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ESPA PORTFOLIO TARGET 4Mixed fund of funds with value-preservation concept.Status at 08/31/2010
Investment features
ESPA PORTFOLIO TARGET 4 invests mainly in near-money market funds and bond funds as well as up to 30% in equity funds and abt. 5% in alternative investments (incl. commodity funds). The fund is managed following an "absolute return" strategy. The objective is to achieve positive returns (abt. 4-6 % p.a.) with low volatility an a constant basis. Foreign currencies are usually hedged. The fund aims to preserve capital (with no formal guarantee) of 104% within 4 years, the reference date being set each year at 1st March. The fund is managed within the allowed bandwidths of the Austrian Pension Fund Law.
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 volume78,323,785.10
Fund accounting year01.03. to 28.02.
Day of first issue03/01/2007
Sales authorisationAT
Management fee0.30 % p.a.
Recommended holding periodII
Investor experienceA - B
Investor risk tolerance4
Contactansprechpartner@sparinvest.com
Share certificates
TypeISINCurrencyNet asset valueInitial charge
A.AT0000A043V8 EUR94.023.50%
T.AT0000A043W6 EUR100.263.50%
T.C.AT0000A045N0 EUR100.263.50%
Performance according to OeKB (Oesterreichische Kontrollbank AG) (in %, p.a.) (Reporting date: 08/31/2010)
Currency1 Year3 Years5 Years10 YearsBeginning of
the year *		Inception
EUR1.740.66  1.170.61
* absolute
Annual performance (in %, in fund base currency)
Year200720082009
Performance   0.04 -1.81 2.80
Statistical data according to OeKB (3 years)
Sharpe ratio-0.65
Volatility (in %)2.68
Benefits for investorValue preservation concept
Variable stock proportion
Stocks, bonds, property, alternative investments concentrated within a single fund
Possible to enter or leave at any time, at the current issue/surrender price
Also suitable for regular saving with small amounts (capital plan)
Please noteFund assets (especially equities) can be subject to price fluctuations.
Recommended length of holding at least 4 years.
For the time being, the fund contains no equities.
Predefined value targets for 2011and 2012 can expectedly not be achieved due to the currently low yield levels.
Total coverage regarding Austrian pension liabilities: EUR 103,5 per share.
Top positions
SecurityShare of fund assets
ESPA CASH SYSTEM-PLUS T42.11%
ESPA BOND SYSTEM T13.66%
NRW.BANK MTI 06/116.58%
KOMM.KR AUST 09/116.53%
KOMM.KR AUST 09/116.49%
Performance
Performance (incl. distribution of dividends) between 03/01/2007 and 08/31/2010
Min / Max performance
From adjusted net asset values between 03/01/2007 and 08/31/2010
Minimumin % p.a.Maximum
Breakdown of Assets