PARETURN. Pareturn Best Selection. Pareturn Best Selection Side - Pocket. Pareturn Croissance Pareturn Sécurité - Croissance

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1 Société d'investissement à Capital Variable RCS Luxembourg N B Audited Annual Report as at September 30, 2013

2 Pareturn Best Selection Pareturn Best Selection Side - Pocket Pareturn Croissance 2000 Pareturn Sécurité - Croissance Pareturn Acropole Convertibles Asia* Pareturn Cartesio Equity Pareturn Cartesio Income Pareturn Acropole Absolute 1-3** Pareturn Hi Core Ucits Fund Pareturn Primonial Systematic Pareturn Primonial Systematic Plus Pareturn Mutuafondo Global Fixed Income Pareturn Barwon Listed Private Equity*** Pareturn Logiver World Flexible**** Pareturn Global Balanced Unconstrained***** Pareturn Fineco International Fixed Income****** Pareturn CTH Ratio High Yield******* * This Sub-Fund was closed on November 16, ** This Sub-Fund was closed on April, 26, *** This Sub-Fund was launched on November 29, **** This Sub-Fund was launched on October 26, ***** This Sub-Fund was launched on July 12, ****** This Sub-Fund was launched on August 9, ******* This Sub-Fund was launched on July 5, No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current prospectus and relevant Key Investor Information Document ("KIID") which will be accompanied by a copy of the latest annual report and a copy of the latest available semi-annual report, if published after such annual report.

3 Table of Contents Organisation of the Company 5 General Information 7 Investment Managers' report 8 Independent Auditor's Report 24 Statistics 25 Combined Statement of Net Assets as at September 30, Combined Statement of Operations and Changes in Net Assets for the year ended September 30, Pareturn Best Selection Statement of Net Assets as at September 30, Statement of Operations and Changes in Net Assets for the year ended September 30, Statement of Changes in Number of Shares 30 Securities Portfolio as at September 30, Portfolio Breakdowns 32 Top Ten Holdings 32 Pareturn Best Selection Side - Pocket Statement of Net Assets as at September 30, Statement of Operations and Changes in Net Assets for the year ended September 30, Statement of Changes in Number of Shares 33 Securities Portfolio as at September 30, Pareturn Croissance 2000 Statement of Net Assets as at September 30, Statement of Operations and Changes in Net Assets for the year ended September 30, Statement of Changes in Number of Shares 35 Securities Portfolio as at September 30, Financial derivative instruments as at September 30, Portfolio Breakdowns 37 Top Ten Holdings 37 Pareturn Sécurité - Croissance Statement of Net Assets as at September 30, Statement of Operations and Changes in Net Assets for the year ended September 30, Statement of Changes in Number of Shares 38 Securities Portfolio as at September 30, Portfolio Breakdowns 40 Top Ten Holdings 40 Pareturn Acropole Convertibles Asia* Statement of Net Assets as at September 30, Statement of Operations and Changes in Net Assets for the period ended September 30, Statement of Changes in Number of Shares 41 1

4 Table of Contents Pareturn Cartesio Equity Statement of Net Assets as at September 30, Statement of Operations and Changes in Net Assets for the year ended September 30, Statement of Changes in Number of Shares 42 Securities Portfolio as at September 30, Financial derivative instruments as at September 30, Portfolio Breakdowns 44 Top Ten Holdings 44 Pareturn Cartesio Income Statement of Net Assets as at September 30, Statement of Operations and Changes in Net Assets for the year ended September 30, Statement of Changes in Number of Shares 45 Securities Portfolio as at September 30, Financial derivative instruments as at September 30, Portfolio Breakdowns 48 Top Ten Holdings 48 Pareturn Acropole Absolute 1-3** Statement of Net Assets as at September 30, Statement of Operations and Changes in Net Assets for the period ended September 30, Statement of Changes in Number of Shares 49 Pareturn Hi Core Ucits Fund Statement of Net Assets as at September 30, Statement of Operations and Changes in Net Assets for the year ended September 30, Statement of Changes in Number of Shares 50 Securities Portfolio as at September 30, Financial derivative instruments as at September 30, Portfolio Breakdowns 52 Top Ten Holdings 52 Pareturn Primonial Systematic Statement of Net Assets as at September 30, Statement of Operations and Changes in Net Assets for the year ended September 30, Statement of Changes in Number of Shares 53 Securities Portfolio as at September 30, Financial derivative instruments as at September 30, Portfolio Breakdowns 55 Top Ten Holdings 55 Pareturn Primonial Systematic Plus Statement of Net Assets as at September 30, Statement of Operations and Changes in Net Assets for the year ended September 30, Statement of Changes in Number of Shares 56 Securities Portfolio as at September 30, Financial derivative instruments as at September 30, Portfolio Breakdowns 58 Top Ten Holdings 58 2

5 Table of Contents Pareturn Mutuafondo Global Fixed Income Statement of Net Assets as at September 30, Statement of Operations and Changes in Net Assets for the year ended September 30, Statement of Changes in Number of Shares 59 Securities Portfolio as at September 30, Financial derivative instruments as at September 30, Portfolio Breakdowns 61 Top Ten Holdings 61 Pareturn Barwon Listed Private Equity*** Statement of Net Assets as at September 30, Statement of Operations and Changes in Net Assets for the period ended September 30, Statement of Changes in Number of Shares 62 Securities Portfolio as at September 30, Portfolio Breakdowns 64 Top Ten Holdings 64 Pareturn Logiver World Flexible**** Statement of Net Assets as at September 30, Statement of Operations and Changes in Net Assets for the period ended September 30, Statement of Changes in Number of Shares 65 Securities Portfolio as at September 30, Portfolio Breakdowns 67 Top Ten Holdings 67 Pareturn Global Balanced Unconstrained***** Statement of Net Assets as at September 30, Statement of Operations and Changes in Net Assets for the period ended September 30, Statement of Changes in Number of Shares 68 Securities Portfolio as at September 30, Portfolio Breakdowns 70 Top Ten Holdings 70 Pareturn Fineco International Fixed Income****** Statement of Net Assets as at September 30, Statement of Operations and Changes in Net Assets for the period ended September 30, Statement of Changes in Number of Shares 71 Securities Portfolio as at September 30, Financial derivative instruments as at September 30, Portfolio Breakdowns 74 Top Ten Holdings 74 3

6 Table of Contents Pareturn CTH Ratio High Yield******* Statement of Net Assets as at September 30, Statement of Operations and Changes in Net Assets for the period ended September 30, Statement of Changes in Number of Shares 75 Securities Portfolio as at September 30, Financial derivative instruments as at September 30, Portfolio Breakdowns 61 Top Ten Holdings 61 Notes to the Financial Statements 78 4

7 Organisation of the Company Board of Directors Chairman M. Georg LASCH, Head of Client Development BNP Paribas Securities Services - Luxembourg Branch, 33, rue de Gasperich, L-5826 Hesperange Grand Duchy of Luxembourg Directors M. Paulo GUIA, Head of Relationship Management BNP Paribas Securities Services - Luxembourg Branch, 33, rue de Gasperich, L-5826 Hesperange Grand Duchy of Luxembourg M. Yvan de LAURENTIS, Head of Depositary and Fiduciary Services BNP Paribas Securities Services - Luxembourg Branch, 33, rue de Gasperich, L-5826 Hesperange Grand Duchy of Luxembourg Management Company MDO Management Company S.A. 19, rue de Bitbourg L-1273 Luxembourg Grand Duchy of Luxembourg Delegate Investment Advisers - Investment Managers BGL BNP Paribas 50, avenue JF Kennedy L-2951 Luxembourg Grand Duchy of Luxembourg J.P. Morgan International Bank Limited 125 London Wall, London EC2Y 5AJ United Kingdom Massena Partners S.A. 78, avenue Raymond Poincaré F Paris France Acropole A.M , rue Boissière F Paris France Cartesio Inversiones, S.G.I.I.C., S.A. Rubén Darío, 3 E Madrid Spain Hedge Invest SGR. Via Vittor Pisani, 22 I Milano Italy Primonial Asset Management 15-19, avenue de Suffren F Paris France Mutuactivos S.A.U., S.G.I.I.C. Paseo de la Castellana, 33 E Madrid Spain Barwon Investment Partners PTY LTD Level 3, 17, Castlereagh Street Sydney NSW 2000 Australia Logiver S.A. 12, rue Jean Engling L-1466 Luxembourg Grand Duchy of Luxembourg 5

8 Organisation of the Company (continued) Sinergia Advisors 2006 Agencia de Valores S.A. C./ Velázquez, 41-3 C E Madrid Spain Carthesio S.A. Via Ferrucio Pelli 13a CP 5366, CH-6901 Lugano Switzerland GIIC Fineco S.G.I.I.C., S.A. Ibáñez de Bilbao, 9 bajo Bilbao - Bizkaia Spain SUB-INVESTMENT MANAGER (for the Sub-Fund Pareturn Fineco International Fixed Income) Pimco Europe LTD 11 Baker Street London, W1U 3AH United Kingdom Custodian Bank, Financial Agent, Transfer Agent and Delegate Registrar Agent, Domiciliation and Listing Agent BNP Paribas Securities Services - Luxembourg Branch 33, rue de Gasperich, L-5826 Hesperange Grand Duchy of Luxembourg Delegate Administrative Agent BNP Paribas Securities Services - Luxembourg Branch 33, rue de Gasperich, L-5826 Hesperange Grand Duchy of Luxembourg Representative and local Paying Agent in Switzerland BNP Paribas Securities Services - Zurich Branch Selnaustrasse 16 CH Zurich Switzerland Cabinet de révision agréé / Auditor of the Company Deloitte Audit Société à responsabilité limitée 560, rue de Neudorf L-2220 Luxembourg Grand Duchy of Luxembourg Registered office 33, rue de Gasperich L-5826 Hesperange Grand Duchy of Luxembourg 6

9 General Information Incorporation PARETURN (the "Company") was incorporated in Luxembourg on March 25, 1994 for an indefinite period. The minimum capital in the Company is 1,250,000 (one million two hundred and fifty thousand euros). The Company's capital is expressed in and is, at all times, equal to the value of the net assets of all sub-funds of the Company, and is represented by shares with no par value. The amount of capital changes automatically and without any publication in the Trade Register, as would otherwise be necessary for capital increases and decreases in sociétés anonymes (limited companies). The Company's articles of association were published in the Mémorial on April 29, 1994 after being filed, on April 1, 1994, with the Clerk of the District Court of Luxembourg where they may be examined and copies may be obtained against payment of a fee. Following the Extraordinary General Meeting of August 17, 2005, the Company was brought into compliance with the amended law of December 20, 2002 on Undertakings for Collective Investment. These changes were published in the Mémorial C on September 2, Further amendments in the articles of association were published in the Mémorial C on August 13, Since July 1, 2011 the Company is subject to the provisions of Part I of the amended law of December 17, 2010 relating to undertakings for collective investment. The Company is registered on the Luxembourg Trade Register under number B Legal Notification was filed on April 20, 1994 with the Clerk of the District Court of and in Luxembourg where it may be examined and copies may be obtained on request against payment of court fees. Listing No shares of any sub-fund of the Company will be listed on the Luxembourg stock exchange. However, the Company's Board of Directors reserves the right to do so at a later date. Communications and reports to shareholders 1. Periodic reports Audited annual reports for the year ended September 30, unaudited semi-annual reports for the six months ended March 31 and the list of changes made to the composition of the securities portfolio are available to shareholders free of charge from branches of the Custodian Bank, other designated banks and the Company's registered office. These reports cover each of the sub-funds and the assets of the Company as a whole. The financial statements of each sub-fund are drawn up in the currency of the sub-fund but the consolidated accounts are denominated in euro. Annual reports are available within four months of the financial year-end. Semi-annual reports are published within two months of the end of the six-month period they cover. 2. Information to shareholders a) Net asset value The net asset values per share of each sub-fund, category or class of shares of the Company are available on each business day at the registered office of the Company. The Board of Directors may subsequently decide to publish these net asset values in the newspapers of countries where the Company's shares are marketed or sold. They shall moreover be posted each business day on Reuters screen. Furthermore, they can be obtained at the registered office of the Custodian Bank as well as from the banks in charge of financial services. b) Subscription and redemption prices The subscription and redemption prices of shares in each sub-fund, category or class of shares of the Company are published daily at the Custodian Bank and from the banks ensuring of financial services. c) Notifications to shareholders Other information intended for shareholders are published in the Mémorial, Recueil Spécial des Sociétés et Associations in Luxembourg, if such publication is prescribed by the law. They may also be published in a Luxembourg newspaper. The Administrators of PARETURN have decided to adopt the "ALFI Code of Conduct for Luxembourg Investment Funds" during the Board of Directors' dated November 8th,

10 Investment Managers Report Pareturn Best Selection 1/ Market outlook and impact on our the investment strategy The global economy is still looking highly differentiated. The patterns of economic dynamics and policies being pursued by leading central banks vary quite noticeably among the trio of main economic blocs. Although self-sustaining economic growth is gradually taking hold in the US, the Federal Reserve decided to bide its time before instigating its move to rein in its buying of assets so as not to endanger the upswing underway. Deflationary forces still hold Europe in their grip, with the European Central Bank (ECB) braced to step in should growth splutter. As for China, the fears often outlined over the summer about a Credit bubble about to explode are progressively being dispelled thanks to lending in the economy. The world economy still resembles something of a patchwork of economic cycles in the three main economic blocs: the US, Europe and emerging nations. The relevant core scenarios for these regions have been dubbed the 3GDs Great Deleveraging, Great Divergence and Great Dynamics have been further corroborated by leading indicators released recently. We have seen confirmation the US economy is steadily cementing self-sustaining growth estimated at a rate of 3% for 2013 and The Fed is still erring on the side of easing and unlikely to run the risk of tapering its third round of quantitative easing (QE3) before a solid enough bank of evidence has been amassed showing growth to be both sustainable and firmly rooted. Moving to the Eurozone, economic growth is picking up a little speed against the ongoing backdrop of budget austerity. Leading indicators, such as Purchasing Managers Indices (PMIs), have edged back into expansionary territory (crossing above the 50 threshold), but consumer confidence remains lukewarm and industrial output on the slide. The recovery is still fragile, to say the least, with deflationary pressures, exerted through the squeeze on incomes, set to persist. The combination of government austerity medicine and higher taxes are to blame. In South-East Asia and Latin America, the threat of severe balance-of-payments crises seems to be receding. As for China, the Minsky Moment did not occur yet thanks to the fresh waves of credit pumped into the economy. The scenario envisaging 7% growth in China s economy still looks the most plausible. The normalization process in the global economy is spreading through the various asset classes: it started with gold, then equity markets in the developed world, and has now moved on to bond and currency markets. One of the most significant milestones along this long and winding road is the US economy gradually setting down sturdy roots for self-sustaining growth. After witnessing regime changes for gold and equities in 2012, we have seen since spring 2013 US 10-year Treasury yields undergoing a U-turn, climbing from 1.5% to almost 3% in the space of a month and a half before drifting back to 2.65%. By osmosis, yields on other government bonds, such as German Bunds with the same maturities, also moved up. The process of the global economy reverting to a more normalized regime has been working against sovereign debt. In Pareturn Best Selection, our exposure to the bond market has been strictly limited to the credit market (Investment grade, High Yield and Convertible bonds) with no exposure to government bonds. This shift from a crisis to a fundamentals-geared regime has also brought about a clear-cut change in the way forex markets have been behaving since the end of Up to late spring 2013, the US dollar had been rather steady against the euro, but its downtrend has accelerated during Q2 and Q3 (2013) paralleling the shifting rates of expansion affecting the relative sizes of the Fed s and ECB s balance sheets. In Pareturn Best Selection, our exposure to the dollar has remained roughly stable at around 20% of the compartment. We see that exposure as a protection in case of an unexpected return to a crisis regime. Normalization of economic regimes has provided significant support for companies profits, feeding through, by extension, into equity markets in the developed world. This particular asset class can be expected to deliver some of the most attractive returns over the coming decade. Equity markets in developed world are still in pretty good shape. Shares traded on stock exchanges throughout developed nations have performed particularly impressively since September Our exposure to stocks has been increased from 35.5% to 47% between the start and the end of the fiscal year. Although one-third of the rally on the Tokyo stock market can be attributed to upgrades to earnings expectations during the course of the year, the same is not true for Wall Street, where profit forecasts for 2013 have been flat, or, more pertinently, Europe where earnings projections have been downgraded by 10%, quashing the prospect of any increase in profits after the declining earnings reported for Despite this, Europe is heading for a turn for the better: fewer and fewer earnings forecasts for European companies are being downgraded, providing a key driver to fuel the market rally in the longer run. During autumn 2012 and January 2013, we have liquidated all our exposure to gold mines. Unfortunately, we have had no exposure to the Japanese stock market because of the clearly excessive debt to GDP ratio of the country. At the start of 2013, we have strongly reduced our exposure to emerging markets. During the course of the year, we have slightly reduced our exposure to US stock market in favor of European markets. 8

11 Investment Managers Report (continued) 2/ Stock markets and Sub-Fund Performance From September 28th 2012 to September 27 th 2013 to main stock markets have performed as follows (Cumulative Total Net Return in ) : - Cac % - Stoxx Europe % - MSCI World 15.97% - MSCI Emerging Markets -2.45% - S&P % - Topix 26.82% On the same period, Pareturn Best Selection returned +8.91% (institutional share) 3/ Global Asset Allocation between the two periods As of September 28th 2012 (in % of TNA) Asset Allocation % Equities 35 Gold mines 5 Hedge funds 9 Cash and equivalent 15 Bonds 36 Stock Geographical Allocation % North America 37 Asian without Japan 10 Emerging without Asia 21 Europe 31 Japan 1 Currencies allocation % USD JPY 1 Others 19 As of September 27th 2013 (in % of TNA) Asset Allocation % Equities 47 Gold mines 0 Hedge funds 0 Cash and equivalent 21 Bonds 32 9

12 Investment Managers Report (continued) Stock Geographical Allocation % North America 15 Asian without Japan 2 Emerging without Asia 4 Europe 25 Japan 0 Currencies allocation % USD JPY 0 Others 7 4/ Main transactions during the period Date Financial Instrument Opération Quantity November-12 Laffitte Risk Arbitrage Ucits Sell 105 December-12 Renaissance Europe Buy 9200 January-13 Brevan Howard Macro Forex B Sell December-12 Aviva Investors Monétaire Sell 444 December-12 BNP Paribas Mois ISR I Class C Buy 39 January-13 BNP Paribas Cash Invest Buy 600 January-13 Centifolia C Buy 3800 January-13 EdR US Value & Yield CH Buy 7100 January-13 EdR US Value & Yield I Sell 5450 January-13 Robeco US Premium Equities I USD Buy 5000 January-13 BNP Paribas Cash Invest Sell 600 February-13 Morgan Stanley Global Brands I USD Sell February-13 Morgan Stanley Global Brands Z USD Buy April-13 EdR US Value & Yield CH Sell April-13 EdR US Value & Yield I Buy May-13 Morgan Stanley Global Brands Z USD Sell May-13 Amundi Treso 3 mois Buy 150 May-13 M&G Global Dividend I Sell May-13 Morgan Stanley Global Brands Z USD Sell May-13 Amundi Treso Eonia Buy 5 June-13 Magellan Sell 525 June-13 M&G Global Dividend I Buy June-13 Morgan Stanley Global Brands Z USD Buy Pareturn Croissance 2000 En 2013, les marchés ont devancé la réalité et marquaient une pause en fin d année. Après une récession, les marchés commencent souvent par rebondir, suivis par les bénéfices puis la croissance économique; cela n est pas exceptionnel. Mais comme l indique une note que nous avons publiée l année dernière, l écart actuel entre les marchés et la situation économique/des bénéfices est plus important que par le passé. Pour que la hausse des marchés observée jusqu ici soit viable et solide, les bénéfices et la croissance économique devront combler l écart avec les anticipations du marché. Les suites de cette Grande Course seront à notre avis le moteur des rendements des marchés en

13 Investment Managers Report (continued) En 2013, le PIB et les bénéfices ont tous deux enregistré une faible croissance, et la dynamique des bonnes surprises économiques s est étiolée. Les actions ont rebondi et les multiples P/E sont revenus à leurs moyennes historiques à long terme. Nombre d autres indicateurs ont également retrouvé leurs niveaux d avant la crise. La politique monétaire accommodante quasiment généralisée a constitué un facteur majeur du rebond des actions. L un des objectifs des faibles taux directeurs était d accélérer la hausse des prix des actifs financiers après la récession, et il a été réalisé. Les banques centrales ne modifieront probablement pas beaucoup leurs taux directeurs en 2014, hormis dans quelques régions telles que la Chine. Mais à ce stade, une année supplémentaire d argent bon marché ne suffira sans doute pas pour alimenter une nouvelle hausse des marchés. Des améliorations concrètes de la conjoncture économique et des bénéfices seront nécessaires. Les indicateurs manufacturiers sont utiles pour prévoir la croissance économique et celle des bénéfices. Aux États-Unis, leur récente augmentation nous incite à anticiper un rebond des bénéfices de 8%-10% en En Europe, les indicateurs avancés ont également enregistré une hausse, mais moins importante. Nous n anticipons pas de rebond marqué des bénéfices en Europe; la flambée des bénéfices de la période était une conséquence temporaire du boom de la consommation des pays d Europe du Sud, lequel était voué à l échec. Toutefois, la zone euro émerge d une récession et le secteur des entreprises renoue avec la croissance corollaire des bénéfices. Les enquêtes de conjoncture montrent également que la situation mondiale se normalise progressivement. La récession mondiale de , conjuguée à la crise de la dette européenne deux années plus tard, a eu des conséquences néfastes. Fin 2013, les indicateurs avancés laissaient augurer un retour de la croissance mondiale à 3,5 % en 2014, et une augmentation du nombre de pays en expansion. Un assouplissement de l austérité budgétaire devrait avoir des effets favorables ; dans les pays développés, le frein budgétaire devrait être diminué à peu près par deux en 2014 comparativement à 2012 et Après la flambée des actions depuis le printemps 2009, nous anticipons un retour progressif à une hausse des marchés actions à un chiffre, proche de 10%, et à une volatilité des marchés à deux chiffres. Quant aux obligations, nous sortons d une période durant laquelle les rendements sont tombés au niveau, voire en deçà du taux d inflation sous l effet des politiques des banques centrales ; les taux d intérêt à long terme amorcent maintenant une hausse modeste. En conséquence, 2014 paraît être à nouveau une année durant laquelle la contribution aux portefeuilles des liquidités et des obligations peu risquées sera faible. Le cas échéant, les investisseurs auraient intérêt, à maintenir en 2014 la plupart des allocations qui ont produit des résultats positifs depuis la fin de la récession mondiale en Indices de marché et indices composites de référence des politiques d investissement Barclays T-Bill 0-3 Months 0.19% Barclays Global Aggregate hdg 0.26% MSCI World in Local 22.34% MSCI World after tax 14.26% CAC % Allocation d actifs Monétaire et obligataire 37.8% Actions 60.2% Placements alternatifs 2.0% Allocation devises 79.8% USD 11.3% ASI 5.1% EMF 3.8% Pareturn Sécurité - Croissance Global manufacturing surveys have improved further. Economic surprise indices (actual figures vs consensus) have stabilized at positive levels in the U.S., improved in Europe and China while falling back somewhat in most other emerging markets U.S.. Growth should accelerate next year and be above-trend. It will be support by private consumption, business and a continuation of the housing recovery. This is conditional on the assumption that there will be a positive outcome to the fiscal negotiations in the U.S.. Since 1st March, the US fiscal path (automatic tax and spending adjustments) has remained quite uncertain and this has weighed on growth ( fiscal cliff ). Reduced uncertainty after such a deal and continued support from the U.S. central bank via low interest rates has been supportive for both business and residential investments. Inflation remains subdued in most developed countries as capacity utilization rates remain very low while employment dynamics suggest little bargaining power for employees. The rise in commodity prices about a year ago has pushed inflation marginally higher, but after a stabilization or fall back of those prices inflation is also back to lower levels. Inflation is expected to be below 2% in developed economies both in 2013 and in

14 Investment Managers Report (continued) On the equity side, the combination of well-oriented earnings, reasonable absolute valuations and cheap relative valuations, and moderate investor exposure to equities leads to the conclusion that the main market trend is up. The path is unlikely to unwind in a straight line however (budget and debt issues in the US, political and growth issues in Europe). European and US stocks remain favorites. We like some Emerging Markets for attractive absolute and relative valuations. The best valuation is in Asia ex-japan. We keep a negative stance on bonds. BNP Paribas preference is for corporate high yield and European convertible bonds. We keep a positive view for selected Emerging Market bonds in local currencies. For hard currency bonds, we favor corporate bonds of EM in hard currency. Within the portfolio, we tried to reduce the volatility by covering the equity part during the month of May and as well at the end of August till now. As numbers outcomes could bring volatility in the market after the market focus on German election. We believe that uncertainties could arrive from European debts in Greece and Portugal or as well on the vote from the German court on the OMT. Portfolio performance from end September 2012 until end September 2013 is 5.53 %. Pareturn Acropole Convertibles Asia and Pareturn Acropole Absolute 1-3 Le compartiment Pareturn Acropole Absolut 1-3 réalise sur la période qui court du 01/10/2012 au 26/04/2013 une performance de 1.7%. Le compartiment a profité de la continuation du mouvement de resserrement des spreads de crédit et de la hausse des marchés actions suite au discours de Mario Draghi au cours de l'été. Notre benchmark, le Barclays Aggregate 1-3, réalise 2.4% de performance sur la même période. Notre contre-performance par rapport au benchmark est majoritairement attribuable au poids considérable des bancaires dans celui ci, ce secteur est particulièrement sur performant pendant la période, et secteur sur lequel nous n'étions que peu investi. Les spreads bancaires et plus encore ceux des T1 et T2 se sont resserrés violemment, saluant les annonces de soutien et d'apport de liquidité de la BCE. Le compartiment a été liquidé le 26 avril 2013 suite au rachat de la société de gestion Acropole AM par Financière de l'echiquier, cette dernière ayant souhaité rationaliser la gamme de fonds gérés. Commentaire Pareturn Acropole Convertibles Asia Le compartiment Pareturn Acropole Convertibles Asia, a été dissout en date du 16 novembre 2012 sur décision de la société de gestion faisant suite au manque de convictions sur la zone. La performance sur la période se terminant à la date de liquidation est de 0.98%. Pareturn Cartesio Equity Pareturn Carteso Equity is up 16.2% in the year to September with a volatility during this period of 9.3%. The Sub-Fund s benchmark (MSCI Pan Euro) has returned in this period a total return of 17.7% with a volatility of 12.3%. The Sub-Fund replicates the investment strategy of Cartesio Y (Spanish domiciled fund) which since inception (March 2004) has returned 6.13% p.a. with a volatility of 10% against 6.02% p.a. total return for the benchmark with a volatility of 20%. The Sub-Fund therefore has outperformed its benchmark since inception in both absolute and risk adjusted terms. During the period under review the equity exposure of the Sub-Fund has averaged around 80%, closing at 75%. The portfolio has outperformed significantly due to its lack of exposure to energy stocks, commodities and staples and the strong performance from a variety of names and sectors, many of them out of favour and undervalued but which made a strong come back as the markets turned more pro-european. Exposure to US names was reduced during the year whilst exposure to European financials, utilities and telecoms rose. We do not think the revival of European equities is a sign of irrational exuberance. It is the normalization in sentiment, valuation and flows from extremely negative levels which clearly troughed in the summer of At the same time the European economy is giving clear signals of a tentative recovery whilst the structural and fiscal reforms are beginning to bear fruit. To make matters even more interesting, European telecoms and utilities, two sectors penalized by very negative regulatory and market dynamics, are changing for the better. Notwithstanding all this optimism, given the strong absolute and relative performance of the Sub-Fund, we have chosen to rein in equity exposure at around 75% with some protection on the side. Pareturn Cartesio Income Pareturn Carteso Income is up 9.1% in the year to September with a volatility during this period of 2.5%. The Sub-Fund s benchmark (Eurozone Long Term Government Bonds) has returned in this period 5.5% with a volatility of 3.8%. The Sub-Fund replicates the investment strategy of Cartesio X (Spanish domiciled fund) which since inception (March 2004) has returned 5.14% p.a. with a volatility of 3.1% against 4.76% p.a. for the benchmark with a volatility of 4.7%. The Sub-Fund therefore has outperformed its benchmark since inception in both absolute and risk adjusted terms. During the period under review the equity exposure of the Sub-Fund has risen from 13% to 20% whilst bond exposure has remained steady at around 50%. The contribution to the Sub-Fund s strong absolute and relative performance has been driven by both the equity and bond portfolios. In the former, this performance is explained by the lack of exposure to energy stocks, commodities and staples 12

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