CPR Invest Global Gold Mines

1. An interesting opportunity to benefit from the gold market dynamics

This asset class offers a real source of diversification gold mines are among the less correlated assets to global equities

2. A relevant investment theme in the current environment

The gold attractiveness is reinforced in a still favourable macro and micro environment the ongoing low level of real yields, the renewal of inflationary tensions in the United States and some political instability expected are supporting components for this investment theme

3. A long experience in this asset class

A management team is specifically dedicated to global resources, benefitting from an in depth knowledge when it comes to worldwide mining companies Very regular meetings with business managers are key elements in the management of gold related funds Amundi’s expertise in this area dates back to the 1980 ’s

The Compartment’s objective is to outperform its reference indicator over a long term period (minimum 5 years) by investing in international equities mainly involved in the mining of gold or other precious metals and minerals or other related mining activities.

The management team adopts an approach mainly based on a dynamic geographical and sector allocation and an active stock selection, exploiting its privileged access to the company managers.

The investment process takes place in two steps:

• A top down analysis of the gold market (macro economic environment, geopolitical situation, currencies, supply demand evolution) in order to identify the factors favouring the increase of gold and gold related industry
• A bottom up stock selection through a fundamental approach, supported by an analysis of the growth perspectives for production reserves and the financial profitability and solidity Besides, industry consolidation perspectives, technical and environmental problematics are also studied.

 The final portfolio comprises 30 to 50 stocks.