| | We are happy to communicate that Parvest STEP 90 Euro’s protection level (or ratchet) has been increased following the increase in over 10% of the fund’s Net Asset Value. Outside of the annual reset of the protection level on December 16th each year, the increase in the protection floor has only occurred 3 times since the launch of the fund in 1999. In fact, since its last anniversary date on December 16th 2008, Parvest STEP 90’s NAV has increased by 10.69%1. Relative performance of Parvest STEP 90 Euro & Dow Jones Euro Stoxx 50 index from 16/12/2003 until 24/07/2009 Protective floor is set to 90% of the last anniversary (16 December) NAV of the fund 
Past performance is not a guide to future performance Source: Bloomberg
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| |  | | Even more spectacular, is this rise in Parvest STEP 90’s NAV has been realised while the underlying DJ Euro Stoxx 50 rose by only +5.52%2. Some facts worth considering:
In 2008 the fund gave a brilliant demonstration of its capacity to absorb market shocks. In fact, during the last reference period3 the fund manager’s action ensured Parvest STEP 90 Euro dropped by only 3.20% whereas the reference index Dow Jones Euro Stoxx 50 lost 44.12%4. Performance of Parvest STEP 90 Euro vs. DJ Euro Stoxx 50 5
- over one year: +12.64% vs -23.67%
- over 3 years: +22.33% vs -27.31%
- over 6 years: +37.25% vs -3.28% | |
Sources :
1 Source: BNP Paribas Asset Management, cumulative performance from 16 December 2008 to 23 July 2009, 2 Source: Bloomberg, Dow Jones Euro Stoxx 50 index from 16 December 2008 to 23 July 2009 3 Source : BNP Paribas Asset Management, cumulative performance from 14 December 2007 to 16 December 2008, Classic shares, net of management fees, in euros, (Past performance is not a guide to future performance) 4 Source : Bloomberg, Dow Jones Euro Stoxx 50 index from 14 December 2007 to 16 December 2008 5 Source: BNP Paribas Asset Management, cumulative performance for Parvest STEP 90 Euro, and Bloomberg for Dow Jones Euro Stoxx 50 index, from 23 July 2008 to 23 July 2009, 21 July 2006 to 23 July 2009 and 23 July 2004 to 23 July 2009, Classic shares, net of management fees, in euros, (Past performance is not a guide to future performance) | |
