Les faits marquants du mois - Funds People

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Les faits marquants du mois - Funds People

La Française des Placements is a company of La Française Group – www.lafrancaise-group.com

La Française des Placements: SAS with share capital of €17,696,676 - R.C.S. PARIS B 314 024 019 - 173, bd Haussmann - 75008 PARIS - Portfolio Management Company - AMF authorisation No. GP 97-076 (www.amf-france.org)


Economic data were mixed in the United States and Q1 2013

growth was revised downward to 1.8% annualised.

In the euro area, the first signs of a cyclical improvement have

included an increase in the PMI and a slight rebound in

inflation.

With an upward revision to GDP and a clear improvement in the

Tankan poll, Japan is the developed country that offers the best

short-term economic outlook.

However, concerns about emerging market growth prospects

have grown, with China leading the way; the Bank of China

remains very worried about controlling liquidity despite tension

on the interbank market.

The BOJ opted for the status quo in June, but it was unable to

quell market volatility.

Taken together, the markets, and particularly government

bonds, were thrown into disorder by the Fed's unambiguous

message preparing for a slowdown in quantitative easing in the

medium term, while striking a confident tone on the economic

outlook: FMOC officials' attempts to calm markets in the wake

of the announcement were in vain.

The ECB has reiterated its accommodative stance.

La Française des Placements is a company of the La Française Group – www.lafrancaise-group.com

La Française des Placements: SAS with share capital of €17,696,676 - R.C.S. PARIS B 314 024 019 - 173, bd Haussmann - 75008 PARIS - Portfolio Management Company - AMF authorisation No. GP 97-076 (www.amf-france.org)


* The offcial names of the funds are: LFP Trésorerie (LFP Money Market), LFP Europe Impact Emergent (LFP EM Impact

Europe), LFP Obligations Emergentes (LFP Emerging Bonds), LFP Premium Emergents (LFP Emerging Premium).

The information contained in this document should not be relied upon as a basis for investment decisions, nor does it

constitute an offer or solicitation to buy or sell securities. The content expressed reflects the opinion of their author at the

time of publication and may be subject to change. Under no circumstances may LA FRANÇAISE AM be held liable for

any direct or indirect losses resulting from the use of this document or the information contained therein. This document

may not be reproduced, transmitted or distributed to third parties, in whole or in part, without the prior written consent of

LA FRANÇAISE AM.

La Française des Placements is a company of La Française Group – www.lafrancaise-group.com

La Française des Placements: SAS with share capital of €17,696,676 - R.C.S. PARIS B 314 024 019 - 173, bd Haussmann - 75008 PARIS - Portfolio Management Company - AMF authorisation No. GP 97-076 (www.amf-france.org)


Sent to press on 05 July 2013

July/August 2013

Our perspective

Despite excellent resilience from the US stock market, European equities underwent a sharp

correction in the run-up to the summer holidays. The DJ Stoxx Europe lost 11.25% at the worst of the

drop between 22 May and 24 June. The Fed's statement confirming it will taper QE and more

pronounced worries on EMs (Chinese growth, social unrest in Brazil and Turkey) overshadowed

strong optimism built on improvement in the United States and Shinzo Abe's "three arrow" strategy.

On the micro-economic front, revisions to 2013 corporate earnings have stabilised, however.

Estimates of 2013 P/E ratios are down, which is not, however, a signal to buy, on account of

previously-mentioned EM fears, which have cast a doubt on the biggest growth driver in the past few

months. What about Europe? The new signs are mostly positive, with an accommodative ECB and a

few signs that the business cycle is picking up, but not enough to send a strong "buy" signal to the

markets. The continent is politically handcuffed by German elections at year's end, and no serious

announcements are expected until the outcome has been determined. Given these uncertainties, we

are opting for a neutral position on the markets.

Our investment strategy

We reduced our sector bets and adopted a more neutral stance amid a chaotic market. However, we

believe in agri-business companies' ability to persevere and generate good results. In particular, we are

favouring breweries and distillers for three reasons: 1) sales growth (volume, prices, mix), 2) resilient

margins and 3) cheap and accretive M&A. Luxury continues to be an attractive sector due to valuations,

which have returned to historically-low levels, and the fact that firms still have considerable leverage on

margins. Lastly, the healthcare sector has suffered from the divergent exchange rates but the paradigm

shifts from recent months seem to be valid still: patents expiring, improvement in EM health policies and

promotion of promising new vaccines.

Although we favour the aforementioned segments, we will be particularly attentive to Q2 earnings

reports, especially guidance. In fact, amid a thick macro-economic fog, visibility could be provided by

businesses' view of what is happening 'on the ground', which could give us a better idea of the solidity of

H2 global growth.

Our focus of the month: resurging volatility

Given the sharp correction in the European Volatility indices between 30 April and 28 June

equity markets, the European volatility index Europe (red, left-hand scale) and US (blue, right-hand

scale)

rebounded substantially, jumping from 16 to 25

between 22 May and 24 June. More

23

19

Volatilité Europe (Ech. Gauche)

surprisingly, the US market's volatility nearly

22

18

Volatilité USA (Ech. Droite)

doubled from 12.5 to 22.5 over the same 21

17

period while the Dow Jones gave up less than

5%. We are interpreting this major rebound in

20

19

16

15

volatility as the reflection of market 18

14

nervousness about QE tapering in the US,

Chinese growth prospects, political responses

17

16

13

12

in Brazil and Turkey to their citizens' demands

30/4 7/5 14/5 21/5 28/5 4/6 11/6

and Egypt's ability to build a stable democratic model.

Return to Table of Contents

The performances of our flagship funds can be found in the summary table.

La Française des Placements is a company of the La Française Group – www.lafrancaise-group.com

La Française des Placements: SAS with share capital of €17,696,676 - R.C.S. PARIS B 314 024 019 - 173, bd Haussmann - 75008 PARIS - Portfolio Management Company - AMF authorisation No. GP 97-076 (www.amf-france.org)


Sent to press on July 5, 2013

July/August 2013

Our perspective

Data were mixed in emerging markets and growth prospects have softened. Inflation remains under

control in the majority of emerging countries, benefiting from a drop in commodity prices, among

other factors. The central banks of emerging markets continue to be active as they strive to stimulate

growth (key rates were lowered in Hungary, Poland and Thailand this month) and to fight against

inflationary risk (since the beginning of the year: increase in interest rates in Brazil and Indonesia).

Moreover, many of them have intervened on the markets to maintain the stability of their currencies.

In fact, worries about a premature reduction in the Fed's accommodative monetary policy joined

large-scale outflows of capital from EM portfolios. While EM interest rates are under pressure

following the repricing of the US yield curve, the financial situation of EMs continues to be more solid

than their developed counterparts.

Our investment strategy

The correction on EM assets, which began in May, gathered strength in June (EM equities in dollars:

-6.8%, hedged, local EM sovereign debt: -4.1% and external sovereign debt in $: -4.9%). In the early

part of the month, we maintained our hedges on emerging forex and reduced our exposure on EM

equities and debt. Following the repricing of the US yield curve and easing tension in China (where

Beijing insisted that all means would be used to bolster the interbank market if necessary), we

decided to gradually increase our positions on emerging debt, EM equities and remove some of our

forex hedges. However, it is too early to put risk budgets back to maximum. In addition, we wish to

keep a cash buffer in portfolios as markets are running short on liquidity.

This month's country focus: Brazil

Economic growth in the Philippines seems unstoppable. Driven by investments and domestic

consumption, it is expected to be one of the highest in emerging markets this year. At the same time,

inflation is not a concern for the time being. For these reason, the central bank is expected to leave

its key rates unchanged in the coming months. Elections in May reinforced the incumbent, which

creates a positive dynamic for continuing the country's reforms. The rating agencies have taken

notice, as well, of the Philippines' good economic performance, upgrading the sovereign rating and

giving it "investment grade" status (2 May for S&P and 27/3 for Fitch).

Philippines (BBB-; Ba1)

Macro economic items 2013

GDP (growth) +6.6%

CPI +3.5%

Debt/GDP 43%

Budget balance -2.1%

Current account balance +2.2%

Currency reserves

$90bn

External debt as a % of exports 83%

Return to Table of Contents

The performances of our flagship funds can be found in the summary table.

La Française des Placements is a company of the La Française Group – www.lafrancaise-group.com

La Française des Placements: SAS with share capital of €17,696,676 - R.C.S. PARIS B 314 024 019 - 173, bd Haussmann - 75008 PARIS - Portfolio Management Company - AMF authorisation No. GP 97-076 - (www.amf-france.org)


Sent to press on 05 July 2013

July-August 2013

Our perspective

The anticipation of the tapering of US quantitative easing seems to us about fully priced in to US yield

curves in the short run (normalisation of real interest rates that rose from -0.75% to 0.50% for the

10Y, i.e. forward real rates in line with expected US growth rates).

Although the US rate increase factors in the news of better American growth in the future, the knockon

effects for the rest of the world, and notably for peripheral countries of the euro area, seem

destined to be limited.

Given that growth prospects and fiscal austerity remain in the headlines, there is no reason to think

the new financial environment will spur the ECB to change tack on its monetary policy.

Our investment strategy

We are pouncing on the contagion of higher US interest rates to the euro area by adding duration to

the portfolios via German securities only.

We are growing more cautious on peripheral countries. Due to the yield curves' increases, which

were mirror images of each other, we are reducing the risk and maturity of portfolios' securities in

order to capitalise on the stabilising role played by monetary policy.

We are gradually returning to index-linked securities, which were down sharply last month due to

both lower inflation outlooks and a resurgence in risk aversion. These positions were primarily

reinforced via French government debt linked to domestic inflation.

On forex, we are maintaining a long position on the dollar due to robust US growth and as a hedge

against further EM outflows. Our target is $1.28 vs. the euro before we start to take profits.

Focus of the month

Higher interest rates, which followed in the wake

of the Fed Chairman's statement, are justified by

the restoration of a 'long premium', which had

been non-existent due to the central bank's

quantitative easing programme. From details

provided by Kocherlakota, Chairman of the

Federal Reserve Bank of Minneapolis, the key

rate won't be increased until the unemployment

rate dips below 5.5%. This is not expected to

occur before mid-2016; therefore, we can

estimate, based on anticipated interest rates, that

this risk premium should return to around 1%,

which is in line with historical averages demanded

by the market and a normal yield curve (avg.

spread 10Y-2Y).

Against this backdrop, the bond market has found

some value with which to reward investors willing

to take on a dose of volatility.

Anticipated 3M EUR/USD in Q2 2016

Return to Table of Contents

The performances of our flagship funds can be found in the summary table.

La Française des Placements is a company of the La Française Group – www.lafrancaise-group.com

La Française des Placements: SAS with share capital of €17,696,676 - R.C.S. PARIS B 314 024 019 - 173, bd Haussmann - 75008 PARIS - Portfolio Management Company - AMF authorisation No. GP 97-076 (www.amf-france.org)


Sent to press on 05 July 2013

July/August 2013

Our perspective

Our investment strategy

This month's focus

The month of June was volatile across all markets, especially the corporate bond market. At the peak

(around 24 June) of fluctuation on the yield curve, credit spreads widened to 15bp on the Iboxx indices,

and 7bp and 34bp for the non-financial core/peripheral part, respectively. The widening erased nearly

all the aggregate tightening since the beginning of the year on the Investment Grade segment and has

plunged high yield into the negative.

Spread widening was not uniform on high yield. In fact, it had a greater impact on companies whose

valuations and fundamentals have become significantly disconnected (particularly B and BB issuers of

core countries). The repricing on the latter provided an opportunity to seize investment opportunities.

Convertible bonds showed good resiliency in this market and did not incur any liquidity stress, which

underscores our mostly positive view on the asset class.

News out of Britain on state-held banks (RBS and Lloyds) was a source of stress, especially for

subordinated debt as splitting the banks into "good" and "bad banks" could heighten risks considerably

for debtholders and confirms our cautious position on subordinated debt.

Given market jitters, the primary market was only open to quality issuers, with no premium in terms of

valuation. There was a dearth of issuance from financial firms. When the market re-opens, companies

will likely offer attractive premiums, which should be favourable.

With a decline in liquidity, this summer season could create volatility, although we remain confident on

the core fixed income segment, which supports the corporate bond market.

After this difficult month, plagued mostly by outflows, opportunities are presenting themselves. The

increase in yields and spreads has made non-financial core bonds more attractive. In addition, we are

increasing the dollar-denominated high yield segment, given the level of US spreads.

The spread between CDS/debt widened on account of the stress and some derivatives now offer a heavy

discount to investors willing to take on issuer risk.

We continue to reduce significantly our positions on RBS and Lloyds, and in Tier 1 banking debt in

general.

The convertible bond universe has considerable exposure to Portugal. We are limiting our peripheral

exposure, particularly in this country.

Cautious on Tier 1: Basel III standards and

S&P's changes to the rating methodology it

applies to banks could in fact allow buybacks

on certain subordinated securities at par

value. The securities, which have high

coupons, appear at risk and are trading

above par. As such, the market is

anticipating that it won't be long before

Deutsche Bank crosses the red line and

exercises its calls. On the hybrid debt

market, for instance, Dong Gas, a Danish

issuer, announced an exchange offer at

104% par value while the bonds were trading

at 110% before the announcement.

Market trends

Return to Table of

Contents

The performances of our flagship funds can be found in the summary table.

La Française des Placements is a company of the La Française Group – www.lafrancaise-group.com

La Française des Placements: SAS with share capital of €17,696,676 - R.C.S. PARIS B 314 024 019 - 173, bd Haussmann - 75008 PARIS - Portfolio Management Company - AMF authorisation No. GP 97-076 (www.amf-france.org)


Sent to press on July 5, 2013

July/August 2013

Our perspective

It's almost become a regular occurrence and this year has been no exception: a sharp market

correction has preceded the summer period. The underlying causes have been different, however.

In fact, hints at end-May were confirmed by Mr Bernanke's June statement, which sparked a violent

response in the bond market, dragging down all risk assets along with it.

Our analysis of this situation is as follows:

We believe bond markets are now at a different level than before. The 80-100bp correction in

core interest rates is, in our opinion, sufficient given Fed declarations and the US macroeconomic

situation. Although it's too early to be sure, we think the fixed income markets could

stabilise, for a few months, to around 2.5% for the US 10-year government bond (and equivalent

rates on the other bond markets).

With this in mind, and given sharp drops in some bond segments (US HY, EM debt, etc.), we

are waiting for confirmation of the stabilisation of these markets before increasing weightings.

We are currently holding on to our positions on peripheral debt in order to capitalise on the

rebound following the steep correction. That being said, some bonds suffered more and it is

probable that we will sell these positions in the coming weeks in exchange for other assets that

have become relatively cheaper.

Our equity allocations remain defensive (very slightly) but the next movement will be an increase in

risk across all assets excluding EMs.

Lastly, we remain very positive on the dollar.

Risk profile

Our risk budget was stable over the month (8%).

Composition of the portfolio

We sold emerging equities for US and European stocks.

Portfolio duration increased, mainly via core rates but also high yield investments.

Lastly, we added to our positions on the dollar.

This month's strategy: long dollar positions

We are keeping our highly-positive dollar bias, positions that we set up mainly versus the euro.

The growth differential between the US and Europe should, in the long run, lead to an interest rate

differential that is better for the US and therefore the dollar.

Moreover, in the event of a major crisis, we believe the dollar would continue to play its role as a

safe haven, as T-notes can attest to.

Return to Table of Contents

The performances of our flagship funds can be found in the summary table.

La Française des Placements is a company of the La Française Group – www.lafrancaise-group.com

La Française des Placements: SAS with share capital of €17,696,676 - R.C.S. PARIS B 314 024 019 - 173, bd Haussmann - 75008 PARIS - Portfolio Management Company - AMF authorisation No. GP 97-076 (www.amf-france.org)


June 30th 2013 2013

Volatility 1

year

1 year 3 years 5 years

Performanc

e 2012

performance

since

inception

Inception in

Equities

LFP Trend Opportunities (part I) 1.03% 12.59% 7.25% 25.71% - 21.00% 101.31% 3/12/2009

LFP EM Impact Europe (part I) -1.92% 11.13% 0.70% 14.25% 1.87% 11.91% 35.16% 1/31/2005

LFP JKC China Value (part I) 6.27% 14.18% 29.90% - - 27.32% -3.27% 10/1/2010

LFP JKC Asia Value (part I) -2.09% 12.41% 12.29% - - 24.91% -6.46% 10/1/2010

Fixed Income

LFP Money Market (part I) 0.24% 0.04% 0.66% 2.78% 6.73% 1.01% 7.73% 2/7/2003

LFP Euro Inflation (part I) -3.54% 5.07% 4.87% 16.42% 21.24% 15.76% 53.02% 9/13/2002

LFP Protectaux (part I) 1.47% 7.24% -3.25% -19.33% -30.64% -8.65% -24.27% 6/17/2003

LFP Emerging Bonds (part I) -8.77% 6.87% -0.21% 8.58% 38.30% 15.77% 59.96% 12/24/2004

LFP Emerging Premium (part I) -7.84% 5.20% -0.29% - - 15.60% 8.20% 7/30/2010

Credit & Convertible Bonds

LFP Libroblig 3.31% 5.94% 22.27% 14.78% - 35.33% 50.33% 10/20/2008

LFP Convertibles 2015 (part I) 0.64% 3.04% 6.72% 12.95% - 11.29% 36.41% 11/26/2008

LFP Rendement 2017 (part I) 1.84% 3.88% 12.66% - - - 12.43% 3/20/2012

LFP R2P Global Credit (part I EUR ) - - - - - 10/1/2012

Diversified

LFP Allocation 7 (part I) -0.31% 4.59% 2.84% 9.14% 4.10% 5.26% 37.35% 10/24/2003

Market Indexes

2013

Volatility 52

weeks

1 year 3 years 5 years

Performance

2011

Performance

2010

Euro Stoxx dividendes nets réinvestis 3.00% 16.58% 19.36% 16.80% -4.72% 19.34% -15.22% -15.22%

Stoxx Europe 600 dividendes réinvestis 4.08% 13.58% 16.88% 28.37% 15.02% 18.18% -8.61% -8.61%

CAC 40 dividendes nets réinvestis 4.73% 16.91% 20.12% 18.72% -0.65% 18.83% -14.28% -14.28%

MSCI Emerging Markets (€) DNR -9.57% 13.61% 2.87% 10.49% -2.12% 18.22% -18.42% -18.42%

MSCI China Free -13.17% 16.66% 1.90% -9.30% -12.37% 18.68% -20.21%

BarCap Euro Aggregate Corporate 0.22% 2.61% 7.55% 17.12% 38.63% 13.17% 1.86%

BarCap Euro Aggregate Bond Index 0.13% 2.83% 6.74% 14.19% 34.42% 11.19% 3.24%

EuroMTS Global + 1% 0.65% 3.95% 8.27% 12.74% 31.90% 11.40% 1.67% 1.67%

EuroMTS 1-3 ans 0.58% 1.77% 3.91% 5.35% 17.47% 4.49% 0.64% 0.64%

Exane ECI Europe 2.12% 4.76% 9.76% 17.46% 28.93% 15.74% -8.65% -8.65%

OAT octobre 2015 -0.42% 2.62% 1.96% 9.88% 36.41% 5.55% 4.15% 19.83%

OAT octobre 2017 -1.12% 4.35% 3.74% 14.03% 42.01% 9.58% 4.98% 4.98%

Eonia capitalisé 0.04% 0.02% 0.09% 1.43% 4.29% 0.23% 0.89% 0.89%

Euribor 1 mois capitalisé 0.06% 0.02% 0.13% 1.96% 5.34% 0.33% 1.20% 1.20%

Past performances do not guarantee future results.

The associated risks are detailed in the legal and commercial documentation. The funds have no capital guarantee. They are exposed

to the risks of the markets in which they are invested.

JKC China Value : JK Capital Management Limited - Montant du capital social (au 31/10/2010) : 11.385.799 HK$ Numéro

d'immatriculation au Companies Registry of Hong Kong: 542867 - Date de constitution le 21/03/1996 Siège social: Suite 1101, 11/F.,

Chinachem Tower, 34-37 Connaught Road Central, Hong Kong SAR.

LFP-SARASIN AM - Société par Actions Simplifiée au capital de 500 150 € - 412 382 632 RCS PARIS. Société de gestion de

portefeuille agréée par l’AMF sous le n° GP 9755 le 30/06/1997.

La Française des Placements is a company of La Française Group – www.lafrancaise-group.com

La Française des Placements: SAS with share capital of €17,696,676 - R.C.S. PARIS B 314 024 019 - 173, bd Haussmann - 75008 PARIS - Portfolio Management Company - AMF authorisation No. GP 97-076 (www.amf-france.org)


Disclaimer

This is marketing information. The elements contained in this document have been prepared solely for the

purpose of information and do not constitute an offer, in particular a prospectus, KIID or any invitation to treat,

buy or sell any financial instrument or to participate in any trading strategy. While particular attention has been

paid to the contents of this document, no guarantee, warranty or representation, express or implied, is given to

the accuracy, correctness or completeness thereof. Investment in investment funds is subject to market risks.

Please note that the value of your investment may rise or fall and also that past performance results are no

indication of future results. Especially performance results referring to a period of less than twelve months

(Year-to-date-performance; start of the investment fund within the last twelve months) are no reliable indicator

for future results due to the short comparison period. Issuance and redemption commissions and taxation on

capital gains, if any, are not included in the performance figures. This presentation must not be copied,

reproduced, distributed or passed to any person at any time without the prior consent of La Française AM or its

member companies. The domicile of FCPs (legal form) is France, whereas the domicile of SICAVs (legal form)

is Luxembourg.

The tax treatment of the funds depends on the personal circumstances of each client and can be subject to

future changes. The funds may not be offered, sold or delivered within the United States.

For more detailed information on the investment funds, please refer to the prospectus or the KIID, which should

be read before any investment. In relation to the investment funds mentioned in this document, a KIID and

prospectus (available on www.lafranacise-am.com) have been published containing all the necessary

information about the product, the costs and the risks which may occur. Do not take unnecessary risk. The

annual report and semi-annual report of each fund are available upon request to: contactvaleurmobilieres@lafrançaise-am.com

The distribution and the offering of funds in certain jurisdictions may be restricted by law. Persons into whose

possession this document may come are required to inform themselves about and to comply with any relevant

restrictions.

For Switzerland:

Funds authorized by the Swiss Financial Market Supervisory Authority FINMA for distributing their shares

publicly in Switzerland: for interested parties, fund regulations or the articles of incorporation, the key investor

information document (KIID) and the full prospectus, in their current versions, as well as the annual and semiannual

reports are provided free of charge at the representative in Switzerland (ACOLIN Fund Services AG,

Stadelhoferstrasse 18, CH-8001 Zurich, www.acolin.ch). Paying agent in Switzerland is NPB Neue Privat Bank

AG, Limmatquai 1, 8022 Zurich. This applies to the followinginvestment funds only: LFP Obligations

Emergentes, LFP Euro Inflation, LFP Europe Alpha, LFP Libroblig, LFP JKC Fund, LFP Protectaux, LFP Europe

Impact Emergent, LFP Rendement Emergent 2017, LFP R2P Global Credit.

Funds NOT authorized by the Swiss Financial Market Supervisory Authority FINMA for distributing their shares

publicly in Switzerland. This document is for information and marketing purposes only and does not constitute

an offer to sell or solicitation of an offer to buy the described products. This document may not be publicly

disclosed, directly or indirectly, in any manner whatsoever and you have received this document in your

capacity as a “qualified investor” only, for your personal use, and you are prohibited from transferring this

message or its content to any other person, from saving, publishing, copying or replicating it. Should you not be

a qualified investor or not consider yourself as one (FINMA circular no. 2008-08 of November 20, 2008), you are

kindly requested to disregard this document unread. No person, has been authorized to give any information or

to make representations other than those contained in this document (ACOLIN Fund Services AG excluded)

and, if given or made, such other information or representations must not be relied upon as having been

authorized by La Française AM.

La Française des Placements is a company of La Française Group – www.lafrancaise-group.com

La Française des Placements: SAS with share capital of €17,696,676 - R.C.S. PARIS B 314 024 019 - 173, bd Haussmann - 75008 PARIS - Portfolio Management Company - AMF authorisation No. GP 97-076 (www.amf-france.org)


For over 35 years, La Française Group has developed its

expertise in managing securities and real estate assets

and providing global investment solutions. Over the past

decade, La Française has also taken on significant

minority holdings, becoming a major player in this

segment. The Group takes a long-term view, taking

tomorrow's challenges into account in today's

convictions.

It is a responsible investor, focused on its clients'

interests and satisfaction.

La Française currently manages over 37 billion euros in

assets. It enjoys full independence in pursuing its

business activities, with the backing of a solid,

unconventional shareholding structure that combines a

leading bank, Crédit Mutuel Nord Europe, with the

Group's managers and employees.

La Française des Placements is a company of La Française Group – www.lafrancaise-group.com

La Française des Placements: SAS with share capital of €17,696,676 - R.C.S. PARIS B 314 024 019 - 173, bd Haussmann - 75008 PARIS - Portfolio Management Company - AMF authorisation No. GP 97-076 (www.amf-france.org)

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