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ESPA CASH EMERGING-MARKETSNear money market fund in emerging marketsStatus at 08/31/2010
Investment features
The ESPA CASH EMERGING-MARKETS fund invests in liquid local currency markets in Central and Eastern Europe, Latin America, Asia, Africa and the Middle East. Investments are made in markets with high interest rates and/or markets whose currencies offer upside potential vis-à-vis USD. The objective is to exploit the higher local interest rates in order to achieve a higher return than the euro money market.
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 volume85,691,966.91
Fund accounting year01.08. to 31.07.
Day of first issue11/21/2005
Sales authorisationAT,CH,DE,ES,HU,IT,SI,SK
Management fee0.72 % p.a.
Recommended holding periodIII
Investor experienceC
Investor risk tolerance4
Contactansprechpartner@sparinvest.com
Share certificates
TypeISINCurrencyNet asset valueInitial charge
A.AT0000500921 EUR91.961.50%
T.AT0000500939 EUR113.291.50%
T.C.AT0000500962 EUR113.291.50%
VT.AT0000A00GG9 HUF33,930.071.50%
VT.AT0000A01294 CZK2,966.451.50%
VT.AT0000500947 EUR119.481.50%
Performance according to OeKB (Oesterreichische Kontrollbank AG) (in %, p.a.) (Reporting date: 08/31/2010)
Currency1 Year3 Years5 Years10 YearsBeginning of
the year *		Inception
CZK3.95-2.38  -3.380.53
EUR6.281.19  2.573.80
HUF11.174.89  6.785.65
* absolute
Annual performance (in %, in fund base currency)
Year20052006200720082009
Performance 1.60 7.06 14.79 -17.59 13.26
Statistical data according to OeKB (3 years)
Sharpe ratio-0.07
Volatility (in %)16.78
Benefits for investorGlobal diversification in promising markets.
Investment in markets with high interest rates.
Access to markets, which usually remain closed to small investors.
Potential for currency gains.
High diversification benefits.


Please noteExchange rate fluctuations can affect the fund's performance.
Medium to high price fluctuations are possible.
Recommended length of holding at least 5 years.
Top positions
SecurityShare of fund assets
DT.TELEKOM MTN 08/13 KC4.03%
COBA LOAN PART.04/113.83%
E.ON INTL FIN. 08/13 MTN3.41%
VODAFONE GRP 08/13 FLR3.05%
TURKEY 08/132.85%
Fund ratios*
Average securities return5.99%
Average time to maturity1.30 Years
Duration0.93 Year
Mod. Duration0.89%
* Explanation of financial terms
Performance
Performance (incl. distribution of dividends) between 11/21/2005 and 08/31/2010
Min / Max performance
From adjusted net asset values between 11/21/2005 and 08/31/2010
Minimumin % p.a.Maximum
Currencies