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ESPA BOND USA-CORPORATECorporate bonds in dollars, currency hedging in eurosStatus at 07/30/2010
Investment featuresThe ESPA BOND USA-CORPORATE fund invests in corporate bonds of an average to excellent rating.
ESPA BOND USA-CORPORATE invests mainly in corporate bonds with best to medium rating. The majority of the bonds held in the fund portfolio are investment grade (i.e. their rating is Aaa to Baa3). The portfolio is widely diversified, there are over 150 individual bonds in the fund. The bonds are denominated in USD and are permanently hedged against the euro.
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
Dividend01.06.
Base currencyEUR
Fund volume88,782,888.79
Fund accounting year01.03. to 28.02.
Day of first issue06/10/2002
Sales authorisationAT,CZ,DE,IT
Management fee0.72 % p.a.
Recommended holding periodIII
Investor experienceC - D
Investor risk tolerance4
Contactansprechpartner@sparinvest.com
Share certificates
TypeISINCurrencyNet asset valueInitial charge
A.AT0000675764 EUR95.463.50%
T.AT0000675772 EUR128.503.50%
T.C.AT0000675780 EUR128.503.50%
VT.AT0000658976 EUR136.453.50%
Performance according to OeKB (Oesterreichische Kontrollbank AG) (in %, p.a.) (Reporting date: 07/30/2010)
Currency1 Year3 Years5 Years10 YearsBeginning of
the year *		Inception
EUR11.445.112.94 6.544.29
* absolute
Annual performance (in %, in fund base currency)
Year20052006200720082009
Performance 0.27 1.34 1.71 -4.43 11.31
Statistical data according to OeKB (3 years)
Sharpe ratio0.31
Volatility (in %)8.50
Benefits for investorBroad diversification in selected US-American corporate bonds with medium to good credit ratings.
Opportunities for attractive long-term return.
Price gains possible if interest rates are falling.
No influence from exchange rates due to permanent currency hedging.
Please noteShort-term falls in prices possible, especially if interest rates rise.
Corporate bond prices are also influenced by the corporation's earnings.
Recommended length of holding at least 5 years.
Top positions
SecurityShare of fund assets
FRANCE TELECOM 20191.28%
MERRILL LYNCH 98/18 MTN1.25%
CS (USA) 04/141.22%
RABOBK NEDERLD 10/13 MTN1.11%
5,5% AT&T INC. 08/180.99%
Fund ratios*
Average securities return4.49%
Average time to maturity8.48 Years
Duration6.37 Years
Mod. Duration6.11%
* Explanation of financial terms
Performance
Performance (incl. distribution of dividends) between 06/10/2002 and 07/30/2010
Min / Max performance
From adjusted net asset values between 06/10/2002 and 07/30/2010
Minimumin % p.a.Maximum
Securitytypes