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ESPA BOND USA-HIGH YIELDHighly profitable corporate bonds with currency hedging in eurosStatus at 08/31/2010
Investment featuresAchievement of high regular income in USD (hedged to euros) through the acquisition of corporate bonds with a low rating.
The goal of ESPA BOND USA-HIGH YIELD is to achieve high ongoing returns. The fund invests mainly in corporate bonds with high-yield rating and denominated in USD. The credit quality of the issuers tends to be considerably lower than that of Euroland government bonds (i.e. BB and lower). The portfolio is widely diversified, there are over 150 individual bonds in the fund. Foreign currency risks are eliminated by permanently hedging against the euro. The fund is managed by the investment fund company PRAMERICA.
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
Dividend01.11.
Base currencyEUR
Fund volume75,148,275.05
Fund accounting year01.08. to 31.07.
Day of first issue09/08/2003
Sales authorisationAT,DE,ES,IT
Management fee1.00 % p.a.
Recommended holding periodIII
Investor experienceC - D
Investor risk tolerance6
Contactansprechpartner@sparinvest.com
Share certificates
TypeISINCurrencyNet asset valueInitial charge
A.AT0000637483 EUR92.863.50%
T.AT0000637491 EUR130.613.50%
T.C.AT0000637509 EUR130.613.50%
VT.AT0000A09SJ9 EUR130.613.50%
Performance according to OeKB (Oesterreichische Kontrollbank AG) (in %, p.a.) (Reporting date: 08/31/2010)
Currency1 Year3 Years5 Years10 YearsBeginning of
the year *		Inception
EUR19.755.414.33 7.105.49
* absolute
Annual performance (in %, in fund base currency)
Year20052006200720082009
Performance 1.72 6.36 1.05 -26.50 46.86
Statistical data according to OeKB (3 years)
Sharpe ratio0.19
Volatility (in %)16.22
Benefits for investorBroad diversification in US-American high-yield bonds.
Attractive long-term investment segment.
Attractive annual payouts.
No influence from exchange rates due to currency hedging.
Please noteFalls in prices are possible, especially if risk premiums rise (decline in rating).
Average rating below 'investment grade', thus default risk of credits is immanent.
Medium to high price fluctuations possible.
Recommended length of holding at least 5 years.

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Fund ratios*
Average securities return7.50%
Average time to maturity6.30 Years
Duration4.30 Years
Mod. Duration3.90%
* Explanation of financial terms
Performance
Performance (incl. distribution of dividends) between 09/08/2003 and 08/31/2010
Min / Max performance
From adjusted net asset values between 09/08/2003 and 08/31/2010
Minimumin % p.a.Maximum
Securitytypes
Sectors