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ESPA PORTFOLIO TARGETBalanced fund of funds, total return concept (Up to 50% equities possible)Status at 08/31/2010
Investment features
ESPA PORTFOLIO TARGET is an absolute-return fund and invests 0-50% of assets under management in equities, 30-100% in bonds, and 0-20% in alternative investments. The tactical asset allocation is geared towards the optimisation of the risk/return profile. The long-term target return rate is the 3M Euribor +2% to 4% p.a. The value at risk over the calendar year is -5%. The fund also aims to ensure a value retention rate of 105% throughout a period of 5 years at the reference date of 1 March each year. There is no formal guarantee for the value retention targets and the maximum expected losses; calculations are based on a 95% probability rate.
Hinweis der FMAFinancial Market Authority warning: ESPA PORTFOLIO TARGET may invest up to 20% of its assets in alternative investments pursuant to § 20a paragraph 1 line 3 InvFG 1993, which harbour a significantly higher level of risk than traditional forms of investment. Especially with such investments, investors may incur losses up to the full amount of the invested capital.
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 volume201,626,407.96
Fund accounting year01.03. to 28.02.
Day of first issue03/01/2004
Sales authorisationAT
Management fee0.84 % p.a.
Recommended holding periodIII
Investor experienceC - D
Investor risk tolerance5
Contactansprechpartner@sparinvest.com
Share certificates
TypeISINCurrencyNet asset valueInitial charge
A.AT0000629456 EUR105.513.50%
T.AT0000629464 EUR122.533.50%
T.C.AT0000629472 EUR122.533.50%
Performance according to OeKB (Oesterreichische Kontrollbank AG) (in %, p.a.) (Reporting date: 08/31/2010)
Currency1 Year3 Years5 Years10 YearsBeginning of
the year *		Inception
EUR2.15-0.533.39 0.533.74
* absolute
Annual performance (in %, in fund base currency)
Year20052006200720082009
Performance 14.70 8.76 4.39 -7.65 4.01
Statistical data according to OeKB (3 years)
Sharpe ratio-0.57
Volatility (in %)5.17
Benefits for investorVariable proportion of equities
Capital preservation concept
Equities, bonds, property, alternative investments concentrated in one fund
Investor can buy or sell at any time at the current issue price/net asset value
Also suitable for regular saving with small amounts (Capitalplan)
Please noteFund assets can be subject to price fluctuations.
Due to global investment, foreign currency fluctuations affect the fund's performance.
Predefined value targets for 2011-2013 can expectedly not be achieved.
For the time being, the fund contains no equities.
Recommended length of holding at least 5 years.

Performance
Performance (incl. distribution of dividends) between 03/01/2004 and 08/31/2010
Min / Max performance
From adjusted net asset values between 03/01/2004 and 08/31/2010
Minimumin % p.a.Maximum
Breakdown of Assets