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Equity - Emerging Markets > Willerequity Latinamerica p
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Latest NAV (17/06/13) : USD 89.04 Subscription
Chart - Outlook - Performance - Allocation
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Outlook
Fund Manager's Comment

Geneva, 10/06/2013 – There is a possibility that Latin American equities have entered the later stage of the cyclical bull market that started in late 2008. This is a particular phase where a rising number of stocks will lose momentum and, in the same time, a select number of sectors and stocks should continue to deliver absolute performance. We continue to favor companies that are geared towards domestic consumption. That said top-down strategic calls are usually not efficient in the kind of environment that we foresee for the coming months. It will all be about security selection and investment discipline. We believe that one important pillar of our investment methodology will be solicited over the coming months: the one that consists in culling positions that are showing deteriorating fundamental rankings / market action and reinvest proceeds in individual positions with better metrics or keep in cash if there is no replacement candidate.

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Performance
Cumulative
1 month 1 year 3 years 5 years since launch
W-Latinamerica -9.4% 0.1% 0.2% -16.6% 790.4%
MSCI EM Latin America -11.3% -4.6% -15.6% -32.8% 382.2%

Calendar year
Ytd 2013 2012 2011 2010 2009
W-Latinamerica -8.1% 9.6% -17.5% 12.0% 75.8%
MSCI EM Latin America -13.4% 5.4% -21.9% 12.1% 98.1%

Over 36 months
Volatility Annualized Return Sharpe Ratio
W-Latinamerica 5.18 % 0.06 % 0.02
MSCI EM Latin America 6.64 % -5.49 % -0.23

The fund performance data does not take into account any commission or costs incurred upon issue or redemption of units.

Allocation
10 largest holdings
AMBEV PRF ADR 7.4%
AMERICA MOVIL 6.8%
FEMSA 6.0%
ITAUUNIBANCO 4.2%
VALE DO RIO 3.6%
BRADESCO BA 3.1%
PETROBRAS 2.9%
WAL MART 2.9%
CEMEX 2.8%
BRF FOODS 2.5%
Sector Allocation
Cons. staples 22.8%
Financials 22.6%
Materials 12.0%
Telecommunication 8.6%
Industrials, trading 7.6%
Cash 14.8%
Country Allocation
Brazil 42.9%
Mexico 31.2%
U.S.A 3.3%
Chile 2.5%
Venezeuela 2.0%
Cash 14.8%