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ESPA BOND EURO-RESERVASeverance payment fund, euro bondsStatus at 07/30/2010
Investment featuresRecurrent income equivalent to the average market yield of euroland bonds. Under Section 14 of the Austrian Income Tax Act and Section 25 of the Pension Funds Act, ESPA BOND EURO-RESERVA is suitable to cover severance payments and pension reserves.
ESPA BOND EURO-RESERVA invests in bonds of Austrian issuers and of member states of Euroland with high ratings. Its strategy is to achieve ongoing return equal to the average market yield of Euroland bonds. We actively manage the interest rate risk. The fund is eligible as coverage of Austrian pension reserves (sec 14 Austrian Income Tax Act in connection with sec 25 Austrian Pension Fund Act) and counts among subsidised assets pursuant to the Austrian Act For Subsidising Small And Medium-Sized Enterprises.
This is an advertisement. Unless otherwise noted, data source ERSTE-SPARINVEST KAG. Our languages of communication are German and English. The latest version of the Prospectus (and any changes thereto) has been published in the “Amtsblatt zur Wiener Zeitung”, in accordance with the provisions of the Austrian Investmentfondsgesetz [Investment Funds Act]. Copies are available free of charge to interested parties at the registered offices of both ERSTE-SPARINVEST Kapitalanlagegesellschaft m.b.H. and Erste Group Bank AG (the custody bank). The most recent publication date and details of any other collection offices are published on the ERSTE-SPARINVEST KAG website (www.sparinvest.com). This document serves to provide additional information to our investors and reflects the knowledge of its authors at the time of going to press. Our analyses and conclusions are of a general nature and do not take into account the personal needs of our investors in terms of income, fiscal situation or attitude to risk. It should be noted that past performance is not a reliable indicator of the future performance of a fund.
Fund key data
Dividend15.12.
Base currencyEUR
Fund volume580,584,455.02
Fund accounting year16.11. to 15.11.
Day of first issue12/19/1983
Sales authorisationAT,DE
Management fee0.40 % p.a.
Recommended holding periodII
Investor experienceA - B
Investor risk tolerance3
Contactansprechpartner@sparinvest.com
Share certificates
TypeISINCurrencyNet asset valueInitial charge
A.AT0000858121 EUR7.732.50%
A.C.AT0000858139 EUR7.732.50%
T.AT0000A001L7 EUR8.792.50%
Performance according to OeKB (Oesterreichische Kontrollbank AG) (in %, p.a.) (Reporting date: 07/30/2010)
Currency1 Year3 Years5 Years10 YearsBeginning of
the year *		Inception
EUR11.187.534.355.547.066.44
* absolute
Annual performance (in %, in fund base currency)
Year20052006200720082009
Performance 5.25 -0.57 0.14 8.75 5.90
Statistical data according to OeKB (3 years)
Sharpe ratio1.31
Volatility (in %)3.84
Benefits for investorHigh level of security from bonds with a good credit rating on average.
Long-term high return equalling the secondary market yield (euro government bonds).
Suitable for severance payment and pension provisions.
Attractive annual payouts approx. in the amount of euro government bond yields.
Price gains are possible if interest rates are falling.
Please note- Rising interest rates may lead to falling prices
- The rating of governments bonds can be subjected to changes
- Recommended holding period is at least 3-5 years
- Total coverage regarding pension liabilities: EUR 7.27 per share
Top positions
SecurityShare of fund assets
BUND SCHATZANW. 10/125.14%
AUSTRIA 2021 MTN 144A4.20%
AUSTRIA 2020 MTN 144A4.05%
BUNDANL.V. 09/203.69%
REP. FSE 05-21 O.A.T.3.41%
Fund ratios*
Average securities return3.03%
Average time to maturity9.50 Years
Duration6.19 Years
Mod. Duration6.00%
* Explanation of financial terms
Performance
Performance (incl. distribution of dividends) between 12/19/1983 and 07/30/2010
Min / Max performance
From adjusted net asset values between 12/19/1983 and 07/30/2010
Minimumin % p.a.Maximum
Countries