 10.6 14.7 14.1 14.3 11.8 13.6 10.0

Finance

Le Temps l Mercredi 3 février 2016

CLASSEMENTS Nom

Actifs nets mios francs

Performance totale % 2015 3 ans 5 ans

Volatilité annualisée % 2015 3 ans 5 ans

Perf. annualisée % 3 ans 5 ans

DB PWM II-GIS US Equity Portfolio A USD 158.56 5.1 72.6 84.2 22.2 15.0 15.0 20.0 13.0 Wells Fargo (LUX) WW US Large Cap Growth A USD 89.46 4.8 66.3 81.9 20.2 14.7 14.0 18.5 12.7 Franklin US Opportunities A (acc) CHF-H1 4801.40 4.5 54.3 61.2 14.5 12.3 14.4 15.5 10.0 UBS ETFs plc – MSCI USA G SF UCITS ETF USD A-acc 41.62 4.3 68.5 20.9 13.8 19.0 AXA WF Framlington American Growth A USD 280.42 4.3 60.5 81.6 20.4 13.8 13.0 17.1 12.7 SSgA SPDR S&P 500 Low Volatility ETF 77.80 4.3 61.5 17.6 12.6 17.3 Threadneedle American Extended Alpha GBP Ret Net A 327.47 4.2 59.6 92.2 23.3 15.6 14.6 16.9 14.0 Janus US A USD Acc 1.89 4.1 58.4 67.8 20.3 13.4 12.8 16.6 10.9 Artemis US Equity I GBP 22.74 4.1 20.9 JPM America Equity A Dis USD 1422.27 3.5 69.3 81.8 22.5 15.0 14.6 19.2 12.7 Fidelity FAST US A-ACC-USD 211.53 3.4 19.0 Dominice US Equity Plus A 39.64 3.3 19.8 Henderson HF US Growth A2 USD 37.77 3.3 63.3 72.7 22.6 15.2 14.1 17.8 11.5 Polar Capital North American R USD Inc 1955.90 3.1 62.4 21.6 14.0 17.6 Planetarium Fund American Selection A USD 44.97 3.1 56.1 50.0 20.9 14.1 14.0 16.0 8.4 Wells Fargo (LUX) WW US Premier Growth I USD Acc 110.85 2.9 61.8 20.0 13.9 17.4 Wells Fargo (LUX) WW US All Cap Growth A USD 1128.58 2.7 51.9 88.3 20.4 14.6 14.2 15.0 13.5 Goldman Sachs US Focused Growth Eq Pf Base USD 56.51 2.7 59.4 75.1 22.7 15.2 14.0 16.8 11.9 Loomis Sayles U.S. Research Fund R/A (USD) 738.30 2.7 56.6 78.9 21.1 13.8 12.9 16.1 12.3 Neuberger Berman US Large Cap Growth USD A Acc 10.71 2.7 49.4 52.7 21.8 14.1 13.0 14.3 8.8 BL Equities America B Cap 490.61 2.6 58.2 73.3 21.2 14.1 13.2 16.5 11.6 Robeco US Select Opportunities Equities D USD 1969.36 2.6 72.2 19.4 13.9 19.9 Calamos US Growth A USD Acc 40.82 2.6 56.4 55.4 19.4 13.6 13.7 16.1 9.2 Threadneedle (Lux)-American AU 203.67 2.4 60.9 83.3 20.3 13.8 13.2 17.2 12.9 Threadneedle American Retail Net Acc GBX 2758.52 2.3 66.5 84.8 22.7 15.3 14.0 18.5 13.1 Alger SICAV-Alger Dynamic Opportunities A 41.34 2.2 16.2 ABN AMRO MMF Aristotle US Equities A Cap USD 592.81 2.1 22.0 PrivilEdge – Sands US Growth (USD) PA 495.17 2.1 23.7 INTECH US Core A USD Acc 166.78 2.1 64.0 87.2 19.7 13.4 12.6 17.9 13.4 ComStage MSCI USA Large Cap TRN UCITS ETF 23.84 1.9 68.2 90.6 21.0 13.9 13.1 18.9 13.8 Lyxor UCITS ETF S&P 500 D-EUR 1770.49 1.8 65.2 89.9 20.5 13.6 12.8 18.2 13.7 db x-trackers S&P 500 UCITS ETF 1C 1968.39 1.8 64.6 89.6 20.5 13.6 12.8 18.1 13.6 S&P 500 Source ETF 2541.60 1.8 64.6 88.6 20.5 13.6 12.8 18.1 13.5 Vanguard S&P 500 UCITS ETF USD Inc 12508.93 1.7 65.0 20.5 13.6 18.2 iShares Core S&P 500 UCITS ETF 12979.72 1.7 64.7 89.6 20.3 13.5 12.8 18.1 13.7 db x-trackers MSCI USA Index UCITS ETF (DR) 1751.37 1.7 20.2 ComStage S&P 500 UCITS ETF 108.27 1.7 68.4 89.2 20.9 14.0 13.1 19.0 13.6 db x-trackers MSCI USA Index UCITS ETF 1C 1727.91 1.7 63.9 88.3 20.4 13.5 12.7 17.9 13.5 UBS (Irl) ETF plc-S&P 500 UCITS ETF (USD) A-dis 148.89 1.7 64.5 20.5 13.6 18.1 HSBC S&P 500 UCITS ETF 1919.54 1.7 64.8 90.1 20.3 13.5 12.8 18.1 13.7 AllianceBernstein-Concentrated US Eqty Pf A USD 335.04 1.6 21.2 Lyxor UCITS ETF MSCI USA C-EUR 692.73 1.6 20.4 UBS ETFs plc – S&P 500 SF UCITS ETF (USD) A-acc 179.99 1.6 63.9 88.1 20.5 13.6 13.0 17.9 13.5 ComStage MSCI USA TRN UCITS ETF 374.34 1.5 68.4 89.7 20.8 13.9 13.1 19.0 13.7 Fidelity Funds – America A-USD 8436.10 1.5 75.2 92.4 21.0 14.2 13.6 20.6 14.0 UBS (Irl) ETF plc-MSCI USA UCITS ETF (USD) A-dis 25.91 1.5 63.7 20.4 13.5 17.9 MSCI USA Source ETF 131.79 1.4 63.4 86.4 20.4 13.5 12.8 17.8 13.3 Comgest Growth America US Dollar 68.85 1.4 69.1 83.1 21.4 14.2 13.3 19.1 12.9 iShares S&P 500 UCITS ETF (Dist) 9448.02 1.4 63.4 87.4 20.3 13.5 12.8 17.8 13.4 UBS ETFs plc – MSCI USA SF UCITS ETF (USD) A-acc 176.46 1.4 63.2 86.3 20.4 13.5 12.9 17.7 13.3 Amundi ETF MSCI USA UCITS ETF – EUR 1607.62 1.4 63.3 86.7 20.4 13.6 12.8 17.8 13.3 HSBC MSCI USA UCITS ETF 342.24 1.4 63.5 87.7 20.2 13.4 12.7 17.8 13.4 iShares MSCI USA UCITS ETF 459.03 1.4 63.3 87.6 20.3 13.4 12.7 17.8 13.4 AllianceBernstein-Concentrated US Eqty Pf F CHF H 335.04 1.3 12.9 Vanguard US 500 Stock Index Inv USD 5439.01 1.3 62.5 85.2 20.5 13.6 13.0 17.6 13.1 Threadneedle American Select ZNA Hedged CHF 1578.69 1.2 15.4 UBS ETF MSCI USA UCITS ETF (USD) Adis 1522.27 1.2 62.4 85.3 20.4 13.5 12.7 17.5 13.1 Threadneedle American Select Ret Net Acc GBX 1578.69 1.2 54.7 73.7 23.3 15.3 14.3 15.6 11.7 Julius Baer Eq Gl Excellence North America (USD) B 127.34 1.2 20.9 Threadneedle (Lux)-US Contrarian Core Eqs AU 657.28 1.2 63.0 20.8 13.9 17.7 EIP US Equity Index Programme Srs 2 USD 309.85 1.2 62.1 84.6 20.6 13.6 12.9 17.5 13.0 CS (Lux) USA Growth Opportunities Eq Fd B USD 475.47 1.2 60.5 70.1 20.5 14.0 13.4 17.1 11.2 Robeco US Conservative Equities D EUR 72.31 1.2 17.3 Allianz US Equity – C2 – USD 397.31 1.1 52.1 57.3 20.4 13.7 13.5 15.0 9.5 PARVEST Equity USA Growth Classic Cap USD 1065.26 1.1 55.2 70.7 21.0 14.1 13.4 15.8 11.3 Old Mutual North American Equity A USD 348.42 1.1 64.9 68.5 20.1 13.8 13.8 18.2 11.0 The Stralem Fund – US Equity A 53.44 1.1 45.3 59.7 20.1 12.9 12.4 13.3 9.8 Pictet-USA Index-P USD 2986.04 1.1 62.3 85.2 20.5 13.6 12.8 17.5 13.1 Threadneedle (Lux)-American Select AU 6.53 1.0 49.5 69.0 21.2 14.1 13.3 14.3 11.1 OYSTER US Selection C USD PR 260.43 1.0 52.3 19.2 13.4 15.1 DJD IndexTracker PLUS – S&P 500 28.75 1.0 52.9 64.5 18.8 12.8 13.8 15.2 10.5 SSgA SPDR Russell 3000 US Total Market UCITS ETF 3.19 0.9 20.1 CAPB Funds America Opportunities G Cap 365.85 0.9 19.7 JPM US Equity All Cap A Acc USD 707.42 0.9 20.8 Legg Mason Clearbridge Growth A Dis A USD 6.96 0.9 58.8 69.7 19.8 14.0 13.5 16.7 11.2 Swisscanto (CH) Index Equity Fund MSCI USA A 409.71 0.8 60.8 82.8 20.4 13.5 12.7 17.2 12.8 Julius Baer EF US Leading-USD B 71.59 0.8 37.1 55.7 20.2 13.3 12.4 11.1 9.3 SSgA SPDR S&P 500 ETF 1147.41 0.8 63.1 20.5 13.6 17.7 Legg Mason ClearBridge US Appreciation A Acc USD 309.78 0.8 52.5 72.9 20.9 13.6 12.8 15.1 11.6 Majedie Asset Management US Equity A Acc USD 0.8 21.0 Heritam Sicav-USA Growth Fund 13.39 0.8 54.8 48.0 19.7 13.5 16.0 15.7 8.2 Willerequity North America P Cap USD 20.73 0.7 46.9 51.5 19.3 13.1 12.8 13.7 8.7 BCV IF US Equity B 323.29 0.7 20.2 AllianceBernstein-Concentrated US Eqty Pf I CHF H 335.04 0.7 12.8 Fidelity Funds – American Growth A-USD 693.42 0.7 70.1 70.3 20.4 14.3 13.7 19.4 11.2 Lux Flex – US Global Leaders A 24.34 0.7 21.8 iShares MSCI USA Dividend IQ UCITS ETF 82.87 0.6 19.1 Robeco US Premium Equities D USD 5155.47 0.6 65.8 81.1 21.2 14.6 14.2 18.4 12.6 Threadneedle (Lux)-US Contrarian Core Eqs ZFH 657.28 0.6 13.5 Threadneedle (Lux)-American Select ZFH 6.53 0.6 14.0 Fidelity Funds – American Diversified A-USD 153.48 0.5 66.6 75.3 20.7 14.2 13.6 18.5 11.9 AllianceBernstein-Select US Equity Pf A USD 4329.16 0.5 58.0 20.9 13.7 16.5 Amundi Fds Index Equity USA – A4E (C) 130.47 0.5 59.3 79.2 20.5 13.6 12.9 16.8 12.4 THEAM Quant Equity US Covered C ACC USD 19.70 0.4 38.3 50.3 19.2 12.4 12.7 11.4 8.5 DWS (CH) – US Equities 34.60 0.3 78.8 81.2 20.1 13.7 13.2 21.4 12.6 iShares Dow Jones Industrial Average UCITS ETF 226.49 0.2 53.1 76.9 20.7 14.0 13.1 15.2 12.1 Davis Value A 338.60 0.2 51.5 55.5 21.2 14.1 13.1 14.8 9.2 Pictet CH Inst-North Am Eq Tracker US TE-IX USD 181.17 0.2 58.7 20.4 13.4 16.7 Schroder ISF US Large Cap A Acc 1114.45 0.2 62.0 78.7 22.4 14.7 13.7 17.4 12.3 PIMCO GIS StocksPLUS E USD Acc 1140.23 0.2 60.9 88.4 21.1 14.0 13.4 17.2 13.5 Allianz US Equity Fund – CT – EUR 59.67 0.2 48.0 48.2 22.0 14.5 14.1 14.0 8.2 BNY Mellon S&P 500 Index Tracker A USD 76.94 0.2 58.0 77.0 20.6 13.6 13.0 16.5 12.1 UBS (Lux) Eq S – USA Enhanced (USD) P-acc 511.37 0.1 59.9 84.5 20.3 13.8 13.0 16.9 13.0 Lyxor UCITS ETF Dow Jones Industrial Average D-EUR 259.44 0.1 52.9 76.9 20.8 14.1 13.1 15.2 12.1 PUB Equities North America (USD) 1426.22 0.1 54.6 69.0 19.2 12.8 12.2 15.6 11.1 ComStage DJ Industrial Average UCITS ETF 69.41 0.0 55.2 75.6 21.2 14.4 13.3 15.8 11.9 Invesco US Equity A Annual Distribution USD 8.37 –0.1 51.1 16.3 11.8 14.7 UniNordamerika 207.74 –0.1 55.1 64.5 20.7 13.9 13.2 15.8 10.5 Vanguard FTSE North America UCITS ETF USD 18.85 –0.1 20.4 BCV US Equity A 71.39 –0.1 58.6 74.7 20.1 13.5 12.7 16.6 11.8 THEAM Quant- Equity US Guru C USD ACC 512.97 –0.2 20.4 Janus US Research Fd A USD Acc 193.53 –0.2 56.6 67.7 20.5 13.8 13.4 16.1 10.9 ComStage MSCI North America TRN UCITS ETF 98.09 –0.2 61.3 78.4 20.8 13.8 12.9 17.3 12.3 JPM US Equity Plus A (perf) Acc USD 135.81 –0.2 69.9 82.3 24.3 16.3 15.1 19.3 12.8 iShares MSCI North America UCITS ETF 2073.84 –0.2 56.8 76.6 20.4 13.4 12.6 16.2 12.0 UBS (Irl) ETF plc-MSCI USA hgd to CHF (CHF)Aa 214.80 –0.3 13.5 AllianceBernstein-Select US Equity Pf I CHF H 4329.16 –0.3 13.4 iShares S&P 500 CHF Hedged UCITS ETF 99.59 –0.3 46.4 13.4 10.5 13.5 NN (L) US Enh Core Conc Eqty P Cap USD 332.19 –0.4 56.9 72.9 20.2 13.5 12.8 16.2 11.6 Principal GI US Equity A Acc USD 146.80 –0.4 60.8 78.6 19.7 14.0 14.1 17.1 12.3 BNP Paribas L1 Equity USA Core C C 107.47 –0.5 47.9 62.8 21.1 13.9 13.1 13.9 10.2 Goldman Sachs US CORE Equity Pf Base USD 691.97 –0.5 68.2 90.6 20.4 14.4 13.5 18.9 13.8 Amundi Fds Index Equity North America – AE (C) 958.76 –0.5 56.0 74.7 20.4 13.4 12.6 16.0 11.8 MFS Meridian Funds-US Concentrated Growth A1 USD 456.81 –0.6 50.4 67.4 21.5 14.1 13.0 14.6 10.9 Swisscanto (LU) Eq Fd Sel North America B 135.08 –0.6 51.7 61.9 20.4 13.5 12.8 14.9 10.1 Pictet-US Equity Selection-P USD 350.11 –0.6 55.3 71.0 23.1 15.2 13.8 15.8 11.3 BGF US Flexible Equity A2 USD 699.00 –0.7 60.4 73.4 22.4 15.7 14.9 17.1 11.6 Pioneer Funds US Pioneer Fund E No Dis EUR 1588.88 –0.7 54.5 55.9 20.5 13.8 13.1 15.6 9.3 OYSTER US Selection C CHF HP PR 260.43 –0.7 35.3 10.7 11.0 10.6 Berenberg Syst Approach – US Stockpicker Fd B 280.83 –0.8 63.6 90.3 23.3 15.1 14.4 17.8 13.7 LGT Select Equity North America (USD) B 421.06 –0.9 47.7 57.5 20.9 13.6 12.7 13.9 9.5 JPM US Select Equity A Acc USD 2570.72 –0.9 64.6 75.9 22.6 15.2 14.2 18.1 12.0 JPM US Select Equity Plus A (perf) Acc USD 3490.68 –1.0 68.9 79.1 23.2 15.7 14.6 19.1 12.4 Swiss Life Funds (LUX) Eq USA (USD) S 152.23 –1.0 67.6 17.5 13.0 18.8 AXA Rosenberg US Enhanced Index Eq Alpha B USD 3328.81 –1.0 61.8 88.6 20.4 13.8 13.2 17.4 13.5 JPM US Equity All Cap A Acc CHF Hgd 707.42 –1.0 13.9 UBS (CH) Equity Fund – USA Multi Strategy (USD) P 114.37 –1.0 57.8 70.9 21.1 14.0 13.3 16.4 11.3 CB – Accent (Lux) US Equity Fund B 6.57 –1.0 44.6 53.1 19.7 13.2 12.5 13.1 8.9 Swisscanto (CH) Equity Fund North America A 89.20 –1.0 52.0 66.8 21.1 13.8 13.1 15.0 10.8 AllianceBernstein-Select US Equity Pf A CHF H 4329.16 –1.1 13.4 UBS (Lux) Eq Fd – USA Multi Strategy (USD) P-acc 563.20 –1.1 57.1 70.0 21.1 14.0 13.3 16.3 11.2 EV Intl (Ireland) US Value M2 USD 72.48 –1.1 52.6 63.5 19.7 13.3 12.8 15.1 10.3 BCV Systematic US Equity A 152.87 –1.2 61.0 83.3 20.0 13.7 13.0 17.2 12.9 GAM Star Capital Appreciation US Equity USD Inc –1.2 57.8 68.7 21.6 15.3 15.2 16.4 11.0 Neptune US Opportunities A Acc GBP 524.83 –1.2 53.9 49.8 24.3 17.1 16.3 15.4 8.4 MS Broadmark Tactical Plus UCITS B1 Acc USD 57.80 –1.2 18.7 Parworld Track North America C C 392.78 –1.3 51.4 66.0 20.4 13.5 12.7 14.8 10.7 Allianz Best Styles US Equity AT EUR 2098.93 –1.3 21.8 MFS Meridian Funds-US Value A1 USD 1340.53 –1.4 53.8 69.2 21.3 14.3 13.5 15.4 11.1 VF (Lux) – Valiant Aktien Nordamerika P D 66.46 –1.5 48.1 55.9 20.3 13.6 12.7 14.0 9.3 Priviledge – Delaware US Large Cap Value (USD) PA 273.74 –1.6 19.8 Goldman Sachs GMS US Equity Pf P Acc USD 752.87 –1.6 67.0 74.9 21.4 15.5 14.4 18.6 11.8 Neuberger Berman US Multi Cap Opp USD 1 A Acc 1039.98 –1.7 59.3 21.8 15.1 16.8 PIGUET FUND – Actions Amerique du Nord 82.76 –1.8 41.4 21.0 13.7 12.2 RAM (Lux) SF-North American Equities B USD 49.80 –1.8 44.6 53.9 19.2 13.2 12.4 13.1 9.0 Popso IFS USA Equity B 25.86 –1.8 46.4 54.0 21.4 14.5 14.6 13.5 9.0 BGF North American Equity Income A2 USD 115.22 –1.8 43.0 21.2 14.2 12.7 UBS (Irl) ETF plc-MSCI USA Value UCITS ETF (USD)Ad 339.45 –1.8 56.2 20.1 13.6 16.0 Franklin US Focus A (acc) USD 21.80 –1.9 64.1 66.3 24.2 15.8 14.6 17.9 10.7 db x-trackers S&P 500 Equal Weight UCITS ETF (DR) 358.69 –2.0 19.7 GAM North American Growth Acc –2.0 36.0 62.9 23.7 15.2 13.8 10.8 10.2 Amundi ETF Nasdaq-100 EUR Hedged Daily UCITS ETF 30.47 –2.0 25.0

Nom

Actifs nets mios francs

Performance totale % 2015 3 ans 5 ans

Volatilité annualisée % 2015 3 ans 5 ans

Perf. annualisée % 3 ans 5 ans

JPM US Equity A Acc USD 350.48 –2.1 62.7 78.3 22.8 15.5 14.4 17.6 12.3 Natixis Actions US Value R 1060.00 –2.1 48.4 64.9 21.2 14.1 13.3 14.1 10.5 JPM US Select Equity Plus C (perf) Acc CHF Hgd 3490.68 –2.1 16.4 Pioneer Funds US Research E No Dis EUR 1761.42 –2.3 49.4 64.6 21.3 14.1 13.1 14.3 10.5 Goldman Sachs US Equity Pf Base Acc USD 2854.51 –2.3 57.9 68.5 21.5 14.7 14.0 16.4 11.0 Swisscanto (LU) SmartCore Eq Fd North America B 9.77 –2.4 53.6 19.1 13.0 15.4 OSSIAM US Minimum Variance NR UCITS ETF 1C USD 567.24 –2.4 50.0 15.0 11.1 14.5 EdR Prifund USA Equities A USD 184.96 –2.5 51.0 55.7 21.9 14.8 14.1 14.7 9.3 Santander North American Equity A 66.62 –2.5 38.0 51.8 20.2 13.7 12.9 11.3 8.7 PowerShares FTSE RAFI US 1000 ETF 238.14 –2.6 58.6 79.9 19.9 13.7 13.1 16.6 12.5 Brown Advisory US Flexible Equity B USD 171.12 –2.6 21.7 AXA Rosenberg US Equity Alpha B USD 854.65 –2.6 58.1 80.5 19.6 13.5 13.2 16.5 12.5 Franklin US Equity A (acc) USD 605.98 –2.6 49.9 56.1 24.0 15.2 13.8 14.5 9.3 Mirabaud – Equities US-A 95.46 –2.6 41.2 46.9 19.8 13.2 12.9 12.2 8.0 Priviledge - Jennison US Equity Opp (USD) PA 16.22 –2.7 21.2 Candriam Quant Equities USA C USD Cap 972.68 –2.9 50.3 70.7 20.7 13.8 13.2 14.6 11.3 Crossfund Sicav-Crossinvest US Opp-A USD 30.62 –2.9 17.5 Berenberg Syst Approach – Stockpicker Protect Fd B 64.49 –3.0 19.8 Finreon US Equity IsoPro® (USD) A 11.72 –3.1 18.8 UBS (Lux) Equity S – US Total Yield (USD) P-acc 1741.87 –3.1 20.1 BSI-Multinvest – US Stocks A 27.02 –3.2 41.0 43.3 21.8 14.1 13.4 12.1 7.5 Legg Mason Martin Currie GF North American USD 5.52 –3.3 52.0 52.1 21.4 14.2 13.4 15.0 8.8 KBL Key Fund-North America USD 24.93 –3.3 43.4 44.0 21.4 14.3 13.2 12.8 7.6 M&G North American Value A Inc 481.78 –3.4 64.5 67.0 21.7 14.9 14.9 18.0 10.8 BNY Mellon US Dynamic Value A USD 41.59 –3.4 54.6 62.6 22.3 15.2 14.9 15.6 10.2 iShares MSCI USA Islamic UCITS ETF 42.04 –3.6 49.6 67.2 19.4 13.2 12.6 14.4 10.8 RAM (Lux) SF-North American Equities Cp CHF 49.80 –3.6 34.0 10.8 10.7 10.3 Investec American A Acc Net GBP 145.45 –3.7 49.4 30.1 19.2 13.9 15.9 14.3 5.4 Brandes US Equities USD A 132.31 –3.9 60.4 80.7 19.8 14.2 14.0 17.1 12.6 UBS (Lux) Eq S – US Opportunity (USD) P-acc 133.78 –3.9 54.0 22.7 15.3 15.5 Legg Mason Clearbridge Value A Dis A USD 301.57 –3.9 58.2 67.0 22.2 15.3 14.4 16.5 10.8 RAM (Lux) SF-North American Equities C CHF 49.80 –4.1 10.8 Investec GSF American Equity A Acc 54.32 –4.1 42.7 27.2 18.4 13.1 14.6 12.6 4.9 Jupiter JGF North American Equities L USD Acc 4.86 –4.2 60.8 77.4 23.0 16.4 15.2 17.1 12.1 OYSTER US Value C USD PR 27.50 –4.2 42.0 39.6 21.7 15.4 14.3 12.4 6.9 PIMCO GIS RAE Fndm PLUS US Inst USD Acc 294.41 –4.2 20.9 UBS (Lux) Eq SICAV-US Total Yield (USD)(CHFhdg) Qa 1741.87 –4.3 12.6 UBS (Lux) Eq SICAV-US Total Yield (USD)(CHFhdg) Qd 1741.87 –4.3 12.6 Tocqueville Value Amerique P 77.97 –4.3 46.8 48.6 21.1 13.8 13.3 13.7 8.2 Capital Group US Growth and Inc (LUX) B USD 596.43 –4.4 49.5 62.9 19.9 13.6 12.8 14.4 10.2 Candriam Sustainable North America C Cap 281.64 –4.5 46.0 70.5 22.3 14.7 13.5 13.4 11.3 UBS (Lux) Equity S – US Total Yield (USD)(CHFh) Pa 1741.87 –4.5 12.6 UBS (Lux) Equity S – US Total Yield (USD)(CHFh) Pd 1741.87 –4.5 12.6 Franklin Mutual Beacon A (acc) USD 730.52 –4.5 41.7 53.3 19.9 13.2 12.5 12.3 8.9 Legg Mason ClearBridge US Aggr Growth A Dis A USD 4085.57 –4.5 62.0 83.8 21.9 15.0 13.9 17.4 12.9 Legg Mason Opportunity A Dis A USD 484.34 –4.5 87.4 68.5 25.8 18.9 19.8 23.3 11.0 UBS (Irl) ETF plc MSCI USA hgd to GBP (GBP)Aa 46.26 –4.6 25.2 UBS ETF-MSCI USA Socially Responsible U (USD)Ad 184.85 –4.6 46.6 20.0 13.6 13.6 Robeco US Large Cap Equities D USD 2458.34 –4.7 52.2 76.3 21.6 14.7 14.2 15.0 12.0 EI Sturdza Strategic US Momentum & Value – USD 326.65 –4.7 51.1 19.6 13.9 14.8 Base Investments Equities USA 6.34 –4.7 40.8 38.6 18.6 13.1 13.2 12.1 6.7 GAM Star US All Cap Equity USD Acc 570.54 –4.8 48.2 51.6 21.8 14.7 14.0 14.0 8.7 CEAMS Quality USA Equity Fund B 12.47 –4.9 41.1 46.5 22.5 15.0 13.8 12.1 7.9 Invesco US Structured Equity A Acc USD 98.35 –4.9 53.0 64.9 15.9 12.6 13.0 15.2 10.5 T Rowe US Large Cap Value Equity A USD 631.33 –4.9 55.5 70.1 22.3 15.4 14.5 15.8 11.2 Old Mutual US Dividend A USD 387.96 –5.0 46.6 52.0 20.2 14.2 13.8 13.6 8.7 PrivilEdge – Neuberger Berman US Core (USD) PA 205.71 –5.0 19.3 Nordea 1 – North American Value BP USD 296.76 –5.0 56.5 49.5 20.4 15.9 15.2 16.1 8.4 LLB Aktien Nordamerika (USD) 229.54 –5.3 49.1 63.9 21.7 14.4 13.6 14.3 10.4 Julius Baer EF US Value-USD B 31.47 –5.4 43.8 46.5 23.2 15.0 14.0 12.9 7.9 Morgan Stanley US Insight Fund A USD 4.71 –5.5 19.1 Barclays GA – US Value A Acc USD –5.7 44.8 19.1 13.5 13.1 EI Sturdza Strategic US Momentum & Value – CHF Hdg 326.65 –5.7 12.3 Pioneer Funds US Research Value E No Dis EUR 192.71 –5.8 41.9 51.5 21.7 14.8 13.6 12.4 8.7 Gutzwiller One 85.11 –5.9 41.3 49.4 20.7 15.1 14.6 12.2 8.4 OYSTER US Value C CHF HP PR 27.50 –6.0 26.9 13.8 12.6 8.3 HSBC GIF Economic Scale Index US Equity AD USD 719.87 –6.0 50.4 67.2 19.7 14.1 13.2 14.6 10.8 Aberdeen Global – North American Equity A2 Acc USD 135.67 –6.0 38.9 45.7 21.5 14.6 14.3 11.6 7.8 M&G North American Dividend A Inc 657.55 –6.1 44.7 46.9 21.3 14.6 13.9 13.1 8.0 Conventum Lyrical Fund B 687.43 –6.2 24.2 JPM US Value A Dis USD 2893.61 –6.3 50.7 69.8 21.4 14.8 13.9 14.6 11.2 GAM Star GAMCO US Equity USD Acc –6.4 35.2 24.2 15.8 10.6 Heptagon Yacktman US Equity A Acc 1048.77 –6.5 39.8 19.6 13.3 11.8 UOB US Equity 79.46 –6.9 40.2 58.5 19.0 13.9 13.2 11.9 9.7 Invesco US Value Equity A Acc USD 81.60 –7.0 47.2 23.5 15.7 13.8 Synchrony US Equity A 128.57 –7.1 36.8 47.3 19.5 13.4 12.8 11.0 8.1 Vanguard US Fundamental Value Inv USD 28.29 –7.2 55.4 67.0 23.6 16.3 16.1 15.8 10.8 CapitalAtWorkFoyer-American Eqs atWork C USD 163.13 –7.3 33.5 54.4 19.4 13.1 12.9 10.1 9.1 DB Platinum IV CROCI US R1C 904.09 –7.5 54.3 68.1 23.8 16.2 14.8 15.6 10.9 ABN AMRO MMF Pzena US Equities A Cap EUR 0.05 –7.7 24.8 BGF US Basic Value A2 USD 1441.19 –7.7 50.6 54.4 23.6 16.4 15.5 14.6 9.1 Nordea 1 – North American All Cap BP USD 1626.95 –8.0 50.0 21.2 15.6 14.5 Amundi Fds Equity US Relative Value – AU (C) 392.77 –8.2 44.7 57.7 21.6 15.4 14.9 13.1 9.5 Harris Associates US Equity Fund R/A (USD) 347.96 –8.2 53.8 69.7 23.3 15.6 14.5 15.4 11.2 Janus Opportunistic Alpha A USD Acc 51.43 –8.3 49.2 26.3 23.9 16.1 16.1 14.3 4.8 Richelieu Equity-US Value USD 39.88 –8.4 42.4 21.7 14.7 12.5 Pioneer Funds North Amer Basic Value E ND EUR 659.35 –8.5 44.5 48.5 21.4 15.1 13.8 13.0 8.2 JPM Highbridge US STEEP A (perf) Acc USD 2610.51 –9.0 47.6 69.4 23.0 15.4 14.1 13.9 11.1 UBS (Irl) ETF plc-MSCI USA hgd to EUR (EUR)Aa 394.07 –9.4 23.2 Amundi ETF S&P 500 EUR Hedged Daily UCITS ETF 234.61 –9.5 33.1 23.1 15.7 10.0 UBAM Neuberger Berman US Eqty Value AC USD 388.74 –9.9 37.4 49.5 22.8 15.0 14.5 11.2 8.4 AZ Fund 1 American Trend A AZ FUND Acc 176.78 –10.8 31.6 30.6 18.0 12.8 12.8 9.6 5.5 Harris Associates Concentrated US Equity Fund RAU 112.84 –10.9 40.6 25.6 16.9 12.0 Fourpoints Funds – America D 2.05 –10.9 20.5 PARVEST Equity USA H EC EUR 488.00 –11.0 26.2 25.5 21.3 16.1 16.9 8.1 4.6 UBAM Neuberger Berman US Eqty Value AHC CHF 388.74 –11.1 23.0 14.4 11.6 7.1 JSS Sustainable Equity – USA P USD acc 32.22 –11.3 62.6 54.9 22.8 16.8 17.1 17.6 9.1 Kairos International Sicav – America P 166.48 –11.4 21.6 21.2 22.6 15.4 14.9 6.7 3.9 MostDiversifPtf Sicav Tobam AB US Eq Fd B 696.98 –11.7 15.8 Longleaf Partners US UCITS I USD 34.59 –12.0 30.4 20.2 14.6 9.2 PrivilEdge – WellsCap US Selective Equity (USD) PA 76.71 –12.1 19.3 Beauregard Capital SICAV US Eq Paradigm Fd A EUR 29.58 –12.8 23.6 ARVEST America Stars Fund 5.68 –12.9 6.5 8.6 15.6 11.8 11.3 2.1 1.7 Edmond de Rothschild US Value & Yield C 1256.83 –13.6 39.2 42.3 23.6 16.5 15.7 11.6 7.3 UOB Paradigm A 73.90 –16.8 14.4 13.9 22.7 17.7 18.3 4.6 2.6 CS (Lux) USA Value Equity Fund B USD 47.65 –17.5 15.6 26.2 23.1 17.4 16.3 4.9 4.8 MILLER HOWARD SICAV -AMERICAN ENERGY R USD 24.96 –21.9 23.4 ETFS US Energy Infrastructure MLP GO UCITS ETF USD –35.4 27.6 Actions US Average 813.88 –1 56.2 71.1 20.4 14.2 13.7 15.9 11.2 ACTIONS US – PMC Vanguard US Opportunities Inv USD 2196.14 Artemis US Smaller Companies I GBP 73.04 UBAM GCM MidCap US Equity Growth AC USD 43.85 Hermes US SMID Equity F GBP Acc 378.80 UBAM GCM MidCap US Equity Growth AHC CHF 43.85 Schroder ISF US Small & Mid-Cap Equity A Acc 1319.86 Neuberger Berman US Small Cap USD A Acc 365.27 UBS (Lux) Eq Fd – Mid Caps USA (USD) P-acc 231.49 PARVEST Equity USA Small Cap Classic USD Cap 485.23 Vaughan Nelson U.S. Small Cap Value Fund R/A (USD) 230.81 JPM US Smaller Companies A (perf) Dis USD 463.30 T Rowe US Smaller Companies Equity A USD 868.44 ComStage MSCI USA Mid Cap TRN UCITS ETF 36.97 iShares S&P SmallCap 600 UCITS ETF 387.01 BGF US Small & MidCap Opportunities A2 USD 441.41 UBS (Lux) Equity Fund-Mid Caps USA(USD)(CHFhdg)P-a 231.49 Goldman Sachs US Sm Cap CORE Eq Pf Base Acc (Snap) 108.11 Janus US Venture Fund A USD Acc 210.13 Montlake Wanger US Smaller Cos UCITS Ret USD Acc 7.93 Schroder ISF US Smaller Companies A Acc 343.27 Threadneedle American Smaller Cos Ret Net Acc GBX 863.50 Franklin US Small-Mid Cap Growth A (acc) USD 235.62 SSgA SPDR S&P 400 US Mid Cap ETF 746.94 SSgA SPDR Russell 2000 US Small Cap UCITS ETF 45.08 iShares MSCI USA Small Cap UCITS ETF 354.68 JPM US Small Cap Growth A Dis USD 87.00 Nuveen NWQ Small-Cap Value A USD Acc 25.20 ComStage MSCI USA Small Cap TRN UCITS ETF 65.74 CAPB Funds America Small & Mid Caps GC Cap 70.78 Perkins US Strategic Value Fund A USD Acc 206.63 Nordea 1 – North American Small Cap BP USD 141.67 Amundi ETF Russell 2000 UCITS ETF USD 43.98 UBS (Lux) Eq Fd – Small Caps USA (USD) P-acc 113.93 RBC Funds (Lux) US Mid Cap Value Equity A USD Cap 19.04 Principal GI EDGE Sm/Mid-Cap Eq Inc A Acc USD 5.04 AllianceBernstein-US Small and Mid-Cap Pf A USD 76.20 AXA Rosenberg US Small Cap Alpha B USD 79.57 Barclays GA – US Small & Mid Cap Equity A Acc GBP Pioneer Funds US Mid Cap Value E No Dis EUR 540.15 Allianz US Small Cap Equity – AT – USD 3.64 Callander Fund – Asset C1 2.42 Vanguard US Discoveries Inv USD 138.26 RBC Funds (Lux) US Small Cap Equity B USD Cap 6.50 Legg Mason Royce US Smaller Companies A Dis A USD 182.62 PARVEST Equity USA MID Cap CLassic Cap USD 965.41 Legg Mason Royce US Small Cap Opp A Dis A USD 632.25 Actions US – PMC Average 307.04 ACTIONS US REVENU Nuveen Winslow Large-Cap Growth I USD Deutsche Invest II US Top Dividend FC

100.91 215.75

6.9 101.1 127.8 5.5 2.7 46.1 43.9 1.6 59.6 1.1 0.9 62.9 67.6 –0.4 44.5 –0.5 49.7 47.4 –0.8 62.1 74.6 –0.8 58.8 68.4 –1.1 58.0 76.9 –1.4 66.1 88.4 –1.7 64.0 80.1 –1.8 57.6 80.1 –1.8 66.6 56.0 –1.8 35.5 –1.9 58.5 74.3 –1.9 65.3 91.1 –2.0 –2.3 55.7 59.6 –2.7 64.7 63.2 –2.8 52.1 56.2 –3.1 54.1 –3.1 –3.2 53.0 70.6 –3.4 50.6 51.4 –3.5 –3.5 57.6 70.4 –3.5 –3.6 40.6 42.2 –4.1 45.8 –4.2 –5.7 41.4 49.5 –5.8 56.0 –5.8 –6.1 50.8 59.2 –6.7 53.3 71.3 –6.9 43.3 –7.0 50.4 50.2 –7.7 –7.7 35.6 –8.0 64.8 94.7 –10.5 35.6 –12.0 20.0 23.7 –12.6 43.1 51.7 –13.1 29.6 35.4 –3.4 52.8 65.2 6.3 1.0

71.6 89.1 62.0

20.9 15.2 15.0 26.2 20.3 20.4 13.7 13.5 13.5 23.8 15.9 16.9 12.5 19.8 13.9 13.5 17.7 22.1 15.3 13.1 21.9 15.2 15.0 14.4 22.5 16.2 15.3 17.5 22.6 15.4 14.5 16.7 20.9 16.2 15.4 16.5 20.1 15.0 14.2 18.4 20.2 14.1 13.5 17.9 22.0 16.0 15.0 16.4 19.8 15.0 15.0 18.5 14.4 12.9 10.6 20.5 15.9 15.1 16.6 25.4 17.0 15.4 18.2 19.0 21.4 15.2 14.4 15.9 20.8 15.1 14.6 18.1 20.1 14.2 14.1 15.0 20.0 14.4 15.5 22.5 21.0 15.2 14.6 15.2 27.1 20.4 19.0 14.6 24.8 21.3 15.6 14.9 16.4 23.3 20.2 13.6 12.7 12.0 23.4 16.9 13.4 22.6 25.0 18.1 16.5 12.2 21.0 14.8 16.0 18.9 22.0 15.8 15.4 14.7 20.9 16.0 15.8 15.3 23.1 15.1 12.7 21.4 14.9 14.2 14.6 23.0 23.1 17.7 10.7 23.0 17.4 16.4 18.1 21.9 16.7 10.7 23.3 16.5 15.7 6.3 23.0 16.4 16.4 12.7 24.8 18.1 17.8 9.0 21.6 15.7 15.1 15.1 21.3 18.6

14.6 14.2 13.0

19.7 17.5

17.9 7.5 10.9 8.1 11.8 11.0 12.1 13.5 12.5 12.5 9.3 11.8 13.8 9.8 10.3 9.3 11.3 8.6 11.2 7.3 8.4 9.7 11.4 8.5 14.3 4.3 8.7 6.3 10.4 13.6

Finance

Le Temps l Mercredi 3 février 2016

CLASSEMENTS Nom

Actifs nets mios francs

1741 Funds – 1741 Equity Systematic US Fund Cullen US Enhanced Equity Income A Acc Ins USD 29.90 SSgA SPDR S&P US Dividend Aristocrats ETF 2068.85 DB Platinum CROCI US Dividends R1C-U 137.90 PARVEST Equity High Dividend USA C C USD 79.67 Petercam Equities North America Dividend B EUR 43.28 NN (L) US High Dividend P Cap USD 615.22 PARVEST Equity USA Value Classic USD C 44.94 Actions US Revenu Average 279.75

Performance totale % 2015 3 ans 5 ans

Volatilité annualisée % 2015 3 ans 5 ans

Perf. annualisée % 3 ans 5 ans

0.1 –1.3 –1.6 56.9 –3.0 56.0 –5.5 39.4 55.9 –6.7 44.9 60.3 –8.0 32.9 44.2 –8.2 –2.7 52 62.4

21.4 18.6 18.7 13.4 16.2 21.3 14.6 16.0 20.7 14.2 13.2 11.7 21.2 14.9 13.7 13.2 22.1 14.7 13.1 9.9 20.2 20.4 14.2 13.6 14.9

9.3 9.9 7.6 10.1

ACTIONS VIETNAM Vietnam Equity (UCITS) USD 16.79 14.1 17.3 AFC Vietnam Fund 5.4 13.9 Tundra Vietnam, A (SEK) 23.71 1.3 18.0 Lumen Vietnam Fund 23.47 1.0 58.5 17.5 16.3 16.6 Actions Vietnam Average 21.32 5.4 58.5 N/A 16.6 16.3 N/A 16.6 N/A ACTIONS ZONE EURO BGF Euro-Markets D2 CHF Hedged BGF Euro-Markets A2 CHF Hedged Schroder ISF EURO Equity CHF Hdg A Acc JPM Euroland Equity A Acc CHF Hgd BGF Euro-Markets A2 EUR UBS ETF MSCI EMU hgd to USD UCITS (USD) Aacc Pioneer Funds Euroland Equity A No Dis CHF Hdg Allianz Euroland Equity Growth – AT – EUR UBS ETF-MSCI EMU hgd to CHF UCITS (CHF) A-acc Best Business Models IC SSgA SPDR Euro Stoxx Low Volatility UCITS ETF UBS (Lux) Eq Fd – Euro Co Opportunity (EUR) P-acc AllianceBernstein-Eurozone Strat Value Pf A EUR Templeton Euroland A (acc) EUR Henderson HF Euroland A2 Lyxor UCITS ETF MSCI EMU Growth Petercam Equities Euroland B UBS ETFs plc – MSCI EMU G SF UCITS ETF (EUR) A-ac Invesco Euro Equity Fund A EUR Acc Edmond de Rothschild Euro Leaders C Swiss Life Funds (LUX) Eq Euro Zone R BHF-Screener Tactical Equity EUR UBS ETF-MSCI EMU hgd to GBP UCITS (GBP) A-acc Deutsche Invest I Top Euroland LC Schroder ISF EURO Equity A Acc Allianz Euroland Equity SRI – A – EUR SSgA Eurozone Value Spotlight Fund B JPM Euroland Equity A Dis EUR UniEuroAktien UniEuroSTOXX 50 A Fidecum SICAV – Contrarian Value Euroland A Mirabaud Equities Eurozone A AXA WF Framlington Euro Relative Value AC HSBC GIF Euroland Growth M1C EUR Tocqueville Ulysse C Mirova Euro Sustainable Equity R/A (EUR) Sycomore Eurocap A SLF (F) Equity Euro Zone Minimum Volatility EUR P DB Platinum IV CROCI Euro R1C Fidelity Funds – Euro Blue Chip A-EUR iShares EURO Total Market Gr Lg UCITS ETF JPM Euroland Focus A (perf) Acc EUR Objectif Actions Euro A Candriam Equities L Sustainable EMU C Cap BG Long Term Value Z Candriam Equities L EMU C Cap CS (Lux) Eurozone Active Opportunities Eq Fd B EUR SSgA SPDR S&P Euro Dividend Aristocrats ETF NN (L) Euro Equity P Cap EUR JPM Euroland Dynamic A (perf) Acc EUR Generali IS European Recovery Equity D Cap EUR AXA WF Framlington Eurozone AC Amundi Fds Equity Euro – AE (C) iShares MSCI EMU UCITS ETF ComStage MSCI EMU TRN UCITS ETF ENISO Forte E db x-trackers MSCI EMU Index UCITS ETF (DR) HSBC GIF Euroland Equity AC EUR Amundi Fds Index Equity Euro – AE (C) Deka-EuroStocks CF Swisscanto (CH) Equity Fund Euroland A Pioneer Funds Euroland Equity E No Dis EUR Amundi ETF MSCI Emu UCITS ETF UBS ETF MSCI EMU UCITS ETF (EUR) Adis AXA WF Framlington Eurozone RI A EUR Morgan Stanley Eurozone Equity Alpha A EUR JPM Euroland Select Equity A Acc EUR SSgA SPDR MSCI EMU UCITS ETF LYXOR MSCI EMU (DR) UCITS ETF D-EUR Vanguard Eurozone Stock Index Inv EUR Pictet-Euroland Index-P EUR Symphonia Lux – Azionario Best Selection Dis Berenberg European Equity Selection R UBS ETFs plc – MSCI EMU SF UCITS ETF (EUR) A-acc R Conviction Euro C iShares FTSEurofirst 80 UCITS ETF Oddo Proactif Europe CR-EUR AXA Rosenberg Eurobloc Equity Alpha B EUR LuxTopic – Aktien Europa A Generali IS Eurozone Equities D Cap EUR iShares MSCI EMU Large Cap UCITS ETF PARVEST Equity Best Selection Euro C C EUR Candriam Quant Equities EMU C Cap BNP Paribas L1 Equity Euro C C Finreon Euro Eq IsoPro® (EUR) B iShares Core EURO STOXX 50 UCITS ETF BSI-Multieuropa A ComStage EURO STOXX 50 NR UCITS ETF iShares EURO STOXX 50 (DE) LBPAM Actions Euro Focus Emergent E iShares EURO STOXX 50 ex-Financials UCITS ETF iShares EURO STOXX 50 UCITS ETF (Dist) HSBC EURO STOXX 50 UCITS ETF db x-trackers Euro Stoxx 50 UCITS ETF (DR) 1C Julius Baer EF Euro Large Cap-EUR B Raiffeisen Index Fonds-EURO STOXX 50 ComStage FR EURO STOXX 50 UCITS ETF db x-trackers Euro Stoxx 50 ex Fin UCITS ETF (DR) Franklin Euroland A (acc) EUR Allianz Best Styles Euroland Equity – AT – EUR Amundi ETF Euro Stoxx 50 UCITS ETF – EUR (C) UBS ETF – EURO STOXX 50 UCITS ETF (EUR) A-dis Metropole Euro A Source EUR STOXX 50 ETF Lyxor Euro Stoxx 50 (DR) UCITS ETF D-EUR iShares DJ Eurozone Sust Screened UCITS ETF (DE) Fidelity Funds – Euro Stoxx 50TM A-EUR Natixis Euro Value Equity R/A (EUR) Candriam Equities L Euro 50 C Cap MainFirst – Classic Stock Fund A UBS ETF MSCI EMU Value UCITS ETF (EUR) Adis DJD IndexTracker PLUS – DJ Euro Stoxx 50® Index UniExtra: EuroStoxx 50 Lyxor UCITS ETF MSCI EMU Value Lazard Objectif Alpha Euro R iShares EURO Total Market Value Large UCITS ETF Julius Baer EF Euroland Value-EUR B SSgA EMU Equity Fund P Actions Zone Euro Average

4361.17 21.0 16.8 4361.17 20.1 45.2 16.7 13.2 13.2 3841.70 12.8 17.1 329.99 11.2 18.1 4361.17 10.1 33.3 39.4 15.5 13.6 16.3 10.0 6.9 1711.99 9.9 24.1 1555.76 9.0 18.7 1571.37 8.7 32.1 55.0 17.1 11.8 13.2 9.7 9.2 488.03 7.2 19.8 786.64 7.2 33.3 39.1 17.6 13.6 15.3 10.1 6.8 42.01 5.9 16.3 903.74 5.8 33.2 37.2 17.1 12.8 15.3 10.0 6.5 137.91 5.7 36.3 23.9 17.6 15.1 18.1 10.9 4.4 307.93 5.5 31.3 41.4 18.8 14.9 16.1 9.5 7.2 1244.77 5.5 49.7 67.4 18.5 13.9 14.1 14.4 10.9 29.25 5.2 32.1 43.7 19.6 13.7 14.5 9.7 7.5 517.09 4.9 24.5 31.7 19.2 13.9 14.9 7.6 5.7 2.48 4.8 30.3 19.7 13.7 9.2 570.79 4.7 53.6 49.1 20.8 16.1 17.5 15.4 8.3 228.92 4.6 28.6 23.8 19.8 15.1 16.8 8.8 4.4 128.47 4.4 36.6 31.1 17.2 13.2 14.7 11.0 5.6 6.81 4.1 36.5 35.5 15.8 11.3 11.3 10.9 6.3 805.05 4.0 26.3 1760.28 3.9 33.5 34.7 17.7 14.4 15.9 10.1 6.1 3841.70 2.9 35.3 40.9 17.2 13.1 15.9 10.6 7.1 32.29 2.8 23.4 14.6 19.4 14.5 16.7 7.3 2.8 30.92 2.8 20.7 329.99 2.6 37.4 28.5 18.2 14.8 17.1 11.2 5.1 1878.83 2.6 27.3 26.1 19.6 14.7 16.3 8.4 4.8 1587.35 2.5 26.6 21.9 22.3 16.3 17.9 8.2 4.0 338.39 2.3 34.5 20.4 22.6 18.8 22.2 10.4 3.8 47.98 2.2 13.7 5.1 19.5 15.0 16.9 4.4 1.0 740.35 2.1 23.8 33.9 19.7 14.1 15.5 7.4 6.0 165.40 2.1 23.4 22.4 18.9 14.2 16.2 7.2 4.1 223.07 2.0 26.2 –0.2 17.3 12.7 14.8 8.1 0.0 626.27 1.9 19.0 237.27 1.9 25.7 24.3 18.0 13.9 16.0 7.9 4.4 221.49 1.9 29.4 35.3 16.8 11.4 11.7 9.0 6.2 273.13 1.9 33.8 34.2 20.8 14.7 15.9 10.2 6.1 1403.65 1.6 27.6 35.9 18.5 13.7 15.6 8.5 6.3 225.95 1.5 25.5 37.4 20.3 14.3 15.2 7.9 6.6 7.60 1.5 31.6 18.0 14.9 9.6 254.85 1.5 33.6 38.7 19.8 14.7 16.0 10.1 6.8 16.69 1.3 14.8 12.8 20.3 14.3 15.7 4.7 2.4 190.42 1.3 32.2 27.8 19.9 15.1 16.7 9.8 5.0 154.62 1.0 19.8 21.5 19.9 14.1 15.5 6.2 4.0 98.50 1.0 18.1 19.3 14.6 5.7 736.06 0.9 24.3 16.7 13.2 7.5 477.05 0.9 25.3 18.5 18.3 14.6 16.7 7.8 3.5 677.14 0.8 43.5 17.1 14.7 12.8 512.92 0.7 23.9 1158.37 0.6 19.3 27.9 19.8 14.6 15.9 6.1 5.0 222.78 0.6 26.1 18.9 20.5 15.7 17.2 8.0 3.5 1609.05 0.5 29.4 27.2 20.3 15.1 16.6 9.0 4.9 8.02 0.4 29.6 28.1 20.3 15.0 16.7 9.0 5.1 29.22 0.3 14.3 –0.6 21.2 16.6 19.1 4.6 –0.1 778.29 0.3 20.4 1068.75 0.2 32.8 22.7 19.7 15.4 18.0 9.9 4.2 129.64 0.1 28.9 24.8 20.2 15.0 16.5 8.8 4.5 671.14 –0.1 23.8 9.1 19.8 14.8 18.3 7.4 1.8 53.01 –0.1 27.0 23.1 20.0 14.8 16.4 8.3 4.2 1555.76 –0.2 27.5 34.8 20.8 15.2 16.4 8.4 6.2 1166.81 –0.4 28.5 26.5 20.5 15.1 16.7 8.7 4.8 2234.80 –0.4 28.7 26.8 20.5 15.2 16.7 8.8 4.9 198.78 –0.5 17.1 15.2 20.3 15.1 16.6 5.4 2.9 556.59 –0.5 28.6 27.8 18.5 14.7 16.5 8.8 5.0 27.83 –0.5 26.7 24.0 19.0 15.2 17.3 8.2 4.4 292.71 –0.5 20.5 267.74 –0.5 28.1 26.2 20.5 15.2 16.7 8.6 4.8 2503.17 –0.6 27.7 26.0 20.5 15.1 17.2 8.5 4.7 239.50 –0.7 27.1 25.1 20.7 15.3 16.7 8.3 4.6 9.24 –0.8 19.5 86.75 –0.8 28.4 34.9 16.9 13.5 13.2 8.7 6.2 164.18 –0.9 26.7 20.6 15.1 8.2 819.01 –1.1 35.0 17.3 21.5 19.0 22.4 10.5 3.2 36.83 –1.3 26.3 24.1 21.1 15.8 17.2 8.1 4.4 795.77 –1.4 10.6 19.7 15.8 10.0 10.3 3.4 3.7 163.23 –1.6 31.6 21.9 19.6 15.7 18.1 9.6 4.0 101.67 –1.7 5.7 10.3 15.0 12.1 14.9 1.9 2.0 267.12 –1.7 19.8 213.75 –1.7 21.1 1155.20 –1.7 20.4 29.0 20.1 14.1 14.5 6.4 5.2 28.74 –1.8 23.5 19.8 21.2 15.5 16.9 7.3 3.7 460.41 –2.0 21.0 23.8 19.7 13.9 14.9 6.6 4.4 4.43 –2.0 18.9 1709.75 –2.2 24.2 22.4 21.7 16.3 17.9 7.5 4.1 58.12 –2.2 20.5 20.9 20.0 15.8 17.0 6.4 3.9 289.32 –2.3 24.1 21.5 21.7 16.3 17.9 7.5 4.0 8506.61 –2.3 25.5 23.5 21.7 16.3 17.7 7.9 4.3 197.57 –2.3 11.7 20.6 14.8 3.7 51.88 –2.4 21.4 6805.87 –2.5 23.0 21.8 21.6 16.3 17.9 7.2 4.0 128.85 –2.5 24.0 22.2 21.6 16.3 17.8 7.4 4.1 5982.99 –2.6 23.8 21.5 21.8 16.3 17.9 7.4 4.0 37.52 –2.6 19.4 15.2 21.0 15.7 17.6 6.1 2.9 47.62 –2.6 21.9 21.5 16.4 6.8 47.06 –2.6 23.0 20.7 21.4 16.2 17.6 7.1 3.8 19.56 –2.7 21.5 21.5 15.4 6.7 58.83 –2.7 22.0 22.0 19.4 15.0 16.8 6.9 4.1 185.29 –2.9 22.0 14.8 20.1 15.5 18.0 6.8 2.8 1683.63 –3.3 23.0 21.4 22.0 16.5 18.0 7.1 4.0 782.33 –3.3 23.2 21.5 22.0 16.5 18.0 7.2 4.0 254.58 –3.3 26.0 14.4 19.3 15.9 18.5 8.0 2.7 1177.89 –3.4 22.7 19.5 22.0 16.5 18.1 7.1 3.6 8247.94 –3.4 22.7 21.3 22.0 16.5 18.0 7.1 3.9 141.19 –3.9 19.5 21.8 21.0 15.5 16.2 6.1 4.0 277.17 –4.2 20.5 19.1 22.1 16.5 17.9 6.4 3.6 212.23 –4.8 20.8 69.44 –4.8 17.5 4.9 22.1 16.5 18.5 5.5 1.0 32.13 –4.9 18.3 13.2 19.8 14.9 16.6 5.8 2.5 201.68 –5.8 23.5 12.3 21.6 17.0 19.0 7.3 2.3 30.51 –5.9 12.5 6.3 17.6 13.3 17.0 4.0 1.2 52.01 –5.9 7.3 10.4 19.2 14.9 17.0 2.4 2.0 273.36 –6.0 22.8 12.1 21.6 17.0 19.0 7.1 2.3 1063.34 –6.2 26.3 17.1 21.9 16.7 19.6 8.1 3.2 94.02 –6.6 24.0 14.8 20.6 17.4 19.5 7.4 2.8 174.63 –11.8 10.2 13.0 27.2 20.8 20.0 3.3 2.5 121.81 –37.0 37.5 794.01 0.4 26.1 24.3 20 15 16.7 8 4.4

ALTERNATIF ACTIONS EUROPE LONG/SHORT GAM Star (Lux) European Alpha C CHF 1015.27 MW TOPS UCITS A USD PTR-Corto Europe-HI CHF 162.74 PTR-Corto Europe-HP CHF 162.74 Argos Funds European Equities Long-Short A CHF 9.44 JPM Europe Equity Absolute Alpha A (perf) AccCHF H 986.90 GAM Star (Lux) European Alpha C EUR 1015.27 RBR European Long Short (LUX) P 104.25 Julius Baer EF Absolute Return Europe Eq-CHF Ah 3246.82 Julius Baer EF Absolute Return Europe Eq-CHF Bh 3246.82 Jupiter JGF Europa L EUR B Acc 59.86 PTR-Corto Europe-P EUR 162.74 Alken Fund – Absolute Return Europe – A 3282.00 Argos Funds European Equities Long-Short A EUR 9.44 Man GLG European Equity Alternative DN EUR 903.25 Melchior Selected Trust European Absolute Ret I1 592.48 MLIS Fenician Eq Long Short UCITS EUR Retail Seed 77.24 MirAlt SICAV Europe Fund A EUR 127.60 THEAM Quant- Equity Guru Long Short C EUR ACC 75.17 F&C Real Estate Equity Long/Short A EUR Acc 216.03 AZ Fund 1 Active Selection A AZ FUND Acc 191.18 JPM Europe Equity Absolute Alpha A (perf) Acc EUR 986.90 DNCA Invest Miura B 982.72

12.6 26.4 11.1 50.7 71.1 8.5 22.8 23.0 8.2 21.6 20.5 5.2 4.3 2.6 15.3 24.0 1.9 1.4 7.9 1.4 7.7 –0.5 13.9 9.8 –0.9 10.8 7.6 –3.4 14.8 –3.6 –3.9 –5.1 –4.1 –2.4 –4.6 –4.2 –4.7 7.6 –2.7 –4.7 –4.7 1.3 –4.9 0.7 –3.7 –5.1 –5.8 3.1 2.0

5.2 5.6 8.1 10.8 9.2 11.0 14.6 4.4 6.2 6.6 7.1 4.5 6.3 6.6 6.7 11.5 6.5 17.2 11.0 10.2 4.9 10.7 1.8 1.9 2.6 1.8 2.0 2.5 14.0 9.4 9.0 4.4 13.5 10.0 9.7 3.5 17.5 11.1 4.7 14.6 13.7 9.1 –1.7 17.4 10.3 9.6 –0.8 12.7 15.7 10.4 9.8 2.5 15.5 15.8 9.3 0.4 18.2 11.5 11.4 0.2 14.9 16.1 10.4 9.6 1.0

11.3 4.2 3.8 4.4

1.9 1.5

–0.9 –0.5 –0.8 0.4

Nom

Actifs nets mios francs

Performance totale % 2015 3 ans 5 ans

Volatilité annualisée % 2015 3 ans 5 ans

Perf. annualisée % 3 ans 5 ans

DNCA Invest Miuri B 1818.21 Julius Baer EF Absolute Return Europe Eq-EUR B 3246.82 AVANA IndexTrend Europa Dynamic R 16.01 Farema Capital – European Equity Long Short EUR Man GLG European Alpha Alternative DN EUR Man GLG European Alpha Alternative En DN EUR 30.51 Alternatif Actions Europe Long/Short Average 850.91

–6.5 6.3 –7.3 –1.4 –1.7 –8.2 3.4 –1.1 –9.6 –5.0 –4.6 –10.7 –7.5 –7.2 –11.1 –1.6 9.2 9.4

15.2 9.7 2.0 14.9 9.0 8.6 –0.5 16.0 12.0 12.1 1.1 15.8 9.4 9.6 –1.7 14.9 9.6 9.4 –2.6 14.6 12.6 8.7 9.5 2.8

ALTERNATIF ACTIONS INTERNATIONALES LONG/SHORT InRIS UCITS PLC-R Parus C USD 720.88 GAM Star Alpha Technology USD Acc GAM Star (Lux) – Financials Alpha D CHF 59.66 The 1.2 Fund Lux -EUR B 54.09 CS (Lux) Small and Mid Cap Alpha L/S Fd IBH CHF 291.68 BSF Emerging Markets Absolute Return D2 USD 71.85 EdR Prifund Alpha Volatility A USD Veritas Global Real Return GBP B 138.65 CS (Lux) Small and Mid Cap Alpha L/S Fd BH CHF 291.68 BSF Global Long/Short Equity A2 USD 240.85 Schroder GAIA Egerton Equity A Acc EUR 1489.06 GAM Star (Lux) Financials Alpha C EUR 59.66 Man GLG Global Equity Alternative DN EUR 348.23 GAM Star (Lux) – Emerging Alpha C CHF 140.66 Schroder ISF QEP Global Value Plus A Acc 245.48 Heritage Long/Short Equity EUR A CS (Lux) Small and Mid Cap Alpha L/S Fd B EUR 291.68 Aberdeen Global – Flexible Equity A2 Acc EUR 3.93 Alternatif Actions Internationales Long/Short Average 296.54

13.1 6.8 27.6 6.6 1.4 0.6 0.6 14.3 –0.2 25.7 17.2 –0.4 20.7 27.1 –0.5 18.2 16.4 –0.7 –2.6 22.2 24.7 –3.3 4.2 –2.1 –4.5 –5.0 2.2 –6.6 –6.7 5.0 –2.3 –9.0 7.9 4.2 –10.4 –1.1 14.8 12.2

17.3 17.8 13.5 8.5 5.9 11.1 8.7 12.8 9.6 4.6 13.2 9.3 9.5 7.9 15.9 9.9 9.5 6.5 8.6 7.5 7.5 5.7 13.3 16.8 11.3 10.4 6.9 16.8 10.4 10.4 1.4 13.7 3.8 4.4 0.7 19.0 15.6 10.0 9.4 1.6 15.9 11.3 11.0 2.6 14.6 13.4 9.7 9.7 4.6

ALTERNATIF ACTIONS MARKET NEUTRAL RAM (Lux) SF-Long/Short European Equities C CHF PTR-Agora-HI CHF PTR-Agora-HP CHF MLIS Marshall Wace TOPS UCITS (Mkt Ntrl) USD C Acc Kames Equity Market Neutral Plus C CHF Acc Hedged Kames Equity Market Neutral Plus B CHF Acc Hedged RAM (Lux) SF-Long/Short European Equities B EUR Nomura Permal Alpha Japan Neutral A USD RAM (Lux) SF-Long/Short Emerging Mkts Eq B USD PTR-Agora-P EUR OYSTER Market Neutral Plus C EUR PF RAM (Lux) SF-Long/Short Emerging Mkts Eq C CHF Allianz Discovery Europe Strategy – A – EUR Man GLG Alpha Select Alternative DN GBP Exane Funds 1 – Ceres B Insight – Absolute Insight Eq Market Neut B1p GBP OYSTER Market Neutral C EUR PF DB Platinum IV GAM Abs Ret Europe Eq R1C-E Exane Funds 1 – Archimedes Fund B Alternatif Actions Market Neutral Average

1.6

3.2 4.9 3.1 4.5 –0.4

–0.5 0.8 2.2

356.10 12.7 36.0 7.1 6.3 10.8 1319.93 11.5 3.8 1319.93 11.0 3.9 3096.08 9.2 35.2 37.8 11.5 9.1 11.2 10.6 6.6 196.67 3.6 4.7 196.67 3.3 4.7 356.10 3.1 24.4 12.7 8.6 7.6 26.44 3.0 13.8 14.6 10.2 4.4 153.91 2.5 21.1 12.0 8.7 6.6 1319.93 1.8 12.8 42.69 1.8 15.3 153.91 0.3 8.2 3.2 3.1 2.7 1222.76 0.3 3.6 11.8 18.3 11.0 9.8 1.2 2.3 78.55 –0.6 21.7 10.0 13.8 8.9 10.7 6.8 1.9 582.82 –3.2 1.4 5.8 13.3 8.2 8.1 0.5 1.1 1223.64 –3.5 4.3 12.2 14.6 9.1 8.9 1.4 2.3 306.51 –4.9 4.8 0.9 14.7 9.6 9.0 1.6 0.2 125.42 –5.1 14.4 1111.99 –6.6 4.3 4.4 15.4 9.7 9.5 1.4 0.9 694.21 2.1 14.9 11.9 11.1 8.6 9.6 4.6 2.2

ALTERNATIF ACTIONS ROYAUME-UNI LONG/SHORT Polar Capital UK Absolute Equity R GBP Schroder Absolute UK Dynamic P1 Acc 347.02 Henderson Gartmore UK Abs Rtn R GBP Acc 3877.63 Threadneedle UK Absolute Alpha Ret Net Acc GBP 1170.86 Schroder European Absolute Target P1 Acc 347.78 Montlake Pegasus UCITS GBP Ret Acc 8.59 Alternatif Actions Royaume-Uni Long/Short Average 1153.79 ALTERNATIF ACTIONS US LONG/SHORT DB Platinum Chilton Diversified R1C-U Threadneedle (Lux)-American Absolute Alpha AU Schroder GAIA Sirios US Equity A Acc Threadneedle (Lux)-American Absolute Alpha AFH Schroder GAIA Sirios US Equity CHF Hdg A Acc AllianceBernstein-Select Absolute Alpha Pf A USD AllianceBernstein-Select Absolute Alpha Pf I CHF H AllianceBernstein-Select Absolute Alpha Pf A CHF H Neuberger Berman US Long Short Equity USD A Acc MirAlt SICAV North America Fund A USD JPM US Select Long-Short Equity A (perf) Acc USD MLIS CCI Healthcare Long-Short UCITS USD C Acc DB Platinum Ivory Optimal R1C-U MS Ascend UCITS I EUR DB Platinum Omega Fund R1C-U Alternatif Actions US Long/Short Average

–0.4 –0.2 –0.9 –1.5

14.2 5.5 19.0 48.7 1.9 29.2 36.6 1.7 22.9 33.1 –0.1 9.0 27.7 –5.1 20.0 16.3 3 20 32.5

14.9 18.0 12.4 11.0 6.0 14.7 9.2 9.0 8.9 14.6 9.1 8.9 7.1 14.4 9.3 10.1 2.9 15.4 13.8 12.4 6.3 15.3 10.8 10.3 6.2

8.3 6.4 5.9 5.0 3.1 5.7

123.99 12.0 19.3 192.00 2.9 15.0 22.3 12.4 8.9 11.0 4.8 4.1 2095.68 1.2 15.0 192.00 1.2 3.4 3.2 2.8 1.1 2095.68 –0.2 7.3 1232.05 –1.0 25.8 15.6 10.3 7.9 1232.05 –2.1 7.6 1232.05 –2.7 7.8 232.10 –4.0 13.9 167.36 –5.7 22.6 17.9 17.6 11.5 11.3 7.0 3.3 83.15 –5.8 17.1 14.3 10.2 5.4 458.67 –7.9 34.2 39.7 17.8 13.8 13.5 10.3 6.9 422.11 –7.9 16.1 230.77 –8.1 8.0 15.9 10.0 2.6 27.48 –15.1 23.3 757.05 –2.9 18 26.6 13.8 9.7 11.9 5.6 4.8

ALTERNATIF AUTRES JSS Alternative Multi-Strategy Fund I USD acc 65.49 2.2 12.0 EFG EQ FDS Global Alpha (USD) 13.07 –0.3 14.4 NN (L) Alternative Beta P Cap USD 127.44 –0.5 13.5 10.5 13.5 8.9 9.6 4.3 2.0 Timeo Neutral Sicav – BZ Volatility R Cap USD 22.81 –1.4 11.6 MS Alkeon UCITS I USD 136.39 –2.3 23.5 20.4 13.3 7.3 LO Funds – Alternative Beta (USD) P A 29.92 –3.4 9.8 2.4 14.7 9.4 9.7 3.2 0.5 Baring Euro Dynamic Asset Allocation A EUR Acc 58.50 –4.3 15.9 Montlake Dunn WMA UCITS Institutional Ret EUR 48.90 –4.4 53.8 15.2 19.0 15.4 LO Funds – Alternative Beta (CHF) I A 29.92 –4.4 1.1 –4.3 5.5 4.3 4.7 0.4 –0.9 LO Funds – Alternative Beta (CHF) M A 29.92 –4.6 5.5 Crown Managed Futures UCITS B USD –5.2 19.0 4.4 23.7 16.0 17.2 6.0 0.9 LO Funds – Alternative Beta (CHF) P A 29.92 –5.3 –1.6 –8.3 5.5 4.3 4.7 –0.5 –1.7 Ellipsis Euro Dividend Fund P 94.93 –8.3 –3.2 19.8 13.3 –1.1 Timeo Neutral Sicav – BZ Global Index Wolf R EUR 11.08 –8.5 10.2 17.8 12.4 3.3 Timeo Neutral Sicav – BZ Volatility R Cap CHF 22.81 –9.7 1.3 BofAML MLCX Commodity Alpha 5 EUR C Acc 14.56 –9.9 –5.8 16.0 10.6 –2.0 Fort Global UCITS Contrarian B EUR 187.06 –10.3 14.4 Solys – Basalt B EUR 58.26 –10.8 15.8 Man AHL Trend Alternative DNY H EUR Acc 296.41 –13.0 8.8 –7.4 14.3 14.1 12.9 2.8 –1.5 Lazard Em Mkts Total Rtn Dbt EUR Hdge Ret Acc 660.93 –16.2 –18.6 15.8 10.8 –6.6 Alternatif Autres Average 102.02 –6 9.2 –0.5 13.7 11.4 9.8 2.7 –0.1 ALTERNATIF CREDIT FOCUS GAM Star Cat Bond USD Acc 3.2 27.8 11.8 8.6 8.5 GAM Star Credit Opportunities (USD) USD Acc 2.7 39.1 12.5 8.8 11.6 Plenum CAT Bond Fund Class R USD 106.09 2.6 20.8 22.4 11.7 8.6 11.1 6.5 4.1 PvB (CH) Asset-Backed Securities Fund (USD) A 2.4 51.9 152.3 11.3 10.0 12.4 15.0 20.3 LGT (CH) Cat Bond Fund USD A 244.58 1.8 16.4 16.1 11.6 8.6 11.2 5.2 3.0 Falcon Cat Bond Fund (USD) A 22.46 1.8 20.3 22.5 12.5 9.0 11.5 6.4 4.1 AllianceBernstein-Mortgage Income Pf AX USD 516.57 1.2 11.7 Falcon Cat Bond Fund (CHF) A 31.73 0.2 7.5 9.4 1.2 1.2 3.3 2.4 1.8 Candriam Long Short Credit C CHF 1212.94 0.0 0.9 Hedge Invest Numen Credit Fund CHF DM2 Shares 866.11 –0.1 4.1 AllianceBernstein-Unconstrained Bond Pf A2 USD 11.19 –0.1 12.3 GAM Star Credit Opportunities (GBP) GBP Inc –0.5 30.2 14.4 9.7 9.2 AllianceBernstein-Unconstrained Bond Pf I2 CHF H 11.19 –1.8 3.3 Julius Baer BF ABS-CHF B 666.44 –2.0 1.6 8.9 0.5 0.9 2.0 0.5 1.7 AllianceBernstein-Unconstrained Bond Pf A2 CHF H 11.19 –2.2 3.4 Schroder GAIA KKR Credit CHF Hedged C Acc 299.71 –2.5 1.5 Schroder GAIA KKR Credit CHF Hedged A Acc 299.71 –3.2 1.5 PIMCO GIS Credit Absolute Return E USD Acc 1000.49 –3.5 5.5 12.5 8.8 1.8 Insight – Absolute Insight Credit B1p Sterling 817.26 –4.4 11.0 28.8 15.8 10.0 9.7 3.5 5.2 BSF European Credit Strategies H2 CHF Hedged 1019.60 –4.6 1.1 5.8 3.9 0.4 OYSTER Flexible Credit C CHF HP PR 139.68 –4.9 4.1 Legg Mason WA Glo Credit Ab Ret A Acc PF USD 42.81 –5.2 5.8 6.4 12.7 9.1 10.9 1.9 1.3 GAM Star Credit Opportunities (EUR) EUR Acc –6.3 19.9 14.1 9.5 6.2 CPR Credixx Global High Yield – P 355.22 –7.2 23.3 42.7 17.7 12.8 14.0 7.2 7.4 LGT (Lux) I Cat Bond Fund (EUR) B2 614.46 –8.1 –1.0 16.0 9.4 –0.3 Falcon Cat Bond Fund (EUR) A 7.79 –8.6 –1.6 –1.7 16.0 9.5 9.1 –0.5 –0.3 Hedge Invest Numen Credit EUR R Shares 866.11 –8.9 –0.4 15.3 9.8 –0.1 Muzinich LongShortCreditYield Euro Acc Hgd Non-Eq 1462.72 –8.9 15.6 Candriam Long Short Credit 1212.94 –8.9 –6.7 –4.6 15.4 9.0 8.5 –2.3 –0.9 Objectif Credit Fi R 433.96 –9.1 2.9 9.2 14.9 9.3 12.4 1.0 1.8 Solidum Cat Bond Fund EUR 24.96 –9.3 –3.8 –3.2 15.7 9.3 8.7 –1.3 –0.7 PTR-Kosmos-P EUR 656.74 –9.5 –8.7 15.6 9.2 –3.0 Julius Baer BF ABS-EUR B 666.44 –10.3 –6.8 –2.1 15.7 9.4 8.9 –2.3 –0.4 Amundi Fds Absolute High Yield – AE (C) 18.22 –10.4 –9.3 –10.7 15.7 9.3 8.6 –3.2 –2.2 Henderson Credit Alpha Y Gross Acc Hdg 437.68 –10.6 –8.5 –6.7 15.3 9.2 8.7 –2.9 –1.4 Generali IS Absolute Ret Credit Strat D Cap EUR 557.75 –11.1 –7.8 3.2 14.7 9.1 8.8 –2.7 0.6 Schroder GAIA KKR Credit A Acc 299.71 –11.9 15.9 OYSTER Flexible Credit R EUR PR 139.68 –12.2 14.3 ABS Selection Fund B (EUR) 14.72 –12.4 15.4 BSF European Credit Strategies H2 EUR 1019.60 –12.8 –7.4 16.1 9.9 –2.5 Lyxor/Canyon Credit Strategy Fund A USD 42.53 –15.0 14.8 Alternatif Credit Focus Average 428.12 –5.1 8.3 17.2 11.5 8.6 9.4 2.4 2.7 ALTERNATIF EVENT DRIVEN Gamco Merger Arbitrage A USD Cap JPM Global Merger Arbitrage A Acc USD Schroder GAIA Paulson Merger Arbitrage C Acc Schroder GAIA Paulson Merger Arbitrage CHFH C Acc Schroder GAIA Paulson Merger Arbitrage CHFH A Acc Allianz Merger Arbitrage Strategy – I – EUR MLIS York Asian Event-Driven UCITS EUR C Acc MLIS York Event-Driven UCITS EUR C Acc Alternatif Event Driven Average

141.39 9.60 1050.65 1050.65 1050.65 413.55 184.76 647.65 568.61

3.0 15.9 0.8 10.4 –2.7 –4.2 –5.2 –6.3 –3.9 –8.4 3.0 –5.7 –24.9 0.7 –5.7 –6 5.2 –5.7

12.7 8.8 5.0 11.8 8.5 3.4 15.0 11.0 11.0 14.6 8.7 –1.3 18.5 12.3 11.7 1.0 22.2 16.1 14.5 0.2 14.6 10.9 13.1 1.7

–1.2 –1.2 –1.2

ALTERNATIF GLOBAL MACRO H2O Allegro HCHF-R 318.41 24.5 19.6 H2O Vivace R 233.33 17.7 76.9 24.4 19.6 20.9 H2O Allegro R 318.41 13.3 53.2 24.8 16.1 15.3 GFS UCITS Trend Macro D USD Acc 5.9 13.6 Bellevue F (Lux) BB Global Macro HB CHF 132.59 5.4 20.1 17.3 6.1 5.6 6.0 6.3 3.2

Finance

Le Temps l Mercredi 3 février 2016

CLASSEMENTS Nom H2O Adagio HCHF-R H2O Moderato R Goldman Sachs Glo Strat Macro Bond Pf Base Acc USD EV Intl (Ireland) Global Macro M2 USD Legg Mason WA Macro Opportunities Bd A Acc USD IFAG Global Opportunities Fund P PIMCO GIS Unconstrained Bond E USD Acc LO Funds – Tactical Alpha (CHF) I A LO Funds – Tactical Alpha (CHF) M A LO Funds – Tactical Alpha (CHF) P A Bellevue F (Lux) BB Global Macro B EUR H2O Adagio R PIMCO GIS Unconstrained Bond E CHF Hdg Acc Planetarium Fund Anthilia Blue A Vontobel Fund – Harcourt Dividend Strategy B Morgan Stanley Global Balanced Risk Control A EUR Schroder GAIA Global Macro Bond C Acc UBS (Lux) KSS-Dynamic Alpha (USD) P-acc Vontobel Fd – Harcourt Premium Strategy B Vontobel Fund Harcourt Dividend Strat H hdg CHF UBS (Lux) KSS-Dynamic Alpha (USD)(CHFh) P-acc Vontobel Fd – Harcourt Premium Strategy H CHF Robeco GTAA Fund D EUR ZEST Dynamic Opportunities Fund R LO Funds – Tactical Alpha (EUR) P A HSBC GIF Global Macro M1D EUR AZ Fund 1 Macro Volatility A AZ FUND Acc AZ Fund 1 Global Macro A AZ FUND Acc Alternatif Global Macro Average

Actifs nets mios francs

Performance totale % 2015 3 ans 5 ans

Volatilité annualisée % 2015 3 ans 5 ans

Perf. annualisée % 3 ans 5 ans

624.06 4.8 5.9 406.03 3.8 19.9 21.5 18.0 11.5 11.6 6.2 4.0 473.18 3.1 13.8 31.55 3.0 13.1 15.7 11.6 9.1 10.0 4.2 3.0 4273.59 1.9 14.1 8.95 –0.7 50.3 13.0 20.0 16.8 17.9 14.6 2.5 2975.09 –2.4 4.0 8.6 12.2 8.8 10.9 1.3 1.7 37.05 –2.9 3.0 2.6 3.1 3.3 4.5 1.0 0.5 37.05 –3.1 3.1 37.05 –3.7 0.9 –1.1 3.3 3.5 4.7 0.3 –0.2 132.59 –4.0 8.8 4.3 12.5 8.8 8.7 2.9 0.8 624.06 –4.3 3.2 7.9 17.8 10.6 9.9 1.1 1.5 2975.09 –4.3 –6.7 3.3 2.5 –2.3 42.15 –5.1 –4.7 –8.2 15.2 9.5 9.2 –1.6 –1.7 7.42 –5.2 14.2 2355.39 –6.0 10.7 13.1 9.0 3.4 9.35 –6.1 3.6 15.0 12.4 1.2 938.82 –6.2 11.6 19.0 14.0 10.3 11.6 3.7 3.5 6.73 –6.4 12.4 7.42 –7.4 6.7 938.82 –7.9 0.6 7.0 5.7 0.2 6.73 –8.5 3.0 12.42 –8.6 24.1 28.8 19.6 17.1 15.9 7.5 5.2 92.92 –11.5 –18.7 –24.1 14.9 9.9 9.2 –6.7 –5.4 37.05 –12.2 –8.2 –11.8 14.8 9.4 9.2 –2.8 –2.5 18.79 –14.3 –14.7 –22.5 18.8 11.6 10.5 –5.2 –5.0 31.26 –16.7 –19.3 16.5 10.3 –6.9 56.70 –22.2 –23.6 19.4 12.3 –8.6 558.59 –2.6 9.1 4.7 13.1 10.2 10 2.4 0.7

ALTERNATIF MANAGED FUTURES MLIS Graham Cap Systematic Macro UCITS USD C Acc 13.65 1.1 91.7 33.8 15.4 20.8 19.9 24.2 6.0 GAM Star Keynes Quantitative Strategies USD Acc 0.2 17.0 18.1 15.7 11.5 13.8 5.4 3.4 DB Platinum IV Systematic Alpha R1C-U 2082.23 –0.1 30.2 26.8 18.3 12.6 13.9 9.2 4.9 BCV DIAPASON Commodity Systematic Alpha (USD) A 15.42 –1.3 6.6 –2.2 13.0 9.6 10.9 2.2 –0.4 BCV DIAPASON Commodity Systematic Alpha (CHF) A 15.42 –3.3 –4.5 –11.9 4.5 3.9 5.0 –1.5 –2.5 Nuveen Gresham Long/Short Commodity Fund A EUR 42.30 –3.8 3.3 13.8 10.2 1.1 Vontobel Fund – Harcourt Momentum Strategy B 53.80 –6.4 14.7 Vontobel Fund Harcourt Momentum Strat H hdg CHF 53.80 –8.3 7.4 Candriam Diversified Futures Classique 124.95 –9.4 –4.8 –9.3 13.1 9.8 9.4 –1.6 –1.9 GTA Fonds EUR 15.14 –10.8 –15.9 –32.2 8.1 6.0 8.2 –5.6 –7.5 Planetarium Fund Anthilia Grey A 17.06 –15.0 –13.4 –16.0 18.7 11.6 10.2 –4.7 –3.4 Lyxor/WNT Fund A EUR 422.24 –15.1 14.7 Alternatif Managed Futures Average 239.11 –6 12.3 0.9 13.1 10.7 11.4 3.2 –0.2 ALTERNATIF MULTI STRATEGIES H2O Multistrategies H-R 581.41 31.5 28.7 H2O Multibonds HCHF-R 1186.15 30.1 86.8 24.9 15.3 23.2 H2O Multiequities H-R 253.37 24.6 21.2 H2O MultiStrategies R 581.41 20.5 91.4 80.6 30.3 25.0 25.3 24.2 12.6 H2O Multibonds R 1186.15 18.4 70.0 108.0 27.4 16.9 15.5 19.3 15.8 H2O Moderato H-R 406.03 14.6 33.1 8.9 6.6 10.0 H2O MultiEquities R(C) 253.37 13.1 88.8 20.5 15.2 23.6 MLIS Och-Ziff European MultiStrat UCITS USD C Acc 317.83 5.5 20.8 13.7 10.2 6.5 UBAM Multifunds Alternative UC USD 75.20 4.5 11.6 Threadneedle (Lux)-Glob Multi Asset Income AU 34.87 3.2 13.3 EdR Prifund Alpha Uncorrelated (USD) A 1.1 24.7 21.6 13.0 9.2 10.0 7.6 4.0 EdR Prifund Alpha Concentrated A USD 1.0 10.8 –2.4 13.6 9.4 9.9 3.5 –0.5 BSI Multimanager Fd – Yield Enhancement (USD) M 0.9 11.7 UBS (CH) Global Alpha Strategies (CHF hdg) P-PF 0.4 15.3 16.9 2.5 3.0 3.3 4.8 3.2 UBS (CH) Global Alpha Strategies (CHF hdg) Q-PF 0.4 15.3 16.9 2.5 3.0 3.3 4.8 3.2 UBS O’Connor Oppnstic UCITS USD P PF Acc 248.46 0.3 12.5 Franklin K2 Alternative Strategies A (acc) USD 1035.83 0.3 13.3 Polygon Capital Fund A (CHF) 78.26 0.2 9.8 EdR Prifund Alpha Diversified A USD 0.0 24.5 20.7 13.3 9.2 9.7 7.6 3.8 Polygon Capital Fund X (CHF) 78.26 –0.1 10.5 17.2 9.8 7.9 7.1 3.4 3.2 CS (Lux) Liquid Alternative Beta B USD 248.90 –0.6 18.3 14.2 9.3 5.8 EdR Prifund Alpha Uncorrelated (CHF) G –0.7 11.9 8.8 4.5 4.1 4.5 3.8 1.7 LO Funds – Alternative Risk Premia (USD) MA 125.81 –0.9 10.7 UBS (Lux) KSS-Gl Alpha Opportunities(EUR)(CHFh) Qa 322.25 –1.0 9.2 7.3 2.9 3.8 3.7 3.0 1.4 BSI Multimanager Fd – Yield Enhancement (CHF hg) M –1.1 2.6 JPM Systematic Alpha A Acc CHF Hgd 2238.92 –1.1 3.4 CS (Lux) CS AllHedge Index Fund B USD liq 48.36 –1.1 10.8 2.4 11.0 9.9 11.4 3.5 0.5 UBS (Lux) KSS-Gl Alpha Opportunities(EUR)(CHFh)P-a 322.25 –1.2 8.9 7.0 3.0 3.8 3.7 2.9 1.4 CS (Lux) Liquid Alternative Beta IBH CHF 248.90 –1.9 7.4 5.6 4.2 2.4 BSI Multimanager Fd – Yield Enhancement (CHF hg) A –2.0 6.2 7.0 2.6 2.6 2.8 2.0 1.4 CS (Lux) Liquid Alternative Beta BH CHF 248.90 –2.4 6.1 5.6 4.2 2.0 LO Funds – Alternative Risk Premia (CHF) IA 125.81 –2.8 8.1 1741 (Lux) Multi-Strategy Other Curr CHF FX Hgd 14.97 –2.8 2.3 0.2 5.5 4.9 4.6 0.8 0.0 LO Funds – Alternative Risk Premia (CHF) MA 125.81 –3.0 8.1 CS (Lux) CS AllHedge Index Fund BH CHF liq 48.36 –3.1 –0.9 –8.8 5.8 6.0 7.0 –0.3 –1.8 UBS ETFs plc HFRX GlHdgFd Idx SF UCITS ETF USD Aa 40.43 –4.2 7.3 –3.9 13.1 9.0 10.1 2.4 –0.8 BCV Liquid Alternative Beta A CHF Cap 99.41 –4.4 4.5 EdR Prifund Alpha Uncorrelated G GBP –4.8 12.9 13.8 15.6 10.0 9.4 4.1 2.6 THEAM Quant- Equity Europe Income Defensive C ACC EUR 674.08 –5.1 14.8 Berenberg High Discount EUR T 92.33 –5.6 –3.1 –7.4 16.0 9.8 10.6 –1.1 –1.5 Morgan Stanley Liquid Alternatives Fund A USD 9.83 –5.8 14.7 Neuberger Berman Abs Rtn Mult Strgy USD A Acc 455.13 –5.8 13.7 DWS Concept Kaldemorgen LC 4481.86 –7.1 5.2 13.5 8.6 1.7 Morgan Stanley Liquid Alpha Capture A USD 72.78 –7.4 19.5 AZ Fund 1 Active Strategy A AZ FUND Acc 36.66 –7.5 –2.9 –8.4 14.6 9.0 8.6 –1.0 –1.7 Man GLG Multi-Strategy Alternative D H EUR Acc 240.94 –8.3 –5.2 13.9 8.7 –1.8 Invesco Global Absolute Return A Acc EUR 124.80 –8.5 –0.7 4.1 14.6 9.9 9.6 –0.2 0.8 Mandarine Multistrategies R 23.23 –9.1 17.4 GAM Star Barclays Dvsfd Alternatives EUR Inst Acc –9.5 0.5 12.2 8.4 0.2 InRIS UCITS PLC-R BlackRock Select C EUR 127.82 –9.7 16.2 UBS (Lux) KSS-Gl Alpha Opportunities (EUR) P-acc 322.25 –9.8 –0.3 –4.4 15.0 9.8 9.2 –0.1 –0.9 EdR Prifund Alpha Uncorrelated (EUR) A –9.9 1.5 –3.3 15.1 9.8 9.1 0.5 –0.7 JPM Systematic Alpha A Acc EUR 2238.92 –10.0 –2.5 –1.8 14.8 9.1 8.6 –0.8 –0.4 Amundi Fds Glb Macro Bonds & Currenc Low – AE (C) 19.74 –10.0 –9.7 –15.0 15.7 9.3 8.6 –3.3 –3.2 BSI-Multinvest – Alternative UCITS A 25.08 –10.2 –3.9 –10.0 15.0 9.7 9.0 –1.3 –2.1 DMM Alternative C Cap EUR 6.82 –10.6 –6.1 –11.9 15.7 9.7 9.2 –2.1 –2.5 1741 (Lux) Multi-Strategy Base EUR 14.97 –10.9 –6.2 –10.5 12.6 8.7 8.9 –2.1 –2.2 db x-trackers DB Hedge Fund Index UCITS ETF 1C 420.31 –11.7 –9.7 –17.6 15.9 9.9 9.2 –3.4 –3.8 Metzler Alpha Strategies A 81.86 –11.8 –0.6 15.3 11.0 –0.2 MS Lynx UCITS Acc EUR 91.42 –17.4 15.0 Credit Suisse Backwardation A EUR 9.24 –28.8 20.4 Alternatif Multi Strategies Average 465.32 –1.6 14.1 8.1 12.8 8.8 8.6 4 1.2 ALTERNATIF RELATIVE VALUE Amundi Fds Absolute Volatility Euro Eq – AHC (C) Solys – Lutetia Volatility Advantage II Fund A Cap J.P. Morgan Mansart Volemont I Acc USD Amundi Fds Absolute Volatility Euro Eq – AE (C) Amundi Fds Absolute Volatility Arbtge Plus AE (C) Amundi Fds Absolute Volatility Arbitrage – AE (C) DB Platinum IV Equity Factor Premia R1C-E J.P. Morgan T.E.C.H. 80 Europe I Acc EUR CS Invest (Lux) SICAV Londinium Volatility Fd B Alternatif Relative Value Average

1078.24 39.46 6.52 1078.24 63.37 31.63 72.00 1.12 8.30 264.32

1.7 –11.3 –1.1 –2.6 –7.1 –18.6 –21.1 –9.7 –11.3 –9.8 –12.0 –14.3 –10.0 –10.1 –11.8 –6.7 –13.3 –17.7

5.1 5.1 –3.9 19.1 14.1 16.0 9.7 9.2 –6.6 16.4 9.7 –3.9 16.0 9.4 8.7 –4.2 12.4 17.6 18.6 15 8.5 8.9 –4.7

–4.6 –3.0

–3.8

ALTERNATIF STRATEGIES DEVISES GAM Star Discretionary FX USD Acc 7.2 34.9 32.7 13.3 17.7 16.7 10.5 5.8 Neuberger Berman Diversified Currency USD A Acc 3.34 1.5 9.9 7.0 13.2 9.8 12.1 3.2 1.4 Goldman Sachs Glo Curr Plus Pf Base Acc USD 19.31 –1.3 11.0 8.4 14.9 11.1 11.8 3.6 1.6 Insight – Absolute Insight Currency B1p Sterling 375.65 –1.7 8.1 9.3 13.8 10.2 10.3 2.6 1.8 Pioneer Funds Abs Return Currencies E No Dis EUR 311.24 –5.6 –3.4 –7.6 13.9 8.4 8.2 –1.1 –1.6 PIMCO GIS Em Mkts Sh Tm Local Curr E USD Inc 105.27 –7.7 –11.0 –10.8 13.2 8.6 8.1 –3.8 –2.3 Natixis Global Currency R/A (EUR) 25.78 –9.1 14.7 Investec GSF Emerging Markets Currency A Acc USD 40.52 –9.7 –12.4 12.7 8.5 –4.3 Base Investments Euro Hedging EUR 10.67 –10.0 11.1 Amundi Fds Global Macro Forex – AE (C) 198.16 –10.4 –7.6 –10.5 17.4 10.4 9.3 –2.6 –2.2 Amundi Fds Global Macro Bds & Currencies – AE (C) 149.02 –14.9 16.7 CGS FMS Global Evolution EM Debt and FX R EUR 50.30 –15.1 14.2 Alternatif Strategies Devises Average 117.2 –6.4 3.7 4.1 14.1 10.6 10.9 1 0.7 EQUITY NORDIC Nordea 1 – Nordic Equity Small Cap BP EUR SEB SICAV 2 – Nordic Small Cap C Cap Nordea 1 – Nordic Ideas Equity BP EUR Nordea 1 – Nordic Equity BP EUR Danske Invest Nordic A DNB Fund Scandinavia A EUR SEB 1 Nordic C (EUR) Norden Amundi ETF MSCI Nordic UCITS ETF Nordea 1 Nordic Stars Equity BP EUR Fidelity Funds – Nordic A-SEK Equity Nordic Average FONDS À HORIZON – AUTRES UBS (Lux) Bd SICAV Em Mkts Hi Yld Bds 2018 USD Pa UBS (Lux) Bond Sic-Emerg Mkts Bonds 2017(USD)P-acc UBS (Lux) Bond SICAV – EM Bonds 2018 (USD) P-acc UBS (Lux) Bond SICAV – EM Bonds 2018 (CHF) K1-dis UBS (Lux) Bond SICAV – EM Bonds 2018 (CHF) K1-acc UBS (Lux) Bond SICAV – EM Bonds 2018 (CHF) P-acc UBS (Lux) Bond SICAV – EM Bonds 2018 (CHF) P-dis UBS (Lux) Bond S – Emerging Mkts Bd 2016 (USD) P-a Swiss Life Funds (CH) Bond Opp. 2018 (CHF hd) CBP Select High Yield 2016 A Cap Anaxis Bond Opportunity US 2017 E1

69.50 15.8 48.4 44.5 18.7 13.8 15.6 14.1 101.82 15.6 58.8 49.2 16.0 12.8 15.8 16.7 95.95 9.8 16.1 296.58 7.2 22.3 14.3 16.8 13.8 17.3 7.0 29.13 5.8 28.4 18.7 17.4 12.9 16.4 8.7 81.07 5.3 40.0 20.3 17.2 13.0 17.1 11.9 200.46 5.0 46.6 34.8 17.5 13.8 16.6 13.6 1204.04 5.0 31.6 30.6 16.4 12.2 14.5 9.6 383.80 2.8 31.1 28.4 17.5 13.4 15.6 9.4 48.29 1.9 18.4 351.18 –2.3 28.6 33.3 20.6 15.0 15.9 8.7 260.17 6.5 37.3 30.5 17.5 13.4 16.1 11.1 310.25 370.45 175.28 84.72 84.72 84.72 84.72 74.27 45.79 20.77 84.18

5.9 5.8 4.8 2.9 2.9 2.6 2.6 2.2 15.0 –7.0 –9.2 –3.0 –12.5 –8.3

13.4 12.4 12.6 3.3 3.3 3.3 3.3 11.5 8.2 4.8 6.5 16.0 9.8 –1.0 15.5 9.5 –2.9

7.6 8.3 2.7 3.5 3.8 6.2 5.5 5.1 5.9 5.4

Nom

Actifs nets mios francs

Performance totale % 2015 3 ans 5 ans

Volatilité annualisée % 2015 3 ans 5 ans

Perf. annualisée % 3 ans 5 ans

Fonds à Horizon – Autres Average

109.79

0.1

1.2

N/A

9.2

N/A

0.3

N/A

FONDS À HORIZON MIXTE EUR 2015 Fidelity Funds – Fid TargetTM 2015 (EUR) A-EUR Fonds à Horizon Mixte EUR 2015 Average

70.96 70.96

–8.6 –8.6

6.8 6.8

12.2 12.2

14.5 14.5

9.1 9.1

8.9 8.9

2.2 2.2

2.3 2.3

FONDS À HORIZON MIXTE EUR 2020 Fidelity Funds – Fid TargetTM 2020 (EUR) A-EUR AZ Fund 1 Bd Target 2017 Eq Options A AZ Fd Acc AZ Fund 1 Formula Target 2015 A AZ FUND Acc Fonds à Horizon Mixte EUR 2020 Average

187.61 647.29 59.45 298.12

15.3 10.0 10.1 6.2 15.5 14.5 9.3 –1.6 15.1 9.6 10.1 2.3

4.2

FONDS À HORIZON MIXTE EUR 2025 Fidelity Funds – Fid TargetTM 2025 (EUR) A-EUR Fonds à Horizon Mixte EUR 2025 Average

115.48 115.48

–4.2 –4.2

24.8 24.8

25.6 25.6

16.3 16.3

10.9 10.9

11.4 11.4

7.7 7.7

4.7 4.7

FONDS À HORIZON MIXTE EUR 2030 Fidelity Funds – Fid TargetTM 2030 (EUR) A-EUR Fonds à Horizon Mixte EUR 2030 Average

119.85 119.85

–2.9 –2.9

30.0 30

29.9 29.9

17.4 17.4

11.7 11.7

12.4 12.4

9.1 9.1

5.4 5.4

FONDS À HORIZON MIXTE EUR 2035 Fidelity Funds – Fid TargetTM 2035 (EUR) A-ACC-EUR Fonds à Horizon Mixte EUR 2035 Average

64.61 64.61

–2.2 –2.2

32.7 32.7

32.5 32.5

18.3 18.3

12.2 12.2

12.8 12.8

9.9 9.9

5.8 5.8

FONDS À HORIZON MIXTE EUR 2040 Fidelity Funds – Fid TargetTM 2040 (EUR) A-EUR Fonds à Horizon Mixte EUR 2040 Average

95.68 95.68

–2.2 –2.2

32.7 32.7

32.5 32.5

18.5 18.5

12.3 12.3

12.9 12.9

9.9 9.9

5.8 5.8

FONDS À HORIZON MIXTE EUR 2045+ Fidelity Funds – Fid TargetTM 2045 A-ACC-EUR Fidelity Funds – Fid TargetTM 2050 A-ACC-EUR Fonds à Horizon Mixte EUR 2045+ Average

11.97 4.99 8.48

–2.2 –2.2 –2.2 N/A N/A

18.5 18.4 18.5 N/A N/A N/A

N/A

FONDS À HORIZON MIXTE USD 2020 Fidelity Funds – Fid TargetTM 2020 A-USD Fonds à Horizon Mixte USD 2020 Average

25.32 25.32

–1.2 –1.2

18.1 18.1

–5.3 19.8 22.7 –10.6 –10.6 –4.8 –8.8 7.5 22.7

40.0 40

40.9 40.9

12.0 12

11.8 11.8

4.2

11.9 11.9

7.1 7.1

15.6 16.9 16.2 N/A N/A N/A

N/A

FONDS À HORIZON OBLIGATIONS EUR 2015 Anaxis Bond Opportunity Europe 2018 E1 Oddo Haut Rendement Monde 2018 A Fonds à Horizon Obligations EUR 2015 Average

172.44 259.09 215.77

FONDS À HORIZON OBLIGATIONS EUR 2020+ UBS (Lux) Bd SICAV Em Mkts Hi Yld Bds 2018 EUR Pac UBS (Lux) Bond Sic-Emerg Mkts Bonds 2017(EUR)P-acc UBS (Lux) Bond SICAV – EM Bonds 2018 (EUR) P-acc UBS (Lux) Bond S – Emerging Mkts Bd 2016 (EUR) Pa AZ Fund 1 Bond Target Settembre 2016 A AZ FUND Acc AZ Fund 1 Bond Target Dicembre 2016 A AZ FUND Acc AZ Fund 1 Bond Target 2015 A AZ FUND Acc AZ Fund 1 Bond Target 2016 Eq Options A AZ FD Acc AZ Fund 1 Bond Tgt 2018 Equity Opt A AZ FUND Acc Oddo Bonds Target 2018 CR-EUR Fonds à Horizon Obligations EUR 2020+ Average

53.50 –5.3 17.6 148.94 –5.5 16.8 67.03 –6.4 16.7 59.67 –8.3 –4.7 15.2 9.1 –1.6 62.32 –9.8 –2.1 15.4 9.5 –0.7 108.29 –9.9 –2.7 15.2 9.6 –0.9 88.51 –10.3 –5.8 15.5 9.4 –2.0 314.14 –10.4 15.3 925.80 –11.4 –7.1 –8.6 15.4 9.5 9.8 –2.4 –1.8 288.50 –12.5 16.5 300.35 –9 –4.5 –8.6 16 9.4 9.8 –1.5 –1.8

GARANTIE SF (Lux) Sicav 2 – Life Inv Mat Guaranteed 2024 R SF (Lux) Sicav 2 – Guaranteed Life Design 2024 R Baloise F Invest (Lux) – BFI Capital Protect (CHF) DWS (CH) – Pension Garant per 2017 Swiss Life Funds (CH) Maturity Guaranty 2017+2 DWS FlexPension (CH) per 2019 UnionProtect: Europa (CHF) Generali IS GaranT 4 D CAP Generali IS GaranT 5 D Cap EUR Generali IS Garant 3 D Cap EUR Generali IS Garant 2 D Cap EUR UniProtect: Europa II Generali IS GaranT 1 D Cap EUR OekoWorld OekoVision Garant 20 C Garantie Average

90.35 29.60 39.30 227.22 45.15 76.56 87.24 65.86 52.81 74.77 102.81 13.88 76.73 17.44 66.3

–9.1 –10.8 –9.9 N/A N/A

8.5 29.5 60.8 3.5 0.3 –1.0 3.0 –0.2 –0.8 4.4 –0.6 –0.7 6.5 –1.8 –3.5 –0.1 –5.5 –4.3 –4.1 –8.2 –7.3 –6.9 –8.4 –7.7 –5.7 –9.0 –3.1 –3.4 –9.4 –3.8 –3.0 –9.4 –9.8 –12.9 –9.9 –7.5 –2.3 –10.4 –7.7 –11.6 –4.3 –2.1 1.9

5.9 6.3 7.5 9.0 5.5 1.5 1.8 2.5 –0.3 0.7 1.2 1.7 –0.3 0.7 1.1 1.6 –0.2 0.2 0.2 1.4 –1.2 3.3 2.9 2.6 –1.4 16.1 9.5 9.3 –2.5 15.9 9.4 9.5 –2.6 15.7 9.3 8.9 –1.0 15.7 9.6 9.3 –1.3 15.3 9.3 9.0 –3.4 15.6 9.3 9.0 –2.6 15.4 9.2 8.5 –2.6 9.1 6.1 6.2 –0.8

10.0 0.6 0.9 1.3 0.0 –0.8 –1.4 –1.2 –0.7 –0.6 –2.7 –0.5 –2.4 0.2

IMMOBILIER INTERNATIONAL Credit Suisse Real Estate Fund Global 3.6 3.2 10.8 8.6 1.0 Immobilier International Average N/A 3.6 3.2 N/A 10.8 8.6 N/A 1 N/A IMMOBILIER SUISSE Centralfonds Zentralschweizerischer Immo-Fonds 16.1 14.9 SF Sustainable Property Fund 14.1 29.5 43.9 15.4 10.1 8.2 9.0 7.6 Edmond de Rothschild Real Estate – Swiss A CHF 9.8 16.2 11.5 8.5 5.1 IMMOFONDS 9.7 21.5 41.9 13.1 10.3 9.0 6.7 7.2 Credit Suisse Real Estate Fund Green Property 8.0 17.5 22.0 13.9 9.6 8.1 5.5 4.1 FIR Fonds Immobilier Romand 7.6 25.2 54.8 10.1 7.2 6.5 7.8 9.1 Swissinvest Real Estate Investment Fund 6.1 28.7 58.2 15.2 10.1 8.8 8.8 9.6 Patrimonium Swiss Real Estate Fund 5.9 14.8 29.5 4.2 3.9 4.1 4.7 5.3 Credit Suisse Real Estate Fund Interswiss 5.3 11.2 19.5 17.3 12.6 10.7 3.6 3.6 Raiffeisen Futura Immo Fonds 5.3 6.0 Credit Suisse Real Estate Fund Siat 5.2 18.9 41.0 14.8 10.4 10.6 5.9 7.1 UBS (CH) Property Fd-Swiss Mixed ‘Sima’ 4.8 16.2 34.6 13.4 9.7 8.5 5.1 6.1 Schroder ImmoPLUS 975.20 4.7 15.6 21.8 16.6 12.2 10.1 5.0 4.0 Swisscanto (CH) Real Estate Fund Ifca 1036.36 4.3 10.8 25.9 10.1 9.3 8.3 3.5 4.7 Bonhote Immobilier 3.5 12.1 24.1 14.1 9.1 7.6 3.9 4.4 Valres Swiss Residential Fund 3.5 3.4 LA FONCIERE 3.4 23.2 46.2 16.0 10.1 8.8 7.2 7.9 Immo Helvetic 2.7 12.2 27.1 14.9 10.2 8.7 3.9 4.9 UBS (CH) Property Fd-Swiss Residential ‘Anfos’ 2.6 20.6 32.6 15.1 10.6 9.5 6.5 5.8 AXA Immovation Residential 2.3 4.0 UBS (CH) Property Fd-Swiss Commercial ‘Swissreal’ 2.2 12.1 19.0 13.7 10.3 9.2 3.9 3.5 GOOD BUILDINGS Swiss Real Estate Fund 2.2 3.7 2.2 1.4 1.2 SOLVALOR 61 729.27 1.9 1.6 6.0 11.5 10.0 9.7 0.5 1.2 UBS (CH) Property Fd-Direct Residential 1.2 25.6 33.7 10.7 9.9 11.1 7.9 6.0 RESIDENTIA CHF 1.1 8.1 19.5 1.1 3.1 3.7 2.6 3.6 Credit Suisse Real Estate Fund PropertyPlus 0.7 5.7 19.5 14.9 11.5 10.0 1.9 3.6 MobiFonds Swiss Property 0.0 0.0 Procimmo Swiss Commercial Fund –0.5 7.7 34.4 7.9 9.6 8.8 2.5 6.1 Credit Suisse Real Estate Fund LivingPlus –1.5 17.3 26.5 12.2 10.8 9.5 5.5 4.8 Credit Suisse Real Estate Fund Hospitality –2.2 –8.6 –2.4 9.8 9.7 9.3 –3.0 –0.5 Realstone Swiss Property 457.34 –2.3 6.6 20.4 14.2 11.0 9.9 2.1 3.8 UBS (CH) Property Fd-Leman Residential ‘Foncipars’ –3.1 15.0 33.6 14.9 11.7 10.2 4.8 6.0 Immobilier Suisse Average 799.54 3.9 14.4 29.3 11.2 9.4 8.8 4.5 5.2 MATIÈRES PREMIÈRES AGRICULTURE responsAbility Fair Agriculture Fund B3 161.07 Vinthedge Italian Wine Growth Fund A RBS Market Access RICI Agriculture Index ETF 51.07 DB Platinum IV Agriculture USD R1C 15.15 Schroder AS Agriculture A Acc 110.43 Schroder AS Agriculture CHF Hedged C Acc 110.43 Schroder AS Agriculture CHF Hedged A Acc 110.43 DB Platinum Agriculture Euro R1C 22.60 Matières Premières Agriculture Average 83.03

3.4 20.3 20.5 –2.9 –15.0 –25.4 –38.5 –15.8 –31.8 –40.5 –18.4 –29.0 –43.1 –19.8 –35.4 –48.2 –20.3 –36.7 –50.0 –25.5 –43.8 –52.9 –14.3 –26 –36.1

11.6 8.6 11.0 6.3 18.3 21.1 15.4 16.3 –9.3 20.3 14.9 16.8 –12.0 17.6 13.8 15.0 –10.8 11.3 12.2 14.2 –13.6 11.3 12.2 14.2 –14.1 27.2 19.2 20.3 –17.5 17.3 13.8 15.4 –10.1

–9.3 –9.9 –10.7 –12.3 –12.9 –14.0 –9.3

MATIÈRES PREMIÈRES AUTRES Ossiam Risk Weighted Enh Comm Ex Grains TR 1C USD JSS Commodity – Diversified P CHF BI Basic Star Commodity Fund A JSS Commodity – Diversified (EUR) Matières Premières Autres Average

–18.2 –23.8 –43.5 –50.0 –25.7 –35.5 –45.9 –30.7 –48.8 –55.8 –24.6 –42.6 –50.6

14.7 14.3 12.9 14.3 –17.3 19.7 12.8 12.6 –13.6 22.3 16.6 16.6 –20.0 17.7 14.1 14.5 –17

–12.9 –11.6 –15.1 –13.2

–36.4 –37.1 –43.3 –89.6 –51.6

29.4 29.3 35.0 211.1 76.2

–15.5 –17.3 –19.5 –39.3 –22.9

MATIÈRES PREMIÈRES ENERGIE UBS ETF (CH) – CMCI Oil SF (USD) A-dis UBS ETF (CH) – CMCI Oil SF (CHF) A-dis UBS ETF (CH) – CMCI Oil SF (EUR) A-dis US&P North America Value in liq Matières Premières Energie Average MATIÈRES PREMIÈRES MÉTAUX INDUSTRIELS Julius Baer (CH) Physical Aluminium-USD A Julius Baer (CH) Physical Aluminium-CHF AX Julius Baer (CH) Physical Aluminium-CHF A Julius Baer (CH) Physical Copper-USD A Julius Baer (CH) Physical Copper-CHF AX Julius Baer (CH) Physical Copper-CHF A Julius Baer (CH) Physical Zinc-USD A Julius Baer (CH) Physical Zinc-CHF AX Julius Baer (CH) Physical Zinc-CHF A Julius Baer (CH) Physical Nickel-USD A Julius Baer (CH) Physical Nickel-CHF AX Julius Baer (CH) Physical Nickel-CHF A Matières Premières Métaux Industriels Average MATIÈRES PREMIÈRES MÉTAUX PRÉCIEUX UBAM (CH) GOLD + (USD) A BBGI Swiss Physical Gold USD UBS ETF (CH) – Gold (USD) A-dis PPMF(CH)-Physical Gold-P dy USD iShares Gold (CH) ZKB Silver ETF AA CHF Julius Baer Physical Gold Fund-USD A ZKB Gold ETF AA CHF Raiffeisen ETF – Solid Gold A USD Raiffeisen ETF – Solid Gold Ounces A CHF

32.47 453.87 15.79 55.86 139.5 70.54 37.85 6.43 0.24 28.76

–52.6 –57.2 –61.5 –90.3 –65.4

–56.9 –61.2 –66.2 –91.8 –69

22.9 23.9 26.7 122.7 49

21.8 23.9 26.0 95.6 41.8

–22.0 –24.7 –27.2 –54.1 –32

3.8

2.04 –21.2 13.5 2.04 –23.2 13.7 2.04 –23.3 13.7 2.37 –25.4 26.6 2.37 –28.0 22.4 2.37 –28.1 22.4 2.08 –28.2 19.4 2.08 –30.5 20.6 2.08 –30.7 20.6 2.02 –42.5 18.9 2.02 –44.3 23.2 2.02 –44.3 23.2 2.13 –30.8 N/A N/A 19.8 N/A N/A N/A N/A 50.29 4.50 282.35 356.43 294.88 989.55 1456.23 4458.32 52.55 114.00

–10.8 –11.1 –11.2 –11.2 –11.2 –11.7 –11.8 –11.9 –11.9 –12.3

–25.9 –20.4 –33.2 –30.8 –20.3 –30.7 –20.2 –30.7 –20.3 –51.0 –53.4 –30.9 –20.7 –31.7 –21.5 –31.1 –31.6

9.1 9.0 9.5 9.5 9.5 16.1 9.6 9.3 9.6 9.5

15.3 16.5 14.7 16.7 16.8 16.7 17.4 16.7 17.4 23.5 31.0 16.7 16.8 14.8 15.8 16.7 16.8

–9.5 –12.6 –11.6 –11.5 –11.5 –21.2 –11.6 –11.9 –11.7 –11.9

–4.5 –4.4 –4.4 –4.4 –14.1 –4.5 –4.7

Finance

Le Temps l Mercredi 3 février 2016

CLASSEMENTS Nom Julius Baer Physical Silver-USD A UBS ETF (CH) – Silver (USD) A-dis UBAM (CH) GOLD + (CHF) -IH UBAM (CH) GOLD + (CHF) AH UBS ETF (CH) – Gold (CHF) hedged (CHF) A-dis ZKB Silver ETF AAH CHF ZKB Gold ETF AAH CHF EdR Physical gold R CHF iShares Gold CHF Hedged (CH) BBGI Swiss Physical Gold CHF Hedged Julius Baer Physical Gold Fund-CHF AX Julius Baer Physical Gold Fund-CHF A Raiffeisen ETF – Solid Gold Ounces H CHF Julius Baer Physical Silver-CHF AX Julius Baer Physical Silver-CHF A UBS ETF (CH) – Silver (CHF) hedged (CHF) A-dis Schroder AS Gold and Precious Metals A Acc Schroder AS Gold and Precious Metals CHF Hdg C Acc Schroder AS Gold and Precious Metals CHF Hdg A Acc UBS ETF (CH) – Gold (EUR) hedged (EUR) A-dis iShares Gold EUR Hedged (CH) ZKB Platinum ETF AA CHF Julius Baer Physical Platinum-USD A UBS ETF (CH) – Platinum (USD) A-dis ZKB Palladium ETF AA CHF UBS ETF (CH) – Palladium (USD) A-dis Julius Baer Physical Platinum-CHF AX Julius Baer Physical Platinum-CHF A Julius Baer Physical Palladium-USD A Julius Baer Physical Palladium-CHF AX Julius Baer Physical Palladium-CHF A Matières Premières Métaux Précieux Average

Actifs nets mios francs

Performance totale % 2015 3 ans 5 ans

Volatilité annualisée % 2015 3 ans 5 ans

Perf. annualisée % 3 ans 5 ans

172.21 –12.5 –51.0 –53.5 15.0 24.8 32.3 –21.2 –14.2 35.25 –13.2 –50.3 –52.8 15.0 24.9 32.4 –20.8 –13.9 50.29 –13.3 –33.9 12.0 15.4 –12.9 50.29 –13.7 –35.1 –31.7 12.0 15.4 19.0 –13.4 –7.3 533.83 –13.8 –39.3 –31.0 12.6 16.8 18.7 –15.3 –7.2 989.55 –14.2 –57.1 19.1 24.5 –24.6 4458.32 –14.3 –40.1 –31.9 12.4 15.3 18.1 –15.7 –7.4 33.63 –14.6 12.3 295.94 –14.6 –39.5 –31.5 12.6 16.7 19.3 –15.4 –7.3 4.50 –14.8 –43.0 13.6 15.5 –17.1 1456.23 –15.0 –39.9 –31.6 12.4 16.9 18.8 –15.6 –7.3 1456.23 –15.0 –40.0 –31.7 12.4 16.9 18.8 –15.6 –7.3 114.00 –15.1 –39.8 12.3 16.7 –15.6 172.21 –15.1 –57.2 –60.2 17.8 25.7 36.4 –24.6 –16.8 172.21 –15.3 –57.3 –60.3 17.9 25.7 36.4 –24.7 –16.9 10.07 –16.1 –56.8 17.0 25.5 –24.4 87.41 –18.8 –47.3 –49.3 14.7 22.1 20.7 –19.2 –12.7 87.41 –20.4 –52.7 –54.2 21.0 23.5 23.2 –22.1 –14.4 87.41 –20.9 –53.5 –55.5 20.9 23.5 23.1 –22.5 –14.9 57.40 –21.2 –44.4 –37.9 14.1 17.5 18.7 –17.8 –9.1 68.81 –21.4 –44.3 –37.7 14.2 17.5 19.4 –17.7 –9.0 240.29 –25.9 –37.5 –47.2 21.4 18.7 17.9 –14.5 –12.0 69.51 –27.9 –38.9 –48.4 20.5 18.6 18.9 –15.1 –12.4 56.81 –28.0 –38.4 –47.3 20.6 18.7 19.0 –14.9 –12.0 126.25 –29.3 –13.9 –26.5 30.6 25.1 22.8 –4.9 –6.0 12.42 –30.2 –14.2 –26.3 34.0 26.9 24.0 –5.0 –5.9 69.51 –30.5 –46.7 –55.5 24.5 20.0 22.6 –18.9 –15.0 69.51 –30.7 –46.8 –55.6 24.5 20.0 22.6 –19.0 –15.0 74.48 –31.5 –15.4 –27.8 34.4 27.1 24.2 –5.4 –6.3 74.48 –32.0 –23.1 –35.9 36.1 27.5 26.9 –8.4 –8.5 74.48 –32.2 –23.3 –36.0 36.1 27.5 26.9 –8.4 –8.5 451.64 –18.2 –38.7 –38.6 16.9 20 22.3 –15.4 –9.6

MATIÈRES PREMIÈRES MIXTES LyxorCommThReuters/CoreCommCRBExEnergyTRUCITSETFCE 233.44 –13.7 –20.0 –32.9 13.4 10.3 11.1 –7.2 –7.7 Quantex Commodity Fund USD 11.23 –14.9 –35.5 –37.3 14.6 15.3 16.1 –13.6 –8.9 LBBW Rohstoffe 2 LS I 84.09 –15.8 –19.2 –15.8 19.1 11.8 11.1 –6.9 –3.4 LO Funds – Commodities Risk Parity (USD) P A 58.01 –21.1 –33.3 15.0 11.2 –12.6 Amundi ETF Commodities S&P Gsci Metals UCITS ETF 19.79 –21.2 –36.8 –46.7 12.4 13.0 14.1 –14.2 –11.8 Vontobel Fund Harcourt Dynamic Commodity B-USD 53.95 –21.2 –36.1 10.1 9.4 –13.9 JSS Commodity Dynamic P CHF 12.37 –22.2 –40.3 –47.8 17.7 13.9 15.3 –15.8 –12.2 LO Funds – Commodities Risk Parity (CHF) I A 58.01 –22.6 –39.2 12.1 10.7 –15.3 JSS Commodity – Diversified (USD) P USD Dis 40.57 –22.6 –36.9 –43.8 14.5 12.0 11.8 –14.2 –10.9 LO Funds – Commodities Risk Parity (CHF) M A 58.01 –22.7 12.1 All Commodity Tracker Plus Dh 143.81 –23.1 15.8 Vontobel Fund Harcourt Dynamic Commodity H-CHF hd 53.95 –23.2 –43.3 9.6 10.3 –17.2 SWC (CH) Rohstoff Fonds USD AA 6.85 –23.2 –36.6 12.9 10.8 –14.1 LO Funds – Commodities Risk Parity (CHF) P A 58.01 –23.3 –40.8 12.1 10.7 –16.0 Lyxor Comm ThReuters/CoreComm CRB TR UCITS ETF CE 776.11 –23.3 –36.0 –45.3 18.1 13.4 12.9 –13.8 –11.4 Vontobel Fund Harcourt Commodity B-USD 335.72 –23.4 –40.5 –49.5 11.6 9.9 11.0 –15.9 –12.8 Picard Angst All Commodity-USD A1 8.78 –23.6 –45.1 16.8 12.4 –18.1 All Commodity Tracker Plus Ah 143.81 –24.2 –49.8 –55.1 15.8 13.0 17.3 –20.5 –14.8 UBS ETFs plc – CMCI Comp SF UCITS ETF (USD) A-acc 460.76 –24.4 –39.1 –44.2 18.4 12.9 12.2 –15.2 –11.0 UBS ETFs plc-Bloomberg CommIdx SF UCITS ETF USD Aa 46.75 –24.7 –39.9 15.8 12.1 –15.6 CS (Lux) CommodityAllocation Fund B USD 1417.76 –25.0 –40.0 –51.2 15.0 11.6 11.5 –15.7 –13.4 CS (Lux) Commodity Index Plus USD Fund B 461.82 –25.0 –40.0 –50.2 15.7 11.9 11.9 –15.7 –13.0 Julius Baer Commodity Fund (USD) – B 202.50 –25.0 –38.3 –43.0 15.3 11.1 11.1 –14.9 –10.6 Investec GSF Active Commodities A Acc USD 5.63 –25.0 15.7 Vontobel Fund Harcourt Commodity H-CHF hgd 335.72 –25.2 –47.2 –55.5 11.4 10.9 14.1 –19.2 –14.9 db x-trackers DB CB Bloomberg UCITS ETF 4C 57.14 –25.3 –47.0 –55.2 14.5 12.2 14.8 –19.1 –14.8 PIMCO GIS Commodity Real Return Strategy E USD Inc 350.94 –25.5 –40.4 –48.5 16.1 12.3 12.4 –15.9 –12.4 Picard Angst All Commodity-CHF D 8.78 –25.5 –50.4 16.1 13.0 –20.8 SWC (CH) Rohstoff Fonds CHF AA 267.65 –25.5 –44.2 12.1 11.2 –17.7 MLIS ML MLCX Commodity Enhanced Beta USD C Acc 7.85 –25.6 19.2 Pioneer Funds Commodity Alpha E No Dis EUR 100.44 –25.6 –39.6 –50.1 16.8 12.2 12.9 –15.5 –13.0 EdR Prifund Natural Resources A USD 5.12 –25.6 –37.4 –48.3 18.4 15.6 13.9 –14.4 –12.4 NN (L) Commodity Enhanced X Cap USD 58.88 –25.6 –39.2 –48.3 14.2 11.3 11.3 –15.3 –12.4 Threadneedle (Lux)-Enhanced Commodities AU 301.17 –25.8 –44.6 –47.4 17.0 12.6 12.6 –17.9 –12.0 Nuveen Gresham Diversified Commodity Strg A EUR 4.50 –26.0 –40.5 17.2 12.6 –15.9 db x-trackers DBLCI – OY Balanced UCITS ETF 4C 286.75 –26.0 –50.0 –53.7 15.2 12.4 15.9 –20.6 –14.3 LO Funds (CH) – Comdts Risk Par ex-Agri PD 17.91 –26.2 –43.2 13.8 12.6 –17.2 PARVEST Commodities C C USD 232.27 –26.2 –43.0 –52.1 14.7 11.4 11.3 –17.1 –13.7 Picard Angst All Commodity-CHF A1 8.78 –26.5 –52.3 16.2 13.1 –21.9 Picard Angst All Commodity-CHF A2 8.78 –26.8 –53.0 16.2 13.1 –22.2 IFR Commodity Fund Diversified R (CHF) 64.47 –26.9 –45.4 14.7 12.1 –18.3 CS (Lux) CommodityAllocation Fund BH CHF 1417.76 –26.9 –47.0 –57.0 14.8 12.5 14.6 –19.1 –15.5 GSQuartix Mod Str on the BBG CI TR Pf A CHF-H 1043.62 –27.0 –44.3 13.8 11.7 –17.7 Pioneer Funds Commodity Alpha A ND Hdg CHF 100.44 –27.1 –45.8 –55.2 10.9 10.5 13.2 –18.5 –14.8 LO Funds (CH) – Comdts Risk Par ex-Ag Z CHF SHD 17.91 –27.2 13.6 UBS (Lux) St S-Rogers Int Commodity Idx® USD P-acc 32.81 –27.3 –44.0 –49.6 19.5 14.0 13.9 –17.6 –12.8 DB Platinum Commodity USD R1C 42.08 –27.7 –37.0 –54.9 18.3 13.5 13.5 –14.3 –14.7 Threadneedle (Lux)-Enhanced Commodities ZFH 301.17 –27.8 16.1 Threadneedle (Lux)-Enhanced Commodities AFH 301.17 –27.9 –51.0 16.1 13.2 –21.2 LO Funds (CH) – Comdts Risk Par ex-Ag P CHF SH D 17.91 –28.2 –49.8 13.6 13.2 –20.5 Picard Angst – Energy & Metals USD A 122.90 –28.3 –47.1 17.9 14.9 –19.1 BBGI Commodities (USD) 35.02 –28.5 –43.0 –51.0 22.3 18.3 17.4 –17.1 –13.3 UBS (Lux) St S-Rogers Int Commodity Idx® CHF P-acc 37.11 –28.5 –49.5 –54.4 18.7 14.8 16.5 –20.4 –14.5 Schroder AS Commodity A Acc 684.25 –29.0 –47.9 –53.7 19.6 14.9 14.4 –19.5 –14.3 DB Platinum Commodity USD R1C-S 42.08 –29.6 –44.2 –60.0 17.0 14.0 15.5 –17.7 –16.8 CS Commodity Fund Plus (CH) Sfr B 7.33 –30.0 –55.4 –57.5 24.1 19.2 19.4 –23.6 –15.7 Swisscanto (CH) Commodity Fund Selection A 249.29 –30.4 –52.5 –55.3 20.8 16.6 17.9 –22.0 –14.9 Schroder AS Commodity CHF Hedged C Acc 684.25 –30.5 –52.9 –57.7 16.4 14.7 15.0 –22.2 –15.8 Picard Angst – Energy & Metals CHF AH 122.90 –30.7 –53.5 19.6 16.3 –22.5 Schroder AS Commodity CHF Hedged A Acc 684.25 –30.9 –53.8 –59.1 16.5 14.7 15.0 –22.7 –16.4 ComStage CBK Comm ex-Agr EW Index TR UCITS ETF 234.14 –31.1 –42.5 –45.1 17.1 14.3 14.3 –16.8 –11.3 BCV DIAPASON Commodity (USD) A 175.47 –31.4 –49.5 –53.7 23.2 16.6 15.0 –20.4 –14.3 Deka-Commodities CF A 132.67 –32.0 –48.8 –58.2 25.8 18.8 18.2 –20.0 –16.0 db x-trackers DB CB Bloomberg UCITS ETF 2C 57.14 –32.2 –51.9 –59.9 22.9 16.3 16.7 –21.7 –16.7 Allianz Dynamic Commodities – A – EUR 11.43 –32.4 21.9 BCV DIAPASON Commodity (CHF) C 175.47 –32.7 –54.1 –57.4 21.9 16.9 17.3 –22.9 –15.7 db x-trackers DBLCI – OY Balanced UCITS ETF 1C 286.75 –32.8 –54.6 –58.4 23.3 16.4 17.4 –23.2 –16.1 BCV DIAPASON Commodity (CHF) B 175.47 –32.9 –54.7 –58.2 21.9 16.9 17.3 –23.2 –16.0 Credit Suisse Gains EUR A 16.00 –33.0 –51.3 –57.4 23.1 16.4 16.6 –21.3 –15.7 BCV DIAPASON Commodity (CHF) A 175.47 –33.2 –55.3 –59.2 21.9 16.9 17.3 –23.5 –16.4 GSQuartix Mod Str on the BBG CI TR Pf A EUR-H 1043.62 –33.5 –49.1 –57.5 22.9 16.2 16.3 –20.2 –15.7 UBS (Lux) St S-Rogers Int Commodity Idx® EUR P-acc 37.10 –35.2 –54.4 –60.0 27.0 18.9 19.0 –23.0 –16.8 AZ Fund 1 Formula Commodity Trading A AZ FD Acc 57.88 –35.9 –51.8 –59.0 24.1 17.3 16.3 –21.6 –16.3 LBBW Rohstoffe 1 R 270.45 –36.3 –53.2 –53.6 20.6 16.8 17.9 –22.3 –14.2 DB Platinum Commodity Euro R1C 80.61 –37.0 –51.7 –66.7 25.1 17.9 18.0 –21.6 –19.7 Matières Premières Mixtes Average 211.4 –26.9 –44.8 –51.9 17.1 13.7 14.8 –18.1 –13.8 MIXTES AUTRE DYNAMIQUE HSBC GIF MS Asia Focused Growth AC USD Mixtes Autre Dynamique Average

11.19 –10.1 16.7 11.19 –10.1 N/A N/A 16.7 N/A N/A N/A N/A

MIXTES AUTRE EQUILIBRÉ CB-Accent (Lux) Veltro Str Yield Pl C I Av CHF Hgd JPMorgan Asia Pacific Income A Dis USD CB-Accent (Lux) Veltro Str Yield Plus A I CHF Hgd JPM Access Balanced GBP A Acc Aberdeen Global II – Asia Pacific Mlti Asst A2 USD Invesco Global Income A Acc EUR CapitalAtWorkFoyer-Balanced D Invesco Asia Balanced A Acc USD SGKB (LUX) Fund – Danube Tiger (EUR) B Invesco Asia Balanced A Acc CHF Hdg Templeton Emerging Mkts Balanced A (acc) USD Investec GSF Emerging Markets Multi-Asst A Acc USD Mixtes Autre Equilibré Average

22.93 –1.9 6.1 2142.22 –2.3 17.6 26.0 13.1 10.2 9.7 5.6 4.7 22.93 –2.4 6.1 327.50 –4.8 15.3 19.8 12.3 4.9 110.14 –5.7 1.2 8.3 12.9 9.6 8.9 0.4 1.6 41.42 –5.9 14.6 59.56 –6.0 6.1 12.6 9.3 2.0 781.81 –7.1 6.6 14.0 13.8 10.6 10.2 2.2 2.7 33.05 –8.9 –0.6 –7.2 16.7 11.2 11.5 –0.2 –1.5 781.81 –9.1 9.3 43.84 –13.9 –19.2 15.1 11.3 –6.9 503.18 –15.2 –14.7 13.9 10.6 –5.2 405.87 –6.9 1.5 10.3 12.8 10.6 10.1 0.3 1.9

MIXTES AUTRE FLEXIBLE BL Global Flexible USD B Cap Pictet CH Short-Term Strategies CHF HP dy Fidosa Fund BLUE Carmignac Pfl Emerging Patrimoine F CHF acc Hdg Carmignac Pfl Emerging Patrimoine A CHF acc Hdg Odey Giano European GBP Inc Odey Odyssey USD Acc AllianceBernstein-Em Mkts Multi-Asset Pf A USD AllianceBernstein-Em Mkts Multi-Asset Pf I CHF H Crossfund Sicav – Crossinvest Return Fund-A AllianceBernstein-Em Mkts Multi-Asset Pf A CHF H Climber Umbrella Fund – Active Allocation Carmignac Pfl Emerging Patrimoine A EUR acc Structured Fund – Optimal Allocation-P Capital Group EM Total Opps (LUX) B USD Capital Group EM Total Opps (LUX) Xh CHF Capital Group EM Total Opps (LUX) Bh CHF JPM Global Multi Strategy Income A Div EUR Mixtes Autre Flexible Average

157.34 2.4 20.9 13.0 8.4 6.5 262.92 1.7 1.7 34.50 0.9 15.7 740.34 –0.9 –9.4 12.0 10.2 –3.2 740.34 –1.5 –10.7 12.1 10.2 –3.7 48.62 –4.9 21.7 12.6 10.7 6.8 311.44 –6.1 34.6 18.6 13.6 10.4 177.06 –6.1 –6.7 14.0 10.6 –2.3 177.06 –7.8 –14.5 11.7 10.6 –5.1 78.39 –8.2 17.5 177.06 –8.2 –16.4 11.7 10.6 –5.8 29.29 –8.2 –3.5 1.8 8.3 5.6 5.6 –1.2 0.3 740.34 –9.4 –17.9 10.7 10.0 –6.4 190.52 –10.5 6.2 2260.12 –10.6 –10.1 –6.6 13.3 9.9 9.4 –3.5 –1.4 2260.12 –10.9 10.3 2260.12 –11.3 –14.6 10.3 8.5 –5.1 1041.58 –11.6 0.6 15.8 10.8 0.2 623.1 –6.2 –2 –2.4 12 10 7.5 –1 –0.5

MIXTES AUTRE PRUDENT HSBC GIF MS Asia Focused Conservative AC USD HSBC GIF MS Asia Focused Income AM Timeo Neutral Sicav – BZ Conservative Wolf R CHF Fidelity Funds – Fidelity Patrimoine A-ACC-EUR Timeo Neutral Sicav – BZ Conservative Wolf R EUR Mixtes Autre Prudent Average

11.67 255.50 28.60 470.00 28.60 158.87

MIXTES CHF DYNAMIQUE MobiFonds Select 90 B UBS (CH) Suisse – 65 (CHF) P-dist

87.29 1.8 14.3 146.40 1.5 27.0 11.2 7.6 8.3

–0.2 –2.9 6.3 –3.3 –9.2 –8.5 5.5 –11.6 –16.8 –5.3 –3.6 N/A

10.9 12.1 9.1 2.0 3.2 2.9 –3.2 14.8 9.3 1.8 14.9 8.9 –5.9 11.2 7.6 N/A –1.3

N/A

Nom PostFinance Fonds 5 Swisscanto (CH) Portfolio Fund Valca A Allegro (Lux) – Dynamisch P BCV (LUX) Strategy Growth (CHF) Swisscanto (LU) Portfolio Fund Growth B CS (CH) Interest & Dividend Focus Cap Gains CHF A Credit Suisse (Lux) IndexSelection Fund Growth CHF B UBS (Lux) Strategy Fd – Growth (CHF) P-acc Raiffeisen Fonds – Global Invest Growth B LO Selection – Growth (CHF) P A SWC (CH) AZF Wachstum AA BCV Strategie Dynamique CS (Lux) Portfolio Fund Growth CHF B Baloise F Invest (Lux) – BFI Dynamic (CHF) R MAP Dynamisch Vermoegensverwaltungs Fonds Swiss Life Funds (LUX) PF Global Growth (CHF) R BCV (LUX) Active Offensive (CHF) JB Strategy Growth-CHF B Notenstein Realo CHF MS Swiss Life Multi Asset Protected A CHF Acc Swiss Quality Portfolio (CHF) Fund Limited Mixtes CHF Dynamique Average MIXTES CHF EQUILIBRÉ MobiFonds Select 50 B CIC CH Strategy (CHF) B UBS (CH) Suisse – 45 (CHF) P-dist UBS (CH) Vitainvest – 50 Swiss U AXA (CH) Strategy Fund-Portfolio 40 A MobiFonds 3a Plus B Raiffeisen Pension Invest Futura Balanced A Bonhote Strategies – Monde (CHF) BSI Life Invest – 40 A Mi-Fonds (CH) – 45 Sustainable A Mi-Fonds (CH) – 40 A CS Portfolio Fund (CH) Privilege A Pictet CH-LPP 40-P dy CHF Mi-Fonds (CH) – 50 A Swisscanto (CH) Portfolio Fund World 45 A LUKB Expert-Vorsorge UBS (CH) Vitainvest – 40 World U UBS (CH) Vitainvest – 50 World U Target Investment Fund 45 CHF B SWC (CH) AZF Nachhaltigkeit AusgewogenAA Helvetia – Mix 50 Portfolio (CHF) A PostFinance Fonds 4 Mi-Fonds (Lux) – 50 B acc Pictet-Piclife-P CHF DWS (CH) – Balance Global Target Investment Fund 35 CHF B JSS GlobalSar – Balanced (CHF) P CHF dist LGT Alpha Indexing Fund (CHF) B M&C Strategie Schweiz A LGT Strategy 4 Years (CHF) B Avadis – Strategie Basis A LGT Strategy 5 Years (CHF) B Falcon Best Select – Mixed (CHF) Vivace (Lux) – Ausgewogen P FORTUNA Multi INDEX 40 Swisscanto (LU) Portf Fd Green Invest Balanced A Baloise F Invest (Lux) – BFI Progress (CHF) R Avadis – Strategie Wachstum A BCV (LUX) Strategy Balanced (CHF) Swisscanto (LU) Portfolio Fund Balanced A SWC (CH) Vorsorge Fonds 45 Passiv AA Raiffeisen Fonds – Global Invest Balanced B JPM Global Income A Acc CHF Hgd JPM Global Income A Div CHF Hgd LO Funds (CH) – Balanced Allocation (CHF) P D Schroder Capital Fund TKB Vermoegensverwaltung – Ausgewogen (CHF) A SGKB (CH) Fund – Multi Fokus (CHF) LGT Strategy 3 Years (CHF) B UBS (CH) Strategy Fund – Balanced (CHF) P UBS (Lux) Strategy Xtra SIC-Balanced (CHF) P-acc UBS (Lux) Strategy Xtra SIC-Balanced (CHF) P-dist BCV Strategie Equipondere SWC (CH) AZF Ausgewogen AA UBS (Lux) Strategy Fd – Balanced (CHF) P-acc CS (Lux) IndexSelection Fund Balanced CHF B LLB Strategie Ausgewogen (CHF) PARTISAN Strategie Fonds (CHF) S LO Selection – Balanced (CHF) P A Bordier LPP 40 Fund R VP Bank Strategie Fonds Ausgewogen CHF B PPF – Credit Opportunities Fund LUKB Expert-Zuwachs Clientis Fonds (CH) – Balanced A CS (Lux) Portfolio Fund Balanced CHF B White Fleet – Xenon Liquid Fund B BGF Global Allocation D2 CHF Hedged Synchrony (CH) Balanced (CHF) CS (CH) Interest & Dividend Focus Balanced CHF A RealUnit Schweiz (CHF) BGF Global Allocation A2 CHF Hedged BSI-Multinvest – Strategy Balanced (CHF) A Schroder ISF Global Dynamic Balanced CHFH C Acc Synchrony (CH) Dynamic (CHF) Swiss Life Funds (CH) Portfolio Gl Balanced (CHF) JB Strategy Balanced-CHF B MAP Ausgewogen Vermoegensverwaltungs Fonds Schroder ISF Global Dynamic Balanced CHFH A Acc Swiss Life FoF (CH)-iDynamic Plus Invesco Balanced Risk Allocation C Acc CHF Hedged Invesco Balanced Risk Allocation A Acc CHF Hedged BLKB Fund (CH) Swiss Dynamic Allocation B Volksbank Strategiefonds – Ausgewogen EUR PARSUMO – PARtact Dynamic Strategy Fund Janus Global Diversified Altern A CHF Acc Hdg Mixtes CHF Equilibré Average MIXTES CHF FLEXIBLE Quantex Funds – Spectravest CHF BCV Pension 40 AP Notenstein Sustainable Balanced Allocation CHF B Reichmuth Voralpin P BCV Pension 25 AP EdR Prifund Strategy (CHF) A FBG CHF Managed SWC (CH) EF Global Defensive AA Cancer Charity Support Fund Moderate Cb-Accent (Lux) Eureka Allocation B CHF Reichmuth Alpin P Schroder ISF Glo Diversified Growth CHF Hdg C Acc BCV Actif Securite (CHF) CB – Accent (Lux) Global Economy B (CHF) WMP Strategiefonds B BCV Actif Defensif (CHF) Schroder ISF Glo Diversified Growth CHF Hdg A Acc Raiffeisen Fonds – Global Invest Equity B UBS (Lux) KSS-Gl Alloc Focus Europe (EUR)(CHFh)Q-a PIGUET FUND – Pondere (CHF) UBS (Lux) KSS-Gl Alloc Focus Europe (EUR)(CHFh)P-a Manavest – Global Opportunity Schroder Strategy Fund (BVV/LPP) UBS (Lux) KSS-Global Allocation (CHF) P-acc UBS (Lux) Sicav 1 – All Rounder (USD)(CHFh) P-acc Variopartner SICAV-PrBankActPortf III (CHF)R1-CHF Artus Vermoegensverwaltungs Fonds Swiss Life FoF (CH)-iDynamic Max Swiss Life FoF (CH)-iDynamic High PBS SMART Portfolio – CHF Retail Class VF (CH) – Valiant Vario P D Finreon Tail Risk Control® 0-100 (CHF) D Lienhardt and Partner Core Strategy Fund (CSF) A BCV Actif Offensif (CHF) SYNCRO – Active Allocation Fund B Julius Baer Strategy Income-CHF B LLB Inflation Protect (CHF) UBS (Lux) KSS-Multi Asset Income (USD)(CHFh) P-d UBS (Lux) KSS-Multi Asset Income (USD)(CHFh) P-acc JSS Quant Portfolio – Defensive (CHF) Globalance Sokrates Fund B Pro Fonds Global Internationaler Anlagefonds LLB Strategie Global Trend (CHF) JSS Sustainable Portfolio – Swiss Flexible P PIMCO GIS Dividend and Income Builder E CHF AccHdg IFR Commodity or Cash Fund I UBS (Lux) KSS-Emerg Mkts Allocation (USD)(CHFh)P-a Swisscanto (LU) Portfolio Fund Dynamic 0 – 50 B Swisscanto (LU) Portfolio Fund Dynamic 0 – 100 B Metals Exploration Fund

Actifs nets mios francs

Performance totale % 2015 3 ans 5 ans

Volatilité annualisée % 2015 3 ans 5 ans

Perf. annualisée % 3 ans 5 ans

216.92 –1.2 30.0 36.0 14.4 9.5 9.0 9.2 6.3 201.43 –1.2 22.8 32.5 15.5 10.1 9.6 7.1 5.8 85.65 –1.6 21.1 27.3 12.7 8.3 7.8 6.6 4.9 12.02 –1.6 13.8 468.45 –2.0 17.9 22.3 12.3 8.2 7.9 5.6 4.1 145.56 –2.2 19.8 16.0 13.3 9.0 8.6 6.2 3.0 36.10 –2.2 17.1 15.5 10.9 7.7 8.0 5.4 2.9 525.74 –2.4 18.0 21.4 11.1 7.8 7.8 5.7 4.0 48.42 –2.5 13.5 13.1 13.2 8.6 8.2 4.3 2.5 26.37 –2.9 9.7 11.5 12.7 8.3 7.8 3.1 2.2 115.55 –2.9 12.2 12.9 13.7 8.9 9.0 3.9 2.5 24.74 –3.0 18.0 20.1 12.6 8.4 8.2 5.7 3.7 256.74 –3.4 17.0 19.9 13.5 9.0 8.8 5.4 3.7 37.55 –3.6 18.8 20.8 14.9 9.9 9.8 5.9 3.9 11.21 –3.7 13.3 61.17 –4.3 20.5 25.3 14.5 9.6 8.8 6.4 4.6 12.17 –4.6 14.7 16.24 –6.2 12.8 18.1 13.7 9.1 8.1 4.1 3.4 12.42 –7.3 –12.2 –6.9 9.5 7.9 7.8 –4.2 –1.4 55.13 –8.2 3.7 1.44 –22.9 16.5 102.83 –3.8 16.7 19.1 12.9 8.7 8.5 5.2 3.5 70.85 1.3 7.1 11.56 1.2 15.3 13.9 9.6 6.6 6.7 4.9 2.6 484.42 1.2 20.0 25.3 8.2 5.6 5.5 6.3 4.6 416.10 1.1 21.0 28.5 8.3 5.7 5.5 6.6 5.1 734.55 1.0 14.5 6.6 4.7 4.6 89.12 1.0 7.7 1238.03 0.8 21.1 27.0 8.4 5.6 5.1 6.6 4.9 25.65 0.5 18.9 17.5 10.5 6.6 6.5 5.9 3.3 15.91 0.2 13.0 16.7 6.7 4.6 4.3 4.1 3.1 151.81 0.2 19.6 25.9 8.5 5.8 5.6 6.1 4.7 194.41 0.1 15.3 22.2 7.9 5.2 4.8 4.9 4.1 640.53 0.1 14.8 19.6 8.2 5.4 5.0 4.7 3.6 956.43 0.0 17.4 25.9 8.0 5.5 5.0 5.5 4.7 52.95 –0.1 18.1 24.7 9.6 6.3 5.9 5.7 4.5 104.58 –0.2 19.5 27.4 9.4 6.3 5.7 6.1 5.0 163.71 –0.3 11.6 18.7 8.0 5.4 4.7 3.7 3.5 1079.57 –0.3 17.1 22.7 7.5 5.2 4.9 5.4 4.2 1552.67 –0.3 18.9 24.3 8.2 5.6 5.5 5.9 4.4 228.41 –0.5 16.9 24.5 8.7 5.9 5.4 5.3 4.5 31.27 –0.6 15.0 21.9 9.8 6.4 6.2 4.8 4.0 192.59 –0.6 10.9 12.7 8.7 5.9 5.6 3.5 2.4 210.51 –0.7 20.7 27.2 9.8 6.5 6.1 6.5 4.9 289.15 –0.7 16.7 23.7 9.6 6.4 6.1 5.3 4.3 95.67 –0.7 15.9 22.7 9.0 5.9 5.6 5.0 4.2 16.70 –0.7 16.4 25.2 13.1 8.5 8.7 5.2 4.6 396.02 –0.9 13.4 20.9 7.1 4.9 4.4 4.3 3.9 219.31 –1.0 20.5 23.7 9.7 6.9 6.4 6.4 4.4 155.94 –1.0 12.5 19.2 7.8 7.2 6.6 4.0 3.6 9.69 –1.1 0.7 3.9 2.5 0.2 133.26 –1.2 5.6 6.2 7.6 5.5 5.3 1.8 1.2 139.99 –1.3 12.9 21.8 6.8 5.0 4.6 4.1 4.0 31.94 –1.4 6.7 5.1 9.7 6.7 6.7 2.2 1.0 16.40 –1.5 19.5 21.8 12.1 8.0 7.6 6.1 4.0 134.28 –1.5 13.2 19.4 8.6 5.6 5.1 4.2 3.6 68.22 –1.6 17.5 27.9 10.0 6.8 6.3 5.5 5.0 198.32 –1.7 16.1 15.1 10.7 7.2 6.8 5.1 2.9 212.40 –1.8 11.6 13.9 9.4 6.3 6.3 3.7 2.6 106.03 –1.8 17.8 26.6 9.6 6.8 6.5 5.6 4.8 110.70 –1.8 14.3 16.6 10.5 7.0 6.5 4.6 3.1 1612.10 –1.8 12.2 17.0 9.2 6.1 5.8 3.9 3.2 242.77 –1.8 12.5 7.8 5.6 4.0 771.65 –1.9 9.7 11.2 9.6 6.4 6.0 3.1 2.1 16896.77 –1.9 12.9 7.4 6.2 4.1 16896.77 –1.9 7.4 56.08 –1.9 8.9 14.3 9.1 6.2 5.5 2.9 2.7 236.10 –1.9 15.8 20.8 8.5 5.7 5.2 5.0 3.8 108.48 –1.9 7.8 116.65 –1.9 13.8 14.6 10.3 7.4 7.1 4.4 2.8 194.39 –2.0 1.8 5.8 5.4 4.2 3.8 0.6 1.1 676.51 –2.0 14.0 18.9 8.3 5.9 5.8 4.5 3.5 900.81 –2.0 13.6 16.5 7.6 5.4 5.7 4.3 3.1 900.81 –2.1 13.6 16.5 7.5 5.4 5.7 4.3 3.1 176.53 –2.1 13.5 15.8 9.2 6.2 6.0 4.3 3.0 416.88 –2.2 9.2 10.3 9.7 6.4 6.2 3.0 2.0 1479.95 –2.2 13.3 17.5 8.3 5.9 5.8 4.2 3.3 87.04 –2.2 10.8 10.3 7.9 5.7 5.9 3.5 2.0 97.56 –2.3 13.7 18.6 9.0 6.3 6.3 4.4 3.5 19.14 –2.4 8.4 224.95 –2.4 5.5 8.1 9.3 6.2 5.5 1.8 1.6 14.72 –2.5 8.8 129.28 –2.6 6.8 7.8 7.8 5.7 5.8 2.2 1.5 31.22 –2.7 6.7 4.6 3.6 2.2 492.26 –2.8 9.7 16.1 11.6 7.6 6.8 3.1 3.0 28.57 –2.9 10.0 1200.28 –2.9 10.5 12.8 9.6 6.5 6.4 3.4 2.4 18.00 –2.9 10.0 22604.40 –2.9 13.4 8.4 7.0 4.3 159.13 –3.0 9.5 10.0 9.0 6.0 5.9 3.1 1.9 615.29 –3.0 12.9 11.7 9.5 6.5 6.2 4.1 2.2 21.28 –3.2 –1.3 3.2 6.6 4.6 4.4 –0.4 0.6 22604.40 –3.5 10.8 11.8 8.5 7.0 8.9 3.5 2.3 24.96 –3.8 3.4 10.6 9.1 6.2 5.7 1.1 2.0 651.48 –3.8 8.2 6.0 4.6 2.7 18.00 –3.9 15.8 16.0 12.8 8.6 8.4 5.0 3.0 415.82 –3.9 13.7 22.8 10.0 6.8 6.0 4.4 4.2 137.32 –4.2 11.1 16.3 9.9 6.6 5.8 3.6 3.1 22.51 –4.3 9.2 651.48 –4.5 5.8 6.0 4.6 1.9 87.15 –4.7 9.8 10.2 9.4 6.5 5.8 3.2 2.0 2699.46 –5.6 6.0 2699.46 –6.2 5.9 178.10 –6.2 9.9 19.44 –7.8 –2.1 14.7 9.5 –0.7 169.21 –8.6 6.4 9.1 6.9 2.1 2.26 –9.9 5.5 1227.54 –2 12.7 17.8 8.7 6.1 5.9 4.1 3.3 9.96 1.1 12.1 52.56 1.0 19.2 8.6 5.7 6.0 23.59 0.6 8.3 39.00 0.5 8.9 12.6 9.7 6.2 5.4 2.9 2.4 54.89 0.2 12.6 6.2 4.2 4.0 126.43 0.1 12.4 11.9 7.6 5.3 4.8 4.0 2.3 25.27 –0.3 1.9 6.9 5.6 4.3 4.4 0.6 1.3 44.13 –0.6 7.9 17.9 14.4 9.1 8.0 2.6 3.4 23.57 –0.9 5.1 4.1 9.7 6.7 6.3 1.7 0.8 36.81 –1.2 3.5 497.00 –1.3 4.0 6.2 9.2 6.0 5.2 1.3 1.2 849.47 –1.4 17.0 7.6 6.1 5.4 614.53 –1.4 2.5 5.3 2.3 1.9 1.8 0.8 1.0 36.78 –1.5 4.7 3.2 5.0 3.8 3.4 1.5 0.6 11.63 –1.9 4.6 –1.7 10.6 7.4 6.9 1.5 –0.3 205.59 –2.0 6.0 4.2 5.6 3.7 3.6 2.0 0.8 849.47 –2.1 14.4 7.6 6.1 4.6 157.47 –2.4 21.8 19.5 16.9 10.9 10.4 6.8 3.6 186.11 –2.5 17.4 19.4 11.7 8.2 8.5 5.5 3.6 59.17 –2.6 6.7 8.1 9.7 6.2 5.6 2.2 1.6 186.11 –2.6 17.3 19.3 11.8 8.2 8.5 5.5 3.6 24.80 –2.9 3.5 1.1 14.3 10.1 8.5 1.2 0.2 44.15 –2.9 7.5 8.6 6.3 4.5 4.1 2.4 1.7 310.06 –3.2 16.8 18.8 11.2 7.8 8.2 5.3 3.5 492.51 –3.4 0.6 5.6 4.8 4.9 5.5 0.2 1.1 21.34 –3.4 10.1 20.24 –3.5 23.5 11.0 19.6 12.3 10.1 7.3 2.1 33.23 –3.5 21.4 14.8 9.9 6.7 47.94 –3.5 17.1 11.7 8.1 5.4 404.79 –3.7 5.5 6.5 5.8 1.8 56.48 –3.7 –1.4 6.4 4.2 3.8 3.4 –0.5 1.2 194.66 –3.7 17.1 122.29 –4.3 8.9 26.87 –4.4 14.4 8.8 13.3 8.6 8.3 4.6 1.7 21.65 –4.6 5.9 114.57 –4.8 4.4 8.7 6.9 4.6 4.0 1.4 1.7 25.63 –5.1 –5.5 3.4 2.9 –1.9 374.64 –5.2 0.2 6.0 5.1 0.1 374.64 –5.2 0.2 6.0 5.1 0.1 10.47 –5.5 –1.8 3.3 4.7 3.8 3.3 –0.6 0.6 32.32 –6.3 5.0 9.1 6.7 1.6 8.14 –7.1 8.2 0.1 19.3 12.5 11.6 2.6 0.0 22.47 –7.5 1.6 12.5 7.9 0.5 38.78 –8.0 3.4 6.7 6.8 1.1 110.15 –9.8 13.5 159.04 –10.6 7.5 55.40 –11.1 –23.0 10.7 9.9 –8.4 189.28 –13.1 –6.1 –2.4 13.1 8.3 7.0 –2.1 –0.5 36.91 –16.9 –5.6 16.5 10.8 –1.9 4.71 –42.0 22.3

Finance

Le Temps l Mercredi 3 février 2016

CLASSEMENTS Nom Mixtes CHF Flexible Average

Actifs nets mios francs 133.79

Performance totale % 2015 3 ans 5 ans –4.6

6.9

8.3

Volatilité annualisée % 2015 3 ans 5 ans 9.8

6.8

6.3

Perf. annualisée % 3 ans 5 ans 2.1

1.6

MIXTES CHF PRUDENT CS (CH) Interest & Dividend Focus Income EUR AHCHF 142.01 1.3 7.7 UBS (CH) Vitainvest – 25 Swiss U 558.25 1.0 13.8 20.6 5.5 3.9 3.5 4.4 3.8 UBS (CH) Suisse – 25 (CHF) P-dist 1561.69 0.9 12.9 18.3 5.4 3.7 3.5 4.1 3.4 AXA (CH) Strategy Fund-Portfolio 30 A 613.85 0.8 10.6 5.3 3.8 3.4 Mobifonds 3a 235.81 0.7 6.9 13.7 3.9 3.1 2.7 2.2 2.6 MobiFonds Select 20 B 79.35 0.6 3.0 CS (CH) Strategy Fund – Conservative (CHF) A 415.05 0.5 8.6 7.6 4.3 3.1 3.2 2.8 1.5 Raiffeisen Pension Invest Futura Yield A 727.67 0.2 11.5 17.1 5.1 3.6 3.1 3.7 3.2 FORTUNA Anlagefonds 211.51 0.2 7.3 16.0 3.6 2.9 2.7 2.4 3.0 Mi-Fonds (CH) – 30 A 161.60 0.1 12.3 19.6 6.3 4.2 3.8 3.9 3.6 Swisscanto (CH) Portfolio Fund World 30 A 42.87 0.0 14.6 22.5 6.8 4.6 4.1 4.6 4.1 Apenso 40 (CHF) liq 0.0 10.3 10.6 0.0 3.9 3.9 3.3 2.0 Mi-Fonds (CH) – 10 A 67.69 0.0 6.2 13.7 3.5 2.5 2.3 2.0 2.6 Pictet CH-LPP 25-P dy CHF 604.50 –0.1 12.6 20.8 5.9 4.1 3.7 4.0 3.9 FORTUNA Multi INDEX 10 5.93 –0.1 7.2 17.1 4.5 3.6 3.2 2.4 3.2 FORTUNA Europe Balanced Fund CHF 118.29 –0.1 6.9 4.9 3.6 2.3 FORTUNA Multi INDEX 30 16.66 –0.2 14.2 23.6 7.3 5.2 4.7 4.5 4.3 SWC (CH) AZF Nachhaltigkeit Einkommen AA 45.59 –0.3 8.3 12.8 5.5 3.7 3.6 2.7 2.4 SWC (CH) Fonds Frankenertrag AA 772.58 –0.3 3.6 8.7 2.4 1.8 1.5 1.2 1.7 UBS (CH) Vitainvest – 12 World U 339.51 –0.3 8.2 14.4 3.8 3.0 2.6 2.7 2.7 PostFinance Fonds 2 535.81 –0.4 6.5 12.1 3.6 2.9 2.6 2.1 2.3 UBS (CH) Vitainvest – 25 World U 1564.18 –0.4 12.0 17.8 5.6 3.9 3.5 3.9 3.3 FORTUNA Multi INDEX 20 42.73 –0.4 10.9 20.8 6.0 4.4 3.9 3.5 3.9 PostFinance Fonds 3 615.63 –0.5 12.7 19.0 6.2 4.4 4.0 4.1 3.5 Fronalpstock Fonds – VBVV-BVG (CHF) A 5.38 –0.5 3.7 Mi-Fonds (Lux) – 30 B acc 413.00 –0.6 10.5 17.8 6.2 4.2 4.0 3.4 3.3 Avadis – Strategie Defensiv A 59.86 –0.9 7.9 16.6 4.3 3.5 3.0 2.6 3.1 Bonhote Strategies – Obligations (CHF) 7.32 –0.9 –2.4 2.5 7.7 5.3 4.9 –0.8 0.5 Swisscanto (LU) Portfolio Fund Yield A 2130.22 –1.1 8.1 13.7 5.7 3.9 3.8 2.6 2.6 SWC (CH) AZF Einkommen AA 507.77 –1.1 5.2 8.6 5.3 3.6 3.5 1.7 1.7 TKB Vermoegensverwaltung – Konservativ (CHF) A 98.87 –1.3 4.6 Falcon Invest SICAV – Falcon Best Select Portfolio 11.14 –1.3 12.3 12.3 8.5 5.7 5.2 3.9 2.3 LO Selection – Conservative (CHF) P A 147.36 –1.6 2.0 4.6 4.8 3.6 3.1 0.7 0.9 Allianz Suisse – Flexible Fund – AT – CHF 120.07 –1.6 2.2 2.6 3.5 2.4 2.1 0.7 0.5 BCV (LUX) Strategy Yield (CHF) 81.16 –1.6 8.4 11.6 6.9 4.6 4.1 2.7 2.2 Swisscanto (LU) Portf Fd Green Invest Yield B 89.30 –1.7 7.3 10.8 5.6 3.9 3.8 2.4 2.1 Raiffeisen Fonds – Global Invest Yield B 633.20 –1.8 4.1 6.2 5.9 4.1 3.9 1.3 1.2 SWC (CH) Vorsorge Fonds 20 Passiv AA 201.99 –1.8 5.2 4.0 3.4 1.7 BCV Strategie Revenu 532.33 –1.9 8.0 11.1 6.0 4.0 3.8 2.6 2.1 SGKB (CH) Fund – Multi Defendo (CHF) 72.05 –2.0 2.4 3.3 4.5 3.2 3.1 0.8 0.7 JSS Sustainable Portfolio Defensive (CHF) 104.16 –2.0 9.1 5.9 4.2 3.0 UBS (Lux) Strategy SICAV – Income (CHF) P-dist 236.56 –2.1 3.8 UBS (Lux) Strategy SICAV – Income (CHF) P-acc 236.56 –2.1 3.8 LLB Strategie Rendite (CHF) 176.20 –2.1 7.8 14.3 6.5 4.5 4.3 2.5 2.7 BCV (LUX) Active Defensive (CHF) 29.03 –2.1 6.2 Synchrony (CH) Defensive (CHF) 87.83 –2.1 3.2 3.5 5.0 3.4 3.4 1.1 0.7 UBS (CH) Strategy Fund – Yield (CHF) P 1359.94 –2.2 8.3 13.0 6.0 4.3 4.0 2.7 2.5 LLB Strategie BPVV (CHF) 15.73 –2.2 7.3 12.5 6.6 4.4 4.1 2.4 2.4 LUKB Expert-Ertrag 1353.89 –2.3 4.1 9.8 6.7 4.5 3.9 1.4 1.9 VP Bank Strategie Fonds Konservativ CHF B 52.78 –2.3 3.8 5.7 5.2 3.8 4.0 1.3 1.1 UBS (Lux) Strategy Fd – Yield (CHF) P-acc 2308.73 –2.4 7.8 12.1 6.1 4.3 3.9 2.5 2.3 Credit Suisse (Lux) Portfolio Fund Yield CHF B 1506.63 –2.4 4.3 5.3 5.6 3.9 4.0 1.4 1.0 Baloise F Invest (Lux) – BFI Activ (CHF) R 163.66 –2.5 6.1 9.5 7.2 4.9 4.9 2.0 1.8 UBS (Lux) Strategy Xtra Sicav – Yield (CHF) P-dist 1933.36 –2.6 7.4 10.7 5.2 3.8 3.7 2.4 2.1 Credit Suisse (Lux) IndexSelection Fund Yield CHF B 48.84 –2.6 4.9 5.0 5.0 4.0 4.0 1.6 1.0 UBS (Lux) Strategy Xtra Sicav – Yield (CHF) P-acc 1933.36 –2.6 7.3 10.7 5.0 3.7 3.7 2.4 2.0 FBG Global Managed 20.95 –2.6 1.8 7.4 10.3 6.7 6.7 0.6 1.4 Bordier – LPP 25 Fund R 15.05 –2.7 6.0 CS (CH) Interest & Dividend Focus Income CHF A 726.19 –2.9 6.5 6.2 6.0 4.5 4.1 2.1 1.2 Clientis Fonds (CH) – Income A 22.61 –2.9 8.5 BSI-Multinvest – Strategy Income (CHF) A 65.87 –3.1 –4.7 3.5 4.3 3.7 3.4 –1.6 0.7 MAP Sicherheit Vermoegensverwaltungs Fonds 19.03 –3.5 5.6 Swiss Life Funds (CH) Portfolio Global Income 96.15 –3.7 8.4 16.8 6.9 4.8 4.1 2.7 3.2 Adagio (Lux) – Konservativ P 33.81 –4.2 1.5 9.0 5.1 3.4 3.0 0.5 1.7 CB – Accent Income Fund CHF 10.00 –4.8 –0.8 –2.3 12.3 7.4 6.2 –0.3 –0.5 PARSUMO – PARtact Pension Strategy Fund 9.06 –5.3 6.2 Swiss Life (CH) – iDynamic Light A1 1172.77 –5.3 5.8 11.2 5.6 4.8 4.2 1.9 2.1 Julius Baer (CH) Defender Asset Allocation-CHF A 6.99 –6.8 –2.0 –2.2 6.6 5.1 5.0 –0.7 –0.4 Mixtes CHF Prudent Average 398.01 –1.5 7 11.5 5.5 4 3.8 2.3 2.2 MIXTES EUR DYNAMIQUE – EUROPE Pergam Funds Rising Dividend R EUR Cap AZ Fund 1 CGM Opportunistic European A AZ FUND Acc Carmignac Euro-Patrimoine A CHF acc Hdg Carmignac Euro-Patrimoine A EUR acc Mixtes EUR Dynamique – Europe Average

28.51 55.58 288.71 288.71 165.38

1.2 –1.3 14.6 –8.8 –5.6 –16.8 –14.0 –11.0 –6.4 –1.7 –11

17.2 16.5 11.5 4.6 9.7 7.3 –1.9 19.0 12.4 10.9 –4.9 15.6 10.4 10.9 –0.7

–2.3 –2.3

MIXTES EUR DYNAMIQUE – INTERNATIONAL DNCA Invest Global Leaders B 207.45 –0.6 30.1 36.8 18.5 11.8 11.0 9.2 6.5 BL Global 75 B Cap 491.32 –0.7 17.1 21.8 13.0 8.3 8.3 5.4 4.0 UBS (F) – Flex Croissance (EUR) R Eur 21.78 –0.8 17.6 0.4 13.5 9.7 9.4 5.5 0.1 AZ Fund 1 Alpha Manager Thematic A AZ FUND Acc 147.96 –1.2 14.1 –5.5 10.5 10.0 11.4 4.5 –1.1 Planetarium Fund Flex 100 A EUR 32.76 –1.8 27.1 28.9 18.4 13.0 13.3 8.3 5.2 Unicorn SICAV Alkimis Div Plus R EUR Cap 8.65 –2.8 19.8 CBP Select Sparkling A 86.67 –2.8 26.6 19.7 19.7 13.2 13.0 8.2 3.7 Sparinvest-Procedo EUR R 322.92 –2.8 24.4 28.0 15.2 9.9 9.9 7.5 5.1 Nordea FoF Multi Manager Fund Aggressive BP EUR 85.67 –3.0 15.8 Flossbach von Storch – Multi Asset – Growth R 199.32 –3.1 18.8 28.1 16.4 10.9 9.9 5.9 5.1 UBS (D) Konzeptfonds V 5.97 –3.3 20.7 23.1 16.5 10.8 11.2 6.5 4.3 DB PWM II-Active Asset Alloc Portf-Growth (Euro) A 54.73 –3.6 16.3 16.9 15.9 11.1 11.0 5.2 3.2 AZ Fund 1 CGM Opportunistic Global A AZ FUND Acc 33.90 –3.8 10.1 14.6 10.2 3.3 DZPB II – FLEX 3 E 16.02 –3.8 19.0 BCV (LUX) Strategy Growth (EUR) 6.56 –4.5 16.2 Swiss Rock (Lux) Dachfonds – Wachstum A –4.9 13.2 9.1 15.9 10.4 10.3 4.2 1.8 Portfolio Mgt Slt Dynamic Euro GEN B 23.54 –4.9 14.6 LO Selection – Growth (EUR) P A 26.35 –5.1 7.1 6.8 16.2 10.4 9.8 2.3 1.3 FMM-Fonds 559.98 –5.1 9.2 4.3 16.6 12.4 11.7 3.0 0.9 JSS GlobalSar – Growth (EUR) P EUR acc 35.32 –5.3 23.0 18.6 12.1 7.1 CS (CH) Interest & Dividend Focus Cap Gains EUR A 27.91 –5.3 17.1 14.9 16.5 10.7 10.3 5.4 2.8 Swisscanto (LU) Portfolio Fund Growth (EUR) B 26.71 –5.4 14.5 18.9 15.9 10.3 9.8 4.6 3.5 CS (Lux) Portfolio Fund Growth EUR B 129.78 –5.6 12.9 11.6 16.1 10.6 10.7 4.1 2.2 Baloise F Invest (Lux) – BFI Dynamic (EUR) R 70.24 –5.6 16.0 15.7 16.9 11.3 11.4 5.1 3.0 Candriam Sustainable High C Cap 48.93 –5.8 8.5 17.6 11.1 2.7 Vermoegensmandat Strategie Chance 11.91 –6.3 16.7 Planetarium Riverfield Real Assets D EUR 45.93 –6.4 13.9 19.6 13.0 9.8 10.0 4.4 3.6 BCV (LUX) Active Offensive (EUR) 8.83 –7.0 16.3 BERENBERG-1590-FLEXIBLE ALLOKATION A 57.97 –7.2 9.9 –6.4 16.7 11.2 11.9 3.2 –1.3 SYNCHRONY (LU) DYNAMIC (EUR) A 5.63 –7.5 11.6 16.5 10.9 3.7 Vermoegensmandat Strategie Wachstum 39.88 –7.5 15.5 UBS (Lux) Strategy Fd – Growth (EUR) P-acc 178.40 –7.8 8.4 8.5 17.4 11.4 11.0 2.7 1.6 LGT Strategy 5 Years (EUR) B 67.57 –8.0 0.0 –4.7 15.8 10.4 10.1 0.0 –1.0 UBS (Lux) Strategy Xtra SICAV – Growth (EUR) P-acc 32.72 –8.3 8.1 5.4 17.3 11.3 11.1 2.6 1.1 BIL Patrimonial High C Cap 34.65 –8.5 3.7 –0.9 15.5 9.9 10.1 1.2 –0.2 Petercam L Patrimonial Dynamic Fund A 20.75 –8.7 13.3 BL Emerging Markets B Cap 382.02 –8.7 –1.9 10.2 14.1 9.9 9.5 –0.6 2.0 JB Strategy Growth-EUR B 65.15 –9.4 7.7 13.8 17.1 11.2 10.2 2.5 2.6 Swiss Life Funds (LUX) PF Gl Growth Vitality EUR R 40.95 –10.7 11.5 14.4 16.2 12.5 12.5 3.7 2.7 Planetarium Fund Riverfield Allrounder D 20.64 –10.7 –8.1 –7.8 13.8 8.4 7.9 –2.8 –1.6 AXA WF Global Flex 100 A C 53.97 –13.0 4.0 5.3 18.4 11.8 10.9 1.3 1.0 CB – Accent (Lux) Asian Century EUR B 10.10 –17.9 –3.3 –12.2 34.2 22.7 20.3 –1.1 –2.6 Mixtes EUR Dynamique – International Average 89.09 –5.8 12.4 11.2 16.6 11.2 11 3.9 2 MIXTES EUR EQUILIBRÉ – EUROPE Assenagon Substanz Europa I UBS (Lux) KSS – Eur Grth and Inc (EUR) Pac Edmond de Rothschild Fund-Income Europe A EUR Mi-Fonds (Lux) – 40 (EUR) B BCV (LUX) Strategy Balanced (EUR) Mixtes EUR Equilibré – Europe Average

281.92 –2.4 13.5 2039.69 –3.1 14.6 129.03 –5.9 15.3 72.75 –6.6 7.7 15.8 14.5 9.5 9.0 2.5 3.0 57.89 –7.1 7.5 7.1 15.3 10.7 9.9 2.4 1.4 516.26 –5.1 7.6 11.5 14.7 10.1 9.5 2.5 2.2

MIXTES EUR EQUILIBRÉ – INTERNATIONAL Nordea FoF Multi Manager Fund Balanced HB CHF 538.18 3.6 9.2 Nuveen NWQ Flexible Income A EUR Acc 29.08 –0.3 13.7 Capital Group Global Allocation (LUX) B EUR 27.67 –0.3 15.7 Pioneer Funds Global Mlt-Ast Tgt Inc A ND EUR 1070.30 –1.8 13.1 LO Funds – All Roads Multi-Asset, SH, CHF IA 331.78 –2.0 5.2 4.3 5.1 1.7 LO Funds – All Roads Multi-Asset, SH, CHF MA 331.78 –2.2 4.3 LO Funds – All Roads Multi-Asset, SH, CHF MD 331.78 –2.2 4.3 DB PWM II-GIS Dynamic Contr Portf – Core (USD) A 23.72 –2.6 15.6 10.5 12.9 8.9 9.7 5.0 2.0 LO Funds – All Roads Multi-Asset, SH, CHF PA 331.78 –2.7 3.2 4.3 5.1 1.1 LO Funds – All Roads Multi-Asset, SH, CHF PD 331.78 –2.7 3.2 4.3 5.1 1.1 BL Global 50 B Cap 536.71 –3.0 6.0 7.3 11.9 7.2 7.3 2.0 1.4 D/S Strategie ausgewogen 14.41 –3.8 11.9 TEX Fonds 14.66 –4.2 –4.0 –8.5 13.5 9.2 9.0 –1.3 –1.8 UBS (D) Konzeptfonds IV 20.76 –4.7 14.7 18.2 14.9 9.6 9.7 4.7 3.4 Flossbach von Storch – Multi Asset – Balanced R 1001.69 –4.7 11.2 17.5 14.7 9.6 8.8 3.6 3.3 AZ Fund 1 Asset Power A AZ FUND Acc 377.58 –4.9 3.5 –1.9 12.7 8.3 8.4 1.2 –0.4 CAPB Funds Strategy 60 Euro P Cap 204.35 –5.0 14.9 Phaidros Funds – Balanced A 181.42 –5.1 10.0 8.5 17.8 11.1 9.9 3.2 1.6 Nordea FoF Tactical Allocation Balanced BP EUR 14.90 –5.2 8.1 6.5 14.6 9.5 9.4 2.6 1.3 Nordea FoF Multi Manager Fund Balanced BP EUR 538.18 –5.3 14.6 Swiss Rock (Lux) Dachfonds – Ausgewogen A –5.4 11.7 9.0 15.0 9.6 9.3 3.7 1.7 Variopartner SICAV-PrBankActPortf IV (EUR) R1-EUR 14.85 –5.9 17.0 Degroof Global ISIS Medium B C 3535.13 –5.9 11.8 11.9 14.9 10.0 9.8 3.8 2.3 DB PWM II-Active Asset Alloc Portf – Core (Euro) A 279.89 –5.9 9.8 11.1 14.7 9.9 9.5 3.2 2.1 Swisscanto (LU) Portf Fd Green Inv Balanced EUR B 127.87 –5.9 12.6 12.8 15.4 9.8 9.1 4.0 2.4 AZ Fund 1 European Dynamic A AZ FUND Acc 546.26 –6.0 4.2 3.2 14.2 9.4 10.1 1.4 0.6 Morgan Stanley Global Balanced Income A EUR 324.44 –6.2 13.1 Popso IFS Global Balanced EUR B 30.73 –6.3 5.6 –0.9 16.3 10.6 10.9 1.8 –0.2

Nom LO Selection – Balanced (EUR) P A CS (CH) Interest & Dividend Focus Balanced EUR A JPM Global Conservative Balanced A Acc EUR Fidelity Funds – FPS Moderate Growth A-EUR Swisscanto (LU) Portfolio Fund Balanced (EUR) A Baloise F Invest (Lux) – BFI Progress (EUR) R Franklin Global Multi-Asset Income A (acc) EUR ARCHEA Fund Patrimoine B1 Degroof Global ISIS Medium Low B Cap CS (Lux) Portfolio Fund Balanced EUR B JSS GlobalSar – Balanced (EUR) P EUR dist Candriam Sustainable Medium C Cap BSI-Multinvest – Strategy Balanced (EUR) A Swiss Life Funds (LUX) Multi Asset Dynamic (EUR) R Synchrony (CH) Dynamic (EUR) Symphonia Lux – Combined Dividends SGKB (LUX) Fund – Multi Asset Strategy (EUR) B Allianz Dynamic Multi Asset Strategy 50 – A – EUR Petercam L Fund Global Target Income B Cap LGT Strategy 4 Years (EUR) B SYNCHRONY (LU) BALANCED (EUR) A Synchrony (CH) Balanced (EUR) Base Investments I.D.E.A. EUR Cap LLB Strategie Ausgewogen (EUR) JPM Access Balanced EUR A Acc Global Emerging Markets Balance Portfolio I Vermoegensmandat Strategie Ertrag OYSTER Multi-Asset Diversified C EUR PF Swiss Life Funds (LUX) Multi Asset Classic R JSS Sustainable Portfolio – Balanced P EUR dist BIL Patrimonial Medium C Cap UBS (CH) Strategy Fund – Balanced (EUR) P CS Invest (Lux) SICAV IndexBlink Balanced B UBS (Lux) Strategy Fd – Balanced (EUR) P-acc JPM Global Balanced A Acc EUR UBS (Lux) Strategy Xtra SIC-Balanced (EUR) P-acc CB – Accent (Lux) Carthesio Regulae Fund B EUR Ulysses Tactical B CPR Invest – Reactive – A – Acc JB Strategy Balanced-EUR B Moorea Fund Gestion Patrimoniale RE Tareno Diversified Index Inv Eq/Bds/RA A EUR JPM Global Income A Div EUR DB PWM II-GIS Dynamic Contr Portf – Core (Euro) A FBG FOF Global Balanced Strategy VP Bank Strategie Fonds Ausgewogen EUR B Kairos International Sicav – Real Return P Swiss Life Funds (LUX) Gl Balanced Harmony (EUR) R AZ Fund 1 Asset Timing A AZ Fund Acc BBVA Durbana IF Multi-Asset Moderate A EUR Cap LO Funds – All Roads Multi-Asset, EUR PA 1618 IF World Balanced EUR FBG FOF Global Return Strategy 1 LO Selection – Vantage 4500 (EUR) MA Schroder ISF Global Dynamic Balanced A Acc Mirabaud Multi Assets-Cautious EUR A Cap UBAM Asymmetry 50 EUR A EUR Cap Raiffeisen 337 – Strat.All. Master I R T Invesco Balanced Risk Allocation A Acc EUR Invesco Balanced Risk Select A Acc EUR Palaedino Global Balanced-A restricted Mixtes EUR Equilibré – International Average

Actifs nets mios francs

Performance totale % 2015 3 ans 5 ans

Volatilité annualisée % 2015 3 ans 5 ans

Perf. annualisée % 3 ans 5 ans

251.76 –6.3 1.8 3.5 14.9 9.3 8.6 0.6 0.7 96.62 –6.3 9.6 9.5 15.1 9.7 9.1 3.1 1.8 260.27 –6.4 13.9 393.87 –6.4 13.2 20.3 15.2 9.6 9.2 4.2 3.8 165.89 –6.4 8.3 14.1 14.8 9.2 8.5 2.7 2.7 100.40 –6.7 10.8 12.4 15.3 10.1 9.9 3.5 2.4 127.02 –6.8 13.2 57.73 –6.8 2.5 –10.1 21.7 13.3 11.9 0.8 –2.1 957.46 –6.8 6.0 14.0 9.1 2.0 489.69 –6.8 5.9 7.1 14.6 9.3 9.0 1.9 1.4 58.99 –6.8 13.2 17.0 16.1 10.4 9.8 4.2 3.2 180.75 –6.9 5.5 15.7 9.8 1.8 30.87 –7.2 –0.8 8.4 14.1 8.9 8.3 –0.3 1.6 18.35 –7.2 15.3 5.54 –7.2 11.2 11.6 16.3 10.6 10.2 3.6 2.2 64.49 –7.3 14.0 11.7 14.7 10.4 11.2 4.5 2.2 7.46 –7.5 4.6 4.6 14.9 10.0 9.6 1.5 0.9 391.22 –7.6 16.6 5.69 –7.7 12.8 241.82 –8.1 –1.2 –3.5 15.0 9.7 9.1 –0.4 –0.7 18.19 –8.3 3.1 15.1 9.6 1.0 22.91 –8.4 3.3 3.8 15.1 9.5 9.0 1.1 0.8 11.69 –8.4 –14.7 15.6 10.8 –5.2 47.71 –8.4 6.0 9.6 15.6 10.0 9.5 1.9 1.9 1010.75 –8.5 4.8 5.5 16.7 10.9 10.0 1.6 1.1 92.84 –8.5 –5.4 12.7 9.9 –1.8 86.42 –8.6 15.0 144.88 –8.6 5.5 4.4 13.9 9.0 8.5 1.8 0.9 17.69 –8.6 14.0 260.63 –8.7 6.2 16.0 10.1 2.0 27.30 –8.9 0.8 –1.7 13.8 8.8 8.9 0.3 –0.3 101.04 –8.9 4.1 7.2 16.4 10.4 9.7 1.3 1.4 7.47 –9.0 –0.8 –2.1 15.3 9.5 8.8 –0.3 –0.4 878.82 –9.0 3.5 5.2 16.4 10.4 9.6 1.2 1.0 1959.36 –9.1 9.2 12.7 15.9 10.5 9.7 3.0 2.4 321.13 –9.1 4.1 4.2 16.2 10.3 9.8 1.3 0.8 26.77 –9.2 –7.9 14.9 8.9 –2.7 44.00 –9.3 11.6 0.4 19.6 13.3 14.0 3.7 0.1 97.38 –9.3 14.9 342.08 –9.6 3.5 7.8 15.9 10.1 9.2 1.1 1.5 165.13 –9.7 –3.4 15.2 9.3 –1.1 16.81 –10.0 15.5 16896.77 –10.1 3.3 12.9 15.4 10.6 10.2 1.1 2.5 113.34 –10.2 –2.6 –9.0 14.4 9.4 8.7 –0.9 –1.9 92.22 –10.2 –2.2 –11.0 16.5 10.3 9.8 –0.8 –2.3 106.15 –10.3 –2.0 –5.0 15.7 10.1 9.5 –0.7 –1.0 175.56 –10.5 15.3 158.96 –10.6 7.1 11.3 14.8 10.8 10.3 2.3 2.2 31.08 –11.0 15.5 121.47 –11.0 –2.0 1.2 17.0 10.6 10.3 –0.7 0.2 331.78 –11.1 –5.5 14.2 9.4 –1.9 21.93 –11.1 –8.0 –12.0 16.7 11.7 10.4 –2.7 –2.5 119.54 –11.2 –5.9 –12.3 15.1 9.5 9.0 –2.0 –2.6 11.53 –11.9 13.7 651.48 –12.8 –3.4 –4.4 14.9 9.7 8.9 –1.1 –0.9 42.37 –13.2 –7.1 15.5 9.6 –2.4 157.36 –13.8 14.5 51.63 –14.0 –15.5 13.6 10.4 –5.4 2699.46 –14.2 –8.4 5.7 14.4 10.4 9.4 –2.9 1.1 78.03 –14.9 14.3 93.46 –15.3 –10.4 –15.7 20.8 12.5 10.6 –3.6 –3.4 455.23 –7.5 3.2 4.6 14.4 9.7 9.6 1 0.8

MIXTES EUR EQUILIBRÉ – ZONE EURO Fidelity Funds – Euro Balanced A-EUR Mixtes EUR Equilibré – Zone Euro Average

1452.94 1452.94

MIXTES EUR FLEXIBLE – EUROPE DJE – Europa PA (EUR) Lyra B Edmond de Rothschild Europe Flexible A AZ Fund 1 European Trend A AZ FUND Acc Fidelity FAFS SharpeR Europe A-ACC-EUR DNCA Invest Evolutif B AXA WF Optimal Income AC BHF Total Return FT Mandarine Reflex R DWS Balance AZ Fund 1 QTrend A AZ FUND Acc Planetarium Fund SG Active Equities A EUR Artemide B Echiquier Arty Mixtes EUR Flexible – Europe Average

174.83 7.1 18.6 15.5 18.4 12.6 12.1 5.8 2.9 56.27 3.0 14.6 200.73 –0.2 8.4 1.2 13.0 8.8 10.0 2.7 0.2 307.92 –2.7 15.9 2.8 18.6 12.7 13.9 5.0 0.5 57.90 –4.1 12.5 616.51 –4.7 16.3 15.4 16.6 11.7 11.8 5.2 2.9 657.47 –4.9 6.2 8.2 16.0 10.0 9.4 2.0 1.6 238.33 –5.6 3.3 4.9 14.4 8.8 8.5 1.1 1.0 159.60 –5.7 –0.9 –2.8 15.7 10.3 10.7 –0.3 –0.6 303.17 –6.6 10.9 9.0 15.9 10.3 9.7 3.5 1.7 145.81 –6.6 4.1 –15.5 15.0 10.6 11.6 1.4 –3.3 28.70 –6.7 –9.8 18.6 11.8 –3.4 504.39 –7.1 6.4 14.7 13.7 8.9 8.6 2.1 2.8 1316.36 –7.5 4.2 6.4 14.4 9.2 9.3 1.4 1.2 340.57 –3.7 7 5.4 15.5 10.5 10.5 2.2 1

–1.9 –1.9

19.2 19.2

31.1 31.1

15.9 15.9

10.9 10.9

11.3 11.3

6.0 6

5.6 5.6

MIXTES EUR FLEXIBLE – INTERNATIONAL CS (Lux) FundSelection Balanced EUR BH CHF 425.66 2.0 10.2 Hedge Invest Sibilla Macro Fund R EUR 86.64 0.4 17.9 Carmignac Pfl Patrimoine E USD acc Hdg 1268.41 0.3 16.4 Pictet Select-Callisto-HI CHF 162.77 0.1 10.0 3.6 3.3 3.2 Hypo Portfolio Selection – Dynamic Large CHF 75.48 –0.1 9.4 Carmignac Pfl Patrimoine F CHF acc Hdg 1268.41 –0.3 12.8 12.2 7.8 4.1 AC Opp – Aremus Fund EUR B 15.64 –0.5 17.2 Carmignac Patrimoine A CHF acc Hdg 27017.19 –0.8 11.4 12.2 7.8 3.7 Ethna-AKTIV T CHF 12658.91 –0.9 12.2 4.6 3.6 3.9 Ethna-AKTIV A CHF 12658.91 –1.0 13.4 4.5 3.9 4.3 PIGUET FUND – Pondere (USD) 59.23 –1.2 14.3 13.8 8.8 4.5 ARCHEA Fund Europe B1 53.69 –1.3 7.3 16.9 10.9 2.4 AXA WF Global Optimal Income A C EUR 200.17 –1.7 15.4 UniRak 3314.57 –2.0 21.4 29.6 16.9 11.1 10.9 6.7 5.3 R Club C 533.30 –2.2 29.5 24.0 18.2 14.7 16.4 9.0 4.4 Timeo Neutral Sicav – BZ Diversified R EUR 40.27 –2.3 14.1 CB – Accent (Lux) Darwin Selection Euro B CHF Hdg 26.79 –2.4 7.4 Berenberg Diversified UI CHF 57.60 –2.7 4.6 7.5 4.9 1.5 AZ Fund 1 Dividend Premium A AZ FUND Acc 874.22 –3.3 9.7 4.8 13.7 8.7 9.7 3.1 0.9 ACATIS – GANE VALUE EVENT FONDS UI A 1252.26 –3.7 11.8 24.4 15.4 9.9 9.7 3.8 4.5 BHF Flexible Allocation FT 704.03 –4.0 12.6 23.1 15.7 10.4 9.9 4.0 4.2 Tikehau Income Cross Assets C 220.64 –4.6 22.4 15.0 11.1 7.0 DJE – Alpha Global PA 117.71 –4.9 7.1 –8.8 17.2 12.4 12.2 2.3 –1.8 BANOR SICAV Italy Long Short Equity R 99.47 –5.3 14.1 11.2 15.1 13.1 13.4 4.5 2.1 AZ Fund 1 Long Term Value A AZ FUND Acc 183.46 –5.3 34.2 22.9 16.8 12.1 13.0 10.3 4.2 Unicorn SICAV Alkimis Eq Alpha R EUR Cap 34.07 –5.4 15.6 R Valor C 1067.44 –5.5 35.5 30.3 21.8 14.7 14.6 10.7 5.4 NN (L) Fi. Cl Multi Asset Premium P C EUR 96.18 –5.6 12.6 Piguet International Fund Flexible (EUR) C EUR C 9.00 –5.8 14.6 PRIME VALUES Growth EUR R 30.32 –5.9 7.5 8.9 14.7 9.6 8.8 2.5 1.7 Hypo Portfolio Selection – Basic B 16.83 –6.0 26.1 18.6 16.6 15.1 16.8 8.0 3.5 Pictet-Multi Asset Global Opportunities-P EUR 2510.12 –6.1 13.8 ODEY Opportunity EUR R 290.00 –6.3 9.3 5.9 15.7 10.2 9.5 3.0 1.2 1741 (Lux) Global Risk Diversification OCCHF FXH D 268.80 –6.4 4.2 18.0 8.2 8.2 7.2 1.4 3.4 Symphonia Lux – Alto Valore 62.90 –6.4 5.6 –5.8 16.5 11.3 11.2 1.8 –1.2 EdR Prifund Strategy (EUR) A 376.71 –6.5 5.5 2.2 14.7 9.4 8.5 1.8 0.4 CS (Lux) FundSelection Balanced EUR B 425.66 –6.5 14.7 UBS (F) – Flex Patrimoine (EUR) R Eur 124.75 –6.6 5.7 0.3 11.9 8.0 7.8 1.9 0.1 1741 (Lux) Global Risk Diversification A CHF 268.80 –6.6 3.5 15.6 8.2 8.2 7.2 1.1 2.9 UBS (D) Portfolio II (EUR) 91.47 –6.9 6.8 7.7 14.7 9.7 9.5 2.2 1.5 Richelieu Fd-Flagship Cap 292.47 –6.9 7.6 16.3 10.8 2.5 Variopartner SICAV-PrBankActPortf III (EUR) R1-EUR 36.92 –6.9 15.1 Planetarium Fund Flex 90 44.56 –6.9 1.8 10.3 14.2 9.2 9.9 0.6 2.0 Allianz Strategy 50 – CT – EUR 2611.44 –7.0 23.2 31.2 15.4 10.5 10.2 7.2 5.6 PB Active Portfolio DE III 63.72 –7.1 –0.2 –6.4 15.0 9.6 9.4 –0.1 –1.3 PEH Sicav – PEH Strategie Flexibel P 45.34 –7.3 22.2 –1.0 17.5 12.8 11.7 6.9 –0.2 Hedge Invest HI Core UCITS Fund EUR R 50.52 –7.7 15.0 M&G Dynamic Allocation EUR A Acc 3356.93 –7.8 7.4 12.9 13.8 9.5 9.1 2.4 2.5 NN (L) First Class Multi Asset P Cap EUR 845.22 –7.8 2.8 13.9 8.8 0.9 BL Global Flexible EUR B Cap 1473.25 –8.2 3.4 1.5 12.4 8.2 7.8 1.1 0.3 Hypo Portfolio Selection – Dynamic Large B 75.48 –8.3 –3.0 15.4 10.4 –1.0 Julius Baer Multi Asset Strat. Allocation EUR B 129.43 –8.4 14.4 BGF Flexible Multi-Asset A2 EUR 454.80 –8.4 8.7 8.3 14.9 9.9 9.4 2.8 1.6 DZPB II – FLEX 2 E 174.78 –8.4 13.4 PIGUET FUND – Pondere (EUR) 64.34 –8.4 1.3 3.0 15.1 9.4 8.8 0.4 0.6 OekoWorld OekoTrust C 29.22 –8.4 7.2 –5.9 13.5 10.1 10.6 2.3 –1.2 Richelieu Fd-Flexible 25/75 37.14 –8.5 0.2 –2.3 14.7 9.1 8.5 0.1 –0.5 PARVEST Diversified Dynamic C C EUR 281.58 –8.5 3.1 2.3 15.3 10.4 9.8 1.0 0.5 Pictet Select-Callisto-I EUR 162.77 –8.5 0.7 15.0 9.2 0.2 BNY Mellon Global Real Return A EUR 2838.13 –8.5 –2.0 –1.4 12.3 8.4 8.0 –0.7 –0.3 PB Active Portfolio DE II 81.44 –8.6 –6.8 –11.7 14.2 8.8 8.3 –2.3 –2.5 Natixis Global Risk Parity R/A (EUR) 116.71 –8.7 12.5 FISCH MultiAsset MantaPlus Fund AE2 128.86 –8.7 13.6 StarCapital Huber – Strategy 1 A – EUR 161.36 –8.9 10.4 7.1 18.9 13.3 13.4 3.3 1.4 Carmignac Patrimoine A EUR acc 27017.19 –8.9 2.2 3.2 12.6 8.6 8.8 0.7 0.6 GAM Star Flexible Global Portfolio EUR Acc –9.2 5.7 3.6 17.0 10.9 9.9 1.9 0.7 CB – Accent (Lux) Swan Flexible B 11.96 –9.2 –7.1 –9.9 14.5 8.6 8.2 –2.4 –2.1 Seeyond Multi Asset Conservative Growth Fd RAE 165.25 –9.4 15.3 AZ Fund 1 Form Macro Dynamic Trading A AZ FUND Acc 248.46 –9.5 –1.2 –1.5 14.3 9.0 8.6 –0.4 –0.3 Mirabaud Multi Assets-Flexible EUR A Cap 22.77 –9.6 0.8 15.9 10.2 0.3 Ethna-AKTIV A 12658.91 –9.7 2.1 6.4 15.2 9.5 8.6 0.7 1.3 Moorea Fund Serenity RE Cap 61.56 –9.7 14.2 Petercam L Patrimonial B 259.82 –9.8 0.2 0.6 14.0 8.8 8.2 0.1 0.1 AZ Fund 1 Strategic Trend A AZ FUND Acc 555.09 –9.9 8.0 12.8 13.8 9.0 10.3 2.6 2.4 DIAMAN Sicav Mathematics R 4.30 –9.9 –5.4 –36.2 25.2 19.2 18.1 –1.8 –8.6 JSS Quant Portfolio – Global (EUR) P EUR dist 109.94 –9.9 –1.4 4.3 15.2 9.5 8.9 –0.5 0.8 Popso IFS Flex EUR B 48.91 –9.9 –6.3 –10.1 14.8 8.9 8.7 –2.2 –2.1

Finance

Le Temps l Mercredi 3 février 2016

CLASSEMENTS Nom

Actifs nets mios francs

Performance totale % 2015 3 ans 5 ans

Volatilité annualisée % 2015 3 ans 5 ans

Perf. annualisée % 3 ans 5 ans

Amundi Fds Patrimoine – AE (C) 886.73 –10.0 14.3 Schroder ISF Glo Diversified Growth C Acc 849.47 –10.0 6.8 5.6 15.2 10.4 9.7 2.2 1.1 DB PWM I – Global Allocation Tracker (EUR) 42.68 –10.0 –1.6 16.7 11.0 –0.5 Deutsche Invest I Multi Opportunities LC 2432.52 –10.1 15.0 Veri ETF-Dachfonds (P) 118.52 –10.1 2.4 –14.1 14.8 10.3 10.6 0.8 –3.0 Patrimony Fund Risk Control 22.93 –10.2 –10.3 14.9 9.2 –3.6 Metzler Wertsicherungsfonds 90 A 24.80 –10.2 5.4 15.0 10.1 1.8 JB Strategy Income-EUR B 329.02 –10.2 –1.7 3.3 14.9 9.2 8.4 –0.6 0.7 Pegaso Capital SICAV – Strategic Trend R 50.70 –10.2 –18.6 –16.7 14.7 8.7 9.0 –6.6 –3.6 UBS (Lux) KSS-Global Allocation (EUR) P-acc 1007.63 –10.3 8.3 7.4 17.8 11.8 11.4 2.7 1.4 CB – Accent (Lux) Darwin Selection Euro B 26.79 –10.4 –8.3 –16.0 17.0 10.7 9.6 –2.8 –3.4 JPM Global Allocation A Acc EUR 19.12 –10.5 17.5 BNP Paribas L1 Multi-Asset Income C C 1848.67 –10.5 15.7 Kairos International Sicav – Dynamic P 10.37 –10.5 –10.2 –7.7 14.9 9.0 8.7 –3.5 –1.6 Scarabaeus Active Fd II Ltd 9.03 –10.6 15.3 BSF European Dynamic Diversified Growth A2 EUR 1104.43 –10.7 –1.1 15.4 9.9 –0.4 AZ Fund 1 Cat Bond Fund A AZ FUND Acc 159.06 –10.7 –8.0 15.7 9.2 –2.7 Parvest Flexible Multi-Asset Cl EUR Cap 92.22 –10.8 16.6 Deutsche Invest I Multi Asset Total Return LC 12.51 –10.8 14.7 AXA WF Global Flex 50 A C 132.62 –10.9 –4.7 0.4 15.3 9.5 9.1 –1.6 0.1 ASB Axion SICAV – Opportunity Fund 47.03 –11.1 –11.3 –9.6 15.7 9.5 8.7 –3.9 –2.0 Berenberg Diversified UI EUR 57.60 –11.1 –4.2 –5.9 16.2 10.0 9.7 –1.4 –1.2 M&G Income Allocation EUR A Acc 1103.05 –11.2 14.0 UBS (Lux) KSS-Gl Alloc Focus Europe (EUR) P-acc 186.11 –11.3 6.7 5.8 17.9 11.9 11.6 2.2 1.1 AZ Fund 1 Carry Strategies A-AZ Fund Cap 783.14 –11.4 14.6 Convictions Premium P 106.57 –11.5 –8.7 –16.8 14.8 9.9 9.7 –3.0 –3.6 JSS Multi Label SICAV – OekoFlex (EUR) B 11.27 –11.5 –5.7 –10.1 13.6 8.8 8.4 –1.9 –2.1 Julius Baer Asset Allocation Fund Dynamic B 7.23 –11.5 17.2 OnCapital SICAV-Dynamic Multistrategy A 25.26 –11.7 –7.8 15.1 9.3 –2.7 Julius Baer Asset Allocation Fund Defender B 14.69 –11.7 16.2 CB – Accent (Lux) New World B 14.96 –12.4 –16.7 –34.0 14.3 8.4 9.4 –5.9 –8.0 ARCHEA Fund Globiq B1Cap 19.56 –12.8 15.3 Carmignac Profil Reactif 50 A EUR acc 302.85 –13.6 –9.5 –10.2 12.5 8.7 8.9 –3.3 –2.1 Carmignac Profil Reactif 100 A EUR acc 132.31 –13.7 –5.1 –7.3 13.6 10.6 10.5 –1.7 –1.5 Carmignac Profil Reactif 75 A EUR acc 149.82 –13.7 –7.1 –8.3 12.6 9.5 9.5 –2.4 –1.7 PEH Sicav – PEH Empire P 39.94 –13.9 –5.5 –11.4 23.5 15.3 13.2 –1.9 –2.4 Julius Baer – Avantgarde B 6.74 –13.9 –13.6 15.4 9.5 –4.8 1741 (Lux) Global Risk Diversification BS EUR 268.80 –14.3 –4.6 5.8 11.5 10.0 9.0 –1.6 1.1 Timeo Neutral Sicav – BZ Global Asset Alloc R EUR 8.36 –14.4 –14.6 14.2 8.9 –5.1 JABCAP (LUX)-Global Balanced R EUR 57.67 –14.6 23.4 –6.3 27.3 20.6 20.3 7.3 –1.3 DIAMAN Sicav Target Strategy R Cap 10.61 –14.6 13.9 Kairos International Sicav – Emerging Markets P 61.80 –15.4 –12.5 –20.3 18.2 14.2 14.0 –4.4 –4.4 Raiffeisen GlobalAllocation StrategiesPlus RT 112.75 –15.7 –20.1 13.5 9.7 –7.2 DIAMAN Sicav Trend Follower R 3.91 –16.7 –8.7 –23.9 16.0 11.7 11.2 –3.0 –5.3 BBVA Durbana IF Multi-Asset Flexible A EUR Cap 10.46 –17.1 –12.7 18.1 11.3 –4.4 Schroder ISF Wealth Preservation A Acc EUR 20.07 –17.4 12.7 AZ Fund 1 Market Neutral A AZ FUND Acc 19.53 –18.2 –22.2 17.1 10.6 –8.0 BTG AlgoTrend Fund LIQ –55.1 35.6 Mixtes EUR Flexible – International Average 1043.49 –8.7 2.7 1 14.9 10.1 10.3 0.8 0 MIXTES EUR FLEXIBLE – ZONE EURO BBM V- Flex AC Dorval Convictions P DNCA Evolutif C KBL Richelieu Flexible C LLB Inflation Protect (EUR) Mixtes EUR Flexible – Zone Euro Average

60.77 1.6 13.3 287.46 –1.1 17.0 13.2 18.9 13.1 12.0 5.4 2.5 1144.35 –5.4 14.4 12.8 16.6 11.7 11.8 4.6 2.4 50.77 –6.7 –8.6 –11.8 17.2 12.6 11.4 –2.9 –2.5 6.77 –13.1 –13.3 13.8 8.6 –4.6 310.02 –4.9 2.4 4.7 15.9 11.5 11.7 0.6 0.8

MIXTES EUR PRUDENT – EUROPE Invesco Pan European High Income A Acc CHF Hedged R Alizes C Invesco Pan European High Income A Acc EUR Planetarium Fund Flex 70 SKALIS Evolution Flex AK R Planetarium Fund Flex 60 Oddo Optimal Income CR-EUR Mixtes EUR Prudent – Europe Average

7745.90 1.4 7.8 136.93 –6.9 8.8 15.3 10.3 2.8 7745.90 –7.4 11.6 32.6 14.8 9.7 11.1 3.7 5.8 16.00 –7.7 4.3 5.1 14.5 9.4 9.0 1.4 1.0 118.73 –7.8 14.8 9.35 –9.5 –0.8 –1.0 14.8 9.5 9.0 –0.3 –0.2 438.60 –12.4 16.0 3522.58 –7.2 6 12.3 14 9.7 9.7 1.9 2.2

MIXTES EUR PRUDENT – INTERNATIONAL Nordea FoF Multi Manager Fund Conservative HB CHF 271.25 1.3 5.5 CS (Lux) FundSelection Income EUR BH CHF 668.24 0.1 7.2 LLB Strategie Rendite (USD) 19.17 –1.9 12.3 Base Investments Flexible Low Risk Exposure EUR 84.81 –4.9 2.3 2.8 13.4 8.2 9.0 0.7 0.5 BL Global 30 B Cap 213.97 –5.3 –2.6 –3.3 11.0 6.6 6.8 –0.9 –0.7 CS (Lux) Portfolio Fund Reddito EUR B 208.98 –5.7 7.6 13.2 14.3 9.1 9.1 2.5 2.5 Flossbach von Storch – Multi Asset – Defensive R 495.49 –6.2 3.8 8.2 13.4 8.6 8.0 1.2 1.6 Crossfund Sicav-Crossinvest Conservative Fund-A 50.74 –6.5 13.2 AZ Fund 1 Institutional Target A AZ FUND Acc 305.43 –6.5 0.3 1.4 12.8 8.1 8.7 0.1 0.3 Pioneer Funds Global Mlt-Ast Cons A No Dis EUR 191.16 –6.6 11.8 FairWorldFonds 404.11 –6.6 5.0 7.8 13.7 8.4 7.9 1.6 1.5 Fidelity Funds – Gl MA Tactl Defensive A-EUR 393.50 –7.0 6.0 4.9 14.8 9.0 8.6 2.0 1.0 AZ Fund 1 Solidity A AZ FUND Acc 510.94 –7.2 3.9 5.9 14.7 9.2 9.7 1.3 1.1 Nordea FoF Multi Manager Fund Conservative BP EUR 271.25 –7.3 14.3 UBS (D) Konzeptfonds III 32.74 –7.4 4.3 7.9 14.4 8.9 8.7 1.4 1.5 Degroof Global ISIS Low B Cap 802.47 –7.4 3.1 4.0 13.6 8.5 8.2 1.0 0.8 Sparinvest-Securus EUR R 166.39 –7.5 2.4 3.6 14.3 8.7 8.3 0.8 0.7 Nordea FoF Tactical Allocation Conservative BP EUR 19.44 –7.6 –0.6 –1.1 14.2 8.8 8.4 –0.2 –0.2 AZ Fund 1 Asset Plus A AZ FUND Acc 484.99 –7.6 –4.9 –6.8 13.8 8.5 8.1 –1.7 –1.4 CS (CH) Interest & Dividend Focus Income EUR A 142.01 –7.7 2.4 4.1 13.1 8.5 8.0 0.8 0.8 DB PWM II-Active Asset Alloc Portf – Cons (Euro) A 221.07 –7.7 3.9 5.6 14.4 9.2 8.5 1.3 1.1 Swisscanto (LU) Portf Fd Green Invest Yield EUR B 37.38 –7.7 2.7 7.7 13.9 8.5 8.0 0.9 1.5 CAPB Funds Strategy 30 Euro P Cap 46.74 –7.8 15.5 LO Selection – The Conservative (EUR) P A 132.97 –7.9 –4.1 –3.0 14.1 8.6 8.0 –1.4 –0.6 Swisscanto (LU) Portfolio Fund Yield (EUR) A 184.61 –7.9 2.5 9.9 13.7 8.4 7.8 0.8 1.9 BCV (LUX) Strategy Yield (EUR) 65.07 –7.9 2.2 5.5 14.3 9.3 8.5 0.7 1.1 CB – Accent (Lux) Strategic Diversified EUR B 28.99 –8.0 2.2 –0.3 15.7 9.7 9.6 0.7 –0.1 LBBW Multi Global R 493.40 –8.1 2.3 6.7 15.2 9.4 8.9 0.8 1.3 Candriam Sustainable Low C Cap 106.88 –8.1 2.3 14.6 9.0 0.8 Swiss Rock (Lux) Dachfonds – Rendite A –8.2 0.3 0.6 14.4 9.0 8.4 0.1 0.1 Baloise F Invest (Lux) – BFI Activ (EUR) R 53.23 –8.2 3.8 7.0 13.8 8.9 8.5 1.2 1.4 CS (Lux) FundSelection Income EUR B 668.24 –8.2 13.8 PRIME VALUES Income EUR R 157.80 –8.2 –1.1 2.1 13.9 8.6 7.8 –0.4 0.4 Phaidros Funds – Conservative A 18.73 –8.3 1.0 3.7 15.6 9.6 8.9 0.3 0.7 Credit Suisse (Lux) Portfolio Fund Yield EUR B 682.35 –8.3 –0.8 1.8 13.8 8.5 8.0 –0.3 0.3 FORTUNA Europe Balanced Fund EUR 73.24 –8.4 –0.6 14.1 8.7 –0.2 LGT Strategy 3 Years (EUR) B 594.83 –8.6 –3.4 –2.5 14.1 8.9 8.2 –1.1 –0.5 LLB Strategie Rendite (EUR) 70.28 –8.7 0.6 6.0 14.1 8.8 8.2 0.2 1.2 BCV (LUX) Active Defensive (EUR) 19.48 –8.8 14.1 Aramea Rendite Plus 568.05 –8.8 9.1 29.8 15.2 9.8 10.6 3.0 5.4 Vermoegensmandat Strategie Stabil 55.88 –8.9 14.8 Sigma Plus Konservativ 286.79 –8.9 –2.7 1.8 14.0 8.6 8.2 –0.9 0.4 AZ Fund 1 Conservative A AZ FUND Acc 836.84 –9.1 –0.3 3.4 13.7 8.9 9.2 –0.1 0.7 BIL Patrimonial Low EUR C Cap 135.89 –9.1 –2.7 –3.3 13.5 8.4 8.3 –0.9 –0.7 BSI-Multinvest – Strategy Income (EUR) A 76.69 –9.4 –9.3 –1.3 14.2 8.7 8.2 –3.2 –0.3 JPM Access Conservative EUR A Acc 885.85 –9.6 –3.6 –1.4 15.5 9.6 8.7 –1.2 –0.3 Mirabaud – Serenite A 69.98 –9.7 –0.6 0.4 15.5 9.5 9.7 –0.2 0.1 UBS (Lux) Strategy Fd – Yield (EUR) P-acc 1439.71 –9.8 –1.9 0.5 15.6 9.5 8.7 –0.6 0.1 UBS (CH) Strategy Fund – Yield (EUR) P 154.88 –9.9 –1.2 2.5 15.7 9.6 8.8 –0.4 0.5 Metzler Wertsicherungsfonds 98 103.07 –9.9 15.4 AZ Fund 1 Best Bond A AZ FUND Acc 120.57 –10.1 –12.2 –7.4 14.5 8.9 8.2 –4.3 –1.5 Portfolio Global Income Prudent (EUR) R – Cap 638.82 –10.3 2.9 8.4 13.6 9.4 8.7 1.0 1.6 UBS (Lux) Strategy Xtra SICAV – Yield (EUR) P-acc 544.11 –10.4 –1.6 –0.1 15.7 9.7 8.8 –0.5 0.0 DZPB II – FLEX 1 E 157.68 –10.5 13.5 UBS (Lux) Strategy SICAV – Xtra Yield (EUR) P-acc 191.79 –10.6 16.1 UBS (Lux) Strategy SICAV – Income (EUR) P-acc 213.49 –10.7 15.1 VP Bank Strategie Fonds Konservativ EUR B 43.68 –11.0 –4.2 –3.2 14.7 9.2 8.6 –1.4 –0.6 AZ Fund 1 Formula 1 – Conservative A AZ FUND Acc 162.53 –11.6 –7.5 –9.7 13.2 8.3 8.2 –2.6 –2.0 DB PWM II-GIS Dynamic Contr Portf – Cons (Euro) A 54.77 –11.6 –5.9 –9.1 14.4 9.2 8.4 –2.0 –1.9 AZ Fund 1 QBond A AZ FUND Acc 39.68 –11.9 14.3 StarCapital Winbonds plus A 516.09 –12.1 –3.0 6.1 15.4 10.0 9.5 –1.0 1.2 AETERNITAS MULTI ASSET FUND EUR 6.52 –12.2 –15.2 13.4 8.4 –5.4 Vontobel Fund Target Return Defensive EUR B 39.21 –12.6 –10.5 –14.8 14.9 9.0 8.5 –3.6 –3.2 DB Platinum IV Sovereign Plus R1C 107.45 –15.0 –14.3 –10.9 14.2 8.8 8.4 –5.0 –2.3 Mixtes EUR Prudent – International Average 263.93 –8.3 –0.8 2.1 14 8.9 8.5 –0.3 0.4 MIXTES EUR PRUDENT – ZONE EURO DNCA Invest Eurose A EUR Cap Eurose Rouvier_Patrimoine C DWS Hybrid Bond Fund LD Echiquier Patrimoine Mixtes EUR Prudent – Zone Euro Average

5408.08 –7.0 6.7 11.7 14.9 9.6 9.2 2.2 2.2 4600.59 –7.0 7.1 12.8 14.9 9.6 9.2 2.3 2.4 320.85 –8.1 0.0 5.3 15.3 9.3 8.9 0.0 1.0 735.04 –8.5 7.7 29.9 15.4 9.5 9.5 2.5 5.4 742.21 –9.1 –2.2 –4.0 14.8 9.1 8.6 –0.7 –0.8 2361.35 –7.9 3.9 11.1 15.1 9.4 9.1 1.3 2.1

MIXTES GBP DYNAMIQUE LO Selection – Global Allocation (GBP) P A 35.09 Coutts Multi Asset UK Equity Growth GBP A Dist Coutts Multi Asset UK Growth GBP A Dist Mixtes GBP Dynamique Average 35.09

–2.0 –4.4 –4.6 –3.7

14.6 24.7 18.8 17.5 17 24.7

15.8 19.8 18.7 18.1

9.8 9.0 12.9 12.0 11.6 9

4.7 5.9 5.5 5.4

4.5 4.5

MIXTES GBP EQUILIBRÉ Polar Capital Income Opportunities A2 Ret Acc 166.01 1.9 34.7 56.5 15.5 10.1 10.1 10.4 9.4 Coutts Multi Asset UK Balanced GBP A Dist –5.2 13.6 16.7 10.8 4.4 WM Multi-Asset Moderate B (GBP) 56.93 –7.1 17.1 Odey Atlas GBP R S 28.03 –14.2 19.5 Mixtes GBP Equilibré Average 67.11 –6.2 24.1 56.5 17.2 10.4 10.1 7.4 9.4 MIXTES GBP FLEXIBLE Waverton Investments Alternatives GBP P BNY Mellon Global Real Return B GBP Acc M&G Episode Defensive Sterling A-P Acc WM Multi-Asset Growth B (GBP) Mixtes GBP Flexible Average

97.53 –2.6 14.0 87.12 –4.7 6.2 13.4 8.8 2.0 33.40 –5.8 1.3 17.9 11.2 0.4 23.64 –6.5 19.2 59.77 –4.9 3.7 N/A 16.1 10 N/A 1.2 N/A

Nom

Actifs nets mios francs

Performance totale % 2015 3 ans 5 ans

Volatilité annualisée % 2015 3 ans 5 ans

Perf. annualisée % 3 ans 5 ans

MIXTES GBP PRUDENT GAM Star Defensive GBP Acc –3.3 7.6 15.4 9.8 2.5 Coutts Multi Asset UK Defensive GBP A Dist –5.2 9.9 14.1 9.4 3.2 Garraway Financial Trends A-USD –5.6 14.4 14.7 16.2 4.6 M&G Optimal Income A Inc 23888.56 –6.0 10.0 33.8 14.9 9.7 9.5 3.2 6.0 WM Multi-Asset Conservative B (GBP) 10.92 –7.4 14.6 Mixtes GBP Prudent Average 11949.74 –5.5 10.5 33.8 14.8 11.3 9.5 3.4 6 MIXTES JPY PRUDENT Schroder ISF Japan DGF C Acc Mixtes JPY Prudent Average MIXTES TRY EQUILIBRÉ AZ Fund 1 Lira Plus A AZ Fund Acc Mixtes TRY Equilibré Average

355.82 355.82

–1.7 –1.7

–13.1 –13.1

–11.6 –11.6

8.2 8.2

7.8 7.8

9.9 9.9

–4.6 –4.6

–2.4 –2.4

91.64 –15.0 14.9 91.64 –15 N/A N/A 14.9 N/A N/A N/A N/A

MIXTES USD DYNAMIQUE MFS Meridian Funds-Prudent Wealth A1 USD 2390.34 GAM Star Growth T USD Acc GAM Star Balanced C USD Acc DB PWM II-Active Asset Alloc Portf-Growth (USD) A 64.42 Allianz Oriental Income – A – USD 331.72 Russell Multi-Asset 70 A USD 138.18 Coutts Multi Asset Global Growth USD A Dist Waverton Global Equity Wealth Creation A USD 10.64 Poalim Global Multi-Manager 70 USD 36.81 UBS (Lux) Strategy Fd – Growth (USD) P-acc 117.63 Goldman Sachs Wealthbuilder MA Gth Pf Base Acc USD 96.28 First Eagle Amundi International Fund – AU (C) 6419.71 IVA Global SICAV I A (USD) 1080.82 CS (Lux) Portfolio Fund Growth USD B 63.55 RBC Funds (Lux) Growth Portfolio A USD Cap 14.05 LGT GIM Growth (USD) B 889.52 Capital Group Gl Abs Inc Grower (LUX) B USD 93.87 First Eagle Amundi International Fund – AHC (C) 6419.71 Thornburg Investment Income Builder Class A 3.94 Mixtes USD Dynamique Average 1135.7

6.8 33.8 3.0 34.3 2.2 26.2 0.9 33.9 35.5 –0.1 24.2 22.7 –0.4 27.0 32.8 –0.4 30.1 –1.1 –1.2 27.7 31.8 –1.5 30.6 34.7 –1.8 –2.0 20.7 28.1 –2.3 27.6 29.0 –2.9 14.7 14.1 –3.3 –3.5 15.4 15.6 –3.5 23.5 –4.1 7.8 –4.5 23.5 –1 25.1 27.1

12.5 7.9 10.2 16.1 12.1 10.3 15.5 11.3 8.1 15.7 10.7 11.0 10.2 16.8 12.6 11.6 7.5 16.0 10.4 10.0 8.3 17.2 11.1 9.2 18.8 16.9 10.9 10.6 8.5 17.0 10.9 10.3 9.3 16.1 15.6 9.9 10.0 6.5 13.3 8.9 8.9 8.5 15.4 10.0 9.7 4.7 16.1 14.1 10.2 9.7 4.9 15.3 10.5 7.3 10.2 7.5 2.5 16.8 11.2 7.3 15.5 10.4 10.2 7.7

6.3 4.2 5.8 5.7 6.1 5.1 5.2 2.7 2.9

4.9

MIXTES USD EQUILIBRÉ – INTERNATIONAL GAM Star Cautious T USD Acc 2.5 25.5 14.4 10.4 7.9 Investec GSF Global Multi-Asset Income F Inc-2 USD 52.54 1.3 13.0 DB PWM II-Active Asset Alloc Portf – Core (USD) A 315.26 0.7 26.6 29.9 13.4 9.3 9.9 8.2 5.4 Santander Active Portfolio 2A 44.41 0.5 14.9 12.5 13.0 8.9 10.4 4.8 2.4 LGT Strategy 4 Years (USD) B 21.20 0.1 15.3 14.0 13.8 9.3 9.2 4.9 2.7 Threadneedle (Lux)-Global Asset Allocation AU 86.67 0.0 20.8 26.0 14.2 9.4 9.0 6.5 4.7 LGT Strategy 5 Years (USD) B 26.26 –0.2 16.3 11.3 15.0 9.9 9.7 5.2 2.2 Russell Multi-Asset 50 A USD 135.23 –0.4 21.2 29.0 14.1 9.4 9.3 6.6 5.2 JPM Access Balanced USD A Acc 1172.01 –0.5 20.9 24.0 15.2 10.0 9.6 6.5 4.4 ACPI Balanced UCITS USD 60.05 –0.6 25.7 35.5 14.8 9.7 9.4 7.9 6.3 Coutts Multi Asset Global Balanced USD A Dist –0.7 23.7 15.0 9.8 7.4 Russell Multi-Asset Defensive A USD 101.84 –0.8 8.1 11.1 11.5 8.4 9.9 2.6 2.1 Investec GSF Global Diversified Growth A Acc USD 60.80 –0.8 12.5 Poalim Global Multi-Manager 50 USD 87.06 –0.8 22.6 29.7 15.1 9.7 9.5 7.0 5.3 UBS (Lux) Strategy Xtra SIC-Balanced (USD) P-acc 233.96 –1.0 25.2 28.4 14.5 9.4 9.3 7.8 5.1 UBS (CH) Strategy Fund – Balanced (USD) P 89.37 –1.2 24.8 29.7 15.0 9.7 9.6 7.7 5.3 UBS (Lux) Strategy Fd – Balanced (USD) P-acc 945.68 –1.2 24.4 28.9 15.0 9.7 9.6 7.6 5.2 Goldman Sachs Glo Inc Builder Pf Base Acc USD 115.44 –1.3 14.8 Investec GSF Global Strategic Mgd A Acc 758.94 –1.4 25.0 25.9 14.3 9.3 8.8 7.7 4.7 Goldman Sachs Wealthbuilder MA Bal Pf Base Acc USD 115.43 –1.5 14.9 BGF Global Allocation A2 USD 22604.40 –1.5 23.8 25.6 14.6 9.8 9.3 7.4 4.7 Portfolio Mgt Slt Balanced Dollar B GEN C 14.41 –1.8 19.9 19.3 14.5 10.6 11.0 6.2 3.6 VP Bank Strategie Fonds Ausgewogen USD B 15.30 –1.9 14.6 15.3 13.4 9.0 9.2 4.6 2.9 CS (Lux) Portfolio Fund Balanced USD B 145.24 –2.0 12.2 14.4 13.4 8.7 8.5 3.9 2.7 MFS Meridian Funds-Global Total Return A1 USD 2850.80 –2.0 24.7 36.6 14.4 9.3 9.1 7.6 6.4 Coronation Global Capital Plus A 134.16 –2.1 14.2 21.9 13.6 9.3 9.0 4.5 4.0 Fidelity Funds – Growth & Income A-USD 119.41 –2.1 20.9 20.6 15.2 9.7 9.3 6.5 3.8 LLB Strategie Ausgewogen (USD) 7.55 –2.2 13.9 Oasis Crescent Glbl Low Equity Balanced B USD Acc 15.59 –2.3 27.1 13.6 9.0 8.3 Julius Baer Strategy Balanced-USD B 76.73 –2.3 20.0 26.2 14.9 9.6 9.6 6.3 4.8 RBC Funds (Lux) Balanced Portfolio A USD Cap 19.42 –2.5 14.8 AllianceBernstein-Dev Mkts MA Income Pf AX USD 94.24 –2.7 13.5 Coutts Multi Asset Global Balanced CHF A Dist –2.8 10.5 9.1 6.8 3.4 Coutts Multi Asset Global Balanced CHF A Acc –2.9 9.1 UBS (Lux) KSS – Asian Gl Strat Bal (USD) P-a 66.97 –2.9 13.4 Coutts Multi Asset Global Balanced CHF B Acc –3.3 9.1 Coutts Multi Asset Global Balanced CHF B Dist –3.4 9.1 Oasis Crescent Glbl Medium Eqty Blncd A USD Dist 0.24 –3.4 30.4 14.8 9.8 9.2 Templeton Global Income A (Qdis) USD 1970.86 –4.1 19.5 27.6 17.3 11.2 10.6 6.1 5.0 Franklin Glo Fundamental Strategies A (acc) USD 1913.71 –5.1 18.6 29.2 17.7 11.3 10.6 5.9 5.3 BBVA Durbana IF Multi-Asset Moderate A USD Cap 44.49 –5.1 10.2 14.5 16.3 10.5 10.6 3.3 2.7 Templeton Global Balanced A (Qdis) USD 1031.38 –5.4 17.8 28.7 17.3 11.2 11.0 5.6 5.2 Pioneer Funds Real Assets Target Income A ND USD 162.29 –5.8 13.1 UBAM Asymmetry 50 USD A USD Cap 76.02 –7.0 12.4 MFS Meridian Funds-Global Multi-Asset A1 USD 74.33 –7.1 2.5 13.0 8.6 0.8 BSF Emerging Markets Allocation A2 USD 46.35 –9.8 11.9 JPM Total Emerging Markets Income A Acc USD 58.85 –16.6 12.9 Mixtes USD Equilibré – International Average 857.39 –2.5 19.6 23.7 13.8 9.6 9.6 6.1 4.3 MIXTES USD EQUILIBRÉ – US Goldman Sachs US Real Estate Bal Pf Base Acc USD Janus Balanced A USD Acc Allianz Income and Growth – AT – USD Franklin Income A (Mdis) USD Mixtes USD Equilibré – US Average

647.20 720.48 12659.49 2557.80 4146.24

MIXTES USD FLEXIBLE – INTERNATIONAL ARCHEA Fund Nordam B1 Allround QUADInvest Growth B Goldman Sachs Tactical Tilt Pf P Acc USD Goldman Sachs Tactical Tilt Pf R Acc CHF-H BNY Mellon Global Real Return A USD Goldman Sachs Tactical Tilt Pf P Acc CHF-H JPM Access Conservative USD A Acc JPM Access Growth USD A Acc UBAM Multifunds Allocation 30 AC USD EdR Prifund Strategy (USD) A Fidelity Funds – Gl MA Income A-ACC-USD Pioneer Funds Flexible Opportunities A ND EUR DB PWM I – Global Allocation Tracker (USD) PIMCO GIS Global Multi-Asset E USD Acc UBS (Lux) Sicav 1 – All Rounder (USD) P-acc UBAM Multifunds Allocation 50 AC USD BGF Global Multi-Asset Income A2 USD Schroder ISF Global Multi-Asset Allocation A1 Acc UBAM Multifunds Allocation 30 AH CHF AllianceBernstein-Dynamic Diversified Pf AX USD OYSTER Multi-Asset Inflation Shield R USD UBAM Multifunds Allocation 70 AC USD UBAM Multifunds Allocation 50 AHC CHF UBS (Lux) SICAV 1 – All-Rounder (USD) (CHFhdg) Q-a UBS (Lux) KSS-Global Allocation (USD) P-acc UBS (Lux) KSS-Multi Asset Income (USD) P-dist Franklin Global Allocation A (acc) USD Portfolio Mgt Slt Flexible 100 Dollar Gen B Fidelity Funds – Gl MA Tct Moderate A-ACC-EUR 1618 IF Opportunity USD UBS (Lux) KSS – Multi Asset Income (USD)(CHFh) Qd UBS (Lux) KSS – Multi Asset Income (USD)(CHFh) Qa Schroder ISF Global Tactical Asset Allocat C Acc Schroder ISF Global Multi-Asset Income A Acc ActiveGlobalValue 0/100 – CHF-R - CS (Lux) Global High Income Fund USD A Schroder ISF Global Multi-Asset Income CHFH C Dis IVY Global Invest Asset Strategy A USD CS (Lux) Global High Income Fund USD AH CHF All Seasons Portfolio Fund CS (Lux) Global High Income Fund USD BH CHF AZ Fund 1 Top Rating A AZ Fund Acc UBS (Lux) KSS – Emerg Mkts Allocation(USD)Pa UBS (Lux) KSS – Emerg Mkts Income (USD) P-acc PIMCO GIS Dividend and Income Builder E USD Inc UBS (Lux) KSS-Emerg Mkts Allocation (USD)(CHFh) Qa UBS ETFs plc – MAP Bal 7 SF UCITS ETF (USD) A-acc AllianceBernstein-Real Asset Portfolio A USD Mixtes USD Flexible – International Average

25.13 5.1 36.6 20.0 13.1 11.0 71.44 1.7 66.4 71.3 17.8 12.9 13.6 18.5 11.4 1804.13 1.2 24.3 17.1 10.8 7.5 1804.13 0.5 9.5 506.65 0.1 15.9 16.8 11.2 8.4 9.7 5.0 3.2 1804.13 –0.1 12.4 9.5 6.4 4.0 452.01 –0.2 14.8 13.0 8.8 4.7 76.05 –0.4 17.7 72.77 –0.5 14.1 130.51 –0.5 19.2 16.9 14.0 9.7 9.6 6.0 3.2 3188.36 –0.6 13.6 73.82 –0.7 15.6 14.1 10.1 5.0 28.76 –1.2 17.5 14.4 9.8 5.5 1380.45 –1.3 4.5 8.1 14.9 10.8 9.8 1.5 1.6 492.51 –1.4 12.4 18.2 11.7 8.1 9.0 4.0 3.4 68.14 –1.4 15.3 3321.32 –1.6 17.6 12.9 8.9 5.5 140.90 –2.2 25.2 31.9 16.5 10.8 10.9 7.8 5.7 72.77 –2.3 6.2 90.10 –2.5 18.6 14.4 9.2 5.8 49.34 –2.5 11.7 22.46 –2.7 16.8 68.14 –3.0 8.2 492.51 –3.2 0.8 5.8 4.8 4.9 5.5 0.3 1.1 1329.75 –3.4 21.1 22.4 16.8 10.8 10.2 6.6 4.1 374.64 –3.4 11.4 13.2 9.1 3.7 67.01 –3.4 11.9 17.1 10.9 3.8 1.59 –3.7 27.3 17.4 12.2 8.4 566.24 –4.8 13.9 12.3 15.1 9.4 8.9 4.4 2.3 17.73 –5.0 0.8 14.5 9.6 0.3 374.64 –5.0 0.4 6.0 5.0 0.1 374.64 –5.0 0.4 6.0 5.1 0.1 198.53 –5.8 4.3 –0.6 12.3 9.8 10.9 1.4 –0.1 5078.58 –6.2 10.7 12.9 9.0 3.4 8.27 –6.8 –4.9 –25.2 11.9 8.8 11.2 –1.7 –5.6 92.60 –6.9 13.8 5078.58 –7.3 5.9 66.20 –7.8 18.2 19.3 19.8 13.6 13.2 5.7 3.6 92.60 –8.6 8.1 7.40 –8.6 14.0 92.60 –8.7 8.1 55.17 –8.9 15.0 55.40 –9.3 –14.1 13.7 10.3 –5.0 62.38 –9.7 14.1 110.15 –10.5 14.0 18.7 12.1 4.5 55.40 –10.8 –22.8 10.7 9.9 –8.3 51.37 –17.2 12.7 22.77 –17.4 –21.7 16.4 11.4 –7.8 537.47 –4.2 12 16.4 13.2 9.7 10.2 3.6 2.8

MIXTES USD PRUDENT CAPB Funds Strategy 30 US Dollar P Cap 41.80 DB PWM II-Active Asset Alloc Portf – Cons (USD) A 100.96 LO Selection – Conservative (USD) P A 65.82 Goldman Sachs Wealthbuilder MA Csv Pf Base Acc USD 87.56 Russell Multi-Asset 35 A USD 74.22 Coutts Multi Asset Global Defensive USD A Dist LGT Strategy 3 Years (USD) B 111.52 UBS (Lux) Strategy SICAV – Income (USD) P-acc 126.03 Poalim Global Multi-Manager 20 USD 30.94 VP Bank Strategie Fonds Konservativ USD B 8.88 Santander Active Portfolio 1A 80.00 UBS (Lux) Strategy Xtra Sicav – Yield (USD) P-acc 372.96 UBS (CH) Strategy Fund – Yield (USD) P 168.72 UBS (Lux) Strategy Fd – Yield (USD) P-acc 630.60

2.8 0.2 –2.7 –9.6 –2.3

32.6 32.1 44.2 30.4 11.8 24.5 26.7 34.3

0.2 0.1 18.3 20.8 0.0 9.7 11.7 –0.1 –0.3 17.1 26.2 –0.4 16.7 –0.4 12.4 15.2 –0.5 –0.7 15.1 25.4 –0.9 13.3 18.1 –1.0 8.5 7.7 –1.1 18.9 22.2 –1.2 18.8 23.4 –1.3 17.9 22.0

15.3 14.3 16.2 15.9 15.4

10.6 9.5 9.8 11.1 10.5 10.3 10.4 10.1

9.9 9.7 9.2 3.8 8.2

13.8 11.7 8.4 9.5 5.8 12.2 8.3 9.3 3.1 13.2 12.7 8.7 9.2 5.4 13.4 9.0 5.3 12.8 8.8 9.1 4.0 12.4 12.9 8.5 9.5 4.8 11.9 8.3 9.1 4.3 12.0 8.3 10.0 2.8 13.2 8.8 9.2 5.9 13.6 9.0 9.5 5.9 13.6 8.9 9.6 5.6

7.6 4.5 6

3.9 2.2 4.8 2.9 4.6 3.4 1.5 4.1 4.3 4.1

Finance

Le Temps l Mercredi 3 février 2016

CLASSEMENTS Nom

Actifs nets mios francs

Performance totale % 2015 3 ans 5 ans

Volatilité annualisée % 2015 3 ans 5 ans

Perf. annualisée % 3 ans 5 ans

Credit Suisse (Lux) Portfolio Fund Yield USD B 251.01 –1.4 9.4 12.8 11.7 7.9 8.5 3.1 2.4 RBC Funds (Lux) Conservative Portfolio A USD Cap 10.29 –1.4 13.2 First Eagle Amundi Income Builder – AU (C) 230.98 –1.6 13.5 Julius Baer Strategy Income-USD B 102.49 –2.0 15.2 20.7 13.1 8.7 9.4 4.8 3.8 PIMCO GIS Strategic Income E Acc USD 181.06 –2.6 13.8 WM Multi-Asset Conservative B (USD) 5.24 –2.6 13.6 LGT GIM Balanced (USD) B 869.96 –2.7 12.2 14.0 13.0 9.4 9.1 3.9 2.7 DB PWM II-GIS Dynamic Contr Portf – Cons (USD) A 52.84 –2.8 12.1 10.1 11.8 8.4 9.7 3.9 1.9 Coutts Multi Asset Global Defensive CHF B Acc –3.0 6.5 Coutts Multi Asset Global Defensive CHF B Dist –3.1 6.5 Franklin Brazil Opportunities A (acc) USD 19.25 –12.9 –4.3 16.7 11.0 –1.4 Mixtes USD Prudent Average 164.69 –1.7 13.2 17.9 12.5 8.8 9.3 4.2 3.3 MONÉTAIRE AUD Swisscanto (LU) Money Market Fund AUD B JPM Australian Dollar Liquidity A Acc AUD UBS (Lux) Money Market Fund – AUD P-acc Fidelity Funds II – AUD Currency A-ACC-AUD Monétaire AUD Average MONÉTAIRE CAD Aberdeen Liquidity (Lux) Canadian Dollar A2 Acc UBS (Lux) Money Market Fund – CAD P-acc Swisscanto (LU) Money Market Fund CAD B Monétaire CAD Average

164.81 314.78 215.91 101.35 199.21

–8.8 –8.9 –8.9 –9.4 –9

–18.4 –18.6 –18.8 –19.9 –19

–12.5 –12.7 –12.7 –15.1 –13.3

15.5 15.6 15.5 15.6 15.6

11.3 11.3 11.3 11.3 11.3

10.5 10.5 10.5 10.5 10.5

–6.6 –6.6 –6.7 –7.1 –6.8

–2.6 –2.7 –2.7 –3.2 –2.8

67.58 125.11 38.12 76.93

–15.8 –15.8 –15.9 –15.8

–20.6 –20.9 –20.8 –20.7

–20.8 –21.6 –21.6 –21.3

19.6 19.5 19.5 19.5

12.1 12.0 12.0 12

10.8 10.7 10.7 10.8

–7.4 –7.5 –7.5 –7.5

–4.5 –4.8 –4.7 –4.7

MONÉTAIRE CHF LLB Defensive (CHF) UBP Money Market Fund CHF Base Investments Short Term CHF Syz AM (CH) Liquidity Mgmt – CHF A CB – Accent Short Term Maturity Fund CHF BSI-Multinvest – Cash CHF A LGT Money Market Fund (CHF) B Swisscanto (LU) Money Market Fund CHF B Raiffeisen Fonds – Swiss Money B Vontobel Fund Swiss Money A CHF Vontobel Fund Swiss Money B CHF Julius Baer MM Swiss Franc-CHF B LO Funds (CH) -Short-Term Money Market (CHF) I D LO Funds – Short-Term Money Market (CHF) ID UBS (Lux) Money Market Fund – CHF P-acc VP Bank Money Fund CHF CS (Lie) Money Market Fund – CHF B LO Funds – Short-Term Money Market (CHF) P A Pictet CH Enhanced Liquidity CHF I dy Pictet CH Enhanced Liquidity CHF P dy Pictet CH Short-Term Money Market CHF P dy CS (Lux) Money Market Fund – CHF B Avadis – Strategie Stabil A Pictet Short -Term Money Market CHF-P Pictet CH Enhanced Liquidity CHF R dy Target Investment Fund Geldmarkt CHF B Pictet CH-Sovereign Short-Term Money MarketCHF Pdy OLZ – Money Market CHF I-X DWS (CH) – Money Market (CHF) A FORTUNA INVEST-Risk Control 2 FORTUNA INVEST-Risk Control 6 FORTUNA INVEST-Risk Control 3 FORTUNA INVEST-Risk Control 5 FORTUNA INVEST – Risk Control 1 FORTUNA INVEST-Risk Control 4 Monétaire CHF Average

60.12 –0.2 0.2 0.6 0.8 0.4 0.4 0.1 0.1 49.06 –0.3 –0.2 0.1 0.1 0.1 0.1 –0.1 0.0 93.85 –0.4 0.7 3.5 2.2 0.2 1583.36 –0.4 0.0 0.2 0.2 0.0 9.20 –0.4 0.4 1.2 0.2 0.2 0.4 0.1 0.2 111.30 –0.4 –0.3 0.4 0.2 –0.1 145.30 –0.5 –0.5 0.2 0.3 0.2 0.2 –0.2 0.0 488.86 –0.5 –0.8 –0.9 0.3 0.2 0.1 –0.3 –0.2 106.58 –0.5 –0.1 0.7 0.7 0.4 0.4 0.0 0.1 115.72 –0.5 0.2 1.1 0.8 0.5 0.5 0.1 0.2 115.72 –0.5 0.2 1.1 0.9 0.5 0.5 0.1 0.2 122.05 –0.6 –0.8 –0.7 0.2 0.2 0.2 –0.3 –0.1 403.46 –0.6 –0.6 –0.2 0.1 0.1 0.1 –0.2 0.0 1.93 –0.6 0.1 1087.83 –0.7 –0.9 –0.9 0.1 0.1 0.1 –0.3 –0.2 70.27 –0.7 –0.8 –0.4 0.2 0.2 0.3 –0.3 –0.1 355.55 –0.7 –0.8 –0.6 0.2 0.1 0.1 –0.3 –0.1 442.18 –0.7 0.1 878.52 –0.8 –0.7 –0.1 0.1 0.1 0.1 –0.2 0.0 878.52 –0.8 –0.7 –0.3 0.1 0.1 0.1 –0.2 –0.1 1975.48 –0.8 –1.0 –0.9 0.1 0.1 0.1 –0.3 –0.2 524.34 –0.8 –0.9 –0.8 0.2 0.1 0.2 –0.3 –0.2 18.06 –0.8 –1.1 –1.2 0.1 0.1 0.1 –0.4 –0.2 1283.92 –0.8 –0.9 –0.8 0.1 0.1 0.1 –0.3 –0.2 878.52 –0.8 –0.9 0.0 0.1 0.1 0.2 –0.3 0.0 56.50 –0.9 –1.5 –1.6 0.3 0.2 0.3 –0.5 –0.3 384.62 –0.9 –1.3 –1.7 0.2 0.1 0.1 –0.4 –0.3 5.96 –1.0 –0.2 0.3 0.5 –0.1 38.18 –1.0 –1.0 0.0 0.1 0.2 0.2 –0.3 0.0 453.39 –1.3 2.0 1068.30 –2.0 4.9 1064.07 –2.3 4.7 1067.81 –2.5 4.0 433.28 –4.3 2.2 1049.97 –4.7 4.8 497.77 –1 –0.5 –0.3 1 0.3 0.2 –0.2 –0.1

MONÉTAIRE EUR Carmignac Court Terme A CHF acc Hdg Base Investments Short Term EUR AZ Fund 1 Cash 12 Mesi A AZ FUND Acc AZ Fund 1 Cash Overnight A AZ FUND Acc Petercam L Liquidity EUR&FRN B Swiss Life Funds (F) Money Market Euro P EdR Prifund MM EUR A BNP Paribas InstiCash Money 3M EUR Classic Cap Edmond de Rothschild Monecourt C UniReserve: Euro A AZ Fund 1 Reserve Short Term Euro A AZ FUND Acc Carmignac Court Terme A EUR acc PARVEST Money Market Euro C C EUR LGT Money Market Fund (EUR) B Fidelity Funds II – EUR Currency A-ACC-EUR BSI-Multinvest – Cash EUR A Fidelity Funds – Euro Cash A-EUR LO Funds (CH) -Short-Term Money Market (EUR) I D UBS (Lux) Money Market Fund – EUR P-acc Aberdeen Liquidity (Lux) Euro A2 Acc DWS Rendite Optima Four Seasons UBS (Lux) Sicav 2 – Money Market EUR P-acc UBS (Lux) Money Market Invest – EUR P-acc UBS (Lux) Money Market Sicav-EUR P-acc BGF Euro Reserve A2 EUR Pictet CH Enhanced Liquidity EUR P dy UBS (CH) Money Market Fund – EUR K-1 CB – Accent Short Term Maturity Fund EUR BNP Paribas InstiCash EUR Classic C Invesco Euro Reserve A Acc EUR Candriam Money Market Euro AAA C Cap UnionGeldmarktFonds JPM Euro Liquidity A Acc JPM Euro Money Market A Acc EUR LLB Defensive (EUR) DWS (CH) – Money Market (Euro) A Lyxor UCITS ETF Euro Cash UBP Money Market Fund EUR Amundi Fds Cash EUR – AE (C) DB Platinum IV Dynamic Cash R1C CS (Lie) Money Market Fund – EUR B Pictet CH Short-Term Money Market EUR P dy LO Funds – Short-Term Money Market (EUR) P A Vontobel Fund Euro Money B EUR Pictet Short -Term Money Market EUR-P BlackRock ICS Inst Euro Govt Liq Agency Acc HSBC GIF Euro Reserve AC EUR SICAV II (Lux) Aberdeen Money Market Euro B Petercam Bonds EUR Short Term 1 Year B Franklin Euro Short Term Money Market A (acc) EUR CS (Lux) Money Market Fund – EUR B FT AccuGeld (PT) Raiffeisen Fonds – Euro Money B Syz AM (CH) Liquidity Mgmt – EUR A iShares Euro Government Bond 0-1yr UCITS ETF Allianz Enhanced Short Term Euro – AT – EUR ComStage Commerzbank EONIA Index TR UCITS ETF Pictet CH-Sovereign Short-Term Money MarketEUR Pdy db x-trackers II EONIA UCITS ETF 1C VP Bank Money Fund EUR Swisscanto (LU) Money Market Fund EUR B Pictet Sovereign Short -Term Money Market EUR-P Candriam Money Market Euro C Cap Investec GSF Euro Money A Acc Julius Baer MM Euro-EUR B Candriam Money Market Euro Sustainable C Cap Franklin Euro Liquid Reserve A (Ydis) EUR Schroder ISF EURO Liquidity A Acc Allianz Treasury Short Term Plus Euro-A-EUR Monétaire EUR Average

389.29 –0.9 –0.9 0.2 0.2 –0.3 93.85 –8.6 –7.3 –8.0 13.7 8.2 8.0 –2.5 –1.7 380.79 –8.9 –5.9 15.7 9.2 –2.0 1786.72 –9.0 –7.0 15.7 9.2 –2.4 14.97 –9.3 –2.5 4.4 15.6 9.4 8.9 –0.8 0.9 2698.93 –9.5 –9.1 –10.2 15.8 9.2 8.7 –3.1 –2.1 247.11 –9.5 –9.7 –12.0 15.8 9.2 8.7 –3.3 –2.5 2469.07 –9.5 –9.5 –12.2 15.8 9.2 8.7 –3.3 –2.6 664.10 –9.5 –9.7 –12.4 15.8 9.2 8.7 –3.4 –2.6 1443.82 –9.6 –8.7 –8.4 15.7 9.2 8.7 –3.0 –1.7 174.48 –9.6 –8.7 –9.1 15.7 9.3 8.9 –3.0 –1.9 389.29 –9.6 –9.5 –11.5 15.8 9.2 8.7 –3.3 –2.4 1215.43 –9.6 –9.7 –11.9 15.8 9.2 8.7 –3.3 –2.5 356.54 –9.6 –9.7 –11.5 15.7 9.2 8.7 –3.4 –2.4 37.21 –9.6 –9.9 –12.9 15.8 9.2 8.7 –3.4 –2.7 150.59 –9.6 –9.4 15.7 9.2 –3.2 498.29 –9.6 –9.9 –12.8 15.8 9.2 8.7 –3.4 –2.7 580.55 –9.6 –9.7 –11.2 15.8 9.2 8.7 –3.3 –2.4 2233.19 –9.6 –9.8 –12.2 15.8 9.2 8.7 –3.4 –2.6 676.97 –9.6 –9.8 –12.1 15.8 9.2 8.7 –3.4 –2.5 4823.59 –9.6 –9.4 –11.1 15.8 9.2 8.7 –3.2 –2.3 338.26 –9.6 –9.8 –12.3 15.8 9.2 8.7 –3.4 –2.6 248.47 –9.6 –9.8 –12.3 15.8 9.2 8.7 –3.4 –2.6 241.47 –9.6 –9.8 –12.2 15.8 9.2 8.7 –3.4 –2.6 247.52 –9.6 –9.9 –12.5 15.8 9.2 8.7 –3.4 –2.6 444.29 –9.6 –9.6 –11.4 15.8 9.2 8.7 –3.3 –2.4 132.17 –9.6 –9.8 15.8 9.2 –3.4 61.33 –9.6 –9.1 –9.6 15.8 9.2 8.6 –3.1 –2.0 8355.09 –9.6 –9.8 –12.3 15.8 9.2 8.7 –3.4 –2.6 404.15 –9.6 –9.9 –12.4 15.8 9.2 8.7 –3.4 –2.6 863.83 –9.6 –10.0 –12.1 15.8 9.2 8.7 –3.4 –2.5 915.01 –9.6 –9.6 –11.6 15.8 9.2 8.7 –3.3 –2.4 13718.62 –9.6 –10.0 –12.7 15.8 9.2 8.7 –3.4 –2.7 596.83 –9.7 –10.0 –12.8 15.8 9.2 8.7 –3.4 –2.7 110.44 –9.7 –9.2 –10.6 15.7 9.2 8.6 –3.2 –2.2 83.19 –9.7 –9.8 –11.7 15.7 9.2 8.7 –3.4 –2.5 598.01 –9.7 –9.9 –12.3 15.8 9.2 8.7 –3.4 –2.6 228.57 –9.7 –9.9 –11.7 15.8 9.2 8.7 –3.4 –2.5 1717.23 –9.7 –9.8 –11.7 15.8 9.2 8.7 –3.4 –2.5 210.21 –9.7 –10.0 –12.7 15.8 9.2 8.7 –3.4 –2.7 709.26 –9.7 –10.1 –12.2 15.8 9.2 8.7 –3.5 –2.6 2458.69 –9.7 –10.1 –12.4 15.8 9.2 8.7 –3.5 –2.6 868.29 –9.7 –9.9 –11.8 15.8 9.2 8.7 –3.4 –2.5 126.21 –9.7 –9.3 –9.5 15.7 9.2 8.6 –3.2 –2.0 2411.73 –9.7 –10.0 –12.3 15.8 9.2 8.7 –3.5 –2.6 582.09 –9.7 –9.9 –12.5 15.8 9.2 8.7 –3.4 –2.6 183.32 –9.7 –10.0 –12.7 15.8 9.2 8.7 –3.5 –2.7 309.02 –9.7 –9.9 –11.7 15.8 9.2 8.7 –3.4 –2.5 166.34 –9.7 –9.6 –9.5 15.7 9.2 8.7 –3.3 –2.0 73.13 –9.7 –10.1 –12.4 15.8 9.2 8.7 –3.5 –2.6 244.22 –9.7 –10.1 15.8 9.2 –3.5 1014.63 –9.7 –9.8 –11.5 15.7 9.2 8.7 –3.4 –2.4 46.63 –9.7 –9.5 –10.0 15.7 9.2 8.6 –3.3 –2.1 8.46 –9.7 –9.7 15.7 9.2 –3.3 133.06 –9.7 –9.6 –10.5 15.8 9.2 8.7 –3.3 –2.2 1923.28 –9.7 –9.7 –10.5 15.8 9.2 8.8 –3.4 –2.2 79.72 –9.8 –10.1 –12.4 15.8 9.2 8.7 –3.5 –2.6 220.28 –9.8 –10.2 –12.8 15.8 9.2 8.7 –3.5 –2.7 724.75 –9.8 –10.1 –12.5 15.8 9.2 8.7 –3.5 –2.6 144.82 –9.8 –10.4 –12.2 15.7 9.2 8.7 –3.6 –2.6 360.52 –9.8 –10.3 –13.0 15.7 9.2 8.7 –3.5 –2.8 841.67 –9.8 –10.4 –13.2 15.8 9.2 8.7 –3.6 –2.8 1168.72 –9.9 –10.3 –12.5 15.7 9.2 8.7 –3.6 –2.6 42.26 –9.9 –10.7 –13.4 15.7 9.2 8.7 –3.7 –2.8 150.70 –9.9 –10.7 –13.3 15.8 9.2 8.7 –3.7 –2.8 517.78 –10.0 –10.6 –12.8 15.8 9.2 8.7 –3.7 –2.7 90.23 –10.0 –10.9 –13.0 15.7 9.2 8.7 –3.8 –2.8 708.46 –10.0 –10.9 –13.2 15.8 9.2 8.7 –3.8 –2.8 550.04 –10.3 –9.7 15.6 9.2 –3.3 974.98 –9.5 –9.5 –11.5 15.5 9.1 8.7 –3.3 –2.4

MONÉTAIRE EUR – EFFET DE LEVIER Trusteam Optimum A Amundi 12 M P UBS (F) – Flex Court Terme (EUR) R Monétaire EUR – Effet de Levier Average

182.10 4119.88 159.63 1487.2

–9.7 –9.9 –10.0 –9.9

MONÉTAIRE GBP BlackRock ICS Inst Sterling Ultra Sh Bd Sel Acc Pictet CH Short-Term Money Market GBP P dy Amundi Money Market fd Short Term (GBP) – PC (D) UBP Money Market Fund GBP LGT Money Market Fund (GBP) – B - BNP Paribas InstiCash GBP CC LO Funds – Short-Term Money Market (GBP) P A Julius Baer MM Sterling-GBP B Swisscanto (LU) Money Market Fund GBP B SICAV II (Lux) Aberdeen Money Market £ B CS (Lie) Money Market Fund – GBP B Aberdeen Liquidity (Lux) Sterling A2 Acc Investec GSF Sterling Money A Acc UBS (Lux) Money Market Fund – GBP P-acc Fidelity Funds II – GBP Currency A-ACC-GBP JPM Sterling Liquidity A Acc GBP Monétaire GBP Average

494.70 326.91 459.51 74.47 24.45 2230.36 100.65 54.83 53.52 34.21 64.99 492.57 237.90 268.32 89.51 13362.21 1148.07

–4.3 –4.4 –4.4 –4.4 –4.4 –4.5 –4.5 –4.5 –4.6 –4.6 –4.6 –4.7 –4.7 –4.7 –4.7 –4.8 –4.5

MONÉTAIRE INTERNATIONAL

–3.4 –9.3 –8.2 –7

–1.9 –10.4 –9.4 –7.2

15.4 15.6 15.3 15.4

9.2 9.2 9.0 9.1

8.7 8.6 8.5 8.6

–1.2 –3.2 –2.8 –2.4

–0.4 –2.2 –2.0 –1.5

0.6 4.4 0.2 3.4 0.3 0.3 3.6 0.2 3.5 –0.2 2.5 –0.3 2.7 –0.2 2.4 –0.5 1.8 –0.2 3.3 –0.4 2.6 –0.6 2.1 –0.6 1.7 –0.6 2.1 –0.7 1.4 –0.8 1.5 –0.2 2.6

15.1 15.1 15.1 15.1 15.1 15.1 15.1 15.1 15.1 15.1 15.1 15.1 15.1 15.1 15.1 15.1 15.1

9.5 9.2 9.5 9.2 9.5 9.5 9.2 9.5 9.2 9.5 9.2 9.5 9.2 9.5 9.2 9.5 9.1 9.5 9.1 9.5 9.2 9.5 9.2 9.5 9.2 9.5 9.2 9.5 9.2 9.5 9.2 9.5 9.2

0.2 0.1 0.1 0.1 0.1 –0.1 –0.1 –0.1 –0.2 –0.1 –0.1 –0.2 –0.2 –0.2 –0.2 –0.3 –0.1

0.9 0.7 0.7 0.7 0.5 0.5 0.5 0.4 0.6 0.5 0.4 0.3 0.4 0.3 0.3 0.5

Nom CAPB Funds Short Term USD G Cap UBS (Lux) Emerging Ec Gl Short Term (USD) P-a UBS (Lux) Emerging Ec-Global Short TermUSD(CHFh)Qd UBS (Lux) Emerging Ec-Global Short TermUSD(CHFh)Qa UBS (Lux) Emerging Ec Gl Short Term (CHF h) P-dist UBS (Lux) Emerging Ec Gl Short Term (CHF hdg) P-a UniOpti4 CAPB Funds Short Term EUR P Cap UniOptimus -net- Alpha Blend Global Income (EUR) B AZ Multi Asset Renminbi Opportunities A EUR Hedged AZ Fund 1 Renminbi Opps A AZ FUND EUR Hdgd Acc Monétaire International Average MONÉTAIRE JPY Pictet Short -Term Money Market JPY-P Monétaire JPY Average MONÉTAIRE SEK SEB Short Bond SEK HNWD D SEK Monétaire SEK Average MONÉTAIRE SGD JPM Singapore Dollar Liquidity Agency Dis SGD Monétaire SGD Average MONÉTAIRE USD UBP Money Market Fund USD Pictet CH Enhanced Liquidity USD P dy SYZ AM (CH) 1 – Money Market Fd USD A Pictet Short -Term Money Market USD-P LO Funds (CH) – Short-Term Money Market (USD) I D SYZ AM (CH) 1 – Money Market Fd USD UNHWI A Amundi Fds Cash USD – AU (C) Pictet CH Short-Term Money Market USD P dy LGT Money Market Fund (USD) Amundi Interinvest Cash USD – S (C) LLB Defensive (USD) Pictet CH-Sovereign Short-Term Money MarketUSD Pdy CB – Accent Short Term Maturity FundUSD Pictet Sovereign Short -Term Money Market USD-P PARVEST Money Market USD C C USD LO Funds – Short-Term Money Market (USD) P A DWS (CH)-Money Market (US Dollar) A CS (Lie) Money Market Fund – USD B EdR Prifund MM USD A JPM US Dollar Current Reserves A Acc UBS (Lux) Money Market Fund – USD P-acc Aberdeen Liquidity (Lux) US Dollar A2 Acc SICAV II (Lux) Aberdeen Money Market USD B UBS (Lux) Sicav 2 – Money Market USD P-acc UBS (Lux) Money Market Sicav-USD P-acc BNP Paribas InstiCash USD C BSI-Multinvest – Cash USD A Fidelity Funds II – USD Currency A-ACC-USD Fidelity Funds – US Dollar Cash A-USD Julius Baer MM Dollar-USD B Schroder ISF US Dollar Liquidity A Acc ComStage CBK FED Fds Effective Rt TR UCITS ETF Legg Mason WA US Money Market A Dis D USD CS (Lux) Money Market Fund – USD B JPM US Dollar Liquidity A Acc JPM US Dollar Government Liquidity A Acc Morgan Stanley US Dollar Liquidity A Wells Fargo (LUX) WW USD ShortTm MMkt A USD Dist Federated Short-Term US Prime Invt Div Srs JPM US Dollar Liquidity Fund A Federated Short-Term US Gvt Sec Invt Gth Srs Invesco USD Reserve A Acc USD JPM US Dollar Treasury Liquidity A Acc BGF US Dollar Reserve A2 USD Investec GSF US Dollar Money A Acc Vontobel Fund US Dollar Money B USD db x-trackers US Dollar Cash UCITS ETF 1C Candriam Money Market USD C Cap Deutsche Floating Rate Notes (USD) Swisscanto (LU) Money Market Fund USD B Franklin US Dollar Liquid Reserve A (Mdis) USD VP Bank Money Fund USD Monétaire USD Average

Actifs nets mios francs

Performance totale % 2015 3 ans 5 ans

Volatilité annualisée % 2015 3 ans 5 ans

Perf. annualisée % 3 ans 5 ans

146.24 1.5 11.6 126.52 –5.9 –10.5 –10.7 13.4 8.7 8.2 –3.6 –2.2 126.52 –8.3 –20.3 –20.9 7.3 7.0 9.0 –7.3 –4.6 126.52 –8.3 –20.3 7.3 7.0 –7.3 126.52 –8.4 –20.4 –21.0 7.3 7.0 9.0 –7.3 –4.6 126.52 –8.4 –20.4 7.3 7.0 –7.3 3802.97 –9.5 –9.3 –10.8 15.7 9.2 8.7 –3.2 –2.3 506.89 –9.6 15.7 485.27 –9.7 –9.6 –9.7 15.8 9.2 8.7 –3.3 –2.0 63.07 –11.1 –16.5 –25.0 16.4 9.5 9.1 –5.8 –5.6 339.97 –12.8 –10.0 16.6 10.0 –3.4 340.89 –13.8 –12.6 16.7 10.1 –4.4 526.49 –8.7 –15 –16.3 12.6 8.5 8.8 –5.3 –3.5 118.42 118.42

0.4 0.4

–21.5 –21.5

–27.5 –27.5

9.2 9.2

9.3 9.3

12.3 12.3

–7.7 –7.7

–6.2 –6.2

608.09 608.09

–6.8 –6.8

–14.2 –14.2

–9.1 –9.1

14.4 14.4

8.7 8.7

8.9 8.9

–5.0 –5

–1.9 –1.9

417.86 417.86

–5.6 –5.6

–5.5 –5.5

–2.7 –2.7

12.4 12.4

8.2 8.2

7.9 7.9

–1.9 –1.9

–0.5 –0.5

11.6 8.5 10.7 3.4 11.6 8.5 10.7 3.4 11.6 8.5 10.7 3.3 11.6 8.5 10.7 3.2 11.6 8.5 10.7 3.3 11.6 11.6 8.5 10.7 3.3 11.6 8.5 10.7 3.2 11.6 8.5 10.7 3.3 11.6 8.5 10.7 3.2 11.6 8.5 10.6 3.3 11.6 8.5 10.7 3.1 11.7 8.5 10.5 3.5 11.6 8.5 10.7 3.1 11.6 8.5 10.7 3.1 11.6 8.5 10.7 3.1 11.6 8.5 3.1 11.6 8.5 10.7 3.1 11.6 8.5 10.7 3.1 11.6 8.5 3.2 11.6 8.5 10.7 3.1 11.6 8.5 10.7 3.1 11.6 8.5 10.7 3.1 11.6 8.5 10.7 3.1 11.6 8.5 10.7 3.1 11.6 8.5 10.7 3.1 11.6 8.5 3.2 11.6 8.5 10.7 3.1 11.6 8.5 10.7 3.1 11.6 8.5 10.7 3.0 11.5 8.4 10.7 3.0 11.6 8.5 10.7 3.0 11.6 8.5 10.7 3.1 11.6 8.5 3.1 11.6 8.5 10.7 3.0 11.6 8.5 10.7 3.1 11.6 8.5 10.7 3.0 11.6 8.5 3.0 11.6 8.5 10.7 3.0 11.6 8.5 10.7 3.0 11.6 8.5 10.7 3.0 11.6 8.5 10.7 3.0 11.6 8.5 10.7 3.0 11.6 8.5 10.7 3.0 11.6 8.5 10.7 3.0 11.6 8.4 10.6 3.3 11.6 8.5 10.7 3.0 11.6 8.5 10.7 3.0 11.6 8.5 10.7 3.4 11.6 8.5 10.7 3.0 11.6 8.5 10.7 2.8 11.6 8.5 10.6 3.0 11.6 8.5 10.7 3.1

1.8 1.9 1.8 1.7 1.8

378.56 1038.89 360.58 2662.23 1510.47 1190.35 803.22 8397.96 321.06 261.98 75.84 363.03 32.08 372.59 698.59 616.24 45.53 1262.02 66.42 10.98 3354.36 1914.02 210.34 315.88 206.98 2338.40 111.22 233.01 1233.85 408.96 649.39 49.92 990.93 250.91 66380.97 3132.63 3977.64 925.96 2540.65 508.10 1312.84 179.45 39630.23 573.48 386.50 159.02 50.89 450.23 743.30 232.27 396.08 185.26 2971.2

1.1 10.4 9.2 1.1 10.5 9.9 1.1 10.4 9.4 1.1 10.0 8.7 1.0 10.3 9.1 1.0 1.0 10.2 9.0 1.0 9.9 8.7 1.0 10.1 9.4 1.0 10.0 8.5 1.0 10.2 9.2 0.9 9.7 8.1 0.9 11.0 11.7 0.9 9.6 8.0 0.9 9.7 8.0 0.9 9.5 8.2 0.9 9.7 0.8 9.6 8.2 0.8 9.6 7.8 0.8 9.8 0.8 9.6 8.2 0.8 9.6 8.1 0.8 9.7 8.7 0.8 9.6 8.2 0.8 9.7 8.2 0.8 9.5 7.7 0.8 9.9 0.8 9.5 7.7 0.8 9.5 7.7 0.8 9.4 7.8 0.8 9.2 6.9 0.8 9.4 7.5 0.8 9.5 7.6 0.8 9.5 0.8 9.4 7.5 0.8 9.4 7.6 0.8 9.4 7.5 0.7 9.4 0.7 9.4 7.4 0.7 9.4 7.4 0.7 9.4 7.4 0.7 9.4 7.4 0.7 9.4 7.4 0.7 9.4 7.4 0.7 9.3 7.6 0.7 10.3 9.0 0.7 9.2 7.2 0.7 9.2 7.8 0.7 10.4 9.7 0.7 9.2 7.3 0.6 8.8 6.5 0.6 9.3 8.1 0.8 9.7 8.2

1.7 1.7 1.8 1.6 1.8 1.6 2.2 1.5 1.5 1.6 1.6 1.5 1.6 1.6 1.7 1.6 1.6 1.5 1.5 1.5 1.5 1.4 1.5 1.5 1.4 1.5 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.5 1.7 1.4 1.5 1.9 1.4 1.3 1.6 1.6

NON CLASSIFIÉ ComStage CAC 40 Leverage UCITS ETF 6.43 10.8 58.2 32.7 37.6 28.5 31.3 16.5 5.8 Amundi ETF Leveraged MSCI Usa Daily UCITS ETF EUR 69.50 8.6 171.1 240.5 35.3 24.1 22.6 39.4 27.8 Twelve-Falcon Insurance Linked Strategy Fund A USD 285.91 3.7 23.7 27.5 11.9 8.7 11.6 7.3 5.0 CAPB Funds Fixed Income – Asia G Cap 138.95 3.0 11.6 responsAbility Global Microfinance Fund B 1067.37 2.3 17.9 23.5 11.8 8.6 10.7 5.6 4.3 responsAbility Global Microfinance Fund h-II 1067.37 0.5 0.7 responsAbility Global Microfinance Fund H CHF 1067.37 0.2 5.5 10.6 0.7 0.7 0.7 1.8 2.0 ComStage EURO STOXX 50 Daily Lev UCITS ETF 20.83 –0.7 49.3 27.1 40.3 30.6 33.7 14.3 4.9 Amundi ETF ShortUS Treasury 7-10Daily UCITS ETF(C) 90.48 –1.1 4.6 –15.1 15.0 11.0 11.9 1.5 –3.2 Lyxor UCITS ETF Euro Stoxx 50 Daily Leverage 329.67 –3.5 42.7 22.2 41.1 30.9 34.2 12.6 4.1 Amundi ETF Leveraged Euro Stoxx 50 Daily UCITS ETF 34.90 –3.6 43.1 22.4 41.0 30.9 34.2 12.7 4.1 The Classic Car Fund Limited P –3.9 5.9 16.9 10.2 1.9 Lyxor UCITS ETF Daily Leveraged SMI C-CHF 12.14 –4.1 72.5 99.4 35.2 24.6 23.9 19.9 14.8 BCV Forex Alpha (CHF) A 79.37 –5.1 –5.7 –5.1 2.4 2.4 2.3 –1.9 –1.0 db x-trackers FTSE 100 Short Daily UCITS ETF 27.49 –6.6 –21.0 –29.8 19.4 15.9 15.8 –7.5 –6.8 ComStage CBK Bund-Future Lvrd TR UCITS ETF 6.46 –6.7 18.1 67.2 14.2 11.2 12.1 5.7 10.8 db x-trackers II iTrx Crossover 5y UCITS ETF 231.72 –7.3 16.7 28.3 16.7 11.2 11.2 5.3 5.1 Allianz Volatility Strategy – P – EUR 534.03 –8.0 –5.3 –0.9 16.6 9.8 9.2 –1.8 –0.2 ComStage Commerzbank Bund-Future TR UCITS ETF 21.81 –8.1 3.3 21.8 14.2 9.0 9.0 1.1 4.0 Swiss Life Flex Fds (CH) Dynamic Allocation CHF A 140.96 –8.4 –3.3 5.7 5.0 –1.1 Lyxor Hedge Fund Index Fund A EUR 31.79 –11.1 –8.7 –19.3 14.5 9.8 9.0 –3.0 –4.2 AmundiETF ShrtGovt Bd EurMTSBrd Invstgrd Dly Ucits 10.20 –11.8 –24.5 –35.6 18.7 11.2 10.6 –8.9 –8.4 ComStage CBK Bund-Future Sh TR UCITS ETF 601.67 –12.0 –23.0 –39.1 18.4 11.7 11.5 –8.4 –9.4 AmundiETF ShortGov Bd EurMTS B InvG 10-15Dly UCITs 10.09 –13.0 –33.8 –46.3 21.1 13.0 12.3 –12.8 –11.7 db x-trackers FTSE Vietnam UCITS ETF 1C 353.86 –13.7 15.7 –35.4 22.7 24.7 27.1 5.0 –8.4 ComStage CBK Bund Future DoubleSh TR UCITS ETF 60.48 –14.4 –34.4 –58.2 21.8 15.4 15.8 –13.1 –16.0 Lyxor UCITS ETF Daily Double Short SMI C-CHF 24.76 –16.3 –61.9 –75.3 32.0 22.8 22.5 –27.5 –24.4 Amundi ETF Short Euro Stoxx 50 Daily UCITS ETF 23.08 –20.8 –42.6 –52.4 29.8 19.0 19.0 –16.9 –13.8 db x-trackers Euro Stoxx 50 Short Daily UCITS ETF 255.88 –21.2 –43.2 –53.1 29.9 19.0 19.0 –17.2 –14.0 ComStage EURO STOXX 50 Daily Sh GR UCITS ETF 18.09 –21.7 –43.5 –53.1 29.9 19.0 19.0 –17.3 –14.1 ComStage ShortDAX TR UCITS ETF 49.49 –22.6 –43.6 32.8 20.3 –17.4 ComStage CAC 40 Short GR UCITS ETF 3.57 –25.1 –44.2 –54.0 29.7 18.9 18.7 –17.7 –14.4 Lyxor UCITS ETF Daily ShortDAX x2 C-EUR 47.35 –37.1 –68.0 –82.0 53.8 34.8 38.4 –31.6 –29.1 Non classifié Average 210.1 –8.5 1.3 –1.1 22.5 16.5 17.8 –1.7 –3.1 OBLIGATIONS ASIE-PACIFIQUE HC CS (Lux) Asia Corporate Bond Fund B USD Fidelity Funds – Asian Bond A-ACC-USD PARVEST Bond Asia Ex-Japan C C USD UBS (Lux) Bond SICAV – Asian High Yield (USD)P-a Eastspring Investments-Asian High Yield Bd A BGF Asian Tiger Bond A2 USD UBS (Lux) Bond Fd – Full Cycle Asian Bd (USD) P-a RAM (Lux) TF II – Asia Bond Tot Rtn Fd A USD BNY Mellon Asian Bond USD A Acc NN (L) Asian Debt HC P Cap USD UBS (Lux) Bd SICAV-Asian High Yield (USD)(CHFh) Qa Fidelity Funds – Asian Hi Yield A-ACC-USD Eastspring Investments-Asian Bond A UBS (Lux) Bond SICAV – Asian High Yield USDCHFhK1a UBS (Lux) Bond SICAV – Asian High Yield USD CHFhPa RAM (Lux) TF II – Asia Bond Tot Rtn Fd F CHF Eastspring Investments-Asian High Yield Bd AFH Eastspring Investments-Asian High Yield Bd AFDMH Eastspring Investments-Asian Bond AFH Eastspring Investments-Asian Bond AFDMH Obligations Asie-Pacifique HC Average

803.09 77.09 307.43 171.33 146.40 1314.03 353.87 63.08 41.00 389.58 171.33 2864.00 2730.64 171.33 171.33 63.08 146.40 146.40 2730.64 2730.64 742.99

4.8 25.1 3.9 19.4 3.6 13.7 28.8 3.1 17.1 3.0 16.4 3.0 17.4 34.2 3.0 17.0 25.8 2.8 2.5 2.3 18.3 38.0 2.2 6.2 2.2 17.9 28.6 1.7 14.5 29.4 1.5 6.6 1.0 5.0 0.2 0.1 3.1 0.1 3.1 –0.6 2.1 –0.6 2.1 2 12.1 30.8

11.5 8.9 7.7 11.5 8.8 6.1 11.6 8.8 9.3 4.4 13.2 9.8 5.4 13.6 9.6 5.2 11.1 9.1 9.2 5.5 11.6 8.9 9.1 5.4 11.4 10.8 11.7 8.9 9.2 5.8 5.2 7.1 2.0 13.4 9.3 9.6 5.7 11.2 8.7 9.1 4.6 5.5 7.2 2.1 5.5 7.2 1.6 3.3 6.6 6.0 1.0 6.6 6.0 1.0 3.0 4.5 0.7 3.0 4.5 0.7 9.1 7.8 9.2 3.8

OBLIGATIONS ASIE-PACIFIQUE LC Allianz Flexi Asia Bond – AT – USD 123.13 Invesco Asian Bond A Acc USD 17.43 New Capital Asia Pacific Bond USD Ord Inc CS (Lux) Asia Local Currency Bond Fund B USD 32.25 Pictet-Asian Local Currency Debt-P USD 804.87 Aberdeen Global II – Asian Bond A2 USD 77.45 BGF Asian Local Bond A2 USD 18.95 Schroder ISF Asian Local Currency Bond A Acc 224.37 Aberdeen Global – Asian LC Short Dur Bd A1 USD 285.19 UBS (Lux) Bond S – Asian LC Bd (USD) P-a 114.34 JPM Asia Local Currency Debt A Acc USD 22.44 Eastspring Investments-Asian Local Bond A 2107.36 Legg Mason WA Asian Opportunities A Dis D USD 422.10 NN (L) Asian Debt LB P Cap USD 24.71 Amundi Fds Bond Asian Local Debt – AU (C) 66.73 AllianceBernstein-Asia-Pacific Income Pf A2 USD 37.02 Investec GSF Asia Local Currency Bond C Inc-2 20.14 Generali IS Asian Bond D Cap USD 228.99 Aberdeen Global – Asian LC Short Dur Bd A2 Hdg CHF 285.19 UBS (Lux) Bond S – Asian LC Bond (USD)(CHFh) Qa 114.34 SSgA SPDR CITI Asia Local Government Bond ETF 10.26

1.1 7.7 1.0 10.2 –1.8 5.1 –2.3 5.7 –2.6 0.4 11.7 –3.0 1.0 9.3 –3.2 0.3 –3.5 –0.4 11.2 –3.7 0.7 3.0 –4.1 –0.5 –4.4 –0.3 –4.5 –1.2 9.7 –4.5 –0.3 10.9 –4.6 –3.6 –5.0 –5.1 0.9 –5.3 –5.7 –2.6 –6.1 –10.7 –6.2 –10.9 –6.2 –4.5

11.3 8.6 2.5 12.8 9.6 3.3 12.1 9.1 1.7 11.6 8.9 1.9 11.1 8.9 9.4 0.1 11.2 8.8 8.8 0.3 10.5 8.8 0.1 10.9 9.1 9.1 –0.1 10.7 7.8 8.3 0.2 10.0 8.6 –0.2 10.8 8.8 –0.1 11.0 9.4 9.0 –0.4 11.2 8.9 8.8 –0.1 10.7 9.0 –1.2 10.5 12.0 9.0 0.3 10.5 12.0 8.9 –0.9 4.1 3.5 –3.7 4.9 5.7 –3.8 10.7 9.4 –1.5

5.2 6.1 4.7 6.7 5.2 5.3

5.5

2.2 1.8 2.1 0.6 1.9 2.1

Finance

Le Temps l Mercredi 3 février 2016

CLASSEMENTS Nom

Actifs nets mios francs

Performance totale % 2015 3 ans 5 ans

Volatilité annualisée % 2015 3 ans 5 ans

Perf. annualisée % 3 ans 5 ans

UBS (Lux) Bond S – Asian LC Bd (USD)(CHFhgd) P-a Eastspring Investments-Asian Local Bond AFH Eastspring Investments-Asian Local Bond AFDMH HSBC GIF Asian Currencies Bond AC USD Templeton Asian Bond A (Mdis) USD Baring Asian Debt A USD Inc Templeton Asian Bond A (acc) CHF-H1 Obligations Asie-Pacifique LC Average

114.34 2107.36 2107.36 47.00 1090.15 0.37 1090.15 429.41

–6.4 –6.7 –6.8 –7.3 –8.0 –9.6 –10.2 –4.8

–11.0 –12.3 –12.3 –4.6 –0.8 7.0 –9.3 –11.2 –4.6 –2.5 7.3

4.9 7.0 7.0 10.4 13.7 11.4 7.4 10.1

5.7 7.3 7.3 8.5 9.6 8.8 9.3 6.4 8.0 8.3 8.8

–3.8 –4.3 –4.3 –1.6 –0.3 –3.2 –3.9 –0.9

–0.9 1.4

OBLIGATIONS AUD UBS (Lux) Medium Term Bond Fd – AUD P-acc UBS (Lux) Bond Fund – AUD P-acc Swisscanto (LU) Bond Fund AUD A Aberdeen Global II – Australian Dollar Bond A2 Obligations AUD Average

99.13 241.04 262.59 70.50 168.32

–8.8 –8.9 –8.9 –9.2 –8.9

–16.2 –13.9 –13.9 –15.4 –14.9

15.1 14.3 13.4 13.7 14.1

11.1 11.2 11.1 11.1 11.1

–5.7 –4.9 –4.9 –5.4 –5.2

–0.8 0.6 0.4 –0.2 0

OBLIGATIONS AUTRES UBS ETF Barclays US Liq Corp UCITS ETF USD Dis UBS ETF Barclays US Liq Corp UCITS hdg to CHF Acc Priviledge - Income Partners RMB Debt (USD) MA Hybrid Bonds Fund B Obligations Autres Average

488.46 0.9 10.8 488.46 –1.5 4.7 39.99 –2.3 14.5 163.22 –4.0 3.1 15.2 9.3 1.0 319.98 –1.7 3.1 N/A 11.3 9.3 N/A 1 N/A

OBLIGATIONS AUTRES COUVERTES Goldman Sachs Glo Fix Inc Pf (Hdg) P Acc CHF-H JPM Global Corporate Bond A Acc CHF Hgd LGT Sustainable Quality Bond Fund Hedged (CHF) B Priviledge - Income Partners RMB Debt Hdg (CHF) MA Priviledge - Income Partners RMB Debt Hdg (CHF) PA Obligations Autres Couvertes Average

483.84 3817.20 705.56 39.99 39.99 1017.32

OBLIGATIONS AUTRES COUVERTES EN CHF CS (Lux) Asia Corporate Bond Fund BH CHF SWC (CH) BF Corporate 2018 BH Robeco Lux-o-Rente DH CHF Robeco Lux-o-Rente EH CHF Schroder ISF EURO Corporate Bond CHF Hedged C Acc Pictet-EUR Bonds-HI CHF Pictet-EUR Government Bonds-HI CHF BGF Euro Short Duration Bond A2 CHF Hedged Pictet-EUR Bonds-HP CHF Schroder ISF EURO Corporate Bond CHF Hedged A Acc Pictet-EUR Government Bonds-HP CHF SIP Obligationen FW Hedged CHF M db x-trackers II Global Sovereign CHF UCITS ETF Pictet CH Inst-Foreign Bonds Tracker-HI dy CHF Pictet-EUR Short Mid-Term Bonds-HI CHF JPM Global Govt Short Duration Bd A Acc CHF Hgd OLZ Efficient World Bd Gov Long Term (CHF hgd) I Pictet-EUR Short Mid-Term Bonds-HP CHF UBS (Lux) Bond Fund – Global (CHF) P-acc UBS (Lux) Bond Fund – Global (CHF) P-dist db x-trackers II Barclays Glbl Agg Bd UCITS ETF 4C OLZ Efficient World Bd Gov Mid Term (CHF hgd) I Notenstein Sustainable Bond Duration 2 CHF Hedged PIMCO GIS Total Return Bond Inv CHF Hdg Acc PIMCO GIS Global Invt Grade Credit Inv CHF Hdg Inc PIMCO GIS Global Invt Grade Credit Inv CHF Hdg Acc OLZ Efficient World Bd Gov Long Term (CHF hgd) D OLZ Efficient World Bd Gov Mid Term (CHF hgd) D UBAM Global Bond AHD CHF UBAM Global Bond AHC CHF PIMCO GIS Total Return Bond E CHF Hdg Acc Pictet-EUR Corporate Bonds-HI CHF UBS (Lux) Strategy Sicav-Fixed Income (CHF) P-acc UBS (Lux) Strategy Fd – Fixed Income (CHF) P-dist UBS (Lux) Strategy Fd – Fixed Income (CHF) P-acc Swisscanto (LU) Bond Fund Global Corporate H CHF B Swisscanto (CH) Bd Fd Corporate hedged CHF A UBS (Lux) Strategy Xtra SIC-Fixed Inc (CHF) P-acc PIMCO GIS Global Invt Grade Credit E CHF Hdg Acc UBS (Lux) Strategy Xtra SIC-Fixed Inc (CHF) P-dist Swiss Life Funds (LUX) Bd Euro Corp CHF hdgd R Cap LO Funds – Global BBB-BB Fndm Syst Hdg (CHF) IA Pictet-EUR Corporate Bonds-HP CHF Pictet-EUR Corporate Bonds-HR CHF Pictet-EUR Corporate Bonds Ex Financial-HI CHF Goldman Sachs Glo Strat Inc Bond Pf OCS Acc CHF-H LO Funds – Global BBB-BB Fndm Syst Hdg (CHF) P A Julius Baer BF Total Return-CHF A Julius Baer BF Total Return-CHF B Schroder ISF Strategic Bond CHF Hedged C Acc Schroder ISF Strategic Bond CHF Hedged A Acc CS (Lux) Asia Local Currency Bond Fund BH CHF Templeton Global Bond W (acc) CHF-H1 Templeton Global Bond A (acc) CHF-H1 Templeton Global Bond A (Ydis) CHF-H1 Templeton Global Total Return A (Ydis) CHF-H1 Templeton Global Total Return A (acc) CHF-H1 BCV Dynagest International Bond Expo (CHF) A Obligations Autres Couvertes en CHF Average OBLIGATIONS AUTRES INDEXÉE À L’INFLATION CS (Lux) Inflation Linked CHF Bond Fund B Amundi Fds Bond Emerging Inflation – AU (C) HSBC GIF GEM Inflation Linked Bond AC USD Julius Baer BF Emerging Mkts Inflation Lkd-USD B Julius Baer BF Emerging Mkts Inflation Lkd-CHF B Julius Baer BF Emerging Mkts Inflation Lkd-CHF A Obligations Autres Indexée à l’inflation Average

–4.1 3.0 1.8 –1.2 –0.1

–0.4 –1.9 3.8 –2.5 –1.3 –4.4 –4.7 –2.8 1.3 N/A

10.2 10.4 10.5 10.5 10.4

2.4 3.7 4.2 1.2 1.2 1.7 –0.4 6.8 6.8 4.2 3 N/A 0.4

N/A

803.09 2.7 11.8 4.0 4.2 3.8 306.50 1.2 1.7 2895.42 0.9 7.6 16.0 5.2 4.2 4.2 2.5 3.0 2895.42 0.7 7.4 15.2 5.0 4.1 7.5 2.4 2.9 7041.50 0.2 13.7 4.0 3.3 4.4 620.80 0.2 13.5 30.0 5.4 4.3 4.4 4.3 5.4 1255.02 0.0 14.2 29.4 5.7 4.4 4.6 4.5 5.3 9905.16 –0.1 3.6 9.5 1.0 1.0 1.5 1.2 1.8 620.80 –0.1 12.4 27.7 5.4 4.3 4.4 4.0 5.0 7041.50 –0.2 12.4 4.0 3.3 4.0 1255.02 –0.2 13.6 28.0 5.7 4.4 4.6 4.3 5.1 95.68 –0.2 7.4 3.6 2.9 2.4 691.13 –0.4 6.1 3.5 3.0 2.0 447.59 –0.5 5.9 14.7 3.5 2.9 2.7 1.9 2.8 712.06 –0.6 2.6 7.7 0.7 0.9 1.6 0.9 1.5 160.76 –0.7 0.6 230.70 –0.7 3.8 21.6 3.2 3.7 4.2 1.3 4.0 712.06 –0.8 2.1 6.8 0.7 0.9 1.6 0.7 1.3 214.20 –0.8 4.5 13.5 3.9 3.2 3.0 1.5 2.6 214.20 –0.8 4.5 13.6 3.9 3.2 3.0 1.5 2.6 603.15 –0.8 2.9 217.43 –0.8 0.8 0.9 1.5 0.3 21.78 –1.1 1.0 7230.19 –1.1 –0.7 3.3 3.5 –0.2 12806.47 –1.2 3.7 20.7 3.8 4.0 4.2 1.2 3.8 12806.47 –1.3 3.6 3.8 4.0 1.2 230.70 –1.3 2.0 3.2 3.7 0.7 217.43 –1.4 –1.0 0.9 1.5 –0.3 25.54 –1.4 3.5 10.4 3.4 3.0 3.0 1.2 2.0 25.54 –1.4 3.5 10.4 3.4 3.0 3.0 1.2 2.0 7230.19 –1.7 –2.3 3.3 3.5 –0.8 1438.37 –1.7 8.3 20.9 4.0 3.2 4.7 2.7 3.9 83.21 –1.8 –0.3 4.5 2.0 1.9 2.0 –0.1 0.9 499.21 –1.8 –0.3 5.0 2.0 1.8 1.9 –0.1 1.0 499.21 –1.8 –0.3 5.0 2.0 1.8 1.9 –0.1 1.0 494.27 –1.8 5.3 20.6 3.8 3.8 4.3 1.7 3.8 1217.03 –1.8 4.6 19.6 4.6 4.0 3.9 1.5 3.6 41.21 –1.8 0.5 4.7 1.8 1.7 1.6 0.2 0.9 12806.47 –1.9 1.9 3.8 4.0 0.6 41.21 –1.9 0.5 4.7 1.8 1.7 1.6 0.2 0.9 26.21 –2.0 17.0 31.0 2.7 3.0 6.0 5.4 5.6 1.00 –2.1 3.8 1438.37 –2.1 7.0 18.5 4.0 3.2 4.7 2.3 3.4 1438.37 –2.5 5.8 4.0 3.2 1.9 285.16 –2.6 6.5 18.5 4.2 3.4 3.7 2.1 3.5 7217.81 –2.7 3.3 324.36 –2.9 3.8 495.89 –3.4 –2.8 2.3 2.5 –0.9 495.89 –3.4 –2.8 2.3 2.5 –0.9 2330.30 –3.9 2.4 2330.30 –4.4 2.4 32.25 –4.6 –5.9 7.2 7.1 –2.0 26292.43 –6.2 7.9 26292.43 –6.7 –4.9 5.0 7.9 6.2 8.3 –1.7 1.0 26292.43 –6.7 –5.0 7.9 6.2 –1.7 25536.40 –7.0 –4.5 7.7 6.3 –1.5 25536.40 –7.2 –4.6 10.7 7.9 6.4 8.9 –1.6 2.1 290.14 –9.7 –3.0 3.5 13.5 8.5 7.2 –1.0 0.7 4144.52 –1.9 3.8 14.9 3.8 3.5 3.9 1.2 2.8 260.33 1.53 22.82 254.18 254.18 254.18 174.54

–0.1 –16.8 –17.4 –19.1 –20.9 –20.9 –15.9

–3.5 1.2 –21.6 –19.4 –23.4 –17.4 –31.6 –26.5 –31.6 –26.5 –21.8 –17.3

2.7 11.9 14.5 11.7 10.8 10.8 10.4

1.7 1.7 10.6 12.4 11.5 10.5 12.8 13.8 12.8 13.8 10.3 10

–1.2 –7.8 –6.9 –8.5 –11.9 –11.9 –8

OBLIGATIONS BRL Aberdeen Global – Brazil Bond A2 USD BTG Pactual SICAV-Brazil Fixed Income Plus A Acc UBS (Lux) Bond Sicav – Brazil (USD) P-acc Santander Brazilian Short Duration A Santander AM Brazilian Fixed Income A HSBC GIF Brazil Bond AC USD Obligations BRL Average

44.19 4.89 43.21 3.69 2.73 49.58 30.26

–25.1 –25.8 –27.1 –29.4 –29.7 –31.5 –28.1

–29.8 –35.8 –31.6 –29.3 –35.6 –39.7 –36.3 –39.6 –36.4 –34.8 –35.2

16.6 16.7 16.6 18.2 17.5 20.0 17.6

13.3 14.0 13.4 12.2 14.3 12.6 14.5 16.3 15.9 14.3 13.6

–11.1 –13.7 –11.9 –13.6 –14.0 –15.5 –13.3

OBLIGATIONS CAD UBS (Lux) Bond Fund – CAD P-acc Swisscanto (LU) Bond Fund CAD A Aberdeen Global II – Canadian Dollar Bond A2 UBS (Lux) Medium Term Bond Fd-CAD P-acc Obligations CAD Average

129.75 81.27 58.32 53.35 80.67

–13.5 –13.6 –13.8 –14.8 –13.9

–15.7 –16.4 –17.0 –19.0 –17

15.2 14.9 16.0 17.8 16

10.3 10.2 10.7 11.2 10.6

–5.5 –5.8 –6.0 –6.8 –6

OBLIGATIONS CHF DWS (CH)-Swiss Franc Investment Grade Bonds B Albin Kistler Obligationen CHF D FORTUNA INVEST – Long Term Bond Fund CHF Pictet CH Inst-CHF Bonds Tracker-I FISCH Bond Fund (CHF) AC Pictet CH Inst-CHF Bonds-P dy UBS-ETF SBI® Foreign AAA-BBB 5-10 UCITS(CHF) A-dis BSI-Multibond CHF A Pictet CH-CHF Bonds Tracker P dy Swisscanto (CH) Index Bond Fund CHF (I) A BCV Swiss Franc Bonds A UBS ETF (CH)-SBI® Domest.Sw. Pfandbr. 5-10(CHF) Ad AXA IM Swiss Fund – Bonds CHF A Swiss Life Funds (CH) Bond Swiss Francs LO Funds (CH) – Swiss Franc High Grade Bond I D SIP CHF Bonds B2 Syz AM (CH) Track – CHF Bonds A Julius Baer (CH) HELVETBAER-CHF A BEKB Obligationen CHF Nt Klasse ARVEST Solid Fund CHF BEKB Obligationen CHF Inland Nt Klasse UBS (CH) Bond Fund – CHF Domestic (CHF) P FORTUNA Bond Fund CHF UBS (CH) Bond Fund – CHF P DWS (CH) – Bond Fonds (SFR) Mi-Fonds (CH) – SwissFrancBond A LLB Obligationen CHF T Synchrony Finest of LPP Bonds A BEKB Obligationen CHF Ausland Nt Klasse UBS (Lux) Bond Fund – CHF P-acc iShares Core CHF Corporate Bond (CH) VF (Lux) – Valiant Obliga. Schweizer Franken P D LO Funds (CH) – Swiss Franc Credit Bond I D LO Funds (CH) – Swiss Franc Bond P D EIP Swiss Franc Bond Programme Srs 2 CHF Pictet-CHF Bonds-P BCV CHF Domestic Corporate Bonds A Notenstein Sustainable Bond CHF B OLZ – Bond CHF I-A CIC CH High Yields Bond CHF Primus B Raiffeisen Futura Swiss Franc Bond A VP Bank Obligationenfonds CHF B Swisscanto (LU) Bond Fund CHF A Swisscanto (CH) Bond Fund CHF (I) A

1.4

–9.1 –9.1 –10.6 –18.4 –11.8

10.0 10.0 10.2 10.2 10.1

0.2 –3.7 –6.0 –6.0 –3.9

–6.7 –9.6 –8.7 –8.3 –1.9 –1.9 –2.2 –4.0 –2.5

63.50 2.2 6.5 3.0 2.5 2.1 22.04 2.2 2.9 8.48 2.0 5.8 18.0 4.1 3.8 3.5 1.9 3.4 611.77 1.9 7.1 3.8 3.1 2.3 159.21 1.9 11.8 23.8 4.7 3.9 3.4 3.8 4.4 870.66 1.9 7.4 16.8 3.2 2.7 2.3 2.4 3.1 90.33 1.7 3.5 74.88 1.6 5.5 12.8 2.3 1.9 1.9 1.8 2.4 1418.15 1.6 6.6 16.0 3.3 3.0 2.6 2.2 3.0 1254.36 1.5 6.7 16.5 3.5 2.9 2.6 2.2 3.1 451.99 1.5 6.3 15.0 2.6 2.3 2.1 2.1 2.8 13.34 1.5 7.6 2.9 2.9 2.5 389.84 1.4 5.6 16.1 3.3 2.7 2.5 1.8 3.0 193.65 1.4 6.1 15.6 3.8 3.2 2.9 2.0 2.9 250.85 1.4 5.6 16.3 2.9 2.4 2.4 1.8 3.1 182.66 1.4 4.9 11.6 3.3 2.7 2.4 1.6 2.2 1662.14 1.4 6.2 3.3 2.7 2.0 23.58 1.3 6.2 14.9 3.6 3.2 2.8 2.0 2.8 424.60 1.3 2.3 5.58 1.2 1.1 1.9 4.2 2.6 2.2 0.4 0.4 136.64 1.2 2.7 196.38 1.2 5.4 13.0 3.6 3.0 2.6 1.8 2.5 496.22 1.1 3.0 9.4 2.1 2.0 1.9 1.0 1.8 103.72 1.1 4.7 12.2 2.2 1.8 2.1 1.5 2.3 59.63 1.1 5.4 15.6 3.4 2.8 2.5 1.8 2.9 130.32 1.1 5.3 13.8 3.1 2.5 2.3 1.7 2.6 671.41 1.1 4.6 11.2 2.0 1.7 1.6 1.5 2.2 36.01 1.1 2.8 69.41 1.0 1.8 418.53 1.0 4.5 11.8 2.2 1.8 2.0 1.5 2.3 972.75 1.0 1.9 208.16 1.0 4.5 12.4 2.0 1.7 2.0 1.5 2.4 1538.44 0.9 8.0 20.4 2.4 2.1 1.9 2.6 3.8 293.97 0.9 6.2 18.1 2.7 2.2 2.1 2.0 3.4 11.77 0.9 5.2 12.7 2.3 2.0 1.9 1.7 2.4 537.71 0.9 5.3 13.5 2.3 1.9 1.9 1.7 2.6 582.49 0.9 2.3 77.10 0.8 3.3 42.61 0.8 2.0 79.57 0.8 4.2 2.8 2.5 1.4 321.32 0.7 5.2 12.5 2.8 2.4 2.2 1.7 2.4 82.93 0.6 4.1 11.1 2.5 2.2 2.1 1.4 2.1 407.38 0.6 3.6 9.3 2.8 2.1 2.0 1.2 1.8 308.29 0.6 5.2 13.8 2.3 2.1 2.1 1.7 2.6

Nom

Actifs nets mios francs

Performance totale % 2015 3 ans 5 ans

Volatilité annualisée % 2015 3 ans 5 ans

Perf. annualisée % 3 ans 5 ans

Baloise F Invest (Lux) – BFI Swissfranc Bd (CHF) R 22.23 0.6 3.5 9.8 2.4 1.9 2.0 1.2 1.9 JSS Sustainable Bond CHF P CHF dist 56.81 0.5 3.6 9.4 2.5 1.9 1.8 1.2 1.8 BCV CHF Foreign Bonds A 635.20 0.5 4.6 12.6 2.3 1.9 2.0 1.5 2.4 UBS ETF (CH)-SBI® Dom Swiss Pfandbrief 1-5 (CHF)Ad 16.48 0.5 1.5 1.2 0.9 0.5 Raiffeisen Fonds – Swiss Obli B 635.90 0.4 4.5 13.0 2.2 1.9 2.0 1.5 2.5 1741 Fixed Income Active Bond CHF A 30.53 0.4 3.0 9.0 1.5 1.3 1.2 1.0 1.7 SWC (CH) BF Vision CHF AA 2169.09 0.4 4.3 10.6 2.3 1.9 1.9 1.4 2.0 BSI-Multinvest – Bonds CHF A 42.79 0.4 3.8 2.2 1.8 1.3 UBS-ETF SBI® Foreign AAA-BBB 1-5 UCITS (CHF) A-dis 162.53 0.3 1.2 EdR Prifund Bond (CHF) A 87.35 0.2 2.5 8.3 2.1 1.6 1.6 0.8 1.6 Vontobel Fund Swiss Franc Bond B CHF 319.17 0.1 4.5 12.6 2.3 1.9 2.0 1.5 2.4 JSS BondSar P CHF 80.51 0.1 2.2 12.7 4.2 3.2 3.4 0.7 2.4 CS (Lux) Swiss Franc Bond Fund B 504.22 0.0 3.0 8.2 2.1 1.7 1.8 1.0 1.6 LO Selection – The Credit Bond Fund (CHF) P A 99.71 –0.1 4.1 11.3 2.7 2.2 1.9 1.4 2.2 SGKB (LUX) Fund – Bond CHF B 109.82 –0.2 2.4 9.1 1.9 1.5 1.6 0.8 1.8 CIC CH Corporates Bond CHF B 36.43 –0.2 3.1 8.5 3.2 2.4 2.4 1.0 1.6 PostFinance Fonds 1 Bond 748.56 –0.2 2.3 10.2 1.4 2.1 2.0 0.8 2.0 Base Investments Bonds CHF 20.04 –0.4 3.7 8.9 2.8 2.3 2.1 1.2 1.7 LO Funds – Swiss Franc Credit Bond (Fgn) (CHF) P A 314.47 –0.5 4.7 14.6 2.8 2.1 2.1 1.6 2.8 LO Funds – Swiss Franc Bond (Foreign) P A 49.03 –0.5 2.6 Popso IFS Swiss Franc Bond B 40.34 –0.6 0.7 4.3 1.2 1.3 1.7 0.2 0.8 Avadis – Strategie Obligationen 23.36 –0.6 3.2 11.6 3.0 2.7 2.5 1.0 2.2 Swisscanto Swiss Red Cross Charity Fund A 44.90 –0.6 1.6 7.5 1.2 1.4 1.5 0.5 1.5 LLB Strategie Festverzinslich (CHF) 45.45 –1.1 3.3 3.9 2.9 1.1 Julius Baer BF Swiss Franc-CHF B 79.32 –1.1 2.4 8.2 2.8 2.1 2.0 0.8 1.6 Credit Suisse (CH) Corporate CHF Bd Fd A 285.47 –1.2 4.5 13.4 2.8 2.2 2.4 1.5 2.5 BCV Strategie Obligation 102.20 –1.4 0.6 6.4 2.1 1.8 2.0 0.2 1.3 BCV (LUX) Strategy Income (CHF) 32.80 –1.6 0.3 5.6 2.2 1.9 2.0 0.1 1.1 Target Investment Fund Obligationen B 121.63 –1.7 1.0 7.4 2.3 2.1 2.0 0.3 1.4 BCV (LUX) Active Security (CHF) 24.01 –1.8 2.6 Helvetia – Income Portfolio A 54.38 –2.0 –0.6 4.3 3.6 3.1 3.1 –0.2 0.9 Julius Baer Global Excellence Fixed Income (CHF) B 34.34 –2.9 2.7 LGT Strategy 2 Years (CHF) B –3.0 –4.1 1.1 3.3 3.0 2.9 –1.4 0.2 Pro Performance Quant Swiss Bond CHF Classe A 0.02 –3.0 1.4 LO Selection – The Global Fixed Income Opp CHF PA 563.84 –5.9 3.9 Obligations CHF Average 315.65 0.4 4.2 11.7 2.7 2.3 2.2 1.4 2.2 OBLIGATIONS CHF COURT TERME FORTUNA Short Term Bond Fund CHF Pictet CH-CHF Short Mid Term Bonds-P dy BSI-Multinvest – Short Term Bonds CHF A UBS ETF (CH) – SBI® Domestic Govt 1-3 (CHF) A-dis iShares Swiss Domestic Government Bond 1-3 (CH) CS (Lux) Short Term CHF Bond Fund B CS (Lux) Corporate Short Duration CHF Bond Fund B Obligations CHF Court Terme Average

245.42 698.81 88.34 136.33 69.75 212.17 510.56 232.94

0.2 0.1 –0.1 –0.1 –0.1 –0.2 –1.3 –0.2

0.8 1.1 0.5 –0.6 –0.7 0.1 1.7 0.4

2.4 3.9 4.7 0.7 0.1 2.4 6.1 2.9

0.8 1.2 1.2 1.3 1.3 0.7 1.3 1.1

0.5 0.9 0.9 0.9 0.9 0.5 1.1 0.8

0.6 0.8 1.0 0.8 0.8 0.6 1.6 0.9

0.3 0.4 0.2 –0.2 –0.2 0.0 0.6 0.1

0.5 0.8 0.9 0.1 0.0 0.5 1.2 0.6

OBLIGATIONS CHF GOUVERNEMENTALES UBS ETF (CH)-SBI® Domestic Govt 7-15 (CHF) Ad 10.01 iShares Swiss Domestic Government Bond 7-15 (CH) 162.76 SIP Swiss Government Bond Index C2 28.37 Credit Suisse (CH) Government CHF Bd Fd B liq Synchrony Swiss Government Bonds 48.50 Syz AM (CH) Track – Swiss Government Bonds A 55.97 iShares Swiss Domestic Government Bond 3-7 (CH) 390.69 CIC CH Governments Bond CHF B 21.34 Obligations CHF Gouvernementales Average 102.52

3.7 3.7 3.3 2.5 2.5 2.3 1.8 0.6 2.5

8.6 23.0 8.5 22.7 8.9 21.4 6.5 6.8 17.5 6.1 3.3 9.9 4.9 6.7 18.9

5.7 5.7 5.3 4.2 5.3 5.3 3.2 3.8 4.8

4.6 4.3 4.6 4.3 4.2 3.9 3.7 4.2 3.8 4.2 2.2 2.1 2.9 3.8 3.7

2.8 2.8 2.9 2.1 2.2 2.0 1.1 1.6 2.2

4.2 4.2 4.0

OBLIGATIONS CHF MOYEN TERME UBS ETF (CH)-SBI® Domestic Govt 3-7 (CHF) A-dis Mi-Fonds (CH) – SwissFrancBond Medium Term A UBS (Lux) Medium Term Bond Fd – CHF P-acc UBS (Lux) Sicav 2 – Medium Term Bonds CHF P-acc UBS (CH) Key Selection Fd – CHF Bd Enhanced CHF P RBZ Swiss Franc Bonds 1 Swisscanto (LU) Bond Fund Medium Term CHF A Obligations CHF Moyen Terme Average

111.67 78.86 667.33 61.75 17.80 66.32 493.59 213.9

1.8 3.4 10.4 0.4 2.2 7.6 0.3 0.5 4.0 0.3 0.5 4.2 –0.2 –0.3 3.1 10.5 –0.3 0.3 2.5 0.3 1.7 6.5

3.3 2.2 2.1 1.1 1.3 1.2 1.2 0.7 1.3 0.9 1.0 0.2 1.3 0.9 1.0 0.2 1.5 2.0 1.7 1.9 1.0 1.3 0.9 0.9 0.1 1.7 1.3 1.3 0.5

2.0 1.5 0.8 0.8

OBLIGATIONS CNY China SDD-CSOP RMB High Yield Bond A USD Dis BGF Renminbi Bond A2 CNH AllianceBernstein-RMB Inc Plus II Pf (USD) A2 USD AllianceBernstein-RMB Income Plus Portfolio A2 CNH Nikko AM RMB Bond B USD Fidelity Funds – China RMB Bd A-ACC-RMB Investec GSF Renminbi Bond A Acc USD Renminbi Bond Opportunities Flex UI – R USD Fullerton Lux Funds-RMB Bonds A CHF H AllianceBernstein-RMB Inc Plus II Pf (USD) I2 CHFH Schroder ISF RMB Fixed Income A Acc AllianceBernstein-RMB Inc Plus II Pf (USD) A2 CHFH Baring China Bond A USD Acc Invesco Renminbi Fixed Income A Acc USD AZ Multi Asset Renminbi Opps Fxd Inc A EUR Hdgd Obligations CNY Average

23.06 1.5 19.1 14.5 10.1 6.0 101.16 –0.1 17.2 14.5 10.3 5.4 8.38 –1.0 12.7 13.3 9.5 4.1 409.77 –1.2 13.7 13.5 9.5 4.4 22.62 –1.3 15.8 198.29 –1.4 13.8 14.4 10.0 4.4 12.62 –1.6 14.0 54.05 –1.8 10.9 14.2 9.9 3.5 171.51 –2.1 5.8 8.38 –2.6 3.0 5.8 4.9 1.0 44.57 –3.0 9.9 13.7 9.7 3.2 8.38 –3.1 1.2 5.8 4.8 0.4 20.09 –3.6 7.2 14.0 10.0 2.3 22.73 –4.3 7.5 15.3 10.5 2.4 109.11 –11.7 –5.9 18.5 11.1 –2.0 77.83 –2.5 9.2 N/A 12.9 9.2 N/A 2.9 N/A

OBLIGATIONS CONVERTIBLES AUTRES Schroder ISF Asian Convertible Bond A Acc Schroder ISF Asian Convertible Bond CHF Hdg C Acc Schroder ISF Asian Convertible Bond CHF Hdg A Acc Man Convertibles Far East MUS D2 CHF LO Funds – Convertible Bond Asia (USD) P A LO Funds – Convertible Bond Asia (CHF) S A LO Funds – Convertible Bond Asia (CHF) I A LO Funds – Convertible Bond Asia (CHF) M D LO Funds – Convertible Bond Asia (CHF) M A Edmond de Rothschild Emerging Convertibles A LO Funds – Convertible Bond Asia (CHF) P D LO Funds – Convertible Bond Asia (CHF) P A PARVEST Convertible Bond Asia C C USD BlueBay Em Mkt Convertible Bond R USD Man Convertibles Far East D EUR Acc Obligations Convertibles Autres Average

115.21 115.21 115.21 156.74 652.84 652.84 652.84 652.84 652.84 14.08 652.84 652.84 99.07 19.68 156.74 357.46

OBLIGATIONS CONVERTIBLES EUROPE Selection Convertibles CHF RAM (Lux) TF-Convertibles Europe C CHF UBS (Lux) Bond Fd – Convert Europe (EUR)(CHFh) Qa RAM (Lux) TF-Convertibles Europe G CHF UBS (Lux) Bond Fd – Convert Europe (EUR)(CHFh) P-a Ellipsis European Convertibles Fund P CHF UBAM Convertibles Europe AHC (CHF) UBAM Convertibles Euro 10-40 AHC (CHF) PARVEST Conv Bond Europe Small Cap CC EUR Man Convertibles Europe MUS D6 CHF UBAM European Convertible Bond AHC CHF UBAM Euro 10-40 Convertible Bond AHC CHF Selection Convertibles A BNP Paribas L1 Conv Bond Best Sel Europe C C Neuflize Europe Convertibles C Aberdeen Global II – European Conv Bd A2 Acc EUR R Conviction Convertibles Europe C EUR Mirabaud – Convertible Bonds Europe-A Cap-EUR Allianz Convertible Bond – AT – EUR PARVEST Convertible Bond Europe C C EUR M Convertibles AC RAM (Lux) TF-Convertibles Europe E EUR UBS (Lux) Bond Fd – Convert Europe (EUR) P-acc Ellipsis European Convertibles Fund P EUR Oddo Convertible Euro Moderate CR-EUR DNCA Invest Convertibles A Edmond de Rothschild Fund-Conver Eu All Caps A EUR Amundi Fds Convertible Credit – AE (C) Amundi Fds Convertible Europe – AE (C) Ellipsis Convertible Risk Adjusted Fund P EUR Convertibles Europe Responsable AC (EUR) Oddo Convertible Europe CR-EUR Edmond de Rothschild Europe Convertibles A UBAM Convertibles Europe AC (EUR) Man Convertibles Europe MUS D5 EUR Metropole Convertibles UBAM Convertibles Euro 10-40 AC (EUR) UBAM European Convertible Bond AC EUR UBAM Euro 10-40 Convertible Bond AC EUR Obligations Convertibles Europe Average

166.81 11.4 6.5 100.78 5.2 6.4 997.23 4.8 16.4 7.6 5.3 5.2 100.78 4.6 6.4 997.23 4.6 16.2 7.6 5.3 5.1 728.34 3.9 16.2 7.9 6.3 5.1 968.40 2.4 18.7 23.6 9.8 7.8 9.1 5.9 4.3 3057.33 1.9 14.7 25.6 6.3 4.9 5.9 4.7 4.7 272.52 1.9 10.4 14.7 13.4 8.4 9.4 3.3 2.8 130.46 1.7 11.0 10.3 7.5 5.8 6.8 3.5 2.0 27.45 1.6 9.8 748.52 1.5 12.8 22.2 6.4 4.9 5.8 4.1 4.1 166.81 0.9 19.3 10.3 13.8 9.1 10.9 6.1 2.0 181.88 0.1 12.8 9.8 12.9 9.0 10.9 4.1 1.9 303.65 –1.5 7.0 6.3 15.3 10.1 11.3 2.3 1.2 206.96 –2.2 9.7 11.1 13.4 8.8 10.1 3.1 2.1 302.53 –2.6 14.2 3.5 13.7 10.2 13.5 4.5 0.7 331.28 –2.6 7.4 14.7 9.6 2.4 685.46 –3.0 8.3 13.6 8.8 2.7 1256.62 –3.5 8.3 9.6 12.7 8.7 9.5 2.7 1.8 178.24 –3.5 8.5 8.4 14.3 9.3 9.9 2.7 1.6 100.78 –3.9 14.0 997.23 –4.6 5.9 6.7 14.6 9.5 11.7 1.9 1.3 728.34 –5.0 6.7 14.4 10.0 2.2 770.96 –5.4 5.3 12.1 14.1 9.1 9.2 1.8 2.3 767.06 –5.5 4.3 10.9 13.6 9.2 9.2 1.4 2.1 135.62 –5.6 7.7 5.3 13.6 9.3 11.2 2.5 1.0 156.24 –5.7 5.0 11.1 13.6 8.8 8.6 1.6 2.1 1205.87 –6.0 6.5 8.0 13.2 8.9 9.3 2.1 1.5 138.58 –6.0 14.7 219.10 –6.2 7.6 13.8 9.5 2.5 545.36 –6.3 1.8 3.0 14.7 9.7 10.6 0.6 0.6 998.03 –6.3 5.9 5.0 13.2 9.3 10.5 1.9 1.0 968.40 –6.6 8.1 9.7 15.6 11.2 11.9 2.6 1.9 130.46 –6.8 1.9 –1.6 14.7 9.7 10.3 0.6 –0.3 146.07 –7.0 0.1 2.7 14.4 9.7 10.2 0.0 0.5 3057.33 –7.0 4.8 12.1 14.5 9.6 9.8 1.6 2.3 27.45 –7.2 5.8 6.6 15.6 11.2 11.8 1.9 1.3 748.52 –7.6 2.9 9.1 14.5 9.6 9.6 1.0 1.8 613.04 –2.1 8.9 9.9 12.2 8.7 9.9 2.8 1.9

OBLIGATIONS CONVERTIBLES INTERNATIONAL CIC CH Convert Bond C UBAM Convertibles Global AHC (CHF) Schroder ISF Global Conv Bond A Acc Mirabaud – Convertible Bonds Global A Cap USD LO Funds – Convertible Bond Syst Hdg (CHF) IA LO Funds – Convertible Bond Syst. Hdg (CHF) ID LO Funds – Convertible Bond Syst. Hdg (CHF) MA LO Funds Global Conv Bond Def Delta SH Seed CHF IA UBAM Global Convertible Bond AHC CHF CS (Lux) Global Balanced Conv Bd Fd B USD Deutsche Invest I Convertibles CHF FCH LO Funds – Convertible Bond Syst. Hdg (CHF) PA LO Funds – Convertible Bond Syst. Hdg (CHF) PD Deutsche Invest I Convertibles CHF LCH Schroder ISF Global Conv Bond CHF Hdg A Acc

56.56 7.6 15.3 10.1 6.7 4.9 489.68 3.9 8.9 1862.37 3.9 35.8 35.8 14.2 9.6 9.8 10.7 6.3 135.60 3.7 14.5 6064.90 3.5 5.8 6064.90 3.5 5.8 6064.90 3.3 5.8 81.25 3.1 5.1 79.74 3.1 8.8 345.30 3.0 28.6 31.6 13.5 8.9 9.6 8.7 5.6 3611.50 2.9 26.4 7.0 5.6 8.1 6064.90 2.7 5.8 6064.90 2.7 5.8 3611.50 2.3 7.0 1862.37 2.2 22.5 22.6 8.3 6.4 7.5 7.0 4.2

7.0 22.5 19.5 5.7 11.9 10.8 5.1 9.9 7.5 5.0 9.6 4.8 3.3 12.7 10.4 3.2 6.6 2.3 3.8 3.2 2.1 2.1 1.5 13.7 12.4 1.4 1.1 –1.2 1.4 1.1 –1.2 –0.3 10.2 1.8 –3.5 14.0 –4.0 0.3 –6.1 2.2 9 5.6

12.6 8.7 8.6 7.0 10.1 7.4 8.7 3.8 10.1 7.4 8.7 3.2 11.9 7.8 8.2 3.1 12.2 8.4 8.5 4.1 9.3 6.4 2.1 9.3 6.4 7.6 1.3 9.3 9.3 11.6 8.2 8.6 4.4 9.3 6.4 7.6 0.4 9.3 6.4 7.6 0.4 12.8 8.5 8.6 3.3 14.1 9.3 4.5 17.8 11.3 10.8 0.1 11.3 7.9 8.5 2.9

3.3 1.9 3.5

2.0 0.5 1.3

3.6 2.1 1.5 0.9 2.0 0.6 2.4 –0.2 –0.2 0.4 –1.2 1.1

Finance

Le Temps l Mercredi 3 février 2016

CLASSEMENTS Nom Raiffeisen Fonds – Convert Bond Global B F&C Global Convertible Bond I CHF Hedge OYSTER Global Convertibles C CHF HP Swisscanto (LU) Bond Fund COCO H CHF B CS (Lux) Global Balanced Conv Bd Fd IBH CHF PK BLVK Wandelanleihen 2 I H.A.M. Global Convertible Bond Fund CHF Aviva Investors Global Convertibles Ah CHF F&C Global Convertible Bond A CHF Hedge Acc Man Convertibles Global D H CHF Acc FISCH CB Global Opportunistic Fund AC CS (Lux) Global Convertible Inv Grade Bd Fd BH CHF LUKB Global Convertible Bond Fund B (CHF) CS (Lux) Global Balanced Conv Bd Fd BH CHF UBAM 10-40 Convertible Opportunities AH CHF Cap JPM Global Convertibles USD A Acc USD Jupiter JGF Global Convertibles L CHF Acc HSC Calamos Global Convertible Opportunities A USD Acc UBS (Lux) Bd SICAV-Convert Global (EUR)(CHFhdg) Qa RWC Global Convertibles A CHF FISCH CB Sustainable Fund AC Swisscanto (LU) Bd Fd Global Convertible H CHF B SPDR ThomsonReuters Glbl ConvertibleBd UCITS ETF Julius Baer BF Global Convert-CHF B Julius Baer BF Global Convert-CHF A Oaktree Global Convertible Bond Fund IB UBS (Lux) Bond Sicav – Convert Gl EUR CHFhPa Morgan Stanley Global Convertible Bond Fund A USD Vontobel Fund Global Convertible Bond H CHF Oaktree (Lux) Fds-Oaktree Gl Conv Bond B Polar Capital Global Convertible R USD Acc PK BLVK Wandelanleihen 1 I FISCH CB Global Defensive Fund AC LGT Select Convertibles (USD) B JPM Global Convertibles EUR A Acc CHF Hdg AgaNola Gl Convertibles Focus Invest. Grd D CHF H Aviva Investors Global Convertibles A USD M&G Global Convertibles GBP A Inc KBC Bonds Convertibles Cap Morgan Stanley Global Convertible Bond Fund AH CHF Polar Capital Global Convertible S CHF Hdg Acc Oaktree (Lux) Fds-Oaktree Gl Conv Bond H CHF GB CIC CH Convert Bond B F&C Global Convertible Bond A Inc EUR Lazard Convertible Global R Franklin Global Convertible Secs A (acc) USD Polar Capital Global Convertible I CHF Hdg Acc Oaktree (Lux) Fds-Oaktree Gl Conv Bond H CHF B Credit Suisse (CH) Convert Internatl Bd Fd AH CHF BlueBay Global Convertible Bond R USD Credit Suisse (CH) Convert Internatl Bd Fd A USD Franklin Global Convertible Secs A (acc) CHF-H1 BlueBay Global Convertible Bond B CHF AXA WF Framlington Global Convertibles FC EUR BlueBay Global Convertible Bond R CHF Deka-Wandelanleihen CF Neuflize Monde Convertibles C Swisscanto (CH) BF Convertible Interntnl H CHF A Oaktree (Lux) Fds-Oaktree Non-US Conv Bond IB UBAM Convertibles Global AC (EUR) Amundi Fds Convertible Global – AE (C) H. A. M. Convertible Growth Fund EUR H.A.M. Global Convertible Bond Fund EUR Echiquier Global Convertibles UBAM Global Convertible Bond AC EUR LLB Wandelanleihen Klasse H EUR LO Funds – Convertible Bond (EUR) PA OYSTER Global Convertibles C EUR Oddo Convertibles Global CR-EUR Edmond de Rothschild Global Convexity A Deutsche Invest I Convertibles LC Candriam Bonds Convertible Defensive C Cap Edmond de Rothschild Global Convertibles A Man Convertibles Global D EUR Acc Popso IFS Global Convertible Bond EUR B DWS Convertibles LD BNP Paribas L1 Convertible Bond World Classic Dis Jupiter JGF Global Convertibles L EUR Acc Julius Baer BF Global Convert-EUR B Man GLG Global Convertible UCITS DL H EUR BlueBay Global Inv Grade Conv Bond R EUR UBAM 10-40 Convertible Opportunities A EUR Cap MRB Wandelobligationen Fonds EUR Parvest Convertible Bond World C RH EUR Cap UBS (Lux) Bond Sicav – Convert Gl (EUR)Pa 3BG EMCore Convertibles Global EUR RT Vontobel Fund Global Convertible Bond B EUR FISCH CB Global Defensive Fund AE Objectif Convertible Couvert JPM Global Convertibles EUR A Dis EUR JABCAP (LUX)-Convertible Bonds R EUR Obligations Convertibles International Average

Actifs nets mios francs

Performance totale % 2015 3 ans 5 ans

Volatilité annualisée % 2015 3 ans 5 ans

Perf. annualisée % 3 ans 5 ans

80.45 2.0 18.9 18.2 5.6 4.9 5.4 5.9 3.4 854.43 2.0 6.9 550.31 1.8 10.5 5.4 4.9 3.4 381.03 1.8 16.2 4.8 5.1 5.1 345.30 1.7 17.1 21.1 6.7 5.4 6.4 5.4 3.9 235.76 1.7 12.4 360.51 1.7 18.7 18.4 6.8 5.9 6.5 5.9 3.4 1417.54 1.6 7.4 854.43 1.6 18.5 6.9 5.7 5.8 648.28 1.5 21.0 19.2 7.1 6.4 6.8 6.6 3.6 428.07 1.5 19.7 18.7 6.2 5.3 6.3 6.2 3.5 242.66 1.5 6.3 75.40 1.4 12.0 5.6 4.5 3.8 345.30 1.4 15.4 18.1 6.8 5.4 6.4 4.9 3.4 79.04 1.3 6.1 924.14 1.3 32.7 32.9 13.8 9.4 10.1 9.9 5.9 446.17 1.3 14.7 13.9 4.8 4.2 5.2 4.7 2.6 182.51 1.2 27.3 26.2 14.7 9.4 9.3 8.4 4.8 3295.44 1.2 20.9 22.9 7.3 5.7 7.6 6.5 4.2 1840.56 1.0 18.6 20.4 7.3 5.8 6.3 5.9 3.8 763.11 1.0 19.6 21.6 6.6 5.3 6.5 6.1 4.0 126.84 1.0 19.4 16.1 6.0 5.8 7.6 6.1 3.0 318.71 1.0 14.0 269.50 0.9 10.9 12.6 5.7 4.3 4.8 3.5 2.4 269.50 0.9 10.9 12.6 5.7 4.3 4.8 3.5 2.4 561.31 0.9 14.4 3295.44 0.9 20.6 22.5 7.4 5.7 7.7 6.4 4.1 1462.18 0.7 28.3 28.0 14.3 9.7 10.2 8.7 5.1 302.42 0.3 18.9 19.0 6.1 5.2 5.7 5.9 3.5 412.11 0.2 26.4 14.4 9.6 8.1 371.14 0.2 12.9 232.09 0.1 12.1 60.04 –0.1 12.6 18.7 5.3 4.3 4.8 4.0 3.5 748.41 –0.1 30.0 32.0 14.8 10.0 10.3 9.1 5.7 2180.07 –0.2 19.7 19.8 7.7 6.2 7.3 6.2 3.7 27.60 –0.3 17.4 14.0 6.2 5.3 6.4 5.5 2.7 1417.54 –0.4 18.2 20.3 13.8 8.8 8.9 5.7 3.8 2524.30 –0.5 22.8 21.4 13.8 9.0 9.4 7.1 4.0 82.36 –0.8 16.9 13.5 13.2 8.4 8.8 5.3 2.6 1462.18 –1.0 15.2 7.4 6.1 4.8 371.14 –1.1 6.2 412.11 –1.2 14.7 6.9 5.8 4.7 56.56 –1.3 6.3 –2.1 12.3 7.7 8.0 2.1 –0.4 854.43 –1.4 18.9 20.7 13.5 8.7 9.0 5.9 3.8 415.21 –1.4 25.1 23.5 16.6 10.4 10.5 7.8 4.3 100.44 –1.4 23.0 15.2 9.9 7.1 371.14 –1.5 6.2 412.11 –1.5 13.3 6.8 5.8 4.3 124.40 –1.7 8.2 733.12 –1.8 16.5 21.7 13.5 8.6 8.7 5.2 4.0 124.40 –2.5 23.3 24.6 14.4 9.3 9.6 7.2 4.5 100.44 –3.4 10.4 9.0 7.8 3.3 733.12 –3.6 5.2 8.3 7.2 1.7 554.41 –3.6 18.2 20.8 16.2 10.7 10.3 5.7 3.9 733.12 –3.9 3.8 8.3 7.2 1.3 102.04 –4.0 15.0 12.3 15.7 10.4 10.8 4.8 2.3 291.35 –4.2 7.9 2.9 17.0 11.0 11.4 2.6 0.6 75.72 –4.5 10.4 4.2 10.6 7.2 8.0 3.4 0.8 220.31 –4.9 15.5 489.68 –5.4 16.1 17.0 11.2 5.1 179.97 –5.6 11.4 5.7 16.3 10.6 10.1 3.7 1.1 15.22 –5.6 15.9 11.6 14.3 9.8 11.1 5.1 2.2 360.51 –5.6 9.2 6.4 15.1 10.0 9.6 3.0 1.3 103.92 –5.6 14.6 79.74 –6.1 17.0 310.85 –6.2 7.0 8.8 16.2 10.3 10.0 2.3 1.7 6064.90 –6.3 8.3 8.2 15.7 9.9 9.5 2.7 1.6 550.31 –6.5 1.9 –0.6 15.5 10.2 10.0 0.6 –0.1 162.66 –6.7 15.6 123.72 –6.7 1.6 15.2 9.5 0.5 3611.50 –6.7 13.5 9.0 15.9 10.5 10.2 4.3 1.7 395.28 –6.8 –1.3 15.1 9.5 –0.4 379.86 –7.0 3.4 0.7 16.3 10.4 10.7 1.1 0.1 648.28 –7.1 10.8 6.8 16.0 10.9 10.5 3.5 1.3 78.62 –7.4 7.6 7.3 15.5 10.0 9.7 2.5 1.4 291.30 –7.5 –1.9 –6.9 16.0 10.0 9.8 –0.6 –1.4 221.08 –7.5 7.9 6.5 16.3 10.7 10.2 2.6 1.3 446.17 –7.6 5.0 2.6 15.6 10.0 9.6 1.6 0.5 269.50 –7.6 1.6 0.8 16.5 10.2 9.7 0.5 0.2 188.10 –7.6 –1.5 –4.8 16.6 10.3 10.6 –0.5 –1.0 33.49 –7.7 16.1 79.04 –7.7 15.0 66.17 –7.8 –5.7 –8.7 16.3 10.1 10.0 –1.9 –1.8 2221.52 –7.8 7.4 6.2 16.3 10.7 10.2 2.4 1.2 3295.44 –8.0 10.0 8.6 17.0 11.1 11.3 3.2 1.7 203.51 –8.2 2.7 2.8 16.5 10.4 9.8 0.9 0.6 302.42 –8.3 9.0 6.7 16.0 10.4 10.0 2.9 1.3 60.04 –8.6 3.9 8.7 15.2 9.8 9.4 1.3 1.7 17.71 –8.6 12.4 8.9 18.7 12.1 12.6 4.0 1.7 2180.07 –8.7 9.5 6.2 16.0 10.7 10.7 3.1 1.2 40.93 –9.0 15.7 941.4 –1.8 14.2 13.7 11.4 8.2 8.8 4.5 2.5

OBLIGATIONS CONVERTIBLES JAPON LO Funds (CH) – Japanese Convertible P D Man Convertibles Japan D EUR Acc Obligations Convertibles Japon Average

35.00 27.49 31.25

8.0 –3.8 2.1

26.9 27.4 27.2

17.3 17.3 17.3

8.6 16.1 12.4

8.4 12.0 10.2

10.8 11.2 11

8.3 8.4 8.3

3.2 3.2 3.2

OBLIGATIONS CONVERTIBLES US Man Convertibles America D H USD Acc Obligations Convertibles US Average

43.09 43.09

–1.6 –1.6

40.2 40.2

39.6 39.6

16.7 16.7

11.7 11.7

11.5 11.5

11.9 11.9

6.9 6.9

OBLIGATIONS DKK SEB Danish Mortgage Bond C (H-CHF) Nordea 1 – Danish Kroner Reserve BP DKK SEB Danish Mortgage Bond C (EUR) Danske Invest Danish Bond D Sparinvest-Long Danish Bonds DKK R Danske Invest Danish Mortgage Bond A Nordea 1 – Danish Bond BP DKK Nordea 1 – Danish Mortgage Bond BP DKK Obligations DKK Average

349.22 19.33 349.22 38.94 37.62 67.33 25.71 521.21 176.07

–1.9 –10.3 –10.3 –10.5 –10.7 –11.0 –11.1 –11.8 –9.7

3.2 –10.5 –12.3 –5.3 2.6 –8.4 –4.4 –4.0 7.8 –6.4 –1.0 –7.4 0.5 –6.9 0.6 –5.7 –0.9

3.0 15.6 14.9 15.4 13.7 15.0 14.5 14.8 13.4

2.9 9.1 8.6 9.0 8.6 9.2 8.6 8.6 8.7 9.0 8.5 8.7 8.5 8.9 8.5 8.2 8.6

1.0 –3.6 –1.8 –2.9 –1.4 –2.2 –2.5 –2.3 –2

–2.6 0.5 –0.9 1.5 –0.2 0.1 0.1 –0.2

OBLIGATIONS EUR LO Selection – The Sovereign Bond Fund (CHF) I A LO Selection – The Sovereign Bond Fund (CHF) MA CS Invest (Lux) SICAV Londinium Global Bonds R CHF LO Selection – The Sovereign Bond Fund (CHF) P A BNY Mellon Euroland Bond I CHF Hdg BNY Mellon Euroland Bond H CHF Hdg CB – Accent (Lux) Bond EUR Fund B CHF hdg Robus Mid-Market Value Bond Fund A Edmond de Rothschild Bond Allocation C Tikehau Subordonnees Financieres TSF C LO Selection – The Sovereign Bond Fund (EUR) PA BGF Euro Bond A2 EUR SSgA SPDR Barclays Cap Euro Government Bond ETF iShares Spain Government Bond UCITS ETF Efficiency Growth Fund – Euro Global Bond-P (EUR) SSgA SPDR Barclays 3-5 Year Euro Gov Bd UCITS ETF LLB Strategie Festverzinslich (EUR) Allianz Euro Rentenfonds – A – EUR Amundi Fds Bond Euro Aggregate – AE (C) SICAV II (Lux) Aberdeen Bond Euro B Capital Group Euro Bond (LUX) B EUR Pictet-EUR Bonds-P BL Global Bond B Cap SSgA SPDR Barclays Euro Aggregate Bond UCITS ETF Goldman Sachs Euro Fxd Inc Pf Base Acc EUR BNP Paribas L1 Bond Euro Premium Classic Cap RenditDeka CF BSI-Multibond EUR A UBS ETF – Barclays EUR Treasury 1-10 ETF U (EUR)Ad Vontobel Fund Euro Bond B EUR Petercam L Bonds EUR Government 1-5 B LBPAM Obli Crossover L ACATIS Fair Value Bonds UI A Nordea 1 – European Covered Bond BP EUR BGIF Euro Aggregate Bond Index A2 EUR PARVEST Bond Euro C C EUR BCV (LUX) Active Security (EUR) CB – Accent (Lux) Swan Bond Opp Fd B iShares Euro Covered Bond UCITS ETF iShares France Government Bond UCITS ETF SWC (CH) BF Vision EUR AA Schroder ISF EURO Bond A Acc LLB Obligationen EUR T Candriam Bonds Euro C Cap AZ Fund 1 Income A AZ FUND Acc Popso Suisse IFS – Euro Bond B ARVEST Solid Fund EUR Allianz Advanced Fixed Income Short Duration A EUR

300.23 –1.2 3.0 300.23 –1.2 3.0 131.62 –1.3 –0.1 1.0 1.2 0.0 300.23 –1.5 3.0 2995.56 –1.7 10.8 27.2 5.4 4.0 4.1 3.5 4.9 2995.56 –2.1 9.2 22.6 5.5 4.1 4.1 3.0 4.2 126.42 –2.2 5.3 3.3 2.8 1.7 59.13 –4.3 14.4 497.03 –6.6 1.3 –0.5 18.2 11.0 9.8 0.4 –0.1 178.18 –7.9 9.3 15.2 9.8 3.0 300.23 –7.9 –2.2 –1.0 12.5 7.7 7.7 –0.8 –0.2 5153.22 –8.2 4.6 16.4 15.0 9.3 8.9 1.5 3.1 108.14 –8.2 5.5 14.6 9.1 1.8 918.61 –8.2 18.0 15.9 10.4 5.7 270.26 –8.3 10.7 12.8 8.8 3.5 13.44 –8.4 15.7 21.53 –8.5 –3.9 13.5 8.2 –1.3 2380.52 –8.6 5.0 19.5 14.7 9.3 8.8 1.6 3.6 380.62 –8.7 5.0 –2.4 14.8 9.4 1.7 –0.5 44.11 –8.7 3.3 12.5 14.7 9.2 9.1 1.1 2.4 251.16 –8.7 3.4 11.8 15.2 9.3 8.7 1.1 2.3 620.80 –8.7 2.9 14.9 14.4 9.0 8.8 1.0 2.8 159.87 –8.8 –7.0 –2.0 14.9 8.8 8.2 –2.4 –0.4 106.00 –8.8 2.8 14.8 9.0 0.9 13.70 –8.8 1.8 11.9 15.5 9.5 8.9 0.6 2.3 170.08 –8.8 –4.7 0.1 15.7 9.3 9.0 –1.6 0.0 1029.18 –8.8 1.1 12.0 15.0 9.1 8.8 0.4 2.3 53.02 –8.8 3.9 14.1 14.3 9.0 8.6 1.3 2.7 3.30 –8.9 15.6 131.09 –8.9 3.8 14.0 15.4 9.6 9.4 1.2 2.6 52.28 –9.0 15.7 211.50 –9.0 –0.4 15.5 9.4 –0.1 16.51 –9.0 –0.9 0.0 15.3 9.2 8.6 –0.3 0.0 592.97 –9.1 3.0 15.1 9.2 1.0 409.40 –9.2 14.9 1727.89 –9.2 0.7 6.5 15.2 9.3 8.9 0.2 1.3 15.44 –9.3 14.5 178.95 –9.3 –6.7 –5.9 15.6 9.2 8.5 –2.3 –1.2 1136.54 –9.3 0.2 11.3 15.5 9.3 8.7 0.1 2.2 21.68 –9.3 0.4 14.0 8.7 0.1 104.60 –9.3 3.8 14.2 15.0 9.3 8.6 1.3 2.7 2665.82 –9.3 2.8 15.2 15.2 9.4 8.7 0.9 2.9 260.37 –9.3 –3.2 6.4 14.8 8.8 8.2 –1.1 1.3 755.80 –9.3 1.1 8.7 14.7 9.0 8.6 0.3 1.7 618.20 –9.4 –4.4 0.2 15.9 9.8 10.1 –1.5 0.0 51.53 –9.4 –3.0 2.0 15.6 9.3 8.5 –1.0 0.4 5.36 –9.4 –9.4 –10.4 16.2 9.4 8.7 –3.2 –2.2 1025.16 –9.4 15.6

Nom

Actifs nets mios francs

Performance totale % 2015 3 ans 5 ans

Volatilité annualisée % 2015 3 ans 5 ans

Perf. annualisée % 3 ans 5 ans

PIMCO Euro Short Maturity Source UCITS ETF BCV (LUX) Strategy Income (EUR) LO Selection – The Credit Bond Fund (EUR) P A LGT Strategy 2 Years (EUR) B UBS (CH) Bond Fund – EUR P iShares Euro Ultrashort Bond UCITS ETF AXA WF Euro Bonds A C Fidelity Funds – Euro Bond A-EUR BSI-Multinvest – Bonds EUR A PIMCO GIS Euro Bond Adm EUR Acc UBS (Lux) Sicav 2 – Bonds EUR P-acc Robeco All Strategy Euro Bonds DH EUR Candriam Bonds Sustainable Euro C Cap Baloise F Invest (Lux) – BFI EuroBond (EUR) R Credit Suisse (Lux) Sustainable Bond Fund B NN (L) Euro Fixed Income P Cap EUR Pictet CH-EUR Bonds-R Mirova Euro Sustainable Aggregate R/A (EUR) UBS (Lux) Bond Fund – EUR P-acc Pioneer SICAV Euro Aggregate Bond A No Dis EUR Legg Mason WA Euro Core Plus Bond A Dis D EUR Pioneer Funds Euro Aggregate Bond E No Dis EUR DWS Vermoegensbildungsfonds R White Fleet III – Globes Flexible Bond EUR I EUR Candriam Sustainable Euro Bonds C Cap Danske Invest European Bond A Allianz Euro Bond – AT – EUR DWS Covered Bond Fund LD UBS (D) Rent-Euro Schelcher Prince Opportunites Europeenes P Morgan Stanley Euro Bond A EUR Vanguard Euro Investment Grade Bd Index Inv EUR PIMCO GIS Euro Income Bond E EUR Acc CS Invest (Lux) SICAV Londinium Global Bonds B Generali IS Euro Covered Bonds D Cap EUR ERSTE RESPONSIBLE BOND T JPM Euro Aggregate Bond A Acc EUR Notenstein Sustainable Bond EUR B Raiffeisenfonds-Konservativ R T VP Bank Obligationenfonds EUR B PARVEST Euro Covered Bond Classic C EUR Raiffeisen Fonds – Euro Obli B Julius Baer BF Euro-EUR B BL Optinvest (EURO) B Cap SGKB (LUX) Fund – Bond EUR B Swisscanto (LU) Bond Fund EUR B DWS Euroland Strategie (Renten) HSBC GIF Euro Credit Bond Total Return AC EUR FBG Euro Bond SYZ AM (CH) 1 – EURO Fixed Income A RBZ Bond Fund Euro 1 DSC EUR Bond Fund OYSTER Euro Fixed Income C EUR Bantleon Yield PA DJD Yield PLUS -EUR- JSS Sustainable Bond – EUR High Grade P EUR acc HSBC GIF Euro Bond AC EUR Julius Baer Global Excellence Fixed Income (EUR) B JSS Sustainable Bond EUR P EUR dist CB – Accent (Lux) Bond EUR Fund B German Bond Opportunities UI R Portfolio Mgt Slt Bonds Euro Gen B C BNY Mellon Euroland Bond A EUR ARCHEA Fund Bond Selection B1 Euro Rent Plus T BL Bond Euro B Cap CS (Lux) Broad EUR Bond Fund B 1618 IF Bond Euro Julius Baer BF Total Return-EUR B Obligations EUR Average

2655.06 –9.4 –8.5 15.7 9.2 –2.9 21.62 –9.4 –5.0 1.1 14.4 8.8 8.4 –1.7 0.2 166.21 –9.4 –3.3 5.3 14.5 8.8 8.0 –1.1 1.0 167.68 –9.4 –11.3 –5.1 14.3 8.6 7.8 –3.9 –1.1 75.24 –9.4 0.5 8.8 14.7 9.0 8.6 0.2 1.7 285.44 –9.4 15.8 351.71 –9.5 2.3 11.5 14.9 9.2 8.9 0.8 2.2 1397.22 –9.5 3.5 14.0 14.6 9.1 8.7 1.1 2.7 145.40 –9.5 4.1 14.7 9.3 1.3 1180.19 –9.5 2.6 16.5 14.7 9.2 8.5 0.9 3.1 25.94 –9.5 0.2 8.1 14.6 9.0 8.6 0.1 1.6 1089.86 –9.5 1.7 12.1 14.4 9.0 8.8 0.6 2.3 49.14 –9.5 –2.0 4.5 14.6 8.9 8.4 –0.7 0.9 25.06 –9.5 1.2 10.7 14.8 9.2 9.1 0.4 2.1 27.37 –9.5 –2.3 8.1 14.9 9.1 8.6 –0.8 1.6 1210.64 –9.5 2.1 11.5 14.8 9.1 8.7 0.7 2.2 127.38 –9.5 4.3 13.5 14.8 9.3 9.4 1.4 2.6 333.31 –9.6 15.1 368.54 –9.6 –0.1 8.0 14.7 9.0 8.6 0.0 1.6 297.88 –9.6 1.4 14.5 9.0 0.5 97.17 –9.6 –0.3 8.1 14.6 9.0 8.7 –0.1 1.6 5140.91 –9.6 1.3 13.3 14.5 9.0 8.5 0.4 2.5 860.55 –9.6 2.6 15.0 14.9 9.3 9.1 0.8 2.8 110.03 –9.6 14.9 163.67 –9.6 –2.1 4.1 14.4 8.8 8.3 –0.7 0.8 32.78 –9.7 1.5 13.5 15.1 9.2 8.6 0.5 2.6 882.05 –9.7 1.2 13.0 14.9 9.3 8.6 0.4 2.5 1884.81 –9.7 1.8 11.1 15.4 9.4 8.8 0.6 2.1 29.16 –9.8 –6.6 –3.9 15.6 9.2 8.6 –2.3 –0.8 280.55 –9.8 –2.1 14.6 9.6 –0.7 273.34 –9.8 0.4 10.2 14.9 9.1 8.8 0.1 2.0 1986.02 –9.8 –0.9 10.1 15.2 9.2 8.4 –0.3 1.9 866.47 –9.9 –1.8 16.7 10.1 –0.6 131.62 –9.9 –8.4 –6.0 15.4 9.0 8.4 –2.9 –1.2 116.79 –9.9 0.4 15.3 9.3 0.1 147.52 –9.9 –1.1 6.6 15.3 9.2 8.5 –0.4 1.3 45.31 –9.9 1.1 11.8 15.0 9.3 8.8 0.4 2.3 33.07 –9.9 14.9 316.24 –9.9 –6.6 14.7 9.2 –2.3 75.59 –10.0 –2.0 6.8 15.3 9.3 8.5 –0.7 1.3 114.73 –10.0 –3.6 15.5 9.3 –1.2 370.42 –10.0 1.3 13.0 14.6 9.1 9.1 0.4 2.5 109.04 –10.1 –0.4 11.6 14.9 9.2 8.5 –0.1 2.2 124.16 –10.1 –7.6 –8.2 15.5 9.1 8.2 –2.6 –1.7 32.24 –10.1 –5.4 1.7 15.1 9.0 8.3 –1.8 0.3 339.17 –10.1 –2.5 3.1 14.1 8.7 8.6 –0.8 0.6 586.15 –10.1 –5.7 –3.3 15.7 9.4 8.9 –1.9 –0.7 122.07 –10.2 14.9 53.00 –10.2 –6.6 –1.7 15.9 9.5 8.8 –2.3 –0.4 15.50 –10.2 –6.8 –1.6 15.2 9.0 8.4 –2.3 –0.3 78.63 –10.3 –6.4 0.2 15.3 9.1 8.3 –2.2 0.0 52.63 –10.4 –5.2 15.5 9.2 –1.8 255.12 –10.4 1.4 11.9 13.2 8.6 8.5 0.5 2.3 686.70 –10.4 –2.4 6.4 15.5 9.4 8.7 –0.8 1.3 75.32 –10.4 –4.4 5.9 15.5 9.4 8.7 –1.5 1.2 19.34 –10.5 –5.7 3.4 14.4 8.8 8.7 –1.9 0.7 274.27 –10.6 0.9 13.1 15.1 9.3 8.9 0.3 2.5 73.94 –10.6 14.8 100.41 –10.6 –4.2 2.0 15.0 9.0 8.3 –1.4 0.4 126.42 –10.6 –3.5 6.5 15.2 9.2 8.5 –1.2 1.3 26.62 –10.7 –5.5 15.4 9.3 –1.9 59.75 –10.7 –6.9 –6.7 15.1 9.2 8.7 –2.4 –1.4 2995.56 –10.7 –0.1 10.3 14.5 9.1 8.9 0.0 2.0 26.22 –11.0 15.3 18.87 –11.0 –8.6 –4.5 15.0 8.8 8.2 –3.0 –0.9 66.55 –11.2 –8.6 –4.8 15.3 9.1 8.4 –3.0 –1.0 85.40 –11.2 –1.0 14.9 9.2 –0.3 17.67 –11.2 –9.6 –11.4 15.5 9.4 8.4 –3.3 –2.4 495.89 –11.8 –11.2 –6.2 15.2 9.2 8.5 –3.9 –1.3 560.58 –9 –0.7 6.4 14.3 8.9 8.5 –0.3 1.2

OBLIGATIONS EUR CORPORATE BlueBay Inv Grade Euro Aggregate Bd B CHF Vontobel Fund – EUR Corporate Bond Mid Yield C hdg BlueBay Investment Grade Libor S CHF CS (Lux) European Corporate Opp Bd Fd BHC BlueBay Investment Grade Libor B CHF R Euro Credit P CHF BlueBay Investment Grade Libor R CHF R Euro Credit C CHF Henderson HF Euro Corporate Bond I2 CHF Hdg UBAM Corporate Euro Bond AHC CHF Invesco Euro Corporate Bond C Acc CHF Hdg BlueBay Investment Grade Bond S CHF (AIDiv) BlueBay Investment Grade Bond S CHF BlueBay Investment Grade Bond B CHF UBS (Lux) Bond S – EUR Corporates (EUR)(CHFh) P-a LO Funds – Euro BBB-BB Fundamental (CHF) M A Invesco Euro Corporate Bond A Acc CHF Hdg BlueBay Investment Grade Bond R CHF LO Funds – Global BBB-BB Fndm (CHF) M A LO Funds – Global BBB-BB Fndm (CHF) P A LO Funds – Global BBB-BB Fndm (EUR) P A Nordea 1 – European Financial Debt BP EUR Schroder ISF EURO Credit Conviction A Acc Anaxis Bond Opportunity Short Duration E1 Schroder ISF EURO Corporate Bond A Acc CAPB Funds Corporate Bonds Euro G Cap BDG FUND Bonds Opportunities (EUR) BlueBay Inv Grade Euro Aggregate Bd R EUR UBS ETF Barclays Euro Area Liq Crp 1-5 Y EUR D BGF Euro Corporate Bond A2 EUR iShares Euro Corporate Bond 1-5yr UCITS ETF Nordea 1 – European Cross Credit Fund BP EUR Vontobel Fund – EUR Corporate Bond Mid Yield B iShares Euro Corporate Bond Financials UCITS ETF BNY Mellon European Credit Fund A EUR iShares Euro Corp Bd ex-Fin 1-5yr UCITS ETF Pioneer Funds Euro Corporate Bond E No Dis EUR T Rowe Euro Corporate Bond A EUR Aviva Investors European Corporate Bond A Deka-CorporateBond Euro CF Robeco Euro Credit Bonds DH EUR BNP Paribas Flexi I Bond Euro Focus Corporate C C Lyxor Euro Corporate Bond UCITS ETF C-EUR PARVEST Bond Euro Corporate Classic Cap EUR PIMCO GIS Euro Credit E EUR Acc Nordea 1 – Nordic Corporate Bond BP EUR Candriam Bonds Euro Corporate C Cap CS (Lux) European Corporate Opp Bd Fd B Lyxor UCITS ETF Euro Corp Bd Ex Financials C-EUR HSBC GIF Euro Credit Bond AC EUR PARVEST Flexible Bond Europe Corporate C C EUR UBS ETF Markit iBoxx Liquid Corpor UCITS (EUR) A-d Natixis Euro Credit R/A (EUR) ESPA BOND EURO-CORPORATE EUR T Robeco Euro Sustainable Credit D EUR Amundi ETF Euro Corporates UCITS ETF(C) PARVEST Sustainable Bond Euro Corp Classic Cap EUR KBC Bonds Corporates Euro Cap Nordea 1 – European Corporate Bond BP EUR SSgA Euro Corporate Bond Index Fund P SSgA SPDR Barclays Euro Corporate Bond UCITS ETF Amundi ETF Euro Corporate Financials IBOXX UCITs JPM Euro Corporate Bond A Acc EUR Nordea 1 – European Diversified Corp Bd BP EUR Amundi ETF EUR Corporate Ex financials IBOXX UCITs Robeco Investment Grade Corporate Bonds DH EUR Fidelity Funds – Euro Corporate Bond A-ACC-EUR Candriam Sustainable Euro Corporate Bonds C Cap Richelieu Bond-Upper Invest Grade Corporate Euro NN (L) Euro Credit P Cap EUR iShares Euro Corporate Bond Lg Cap UCITS ETF BlueBay Investment Grade Libor R EUR UniEuroRenta Corporates A Morgan Stanley Euro Corporate Bond A EUR Amundi Fds Index Bond Euro Corporate – AE (C) Candriam Bonds Euro Corporate Ex-Financials C Cap Capital Group Euro Credit (LUX) B EUR Generali IS Euro Corporate Bonds D Cap EUR SLI Glo SICAV European Corporate Bond A EUR JSS Sustainable Bond – EUR Corporates P EUR dist Pictet-EUR Corporate Bonds-P R Euro Credit C Morgan Stanley Euro Corporate Bond (ex Fin) A EUR AXA WF Euro Credit IG A C EUR Edmond de Rothschild Euro Sustainable Credit C UBAM Corporate Euro Bond AC EUR Edmond de Rothschild Fund-Euro IG Corp Bonds A EUR iShares Euro Corp Bd ex-Financials UCITS ETF LO Funds – Euro Credit Bond P A Credit Suisse (CH) Corporate EUR Bd Fd A

1566.76 –0.2 5.3 1769.11 –0.9 4.5 1099.10 –1.4 1.5 39.08 –1.5 6.7 1099.10 –1.6 1.5 358.28 –1.8 3.6 1099.10 –1.9 0.2 1.5 1.4 0.1 358.28 –2.0 3.5 3479.40 –2.2 4.5 208.97 –2.5 6.3 20.6 3.8 3.2 3.7 2.1 3.8 6208.81 –2.5 4.0 7787.90 –2.5 4.1 7787.90 –2.6 4.2 7787.90 –2.7 6.5 4.2 3.3 2.1 250.09 –2.7 5.0 4.1 3.2 1.6 758.52 –2.7 4.6 6208.81 –2.9 4.0 7787.90 –2.9 5.7 4.2 3.3 1.9 324.36 –5.4 12.2 324.36 –6.0 5.0 12.2 7.9 1.6 324.36 –6.0 5.0 12.2 7.9 1.6 317.46 –6.2 17.8 16.6 11.1 5.6 1080.19 –8.2 15.1 101.08 –8.8 –3.7 3.6 15.7 9.3 9.2 –1.3 0.7 7041.50 –8.9 2.7 10.0 15.2 9.2 8.7 0.9 1.9 278.26 –9.1 15.4 9.84 –9.1 –6.0 –9.2 14.7 8.8 8.6 –2.1 –1.9 1566.76 –9.1 7.2 14.8 9.5 2.4 193.33 –9.1 15.6 914.43 –9.2 –0.3 10.9 15.5 9.4 8.6 –0.1 2.1 2522.48 –9.3 –4.0 3.2 15.6 9.2 8.4 –1.4 0.6 1025.73 –9.3 0.0 15.5 9.5 0.0 1769.11 –9.3 2.7 17.4 14.4 9.0 8.5 0.9 3.3 42.13 –9.5 15.6 55.19 –9.7 15.1 1507.26 –9.7 –5.1 0.7 15.5 9.2 8.4 –1.7 0.1 3205.43 –9.8 0.2 12.5 14.9 9.1 8.5 0.1 2.4 109.95 –9.9 –1.6 10.1 15.2 9.3 8.7 –0.5 1.9 87.91 –9.9 –1.3 9.0 15.0 9.1 8.5 –0.4 1.7 426.40 –9.9 –3.0 5.7 16.3 9.7 9.0 –1.0 1.1 505.01 –10.0 –1.6 11.1 15.4 9.3 8.8 –0.5 2.1 40.68 –10.0 0.0 14.9 9.1 0.0 961.08 –10.0 –3.3 6.2 15.7 9.4 8.6 –1.1 1.2 2873.86 –10.0 –0.1 8.4 15.2 9.3 8.5 0.0 1.6 481.14 –10.0 –2.5 4.6 15.0 9.1 8.3 –0.9 0.9 224.89 –10.0 15.7 1000.09 –10.0 –0.9 8.2 15.0 9.2 8.4 –0.3 1.6 39.08 –10.0 15.5 180.68 –10.0 –2.4 5.5 15.2 9.3 8.5 –0.8 1.1 978.09 –10.1 –0.6 14.5 15.0 9.2 8.7 –0.2 2.7 430.57 –10.1 –5.2 –4.8 15.7 9.4 8.7 –1.8 –1.0 117.52 –10.1 –3.3 15.7 9.4 –1.1 38.13 –10.1 15.3 629.43 –10.1 –1.7 9.7 15.6 9.4 8.6 –0.6 1.9 329.91 –10.2 –2.4 8.2 15.2 9.2 8.4 –0.8 1.6 298.26 –10.2 –3.5 6.1 15.7 9.4 8.6 –1.2 1.2 919.44 –10.2 –1.4 7.7 15.3 9.3 8.7 –0.5 1.5 652.91 –10.2 1.3 11.4 15.2 9.3 8.6 0.4 2.2 750.77 –10.2 –0.6 11.9 15.0 9.1 8.5 –0.2 2.3 1491.52 –10.2 15.3 106.35 –10.2 –1.1 15.3 9.2 –0.4 118.00 –10.2 –4.1 16.3 9.7 –1.4 34.55 –10.2 –1.4 9.2 15.3 9.3 8.6 –0.5 1.8 90.53 –10.3 –2.2 7.2 15.0 9.0 8.3 –0.8 1.4 6.81 –10.3 –2.6 15.2 9.3 –0.9 893.84 –10.3 –3.2 5.6 14.9 9.0 8.3 –1.1 1.1 383.93 –10.3 –0.3 12.0 14.8 9.1 8.5 –0.1 2.3 250.56 –10.3 –2.5 5.3 15.1 9.2 8.4 –0.9 1.0 11.31 –10.4 –10.0 –8.1 15.5 9.1 8.3 –3.5 –1.7 506.62 –10.4 –0.7 10.8 15.1 9.3 8.7 –0.2 2.1 4325.82 –10.4 –2.1 7.9 15.5 9.3 8.5 –0.7 1.5 1099.10 –10.4 –8.5 –7.9 15.9 9.5 8.8 –2.9 –1.6 674.82 –10.4 0.8 15.7 15.2 9.3 8.7 0.3 3.0 4288.10 –10.4 –0.3 11.8 15.1 9.2 9.2 –0.1 2.3 86.21 –10.5 15.3 38.13 –10.6 –2.1 14.9 9.0 –0.7 27.37 –10.6 –1.3 9.4 15.0 9.2 8.7 –0.4 1.8 219.20 –10.6 –2.8 6.7 15.3 9.2 8.5 –0.9 1.3 3340.18 –10.6 –2.0 8.7 15.3 9.3 8.7 –0.7 1.7 89.13 –10.6 –4.4 15.3 9.1 –1.5 1438.37 –10.6 –2.1 6.7 15.3 9.3 8.8 –0.7 1.3 358.28 –10.6 0.2 13.0 15.9 9.8 9.9 0.1 2.5 79.63 –10.6 –2.5 15.1 9.1 –0.9 479.86 –10.6 –3.2 7.8 15.3 9.3 8.6 –1.1 1.5 49.90 –10.7 –3.7 2.6 15.7 9.4 8.8 –1.2 0.5 208.97 –10.7 –2.5 8.3 15.2 9.2 8.5 –0.8 1.6 211.52 –10.7 15.1 1877.38 –10.8 –1.8 8.3 15.0 9.1 8.3 –0.6 1.6 117.80 –10.9 –3.0 6.1 15.0 9.1 8.4 –1.0 1.2 72.75 –10.9 –3.7 0.9 15.2 9.2 8.3 –1.2 0.2

Finance

Le Temps l Mercredi 3 février 2016

CLASSEMENTS Nom

Actifs nets mios francs

Performance totale % 2015 3 ans 5 ans

Volatilité annualisée % 2015 3 ans 5 ans

Perf. annualisée % 3 ans 5 ans

NN (L) Euro Sustain Crdt (ex.fin) P Cap EUR Swisscanto (CH) Bond Fund Corporate EUR A Deutsche Invest I Euro Corporate Bonds LC BNY Mellon Compass Euro Corporate Bond C EUR Echiquier Oblig BBVA Durbana IF EUR Corporate Bond Fund P Cap Raiffeisen-Euro-Corporates R A OYSTER European Corporate Bonds C EUR Franklin European Corporate Bond A (Ydis) EUR Threadneedle European Corp Bd Ret Net Acc GBP iShares Euro Corp Bd Int Rate Hgd UCITS ETF AXA WF Euro Credit Plus A C LO Funds – Euro BBB-BB Fundamental (EUR) P A Henderson HF Euro Corporate Bond A2 UBS (Lux) Bond S – EUR Corporates (EUR) P-acc Invesco Euro Corporate Bond A Acc EUR Amundi Fds Bond Euro Corporate – AE (C) Mirova Euro Sustainable Corporate Bonds R/A (EUR) Santander AM Euro Corporate Bond A Richelieu Bond-Selected Inv Grade Corp Euro SSgA Euro Corporate ex-Financials Bond Index P BlueBay Investment Grade Bond R EUR Pictet-Eur Corporate Bonds Ex Financial-P LO Funds – Euro Responsible Corp Fundamental P A Symphonia Lux – Obbligazionario Corporate M&G European Corporate Bond A Inc BNY Mellon Crossover Credit A EUR inprimo MittelstandsRenten AMI P(a) Petercam L Bonds EUR Quality B Obligations EUR Corporate Average

473.80 –10.9 –2.6 14.8 9.1 –0.9 115.93 –10.9 –2.0 9.8 15.2 9.3 8.6 –0.7 1.9 1318.46 –11.0 –0.8 14.2 15.2 9.4 8.7 –0.3 2.7 480.21 –11.0 –1.6 7.2 15.3 9.3 8.6 –0.5 1.4 103.39 –11.0 –1.9 5.5 14.8 9.3 8.6 –0.6 1.1 51.49 –11.0 –1.7 3.5 15.3 9.4 9.0 –0.6 0.7 227.44 –11.0 –3.0 7.2 15.4 9.3 8.5 –1.0 1.4 460.11 –11.0 –0.5 12.5 15.1 9.6 9.3 –0.2 2.4 190.35 –11.1 –1.9 8.4 15.0 9.2 8.7 –0.6 1.6 92.42 –11.1 –2.9 8.0 15.5 9.5 9.1 –1.0 1.6 910.02 –11.1 –7.5 16.0 9.6 –2.6 930.44 –11.1 –2.8 10.5 15.5 9.5 8.8 –0.9 2.0 758.52 –11.1 –3.0 15.4 9.4 –1.0 3479.40 –11.1 –2.0 14.9 15.2 9.4 8.8 –0.7 2.8 250.09 –11.1 –3.9 3.9 15.2 9.2 8.6 –1.3 0.8 6208.81 –11.1 –1.3 13.0 14.3 8.9 9.7 –0.4 2.5 763.06 –11.2 –2.7 6.2 15.3 9.3 8.6 –0.9 1.2 142.66 –11.2 –1.1 15.3 9.4 –0.4 31.57 –11.2 15.2 66.51 –11.2 –5.1 2.7 15.1 9.1 8.2 –1.7 0.5 124.12 –11.3 15.5 7787.90 –11.3 –3.2 7.1 15.4 9.4 8.7 –1.1 1.4 285.16 –11.4 –3.6 4.6 15.1 9.2 8.4 –1.2 0.9 134.85 –11.5 –4.9 2.2 15.0 9.1 8.4 –1.7 0.4 11.95 –11.6 15.2 2931.84 –11.7 –3.1 6.2 15.8 9.7 9.1 –1.0 1.2 253.98 –11.7 15.4 15.53 –11.8 –9.6 –5.4 14.9 9.1 8.4 –3.3 –1.1 380.51 –12.1 –3.6 7.9 15.3 9.4 8.9 –1.2 1.5 1195.63 –9 –1.5 7.3 13.5 8.9 8.6 –0.5 1.4

OBLIGATIONS EUR CORPORATES COURT TERME Pictet-EUR Short Term Corporate Bonds-HI CHF Pictet-EUR Short Term Corporate Bonds-HP CHF Pictet-EUR Short Term Corporate Bonds-HR CHF CapitalAtWorkFoyer-Cash + atWork C EUR R Credit Horizon 1-3 C SPDR Barclays 0-3 Year Euro Corp Bond UCITS ETF Pictet-EUR Short Term Corporate Bonds-P BNY Mellon Compass Euro Cred Sht Dur D EUR Natixis Euro Short Term Credit R/A (EUR) UBS (Lux) Bond S – Short Term EUR Corp (EUR) P-a Generali IS Short Term Euro Corp Bonds D Cap EUR UBS (D) Short Term Credit Metzler Euro Corporates Short Term Amundi Fds Bond Euro Corporate Short Term – AE (C) Oblig Corporate 1 – 2 1/2y Euro C Obligations EUR Corporates Court Terme Average

334.40 –0.6 1.5 334.40 –0.8 1.5 334.40 –1.1 1.5 353.68 –8.5 –7.3 –6.5 14.1 8.3 7.9 –2.5 –1.3 239.27 –9.2 –5.2 –2.5 15.8 9.4 9.0 –1.8 –0.5 248.37 –9.3 15.7 334.40 –9.5 15.5 704.43 –9.5 –6.3 15.3 9.0 –2.2 1256.69 –9.8 15.6 438.59 –9.9 –8.0 –4.9 15.6 9.1 8.4 –2.7 –1.0 326.79 –9.9 –7.7 –4.6 15.5 9.2 8.5 –2.6 –0.9 10.20 –10.1 –9.7 –10.2 15.7 9.2 8.6 –3.3 –2.1 23.07 –10.4 –7.2 15.4 9.1 –2.5 426.34 –11.4 15.7 70.61 –12.7 –7.1 –5.9 15.6 9.7 9.5 –2.4 –1.2 362.37 –8.2 –7.3 –5.8 12.7 9.1 8.7 –2.5 –1.2

OBLIGATIONS EUR COURT TERME Carmignac Pfl Securite F CHF acc Hdg Carmignac Securite A CHF acc Hdg BGF Euro Short Duration Bond D2 CHF Hedged AXA WF Euro Credit Short Duration A C CHF H UBAM Dynamic Euro Bond AHC CHF Carmignac Pfl Securite F GBP acc Hdg Carmignac Securite A EUR Acc Tikehau Taux Variables P Goldman Sachs Euro Short Duration Bond Pf Base Acc BGF Euro Short Duration Bond A2 EUR Allianz Euro Rentenfonds >>K<< – A – EUR Fidelity Funds – Euro Short Term Bond A-ACC-EUR Allianz Floating Rate Notes Plus -VarioZins A- EUR Schroder ISF EURO Short Term Bond A Acc Invesco Euro Short Term Bond A Acc EUR Popso Suisse IFS Short Maturity Euro Bond EUR B Natixis Euro Bonds Opportunities 12 months R/A EUR UniEuroKapital Ellipsis Short Term Credit Fund P Oddo Obligations Optimum CR-EUR Franklin Euro Short Duration Bond A (Ydis) EUR Pictet-EUR Short Mid-Term Bonds-P Candriam Bonds Euro Short Term C Cap PARVEST Bond Euro Short Term C C EUR 1618 IF Short Term Euro R Credit Horizon 12 M C Aviva Investors Short Term European Bond A Aberdeen Global II – Euro Short Term Bond A2 AXA WF Euro Credit Short Duration A C UniEuroKapital -net- PARVEST Enhanced Cash 6 Months C C EUR Candriam Sustainable Euro Short Term Bonds C Cap CS (Lux) Broad Short Term EUR Bond Fund B Morgan Stanley Short Maturity Euro Bond A EUR Deutsche Floating Rate Notes LC Edmond de Rothschild Fund-Euro Credit ShTrm A EUR DWS Euro Reserve JPM Euro Short Duration Bond A Acc EUR UniKapital Deutsche Invest I Euro Bonds (Short) LC BSI-Multinvest – Short Term Bonds EUR A UBAM Dynamic Euro Bond AC EUR UniKapital -net- PIMCO GIS Euro Short-Term E EUR Acc Portfolio Mgt Slt Short Term Invest EUR B Gen C DZ Privatbank (CH) euro bond fund – short term CS (Lux) Corporate Short Duration EUR Bond Fund A PIMCO GIS Euro Low Duration E USD Obligations EUR Court Terme Average

566.82 0.5 4.7 1.7 1.7 1.5 7661.80 0.2 4.1 1.7 1.7 1.3 9905.16 0.2 4.5 1.0 1.0 1.5 3090.81 –0.8 2.5 1.4 1.2 0.8 697.60 –1.5 –0.6 0.7 0.6 –0.2 566.82 –2.8 7.0 15.4 9.8 2.3 7661.80 –8.6 –5.0 –2.7 15.7 9.4 8.7 –1.7 –0.5 837.96 –8.7 –3.3 –0.9 15.4 9.1 8.7 –1.1 –0.2 43.05 –8.8 15.6 9905.16 –8.9 –5.3 –1.8 15.6 9.2 8.7 –1.8 –0.4 281.17 –9.1 –6.0 –1.2 15.5 9.1 8.6 –2.0 –0.2 1050.17 –9.1 –5.9 –2.3 15.3 9.0 8.4 –2.0 –0.5 942.98 –9.2 15.7 995.08 –9.2 –6.7 –6.2 15.6 9.2 8.7 –2.3 –1.3 421.09 –9.2 –5.1 15.5 9.2 –1.7 134.01 –9.2 –6.8 –6.8 15.7 9.2 8.6 –2.3 –1.4 199.88 –9.3 15.7 704.12 –9.3 –6.2 –3.8 15.8 9.3 8.8 –2.1 –0.8 155.07 –9.3 –6.2 15.6 9.2 –2.1 144.82 –9.3 –6.8 –6.8 15.3 9.0 8.5 –2.3 –1.4 79.62 –9.4 15.7 712.06 –9.4 –6.6 –4.1 15.7 9.2 8.8 –2.2 –0.8 1544.62 –9.4 –6.6 –5.5 15.6 9.1 8.6 –2.3 –1.1 517.19 –9.4 –7.6 –8.3 15.7 9.2 8.6 –2.6 –1.7 28.09 –9.5 –8.8 –9.8 15.6 9.1 8.6 –3.0 –2.0 628.48 –9.5 15.7 34.50 –9.5 –7.9 –8.1 15.7 9.2 8.9 –2.7 –1.7 123.26 –9.6 –9.9 –9.6 15.7 9.2 8.6 –3.4 –2.0 3090.81 –9.6 –6.4 –2.0 15.7 9.2 8.5 –2.2 –0.4 875.90 –9.6 –7.2 –5.3 15.8 9.3 8.8 –2.5 –1.1 845.43 –9.6 –8.9 –11.2 15.8 9.2 8.7 –3.0 –2.3 167.71 –9.7 –7.6 –7.2 15.5 9.1 8.5 –2.6 –1.5 235.76 –9.7 –7.5 –5.7 15.6 9.2 8.6 –2.6 –1.2 1242.76 –9.7 –8.5 –6.8 15.7 9.2 8.7 –2.9 –1.4 2941.25 –9.7 –8.9 –9.9 15.7 9.2 8.7 –3.1 –2.1 220.54 –9.7 15.6 204.29 –9.7 –9.7 –11.0 15.7 9.2 8.7 –3.3 –2.3 20.85 –9.8 –7.7 –4.9 15.7 9.2 8.6 –2.6 –1.0 557.31 –9.8 –6.9 –5.2 15.6 9.2 8.7 –2.3 –1.1 2008.69 –9.8 –6.0 –1.2 15.9 9.4 9.0 –2.0 –0.2 268.58 –9.8 –5.6 –1.8 15.4 9.1 8.5 –1.9 –0.4 697.60 –9.9 –8.8 –8.7 15.7 9.2 8.7 –3.0 –1.8 1025.82 –9.9 –7.5 –6.2 15.5 9.2 8.7 –2.6 –1.3 922.68 –10.0 –9.7 –10.8 15.2 8.9 8.5 –3.4 –2.3 60.49 –10.1 –9.6 –11.2 15.8 9.2 8.7 –3.3 –2.3 28.80 –10.5 –11.8 –10.8 15.7 9.2 8.5 –4.1 –2.3 325.67 –10.6 –8.1 –6.4 15.4 9.1 8.4 –2.8 –1.3 65.56 –11.0 15.2 1349.74 –8.4 –5.7 –6.2 14.1 8.2 8.6 –2 –1.3

OBLIGATIONS EUR HAUT RENDEMENT Henderson HF Euro High Yield Bond A2 CHF Hdg UBS (Lux) Bond Fd – Euro High Yield (EUR)(CHFh) Qa UBS (Lux) Bond Fd-Euro High Yield (EUR)(CHFh) P-a Pictet-EUR High Yield-HI CHF Moorea Fund Euro High Yield Short Dur RUHE Cap Pictet-EUR High Yield-HP CHF AllianceBernstein-Euro High Yield Pf I2 CHF H AllianceBernstein-Euro High Yield Pf A2 CHF H Aberdeen Global – Select Euro Hgh Yd Bd A2 Acc EUR Henderson HF Euro High Yield Bond A2 EUR Petercam L Bonds EUR Corporate High Yield A Tikehau Credit Plus A Candriam Bonds Euro High Yield C Cap Aberdeen Global II – Euro High Yield Bd A2 Acc EUR Schroder ISF EURO High Yield A Acc Deutsche Invest I Euro High Yield Corp LC Muzinich EuropeYield Hedged EUR Acc Pioneer Funds Euro High Yield E No Dis EUR Pictet-EUR Short Term High Yield-P Legg Mason WA Euro High Yield A Dis D EUR SLI Glo SICAV European High Yield Bond A Petercam L Bonds EUR High Yield Short Term B UBS (Lux) Bond Fd – Euro High Yield (EUR) P-acc Danske Invest SICAV EURO High Yield Bond A Cap BNY Mellon Compass Euro High Yield Bond C EUR Allianz Euro High Yield Bond – AT – EUR HSBC GIF Euro High Yield Bond AC EUR Franklin Euro High Yield A (Ydis) EUR Pictet-EUR High Yield-P PARVEST Bond Euro High Yield C C EUR BNP Paribas L1 Bond Euro High Yield Classic Dis Richelieu Bond-High Yield Euro Natixis Euro High Income Fund RE/A (EUR) CBP Select High Yield 2019 A Cap SSgA SPDR Barclays Capital Euro High Yield Bd ETF Raiffeisen-Europa-High Yield R A R Euro High Yield C AllianceBernstein-Euro High Yield Pf A EUR Amundi Fds Bd Euro High Yield Short Term – AE(C) Phaidros Funds – Fallen Angels A Investec GSF High Income Bond A Inc-2 Lyxor UCITS ETF iBoxx EUR Liquid HY 30 ExFinancial Obligations EUR Haut Rendement Average

204.26 3.9 19.6 5.2 4.6 6.2 5338.85 0.0 13.7 5.0 4.2 4.4 5338.85 –0.2 13.6 4.9 4.2 4.3 1450.59 –0.2 12.6 30.0 5.3 4.5 9.6 4.0 5.4 247.60 –0.4 12.3 1450.59 –0.7 10.8 26.4 5.3 4.5 9.6 3.5 4.8 363.68 –1.6 6.0 363.68 –2.0 6.0 912.22 –4.9 5.7 17.7 15.6 10.0 12.2 1.9 3.3 204.26 –5.4 9.1 15.4 10.0 2.9 20.93 –5.5 15.8 565.29 –5.7 6.9 17.3 15.4 9.5 9.5 2.3 3.2 1602.95 –6.2 8.4 29.1 15.4 9.7 10.1 2.7 5.2 50.09 –6.4 5.1 19.9 15.2 9.6 10.0 1.7 3.7 319.70 –6.4 6.2 16.2 10.1 2.0 652.40 –6.5 4.9 15.9 9.7 1.6 1099.23 –7.1 5.3 16.7 15.4 9.6 10.8 1.8 3.1 1498.70 –7.7 1.4 17.1 17.3 10.6 11.3 0.5 3.2 2685.74 –7.9 –3.0 15.6 9.4 –1.0 98.50 –7.9 3.5 16.3 15.6 9.8 11.0 1.1 3.1 67.20 –8.4 1.1 12.6 15.6 9.8 10.6 0.4 2.4 507.81 –8.5 –2.1 6.3 15.8 9.4 8.7 –0.7 1.2 5338.85 –8.7 3.9 22.2 15.4 9.8 11.2 1.3 4.1 169.54 –8.8 15.5 358.85 –8.8 0.9 14.3 15.3 9.5 10.1 0.3 2.7 457.39 –8.8 0.6 11.1 15.8 9.8 10.9 0.2 2.1 2958.23 –8.8 4.2 23.9 15.5 9.7 10.9 1.4 4.4 977.49 –9.1 0.5 15.4 15.2 9.5 10.3 0.2 2.9 1450.59 –9.4 1.3 13.6 15.7 9.8 11.7 0.4 2.6 1319.17 –9.5 0.1 8.2 15.3 9.6 10.1 0.0 1.6 210.82 –9.5 0.1 8.2 15.3 9.6 10.1 0.0 1.6 31.25 –9.8 15.8 514.99 –10.1 0.6 15.9 10.2 0.2 60.55 –10.1 15.5 237.39 –10.1 1.9 15.8 9.8 0.6 472.81 –10.1 1.0 19.4 16.1 10.0 10.4 0.3 3.6 116.79 –10.4 16.2 363.68 –10.5 1.8 21.0 15.7 10.1 11.1 0.6 3.9 236.31 –10.6 15.5 14.84 –11.9 15.8 249.79 –12.1 –7.0 2.6 18.8 11.3 11.2 –2.4 0.5 307.27 –12.8 –1.8 16.3 10.2 –0.6 976.22 –7 4.1 16.8 14 9 10.5 1.3 3.1

OBLIGATIONS EUR INDEXÉES À L’INFLATION UBS (Lux) Bond S – EUR Inflat-lkd (EUR)(CHFh)P-a ComStage iBoxx € SovInfl-LnkdEUR-Infl TR UCITS Lyxor UCITS ETF EuroMTS Infl Link InvestmentGrd DR KBC Bonds Inflation – Linked Bonds Cap La Francaise Euro Inflation R AXA WF Euro Inflation Bonds A C EUR PARVEST Bond Euro Inflation-Linked Classic Cap EUR Amundi Fds Bond Euro Inflation – AE (C) Allianz Euro Inflation-linked Bond – AT – EUR iShares Euro Inf-Lnk Govt Bd UCITS ETF UniEuroRenta Real Zins A Invesco Euro Inflation-Linked Bond A Acc EUR Candriam Bonds Euro Inflation Linked C Cap LO Funds – Euro Inflation-Linked Fundamental P A Natixis Euro Inflation R/A (EUR) UBS (Lux) Bond S – EUR Inflat-lkd (EUR) P-a

41.42 –1.4 –4.4 3.8 3.2 –1.5 18.43 –7.5 0.3 12.0 15.3 9.8 10.6 0.1 2.3 592.30 –7.8 –1.6 7.8 14.8 9.5 10.0 –0.5 1.5 396.18 –7.9 –2.3 6.0 15.0 9.5 9.9 –0.8 1.2 132.87 –8.1 –6.1 7.4 15.3 9.6 10.0 –2.1 1.4 381.56 –8.3 –7.4 –1.0 14.6 9.2 9.4 –2.5 –0.2 165.10 –8.3 –4.3 –1.3 15.3 9.5 9.8 –1.4 –0.3 224.35 –8.6 –5.5 –2.4 15.1 9.8 9.8 –1.9 –0.5 860.88 –8.8 15.3 1200.92 –8.9 –8.5 –3.3 14.6 9.1 9.6 –2.9 –0.7 221.16 –9.1 –8.3 –3.6 14.6 9.1 9.7 –2.9 –0.7 34.36 –9.1 –9.1 –6.6 15.6 9.7 9.7 –3.1 –1.3 155.37 –9.4 –9.3 –4.1 14.6 9.0 9.5 –3.2 –0.8 30.93 –9.5 –8.5 2.3 15.2 9.3 9.4 –2.9 0.5 98.66 –9.6 15.0 41.42 –9.8 –12.5 15.1 9.0 –4.3

Nom

Actifs nets mios francs

Performance totale % 2015 3 ans 5 ans

Volatilité annualisée % 2015 3 ans 5 ans

Perf. annualisée % 3 ans 5 ans

M&G European Inflation Linked Corporate Bond A Acc CS (Lux) Inflation Linked EUR Bond Fund B PEH Sicav – PEH Inflation Linked Bonds Flexibel P Obligations EUR Indexées à l’inflation Average

72.41 196.07 24.13 246.5

–9.8 –10.3 –11.4 –8.6

–11.2 –12.3 –8.5 –7

–6.5 –9.0 –7.8 –0.7

16.6 15.3 16.0 14.6

10.0 9.1 10.2 9.1

9.1 8.8 9.1 9.6

–3.9 –4.3 –2.9 –2.4

–1.3 –1.9 –1.6 –0.2

OBLIGATIONS EUR LONG TERME iShares Euro Govt Bd 10-15yr UCITS ETF Lyxor UCITS ETF EuroMTS 15+Y Investment Grade (DR) iShares Euro Government Bond 5-7yr UCITS ETF PARVEST Bond Euro Long Term Classic Cap EUR AXA WF Euro 10+ LT A C Aviva Investors Long Term European Bond A Robeco Financial Institutions Bonds DH EUR Candriam Bonds Euro Long Term C Cap AXA WF Euro 7-10 A C AXA WF Euro 5-7 A C ComStage iBoxx EUR Ger Cov Cpd 5-7 TR UCITS ETF ComStage iBoxx EUR Ger Cov Cpd 7-10 TR UCITS ETF Obligations EUR Long Terme Average

91.91 77.52 231.47 49.91 46.37 56.92 1397.31 379.95 335.33 1678.81 6.27 9.60 363.45

–7.2 –7.8 –7.9 –8.2 –8.3 –8.3 –8.7 –9.0 –9.0 –9.3 –9.4 –9.6 –8.6

18.6 35.4 22.5 44.0 –1.1 9.9 17.9 36.6 18.6 41.2 17.7 33.4 7.1 10.9 28.8 6.4 23.0 1.5 12.9 –2.2 9.6 1.6 18.8 10 26.7

15.1 16.9 15.7 15.9 15.6 15.8 16.0 14.9 15.1 15.4 15.6 15.3 15.6

10.3 10.7 11.9 12.2 9.4 8.8 11.0 11.2 10.8 10.9 11.0 11.4 10.4 9.9 9.7 9.6 9.3 9.4 8.8 9.3 8.5 9.5 8.9 10.2 10

5.9 7.0 –0.4 5.7 5.9 5.6 2.3 3.5 2.1 0.5 –0.7 0.5 3.1

6.2 7.6 1.9 6.4 7.1 5.9 5.2 4.2 2.5 1.8 3.5 4.8

OBLIGATIONS EUR MOYEN TERME DWS Euro-Bonds (Medium) PARVEST Bond Euro Medium Term Classic Cap EUR AXA WF Euro 3-5 A C ComStage iBoxx EUR Ger Cov Cpd 3-5 TR UCITS ETF UBS (Lux) Sicav 2 – Medium Term Bonds EUR P-acc UBS (Lux) Medium Term Bond Fd – EUR P-acc DZ Privatbank (CH) euro bond fund – medium term Swisscanto (LU) Bond Fund Medium Term EUR A Obligations EUR Moyen Terme Average

570.51 1014.69 637.90 27.65 97.64 466.03 5.79 262.32 362.78

–9.0 –9.2 –9.3 –9.4 –9.6 –9.6 –9.7 –9.8 –9.4

1.0 –3.3 –2.7 –5.6 –6.5 –6.6 –9.0 –9.3 –5.3

15.5 15.6 15.6 15.7 15.6 15.5 14.6 15.6 15.5

0.3 –1.1 –0.9 –1.9 –2.2 –2.2 –3.1 –3.2 –1.8

2.9 0.0 0.8 0.3 –0.8 –0.8 –1.3 –1.7 –0.1

OBLIGATIONS EUROPE Schroder ISF Strategic Credit C Acc Carnegie Corporate Bond A SEK Ellipsis European Credit Allocation Fund Z UniEuropaRenta A KBC Bonds Europe Ex-EMU Cap Allianz Europazins – A – EUR KBC Bonds Europe Cap DWS Eurorenta Franklin European Total Return A (Mdis) EUR BNP Paribas L1 Bond Europe Plus Classic Cap Amundi Fds Bond Europe – AE (C) Moorea Fund Euro Fixed Income IE Cap Planetarium Fund Eurocurrencies Bonds A DekaLux-Bond A ASB Axion SICAV – Kermata Fund Threadneedle European Bond Ret Net Inc GBX Candriam Bonds Sustainable Euro Government C Cap AllianceBernstein-European Income Pf A EUR NN (L) Euromix Bond P Cap EUR Goldman Sachs Europe High Inc Bond Pf Base SDis DWS Europa Strategie (Renten) Morgan Stanley Euro Strategic Bond A EUR AVANA IndexTrend Europa Control R Nordea 1 – European Low CDS Gov Bond Fund BP EUR Willerbond European Currencies P EUR Cap EI Sturdza Strategic Euro Bond Fund A Obligations Europe Average

719.31 75.52 90.01 375.24 39.98 644.43 30.53 686.50 376.53 619.79 147.50 99.32 138.07 403.46 25.18 221.96 85.71 2401.44 251.68 53.48 239.54 909.83 4.26 46.42 54.33 136.81 367.25

–1.5 –5.6 –7.4 8.4 –6.1 –6.7 6.6 18.2 –7.2 –1.4 5.5 –7.8 5.8 19.7 –7.9 4.5 17.2 –7.9 2.0 9.0 –8.3 4.0 14.7 –8.5 4.4 18.2 –8.6 7.1 16.6 –8.7 –8.7 –2.7 1.9 –8.9 0.9 15.4 –9.0 –7.3 –7.4 –9.3 1.9 12.9 –9.3 –1.6 5.3 –9.3 0.1 14.4 –9.5 –7.0 –2.4 –9.8 –4.2 –10.0 –10.4 –7.9 –10.2 1.1 11.8 –10.6 –4.8 –1.4 –10.7 –8.6 –10.8 –6.3 –4.2 –11.8 –9.8 –7.7 –8.6 –1.4 7.5

15.6 14.1 8.8 9.1 –2.5 15.1 13.5 8.6 8.5 2.1 9.9 7.0 7.3 –0.5 13.5 8.6 8.2 1.9 13.8 8.7 8.4 1.5 12.8 8.2 8.4 0.7 14.0 9.0 8.5 1.3 13.0 8.4 8.5 1.4 15.1 9.6 9.4 2.3 15.0 16.3 9.8 8.8 –0.9 13.0 8.2 8.0 0.3 15.8 9.2 8.6 –2.5 14.0 8.8 8.5 0.6 14.1 8.6 8.7 –0.5 14.8 9.2 9.3 0.0 15.1 8.9 8.4 –2.4 15.7 9.5 –1.4 14.7 8.8 8.4 –3.6 15.0 9.3 8.8 0.4 15.4 9.4 9.0 –1.6 13.7 8.2 –2.9 15.4 9.3 8.4 –2.1 15.6 9.4 8.6 –3.4 14.4 8.8 8.6 –0.5

OBLIGATIONS EUROPE HAUT RENDEMENT T. Rowe Price European HY Bond Adh USDD Nordea 1 – European High Yield Bond HBI CHF AXA IM FIIS Europe Short Duration HY B C CHF Hed AXA IM FIIS Europe Short Duration HY FD CHF H AXA IM FIIS Europe Short Duration HY FC CHF Hedged BlueBay High Yield Corporate Bond B CHF BlueBay High Yield Corporate Bond R CHF BlueBay High Yield Bond R CHF Oaktree (Lux) Fds-Oaktree European Hi Yld BdHCHFB Oddo Funds – Oddo Bonds High Yield Europe CR-CHF NN (L) European High Yield P C CHF Hii T Rowe European High Yield Bond A EUR AXA WF European High Yield Bonds A EUR Nordea 1 – European High Yield Bond BP EUR AXA IM FIIS Europe Short Duration HY E C EUR F&C European High Yield Bond A Inc EUR Robeco European High Yield Bonds DH EUR M&G European High Yield Bond X Inc JPM Europe High Yield Bond A Inc EUR Lazard European HighYield Generali IS European High Yield Bonds D Cap EUR BlueBay High Yield Corporate Bond R EUR Oaktree (Lux) Fds-Oaktree European Hi Yld Bond IB BlueBay High Yield Bond R EUR Morgan Stanley European Curr High Yield Bd A EUR Fidelity Funds – European Hi Yld A-EUR Threadneedle European High Yld Bd Ret Net Acc EUR Amundi Fds Bond Euro High Yield – AE (C) iShares Euro High Yld Corporate Bd UCITS ETF Oddo Funds – Oddo Bonds High Yield Europe CR-EUR NN (L) European High Yield P Cap EUR Obligations Europe Haut Rendement Average

1.99 4719.60 2425.45 2425.45 2425.45 284.62 284.62 866.54 302.60 137.79 1207.57 297.53 76.21 4719.60 2425.45 8.87 126.92 148.64 499.53 45.98 76.64 284.62 302.60 866.54 1422.33 5283.37 657.24 1359.81 4340.58 137.79 1207.57 1183.8

5.6 2.5 20.3 2.4 8.7 2.2 2.2 7.8 1.0 9.7 0.1 8.1 0.0 8.5 –0.7 –2.9 –4.6 –4.9 11.5 –6.4 4.3 –6.8 8.3 21.9 –7.3 –2.7 –7.3 4.8 20.1 –7.6 3.3 21.2 –7.9 1.1 15.9 –7.9 5.0 21.2 –8.2 6.9 23.6 –8.3 –1.5 9.5 –8.5 –1.0 12.1 –8.6 –8.6 –0.7 9.8 –8.7 3.9 18.5 –8.8 1.1 16.0 –9.1 –0.4 10.6 –9.4 2.4 12.4 –10.1 0.0 16.6 –11.3 –11.9 0.2 23.8 –5.2 4.6 16.9

13.5 3.6 3.9 6.4 2.1 2.3 2.8 2.1 2.1 2.3 2.5 3.5 3.5 3.1 3.6 3.5 2.6 3.6 3.7 2.8 4.9 7.5 6.4 15.8 10.0 3.7 15.4 9.6 1.4 15.8 10.1 11.3 2.7 15.3 9.2 –0.9 15.5 9.7 10.2 1.6 15.8 10.0 10.8 1.1 16.3 10.4 11.9 0.4 16.1 10.2 11.1 1.6 15.7 10.1 11.7 2.3 14.7 8.9 9.7 –0.5 15.8 9.9 9.7 –0.3 15.5 15.9 9.9 10.0 –0.2 15.9 10.0 11.4 1.3 15.9 10.2 10.3 0.4 16.0 9.9 10.5 –0.1 15.7 9.8 10.7 0.8 16.1 9.9 10.2 0.0 16.5 16.2 10.2 11.0 0.1 11.9 8.2 10.7 1.5

OBLIGATIONS GBP Invesco Sterling Bond A Acc GBP Waverton Sterling Bond A GBP Vanguard UK Short Term Investment Grade Bond ACC Goldman Sachs Sterling Broad FI Plus Pf Base Acc UBS (Lux) Medium Term Bond Fd – GBP P-acc M&G Short Dated Corporate Bond A Inc Invesco UK Investment Grade Bond A Quart Dist GBP UBS (Lux) Sicav 2 – Medium Term Bonds GBP P-acc Goldman Sachs Sterling Broad Fxd Inc Pf Base GBP Swisscanto (LU) Bond Fund GBP A UBS (Lux) Bond Fund – GBP P-acc UBAM Sterling Bond AC GBP Threadneedle Sterling Bond Ret Net Inc GBX Fidelity Funds – Sterling Bond A-GBP Aberdeen Global II – Sterling Bond A2 Obligations GBP Average

1038.24 199.69 1331.44 33.56 140.86 566.16 64.99 99.05 101.82 98.51 75.16 22.25 425.15 255.66 349.60 320.14

–3.3 11.9 38.2 –3.8 6.7 20.9 –3.8 –4.0 11.2 35.6 –4.1 1.9 9.7 –4.3 4.9 10.4 –4.4 10.2 35.2 –4.5 1.6 9.3 –5.0 8.1 30.5 –5.0 7.5 29.6 –5.2 7.8 29.2 –5.3 6.2 27.6 –5.5 4.5 24.3 –5.5 7.7 28.5 –5.6 6.3 26.0 –4.6 6.9 25.4

13.9 9.2 9.1 3.8 16.5 10.1 9.2 2.2 14.3 12.5 9.5 9.7 3.6 14.2 9.1 8.8 0.6 15.1 9.5 9.1 1.6 11.6 8.9 9.2 3.3 14.3 9.1 8.8 0.5 11.8 9.1 9.5 2.6 10.8 8.8 9.9 2.4 11.0 9.0 9.5 2.5 10.9 8.9 9.9 2.0 11.4 9.0 9.7 1.5 10.7 8.8 9.3 2.5 11.3 9.1 9.2 2.1 12.7 9.2 9.4 2.2

6.3 1.9 2.0 6.2 1.8 5.5 5.3 5.3 5.0 4.5 5.1 4.7 4.6

OBLIGATIONS GBP CORPORATE SSgA SPDR Barclays Cap Sterling Corporate Bond ETF iShares Core Corporate Bond UCITS ETF Goldman Sachs Sterling Credit Pf Base GBP M&G Corporate Bond A Inc M&G Strategic Corporate Bond A Inc JPM Sterling Bond A Dis GBP Threadneedle Strategic Bond Ret Net Inc GBX Obligations GBP Corporate Average

218.30 2155.43 330.40 6740.95 6515.65 99.31 403.35 2058.11

–4.3 –4.9 –5.1 –5.1 –5.1 –5.3 –5.4 –5

13.7 12.0 38.7 11.5 38.0 8.8 34.5 8.4 32.9 12.9 45.4 4.7 22.2 10.3 35.3

11.7 11.7 12.5 11.6 12.6 11.7 15.5 12.5

4.4 3.9 3.7 2.8 2.7 4.1 1.5 3.3

6.8 6.7 6.1 5.8 7.8 4.1 6.2

OBLIGATIONS GBP COURT TERME Aberdeen Global – Select Gbl Inv Gde Cdt Bd A2 GBP Obligations GBP Court Terme Average

38.94 38.94

–4.6 –4.6

4.6 4.6

13.1 13.1

14.9 14.9

9.0 9

1.5 1.5

2.5 2.5

OBLIGATIONS GBP GOUVERNEMENTALES iShares Core UK Gilts UCITS ETF EIP UK Sovereign Bond Index Programme Srs 2 GBP Vanguard UK Government Bond Index Acc Invesco Gilt A Quart Dist GBP Hermes Active UK Inflation Linked Bond F GBP Acc Obligations GBP Gouvernementales Average

1935.07 183.53 1321.79 51.04 27.92 703.87

–4.4 –4.4 –4.5 –4.9 –5.6 –4.8

8.5 30.7 7.8 29.2 9.3 33.9 7.8 29.5 19.5 10.6 30.8

11.1 11.1 10.9 11.1 13.3 11.5

8.8 9.8 8.8 9.9 8.9 10.2 9.0 9.9 10.8 9.3 9.9

2.8 2.5 3.0 2.5 6.1 3.4

5.5 5.3 6.0 5.3

OBLIGATIONS GBP HAUT RENDEMENT Aberdeen Global – Select High Yld Bd D1 Acc GBP M&G Global High Yield Bond Sterling X Inc Obligations GBP Haut Rendement Average

53.97 1652.69 853.33

–2.4 –7.1 –4.7

11.0 4.9 8

29.9 22.6 26.2

15.2 18.1 16.6

9.5 11.4 10.5

11.4 11.5 11.5

3.6 1.6 2.6

5.4 4.2 4.8

OBLIGATIONS GBP INDEXÉES À L’INFLATION PIMCO GIS UK Real Return E GBP Inc Obligations GBP Indexées à l’inflation Average

23.99 23.99

–8.0 –8

14.1 14.1

42.8 42.8

12.9 12.9

11.1 11.1

11.7 11.7

4.5 4.5

7.4 7.4

1563.78 1563.78

2.9 2.9

9.6 9.6

17.4 17.4

10.3 10.3

8.0 8

10.7 10.7

3.1 3.1

3.3 3.3

OBLIGATIONS ILS Arava C ILS Obligations ILS Average N/A

3.9 3.9

17.0 17

15.6 15.6

12.8 12.8

8.6 8.6

9.6 9.6

5.4 5.4

2.9 2.9

OBLIGATIONS HKD Schroder ISF Hong Kong Dollar Bond A Acc Obligations HKD Average

15.4 0.0 4.0 1.6 –4.0 –4.0 –6.3 –8.4 –0.2

9.5 9.3 9.3 9.2 9.2 9.2 8.6 9.1 9.2

9.1 8.8 8.6 8.4 8.6 8.6 8.2 8.5 8.6

9.4 9.6 10.0 9.6 9.4 9.0 8.9 9.2 9.1 11.0 10.8 10.2 9.8 9.7 9.7 9.5 9.5

1.6 3.4 1.1 3.7 3.2 1.7 2.8 3.4 3.1 0.4 2.9 –1.5 2.5 1.0 2.7 –0.5 –1.6 2.3 –0.3 –0.9 –1.6 1.4

4.0 3.7 3.9 3.0 3.9 4.3 1.8 2.3 1.9 3.5 3.0 2.0 2.4 3.1 4.4 3.2 6.7 3.9

5.5

OBLIGATIONS INR HSBC GIF India Fixed Income AC USD Invesco India Bond A Acc USD UTI Indian Fixed Income Ret Obligations INR Average

330.13 3.3 14.5 10.3 13.1 4.6 75.04 2.0 10.1 320.58 1.7 9.5 10.4 12.4 3.1 241.92 2.4 12 N/A 10.2 12.7 N/A 3.9 N/A

OBLIGATIONS INR GOUVERNEMENTALES ACPI India Fixed Income UCITS A2 USD Obligations INR Gouvernementales Average

70.00 70

OBLIGATIONS INTERNATIONALES

0.9 0.9

7.3 7.3 N/A

10.2 10.2

12.0 12 N/A

2.4 2.4

N/A

Finance

Le Temps l Mercredi 3 février 2016

CLASSEMENTS Nom

Actifs nets mios francs

Performance totale % 2015 3 ans 5 ans

Volatilité annualisée % 2015 3 ans 5 ans

Perf. annualisée % 3 ans 5 ans

Base Investments Bonds Value CHF Dis 126.83 10.1 7.5 BSI-Multinvest – Global Dynamic Bond CHF hedged M 140.52 6.3 12.6 BSI-Multinvest – Global Dynamic Bond CHF hedged A 140.52 5.8 13.0 12.6 8.3 4.2 PIMCO GIS Capital Securities Admin USD Acc 5720.23 4.1 13.5 Muzinich Global Tactical Credit Hdgd USD Inc Fndr 493.26 2.4 11.0 Pilatus Invest Income USD Klasse B 76.52 2.4 11.3 Guggenheim GFI USD Acc 76.57 2.3 23.5 11.0 8.5 7.3 Carmignac Pfl Global Bond F CHF acc Hdg 1092.58 2.2 11.2 10.0 7.1 3.6 Carmignac Pfl Global Bond A CHF acc Hdg 1092.58 1.9 10.7 10.0 7.1 3.5 PIMCO GIS Capital Securities E Hdg Acc CHF 5720.23 1.8 4.9 Hermes Multi Strategy Credit Z USD Acc 763.69 1.8 12.1 Waverton Global Bond A USD 89.96 1.4 12.4 17.4 13.0 8.7 8.8 4.0 3.3 RWC Core Plus A CHF 33.02 1.2 3.5 CAPB Funds Fixed Income – US Dollar P Cap 437.59 1.1 11.7 Pilatus Invest Income CHF Klasse B 95.15 0.9 2.2 Legg Mason WA Global Core Plus Bd A Dis D USD 205.87 0.9 20.0 34.6 11.9 8.9 10.8 6.3 6.1 BGF Global Government Bond A2 USD 495.24 0.8 19.3 28.2 12.0 8.8 11.2 6.1 5.1 JPM Aggregate Bond A Acc USD 2662.47 0.7 17.2 31.8 11.7 8.8 10.9 5.4 5.7 PIMCO GIS Income E (Hdg) CHF Inc 12525.70 0.7 2.9 PIMCO GIS Income E (Hdg) CHF Acc (13678) 12525.70 0.6 2.9 Franklin Global Sukuk A (acc) USD 90.90 0.6 14.8 11.3 8.4 4.7 Base Investments Bonds Value EUR Dis 126.83 0.5 14.2 Axiom Obligataire M H 306.78 0.5 14.7 3.5 4.5 4.7 BGF World Bond A1 USD 1469.08 0.5 17.2 27.5 11.7 8.7 10.9 5.4 5.0 Mizuho Alpine Fund – ShTrm Bond Pflo (USD) Dis 3.14 0.4 8.9 9.3 11.0 8.2 10.3 2.9 1.8 PIMCO GIS Low Duration Global Inv Gr Cr E USD Acc 83.11 0.4 11.6 JPM Global Bond Opportunities A Acc USD 937.58 0.2 11.8 Kames Strategic Global Bond B Inc USD 1150.70 0.2 16.6 31.0 11.7 8.6 10.1 5.2 5.5 Vaudoise Vie Umbrella Fund – Bond Global IV 2128.04 0.0 5.2 RBC Funds (Lux) Global Bond A USD Cap 67.41 0.0 11.7 Zurich Life Umb Fd-Vermgen Kollektiv Obligationen 6755.62 0.0 8.5 23.1 3.4 3.5 3.2 2.8 4.2 ACPI Global Fixed Income UCITS H CHF 261.43 0.0 3.8 2.4 2.4 1.2 UBS (Lux) Bond SIC – Global Dynamic (USD) P-acc 234.73 –0.1 14.1 AllianceBernstein-Gl Plus Fixed Income Pf A2 USD 330.06 –0.2 13.9 11.3 8.5 4.4 BGF Fixed Income Gbl Opportunities A2 USD 8177.66 –0.2 15.2 28.3 11.7 8.4 10.4 4.8 5.1 AZ Fund 1 Global Sukuk A-AZ Fund Acc 132.75 –0.2 10.9 Aberdeen (Swiss) Funds Global Dynamic Bd Fd A USD 76.75 –0.3 17.4 12.2 8.8 5.5 JSS Insurance Bond Opportunities C USD acc hedged 244.71 –0.4 12.9 Solitaire Global Bond Fund -USD- 47.99 –0.5 15.7 New Capital Global Value Credit USD Ord Acc –0.6 13.8 27.7 12.3 8.7 9.0 4.4 5.0 BNY Mellon Global Dynamic Bond A USD 265.26 –0.6 11.1 10.9 8.1 3.6 Morgan Stanley Global Fixed Income Opps A USD 1272.25 –0.6 15.1 11.5 8.2 4.8 Invesco Bond A Semi Annual Dist USD 316.41 –0.7 5.9 14.3 10.5 7.6 9.6 1.9 2.7 JPM Income Fund A Acc USD 25.18 –0.7 11.8 UBS (CH) Bond Fund – Global (CHF) P 179.41 –0.7 4.5 13.6 4.9 3.7 3.3 1.5 2.6 Invesco Global Bond A Semi Ann Dist USD 159.91 –0.7 8.4 23.6 12.3 8.1 9.2 2.7 4.3 Mirabaud-Global Strategic Bond Fund-A Cap USD 413.60 –0.8 12.0 M&G Global Corporate Bond USD A Acc 21.31 –0.8 11.8 Crossfund Sicav-Crossinvest Global Bond-A 35.30 –0.9 14.0 Swisscanto (LU) Portfolio Fund Income A 319.18 –0.9 1.8 8.5 2.5 2.2 2.6 0.6 1.6 Swisscanto (LU) Portf Fd Green Invest Income B 33.76 –1.0 1.6 7.9 2.0 2.2 2.7 0.5 1.5 Goldman Sachs Glo Strat Inc Bond Pf Base Acc USD 7217.81 –1.0 13.2 13.7 9.5 4.2 BGF World Bond D2 CHF Hedged 1469.08 –1.0 2.9 Invesco Global Total Return EUR Bond C Acc CHF Hdg 1598.40 –1.0 3.9 Amundi Fds Bond Global Aggregate – AHC (C) 7906.42 –1.0 4.6 BSI-Multibond Global Dynamic A 96.30 –1.1 0.9 11.2 12.8 9.0 9.0 0.3 2.2 CAPB Funds Fixed Income-Swiss Franc G Cap 62.27 –1.1 3.0 13.3 3.4 2.2 2.1 1.0 2.5 Legg Mason Brandywine Gl Inc Opt LM Acc USD 79.11 –1.1 11.4 Schroder ISF Global Unconstrained Bond A Acc 50.97 –1.1 12.0 UBAM Unconstrained Bond APHC CHF 486.32 –1.2 0.8 PK CSG Global Bonds I CHF 1026.98 –1.3 –1.2 1.6 2.7 –0.4 AXA WF Global Strategic Bonds A C USD 456.46 –1.3 11.4 12.2 8.6 3.7 Deutsche Invest I Global BondsCHFICHP 1106.43 –1.4 1.3 AllianceBernstein-Diversified Yld Plus Pf I2 CHF H 831.80 –1.4 2.0 Invesco Global Total Return EUR Bond A Acc CHF Hdg 1598.40 –1.5 4.0 LO Funds (CH) – Global Govt Fndm Lg Dur ZD-CHF-SH 228.58 –1.5 8.7 7.3 6.3 2.8 UBS (Lux) Bd S – Gl Opps Unconstr (USD) P-acc 157.81 –1.5 11.5 Invesco Active Multi-Sector Credit C Acc CHF Hdg 26.36 –1.6 3.6 PIMCO GIS Diversified Income Dur Hdg E USD Inc 1058.28 –1.6 5.9 14.3 9.2 1.9 Raiffeisen Futura Global Bond A 193.06 –1.6 6.6 18.5 3.5 3.4 3.4 2.2 3.5 LGT Sustainable Bond Fund Global Hedged -(CHF) B- 123.01 –1.7 1.7 3.4 3.9 0.6 BGF Fixed Income Gbl Opportunities D2 CHF Hedged 8177.66 –1.7 1.5 Mizuho Alpine Fund – Global Bond Pflo (USD) Dis 31.56 –1.7 3.3 8.4 10.6 8.3 10.2 1.1 1.6 Piguet Global Fund International Bond USD C Cap 42.13 –1.7 8.7 19.9 11.4 7.9 9.3 2.8 3.7 JSS Insurance Bond Opportunities I CHF acc hedged 244.71 –1.8 5.7 Janus Global Unconstrained Bond A USD Acc 106.80 –1.8 12.3 PEC Global Income Fund 28.90 –1.8 7.7 7.4 4.8 2.5 Pioneer Funds Strategic Income A No Dis EUR 3530.56 –1.8 11.4 22.5 11.5 8.4 9.5 3.7 4.1 Franklin Global Aggregate Bond A (Mdis) USD 30.89 –1.8 8.0 16.4 11.2 7.8 7.9 2.6 3.1 iShares Global Government Bond UCITS ETF 668.15 –1.8 0.0 6.1 10.2 7.3 9.8 0.0 1.2 Ram (Lux) TF – Gl Bd Total Return Fund C CHF 120.10 –1.8 0.7 12.6 3.5 3.2 4.9 0.2 2.4 UBS (Lux) Bd SICAV-Global Dynamic (USD)(CHFhdg) Qd 234.73 –1.9 6.1 UBS (Lux) Bd SICAV-Global Dynamic (USD)(CHFhdg) Qa 234.73 –1.9 6.1 AllianceBernstein-Diversified Yld Plus Pf A2 CHF H 831.80 –2.0 2.0 CS (Lux) Global Securitized Bond Fund IBH CHF 864.79 –2.0 1.2 LO Funds – Global Government Fndm S Hdg (CHF) ID 233.10 –2.1 3.7 LO Funds – Global Government Fndm S Hdg (CHF) IA 233.10 –2.1 3.7 BSI-Multinvest – Global Credit Bond M CHF hdg 138.38 –2.1 3.4 JSS Insurance Bond Opportunities P CHF Cap 244.71 –2.1 5.7 CS (Lux) Global Value Bond Fund IBH CHF 470.35 –2.1 3.9 BGF Fixed Income Gbl Opportunities A2 CHF Hedged 8177.66 –2.2 1.4 SWC (CH) AZF Nachhaltigkeit Zinsertrag AA 129.21 –2.3 1.9 5.2 4.7 3.3 3.0 0.6 1.0 Calamos Global High Income A U.S. Dis 11.68 –2.4 10.9 12.7 8.9 3.5 Ram (Lux) TF – Gl Bd Total Return Fund G CHF 120.10 –2.4 –1.1 9.3 3.5 3.2 4.9 –0.4 1.8 Nordea 1 – Global Bond BP EUR 71.56 –2.5 2.9 9.2 10.6 7.4 9.2 1.0 1.8 Zurich Non-Life Umbrella Fd Vermoegen GCiE Obli 0 2729.00 –2.5 5.1 BSI-Multinvest – Global Credit Bond A CHF 138.38 –2.5 3.4 Legg Mason Brandywine Global Cr Opps LM Acc USD 90.84 –2.5 10.7 SWC (CH) AZF Zinsertrag AA 647.45 –2.5 –1.0 5.1 5.0 3.3 3.2 –0.3 1.0 LO Funds – Global Government Fndm S Hdg (CHF) PD 233.10 –2.5 3.7 Kames Strategic Global Bond A Acc CHF Hedged 1150.70 –2.6 2.1 3.5 2.9 0.7 CS (Lux) Global Value Bond Fund BH CHF 470.35 –2.6 –2.6 0.9 3.8 2.7 3.8 –0.9 0.2 LO Funds – Global Government Fndm S Hdg (CHF) PA 233.10 –2.6 3.7 CS (Lux) Global Value Bond Fund AH CHF 470.35 –2.6 3.8 SSgA Global Aggregate Bond Index Fund I 1800.20 –2.6 10.5 T Rowe Global Aggregate Bond A USD 76.82 –2.6 2.2 10.7 10.6 7.3 8.5 0.7 2.1 Mirabaud-Global Strategic Bond Fund-AH Cap CHF 413.60 –2.8 3.8 Schroder ISF Strategic Bond A Acc 2330.30 –2.8 8.8 11.5 13.1 10.0 10.7 2.9 2.2 Invesco Global Bond C Acc CHF Hedged 159.91 –2.8 2.0 Franklin Glob Aggregate Inv Grade Bond A (acc) USD 49.57 –2.8 6.6 11.0 7.5 2.1 Allianz Internationaler Rentenfonds – A -EUR 531.99 –2.8 0.1 7.6 10.7 7.3 9.2 0.0 1.5 BSI-Multinvest – Global Dynamic Bond EUR A 140.52 –2.9 3.8 12.5 8.6 1.3 Rogge Global Credit EUR Acc 123.38 –2.9 7.2 11.0 7.8 2.3 Swisscanto (CH) IBF World (ex CHF) Govt. (II) A 145.68 –3.0 0.1 10.5 7.2 0.0 SSgA Global Treasury Bond Index Fund P 1094.29 –3.0 –0.8 4.7 10.3 7.1 9.1 –0.3 0.9 PPF – G7 Yield Opportunities Fund CHF 16.63 –3.0 0.9 4.0 5.4 0.3 Candriam Bonds World Government Plus C Cap 111.09 –3.0 –0.5 3.9 10.4 7.3 9.6 –0.2 0.8 Pictet – Global Bonds P USD 124.40 –3.0 0.3 5.9 10.4 7.4 9.7 0.1 1.2 Invesco Global Bond A Acc CHF Hedged 159.91 –3.0 2.0 Pictet CH Inst-Foreign Bonds Tracker-I dy CHF 447.59 –3.0 0.0 5.7 10.6 7.2 9.2 0.0 1.1 Pictet CH Inst-Foreign Bonds-P dy CHF 161.74 –3.1 1.5 8.7 10.3 7.3 9.4 0.5 1.7 Credit Suisse (CH) Sustainable Int Bd Fd A USD 44.10 –3.1 –0.9 5.8 10.8 7.4 8.4 –0.3 1.1 Albin Kistler Obligationen FW D 22.12 –3.1 10.3 Invesco Global Unconstrained Bond A Acc GBP 8.08 –3.1 12.4 47.6 14.9 9.5 12.5 4.0 8.1 JPM Global Aggregate Bd A Inc USD 30.99 –3.2 2.8 14.9 11.1 7.6 8.9 0.9 2.8 Man GLG Flexible Bond D H USD Acc 454.24 –3.2 11.6 Swisscanto (CH) Bond Fund International (I) A 1047.66 –3.2 2.0 11.6 10.4 7.2 8.3 0.7 2.2 Goldman Sachs Global FI Pf Base USD 131.68 –3.2 1.6 9.0 11.3 7.5 8.9 0.5 1.7 HSBC GIF Global Bond AD USD 248.20 –3.2 2.7 13.4 10.8 7.4 9.3 0.9 2.6 Swisscanto (LU) Bond Fund International A 193.66 –3.2 –1.5 1.7 10.0 7.3 9.4 –0.5 0.3 LLB Obligationen Euro Alternativ (CHF) 40.55 –3.3 –5.1 –2.3 8.0 5.5 6.5 –1.7 –0.5 RVT Ertrag Fund 4.03 –3.3 –7.5 –5.7 7.4 4.4 3.6 –2.6 –1.2 Capital Group Global Bond (LUX) B USD 39.26 –3.3 0.8 7.8 10.8 7.4 8.6 0.3 1.5 LGT Sustainable Bond Fund Global (EUR) B 189.79 –3.3 1.4 13.4 10.9 7.7 8.3 0.5 2.5 Mirabaud-Global Strategic Bond Fund-AH Dist CHF 413.60 –3.4 3.5 Pioneer Funds Dynamic Credit D ND EUR 24.03 –3.5 11.1 UBS (Lux) Bd S – Gl Opps Unconstr (USD)(CHFh) Qa 157.81 –3.5 3.3 Vanguard Global Short-Term Bond GBP Hgd Acc 296.46 –3.5 14.6 Vanguard Global Bond Index GBP Acc 3522.90 –3.6 8.3 22.1 13.6 9.1 9.0 2.7 4.1 Old Mutual Global Bond A USD 12.81 –3.6 –4.1 2.7 11.3 7.6 9.2 –1.4 0.5 BGIF Global Government Bond Index A2 USD 70.10 –3.6 –1.0 10.8 7.4 –0.3 Threadneedle Global Bond Ret Net Inc GBX 492.06 –3.6 –1.4 3.3 11.3 7.8 9.2 –0.5 0.7 BNY Mellon Global Opportunistic Bond A USD 218.27 –3.7 7.6 13.4 12.7 9.1 10.8 2.5 2.5 PK CSG Global Bonds II I 1818.51 –3.7 3.7 SLI Glo SICAV Global Bond A USD 361.21 –3.7 –0.6 1.6 11.0 7.5 9.4 –0.2 0.3 Baring International Bond A USD Inc 63.99 –3.8 –1.1 6.5 10.8 7.3 8.6 –0.4 1.3 Zurich Life Umb Fd-Vermgen Allgemein Obligationen 4577.50 –3.9 6.6 20.7 7.3 5.2 4.4 2.2 3.8 NN (L) Global Bond Opportunities P Cap EUR 176.58 –3.9 3.5 11.3 9.1 6.9 8.0 1.2 2.2 BNP Paribas L1 Bond World Plus C C 723.14 –4.0 –1.4 9.0 10.9 7.8 7.6 –0.5 1.7 Fidelity Funds – Global Income A-ACC-USD 147.63 –4.0 11.8 KBC Bonds Income Dis 43.35 –4.0 3.2 10.6 11.2 7.3 8.7 1.1 2.0 PARVEST Bond World C C EUR 129.87 –4.1 1.2 9.4 10.8 7.3 8.8 0.4 1.8 BNY Mellon Global Bond A USD 310.46 –4.1 –2.5 4.9 10.1 7.2 9.4 –0.8 1.0 WMP (Dub) Global Credit Buy&Maintain S GBP Hdg 374.90 –4.2 16.0 Morgan Stanley Global Bond A USD 465.47 –4.2 3.1 11.5 10.9 7.6 8.5 1.0 2.2 KBC Bonds Capital Cap 45.14 –4.3 2.7 9.1 11.2 7.3 8.5 0.9 1.8 Pioneer Funds Global Aggregate Bd E ND EUR 1120.99 –4.3 0.9 10.5 10.1 6.9 8.2 0.3 2.0 MFS Meridian Funds-Global Credit A1 USD 20.15 –4.3 –4.5 3.4 10.9 7.9 9.3 –1.5 0.7 Schroder ISF Global Bond A Acc 2181.06 –4.3 2.2 12.4 11.0 7.7 9.1 0.7 2.4 M&G Global Government Bond A Inc 42.37 –4.4 –5.4 7.8 9.2 7.6 9.1 –1.8 1.5 M&G Global Macro Bond X Inc 1561.63 –4.4 4.8 18.9 12.5 8.4 8.3 1.6 3.5 SWC (CH) BF International (III) AA 381.80 –4.4 –0.6 8.5 12.6 7.9 8.0 –0.2 1.7

Nom

Actifs nets mios francs

Performance totale % 2015 3 ans 5 ans

Volatilité annualisée % 2015 3 ans 5 ans

Perf. annualisée % 3 ans 5 ans

Franklin Global Government Bond A (Mdis) USD 17.85 –4.5 11.9 Franklin Strategic Income A (Mdis) USD 1450.77 –4.6 7.5 19.7 12.2 8.4 8.9 2.4 3.7 LLB Obligationen Global Klasse P EUR 344.66 –4.6 –1.9 4.0 11.4 7.3 8.4 –0.6 0.8 Fidelity Funds – International Bond A-USD 316.33 –4.7 –1.2 6.0 11.3 7.5 8.7 –0.4 1.2 JSS Bond – Global C CHF dist 28.40 –4.7 2.0 11.9 8.0 5.4 5.7 0.7 2.3 Loomis Sayles Global Opportunistic Bond Fd R/D USD 139.76 –4.7 –1.0 7.3 10.6 7.3 7.8 –0.3 1.4 Pioneer Funds Long/Short Global Bond A ND USD 25.48 –4.7 12.9 Aberdeen Global – World Government Bond A2 Acc 238.46 –4.7 10.3 Aberdeen Global II – Global Government Bond D1 GBP 107.01 –4.7 –2.7 –0.2 11.6 7.9 9.0 –0.9 0.0 Templeton Global Bond A (Mdis) USD 26292.43 –4.7 5.9 17.2 15.1 10.0 9.1 1.9 3.2 Candriam Sustainable World Bonds C Cap 13.31 –4.8 3.8 14.0 11.1 7.4 8.7 1.3 2.7 UniRenta 708.50 –4.8 –1.5 6.6 10.9 7.3 8.9 –0.5 1.3 Fidelity Funds – Gl Strat Bond A-ACC-USD 590.07 –4.8 –4.1 11.5 7.5 –1.4 Amundi Fds Bond Global – AU (C) 254.26 –4.9 9.0 13.9 11.4 7.9 9.0 2.9 2.6 Franklin Real Return A (acc) USD 6.92 –4.9 1.2 3.0 11.1 7.6 8.2 0.4 0.6 Pioneer Funds Long/Short Oppc Credit A ND USD 25.28 –4.9 13.1 Legg Mason WA Global Multi Strat A Dis D USD 1106.78 –5.0 1.9 12.5 12.1 8.5 9.3 0.6 2.4 Investec GSF Global Strategic Income A Inc-2 292.07 –5.0 –0.4 3.8 11.0 7.9 8.4 –0.1 0.7 Templeton Global Total Return A (Mdis) USD 25536.40 –5.1 6.4 23.8 15.1 10.0 9.2 2.1 4.4 Lazard Global Fixed Income USD 11.73 –5.1 –2.9 5.6 10.2 7.1 8.6 –1.0 1.1 High Yield CoCo Bond Fund P 26.17 –5.3 14.4 Janus Global Investment Grade Bond A USD Acc 44.06 –5.3 5.5 20.0 11.3 7.7 8.5 1.8 3.7 Piguet Global Fund International Bond CHF C Cap 198.37 –5.4 –0.4 10.3 6.0 4.4 4.0 –0.1 2.0 Investec GSF Global Bond A Acc 63.76 –5.4 –3.1 –0.3 10.7 7.6 8.8 –1.1 –0.1 Dodge & Cox Worldwide Global Bond USD Acc –5.6 12.0 Aberdeen Global – Select Glb Credit Bd D1 GBP 63.35 –5.6 5.2 19.1 15.5 10.3 9.6 1.7 3.6 iShares Global High Yld Corp Bd CHF Hdg UCITS ETF 126.21 –5.7 6.6 F&C Macro Global Bond £ A GBP Acc 39.78 –5.7 2.2 –4.6 17.5 11.1 10.8 0.7 –0.9 Investec Global Bond A Inc Net GBP 100.16 –5.9 –4.4 –2.1 11.5 7.9 8.7 –1.5 –0.4 Legg Mason WA Short Duration HI Bd A Dis D USD 26.31 –6.0 4.2 13.8 12.0 8.6 10.1 1.4 2.6 Templeton Global Bond (Euro) A (Ydis) EUR 409.22 –6.1 –4.7 2.7 16.4 9.9 9.0 –1.6 0.5 Amundi Oblig Internationales EUR P 821.44 –6.2 10.4 17.8 12.4 8.7 9.9 3.4 3.3 PIMCO GIS Global Advantage E USD Acc 710.29 –6.4 –4.0 3.2 11.2 7.6 7.9 –1.3 0.6 Carmignac Pfl Global Bond A EUR acc 1092.58 –6.6 1.0 14.2 11.4 8.2 10.8 0.3 2.7 Templeton Global Total Return W (acc) CHF-H1 25536.40 –6.6 8.0 Threadneedle (Lux)-Global Strategic Bond AU 21.13 –6.7 –3.5 6.0 10.6 7.5 9.1 –1.2 1.2 CapitalAtWorkFoyer-Defensive C 29.98 –6.7 1.5 12.2 8.6 0.5 BCV International Bonds (CHF) A 352.58 –7.0 0.8 11.3 15.4 9.2 9.0 0.3 2.2 Candriam Bonds Global Sovereign Quality C Cap 114.49 –7.1 –4.1 12.2 7.8 –1.4 Exklusiv Portfolio SICAV – Multi-Waehrungsfonds A 24.14 –7.2 –9.7 13.3 8.1 –3.3 Raiffeisen-Global-Fundamental-Rent I T 173.88 –7.3 –12.2 –4.7 11.2 8.2 7.4 –4.2 –1.0 Pictet-Global Bonds Fundamental-P USD 29.95 –7.4 –7.4 11.2 7.5 –2.5 BSF Fixed Income Strat A2 EUR 5931.30 –7.7 –1.0 1.5 15.7 9.4 8.8 –0.3 0.3 Mi-Fonds (Lux) – InterBond B 117.42 –7.7 –0.9 10.7 12.3 7.8 8.2 –0.3 2.0 Kairos International Sicav – Bond Plus A Cap 1049.78 –7.8 4.1 14.6 9.4 1.4 GAM Star Dynamic Global Bond USD Acc –7.8 –6.6 8.4 6.2 –2.3 DWS Inter-Renta LD 599.79 –7.9 –7.7 2.2 12.2 7.5 9.2 –2.6 0.4 CapitalAtWorkFoyer-Fixed Income at Work C EUR 204.61 –7.9 11.8 CapitalAtWorkFoyer-Government Bonds atWork C EUR 125.80 –7.9 –2.7 8.2 11.7 7.5 7.4 –0.9 1.6 Flossbach von Storch – Bond Opportunities P 123.71 –8.0 14.4 Flossbach von Storch – Currency Diversific Bond R 421.47 –8.0 –11.5 –4.5 13.4 8.5 7.7 –4.0 –0.9 DWS ESG Global-Gov Bonds LC 94.52 –8.0 –11.8 –7.8 14.1 8.5 9.3 –4.1 –1.6 Edmond de Rothschild Signatures Financial Bonds C 1227.69 –8.2 6.8 15.4 9.7 2.2 Axiom Obligataire C 306.78 –8.2 4.8 5.8 17.0 11.1 18.9 1.6 1.1 Jupiter JGF Dynamic Bond L EUR Acc 5530.42 –8.2 14.0 UBS (D) Rent-International 37.01 –8.3 –5.6 2.5 14.9 9.0 8.3 –1.9 0.5 Nordea 1 – Flexible Fixed Income BP EUR 1198.06 –8.4 13.8 Piguet Global Fund International Bond EUR C Cap 65.52 –8.4 –1.5 6.8 12.4 7.9 7.7 –0.5 1.3 DIAMAN Sicav Zenit Dynamic Bond R 9.89 –8.5 –5.9 –6.6 15.4 9.2 8.5 –2.0 –1.4 GAMAX Funds – Maxi-Bond A 515.70 –8.5 –1.0 –0.2 15.7 9.7 9.1 –0.3 0.0 Candriam Bonds Total Return C Cap 1384.19 –8.7 1.9 3.6 13.4 8.5 8.2 0.6 0.7 Legg Mason Brandywine Gl Opp Fxd Inc A Dis M USD 563.20 –8.7 –0.5 17.2 9.9 7.6 8.8 –0.2 3.2 LO Funds – Global Government Fndm (EUR) R D 233.10 –8.7 11.0 T. Rowe Price Global Aggregate Bond Qh EUR 0.90 –8.8 13.5 DJE – Renten Global PA 165.14 –8.9 –2.7 3.1 14.8 9.2 8.5 –0.9 0.6 Henderson HF Total Return Bond A2 EUR 931.16 –8.9 –9.2 15.1 9.0 –3.2 JPM Global Government Bond A Acc EUR 489.18 –9.0 –2.9 4.0 13.7 8.3 8.3 –1.0 0.8 Legg Mason Brandywine Glo Fxd Inc A Dis S USD 1063.70 –9.2 –2.7 11.3 9.8 7.3 9.0 –0.9 2.2 BBVA Durbana IF Global Bond Fund A EUR Cap 85.13 –9.3 15.2 KBC Bonds High Interest Cap 1160.67 –9.3 –9.2 –3.1 11.2 7.8 7.5 –3.2 –0.6 Pilatus Invest Income EUR Klasse B 42.53 –9.3 15.5 CB – Accent (Lux) Erasmus Bond Fund EUR B 18.60 –9.4 –8.3 –4.9 16.3 9.8 9.2 –2.9 –1.0 Parvest Bond World Income Cl EUR Cap 54.18 –9.4 15.8 Kairos International Sicav – Bond P 612.91 –9.5 –2.4 3.0 14.7 9.0 8.7 –0.8 0.6 Edmond de Rothschild Fund-Gl Crossover Bonds A EUR 431.77 –9.6 15.4 Pro Fonds (Lux) Inter-Bond B 74.31 –9.6 –2.1 5.0 13.4 8.4 7.6 –0.7 1.0 AXA WF Global Aggregate Bonds A C (EUR) 562.85 –9.6 –4.6 3.2 14.3 8.6 9.6 –1.5 0.6 UBAM Unconstrained Bond APC EUR 486.32 –9.7 15.6 Julius Baer Fixed Income Gl High Invt Grade EUR B 183.52 –9.8 14.6 Invesco Global Total Return EUR Bond A Acc EUR 1598.40 –9.9 –2.4 14.9 14.0 8.7 10.2 –0.8 2.8 Flossbach von Storch – Bond Total Return R 203.77 –9.9 13.7 Old Mutual Global Strategic Bond GBP A Hgd Acc 12.87 –10.0 17.3 Barclays GA – Global Government Bond Z Acc EUR –10.0 –8.3 –3.4 13.7 8.2 8.0 –2.9 –0.7 F&C Macro Global Bond € A EUR Acc 12.46 –10.0 –7.8 –13.9 15.6 9.9 10.0 –2.7 –3.0 AZ Fund 1 CGM Opportunistic Govt Bond A AZ FD Acc 61.13 –10.0 –4.6 13.3 8.1 –1.6 Richelieu Fd-Bond Allocation 61.72 –10.0 –10.7 –3.6 12.8 8.3 7.9 –3.7 –0.7 Deutsche Invest I Global Bonds FCH (P) 1106.43 –10.1 –4.4 15.3 9.2 –1.5 Swisscanto (LU) PF Green Invest Income (EUR) B 21.18 –10.1 –5.8 2.3 14.4 8.7 8.2 –2.0 0.5 ACATIS IfK Value Renten UI – Anteilklasse A 583.07 –10.2 –0.9 9.5 15.1 9.6 9.4 –0.3 1.8 CBR Strategy Fund – Return Classic (EUR) 6.04 –10.2 –7.3 –10.6 14.5 8.7 8.3 –2.5 –2.2 Ram (Lux) TF – Gl Bd Total Return Fund E EUR 120.10 –10.3 –7.5 1.6 14.5 8.9 8.7 –2.6 0.3 Amundi Interinvest Capital Bonds (EUR) – C (C) 6.59 –10.3 –3.4 –3.1 15.0 9.4 9.1 –1.1 –0.6 SKAGEN Tellus A NOK 146.03 –10.4 –2.3 5.9 10.3 7.0 7.5 –0.8 1.2 LFP R2P Global Credit- Class R C EUR 54.73 –10.4 –5.1 13.8 8.6 –1.7 Julius Baer Fixed Income Gl Low Ivt Grade EUR B 458.58 –10.4 14.0 Danske Invest Global Corporate Bonds A 212.27 –10.5 1.7 14.5 15.4 9.4 8.9 0.6 2.7 AZ Fund 1 Aggregate Bond Euro A AZ FUND Acc 360.17 –10.6 –0.9 7.0 15.1 9.4 8.7 –0.3 1.4 Symphonia Lux – Smart Global Bond 22.56 –10.6 14.7 CAPB Funds Strategy Income Euro P Cap 86.96 –10.7 15.3 Amundi Interinvest Capital Balanced – C (C) 6.66 –10.7 –5.0 –3.0 14.1 9.2 9.7 –1.7 –0.6 AZ Fund 1 CGM Opportunistic Corp Bond A AZ FD Acc 136.06 –10.8 –4.1 14.0 8.7 –1.4 B & P Vision – Global Bond Selection 6.15 –10.9 –19.2 –16.0 13.6 8.6 7.8 –6.8 –3.4 Manavest – Global Bonds 14.46 –10.9 14.7 NPB/Finaport Dynamic Fixed Income Fund EUR 13.97 –10.9 –11.6 –9.8 13.9 8.7 8.2 –4.0 –2.0 BSI-Multinvest – Global Credit Bond A EUR 138.38 –11.0 15.0 Pioneer Investments Total Return A Dis EUR 406.17 –11.1 –4.6 –0.9 14.0 8.8 8.3 –1.5 –0.2 AZ Fund 1 Alpha Manager Credit A AZ FUND Acc 114.38 –11.2 –10.0 –7.3 15.4 9.4 9.0 –3.5 –1.5 Crossfund Sicav – Crossinvest Bond Fund-A 95.23 –11.2 15.0 Schroder ISF Global Credit Dur Hdg EUR A Acc 39.36 –11.2 –10.1 –13.5 16.4 9.9 9.2 –3.5 –2.9 AZ Fund 1 Global Currencies & Rates A AZ FUND Acc 248.40 –11.2 –19.8 12.0 7.7 –7.1 OnCapital SICAV-Fixed Income A 49.82 –11.3 –8.3 15.2 9.1 –2.8 AZ Fund 1 Intl Bond Target Giu 2016 A AZ FD Acc 14.34 –11.4 –19.2 13.2 8.4 –6.9 Kairos International Sicav – Global Bond P 67.29 –11.4 14.8 CoCo Alpha Bond Fund Class R EUR 25.07 –11.5 15.5 StarCapital – Argos A – EUR 619.29 –11.6 –5.7 2.8 12.5 8.1 7.7 –1.9 0.6 Julius Baer BF Credit Opportunities-EUR B 176.97 –12.1 –7.7 1.5 15.5 10.0 9.2 –2.6 0.3 NN (L) First Cl. Yield Opportunities P Cap EUR 92.81 –12.4 16.5 AZ Fund 1 Renminbi Opps FI A AZ FD EUR Hdgd Acc 109.83 –12.5 –10.0 18.6 11.2 –3.4 AZ Fund 1 Corporate Premium A AZ FUND Acc 201.78 –12.9 –11.9 –5.3 17.1 10.4 10.0 –4.1 –1.1 AZ Fund 1 Hybrid Bonds A AZ Fund Acc 1572.93 –12.9 15.0 DIAMAN Sicav Quant Bond R 22.55 –13.0 –10.6 14.6 8.9 –3.7 VF Absolute Return Bond Dynamic A – DIST – EUR 41.61 –13.0 12.5 CAPB Funds Fixed Income-Euro G Cap 445.66 –13.4 –7.5 –0.5 15.9 9.8 9.5 –2.6 –0.1 Base Investments Bonds Multicurrency EUR 80.22 –17.6 –25.8 –24.3 21.6 13.2 11.7 –9.5 –5.4 Storm Fund II Storm Bond Fund RC NOK 99.28 –22.9 –39.8 18.6 16.1 –15.6 Obligations Internationales Average 937.7 –4.7 0.5 7.9 10.8 7.8 8.5 0.1 1.5 OBLIGATIONS INTERNATIONALES CORPORATE ACPI Global Credit UCITS D USD 319.09 2.3 18.6 29.0 11.7 8.5 10.0 5.9 5.2 Kames Investment Grade Global Bond B Inc USD 154.24 1.7 20.3 36.7 11.2 8.4 10.0 6.4 6.5 Invesco Global Inv Grade Corp Bond E Acc EUR 149.05 1.7 21.7 35.4 12.2 8.9 9.8 6.8 6.3 Goldman Sachs LH Opport Corp Bd Pf Base Acc USD 190.52 1.3 13.2 12.4 8.3 4.2 Legg Mason WA Global Blue Chip Bd A Dis M USD 34.92 1.2 9.5 16.1 11.2 8.4 10.1 3.1 3.0 Baillie Gifford Worldwide Global Credit C USD Acc 683.52 0.9 22.5 11.4 8.5 7.0 Tower Investment Grade Bond USD 65.61 0.8 13.0 25.3 12.0 8.6 9.5 4.2 4.6 Santander Corporate Coupon Fund AD 39.21 0.7 14.6 19.9 11.1 8.2 9.4 4.6 3.7 PARVEST Bond World Corporate C C USD 133.80 0.3 18.2 32.8 11.7 8.8 10.5 5.7 5.8 Barclays GA – Global Corporate Bond Z Acc USD 0.2 12.5 26.9 11.6 8.6 10.2 4.0 4.9 Amundi Fds Bond Global Corporate – AU (C) 383.64 0.2 18.8 33.7 11.8 8.6 10.0 5.9 6.0 JPM Global Corporate Bond A Acc USD 3817.20 0.2 15.9 33.0 11.3 8.8 10.4 5.1 5.9 Henderson HF Global Corp Bond A2 USD Acc 19.27 0.2 11.2 Threadneedle (Lux)-Global Corporate Bond AU 19.40 –0.2 11.0 DCI Gbl Inv Gr Corp Bd Med Dur USD A Inst 514.79 –0.4 16.2 10.9 8.5 5.1 SLI Glo SICAV Global Corporate Bond A USD 450.93 –0.5 15.1 10.9 8.7 4.8 JPM Flexible Credit Bond A Acc USD 164.30 –0.6 16.7 37.2 11.5 8.5 10.0 5.3 6.5 Schroder ISF Global Corporate Bond A Acc 2112.46 –0.7 14.4 26.9 11.4 8.6 10.4 4.6 4.9 Old Mutual Investment Grade Corp Bd A USD 31.22 –0.7 11.7 25.0 11.4 8.8 10.5 3.8 4.6 Babson Capital Global Inv Grade Corp Plus D USDAcc 0.40 –0.8 11.5 BGF Global Corporate Bond A2 USD 1794.34 –0.9 15.9 31.4 11.7 8.8 10.3 5.0 5.6 UBS (Lux) Bond S – Glbl Corporates (USD) P-mdist 513.01 –1.0 13.8 11.3 8.6 4.4 Legg Mason WA Global Credit A Dis D USD 88.12 –1.3 11.4 25.3 11.4 8.7 10.4 3.7 4.6 Avadis Fund – Unternehmensanleihen FW E 71.83 –1.8 4.2 4.0 3.9 1.4 EIP Global Investment Grade Bond Prgme Srs 2 USD 44.14 –2.2 8.0 20.1 10.9 7.4 8.5 2.6 3.7 DCI Enh Gbl Invest Gr Corp Crdt Med Dur USD 51.30 –2.3 11.1 LO Funds – Euro BBB-BB Fundamental (CHF) I A 758.52 –2.5 7.6 4.6 3.5 2.5 LO Funds – Global Corporate Fndm Syst Hdg CHF ID 243.67 –2.8 3.8 3.9 3.6 1.3 LO Funds – Global Corporate Fndm Syst Hdg CHF IA 243.67 –2.8 3.8 3.9 3.6 1.3 iShares Global Corporate Bond UCITS ETF 452.76 –3.0 8.4 10.7 7.5 2.7 LO Funds – Euro BBB-BB Fundamental (CHF) P A 758.52 –3.2 5.5 4.6 3.5 1.8 Morgan Stanley Global Premier Credit A USD 12.35 –3.2 6.4 10.7 7.9 2.1 Morgan Stanley Global Credit Fund A USD 144.16 –3.4 12.2 12.0 8.5 3.9 Loomis Sayles Global Credit Fund R/A (USD) 118.63 –3.7 4.6 16.9 11.0 7.6 8.2 1.5 3.2

Finance

Le Temps l Mercredi 3 février 2016

CLASSEMENTS Nom

Actifs nets mios francs

EIP Global Investment Grade Bond Prgme Srs 2 CHF H Pioneer Fds Global Invest Grade Corp Bond A ND EUR EIP Global Investment Grade Bond Prgme Srs 1 CHF H Swiss Life Funds (LUX) Bd Gl Corp EUR R Cap CapitalAtWorkFoyer-Corporate Bonds atWork C EUR JPM Financials Bond A Acc EUR Robeco Global Credits CH EUR BCV Dynagest Corporate Bond Expo (CHF) A Sparinvest-Investment Grade Value Bonds EUR R Swisscanto (LU) Bond Fund Global Corporate H EUR B iShares Global Corporate Bond EUR Hedged UCITS ETF Timeo Neutral Sicav – BZ New Oppty Bond Inv S EUR Swiss Life Funds (LUX) Bd Euro Corp EUR R Cap Popso IFS Global Corporate Bond EUR B Oddo Strategic Corporate Bonds CR-EUR Sparinvest-Corporate Value Bonds EUR R Obligations Internationales Corporate Average

Performance totale % 2015 3 ans 5 ans

Volatilité annualisée % 2015 3 ans 5 ans

Perf. annualisée % 3 ans 5 ans

44.14 –4.6 –3.6 6.9 2.2 3.8 4.1 –1.2 1.3 458.19 –4.7 10.3 44.14 –4.7 –3.9 6.3 2.2 3.8 4.0 –1.3 1.2 93.60 –4.8 8.0 10.0 7.3 2.6 434.54 –6.3 3.9 18.6 12.0 7.8 7.4 1.3 3.5 100.89 –7.7 –0.2 14.2 8.9 –0.1 266.45 –8.1 13.5 37.05 –8.6 –2.5 8.2 11.1 7.8 6.4 –0.8 1.6 74.51 –9.8 2.9 18.9 14.4 9.2 12.1 1.0 3.5 494.27 –10.2 –3.6 8.3 13.7 8.7 8.0 –1.2 1.6 764.21 –10.2 13.2 39.54 –10.3 –6.4 16.1 9.6 –2.2 26.21 –10.4 6.3 16.0 15.1 9.4 9.4 2.1 3.0 55.54 –11.4 –6.1 –1.2 15.1 9.1 8.2 –2.1 –0.2 238.74 –12.2 14.7 205.98 –16.9 –11.5 15.6 9.9 –4.0 474.68 –3.3 8.6 22.1 10.9 7.7 9.1 2.7 4

OBLIGATIONS INTERNATIONALES COURT TERME HSBC GIF Global Short Duration High Yield Bond AC 297.09 JPM Global Short Duration Bond A Acc USD 1527.60 Lord Abbett Short Duration Income USD A Acc 491.45 Swiss Life iFunds (CH) Bd Gl Corp Sh T (CHFh) IA2 814.31 Rogge Short Duration Global RE Bd GBP Zero Mgt Fee 89.71 UBS (Lux) Bond S – Cur Diversifier (USD) P-acc 112.55 JPM Global Govt Short Duration Bd A Acc EUR 160.76 AZ Fund 1 Short Term Glbl High Yield A AZ Fd Acc 152.78 Barclays GA – Global Short Duration Bond Z Acc EUR Fidelity Funds – Global High Gr Inc J-MDIST-JPY 219.19 Obligations Internationales Court Terme Average 390.12

1.7 0.9 11.1 13.7 0.6 –0.3 –2.4 –9.0 –14.3 –9.6 –8.8 –9.5 –9.7 –9.8 –10.1 –10.1 –13.7 –12.3 –4.8 –7.1 –2.7

11.7 11.7 8.5 10.6 3.6 11.4 0.8 14.4 13.1 8.2 –5.0 15.5 9.1 8.5 –3.0 16.5 15.2 8.9 –3.5 13.5 8.2 7.6 –4.8 12.4 8.6 8.9 –2.5

2.6

–2.0 –2.6 –0.7

OBLIGATIONS INTERNATIONALES COUVERTES EN EUR Robeco Global Total Return Bond Fund DH CHF Robeco Lux-o-Rente DH EUR JPM Discretionary Fixed Income Gov A Inc db x-trackers II Global Sovereign EUR UCITS ETF Aviva Investors Global Aggregate Bond B EUR Amundi Fds Index Global Bond (EUR) Hdgd – AE (C) Goldman Sachs Glo FI Plus Pf (Hdg) Base Acc EUR UniOptima iShares JPM $ EM Bond EUR Hgd UCITS ETF Robeco Global Total Return Bond Fund DH EUR Goldman Sachs Glo Fix Inc Pf (Hdg) Base EUR UBS (Lux) Strategy Sicav-Fixed Income (EUR) P-acc UBS (Lux) Strategy Fd – Fixed Income (EUR) P-acc Candriam Bonds International C EUR Cap LGT Sustainable Quality Bond Fund Hedged (EUR) B AZ Fund 1 Best Cedola A AZ FUND Acc Obligations Internationales Couvertes en EUR Average

1939.69 –1.0 3.8 2895.42 –7.6 –1.4 4.1 12.4 7.8 8.4 –0.5 0.8 428.63 –8.7 –7.9 –6.6 15.3 8.9 8.3 –2.7 –1.4 691.13 –8.9 –2.7 3.8 13.7 8.3 8.2 –0.9 0.7 109.67 –8.9 –4.1 13.3 8.2 –1.4 390.94 –9.2 –3.3 3.0 13.5 8.2 8.1 –1.1 0.6 862.68 –9.4 –3.0 5.5 15.3 9.3 8.5 –1.0 1.1 156.53 –9.4 –8.4 –7.4 15.7 9.2 8.6 –2.9 –1.5 587.86 –9.6 15.5 1939.69 –9.6 –4.9 4.3 12.9 8.1 7.8 –1.6 0.9 483.84 –9.7 –5.8 0.2 14.7 8.8 8.3 –2.0 0.0 123.18 –10.9 –9.2 –6.1 15.0 8.8 8.3 –3.2 –1.3 239.96 –10.9 –9.1 –5.4 15.0 8.8 8.3 –3.1 –1.1 455.71 –11.0 –5.7 1.5 13.8 8.5 8.2 –1.9 0.3 705.56 –11.0 –9.7 15.7 9.3 –3.4 179.20 –12.4 –14.2 14.9 9.7 –5.0 761.85 –9.3 –6.4 –0.3 13.8 8.7 8.3 –2.2 –0.1

OBLIGATIONS INTERNATIONALES COUVERTES EN USD PIMCO GIS Income E USD Acc Amundi Fds Bond Global Aggregate – AU (C) LGT Sustainable Bond Fund Global Hedged -(USD) B- PIMCO GIS Global Bond E USD Inc PIMCO GIS Global Bond Ex-US E USD Inc AllianceBernstein-Global Bond Portfolio A USD Goldman Sachs Glo Credit Pf (Hdg) Base Acc USD PIMCO GIS Diversified Income E USD Inc Macquarie Global Income Opportunities A USD Wells Fargo (LUX) WW Glbl Oppty Bd A USD Acc Pegaso Capital SICAV Strategic Bd R Hedged USD C Obligations Internationales Couvertes en USD Average

12525.70 7906.42 123.01 7862.06 714.08 693.11 871.67 5717.40 52.06 103.20 14.63 3325.76

2.7 23.0 1.1 21.8 38.1 0.7 14.1 29.3 0.7 16.3 34.6 0.6 20.2 38.9 0.2 7.8 10.9 –0.4 14.8 30.1 –0.8 9.3 28.3 –0.9 –1.3 10.3 –1.4 3.4 0.1 14.1 30

12.5 9.1 7.2 11.8 8.9 10.9 6.8 11.2 9.0 11.5 4.5 11.4 8.6 10.6 5.2 12.4 9.1 10.9 6.3 11.4 8.4 10.2 2.5 11.6 8.7 10.4 4.7 12.5 8.9 9.8 3.0 11.9 10.4 8.1 3.3 11.7 8.6 1.1 11.7 8.7 10.6 4.5

6.7 5.3 6.1 6.8 2.1 5.4 5.1

5.4

OBLIGATIONS INTERNATIONALES HAUT RENDEMENT Aviva Investors Asian High Yield Bond A USD 129.41 6.2 12.5 Deutsche Invest II China High Income Bonds USD LC 75.89 4.9 14.6 Henderson HF Global High Yield Bond A2 USD 78.52 1.7 12.7 Aviva Investors Global High Yield Bond A USD 3284.18 0.5 18.0 39.8 12.3 8.6 9.7 5.7 6.9 Swisscanto (LU) Bd Fd Secured High Yield H CHF B 72.34 0.3 4.7 Kames High Yield Global Bond B Inc USD 427.46 0.0 21.5 47.0 12.7 8.8 9.8 6.7 8.0 AllianceBernstein-Short Duration HY Pf A2 USD 901.97 0.0 13.9 12.0 8.3 4.4 BlueBay Global High Yield Bond R USD 703.93 –0.1 16.0 12.3 8.5 5.1 CB – Accent (Lux) Swan High Yield B CHF hdg 80.94 –0.2 2.1 Principal GI High Yield A Acc USD 132.55 –0.2 19.1 41.0 12.9 8.5 9.4 6.0 7.1 Payden Global High Yield Bond USD 17.46 –0.8 16.0 37.5 12.5 8.9 9.6 5.1 6.6 Robeco High Yield Bonds DH CHF 4824.76 –1.1 8.3 6.5 4.9 2.7 20 UGS (UCITS) Fds TCW Uncons + Bd Strat A CHF C 214.00 –1.4 0.6 UBAM Global Credit Opportunities APHC-CHF Cap 127.20 –1.5 1.9 Swisscanto (LU) BF Short Term Gl High Yield HUSD B 233.95 –1.5 10.1 11.8 8.2 3.3 HSBC GIF Global High Yield Bond AM USD 465.01 –1.6 15.7 12.2 8.7 5.0 AllianceBernstein-Short Duration HY Pf I2 CHF H 901.97 –1.6 3.9 3.5 3.2 1.3 Schroder ISF Global High Yield A Acc 2468.71 –1.6 16.2 30.5 12.9 8.9 9.8 5.1 5.5 Invesco Global High Income A Semi Annual Dist USD 397.94 –1.6 9.6 31.4 13.2 9.5 9.6 3.1 5.6 Fidelity Funds – Global High Yield A-ACC-USD 246.30 –1.7 13.7 12.9 8.7 4.4 Aviva Investors Global High Yield Bond Ah CHF 3284.18 –1.8 5.6 5.1 4.8 1.8 AllianceBernstein-Short Duration HY Pf A2 CHF H 901.97 –2.2 2.2 3.4 3.1 0.7 SLI Glo SICAV Global High Yield Bond A USD 805.59 –2.3 11.4 30.9 11.7 8.0 9.4 3.7 5.5 Janus Global High Yield A USD Acc 50.20 –2.4 12.2 28.6 12.4 8.1 8.9 3.9 5.2 BNY Mellon Global High Yield Bond C USD 135.07 –2.5 12.8 Morgan Stanley Global High Yield Bond A USD 282.59 –2.5 17.0 13.0 8.8 5.4 Kames High Yield Global Bond A Acc CHF Hedged 427.46 –2.7 6.4 5.8 4.8 2.1 T Rowe Global High Yield Bond A USD 1439.18 –3.0 14.4 31.8 12.5 8.8 9.7 4.6 5.7 Invesco Global High Income C Acc CHF Hdg 397.94 –3.6 6.4 BlueBay Total Return Credit R USD 603.92 –3.6 12.3 Swisscanto (LU) BF Short Term Gl High Yield HCHF B 233.95 –3.7 –1.6 2.9 2.6 –0.5 Invesco Global High Income A Acc CHF Hdg 397.94 –3.8 6.3 JPM Global High Yield Bond A Dis USD 5664.53 –3.8 12.9 12.2 8.5 4.1 Baring High Yield Bond A USD Inc Quaterly Dividend 611.89 –3.8 8.9 24.6 12.3 8.5 9.6 2.9 4.5 Barclays GA – Global High Yield Bond Z Acc USD –3.9 11.1 32.0 12.6 8.8 10.5 3.6 5.7 Oaktree (Lux.) Fds Oaktree Global HY Bd FdB 363.57 –3.9 12.7 12.8 8.8 4.1 Putnam Global High Yield Bond A USD 329.89 –4.0 13.5 31.5 12.7 8.8 9.5 4.3 5.6 BGF Global High Yield Bond A2 USD 2088.26 –4.0 13.7 33.2 13.8 9.2 10.2 4.4 5.9 CS (Lux) Global High Yield Bond Fund IBH CHF 689.70 –4.1 5.7 BNY Mellon Compass Global High Yield Bond C EUR 78.17 –4.5 7.5 20.6 12.7 8.0 8.4 2.4 3.8 Vontobel Fund – High Yield Bond H CHF hdg 392.52 –4.6 5.2 5.7 4.6 1.7 AllianceBernstein-Global High Yield Pf A USD 16413.38 –4.7 10.4 26.3 12.5 8.7 9.1 3.4 4.8 Aberdeen Global II – Global High Yield Bond A1 15.46 –4.9 8.8 12.9 8.8 2.9 M&G Global Floating Rate High Yield GBP A-H Acc 809.81 –5.0 16.0 Investec Monthly High Income A Inc2 Net GBP 168.22 –5.1 3.0 16.8 17.3 10.8 10.7 1.0 3.2 OYSTER Global High Yield C USD 267.76 –5.2 10.9 13.2 9.0 3.5 Nordea 1 – Global High Yield Bond BP USD 580.84 –5.3 9.6 27.9 13.1 9.0 10.1 3.1 5.1 Nomura Funds Ireland-Global High Yield Bond A EUR 22.68 –5.4 13.7 Oaktree (Lux.) Fds Oaktree Global HY Bd FdH CHF GB 363.57 –5.6 1.7 5.9 5.2 0.6 AXA WF Global High Yield Bonds A C CHF H 1227.60 –5.6 3.4 6.4 5.0 1.1 Tower Global High Yield Bond USD Cap 76.54 –5.7 5.3 16.6 13.7 9.3 9.4 1.7 3.1 Nordea 1 – International High Yield Bond BP USD 122.00 –5.7 10.8 13.5 9.0 3.5 JPM Global High Yield Bond A Acc CHF Hgd 5664.53 –5.7 1.5 6.3 5.4 0.5 Schroder ISF Global High Income Bond A Acc 49.00 –5.8 1.1 14.6 10.2 0.4 Baring High Yield Bond A CHF Hedged Acc 611.89 –5.8 6.5 Oaktree (Lux.) Fds Oaktree Global HY Bd FdH CHF B 363.57 –5.9 0.6 5.9 5.3 0.2 Templeton Global High Yield A (Mdis) USD 165.73 –6.2 3.2 16.2 14.1 9.4 9.3 1.1 3.1 iShares Global High Yield Corp Bd UCITS ETF 338.92 –6.4 8.6 13.1 8.6 2.8 Muzinich TransatlanticYield Hedged GBP Acc A 393.17 –6.4 5.1 25.2 17.3 10.9 10.7 1.7 4.6 Pioneer Funds Global High Yield E No Dis EUR 2185.25 –6.7 4.8 18.9 13.4 9.2 9.4 1.6 3.5 Bonhote Selection – Obligation HR Multi-Fonds CHF 33.77 –7.0 –5.1 –1.0 8.0 6.3 7.4 –1.7 –0.2 Candriam Bonds Credit Opportunities C Cap 910.73 –7.0 1.0 14.9 15.2 9.2 8.9 0.3 2.8 OYSTER Global High Yield C CHF HP 267.76 –7.2 –1.2 7.2 5.9 –0.4 Capital Group Gl High Inc Opps (LUX) B EUR 650.90 –7.6 –1.6 12.9 12.8 9.0 9.0 –0.5 2.5 Candriam Bonds Global High Yield C Cap 407.54 –8.1 2.0 18.9 15.3 9.6 9.5 0.7 3.5 Petercam L Bonds Higher Yield B 270.84 –8.1 1.8 12.0 14.4 9.1 9.7 0.6 2.3 Legg Mason WA Global High Yield A Dis D USD 232.59 –8.1 1.9 17.6 14.8 9.7 9.8 0.6 3.3 CBP Select LarrainVial LatAm HY Bond A Cap 27.14 –8.4 15.8 Ellipsis High Yield Fund P 119.71 –8.4 1.7 15.7 9.8 0.6 CapitalAtWorkFoyer-High Yield at Work C EUR 175.90 –8.7 10.5 CB – Accent (Lux) Swan High Yield B 80.94 –8.9 –4.3 –1.1 15.7 9.4 8.6 –1.5 –0.2 Nuveen Global High Income A USD Acc 6.48 –9.2 14.5 Capital Group Gl High Inc Opps (LUX) Bh CHF 650.90 –9.4 –11.6 6.6 6.8 –4.0 UniEuroRenta HighYield 231.27 –9.7 1.3 16.0 16.0 9.9 10.2 0.4 3.0 Robeco High Yield Bonds DH EUR 4824.76 –10.0 –1.4 13.6 16.2 10.2 10.1 –0.5 2.6 UBAM Global Credit Opportunities RC-EUR Cap 127.20 –10.4 15.7 WMP (Dublin) Global HY Bond Prfl EUR S Acc Hdg 93.39 –11.5 –2.9 15.2 9.9 –1.0 Hermes Global High Yield Bond F EUR Acc 267.06 –11.9 16.3 BNPP Obliselect Global High Yield 2017 P 64.70 –12.5 –5.3 16.3 10.1 –1.8 Vontobel Fund – High Yield Bond B 392.52 –12.8 –3.5 14.6 9.5 –1.2 FISCH Bond Global High Yield Fund AE2 147.90 –12.8 16.1 Franklin Global High Income Bond A (acc) USD 56.61 –12.8 1.4 14.7 10.0 0.5 PARVEST Bond World High Yield Cl C EUR 184.56 –13.5 –8.1 2.1 16.0 10.4 9.6 –2.8 0.4 AXA WF Global High Yield Bonds A C (EUR) H 1227.60 –13.9 –5.6 8.3 16.3 10.4 9.8 –1.9 1.6 NN (L) Global High Yield P Cap EUR Hdgiii 4420.91 –15.7 –10.8 2.8 16.6 10.8 10.4 –3.7 0.6 Swiss Life Funds (LUX) Bd Gl High Yield R EUR 244.24 –16.1 –8.0 16.7 11.0 –2.7 Julius Baer BF Global High Yield-EUR B 82.43 –19.2 –12.2 –4.4 16.0 10.7 10.6 –4.2 –0.9 Obligations Internationales Haut Rendement Average 1021.08 –5.4 5.4 21.2 11.7 8.3 9.6 1.7 3.8 OBLIGATIONS INTERNATIONALES INDEXÉES À L’INFLATION UBS (Lux) Bond S – Glb Inflat-lkd (USD) P-acc HSBC GIF Global Inflation Linked Bond AC USD SLI Glo SICAV Glbl Inflation-Linked Bond A USD BGF Global Inflation Linked Bond A2 USD PIMCO GIS Global Low Duration Real Rtn E Acc USD UBS (Lux) Bond S – Gl Inflation-linked USD(CHFh)Qa UBS (Lux) Bond S – Glb Inflat-lkd (USD)(CHFh) P-a

187.09 29.39 165.76 160.80 555.48 187.09 187.09

0.6 7.8 17.9 –0.7 9.1 26.0 –0.8 9.2 24.3 –0.9 9.8 25.4 –1.1 –1.6 –3.5 6.1 –1.6 –3.6 6.0

10.8 8.2 10.2 2.5 11.7 9.2 11.3 2.9 11.3 9.2 11.4 3.0 11.4 9.3 11.3 3.2 11.1 2.8 3.1 3.0 –1.2 2.8 3.1 3.0 –1.2

3.3 4.7 4.4 4.6 1.2 1.2

Nom PIMCO GIS Global Real Return E USD Inc AXA WF Global Inflation Bonds A H CHF AXA WF Global Inflation Bonds A H C CHF Redex db x-trackers II iBx Glob Infl-Lkd UCITS ETF 4D LGT Bond Fund Global Inflation Linked -(CHF) B- LGT Bond Fund Global Inflation Linked (CHF) A PIMCO GIS Global Low Dur Real Rtn E CHF Hdg Acc Fidelity Funds – Global Infl-Lnk Bond A-ACC-CHF H PIMCO GIS Global Real Return Inv CHF Hdg Inc AXA WF Universal Inflation Bonds A C USD LLB Obligationen Inflation Linked Klasse P USD Fidelity Funds – Global Infl-Lnk Bond A-ACC-USD AXA WF Universal Inflation Bonds A C CHF Hedged CapitalAtWorkFoyer-Inflation atWork C EUR Swiss Life Funds (F) Global Inflation P Amundi Fds Bond Global Inflation – AE (C) AXA WF Global Inflation Bonds A C EUR db x-trackers II iBx Glob Infl-Lkd UCITS ETF 1C Schroder ISF Glo Inflation Linked Bd A Acc Danske Invest SICAV Global Inflation Linked Bond A PARVEST Bond Wld Inflation-Linked C C EUR LGT Bond Fund Global Inflation Linked (EUR) B Natixis Global Inflation Fund R/A (EUR) PIMCO GIS Global Advantage Real Rtn E USD Acc Swiss Life Funds (LUX) Bd Inflation Prot R Fidelity Funds – Emerg Mkts Infl Ln Bd A-ACC-EUR Obligations Internationales Indexées à l’inflation Average

Actifs nets mios francs

Performance totale % 2015 3 ans 5 ans

2505.65 2785.24 2785.24 601.38 1182.98 1182.98 555.48 1221.34 2505.65 149.10 285.82 1221.34 149.10 143.80 61.86 242.75 2785.24 601.38 732.51 14.79 144.68 1182.98 28.42 474.33 23.51 142.74 730

–2.0 6.7 23.6 –2.2 –1.6 14.4 –2.3 –7.9 –13.9 –2.7 0.4 –3.1 –7.1 –3.1 –7.2 –3.2 –3.6 –9.8 –4.0 –3.4 14.2 –4.4 –5.3 –4.5 0.2 13.4 –4.6 –5.6 2.0 –6.6 –15.8 –7.5 –5.0 6.5 –9.4 –5.4 4.8 –10.2 –10.2 –2.4 –10.6 –9.8 3.0 –10.7 –7.8 5.8 –10.7 –9.2 3.0 –10.9 –10.2 –11.0 –10.9 –0.2 –11.5 –15.0 –7.6 –11.8 –10.4 –12.8 –17.0 –12.9 –22.5 –26.5 –17.2 –22.9 –6 –5.9 6.9

Volatilité annualisée % 2015 3 ans 5 ans

Perf. annualisée % 3 ans 5 ans

10.8 9.3 11.6 2.2 6.0 5.5 4.8 –0.5 4.7 3.7 3.9 –2.7 5.2 5.3 0.1 2.8 3.5 –2.4 2.7 3.4 –2.5 1.8 2.9 3.1 –3.4 5.2 5.9 5.2 –1.1 9.7 7.2 –1.8 10.6 7.6 8.7 0.1 11.4 7.6 8.5 –1.9 3.3 5.3 –5.6 10.9 7.3 7.7 –1.7 13.9 8.6 8.2 –1.8 12.5 8.7 8.2 –3.5 11.6 8.2 7.9 –3.4 12.2 8.6 8.2 –2.7 12.2 8.5 8.3 –3.2 12.0 8.6 –3.5 11.9 8.3 8.0 –3.8 14.2 8.9 8.2 –5.3 11.5 8.6 –3.6 10.5 8.6 –6.0 17.7 10.6 9.6 –8.2 13.9 11.0 –8.3 9.2 7.2 8 –2.1

4.3 2.7 –3.0

2.7 2.5 0.4 1.3 0.9 –0.5 0.6 1.1 0.6 0.0 –1.6 –6.0 1.2

OBLIGATIONS JPY Vanguard Japan Government Bond Index Inv USD PARVEST Bond JPY C C JPY Obligations JPY Average

488.74 82.17 285.45

OBLIGATIONS NOK Nordea 1 – Norwegian Kroner Reserve BP NOK Nordea 1 – Norwegian Bond BP NOK CBP Select Pareto Nordic High Yield A Cap Pareto High Yield Nordic A NOK Cap Obligations NOK Average

749.12 669.81 42.16 20.15 370.31

OBLIGATIONS PAYS EMERGENTS AMÉRIQUE LATINE CABEI Central American Santander Latin American Corporate Bond A Cap Planetarium Fund Queluz LatAm Bonds USD Investec GSF Latin Amer Corp Debt A Acc USD BTG Pactual SICAV-Latin Amer Corp Debt A USD acc UBS (Lux) Emerg Ec-Latin American Bonds (USD) P-a BBVA Durbana IF Latam Fixed Income A Pictet-Latin American Local Currency Debt-P USD Santander AM Latin American Fixed Income A Obligations Pays Emergents Amérique Latine Average

103.16 102.40 18.52 535.36 6.45 18.97 8.51 258.96 6.90 117.69

OBLIGATIONS PAYS EMERGENTS AUTRES Franklin GCC Bond A (Mdis) USD Deutsche Invest I China Bonds USD LC Emirates NBD SICAV Em Mena Fxd Inc Fd IUSD C Allianz Renminbi Currency – A – USD HSBC GIF RMB Fixed Income A Cap USD Allianz Renminbi Fixed Income – P – USD Deutsche Invest I China Bonds CHF FCH Threadneedle (Lux)-Flexible Asian Bond AU Deutsche Invest I China Bonds CHF LCH Allianz Renminbi Currency – AT (H2-CHF) – CHF Allianz Renminbi Fixed Income – A (H2-CHF) LLB Anleihen Strategie CEEMENA T Obligations Pays Emergents Autres Average

50.04 1.7 10.9 676.71 –1.0 15.3 14.8 10.1 4.9 173.80 –1.1 10.6 40.64 –1.6 11.1 13.2 9.5 3.6 103.56 –1.8 12.2 14.8 10.2 3.9 53.64 –2.0 12.5 14.1 9.9 4.0 676.71 –2.5 4.7 8.1 5.3 1.6 20.90 –2.5 9.7 676.71 –3.0 3.2 8.1 5.3 1.0 40.64 –3.8 –0.7 4.9 3.4 –0.2 53.64 –4.4 –0.6 7.0 4.5 –0.2 102.49 –5.0 –6.2 7.4 15.1 10.1 9.5 –2.1 1.4 222.46 –2.3 5.7 7.4 10.9 7.6 9.5 1.8 1.4

OBLIGATIONS PAYS EMERGENTS EUROPE UBS (Lux) Bond SICAV – Emerging Europe (EUR) P-acc PARVEST Bond Europe Emerging C C EUR Raiffeisen-Osteuropa-Rent R A ESPA BOND DANUBIA EUR A Vontobel Fund Eastern European Bond B EUR Generali IS Central & Eastern Europ Bds D Cap EUR Deka-ConvergenceRenten CF Candriam Bonds Euro Convergence C Cap KBC Bonds Emerging Europe Cap Aberdeen Global II – Emerging Europe Bond A2 Obligations Pays Emergents Europe Average

48.45 64.32 158.99 380.12 78.45 52.59 325.31 95.22 81.43 17.97 130.28

OBLIGATIONS PAYS EMERGENTS INTERNATIONAL CORPORATE Henderson HF Emerging Market Corp Bd A2 USD Acc 54.66 Edmond de Rothschild Fund-Emerg Corp Bonds A USD 221.89 UBS (Lux) Bond S – Emerg Econ Corp (USD) P-acc 270.88 UBAM EM HY Short Duration Corp Bond AC USD 68.10 Goldman Sachs Gro&EM Corp Bond Pf Base Acc USD 268.38 Pioneer Fds Em Mkts Corporate HY Bond A ND EUR 89.93 JSS Corporate Bond – Global EM I USD acc 149.18 Pictet-Emerging Corporate Bonds-P USD 1006.14 Aberdeen Global – Emerging Mkts Corp Bd A2 USD 242.57 UBS (Lux) Bond S – Emerg Econ Corp (USD)(CHFh) Qd 270.88 UBS (Lux) Bond S – Emerg Econ Corp (USD)(CHFh) Qa 270.88 Julius Baer BF EM Corporate-USD B 15.79 UBS (Lux) Bond S – Emerg Econ Corp (USD)(CHFh) P-a 270.88 UBS (Lux) Bond S – Emerg Econ Corp (USD)(CHFh) P-d 270.88 BNY Mellon Emerging Mkts Corporate Debt A USD 108.92 Invesco Em Mkt Corporate Bond A Acc USD 138.15 T Rowe Emerging Markets Corp Bond A USD 14.11 ESPA BOND EMERGING MARKETS CORPORATE IG T 66.87 BGF Emerging Markets Corporate Bond A2 USD 107.77 Morgan Stanley EM Corporate Debt A USD 544.46 Schroder ISF Emerging Market Corporate Bond A Acc 75.24 Nordea 1 – Emerging Market Corporate Bond BP USD 258.26 UBAM EM HY Short Duration Corp Bond AHC CHF 68.10 Neuberger Berman Emer Mkts Corp Debt USD A Acc 93.88 Pictet-Emerging Corporate Bonds-HI CHF 1006.14 UBAM FCP – EM Investment Grade Corp Bond AC (USD) 406.56 CS (Lux) Emerging Market Corp InvGr BdFd B 459.60 Pioneer Emerging Markets Corporate Bond A ND EUR 156.92 UBAM Emerging Market Corporate Bond AC USD 220.00 JPM Emerging Markets Corporate Bond A Acc USD 1668.48 CS (Lux) Emerging Market Corporate Bond Fund A 420.73 UBAM EM Investment Grade Corporate Bd AC USD 18.64 BlueBay Em Mkt Inv Grade Corp Bond R USD 512.11 Pictet-Emerging Corporate Bonds-HP CHF 1006.14 Deutsche Invest I Emerging Markets Corp USD LC 353.65 HSBC GIF Global Emerging Markets Corp Debt AC USD 0.23 Pictet-Emerging Corporate Bonds-HR CHF 1006.14 AllianceBernstein-EM Corporate Debt Pf A2 USD 99.89 Julius Baer BF EM Corporate-CHF B 15.79 Julius Baer BF EM Corporate-CHF A 15.79 UBAM Emerging Market Corporate Bond APHC CHF 220.00 CS (Lux) Emerging Market Corp InvGr IBHC 459.60 Investec GSF Emerging Markets Corp Debt USD A Acc 899.00 MainFirst – Em Markets Corp Bond Fund Bal A 245.34 FISCH Bond EM Corporates Defensive Fund AC 301.09 NN (L) Em Mkts Corp Debt X Cap USD 94.15 CS (Lux) Emerging Market Corp InvGr BdFd BH 459.60 UBAM Emerging Market Corporate Bond AHC CHF 220.00 CS (Lux) Emerging Market Corporate Bond Fund IBHC 420.73 BlueBay Em Mkt Corporate Bond R USD 1002.44 Legg Mason WA EM Corp Bd A Dist (M) USD 57.78 CS (Lux) Emerging Market Corporate Bond Fund BH 420.73 UBAM Emerging Market Corporate Bond AHSC CHF 220.00 Pinebridge Global Funds – Emer Mkts Corp Bond A 28.37 BlueBay Em Mkt Corporate Bond S CHF 1002.44 Ashmore SICAV Em Mkts Asian Corp Dbt R GBP Dis 51.77 Ashmore SICAV Emerging Mkts Corp Debt R USD Inc 1619.60 BlueBay Em Mkt Corporate Bond B CHF 1002.44 BlueBay Em Mkt High Yield Corp Bond R USD 68.98 PIMCO GIS Emerging Markets Corp Bond E USD Acc 636.64 BlueBay Em Mkt Corporate Bond R CHF 1002.44 PIMCO GIS Emerging Markets Corp Bond E CHF Hdg Acc 636.64 BI SICAV – Emerging Markets Corporate Debt R EUR 122.59 ESPA BOND EMERGING MARKETS CORPORATE T 218.15 Threadneedle (Lux)-Emerging Market Corp Bond AEH 36.82 Sparinvest-Em Mkts Corporate Value Bonds EUR R 166.66 Obligations Pays Emergents International Corporate Average 362.54 OBLIGATIONS PAYS EMERGENTS INTERNATIONAL HC Edmond de Rothschild Emerging Bonds C Falcon Emerging Markets High Yield Bond Fund A USD Babson Capital EM Debt Short Dur A Acc USD KBC Bonds Emerging Markets Cap Neuberger Berman Short Dur Emer Mkt Debt USD A Acc Invesco Emerging Markets Bond A SD USD Nordea 1 – Emerging Market Bond BP USD BGIF Emerging Markets Government Bond Index A2 USD Threadneedle (Lux)-Global Em Mkt Sh-Tm Bds AU Pioneer Funds Emerging Markets Bond E No Dis EUR iShares J.P. Morgan $ Emer Mkts Bd UCITS ETF Pictet-Global Emerging Debt-P USD

245.16 3.79 0.51 169.65 531.91 231.61 290.97 782.53 65.06 2885.26 4086.58 5662.66

1.3 0.7 1

–5.6 –6.3 –6

–4.3 –5.0 –4.7

–14.3 –27.9 –21.4 –14.9 –23.9 –13.3 –21.0 –21.2 –17.8 –25.9 –17.3

14.2 10.1 9.5 –10.3 12.9 9.5 9.0 –8.7 17.5 17.0 15.4 9.8 9.2 –9.5

–4.7 –2.8

–0.1 10.5 23.1 –4.8 4.7 18.5 –5.0 1.7 –5.1 1.6 16.0 –12.4 –14.7 –21.1 –1.8 –22.2 –30.8 –27.8 –22.5 –28.0 –21.3 –26.1 –35.1 –28.2 –12.5 –12.1 –3.1

10.8 8.5 9.8 3.4 13.7 10.0 9.7 1.5 12.6 9.8 0.6 14.5 10.1 9.7 0.5 18.6 13.7 12.0 10.7 –7.6 11.5 11.4 10.5 –11.5 12.0 11.4 10.5 –10.4 13.4 11.8 10.7 –13.4 13.4 10.6 10.2 –4.6

4.2 3.5

–3.6 –5.2 –8.3 –8.6 –8.7 –8.8 –9.4 –10.7 –10.9 –11.1 –8.5

–15.8 –17.8 –16.8

–0.8 –14.9 –9.7 –7.0 –18.5 –8.7 –6.3 –2.7 –9.7 –22.5 –10.1

–19.9 –22.8 –21.3

18.7 –4.4 0.3 3.8 –12.5 –4.5 5.2 10.9 –1.7 –14.2 0.1

9.5 9.5 9.5

16.2 15.8 14.4 13.1 14.1 13.3 11.9 13.1 11.4 15.3 13.9

9.9 9.9 9.9

11.1 10.4 10.2 9.4 10.6 8.7 8.8 9.4 9.0 11.8 9.9

12.5 12.9 12.7

11.1 9.7 10.1 9.2 10.4 9.1 9.2 9.3 9.5 11.4 9.9

–0.3 –5.2 –3.3 –2.4 –6.6 –3.0 –2.2 –0.9 –3.3 –8.1 –3.5

4.5 3.0 2.3 1.7 1.3 13.2 1.3 12.3 1.1 1.0 9.7 1.0 8.7 0.6 0.6 0.5 11.8 0.5 0.5 0.4 0.4 10.3 0.3 11.2 0.3 11.2 0.2 –0.1 10.8 –0.1 10.4 –0.2 9.0 –0.2 –0.4 –0.4 0.3 –0.4 11.9 –0.5 10.1 –0.6 12.3 –0.7 9.5 24.7 –0.9 9.5 31.2 –1.0 8.4 29.5 –1.0 –1.1 8.7 –1.1 –1.9 –1.3 8.3 29.7 –1.3 9.4 26.3 –1.5 –3.2 –1.6 9.3 –1.8 0.0 –1.8 0.0 –1.8 0.3 13.9 –2.0 –0.2 –2.0 8.7 –2.3 7.5 –2.4 –2.3 12.3 –2.4 6.8 –2.4 –1.5 –2.5 –1.7 12.2 –2.5 –1.8 –2.8 3.3 20.7 –2.9 –0.3 –3.0 –3.0 –3.4 –4.0 0.6 13.4 –4.1 –4.2 –4.4 –2.7 10.1 –4.7 –6.9 –4.8 0.8 –4.8 –1.1 –4.9 –7.7 –6.9 –11.5 –9.3 –7.1 6.0 –10.0 –7.2 10.8 –11.0 –9.0 1.9 –17.6 –22.8 –9.6 –1.8 3.1 15.5

12.1 19.0 13.1 13.4 12.3 9.1 4.2 14.8 9.8 3.9 11.5 12.2 9.2 3.1 13.2 9.6 2.8 5.6 5.7 12.6 9.1 3.8 5.6 5.6 12.4 13.4 10.1 3.3 13.3 9.5 3.6 11.1 8.4 3.6 11.9 13.4 9.9 3.5 12.2 9.0 3.4 13.3 9.8 2.9 4.3 12.9 4.6 5.4 0.1 11.1 8.7 3.8 12.0 9.2 3.2 12.9 9.4 3.9 12.5 9.2 9.1 3.1 12.4 9.1 9.0 3.1 13.9 9.7 9.2 2.7 11.1 11.3 8.8 2.8 4.6 5.4 –0.7 13.6 9.7 9.5 2.7 12.9 9.4 9.5 3.0 4.6 5.4 –1.1 12.4 9.1 3.0 3.7 4.6 0.0 3.7 4.6 0.0 4.6 5.2 6.0 0.1 4.9 5.6 –0.1 13.4 9.6 2.8 16.9 11.4 2.4 2.6 4.4 4.5 –0.8 14.0 10.0 2.2 4.9 5.6 –0.5 4.7 5.3 6.2 –0.6 6.8 5.9 –0.6 12.2 9.2 9.3 1.1 15.0 10.2 –0.1 6.8 5.9 –1.0 6.1 14.8 10.7 9.9 0.2 4.1 17.1 16.4 11.1 10.1 –0.9 4.1 5.4 –2.4 15.4 10.5 0.3 14.1 10.1 –0.4 4.1 5.4 –2.6 7.9 7.0 –4.0 15.9 10.4 9.6 –2.4 16.6 10.5 9.6 –2.5 15.8 10.3 9.5 –3.1 20.3 13.5 12.5 –8.3 10.8 8.5 8.9 1

8.2 8.0 29.8 3.1 2.4 1.8 8.0 36.9 1.7 1.7 9.5 33.8 1.7 9.9 1.6 1.5 5.4 20.5 1.5 12.5 36.1 1.2 9.3 35.9 1.1 9.6 34.3

31.7 20.1 16.6 2.6 13.0 12.1 12.6 9.7 9.9 2.6 12.5 12.3 9.9 9.4 3.1 13.2 10.2 3.2 11.5 12.4 8.9 8.9 1.8 13.0 9.2 8.8 4.0 12.3 9.6 9.6 3.0 12.4 9.3 9.8 3.1

–3.8

3.0 –0.4 –6.3 –4.7 –6.4 –1

3.5 –0.9 0.1 0.7 –2.6 –0.9 1.0 2.1 –0.3 –3.0 0

4.5 5.6 5.3

5.3 4.8

2.6

2.3 2.3 3.8

2.5 1.9

1.2 2.1 0.4 –2.0 2.9 5.4 6.5 6.0 3.8 6.4 6.3 6.1

Finance

Le Temps l Mercredi 3 février 2016

CLASSEMENTS Nom

Actifs nets mios francs

Performance totale % 2015 3 ans 5 ans

Volatilité annualisée % 2015 3 ans 5 ans

Perf. annualisée % 3 ans 5 ans

AXA WF Global Emerging Markets Bonds A C (USD) 61.44 Loomis Sayles Short Term Em Markets Bd Fd RAU 156.82 First State Emerging Markets Bond B USD Acc 71.53 Goldman Sachs Gro&EM Debt Pf Base USD 4223.74 SSgA SPDR BofA Merryl Lynch Em Mkts CB UCITS ETF 18.86 Mirae Asset Global Em Opportunities Bond A USD 96.04 Investec GSF EM Investment Grade Crp Dbt IX $Inc-2 91.87 T Rowe Emerging Markets Bond A USD 166.24 NN (L) EM Debt (HC) P Cap USD 2744.15 Aviva Investors Emerging Markets Bond B USD 1278.70 iShares $ Emerging Markets Corp Bd UCITS ETF 140.21 JB Fixed Income Emerging Market Hard Curr. USD B 459.22 Fidelity Funds – Emerging Mkt Dbt A-ACC-USD 1072.79 BSI-Multinvest – Emerging Markets Bonds A USD 11.32 AXA WF Emerging Markets Short Durat Bonds A C USD 1114.20 Candriam Bonds Emerging Markets C USD Cap 990.82 JPM Emerging Markets Bond A Acc USD 371.30 Invesco Emerging Markets Bond C Acc CHF Hdg 231.61 Vontobel Fund Emerging Markets Debt B (USD) 531.11 Natixis Global Emerging Bonds R/A (USD) 67.78 Investec GSF Emerging Markets HC Debt A Inc-2 USD 60.77 Pictet-Global Emerging Debt-HI CHF 5662.66 Invesco Emerging Markets Bond A Acc CHF Hdg 231.61 Barclays GA – Emerging Market Debt Z Acc USD Fidelity Funds – Em Market Corp Debt A-ACC-USD 80.29 MFS Meridian Funds-Emerging Markets Debt A1 USD 3412.79 Lyxor UCITS ETF iBoxx USD Liquid EmMkts Sovereigns 126.80 BlueBay Emerging Market Bond R USD 1014.18 Julius Baer BF Emerging (USD)-USD B 193.94 F&C Emerging Markets Bond A 94.05 BGF Emerging Markets Bond A2 USD 1616.26 Pictet-Global Emerging Debt-HP CHF 5662.66 HSBC GIF Global Emerging Markets Bond EC USD 3365.43 Neuberger Berman Emer Mkt Debt Hard Curr USD A Acc 181.01 Amundi ETF Global Emerging Bond Markit IBOXX Ucits 35.29 Fidelity Funds – Emerging Mkt Dbt A-ACC-CHF H 1072.79 Nordea 1 – Emerging Market Corporate Bond HB CHF 258.26 SLI Glo SICAV Emerging Market Debt A USD 53.66 Baring Emerging Markets Corp Debt A USD Acc 16.11 AXA WF Emerging Markets Short Durat Bonds FC CHF H 1114.20 HSBC GIF GEM Debt Total Return M1D USD 3722.84 Old Mutual Emerging Market Debt A USD 157.10 BNY Mellon Compass Global Emerg Mkts Bond C USD 63.05 M&G Emerging Markets Bond X Inc 184.35 BlueBay Emerging Market Bond S CHF 1014.18 AXA WF Emerging Markets Short Durat Bonds AC CHF H 1114.20 JPM EM Investment Grade Bond A Acc USD 277.99 Morgan Stanley Emerging Markets Debt A USD 228.71 Threadneedle (Lux)-Emerging Market Debt AU 129.20 NN (L) Frontier Markets Debt (HC) P C U 129.87 BNY Mellon Emerging Mkts Debt A USD 71.28 CGS FMS Global Evolution Frontier Markets R CL CHF 751.05 BlueBay Emerging Market Bond B CHF 1014.18 Legg Mason WA Em Mkts Total Rtn Bd A Dis D USD 66.22 PIMCO GIS Emerging Markets Bond E USD Inc 3084.21 AllianceBernstein-Emerging Mkts Debt Pf A USD 626.94 Parvest Bond World Emerging Cl C USD 287.71 Julius Baer BF EM Investment Grade-USD B 89.02 HSBC GIF Global Emerging Markets Bond AHCHF 3365.43 CGS FMS Global Evolution Frontier Markets R CHF 751.05 Julius Baer BF Emerging (USD)-CHF A 193.94 Julius Baer BF Emerging (USD)-CHF B 193.94 JPM Emerging Markets Corporate Bond Acc CHF Hgd 1668.48 Threadneedle Emerging Market Bd Ret Net Inc GBX 275.24 UBAM Emerging Market Bond AC USD 61.56 MFS Meridian Funds-Emerging Markets Debt AH1 CHF 3412.79 Aberdeen Global – Select Emer Mkts Bd A2 Acc USD 1523.10 JPM EM Investment Grade Bond A Acc CHF Hdg 277.99 JPM Emerging Markets Strategic Bd A (perf) Acc USD 366.72 Ashmore SICAV Emerg Mkts Sht Dur R EUR Acc 133.26 AllianceBernstein-Emerging Mkts Debt Pf I2 CHF H 626.94 Julius Baer BF EM Investment Grade-CHF C 89.02 AllianceBernstein-Emerging Mkts Debt Pf A2 CHF H 626.94 UBAM Emerging Market Bond AHC CHF 61.56 Julius Baer BF EM Investment Grade-CHF B 89.02 Schroder ISF Emerging Market Bond A Acc 70.49 Julius Baer BF EM Investment Grade-CHF A 89.02 PIMCO GIS Emerging Asia Bond E USD Inc 54.64 Pinebridge Global Funds – Global Emer Markets Bd A 32.07 Aberdeen Global – Select Emer Mkts Bd A2 Hdg CHF 1523.10 Nordea 1 – Emerging Market Blend Bond BP USD 105.12 Galloway Emerging Markets High Yield Bd Fd C B U 71.33 F&C High Income Bond A GBP Acc 59.78 BL Bond Emerging Markets Euro B Cap 147.93 BNY Mellon Emerging Market Debt Opp A USD 88.07 HSBC GIF Global Emerging Markets IG Bond AC USD 15.24 Lazard Emerging Markets Debt Blend USD Inst Acc 1397.08 db x-trackers II Em Mkt Liq Eurobond UCITS ETF 1C 269.64 Ashmore SICAV Emerging Markets Debt R EUR Inc 803.09 JPM Emerging Markets Debt A Inc EUR Hgd 1613.91 ESPA BOND EMERGING-MARKETS EUR A 329.32 Amundi Fds Bond Glbl Emerg Hard Currency – AE (C) 297.23 Julius Baer BF Emerging-EUR B 256.07 CGS FMS Global Evolution Frontier Markets R EUR 751.05 Deka-Global ConvergenceRenten CF 263.60 La Francaise Obligations Emergentes R 67.76 Berenberg Emerging Market Bond Selection R 79.97 PIMCO GIS Socially Responsible EM Bd Inv EUR H Acc 300.05 Federated Emerging Markets Global Debt A EUR DIS 1.21 Allianz Emerging Markets Bond Fund – A – EUR 375.46 CGS FMS Global Evolution EM Blended Debt R EUR 30.76 Obligations Pays Emergents International HC Average 791.58

1.1 7.1 28.8 1.0 1.0 0.9 9.2 36.4 0.9 10.3 0.8 9.8 0.8 0.8 6.6 25.1 0.8 8.4 36.1 0.6 3.8 28.8 0.5 9.0 0.5 0.4 8.2 30.3 0.0 0.0 10.9 0.0 9.3 35.5 0.0 6.9 29.5 –0.2 –0.2 –0.4 –0.4 4.5 –0.4 –0.2 23.8 –0.5 –0.6 6.9 29.7 –0.6 –0.6 4.5 28.0 –0.7 3.6 30.8 –0.7 6.2 28.5 –0.8 4.5 26.0 –0.8 2.7 28.2 –0.9 7.8 29.8 –0.9 –1.8 20.4 –1.0 3.4 26.8 –1.2 –1.2 2.8 29.6 –1.4 –2.8 –1.4 –1.4 –1.4 –2.1 –1.4 –1.5 11.7 19.6 –1.5 –1.8 17.2 –1.6 1.9 23.9 –1.8 9.2 21.5 –1.9 –1.9 –1.9 6.8 27.9 –2.0 –1.6 21.8 –2.1 –2.0 19.4 –2.2 –2.3 –0.8 23.8 –2.4 –2.4 –3.8 –2.4 –1.8 17.7 –2.8 –1.2 20.8 –2.9 1.3 23.8 –3.1 0.0 20.3 –3.1 –3.1 –6.1 –3.2 –3.2 –6.6 –3.2 –6.6 –3.2 –3.3 –4.9 13.5 –3.3 0.1 15.6 –3.5 –3.9 0.6 23.7 –4.2 –4.9 –4.2 7.2 –4.3 –4.4 –7.7 –4.8 –5.0 –9.3 –5.1 –10.5 –5.2 –5.2 –3.8 –5.3 –5.5 –5.6 5.9 –5.9 –9.4 6.3 –6.0 –10.3 11.6 –7.2 –7.5 –7.8 –4.4 –1.3 –7.9 –4.4 –3.5 –9.0 –9.1 –9.2 –8.3 5.8 –9.4 –9.5 –9.4 9.8 –9.5 –16.5 1.3 –10.7 –12.5 5.1 –10.7 –11.7 4.7 –10.9 –9.5 11.9 –10.9 –11.2 4.6 –11.1 –6.2 –11.3 –16.8 –3.4 –12.1 –20.8 –12.6 –12.3 –13.3 4.5 –13.4 –17.2 –13.8 –21.4 –14.3 –20.9 –4.5 –17.9 –25.6 –3 –1.1 19.9

11.5 9.0 9.2 2.3 12.0 12.1 13.1 9.7 9.7 3.0 12.6 8.9 3.3 10.6 7.9 3.2 11.6 12.8 9.1 9.1 2.2 13.6 9.8 9.8 2.7 13.3 9.7 9.9 1.2 13.1 9.2 2.9 11.7 13.5 10.1 9.6 2.7 14.3 13.1 8.9 3.5 12.5 9.2 9.3 3.0 12.0 9.1 9.0 2.2 5.5 13.4 13.0 12.3 9.6 1.5 4.0 5.7 5.6 –0.1 5.4 11.8 9.4 10.0 2.2 13.7 12.8 9.5 9.5 1.5 12.8 10.3 10.4 1.2 12.1 9.0 8.9 2.0 12.7 9.6 9.3 1.5 11.9 9.3 9.5 0.9 12.6 9.1 9.5 2.5 4.0 5.7 5.6 –0.6 14.2 10.2 9.9 1.1 13.9 12.6 10.3 10.4 0.9 6.1 7.3 –1.0 5.6 11.8 15.0 10.9 –0.7 3.7 13.1 9.2 9.1 3.8 14.7 10.6 10.1 –0.6 12.4 9.4 9.5 0.6 13.3 9.4 9.0 3.0 4.9 3.8 11.5 9.0 9.9 2.2 15.3 11.1 10.6 –0.5 12.8 9.8 9.7 –0.7 13.9 13.9 10.2 10.2 –0.3 5.9 4.9 6.5 –1.3 13.3 9.9 9.4 –0.6 15.1 10.6 10.2 –0.4 13.5 10.0 9.8 0.4 13.8 10.2 9.7 0.0 11.4 6.1 7.3 –2.1 5.8 5.4 7.2 –2.2 5.4 7.2 –2.2 4.5 14.2 10.4 10.1 –1.6 13.2 9.7 9.4 0.0 5.4 13.8 9.9 9.5 0.2 4.6 6.3 –1.6 11.1 8.1 2.3 17.7 6.9 7.7 –2.6 4.8 6.8 7.7 –3.2 5.7 7.0 –3.6 4.8 14.3 10.3 –1.3 4.8 13.4 9.7 8.9 –1.9 13.8 10.2 9.6 –3.2 7.7 7.3 8.2 –3.5 12.3 10.3 –2.6 18.2 11.9 10.8 –1.5 14.9 9.6 8.8 –1.5 12.4 13.2 12.0 9.5 8.9 –2.8 11.9 14.4 10.6 9.9 –3.2 18.2 12.8 11.9 –5.9 15.2 11.0 10.0 –4.4 15.5 10.8 9.7 –4.1 15.4 11.1 10.6 –3.3 14.8 10.9 10.2 –3.9 14.8 9.6 –2.1 12.7 9.9 9.2 –6.0 14.7 10.6 9.9 –7.5 13.0 10.8 10.3 –4.7 16.5 11.5 –6.1 19.3 13.0 –7.7 17.0 12.2 10.8 –7.5 15.1 11.6 –9.4 11.8 9.7 9.7 –0.5

OBLIGATIONS PAYS EMERGENTS INTERNATIONAL LC Pictet-Short Term Emerging Corporate Bonds-P USD Pictet-Short Term Emerging Corporate Bonds-HI CHF Pictet-Short Term Emerging Corporate Bonds-HP CHF Pictet-Short Term Emerging Corporate Bonds-HR CHF Babson Capital Emerging Markets Cor Bd A USD Acc Aberdeen Global – Frontier Markets Bond A1 Inc MainFirst – Emerging Markets Credit Opps A USD C ACPI Emerging Markets Fixed Income UCITS H CHF LGT Bond Fund EMMA Quality -(USD) B- Pictet-Global Emerging Currencies-P USD LO Funds – Em Local Curr Bond Fndm D Hdg (CHF) I A Payden Global Emerging Markets Bond LO Funds – Em Local Curr Bond Fndm D Hdg CHF M A Templeton Emerging Markets Bond A (Qdis) USD iShares Emerg Asia Local Govt Bd UCITS ETF LO Funds – Em Local Curr Bond Fndm D Hdg (CHF) P A LGT Bond Fund EMMA Quality -(CHF) B- Templeton Emerging Markets Bond A (acc) CHF-H1 KBC Bonds Global Emerging Opportunities Julius Baer BF Emerging Mkts Opport.-USD B Ashmore SICAV Em Mkts Loc Curr Corp Dbt R USD Inc UBS (Lux) Emerging Ec Global Bonds (USD) P-acc Ashmore SICAV Local Currency R USD Inc LGT Select Bond Emerging Markets (USD) B Investec GSF EM Blended Debt A Acc USD Goldman Sachs Gro&EM Debt Blend Pf Base Acc USD NN (L) EM Debt (LC) P Cap USD PIMCO EM Advantage Local Bond Index Src UCITS ETF PARVEST Bond Best Select Wld Emerging CL C USD Capital Group EM Debt (LUX) B USD Julius Baer BF Emerging Mkts Opport.-CHF B Julius Baer BF Emerging Mkts Opport.-CHF A NN (L) EM Debt Opportunities X Cap USD BlueBay Emerging Market Select Bond R USD UBS (Lux) Emerging Ec Fd-Global Bonds(USD)(CHFh)Qd UBS (Lux) Emerging Ec Global Bonds (CHF hdg) P-acc UBS (Lux) Emerging Ec Global Bonds (USD)(CHFh)P-d Investec GSF Emerging Mkts Debt Tot Rtn IX Inc-2 Petercam L Bonds Emerging Markets Sustainable B HSBC GIF Gbl Emerging Markets Local Debt AC USD LO Funds – Em Local Curr Bond Fndm (EUR) P A SSgA SPDR Barclays Emerging Mkts Loc Bd UCITS ETF Babson Capital Emerging Markets Loc Dt A USD Acc BGF Emer Mkts Loc Curr Bd A2 USD Pictet-Emerging Local Currency Debt-P USD Pioneer Funds EM Bond Local Currencies E ND EUR LGT Bond Fund EMMA LC (EUR) B Capital Group EM Local Curr Debt (LUX) B USD Candriam Bonds Emerging Debt Local Cur C USD C SLI Glo SICAV EM Local Curr Debt A USD Old Mutual Local Curr EM Dbt A GBP Inc iShares Emer Mrkts Local Govt Bd UCITS ETF Lyxor Em Mkts Local Currency Bd DR UCITS ETF D-U Nordea 1 – Emerging Market Local Debt BP USD VF Emerging Markets Local Currency Bond A USD UBS (Lux) Bond S Emerg Econ Lcl Ccy Bd USD Pacc Avadis Fund – Emerging Market Debt E Loomis Sayles Emerging Debt & Curr Fd R/A (EUR)

2.8 1.1 0.6 0.1 –0.5 –1.4 –1.9 –3.8 –14.3 –4.2 0.7 –4.6 –6.4 –5.9 –4.7 –16.4 –4.8 –3.3 16.7 –4.9 –4.9 –2.0 11.9 –5.4 0.2 –5.6 –18.7 –6.2 –9.8 –6.8 –12.0 0.0 –7.0 –3.9 1.8 –7.2 –7.5 –7.9 –14.7 –0.4 –7.9 –12.1 –8.0 –8.0 –11.3 2.5 –8.1 –10.3 1.2 –8.3 –8.5 –12.3 –12.4 –8.7 –14.7 –8.9 –16.5 –14.7 –9.0 –9.2 3.3 –9.3 –9.3 –9.5 –9.6 –11.9 2.9 –9.9 –23.7 –11.2 –10.1 –23.9 –10.1 –23.9 –11.4 –10.8 –11.5 –11.8 –15.7 –10.7 –11.9 –21.2 –18.1 –12.0 –14.1 –12.1 –13.5 –18.4 –21.0 –14.0 –22.6 –14.1 –14.2 –20.6 –16.2 –14.3 –19.8 –14.4 –20.0 –11.5 –14.5 –20.7 –14.6 –14.8 –28.1 –14.8 –21.1 –14.9 –14.9 –21.8 –14.9 –22.9 –15.1 –26.7 –15.1 –25.4 –15.4 –22.9

11.5 2.0 2.0 2.0 12.3 14.0 17.5 10.1 8.3 –5.0 13.2 8.9 0.2 13.3 8.6 8.4 –2.2 3.3 5.7 –5.8 12.1 9.7 9.0 –1.1 3.3 15.1 10.3 9.3 –0.7 10.4 9.0 0.1 3.3 5.7 –6.7 5.8 4.2 –3.4 8.8 7.6 9.0 –4.2 11.5 8.2 7.6 –1.3 11.3 15.1 13.0 10.3 9.5 –5.2 12.0 8.1 7.7 –4.2 12.6 10.0 9.5 –3.9 11.1 9.0 8.6 –3.6 12.6 12.5 8.3 7.9 –4.3 12.5 9.6 –5.2 15.8 10.8 10.5 –5.8 11.5 9.2 8.7 –3.2 5.8 5.8 12.6 11.5 9.1 8.8 –4.1 7.6 9.5 10.4 –8.6 7.5 9.5 –8.7 7.5 9.5 10.4 –8.7 11.1 10.9 13.4 9.5 9.0 –5.5 12.1 9.3 8.8 –7.7 10.7 8.8 –4.9 11.1 12.9 10.2 9.3 –6.6 11.8 9.8 9.4 –8.2 12.3 9.5 8.8 –7.4 15.0 11.5 –7.1 11.3 9.9 9.3 –7.2 11.4 9.5 –7.4 11.5 12.8 11.0 –10.4 12.4 10.5 –7.6 11.7 11.8 9.9 –7.9 11.1 9.6 –8.3 12.5 10.7 –9.8 12.7 10.4 –9.3 11.2 9.6 –8.3

204.84 204.84 204.84 204.84 103.25 87.75 134.75 37.91 122.53 93.85 59.86 109.08 59.86 3975.57 33.96 59.86 122.53 3975.57 125.53 115.25 23.70 1059.87 150.09 736.77 256.96 231.87 458.06 44.86 174.37 1361.84 115.25 115.25 112.79 1735.35 1059.87 1059.87 1059.87 182.60 154.95 1503.79 59.86 939.20 124.84 679.62 4401.32 193.93 144.17 27.00 218.50 86.46 110.02 1837.66 7.60 101.15 90.50 80.21 14.81 36.74

5.2 6.4

4.6 6.4 5.2 5.4 6.3 5.3

4.4 5.3 5.1 5.5 5.1 4.7 5.1 5.4 3.8 4.9 5.3

3.6 3.2 4.4 4.0 5.0 4.0 3.6 4.4 3.3 3.9 4.4 3.8

2.6 2.9 4.3

1.2 1.2 2.2 –0.3 –0.7 1.1 1.9 0.3 1.0 0.9 2.3 0.9 –0.7 –2.6 0.9 –0.9 3.6

–1.2 3.1 2.3

0.0 0.4 –0.1 –1.6 0.5 0.2 –2.6 –3.1 0.6

0.6 –2.4 –2.4 –2.2 –3.9 –4.6 –3.0 –3.5 –2.4

Nom

Actifs nets mios francs

Aviva Investors Emerging Markets Loc Cur Bd A EUR 740.82 BGF Emer Mkts Loc Curr Bd A2 CHF Hgd 679.62 HSBC GIF GEM Local Currency Rates AC USD 128.80 Pictet-Emerging Local Currency Debt HI CHF 4401.32 Julius Baer BF Local Emerging-USD B 3924.10 Schroder ISF Em Mkt Local Ccy Bond A Acc 18.54 Investec GSF Emerging Mkts LC Dyn Debt A Acc USD 2509.75 Invesco Emerging Local Curr Debt A Acc USD 343.29 JPM Em Mkts Local Currency Debt A Acc USD 2099.82 BNY Mellon Em Mkts Debt Local Curr A USD 1327.22 NN (L) EM Debt (LB) P Cap USD 96.23 BNP Paribas L1 Bond World Emer Local C D 84.98 UBAM Local Currency Emerging Mkt Bond AC USD 30.62 AllianceBernstein-EM Local Curr Debt Pf A2 USD 15.24 PARVEST Bond World Emerging Local C C USD 399.73 Wellington Emerging Local Debt USD GR AcU 1580.22 Neuberger Berman Emer Mkt Debt Loc Curr USD A Acc 501.83 Investec GSF Emerging Mkts LC Debt A Acc USD 587.13 Morgan Stanley EM Domestic Debt A USD 163.90 Goldman Sachs Gro&EM Debt Local Pf Base Acc USD 1680.76 Fidelity Funds – EM Local Curr Debt A-Acc-USD 71.91 Amundi Fds Bond Global Em Local Currency – AU (C) 60.29 PIMCO GIS Emerging Local Bond E USD Acc 2571.78 BlueBay Em Mkt Local Currency Bond R USD 854.13 MFS Meridian Funds-Em Mkts Dbt Local Curr A1 USD 33.88 Aberdeen Global – Emerging Markets LC Bd A2 AccUSD 207.79 Robeco Emerging Lux-o-rente Local Currency C EUR 7.41 Threadneedle Emerging Market Loc Ret Net Inc 1 USD VF Emerging Markets Local Currency Bond H hgd 90.50 Baring EM Debt Local Currency A USD Inc 28.98 Barclays GA – Em Mkt Local Currency Debt M Inc USD Julius Baer BF Local Emerging-CHF A 3924.10 Julius Baer BF Local Emerging-CHF B 3924.10 UBAM Local Currency Emerging Mkt Bond AHC CHF 30.62 Investec Emerging Markets LC Debt A Inc2 Net GBP 1016.39 Ashmore SICAV Em Mkts Local Currency Bd R EUR Inc 2042.77 Obligations Pays Emergents International LC Average 754.3 OBLIGATIONS SEK Catella Avkastningsfond Danske Invest Swedish Bond A Nordea 1 – Swedish Kroner Reserve BP SEK Nordea 1 – Swedish Bond BP SEK Obligations SEK Average OBLIGATIONS TRY Ashmore SICAV Turkish Debt R GBP Inc Obligations TRY Average OBLIGATIONS UEM GOUVERNEMENTALES iShares Italy Government Bond UCITS ETF Generali IS Euro Bonds D Cap EUR AmundiETF GovBd Low Rated EuroMTS Inv Grade UCITs Franklin Euro Government Bond A (Ydis) EUR Natixis Souverains Euro RC Lyxor UCITS ETF EuroMTS All-Maturity Inv Gr DR iShares Core Euro Government Bond UCITS ETF Amundi ETF Gov Bd EuroMTS Brd Inv Grade UCITS Schroder ISF EURO Government Bond A Acc EIP Contl European Sov Bond Index Prgme Srs 2 EUR Petercam Bonds EUR B Deutsche Invest I Euro-Gov Bonds LC SSgA EMU Government Bond Index Fund P Vanguard Euro Government Bd Index Inv EUR JPM EU Government Bond A Acc EUR PARVEST Bond Euro Government Classic Cap EUR ComStage iBoxx € Liq Sov Div Ov TR UCITS ETF Petercam Bonds Eur Investment Grade B Amundi Fds Bond Euro Government – AE (C) Aberdeen Global II – Euro Government Bond A2 BlueBay Inv Grade Euro Govt Bd R EUR AXA WF Euro Government Bonds A BGIF Euro Government Bond Index A2 EUR Robeco Euro Government Bonds DH EUR Candriam Bonds Euro Government C Cap Amundi Fds Index Bond Euro Govies – AE (C) AmundiETF Gov Lwst Rtd EuroMTS InvGrd1-3 UCITS ETF Pictet-EUR Government Bonds-P Candriam Bonds Euro Govt Investment Grade C Cap Richelieu Bond-Government Bonds Euro UBAM Euro Bond AC EUR iShares eb.rexx(R) Government Germany (DE) ComStage iBoxx EUR Sov Ger Cpd 1-5 TR UCITS ETF db x-trackers II iBx EUR Germany UCITS ETF 1D Julius Baer BF Euro Government-EUR B Lyxor UCITS ETF EurMTS Hist Rt Mcro Wght Gov Bd DR LO Funds – Euro Government Fundamental P A SSgA Euro Core Treasury Bond Index Fund P Pioneer Funds Euro Bond E No Dis EUR Bantleon Return PA ComStage iBOXX EUR Ger Cov Cpd Ov TR UCITS ETF Petercam L Bonds Government Sustainable A Deutsche Invest I Global Bonds Dynamic Plus FC SLI Glo SICAV Euro Government All Stocks A Deutsche Invest I Euro Bonds (Premium) LC PEH Sicav – PEH Renten EvoPro P Obligations UEM Gouvernementales Average

1329.38 299.14 224.71 168.15 505.34

Performance totale % 2015 3 ans 5 ans –15.5 –20.6 –14.5 –15.6 –27.2 –15.6 –15.6 –15.7 –20.1 –12.7 –15.7 –23.0 –15.8 –23.7 –15.9 –23.5 –15.2 –16.0 –22.8 –15.7 –16.0 –25.2 –19.4 –16.1 –24.5 –16.3 –16.1 –27.2 –21.1 –16.1 –23.9 –20.4 –16.2 –22.8 –16.2 –27.3 –21.1 –16.3 –23.0 –13.6 –16.4 –16.4 –25.2 –18.4 –16.5 –27.0 –21.3 –16.6 –25.5 –16.3 –16.6 –16.6 –24.3 –18.6 –16.7 –25.9 –18.2 –16.9 –24.0 –17.9 –16.9 –23.2 –17.2 –16.9 –26.2 –19.5 –17.0 –17.1 –27.5 –24.2 –17.2 –31.8 –17.3 –23.7 –19.4 –18.1 –25.9 –18.2 –29.3 –18.2 –29.3 –18.4 –32.6 –18.6 –28.2 –22.8 –25.4 –39.2 –11.9 –20.2 –11.9 –6.9 –6.9 –7.0 –7.6 –7.1

–11.2 –11.7 –13.7 –10.5 –11.8

–2.4 –3.9 –7.9 3.3 –2.7

Volatilité annualisée % 2015 3 ans 5 ans

Perf. annualisée % 3 ans 5 ans

11.3 9.3 8.9 –7.4 9.8 10.1 –10.0 13.1 8.0 11.2 9.6 9.3 –7.2 10.9 9.9 –8.4 11.0 10.0 –8.6 12.3 10.5 10.0 –8.6 12.1 10.1 9.8 –8.3 11.7 9.7 9.6 –9.2 12.1 10.5 9.8 –8.9 12.8 10.5 9.9 –10.0 11.6 9.4 8.8 –8.7 11.8 10.3 –8.3 12.8 10.5 9.9 –10.1 12.0 9.9 9.5 –8.3 11.7 11.1 10.3 9.7 –9.2 12.0 10.5 9.9 –10.0 12.8 10.7 10.3 –9.4 11.9 10.5 9.9 9.6 –8.9 12.1 10.4 9.7 –9.5 12.0 10.3 9.6 –8.7 12.0 10.3 9.6 –8.4 12.5 10.8 10.2 –9.6 12.4 11.3 10.7 10.2 –10.1 9.1 10.3 –12.0 11.7 10.3 10.1 –8.6 11.4 10.7 –9.5 8.1 10.1 –10.9 8.1 10.1 –10.9 9.6 10.0 –12.3 13.2 11.2 10.5 –10.5 15.4 13.6 –15.3 11 9.7 9.4 –7.4

–4.0 –4.7 –3.5

14.1 13.4 14.4 12.6 13.6

–0.5 –0.8 –1.6 0.6 –0.6

8.6 8.2 8.7 8.2 8.4

8.7 8.5 8.9 8.7 8.7

–3.9 –4.1 –4.8 –3.6 –4.1

–3.1

–2.7 –3.2 –3.3 –4.2 –3.5 –4.6 –4.5 –4.6 –2.9

–4.0 –3.9 –3.9 –3.7 –4.3 –5.4 –4.2

–5.0 –2.6

29.54 –24.0 20.4 29.54 –24 N/A N/A 20.4 N/A N/A N/A N/A 1208.35 –5.4 15.9 15.7 10.4 5.0 887.05 –7.6 3.4 15.3 15.2 9.3 9.5 1.1 2.9 1444.08 –7.9 12.8 23.1 14.9 9.7 10.9 4.1 4.3 198.14 –8.1 4.6 12.5 14.9 9.2 8.7 1.5 2.4 2071.76 –8.2 6.3 19.1 15.2 9.5 9.5 2.1 3.6 955.34 –8.2 5.8 14.5 14.6 9.1 9.2 1.9 2.7 1708.67 –8.2 5.3 16.3 14.6 9.1 9.1 1.8 3.1 295.32 –8.3 5.7 16.0 14.6 9.1 9.3 1.9 3.0 1064.91 –8.3 5.0 16.0 15.2 9.4 9.4 1.7 3.0 33.35 –8.3 5.2 14.2 14.6 9.1 9.2 1.7 2.7 292.71 –8.3 4.8 11.4 14.7 9.2 8.9 1.6 2.2 1668.75 –8.4 7.4 18.4 15.1 9.6 9.9 2.4 3.4 1075.37 –8.4 4.7 15.3 14.7 9.1 9.1 1.6 2.9 3919.77 –8.4 4.2 14.5 14.6 9.1 9.0 1.4 2.7 1863.75 –8.4 4.9 16.2 14.9 9.3 9.4 1.6 3.0 1998.00 –8.4 4.1 11.3 14.9 9.2 9.2 1.4 2.2 85.68 –8.4 4.7 16.3 15.4 9.5 9.5 1.6 3.1 73.14 –8.5 4.4 16.1 14.7 9.2 9.1 1.4 3.0 399.80 –8.5 7.5 15.2 15.4 9.8 9.5 2.4 2.9 286.15 –8.5 2.5 11.4 14.7 9.1 9.1 0.8 2.2 1202.85 –8.6 14.7 473.60 –8.6 5.2 15.2 14.8 9.2 9.2 1.7 2.9 1016.38 –8.6 4.6 14.8 9.2 1.5 2100.40 –8.7 5.0 15.2 14.5 9.2 9.2 1.6 2.9 1135.13 –8.8 3.9 11.3 14.7 9.1 9.0 1.3 2.2 36.09 –8.8 14.4 301.57 –8.9 15.6 1255.02 –8.9 4.0 15.2 14.8 9.2 9.2 1.3 2.9 562.70 –8.9 3.7 11.3 14.6 9.2 9.1 1.2 2.2 90.45 –9.0 –1.7 2.4 15.7 9.5 9.1 –0.6 0.5 72.05 –9.1 3.8 14.4 14.6 9.2 9.1 1.3 2.7 386.03 –9.2 –5.0 2.0 15.1 8.9 8.3 –1.7 0.4 8.78 –9.3 –8.5 –6.7 15.6 9.0 8.4 –2.9 –1.4 95.35 –9.4 –2.8 7.0 14.0 8.5 8.4 –0.9 1.4 44.72 –9.4 3.8 13.1 15.0 9.4 9.4 1.2 2.5 169.37 –9.4 –1.4 8.7 14.0 8.6 8.5 –0.5 1.7 58.58 –9.5 –0.1 10.7 14.3 8.8 8.8 0.0 2.1 800.90 –9.5 –2.0 14.0 8.6 –0.7 2783.75 –9.6 2.3 14.1 14.5 9.1 8.9 0.8 2.7 296.65 –9.6 –7.1 –0.8 15.5 9.0 8.5 –2.4 –0.2 10.32 –9.6 –5.7 –0.4 15.6 9.1 8.4 –1.9 –0.1 74.01 –9.8 –2.5 7.6 14.0 8.6 8.3 –0.8 1.5 21.42 –10.5 5.7 15.4 9.7 1.9 3972.34 –10.6 –4.6 –0.2 14.4 8.8 8.9 –1.6 0.0 231.60 –11.4 1.7 14.3 15.8 10.0 9.8 0.6 2.7 30.98 –14.1 –13.2 –17.8 16.1 9.7 9.2 –4.6 –3.8 840.59 –8.9 2.5 11 14.9 9.2 9.1 0.8 2.1

OBLIGATIONS UEM GOUVERNEMENTALES LT AZ Fund 1 Patriot A AZ FUND Acc iShares Euro Government Bd 15-30yr UCITS ETF Lyxor UCITS ETF EuroMTS 10-15Y Investment Grade DR AmundiETF Gov BD EuroMTS Brd InvGra10-15 UCITs Lyxor UCITS ETF EuroMTS 7-10Y Investment Grade(DR) ComStage iBoxx € LiqSovDiv 10-15 TR UCITS ETF Lyxor UCITS ETF EuroMTS 5-7Y Investment Grade (DR) AmundiETF Gov Bd EuroMTS Brd Inv Grde5-7 Dly UCITs iShares Euro Government Bd 7-10yr UCITS ETF iShares Euro Government Bond 7-10yr UCITS ETF Acc AmundiETF Gov Bd EurMTS Broad InvGd7-10 Dly UCITs ComStage iBoxx € Liq Sov Div 7-10 TR UCITS ETF ComStage iBoxx € Liq Sov Div 5-7 TR UCITS ETF Pioneer SF Euro Curve 10+year E No Dis EUR ComStage iBoxx € Liq Sov Div 15+ TR UCITS ETF Pioneer SF Euro Curve 7-10 year E No Dis EUR Lyxor UCITS ETF EuroMTS HighestRtd MacroWtdGov5-7Y UBS ETF Markit iBoxx Germany 7-10 UCITS (EUR) A-d UBS ETF Markit iBoxx Germany 5-10 UCITS (EUR) A-d ComStage iBoxx EUR Sov Ger Cpd 5-10 TR UCITS ETF ComStage iBoxx € Liq Sov Div 25+ TR UCITS ETF ComStage iBoxx € Sov Ger Cpd 10+ TR UCITS ETF Obligations UEM Gouvernementales LT Average

58.26 410.41 133.42 499.64 382.96 15.29 441.27 158.21 549.65 43.80 285.33 24.17 401.06 303.40 18.59 568.27 9.15 24.23 4.94 26.69 17.32 47.31 201.06

–3.5 –6.9 –7.4 –7.6 –7.8 –7.8 –7.9 –8.0 –8.0 –8.1 –8.1 –8.2 –8.2 –8.6 –8.7 –8.8 –8.9 –8.9 –9.0 –9.1 –9.1 –9.6 –8.1

26.4 21.9 44.4 19.2 33.1 18.5 34.4 9.9 22.9 16.0 34.2 5.4 14.4 5.1 15.6 7.4 23.9 9.5 24.7 10.0 24.8 10.8 26.4 6.2 19.7 15.7 19.3 44.1 6.8 –2.7 0.8 –1.2 –1.3 12.4 23.4 50.8 6.7 33.1 10.6 28.7

16.3 16.3 15.0 15.0 15.3 15.0 15.6 15.6 15.4 15.4 15.3 15.4 15.6 15.4 16.8 15.2 15.3 14.5 14.8 14.8 19.1 14.5 15.5

11.5 11.4 11.5 10.4 10.8 10.4 11.1 9.8 9.9 10.1 10.6 9.6 9.3 9.6 9.5 9.6 9.2 9.8 9.9 9.7 10.1 9.8 10.1 9.7 9.6 10.8 11.9 12.3 9.7 9.1 9.0 9.0 9.0 8.6 13.4 13.5 10.2 11.8 10.2 10.5

8.1 6.8 6.0 5.8 3.2 5.1 1.8 1.7 2.4 3.1 3.2 3.5 2.0 5.0 6.1 2.2 –0.9 0.3 –0.4 –0.4 7.3 2.2 3.4

OBLIGATIONS UEM GOUVERNEMENTALES MT Generali IS Euro Bonds 3/5 Years D Cap EUR iShares Euro Government Bond 3-7yr UCITS ETF (Acc) Gestielle Investment Sicav – Bond Euro R iShares Euro Government Bond 3-5yr UCITS ETF ComStage iBoxx EUR Liq Sov Div 3-5 TR UCITS ETF Lyxor UCITS ETF EuroMTS HighestRtd MacroWtdGov3-5Y UBS ETF Markit iBoxx Germany 3-5 UCITS (EUR) A-d Pioneer SF Euro Curve 3-5 year F No Dis EUR Obligations UEM Gouvernementales MT Average

45.28 245.89 7.68 1481.53 403.68 50.99 4.13 444.96 335.52

–7.6 –8.2 –8.3 –8.3 –8.5 –9.1 –9.2 –9.7 –8.6

–0.5 8.7 0.9 9.4 –2.2 1.0 –0.6 6.8 –0.5 7.0 –6.3 –7.2 –6.2 –2.8 6.6

15.3 15.7 15.6 15.7 15.7 15.6 15.5 15.5 15.6

9.2 9.3 9.4 9.1 9.3 9.2 9.4 9.0 9.4 9.1 9.1 9.0 9.2 9.2 9.2

–0.2 0.3 –0.7 –0.2 –0.2 –2.1 –2.5 –2.1 –1

1.7 1.8 0.2 1.3 1.4

OBLIGATIONS UEM GOUVERNEMENTALES ST Generali IS Euro Bonds 1/3 Years D Cap EUR iShares Euro Government Bond 1-3yr UCITS ETF iShares Euro Government Bond 1-3yr UCITS ETF (Acc) ComStage iBoxx € Liq Sov Div 1-3 TR UCITS ETF SSga SPDR Barclays Capital 1-3 Yr Euro Govt Bd ETF Generali IS Euro Short Term Bonds D Cap EUR Lyxor UCITS ETF EuroMTS 1-3Y Investment Grade (DR) JPM Euro Government Short Duration Bond A Acc EUR Lyxor UCITS ETF EuroMTS HighestRtdMacroWtdGov1-3Y Amundi ETF Gov Bd Hi Rtd EuroMTS InvGrd 1-3 UCITs UBS ETF Markit iBoxx Germany 1-3 UCITS (EUR) A-d Pioneer SF Euro Curve 1-3 year E No Dis EUR ComStage iBoxx EUR Sov Ger Cpd 3m-2 TR UCITS ETF ComStage iBoxx € Liq Sov Div 3m-1 TR UCITS ETF Pioneer Funds Euro Short-Term E No Dis EUR Obligations UEM Gouvernementales ST Average

247.12 1145.23 94.23 113.96 232.84 784.14 631.05 156.49 14.84 7.96 57.90 1759.77 6.52 37.22 1562.57 456.79

–8.3 –8.8 –8.8 –8.9 –9.1 –9.1 –9.1 –9.2 –9.4 –9.5 –9.5 –9.7 –9.7 –9.7 –10.3 –9.3

–4.4 –0.2 –4.5 –1.5 –6.3 –4.1 –5.5 –1.7 –6.5 –7.3 –6.9 –6.6 –5.9 –6.6 –4.1 –9.2 –9.4 –9.7 –8.9 –10.0 –11.8 –9.6 –10.3 –11.2 –11.3 –7.7 –5.8

15.6 15.7 15.7 15.7 15.7 15.7 15.7 15.7 15.7 15.7 15.6 15.5 15.7 15.7 15.6 15.7

9.2 9.0 9.4 9.0 9.2 8.8 9.2 9.0 9.2 9.3 8.8 9.2 8.8 9.2 8.8 9.1 9.1 9.1 9.1 9.2 8.6 9.2 8.7 9.2 8.7 9.2 8.8

–1.5 –1.5 –2.2 –1.9 –2.2 –2.5 –2.2 –2.2 –3.2 –3.2 –3.3 –3.1 –3.4 –3.3 –3.9 –2.6

0.0 –0.3 –0.8 –0.3

13.9 9.7 11.6 5.3 12.1 14.0 11.7 10.3 8.3 10.9 3.9 11.7 10.2 8.8 12.1 4.4 10.2 8.8 12.0 4.2 12.4 8.6 10.5 3.6

5.0

OBLIGATIONS USD Vontobel Fund Bond Global Aggregate H hedged USD 309.31 GAM Star MBS Total Return USD Acc BSF Emerging Markets Flexi Dyn Bd A2 USD 322.91 SSgA SPDR BofA ML 0-5 Yr EM $ Govt Bd UCITS ETF 20.36 Lyxor UCITS ETF iBoxx USD Treasuries 5-7Y (DR) 41.55 HSBC GIF Global Government Bond Z D 84.16 iShares $ Treasury Bond 7-10yr UCITS ETF 1876.49 iShares $ Treasury Bond 7-10yr UCITS ETF (Acc) 70.50 ARVEST Solid Fund USD 6.43

5.4 16.8 27.8 3.6 3.4 2.6 2.5 12.1 25.6 2.4 2.3 13.7 33.3 2.2 13.1 32.5 2.2 11.1 12.9

7.6 5.9 6.1 4.2 6.1 2.7 2.9 4.4 4.5 4.5 4.8 3.7 7.6

2.4 8.6 5.9 5.1

1.3

–1.4 –1.2 –0.8

–2.5 –2.1 –2.4 –1.2

4.7 5.9 5.8 2.5

Finance

Le Temps l Mercredi 3 février 2016

CLASSEMENTS Nom

Actifs nets mios francs

Performance totale % 2015 3 ans 5 ans

Volatilité annualisée % 2015 3 ans 5 ans

Perf. annualisée % 3 ans 5 ans

GAM Star MBS Total Return CHF Acc Hedged 2.2 0.9 Amundi ETF US Treasury 7-10 UCITS ETF(C) 154.58 2.1 12.7 32.6 10.2 8.9 12.1 4.1 5.8 Nordea 1 – US Total Return Bond BP USD 1969.73 1.7 15.8 11.1 8.8 5.0 Emirates NBD SICAV Em Glb Sukuk Fd I USD C 125.24 1.6 10.7 SSgA SPDR Barclays Cap US Treasury Bond ETF 144.96 1.5 12.2 10.3 8.1 3.9 UBS (CH) Bond Fund – USD P 44.76 1.4 14.0 20.3 10.6 8.0 10.2 4.5 3.8 UBS (Lux) Bond Fund – USD P-acc 132.67 1.2 13.5 20.0 10.6 8.0 10.2 4.3 3.7 iShares $ Ultrashort Bond UCITS ETF 135.98 1.2 11.6 Base Investments Bonds USD Dis 13.19 1.1 11.9 20.0 11.1 8.2 9.8 3.8 3.7 JPM US Aggregate Bond A Inc USD 1978.48 1.1 12.3 23.8 11.1 8.4 10.8 3.9 4.4 iShares US Aggregate Bond UCITS ETF 678.28 1.1 13.2 10.7 8.2 4.2 Fidelity Funds – US Dollar Bond A-USD 609.53 1.0 13.3 29.7 10.6 8.4 10.8 4.3 5.3 SYZ AM (CH) 1 – USD Fixed Income A 69.25 1.0 9.8 14.4 10.7 8.1 10.6 3.2 2.7 JPM Managed Reserves (CH)-USD A 371.73 1.0 10.3 11.6 8.4 3.3 SSgA SPDR Barclays Cap US Aggregate Bond ETF 31.29 1.0 13.5 10.6 8.2 4.3 LO Selection – The Credit Bond Fund (USD) P A 100.09 0.9 10.9 SGKB (LUX) Fund – Bond USD I 3.92 0.9 10.1 11.1 8.2 3.2 VP Bank Obligationenfonds USD B 19.08 0.8 9.3 19.5 10.9 8.3 10.4 3.0 3.6 Vanguard US Ultra Short Term Bond Inv USD 92.06 0.8 9.3 7.5 11.5 8.5 10.7 3.0 1.5 Old Mutual Total Return USD Bond A USD 243.22 0.8 11.9 23.0 10.4 8.1 10.2 3.8 4.2 Candriam Bonds USD C Cap 40.45 0.8 12.5 22.3 10.6 8.3 10.9 4.0 4.1 Legg Mason WA US Core Bond A Dis D USD 45.56 0.7 14.3 27.1 11.0 8.4 10.7 4.5 4.9 Swisscanto (LU) Bond Fund USD A 136.73 0.7 10.9 20.9 10.3 8.4 11.5 3.5 3.9 CS (Lux) Broad USD Bond Fund B 200.78 0.6 13.2 10.6 8.2 4.2 RBZ Dollar Bonds 1 68.68 0.6 9.5 18.8 11.2 8.1 9.2 3.1 3.5 PIMCO GIS Total Return Bond E USD Inc 7230.19 0.5 9.4 19.0 10.6 8.1 9.9 3.1 3.5 Popso (Suisse) IFS – US Dollar Bond B 85.59 0.5 7.8 8.7 11.3 8.2 10.3 2.5 1.7 LLB Obligationen USD 177.03 0.5 12.2 23.8 10.9 8.3 10.5 3.9 4.4 BL Bond Dollar B Cap 88.74 0.4 10.6 21.8 10.1 8.2 10.9 3.4 4.0 FBG USD Bond 10.74 0.4 5.5 9.7 12.2 8.6 10.0 1.8 1.9 Deutsche Americas Bond 85.47 0.2 3.7 18.9 11.2 8.3 9.2 1.2 3.5 Goldman Sachs US Fixed Income Pf Base USD 75.84 0.2 11.6 23.8 11.1 8.5 10.8 3.7 4.4 BGF US Dollar Core Bond A2 USD 473.70 0.2 13.8 27.2 10.6 8.3 10.7 4.4 4.9 HSBC GIF US Dollar Bond AD USD 87.07 0.2 11.7 21.3 11.0 8.3 10.9 3.7 3.9 Wellington World Bond D USD Acc Unhedged 73.56 0.1 11.9 Legg Mason WA US Core Plus Bond A Acc USD 445.77 0.1 13.5 26.6 11.0 8.4 10.5 4.3 4.8 Julius Baer BF Dollar-USD B 58.85 0.0 9.9 20.4 10.7 8.3 10.9 3.2 3.8 Pioneer Funds US Dollar Aggregate Bd E No Dis EUR 1011.26 0.0 14.2 27.2 11.1 8.4 10.4 4.5 4.9 LGT Strategy 2 Years (USD) B 52.67 0.0 5.3 11.3 8.1 1.7 Amundi Fds Bond US Opp Core Plus – AU (C) 484.99 0.0 12.5 25.8 10.7 8.2 10.2 4.0 4.7 UBS (Lux) Strategy S – Fixed Income (USD) P-acc 62.60 –0.1 9.9 14.5 11.3 8.2 10.3 3.2 2.7 UBS (Lux) Strategy Fd – Fixed Income (USD) P-acc 142.25 –0.1 9.9 14.3 11.2 8.2 10.4 3.2 2.7 JPM US Bond A Acc USD 176.81 –0.2 18.8 36.1 11.1 8.9 10.7 5.9 6.4 PARVEST Bond USD C C USD 83.62 –0.4 10.5 23.1 11.0 8.2 10.5 3.4 4.2 Janus Flexible Income Fund A USD Acc 921.82 –0.4 10.2 21.2 10.8 8.0 10.3 3.3 3.9 MFS Meridian Funds-Research Bond A1 USD 644.43 –0.4 11.9 23.5 10.8 8.2 10.2 3.8 4.3 Legg Mason WA US Adjustable Rate A Acc USD 7.68 –0.4 7.8 10.7 11.5 8.5 10.7 2.5 2.0 Aberdeen Global II – US Dollar Bond A2 60.61 –0.4 9.9 19.6 10.4 8.2 10.8 3.2 3.6 Lyxor UCITS ETF iBoxx USD Treasuries 10Y+ (DR) 144.92 –0.5 17.6 55.2 12.8 12.1 17.1 5.5 9.2 iShares $ Corp Bond Int Rate Hgd UCITS ETF 70.02 –0.6 12.6 BSI-Multinvest – Bonds USD A 18.81 –0.6 8.6 10.4 8.1 2.8 Willerbond Capital P USD Cap 19.68 –0.7 4.7 7.8 11.1 8.1 10.1 1.5 1.5 BSI-Multibond USD A 39.59 –0.7 8.3 15.9 10.5 8.1 10.7 2.7 3.0 Schroder ISF US Dollar Bond A Acc 1612.90 –0.7 11.1 23.6 11.0 8.3 10.7 3.6 4.3 SICAV II (Lux) Aberdeen Bond USD B 23.18 –0.8 9.7 17.1 10.5 8.3 10.7 3.1 3.2 1618 IF Bond Dollar 30.45 –0.8 8.2 13.3 12.1 8.6 11.0 2.7 2.5 Oyster USD Bonds R USD 121.33 –1.1 10.4 Franklin US Total Return A (Mdis) USD 127.98 –1.5 11.4 22.7 11.7 8.6 9.9 3.7 4.2 Threadneedle Dollar Bond Retail Net Inc GBX 86.25 –1.6 8.0 18.8 12.1 8.7 10.3 2.6 3.5 AZ Fund 1 US Income A AZ FUND Acc 423.65 –1.7 –1.1 –2.7 10.9 8.0 10.2 –0.4 –0.5 Guggenheim GHY USD Acc 747.39 –1.7 17.0 12.6 8.8 5.4 AllianceBernstein-American Income Pf A USD 6517.15 –1.8 11.3 26.5 10.9 8.3 9.8 3.6 4.8 Pioneer Funds US Dollar Aggregate Bd A ND Hdg CHF 1011.26 –2.3 1.7 db x-trackers II Barclays Glbl Agg Bd UCITS ETF 1D 603.15 –2.7 10.5 Nordea 1 – Unconstrained Bond BP USD 119.66 –3.0 12.7 AllianceBernstein-American Income Pf I2 CHF H 6517.15 –3.4 1.3 3.6 4.2 0.4 AllianceBernstein-American Income Pf A2 CHF H 6517.15 –3.9 –0.5 3.4 4.1 –0.2 Janus Global Flexible Income A USD Acc 21.30 –4.4 4.6 11.0 7.6 1.5 Nordea 1 – Unconstrained Bond HB CHF 119.66 –4.8 4.7 Loomis Sayles Multisector Income Fund R/A (EUR) 1491.78 –6.5 10.9 26.9 12.8 8.8 9.0 3.5 4.9 Signet US High Income Bond Portfolio B EUR Acc 7.35 –17.8 16.4 Obligations USD Average 621.56 –0.1 10.6 21.5 10.7 8.3 10.7 3.4 3.9 OBLIGATIONS USD INDEXÉE À L’INFLATION Legg Mason WA Global Inflation Mgmt A Dis A USD 11.45 CS (Lux) Inflation Linked USD Bond Fund B 187.16 Payden Global Inflation-Linked Bond Acc 86.89 iShares $ TIPS UCITS ETF 1773.04 Barclays GA – Glbl Inflation Linked Bond Z Acc USD MFS Meridian Funds-Inflation-Adjusted Bond A1 USD 99.21 Timeo Neutral Sicav – BZ Inflation Lnk Bds R CHF 51.27 iShares Glbl Infl-Lnk Govt Bd UCITS ETF 438.07 PIMCO GIS Inflation Strategy E Acc USD 56.17 Timeo Neutral Sicav – BZ Inflation Lnk Bds R EUR 51.27 LGT (Lux) I Bond Fund EMMA Inflation Linked USD B 33.82 Obligations USD Indexée à l’inflation Average 278.83 OBLIGATIONS USD CORPORATE Principal GI Preferred Securities A Inc USD UBS ETF Barclays US Liq Corp 1-5 Y USD Dis iShares $ Short Duration Corp Bd UCITS ETF BBVA Durbana IF USD Corporate Bond D USD Cap SPDR Barclays 0-3 Year US Corporate Bond UCITS ETF AXA IM FIIS US Corporate Bonds F C USD UBAM Corporate US Dollar Bond AC USD Principal GI Preferred Securities CHF Hdg A Acc UniRenta Corporates Investec GSF Invest Grade Corp Bnd A Acc USD Edmond de Rothschild Fund-US IG Corp Bonds A USD PIMCO GIS Global Invt Grade Credit E USD Inc KBC Bonds Corporates USD Cap iShares $ Corporate Bond UCITS ETF NN (L) US Credit P Cap USD RBC Funds (Lux) US Inv Grade Corporate Bd A USD C EI Sturdza Strategic Global Bond – USD PIMCO GIS Global Invt Grade Credit Adm CHF Hdg Acc UBAM Corporate US Dollar Bond AHC CHF Eastspring Investments-US Corporate Bond A UBS (Lux) Bond S – USD Corporates (USD) P-acc Nordea 1 – US Corporate Bond BP USD ZIF US Corporate CHF E1 hedged ZIF US Corporate CHF B1 hedged Eastspring Investments-US Invest Grade Bond A ZIF US Corporate CHF D1 hedged ZIF US Corporate CHF A1 hedged Eastspring Investments-US Corporate Bond GFDMH Eastspring Investments-US Corporate Bond AFH Eastspring Investments-US Corporate Bond AFDMH UBS (Lux) Bond S – USD Corporates (USD)(CHFh) Qa UBS (Lux) Bond S – USD Corporates (USD)(CHFh) P-a Nordea 1 – US Corporate Bond HB CHF Eastspring Investments-US Invest Grade Bond AFDMH Eastspring Investments-US Invest Grade Bond AFH iShares Global AAA-AA Government Bd UCITS ETF Federated US Total Return Bond I EUR DIS Obligations USD Corporate Average

0.3 1.1 16.6 –0.3 2.3 9.4 –0.4 10.2 25.6 –1.1 1.4 21.2 –1.5 5.0 22.6 –2.1 –2.1 13.9 –3.3 –9.0 –4.2 2.6 18.6 –9.1 –11.5 –16.5 –10.3 –21.3 –26.1 –5 –3.1 14.7

12.0 9.0 10.7 0.4 9.8 7.7 9.9 0.8 11.1 9.1 11.7 3.3 9.3 8.1 10.4 0.5 11.4 9.7 11.6 1.7 9.3 8.0 10.3 –0.7 3.6 3.0 –3.1 10.4 7.9 8.9 0.8 8.8 13.7 8.3 7.9 –5.8 13.5 11.9 –9.6 10.3 8.3 10.2 –1.2

3.1 1.8 4.7 3.9 4.2 2.6 3.5 –2.2 2.7

1850.73 3.2 27.3 50.0 11.8 9.2 9.7 8.4 8.4 419.78 2.4 11.1 664.61 1.8 11.2 20.77 1.4 12.5 12.9 10.7 8.1 10.2 4.0 2.5 190.37 1.4 11.4 1005.70 1.2 14.3 28.2 10.7 8.0 9.7 4.6 5.1 680.05 1.1 14.0 28.5 10.9 8.1 9.7 4.5 5.1 1850.73 1.1 2.8 222.86 0.8 14.7 31.5 10.8 8.3 9.8 4.7 5.6 109.31 0.7 14.6 22.5 10.9 8.3 9.8 4.6 4.1 75.71 0.6 10.8 12806.47 0.3 14.0 30.6 11.4 8.6 9.9 4.5 5.5 163.18 0.3 14.9 29.1 11.0 8.3 10.2 4.7 5.2 3751.27 0.1 14.9 35.7 10.9 8.6 10.0 4.7 6.3 426.58 0.0 17.3 39.0 11.0 8.4 10.3 5.5 6.8 48.92 –0.3 12.4 10.8 8.4 4.0 93.65 –0.8 8.5 10.5 8.1 2.8 12806.47 –1.4 3.9 680.05 –1.5 1.2 2.3 2.9 0.4 4332.17 –1.5 10.4 10.8 8.5 3.3 2650.09 –1.7 10.0 28.0 10.7 8.4 10.4 3.2 5.1 3699.30 –1.8 11.5 29.9 11.4 8.5 10.5 3.7 5.4 1205.81 –2.3 2.5 4.2 4.4 0.8 1205.81 –2.3 4.2 344.64 –2.3 10.8 30.1 11.0 8.7 10.3 3.5 5.4 1205.81 –2.4 2.3 4.2 4.4 0.8 1205.81 –2.4 2.3 4.2 4.4 0.8 4332.17 –2.9 0.3 3.4 4.1 0.1 4332.17 –3.5 –1.5 3.4 4.1 –0.5 4332.17 –3.5 –1.5 3.4 4.1 –0.5 2650.09 –3.5 –1.3 4.1 4.4 –0.4 2650.09 –3.6 –1.4 4.1 4.4 –0.5 3699.30 –4.0 –0.5 3.7 3.7 –0.2 344.64 –4.4 –1.1 3.5 4.3 –0.4 344.64 –4.4 –1.2 3.5 4.3 –0.4 47.78 –6.5 –1.5 11.8 7.7 –0.5 5.48 –10.6 –9.5 –1.5 13.6 8.4 8.1 –3.3 –0.3 1963.71 –1.4 7 28.2 8.1 6.7 9.9 2.2 5

OBLIGATIONS USD COURT TERME PIMCO GIS US Short-Term E Acc USD PIMCO US Dollar Short Maturity Source UCITS ETF CS (Lux) Broad Short Term USD Bond Fund B Pictet-USD Short Mid-Term Bonds-P SPDR Barclays 1-3 Year US Treasury Bond UCITS ETF Lyxor UCITS ETF iBoxx USD Treasuries 1-3Y (DR) iShares $ Treasury Bond 1-3yr UCITS ETF BGF US Dollar Short Duration Bond A2 USD Edmond de Rothschild USD Corporate Short Term C JPM US Short Duration Bond A Acc USD JPM Managed Reserves A Acc USD Aberdeen Global II – US Dollar Short Term Bond A2 1618 IF Short Term Dollar UBS (Lux) Bond S – Short Term USD Corp (USD) P-a UBAM Dynamic US Dollar Bond AC USD AXA WF US Credit Short Duration IG A C USD Pioneer Funds US Dollar Short Term E No Dis EUR PIMCO GIS Low Average Duration E USD Inc Janus US Short-Term Bond Fund A USD Acc CS (Lux) Corporate Short Duration USD Bond Fund B Portfolio Mgt Slt Short Term Invest USD B Gen C Franklin US Low Duration A (Mdis) USD UBAM Dynamic US Dollar Bond AHC CHF Obligations USD Court Terme Average

288.07 1349.31 234.95 254.12 49.54 152.75 1769.48 1503.88 76.22 642.08 5266.72 111.67 81.18 638.40 694.43 156.96 391.32 1532.41 343.01 148.75 13.84 1549.23 694.43 744.59

1.6 1.2 11.2 1.2 11.2 12.4 1.2 10.4 10.2 1.1 1.1 10.5 10.3 1.1 10.5 10.3 1.1 11.8 16.8 1.0 9.9 9.1 1.0 9.8 11.6 0.9 10.1 9.2 0.9 9.0 9.5 0.9 11.0 9.6 0.9 11.1 14.6 0.8 11.1 12.2 0.7 0.7 11.5 15.0 0.5 8.6 11.5 0.3 9.5 11.3 0.2 11.3 14.0 0.0 8.7 –0.1 10.1 12.1 –1.7 –1.0 0.3 0.7 9.8 11.1

12.1 11.6 8.4 3.6 11.3 8.3 10.4 3.6 11.2 8.3 10.4 3.4 11.1 11.2 8.2 10.5 3.4 11.2 8.2 10.5 3.4 11.3 8.3 10.3 3.8 11.5 8.4 10.4 3.2 11.3 8.2 10.5 3.2 11.5 8.4 10.6 3.3 11.5 8.3 10.3 2.9 11.7 8.4 10.4 3.6 11.3 8.2 10.0 3.6 11.7 8.5 10.4 3.6 11.4 11.7 8.5 10.4 3.7 11.6 8.3 10.1 2.8 11.3 8.2 10.2 3.1 11.2 8.3 9.9 3.6 11.8 8.5 2.8 11.7 8.4 10.1 3.3 0.5 0.5 0.9 –0.3 11 7.9 9.8 3.2

OBLIGATIONS USD GOUVERNEMENTALES UBS ETF Barclays Cap US 5-7Y Treasury Bd U (USD)Ad UBS ETF Barclays Cap US 7-10Y Treasury Bd U(USD)Ad db x-trackers II iBx USD Treasuries UCITS ETF 1D Vanguard US Government Bond Index Inv USD EIP US Sovereign Bond Index Programme Srs 2 USD Pictet-USD Government Bonds-P BGF US Government Mortgage A2 USD UBAM US Dollar Bond AC USD Candriam Bonds USD Government C Cap

9.03 7.56 92.19 732.48 66.52 558.00 167.09 175.53 37.16

2.5 2.2 1.4 1.3 1.3 1.2 1.2 0.3 0.2

10.3 10.3 10.3 10.4 10.4 10.3 11.3 10.3 10.4

11.9 13.1 12.5 23.6 11.9 21.7 11.2 21.3 11.8 21.8 13.6 21.8 10.5 20.1 9.3 17.8

8.3 8.8 8.2 11.4 8.2 11.5 8.2 11.4 8.3 11.5 8.5 10.7 8.2 11.3 8.3 11.4

3.8 4.2 4.0 3.8 3.6 3.8 4.3 3.4 3.0

2.4 2.0 2.0 2.0 3.2 1.7 2.2 1.8 1.8 1.8 2.8 2.3 2.8 2.2 2.2 2.7 2.3 0.1 2.1

4.3 4.0 3.9 4.0 4.0 3.7 3.3

Nom

Actifs nets mios francs

Performance totale % 2015 3 ans 5 ans

Generali IS US Bonds D Cap EUR Richelieu Bond-Government Bonds USD Obligations USD Gouvernementales Average

6.29 3.30 168.65

–0.2 –1.0 0.9

OBLIGATIONS USD GOUVERNEMENTALES COURT TERME UBS ETF Barclays Cap US 1-3Y Treasury Bd U (USD)Ad Amundi ETF US Treasury 1-3 UCITS ETF(C) iShares $ Treasury Bond 1-3yr UCITS ETF (Acc) Parvest Bond USD Short Duration Cl USD Cap Obligations USD Gouvernementales Court Terme Average

163.00 11.54 54.61 99.52 82.17

1.1 1.1 1.0 0.7 1

OBLIGATIONS USD HAUT RENDEMENT UBAM Global High Yield Solution AC USD Wells Fargo (LUX) WW US S-T Hg Yld Bd A USD Acc AXA IM FIIS US Short Duration High Yield F C USD Shenkman Finsbury Short Duration Hgh Inc A Acc USD UBS (Lux) Bond S – Short Duration HY (USD) Pa Mirabaud-Global High Yield Bonds-A Cap USD UBAM Global High Yield Solution AHD CHF UBAM Global High Yield Solution AHC CHF Threadneedle (Lux)-US$ High Income Bonds AU Nordea 1 – Low Duration US High Yield Bond BP USD Muzinich AmericaYield USD Acc A Morgan Stanley US Dollar High Yield Bd A USD PIMCO GIS Global High Yield Bond E USD Inc HSBC GIF Global High Income Bond AC USD Morgan Stanley USD Sh Duration High Yld Bd A USD AXA IM FIIS US Short Duration High Yield Z C CHF H Payden US Core Bond USD AXA IM FIIS US Short Duration High Yield F CHF H EV Intl (Ireland) US High Yield Bond M2 USD Federated High Income Advantage A USD ACC UBS (Lux) Bd S-Short Duration Hi Yld (USD)(CHFh)Qa Janus High Yield Fund A USD Acc UBS (Lux) Bond S – Short Duration HY(USD)(CHFh) Pa Shenkman Finsbury High Income A Acc USD Mirabaud-Global High Yield Bond-AH Dis CHF Wells Fargo (LUX) WW US S-T Hg Yld Bd I CHF Hdge PIMCO US High Yield Bond E USD Acc Pictet-US High Yield-P USD LGT Select Bond High Yield (USD) B Wells Fargo (LUX) WW US High Yield Bond A USD Neuberger Berman Short Dur HY Bd USD A Acc Nordea 1 – North American High Yield Bond BP USD Fidelity Funds – US High Yield A-USD iShares $ Short Duration Hi Yld Corp Bd UCITS ETF SKY Harbor GF US Short Duration HY F h CHF CS (Lux) High Yield USD Bond Fund B Pioneer Funds US High Yield E No Dis EUR UBS (Lux) Bond S – USD High Yield (USD) P-acc Invesco US High Yield Bond A Acc USD SPDR Barclays 0-5 Yr US High Yield Bond UCITS ETF Pictet-US High Yield-HI CHF PIMCO Short-Term HY Corp Bnd Idx Src UCITS ETF USD AllianceBernstein-US High Yield Portfolio A2 USD Nomura Funds Ireland-US High Yield Bond A USD BGF US Dollar High Yield Bond A2 USD MFS Meridian Funds-Global High Yield A1 USD Pictet-US High Yield-HP CHF Oaktree (Lux) Fds-Oaktree NAm Hi Yld Bond IA PARVEST Bond USA High Yield Classic Cap USD JPM US High Yield Plus Bond A Acc USD Goldman Sachs Glo High Yield Pf Base USD Pictet-US High Yield-HR CHF Neuberger Berman High Yield Bond USD A Acc AXA WF US High Yield Bonds AC USD iShares $ High Yield Corporate Bd UCITS ETF UBS (Lux) Bond S – USD High Yield (USD)(CHFh) Q-a UBS (Lux) Bond S – USD High Yield (USD)(CHFh) P-a BGF US Dollar High Yield Bond D2 CHF Hedged NN (L) Asian High Yield P Cap EUR Hdgi BGF US Dollar High Yield Bond A2 CHF Hedged AXA WF US High Yield Bonds A CHF Hedged C Nordea 1 – US High Yield Bond BP USD AXA WF US High Yield Bonds A D CHF Hedged Allianz US High Yield – AM – USD Legg Mason WA US High Yield A Dis D USD Eastspring Investments-US High Yield Bond A AXA WF US Dynamic High Yield Bonds A C USD Muzinich Short Duration High Yld Hdg EUR Acc R Eastspring Investments-US High Yield Bond AFDMH Franklin High Yield A (Mdis) USD Loomis Sayles High Income Fund R/A (EUR) Third Avenue High Yield Credit AR1 USD Acc Obligations USD Haut Rendement Average

4204.04 222.32 9392.19 1071.07 1162.71 263.45 4204.04 4204.04 81.58 795.85 2624.35 10.24 3826.46 1345.17 9.94 9392.19 14.84 9392.19 223.33 29.18 1162.71 626.31 1162.71 1283.21 263.45 222.32 1984.44 790.22 436.11 116.21 1060.57 349.24 4658.00 513.83 2151.54 50.62 2819.77 2885.21 43.63 96.79 790.22 1097.37 93.48 2307.72 4687.11 699.43 790.22 64.10 307.43 169.27 6954.99 790.22 7658.34 5939.98 2924.97 2885.21 2885.21 4687.11 107.35 4687.11 5939.98 1003.29 5939.98 3494.08 432.84 1759.36 93.48 4295.58 1759.36 2770.25 164.76 11.27 2100.65

7.1 3.9 10.6

Volatilité annualisée % 2015 3 ans 5 ans

Perf. annualisée % 3 ans 5 ans

11.2 7.1 18.5

10.8 10.8 10.5

8.4 8.2 8.3

11.8 10.7 11.3

2.3 1.3 3.4

2.2 1.4 3.4

10.3 10.4 10.1 10.2 9.8 7.1 15.3 9.5 11.8

11.2 11.2 11.2 11.2 11.2

8.2 8.2 10.5 8.2 10.5 8.5 11.5 8.3 10.9

3.3 3.3 3.3 2.3 3.1

1.9 1.9 2.9 2.2

2.3 34.8 51.9 1.5 13.6 0.9 14.6 24.2 0.8 15.3 0.1 12.9 –0.2 –0.2 19.9 –0.2 19.9 34.3 –0.2 16.0 35.8 –0.3 13.3 –0.6 15.2 32.3 –0.6 –0.6 16.0 34.5 –0.6 15.3 37.0 –0.7 –0.8 –0.9 9.3 21.1 –1.0 2.6 11.6 –1.3 17.3 37.1 –1.7 17.0 40.6 –1.9 1.4 –2.0 12.3 27.2 –2.1 1.2 –2.1 12.5 –2.2 –2.3 –2.3 14.4 31.6 –2.4 11.6 27.1 –2.5 15.9 29.5 –2.5 14.2 31.0 –2.7 11.3 –3.0 15.0 –3.0 14.1 30.8 –3.0 –3.1 –0.4 –3.3 12.5 30.0 –3.3 14.7 30.0 –3.7 11.5 27.4 –3.8 13.1 –3.8 –3.9 1.5 17.1 –3.9 13.8 –4.2 13.4 –4.2 16.4 –4.3 13.0 31.0 –4.3 10.9 28.3 –4.4 –0.1 13.9 –4.5 –4.5 9.3 23.3 –4.6 12.1 –4.8 12.3 29.0 –4.9 –1.6 –5.0 10.4 27.3 –5.0 12.6 31.4 –5.2 10.8 –5.3 0.5 15.0 –5.4 0.4 14.9 –5.8 –6.1 –6.3 –6.7 1.1 –6.8 7.2 23.2 –7.0 –8.1 4.9 20.5 –8.2 6.1 23.2 –8.6 2.4 19.8 –8.6 –10.0 –7.9 –1.9 –11.0 –9.2 –11.5 1.0 17.6 –12.0 9.1 24.7 –19.3 –3.8 10.1 26.6

13.1 8.7 9.5 10.5 11.7 8.1 4.3 11.9 8.3 9.8 4.7 11.7 8.2 4.9 11.8 8.2 4.1 12.6 5.1 5.5 6.2 5.1 5.5 7.5 6.2 12.1 8.6 9.6 5.1 12.3 8.5 4.3 12.4 8.5 9.5 4.8 12.6 12.4 8.5 9.4 5.1 12.5 8.8 9.3 4.9 11.9 3.3 10.7 8.2 10.4 3.0 3.3 2.7 3.1 0.9 12.1 8.6 9.4 5.5 12.5 8.8 9.5 5.4 2.6 2.3 0.5 12.4 8.5 9.4 3.9 2.6 2.3 0.4 12.7 9.2 4.0 5.1 2.0 12.5 8.7 9.5 4.6 13.0 8.9 9.7 3.7 12.2 8.5 9.1 5.0 12.3 8.7 9.7 4.5 12.0 8.3 3.6 12.6 8.9 4.8 12.6 8.9 9.6 4.5 12.0 3.5 3.1 –0.1 12.1 8.5 9.7 4.0 13.2 9.1 9.8 4.7 12.3 8.6 9.5 3.7 13.1 8.9 4.2 12.3 5.2 5.1 6.0 0.5 12.3 8.5 4.4 12.7 8.9 4.3 12.5 8.8 5.2 13.6 9.1 10.2 4.1 13.2 9.0 9.7 3.5 5.2 5.1 6.0 0.0 13.1 12.7 8.9 9.9 3.0 12.6 8.8 3.9 12.9 8.9 10.3 4.0 5.2 5.1 –0.6 12.2 8.6 9.5 3.4 13.5 9.1 9.9 4.0 12.7 8.9 3.5 6.3 5.5 6.5 0.2 6.3 5.5 6.5 0.1 6.9 16.7 6.9 6.8 5.3 0.4 13.2 8.9 10.1 2.3 6.8 12.5 8.8 10.1 1.6 13.6 9.3 9.8 2.0 13.7 9.5 10.2 0.8 14.2 16.2 9.6 8.8 –2.7 7.8 6.6 –3.2 14.2 9.7 10.1 0.3 13.6 9.5 9.7 2.9 12.9 10.7 7.8 9.1 3.2

8.7 4.4

6.1 6.3 5.8 6.1 6.5 3.9 2.2 6.5 7.1 4.9

5.6 4.9 5.3 5.5 5.5 5.4 5.4 5.0 3.2

5.6 5.1 2.6 4.3 5.2 4.9 5.6 2.8 2.8

4.3 3.8 4.3 3.7 –0.4 3.3 4.5 4.8

OBLIGATIONS USD HYPOTHÈQUE Goldman Sachs US Mtg Backed Secs Pf Base USD Morgan Stanley Global Mortgage Securities A USD Franklin US Government A (Mdis) USD MFS Meridian Funds-US Government Bond A1 USD Obligations USD Hypothèque Average

170.78 355.55 1117.07 344.00 433.12

2.0 1.9 1.0 0.6 1.4

14.4 22.9 21.0 11.3 17.4 10.2 17.6 14.2 19.3

11.3 11.4 11.6 10.7 11.3

8.6 10.7 8.9 8.5 10.7 8.2 10.9 8.6 10.8

4.6 6.6 3.6 3.3 4.5

4.2

OBLIGATIONS USD MOYEN TERME Planetarium Fund Dollar Bonds A USD iShares $ Treasury Bond 3-7yr UCITS ETF (Acc) Amundi ETF US Treasury 3-7 UCITS ETF(C) UBS ETF Barclays Cap US 3-5Y Treasury Bd U (USD)Ad Swisscanto (LU) Bond Fund Medium Term USD A BSI-Multinvest – Short Term Bonds USD A UBS (Lux) Sicav 2 – Medium Term Bonds USD P-acc UBS (Lux) Medium Term Bond Fd – USD P-acc UBS (Lux) Medium Term Bond Fd-US Government P-acc MFS Meridian Funds-Limited Maturity A1 USD Obligations USD Moyen Terme Average

64.34 539.47 19.38 12.26 71.51 158.86 88.44 322.74 42.17 744.54 206.37

2.5 2.3 2.3 2.1 1.4 1.4 1.1 1.0 0.9 0.4 1.5

13.5 20.8 11.9 21.0 11.9 21.2 11.7 10.5 12.7 12.8 18.6 10.5 12.7 10.2 12.9 8.8 9.7 9.0 10.8 11.1 15.6

11.9 10.4 10.4 10.4 10.7 10.9 11.0 11.0 10.9 11.3 10.9

8.4 9.9 8.0 10.6 8.1 10.6 8.0 8.0 10.3 8.0 10.0 8.1 10.2 8.1 10.1 8.1 10.4 8.3 10.3 8.1 10.3

4.3 3.8 3.8 3.8 3.4 4.1 3.4 3.3 2.8 2.9 3.6

3.9 3.9 3.9

PERFORMANCE ABSOLUE AUTRE AZ Fund 1 Formula 1 – Alpha Plus A AZ FUND Acc SKALIS Evolution Defensive AK R Performance Absolue Autre Average

736.78 –8.9 –7.3 –7.6 15.7 9.2 8.7 –2.5 –1.6 20.12 –9.3 14.9 106.65 –9.1 –7.3 –7.6 15.3 9.2 8.7 –2.5 –1.6

3.3 3.3 3.6

2.4 3.5 2.4 2.5 1.9 2.1 2.9

PERFORMANCE ABSOLUE CHF BSF European Absolute Return D2 CHF Hedged 2512.79 7.6 12.6 2.2 2.8 4.0 BSF European Diversified Equity Abs Ret A2 CHF Hgd 886.58 4.0 27.7 4.3 5.6 8.5 PTR-Diversified Alpha-HI CHF 1121.96 2.9 2.6 PTR-Diversified Alpha-HP CHF 1121.96 2.4 2.6 Nordea 1 – Stable Return HB CHF 8621.52 1.3 5.4 BNY Mellon Absolute Return Equity R CHF Hdg 2752.46 1.3 2.2 Aviva Investors Global Cnvs Abs Rtn Ih CHF 298.70 0.3 3.4 Robeco Flex O-Rente D CHF 210.08 0.2 –0.2 –1.7 2.3 1.8 1.8 –0.1 –0.3 EFG LIBRA FUND (CHF) in liq 0.0 –2.2 0.0 2.8 –0.7 Invesco Global Targeted Returns A Acc CHF Hedged 2527.87 –0.2 5.1 BNY Mellon Absolute Insight E CHF Acc Hdg 244.03 –0.4 1.3 Bantleon Opportunities L PT CHF hgd 1532.89 –0.7 8.0 Baloise F Invest (Lux) – BFI C-QT ARTS Bal CHF R 75.28 –0.7 18.4 9.8 6.6 5.8 CS (Lux) Prima Growth Fund IBH CHF 448.93 –0.7 8.6 7.4 5.7 2.8 Pictet-Absolute Return Glo Diversified-HI CHF 210.44 –0.9 –2.2 2.9 4.5 4.6 4.2 –0.7 0.6 Kames Absolute Return Bond C CHF Acc Hedged 2741.28 –1.0 0.7 Target Investment Fund 25 B 320.78 –1.0 9.9 17.5 5.6 3.9 3.5 3.2 3.3 LO Selection – Vantage 1500 (CHF) IA 190.51 –1.0 2.8 Carmignac Pfl Capital Plus F CHF acc Hdg 3634.81 –1.0 4.4 3.0 2.1 1.4 Baloise F Invest (Lux) – BFI C-QT ARTS Cons CHF R 106.35 –1.1 13.7 8.9 5.8 4.4 Bantleon Opportunities S PT CHF hedged acc 1336.98 –1.1 0.8 4.1 3.3 0.3 Swisscanto (LU) BF Global Absolute Return H CHF A 1849.02 –1.2 0.8 9.3 3.4 2.2 2.7 0.2 1.8 Swisscanto (LU) BF Global Absolute Return H CHF B 1849.02 –1.3 0.7 9.3 3.4 2.2 2.7 0.2 1.8 Pictet-Absolute Return Fixed Income-HI CHF 1152.47 –1.3 2.5 CS (Lux) Prima Growth Fund BH CHF 448.93 –1.3 6.4 7.4 5.7 2.1 Carmignac Pfl Capital Plus A CHF acc Hdg 3634.81 –1.4 3.7 3.0 2.1 1.2 Raiffeisen Fonds (CH) MAC Flexible Balanced 114.67 –1.4 6.7 9.4 6.2 2.2 CS (Lux) Prima Multi-Strategy Fund IBH CHF 849.89 –1.5 6.4 4.7 3.8 3.4 3.2 2.1 0.9 Pictet-Absolute Return Glo Diversified-HP CHF 210.44 –1.5 –3.8 0.1 4.5 4.6 4.2 –1.3 0.0 CS (Lux) Absolute Return Bond Fund SBH CHF 300.51 –1.6 5.1 CS (Lux) Target Volatility Fund EUR BH CHF 22.17 –1.6 2.5 5.6 4.1 0.8 LO Selection – Vantage 1500 (CHF) PA 190.51 –1.7 2.8 Pictet-Absolute Return Fixed Income-HP CHF 1152.47 –1.7 2.5 CS (Lux) Absolute Return Bond Fund IBH CHF 300.51 –1.7 5.1 Raiffeisen Fonds (CH) MAC Flexible Yield 161.38 –1.9 1.8 6.1 4.9 0.6 Raiffeisen Fonds (CH) MAC Flexible Growth 39.80 –2.0 10.7 13.2 8.4 3.4 CS (Lux) Prima Multi-Strategy Fund BH CHF 849.89 –2.1 4.6 1.9 3.7 3.4 3.2 1.5 0.4 JPM Global Strategic Bond A (perf) Acc CHF Hgd 795.58 –2.1 0.5 2.3 2.4 0.2 SYZ AM (CH) 2 – Absolute Return CHF I1 119.88 –2.2 6.9 3.8 3.1 2.2 LO Selection – Vantage 3000 (CHF) IA 177.51 –2.2 4.6 Swisscanto (LU) Bd Fd Em Mkts Abs Rtn H CHF B 44.76 –2.2 4.4 Ignis Absolute Ret Gov Bond I2 CHF Hdg 465.12 –2.2 –0.1 2.9 4.0 0.0 LO Funds – Absolute Return Bond (CHF) I A 393.57 –2.2 1.6 BlueBay Inv Grade Abs Return Bond S CHF (AIDiv) 5436.29 –2.2 3.1 BBGI Tactical Switzerland A 15.80 –2.3 7.2 21.6 18.3 12.2 11.4 2.4 4.0 LO Funds – Absolute Return Bond (CHF) M A 393.57 –2.3 1.6 Swiss Rock (Lux) Sicav – AR Bond Fund D –2.5 1.9 Swiss Rock (Lux) Sicav – AR Bond Fund Plus D –2.5 2.6 2.9 2.3 0.9 LO IS (CH) – Risk Parity I D 51.70 –2.6 3.1 4.2 3.6 1.0 Julius Baer BF Absolute Return Defender-CHF B 335.51 –2.6 –6.3 –4.1 2.1 2.0 2.0 –2.2 –0.8 Julius Baer BF Absolute Return Defender-CHF A 335.51 –2.6 –6.4 –4.1 2.1 2.0 2.0 –2.2 –0.8

Finance

Le Temps l Mercredi 3 février 2016

CLASSEMENTS Nom

Actifs nets mios francs

BlueBay Inv Grade Abs Return Bond B CHF 5436.29 Julius Baer BF Absolute Return-CHF A 4821.47 Julius Baer BF Absolute Return-CHF B 4821.47 LO Funds – Absolute Return Bond (CHF) P A 393.57 LO Funds – Absolute Return Bond (CHF) P D 393.57 Julius Baer BF Absolute Return Plus-CHF B 2800.20 Julius Baer BF Absolute Return Plus-CHF A 2800.20 Ignis Absolute Ret Gov Bond A CHF Hdg 465.12 Swiss Rock (Lux) Sicav – AR Bond Fund C Vontobel Fund Absolute Return Bond (CHF) A 407.73 Vontobel Fund Absolute Return Bond (CHF) B 407.73 Swiss Rock (Lux) Sicav – AR Bond Fund Plus C Baloise F Invest (Lux) – BFI C-QT ARTS Dyn CHF R 43.75 BlueBay Inv Grade Abs Return Bond R CHF 5436.29 JPM Income Opportunity Plus A (perf) Acc CHF Hgd 422.32 JPM Income Opportunity A (perf) Acc CHF Hgd 5283.73 Worldtrend Fund (CHF) B 38.33 Julius Baer BF Absolute Return Emerging-CHF A 29.47 Julius Baer BF Absolute Return Emerging-CHF B 29.47 Schroder ISF Em Mkts Debt Abs Ret CHF Hdg C Acc 3122.69 Schroder ISF Em Mkts Debt Abs Ret CHF Hdg A Acc 3122.69 Swiss Rock (Lux) Sicav – AR Bond Fund X Long Term Investment Fund Stabil(SIA Fds)-Growth 11.84 Swiss Rock (Lux) Sicav – AR Bond Fund Plus X Nordea 1 – Heracles Long/Short MI HB CHF 130.40 Morgan Stanley Diversified Alpha Plus AH CHF 6195.15 Performance Absolue CHF Average 1446.57

Performance totale % 2015 3 ans 5 ans –2.7 –2.7 –6.6 –3.3 –2.7 –6.6 –3.3 –2.8 –2.8 –2.9 –7.3 –1.7 –2.9 –7.3 –1.7 –2.9 –2.2 –2.9 –0.3 5.1 –3.0 1.5 0.5 –3.0 1.4 0.4 –3.1 0.4 –3.2 19.1 –3.2 –4.1 –3.2 –4.3 –3.9 –5.2 18.1 17.5 –5.3 –7.4 –5.4 –7.5 –7.3 –9.0 –7.2 –8.0 –10.9 –10.6 –10.3 –10.5 3.6 –3.2 –10.6 –11.0 7.5 2.4 –12.8 –2.4 2.4 2.3

Volatilité annualisée % 2015 3 ans 5 ans

Perf. annualisée % 3 ans 5 ans

3.1 2.8 2.5 2.7 –2.2 2.8 2.5 2.7 –2.2 1.6 1.6 3.8 3.3 3.6 –2.5 3.8 3.3 3.6 –2.5 2.9 4.1 –0.7 2.1 1.7 2.0 –0.1 3.1 2.6 3.4 0.5 3.1 2.6 3.4 0.5 2.9 2.2 0.1 10.8 7.6 6.0 3.1 3.1 2.1 –1.1 2.7 1.8 –1.3 17.5 11.6 11.1 5.7 3.0 2.9 –2.5 3.0 2.9 –2.6 2.9 3.6 3.7 –3.1 2.9 3.7 3.7 –3.8 15.2 15.7 12.7 10.9 1.2 15.5 12.0 11.0 10.2 2.4 4.3 4.8 4.3 4.4 0.7

–0.7 –0.7 –0.3 –0.3 1.0 0.1 0.1

3.3 –1.5 –2.2 –0.6 0.5 0.4

PERFORMANCE ABSOLUE EUR RISQUE ELEVÉ Danske Invest SICAV – Europe Absolute A 267.95 5.3 11.1 13.6 11.0 3.6 TRENDCONCEPT FUND Multi Asset Allocator B 9.19 2.3 4.3 0.5 13.8 10.0 9.6 1.4 0.1 PAM Alpha Fund – Class R EUR 37.67 –0.7 15.1 JPM Global Macro Opportunities A Acc EUR 1223.11 –0.8 29.3 19.6 15.5 10.9 10.5 8.9 3.7 R Opal Capital Appreciation F EUR 8.59 –0.9 7.7 1.5 14.1 9.2 8.9 2.5 0.3 Finlabo Investments Sicav – Dynamic Equity R 139.28 –1.3 21.8 2.9 13.5 11.3 11.1 6.8 0.6 OYSTER Dynamic Allocation C EUR 48.91 –2.0 18.7 9.1 14.9 11.7 14.2 5.9 1.8 Flossbach von Storch – Multiple Opportunities II R 1464.12 –2.0 16.6 Neuflize Ambition A 18.24 –2.1 –28.6 –47.0 15.6 16.2 14.4 –10.6 –11.9 SWMC European B EUR –2.5 24.4 18.5 17.4 7.5 Parworld Multi-Strategy High Vol C Cap 102.76 –2.5 –10.7 18.8 11.6 –3.7 Nordea 1 – Multi Asset BP EUR 369.07 –3.1 –2.0 –1.8 13.8 10.7 10.7 –0.7 –0.4 DNB Fund TMT Absolute Return A EUR 125.22 –4.4 6.0 0.4 20.0 13.3 12.2 2.0 0.1 OptoFlex P 328.32 –5.4 3.0 17.0 10.1 1.0 BSF European Diversified Equity Abs Ret A2 EUR 886.58 –5.4 15.3 5.7 16.5 11.0 10.5 4.9 1.1 Northern Star Global Dynamic Opp 10+ A Acc 47.16 –5.9 4.5 16.0 10.4 1.5 AZ Fund 1 Formula 1 – Absolute A AZ FUND Acc 289.82 –8.0 7.1 –0.6 20.0 12.7 12.3 2.3 –0.1 Nordea 1 – Stable Equity Long/Short BP EUR 833.35 –8.3 10.9 20.1 12.9 3.5 Neuflize Optimum C 122.20 –8.6 –15.2 –22.0 14.2 8.7 8.5 –5.3 –4.8 Baloise F Invest (Lux) – BFI C-QT ARTS Bal EUR R 75.28 –8.9 9.1 11.0 7.9 2.9 CS (Lux) Prima Growth Fund B EUR 448.93 –9.8 –2.4 15.6 10.2 –0.8 Vicenda Multi Asset Opp. Fund UCITS UI AK R (EUR) 0.97 –9.8 16.2 ZEST Emerging Markets Plus Fund R 20.88 –10.1 –6.3 –7.1 13.9 11.6 10.4 –2.1 –1.5 Pictet-Absolute Return Glo Diversified-P EUR 210.44 –10.3 –12.2 –10.6 15.5 9.5 8.9 –4.2 –2.2 SEB 1 Asset Selection C (EUR) 1215.85 –10.8 7.7 0.1 11.0 9.5 9.8 2.5 0.0 Baloise F Invest (Lux) – BFI C-QT ARTS Dyn EUR R 43.75 –11.3 9.9 13.2 9.6 3.2 Kairos International Sicav- Selection P 358.47 –12.0 –5.9 –0.4 16.9 10.7 9.7 –2.0 –0.1 Man GLG Cred-Eq Alternative DN EUR 83.85 –12.3 16.5 Absolute Return Multi Assets 8 Class A EUR 218.03 –13.6 12.6 Fulcrum Commodity A EUR 54.36 –13.7 –24.5 17.8 12.5 –8.9 Edmond de Rothschild Fund-Quam 10 A EUR 612.13 –14.3 13.2 DNB Fund ECO Absolute Return A EUR 11.70 –17.0 –30.3 –21.8 26.2 19.8 19.5 –11.3 –4.8 Edmond de Rothschild Fund-Quam 15 A EUR 60.11 –17.0 14.0 Nordea 1 – Heracles Long/Short MI AP EUR 130.40 –18.3 –1.0 –7.3 13.1 11.8 12.8 –0.3 –1.5 Morgan Stanley Diversified Alpha Plus A EUR 6195.15 –20.5 –8.3 –6.3 14.4 11.2 10.6 –2.8 –1.3 Performance Absolue EUR Risque Elevé Average 472.41 –7.6 1.6 –4.7 15.7 11.6 11.4 0.3 –1.2 PERFORMANCE ABSOLUE EUR RISQUE FAIBLE Sauren Fonds-Select SICAV – Absolute Return A 382.37 –5.1 1.2 0.0 15.3 9.1 8.6 0.4 0.0 Exane Cristal Fund B EUR acc 126.75 –5.7 –1.8 14.6 8.8 –0.6 PTR-Diversified Alpha-P EUR 1121.96 –6.5 14.8 4Q-SPECIAL INCOME EUR (R) 91.97 –7.4 4.4 15.5 9.5 1.4 Planetarium Fund Anthilia White A 132.40 –7.9 –3.6 15.1 9.0 –1.2 Robeco Flex-O-Rente DH EUR 210.08 –8.5 –8.8 –12.1 14.3 8.5 8.6 –3.0 –2.5 Base Investments Lepton EUR 21.92 –8.9 16.3 AXA WF Optimal Absolute A C EUR 116.95 –9.0 –9.5 15.4 9.1 –3.3 BNY Mellon Absolute Return Bond R EUR 2345.36 –9.0 –7.0 15.5 9.2 –2.4 Edmond de Rothschild Start C 195.01 –9.2 –7.7 –11.7 15.5 9.1 8.6 –2.6 –2.4 BSF Global Absolute Return Bond A2 EUR 425.08 –9.3 –8.7 15.6 9.2 –3.0 PARVEST Multi-Strategy Low Vol C C EUR 57.14 –9.3 –11.9 –14.4 16.1 9.4 8.9 –4.1 –3.1 Bantleon Opportunities S PT 1336.98 –9.6 –7.7 1.2 14.0 8.7 8.2 –2.6 0.2 Quoniam Fd Sel. SICAV Global Credit MinRisk EUR A 72.41 –9.6 –5.9 –4.0 14.5 8.6 8.1 –2.0 –0.8 Morgan Stanley Absolute Return Fixed Income A EUR 35.21 –9.7 16.2 PARVEST Bond Absolute Return V350 Classic Cap EUR 577.50 –9.8 –7.5 –8.4 15.1 9.2 8.8 –2.5 –1.7 AZ Fund 1 Bond Target Giugno 2016 A AZ FUND Acc 128.57 –9.8 –4.1 15.3 9.4 –1.4 NN (L) Absolute Return Bond P Cap EUR 244.04 –9.9 15.6 BNY Mellon Absolute Insight R EUR Acc 244.03 –10.1 15.0 Carmignac Pfl Capital Plus A EUR acc 3634.81 –10.2 –5.8 –3.1 14.2 8.6 8.2 –2.0 –0.6 BNP Paribas Quam 05/15 EUR 260.66 –10.2 –5.0 –7.4 13.5 8.3 8.0 –1.7 –1.5 Edmond de Rothschild Fund-Quam 5 A EUR 686.30 –10.2 13.1 LO Selection – Vantage 1500 (EUR) PA 190.51 –10.3 14.4 Invesco Active Multi-Sector Credit A Acc EUR 26.36 –10.4 14.8 Pioneer SICAV Absolute Return Bond I ND EUR 70.98 –10.8 15.6 Vontobel Fund Absolute Return Bond (EUR) B 409.67 –11.0 –7.1 –10.2 13.7 8.5 8.5 –2.4 –2.1 Swiss Rock (Lux) Sicav – AR Bond Fund A –11.0 –8.5 –4.8 15.2 9.0 8.3 –2.9 –1.0 Julius Baer BF Absolute Return Defender-EUR B 335.51 –11.1 –14.4 –13.8 15.3 9.1 8.6 –5.1 –2.9 Julius Baer BF Absolute Return-EUR B 4821.47 –11.1 –14.5 –13.1 15.9 9.5 8.9 –5.1 –2.8 Jupiter JGF Strategic Total Return L EUR Acc 132.89 –11.2 –7.1 –8.8 14.4 8.9 8.4 –2.4 –1.8 LO Funds – Absolute Return Bond (EUR) P A 393.57 –11.2 –13.4 –10.3 15.0 9.0 8.2 –4.7 –2.2 Allianz Flexible Bond Strategy – A – EUR 1941.96 –11.3 –8.1 14.2 8.6 –2.8 Swiss Rock (Lux) Sicav – AR Bond Fund Plus A –11.4 –8.3 15.5 9.3 –2.8 Absolute Return Multi Assets 3 A-ACCU-EUR 240.40 –11.4 –8.1 14.1 8.6 –2.8 Pioneer Funds Absolute Return Bond E No Dis EUR 595.90 –11.4 –12.9 –13.8 15.6 9.4 8.6 –4.5 –2.9 BlueBay Inv Grade Abs Return Bond R EUR 5436.29 –11.6 –8.6 15.5 9.6 –2.9 OYSTER Multi-Asset Absolute Return EUR C EUR PR 533.84 –12.2 –4.4 –2.3 14.7 9.1 8.7 –1.5 –0.5 JPM Income Opportunity A (perf) Acc EUR Hgd 5283.73 –12.8 –12.2 –10.1 15.7 9.4 8.8 –4.2 –2.1 ZEST Global Value Fund R 48.78 –14.2 –10.7 –6.7 14.3 8.9 8.5 –3.7 –1.4 Performance Absolue EUR Risque Faible Average 889.44 –10 –7.6 –8.1 15 9 8.5 –2.6 –1.7 PERFORMANCE ABSOLUE EUR RISQUE MOYEN BSF Americas Diversified Equity Abs Ret A2 EUR Schroder ISF European Alpha Abs Return A Acc BSF European Absolute Return A2 EUR Schroder ISF European Eq Absolute Return A Acc Pioneer Funds Absolute Return Europ Equity E EUR Pioneer Funds Abs Return Asian Equity E ND EUR AZ Fund 1 Core Brands A AZ FUND Acc MainFirst – Absolute Return Multi Asset A Aviva Investors Multi-Strategy Trgt Return A EUR CONVERTINVEST European Convertible & Bond Fund R V PARVEST Multi-Strategy Medium Vol C C EUR Nordea 1 – Stable Return BP EUR Pioneer Funds Abs Return Multi-Strategy E EUR ND First Private Wealth B GAM Star (Lux) Convertible Alpha C EUR SLI Glo SICAV Glbl Abs Rtn Strategies A EUR Invesco Global Targeted Returns A Acc EUR Bantleon Opportunities L PT Baloise F Invest (Lux) – BFI C-QT ARTS Cons EUR R DB PWM II-LiquidAlts UCITS (Euro) A UBS (D) Portfolio I (EUR) CS (Lux) Target Volatility Fund EUR B Generali IS Absolute Return Multi Strat D Cap EUR SSgA Flexible Asset Allocation Fund P EUR Cap CS (Lux) Prima Multi-Strategy Fund B EUR Seeyond Equity Volatility Strategies R/A (EUR) BPVN Strategic Invest Fund – Firmitudo Flex Strat BSF Multi-Strategy Absolute Return A2 EUR Julius Baer BF Absolute Return Plus-EUR B LO Selection – Vantage 3000 (EUR) PA ZEST Absolute Return VaR R SSgA Flexible Asset Allocation Plus Fund P E Cap BNP Paribas Quam 10/25 EUR CC OYSTER Multi-Strat Ucits Alternative C EUR PF Morgan Stanley Diversif Alpha Plus Low Vol A EUR Accura – AF1 A Performance Absolue EUR Risque Moyen Average PERFORMANCE ABSOLUE GBP RISQUE ELEVÉ Melchior Selected Tr Eur Enh Abs Ret I2 GBP H Acc FP Argonaut Absolute Return GBP A Acc Man AHL Diversity Alternative DN H GBP Acc Threadneedle Target Return Ret Gross Acc GBX Performance Absolue GBP Risque Elevé Average PERFORMANCE ABSOLUE GBP RISQUE FAIBLE Artemis Pan European Absolute Return I GBP Hgd Acc Artemis US Absolute Return I GBP Hedged BNY Mellon Absolute Return Equity R GBP Acc SLI Glo SICAV Abs Rtn Glo Bd Strategies A GBP Kames Absolute Return Bond B GBP Acc Insight – Absolute Insight EM Mkt Debt B1p GBP Performance Absolue GBP Risque Faible Average

433.30 546.59 2512.79 291.60 55.19 51.76 974.18 41.14 1788.95 127.48 38.40 8621.52 545.13 882.59 125.39 17350.09 2527.87 1532.89 106.35 24.12 116.92 22.17 236.54 9.83 849.89 170.06 10.65 67.21 2800.20 177.51 154.96 89.26 324.95 54.49 22.83 21.59 1214.07

–1.3 0.5 –2.4 –2.6 1.2 8.8 –3.1 –3.2 –1.0 –3.3 4.2 –4.3 7.2 –4.5 –6.6 –6.7 –2.8 –6.1 –6.8 –12.1 –7.2 9.6 19.4 –7.5 –1.0 –5.4 –7.5 2.8 –7.6 –3.4 –3.7 –7.7 1.9 –8.6 –9.1 –5.3 6.9 –9.2 4.6 –9.2 –6.1 –13.1 –9.3 –3.0 –2.7 –10.0 –6.1 –10.1 –9.9 –10.3 –10.1 –3.2 –10.5 –4.1 –8.0 –10.7 –11.1 –9.0 –8.0 –11.2 –11.3 –15.2 –11.6 –11.4 –11.9 –6.8 –4.5 –12.4 –5.5 –12.8 –7.6 –12.1 –13.0 –7.9 –12.4 –16.1 –16.8 –19.0 –3.9 –8.5 –3.6 –4.2

16.4 10.5 0.2 14.4 16.2 9.6 9.2 0.4 13.1 18.8 11.2 –0.3 18.1 11.0 1.4 12.8 8.4 2.4 12.3 12.2 14.3 9.2 8.9 –0.9 17.2 10.2 –4.2 13.8 9.0 8.4 3.1 13.1 8.6 8.5 –0.3 15.5 9.6 0.9 15.8 10.0 10.1 –1.1 13.9 8.8 0.6 11.8 13.1 9.1 8.7 –1.8 11.1 7.6 1.5 14.6 8.9 8.5 –2.1 14.7 9.0 8.5 –1.0 15.1 9.3 –2.1 16.2 9.8 9.4 –3.4 14.7 9.1 –1.1 14.7 9.4 8.6 –1.4 17.2 14.6 9.1 9.0 –3.1 15.8 16.8 10.1 9.4 –5.4 14.1 13.7 8.9 8.4 –2.3 15.8 9.8 –1.9 12.8 8.7 8.3 –2.6 16.2 10.5 9.5 –2.7 14.9 17.8 10.9 10.5 –6.8 14.8 9.5 9 –1.3

381.70 479.15 87.28 24.53 243.16

6.9 5.7 72.0 –7.0 18.8 11.3 –13.3 –14.6 –16.8 –1.9 25.4 –2.8

17.6 11.7 10.8 19.8 14.7 12.7 12.4 5.9 15.1 9.8 9.7 –5.1 14.8 11.1 11.1 6.9

60.20 45.35 2752.46 1487.14 2741.28 958.18 1340.77

8.5 2.5 –2.1 9.3 –3.4 3.6 –4.1 3.7 –8.2 –2.0 12.1 –1.1 3.7 12.1

17.7 16.1 14.4 9.0 3.0 14.3 9.2 1.2 15.3 9.7 1.2 14.3 9.4 9.0 –0.7 15.4 9.3 9 1.2

1.7

–1.2 3.6 –1.1 –0.8 1.4 –2.8 –0.6 –2.1 –1.7 –1.7 –2.4 –0.9 –2.5 –2.6 –0.8 –0.9

2.2 –3.6 –0.7

2.3 2.3

Nom PERFORMANCE ABSOLUE GBP RISQUE MOYEN Ignis Absolute Ret Gov Bond GBP I2 Acc Threadneedle Absolute Return Bond Ret Gross Acc Performance Absolue GBP Risque Moyen Average

Actifs nets mios francs 465.12 299.49 382.31

PERFORMANCE ABSOLUE USD RISQUE ELEVÉ GAM Star Global Rates USD Acc EdR Prifund Alpha Emerging Markets A USD 10.92 Wellington Emerging Sovereign Opp USD E Acc Unhd 55.97 Schroder ISF Strategic Beta 10 I Acc 59.51 BBGI Tactical World A 11.87 CB – Accent (Lux) Global Absolute Fund USD B 5.49 Legg Mason Martin Currie GF Asia LT Uncons O USD 188.72 Performance Absolue USD Risque Elevé Average 55.41 PERFORMANCE ABSOLUE USD RISQUE FAIBLE PARVEST Multi-Strategy Medium Vol (USD) C C USD Muzinich Emerg Mrkt Sht Dur Hdge USD Acc S WMP (Lux) UCITS Global Total Return D USD Acc UnH Goldman Sachs Strat Abs Rtn Bond I Pf Base Acc USD JPM Global Absolute Return Bond A Acc USD Pictet-Absolute Return Fixed Income-P USD LO Selection – Vantage 1500 (USD) PA JPM Global Strategic Bond A (perf) Acc USD Loomis Sayles Strategic Alpha Bond Fund R/A (USD) JPM Income Opportunity Plus A (perf) Acc USD MFS Meridian Funds-Absolute Return A1 USD Julius Baer BF Absolute Return Emerging-USD B Performance Absolue USD Risque Faible Average

Performance totale % 2015 3 ans 5 ans –5.4 –7.8 –6.6

1.8 –4.5 –1.5 –1.4 –1.5

1.9 15.6 21.7 –2.6 3.7 –1.1 –5.1 17.2 –6.9 –7.4 –13.0 –21.6 –9.1 –10.5 9.1 –5.7 6.5 –0.3

Volatilité annualisée % 2015 3 ans 5 ans 13.5 15.2 14.4

10.0 10.0 10.2 10 10.2

Perf. annualisée % 3 ans 5 ans 0.6 –1.5 –0.5

10.8 10.9 11.6 4.9 11.9 10.7 10.4 1.2 10.9 9.6 5.4 10.9 18.9 13.6 13.0 –4.6 14.6 16.0 12.1 2.9 13.4 11.4 11.7 2

–0.3 –0.3 4.0 –0.2 –4.7 –0.3

40.04 3.6 5.1 3.2 14.3 10.4 11.9 1.7 0.6 247.24 3.0 12.4 745.34 0.9 8.8 11.4 8.6 2.9 1421.26 0.7 11.3 12.3 12.7 9.0 10.5 3.6 2.3 37.98 0.6 9.3 11.1 12.4 9.0 10.9 3.0 2.1 1152.47 0.4 11.3 0.26 0.1 11.6 795.58 0.0 11.8 17.4 11.7 8.2 9.8 3.8 3.3 188.30 –1.4 11.2 422.32 –2.0 7.9 11.8 8.4 2.6 17.72 –2.9 2.2 11.3 8.1 0.7 29.47 –3.1 3.5 5.3 10.3 7.6 9.7 1.2 1.0 424.83 0 7.5 9.9 11.9 8.7 10.6 2.4 1.9

PERFORMANCE ABSOLUE USD RISQUE MOYEN JPM Global Capital Preservation USD A Acc USD 268.54 Arden Diversified Alternative Strategies A USD Acc 61.72 Allianz Global Fundamental Strategy D (H2-USD) 115.86 DB PWM II-LiquidAlts UCITS A-U 28.48 CS (Lux) Absolute Return Bond Fund SB USD 300.51 Goldman Sachs Strat Abs Rtn Bond II Pf BaseAccUSD 285.55 Wellington Multi-Asset Absolute Ret Pfl D USD Acc 128.61 GAM Star Emerging Market Rates USD Acc SIG NWI UCITS Global Diversified A USD AWMZ Fund II 111.33 Schroder ISF Asian Bond Abs Ret A Acc 601.99 Amundi Fds Absolute Volatility World Eq – AU (C) 642.96 Threadneedle (Lux)-Global Opportunities Bond AU 83.64 Legg Mason Brandywine Gl Fxd Inc Abs Ret A Acc USD 1534.06 Schroder ISF Em Mkts Debt Abs Ret A Acc 3122.69 Performance Absolue USD Risque Moyen Average 560.46

6.6 37.8 23.1 4.3 1.7 1.1 14.3 7.3 0.6 0.1 11.4 14.5 –0.1 –0.1 9.1 11.2 –0.1 –1.2 6.8 –1.7 –1.5 4.3 11.0 –1.7 –9.8 –11.6 –4.7 5.0 –5.1 8.3 –5.9 –0.2 0.1 –0.4 8.7 6.7

13.0 10.5 11.6 11.3 13.2 13.7 12.0 8.7 10.2 4.6 12.4 14.6 10.2 11.3 3.7 13.5 10.5 7.8 10.0 2.9 13.8 15.9 10.4 9.6 2.2 11.3 8.4 9.2 1.4 12.2 11.2 13.1 –3.4 12.2 8.9 1.6 10.8 8.5 2.7 9.4 7.0 9.3 –0.1 12.6 9.1 10.5 2.7

4.2 1.4 2.8 2.1 –0.3 2.1 –2.4 0.0 1.2

PROTÉGÉ Barclays Max Capital Stability 2020 B CHF 1.6 5.3 15.2 3.6 3.6 4.0 1.7 2.9 DMC FUND – DYNAGEST EXPO BONDS EUROPE DF R CHF Hed 21.12 –0.7 5.4 5.8 2.9 2.5 2.2 1.8 1.1 DMC FUND – DYNAGEST EXPO BONDS USD DF R USD 5.62 –1.0 5.0 8.8 10.6 8.1 11.0 1.6 1.7 DMC FUND – DYNAGEST EXPO BONDS USD MAS R USD 10.32 –1.1 9.0 24.8 10.1 8.6 11.7 2.9 4.5 BCV Dynagest World Expoequity REP (CHF) 162.91 –2.5 12.4 8.7 7.7 7.8 6.9 4.0 1.7 DMC FUND – DYNAGEST EXPO BONDS USD DF R CHF H 5.62 –2.9 –6.0 –1.2 2.0 2.0 2.5 –2.0 –0.2 Zurich Invest Protect 85+ B 18.22 –3.3 5.5 Archimedes Invest Plus Fund – CHF 17.11 –5.2 16.9 18.9 10.0 9.9 9.1 5.4 3.5 DMC FUND – DYNAGEST EXPO BONDS EURO MAS R EUR 9.46 –7.9 0.9 11.1 14.9 9.2 9.1 0.3 2.1 Archimedes Invest Plus Fund – EUR 7.52 –7.9 1.3 –0.7 17.2 13.9 13.3 0.4 –0.1 DMC FUND – DYNAGEST EXPO BONDS EUROPE DF R EUR 21.12 –9.3 –3.6 –5.2 14.7 8.8 8.5 –1.2 –1.1 BCV Dynagest World Expobond (EUR) 109.47 –10.0 –8.3 –8.8 14.3 8.5 8.3 –2.9 –1.8 PARVEST Step 90 Euro C C EUR 54.94 –10.2 –9.3 –24.4 13.8 9.6 9.9 –3.2 –5.4 Invesco Global Conservative A EUR 81.58 –10.3 –7.2 –7.2 14.5 9.2 8.6 –2.5 –1.5 BCV Dynagest World Expoequity REP (EUR) 27.38 –10.5 1.4 –5.8 15.3 11.8 10.7 0.5 –1.2 AZ Fund 1 QProtection A AZ FUND Acc 148.46 –11.5 –4.2 –5.1 16.4 10.3 9.4 –1.4 –1.0 Protégé Average 46.72 –5.8 1.3 2.3 10.8 8.3 8.3 0.4 0.3 HEDGE FUND CHF MULTI STRATEGY Galileo Pacific Fund B (CHF) 32.88 5.1 12.1 Galileo Pacific Fund X (CHF) 32.88 4.7 26.4 28.4 12.1 9.2 9.2 26.4 28.4 Galileo Pacific Fund A (CHF) 32.88 4.6 12.1 HSBC GH Swiss Franc Hedged 571.01 3.7 19.3 19.0 3.9 3.6 3.8 19.3 19.0 Arpagus Fund A (CHF) 3.73 3.0 26.1 10.9 6.5 5.5 7.9 26.1 10.9 BSI-Multi Manager Directional Fund (CHF hedged) A 122.65 1.0 22.2 17.5 6.4 6.1 6.9 22.2 17.5 Reichmuth Hochalpin 85.00 1.0 4.5 4.7 12.9 9.3 8.7 4.5 4.7 BCV Directional (CHF) C 162.84 0.8 12.2 11.9 6.5 5.8 5.2 12.2 11.9 OYSTER Alternative Multi Strategy B CHF 0.6 9.9 2.9 4.3 4.0 4.3 9.9 2.9 OYSTER Alternative Multi Strategy A CHF 0.6 9.8 2.7 4.3 4.0 4.3 9.8 2.7 BCV Directional (CHF) B 162.84 0.5 11.2 10.3 6.5 5.8 5.2 11.2 10.3 OYSTER Alternative Uncorrelated B CHF 0.5 9.2 10.0 3.6 8.4 6.8 9.2 10.0 Swisscanto (CH) Alternative Fund Diversified CHF B 277.67 0.4 4.9 2.9 6.4 4.8 4.0 4.9 2.9 Swisscanto (CH) Alternative Fund Diversified CHFBb 277.67 0.4 4.9 2.9 6.4 4.8 4.0 4.9 2.9 OYSTER Alternative Uncorrelated A CHF 0.4 9.1 9.9 3.6 8.6 6.9 9.1 9.9 HSBC Trading AdvantEdge Inst CHF 0.0 –2.1 –5.2 0.0 7.6 8.3 –2.1 –5.2 BCV Directional (CHF) A 162.84 –0.1 9.0 6.7 6.5 5.8 5.2 9.0 6.7 CSPST (Lux) Multi Strategy IBH CHF 48.64 –0.6 8.3 6.3 2.7 3.0 3.3 8.3 6.3 CSPST (Lux) Multi Strategy BH CHF 48.64 –1.1 6.5 2.9 2.8 3.0 3.3 6.5 2.9 SC Modus C Defender Fund C (CHF) –2.0 0.4 –1.2 0.6 1.7 1.7 0.4 –1.2 BCV Defensive (CHF) C 108.96 –2.1 4.1 1.9 2.3 2.5 2.6 4.1 1.9 BCV Defensive (CHF) B 108.96 –2.4 3.2 0.4 2.3 2.5 2.6 3.2 0.4 Gutzwiller TWO (CHF) 17.35 –2.6 0.6 –1.0 3.9 4.1 3.8 0.6 –1.0 Bonhote Alternative Multi – Performance (CHF) 44.44 –3.1 7.5 5.5 5.0 7.5 BCV Defensive (CHF) A 108.96 –3.1 1.2 –2.8 2.3 2.5 2.6 1.2 –2.8 Bonhote Alternative Multi – Arbitrage (CHF) 23.76 –4.0 –6.8 –16.8 2.3 2.8 3.3 –6.8 –16.8 Reichmuth Himalaja (CHF) 110.00 –5.4 3.6 –1.2 10.1 7.2 7.5 3.6 –1.2 MirAlt SICAV Diversified Fund A CHF 51.55 –6.1 3.0 3.7 3.3 3.0 2.9 3.0 3.7 Galileo Natural Resources Fund B (CHF) 43.38 –14.1 14.2 Galileo Natural Resources Fund A (CHF) 43.38 –14.6 14.2 Galileo Natural Resources Fund X (CHF) 43.38 –14.8 14.1 Hedge Fund CHF Multi Strategy Average 109.05 –1.6 8 5.1 6.3 5 5 8 5.1 HEDGE FUND CHF SINGLE STRATEGY Man AHL Diversified (Guernsey) CHF Tranche A 42.09 CSPST (Lux) Global Equities Long/Short BH CHF 114.13 PvB (CH) Andante Fund – Global SP K (CHF) 41.87 PvB (CH) Andante Fund – Global SP K09L (CHF) 20.93 Swisscanto (CH) Alternative Fund Directional CHF B 30.45 PvB (CH) Andante Fund – EM Portfolio K09L (CHF) Arvernus Capital (CH) Europe Event Driven A CHF 7.37 AIG Diversified Strategies B CHF PvB (CH) Andante Fund – EM Portfolio K (CHF) 12.55 Hedge Fund CHF Single Strategy Average 61.89

6.9 31.7 23.5 5.9 18.6 16.3 2.5 18.9 12.9 2.1 15.2 9.2 –0.6 11.4 4.9 –2.1 –1.5 –10.1 –3.5 –3.8 –28.2 –27.7 –10.9 –10.3 –17.9 –0.3 8.9 2.6

17.4 13.7 12.7 31.7 3.7 4.9 5.2 18.6 5.5 5.1 5.9 18.9 5.4 5.0 5.7 15.2 6.9 5.9 6.1 11.4 4.6 5.4 5.9 –1.5 8.9 7.6 30.6 25.1 –28.2 10.8 7.9 7.4 –10.3 7.9 9.1 8.9 8.9

HEDGE FUND EUR MULTI STRATEGY Arpagus Fund A (EUR) 3.73 OYSTER Alternative Multi Strategy B EUR OYSTER Alternative Uncorrelated B EUR Reichmuth Himalaja (EUR) 5.43 Hedge Fund EUR Multi Strategy Average 4.58

4.9 1.1 0.9 –4.5 0.6

30.1 10.8 9.3 4.0 13.6

18.3 5.6 12.1 0.4 9.1

7.3 3.5 3.5 10.0 6.1

5.7 3.7 3.0 7.1 4.9

7.8 4.1 3.0 7.3 5.6

30.1 10.8 9.3 4.0 13.6

18.3 5.6 12.1 0.4 9.1

HEDGE FUND EUR SINGLE STRATEGY Marshall Wace-MW TOPS A EUR Man AHL Diversified (Guernsey) EUR Tranche A 42.80 Man AHL Diversified Markets EU Tranche A 137.17 PvB (CH) Andante Fund – Global SP K (EUR) 41.87 Arvernus Capital (CH) Europe Event Driven Fund A 7.37 Hedge Fund EUR Single Strategy Average 71.98

8.4 7.8 6.1 2.6 –1.8 5

32.8 32.5 29.1 19.4 –2.1 22.3

57.5 27.9 22.7 16.6 3.8 24.1

4.2 17.3 16.9 5.5 8.6 9.9

4.5 13.7 13.9 5.1 5.5 8.1

4.6 12.7 12.7 5.7 4.7 7.7

32.8 32.5 29.1 19.4 –2.1 22.3

57.5 27.9 22.7 16.6 3.8 24.1

HEDGE FUND OTHER Man AHL Diversified (Guernsey) RMB Tranche A Man AHL Diversified (Guernsey) AUD Tranche A Hedge Fund Other Average

10.5 9.8 10.2

38.2 38.4 41.3 38.3 41.3

17.4 17.4 17.4

13.5 13.6 12.5 13.6 12.5

38.2 38.4 38.3

41.3 41.3

20.53 11.27 15.9

23.5 16.3 12.9 9.2 4.9 –10.1 –27.7 –17.9 2.6

HEDGE FUND USD MULTI STRATEGY Man GLG Multi-Strategy Sicav Class W USD Shares 20.39 5.0 8.6 6.4 2.7 3.4 3.5 8.6 6.4 ALTIN AG. 245.68 3.1 19.5 16.5 5.6 4.9 5.3 19.5 16.5 HSBC Trading AdvantEdge USD 2.8 8.1 4.6 1.5 8.6 8.8 8.1 4.6 OYSTER Alternative Multi Strategy B USD 2.2 12.7 7.7 4.4 4.0 4.3 12.7 7.7 BSI-Multi Manager Directional Fund (USD) A 122.65 2.1 24.4 23.1 6.3 6.1 6.8 24.4 23.1 OYSTER Alternative Uncorrelated B USD 1.8 11.2 14.2 3.5 3.0 3.0 11.2 14.2 Swisscanto (CH) Alternative Fund Diversified USD B 277.67 1.6 7.1 6.5 6.3 4.8 4.0 7.1 6.5 CSPST (Lux) Multi Strategy B 48.64 0.4 9.0 7.8 2.7 3.0 3.2 9.0 7.8 Gutzwiller TWO (USD) 40.11 –0.7 4.3 4.7 3.8 4.1 3.8 4.3 4.7 SC Modus C Defender Fund A (USD) –0.7 2.9 3.2 0.6 1.8 1.7 2.9 3.2 Bonhote Alternative Multi – Performance (USD) 44.44 –1.8 9.8 5.9 5.2 4.9 4.8 9.8 5.9 Bonhote Alternative Multi – Arbitrage (USD) 23.76 –2.2 –3.7 –13.8 2.1 2.6 3.2 –3.7 –13.8 Reichmuth Himalaja (USD) 30.84 –4.7 3.7 1.5 9.0 6.7 7.0 3.7 1.5 Permal (LUX) Advantage Multi-Strategy A USD 28.78 –4.9 6.7 7.3 5.7 5.1 5.4 6.7 7.3 MirAlt SICAV Diversified Fund A USD 51.55 –5.0 5.4 7.6 3.3 3.0 2.9 5.4 7.6 Permal (LUX) Natural Resources A USD 49.34 –10.2 –13.8 –21.6 6.5 5.5 6.5 –13.8 –21.6 Hedge Fund USD Multi Strategy Average 81.99 –0.7 7.2 5.1 4.3 4.5 4.6 7.2 5.1 HEDGE FUND USD SINGLE STRATEGY Man AHL Diversified (Guernsey) USD Tranche A 324.51 Man AHL Diversified Plc 917.63 CSPST (Lux) Global Equities Long/Short B 114.13 PvB (CH) Andante Fund – Global SP K09L (USD) 20.93 AIG Diversified Strategies A USD PvB (CH) Andante Fund – EM Portfolio K09L (USD) PvB (CH) Andante Fund – EM Portfolio K (USD) 12.55 Hedge Fund USD Single Strategy Average 235.42

7.8 7.2 7.0 2.9 –8.9 –10.0 –10.0 –1.1

33.3 30.8 21.3 31.6 –22.1 20.8 –8.1 15.6

28.1 25.0 21.8 28.7 –28.0 14.0 –13.0 11.6

17.4 17.6 3.7 5.4 8.4 10.6 10.6 9.8

13.7 13.8 4.9 8.1 30.9 18.6 7.8 12.2

12.7 12.8 5.1 7.5 28.1 14.9 7.1 11.3

33.3 30.8 21.3 31.6 –22.1 20.8 –8.1 15.6

28.1 25.0 21.8 28.7 –28.0 14.0 –13.0 11.6