The BNP Paribas Plan International Derivatives Fund aims to offer its investors a leveraged and diversified exposure to international equity markets. It is designed to serve as a building block, which can work for both aggressive as well as conservative investment portfolios. As a component within a larger portfolio, IDF can significantly alter a portfolio’s total risk/return profile, increasing the total expected return with minimal capital at risk.
The IDF is an open-end investment fund with daily liquidity. The fund invests in derivatives, in particular in futures and options on major equity indices and maintains a leverage of approximately 2.5. On a monthly basis the IDF purchases and rolls protective put options so that the Fund's NAV can never drop below zero and in practice is protected well above that level. The fund uses quantitative models for portfolio management and is independent from market timing or stock picking. It strives to maintain equal weights across the regions of Far East, Europe and North America. Within each region, countries are added if liquidity permits and if it serves diversification. Cash is held locally in the country's currencies so that the IDF runs considerable FX risk, which is not leveraged. The Fund also includes an enhancing proprietary active options strategy, which contains both long and short positions.
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