bmi factsheet january 09 - bmiasiacos.com factsheet 2009.pdf · • ubs (lux) equity fund - japan b...

January 2009

Reporting SF (Lux) Sicav 1 –BMI Protected Global Growth Fund (USD) Investment objective The BMI Protected Global Growth Fund (the “Fund” or “BMI Global”) is an open-ended fund designed to provide investors with protected participation in the growth potential of global stock markets via a combination of actively managed funds and cash whilst limiting the downside risk. The Fund is designed to ensure that the investment should be worth at least 80% of the highest NAV achieved at any point in time over the life of the Fund*. Therefore, in order to achieve these objectives the participation in the basket of UBS Global Asset Management equity & fixed income funds (the ‘Equity Component’) can vary between 0% and 100%: • As the value of the Equity Component rises the Fund

will increase its exposure to the Equity Component; • As the value of the Equity Component falls the Fund

will decrease its exposure to the Equity Component in favour of cash;

• The maximum exposure to the Equity Component will be 100%;

• In extremely adverse conditions the minimum exposure to the basket of funds could be zero and therefore returns will reflect prevailing interest rates.

The Equity Component The Fund returns are provided from a managed basket of UBS Global Asset Management funds (the Equity Component) and cash. Initial Fund weightings: • UBS (Lux) Key Selection Sicav - US Equities (USD) B 53% • UBS (Lux) Equity Fund - Japan B 7% • UBS (Lux) Equity Fund - Great Britain B 5% • UBS (Lux) Key Selection Sicav - European Equities B 25% • UBS (Lux) Equity Fund - Emerging Markets (USD) B 5% • UBS (Lux) Equity Fund - Greater China B 5% Every three months, funds can be dropped and added and the basket can be reweighted. Current Fund weightings: • UBS (Lux) Key Selection Sicav - US Equities (USD) B 38% • UBS (Lux) Equity Fund - Japan B 7% • UBS (Lux) Key Selection Sicav - European Equities B 27% • UBS (Lux) Equity Fund - Emerging Markets (USD) B 10% • UBS (Lux) Equity Sicav - USA Growth B 8% • UBS (Lux) Key Selection Sicav - Global Equities (USD) B 10%

Exposure of the Fund as at 30th January 2009

99.55%

UBS (Lux) Key Selection Sicav - US Equities (USD) B - 0.17%UBS (Lux) Equity Fund - Japan B - 0.04%UBS (Lux) Key Selection Sicav - European Equities B - 0.11%UBS (Lux) Equity Fund - Emerging Markets (USD) B - 0.04%UBS (Lux) Equity Sicav - USA Growth B - 0.04%UBS (Lux) Key Selection Sicav - Global Equities (USD) B - 0.05%Cash - 99.5%

Valuation of the Fund as at end of January 2009 NAV USD 86.64

Protected Value USD 86.20

Year-to-date return -0.23%

Return since launch -13.36%

Annualised return since launch -9.54%

Launch Date 27-Aug-07

Monthly performance -0.23% Performance to end January 2009 The Fund NAV has fallen 13.36% since inception. The Fund NAV has fallen 0.23% over the month.

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The Equity Component (commentary from UBS Global AM): The equity markets did not follow the positive trend from December. The portfolio lost 8.73% in January. Global equity markets lost further value in January. Markets dropped 8.76% during the month. UBS (Lux) Key Selection Sicav –

Global Equities had a good month in terms of relative performance. The fund gained 1.47% in January against the MSCI World. The MSCI USA posted a loss of 8.19% in January. UBS (Lux) Key Selection Sicav - US Equities (USD) B had another negative month

in terms of stock selection and the fund underperformed the benchmark by 2.35% over the month. US growth stocks strongly outperformed general US stocks in January. The Russell 1000 Growth Index returned -4.83%, 3.36%

more than the MSCI USA. The relative performance of UBS (Lux) Equity Sicav USA Growth B was also positive in January, with the fund outperforming its benchmark by 0.96%.

The MSCI Europe returned -3.52% in January. UBS (Lux) Key Selection Sicav – European Equities underperformed the benchmark by 0.38%.

In January, the MSCI Japan posted a loss of 7.66%. Stock selection of UBS (Lux) Equity Fund - Japan B was positive, with the fund returning 0.47% more than the benchmark.

In January, emerging market equities performed better than equities of the developed countries. The MSCI Emerging Markets Free Index returned -6.46% during the month. Stock selection of UBS (Lux) Equity Fund – Emerging Market B was negative and the fund underperformed the benchmark by 0.88%.

*This document is intended for intermediary use only and is specifically not for distribution to retail clients and is only available via Best Meridian International Insurance Company SPC. Any other person should not rely on this document. It does not constitute an offer of the Fund and provides summary information only. The Fund is only available through the life assurance policies underwritten by Best Meridian International Insurance Company SPC. Investment in the Best Meridian International Insurance Company SPC policy does not represent a direct investment in the Fund, nor does it entitle the policy holder to any rights in respect of the Fund. Neither UBS Global Asset Management or Best Meridian International Insurance Company SPC make any representation or to the extent permitted by law has any liability to the policy holder, whether in respect of the suitability of the investment, the performance of the Fund, the performance of the life policy or otherwise. The investment objective stated above is a summary only. Past performance is no guide to future performance. Fluctuation may be particularly marked in the case of a higher volatility Fund and the value of an investment may fall suddenly and substantially. The value of investments and income from them can fluctuate and are not guaranteed. Rates of exchange may cause investments to go up or down. Investors may not get back the amount they invest. Subscriptions are valid only if made on the basis of the current Prospectus and latest annual and semi-annual reports may be obtained free of charge from UBS Fund Services (Luxembourg) S.A., 33A avenue J.F. Kennedy, PO Box 91L-2010 Luxembourg. Investors should read the risk considerations in the Prospectus which include income, counterparty and derivative risks. Units of investment funds mentioned in this publication may not be offered, sold or delivered to US Persons and/or in the USA. The views expressed do not constitute investment or any other advice and are subject to change. They do not necessarily reflect the views of any company in the BMI Companies Group or UBS AG or any part thereof and no assurances are made as to their accuracy. Best Meridian International Insurance Company SPC is the international Division of BMI Companies Group. The BMI name and logo are trade marks of, and used under license from, BMI., Inc. This document is issued by UBS Global Asset Management (UK) Ltd, 21 Lombard Street, London EC3V 9AH. Authorised and regulated in the UK by the Financial Services Authority.

SF (Lux) Sicav 1 – BMI Protected Global Growth Fund (USD)

Janaury 2008

Performance to end January 2009

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27-May-08

27-Jun-08

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Exposure to Equity Component Last Price Protected Amount

Past performance is no guarantee of future trends or performance. Performance since launch (27 August 2007). The Equity Component (commentary from UBS Global AM):

UBS (Lux) Key Selection Sicav - US Equities (USD) B : The fund underperformed its benchmark, the MSCI USA (r), in January. The main detractors from performance came from stock selection in consumer discretionary (o/w Johnson Controls, Carnival), industrials (o/w Fedex) and IT (n/h IBM). Sector allocation in financials, especially our overweight to insurance, detracted strongly. Stock selection within health care (o/w Wyeth, Medco Health) was the largest contributor to performance. The overweight positions in Aflac, Suntrust Banks, Wells Fargo, Fifth Third and not holding ExxonMobil detracted further. The overweights in Morgan Stanley, Sprint Nextel and Analog Devices and not holding Bank of America had a positive impact. UBS (Lux) Key Selection Sicav - Global Equities (USD) B: The portfolio outperformed its benchmark, the MSCI World (r), in January. Stock selection within relatively defensive sectors such as consumer staples and healthcare, which had already started to contribute positively last year, continued to add value. Stock selection in energy also helped. Overall stock selection within financials was positive. Stock selection in IT detracted from performance. Holding Intel detracted as did not holding Google. The other area with negative stock selection was the consumer discretionary sector. We continue to find companies such as Coach and Fortune Brands, which were significant underperformers in January, attractively priced despite the current challenging operating environment. UBS (Lux) Equity Fund - Emerging Markets (USD) B: The fund underperformed its benchmark, the MSCI Emerging Markets Index (r), in January due to negative sector allocation and negative stock selection. The biggest detractor was the overweight to and stock selection in financials. To a lesser extent, positioning in utilities, telecoms and technology also hurt performance. Positive contributions came from stock selection in consumer sectors, both discretionary and staples. Stock selection was also strong in materials, although this was partly offset by the underweight to the sector.

From a country perspective, the largest detractor was stock selection in Korean companies and the underweight to the Korean market. Stock selection in China was the biggest positive contributor. UBS (Lux) Key Selection Sicav - European Equities B: The fund underperformed its benchmark, the MSCI Europe (r), in January. The underperformance was mainly due to negative stock selection within the capital goods sector. The overweight to software & services helped performance, while the underweight to food, beverage & tobacco detracted. Among individual stocks the overweight to Wolseley was the largest negative contributor to performance in January. The overweights to BSkyB and Sage Group were the key positives. UBS (Lux) Equity Fund - Japan B: In January, the fund outperformed its benchmark, the MSCI Japan (r), primarily due to stock selection. Major positive performance contributors were our positions in tech hardware (Nippon Electric Glass, Hoya, Ricoh, Konica Minolta), autos (Honda) and capital goods (Mitsui, Sumitomo, Itochu). Our holdings in real estate (Mitsui Fudosan, Daito Trust Construction, Tokyo Tatemono) suffered from continued credit crunch in the sector and subsequent bankruptcies of medium-sized players. The stock of JR Central, which we overweight, also detracted from performance as its mainstay bullet train business was understood to be vulnerable to economic slump. UBS (Lux) Equity Sicav - USA Growth B: The fund performed positively but underperformed its benchmark, the Russell 1000 Growth (nr), in December. While sector allocation was positive, it was offset by weak stock selection. Stock selection was negative, driven primarily by our holdings in energy, health care and IT. Stock selection in consumer discretionary and financials added value. From a sector perspective, an overweight to health care and underweights to energy and consumer staples contributed positively to performance. Underweights to consumer discretionary and industrials were slightly negative for the month.

February 2009







Exposure of the Fund as at 27th February 2009

100.00%

Cash

Valuation of the Fund as at end of February 2009 NAV USD 86.59






Monthly performance -0.06% Performance to end February 2009 The Fund NAV has fallen 13.41% since inception. The Fund NAV has fallen 0.06% over the month.

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The Equity Component (commentary from UBS Global AM):

Equity markets followed the negative trend from January. The portfolio lost 9.19% in February. Global equity markets lost further value in February. The markets dropped 10.24% during the month. UBS (Lux) Key Selection Sicav –

Global Equities (USD) B had a positive month in terms of relative performance. The fund gained 0.38% in February against the MSCI World.

The MSCI USA posted a loss of 10.35% in February. UBS (Lux) Key Selection Sicav – US Equities (USD) B had a positive month in terms of stock selection and the fund outperformed the benchmark by 1.04% over the month.

US growth stocks continued to outperform general US stocks in February. The Russell 1000 Growth Index returned -7.59%, 2.76% more than the MSCI USA. However, the relative performance of UBS (Lux) Equity Sicav – USA Growth (USD) P-acc was also strongly positive, with the fund outperforming its benchmark by 3.22%.

The MSCI Europe returned -9.35% in February. UBS (Lux) Key Selection Sicav – European Equities (EUR) B underperformed the benchmark by 0.65%.

In February, the MSCI Japan posted a loss of 4.54%. Stock selection of UBS (Lux) Equity Fund – Japan (JPY) P-acc was slightly negative, with the fund returning 0.04% less than the benchmark.

In February, emerging market equities performed better than equities of the developed countries. The MSCI Emerging Markets Free Index returned -5.64% during the month. Stock selection of UBS (Lux) Equity Fund – Emerging Market (USD) P-acc was positive and the fund outperformed the benchmark by 0.68%.

As of 16th February 2009 the allocation to the "Active Asset" (or "Fund Units") within the "Dynamic Portfolio" was reduced down to zero. As of this date there is 100% allocation to the "Reserve Asset".



February 2008

Performance to end February 2009

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UBS (Lux) Key Selection Sicav - US Equities (USD) B : The fund outperformed its benchmark, the MSCI USA (r), in February. The main contributors to performance came from stock selection in health care (o/w Allergan, Wyeth), IT (o/w Intel, Broadcom, Intuit) and energy (o/w Ultra Petroleum, Hess). Stock selection within financials (o/w Principal Financial, Aflac and not-held Goldman Sachs) was the largest detractor from performance. The overweight positions in Sprint, Carnival, Interpublic, Morgan Stanley, VMware, Borg Warner and Seagate and not holding Bank of America and Citigroup further contributed. The overweight to Ryder System, Fortune Brands, General Electric and not holding Wal-Mart and Google had a negative impact. UBS (Lux) Key Selection Sicav - Global Equities (USD) B: The portfolio outperformed its benchmark in February. Stock selection within financials was by far the largest detractor, especially overweights Axa, ING Groep, Nomura Holdings and Principal Financial. Telecoms was the best performing sector and being overweight here proved positive, however stock selection detracted from performance. This was largely due to the overweight position in Telenor (Norway. Materials and IT were the next best performing sectors and the portfolio benefited from strong stock selection in both areas. Within materials, the recovery in Rio Tinto, as well as strength in Shin-Etsu Chemical and Akzo Nobel drove relative returns. Positive IT performers included overweights Intuit, Nintendo and VmWare. Among the strongest individual stock contributors were Tullow Oil and Honda. UBS (Lux) Equity Fund - Japan B: In February, the fund slightly outperformed its benchmark, the MSCI Japan (r) Index. Positive performance came from our positions in tech hardware (Mabuchi Motor, Hoya, Taiyo Yuden) and materials (Sumitomo Metal Mining). Tech hardware stocks were generally favoured for their strong balance sheets and ample cash positions. These gains were offset by negative contribution from consumer discretionary and financials, specifically our holdings in housing manufacturers (Haseko Corp, Sekisui Chemical, Daito Trust Construction), real estate (Nomura Real Estate, Mitsui Fudosan), banks (Sumitomo Trust, underweight to Resona) and diversified financials (Orix).

UBS (Lux) Equity Sicav - USA Growth B: During February, the UBS US Large Cap Growth portfolio outperformed the Russell 1000 Growth Index by 316 basis points. Both stock selection and sector allocation were accretive during the month, with the bulk of the outperformance derived from stock selection. Strong stock selection in the Information Technology, Consumer Discretionary, Health Care and Financial sectors were the primary reason for outperformance during the month. Stock selection within Materials and Industrial detracted slightly from performance. From a sector standpoint, our underweight to Industrials and Utilities was additive during the month. Overweights to Health Care and Financials detracted from performance. UBS (Lux) Equity Fund - Emerging Markets (USD) B: The fund outperformed its benchmark, the MSCI Emerging Markets Index (r), in February due to positive sector allocation and stock selection. The biggest positive contributor was the underweight to industrials, including not holding Hyundai and Samsung Heavy. Stock selection was strong in technology (o/w Hon Hai Precision, Mediatek) telecoms (o/w Chunghwa Telecom, Mobile TeleSystems) and consumer staples (o/w Hengan International Group, Ambev). The biggest negative contributor was the overweight to and stock selection in financials (o/w Shinhan Financial Group, Bank Rakyat Indonesia). From a country perspective, the positive contribution from the underweight to the Korean market was most notable. UBS (Lux) Key Selection Sicav - European Equities B: The fund underperformed its benchmark, the MSCI Europe (r), in February, with stock selection detracting from performance and sector selection proving neutral. The overweights to Rio Tinto and Vodafone made a positive contribution to performance. The overweight to Société Générale was the largest negative. At the sector level, the overweight to telecoms had a positive impact; this was offset by the negative contribution from the small overweight to banks.

March 2009







Exposure of the Fund as at 31st March 2009

100.00%

Cash

Valuation of the Fund as at end of March 2009 NAV USD 86.58






Monthly performance -0.01% Performance to end March 2009 The Fund NAV has fallen 13.42% since inception. The Fund NAV has fallen 0.01% over the month.

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Equity markets broke through the negative trend since the beginning of the year. Equity markets showed strong performance especially in the second half of March. The portfolio gained 9.16% in March.

Global equity markets increased 7.54% during the month. UBS (Lux) Key Selection Sicav – Global Equities (USD) B had a positive month in terms of relative performance. The fund gained 0.83% in March against the MSCI World.

The MSCI USA posted a gain of 8.50% in March. UBS (Lux) Key Selection Sicav – US Equities (USD) B had a positive month in terms of stock selection and the fund outperformed the benchmark by 0.52% over the month.

US growth stocks continued to outperform general US stocks in March. The Russell 1000 Growth Index returned 8.86%, 0.36% more than the MSCI USA. However, the relative performance of UBS (Lux) Equity Sicav – USA Growth (USD) P-acc was negative, with the fund underperforming its benchmark by 0.44%.

The MSCI Europe returned 2.29% in March. UBS (Lux) Key Selection Sicav – European Equities (EUR) B strongly outperformed the benchmark by 3.33%.

In March, the MSCI Japan posted a gain of 3.06%. Stock selection of UBS (Lux) Equity Fund – Japan (JPY) P-acc was slightly negative, with the fund returning 0.29% less than the benchmark.

In March, emerging market equities performed better than equities of the developed countries. The MSCI Emerging Markets Free Index returned 14.37% during the month. Stock selection of UBS (Lux) Equity Fund – Emerging Market (USD) P-acc was negative and the fund underperformed the benchmark by 0.12%.

As of 16th February 2009 the allocation to the "Active Asset" (or "Fund Units") within the "Dynamic Portfolio" was reduced down to zero. As of this date there is 100% allocation to the "Reserve Asset".



March 2009

Performance to end March 2009

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UBS (Lux) Key Selection Sicav - US Equities (USD) B : The fund outperformed its benchmark in March. The main contributors to performance were stock selection in IT (overweights Intel, Broadcom, Seagate), materials (overweights Celanese, Alcoa) and consumer staples (not held Procter & Gamble). Overweight positions in Allergan, Bank of New York Mellon, JC Penney, Starbucks, Intuit, Apple and Marvell Technology and not holding Exxon Mobil also contributed positively. Stock selection within utilities (overweights Exelon, American Electric Power, Pepco) proved to be the largest detractor from performance. Overweights in Pall Corp, Halliburton, Genzyme and Baker Hughes and not holding Bank of America also had a negative impact. UBS (Lux) Key Selection Sicav - Global Equities (USD) B: The fund outperformed its benchmark in March, driven by stock selection gains in pharmaceuticals, utilities, food, beverages and tobacco and banks. Holding Sempra Energy proved positive, whereas some of the Japanese (Tokyo, Kansai and Chubu Electric Power companies) and UK utilities (Centrica and National Grid) were particularly weak, so not holding these boosted the contribution from this sector. Being overweight in Dr Pepper Snapple and Japan Tobacco also proved positive. Within banks, it was the strong bounce back in Barclays and BNP Paribas that drove most of the outperformance along with the ongoing relative strength of Wells Fargo. The largest detractors were from media stocks BSkyB and Reed Elsevier, along with Vodafone and Imperial Tobacco. UBS (Lux) Equity Sicav - USA Growth B: During March, the fund underperformed its benchmark. Stock selection was negative, driven primarily by our holdings in consumer staples, IT and industrials. Stock selection in financials and materials was additive. From a sector perspective, overweights to financials and materials and underweights to consumer staples and utilities contributed positively. An overweight to health care and an underweight to energy detracted from performance.

UBS (Lux) Equity Fund - Japan B: In March, the fund underperformed its benchmark. Negative performance contribution came from stock selection in transportation, pharmaceuticals and telecoms. These losses were partially offset by positive contributions from banks and capital goods. Major banks with relatively high securities exposure recovered this month as the stock markets turned around. Signs of bottoming-out in production of autos and some IT components helped compelling values in some capital goods companies to be realised. Our overweight positions in NSK, Fuji Electric, Daikin and Sumitomo Heavy Industrials benefited from this. UBS (Lux) Equity Fund - Emerging Markets (USD) B: The fund underperformed its benchmark in March. Positive stock selection was offset by negative sector allocation. The biggest detractor was our overweight and stock selection in telecoms, as holdings including Turkcell and Bharti Airtel underperformed. Stock selection in technology also hurt performance. The biggest positive contributor was stock selection in the consumer discretionary sector, as overweights in Dongfeng Motor and Hyundai Dept Store performed well. Positioning in financials and utilities also contributed to performance. From a country perspective, stock selection was particularly strong in China and Russia, while the negative contribution from Korea was most notable. UBS (Lux) Key Selection Sicav - European Equities B: The fund outperformed its benchmark in March. The outperformance was almost entirely due to stock selection. Stock selection was particularly strong within banks, where overweights Barclays and Société Générale outperformed. At sector level, the underweight to food, beverage and tobacco proved positive.

April 2009







Exposure of the Fund* as at 30th April 2009

100.00%

Cash

*As of 16th February 2009 the allocation to the "Active Asset" (or "Fund Units") within the "Dynamic Portfolio" was reduced down to zero. As of this date there is 100% allocation to the "Reserve Asset". Valuation of the Fund as at end of April 2009 NAV USD 86.58






Monthly performance 0.00% Performance to end April 2009 The Fund NAV has fallen 13.42% since inception. The Fund NAV has remained stable over the month.

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Equity markets have been trending upwards since mid March. The portfolio gained 13.91% in April. Global equity markets continued their rally in April. The markets gained 11.22% during the month. UBS (Lux) Key Selection Sicav –

Global Equities (USD) B had a very strong month in terms of relative performance, gaining 2.96% in April against the MSCI World (r). The MSCI USA (r) posted a gain of 9.55% in April. UBS (Lux) Key Selection Sicav – US Equities (USD) B also had a very strong month

in terms of stock selection and the fund outperformed the benchmark by 4.64%. US growth stocks performed in line with general US stocks in April. The Russell 1000 Growth (NR) returned 9.57% vs. 9.55% for the

MSCI USA (r). However, the relative performance of UBS (Lux) Equity Sicav – USA Growth (USD) P-acc was positive, with the fund outperforming its benchmark by 1.21%.

The MSCI Europe (r) returned 14.17% in April. UBS (Lux) Key Selection Sicav – European Equities B outperformed the benchmark by 0.93%.

In April, the MSCI Japan (r) posted a gain of 9.20%. Stock selection of UBS (Lux) Equity Fund – Japan (JPY) P-acc was negative, with the fund returning 1.04% less than the benchmark.

In April, emerging market equities performed better than equities of the developed countries. The MSCI Emerging Markets Index (r) returned 16.64% during the month. Stock selection of UBS (Lux) Equity Fund – Emerging Market (USD) P-acc was negative and the fund underperformed the benchmark by 0.07%.



April 2009

Performance to end April 2009

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UBS (Lux) Key Selection Sicav - US Equities (USD) B : The fund substantially outperformed its benchmark, the MSCI USA (r), during April. The main contributions to performance came from stock selection in consumer discretionary (overweight JC Penney, Fortune Brands, Johnson Controls, Macy’s, Borg Warner, Interpublic, Omnicom) and energy (not held ExxonMobil and overweight Halliburton, Baker Hughes). Stock selection within financials (overweight Bank of New York Mellon, not held American Express) was the largest detractor from performance. The overweight positions in Paccar, Fedex, Principal Financial, Celanese and Seagate Technology, as well as not holding Abbott and Wal-Mart, made a further contribution. The overweights to Genzyme, Allergan, Intuit and Covidien had a negative impact. UBS (Lux) Key Selection Sicav - Global Equities (USD) B: The portfolio outperformed its benchmark, the MSCI World (r), in April, driven by stock selection within banks and consumer durables & apparel and energy. Banks around the world led share prices higher after the Federal Reserve bolstered confidence with comments that the US economic situation may be improving. Stock selection in this sector was the strongest contributor to performance. Overweight positions in both Fortune Brands and Coach were largely responsible for ensuring a strong contribution from the consumer durables & apparel industry. The largest detracting industries during the month came from software and services and telecoms as the flight from defensive stocks to cyclicals continued. UBS (Lux) Equity Sicav - USA Growth B: During April, the UBS US Large Cap Growth portfolio outperformed its benchmark, the Russell 1000 Growth (nr). Sector allocation was a modest positive, while strong stock selection fuelled the majority of the outperformance during the month. Strong stock selection in healthcare and Information Technology was the largest contributor, followed by industrials, consumer staples, materials and energy. Underperforming names in financials and consumer discretionary detracted slightly.

UBS (Lux) Equity Fund - Japan B: In April, the fund underperformed its benchmark, the MSCI Japan (r), primarily due to stock selection. Major performance detractors came from our positions in information technology, our overweight to Japan Tobacco and Sumitomo Mitsui Financial Group, as well as our underweight to Sharp. These losses were partially offset by positive contributions from real estate, materials and autos. Lessening concerns about the global financial crisis led to a significant rebound of real estate related companies. Auto stocks (overweight to Toyota Industries, Mazda Motor, NOK, etc.) shot up on signs of bottoming-out in the all important US market, to our advantage. UBS (Lux) Equity Fund - Emerging Markets (USD) B: The fund slightly underperformed its benchmark, the MSCI Emerging Markets Index (r), during the month due to weak sector allocation; stock selection was positive. The underweight to industrials and the overweight to healthcare and telecoms hurt performance as the market favoured cyclicals over defensives. Stock selection in materials and energy was weak, further detracting from the return. The biggest positive contributor was stock selection in the financials sector. Positioning in the consumer discretionary sector also helped performance. From a country perspective, negative contributions from stock selection in Brazil and our positioning in Korea were most notable. Indonesia was the biggest positive contributor at country level. UBS (Lux) Key Selection Sicav - European Equities B: The fund posted excellent relative performance, outperforming the benchmark, the MSCI Europe (r). European equity markets made strong gains in April. Better-than-expected macro data and signs of optimism pushed markets higher. First-quarter bank earnings showed some positive signs and banking shares rallied. The outperformance was due to strong stock selection, particularly within banks and food and staples retailing. Sector selection detracted to some extent from performance. At the level of individual stocks, the overweights to Barclays and Société Générale were the largest positive contributors to performance. The overweight to Roche detracted from performance.

May 2009







Exposure of the Fund* as at 29th May 2009

100.00%

Cash

*As of 16th February 2009 the allocation to the "Active Asset" (or "Fund Units") within the "Dynamic Portfolio" was reduced down to zero. As of this date there is 100% allocation to the "Reserve Asset". Valuation of the Fund as at end of May 2009 NAV USD 86.67






Monthly performance 0.10% Performance to end May 2009 The Fund NAV has fallen 13.33% since inception. The Fund NAV has remained stable over the month.

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Equity markets continued their positive trend and the portfolio gained 9.27% in May. Global equity markets increased 9.06% (in USD) during the month. UBS (Lux) Key Selection Sicav – Global Equities (USD) P-acc

performed flat to its benchmark, the MSCI World (r). Since the beginning of the year the fund is over 5% ahead of the benchmark. The MSCI USA (r) posted a gain of 5.42% in May. UBS (Lux) Key Selection Sicav – US Equities (USD) P-acc had a negative month in

terms of stock selection and the fund underperformed the benchmark by 0.36% over the month. US growth stocks performed slightly less well than general US stocks in May. The Russell 1000 Growth (NR) returned 4.89% vs.

5.06% for the MSCI USA (r). However, the relative performance of UBS (Lux) Equity Sicav – USA Growth (USD) P-acc was more or less neutral, with the fund outperforming its benchmark by 0.03%.

The MSCI Europe (r) returned 4.97% in May. UBS (Lux) Key Selection Sicav - European Equities P-acc underperformed the benchmark by 0.28%.

In May, the MSCI Japan (r) posted a gain of 7.02%. Stock selection of UBS (Lux) Equity Fund – Japan (JPY) P-acc was positive, with the fund returning 0.53% more than the benchmark.

In May, emerging market equities performed again better than equities of the developed countries. The MSCI Emerging Markets Index (r) returned 17.09% during the month. Stock selection of UBS (Lux) Equity Fund – Emerging Market (USD) P-acc was positive and the fund strongly outperformed the benchmark by 4.30%.



May 2009

Performance to end May 2009

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27-Aug-07

27-Sep-07

27-Oct-07

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27-Dec-07

27-Jan-08

27-Feb-08

27-Mar-08

27-Apr-08

27-May-08

27-Jun-08

27-Jul-08

27-Aug-08

27-Sep-08

27-Oct-08

27-Nov-08

27-Dec-08

27-Jan-09

27-Feb-09

27-Mar-09

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27-May-09

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UBS (Lux) Key Selection Sicav - US Equities (USD) B : The fund slightly underperformed its benchmark, the MSCI USA (r), in May. The main detractor from performance was sector allocation, especially our overweight in consumer discretionary, where stock selection (overweights in Comcast, JC Penney, Fortune Brands, Macy’s, Interpublic and Carnival) further detracted. Additional negative contribution came from Paccar (overweight), Allergan (overweight), ACE (overweight) and Bank of America (not held). Overall though, stock selection was positive with IT (overweight VMware, and not held Cisco and Hewlett Packard), energy (overweight Peabody Energy, Hess, Williams Cos and Halliburton) and financials (overweight Morgan Stanley, Principal Financial and Discover Financial) all contributing to relative performance. UBS (Lux) Key Selection Sicav - Global Equities (USD) B: The fund outperformed its benchmark, the MSCI World (r), in May, driven by broad-based stock selection gains in most sectors, with the largest contributions from real estate and banks. Our strongest contributing real estate position within the portfolio was our overweight in New World Development. BNP Paribas and Bank of East Asia were the best performing stocks held within the banking sector. The holding in Wells Fargo and avoiding Lloyds were amongst the other key contributors to performance. The largest detractor by far during the month was from the materials sector, with Crh the worst performing stock within the portfolio. Our overweight stance in media also detracted with BSkyB being the worst offender within the sector. UBS (Lux) Equity Sicav - USA Growth B: During May, the fund outperformed its benchmark, the Russell 1000 Growth (nr). Both sector allocation and stock selection contributed positively to performance during the month. Strong stock selection in Consumer Discretionary, Consumer Staples, Financials and Industrials contributed positively, while underperforming names in Health Care, Materials, Information Technology and Energy detracted slightly. From a sector standpoint, overweights to Financials and Energy and an underweight to Industrials contributed positively to performance for the month. Underweights to Utilities and Consumer Staples and an overweight to Consumer Discretionary detracted slightly during the month.

UBS (Lux) Equity Fund - Japan B: In May, the fund outperformed its benchmark, the MSCI Japan (r), primarily due to positive contributions from stock selection. Major positive performance contributions came from our overweights in two chemical stocks (Tosoh and Mitsubishi Gas Chemical). Our overweights in Orix (high exposure in real estate business), Tokyo Tatemono (leading real estate developer), two non-life insurers (Sompo Japan and T&D Holdings) and Fukuoka Financial Group (a regional bank) also added value. In addition, remarkable strength in China’s economic growth resulted in the outperformance of Mitsui OSK (shipping line) and Kubota (agricultural machineries), both of which we overweighted. Negative contributions came from overweights in two auto stocks (Toyota Motor and Toyota Boshoku). Not holding Sanyo Electric and Inpex also worked negatively. UBS (Lux) Equity Fund - Emerging Markets (USD) B: The fund strongly outperformed the benchmark, the MSCI Emerging Markets Index (r), for the month driven by stock selection. The largest positive contributions came from stock selection in the technology and financials sectors. Stock selection in telecoms further helped performance. The largest detractor was stock selection in energy. Stock selection and the overweight to healthcare also detracted. From a country perspective, the underweight to Korea and the overweight to Russia helped performance, while stock selection in India detracted. UBS (Lux) Key Selection Sicav - European Equities B: April’s rally continued into May as some signs of recovery were seen in the global economy. Equity and commodity markets rose, although risk appetite was somewhat dampened by concerns about US growth. Banks, energy and materials were the best-performing sectors. Automobiles and semiconductors lagged the market. The fund outperformed the benchmark, the MSCI Europe (r). The underweight to food, beverage & tobacco was the largest detractor from performance, while the underweight to consumer services was positive. Among individual stocks, the overweights to CRH and Vodafone hurt performance, while the overweight to BNP Paribas was positive.

June 2009







Exposure of the Fund* as at 30th June 2009

100.00%

Cash

*As of 16th February 2009 the allocation to the "Active Asset" (or "Fund Units") within the "Dynamic Portfolio" was reduced down to zero. As of this date there is 100% allocation to the "Reserve Asset". Valuation of the Fund as at end of June 2009 NAV USD 86.59






Monthly performance -0.09% Performance to end June 2009 The Fund NAV has fallen 13.41% since inception. The Fund NAV has remained stable over the month.

ab


Equity markets were not able to maintain the positive trend in terms of performance. The portfolio lost 1.19% in June. Global equity markets were slightly negative in June, dropping 0.45% (in USD) during the month. UBS (Lux) Key Selection Sicav –

Global Equities (USD) P-acc outperformed its benchmark, the MSCI World by 0.19% The MSCI USA posted a gain of 0.17% in June. UBS (Lux) Key Selection Sicav – US Equities (USD) P-acc had a negative month in

terms of stock selection and the fund underperformed the benchmark by 0.93%. US growth stocks performed slightly better than general US stocks in June. The Russell 1000 Growth (NR) returned 1.07% vs. 0.17%

for the MSCI USA (r). However, the relative performance of UBS (Lux) Equity Sicav – USA Growth (USD) P-acc was slightly negative, with the fund underperforming its benchmark by 0.19%.

The MSCI Europe (r) returned -1.06% in June. UBS (Lux) Key Selection Sicav – European Equities (EUR) P-acc underperformed the benchmark by 0.27%.

In June, the MSCI Japan (r) posted a gain of 2.86%. Stock selection of UBS (Lux) Equity Fund – Japan (JPY) P-acc was negative, with the fund returning 0.74% less than the benchmark.

In June, emerging market equities performed more or less in line with equities of the developed countries. The MSCI Emerging Markets Free Index (r) returned -1.35% during the month. Stock selection of UBS (Lux) Equity Fund – Emerging Market (USD) P-acc was negative and the fund underperformed the benchmark by 1.94%.



June 2009

Performance to end June 2009

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27-Aug-07

27-Sep-07

27-Oct-07

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27-Jan-08

27-Feb-08

27-Mar-08

27-Apr-08

27-May-08

27-Jun-08

27-Jul-08

27-Aug-08

27-Sep-08

27-Oct-08

27-Nov-08

27-Dec-08

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27-Feb-09

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UBS (Lux) Key Selection Sicav - US Equities (USD) B : The fund underperformed its benchmark, the MSCI USA (r), in June. The main detractor from performance was sector allocation in energy (overweight), industrials (overweight) and healthcare (underweight). Stock selection within energy (overweight Hess, Ultra Petroleum, Peabody Energy, Halliburton, Baker Hughes and Marathon Oil) also detracted strongly from relative performance. Stock selection in financials (overweight Morgan Stanley, Principal Financial and Aflac; Bank of America not held) and telecoms (overweight Sprint Nextel) further detracted. Stock selection within industrials (overweight to Illinois Tool Works and Paccar) was the largest positive contributor. Stock-specific contributions came from overweights in Seagate, Microsoft and Johnson Controls. UBS (Lux) Key Selection Sicav - Global Equities (USD) B: The portfolio out-performed its benchmark, the MSCI World (r), in June, largely driven by stock selection gains in capital goods, diversified financials and retailing. The best performing stock during the month was Illinois Tool Works within capital goods. Within diversified financials, Nomura and Bank of America were the strongest performers with overweight holdings in Jardine Matheson and Man Group (the UK’s largest hedge fund group which was added to the portfolio in early June) also contributing. Our overweight in retailing was also beneficial for performance, with positions in Home Retail, JC Penney and Inditex all contributing. By far the largest industry group to detract during June was energy with the holdings in Hess, Ultra Petroleum and Sunoco all detracting. UBS (Lux) Equity Sicav - USA Growth B:, During June, the USA Growth portfolio underformed its benchmark, the Russell 1000 Growth (nr). While stock selection contributed positively, sector allocation detracted. Stock selection within consumer staples, industrials, health care and financials contributed positively during the month. Stock selection within IT and energy detracted slightly. From a sector perspective an overweight to health care and underweights to consumer staples and industrials contributed positively to performance. Overweights to materials, energy, financials and telecommunication services detracted from performance.

UBS (Lux) Equity Fund - Japan B: In June, the fund underperformed its benchmark, MSCI Japan (r), primarily as a result of stock selection. Major performance detractors spread among sectors such as financials (overweight to Sompo Japan, Orix), consumer discretionary (overweight to Toyota Motor, NOK, underweight to Mitsubishi Motor, Nikon), industrials (overweight to Mitsui OSK) and materials (overweight to Tosoh). These are largely a function of a short-term return reversal. These losses were partially offset by positive contributions from overweight positions in stocks such as Nippon Electric Glass (LCD glass, tech hardware), Toyota Boshoku (auto components), Sumitomo Trust & Banking (banks) and Nitori (DIY store operator, retail). UBS (Lux) Equity Fund - Emerging Markets (USD) B: Due to the application of mixed APAC pricing for the Global Emerging Market funds from May 09 onwards, the relative performance shown for the months May and June 2009 do not reflect the real relative performance of the Global Emerging funds. UBS (Lux) Key Selection Sicav - European Equities B: The performance of the European equity market was flat this month, as risk appetite was somewhat dampened by concerns about US growth. Retailers continued to do well, while diversified financials and software lagged the market. The fund's performance was in line with its benchmark, the MSCI Europe (r). The overweights to telecoms and retailing were the main positive contributors to performance but were offset by the underweight to food, beverage & tobacco, which detracted from performance. The overweight positions in Vodafone and Wolseley performed well, while the overweights to Banco Santander and UBS detracted from performance.

July 2009

Reporting SF (Lux) Sicav 1 –BMI Protected Global Growth Fund (USD) Investment objective The BMI Protected Global Growth Fund (the “Fund” or “BMI Global”) is an open-ended fund designed to provide investors with protected participation in the growth potential of global stock markets via a combination of actively managed funds and cash whilst limiting the downside risk. The Fund is designed to ensure that the investment should be worth at least 80% of the highest NAV achieved at any point in time over the life of the Fund*. Therefore, in order to achieve these objectives the participation in the basket of UBS Global Asset Management equity & fixed income funds (the ‘Equity Component’) can vary between 0% and 100%: As the value of the Equity Component rises the Fund

will increase its exposure to the Equity Component; As the value of the Equity Component falls the Fund


The maximum exposure to the Equity Component will be 100%;

In extremely adverse conditions the minimum exposure to the basket of funds could be zero and therefore returns will reflect prevailing interest rates.

The Equity Component The Fund returns are provided from a managed basket of UBS Global Asset Management funds (the Equity Component) and cash. Initial Fund weightings: UBS (Lux) Key Selection Sicav - US Equities (USD) B 53% UBS (Lux) Equity Fund - Japan B 7% UBS (Lux) Equity Fund - Great Britain B 5% UBS (Lux) Key Selection Sicav - European Equities B 25% UBS (Lux) Equity Fund - Emerging Markets (USD) B 5% UBS (Lux) Equity Fund - Greater China B 5% Every three months, funds can be dropped and added and the basket can be reweighted. Current Fund weightings: UBS (Lux) Key Selection Sicav - US Equities (USD) B 38% UBS (Lux) Equity Fund - Japan B 7% UBS (Lux) Key Selection Sicav - European Equities B 27% UBS (Lux) Equity Fund - Emerging Markets (USD) B 10% UBS (Lux) Equity Sicav - USA Growth B 8% UBS (Lux) Key Selection Sicav - Global Equities (USD) B 10%

Exposure of the Fund* as at 31st July 2009

100.00%

Cash

*As of 16th February 2009 the allocation to the "Active Asset" (or "Fund Units") within the "Dynamic Portfolio" was reduced down to zero. As of this date there is 100% allocation to the "Reserve Asset". Valuation of the Fund as at end of July 2009 NAV USD 86.59






Monthly performance 0.00% Performance to end July 2009 The Fund NAV has fallen 13.41% since inception. The Fund NAV has remained stable over the month.



July 2009

Performance to end July 2009

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27-Aug-07

27-Sep-07

27-Oct-07

27-Nov-07

27-Dec-07

27-Jan-08

27-Feb-08

27-Mar-08

27-Apr-08

27-May-08

27-Jun-08

27-Jul-08

27-Aug-08

27-Sep-08

27-Oct-08

27-Nov-08

27-Dec-08

27-Jan-09

27-Feb-09

27-Mar-09

27-Apr-09

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27-Jun-09

27-Jul-09

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July was a very positive month for equities in terms of performance. The portfolio would have gained 8.64% in this

period. Global equity markets performed strongly in July. The markets increased 8.47% (in USD) during the month. UBS

(Lux) Key Selection Sicav – Global Equities (USD) P-acc performed 0.63% better compared to the MSCI World. From the beginning of the year the fund is almost 7% ahead of the benchmark (MSCI World).

The MSCI USA posted a gain of 7.49% in July. UBS (Lux) Key Selection Sicav – US Equities (USD) P-acc had a positive month in terms of stock selection and the fund outperformed the benchmark (MSCI USA) by 0.51% over the month.

US growth stocks performed slightly lower than general US stocks in July. The Russell 1000 Growth Index returned 7.08% vs. 7.49% of the MSCI USA. However, the relative performance of UBS (Lux) Equity Sicav – USA Growth (USD) P-acc was negative, with the fund underperforming its benchmark (Russell 1000 Growth) by 1.28%. From the beginning of the year the fund is still over 4% ahead of the benchmark.

The MSCI Europe returned 9.33% in July. UBS (Lux) Key Selection Sicav – European Equities (EUR) P-acc outperformed the benchmark (MSCI Europe) by 0.15%.

In July, the MSCI Japan posted a gain of 2.88%. Stock selection of UBS (Lux) Equity Fund – Japan (JPY) P-acc was negative, with the fund returning 0.71% less than the benchmark (MSCI Japan).

In July, emerging market equities performed better than equities of the developed countries. The MSCI Emerging Markets Free Index returned 11.24% during the month. Stock selection of UBS (Lux) Equity Fund – Emerging Market (USD) P-acc was neutral with the fund performing 11.26%.

August 2009






The Equity Component The Fund returns are provided from a managed basket of UBS Global Asset Management funds (the Equity Component) and cash. Initial Fund weightings: UBS (Lux) Key Selection Sicav - US Equities (USD) B 53% UBS (Lux) Equity Fund - Japan B 7% UBS (Lux) Equity Fund - Great Britain B 5% UBS (Lux) Key Selection Sicav - European Equities B 25% UBS (Lux) Equity Fund - Emerging Markets (USD) B 5% UBS (Lux) Equity Fund - Greater China B 5% Every three months, funds can be dropped and added and the basket can be reweighted. Current Theoretical* Fund weightings: UBS (Lux) Key Selection Sicav - US Equities (USD) B 35% UBS (Lux) Equity Fund - Japan B 7% UBS (Lux) Equity Fund - Great Britain B 11% UBS (Lux) Equity Fund - Emerging Markets (USD) B 10% UBS (Lux) Key Selection Sicav - Euro Countries Equty B 14% UBS (Lux) Equity Sicav - USA Growth B 8% UBS (Lux) Key Selection Sicav - Global Equities (USD) B 15% *As there is zero allocation to the “Active Asset” (“Fund Units”), this shows the theoretical Fund weightings within the “Active Asset” if the Fund was not cashlocked

Exposure of the Fund* as at 31st August 2009

100.00%

Cash

*As of 16th February 2009 the allocation to the "Active Asset" (or "Fund Units") within the "Dynamic Portfolio" was reduced down to zero. As of this date there is 100% allocation to the "Reserve Asset". Valuation of the Fund as at end of August 2009 NAV USD 86.59






Monthly performance 0.00% Performance to end August 2009 The Fund NAV has fallen 13.41% since inception. The Fund NAV has remained stable over the month.



August 2009

Performance to end August 2009

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27-Aug-07 27-Nov-07 27-Feb-08 27-May- 27-Aug-08 27-Nov-08 27-Feb-09 27-May- 27-Aug-09

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August was again a positive month for equities in terms of performance. The portfolio would have gained 4.08% in

this period. Global equity markets performed strongly in August. The markets increased 4.13% (in USD) during the month. UBS

(Lux) Key Selection Sicav – Global Equities (USD) P-acc performed 1.12% less compared to the MSCI World. From the beginning of the year the fund is still over 6% ahead of the benchmark (MSCI World).

The MSCI USA posted a gain of 3.41% in August. UBS (Lux) Key Selection Sicav – US Equities (USD) P-acc had a positive month in terms of stock selection and the fund outperformed the benchmark (MSCI USA) by 0.30% over the month.

US growth stocks performed lower than general US stocks in August. The Russell 1000 Growth Index returned 2.01% vs. 3.41% of the MSCI USA. However, the relative performance of UBS (Lux) Equity Sicav – USA Growth (USD) P-acc was positive, with the fund outperforming its benchmark (Russell 1000 Growth) by 0.23%. From the beginning of the year the fund is around 4.5% ahead of the benchmark.

The MSCI Europe returned 5.03% in August. UBS (Lux) Key Selection Sicav – European Equities (EUR) P-acc outperformed the benchmark (MSCI Europe) by 1.40%.

In August, the MSCI Japan posted a gain of 1.28%. Stock selection of UBS (Lux) Equity Fund – Japan (JPY) P-acc was positive, with the fund returning 0.65% more than the benchmark (MSCI Japan).

In August, emerging market equities performed less than equities of the developed countries. The MSCI Emerging Markets Free Index returned -0.36% during the month. Stock selection of UBS (Lux) Equity Fund – Emerging Market (USD) P-acc was positive with the fund performing 0.22% during the month.

September 2009






The Equity Component The Fund returns are provided from a managed basket of UBS Global Asset Management funds (the Equity Component) and cash. Initial Fund weightings: UBS (Lux) Key Selection Sicav - US Equities (USD) B 53% UBS (Lux) Equity Fund - Japan B 7% UBS (Lux) Equity Fund - Great Britain B 5% UBS (Lux) Key Selection Sicav - European Equities B 25% UBS (Lux) Equity Fund - Emerging Markets (USD) B 5% UBS (Lux) Equity Fund - Greater China B 5% Every three months, funds can be dropped and added and the basket can be reweighted. Current Theoretical* Fund weightings: UBS (Lux) Key Selection Sicav - US Equities (USD) B 35% UBS (Lux) Equity Fund - Japan B 7% UBS (Lux) Equity Fund - Great Britain B 11% UBS (Lux) Equity Fund - Emerging Markets (USD) B 10% UBS (Lux) Key Selection Sicav - Euro Countries Equty B 14% UBS (Lux) Equity Sicav - USA Growth B 8% UBS (Lux) Key Selection Sicav - Global Equities (USD) B 15% *As there is zero allocation to the “Active Asset” (“Fund Units”), this shows the theoretical Fund weightings within the “Active Asset” if the Fund was not cashlocked

Exposure of the Fund* as at 30th September 2009

100.00%

Cash

*As of 16th February 2009 the allocation to the "Active Asset" (or "Fund Units") within the "Dynamic Portfolio" was reduced down to zero. As of this date there is 100% allocation to the "Reserve Asset". Valuation of the Fund as at end of September 2009 NAV USD 86.59






Monthly performance 0.00% Performance to end September 2009 The Fund NAV has fallen 13.41% since inception. The Fund NAV has remained stable over the month.



September 2009

Performance to end September 2009

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Past performance is no guarantee of future trends or performance. Performance since launch (27 August 2007). The Equity Component** (commentary from UBS Global AM):

September was a positive month for equities in terms of performance. The equity component of the portfolio gained

4.93%. Global equity markets performed strongly in September. The markets increased 3.99% (in USD) during the month.

UBS (Lux) Key Selection Sicav – Global Equities (USD) P-acc performed 1.39% more compared to the MSCI World. From the beginning of the year the fund is over 8% ahead of the benchmark (MSCI World).

The MSCI USA posted a gain of 3.83% in September. UBS (Lux) Key Selection Sicav – US Equities (USD) P-acc had a very positive month in terms of stock selection and the fund outperformed the benchmark (MSCI USA) by 2.30% over the month.

US growth stocks performed better than general US stocks in September. The Russell 1000 Growth Index returned 4.21% vs. 3.83% of the MSCI USA. However, the relative performance of UBS (Lux) Equity Sicav – USA Growth (USD) P-acc was positive, with the fund outperforming its benchmark (Russell 1000 Growth) by 0.09%. From the beginning of the year the fund is almost 5% ahead of the benchmark.

The MSCI EMU returned 4.35% in September. UBS (Lux) Key Selection Sicav – Euro Countries Equities (EUR) P-acc outperformed the benchmark (MSCI EMU) by 0.10%.

The MSCI UK returned 4.74% in September. The UBS (Lux) Equity Fund - Great Britain (GBP) P-acc returned 4.68% during this period.

In September, the MSCI Japan posted a loss of -5.14%. Stock selection of UBS (Lux) Equity Fund – Japan (JPY) P-acc was negative, with the fund returning 0.29% less than the benchmark (MSCI Japan).

In September, emerging market equities performed more than equities of the developed countries. The MSCI Emerging Markets Free Index returned 9.08% during the month. Stock selection of UBS (Lux) Equity Fund – Emerging Market (USD) P-acc was negative with the fund underperforming 1.70% during the month.

* *As there is zero allocation to the “Active Asset” (“Fund Units”), this provides the equity component commentary if the Fund was not cashlocked

October 2009






The Equity Component The Fund returns are provided from a managed basket of UBS Global Asset Management funds (the Equity Component) and cash. Initial Fund weightings: UBS (Lux) Key Selection Sicav - US Equities (USD) B 53% UBS (Lux) Equity Fund - Japan B 7% UBS (Lux) Equity Fund - Great Britain B 5% UBS (Lux) Key Selection Sicav - European Equities B 25% UBS (Lux) Equity Fund - Emerging Markets (USD) B 5% UBS (Lux) Equity Fund - Greater China B 5% Every three months, funds can be dropped and added and the basket can be reweighted. Current Theoretical* Fund weightings: UBS (Lux) Key Selection Sicav - US Equities (USD) B 35% UBS (Lux) Equity Fund - Japan B 7% UBS (Lux) Equity Fund - Great Britain B 11% UBS (Lux) Equity Fund - Emerging Markets (USD) B 10% UBS (Lux) Equity Fund - Euro Countries ** 14% UBS (Lux) Equity Sicav - USA Growth B 8% UBS (Lux) Key Selection Sicav - Global Equities (USD) B 15% *As there is zero allocation to the “Active Asset” (“Fund Units”), this shows the theoretical Fund weightings within the “Active Asset” if the Fund was not cashlocked ** Fund replaced due to merger

Exposure of the Fund* as at 30th October 2009

100.00%

Cash

*As of 16th February 2009 the allocation to the "Active Asset" (or "Fund Units") within the "Dynamic Portfolio" was reduced down to zero. As of this date there is 100% allocation to the "Reserve Asset". Valuation of the Fund as at end of October 2009 NAV USD 86.59






Monthly performance 0.00% Performance to end October 2009 The Fund NAV has fallen 13.41% since inception. The Fund NAV has remained stable over the month.



October 2009

Performance to end October 2009

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There was some consolidation in the equity markets of most major regions in October. The equity component of the

portfolio lost -1.61%. Global equity markets dropped slightly in October. The markets decreased -1.78% (in USD) during the month. UBS

(Lux) Key Selection Sicav – Global Equities (USD) P-acc performed -0.12% less compared to the MSCI World. From the beginning of the year the fund is still around 8% ahead of the benchmark (MSCI World).

The MSCI USA posted a loss of -1.97% in October. After the very positive September, the UBS (Lux) Key Selection Sicav – US Equities (USD) P-acc had a negative month in terms of stock selection and the fund underperformed the benchmark (MSCI USA) by 0.68% over the month.

US growth stocks performed better than general US stocks in October. The Russell 1000 Growth Index returned -1.38% vs. -1.97% of the MSCI USA. However, the relative performance of UBS (Lux) Equity Sicav – USA Growth (USD) P-acc was positive, with the fund outperforming its benchmark (Russell 1000 Growth) by 1.38%. From the beginning of the year the fund is over 6.5% ahead of the benchmark.

The MSCI EMU returned -4.40% in October. UBS (Lux) Equity Fund – Euro Countries Equities (EUR) P-acc outperformed the benchmark (MSCI EMU) by 0.31% over this period.

The MSCI UK returned -1.72% in October. The UBS (Lux) Equity Fund - Great Britain (GBP) P-acc returned -1.70% during this period.

In October, the MSCI Japan posted a loss of -1.44%. Stock selection of UBS (Lux) Equity Fund – Japan (JPY) P-acc was negative, with the fund returning 0.79% less than the benchmark (MSCI Japan).

In October, emerging market equities performed better than equities of the developed countries. The MSCI Emerging Markets Free Index returned 0.12% during the month. Stock selection of UBS (Lux) Equity Fund – Emerging Market (USD) P-acc was positive with the fund outperforming 1.30% during the month.


November 2009







Exposure of the Fund* as at 30th November 2009

100.00%

Cash

*As of 16th February 2009 the allocation to the "Active Asset" (or "Fund Units") within the "Dynamic Portfolio" was reduced down to zero. As of this date there is 100% allocation to the "Reserve Asset". Valuation of the Fund as at end of November 2009 NAV USD 86.58






Monthly performance -0.01% Performance to end November 2009 The Fund NAV has fallen 13.41% since inception. The Fund NAV has remained stable over the month.



November 2009

Performance to end November 2009

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After the small consolidation October, global equity markets performed again positive in November. The equity

component of the portfolio returned 4.42%. Global equity markets performed again positive in November. The markets increased 4.09% (in USD) during the

month. UBS (Lux) Key Selection Sicav – Global Equities (USD) P-acc performed -0.59% less compared to the MSCI World. From the beginning of the year the fund is still around 7.5% ahead of the benchmark (MSCI World).

The MSCI USA posted a gain of 5.87% in November. After the negative October, the UBS (Lux) Key Selection Sicav – US Equities (USD) P-acc had again a positive month in terms of stock selection and the fund outperformed the benchmark (MSCI USA) by 0.14% over the month.

US growth stocks performed better than general US stocks in November. The Russell 1000 Growth Index returned 6.08% vs. 5.87% of the MSCI USA. However, the relative performance of UBS (Lux) Equity Sicav – USA Growth (USD) P-acc was positive, with the fund outperforming its benchmark (Russell 1000 Growth) by 0.82%. From the beginning of the year the fund is over 8.0% ahead of the benchmark.

The MSCI EMU returned 1.58% in November. UBS (Lux) Equity Fund – Euro Countries Equities (EUR) P-acc outperformed the benchmark (MSCI EMU) by 0.21% over this period.

The MSCI UK returned -1.72% in November. The UBS (Lux) Equity Fund - Great Britain (GBP) P-acc returned -1.70% during this period.

In November, the MSCI Japan posted a loss of -1.72%. Stock selection of UBS (Lux) Equity Fund – Japan (JPY) P-acc was slightly positive, with the fund returning 0.02% more than the benchmark (MSCI Japan).

In November, emerging market equities performed better than equities of the developed countries. The MSCI Emerging Markets Free Index returned 4.30% during the month. Stock selection of UBS (Lux) Equity Fund – Emerging Market (USD) P-acc was positive with the fund outperforming 0.59% during the month.


December 2009







Exposure of the Fund* as at 30th December 2009

100.00%

Cash

*As of 16th February 2009 the allocation to the "Active Asset" (or "Fund Units") within the "Dynamic Portfolio" was reduced down to zero. As of this date there is 100% allocation to the "Reserve Asset". Valuation of the Fund as at end of December 2009 NAV USD 86.58






Monthly performance 0.00% Performance to end December 2009 The Fund NAV has fallen 13.42% since inception. The Fund NAV has remained stable over the month.



December 2009

Performance to end December 2009

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Past performance is no guarantee of future trends or performance. Performance since launch (27 August 2007).

The Equity Component** (commentary from UBS Global AM):

Global equity markets finished the year with a positive months performance. The equity component of the portfolio returning 3.32% in December.

Global equity markets again performed positively in December, increasing 1.80% (in USD) over the month. UBS (Lux) Key Selection Sicav – Global Equities (USD) P-acc outperformed by 2.37% when compared to the benchmark (MSCI World). From the beginning of the year the Fund returned 40.82%, the benchmark returned 29.99%.

The MSCI USA posted a gain of 2.01% in December. The UBS (Lux) Key Selection Sicav – US Equities (USD) P-acc again had a positive month in terms of stock selection and the Fund outperformed the benchmark (MSCI USA) by 1.56% over the month. From the beginning of the year the fund performed 33.70%, the benchmark returned 26.25%.

US growth stocks performed better than general US stocks in December. The Russell 1000 Growth Index returned 3.05% vs. 2.01% of the MSCI USA. However, the relative performance of UBS (Lux) Equity Sicav – USA Growth (USD) P-acc was positive, with the Fund outperforming its benchmark (Russell 1000 Growth) by 1.2%. From the beginning of the year the fund is almost 10% ahead of the benchmark.

The MSCI EMU returned 5.70% (in EUR) in December. UBS (Lux) Equity Fund – Euro Countries Equities (EUR) P-acc outperformed the benchmark (MSCI EMU) by 0.09% over this period. From the beginning of the year the Fund performed 28.96%, the benchmark returned 27.61%.

The MSCI UK returned 4.30% (in GBP) in December. The UBS (Lux) Equity Fund - Great Britain (GBP) P-acc returned 4.04% during this period. From the beginning of the year the Fund performed 29.31%, the benchmark returned 28.18%.

In December, the MSCI Japan posted a gain of 8.90%. Stock selection of UBS (Lux) Equity Fund – Japan (JPY) P-acc was slightly positive, with the Fund returning 0.16% more than the benchmark (MSCI Japan). From the beginning of the year the fund performed 8.79%, the benchmark returned 12.30%.

In December, emerging market equities performed better than developed country equities. The MSCI Emerging Markets Free Index returned 3.95% during the month. Stock selection of UBS (Lux) Equity Fund – Emerging Market (USD) P-acc was slightly negative with the Fund returning 3.92% during the month. From the beginning of the year the Fund performed 81.96%, the benchmark returned 78.51%.


bmi factsheet january 09 - bmiasiacos.com factsheet 2009.pdf · • ubs (lux) equity fund - japan b...

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