ING Mutual Funds - NN Investment Partners

Transcription

intern_catalogus_Mutual-COVER_2005
13-01-2005
10:25
Pagina 1
ING Mutual Funds
Quarterly Update on Luxembourg Mutual Funds
www.ingim.com
Quarter 4-2004
for
Not l use
i
reta
Ratings & Rankings
ING (L) Invest Emerging Markets
ING (L) Invest European Equity
ING (L) Invest Global Brands
ING (L) Invest IT
ING (L) Renta Fund Euro
ING (L) Renta Fund Eurocredit
ING (L) Euro High Dividend
ING (L) Invest Global High Dividend
ING (L) Invest EMU Equity
ING (L) Renta Fund Dollar
ING (L) Renta Fund EMD HC
ING (L) Renta Fund International
ING (L) Renta Fund Euromix Bond
Standard & Poor's Star Ranking
ING (L) Invest Euro High Dividend
ING (L) Renta Fund EMD HC (EUR)
Morningstar Rating
pag.
59
60
79
pag.
ING (L) Invest European Healthcare
ING (L) Renta Fund EMD HC (Eur)
50
60
79
ING (L) Invest European Materials
ING (L) Invest European Telecom
ING (L) Renta Fund Corporate USD
ING (L) Renta Fund Global High Yield
52
44
59
77
82
84
ING (L) Invest European Sector Allocation
ING (L) Invest Nasdaq
ING (L) Invest US Enhanced Core Concentrated
ING (L) Invest Emerging Europe
ING (L) Invest New Asia
ING (L) Invest Banking & Insurance
ING (L) Invest Computer Technologies
ING (L) Invest Health Care
ING (L) Invest Telecom
ING (L) Invest European Real Estate
21
23
24
26
27
30
33
35
37
41
45
53
83
85
ING (L) Invest World
ING (L) Invest European Small Caps
ING (L) Invest Japan
ING (L) Invest Latin America
ING (L) Invest Biotechnology
ING (L) Invest Energy
ING (L) Invest European Banking and Insurance
ING (L) Invest European IT
ING (L) Invest European New Offerings
ING (L) Invest Sustainable Growth
ING (L) Patrimonial Aggressive
ING (L) Patrimonial Balanced
ING (L) Patrimonial Euro
ING (L) Renta Fund EMD LC
20
22
25
28
31
32
36
39
47
51
55
58
63
64
66
78
80
ING (L) Invest Japanese Small & Mid Caps
ING (L) Invest Greater China
ING (L) Invest IT
ING (L) Invest New Technology Leaders
ING (L) Patrimonial Defensive
ING (L) Renta Fund Asian Debt
ING (L) Renta Fund World
25
29
43
45
65
76
86
ING (L) Invest European Food & Beverages
26
33
49
77
82
84
ING (L) Renta Fund Yen
30
36
37
39
54
56
45
83
87
76
ING (L) Invest US Enhanced Core Concentrated
ING (L) Invest Food & Beverages
ING (L) Renta Fund EMD LC
21
22
23
24
27
32
35
40
41
53
55
58
63
64
80
81
85
ING (L) Invest Japanese Small and Mid Caps
ING (L) Invest IT
ING (L) Invest Utilities
ING (L) Invest European Banking & Insurance
20
22
24
25
27
43
46
47
51
65
78
86
Data provided by
Data
provided by
Data
providedby
by
Data
provided
Standard
& Poor's Star Ranking is correct as of 31
30th
November 2004
august 2004
Standard & Poor's Star Ranking is correct as of
Morningstar shown are correct as of 30th November 2004
Morningstar Stars shown are correct as of
31 august 2004
EXPLANATORY NOTES
Standard & Poor’s rating process
The ratings are based on an evaluation of quantitative (historic performance, volatility and portfolio construction) and qualitative (management, corporate status and investment process) factors thatcontribute to long-term performance.
The differentiation in the rating categories is based on a quantitative factors and Standard & Poor'squalitative assessment of the investment process and management.
AAA:
the fund demonstrates an extremely strong ability to adhere to consistent investment processes and provides above average
volatility adjusted returns relative to funds with similar objectives.
AA:
the fund demonstrates a very strong ability to adhere to consistent investment processes and provides above average
volatility adjusted returns relative to funds with similar objectives.
A:
the fund demonstrates a high standard of quality in its sector based on its investment processes and management
consistency of performance as compared with fundssimilar objectives.
Standard & Poor's Star Ranking
The Standard & Poor's Micropal Star Ranking assists investors in evaluating the performance of a fund and the consistency of that performance relative to other funds in the sector. It is calculated using a fund's monthly performance relative to its sector average for each
of the 36 months over the three years to date. The average volatility of these 36 numbers is used to calculate a fund's star rating
TOP 10%
TOP 11-30%
TOP 31-50%
NEXT 25%
BOTTOM 25%
Morningstar Rating
The Morningstar Ratings is an objective measure for how well a fund has performed on a risk-adjusted base compared to other funds
with a similar investment objective.
To begin the calculation process we divide mutual funds into categories. For each and every fund we calculate a score based on return
(after loads) versus risk. Only funds with at least three years of performance history are given ratings.
The Star Rating is best used as a starting point in the fund selection process. Funds with 4- and 5 star ratings have provided their
investors with solid, risk-adjusted returns in the past.
TOP 10%
NEXT 22.5%
MIDDLE 35%
NEXT 22.5%
BOTTOM 10%
Country
AD Andorra
AE United Arab Emirates
• AF Afghanistan
• AG Antigua And Barbuda
• AI Anguilla
• AL Albania
• AM Armenia
• AN Netherlands Antilles
• AO Angola
• AQ Antarctica
• AR Argentina
• AS American Samoa
• ASI Asia
• AT Austria
• AU Australia
• AW Aruba
• AZ Azerbaijan
• BA Bosnia And Herzegowina
• BB Barbados
• BD Bangladesh
• BE Belgium
• BF Burkina Faso
• BG Bulgaria
• BH Bahrain
• BI Burundi
• BJ Benin
• BM Bermuda
• BN Brunei Darussalam
• BO Bolivia
• BR Brazil
• BS Bahamas
• BT Bhutan
• BV Bouvet Island
• BW Botswana
• BY Belarus
• BZ Belize
• CA Canada
• CC Cocos (Keeling) Islands
• CF Central African Republic
• CG Congo
• CH Switzerland
• CI Cote D'Ivoire
• CK Cook Islands
• CL Chile
• CM Cameroon
• CN China
• CO Colombia
• CR Costa Rica
• CU Cuba
• CV Cape Verde
• CX Christmas Island
• CY Cyprus
• CZ Czech Republic
• DE Germany
• DJ Djibouti
• DK Denmark
• DM Dominica
• DO Dominican Republic
• DZ Algeria
• EC Ecuador
• EE Estonia
• EEX Europe ex Euro
• EG Egypt
• EH Western Sahara
• EMW Emerging World
• ER Eritrea
• ES Spain
• ET Ethiopia
• EZ Euro Zone
• FI Finland
• FJ Fiji
• FK Falkland Islands (Malvinas)
• FM Micronesia
•
•
FO Faroe Islands
FR France
• FX France, Metropolitan
• GA Gabon
• GB United Kingdom
• GD Grenada
• GE Georgia
• GF French Guiana
• GH Ghana
• GI Gibraltar
• GL Greenland
• GM Gambia
• GN Guinea
• GP Guadeloupe
• GQ Equatorial Guinea
• GR Greece
• GS South Georgia And The
• South Sandwich Islands
• GT Guatemala
• GU Guam
• GW Guinea-Bissau
• GY Guyana
• HK Hong Kong
• HM Heard And Mc Donald Islands
• HN Honduras
• HR Croatia
• HT Haiti
• HU Hungary
• ID Indonesia
• IE Ireland
• IL Israel
• IN India
• IO British Indian Ocean Territory
• IQ Iraq
• IR Iran
• IS Iceland
• IT Italy
• JM Jamaica
• JO Jordan
• JP Japan
• KE Kenya
• KG Kyrgyzstan
• KH Cambodia
• KI Kiribati
• KM Comoros
• KN Saint Kitts And Nevis
• KP North Korea
• KR South Korea
• KW Kuwait
• KY Cayman Islands
• KZ Kazakhstan
• LA Lao People's Democratic
Republic
• LB Lebanon
• LC Saint Lucia
• LI Liechtenstein
• LK Sri Lanka
• LR Liberia
• LS Lesotho
• LT Lithuania
• LU Luxembourg
• LV Latvia
• LY Libyan Arab Jamahiriya
• MA Morocco
• MC Monaco
• MD Moldova
• MG Madagascar
• MH Marshall Islands
• MK Macedonia
• ML Mali
• MM Myanmar
• MN Mongolia
• MO Macau
• MP Northern Mariana Islands
MQ Martinique
MR Mauritania
MS Montserrat
• MT Malta
• MU Mauritius
• MV Maldives
• MW Malawi
• MX Mexico
• MY Malaysia
• MZ Mozambique
• NA Namibia
• NC New Caledonia
• NE Niger
• NF Norfolk Island
• NG Nigeria
• NI Nicaragua
• NL Netherlands
• NO Norway
• NP Nepal
• NR Nauru
• NU Niue
• NZ New Zealand
• OM Oman
• OTR Others
• PA Panama
• PE Peru
• PF French Polynesia
• PG Papua New Guinea
• PH Philippines
• PK Pakistan
• PL Poland
• PM St. Pierre And Miquelon
• PN Pitcairn
• PR Puerto Rico
• PT Portugal
• PW Palau
• PY Paraguay
• QA Qatar
• RE Reunion
• RO Romania
• RU Russia
• RW Rwanda
• SA Saudi Arabia
• SB Solomon Islands
• SC Seychelles
• SD Sudan
• SE Sweden
• SG Singapore
• SH St. Helena
• SI Slovenia
• SJ Svalbard And Jan Mayen
• Islands
• SK Slovakia
• SL Sierra Leone
• SM San Marino
• SN Senegal
• SNAT Multi National
• SO Somalia
• SR Suriname
• ST Sao Tome And Principe
• SV El Salvador
• SY Syrian Arab Republic
• SZ Swaziland
• TC Turks And Caicos Islands
• TD Chad
• TF French Southern Territories
• TG Togo
• TH Thailand
• TJ Tajikistan
• TK Tokelau
• TM Turkmenistan
• TN Tunisia
• TO Tonga
• TP East Timor
• TR Turkey
• TT Trinidad And Tobago
TV Tuvalu
TW Taiwan
• TZ Tanzania
• UA Ukraine
• UG Uganda
• UM US Minor Outlying Islands
• UND Undefined
• US United States
• UM US Minor Outlying Islands
• UND Undefined
• US United States
• UY Uruguay
• UZ Uzbekistan
• VA Vatican City State (Holy See)
• VC Saint Vincent And The
Grenadines
• VE Venezuela
• VG Virgin Islands (British)
• VI Virgin Islands (U.S.)
• VN Viet Nam
• VU Vanuatu
• WF Wallis And Futuna Islands
• WS Samoa
• YE Yemen
• YT Mayotte
• YU Yugoslavia
• ZA South Africa
• ZM Zambia
• ZR Zaire
• ZW Zimbabwe
•
•
•
•
•
•
Regional
ASI Asia
EMW Emerging World
• EU Europe
• EEX Europe ex Euro
• EZ Euro Zone
•
•
Asset Type
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
BDS Bonds
CSH Cash
EQU Equities
EQ
(DAE)
Equities (Delta Adjusted Exposure)
MM Money Market
DER Derivatives
DEP Deposits
FRN Floating Rate Notes
ECP/CP
MF Mutual Funds
REST Real Estate
SWAP Swapped Paper
REPO Repo
CP Commercial Paper
GOVT Government Bonds
CORP Corporate Bonds
Sectors
CDI Consumer Discretionary
DIV Diversified
• ENR Energy
• FIN Financials
• HC Healthcare
• IND Industrials
• IT IT
• MAT Materials
• CST Consumer Staples
• OTR Others
• TEL Telecoms
• UND Undefined
• UTI Utilities
•
•
Focus
January 2005
LIVING WITH THE BENEFIT OF THE DOUBT
The world economic activity is slowing down, forcing companies to find new sources of growth, which have in the
meantime become scarcer. Equity markets will maybe get more unstable due to these weaker prospects. In our opinion, corporate earnings will be a key variable in 2005, as they were in 2004. This time however, their weak
growth will probably put a damper on equity returns.
Since the end of 2001, corporate earnings have been picking up significantly throughout the world. The rise of corporate earnings was particularly remarkable in the United States. From mid-2003 to the third quarter of 2004, US earnings
grew indeed more than 20% per quarter (year on year). This helped to support equity markets. The rise was so surprising
that analysts had to scale up their forecasts as published earnings were systematically much higher than what they had
expected. Since the first quarter of 2003, US corporate earnings have indeed been 5% higher than the forecasts of analysts, who had maybe erred on the side of caution after the difficult period of 2000-2001.
Why have corporate earnings grown so much in the United States for the past three years? Theoretically, several elements
have an impact on corporate profitability. On the one hand, the volume effect may contribute to earnings growth. This
amounts to assessing the impact of macroeconomic growth on the profitability of business activities. On the other hand,
the developments of the unit profit margin, i.e. the difference between the unit price and the unit costs, are also decisive in the quarterly variations.
Exceptional strength
The world economic context firmly improved after the significant slowdown in activity in 2000 and 2001. In the United
States, corporate sales rocketed. They grew at an outstanding pace in the first quarter of 2004 (+9% year on year) after
a drop in the third quarter of 2001 (-4% yoy). According to estimates, the higher volumes of activity thereby helped earnings to grow about 40 billion dollars in 2003.
Yet the outstanding expansion of earnings in the past few years is not only attributable to the volume effect. It is also
due to the growth of profit margins. Chart 1 shows the variations of the different variables determining profit margins.
For clarity, we assume that the unit price is equal to 100. We thereby get a representation of the variations in the weight
of the different components according to this price. We can see that unit costs, and especially labour costs, rose swiftly
and hence squeezed profit margins as from the middle of the nineties. In order to make up for it, companies were forced to adjust their labour costs in 2001 in an extremely competitive global environment in which the possibilities of acting
on prices were very small (lack of pricing power). Thanks to these drastic cost-cutting measures, corporate earnings picked up again and were further helped by highly accommodative financial conditions (rate and tax cuts). In 2004, companies continued to reinforce their margins as they regained pricing power (see chart 2).
Recession
Recession
Recession
Recession
69
Recession
Recession
70
Recession
Chart 1 – Variations in the profit margin and its components in the United States (weight of the different components compared to a unit price of 100)
12
Fixed Capital
68
10
Unit Labor Cost
(LHS)
67
8
66
Profit
65
6
64
4
Interest
63
62
2
61
60
1947-I
Taxes on income
0
1952-I
1957-I
1962-I
1967-I
1972-I
1977-I
1982-I
1987-I
1992-I
1997-I
2002-I
Sources : ING IM and National Bureau of Economic Analysis
More modest in 2005…
Yet, the earnings growth prospects for next year seem quite modest. In 2005, the pace of earnings growth will probably
be closer to the long-term average (5% to 10% according to markets). Indeed, the global economic context will be less
favourable than in 2004. Consequently, the volume effects will be less significant. In 2005, the income generated by job
creation will have to be the main driver of economic growth in the major zones (United States, Japan and Euroland), but
their recovery is still fragile.
Non-wage costs will no longer decrease, as the drop of interest charges now belongs to the past. In 2005, central banks
will probably start or continue their tightening cycle at a gradual pace in order to ensure satisfactory growth. Financial
conditions will thus be less favourable and corporate spreads are now no longer likely to narrow.
As far as wage costs are concerned, companies have little room to manoeuvre. Indeed, significant cuts in wages are not
conceivable as it could jeopardise the recovery of consumption and hence harm the future profitability of companies. Yet
companies will be anxious to keep their payroll in check in 2005, but they won't adjust it as drastically as they did in
2001.
Eventually, the globalisation context leaves little if any room for companies to act on prices. In recovery phases, companies usually enjoy an increased price effect. The regained pricing power usually has a positive impact on corporate earnings expectations (see chart 2). The conviction of analysts about earnings prospects firms up as expected price rises
increase. Yet, inflationary expectations will remain subdued in 2005, especially due to the high degree of competition.
Chart 2 – Revisions of analysts1 and estimated pricing power of US companies
3,5
100
3
90
Strong analyst
conviction
higher/lower fore casts ration
2,5
80
2
70
1,5
60
ISM index
1
50
0,5
40
ISM "prices paid" component
01-11-2004
01-07-2004
01-09-2004
01-03-2004
01-05-2004
01-11-2003
01-01-2004
01-07-2003
01-09-2003
01-03-2003
01-05-2003
01-11-2002
01-01-2003
01-07-2002
01-09-2002
01-03-2002
01-05-2002
01-11-2001
01-01-2002
01-07-2001
01-09-2001
01-03-2001
01-05-2001
01-11-2000
01-01-2001
01-05-2000
01-09-2000
01-03-2000
01-05-2000
30
01-01-2000
0
Sources : ING IM and Datastream
Companies will have difficulty generating as much earnings as in 2004. In the current phase of the world business cycle,
the earnings growth potential has become weaker. At this point in the cycle, analysts are usually more cautious in their
earnings forecasts. In this regard, the work of the National Bureau of Economic Research (NBER) enables to break down
the business cycle into four steps. During the starting phase (phase 1), analysts' expectations are strong as they expect
growth to continue into phase 2 (advanced phase of growth). Then, in anticipation of a turnaround in activity (phase 3),
they reduce their forecasts. Eventually, they gradually scale up their forecasts at the end of the economic slowdown phase
(phase 4 2). Analysts try thus to anticipate the business cycle.
…but partially anticipated
The current economic environment corresponds to phase 2: industrial production is gradually slowing down, leading indicators are deteriorating, interest rates are picking up and the growth pace is still satisfactory, albeit less robust.
On equity markets, analysts have adopted the hypothesis that growth would be subdued and conditions would be less
favourable to companies (little hope that pricing power will recover and that costs will drop significantly). They have
consequently scaled down their earnings forecasts to a more realistic level than a few months ago. According to the
I/B/E/S consensus, analysts now expect earnings to grow 11% throughout the world in 2005 (against 14% in January
2004), 10% in the United States (against 15% in January 2004) and 15% in Euroland (against 15% in January 2004).
There should be less downward revisions from now on.
Yet we think that upward revisions are very unlikely given the lack of earnings drivers. A drop in commodity prices or a
greater-than-expected pricing power are certainly the factors that are the most likely to generate positive surprises. As
far as other determinants are concerned, we think that companies have little room to manoeuvre. Against such a backdrop, we think that earnings growth will hover between 8% and 10% worldwide.
1
The analysts' forecasts correspond to the ratios between the number of analysts who have scaled up their earnings forecasts and the number of those who have scaled them down during the
past four weeks.
For an empirical verification of the link between the economic cycle and the variations of earnings expectations, see Stock Returns and the Business Cycle M. Destefano, The Financial Review,
Volume 39 N°4, November 2004.
2
Equities anyway
In this context, everything leads us to believe that equity returns will be moderate, all the more since interest rates will
gradually rise. In other words, according to the behaviour of the variables in the table below, the risk premium – i.e. the
difference between the expected return of equities and the expected return of bonds – is thus narrowing. Furthermore,
most market participants are convinced that growth will be modest. Given this consensus view, volatility has thus become abnormally low, leaving little room for extreme positions in the portfolios.
Yet equities have not become unattractive for investors, since they are still expected to outperform the other types of
assets in 2005. Despite the expected drop of earnings and the gradual rise of interest rates, they will remain relatively
attractive as compared to bonds, whose prospects are harmed by the pressures on prices and the size of the deficits.
Anyway this is what our valuation models indicate. Indeed, they still give a slight preference to equities, with a premium
above the long-term average (3% in the United States). This type of technique, which was still relatively ineffective last
year, will become decisive again in the tactical asset allocation process in 2005. Indeed, the correlation between equities
and bonds is positive again (see chart 3). Since the early nineties, the correlation rate had actually tended to fall. The
correlation even became negative in 2001-2003, in other words the performances of both types of assets were going
opposite directions. The correlation rate between equity and bond performances is particularly sensitive to the macroeconomic environment, and especially the variations of inflationary expectations. Hence, correlation is typically negative
when uncertainties are at their climax, like for instance during the short crisis in 1987 or during the Great Depression in
the 30s (fear of a deflation). In such a context, it seems that investors attach the greatest importance to the cash flows
offered by those two types of assets. Given the economic uncertainties and the ensuing increase of the equity risk, investors, who are anxious to maintain their cash-flows in the medium run, prefer the return prospects of bonds (flight to quality). Now that correlation is back to normal, our valuation models have regained their predictive power. For the time
being, they indicate that equities are still relatively interesting. Besides, the equity risk premium is still a little more
attractive in Euroland than in the United States, where the premium is in line with its long-term average.
Table – Probable variations of earnings expectations, interest rates and equity markets according to
the economic cycle
Expansion
Slowdown
Phase 1
Phase 2
Phase 3
Phase 4
Expected earnings
strong
from strong
to weak
weak
from weak
to strong
Interest rates
weak
rising
high
decreasing
very positive
very slightly
positive
very negative
positive
Impact on equities
Sources : ING IM and Destephano (2004)
Chart 3 - Correlations between equities and bonds (1 year)
1
0,8
Euroland
0,6
0,4
0,2
0
-0,2
-0,4
-0,6
US
1982
1982
1983
1983
1984
1984
1985
1985
1986
1986
1987
1987
1988
1988
1989
1989
1990
1990
1991
1991
1992
1992
1993
1993
1994
1994
1995
1995
1996
1996
1997
1997
1998
1998
1999
1999
2000
2000
2001
2001
2002
2002
2003
2003
2004
2004
-0,8
Back to regions
With the increased synchronisation of the world economy, local economies became very interdependent. As from the
middle of the nineties (see chart 4), the globalisation on equity markets led to a similarity in the performances of the
United States, Europe and the rest of the world (except Japan). As a result, the idea developed that regional allocation
was no longer useful. Indeed, the regional segmentation of equity markets gave way in less than a decade under the
impulse of the new economy, the desintermediation of financial markets and the strong economic integration process in
Euroland. Yet, with the bursting of the bubble at the end of the decade, the links between the geographical zones slackened off for a while, especially in Euroland (see chart 4). The regional interdependence process seemed to have regained importance with the rebound on equity markets in 2003.
Chart 4 - Correlations between local and global stock market indices
1
US/World
Euroland/World
0,8
0,6
Japan/World
0,4
0,2
0
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
1984
1983
1982
1981
1980
1979
1978
1977
1976
1975
-0,2
Conversely, sector allocation became very popular in the nineties (see chart 5 for Euroland). Indeed, after the bursting
of the speculative bubble, the logic was very much sector-based : the performances of sectors became gradually less correlated to those of their local market (blue curb), proving that sectors were becoming less dependent on local conditions.
Furthermore, the American and European indices increasingly tended to move in line with their global equivalent (green
curb). Now with the uncertainties of the economic slowdown, sector rotation has become less important. The correlations
between the performances of sectors and the performances of the local index have become much stronger. This leads us
to believe that investors looking for earnings growth and return attach more importance to regional specificities in periods of economic slowdown.
In this context, we see an interest in regional allocation again. Our preference goes to Euroland, who seems to be attractive in terms of valuations and whose consumption potential seems more important. Europe is less advanced than the
United States in the economic cycle and its relative growth is stronger than in the US. Even though its future economic
growth is very dependent on a recovery on the labour market, Euroland is currently catching up with the United States
in terms of productivity gains and business capital spending. Consequently, European stock markets will probably continue to outperform the US in 2005.
Chart 5 – Average correlations between European sectors and local and global indices
95%
Correlation
betweenEuropean sectors
and the European market
Correlation between
European sectors and
world sectors
85%
75%
65%
55%
19
83
19
83
19
84
19
84
19
85
19
85
19
86
19
86
19
87
19
87
19
88
19
88
19
89
19
89
19
90
19
90
19
91
19
91
19
92
19
92
19
93
19
93
19
94
19
94
19
95
19
95
19
96
19
96
19
97
19
97
19
98
19
98
19
99
19
99
20
00
20
00
20
01
20
01
20
02
20
02
20
03
20
03
20
04
20
04
45%
Changes in asset allocation
We do not think that investors should turn away from equities because expected returns have decreased. First of all, these modest forecasts do not rule out the possibility of tactical moves within the portfolios in the course of the year, as markets will undoubtedly be more
volatile than now (volatility has reached a lowest this year). These tactical moves can be achieved through stock picking because, despite the general downtrend in earnings, the situation will vary from one company to another. Those who will have the possibility to pay out
a part of their profits to their shareholders will be in favour with investors. The distribution of a dividend is indeed considered as a proof
that the company is healthy. Similarly, those who will still have some pricing power will be better perceived on the back of better earnings prospects.
As a result, investors will eventually have to reconsider the mains lines of their investment policy if they want to get the same returns as
in the past. This search for the optimal asset allocation, also called strategic allocation (i.e. considering the level of the investor's risk
aversion, the length of his investment...) has however been sometimes disregarded in the heydays of stock markets as investors were
trying to get the best returns without taking into account the related risk. After the good performances last year and early this year, investors must now be aware that they will have to take a little more risks if they want to get the same return as in the past five years.
Chart 6 shows the risk/return ratios for our Sicav products as well as our five Sicav model3 portfolios ("secure", "moderated", "balanced", "active" and "dynamic"). A portfolio balanced between equities and bonds ("balanced" profile) is, for instance, likely to yield an
annual return of 5.7%, with a risk of 9.3% per year. If the investor wants to get at least this return, he will have to take an additional
risk and add more profitable and hence more risky products (upper right in chart 7) to his portfolio. But this change in strategy also
implies a longer investment horizon. In a balanced portfolio, the investor can reduce the probability of a negative performance by 26%
in the first year, to 2% in the second year and 0% in the fifth year. In a dynamic portfolio (fully invested in equities), the investment horizon must definitely be longer because the risk of a negative performance is respectively 35%, 11% and 2% in the first, third and fifth
year.
3
Several types of Sicav portfolios are proposed to our clients according to their strategic profile (risk profile) : the secure portfolio is fully invested in bond products; the moderated portfolio is
made of 25% equities and 75% bond products; the balanced portfolio is balanced between the two types of assets; the active portfolio is made of 75% equity products and 25% bond products ; finally, the dynamic portfolio is made of 100% equity Sicavs.
Chart 6 – Risk and return of ING products and our model portfolios
13%
ING (L) Invest New
Technology Leaders
12%
ING (L) Invest IT
ING (L) Invest Computer
Technologies
11%
10%
ING (L) Invest Latin
America
9%
ING (L) Renta Fund Emerging Debt
Return
8%
ING (L) Renta Fund
Global High Yield
7%
Dynamic
Balanced
Active
ING (L)
Invest Emerging
Europe
ING (L) Renta Fund
6%
Eurocredit
5%
ING (L) Invest
Global High Dividend
4%
Moderated
Secure
3%
2%
1%
0%
5%
10%
15%
20%
Renta Cash
25% Risico 30%
Renta Fund
35%
40%
Invest
45%
50%
55%
60%
Modelportfolios
Source : ING IM
QUARTERLY REPORT
Fourth Quarter 2004
SUMMARY
1. Review financial markets
• The US economy continued to grow above trend, regaining traction following a weaker summer period. In Japan,
domestic consumption maintained its upward momentum. Economic growth in the Eurozone was held back by slowing
export growth and the rapid appreciation of the euro versus the US dollar. However, this seems to be a temporary phenomenon;
• Global equity markets were indecisive in October. But sentiment subsequently turned more positive, due to lower oil
prices, steady employment growth in the US and political certainty following the re-election of President Bush. The
weaker US dollar and yen versus the euro limited the total return in global equities for Eurozone investors considerably;
• Measured in euro, Eurozone equities showed the strongest regional performance, followed by the emerging markets.
Underperformers were the US and Japan;
• Total returns on the Eurozone fixed income markets declined considerably as a result of the stronger euro (and the
ensuing reduction of growth forecasts).
2. Investment policy
• Regional equity allocation: maintained overweights in Europe and Japan, underweight in the US and neutral stance in
the emerging markets;
• In your balanced portfolio (equities/fixed income), we raised equities (versus bonds) from neutral to slightly overweight
at the beginning of December;
• In your fixed income portfolio, we maintained a neutral duration position;
• We maintained our neutral stance in corporate credits and we continued to overweight Asset Backed Securities (ABS),
EMD Hard Currency, EMD Local Currency and High Yield;
• Sectorial equity allocation: we added some cyclical accents on valuation grounds, but on balance we maintained a
defensive stance in the portfolio).
3. Outlook
• Following several quarters with favourable earnings reports, companies now face higher input costs (e.g. fuel, raw
materials, wages). We express caution in our earnings forecasts, as most companies cannot pass these higher costs on
to their clients;
• In our cautious forecasts, we also discounted structural risks such as imbalances in the US economy, relatively high oil
prices and (decreasing) uncertainties regarding the Chinese economy. Eurozone companies will have to lower their
earnings forecasts due to the stronger euro.
• We foresee modest upside potential for global equities in 2005. We continue to believe that companies with stable
earnings growth and relatively secure dividend yields will offer the best chances for outperformance;
• A beneficial circumstance is that the central banks will continue to pursue a loose monetary policy. The Federal Reserve
will maintain its ‘measured’ pace of rate hikes towards normalised interest rate levels. In our base scenario, we expect
the official Fed funds rate will stand at 3.50% (+125 basis points) by the end of 2005. Our base scenario does not
assume any rate hike in the Eurozone before the second quarter of 2005 and expects the first tightening by the Bank
of Japan in 2006.
ECONOMY
Summary
The global economy continued to demonstrate decent levels of growth during the final quarter of 2004. Higher-thanexpected US growth counterbalanced a weaker picture in the Eurozone. Investors focused on the rapid decline of the dollar versus the euro. The risks of a Chinese hard landing decreased.
For the coming months we forecast slightly weaker, but sustained global economic growth. As major risks we continue
to highlight the imbalances in the US economy, currency movements, the direction of the oil price and the ‘China’ factor.
Review
After some weaker summer months, the US economy rebounded more strongly than expected. Growth returned to a level
above the long-term trend. Consumer spending rebounded, helped by a pick-up in employment. It should be noted, however, that the imbalances in the economy continued to mount. The current account deficit, for example, reached an alltime high, while the savings ratio touched an all-time low.
In the Eurozone, economic growth slowed to levels below the long-term trend. The rapid appreciation of the euro versus the dollar translated into downward revisions for export growth. Although the European Central Bank is still very
hawkish about inflation risks, the higher euro has somewhat eased the upward pressure on inflation.
The growth of the Japanese economy slowed, but the underlying picture was still relatively strong. For that matter, the
economic data of the last few months have been distorted by a sequence of unusual weather conditions and natural disasters in Japan and therefore they are not very reliable. Export growth was stable, while the domestic conditions continued to improve. In this respect, consumer spending firmed and deflation continued to decline.
Outlook
The slowdown of US economic growth in 2004 is no cause for concern, as it succeeds the strongest period of growth of
the last 20 years. However, the imbalances in the US economy will have to be corrected at some point in time. If employment – along with income growth – will continue to recover, this correction could be a gradual process. For 2005, we
forecast the US economy will grow by over 3%.
The recent slowdown of Eurozone economic growth was probably temporary. Given the slower-than-expected recovery
of employment and the stronger euro we do not expect the Eurozone economy to grow above trend before mid-2005.
The strong cyclical recovery in Japan offers the country a major opportunity to realise more sustained economic growth
without deflation. We forecast an ongoing recovery of the labour market and of consumer confidence. However, there are
still risks that Japan will revert to a situation of deflation
Economic forecasts
2003
2004 E
2005 E
3.1
2.3
4.5
2.6
3.2
2.5
0.5
2.0
1.8
2.1
2.0
1.9
2.3
-0.2
4.3
0.0
2.4
0.5
United States
Growth gross domestic product (%)
Rate of inflation (%)
Eurozone
Japan
Source: ING IM / January 2005
FIXED INCOME MARKETS
Summary
Against the background of resilient US economic growth and a slowdown in the Eurozone, the bond yields in the US and
Europe decoupled. Long term bond yields edged up in the US, but declined in the Eurozone. The decline in the Eurozone
was partly triggered by the rapid appreciation of the euro versus the dollar. Assuming a decent growth rate for the global economy in 2005, we anticipate slightly higher bond yields from the current levels.
Review
During the past quarter, the US 10-year bond yield rose by approximately 20 basis points. Favourable macro economic
data were a key factor here.
The Federal Reserve maintained its policy towards ‘normalised’ interest rates. In November and December, the Fed funds
rate was raised by 25 basis points to 2.25%.
Contrary to the bond yield movements in the US, Eurozone bond yields declined considerably in response to weaker economic data. The rapid appreciation of the euro triggered fresh doubts regarding the economic prospects, and these also
depressed the long-term bond yield. Strikingly, this caused Eurozone bond yields to decouple from US bond yields, which
had been highly correlated until the last quarter of 2004. The European Central Bank maintained a hawkish view regarding inflation risks and did not adjust interest rates. For that matter, inflation risks have diminished as a result of the
stronger euro.
The Bank of Japan maintained its loose monetary policy. The Japanese 10-year bond yield was on balance more or less
unchanged compared to the start of the quarter.
OUTLOOK FIXED INCOME MARKETS
We envisage moderate economic growth for the United States. We expect that the economy can continue to grow at
a decent pace, supported by lower oil prices, favourable financial conditions and improving domestic demand. We
expect that the Federal Reserve will continue to raise interest rates by at least 125 basis points to 3.50% in 2005. From
the current levels, we envisage slightly higher long-term bond yields.
In 2005, we expect that economic growth in the Eurozone will gradually rebound following the current slowdown. The
European Central Bank will maintain a hawkish view regarding inflation risks. We expect inflation to increase only modestly and therefore we do not envisage higher interest rates before the second quarter of 2005. We forecast short-term
interest rates will be raised by a total 75 basis points to 2.75% by the end of 2005. We also anticipate slightly higher
long-term bond yields here.
Clearly the risks have diminished that the Japanese economy will revert to a phase of deflation. But these risks have
not fully disappeared either. Therefore, we do not envisage higher interest rates in Japan before 2006. In Japan, we
anticipate stable long-term bond yields for the short term.
EQUITY MARKETS
Summary
Global equity markets hesitated in October. But sentiment subsequently turned more positive again, boosted by lower oil
prices, decent employment growth in the US and political certainty following the re-election of US President Bush. Ample
liquidity and mounting merger and acquisition activity were also supportive.
The weaker US dollar and yen versus the euro limited the total return in global equities for Eurozone investors significantly.
We maintained a defensive stance in the portfolios, while adding some cyclical accents on valuation grounds. In this
respect, we raised our position in information technology.
For 2005, we envisage limited (5-10%) upside potential for equities. We maintain our defensive stance and continue to
favour companies with stable growth and above average dividend yields.
THE REGIONAL FUNDS
Review / Global market developments
Global equity markets hesitated in October. But sentiment subsequently turned more positive again, boosted by lower oil
prices, decent employment growth in the US and political certainty following the re-election of US President Bush. The
upward trend was supported by ongoing loose monetary policy by the central banks, ample liquidity amongst investors
and mounting merger and acquisition activity.
The significant appreciation of the euro versus the US dollar and the yen limited the total return in global equities for
Eurozone investors considerably.
Global sectors
Amongst the defensive sectors, telecom services and utilities outperformed. Amongst the cyclical and growth sectors,
basic materials and information technology clearly outpaced the benchmark average. Health care and insurance were distinct laggards.
In the health care sector, the side effects of medicines (e.g. from US Merck) triggered concerns about the quality of the
pharmaceutical ‘pipeline’ (new medicines under development) of some pharmaceutical producers. Investors were also
worried about the safety of medicines and about the fall-out from an avalanche of lawsuits.
United States
The market was indecisive in October, but subsequently sentiment improved due to factors mentioned before (lower oil
prices, decent employment growth, political clarity following the re-election of US President Bush). The upward trend was
supported by ample liquidities amongst investors. In addition, corporate America (which has significantly improved its
balance sheet ratios in recent years) used its ample cash reserves to finance acquisitions, notably in the sectors information technology and telecom services.
Leading indices like the Standard & Poor’s 500 and Nasdaq hit 3-1/2 year highs in December.
Europe
European equities maintained their upward trend, boosted by lower oil prices, favourable quarterly reports and lower
bond yields. The positive sentiment was not dented by the stronger euro, which triggered profit warnings. Ample cash
reserves amongst investors and mounting merger and acquisition activity also supported the upward trend.
Japan
Over the first half of the fiscal year (April to September), Japanese companies produced favourable corporate earnings
reports in line with expectations. The only exception was the information technology sector. Nevertheless, Japan continued to lag, while being struck by earthquakes and typhoons. But the underperformance was not as severe as during the
third quarter. Following very strong macro data during the first half of the calendar year, the market had to digest several less favourable numbers (e.g. industrial production) along with a stronger yen versus the dollar. Against this background, domestic investors (which still showed little appetite for equities) were not tempted to increase their holdings.
Foreign investors continued to operate on the buy-side.
Various confidence indicators showed the domestic economy continued to recover. As a consequence, local sectors like
the financials clearly outperformed export related sectors.
Developed Asia Pacific
These equity markets developed favourably, boosted by a positive development of domestic demand and lower oil prices.
Emerging markets
The emerging markets continued their upward trend, benefiting from a more positive sentiment for global equities.
In spite of relatively low valuations, Asia lagged on balance during the quarter. Taiwan, one of the most attractive regional markets in valuation terms, was unable to benefit from its upgrading in the global MSCI-index of emerging markets.
Thailand suffered from political unrest in a southern region and several other markets (China, India) had to digest rate
hikes. The best performers were the smaller markets of Indonesia and the Philippines.
In the EMEA (Europe, Middle East and Africa) region, the ten Eastern European countries continued to benefit from their
new status as member of the European Union (EU). The Turkish market clearly anticipated a formal EU approval allowing
Turkey to negotiate its admission to the EU next year. After the approval had been received on 17 December, Turkish equities continued to rally, boosted by interest rate cuts. Russia lagged due to lower oil and gas prices and the gradual dismantlement of oil giant Yukos.
Latin America continued to perform favourably, helped by high commodity prices and positive earnings developments in
Brazil.
OUTLOOK EQUITY MARKETS
Following major cost programs, companies have produced historically elevated profits. However, the number of positive
earnings surprises should gradually decline now, as companies will face higher input costs (e.g. labour, fuel and raw
material costs) which they can not pass on (partly nor fully). For companies in the Eurozone, the stronger euro will trigger lower earnings forecasts. This all explains our caution regarding the earnings prospects for 2005.
The risks regarding corporate earnings are counterbalanced by a number of positive factors. In this respect we highlight
the moderate development of the global economy, the accommodative monetary policy by the central banks and low
interest rates. In addition, supportive factors for sentiment include the ample liquidities amongst investors and companies. In recent months, these liquid assets have already triggered a growing (price boosting) merger and acquisition
activity (M & A). We expect this trend to continue into 2005.
On balance, we express cautious optimism regarding global equities, which we expect to produce an average total return
in line with forecast earnings growth of 5-10% in 2005. Accordingly, we continue to favour companies with stable
growth and attractive dividend yields.
For US and European equities, we forecast an average 5-10% earnings growth for 2005.
In Japan, the forecast earnings growth slowdown next year, triggered in part by slower export growth and the stronger
yen versus the euro, has largely been discounted in the current prices. This should offer some upside potential now that
domestic consumption is rebounding. For the fiscal year 2004/2005, we anticipate an average 20-25% earnings growth.
For 2005/2006 we forecast earnings growth to decelerate to about 5%.
Following the second-half rally, the emerging markets will face more difficulties maintaining the positive momentum, also
because the anticipated slowdown of the global economy will translate into slower export growth. Nevertheless, the
emerging markets still offer interesting investment opportunities in view its attractive valuations and ongoing strong
domestic demand.
ASSET ALLOCATION
(equities / fixed income)
Summary
In October and November, we maintained our neutral stance regarding equities and fixed income. Early December, we
decided to raise equities to a modest overweight versus fixed income as our models indicated that equities should outperform bonds.
The concerns about the imbalances in the US economy (current account deficit, low savings ratio) mounted. In addition,
US economic growth slowed down during the second half of the year. It should be noted, however, that this slowdown
occurred at historically elevated levels and growth was maintained at fair levels. This is confirmed by the most recent
data. In fact, the US economy seems to have regained impetus in December. Consumer spending and investments stabilised at high levels. Nevertheless, a slowdown of corporate earnings growth should be inevitable in 2005, due to higher wages and higher fuel and raw material costs. Companies cannot entirely pass on these costs to their clients.
In the Eurozone, economic growth was slightly below trend during the third quarter. This was caused by a slowdown in
exports and consumer spending. The stronger euro and weaker jobs market imply that a higher growth rate should not
be expected in the first half of 2005. Nevertheless, we do expect the European economy to regain traction in the second
half of 2005, boosted by accelerating domestic demand.
Our decision to raise equities from neutral to slightly overweight at the start of December, should be seen in the following context.
Early October, fundamental analysis produced a neutral signal for equities, but this signal turned to positive in the subsequent months. In December, a number of market analyses also turned positive. The price momentum analysis entered
positive territory early November, while the earnings valuation analysis has produced a positive signal during the entire
quarter. The bond yield momentum, another market analysis, produced a negative signal during the quarter.
In view of our analyses and given the diminishing uncertainties in the market (in response to lower oil prices, re-election
President Bush, signs of soft landing in China), we decided to raise equities to a modest overweight at the start of
December. Our analyses indicate that equities should outperform bonds in the coming months.
Performance dei mercati azionari 2004
Development on Equity Marquets 2004
10/1/05
125
120
115
110
105
100
95
J
F
M
A
MSCI EUROPE U$ - PRICE INDEX (~E )
MSCI JAPAN U$ - PRICE INDEX (~E )
MSCI USA - PRICE INDEX (~E )
M
J
J
A
S
O
N
D
Performance dei mercati obbligazionari 2004
Development on Bond Markets 2004
10/1/0 5
5.00
1.90
4.80
1.80
4.60
1.70
4.40
1.60
4.20
1.50
4.00
1.40
3.80
1.30
3.60
1.20
3.40
J
F
M
A
M
J
J
A
S
O
U S TREAS.BENC HMARK BOND 1 0 YR (D S) - RED. YIELD
JAPAN BENCHMARK BOND -RYLD.10 YR (D S) - RED. YIELD(R.H. SCALE)
EURO BENC HMARK BOND (SYNTHETIC) - RED. YIELD
N
D
1.10
Evolutione dei tasso di cambio 2004
Currency Trend 2004
10/1/0 5
1.40
14 2
1.35
14 0
13 8
1.30
13 6
1.25
13 4
1.20
13 2
1.15
13 0
1.10
12 8
1.05
12 6
1.00
12 4
J F M A M J J A S O N D J F M A M J
JAPANESE YEN TO EURO (WMR) - EXCHANGE RATE(R.H. S CALE)
U S $ TO EURO (WMR) - EXCHANGE RATE
J
A
S
O
N
D
Fund Name
Page
Fund Focus
Fund Name
Page
Theme
Table of Contents
ING (L) Invest Prestige & Luxe
Equity Funds
Core
55
56
57
Socially Responsible Investments
World
20
21
Europe
22
23
24
25
58
Style - Value Funds
ING (L) Invest Europe Growth Fund
ING (L) Invest Europe High Dividend
59
60
61
62
Balanced Funds
United States
ING (L) Invest US (Enhanced Core Concentrated)
26
27
Japan
28
29
Emerging
30
31
32
33
Asia
34
Sector
63
64
65
66
Capital Preservation Funds
ING Index Linked Fund Continuous Click Fund Euro
ING Index Linked Fund Continuous Click Fund Euro II
ING Index Linked Fund Continuous Click Eurotop 100
ING Index Linked Fund Continuous Click Fund Japan
ING Index Linked Fund Continuous Click Fund US (EUR)
ING Index Linked Fund Continuous Click Fund US (USD)
ING Index Linked Fund Protected Mix 70
67
68
69
70
71
72
73
74
75
19
Bond Funds
World
ING (L) Invest Consumer Goods
ING (L) Invest Industrials
ING (L) Invest IT
ING (L) Invest Materials
35
36
37
38
39
40
41
42
43
44
45
46
Europe
ING (L) Invest European Consumer Goods
ING (L) Invest European Health Care
47
48
49
50
51
52
53
54
ING (L) Renta Fund EMD Hard Currency
ING (L) Renta Fund EMD Local Currency
76
77
78
79
80
81
82
83
84
85
86
87
Glossary
Fund Overview
Important Information :
This document contains information relating to the sub-funds of different Sicav. All Sicav are Luxembourg based "Sociétés d'investissement à capital variable"
qualifying as UCITS in accordance with the EC Council Directive of 20 December 1985. This document serves information purposes only and does not constitute
an offer or a solicitation to buy or to sell any investment referred to in this document. Investors should base their investment decisions to subscribe for shares on the
contents of the most recent prospectus, annual report and semi-annual report (if available) which contain further information about the shares and the funds. The
value of shares and any income generated may go down as well as up and is not guaranteed. Past performance is not necessarily a guide to future performance.
Investors should be aware of additional risks associated with funds with investment in emerging and developing markets.
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, mechanical,
photocopying, recording or otherwise without the prior permission of the copyright-holder.
The source for all MSCI benchmarks is MSCI-Morgan Stanley Capital International.
Equity Fund
ING (L) Invest
World
P Shares Capitalisation
LU0119219730
INGLWDP LX Equity
LU0119219730.LUF
94698
1163252
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
X Shares Capitalisation
LU0121207616
INGLWDX LX Equity
LU0121207616.LUF
94805
1253205
P Shares Capitalisation / EUR
Performance as at 31/12/04
Legal Disclaimer
This document serves information purposes only and does not
constitute an offer or a solicitation to buy or to sell any investment
referred to in this document. Investors should base their investment
decisions to subscribe for shares on the contents of the most recent
prospectus, annual report and semi-annual report (if available) which
contain further information about the shares and the funds.
Indexed Performance
120
110
100
90
80
70
60
50
11/99
05/00
11/00
05/01
11/01
05/02
11/02
05/03
11/03
05/04
11/04
Index
Sector*
Calendar Year Performance in EUR
Fund
Index
Sector*
1999
2000
2001
2002
2003
2004 YTD
47.66
44.58
49.79
-12.28
-8.13
-6.12
-15.82
-13.35
-14.17
-34.20
-33.02
-31.80
5.99
8.83
9.76
2.15
5.38
4.87
Cumulative Performance in EUR
Fund
Index
Sector*
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
2.01
2.21
2.55
-1.17
-0.86
-0.71
2.15
5.38
4.87
8.27
14.68
15.10
-28.76
-23.18
-21.49
-47.40
-38.85
-36.74
Investment Objective and Policy
The sub-fund invests primarily in a diversified portfolio of shares
and/or transferable securities issued by companies incorporated,
quoted or traded in any country in the world. The portfolio is actively
managed relative to its benchmark, the MSCI AC World Index.
Fund Breakdown
20
Top 10 Equities
1
2
3
4
5
6
7
8
9
10
Company Name
General Electric Co
Citigroup Inc
Microsoft Corp
Shell Transprt&tradng Co Plc
Jpmorgan Chase & Co
Glaxosmithkline Plc
Bank Of America Corp
Cvs Corp
Johnson & Johnson
Total Sa
Main Business
Industrials
Financials
Information Technology
Energy
Financials
Healthcare
Financials
Consumer Staples
Healthcare
Energy
%
1.75
1.67
1.58
1.43
1.30
1.27
1.26
1.13
1.08
1.07
Geographical Allocation
US
46.65%
Key Figures & Statistics
GB
11.97%
Launch date:
OT R
13.03%
JP
7.23%
IT
FR
ES 3.17%
CH
DE
6.34%
4.15% 3.94% 3.51%
Latest Month's End NAV:
Total Net Assets of the Fund (Mln):
Sector Allocation
CDI
10.40%
FIN
25.14%
HC
10.39%
UND
0.16%
IT
9.88%
MAT
3.40%
T EL
9.10%
IND
8.61%
ENR
8.60%
UT I
5.77%
CST
8.54%
Average Annual Return (%)
Annual Volatility (%)
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
Annual Information Ratio
Annual Tracking Error (%)
31/12/93
EUR
EUR
126.25
124.95
1 Year
Fund Bench.
3 Years
Fund Bench.
2.15
5.38
5.38
5.09
0.01
0.64
-3.18
1.02
0.94
-2.22
1.37
-10.69 -8.42
16.07 16.48
-0.80 -0.64
-2.75
0.97
0.99
-1.43
1.72
* Standard & Poor's Fund Services
S&P IM Fd EQ Global (NX) XLF
3 months Euribor used as risk free rate for the calculation of the annual Sharpe Ratio
All data as at 31/12/04 and concern P Shares Capitalisation
CDI: Consumer Discretionary / DIV: Diversified / ENR: Energy / FIN: Financials / HC: HealthCare / IND: Industrials / IT: Information Technology / MAT: Materials / CST: Consumer Staples / OTR: Others / TEL:
Telecoms / UND: Undefined / UTI: Utilities
Equity Fund
ING (L) Invest
Global Brands
LU0119208295
INGLGBP LX Equity
LU0119208295.LUF
94719
1164034
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0121193303
INGLGBC LX Equity
LU0121193303.LUF
94868
1165618
Legal Disclaimer
Indexed Performance
120
110
100
90
80
70
60
11/99
05/00
11/00
05/01
11/01
05/02
11/02
05/03
11/03
05/04
11/04
Index
Sector*
Fund
Index
Sector*
1999
2000
2001
2002
2003
2004 YTD
43.13
44.25
49.79
-7.42
-8.13
-6.12
-7.89
-13.35
-14.17
-29.25
-33.02
-31.80
8.92
8.83
9.76
0.80
4.71
4.87
Fund
Index
Sector*
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
2.65
1.97
2.55
-5.55
-1.49
-0.71
0.80
4.71
4.87
9.79
13.95
15.10
-22.32
-23.67
-21.49
-33.76
-39.24
-36.74
and/or transferable securities issued by companies with brands that
have strong market positions on a global level. The sub-fund's
benchmark is the MSCI World. The sub-fund does not hedge the
currency risk.
Fund Breakdown
Top 10 Equities
Company Name
1 Carnival Corp
2 Citigroup Inc
3 Microsoft Corp
4 Intl Game Technology
5 Royal Dutch Petroleum
6 Johnson & Johnson
7 Colgate-palmolive Co
8 Viacom Inc-cl B
9 Ing Groep Nv-cva
10 Samsung Electronics-gdr Regs
Main Business
Consumer Discretionary
Financials
Energy
Healthcare
Consumer Staples
Financials
21
%
5.61
5.23
4.96
4.62
4.61
4.49
4.16
4.13
4.11
3.65
US
52.71%
GB
9.09%
NL
8.70%
DE
PA 3.04%
KR
FR
6.30% 6.20% 5.60%
CH
1.07%
ES
2.18%
JP
2.54%
FI
2.59%
Launch date:
Sector Allocation
CDI
28.59%
CST
22.97%
IND
1.02%
T EL
2.50%
UND
IT
16.21%
FIN
13.38%
ENR
8.19%
HC 2.66%
4.48%
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
15/06/98
EUR
EUR
244.30
53.70
1 Year
Fund Bench.
3 Years
Fund Bench.
0.80
4.71
7.71
5.15
-0.17
0.50
-5.26
1.37
0.83
-0.98
3.74
-8.07 -8.61
16.47 16.47
-0.62 -0.65
0.30
0.96
0.93
0.15
4.58
Equity Fund
ING (L) Invest
EMU Equity
LU0095527585
INGEMQA LX Equity
LU0095527585.LUF
2016
470424
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0113307978
INGEMXC LX Equity
LU0113307978.LUF
2015
1360373
Legal Disclaimer
Indexed Performance
120
110
100
90
80
70
60
11/99
05/00
11/00
05/01
11/01
05/02
11/02
05/03
11/03
05/04
11/04
Index
Sector*
Fund
Index
Sector*
1999
2000
2001
2002
2003
2004 YTD
34.46
-
3.34
-1.21
-2.01
-17.46
-19.65
-19.88
-35.92
-34.64
-33.69
17.51
16.38
16.62
10.81
10.13
10.55
Fund
Index
Sector*
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
8.40
8.37
7.31
6.05
6.11
5.47
10.81
10.13
10.55
30.21
28.17
28.92
-16.56
-16.23
-14.51
-28.83
-33.50
-32.88
quoted or traded in any member state of the EMU. The sub-fund
benchmark is the MSCI EMU Index.
Fund Breakdown
22
Top 10 Equities
1
2
3
4
5
6
7
8
9
10
Company Name
Royal Dutch Petroleum
Total Sa
Sanofi-aventis
Deutsche Telekom Ag-reg
Ing Groep Nv-cva
Telefonica S.a.
Siemens Ag-reg
Bnp Paribas
France Telecom Sa
Deutsche Bank Ag -reg
Main Business
Energy
Energy
Healthcare
Telecoms
Financials
Telecoms
Industrials
Financials
Telecoms
Financials
%
5.35
5.21
2.92
2.91
2.84
2.59
2.58
2.52
2.36
2.07
FR
28.33%
DE
18.46%
OT R
4.69%
NL
16.47%
FI
2.46%
IT
11.54%
ES
10.76%
IE
BE 3.47%
3.82%
Launch date:
Sector Allocation
T EL
16.17%
ENR
13.71%
UT I
11.16%
FIN
29.83%
MAT
3.54%
HC
3.70%
IND
3.97%
IT
CDI
CST
4.43%
6.80% 6.69%
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
17/03/99
EUR
EUR
97.06
381.48
1 Year
Fund Bench.
3 Years
Fund Bench.
10.81 10.13
7.96
8.10
1.09
0.99
0.97
0.96
0.97
0.41
1.52
-5.86 -5.73
22.10 21.59
-0.36 -0.36
0.05
1.02
0.99
-0.06
1.89
S&P IM Fd EQ Euroland (NX) EUR
Equity Fund
ING (L) Invest
European Equity
LU0082087510
INGIEEA LX Equity
LU0082087510.LUF
94992
791274
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0113304017
INGIEEX LX Equity
LU0113304017.LUF
94993
1360389
Legal Disclaimer
Indexed Performance
120
110
100
90
80
70
60
11/99
05/00
11/00
05/01
11/01
05/02
11/02
05/03
11/03
05/04
11/04
Index
Sector*
Fund
Index
Sector*
1999
2000
2001
2002
2003
2004 YTD
37.27
33.43
40.24
1.33
-2.87
-1.68
-16.50
-17.33
-18.07
-33.58
-31.94
-31.11
13.88
12.14
13.08
9.72
9.36
9.77
Fund
Index
Sector*
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
6.04
5.60
5.24
4.82
4.19
3.87
9.72
9.36
9.77
24.95
22.64
24.13
-17.00
-16.53
-14.49
-29.78
-32.98
-31.12
quoted or traded in any industrialised European country. The sub-fund
mainly invests in large caps characterised by a high degree of turnover
and liquidity and consist of a large group of leading multinationals
with diversified activities. The sub-fund's benchmark is the MSCI
Europe Index.
Fund Breakdown
Top 10 Equities
Company Name
1 Shell Transprt&tradng Co Plc
2 Vodafone Group Plc
3 Total Sa
4 Hsbc Holdings Plc
5 Glaxosmithkline Plc
6 Bp Plc
7 Royal Bank Of Scotland Group
8 Ubs Ag-registered
9 Deutsche Telekom Ag-reg
10 Novartis Ag-reg Shs
Main Business
Energy
Telecoms
Energy
Financials
Healthcare
Energy
Financials
Financials
Telecoms
Healthcare
23
%
3.94
3.44
3.30
3.22
2.74
2.65
2.37
2.01
1.93
1.85
GB
31.09%
FR
17.38%
DE
10.92%
CH
9.14%
OT R
10.40%
IE
2.37%
NL
6.77%
Launch date:
FIN
30.72%
T EL
13.61%
IT
2.67%
ENR
12.10%
MAT
3.59%
HC
9.41%
32.85
416.61
1 Year
Fund Bench.
3 Years
Fund Bench.
9.72
9.36
6.19
6.20
1.23
1.17
0.47
0.98
0.97
0.33
1.00
-6.02 -5.85
18.83 17.97
-0.43 -0.44
0.17
1.04
0.99
-0.11
1.63
IT
ES 5.96%
5.97%
Sector Allocation
CST
9.79%
10/11/97
EUR
EUR
UT I
8.58%
IND
4.96%
CDI
4.56%
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
S&P IM Fd EQ Europe (NX) XDM
Equity Fund
ING (L) Invest
European Sector Allocation
LU0119205788
INGLEAP LX Equity
LU0119205788.LUF
94733
1163630
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0121190895
INGLEAC LX Equity
LU0121190895.LUF
94911
1165368
Legal Disclaimer
Indexed Performance
120
110
100
90
80
70
60
50
11/99
05/00
11/00
05/01
11/01
05/02
11/02
05/03
11/03
05/04
11/04
Index
Sector*
Fund
Index
Sector*
1999
2000
2001
2002
2003
2004 YTD
33.26
40.24
-5.02
-3.55
-1.68
-23.76
-16.94
-18.07
-33.37
-32.21
-31.11
10.79
12.14
13.08
9.38
9.36
9.77
Fund
Index
Sector*
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
5.27
5.60
5.24
3.63
4.19
3.87
9.38
9.36
9.77
21.19
22.64
24.13
-19.25
-16.87
-14.49
-41.53
-33.40
-31.12
quoted or traded in any European country through an active European
sector allocation strategy. The portfolio is actively managed relative to
the MSCI Europe Index. The sub-fund does not hedge the currency
risk.
Fund Breakdown
24
Top 10 Equities
1
2
3
4
5
6
7
8
9
10
Company Name
Bp Plc
Hsbc Holdings Plc
Vodafone Group Plc
Total Sa
Glaxosmithkline Plc
Novartis Ag-reg Shs
Nestle Sa-registered
Royal Bank Of Scotland Group
Ubs Ag-registered
Main Business
Energy
Financials
Telecoms
Energy
Healthcare
Energy
Healthcare
Consumer Staples
Financials
Financials
%
3.76
3.10
2.86
2.43
2.34
2.20
2.12
1.90
1.87
1.67
GB
36.73%
FR
16.28%
CH
10.69%
DE
10.14%
ES
NL
6.88% 5.99%
OT R
5.79%
SE
2.28%
IT
5.22%
Launch date:
Sector Allocation
FIN
30.13%
ENR
12.61%
CST
10.15%
CDI
9.67%
T EL
9.49%
HC
9.21%
IT
3.29%
IND
4.54%
MAT
5.10%
UT I
5.82%
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
09/05/99
EUR
EUR
178.81
192.14
1 Year
Fund Bench.
3 Years
Fund Bench.
9.38
9.36
5.96
6.20
1.22
1.17
0.57
0.94
0.95
0.02
1.30
-6.88 -5.97
18.32 17.91
-0.49 -0.45
-0.82
1.02
0.99
-0.52
1.81
Equity Fund
ING (L) Invest
European Small Caps
LU0108284653
INGESCC LX Equity
LU0108284653.LUF
94994
1061131
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0113311574
INGESCX LX Equity
LU0113311574.LUF
94995
1102582
Legal Disclaimer
Indexed Performance
110
100
90
80
70
60
50
40
02/00
08/00
02/01
08/01
02/02
08/02
02/03
08/03
02/04
08/04
Index
Sector*
Fund
Index
Sector*
1999
2000
2001
2002
2003
2004 YTD
42.50
82.86
-6.79
0.75
-28.62
-18.20
-29.34
-41.77
-26.49
-33.68
34.53
32.66
29.82
13.60
20.42
19.16
Fund
Index
Sector*
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
10.23
9.88
8.81
5.99
7.42
6.01
13.60
20.42
19.16
52.83
59.75
54.69
-11.01
17.43
2.59
-10.46
-26.97
Fund Breakdown
and/or transferable securities issued by small and medium-sized
companies incorporated, quoted or traded on any European stock
exchange. Most of these companies have a market capitalisation of
less than € 5.0 billion. The sub-fund's benchmark is the MSCI
European Small Caps Index usd. Historical information prior to this
fund's launch date refers to ING Bank European Small Cap Fonds, its
equivalent Dutch-domiciled version.
Top 10 Equities
Company Name
1 Generale De Sante
2 Kingspan Group Plc
3 Mobistar Sa
4 Medidep
5 Piraeus Bank S.a.
6 Enterprise Inns Plc
7 T&f Informa Plc
8 Sr Teleperformance(ex Rochef
9 Neopost Sa
10 Eniro Ab
Main Business
Healthcare
Industrials
Telecoms
Healthcare
Financials
25
%
2.81
2.61
2.46
2.45
2.23
2.10
2.08
2.07
1.93
1.87
GB
16.89%
SE
10.60%
FR
19.38%
IE
10.31%
NL
9.04%
OT R
7.14%
CH
3.16%
DE
BE
IT
GR 3.58%
ES
6.52% 4.86% 4.60% 3.92%
Launch date:
Sector Allocation
IT
20.49%
CDI
23.79%
OT R
2.72%
IND
17.39%
HC
10.55%
CST
8.79%
UT I
6.86%
T EL
3.44%
FIN
5.96%
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
21/02/00
EUR
EUR
14.87
27.33
1 Year
Fund Bench.
3 Years
Fund Bench.
13.60 20.42
11.35 11.71
1.01
1.56
-4.09
0.91
0.88
-1.41
3.96
-3.81
5.50
21.63 18.21
-0.27
0.19
-9.06
1.14
0.92
-1.21
7.12
S&P IM Fd Sm Cos Europe (NX) XLF
Equity Fund
ING (L) Invest
Nasdaq
LU0119213295
INGLNDP LX Equity
LU0119213295.LUF
94714
1164222
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0121201411
INGLNDC LX Equity
LU0121201411.LUF
94853
1164292
P Shares Capitalisation / USD
Legal Disclaimer
Indexed Performance
140
120
100
80
60
40
11/99
05/00
11/00
05/01
11/01
05/02
11/02
05/03
11/03
05/04
11/04
Index
Sector*
Calendar Year Performance in USD
Fund
Index
Sector*
1999
2000
2001
2002
2003
2004 YTD
107.83
100.63
111.13
-34.83
-36.43
-32.77
-36.61
-32.65
-40.51
-37.82
-37.58
-39.88
45.91
49.12
46.50
10.09
10.44
3.29
Cumulative Performance in USD
Fund
Index
Sector*
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
14.47
14.75
14.53
6.85
6.89
3.79
10.09
10.44
3.29
60.64
64.69
51.33
-0.12
2.79
-9.03
-58.74
-55.99
-63.61
and/or transferable securities issued by companies quoted on the
Nasdaq stock market. The sub-fund is actively managed relative to the
Nasdaq 100 Index. The sub-fund is fully invested, and it does not
hedge the currency risk.
Fund Breakdown
26
Top 10 Equities
1
2
3
4
5
6
7
8
9
10
Company Name
Cisco Systems Inc
Microsoft Corp
Qualcomm Inc
Ebay Inc
Nextel Communications Inc-a
Amgen Inc
Apple Computer Inc
Applied Materials Inc
Starbucks Corp
Comcast Corp-cl A
Main Business
Telecoms
Healthcare
%
6.84
6.74
6.26
4.31
3.13
2.84
2.68
2.63
2.59
2.37
Sector Allocation
IT
58.02%
Launch date:
M AT
0.60%
CST
2.35%
IND
3.97%
TEL
4.61%
CDI
17.94%
HC
12.53%
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
19/10/98
USD
USD
621.29
68.55
1 Year
Fund Bench.
3 Years
Fund Bench.
10.09 10.44
14.07 14.17
0.57
0.59
-0.24
0.99
1.00
-0.44
0.70
-0.04
0.92
25.55 25.60
-0.08 -0.05
-0.95
1.00
1.00
-0.90
1.06
S&P IM Fd SC TMT USA (NX) USD
3 months USD Libor used as risk free rate for the calculation of the annual Sharpe Ratio
Equity Fund
ING (L) Invest
US (Enhanced Core Concentrated)
LU0082087940
INGNAUA LX Equity
LU0082087940.LUF
238
791300
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0113305253
INGNAUX LX Equity
LU0113305253.LUF
239
1102545
Legal Disclaimer
Indexed Performance
160
150
140
130
120
110
100
90
11/97
07/98
03/99
11/99
07/00
03/01
11/01
07/02
03/03
11/03
07/04
Index
Sector*
Fund
Index
Sector*
1999
2000
2001
2002
2003
2004 YTD
17.46
19.66
22.19
-9.63
-8.60
-7.54
-16.10
-14.22
-14.08
-23.21
-23.31
-23.68
24.31
26.38
26.77
10.13
8.99
9.13
Fund
Index
Sector*
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
9.09
8.73
9.74
7.35
6.23
6.94
10.13
8.99
9.13
36.90
37.75
38.34
5.13
5.64
5.59
-20.30
-17.18
-16.12
quoted or traded in the United States of America. The sub-fund's
benchmark is the S&P 500 Index.
Fund Breakdown
Top 10 Equities
Company Name
1 Exxon Mobil Corp
2 General Electric Co
3 Johnson & Johnson
4 Microsoft Corp
5 Intl Business Machines Corp
6 Citigroup Inc
7 Procter & Gamble Co
8 Wal-mart Stores Inc
9 Pfizer Inc
10 Dell Inc
Main Business
Energy
Industrials
Healthcare
Financials
Consumer Staples
Consumer Staples
Healthcare
27
%
3.67
3.24
2.57
2.44
2.33
2.10
2.07
1.88
1.70
1.70
Sector Allocation
IT
15.90%
FIN
18.87%
CDI
14.19%
Launch date:
TEL
2.67%
M AT
2.90%
UTI
3.54%
HC
12.57%
IND
11.28%
ENR
8.33%
CST
9.74%
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
10/11/97
USD
USD
63.70
318.99
1 Year
Fund Bench.
3 Years
Fund Bench.
10.13
8.99
7.45
7.35
1.08
0.93
1.10
1.00
0.97
0.78
1.35
1.68
1.85
14.10 15.10
-0.03 -0.02
-0.08
0.93
0.98
-0.07
2.12
S&P IM Fd EQ USA (NX) USD
Equity Fund
ING (L) Invest
Japan
LU0082087783
INGIJEA LX Equity
LU0082087783.LUF
231
791213
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0113305683
INGIJEX LX Equity
LU0113305683.LUF
232
1102538
P Shares Capitalisation / JPY
Legal Disclaimer
Indexed Performance
110
100
90
80
70
60
50
11/99
05/00
11/00
05/01
11/01
05/02
11/02
05/03
11/03
05/04
11/04
Index
Sector*
Calendar Year Performance in JPY
Fund
Index
Sector*
1999
2000
2001
2002
2003
2004 YTD
89.46
55.05
73.62
-29.86
-21.25
-23.73
-17.86
-19.51
-18.38
-20.69
-18.61
-18.91
14.85
22.11
22.18
7.46
10.02
7.95
Cumulative Performance in JPY
Fund
Index
Sector*
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
5.30
4.98
3.29
-2.06
-2.25
-4.59
7.46
10.02
7.95
23.42
34.34
31.89
-2.12
9.34
6.95
-43.60
-30.70
-33.42
quoted or traded in Japan. The sub-fund's benchmark is the MSCI
Japan Index.
Fund Breakdown
28
Top 10 Equities
1
2
3
4
5
6
7
8
9
10
Company Name
Toyota Motor Corp
Canon Inc
Mizuho Financial Group Inc
Sumitomo Mitsui Financial Gr
Ntt Docomo Inc
Matsushita Electric Indust
Sony Corp
East Japan Railway Co
Hitachi Ltd
Chubu Electric Power Co Inc
Main Business
Financials
Financials
Telecoms
Industrials
Utilities
%
6.29
3.11
3.08
2.34
2.28
1.84
1.71
1.69
1.65
1.65
Sector Allocation
CDI
22.25%
FIN
22.38%
Launch date:
ENR
1.33%
TEL
3.90%
IND
16.89%
HC
4.06%
CST
4.76%
IT
12.98%
M AT
6.63%
UTI
4.80%
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
10/11/97
JPY
JPY
3,557
17,008.78
1 Year
Fund Bench.
3 Years
Fund Bench.
7.46 10.02
11.81 12.18
0.45
0.65
-2.00
0.96
0.98
-1.50
1.54
-0.71
3.02
15.77 15.85
-0.18
0.06
-3.55
0.98
0.97
-1.21
2.95
S&P IM Fd EQ Japan (NX) JPY
3 months JPY Libor used as risk free rate for the calculation of the annual Sharpe Ratio
Equity Fund
ING (L) Invest
Japanese Small & Mid Caps
LU0119211166
INGLJSP LX Equity
LU0119211166.LUF
2410
1164417
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0121199920
INGLJSC LX Equity
LU0121199920.LUF
2430
1166439
Indexed Performance
Legal Disclaimer
100
90
80
70
60
50
40
03/00
08/00
01/01
06/01
11/01
04/02
09/02
02/03
07/03
12/03
05/04
10/04
Index
Sector*
Fund
Index
Sector*
1999
2000
2001
2002
2003
2004 YTD
216.92
-38.29
-42.10
-15.67
-12.10
-12.14
-26.61
-16.32
-19.66
21.40
70.43
41.46
29.03
40.93
20.49
Fund
Index
Sector*
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
1.03
0.77
1.97
-10.50
-9.51
-10.90
29.03
40.93
20.49
56.64
140.19
70.45
14.96
100.98
36.93
9.02
-30.35
and/or transferable securities issued by small and medium-sized
companies incorporated, quoted or traded in Japan. The sub-fund's
benchmark is composed by the Tokio SE Second Market index.
Fund Breakdown
Top 10 Equities
Company Name
1 Privee Zurich Turnaround Grp
2 Bank Of Okinawa Ltd/the
3 Nippon Broadcasting System
4 Riken Vitamin Co Ltd
5 Saibu Gas Co Ltd
6 Recruit Cosmos Co Ltd
7 Toho Titanium Co Ltd
8 Takano Co Ltd
9 Gulliver International Co
10 Oriental Yeast Co Ltd
Main Business
Financials
Financials
Telecoms
Consumer Staples
Utilities
Financials
Materials
Consumer Staples
29
%
2.55
2.08
2.03
1.92
1.43
1.42
1.41
1.39
1.38
1.36
Sector Allocation
CDI
16.72%
IND
14.75%
FIN
17.33%
OTR
3.78%
TEL
2.36%
CST
14.38%
IT
8.42%
UND
12.84%
M AT
9.42%
Launch date:
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
17/03/00
JPY
JPY
12,508
2,109.05
1 Year
Fund Bench.
3 Years
Fund Bench.
29.03 40.93
27.21 29.77
0.99
1.30
-5.74
0.90
0.98
-1.82
4.61
4.76 26.20
21.77 23.01
0.12
1.05
-14.93
0.89
0.88
-2.12
7.90
S&P IM Fd Sm Cos Japan (NX) JPY
Equity Fund
ING (L) Invest
Emerging Europe
LU0109225770
INGEEQD LX Equity
LU0109225770.LUF
94983
1061144
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0113311731
INGEEQX LX Equity
LU0113311731.LUF
94984
1102610
Legal Disclaimer
130
Indexed Performance
120
110
100
90
80
70
60
03/00
08/00
01/01
06/01
11/01
04/02
09/02
02/03
07/03
12/03
05/04
10/04
Index
Sector*
Fund
Index
Sector*
1999
2000
2001
2002
2003
2004 YTD
96.00
-
-14.83
-8.21
3.59
15.96
4.94
7.09
-2.79
1.73
28.33
30.38
26.96
25.98
22.58
33.19
Fund
Index
Sector*
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
4.84
2.09
6.87
12.65
9.68
14.94
25.98
22.58
33.19
61.66
59.81
69.10
73.13
55.36
72.03
53.43
65.71
quoted or traded in any emerging country of Europe. No direct
investment is envisaged in Russia. The sub-fund's benchmark is the
MSCI EM Eastern Europe.
Fund Breakdown
30
Top 10 Equities
1
2
3
4
5
6
7
8
9
10
Company Name
Lukoil-spon Adr
Otp Bank Rt
Mol Magyar Olaj- Es Gazipari
Surgutneftegaz-sp Adr
Telekomunikacja Polska-gdr
Jsc Mmc Norilsk Nickel-adr
Polski Koncern Naftoway -gdr
Cez As
Cesky Telecom As
Komercni Banka As-gdr
Main Business
Energy
Financials
Energy
Energy
Telecoms
Materials
Energy
Utilities
Telecoms
Financials
%
9.34
9.25
5.86
5.83
5.56
4.59
4.52
3.84
3.56
3.52
RU
41.57%
PL
19.75%
OT R
6.30%
Launch date:
AT
2.46%
CZ
11.38%
HU
18.54%
Sector Allocation
ENR
39.15%
CDI
1.24%
UT I
6.84%
FIN
29.94%
T EL
15.95%
MAT
6.87%
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
27/03/00
EUR
EUR
30.99
75.95
1 Year
Fund Bench.
3 Years
Fund Bench.
25.98 22.58
20.68 20.24
1.15
1.01
2.85
1.00
0.96
0.74
3.82
20.08 15.82
22.61 24.87
0.79
0.55
5.12
0.89
0.97
0.78
4.88
S&P IM Fd EQ Europe Emg Mkts (NX) EUR
Equity Fund
ING (L) Invest
Emerging Markets
LU0104531511
INGEMMC LX Equity
LU0104531511.LUF
94986
1019618
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0113311491
INGEMMX LX Equity
LU0113311491.LUF
94987
1102580
Legal Disclaimer
Indexed Performance
140
130
120
110
100
90
80
70
60
11/99
05/00
11/00
05/01
11/01
05/02
11/02
05/03
11/03
05/04
11/04
Index
Sector*
Fund
Index
Sector*
1999
2000
2001
2002
2003
2004 YTD
63.99
-25.10
-31.80
-29.31
-3.47
-4.91
-3.96
-5.56
-7.97
-4.42
48.02
51.59
54.16
19.68
22.45
21.89
Fund
Index
Sector*
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
16.57
16.81
15.44
25.90
25.45
24.59
19.68
22.45
21.89
77.16
85.62
87.91
67.31
70.82
79.60
20.97
10.78
21.93
quoted or traded in any developing or emerging country of Latin
America (including the Caribbean), Asia (excluding Japan), Eastern
Europe, the Middle East and Africa. The sub-fund's benchmark is the
MSCI Emerging Markets Free.
Fund Breakdown
Top 10 Equities
Company Name
1 Samsung Electronics Co Ltd
2 Cia Vale Do Rio Doce-sp Adr
3 Petroleo Brasileiro S.a.-adr
4 Teva Pharmaceutical-sp Adr
5 Kookmin Bank
6 Standard Bank Group Ltd
7 Telekomunikasi Tbk Pt
8 Posco
9 Lukoil-spon Adr
10 Taiwan Semiconductor Manufac
Main Business
Materials
Energy
Healthcare
Financials
Financials
Telecoms
Materials
Energy
31
%
5.91
4.12
2.96
2.72
2.32
2.15
2.04
1.96
1.87
1.82
TW
14.04%
BR
13.36%
KR
16.77%
ZA
10.89%
OT R
12.80%
MX
6.56%
MY
5.45%
IN
3.51%
TH
CN
RU
IL
4.58% 4.29% 3.97% 3.79%
Launch date:
Sector Allocation
MAT
15.88%
FIN
24.41%
T EL
15.27%
IND
14.00%
ENR
9.67%
OT R
3.25%
UT I
2.17%
HC
IT 2.98%
CDI 5.92%
6.45%
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
22/11/99
USD
USD
34.90
108.10
1 Year
Fund Bench.
3 Years
Fund Bench.
19.68 22.45
16.57 16.11
1.06
1.26
-2.67
1.02
0.99
-1.12
1.99
18.71 19.54
17.98 17.98
0.92
0.97
-0.44
0.99
0.97
-0.23
2.86
S&P IM Fd EQ Global Emg Mkts (NX) USD
Equity Fund
ING (L) Invest
Latin America
LU0051128774
INGILAA LX Equity
LU0051128774.LUF
233
252775
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0113302664
INGILAX LX Equity
LU0113302664.LUF
235
1102535
Legal Disclaimer
Indexed Performance
170
160
150
140
130
120
110
100
90
80
70
60
11/99
05/00
11/00
05/01
11/01
05/02
11/02
05/03
11/03
05/04
11/04
Index
Sector*
Fund
Index
Sector*
1999
2000
2001
2002
2003
2004 YTD
77.04
57.12
55.76
-11.67
-16.66
-15.82
-5.92
-5.91
-4.85
-25.96
-23.10
-23.16
69.17
67.53
65.55
37.55
34.77
36.80
Fund
Index
Sector*
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
21.94
19.81
20.40
41.58
39.64
39.87
37.55
34.77
36.80
132.69
125.78
126.46
72.28
73.63
74.01
43.17
36.16
39.39
quoted or traded in Latin America (including the Caribbean). The subfund's benchmark is the MSCI EMF Latin America Index.
Fund Breakdown
32
Top 10 Equities
1
2
3
4
5
6
7
8
9
10
Company Name
Cia Vale Do Rio Doce-sp Adr
America Movil-adr Series L
Petroleo Brasileiro S.a.-adr
Telefonos De Mexico-sp Adr L
Tele Norte Leste Part-adr
Banco Itau Holding Fin-adr
Cemex Sa -spons Adr Part Cer
Petroleo Brasileiro S.a.-adr
Banco Bradesco-sponsored Adr
Grupo Televisa Sa-spons Adr
Main Business
Materials
Telecoms
Energy
Telecoms
Telecoms
Financials
Industrials
Energy
Financials
%
9.87
7.75
6.22
5.65
5.39
4.78
3.79
3.35
3.23
2.86
BR
57.34%
OT R
5.56%
CL
4.09%
Launch date:
05/07/94
USD
USD
911.88
95.04
1 Year
Fund Bench.
3 Years
Fund Bench.
37.55 34.77
18.76 18.64
1.89
1.75
2.36
0.99
0.97
0.70
2.99
19.88 20.19
26.91 25.00
0.66
0.72
-1.12
1.06
0.98
-0.04
4.54
MX
33.01%
Sector Allocation
MAT
22.08%
T EL
22.12%
OT R
1.86%
CDI
3.64%
UT I
7.18%
FIN
15.16%
CST
10.62%
ENR
9.55%
IND
7.79%
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
S&P IM Fd EQ Latin America (NX) USD
Equity Fund
ING (L) Invest
New Asia
LU0051129079
INGINAA LX Equity
LU0051129079.LUF
236
252730
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0113303043
INGINAX LX Equity
LU0113303043.LUF
237
1102528
Indexed Performance
Legal Disclaimer
110
100
90
80
70
60
11/99
05/00
11/00
05/01
11/01
05/02
11/02
05/03
11/03
05/04
11/04
Index
Sector*
Fund
Index
Sector*
1999
2000
2001
2002
2003
2004 YTD
68.71
61.94
67.77
-32.14
-36.30
-30.43
-4.92
-5.94
-3.46
-7.05
-10.19
-8.43
53.71
42.75
46.12
13.68
14.40
13.93
Fund
Index
Sector*
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
12.59
12.63
12.31
21.28
19.01
18.92
13.68
14.40
13.93
74.73
63.30
66.47
62.42
46.65
52.44
4.79
-12.13
2.40
quoted or traded in the Asia-Pacific region (excluding Japan and
Australia). The sub-fund's benchmark is the MSCI Asia AC ex Japan
Free Index.
Fund Breakdown
Top 10 Equities
Company Name
1 Samsung Electronics Co Ltd
2 China Mobile Hong Kong Ltd
3 Taiwan Semiconductor Manufac
4 Cheung Kong Holdings Ltd
5 Hutchison Whampoa Ltd
6 Sun Hung Kai Properties
7 Posco
8 Kookmin Bank
9 Hang Seng Bank Ltd
10 Nan Ya Plastics Corp
Main Business
Telecoms
Financials
Industrials
Financials
Materials
Financials
Financials
Materials
33
%
6.43
2.63
2.54
2.53
2.52
2.44
2.10
2.05
1.76
1.50
KR
24.94%
HK
25.00%
OT R
7.41%
TW
17.58%
CN
3.69%
SG
10.88%
TH
MY 4.42%
6.07%
Launch date:
Sector Allocation
FIN
32.39%
IND
21.88%
OT R
3.75%
T EL
10.74%
CDI
9.31%
IT
7.59%
MAT
7.22%
UT I
2.97%
ENR
4.16%
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
05/07/94
USD
USD
536.88
267.29
1 Year
Fund Bench.
3 Years
Fund Bench.
13.68 14.40
14.22 14.96
0.81
0.82
0.24
0.93
0.96
-0.21
2.85
17.55 13.61
17.41 17.41
0.89
0.66
3.83
0.98
0.95
0.95
3.71
S&P IM Fd EQ Asia Pac ex Japan (NX) USD
Equity Fund
ING (L) Invest
Greater China
LU0119216801
INGLTWP LX Equity
LU0119216801.LUF
94703
1163879
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0121204944
INGLTWX LX Equity
LU0121204944.LUF
94820
1253262
Legal Disclaimer
140
Indexed Performance
130
120
110
100
90
80
70
60
50
40
11/99
05/00
11/00
05/01
11/01
05/02
11/02
05/03
11/03
05/04
11/04
Index
Sector*
Fund
Index
Sector*
1999
2000
2001
2002
2003
2004 YTD
51.52
63.67
-45.23
-45.35
-21.22
8.86
8.77
0.81
-36.09
-25.38
-12.06
40.12
42.76
65.40
13.89
10.83
6.75
Fund
Index
Sector*
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
10.98
10.58
8.35
18.56
15.84
14.49
13.89
10.83
6.75
59.58
58.22
76.56
1.99
18.07
55.26
-39.19
-29.81
23.31
quoted or traded in any of the following emerging country : the
People's Republic of China, Hong Kong and Taiwan. The sub-fund's
benchmark is the MSCI AC Golden Dragon. Historical information
prior to this fund's launch date refers to ING (L) Invest Taiwan fund.
Fund Breakdown
34
Top 10 Equities
1
2
3
4
5
6
7
8
9
10
Company Name
Taiwan Semiconductor Manufac
Cheung Kong Holdings Ltd
Sun Hung Kai Properties
Hutchison Whampoa Ltd
Formosa Chemicals & Fibre
Swire Pacific Ltd 'a'
China Mobile Hong Kong Ltd
Cathay Financial Holding Co
China Shipping Development-h
Taishin Financial Holdings
Main Business
Financials
Financials
Industrials
Materials
Financials
Telecoms
Financials
Industrials
Financials
%
5.22
5.08
4.80
4.58
3.06
3.03
2.99
2.43
2.17
2.09
Sector Allocation
FIN
39.01%
Launch date:
IT
19.64%
UND
0.86%
M AT
3.00%
TEL
4.16%
IND
15.12%
CDI
8.58%
UTI
5.04%
ENR
4.59%
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
23/05/03
USD
USD
348.62
102.15
1 Year
Fund Bench.
3 Years
Fund Bench.
13.89 10.83
15.95 16.73
0.74
0.52
3.48
0.93
0.96
0.81
3.47
0.66
5.69
22.32 23.06
-0.07
0.15
-4.33
0.92
0.91
-0.67
6.83
S&P IM Fd EQ China (Greater) (NX) USD
Equity Fund
ING (L) Invest
Banking & Insurance
LU0119198637
INGLBIP LX Equity
LU0119198637.LUF
94706
1163802
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0121172307
INGLBIC LX Equity
LU0121172307.LUF
94829
1165487
Legal Disclaimer
Indexed Performance
115
110
105
100
95
90
85
80
75
70
11/99
05/00
11/00
05/01
11/01
05/02
11/02
05/03
11/03
05/04
11/04
Index
Sector*
Fund
Index
Sector*
1999
2000
2001
2002
2003
2004 YTD
3.46
6.19
4.02
9.88
7.79
10.55
-17.67
-18.32
-17.13
-18.32
-18.44
-18.31
36.37
35.40
35.39
14.18
14.78
15.23
Fund
Index
Sector*
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
12.23
13.20
13.29
12.18
13.57
13.48
14.18
14.78
15.23
55.71
55.41
56.01
27.19
26.75
27.44
15.06
11.60
16.76
and/or transferable securities issued by companies active in the
financial sector. This may include companies involved in the
following industries : banking, consumer credits, investment banking
and brokerage, asset management and insurance. The sub-fund's
benchmark is the MSCI Financials index. The sub-fund does not hedge
the currency risk.
Fund Breakdown
Top 10 Equities
Company Name
1 Citigroup Inc
2 Bank Of America Corp
3 Hsbc Holdings Plc
4 Bnp Paribas
5 Jpmorgan Chase & Co
6 American International Group
8 Wells Fargo & Company
9 Ubs Ag-registered
10 Wachovia Corp
Main Business
Financials
Financials
Financials
Financials
Financials
Financials
Financials
Financials
Financials
Financials
35
%
5.26
3.91
3.86
3.11
2.97
2.95
2.22
2.05
1.94
1.70
US
43.37%
Launch date:
GB
13.06%
OTR
6.42%
NL
2.59%
JP
7.67%
DE
3.05%
FR
5.31%
ES
IT 3.22%
CH
AU
CA
3.60%
4.12%
3.93% 3.66%
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
03/09/97
USD
USD
670.83
151.23
1 Year
Fund Bench.
3 Years
Fund Bench.
14.18 14.78
8.93
9.58
1.35
1.32
0.41
0.93
1.00
-0.61
0.85
8.35
8.22
18.08 17.97
0.34
0.34
0.10
1.00
1.00
0.11
1.08
S&P IM Fd SC Finance Global (NX) USD
Equity Fund
ING (L) Invest
Biotechnology
LU0119199106
INGLBTP LX Equity
LU0119199106.LUF
94832
1163852
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0121173453
INGLBTC LX Equity
LU0121173453.LUF
94707
1165565
Legal Disclaimer
220
Indexed Performance
200
180
160
140
120
100
80
11/99
05/00
11/00
05/01
11/01
05/02
11/02
05/03
11/03
05/04
11/04
Index
Sector*
Fund
Index
Sector*
1999
2000
2001
2002
2003
2004 YTD
76.68
78.88
73.69
24.03
24.20
44.45
-21.64
-19.95
-21.21
-38.78
-37.40
-44.87
46.76
50.57
45.71
6.92
8.80
7.66
Fund
Index
Sector*
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
3.94
4.13
7.14
-0.15
0.40
3.19
6.92
8.80
7.66
56.91
63.81
56.88
-3.93
2.54
-13.51
-6.64
1.95
-1.57
Fund Breakdown
36
Top 10 Equities
1
2
3
4
5
6
7
8
9
10
Company Name
Genentech Inc
Biogen Idec Inc
Amgen Inc
Gilead Sciences Inc
Shire Pharmaceuticals Group
Genzyme Corp
Serono Sa B
Medimmune Inc
Millennium Pharmaceuticals
Invitrogen Corp
Main Business
Healthcare
Healthcare
Healthcare
Healthcare
Healthcare
Healthcare
Healthcare
Healthcare
Healthcare
Healthcare
%
9.41
9.38
9.23
7.72
4.65
4.52
4.47
4.28
3.85
3.69
Biotechnology sector. Biotechnology activities are research,
development,
manufacture,
and
distribution
of
various
biotechnological or biomedical products, services and processes. This
may include companies involved in genetics, genetic engineering, and
gene therapy. It also includes companies involved in the application
and development of biotechnology in areas such as health care and
pharmaceuticals. The sub-fund is actively managed relative to an inhouse built index. The sub-fund is fully invested, and it does not hedge
the currency risk.
Launch date:
US
86.89%
OTR
4.00%
CH
4.47%
GB
4.64%
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
26/01/98
USD
USD
973.86
100.11
1 Year
Fund Bench.
3 Years
Fund Bench.
6.92
8.80
13.70 13.75
0.35
0.49
-1.70
0.99
1.00
-2.36
0.73
-1.33
0.84
22.61 22.17
-0.15 -0.06
-2.10
1.02
1.00
-1.34
1.59
S&P IM Fd SC Biotechnology (NX) USD
Equity Fund
ING (L) Invest
Computer Technologies
LU0119200128
INGLCTH LX Equity
LU0119200128.LUF
94709
1163846
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0121174428
INGLCTC LX Equity
LU0121174428.LUF
94838
1165557
Indexed Performance
Legal Disclaimer
130
120
110
100
90
80
70
60
50
40
30
11/99
05/00
11/00
05/01
11/01
05/02
11/02
05/03
11/03
05/04
11/04
Index
Sector*
Fund
Index
Sector*
1999
2000
2001
2002
2003
2004 YTD
94.92
95.57
121.28
-43.15
-42.26
-34.83
-24.31
-21.57
-37.70
-39.27
-38.80
-39.67
45.40
47.66
45.97
1.61
2.06
4.10
Fund
Index
Sector*
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
13.45
13.26
14.75
0.94
1.45
5.18
1.61
2.06
4.10
47.74
50.69
51.95
-10.27
-7.78
-8.33
-61.39
-58.24
-62.78
Fund Breakdown
Top 10 Equities
Company Name
1 Cisco Systems Inc
2 Hewlett-packard Co
4 Microsoft Corp
5 Oracle Corp
6 Ericsson Lm-b Shs
7 Applied Materials Inc
8 Dell Inc
9 Qualcomm Inc
10 Intel Corp
Main Business
%
9.79
5.86
4.86
4.02
3.91
3.19
3.09
2.97
2.95
2.56
Information Technology sector and expected to benefit from the
development, advancement and use of technologies. This may include
companies involved in the following industries : technology software
& services, including companies that primarily develop software in
various fields such as the Internet, applications, systems and/or
databases management and companies that provide information
technology consulting and services; technology hardware &
equipment,
including
manufacturers
and
distributors
of
communications equipment, computers & peripherals, electronic
equipment and related instruments, and semiconductor equipment and
products. The sub-fund's benchmark is the MSCI IT.
US
72.95%
Launch date:
OTR
7.68%
FI
2.04%
SE
3.46%
JP
13.87%
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
26/01/98
USD
USD
582.61
121.34
1 Year
Fund Bench.
3 Years
Fund Bench.
1.61
2.06
17.23 16.56
-0.03
0.00
-0.46
1.04
1.00
-0.32
1.34
-3.55 -2.66
28.46 28.24
-0.20 -0.17
-0.85
1.01
1.00
-0.87
1.04
S&P IM Fd SC TMT Global (NX) USD
3 month USD Libor used as risk free rate for the calculation of the annual Sharpe Ratio
37
Equity Fund
ING (L) Invest
Consumer Goods
LU0119215407
INGLSPP LX Equity
LU0119215407.LUF
94713
1163688
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0121203037
INGLSPC LX Equity
LU0121203037.LUF
94850
1165406
Legal Disclaimer
Indexed Performance
120
115
110
105
100
95
90
85
80
75
12/01
04/02
08/02
12/02
04/03
08/03
12/03
04/04
08/04
12/04
Index
Sector*
Fund
Index
Sector*
1999
2000
2001
2002
2003
2004 YTD
16.02
-18.06
-22.20
-7.46
-3.94
-0.64
-11.99
-24.73
-22.81
-11.61
37.11
39.90
23.69
12.43
13.62
12.13
Fund
Index
Sector*
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
13.04
13.44
13.51
9.63
10.07
8.28
12.43
13.62
12.13
54.15
58.96
38.69
16.02
22.70
22.59
-13.29
-0.15
Fund Breakdown
38
Top 10 Equities
1
2
3
4
5
6
7
8
9
10
Company Name
Toyota Motor Corp
Home Depot Inc
Time Warner Inc
The Walt Disney Co.
Ebay Inc
Viacom Inc-cl B
Target Corp
Comcast Corp-cl A
Daimlerchrysler Ag-reg
Mcdonald's Corp
Main Business
consumer discretionary sector. This may include companies involved
in the following industries: automobiles & components; consumer
durables & apparel (household durables, leisure equipment &
products, textiles & apparel); hotels, restaurants and leisure; media;
retailing (distributors, internet & catalogue retail, multiline retail,
specialty retail). The sub-fund's benchmark is a composition of the
MSCI Consumer Discretionary. The sub-fund does not hedge the
currency risk.
%
4.77
3.77
3.44
2.35
2.35
2.21
1.71
1.71
1.67
1.64
US
53.14%
Launch date:
OTR
8.34%
NL
2.31%
JP
17.45%
DE
GB
9.88%
FR 3.45%
5.42%
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
03/02/97
USD
USD
949.76
91.69
1 Year
Fund Bench.
3 Years
Fund Bench.
12.43 13.62
9.07
9.23
1.14
1.25
-0.83
0.98
1.00
-2.82
0.37
5.08
7.06
15.26 15.32
0.19
0.32
-1.82
0.99
1.00
-2.25
0.82
S&P IM Fd SC Cnsmr Gds Global (NX) USD
Equity Fund
ING (L) Invest
Energy
LU0119201019
INGLEGP LX Equity
LU0119201019.LUF
94722
1163816
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0121175821
INGLEGC LX Equity
LU0121175821.LUF
94877
1165495
Legal Disclaimer
Indexed Performance
140
130
120
110
100
90
80
11/99
05/00
11/00
05/01
11/01
05/02
11/02
05/03
11/03
05/04
11/04
Index
Sector*
Fund
Index
Sector*
1999
2000
2001
2002
2003
2004 YTD
20.44
20.12
20.49
0.51
4.44
12.04
-9.89
-8.84
-16.71
-8.88
-8.65
-18.53
25.58
26.13
33.66
27.90
28.09
26.66
Fund
Index
Sector*
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
7.02
7.19
10.31
16.95
17.11
16.51
27.90
28.09
26.66
60.62
61.56
69.28
46.36
47.59
37.92
32.55
40.52
28.71
Fund Breakdown
and/or transferable securities issued by companies active in the energy
sector. This may include companies involved in the following
industries: oil & gas (exploration, production, marketing, refining
and/or transportation of oil and gas products); energy equipment &
services (construction or provision of oil rigs, drilling equipment and
other energy related service and equipment). The portfolio is actively
managed relative to the MSCI 10/40 Energy. The sub-fund does not
Top 10 Equities
Company Name
1 Total Sa
2 Exxon Mobil Corp
3 Bp Plc
5 Eni Spa
6 Shell Transprt&tradng Co Plc
7 Chevrontexaco Corp
8 Repsol Ypf Sa
9 Halliburton Co
10 Encana Corp
Main Business
Energy
Energy
Energy
Energy
Energy
Energy
Energy
Energy
Energy
Energy
39
%
8.98
8.94
7.73
6.95
4.57
4.48
4.34
4.28
3.55
2.41
US
38.78%
Launch date:
GB
14.32%
OTR
7.15%
CA
11.47%
NO
3.16%
FR
9.25%
NL
7.09%
IT
4.54%
ES
4.25%
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
01/12/97
USD
USD
815.95
113.48
1 Year
Fund Bench.
3 Years
Fund Bench.
27.90 28.09
11.65 11.71
2.21
2.22
0.03
0.99
1.00
-0.21
0.69
13.54 13.86
16.73 16.46
0.68
0.71
-0.42
1.01
0.99
-0.20
1.38
S&P IM Fd SC Energy Global (NX) USD
Equity Fund
ING (L) Invest
Food & Beverages
LU0119207214
INGLFBP LX Equity
LU0119207214.LUF
94712
1163620
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0121192677
INGLFBC LX Equity
LU0121192677.LUF
94847
1165358
Legal Disclaimer
Indexed Performance
135
130
125
120
115
110
105
100
95
90
85
11/99
05/00
11/00
05/01
11/01
05/02
11/02
05/03
11/03
05/04
11/04
Index
Sector*
Fund
Index
Sector*
1999
2000
2001
2002
2003
2004 YTD
-21.35
-25.23
-20.80
21.05
20.03
15.02
-9.59
-8.56
-6.34
-3.75
-2.63
-4.94
16.09
15.20
20.78
9.89
9.93
12.50
Fund
Index
Sector*
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
11.40
11.26
11.37
4.24
4.20
6.24
9.89
9.93
12.50
27.56
26.65
35.87
22.78
23.32
29.17
34.38
35.35
39.15
consumer staples sector. This may include companies involved in the
following industries: manufacturers and distributors of food, beverages
and tobacco; producers of non-durable household goods and personal
products; food & drug retailers. The sub-funds benchmark is the
MSCI Consumer Staples.
Fund Breakdown
40
Top 10 Equities
1
2
3
4
5
6
7
8
9
10
Company Name
Altria Group Inc
Wal-mart Stores Inc
Procter & Gamble Co
Nestle Sa-registered
Coca-cola Co/the
Pepsico Inc
Gillette Company
Cvs Corp
Tesco Plc
Diageo Plc
Main Business
Consumer Staples
Consumer Staples
Consumer Staples
Consumer Staples
Consumer Staples
Consumer Staples
Consumer Staples
Consumer Staples
Consumer Staples
Consumer Staples
%
8.63
7.80
7.76
7.28
4.33
3.48
3.28
3.05
2.78
2.51
US
54.58%
Launch date:
OTR
4.15%
GB
14.88%
CH
7.36%
JP
6.38%
NL
4.13%
AU
2.00%
CA
2.71%
FR
3.80%
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
19/08/96
USD
USD
800.40
78.44
1 Year
Fund Bench.
3 Years
Fund Bench.
9.89
9.93
10.24 10.23
0.76
0.76
-0.02
1.00
0.99
-0.05
0.79
7.08
7.24
12.38 12.05
0.40
0.42
-0.23
1.02
0.98
-0.07
1.76
S&P IM Fd SC Food & Beverage (NX) USD
Equity Fund
ING (L) Invest
Health Care
LU0119209004
INGLHCP LX Equity
LU0119209004.LUF
94708
1163604
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0121188642
INGLHCC LX Equity
LU0121188642.LUF
94835
1165316
Indexed Performance
Legal Disclaimer
130
125
120
115
110
105
100
95
90
85
80
75
11/99
05/00
11/00
05/01
11/01
05/02
11/02
05/03
11/03
05/04
11/04
Index
Sector*
Fund
Index
Sector*
1999
2000
2001
2002
2003
2004 YTD
-9.53
5.35
20.29
21.07
32.27
-15.43
-14.43
-13.89
-19.67
-18.88
-25.48
16.73
17.98
24.33
5.04
4.70
6.69
Fund
Index
Sector*
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
6.66
6.06
7.17
3.83
2.88
4.08
5.04
4.70
6.69
22.61
23.53
32.65
-1.51
0.20
-1.15
0.20
3.81
12.58
Fund Breakdown
Top 10 Equities
Company Name
1 Johnson & Johnson
3 Pfizer Inc
5 Amgen Inc
6 Roche Holding Ag-genusschein
7 Sanofi-aventis
8 Wellpoint Inc
9 Merck & Co. Inc.
10 Abbott Laboratories
Main Business
Healthcare
Healthcare
Healthcare
Healthcare
Healthcare
Healthcare
Healthcare
Healthcare
Healthcare
Healthcare
%
9.00
6.59
6.53
5.73
3.97
3.87
3.72
3.52
3.41
3.30
and/or transferable securities issued by companies active in the health
care sector. This may include companies involved in the following
industries : health care equipment and services (including
manufacturers of health care equipment and supplies, distributors of
health care products, providers of basic health-care services or owners
and operators of health care facilities and organisations); research,
development, production or marketing of pharmaceuticals or
biotechnology products. The sub-fund is actively managed relative to
the MSCI Healthcare. The sub-fund is fully invested and it does not
US
65.39%
Launch date:
OTR
3.47%
FR
4.28%
JP
5.45%
GB
11.06%
CH
10.36%
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
17/06/96
USD
USD
854.48
169.74
1 Year
Fund Bench.
3 Years
Fund Bench.
5.04
4.70
8.76
8.77
0.33
0.29
0.36
0.99
0.99
0.35
0.95
-0.51
0.07
11.19 11.08
-0.23 -0.19
-0.56
1.00
0.99
-0.47
1.21
S&P IM Fd SC Healthcare Global (NX) USD
41
Equity Fund
ING (L) Invest
Industrials
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0152717012
INGINDP LX Equity
lu0152717012.LUF
LU0152718507
INGINDX LX Equity
LU0152718507.LUF
1467551
1467554
Legal Disclaimer
Indexed Performance
120
115
110
105
100
95
90
09/02
12/02
03/03
06/03
09/03
12/03
03/04
06/04
09/04
12/04
Index
1999
2000
2001
2002
2003
2004 YTD
-
-
-12.29
-
-35.11
-
12.95
13.07
-
8.12
9.05
-
Fund
Index
Sector*
Fund
Index
Sector*
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
1.80
1.89
-
-0.84
-0.65
-
8.12
9.05
-
22.12
23.31
-
-19.99
-
-
Fund Breakdown
42
Top 10 Equities
1
2
3
4
5
6
7
8
9
10
Company Name
General Electric Co
3m Co
Boeing Co
Tyco International Ltd
Siemens Ag-reg
United Technologies Corp
Deere & Co
United Parcel Service-cl B
Eaton Corp
Emerson Electric Co
Main Business
Industrials
Industrials
Industrials
Industrials
Industrials
Industrials
Industrials
Industrials
Industrials
Industrials
%
9.24
4.63
4.45
3.44
3.30
2.92
2.46
2.36
2.31
1.44
industrials sector. This may include companies involved in the
following industries: manufacture and distribution of capital goods
(including aerospace & defence, building products, construction &
engineering, electrical equipment, industrial conglomerates,
machinery, trading companies & distributors); provision of
commercial services and supplies (including printing, data processing,
employment, environmental and office services); provision of
transportation services (including airlines, couriers, marine, road & rail
and transportation infrastructure). The sub-fund's benchmark is the
MSCI Industrials Index.
US
54.48%
Launch date:
OTR
12.43%
JP
15.06%
SE
2.93%
GB
7.15%
FR
DE
4.42% 3.53%
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
17/09/02
EUR
EUR
272.94
67.97
1 Year
Fund Bench.
3 Years
Fund Bench.
8.12
9.05
6.87
6.71
0.87
1.03
-1.03
1.02
0.99
-1.44
0.59
-
-
Equity Fund
ING (L) Invest
IT
LU0087794813
INGIITA LX Equity
LU0087794813.LUF
94999
920849
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0113305923
INGIITX LX Equity
LU0113305923.LUF
229
1102547
Indexed Performance
Legal Disclaimer
140
120
100
80
60
40
11/99
05/00
11/00
05/01
ING (L) Invest IT
11/01
05/02
11/02
05/03
11/03
05/04
11/04
Index
Sector*
Fund
Index
Sector*
1999
2000
2001
2002
2003
2004 YTD
133.40
100.05
121.28
-27.91
-41.65
-34.83
-41.66
-29.50
-37.70
-53.45
-39.30
-39.67
57.65
47.66
45.97
-2.47
2.06
4.10
Fund
Index
Sector*
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
15.36
13.26
14.75
0.35
1.45
5.18
-2.47
2.06
4.10
53.75
50.69
51.95
-28.42
-8.53
-8.33
-69.89
-62.38
-62.78
Fund Breakdown
Top 10 Equities
Company Name
1 Microsoft Corp
2 Oracle Corp
3 Veritas Software Corp
4 Dell Inc
5 Electronic Arts Inc
7 Sap Ag
8 Cisco Systems Inc
9 Texas Instruments Inc
10 Sanmina-sci Corp
Main Business
%
5.72
5.27
5.24
4.89
4.41
4.04
3.78
3.71
3.06
3.01
development, advancement and use of technology. This may include
equipment,
including
manufacturers
and
distributors
of
products. The sub-fund's benchmark is the MSCI IT.
Launch date:
US
85.18%
OTR
3.05%
FR
2.27%
FI
2.66%
BM
DE 2.99%
3.85%
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
08/06/98
USD
USD
43.42
40.17
1 Year
Fund Bench.
3 Years
Fund Bench.
-2.47
2.06
19.63 16.56
-0.23
0.00
-4.49
1.17
0.98
-1.08
4.03
-10.55 -2.93
34.07 28.18
-0.37 -0.18
-6.23
1.19
0.97
-0.94
8.03
43
Equity Fund
ING (L) Invest
Materials
LU0119199791
INGLCHP LX Equity
LU0119199791.LUF
94721
1163825
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0121174006
INGLCHC LX Equity
LU0121174006.LUF
94874
1165501
Legal Disclaimer
Indexed Performance
140
130
120
110
100
90
80
12/97
08/98
04/99
12/99
08/00
04/01
12/01
08/02
04/03
12/03
08/04
Index
Fund
Index
Sector*
1999
2000
2001
2002
2003
2004 YTD
9.50
15.17
-
-7.68
-7.19
-
-14.99
-14.39
-
-4.75
-5.60
-
39.43
39.18
-
16.73
15.70
-
Fund
Index
Sector*
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
11.74
11.63
-
18.41
17.62
-
16.73
15.70
-
62.75
61.04
-
55.02
52.01
-
21.65
20.79
-
materials sector. This may include companies involved in the
following industries : chemicals, construction materials, containers &
packaging, metals & mining (including steel and gold), paper & forest
products. The portfolio is actively managed relative to the MSCI
Materials Index. The sub-fund does not hedge the currency risk.
Fund Breakdown
44
Top 10 Equities
1
2
3
4
5
6
7
8
9
10
Company Name
Syngenta Ag
Bhp Billiton Ltd
Rio Tinto Plc
Air Liquide
Du Pont (e.i.) De Nemours
Bhp Billiton Plc
Alcoa Inc
Arcelor
Air Products & Chemicals Inc
Praxair Inc
Main Business
Materials
Materials
Materials
Materials
Materials
Materials
Materials
Materials
Materials
Materials
%
4.58
4.04
4.01
3.73
3.38
2.69
2.53
2.40
2.34
2.34
JP
14.09%
US
24.04%
Launch date:
GB
12.82%
OTR
7.97%
AU
10.07%
FI
2.26%
CA
9.78%
CH
7.13%
FR
5.77%
LU
2.49%
DE
3.58%
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
01/12/97
USD
USD
656.30
75.38
1 Year
Fund Bench.
3 Years
Fund Bench.
16.73 15.70
13.04 13.44
1.12
1.01
1.36
0.97
0.99
0.85
1.04
15.73 14.98
18.45 18.30
0.74
0.70
0.62
1.01
0.99
0.46
1.44
Equity Fund
ING (L) Invest
Telecom
LU0119217528
INGLTMP LX Equity
LU0119217528.LUF
94711
1163233
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0121205750
INGLTMC LX Equity
LU0121205750.LUF
94844
1165133
Indexed Performance
Legal Disclaimer
130
120
110
100
90
80
70
60
50
40
30
11/99
05/00
11/00
05/01
11/01
05/02
11/02
05/03
11/03
05/04
11/04
Index
Sector*
Fund
Index
Sector*
1999
2000
2001
2002
2003
2004 YTD
53.14
51.89
121.28
-40.94
-39.58
-34.83
-31.47
-28.96
-37.70
-36.64
-35.29
-39.67
28.81
27.16
45.97
15.40
17.23
4.10
Fund
Index
Sector*
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
15.91
16.90
14.75
17.46
18.01
5.18
15.40
17.23
4.10
48.65
49.07
51.95
-5.81
-3.53
-8.33
-61.88
-58.60
-62.78
telecom sector. This may include companies that provide
communications services primarily through a fixed-line, cellular,
wireless, high bandwidth and/or fibre optic cable network. The subfund's benchmark is AN MSCI 10/40 Telecom Services. The sub-fund
does not hedge the currency risk.
Fund Breakdown
Top 10 Equities
Company Name
1 France Telecom Sa
3 Sbc Communications Inc
4 Verizon Communications Inc
5 Telefonica S.a.
6 Tele2 Ab -b Shs
7 Nextel Communications Inc-a
8 Bellsouth Corp
9 Tim Spa
10 China Mobile Hk Ltd-sp Adr
Main Business
Telecoms
Telecoms
Telecoms
Telecoms
Telecoms
Telecoms
Telecoms
Telecoms
Telecoms
Telecoms
45
%
9.63
8.93
8.92
8.92
4.68
4.42
4.38
4.35
4.04
3.72
US
35.11%
FR
11.24%
Launch date:
GB
9.97%
OTR
14.37%
IT
8.86%
ES
7.36%
CA
NL 2.16%
SE
HK
5.09% 3.07% 2.77%
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
15/11/95
USD
USD
515.40
107.85
1 Year
Fund Bench.
3 Years
Fund Bench.
15.40 17.23
10.60 10.66
1.25
1.42
-1.23
0.98
0.97
-0.83
1.86
-1.98 -1.19
26.92 26.73
-0.15 -0.12
-0.75
1.00
0.99
-0.34
2.25
Equity Fund
ING (L) Invest
Utilities
LU0119219227
INGLUTP LX Equity
LU0119219227.LUF
94724
1164360
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0121207376
INGLUTC LX Equity
LU0121207376.LUF
94883
1165692
Legal Disclaimer
Indexed Performance
130
125
120
115
110
105
100
95
90
85
80
12/01
04/02
08/02
12/02
04/03
08/03
12/03
04/04
08/04
12/04
Index
Sector*
Fund
Index
Sector*
1999
2000
2001
2002
2003
2004 YTD
-15.83
-
14.72
19.58
-
-24.31
-24.23
-22.80
-20.55
-18.63
-18.00
26.81
23.93
28.43
25.68
24.27
25.56
Fund
Index
Sector*
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
14.32
13.85
15.54
19.37
18.97
19.21
25.68
24.27
25.56
59.38
54.01
61.26
26.63
25.31
32.23
9.96
13.55
-
and/or transferable securities issued by companies active in the utilities
industries : electric, gas or water utilities; multi-utilities & unregulated
power (i.e. companies that operate as independent producers and/or
distributors of power). The portfolio is actively managed relative to the
MSCI Utilities Index. The sub-fund does not hedge the currency risk.
Fund Breakdown
46
Top 10 Equities
1
2
3
4
5
6
7
8
9
10
Company Name
E.on Ag
Enel Spa
National Grid Transco Plc
Tokyo Electric Power Co Inc
Exelon Corp
Southern Co
Endesa S.a.
Suez Sa
Duke Energy Corp
Dominion Resources Inc/va
Main Business
Utilities
Utilities
Utilities
Utilities
Utilities
Utilities
Utilities
Utilities
Utilities
Utilities
%
6.65
4.24
3.28
3.26
3.22
3.07
2.66
2.65
2.60
2.55
US
41.18%
Launch date:
GB
12.42%
OTR
5.00%
HK
3.23%
JP
12.34%
DE
9.62%
ES
6.51%
IT
5.73%
FR
3.97%
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
07/02/99
USD
USD
502.51
68.99
1 Year
Fund Bench.
3 Years
Fund Bench.
25.68 24.27
7.76
7.88
3.04
2.81
1.54
0.98
0.99
1.88
0.61
8.19
7.81
15.56 14.70
0.39
0.39
0.00
1.06
1.00
0.26
1.36
S&P IM Fd SC Utilities Global (NX) USD
Equity Fund
ING (L) Invest
European Banking & Insurance
LU0119203494
INGLEBP LX Equity
LU0119203494.LUF
94725
1164020
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0121179575
INGLEBC LX Equity
LU0121179575.LUF
94886
1165612
Legal Disclaimer
Indexed Performance
120
110
100
90
80
70
60
11/99
05/00
11/00
05/01
11/01
05/02
11/02
05/03
11/03
05/04
11/04
Index
Sector*
Fund
Index
Sector*
1999
2000
2001
2002
2003
2004 YTD
18.83
17.14
15.56
14.50
13.32
13.02
-18.12
-18.46
-16.64
-34.45
-35.80
-34.48
16.91
16.69
18.55
10.43
10.20
11.45
Fund
Index
Sector*
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
8.20
9.14
8.37
7.82
8.65
8.02
10.43
10.20
11.45
29.10
28.60
32.12
-15.37
-17.45
-13.44
-20.66
-23.72
-18.45
quoted or traded in any European country and active in the financial
industries: banking, consumer finance, investment banking and
brokerage, asset management and insurance. The sub-fund's
benchmark is the MSCI Europe Financials index.
Fund Breakdown
Top 10 Equities
Company Name
1 Hsbc Holdings Plc
3 Ubs Ag-registered
4 Banco Santander Central Hisp
5 Hbos Plc
6 Bnp Paribas
7 Banco Bilbao Vizcaya Argenta
8 Ing Groep Nv-cva
9 Lloyds Tsb Group Plc
10 Barclays Plc
Main Business
Financials
Financials
Financials
Financials
Financials
Financials
Financials
Financials
Financials
Financials
47
%
7.56
6.12
6.03
4.11
3.60
3.47
3.18
3.17
2.95
2.70
GB
32.62%
CH
11.13%
Launch date:
FR
10.71%
OTR
2.93%
IE
2.44%
SE
2.62%
IT
10.14%
BE
3.43%
ES
8.47%
DE
8.01%
NL
7.48%
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
08/06/98
EUR
EUR
200.95
127.87
1 Year
Fund Bench.
3 Years
Fund Bench.
10.43 10.20
7.75
8.34
1.07
0.97
0.95
0.92
0.99
0.19
1.13
-5.41 -6.19
25.68 26.10
-0.29 -0.32
0.67
0.98
1.00
0.73
1.15
S&P IM Fd SC Finance Europe (NX) XLF
Equity Fund
ING (L) Invest
European Consumer Goods
LU0119206240
INGLSHP LX Equity
LU0119206240.LUF
94729
1164303
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0121191604
INGLSHC LX Equity
LU0121191604.LUF
94898
1165669
Legal Disclaimer
Indexed Performance
100
95
90
85
80
75
70
65
60
12/01
04/02
08/02
12/02
04/03
08/03
12/03
04/04
08/04
12/04
Index
Sector*
Fund
Index
Sector*
1999
2000
2001
2002
2003
2004 YTD
12.81
15.90
-
-13.97
-13.36
-
-3.98
-3.97
-
-30.97
-30.86
-25.50
14.09
16.67
11.02
7.46
7.60
7.11
Fund
Index
Sector*
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
4.84
5.24
4.47
-2.14
-1.63
-1.58
7.46
7.60
7.11
22.60
25.54
18.91
-15.37
-13.20
-11.41
-30.09
-27.78
-
Fund Breakdown
48
Top 10 Equities
1
2
3
4
5
6
7
8
9
10
Company Name
Daimlerchrysler Ag-reg
Philips Electronics Nv
Vivendi Universal Sa
Lvmh Moet Hennessy Louis Vui
Gus Plc
Cie Financ Richemont-a
Hennes & Mauritz Ab-b Shs
Renault
British Sky Broadcasting Plc
Kingfisher Plc
Main Business
quoted or traded in any European country and active in the consumer
discretionary sector. This may include companies involved in the
following industries: automobiles & components; consumer durables
& apparel (household durables, leisure equipment & products, textiles
& apparel); hotels, restaurants and leisure; media; retailing
(distributors, internet & catalogue retail, multiline retail, specialty
retail). The sub-fund's benchmark is the MSCI Europe Consumer
Discretionary. The sub-fund does not hedge the currency risk.
%
6.48
5.48
5.12
2.94
2.85
2.72
2.57
2.42
2.19
2.17
GB
39.12%
Launch date:
FR
21.27%
OTR
2.53%
ES
2.14%
IT
3.37%
DE
13.69%
NL
9.16%
SE
4.37%
CH
4.35%
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
19/10/98
EUR
EUR
210.83
32.77
1 Year
Fund Bench.
3 Years
Fund Bench.
7.46
7.60
8.81
8.89
0.61
0.62
-0.05
0.99
1.00
-0.21
0.62
-5.41 -4.61
17.97 17.96
-0.42 -0.37
-0.84
1.00
1.00
-0.76
1.10
S&P IM Fd SC Cnsmr Gds Europe (NX) XLF
Equity Fund
ING (L) Invest
European Food & Beverages
LU0119204468
INGLEFP LX Equity
LU0119204468.LUF
94728
1163963
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0121181712
INGLEFC LX Equity
LU0121181712.LUF
94895
1165604
Legal Disclaimer
Indexed Performance
120
115
110
105
100
95
90
85
80
75
04/98
11/98
06/99
01/00
08/00
03/01
10/01
05/02
12/02
07/03
02/04
09/04
Index
Sector*
Fund
Index
Sector*
1999
2000
2001
2002
2003
2004 YTD
-16.02
-13.50
-7.22
27.25
29.04
22.80
-1.19
-1.28
-1.24
-10.97
-11.46
-19.34
-0.02
-0.94
0.48
5.59
5.42
4.40
Fund
Index
Sector*
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
6.26
6.65
1.76
-4.31
-4.02
-4.90
5.59
5.42
4.40
5.57
4.43
4.89
-6.01
-7.54
-15.39
18.17
17.79
2.61
Fund Breakdown
quoted or traded in any European country and active in the consumer
staples sector. This may include companies involved in the following
industries : manufacturers and distributors of food, beverages and
tobacco; producers of non-durable household goods and personal
products; food & drug retailers. The sub-fund is actively managed
against the MSCI Europe Consumer Staples Index. The sub-fund does
not hedge the currency risk.
Top 10 Equities
Company Name
1 Diageo Plc
2 Tesco Plc
3 Unilever Plc
4 Unilever Nv-cva
5 British American Tobacco Plc
6 Reckitt Benckiser Plc
7 Nestle Sa-registered
8 Groupe Danone
9 Imperial Tobacco Group Plc
10 Carrefour Sa
Main Business
Consumer Staples
Consumer Staples
Consumer Staples
Consumer Staples
Consumer Staples
Consumer Staples
Consumer Staples
Consumer Staples
Consumer Staples
Consumer Staples
49
%
8.66
8.49
6.35
5.16
4.82
4.60
3.98
3.94
3.52
2.98
GB
54.32%
Launch date:
OTR
6.61%
DE
2.32%
ES
2.67%
FR
13.76%
NL
12.42%
BE
CH 3.08%
4.82%
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
06/04/98
EUR
EUR
214.44
63.91
1 Year
Fund Bench.
3 Years
Fund Bench.
5.59
5.42
11.19 11.23
0.31
0.29
0.22
0.99
0.99
0.13
1.27
-2.05 -2.58
12.75 12.57
-0.33 -0.37
0.59
1.01
0.99
0.52
1.05
S&P IM Fd SC Food & Beverage (NX) XLF
Equity Fund
ING (L) Invest
European Health Care
LU0121219975
INGLEHP LX Equity
LU0121219975.LUF
94726
1163918
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0121220551
INGLEHC LX Equity
LU0121220551.LUF
94889
1165595
Legal Disclaimer
Indexed Performance
130
120
110
100
90
80
70
11/99
05/00
11/00
05/01
11/01
05/02
11/02
05/03
11/03
05/04
11/04
Index
Sector*
Fund
Index
Sector*
1999
2000
2001
2002
2003
2004 YTD
9.27
9.68
-
22.18
25.42
23.88
-11.46
-9.29
-11.46
-31.04
-30.13
-30.46
12.18
12.90
11.13
16.14
16.77
16.50
Fund
Index
Sector*
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
-0.60
-0.30
-0.49
-0.57
0.43
-0.49
16.14
16.77
16.50
30.30
31.83
29.48
-10.15
-7.88
-9.96
-2.80
4.80
-1.25
Fund Breakdown
50
Top 10 Equities
1
2
3
4
5
6
7
8
9
10
Company Name
Glaxosmithkline Plc
Roche Holding Ag-genusschein
Novartis Ag-reg Shs
Sanofi-aventis
Ucb Sa
Smith & Nephew Plc
Schering Ag
Elan Corp Plc -spons Adr
Altana Ag
Astrazeneca Plc
Main Business
Healthcare
Healthcare
Healthcare
Healthcare
Healthcare
Healthcare
Healthcare
Healthcare
Healthcare
Healthcare
%
9.94
9.93
8.97
6.97
4.85
4.79
4.50
4.04
3.99
3.97
quoted or traded in any European country and active in the health care
industries : health care equipment and services (including
manufacturers of health care equipment and supplies, distributors of
health care products, providers of basic health-care services or owners
and operators of health care facilities and organisations); research,
development, production or marketing of pharmaceuticals or
biotechnology products. The sub-fund is actively managed relative to
the MSCI 10/40 Europe Healthcare. The sub-fund does not hedge the
currency risk.
GB
21.20%
CH
25.55%
Launch date:
OTR
3.83%
DE
15.31%
IE
4.51%
FR
9.88%
BE
7.63%
DK
7.36%
SE
4.73%
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
06/04/98
EUR
EUR
253.88
149.28
1 Year
Fund Bench.
3 Years
Fund Bench.
16.14 16.77
8.19
8.37
1.71
1.75
-0.11
0.97
0.98
-0.52
1.02
-3.50 -2.70
14.24 13.95
-0.39 -0.35
-0.76
1.02
0.99
-0.69
1.19
S&P IM Fd SC Healthcare Europe (NX) XLF
Equity Fund
ING (L) Invest
European IT
LU0119200714
INGLEDP LX Equity
LU0119200714.LUF
94730
1164272
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0121175318
INGLEDC LX Equity
LU0121175318.LUF
94901
1165655
Legal Disclaimer
Indexed Performance
160
140
120
100
80
60
40
20
11/99
05/00
11/00
05/01
11/01
05/02
11/02
05/03
11/03
05/04
11/04
Index
Sector*
Fund
Index
Sector*
1999
2000
2001
2002
2003
2004 YTD
81.30
87.10
82.86
-59.69
-56.70
0.75
-65.50
-67.13
-29.34
-61.09
-61.98
-33.68
39.48
36.74
29.82
-5.42
-3.65
19.16
Fund
Index
Sector*
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
6.11
6.83
8.81
-8.57
-7.98
6.01
-5.42
-3.65
19.16
31.92
31.74
54.69
-48.67
-49.91
2.59
-92.86
-92.87
-26.97
Fund Breakdown
Top 10 Equities
Company Name
1 Ericsson Lm-b Shs
2 Stmicroelectronics
3 Alcatel Sa
4 Nokia Oyj
5 Sap Ag
6 Sage Group Plc (the)
7 Infineon Technologies Ag
8 Cap Gemini Sa
9 Amadeus Global Travel Dist-a
10 Asml Holding Nv
Main Business
%
8.80
7.41
7.31
7.11
6.70
4.78
4.44
3.84
3.20
3.11
quoted or traded in any European country and active in the
development, advancement and use of technology. This may include
equipment,
including
manufacturers
and
distributors
of
products. The sub-fund is actively managed relative to an in-house
built index. The sub-fund does not hedge the currency risk.
FR
28.30%
GB
17.79%
Launch date:
DE
12.00%
OTR
4.83%
ES
5.39%
FI
9.94%
SE
9.56%
CH
6.63%
NL
5.55%
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
21/09/98
EUR
EUR
36.29
10.11
1 Year
Fund Bench.
3 Years
Fund Bench.
-5.42 -3.65
20.24 20.29
-0.37 -0.28
-1.85
1.00
1.00
-1.99
0.92
-19.93 -20.58
32.70 31.31
-0.67 -0.73
0.53
0.97
0.86
0.12
12.95
S&P IM Fd Sm Cos Europe (NX) XLF
51
Equity Fund
ING (L) Invest
European Materials
LU0127787918
INGECYC LX Equity
LU0127787918.LUF
1164459
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0127788213
INGECYX LX Equity
LU0127788213.LUF
1166497
Legal Disclaimer
Indexed Performance
115
110
105
100
95
90
85
80
75
70
65
09/00
02/01
07/01
12/01
05/02
10/02
03/03
08/03
01/04
06/04
11/04
Index
1999
2000
2001
2002
2003
2004 YTD
-
-
-6.04
-7.67
-
-29.33
-29.90
-
19.49
16.27
-
15.05
12.66
-
Fund
Index
Sector*
Fund
Index
Sector*
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
5.24
5.68
-
9.61
8.94
-
15.05
12.66
-
37.48
30.99
-
-2.84
-8.17
-
-
quoted or traded in any European country and active in the materials
industries : chemicals, construction materials, containers & packaging,
metals & mining (including steel), paper & forest products. The
benchmark is the MSCI Europe Materials index.
Fund Breakdown
52
Top 10 Equities
1
2
3
4
5
6
7
8
9
10
Company Name
Rio Tinto Plc
Air Liquide
Bhp Billiton Plc
Anglo American Plc
Syngenta Ag
Basf Ag
Lafarge Sa
Crh Plc
Bayer Ag
Upm-kymmene Oyj
Main Business
Materials
Materials
Materials
Materials
Materials
Materials
Materials
Materials
Materials
Materials
%
9.68
7.92
7.40
6.98
5.53
4.50
4.26
3.65
3.11
3.02
GB
34.17%
FR
13.03%
Launch date:
OTR
5.43%
BE
2.38%
LU
2.87%
CH
12.42%
DE
11.70%
FI
6.22%
IE
SE 3.68%
NL
3.83%
4.27%
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
25/09/00
EUR
EUR
245.84
22.95
1 Year
Fund Bench.
3 Years
Fund Bench.
15.05 12.66
7.93
8.31
1.63
1.27
2.79
0.95
0.98
1.97
1.08
-0.96 -2.80
22.38 22.36
-0.14 -0.22
1.90
1.00
1.00
1.50
1.28
Equity Fund
ING (L) Invest
European Real Estate
LU0119205192
INGLEIP LX Equity
LU0119205192.LUF
94732
1163281
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0121177280
INGLEIC LX Equity
LU0121177280.LUF
94907
1165187
Legal Disclaimer
Indexed Performance
170
160
150
140
130
120
110
100
90
11/99
05/00
11/00
05/01
11/01
05/02
11/02
05/03
11/03
05/04
11/04
Index
Sector*
Fund
Index
Sector*
1999
2000
2001
2002
2003
2004 YTD
17.15
19.91
14.01
4.87
3.82
10.70
-4.03
-4.26
-2.98
-2.73
-3.72
3.45
18.76
15.73
17.90
34.35
32.99
35.41
Fund
Index
Sector*
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
10.64
11.49
12.39
16.91
18.32
17.97
34.35
32.99
35.41
59.55
53.90
59.64
55.19
48.18
65.14
56.19
47.28
77.37
quoted or traded in any European country and active in the real estate
segment. The sub-fund benchmark is the GPR 250 Europe 20% UK.
The sub-fund does not hedge the currency risk.
Fund Breakdown
Top 10 Equities
Company Name
1 Unibail
2 Klepierre
3 Wereldhave Nv
4 Rodamco Europe Nv
5 Gecina Sa
6 Corio Nv
7 Land Securities Group Plc
8 Metrovacesa S.a.
9 Castellum Ab
10 British Land Co Plc
Main Business
Financials
Financials
Financials
Financials
Financials
Financials
Financials
Financials
Financials
Financials
53
%
8.71
6.65
4.87
4.84
4.71
4.52
4.25
3.74
3.40
3.20
GB
21.44%
FR
25.09%
Launch date:
OTR
2.27%
BE
2.03%
DE
2.33%
AT
3.55%
NL
19.93%
SE
7.88%
ES
7.34%
IT
3.72%
CH
4.42%
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
22/05/91
EUR
EUR
546.12
42.13
1 Year
Fund Bench.
3 Years
Fund Bench.
34.35 32.99
8.38
9.12
3.84
3.38
3.72
0.91
0.98
0.68
1.52
15.78 14.01
12.71 13.18
1.07
0.90
2.21
0.95
0.97
0.71
2.23
S&P IM Fd SC PropShr Europe (NX) XLF
Equity Fund
ING (L) Invest
European Telecom
LU0119206919
INGLETP LX Equity
LU0119206919.LUF
94727
1163838
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0121192081
INGLETC LX Equity
LU0121192081.LUF
94892
1165543
Legal Disclaimer
Indexed Performance
140
120
100
80
60
40
20
11/99
05/00
11/00
05/01
11/01
05/02
11/02
05/03
11/03
05/04
11/04
Index
Sector*
1999
2000
2001
2002
2003
2004 YTD
-
-32.37
-30.97
-32.43
-38.51
-38.01
-43.51
-44.07
-42.01
-50.71
24.53
22.71
33.55
13.83
14.97
2.39
Fund
Index
Sector*
Fund
Index
Sector*
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
11.99
13.01
8.19
11.07
12.81
-0.43
13.83
14.97
2.39
41.76
41.08
36.74
-20.72
-18.19
-32.60
-67.03
-64.99
-74.27
Fund Breakdown
54
quoted or traded in any European country and active in the telecom
sector. This may include companies that provide communications
services primarily through a fixed-line, cellular, wireless, high
bandwidth and/or fibre optic cable network. The sub-fund's benchmark
is a compostion of the MSCI 10/40 Telecom Services. The sub-fund
does not hedge the currency risk.
Top 10 Equities
1
2
3
4
5
6
7
8
9
10
Company Name
Vodafone Group Plc
France Telecom Sa
Tele2 Ab -b Shs
Telecom Italia Spa
Deutsche Telekom Ag-reg
Tim Spa
Mobistar Sa
Koninklijke Kpn Nv
Telefonica S.a.
Bouygues
Main Business
Telecoms
Telecoms
Telecoms
Telecoms
Telecoms
Telecoms
Telecoms
Telecoms
Telecoms
Telecoms
%
9.41
9.31
8.16
5.97
4.90
4.74
4.62
4.61
4.57
4.52
IT
14.66%
FR
14.45%
GB
14.80%
Launch date:
ES
9.34%
OTR
9.01%
SE
8.77%
BE
5.69%
NO
4.21%
DE
5.12%
NL
4.81%
DK
4.54%
PT
4.60%
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
21/06/99
EUR
EUR
132.16
109.62
1 Year
Fund Bench.
3 Years
Fund Bench.
13.83 14.97
10.26 10.82
1.14
1.19
-0.15
0.94
0.98
-0.57
1.71
-7.45 -6.47
29.39 28.25
-0.33 -0.30
-0.59
1.04
1.00
-0.43
2.35
S&P IM Fd SC TMT Europe (NX) XLF
Equity Fund
ING (L) Invest
European New Offerings
LU0119205515
INGLENP LX Equity
LU0119205515.LUF
94715
1163661
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0121190036
INGLENC LX Equity
LU0121190036.LUF
94856
1165399
Legal Disclaimer
Indexed Performance
140
130
120
110
100
90
80
70
60
11/99
05/00
11/00
05/01
11/01
05/02
11/02
05/03
11/03
05/04
11/04
Sector*
Fund
Sector*
1999
2000
2001
2002
2003
2004 YTD
40.24
15.39
-1.68
-27.62
-18.07
-33.58
-31.11
9.98
13.08
12.67
9.77
Fund
Sector*
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
7.63
5.24
6.82
3.87
12.67
9.77
23.91
24.13
-17.69
-14.49
-31.26
-31.12
quoted or traded in any European country, that (have) raise(d) capital
through an Initial Public Offering or already quoted companies that
(have) increase(d) their capital. The shares may be acquired up to 18
months after listing and must be resold within 6 years.
Fund Breakdown
Top 10 Equities
Company Name
2 E.on Ag
3 Statoil Asa
4 Unilever Plc
7 Vinci S.a.
8 France Telecom Sa
10 Eni Spa
Main Business
Telecoms
Utilities
Energy
Consumer Staples
Healthcare
Financials
Industrials
Telecoms
Healthcare
Energy
55
%
5.09
4.89
4.09
3.52
3.37
3.15
3.01
2.65
2.38
2.33
GB
32.57%
FR
17.52%
OT R
4.56%
DE
8.47%
BE
7.03%
CH
IT
ES
6.89% 6.37% 6.28%
NO
4.58%
NL
5.75%
Launch date:
Sector Allocation
CST
11.92%
FIN
26.03%
HC
10.71%
Annual Sharpe Ratio
EUR
EUR
222.97
31.20
1 Year
Fund
3 Years
Fund
12.67
6.76
1.56
-6.28
19.16
-0.44
IT
3.26%
T EL
9.84%
ENR
9.63%
09/05/99
CDI
8.89%
UT I
7.38%
MAT
6.13%
IND
6.20%
Equity Fund
ING (L) Invest
New Technology Leaders
LU0119214004
INGLNTP LX Equity
LU0119214004.LUF
2450
1164427
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0121201924
INGLNTP LX Equity
LU0121201924.LUF
2480
1166444
Legal Disclaimer
Indexed Performance
120
110
100
90
80
70
60
50
40
30
20
10
04/00
09/00
02/01
07/01
12/01
05/02
10/02
03/03
08/03
01/04
06/04
11/04
Sector*
Fund
Sector*
1999
2000
2001
2002
2003
2004 YTD
159.21
-30.42
-62.90
-34.31
-63.45
-48.81
44.13
21.44
2.31
-3.40
Fund
Sector*
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
13.05
4.85
-2.61
-5.85
2.31
-3.40
47.46
17.31
-46.10
-39.95
-72.55
development, advancement and use of (future) technologies.
Fund Breakdown
56
Top 10 Equities
1
2
3
4
5
6
7
8
9
10
Company Name
Cisco Systems Inc
Qualcomm Inc
Veritas Software Corp
Emc Corp/mass
Nokia Oyj
Broadcom Corp-cl A
Verisign Inc
Asml Holding Nv
Check Point Software Tech
Network Appliance Inc
Main Business
%
6.30
6.12
4.80
4.48
4.36
4.25
4.25
4.23
4.17
4.17
US
72.24%
Launch date:
07/04/00
OTR
3.67%
CA
4.01%
BM
4.08%
IL
5.97%
Annual Sharpe Ratio
EUR
EUR
28.77
58.63
1 Year
Fund
3 Years
Fund
2.31
24.29
0.01
-18.62
42.55
-0.49
FI
NL 4.45%
5.58%
S&P IM Fd SC TMT Global (NX) XLF
Equity Fund
ING (L) Invest
Prestige & Luxe
LU0119214772
INGLPLP LX Equity
LU0119214772.LUF
94720
1163860
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0121202492
INGLPLC LX Equity
LU0121202492.LUF
94871
1165575
Legal Disclaimer
Indexed Performance
130
120
110
100
90
80
70
11/99
05/00
11/00
05/01
11/01
05/02
11/02
05/03
11/03
05/04
11/04
Index
Sector*
Fund
Index
Sector*
1999
2000
2001
2002
2003
2004 YTD
63.26
66.39
56.08
-4.17
0.76
4.35
-12.93
-13.20
-12.16
-22.72
-21.97
-24.61
18.44
21.14
18.83
12.78
14.08
10.21
Fund
Index
Sector*
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
5.36
5.98
3.79
0.67
1.54
-1.15
12.78
14.08
10.21
33.57
38.20
30.97
3.23
7.84
-1.27
-13.87
-5.69
-9.51
and/or transferable securities issued by companies with "Prestige and
Luxe" associated brands, that have strong market positions on a global
level. The sub-fund is actively managed relative to an in-house built
index. The sub-fund does not hedge the currency risk.
Fund Breakdown
Top 10 Equities
Company Name
1 Carnival Corp
2 Bayerische Motoren Werke Ag
3 Lvmh Moet Hennessy Louis Vui
4 Harley-davidson Inc
5 Marriott International-cl A
6 Cie Financ Richemont-a
7 Intercontinental Hotels Grou
8 Starwood Hotels & Resorts
9 Coach Inc
10 The Swatch Group Ag-b
Main Business
57
%
9.65
8.43
7.01
6.76
4.64
4.52
4.52
4.46
3.86
3.83
US
34.85%
DE
13.17%
FR
13.05%
PA
9.71%
CH
9.54%
OT R
4.45%
JP
2.78%
LR
3.10%
GB
9.34%
Launch date:
Sector Allocation
CDI
94.12%
CST
5.88%
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
26/01/98
EUR
EUR
338.13
44.61
1 Year
Fund Bench.
3 Years
Fund Bench.
12.78 14.08
9.18
9.39
1.16
1.27
-0.83
0.98
1.00
-1.76
0.65
1.07
2.55
19.86 20.07
-0.05
0.02
-1.43
0.99
1.00
-1.52
0.95
S&P IM Fd SC Lxry Pdcts Global (NX) XFR
Equity Fund
ING (L) Invest
Sustainable Growth
LU0119216553
INGSGPC LX Equity
LU0119216553.LUF
501
1164451
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0121204431
INGLSGC LX Equity
LU0121204431.LUF
499
1166468
Legal Disclaimer
Indexed Performance
105
100
95
90
85
80
75
70
65
60
55
50
07/00
12/00
05/01
10/01
03/02
08/02
01/03
06/03
11/03
04/04
09/04
Index
Sector*
Fund
Index
Sector*
1999
2000
2001
2002
2003
2004 YTD
44.42
29.42
-8.24
0.11
-11.88
-13.35
-13.42
-32.95
-33.02
-34.33
1.10
8.83
8.21
4.24
4.71
4.23
Fund
Index
Sector*
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
1.56
1.97
3.30
-1.25
-1.49
-0.52
4.24
4.71
4.23
5.38
13.95
12.79
-29.34
-23.67
-25.93
-39.31
-35.80
Fund Breakdown
58
and/or transferable securities issued by companies pursuing a
sustainable development policy and combining respect for social
principles (such as human rights, non-discrimination, the issue of child
labour) and environmental principles with a good financial
performance. On the basis of the "Best in Class" approach, the
companies selected will be those which most closely match the
criteria. The sub-fund's benchmark is the MSCI World Index.
Top 10 Equities
1
2
3
4
5
6
7
8
9
10
Company Name
Bp Plc
Johnson & Johnson
American Express Co
Societe Generale
Suncor Energy Inc
Stora Enso Oyj-r Shs
Medtronic Inc
Us Bancorp
Main Business
Financials
Energy
Healthcare
Financials
Financials
Energy
Materials
Healthcare
Financials
Energy
%
3.39
3.37
3.31
3.24
2.66
2.49
2.44
2.27
2.19
2.10
US
43.32%
OT R
5.62%
GB
13.08%
JP
8.55%
NL
FR
IT
7.23% 5.28% 5.25%
DE
2.25%
CA
FI 2.56%
CH 3.02%
3.85%
Launch date:
Sector Allocation
HC
11.41%
IT
10.81%
UND
0.39%
UT I
5.04%
MAT
5.15%
CDI
9.67%
CST
8.67%
FIN
25.27%
T EL
8.25%
IND
ENR 7.18%
8.17%
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
10/07/00
EUR
EUR
139.21
30.42
1 Year
Fund Bench.
3 Years
Fund Bench.
4.24
4.71
4.00
5.15
0.53
0.50
1.09
0.66
0.73
-0.15
2.71
-10.93 -8.61
16.32 16.47
-0.80 -0.65
-2.75
0.97
0.96
-0.79
3.17
S&P IM Fd SC Ethical Global (NX) XLF
Equity Fund
ING (L) Invest
Euro High Dividend
LU0127786431
INGEHYC LX
LU0127786431.LUF
2909
1163592
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0127786860
INGEHYX LX
LU0127786860.LUF
2912
1165306
Legal Disclaimer
Indexed Performance
120
110
100
90
80
70
60
50
11/99
05/00
11/00
05/01
11/01
05/02
11/02
05/03
11/03
05/04
11/04
Index
Sector*
Fund
Index
Sector*
1999
2000
2001
2002
2003
2004 YTD
37.47
-
9.37
-3.59
-2.01
-8.98
-19.48
-19.88
-25.93
-34.95
-33.69
21.36
16.38
16.62
22.98
10.13
10.55
Fund
Index
Sector*
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
9.44
8.37
7.31
11.51
6.11
5.47
22.98
10.13
10.55
49.25
28.17
28.92
10.54
-16.63
-14.51
10.03
-35.28
-32.88
quoted or traded in any member state of the European Monetary Union
and offering an attractive dividend yield. The sub-fund benchmark is
the MSCI EMU Index.
Fund Breakdown
Top 10 Equities
Company Name
2 Total Sa
3 Eni Spa
4 Vinci S.a.
5 Technip S.a.
6 Belgacom Sa
7 Telecom Italia-rnc
8 Banco Popolare Di Verona E N
9 Koninklijke Kpn Nv
10 Metro Ag
Main Business
Energy
Energy
Energy
Industrials
Energy
Telecoms
Telecoms
Financials
Telecoms
Consumer Staples
59
%
3.09
3.08
3.06
2.88
1.66
1.62
1.53
1.52
1.52
1.51
Sector Allocation
FIN
31.71%
T EL
15.62%
IT
0.80%
CDI
3.53%
CST
5.54%
UT I
14.59%
ENR
11.48%
IND
10.43%
MAT
6.29%
Launch date:
IT
20.06%
FR
21.41%
AT
0.32%
ES
14.36%
NL
9.92%
BE
8.18%
IE
DE 5.14%
FI
7.44%
8.03%
PT
2.50%
GR
2.65%
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
08/04/99
EUR
EUR
322.73
1,826.04
1 Year
Fund Bench.
3 Years
Fund Bench.
22.98 10.13
6.13
8.10
3.40
0.99
15.00
0.70
0.85
3.43
3.42
3.40 -5.88
18.14 21.56
0.07 -0.37
8.37
0.82
0.96
1.85
5.43
S&P IM Fd EQ Euroland (NX) EUR
Equity Fund
ING (L) Invest
Global High Dividend
LU0146257711
INGGHPC LX Equity
LU0146257711.LUF
2312
1406973
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0146259923
INGGHXC LX Equity
LU0146259923.LUF
2314
1406977
Legal Disclaimer
Indexed Performance
130
120
110
100
90
80
70
60
50
05/00
10/00
03/01
08/01
01/02
06/02
11/02
04/03
09/03
02/04
07/04
12/04
Index
Sector*
Fund
Index
Sector*
1999
2000
2001
2002
2003
2004 YTD
44.42
49.79
-8.24
-6.12
10.17
-13.35
-14.17
-21.27
-33.02
-31.80
10.89
8.83
9.76
13.13
4.71
4.87
Fund
Index
Sector*
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
4.45
1.97
2.55
7.21
-1.49
-0.71
13.13
4.71
4.87
25.45
13.95
15.10
-1.24
-23.67
-21.49
-39.31
-36.74
quoted or traded in any country in the world and offering an attractive
dividend yield. The sub-fund's benchmark is the MSCI World Index.
Historical information prior to this fund's launch date refers to
Postbank Hoog Dividend Aandelen Fonds, its equivalent Dutchdomiciled version.
Fund Breakdown
60
Top 10 Equities
1
2
3
4
5
6
7
8
9
10
Company Name
Altria Group Inc
Telecom Corp Of New Zealand
Enel Spa
Eni Spa
Regions Financial Corp
Manitoba Telecom Svcs Inc
Kelda Group Plc
Merck & Co. Inc.
Main Business
Consumer Staples
Financials
Telecoms
Utilities
Energy
Energy
Financials
Telecoms
Utilities
Healthcare
%
1.45
1.44
1.42
1.38
1.36
1.36
1.15
1.15
1.13
1.12
US
36.02%
GB
13.62%
AU
7.61%
OT R
15.15%
IT
7.25%
KR
NL
2.34%
SE
ES ZA
CA
3.65% HK
3.48% 2.86% 2.80%2.57%2.64%
Launch date:
Sector Allocation
FIN
35.17%
UT I
15.11%
CST
10.98%
T EL
9.75%
CDI
8.52%
ENR
6.71%
UND
1.53%
IND
3.14%
HC
MAT 3.32%
5.78%
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
08/05/02
EUR
EUR
231.32
277.47
1 Year
Fund Bench.
3 Years
Fund Bench.
13.13
4.71
4.23
5.15
2.60
0.50
10.32
0.55
0.45
2.07
3.93
-0.41 -8.61
15.21 16.47
-0.17 -0.65
7.65
0.87
0.89
1.69
5.41
Equity Fund
ING (L) Invest
Europe Growth Fund
LU0199060350
INGEGPC LX
LU0199060350.LUF
1992800
ISIN Code:
Bloomberg Code:
Reuters Code:
Telekurs Code:
LU0199060608
INGEGXC LX
LU0199060608.LUF
Legal Disclaimer
Indexed Performance
Index
Fund
Index
Sector*
1999
2000
2001
2002
2003
2004 YTD
33.35
40.24
-11.90
-1.68
-21.16
-18.07
-32.24
-31.11
6.66
13.08
6.35
9.77
Fund
Index
Sector*
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
4.64
5.24
2.07
3.87
6.35
9.77
13.44
24.13
-23.14
-14.49
-46.61
-31.12
Fund Breakdown
The sub-fund primarily invests in a diversified portfolio of shares
and/or other transferable securities issued by companies established,
listed or traded in a European country. Issuers are companies having
their headquarters or exercising their core business in Europe. The
portfolio invests most (i.e. at least two thirds of assets) of the portfolio
in European shares that are likely to yield higher earnings growth than
the European average.
The Benchmark is MSCI Europe Growth.
Top 10 Equities
Company Name
2 Roche Holding Ag-genusschein
3 Total Sa
4 Sanofi-aventis
6 Unilever Nv-cva
7 Sap Ag
9 Vnu N.v.
10 Norsk Hydro Asa
Main Business
Telecoms
Healthcare
Energy
Healthcare
Healthcare
Consumer Staples
Healthcare
Energy
61
%
4.50
4.29
3.31
3.13
3.06
2.93
2.89
2.72
2.57
2.29
Launch date:
02/12/04
Sector Allocation
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
EUR
EUR
252.37
0.51
1 Year
Fund Bench.
3 Years
Fund Bench.
-
6.35
-
-
-
Equity Fund
ING (L) Invest
Europe High Dividend
LU0205350837
INGEHPC LX
LU0205350837.LUF
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0205352882
INGEHXC LX
LU0205352882.LUF
1993974
Legal Disclaimer
Indexed Performance
Index
Fund
Index
Sector*
1999
2000
2001
2002
2003
2004 YTD
33.78
40.24
-3.55
-1.68
-16.94
-18.07
-32.21
-31.11
12.14
13.08
9.36
9.77
Fund
Index
Sector*
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
5.60
5.24
4.19
3.87
9.36
9.77
22.64
24.13
-16.87
-14.49
-33.40
-31.12
Fund Breakdown
62
The aim of this portfolio with unlimited maturity is to make the
invested capital grow, especially by investing in European shares
yielding an attractive dividend rate. These shares are issued by
companies established, listed or traded in a European country, except
countries from Eastern Europe. At least two thirds of portfolio assets
are invested in European shares with an attractive dividend rate that
are issued by the kind of companies described above.
The Benchmark is MSCI Europe.
Top 10 Equities
1
2
3
4
5
6
7
8
9
10
Company Name
Technip S.a.
Statoil Asa
Total Sa
Glaxosmithkline Plc
Eni Spa
Shell Transprt&tradng Co Plc
Bp Plc
Boc Group Plc
Fomento De Construc Y Contra
Main Business
Energy
Energy
Energy
Energy
Healthcare
Energy
Energy
Energy
Materials
Industrials
%
1.58
1.57
1.53
1.53
1.51
1.51
1.49
1.47
1.26
1.10
Sector Allocation
Launch date:
16/12/04
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
EUR
EUR
250.43
13.56
1 Year
Fund Bench.
3 Years
Fund Bench.
-
9.36
-
-
-
Balanced Fund
ING (L) Patrimonial
Aggressive
LU0119195450
INGPAGP LX Equity
LU0119195450.LUF
94741
1175449
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0121216526
INGPAGG LX Equity
LU0121216526.LUF
94769
1175639
Legal Disclaimer
Indexed Performance
115
110
105
100
95
90
85
80
75
70
65
11/99
05/00
11/00
05/01
11/01
05/02
11/02
05/03
11/03
05/04
11/04
Index
Sector*
Fund
Index
Sector*
1999
2000
2001
2002
2003
2004 YTD
25.14
31.67
31.50
-3.76
-3.40
-4.59
-10.15
-8.92
-10.60
-26.66
-23.70
-23.87
7.47
6.54
7.05
4.14
4.97
3.76
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
1.83
1.66
1.70
-0.34
-0.14
-0.46
4.14
4.97
3.76
11.91
11.84
11.07
-17.93
-14.66
-15.44
-29.03
-24.92
-27.88
Fund
Index
Sector*
The objective of the sub-fund is to invest globally in a diversified
portfolio of equities and bonds. The sub-fund has overweight in the
Euro-zone. The sub-fund is managed against an index composed of
75% MSCI World, 12.5% Lehman Global Aggregate and 12.5%
Lehman Euro Aggregate. The repartition between asset classes is
based on the strategy decided by the Global Asset Allocation
Committee once a month.
Fund Breakdown
Top 5 Bonds
1
2
3
4
5
Name
Us Treasury 04/2006 2 1/2%
France Oat 02/2013 4%
Germany 95/2005 6 1/2%
Bundes Repub Deutschland 03/34 4
Spain 97/2013 6.15%
Yield (%)
3.03
3.50
2.20
4.25
3.46
Maturity
2006
2013
2005
2034
2013
63
%
5.41
2.61
2.58
1.89
1.84
Top 5 Equities
1
2
3
4
5
Company Name
General Electric Co
Exxon Mobil Corp
Microsoft Corp
Hsbc Holdings Plc
Total Sa
Main Business
Industrials
Energy
Financials
Energy
%
1.28
1.07
0.96
0.90
0.83
Regional Breakdown for equities
EQU
76.35
US
49.27%
Launch date:
ASI
3.22%
11/07/94
EUR
EUR
406.96
81.25
1 Year
Fund Bench.
3 Years
Fund Bench.
4.14
4.97
4.38
4.11
0.46
0.69
-1.04
1.05
0.97
-1.04
0.76
-6.37 -5.15
12.86 12.27
-0.66 -0.59
-1.02
1.04
0.99
-0.88
1.46
EMW
4.96%
EEX
15.78%
EZ
15.27%
JP
11.50%
Currency Allocation
BDS
23.65
EUR
66.10%
OT R
3.22%
USD
12.88%
JPY
9.05%
GBP
3.77%
CAD
4.98%
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
S&P IM Fd AA Glbl Dynamic (NX) XLF
Balanced Fund
ING (L) Patrimonial
Balanced
LU0119195963
INGPBAP LX Equity
LU0119195963.LUF
94742
1175440
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0121216955
INGPBAL LX Equity
LU0121216955.LUF
94772
1175628
Legal Disclaimer
115
Indexed Performance
110
105
100
95
90
85
80
75
11/99
05/00
11/00
05/01
11/01
05/02
11/02
05/03
11/03
05/04
11/04
Index
Sector*
Fund
Index
Sector*
1999
2000
2001
2002
2003
2004 YTD
14.82
22.27
26.26
-0.31
0.57
-2.30
-4.59
-4.00
-6.79
-18.97
-14.73
-18.50
4.60
4.05
4.02
3.53
4.78
3.85
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
1.30
1.12
1.04
0.13
0.58
-0.22
3.53
4.78
3.85
8.29
9.03
8.03
-12.25
-7.03
-11.96
-16.54
-10.24
-19.83
Fund
Index
Sector*
50% MSCI World, 25% Lehman Global Aggregate and 25% Lehman
Euro Aggregate. The repartition between asset classes is based on the
strategy decided by the Global Asset Allocation Committee once a
month.
Fund Breakdown
64
Top 5 Bonds
1
2
3
4
5
Name
Belgium Olo 95/2006 7%
Italy 03/2008 3 1/2%
France Oat 97/2029 5 1/2 %
Uk Treasury 93/2006 7 3/4%
Yield (%)
2.34
4.25
2.76
4.21
4.36
Maturity
2006
2034
2008
2029
2006
%
3.89
3.64
2.68
2.16
1.93
Top 5 Equities
1
2
3
4
5
Company Name
General Electric Co
Exxon Mobil Corp
Microsoft Corp
Hsbc Holdings Plc
Citigroup Inc
Main Business
Industrials
Energy
Financials
Financials
%
0.90
0.75
0.68
0.64
0.58
EQU
53.33
US
50.29%
Launch date:
ASI
2.54%
01/12/77
EUR
EUR
802.55
852.00
1 Year
Fund Bench.
3 Years
Fund Bench.
3.53
4.78
3.49
3.21
0.40
0.83
-1.53
1.07
0.97
-1.96
0.61
-4.26 -2.40
8.79
7.99
-0.73 -0.57
-1.65
1.09
0.98
-1.24
1.53
EMW
4.42%
EEX
15.84%
EZ
15.35%
JP
11.57%
Currency Allocation
EUR
65.40%
OT R
2.55%
CHF
2.34%
USD
16.22%
GBP
5.65%
HUF
JPY 2.92%
4.91%
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
S&P IM Fd AA Glbl Neutral (NX) XLF
Balanced Fund
ING (L) Patrimonial
Defensive
LU0119196938
INGPDEP LX Equity
LU0119196938.LUF
94743
1175455
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0121217334
INGPDEF LX Equity
LU0121217334.LUF
94775
1175676
Legal Disclaimer
Indexed Performance
110
108
106
104
102
100
98
96
94
92
11/99
05/00
11/00
05/01
11/01
05/02
11/02
05/03
11/03
05/04
11/04
Index
Sector*
Fund
Index
Sector*
1999
2000
2001
2002
2003
2004 YTD
6.55
13.57
13.20
1.37
4.60
2.58
-0.74
0.75
-0.71
-9.84
-5.21
-8.72
1.65
1.48
1.01
3.20
4.58
3.11
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
0.75
0.58
0.60
0.77
1.29
0.60
3.20
4.58
3.11
4.90
6.13
4.15
-5.42
0.60
-4.92
-4.83
6.02
-3.16
Fund
Index
Sector*
25% MSCI World, 37.5% Lehman Global Aggregate and 37.5%
Lehman Euro Aggregate. The repartition between asset classes is
based on the strategy decided by the Global Asset Allocation
Committee once a month.
Fund Breakdown
Top 5 Bonds
1
2
3
4
5
Name
Netherlands 96/2006 6%
Japan 04/2014 1 1/2%
France Oat 95/2011 6 1/2 %
Spain 98/2014 4 3/4%
Yield (%)
2.28
1.29
3.23
3.59
4.25
Maturity
2006
2014
2011
2014
2034
65
%
6.72
4.26
4.14
3.41
3.29
Top 5 Equities
1
2
3
4
5
Company Name
General Electric Co
Exxon Mobil Corp
Microsoft Corp
Hsbc Holdings Plc
Citigroup Inc
Main Business
Industrials
Energy
Financials
Financials
%
0.47
0.40
0.36
0.34
0.31
EQU
28.60
US
49.46%
Launch date:
ASI
3.30%
EMW
4.74%
EEX
15.84%
EZ
15.22%
JP
11.44%
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
Interest Rate Exposure
0-1y
1.10%
1-3y
6.43%
BDS
71.40
3-5y
14.68%
5-7y
14.55%
7-10y
7.62%
>10y
55.62%
0%
10%
20%
30%
40%
50%
60%
11/07/94
EUR
EUR
394.21
162.97
1 Year
Fund Bench.
3 Years
Fund Bench.
3.20
4.58
2.93
2.71
0.37
0.91
-1.54
1.05
0.94
-1.88
0.70
-1.84
0.20
4.64
4.07
-0.85 -0.47
-2.03
1.08
0.90
-1.32
1.53
S&P IM Fd AA Glbl Defensive (NX) XLF
Balanced Fund
ING (L) Patrimonial
Euro
LU0119197159
INGPEUP LX Equity
LU0119197159.LUF
94744
1175463
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0121217920
INGPEUR LX Equity
LU0121217920.LUF
94778
1175683
Legal Disclaimer
Indexed Performance
110
105
100
95
90
85
80
75
70
11/99
05/00
11/00
05/01
11/01
05/02
11/02
05/03
11/03
05/04
11/04
Index
Sector*
Fund
Index
Sector*
1999
2000
2001
2002
2003
2004 YTD
17.04
21.35
9.74
-5.23
1.96
1.63
-9.87
-6.93
-3.74
-19.23
-15.51
-8.27
11.28
10.24
5.30
6.61
8.83
4.21
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
4.88
5.46
2.48
4.40
5.76
3.45
6.61
8.83
4.21
18.63
19.98
9.72
-4.19
1.36
0.65
-18.16
-3.82
-1.54
Fund
Index
Sector*
This Euro Balanced sub-fund invests in both bonds and equities within
the Euro-Zone and follows an asset allocation policy, which seeks to
achieve long-term capital growth. The asset allocation policy
combines valuation and technical prospects of assets. The sub-fund
does not hedge the currency risk and is therefore exposed to the Euro
currency. The sub-fund's benchmark is a combination of 50% MSCI
EMU and 50% Lehman Brothers Euro Aggregate Index.
Fund Breakdown
66
Top 5 Bonds
1
2
3
4
5
Name
France Oat 99/2009 4%
Spain 02/2017 5 1/2%
Italy 97/2007 5 7/8%
Bundesland Baden Wuert. 98/2008 4
Yield (%)
4.25
3.01
3.82
2.70
2.95
Maturity
2034
2009
2017
2007
2008
%
3.86
3.64
2.14
1.78
1.74
Top 5 Equities
1
2
3
4
5
Company Name
Total Sa
Telefonica S.a.
Sanofi-aventis
Nokia Oyj
Main Business
Energy
Energy
Telecoms
Healthcare
%
3.63
3.25
2.24
2.15
2.00
EQU
54.48
Launch date:
EZ
100.00%
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
0-1y
-0.14%
BDS
45.52
1-3y
12.83%
3-5y
21.40%
5-7y
8.12%
7-10y
-0.28%
>10y
58.07%
0%
20%
40%
60%
17/10/95
EUR
EUR
440.44
635.07
1 Year
Fund Bench.
3 Years
Fund Bench.
6.61
8.83
4.26
4.18
1.05
1.61
-2.11
1.01
0.97
-3.03
0.67
-1.42
0.45
11.45 10.48
-0.31 -0.16
-1.83
1.08
0.98
-0.99
1.86
S&P IM Fd AA Euroland Dfnsve (NX) XBF
Capital Preservation Fund
ING Index Linked Fund
Continuous Click Fund Euro
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0096047401
INGCCFE LX Equity
LU0096047401.LUF
805141
Legal Disclaimer
26
25
24
12/99
06/00
12/00
06/01
12/01
06/02
12/02
06/03
12/03
06/04
12/04
Floor Value
1999
2000
2001
2002
2003
2004 YTD
-
-1.20
-
-3.31
-
-2.24
-
2.45
-
1.73
-
Fund
Sector*
Fund
Sector*
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
1.41
-
0.97
-
1.73
-
4.22
-
1.89
-
-2.67
-
Fund Breakdown
Asset Allocation
The objective of the sub-fund is to offer investors the opportunity to
participate in the upside potential of an underlying index while trying
to maintain, on a monthly basis, 90% of the net asset value (floor)
through investing in transferable securities of high quality issuers.
Once a month, the floor may be adjusted upwards by means of a click.
This occurs whenever the value of the fund has risen compared to its
value at the time of the latest click.
The delta-adjusted exposure is a measure for the exposure on the
equity market created by the options. This estimation of the equity
exposure of a fund is only approximate. The delta-adjusted exposure
changes over time and is a function of the size and the precise
composition of the options portfolio and market parameters such as
interest rates, exchange rates and the volatility of the underlying index.
MM
79.37%
EQ(DAE)
20.63%
Launch date:
31/05/99
Current floor value
Annual Sharpe Ratio
EUR
EUR
25.92
83.10
24.55
1 Year
Fund
3 Years
Fund
1.73
1.36
-0.29
0.63
1.51
-0.99
67
Continuous Click Fund Euro II
LU0142749018
INGESFT LX Equity
LU0142749018.LUF
1374373
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
Legal Disclaimer
25
24
23
03/02
06/02
09/02
12/02
03/03
06/03
09/03
12/03
03/04
06/04
09/04
12/04
Floor Value
1999
2000
2001
2002
2003
2004 YTD
-
-
-
-
2.60
-
1.90
-
Fund
Sector*
Fund
Sector*
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
1.69
-
1.05
-
1.90
-
4.56
-
-
-
Fund Breakdown
68
Asset Allocation
participate in the upside potential of an underlying index while trying
to maintain, on a monthly basis, 90% of the net asset value (floor)
through investing in transferable securities of high quality issuers.
Once a month, the floor may be adjusted upwards by means of a click.
This occurs whenever the value of the fund has risen compared to its
value at the time of the latest click.
MM
74.54%
EQ(DAE)
25.46%
Launch date:
26/02/02
Current floor value
Annual Sharpe Ratio
EUR
EUR
24.09
12.03
22.50
1 Year
Fund
3 Years
Fund
1.90
1.74
-0.12
-
Continuous Click Eurotop 100
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0093711504
INGCFEC LX Equity
LU0093711504.LUF
790
992715
Legal Disclaimer
28
27
26
25
12/99
06/00
12/00
06/01
12/01
06/02
12/02
06/03
12/03
06/04
12/04
Floor Value
1999
2000
2001
2002
2003
2004 YTD
-
2.25
-
-4.01
-
-1.88
-
2.41
-
1.69
-
Fund
Sector*
Fund
Sector*
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
1.39
-
0.91
-
1.69
-
4.14
-
2.18
-
0.29
-
Fund Breakdown
Asset Allocation
participate in the upside potential of an underlying Index, the FTSE
Eurotop 100 Index, while trying to maintain, on a monthly basis, 90%
of the net asset value (floor) through investing in transferable
securities of high quality issuers. Once a month, the floor may be
adjusted upwards by means of a click. This occurs whenever the value
of the sub-fund has risen compared to its value at the time of the latest
click.
There is no benchmark defined.
MM
79.47%
EQ(DAE)
20.53%
Launch date:
09/02/99
Current floor value
Annual Sharpe Ratio
EUR
EUR
27.66
41.75
26.22
1 Year
Fund
3 Years
Fund
1.69
1.33
-0.32
0.72
1.41
-0.99
69
Continuous Click Fund Japan
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0101428653
INGPSCC LX Equity
LU0101428653.LUF
10011088
Legal Disclaimer
26
25
24
23
11/99
05/00
11/00
05/01
11/01
05/02
11/02
05/03
11/03
05/04
11/04
Floor Value
1999
2000
2001
2002
2003
2004 YTD
-
-5.24
-
-0.04
-
-0.21
-
2.52
-
0.97
-
Fund
Sector*
Fund
Sector*
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
1.13
-
-1.03
-
0.97
-
3.51
-
3.30
-
-2.15
-
Fund Breakdown
70
Asset Allocation
participate in the upside potential of an underlying index, the Nikkei
225 Index, while trying to secure, on a monthly basis, 90% of the net
asset value (the floor) through investing in Euro denominated fixed
income securities of high quality issuers. Once a month, the floor may
be adjusted upwards by means of a click. This occurs whenever the
value of the fund has risen compared to its value at the time of the
previous click.
composition of the options portfolio market parameters such as interest
rates, exchange rates and the volatility of the underlying index.
MM
83.19%
EQ(DAE)
16.81%
Launch date:
04/10/99
Current floor value
Annual Sharpe Ratio
EUR
EUR
25.04
22.23
23.77
1 Year
Fund
3 Years
Fund
0.97
3.17
-0.36
1.09
2.23
-0.46
Continuous Click Fund US (EUR)
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0101428067
INGCFSP LX Equity
LU0101428067.LUF
820
1001079
Legal Disclaimer
26
25
24
23
12/99
06/00
12/00
06/01
12/01
06/02
12/02
06/03
12/03
06/04
12/04
Floor Value
1999
2000
2001
2002
2003
2004 YTD
-
0.71
-
-2.34
-
-1.64
-
3.54
-
2.40
-
Fund
Sector*
Fund
Sector*
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
2.00
-
1.12
-
2.40
-
6.02
-
4.28
-
2.56
-
Fund Breakdown
Asset Allocation
participate in the upside potential of an underlying Index, the S&P 500
Index, while trying to maintain, on a monthly basis, 90% of the net
asset value (floor) through investing in transferable securities of high
quality issuers. Once a month, the floor may be adjusted upwards by
means of a click. This occurs whenever the value of the sub-fund has
risen compared to its value at the time of the latest click.
MM
71.51%
EQ(DAE)
28.49%
Launch date:
01/11/99
Current floor value
Annual Sharpe Ratio
EUR
EUR
26.07
19.96
24.17
1 Year
Fund
3 Years
Fund
2.40
1.65
0.17
1.41
1.65
-0.43
71
Continuous Click Fund US (USD)
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0101428497
INGCCSP LX Equity
LU0101428497.LUF
900
1001083
Legal Disclaimer
26
25
24
23
12/99
06/00
12/00
06/01
12/01
06/02
12/02
06/03
12/03
06/04
12/04
Floor Value
1999
2000
2001
2002
2003
2004 YTD
-
0.67
-
-3.25
-
-1.94
-
2.93
-
2.64
-
Fund
Sector*
Fund
Sector*
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
2.32
-
1.83
-
2.64
-
5.65
-
3.60
-
0.91
-
Fund Breakdown
72
Asset Allocation
participate in the upside potential of an underlying Index, the S&P 500
Index, while trying to maintain, on a monthly basis, 90% of the net
asset value (floor) through investing in transferable securities of high
quality issuers. Once a month, the floor may be adjusted upwards by
means of a click. This occurs whenever the value of the sub-fund has
risen compared to its value at the time of the latest click.
MM
74.24%
EQ(DAE)
25.76%
Launch date:
01/11/99
Current floor value
Annual Sharpe Ratio
USD
USD
25.63
5.04
23.98
1 Year
Fund
3 Years
Fund
2.64
1.61
0.33
1.19
1.37
-0.68
Protected Mix 70
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0110815254
INGPMFD LX Equity
LU0110815254.LUF
530
1096564
Legal Disclaimer
24
23
22
21
20
19
18
07/00
12/00
05/01
10/01
03/02
08/02
01/03
06/03
11/03
04/04
09/04
Floor Value
1999
2000
2001
2002
2003
2004 YTD
-
-
-5.63
-
-10.05
-
4.83
-
5.07
-
Fund
Sector*
Fund
Sector*
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
3.44
-
3.25
-
5.07
-
10.15
-
-0.92
-
-
Fund Breakdown
Asset Allocation
BDS
54.00%
This sub-fund represents a completely new method of investing and
operates in a different way than usual mix sub-funds. The ratio
equity/fixed income is monitored closely and optimized continuously.
The basic objective is to maximize equity exposure, while trying to
maintain on a daily basis 70% of the net asset value through an
optimal allocation between equities and fixed income securities and by
using derivative contracts such as Over the Counter options. The
protection level is 70% of the highest published NAV. The protection
level will be increased if there is an increase in the NAV above the
previous high and left intact otherwise. No formal guarantee is given
to the investors whether the objective will be realised although all
relevant measures of protection will be taken. Besides equity and
bonds, the sub-fund may hold Certificates of Deposit, Commercial
Paper and other money market instruments. The sub-fund may also
hold cash. No benchmark is defined.
CASH
1.00%
EQU
45.00%
Launch date:
10/07/00
Current floor value
Annual Sharpe Ratio
EUR
EUR
22.58
62.85
17.60
1 Year
Fund
3 Years
Fund
5.07
2.71
1.09
-0.31
5.43
-0.45
73
Protected Mix 80
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0110816229
INGPMFE LX Equity
LU0110816229.LUF
540
1096566
Legal Disclaimer
24
23
22
21
20
07/00
12/00
05/01
10/01
03/02
08/02
01/03
06/03
11/03
04/04
09/04
Floor Value
1999
2000
2001
2002
2003
2004 YTD
-
-
-2.57
-
-6.65
-
4.12
-
4.09
-
Fund
Sector*
Fund
Sector*
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
2.72
-
2.63
-
4.09
-
8.37
-
1.17
-
-
Fund Breakdown
74
Asset Allocation
BDS
62.00%
CASH
3.00%
EQU
35.00%
Launch date:
10/07/00
Current floor value
Annual Sharpe Ratio
EUR
EUR
24.20
53.66
20.06
1 Year
Fund
3 Years
Fund
4.09
2.05
0.96
0.39
3.91
-0.44
Protected Mix 90
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0110817979
INGPMFN LX Equity
LU0110817979.LUF
770
1096567
Legal Disclaimer
25
24
23
12/01
04/02
08/02
12/02
04/03
08/03
12/03
04/04
08/04
12/04
Floor Value
1999
2000
2001
2002
2003
2004 YTD
-
-
0.68
-
-3.55
-
3.39
-
3.00
-
Fund
Sector*
Fund
Sector*
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
1.82
-
1.82
-
3.00
-
6.48
-
2.71
-
-
Fund Breakdown
Asset Allocation
BDS
72.00%
CASH
8.00%
EQU
20.00%
Launch date:
10/07/00
Current floor value
Annual Sharpe Ratio
EUR
EUR
25.78
67.01
23.22
1 Year
Fund
3 Years
Fund
3.00
1.41
0.62
0.90
2.46
-0.50
75
Bond Fund
ING (L) Renta Fund
Asian Debt
LU0119220589
INGRASP LX Equity
LU0119220589.LUF
94734
1173099
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0121210917
INGRASC LX Equity
LU0121210917.LUF
94784
1173801
Legal Disclaimer
Indexed Performance
160
150
140
130
120
110
100
11/99
05/00
11/00
05/01
11/01
05/02
11/02
05/03
11/03
05/04
11/04
Index
Sector*
Fund
Index
Sector*
1999
2000
2001
2002
2003
2004 YTD
13.60
14.44
16.85
6.92
8.11
6.08
15.01
16.53
10.24
14.84
14.56
14.08
10.34
8.99
12.45
5.03
5.09
8.49
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
1.15
0.99
3.45
5.78
6.18
7.80
5.03
5.09
8.49
15.88
14.54
22.00
33.09
31.22
39.17
63.67
65.31
62.75
Fund
Index
Sector*
The Fund aims at income growth through active management of a
portfolio of USD denominated bonds from Asian countries, such as
China, Hong Kong, India, Indonesia, Malaysia, Pakistan, Philippines,
Singapore, Taiwan, Thailand and Vietnam.The benchmark is JP
Morgan Asia Credit Index - Sovereign & Quasi Sovereign.
Fund Breakdown
76
Top 10 Bonds
1
2
3
4
5
6
7
8
9
10
Name
Petronas Capital 02/2012 7%
National Power Corp 02/2006 7 7/8%
Malaysia 99/2009 8 3/4%
Philippines 00/2025 10 5/8%
Philippines 02/2017 9 3/8%
Phillippines 04/2011 8 3/8%
Philippines 00/2010 9 7/8 %
Korean Dev Bank 01/2006 5 1/4 %
Bank Of Korea 03/2008 4 1/4%
Industrial Bank Of Korea 04/2014 4%
Yield (%)
4.65
6.53
4.11
9.75
8.74
8.20
7.62
3.57
4.15
-
Maturity
2012
2006
2009
2025
2017
2011
2010
2006
2008
2014
%
8.32
5.50
5.46
4.41
3.72
3.58
2.98
2.96
2.89
2.80
0-1y
1.42%
1-3y
13.69%
3-5y
28.77%
5-7y
11.96%
7-10y
28.77%
>10y
15.39%
0%
5%
10%
15%
20%
25%
30%
Launch date:
Duration
Rating Allocation
A3
21.32%
A1
1.64%
Aa3
5.06%
Aa1
1.38%
B2
5.34%
Baa1
19.79%
Baa2
7.15%
Baa3
1.94% Ba1
2.23%
A2
2.88%
Ba2
31.28%
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
18/11/96
USD
USD
882.73
13.10
4.82
1 Year
Fund Bench.
3 Years
Fund Bench.
5.03
5.09
4.57
4.89
0.64
0.61
0.30
0.93
0.98
-0.08
0.69
10.00
9.48
5.71
5.92
1.38
1.24
1.04
0.94
0.95
0.36
1.34
S&P IM Fd FI Asia Pac ex Japan (NX) USD
Bond Fund
ING (L) Renta Fund
Corporate USD
LU0119221124
INGRCPP LX Equity
LU0119221124.LUF
94737
1173201
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0121211139
INGRCPU LX Equity
LU0121211139.LUF
94793
1174016
Legal Disclaimer
Indexed Performance
150
145
140
135
130
125
120
115
110
105
100
11/99
05/00
11/00
05/01
11/01
05/02
11/02
05/03
11/03
05/04
11/04
Index
Sector*
Fund
Index
Sector*
1999
2000
2001
2002
2003
2004 YTD
-1.74
0.35
-3.49
8.76
9.26
7.57
8.52
9.77
4.44
9.11
10.11
7.71
4.88
8.24
2.06
4.77
5.39
1.54
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
1.48
1.32
0.46
5.62
5.66
3.15
4.77
5.39
1.54
9.87
14.07
3.63
19.89
25.61
11.62
41.49
50.65
25.40
Fund
Index
Sector*
The objective of the sub-fund is to obtain an additional return above
that of a portfolio of government bonds by investing in a range of
fixed income securities and instruments issued by financial institutions
and corporate denominated in USD. The sub-fund's benchmark is the
Lehman Brothers US Corporate Index.
Fund Breakdown
Top 10 Bonds
Name
1 Citigroup 04/2014 5%
2 Hsbc Holding 02/2012 5 1/4%
3 American General Fin. 01/2006 5 7/8%
4 Ford Motor 99/2009 7 3/8%
5 Bankamerica 99/2009 5 7/8%
6 Bnp Paribas Capital 9.003% (perp)
7 Royal Bank Of Scotland 00/2999
8 Barclays Bank 09/2049 8.55%
9 Sara Lee Corp 01/2011 6 1/4%
10 Reed Elsevier Capital 01/2011 6 3/4%
Yield (%)
6.24
4.69
3.39
5.58
4.05
5.29
-
Maturity
2014
2012
2006
2009
2004
2010
2011
2011
2011
77
%
4.45
3.40
3.36
2.92
2.70
2.68
2.38
2.15
2.07
2.07
0-1y
-0.81%
1-3y
16.51%
3-5y
3.86%
5-7y
25.44%
Launch date:
7-10y
7.32%
>10y
47.69%
-10%
0%
10%
20%
30%
40%
50%
Duration
Rating Allocation
A1
23.59%
Aa3
10.67%
Aa2
12.07%
A2
8.36%
A3
14.37%
Baa3
4.85%
Baa2
9.35%
Baa1
13.86%
Aa1
2.12%
Aaa
0.76%
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
18/05/98
USD
USD
740.69
91.40
5.69
1 Year
Fund Bench.
3 Years
Fund Bench.
4.77
5.39
4.97
4.90
0.53
0.67
-0.60
1.00
0.97
-0.74
0.80
6.23
7.90
5.75
5.93
0.72
0.97
-1.17
0.95
0.96
-1.26
1.22
S&P IM Fd FI USD (NX) USD
Bond Fund
ING (L) Renta Fund
Dollar
LU0119221637
INGRDOP LX Equity
LU0119221637.LUF
94736
1172886
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0121214315
INGRDOL LX Equity
LU0121214315.LUF
94790
1173694
Legal Disclaimer
Indexed Performance
140
135
130
125
120
115
110
105
100
11/99
05/00
11/00
05/01
11/01
05/02
11/02
05/03
11/03
05/04
11/04
Index
Sector*
Fund
Index
Sector*
1999
2000
2001
2002
2003
2004 YTD
-1.73
-2.63
-3.49
11.08
13.65
7.57
6.48
6.53
4.44
5.91
10.28
7.71
3.21
4.10
2.06
2.43
4.34
1.54
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
0.74
0.95
0.46
3.29
4.18
3.15
2.43
4.34
1.54
5.72
8.62
3.63
11.97
19.79
11.62
32.43
45.02
25.40
Fund
Index
Sector*
The objective of the sub-fund is the optimisation of return by investing
in mostly fixed income instruments denominated in USD. The
portfolio mainly consists of a mix of government bonds and
investment grade instruments with a predominance of highly rated
credits.
The benchmark used as a reference is the Lehman Brothers US
Aggregate Index.
Fund Breakdown
78
Top 10 Bonds
1
2
3
4
5
6
7
8
9
10
Name
Italy 03/2006 2 3/4 %
Usa T.bonds 00/2030 6 1/4%
Fannie Mae 03/2008 2 1/2%
Usa T.notes 89/2019 8 1/8%
Us Treasury 02/2007 3 1/4%
Fannie Mae 02/2012 4 3/8%
Us Treasury 03/2008 2 5/8%
Disc.master Tr.96/2008 6.05%
Usa T.bonds 97/2027 6 5/8%
Dta 00/2005 7%
Yield (%)
3.32
4.96
3.70
4.73
3.30
4.42
3.45
4.96
2.70
Maturity
2006
2030
2008
2019
2007
2012
2008
2008
2027
2005
%
9.37
4.94
3.46
3.00
2.90
2.88
2.67
2.27
2.25
1.46
0-1y
1.37%
1-3y
3.26%
3-5y
13.46%
5-7y
14.34%
Launch date:
7-10y
28.73%
>10y
38.85%
0%
10%
20%
30%
40%
Duration
Rating Allocation
Aaa
51.78%
Not Rated
0.10%
Baa3
1.54%
Aa1
0.26%
Aa2
19.74%
A2
Aa3
A1 3.02%
4.76% 6.08%
Baa2
3.07%
Baa1
A3 4.36%
5.29%
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
20/02/89
USD
USD
749.39
139.60
4.18
1 Year
Fund Bench.
3 Years
Fund Bench.
2.43
4.34
3.54
3.94
0.09
0.56
-1.38
0.89
0.98
-2.76
0.66
3.84
6.20
3.86
4.37
0.45
0.93
-1.37
0.85
0.93
-1.89
1.17
S&P IM Fd FI USD (NX) USD
Bond Fund
ING (L) Renta Fund
EMD Hard Currency
LU0041345751
INGEMMA LX Equity
LU0041345751.LUF
1581523
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0166333210
INGEMGX LX Equity
LU016633210
1581534
Indexed Performance
Legal Disclaimer
220
210
200
190
180
170
160
150
140
130
120
110
100
11/99
05/00
11/00
05/01
11/01
05/02
11/02
05/03
11/03
05/04
11/04
Index
Sector*
Fund
Index
Sector*
1999
2000
2001
2002
2003
2004 YTD
25.41
22.83
38.57
15.55
13.71
17.62
11.59
-0.42
9.69
13.50
16.11
-4.85
29.67
22.68
3.60
13.48
12.01
2.44
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
6.20
4.58
-2.37
16.94
13.64
2.17
13.48
12.01
2.44
47.14
37.41
6.12
67.00
59.55
0.97
115.34
80.66
30.27
Fund
Index
Sector*
Fund Breakdown
The objective of the sub-fund is to achieve long-term capital growth in
EUR, by investing in a diversified selection of debt instrument
denominated in OECD currencies issued by issuers from low and
middle income developing countries. The fund mainly invests in Latin
American, Eastern European and African debt instruments such as
(floating rates) bonds, bonds with warrants, convertibles, Brady bonds
and subordinated bonds. The benchmark is the JP Morgan EMBI
Global Diversified hedged.
Top 10 Bonds
Name
1 Russian Fed. Eurobonds 00/2030 (step
2 Venezuela 97/2027 9 1/4%
3 Argentina 02/2012 (frn)
4 Brazil 03/2011 10%
5 Russian Federation 98/2028 12 3/4%
6 Brazil 00/2020 12 3/4 %
7 Brazil 04/2019 8 7/8%
8 Turkey 04/2034 8%
9 Ukraine 03/2013 7.65%
10 Ministry Of Finance Russia 93/2008 3%
Yield (%)
8.78
7.04
7.07
8.64
8.37
7.56
6.42
5.32
Maturity
2030
2027
2012
2011
2028
2020
2019
2034
2013
2008
79
%
5.22
4.50
4.48
4.35
4.34
3.12
2.98
2.89
2.84
2.82
0-1y
17.40%
1-3y
6.00%
3-5y
17.40%
5-7y
19.00%
7-10y
28.60%
>10y
11.60%
0%
5%
10%
15%
20%
25%
30%
Launch date:
Duration
Rating Allocation
B
39.80%
Aa
7.40%
A
1.30%
Not Rated
4.10%
Caa1
8.60%
Ba
16.70%
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
12/02/93
EUR
EUR
2,376.88
290.09
5.56
1 Year
Fund Bench.
3 Years
Fund Bench.
13.48 12.01
9.79
8.16
1.16
1.21
-0.75
1.19
0.98
0.65
2.06
18.64 16.85
10.97 10.76
1.51
1.37
1.63
1.00
0.96
0.69
2.25
Baa
22.10%
S&P IM Fd FI Global Emg Mkts (NX) XDM
3 month Euribor used as risk free rate for the calculation of the annual Sharpe Ratio
Bond Fund
ING (L) Renta Fund
EMD Local Currency
LU0118287449
INGEMDC LX Equity
LU0118287449.LUF
1154024
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0118288173
INGEMDX LX Equity
LU0118288173.LUF
1154026
Legal Disclaimer
170
Indexed Performance
160
150
140
130
120
110
100
10/00
03/01
08/01
01/02
06/02
11/02
04/03
09/03
02/04
07/04
12/04
Index
Sector*
Fund
Index
Sector*
1999
2000
2001
2002
2003
2004 YTD
18.29
1.98
10.16
9.48
3.18
4.02
13.34
11.43
12.14
16.65
15.80
24.52
15.23
14.79
10.39
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
10.54
9.20
6.85
14.60
12.46
14.14
15.23
14.79
10.39
34.41
32.92
37.46
52.34
48.12
54.14
55.85
76.65
Maturity
2005
2005
2006
2008
%
10.96
9.79
6.92
5.99
5.32
4.70
4.05
2.81
1.90
1.50
Fund
Index
Sector*
Fund Breakdown
80
Top 10 Bonds
1
2
3
4
5
6
7
8
9
10
Name
Singapore 00/2005 4%
Mexican 03/2005 (frn)
Hungary 03/2006 7 %
Vorarl Land Hypo 03/2008 5%
Jp Morgan 04/2007 (var)
South Africa 02/2005 12%
Kredit Wiederauf 02/2005 4 7/8%
Makam T-bill 04/2005 0%
E.i.b. 00/2005 13 3/5%
Argbond 30/09/2008 2% Sinkable
Yield (%)
1.14
8.43
5.97
2.60
6.54
-
2005
2005
2005
2005
2008
The fund invests in fixed income securities and other transferable
instruments on a diversified basis. It focuses (at least two-thirds of the
portfolio) on securities issued in local currency by low- and middleincome developing countries (emerging markets) where economic
reforms have been carried out and where growth objectives have been
set or achieved. These countries encompass Latin America, Asia,
Central Europe, Eastern Europe and Africa.
Up to one third of the fund may be invested elsewhere (including the
OECD countries) in securities denominated in hard currency (e.g.
euro, US dollar).
The sub-fund's benchmark is the JP Morgan Emerging Local Markets.
0-1y
71.90%
1-3y
17.41%
3-5y
10.37%
Launch date:
7-10y
0.32%
0%
20%
40%
60%
80%
Duration
Rating Allocation
A
16.31%
Aa
38.78%
Not Rated
3.08%
Aaa
30.80%
Baa
10.35%
B
0.68%
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
11/10/00
USD
USD
42.38
152.89
0.68
1 Year
Fund Bench.
3 Years
Fund Bench.
15.23 14.79
6.73
5.40
1.95
2.35
-2.84
1.24
0.99
0.26
1.51
15.06 13.99
7.67
4.76
1.69
2.50
-1.75
1.22
0.57
0.21
5.12
S&P IM Fd FI Global Emg Mkts (NX) USD
Bond Fund
ING (L) Renta Fund
Euro
LU0119222015
INGREUP LX Equity
LU0119222015.LUF
94738
1173127
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0121214588
INGREUR LX Equity
LU0121214588.LUF
94796
1173992
Indexed Performance
Legal Disclaimer
135
130
125
120
115
110
105
100
11/99
05/00
11/00
05/01
11/01
05/02
11/02
05/03
11/03
05/04
11/04
Index
Sector*
Fund
Index
Sector*
1999
2000
2001
2002
2003
2004 YTD
-3.27
-2.58
-3.04
5.55
7.17
4.80
5.80
5.89
4.14
6.46
9.46
6.46
4.27
4.54
3.29
5.62
7.37
5.16
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
2.18
2.59
1.82
4.35
5.32
4.02
5.62
7.37
5.16
10.13
12.24
8.62
17.24
22.86
15.64
30.93
39.42
26.22
Fund
Index
Sector*
The objective of the portfolio is to optimise the return by investing in
fixed income instruments denominated in Euro (or in the legacy
currencies of the member states). The sub-fund mainly invests in
investment grades instruments.
The benchmark used as a reference is the Lehman Brothers Euro
Aggregate Index.
Fund Breakdown
Top 10 Bonds
Name
1 Bundes Repub Deutschland 03/34 4
2 Italy 03/2006 2 3/4%
3 Greece 03/2008 3.5%
4 Germany 98/2028 5 5/8%
5 Netherlands 01/2011 5%
6 France Oat 03/2019 4 1/4%
7 Deut Genos-hypbk 97/2007 5 3/4%
8 Hypo Essen 97/2007 5 1/2%
9 Germany 94/2024 6 1/4%
10 Frank Hypo Centb 98/2007 4 %
Yield (%)
4.25
2.45
2.85
4.19
3.29
3.91
2.60
2.63
4.08
2.61
Maturity
2034
2006
2008
2028
2011
2019
2007
2007
2024
2007
81
%
7.61
7.31
6.58
4.30
4.04
3.50
2.51
2.49
2.41
2.40
0-1y
0.32%
1-3y
8.76%
3-5y
16.17%
5-7y
14.42%
Launch date:
7-10y
22.74%
>10y
37.58%
0%
10%
20%
30%
40%
Duration
Rating Allocation
Aaa
46.78%
Aa1
7.52%
Aa2
16.22%
Undefined
3.24%
Not Rated
1.28%
Baa3
0.41%
Baa1 Baa2
2.46%
A3 2.15%
A2
1.29%
2.96%
Aa3
A1
2.27% 13.42%
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
10/03/97
EUR
EUR
362.88
1,110.43
5.20
1 Year
Fund Bench.
3 Years
Fund Bench.
5.62
7.37
2.14
2.33
1.63
2.25
-1.00
0.91
0.98
-4.59
0.35
5.45
7.10
3.16
3.21
1.05
1.55
-1.31
0.96
0.96
-2.33
0.66
S&P IM Fd FI EUR (NX) XEC
Bond Fund
ING (L) Renta Fund
Eurocredit
LU0123076597
INGEUCP LX Equity
LU0123076597.LUF
94988
1186206
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0123076670
INGEUCX LX Equity
LU0123076670.LUF
348
1186210
Legal Disclaimer
Indexed Performance
140
135
130
125
120
115
110
105
100
11/99
05/00
11/00
05/01
11/01
05/02
11/02
05/03
11/03
05/04
11/04
Index
Sector*
Fund
Index
Sector*
1999
2000
2001
2002
2003
2004 YTD
-3.04
5.38
6.64
4.80
5.68
6.12
4.14
6.79
8.53
6.46
5.89
6.77
3.29
6.91
7.55
5.16
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
2.16
2.40
1.82
5.12
5.30
4.02
6.91
7.55
5.16
13.20
14.83
8.62
20.89
24.63
15.64
34.63
41.03
26.22
Fund
Index
Sector*
The objective of the sub-fund is to obtain an additional return above
that of a portfolio of government bonds by investing in a range of
fixed income securities and instruments issued by financial institutions
and corporate denominated in euro or in an OECD currency. The
(implicit) average credit rating of the portfolio is A (single 'A'). The
benchmark is the Lehman Brothers Euro Corporate Index.
Fund Breakdown
82
Top 10 Bonds
1
2
3
4
5
6
7
8
9
10
Name
Olivetti Finance 02/2012 7 1/4 %
France Telecom 03/2013 7 1/4 %
Citigroup 04/2019 4 3/4% (var)
Fortis Banque 01/2011 6 1/2%
Suez Lyon. Eaux 99/2009 5 7/8%
Rwe Finance 02/2012 6 1/8%
Sanpaolo Imi 00/2010 (frn)
Telstra 01/2011 6 3/8%
Deutsche Telecom 2001/2006 5 7/8%
General Motors 03/2008 6%
Yield (%)
4.04
4.01
4.38
3.35
3.74
3.61
2.70
4.65
Maturity
2012
2013
2019
2011
2009
2012
2010
2011
2006
2008
%
3.54
3.47
3.32
2.62
2.53
2.52
2.52
2.27
2.21
2.19
0-1y
-0.30%
1-3y
10.77%
3-5y
14.75%
5-7y
39.72%
7-10y
45.27%
>10y
-10.20%
-20%
0%
20%
40%
60%
Launch date:
Duration
Rating Allocation
Aa3
9.03%
A1
20.21%
A2
15.14%
A3
7.37%
Baa1
11.48%
Baa2
9.91%
Aa2
9.17%
Aa1
0.65%
Aaa
3.78%
Undefined
4.52%
Not Rated
6.47%
Baa3
2.28%
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
02/03/99
EUR
EUR
126.54
520.27
4.58
1 Year
Fund Bench.
3 Years
Fund Bench.
6.91
7.55
2.40
2.23
2.00
2.44
-1.03
1.06
0.97
-1.35
0.44
6.53
7.62
2.98
2.95
1.48
1.86
-0.99
1.00
0.97
-2.02
0.50
S&P IM Fd FI EUR (NX) XEC
Bond Fund
ING (L) Renta Fund
Euromix Bond
LU0092532034
INGEURA LX Equity
LU0092532034.LUF
94990
988887
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0113307382
INGEURX LX Equity
LU0113307382.LUF
94991
1102555
Legal Disclaimer
Indexed Performance
135
130
125
120
115
110
105
100
11/99
05/00
11/00
05/01
11/01
05/02
11/02
05/03
11/03
05/04
11/04
Index
Sector*
Fund
Index
Sector*
1999
2000
2001
2002
2003
2004 YTD
-1.87
-0.29
-2.29
8.18
7.37
4.48
5.63
5.93
3.72
7.91
8.87
5.14
2.02
2.87
2.26
6.33
7.57
5.70
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
2.45
2.50
2.11
4.47
5.07
4.55
6.33
7.57
5.70
8.48
10.66
8.09
17.06
20.48
13.64
33.75
37.03
23.15
Maturity
2031
2034
2008
2005
2006
2006
2008
2010
2012
2012
%
10.29
7.75
7.58
6.03
5.57
5.28
4.71
4.33
4.24
4.00
Fund
Index
Sector*
The objective of the sub-fund is to realise long-term capital growth in
euro terms by investing in a diversified portfolio of fixed income
securities and instruments denominated in European currencies
(including euro). The average maturity normally fluctuates around 5
and 7 years. The sub-fund's benchmark is the JP Morgan Government
Bonds Europe.
Fund Breakdown
Top 10 Bonds
Name
1 Germany 00/2031 5 1/2 %
3 Belgium Olo 97/2008 5 3/4%
4 Depfa 98/2005 5%
5 Uk Treasury 93/2006 7 3/4%
6 Finland 96/2006 7 1/4%
7 Austria 98/2008 5%
8 Belgium Olo 00/2010 5 3/4%
9 Netherlands 02/2012 5 %
10 Belgium Olo 02/2012 5 %
Yield (%)
4.23
4.25
2.75
2.08
4.36
2.39
2.71
3.17
3.42
3.45
83
0-1y
-0.12%
1-3y
10.08%
3-5y
9.90%
5-7y
6.36%
7-10y
7.66%
Launch date:
>10y
66.12%
0%
20%
40%
60%
80%
Duration
Rating Allocation
Aaa
64.37%
A2
1.75%
A1
12.36%
Aa1
19.00%
Aa2
2.52%
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
04/01/99
EUR
EUR
132.32
264.97
5.86
1 Year
Fund Bench.
3 Years
Fund Bench.
6.33
7.57
2.32
2.51
1.82
2.17
-0.35
0.89
0.93
-1.71
0.67
5.39
6.41
3.31
3.39
0.99
1.26
-0.72
0.96
0.97
-1.55
0.61
S&P IM Fd FI Europe (NX) XBF
Bond Fund
ING (L) Renta Fund
Global High Yield
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0128047684
INGRGHP LX Equity
LU0128047684.LUF
1226433
LU0128047924
INGRGHC LX Equity
LU0128047924.LUF
1226456
Legal Disclaimer
Indexed Performance
135
130
125
120
115
110
105
100
95
90
05/01
09/01
01/02
05/02
09/02
01/03
05/03
09/03
01/04
05/04
09/04
Index
1999
2000
2001
2002
2003
2004 YTD
-
-9.07
-
1.04
-
-0.53
-0.10
-
17.68
29.99
-
10.34
12.35
-
Fund
Index
Sector*
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
3.77
4.48
-
8.54
9.39
-
10.34
12.35
-
29.85
46.05
-
29.17
45.90
-
34.04
-
Fund
Index
Sector*
The sub-fund is managed on a total return basis. The approach
combines intensive, fundamental credit analysis on individual issuers
coupled with Macro-views on geography, credit quality (BB vs. B vs.
CC), and industry sectors to determine overall portfolio positioning.
The benchmark is composed by 70% of Lehman Brother's US High
Yield Index and 30% of Lehman Brother's Pan-European High Yield
Index.
Fund Breakdown
84
Top 10 Bonds
1
2
3
4
5
6
7
8
9
10
Name
Lighthouse 04/2014 8%
Tvn Entertainment 03/2013 9 1/2%
Dow Jones Cdx Hy 04/2009 7 3/4%
Ashtead Holding 04/2014 12%
Cirsa Finance Lux 04/2014 8 3/4%
Gildemeister 04/2011 9 3/4%
It Holding Finance 04/2012 9 7/8%
Allied Waste North Amer. 01/2008 8 1/2
Tele Colombus 04/2010 (frn)
Nalco Company 04/2011 7 3/4%
Yield (%)
7.49
8.01
9.98
6.72
6.00
Maturity
2014
2013
2009
2014
2014
2011
2012
2008
2010
2011
%
1.53
1.28
1.27
1.21
1.12
1.10
1.01
0.99
0.91
0.90
Rating Allocation
B
63.51%
Launch date:
Duration
OTR
0.27%
Not Rated
0.68%
CCC
15.49%
BB
19.87%
CC
0.18%
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
21/05/01
EUR
EUR
307.45
298.24
4.03
1 Year
Fund Bench.
3 Years
Fund Bench.
10.34 12.35
3.71
3.63
2.22
2.82
-1.88
1.01
0.97
-2.97
0.60
8.91 13.42
5.39
8.64
1.26
1.31
1.22
0.58
0.85
-0.93
4.17
Bond Fund
ING (L) Renta Fund
International
LU0119223252
INGRINP LX Equity
LU0119223252.LUF
94739
1172845
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0121215809
INGRINT LX Equity
LU0121215809.LUF
94799
1173643
Indexed Performance
Legal Disclaimer
122
120
118
116
114
112
110
108
106
104
102
100
11/99
05/00
11/00
05/01
11/01
05/02
11/02
05/03
11/03
05/04
11/04
Index
Sector*
Fund
Index
Sector*
1999
2000
2001
2002
2003
2004 YTD
6.93
5.83
-
5.74
9.17
6.84
5.87
5.33
3.55
1.02
4.07
1.81
-1.55
-1.00
-0.36
2.80
4.36
2.63
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
0.11
0.04
0.13
1.35
1.99
1.68
2.80
4.36
2.63
1.21
3.32
2.26
2.24
7.52
4.10
14.46
23.64
15.17
Fund
Index
Sector*
Fund Breakdown
The objective of the sub-fund is to achieve long-term capital growth
by investing in a diversified portfolio of fixed income securities
denominated in the currencies of the world's largest developed
economies, with overweight in the Euro zone. Investments are
concentrated on issuers such as governments; supra-nationals and
investment grade credits. The sub-fund's benchmark is a a combination
of Lehman Brothers Global Aggregate Index (50%) and Lehman
Brothers Euro Aggregate Index (50%).
Top 10 Bonds
Name
2 Germany 00/2010 5 1/4 %
3 Belgium Olo 03/2013 4 1/4%
4 France Oat 92/2023 8 1/2 %
5 Btps 01/2007 4 1/2%
6 Italy 97/2007 5 7/8%
7 Deutschland 04/2014 4 1/4%
8 Freddie Mac 04/2009 3 3/4%
9 Hellenic Railway 98/2008 6 1/4 %
10 Fannie Mae 03/2008 2 1/2%
Yield (%)
4.25
3.12
3.56
4.01
2.57
2.70
3.60
3.11
3.03
3.70
Maturity
2034
2010
2013
2023
2007
2007
2014
2009
2008
2008
85
%
7.33
5.36
4.17
3.95
3.47
2.92
2.91
2.72
2.55
2.47
0-1y
0.78%
1-3y
6.58%
3-5y
14.40%
5-7y
12.78%
Launch date:
7-10y
6.43%
>10y
59.03%
0%
10%
20%
30%
40%
50%
60%
70%
Duration
Currency Allocation
EUR
67.54%
OT R
3.08%
USD
10.44%
JPY
10.24%
CAD
4.84%
GBP
3.85%
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
01/03/66
EUR
EUR
167.96
575.60
5.01
1 Year
Fund Bench.
3 Years
Fund Bench.
2.80
4.36
2.80
2.82
0.24
0.80
-1.38
0.97
0.95
-2.49
0.60
0.74
2.45
2.76
2.88
-0.50
0.11
-1.49
0.92
0.93
-2.16
0.77
S&P IM Fd FI Global EUR Based (NX) XLF
Bond Fund
ING (L) Renta Fund
World
LU0119223682
INGRWLP LX Equity
LU0119223682.LUF
94740
1173232
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0121215551
INGRWLD LX Equity
LU0121215551.LUF
94802
1174027
Legal Disclaimer
Indexed Performance
114
112
110
108
106
104
102
100
98
96
11/99
05/00
11/00
05/01
11/01
05/02
11/02
05/03
11/03
05/04
11/04
Index
Sector*
Fund
Index
Sector*
1999
2000
2001
2002
2003
2004 YTD
4.34
5.32
-
5.97
3.08
6.84
4.23
5.01
3.55
-7.32
-1.14
1.81
-7.38
-6.34
-0.36
-0.25
1.40
2.63
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
-2.40
-2.48
0.13
-1.82
-1.25
1.68
-0.25
1.40
2.63
-7.61
-5.03
2.26
-14.38
-6.11
4.10
-5.43
1.63
15.17
Fund
Index
Sector*
Fund Breakdown
86
The sub-fund aims at achieving yield via diversification in
international bonds denominated in various currencies. The aim is to
offer broad monetary diversification on a global scale. These
investments may also be made in emerging markets. The sub-fund
invests mainly in first class issuers such as governments,
multinationals, supranationals or prime private sector issuers. The subfund's benchmark is the Lehman Brothers Global Aggregate Index.
Top 10 Bonds
1
2
3
4
5
6
7
8
9
10
Name
Germany 00/2031 5 1/2 %
Japan Govt 02/2007 0 1/2%
Poland 02/2007 8 1/2 %
Japan 99/2009 1 1/2 %
Usa T.bonds 93/2023 6 1/4%
Netherlands 00/2010 5 1/2 %
Usa T.bonds 01/2031 5 3/8%
Netherlands 01/2011 5%
Netherland 04/2014 3 3/4%
Hungary 04/2007 9 1/4%
Yield (%)
4.23
0.16
6.08
0.45
4.92
3.14
4.89
3.29
3.63
8.05
Maturity
2031
2007
2007
2009
2023
2004
1931
2011
2014
%
8.18
5.48
4.04
3.84
3.53
3.44
3.13
3.10
2.95
2.64
0-1y
10.59%
1-3y
16.28%
3-5y
17.38%
5-7y
17.08%
Launch date:
7-10y
11.69%
>10y
26.97%
0%
5%
10%
15%
20%
25%
30%
Duration
Rating Allocation
AAAA+ 5.65%
0.09%
AAA
54.61%
AA
9.89%
A11.49%
A+
4.14%
A
5.93%
BBB1.79%
BBB+
3.95%
BBB
2.45%
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
20/02/89
EUR
EUR
562.13
108.90
4.71
1 Year
Fund Bench.
3 Years
Fund Bench.
-0.25
1.40
4.62
4.23
-0.51 -0.17
-1.71
1.06
0.95
-1.51
1.08
-5.04 -2.08
4.64
4.59
-1.54 -0.91
-3.11
0.95
0.89
-1.99
1.51
S&P IM Fd FI Global EUR Based (NX) XLF
Bond Fund
ING (L) Renta Fund
Yen
LU0119224144
BYK3315 LX Equity
LU0119224144.LUF
94735
1172891
ISIN Code:
Bloomberg Code:
Reuters Code:
Sicovam Code:
Telekurs Code:
LU0121216286
INGRYEN LX Equity
LU0121216286.LUF
94787
1173702
Indexed Performance
Legal Disclaimer
109
108
107
106
105
104
103
102
101
100
11/99
05/00
11/00
05/01
11/01
05/02
11/02
05/03
11/03
05/04
11/04
Index
Sector*
Fund
Index
Sector*
1999
2000
2001
2002
2003
2004 YTD
7.90
5.01
2.72
2.99
2.27
0.14
3.42
3.74
1.18
1.04
0.61
0.37
-1.42
-0.65
-0.70
0.26
1.29
-0.14
3 Months
6 Months
1 Year
2 Years
3 Years
5 Years
0.43
0.53
-0.11
1.72
2.31
1.07
0.26
1.29
-0.14
-1.17
0.63
-0.84
-0.14
1.24
-0.48
6.35
7.42
0.83
Fund
Index
Sector*
The objective of the sub-fund is to achieve long-term capital growth in
Japanese Yen terms by investing in a diversified portfolio of Japanese
Yen denominated bonds. This will be achieved by duration-and-curve
position. Yield enhancement is achieved by selection on grade credit.
The sub-fund's benchmark is the JPM Japan Bond Index.
Fund Breakdown
Top 10 Bonds
Name
1 Japan Govt -19 02/2007 0 1/2%
2 Japan 04/2014 1 1/2%
3 Japan 03/2008 0.30%
4 Japan 00/2010 1.80 %
5 Japan 03/2008 0 1/2 %
6 Japan 02/2022 1.90 %
7 Japan 02/2012 0.80 %
8 Japan 03/2023 1.8%
9 Toyota Motor Credit 01/2008 0 3/4%
10 Italy 96/2008 3 8/10%
Yield (%)
0.12
1.29
0.32
0.61
0.32
1.88
1.12
1.98
0.32
0.25
Maturity
2007
2014
2008
2010
2008
2022
2012
2023
2008
2008
87
%
22.56
16.89
16.54
14.65
12.79
7.51
5.70
1.70
0.68
0.67
0-1y
0.01%
1-3y
8.96%
3-5y
18.46%
5-7y
14.59%
7-10y
33.01%
>10y
24.98%
0%
5%
10%
15%
20%
25%
30%
35%
Launch date:
Duration
Rating Allocation
A2
97.37%
Aa2
0.66%
Aaa
1.97%
Annual Sharpe Ratio
Annual Alpha (%)
Beta
R-Squared
20/02/89
JPY
JPY
77,634
5,963.41
6
1 Year
Fund Bench.
3 Years
Fund Bench.
0.26
1.29
1.97
2.16
-0.94 -0.39
-0.90
0.91
0.99
-3.60
0.28
-0.05
0.41
1.79
1.83
-1.21 -0.93
-0.41
0.89
0.82
-0.58
0.79
S&P IM Fd FI JPY (NX) JPY
88
GLOSSARY
Alpha (annualised)
The Alpha of a fund measures its performance when the performance of its benchmark is zero. It is indicative of the ability of the fund manager to
outperform the fund's benchmark, taking the market risk into account. The more positive the better.
Benchmark
The benchmark of a fund is its main investment yardstick. It is mostly a well-known market index, a combination of indexes or an in-house index, if
no appropriate index is available. Comparing the performance and the risk indicators of a fund relative to its benchmark offers a way to assess the
quality of the fund management.
Beta
The Beta of a fund indicates its sensitivity to fluctuations of the benchmark. A Beta higher than 1 (lower than 1) indicates that the fund tends to gain
(lose) x% percent when the benchmark gains (loses) 1%. Hence, the Beta is a measure of risk: a figure far above 1 reflects a strong sensitivity to market fluctuations.
Duration
The duration of a bond portfolio can be defined as the average life of the bonds in the portfolio weighted by the present value of all future cash flows
from the bonds. The longer the duration, the stronger the sensitivity of the portfolio to interest rate changes. Here, the displayed duration is in fact the
Modified Duration, i.e. the duration divided by the bond yield.
Information ratio (annualised)
The information ratio measures the average excess performance (relative to the benchmark) of a fund adjusted for relative risk. In technical terms, it
is the ratio of the average excess performance over the tracking error.
Micropal Average
The Micropal Average measures the average performance of all funds registered for sale in the fund category defined by Micropal. Comparing a fund to its
Micropal average enables investors to identify the funds outscoring or underscoring the average performance of all funds present in this category.
Standard & Poor’s Ranking
The Standard & Poor's Micropal Ranking is calculated using a fund's monthly performance relative to its sector average for each of the 36 months over
the 3 years to date. The average and volatility of these 36 numbers are used to calculate a fund's star ranking. 5 stars mean top 10%, 4 stars mean
top 11-30%, 3 stars mean top 31-50%, 2 stars mean Next 25% and 1 star means bottom 25%.
Morning Star Ranking
The Morningstar Ratings is an objective measure for how well a fund has performed on a risk-adjusted base compared to other funds with a similar
investment objective. To begin the calculation process we divide mutual funds into categories. For each and every fund we calculate a score based on
return (after loads) versus risk. Only funds with at least three years of performance history are given ratings. The Star Rating is best used as a starting
point in the fund selection process. Funds with 4- and 5 star ratings have provided their investors with solid, risk-adjusted returns in the past.
Performance (annualised)
The performance of a fund (also known as return) shows the percentage change of the net asset value of the fund between two dates. The performance is an important indicator of quality of the fund management, but by no means the only one. Its major drawback lies in the fact that it does not
take risk into account.
R-Squared
R-Squared measures the degree of correlation between a fund and its benchmark. It calculates the proportion of the fluctuations of the net asset value of
the fund that can be attributed to fluctuations of the benchmark. A value of 1 means that the fund is perfectly correlated with the benchmark.
Sharpe Ratio (annualised)
The Sharpe Ratio of a fund is a measure of risk-adjusted performance, as it can be defined as the ratio of average excess return over the volatility of
the return series. The higher this ratio, the better the risk adjusted performance. It is an absolute performance indicator, implying that it does not require
the definition of a benchmark.
Tracking Error (annualised)
The Tracking Error is a measure of relative risk. It calculates the standard deviation of the relative performance, i.e. the ratio between the performance
of the fund and the performance of its benchmark. In other words, the tracking error shows to what extent the fund is actively managed.
Volatility (annualised)
The (annual) volatility of a fund is the most common measure of its risk. It measures the annual standard deviation of the successive returns of this
fund. A high volatility indicates a high risk.
Yield
The yield of a fixed income asset shows the annual cash flows from this asset as a percentage of the market price. For bond funds, the yield is
usually calculated as the average duration-weighted yield, in order to take into account the differences in duration of each individual bond.
Fund Name
Ccy
Fund Size
(mln)
Countries of Registration
Page
Fund Focus
Table of Contents
Equity Funds
Core
90
World
EUR
EUR
124.95 AT, BE, CH, CL, CZ, DE, ES, FI, FR, GR, HK, IT, LU, MC, NL, NO, SE,
53.70 AT, BE, CH, DE, ES, FI, FR, GR, IT, LU, MC, NL, NO, SE
20
21
Europe
EUR
EUR
EUR
EUR
381.48
416.61
192.14
27.33
AT, BE, CH, CZ, DE, ES, FI, FR,GR, HK, IT, LU, NL, MC, NO, SE
AT, BE, CH, CL, CZ, DE, ES, FI, FR, GR, IT, LU, NL, MC, NO, SE, SK
AT, BE, CH, DE, ES, FI, FR, GR, IT, LU, NL, NO, SE
AT, BE, CH, CL, CZ, DE, ES, FI, FR, GR, HK, IT, LU, NL, MC, NO, SE
22
23
24
25
United States
USD
USD
68.55 AT, BE, CH, DE, ES, FI, FR, GR, HK, IT, LU, MC, NL, NO, SE
318.99 AT, BE, CH, CL, CZ, DE, ES, FI, FR, GR, HK, IT, LU, MC, NL, NO, SE
26
27
Japan
JPY
JPY
17,008.78 AT, BE, CH, CL, CZ, DE, ES, FI, FR, GR, HK, IT, LU, MC, NL, NO, SE
2,109.05 AT, BE, CH, DE, ES, FI, FR, GR, IT, LU, NL, NO, SE
28
29
Emerging
EUR
USD
USD
USD
75.95
108.10
95.04
267.29
Asia
USD
102.15 AT, BE, CH, DE, ES, FI, FR, GR, IT, LU, MC, NL, NO, SE
34
World
ING (L) Invest IT
USD
USD
USD
USD
USD
USD
USD
EUR
USD
USD
USD
USD
151.23
100.11
121.34
91.69
113.48
78.44
169.74
67.97
40.17
75.38
107.85
68.99
AT, BE, CH, ES, DE, FI, FR, GR, HK, IT, LU, NL, MC, NO,SE
AT, BE, CH, CZ, DE, ES, FI, FR, GR, HK, IT, LU, NL, MC, NO, SE
AT, BE, CH, DE, ES, FI, FR, HK, IT, LU, NL, NO, SE
AT,BE,CH,DE, ES, FI, FR,GR, HK, IT, LU, NL, FR, MC,NO, SE
AT, BE, CH, DE, ES, FI, FR,GR, HK, IT, LU, NL, MC, NO, SE
AT, BE, CH, DE, ES, FI, FR, GR, HK, IT, LU, NL, MC, NO, SE
AT, BE, CH, DE, ES, FI, FR, GR, HK, IT, LU, MC, NL, NO, SE
AT, BE, CH, DE, ES, FR, GR, IT, LU, NL,
AT, BE, CH, CZ, DE, ES, FI, FR, GR, HK, IT, LU, NL, NO, SE
AT, BE, CH, CZ, DE, ES, FI, FR, HK, IT, LU, NL, MC, NO, SE
AT, BE, CH, DE, ES, FI, FR, IT, LU, MC, NL, NO, SE
AT, BE, CH, DE, ES, FI, FR, GR, HK, IT, LU, MC, NL, NO, SE
35
36
37
38
39
40
41
42
43
44
45
46
Europe
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
127.87
32.77
63.91
149.28
10.11
22.95
42.13
109.62
AT, BE, CH, DE, ES, FI, FR, IT, LU, NL, NO, SE
BE , DE, ES, IT, LU, NL, SE
AT, BE, CH, DE, ES, FI, FR, GR, IT, LU, NL, NO, SE
47
48
49
50
51
52
53
54
AT, BE, CH, DE, ES, FI, FR,GR, HK, IT, LU, NL, MC, NO, SE
AT, BE, CH, CL, CZ, DE, ES, FI, FR, GR, IT, LU, NL, NO, SE
AT, BE, CH, DE, ES, FI, FR, GR, HK, IT, LU, NL, NO, SE
AT, BE, CH, CL, DE, ES, FI, FR, GR, IT, LU, MC, NL, NO, SE
30
31
32
33
Sector
Theme
EUR
EUR
EUR
31.20 AT, BE, CH, DE, ES, FI, FR, IT, LU, NL, NO, SE
58.63 AT, BE, CH, DE, ES, FI, FR, GR, HK, IT, LU, MC, NL, NO, SE
44.61 AT, BE, CH, DE, ES, FI, FR, HK, IT, LU, MC, NL, NO, SE
55
56
57
EUR
30.42 AT, BE, CH, DE, ES, FR, FI, GR, HK, IT, LU, MC, NL, NO, SE
58
Socially Responsible Investments
Style - Value Funds
EUR
1,826.04 AT, BE, CH, DE, ES, FR, FI, GR, LU, NL, NO, IT, PE, SE
59
Fund Size
(mln)
Fund Name
Ccy
Countries of Registration
Page
EUR
EUR
EUR
277.47 AT, BE, CH, CZ, DE, ES, FR, GR, HK, IT, LU, MC, NL
0.51 LU, NL
13.56 LU
60
61
62
EUR
EUR
EUR
EUR
81.25
852.00
162.97
635.07
BE, CH, CL, ES, FR, GR, IT, LU, NL, SE
63
64
65
66
EUR
EUR
EUR
EUR
EUR
USD
EUR
EUR
EUR
83.10
12.03
41.75
22.23
19.96
5.04
62.85
53.66
67.01
AT, BE, DE, ES, LU, NL, SE
DE, IT, LU
AT, BE, CZ, DE, ES, IT, LU
DE, ES, IT, LU, NL, SE
AT, DE, ES, FR, GR, IT, LU, NL, SE
AT, CZ, DE, ES, FR, IT, LU, NL, SE
AT, BE, CH, DE, ES, FR, GR, IT, LU, NL
67
68
69
70
71
72
73
74
75
USD
USD
USD
EUR
USD
EUR
EUR
EUR
EUR
EUR
EUR
JPY
13.10
91.40
139.60
290.09
152.89
1,110.43
520.27
264.97
298.24
575.60
108.90
5,963.41
AT, BE, CH, DE, ES, FR, GR, HK, IT, LU, MC, NL, SE
AT, BE, CH, CL, CZ, CH, DE, DK, ES, FR, GR, HK, IT, LU, MC, NL, PE,
AT, BE, CL, CH, CZ, DE, ES, FR, GR, HK, IT, LU, MC, NL, PE, SE, SK
AT, BE, CH, DE, ES, HK, IT, LU, MC, NL
AT, CH, CL, DE, ES, FR, HK, IT, LU, MC, NL, SE
AT, BE, CH, CL, CZ, DE, ES, FR, HK, IT, LU, NL, PE, SE
AT, BE, CH, CL, DE, ES, FR, GR, HK, IT, LU, MC, NL, PE, SE, SK
AT, BE, CH, CL, CZ, DE, ES, FR, GR, HK, IT, LU, MC, NL,PE, SE
AT, BE, CH, CL, CZ, DE, ES, FR, GR, IT, LU, NL, SE
AT, BE, CH, DE, ES, FR, GR, IT, LU, NL, SE
AT, BE, CH, CZ, DE, ES, FR, HK, IT, LU, MC, NL, SE
AT, BE, CH, DE, ES, FR, HK, IT, LU, MC, NL, SE
76
77
78
79
80
81
82
83
84
85
86
87
Balanced Funds
Capital Preservation Funds
Bond Funds
Glossary
Fund Overview
AT: only X Shares except for ING Index Linked Funds (P Shares) / BE: only P Shares / CH: Only P Shares (+ I Shares for ING (L) Invest Renta Fund Eurocredit)
/ CL: only X Shares except for ING Index Linked Funds (P Shares) / CZ: only P Shares / DE: only X Shares except for ING Index Linked Funds (P Shares) / ES:
P and X Shares / FI: only P Shares / FR: P, X and I Shares / GR: only X Shares except for ING Index Linked Funds (P Shares) / HK: only X Shares except for
ING Index Linked Funds (P Shares) / IT: only X Shares except for ING Index Linked Funds (P Shares) / LU: P, X and I Shares / NL: only P Shares / NO: only X
Shares except for ING Index Linked Funds (P Shares) /PE: Only X Shares /SE: only X Shares except for ING Index Linked Funds (P Shares).
N.B.:
- ING Index Linked Funds only available as P Shares
- I Shares only available for ING (L) Invest Emerging Markets, Emerging Europe, EMU Equity and ING (L) Renta Fund Eurocredit
Publisher:
Alexandre Deveen
Avenue Marnix 24
1000 Brussels - Belgium
Editor-in-Chief:
Fabrizio Carisi
e-mail address: fabrizio.carisi@ingim.com
91
intern_catalogus_Mutual-COVER_2005
13-01-2005
10:25
Pagina 2
SALES CONTACTS
Mutual Funds Brussels
Alexandre Deveen
Brazil
Walter Brasil
Tel: +32 2 547 2063
Fax: +32 2 547 2369
e-mail: alexandre.deveen@ingim.com
Tel: +55 11 3779 4846
Fax: +55 11 3758 8566
e-mail: wbrasil@sulamerica.com.br
Asia Pacific
Chuak Chan, Rizal Wijono
Mexico
Eric Anderson
Tel: +852 2846 3935
Fax: +852 2179 5703
e-mail: chuak.chan@asia.ing.com
Tel: + 52 55 9177 1010
Fax: + 52 55 9177 1012
e-mail: eric.anderson@americas.ing.com
France
Fabien Madar
Greece
Panos Tsokos
Tel.: +33 1 56 39 44 98
Fax: +33 1 56 39 48 76
e-mail: vip@ing.fr
Tel: +30 210 3288691
Fax: +30 210 3335960
e-mail: TsokosP@ingpamco.gr
Germany
Martin Nijkamp
Hungary
Zsolt Kovács
Tel: +31 70 378 1107
Fax: +31 70 378 1890
e-mail: martin.nijkamp@ingim.com
Tel: +36 1 266 0328
Fax: +36 1 266 0325
e-mail: zsolt.kovacs@inginvestment.hu
Italy
Marco Grassi, Luca Tenani
Czech Republic
Henk de Bruijne, Jan Kabelka
Tel: +39 02 476 22 081/071
Fax: +39 02 476 22 874
e-mail: luca.tenani@ing.it/marco.grassi@ing.it
Tel: +420 2 510 91 713
Fax: +420 2 510 91 730
e-mail: jan.kabelka@ingim.cz
Spain
Jaime Rodriguez, Ana Gasca
Poland
Miroslaw Panek/Sebastian Buczek
Tel: +34 91 598 01 21
Fax: +34 91 598 01 27
e-mail: ingim@ingspain.com
Tel: +48 22 820 5111
Fax: +48 22 820 5101
e-mail: miroslaw.panek@ingim.pl
Switzerland
Jean-Claude Birchler
Denmark/Norway/Sweden/Finland
Rick van de Kamp /Joost Wijstma
Tel: +41 22 787 15 25
Fax: +41 22 736 54 43
e-mail: jean-claude.birchler@ing.ch
Tel: +31 70 378 1063/+31 70 378 1759
Fax: +31 70 378 1890
e-mail: rick.van.de.kamp@ingim.com/joost.wijstma@ingim.com
Belgium
Wim De Wolf
Austria
Simona Merzagora
Tel: +32 2 547 33 16
Fax: +32 2 547 20 75
e-mail: wim.dewolf@ingim.com
Tel: +39 02 4762 2991
Fax: +39 02 4762 2874
e-mail: simona.merzagora@ing.it
Luxembourg
Philippe Moriau, Philippe Goettmann
Other Countries
Fundinfo
Tel: +352 40 65 40 56 55 Fax: + 352 40 65 40 82 80
e-mail: philippe.moriau@ing.lu
e-mail: philippe.goettmann@ing.lu
e-mail: fundinfo@ingim.com
www.ingim.com

ING Mutual Funds - NN Investment Partners

Transcription

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