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Strateg ic Investment Advisors Group

S I A

LongTermInvestmentFunds

Newsletter
ofMarch2013
Overviewofourfunds Marketsvaluation Commentsonourfunds Appendix 2 2 5 7

S I A Fu n d s AG Pa r k weg 1 8 8 6 6 Z i egel b r ck e Sw i t zer l a nd te l : + 4 1 5 5 6 1 7 2 8 7 0 f a x : +4 1 5 5 6 1 7 2 8 7 1 i nfo@ s - i - a . ch w w w.s - i - a .c h

Strategic Investment Advisors Group

S I A

NewsletterofMarch2013

Figure1:LTIFClassicEUR vs.MSCIDailyTRNetWorldIndexEUR
450 400 350 300 250 200 150 100 50 Jan02 Jan04 Jan06 Jan08 Jan10 Jan12

Overviewofourfunds Table 1 and figures 1 through 6 show the evolution of our funds Net Asset Value during 2013s first quarter. The evolution has broadly been positive and in line with comparable indices. The exceptions are the hedged funds, Alpha and Stability, whose performance has clearly been better.Weprovidemoredetailsbelow. Table1:NetAssetValueNetassetsundermanagementofourfunds
March2013

NAV 271.63 149.93 97.43 83.97 203.70 196.60

3m 9.37% 6.44% 1.83% 1.82% 8.81% 8.86%

YTD 9.37% 6.44% 1.83% 1.82% 8.81% 8.86%

AnnualizedReturn sinceInception 9.29% 5.08% 0.32% 16.03% 4.71% 11.95% 2.06%

AUM(inmio) 223.88 22.21 26.57 5.34 22.13 1.75


*Inception date ofClassic

LTIF Classic[EUR] LTIF Alpha[EUR] LTIF NaturalResources[EUR]

Figure2:LTIFAlphaEUR vs.HFRXGlobalHedgeFundIndexEUR
210 190 170 150 130 110 90 70 Feb05

LTIF EmergingMarketValue[EUR] LTIF StabilityGrowth[CHF]


(Total return,dividendsincluded)

LTIF StabilityIncomePlus[CHF]
(Total return,dividendsincluded)

MSCIWorldIndex TR[EUR]
(BloombergNDDUWIIndex)

2'550.67 10.91% 10.91%

Feb07 Feb09 Feb11 Feb13

Figure3:LTIFNaturalResourcesEUR vs.S&PGlobalNat.Res.NetTRIndexEUR
200 180 160 140 120 100 80 60 40 Feb05 Feb07 Feb09 Feb11 Feb13

Figure4:LTIFEmergingMarketValueEUR vs.MSCIEmergingMarketsIndexEUR
110 100 90 80 70 60 50 Dec10

Jun11

Dec11

Jun12

Dec12

Faced with a pleasant, almost 10% rise over three months, most inves torsunderstandablereflexistoask:Isthissustainableorwillthemarkets correct?Theansweris,ofcourse:Noandyes.Marketscannotgoup10% per quarter forever; and, yes, they will correct. They always do either onthewayup,oronthewaydown.Forlongterminvestors,thequestion is not what the market is going to do in the next few weeks, but rather whethertheirinvestmentinsharesisgoingtoproduceanattractivelong term return starting at current prices. To answer this, one has to look at the current valuation of the shares plus the mediumterm economic perspective. Marketsvaluation If we value the main markets by means of traditional metrics (PE ratio, Price/Bookratio,dividendyield),wefindthattheyareasfollows:inthe middle of the historical range in the US; somewhat cheaper, apparently, in Europe; and much cheaper than usual in emerging markets. European indices look cheaper because banks, telecoms, and utilities comprise a very large part of the indices, and these sectors trade at low multiples. However, many arguments can be made that they deserve those low multiples.Iftheyareexcluded,companiesarevaluedmoreorlesslikeUS companies are. Thus, Atlas Copco, an excellent industrial company based inSwedenthatwehaveownedintermittentlyforthelastfewyears,hasa PE of 16, while Honeywell a somewhat comparable USbased company has a PE of 15; Volkswagen has a PE of 7,while General Motors is at 8; NestltradesataPEof19,whileGeneralMillsisat18.
2/11

S IA Fu n d s AG Pa r k weg 1 8 8 6 6 Z i egel br ck e Sw i tzer l a nd te l : + 4 1 5 5 6 1 7 2 8 7 0 f a x : +4 1 5 5 6 1 7 2 8 7 1 i nfo@ s -i -a . ch w w w.s -i -a .c h

Strategic Investment Advisors Group

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NewsletterofMarch2013

Figure5:LTIFStabilityGrowthTRCHF vs.HFRXGlobalHedgeFundIndexCHF
250 225 200 175 150 125 100 75 Aug05

Interestingly,thesectorsthathaverisenthemostarenotthetypicalones inamarketthatgoesupby10%inaquarter.Thisyear,thebestperform ing subsectors have been health care and consumer staples, in which we haveroughly30%ofourportfolio(seefigure7).
Figure 7: Oneyear chart of the Consumer Staples Select Sector SPDR Fund (XLP US) and HealthCareSelectSectorSPDRFund(XLVUS)withwrittenQ12013performance.

25%

20%
Aug07 Aug09 Aug11

+14.52%(TR)

15%

Figure6:LTIFStabilityIncomePlusTRCHF vs.HFRXGlobalHedgeFundIndexCHF
210 200

10%

+15.87%(TR)
5%

Q1 2013
0%

190 180 170 160 Sep11

5%

10% Mar 12
Mar12 Sep12 Mar13

Apr12

May12

Jun12

Jul12

Aug12

Sep12

Oct 12

Nov12

Dec 12

Jan13

Feb13

CONSUMERSTAPLESSPDR(U$)

HEALTHCARE SELECT SECTOR(U$)

Source:Bloomberg

Among the companies we own, Henkel is up 19% for the year, Nestl is up16%,Pepsi20%,McDonalds17%,BectonDickinson27%,Roche20%... These are companies that, in our valuations, should return 1012% per year!Manyoftheindustrialstocksinourportfoliohavehadamuchmore modest performance: Caterpillar3%, Cummins 6%, General Motors flat. Obviously, we dont know why markets do what they do, but it seems clear that some investors are, little by little, going back into shares. We see this in the increased inflows we have seen to our funds and man dates. And investors seem to be starting with the safest shares. This makessense.Forthelastthreeyears,wehaverepeatedthatwhatwecall category 1 stocks, such as Nestl and CocaCola, were extremely un dervalued. Investments with such a low fundamental risk should not be offering an expected return that is clearly above 10% when bonds are yielding close to zero. Only the extraordinary fear of investing in equities that has gripped markets for the last few years can explain such a great opportunity.Thisisnowbeingcorrected. As explained in the last few Newsletters, were trying to maintain a bal anced portfolio, and not trying to guess what the markets new fashionis going to be. But the category 1 stocks in our portfolio are up by much more than average. This means that their relative weight has increased. Inordertomaintainthedesiredbalance,wehavereducedsomeofthose positions, thus making funds available for stocks where we believe the longtermreturnevenifadjustedforriskismuchmoreattractive.But
3/11

S IA Fu n d s AG Pa r k weg 1 8 8 6 6 Z i egel br ck e Sw i tzer l a nd te l : + 4 1 5 5 6 1 7 2 8 7 0 f a x : +4 1 5 5 6 1 7 2 8 7 1 i nfo@ s -i -a . ch w w w.s -i -a .c h

Strategic Investment Advisors Group

S I A

NewsletterofMarch2013

with very lowrisk investments such as Nestl offering a longterm yield above 8%, there is, according to our calculations, no reason to liquidate all the positions and go into cash or simply into riskier stocks. Our re balancingleadsustosellpartiallywhathasgoneupandbuywhathasnt. Thisisnotabadlongtermstrategy. The secondpoint after valuations is, ofcourse, a certain overview of how the economic environment is evolving. The overall economy is not a very importantdecisionfactorforlongtermequityinvestors,butitstruethat the enormous dislocations we have experienced of late make it unavoid ableatleastconsideringwhereweare. In this respect, things are evolving pretty much as we have been predict ing: a slow, firm recovery in the US, turnaround in Asia, stagnation in Eu rope.TheEuropeansituationisimprovingonlyinthesensethat,oneday, the crisis will be over and as time goes by that day is necessarily getting closer. But it is probably very far away. The Cyprus fiasco has shown how deep some of the problems are a totally bankrupt country with a rela tivelyhugebankingsectorthathascollapsed.Ithasalsoshownhowdiffi cultitisforthegovernmentsinchargeoftheEurozonetomakeefficient, wellcoordinated decisions. Cyprus is a unique case, of course, just as each southern European country is a unique case. But the problems left to solve, especially in Spain, are not easier because they are different. As wehavealreadyargued,webelieveitwillbeextremelydifficultforcoun tries like Spain and Portugal to pay their debts. The two clean solutions substantialdebtforgivenessordefaultwithanEuroexitarepolitically unacceptable.Wewillthereforeprobablyseealong,protractedperiodin which everything else is tried. This period of relative calm will be punctu atedbyacutecrisesandlastmomentsolutions. However, we should not lose sight of the underlying economic realities: although unemployment in Spain and Greece is very high, it is less than 5% in Germany, the continents largest economy. This dichotomy makes for very difficult decision making, because different countries see things very differently. Nevertheless, it does ensure that the level of economic activity is enough for many companies to maintain a healthy profitability. Expect Europe to continue muddling through with low growth punctu ated by crises. Simultaneously, Chinas economic growth creates the equivalent of the whole of Spains economy every 18 months. An open minded global investor should look beyond the Eurozone problems to all the opportunities available. Overall, we believe the world economy will growslightlyaboveaveragethisyeararound3.5%inrealterms. The previous paragraphs point to what we plan to do with our portfolios: not much. We have decreased our positions in the category 1 stocks to maintain them within limits after their strong rise and to reflect the fact that their relative attractiveness has somewhat diminished. The funds that have thus come free, we are investing in new opportunities. To summarize, we expect the intrinsic value of our portfolios to continue in

4/11

S IA Fu n d s AG Pa r k weg 1 8 8 6 6 Z i egel br ck e Sw i tzer l a nd te l : + 4 1 5 5 6 1 7 2 8 7 0 f a x : +4 1 5 5 6 1 7 2 8 7 1 i nfo@ s -i -a . ch w w w.s -i -a .c h

Strategic Investment Advisors Group

S I A

NewsletterofMarch2013

creasing, but we will see episodes of high volatility due to Euroarea un resolvedproblems. The opportunities for an equity investor to worry are always there: from avianfluinChinaornuclearthreatsfromNorthKoreatopoliticalgridlock in the US and dysfunctionality in the Eurozone. It is precisely because those worries abound that equity investing is profitable over the long term. Commentsonourfunds The Classic fund has had a strong appreciation in this quarter, led as dis cussed by the more defensive stocks. We have opened a new position in an Austrian company called Wienerberger. It makes bricks and plastic pipesfortheconstructionindustry.Asyouwouldexpect,itssharepriceis verydepressed.Butthebusinessisveryattractive:bricksdonttravelwell and brickproducing companies end up with profitable local monopolies. Regulationispushingformorehightechbrickswithcomplexinsulation capabilities. Wienerberger actually designs new, larger bricks that are muchcheapertolay.Itisamuchmoresophisticatedcompanythanmost of its competitors. One of its typical factories has an annual output of 100 million,whereas a typical local competitoronly sells 10 million per year. The advantage Wienerberger has regarding developing new prod uctsisclear.Thecompanysgeographicpositionisnotbad,withaquarter of sales coming from their factories in the US, and the rest from those in northern and eastern Europe, Russia plus a small operation in India. We believethatoncethesectornormalizesinEurope,asitisdoingintheUS, the shares should be worth twice as much as they are today. The compa nysfinancialpositionissolidandevenifthesectorrecoverytakeslonger than expected, it would not be at risk, while its smaller competitors would all have to close. In this sense, we believe the risk is much lower thantheveryhighreturnwouldimply. According to our numbers, the Classics portfolio has room to appreciate morethan25%,butthisisnot,ofcourse,somethingweshouldnecessari lyexpectoverthenextfewquarters. Our hedged funds are doing very well, with returns above 6% for the Al phaand8%fortheStability(inSwissFrancs).Thesefundsarehedged,i.e. they are protected against a significant market drop. These results are clearly positive for this absolute return strategy and show that our hedging technique can maintain protection while letting the funds profit fromtheoverallmarketsrise. Our specialized funds, Natural Resources and Emerging Markets, have had much lower returns, slightly below 2% for both. Markets are treating thesesectorswithenormouscaution.Infact,asweexplainedabove,only shares that are perceived as ultrasafe are doing well. Both Natural Re sources and Emerging Markets shares are perceived as a play on eco nomic growth, which the markets are not convinced will come. We have been diversifying both portfolios, which has allowed both funds to beat
5/11

S IA Fu n d s AG Pa r k weg 1 8 8 6 6 Z i egel br ck e Sw i tzer l a nd te l : + 4 1 5 5 6 1 7 2 8 7 0 f a x : +4 1 5 5 6 1 7 2 8 7 1 i nfo@ s -i -a . ch w w w.s -i -a .c h

Strategic Investment Advisors Group

S I A

NewsletterofMarch2013

their respective indexes. We therefore believe their deep undervaluation should be corrected as investors become more comfortable with a world that is slowly returning to above average growth trends. Figure 8: Energy Select Sector SPDR Fund (XLE US), SPDR S&P Metals & Mining ETF (XME US),China,Korea,andBrazilindices.
Figure 8: Energy Select Sector SPDR, S&P Metals & Mining SPDR, China, Korea, and Brazil indices

20% 15% 10% 5% 0% 5% 10% 15% 20% 25% 30% 35% Mar 12

Q1 2013

Apr12

May12

Jun12

Jul12

Aug12

Sep12

Oct 12

Nov12

Dec 12

Jan13

Feb13

Q1 2013:+11.55% (TR)/ENERGY SELECTSECTORSPDR(U$) Q1 2013:10.28%(TR)/SPDRS&PMETALS&MINING ETF(U$) Q1 2013:4.14% (TR) /HANG SENGINDEX(U$) Q1 2013:6.34% (TR) /KOSPI INDEX(U$) Q1 2013:8.65% (TR) /BRAZIL BOVESPA INDEX(U$)

Source:Bloomberg

EveryNewYear,analystsfromthemainfinancialinstitutionspublishtheir forecasts for the year. For 2013, there was near unanimity: developed markets would be flat in the first half, only to surge in the second part of the year. But emerging markets would go up right away. The reality has been almost the opposite. This simply shows once again how useless it is to try to guess what markets will do, and how important it is to have a balanced portfolio that will work out well over the long term, not over thenextfewmonths. To summarize, we continue seeing a pattern of a slowly improving world economy punctuated by Eurozone crises. Our funds are positioned to re turn the annualized, low doubledigit return we expect through the com bination of a wellequilibrated portfolio and the exploitation of specific opportunitiesworldwide.

6/11

S IA Fu n d s AG Pa r k weg 1 8 8 6 6 Z i egel br ck e Sw i tzer l a nd te l : + 4 1 5 5 6 1 7 2 8 7 0 f a x : +4 1 5 5 6 1 7 2 8 7 1 i nfo@ s -i -a . ch w w w.s -i -a .c h

Strategic Investment Advisors Group

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NewsletterofMarch2013

FiguresoftheUSDclasses
Table2:NetAssetValueNetassetsundermanagementinUSD
March2013 LTIF Classic[USD] LTIF Alpha[USD] LTIF NaturalResources[USD] LTIF EmergingMarketValue[USD] MSCIWorldIndex TR[USD]
(BloombergNDDUWIIndex)

NAV 348.80 192.53 125.11 107.83

3m 6.52% 3.67% 0.82% 0.83%

YTD 6.52% 3.67% 0.82% 0.83% 7.73%

AnnualizedReturn sinceInception 12.86% 4.89% 0.73% 18.00% 5.36%

AUM(inmio) 287.48 28.52 34.12 6.86


*Inception date ofClassic

3'410.50 7.73%

Figure9:LTIFClassicUSD vs.MSCIDailyTRNetWorldIndexUSD
650 550 450 350 250 150 50 Jan02

Figure10:LTIFAlphaUSD vs.HFRXGlobalHedgeFundIndexUSD
300 275 250 225 200 175 150 125 100 Feb05 Feb07 Feb09 Feb11 Feb13

Jan04

Jan06

Jan08

Jan10

Jan12

Figure11:LTIFNaturalResourcesUSD vs.S&PGlobalNat.Res.NetTRIndexUSD
300 250 200 150 100 50 Feb05

Figure12:LTIFEmergingMarketValueUSD vs.MSCIEmergingMarketsIndexUSD
150 140 130 120 110 100 90 80 Dec10

Feb07

Feb09

Feb11

Feb13

Jun11

Dec11

Jun12

Dec12


7/11

S IA Fu n d s AG Pa r k weg 1 8 8 6 6 Z i egel br ck e Sw i tzer l a nd te l : + 4 1 5 5 6 1 7 2 8 7 0 f a x : +4 1 5 5 6 1 7 2 8 7 1 i nfo@ s -i -a . ch w w w.s -i -a .c h

Strategic Investment Advisors Group

S I A

NewsletterofMarch2013

FiguresoftheCHFclasses
Table3:NetAssetValueNetassetsundermanagementinCHF
March2013 LTIF Classic[CHF] LTIF Alpha[CHF] LTIF NaturalResources[CHF] LTIF EmergingMarketValue[CHF] LTIF StabilityGrowth[CHF]
(Total return,dividendsincluded)

NAV

3m

YTD

AnnualizedReturn sinceInception 7.39% 2.02% 3.23% 20.05% 4.71% 11.95% 0.31%

AUM(inmio) 272.23 27.01 32.31 6.49 22.13 1.75


*Inception date ofClassic

330.30 10.20% 10.20% 182.31 118.47 102.11 203.70 196.60 7.25% 2.60% 2.60% 8.81% 8.86% 7.25% 2.60% 2.60% 8.81% 8.86%

LTIF StabilityIncomePlus[CHF]
(Total return,dividendsincluded)

MSCIWorldIndex TR[CHF]
(Bloomberg NDDUWIIndex)

4'135.57 11.79% 11.79%

Figure13:LTIFClassicCHF vs.MSCIDailyTRNetWorldIndexCHF
760 660 560 460 360 260

Figure14:LTIFAlphaCHF vs.HFRXGlobalHedgeFundIndexCHF
330 280 230 180 130

160 60 Jan02

Jan04

Jan06

Jan08

Jan10

Jan12

80 Feb05

Feb07

Feb09

Feb11

Feb13

Figure15:LTIFNaturalResourcesCHF vs.S&PGlobalNat.Res.NetTRIndexCHF
300 250 200 150 100 50 Feb05

Figure16:LTIFEmergingMarketValueCHF vs.MSCIEmergingMarketsIndexCHF
150 130 110 90 70 50 Dec10

Feb07

Feb09

Feb11

Feb13

Figure17:LTIFStabilityGrowthTRCHF vs.HFRXGlobalHedgeFundIndexCHF
250 225

Figure18:LTIFStabilityIncomePlusTRCHF vs.HFRXGlobalHedgeFundIndexCHF
210 200

Jun11

Dec11

Jun12

Dec12

200 175 150 125 100 75 Aug05


170 160 Sep11 190 180

Aug07

Aug09

Aug11

Mar12

Sep12

Mar13

8/11

S IA Fu n d s AG Pa r k weg 1 8 8 6 6 Z i egel br ck e Sw i tzer l a nd te l : + 4 1 5 5 6 1 7 2 8 7 0 f a x : +4 1 5 5 6 1 7 2 8 7 1 i nfo@ s -i -a . ch w w w.s -i -a .c h

Strategic Investment Advisors Group

S I A

NewsletterofMarch2013

FiguresoftheGBPclasses
Table4:NetAssetValueNetassetsundermanagementinGBP
March2013 LTIF Classic[GBP] LTIF Alpha[GBP] LTIF NaturalResources[GBP] LTIF EmergingMarketValue[GBP] MSCIWorldIndex TR[GBP]
(Bloomberg NDDUWIIndex)

NAV

3m

YTD

AnnualizedReturn sinceInception 12.31% 7.57% 2.24% 16.47% 4.92%

AUM(inmio) 189.33 18.78 22.47 4.52


*Inception date ofClassic

229.70 14.02% 14.02% 126.78 10.97% 10.97% 82.43 71.01 6.22% 6.16% 6.22% 6.16%

1'732.36 15.16% 15.16%

Figure19:LTIFClassicGBP vs.MSCIDailyTRNetWorldIndexGBP
330 280 120 230 180 130 80 80 30 Jan02 60 Feb05 100

Figure20:LTIFAlphaGBP vs.HFRXGlobalHedgeFundIndexGBP
140

Jan04

Jan06

Jan08

Jan10

Jan12

Feb07

Feb09

Feb11

Feb13

Figure21:LTIFNaturalResourcesGBP vs.S&PGlobalNat.Res.NetTRIndexGBP
160 140 120

Figure22:LTIFEmergingMarketValueGBP vs.MSCIEmergingMarketsIndexGBP
100 90 80

100

70
80 60 40 Feb05

60 50 Dec10

Feb07

Feb09

Feb11

Feb13

Jun11

Dec11

Jun12

Dec12

9/11

S IA Fu n d s AG Pa r k weg 1 8 8 6 6 Z i egel br ck e Sw i tzer l a nd te l : + 4 1 5 5 6 1 7 2 8 7 0 f a x : +4 1 5 5 6 1 7 2 8 7 1 i nfo@ s -i -a . ch w w w.s -i -a .c h

Strategic Investment Advisors Group

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NewsletterofMarch2013

LegalNoticeLuxembourg

Performanceupto31.05.06isthatoftheBVIbasedLTIF,ofwhichtheLTIFLuxembourgisanidenticalsuccessor.PreviousperformanceisauditedbyErnst&Young.Pastperformanceis neither a guarantee nor a reliable indicator of future results. Performance data does not include the commissions and fees charged at the time of subscribing for or redeeming shares. Thisinformationhasbeenfurnishedtoyouuponrequestandsolelyforyourinformationandmaynotbereproducedorredistributedtoanyotherperson.Itisnotintendedasanofferor solicitation with respect to the purchase or sale of shares of the Sicav. Neither the Central Administration Agent nor the Investment Manager assume any liability in the case of incorrectly reported or incomplete information. Please be aware that investment funds involve investment risks, including the possible loss of the principal amount invested. For a detailed description of the risks in relation to each share in the investment fund, please see the latest version of the prospectus, simplified prospectus, annual and semiannual reports, which may solely be relied upon as the basis for investment decisions; these documents are available on www.sia.ch or from the Central Administration Agent FundPartner Solutions (Europe) S.A. at 15, avenue J.F. Kennedy, L 1855 Luxembourg. LTIF Classic EUR was approved for distribution in and from Switzerland by the Swiss Financial Market Supervisory Authority (FINMA) according to Art. 19 al. 1 of the Collective Investment Schemes Act, paying agent is Pictet & Cie., 60, route des Acacias, 1211 Genf 73; notified to the Austrian Finanzmarktaufsicht according to 36 of the Investment Funds Act; authorised in France by the Autorit des Marchs Financiers (AMF) pursuant to Art. 41158 of the AMF General Regulation; authorised by the German Bundesanstalt fr Finanzdienstleistungsaufsicht (BaFin) according to 132 of the Investment Act; authorised in Italy by the Bank of Italy and the CONSOB according to Article 42 of Legislative Decree no. 58 of 24 February 1998; registered in the register of foreign collective investment schemes commercialized in Spain by the Comisin Nacional del Mercado de Valores (CNMV) pursuant to Art. 15 of the Law on Collective Investment Vehicles; recognised in the United Kingdom by the Financial Services Authority (FSA) as a recognised scheme within the meaning of Section 264 of the Financial Services and Markets Act 2000; entered into the List of Restricted Schemes by the Monetary AuthorityofSingaporeunderparagraph2(3)oftheSixthScheduletotheSecuritiesandFutures(OffersofInvestments)(CollectiveInvestmentSchemes)Regulations2009. LTIFClassicEUR ISIN: LU0244071956 Telekurs: 2432569 Bloomberg: LTIFCLALX LTIFClassicUSD ISIN: LU0301247077 Telekurs: 3101820 Bloomberg: LTIFCLULX LTIFClassicCHF ISIN: LU0301246772 Telekurs: 3101817 Bloomberg: LTIFCLCLX LTIFAlphaCHF ISIN: LU0301246855 Telekurs: 3101824 Bloomberg: LTIFALCLX LTIFClassicGBP ISIN: LU0750886714 Telekurs: 18032305 Bloomberg: LTIFCLSLX LTIFAlphaGBP ISIN: LU0750887282 Telekurs: 18032344 Bloomberg: LTIFALSLX

LTIFAlphaEUR ISIN: LU0244072178 Telekurs: 2432573 Bloomberg: LTIFALPLX

LTIFAlphaUSD ISIN: LU0301247150 Telekurs: 3101828 Bloomberg: LTIFALULX

LTIFNaturalResourcesEUR ISIN: LU0244072335 Telekurs: 2432575 Bloomberg: LTIFGEVLX

LTIFNaturalResourcesUSD ISIN: LU0301247234 Telekurs: 3101839 Bloomberg: LTIFGEULX

LTIFNaturalResourcesCHF ISIN: LU0301246939 Telekurs: 3101836 Bloomberg: LTIFGECLX

LTIFNaturalResourcesGBP ISIN: LU0457696077 Telekurs: 10638983 Bloomberg: LTIFGEGLX

LTIFEmergingMarketValueEUR ISIN: LU0553294868 Telekurs: 11901448 Bloomberg: LTIFEMELX LTIFEmergingMarketValueUSD ISIN: LU0553295592 Telekurs: 11901450 Bloomberg: LTIFEMULX LTIFEmergingMarketValueCHF ISIN: LU0553294785 Telekurs: 11901447 Bloomberg: LTIFEMCLX LTIFEmergingMarketValueGBP ISIN: LU0553296053 Telekurs: 11901451 Bloomberg: LTIFEMGLX

CentralAdministrationAgent: FundPartnerSolutions(Europe)S.A. 3,BoulevardRoyal L2449Luxembourg Luxembourg InvestmentManager: SIAFundsAG Parkweg1 CH8866Ziegelbrcke Switzerland Custodian: Pictet&Cie(Europe)S.A. 1,BoulevardRoyal L2449Luxembourg Luxembourg RegisteredOffice: 1,BoulevardRoyal L2449Luxembourg Luxembourg

10/11

S IA Fu n d s AG Pa r k weg 1 8 8 6 6 Z i egel br ck e Sw i tzer l a nd te l : + 4 1 5 5 6 1 7 2 8 7 0 f a x : +4 1 5 5 6 1 7 2 8 7 1 i nfo@ s -i -a . ch w w w.s -i -a .c h

Strategic Investment Advisors Group

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LegalNoticeSwitzerland

Performance up to 30.09.06 is that of the LTIF BVI Fund restated in CHF, of which the LTIF Stability is an identical successor. Previous performance is audited by Ernst & Young. Reports are available from SIA Group. Pastperformance is neither a guarantee nor a reliable indicator of futureresults. Performance data does not include the commissions and fees charged at thetimeofsubscribingfororredeemingshares.Thisinformationhasbeenfurnishedtoyouuponrequestandsolelyforyourinformationandmaynotbereproducedorredistributedto any other person. It is not intended as an offer or solicitation with respect to the purchase or sale of shares of the Sicav. Neither the Central Administration Agent nor the Investment Managerassumeanyliabilityinthecaseofincorrectlyreportedorincompleteinformation.Pleasebeawarethatinvestmentfundsinvolveinvestmentrisks,includingthepossiblelossof the principal amount invested. For a detailed description of the risks in relation to each share in the investment fund, please see the latest version of the prospectus, simplified prospectus,annualandsemiannualreports,whichmaysolelyberelieduponasthebasisforinvestmentdecisions;thesedocumentsareavailablefromthefundmanagementcompany SIAFundsAG,Parkweg1,CH8866Ziegelbrcke(www.sia.ch).. LTIFStabilityGrowth ISIN: CH0026389202 Telekurs: 2638920 Bloomberg: LTIFSTASW Administrator: PictetFundsS.A. RoutedesAcacias60 CH1211Geneva73 Switzerland InvestmentManager: SIAFundsAG Parkweg1 CH8866Ziegelbrcke Switzerland Custodian: Pictet&Cie RoutedesAcacias60 CH1211Geneva73 Switzerland LTIFStabilityIncomePlus ISIN: CH0135996012 Telekurs: 13599601 Bloomberg: LTIFSIPSW

11/11

S IA Fu n d s AG Pa r k weg 1 8 8 6 6 Z i egel br ck e Sw i tzer l a nd te l : + 4 1 5 5 6 1 7 2 8 7 0 f a x : +4 1 5 5 6 1 7 2 8 7 1 i nfo@ s -i -a . ch w w w.s -i -a .c h

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