US/European Union free trade agreement: a move to retain

1

Monthly Strategy Report – November 2013

US/European Union free trade agreement: a move to retain global economic leadership The negotiations to put in place a free trade agreement between the world's

two leading economic powers, the United States and the European Union,

have just begun. Nobody has any doubt concerning the goodwill between

both blocks, although neither is anybody under any illusions that the

negotiations will not be long and hard. Political, regulatory and cultural

barriers need to be overcome on both sides of the Atlantic, while the

economic recession and the rise of emerging economic powers make this the

optimum political moment in which to reach an agreement.

Transatlantic Agreement on Trade and Investment. Definition

The Transatlantic Agreement on Trade and Investment is the name given to

the partnership agreement between the US and the European Union,

currently at the negotiation phase. The explicit aim of the negotiations

focuses on the elimination of the obstacles in order to expedite trade

between the two blocks. Among the most important measures to be agreed

upon are the elimination of tariffs, the repeal of unnecessary or duplicate

legislation and the removal of investment restrictions that hinder access to

certain markets and sectors. The removal of these barriers will favour an

increase in transaction volume and more competition which will lead to lower

prices and unemployment and increased wealth.

To conclude, the opening of negotiations heralds the desire to reach a

balanced, satisfactory and positive agreement for all concerned.

Make-up of the negotiating parties. Tentative schedule

For the European Union, control of the discussions is in the hands of the

European Commission, which is negotiating on behalf of the EU and the 28

2


member states. The Commission is required to keep all countries, the

Council and the European Parliament duly informed of all developments. The

agreement will need to be approved by EU member states in both the

Council and the European Parliament.

On the American side, the main negotiator is the Government's Trade

Representative. The final text will then have to be approved by Congress.

The negotiation process is not without its complexities and has been closely

followed from the outset. France's distrustful stance regarding progress in

opening up the agricultural sector is well-known (France is the main

recipient of funds through the Common Agricultural Policy) as are their

feelings toward the so-called “cultural exception” which allows European

countries to protect their music and film industries.

The first round of negotiations were held in July. Political problems in the US

saw the temporary closure of the government, delaying the second round

planned for October. Both parties expect to return to the table in December,

although tension has increased markedly with the confirmation of cases of

US intelligence services spying on European political leaders.

The start of EU/US talks coincides with the announcement of a free trade

agreement between the EU and Canada which requires the ratification of the

twenty-eight members of the EU as well as the ten provinces and three

territories that make up Canada. The agreement comes after four years of

intense negotiations, expertise which could serve well in bringing forward

the signing of the Transatlantic Agreement on Trade and Investment.

As far as the tentative schedule is concerned, there is no established time

frame in which to reach this agreement, although both parties would prefer

not to see negotiations drawn out too long. The aim of the Commission is to

advance negotiations as far as possible this year in order to reach an

agreement in principle in 2015.

What are the potential advantages of the agreement?

The agreement will have great repercussions, both in the two blocks in

question and in third-party countries and regions, bearing in mind that

together the US and the EU represent around 50% of the world's GDP and

30% of global trade.

The Centre for Economic Policy Research (CEPR) in London estimates that

the EU would obtain a benefit approaching 1% of its GDP - €119 billion a

year, the equivalent of increasing average family income in the region by

€545 per household. Equally beneficial is the conclusion that for the US, the

agreement will represent 0.8% of GDP - €95 billion, the same as increasing

3


the average American family's by €655 per household. As far as exports are

concerned, it is estimated that trade flow from the European Union to the

United States will increase by some 28%.

The agreement may also have global implications, with a positive influence

on the negotiation on a bilateral or multilateral level of future agreements

with other trading blocks or even within the World Trade Organization.

The study also highlights the importance of the elimination of bureaucratic

and legal barriers and the opening up of the service market and public

procurement. The CEPR estimate that up to 80% of the economic benefit

generated by the potential agreement will come from the elimination of

bureaucratic expenses.

Is a total agreement expected?

No. The European Commission's negotiating position is optimistic in terms of

reaching agreement but realistic at the same time. Great progress is

therefore not expected in a sector as sensitive as defence, for example. It

should also be remembered that the Commission's mandate does not include

seeking an agreement on the question of the “cultural exception”, of which

certain countries such as France are fervent defenders. Other aspects such

as that of GMOs (genetically modified organisms) highlight the difficulties in

making significant progress in the agricultural sector.

Some of the key aspects of the Transatlantic Agreement on Trade

and Investment. We shall be looking at three:

The geopolitical aspect. While the economic benefits derived from the

potential agreement are unquestionable, there is also an underlying

geostrategic component. Bearing in mind that the two blocks dominate world

trade and the rules governing the current globalization process, it would

seem logical to think that the objective is to reach an agreement that

maintains their hegemony in that process.

However, a breakdown of negotiations between the EU and the US would

significantly reduce their capacity for geostrategic control over the rules

governing world trade. This aspect is of great importance when assessing

the need for an agreement of a certain weight between the two blocks.

The regulatory aspect. The European Commission has stressed that the

difficulties that exist in reaching an agreement are not so much related to

removing tariffs (many of which are very low) or harmonizing interests in

matters such as the labour market or the environment. For the EC, the

crucial point will be the unification or regulatory standards in two blocks with

4


regulative cultures that are quite different. From this perspective, the

importance of the participation of technical organizations is clear.

The Commission has therefore stressed the need for regulatory cooperation

from an early phase in order to make it possible to draw up rules of

international trade and make real progress in terms of the convergence of

regulations. There is a need to establish a framework agreement that allows

the two blocks to take the aforementioned regulatory convergence further in

the future.

The external aspect. Here we refer to the emergence of economically vibrant

countries (e.g. China) which can adopt different or contradictory standards

to those potentially established in the Transatlantic Agreement on Trade and

Investment in specific sectors under their sphere of influence.

This will also be an important aspect for Europe and countries and sectors

who will potentially be beneficiaries or disadvantaged by the agreement. It is

important to bear in mind the re-industrialization process underway in the

USA, based on cheaper access to non-conventional fuels. There is clearly a

suggestion that those European countries with the highest energy costs will

be at a competitive disadvantage with the opening up of those sectors

covered by the agreement.

The agricultural sector, a sensitive sector as far as Europe is

concerned

Agriculture is especially relevant for Europe, as it accounts for 40% of the

total EC budget. We should highlight:

1) It is stressed that the opening up of agricultural markets will have a

"bidirectional character" with benefits for both regions.

2) The US's objective involves increasing the sale of agricultural products

such as soya and wheat. Meanwhile, the EU's negotiating position

focuses on ease of access to the North American market for products

with greater added or transformed value (wine, ham, cheese, etc.)

3) As far as genetically-modified foods are concerned, The European

Commission have made it clear that there will be no obligation to import

GMOs (genetically modified organisms), although it should be

remembered that EC legislation already authorizes GMOs such as

foodstuffs, animal feed and crop seeds. It is hoped that the Agreement

simplifies the authorization request process for new GMOs. Excluded

from the negotiations are hormone-treated foodstuffs due to rigid

European Union legislation in this regard.

5


We are currently in the midst of a relatively stagnant phase as far as world

trade is concerned, having witnessed the World Trade Organization's inability

to bring together such diverse commercial interests. The time is therefore

right to adopt an agreement between the two main world blocks, both for

economic and geostrategic reasons. The adoption of common technical

standards at a key moment in the evolution of the worldwide recession could

lead to a restart of the Doha Round negotiations. The negotiations and the

subsequent agreement would ultimately help to halt the advance of the

protectionism which becomes so fashionable in times of economic crisis.

Pedro Sastre

Head of Private Banking Strategy

Notable performance of risky assets, despite greater

political uncertainty

Failure to

reach political

agreement

saw a

temporary

closure of the

Federal

Administratio

n in the US...

...with budget

approval

delayed once

more.

In Europe, the

gradual

advances

toward

banking union

continue...

...while Spain

may conclude

its bank

rescue

The political agenda played an important role last month, with 2014

budget negotiations between Republicans and Democrats and the

unavoidable increase to the US debt ceiling.

Negotiating positions became entrenched, above all with regard to

President Obama's health care program, opposed by a significant

number of Republicans. Within this context and given the impossibility

of meeting its payments satisfactorily, the Federal Government

temporarily closed down certain operations. This closure lasted a total

of 16 days, after which agreement was reached which extended the

previous budget until 15 January while suspending the raising of the

debt ceiling until 7 February. These measures allowed the

Administration to reopen and won some time for new negotiations,

although it did not solve the US's fiscal problems.

In Europe, progress was made toward banking union. Legislation was

passed allowing the Single Supervisory Mechanism to come into effect,

with the ECB given responsibility for supervising the 128 main

institutions within the Eurozone. In the first half of next year, a new

European banking stress test will be carried out, with the new

mechanism fully functional from November 2014 onward. As far as the

Single Resolution Mechanism (another of the centrals pillars of

banking union, creating a common fund to bail out failing banks) is

concerned, the only agreement reached was one to draw up a

proposal before the end of the year.

6


program by

the end of the

year.

Central banks

continue to

support

economic

recovery.

The IMF

scaled down

its world

growth

forecast…

...although it

added that

the recession

would be less

intense in the

eurozone and

in Spain.

US macro

data was less

encouraging.

The Euro group (finance ministers from the Eurozone) opened up the

possibility of concluding the Spanish bank rescue program by year end

on the back of a positive assessment of the initiative. The final

decision will be made on 15 November.

The main central banks maintained their rhetoric of continuity. The

Fed chose not to touch official interest rates or the quantitative easing

program ($85 billion per month). It highlighted fiscal uncertainty as a

downside risk for the economy. President Obama nominated Janet

Yellen as successor to Bernanke at the head of the Fed from January

2014 onward.

The ECB kept official rates at historical lows (0.5%), confirming that

these would continue for a lengthy period of time. It also left the door

open to future interest rate cuts or new long-term refinancing

operations (LTRO) should the economic climate worsen. The Bank of

Japan and the Bank of England also kept their expansive monetary

policies unchanged.

The IMF scaled down its world growth forecast by two percentage

points to 2.9% for 2013 and 3.6% for 2014. It cited the greater

deceleration noted in emerging economies as the reason for this

reduction. Taken as a whole, these economies will show growth of

4.5% in 2013 (compared to 5% estimated in July) and 5.1% for the

coming year (5.5% in July). In China, GDP will increase 7.6% this

year and 7.3% in 2014, compared to earlier forecasts of 7.8% and

7.7% respectively.

In the developed economies, forecasts were mixed. The IMF pegged

back expected US GDP growth by 0.1% for both 2013and 2014 to

1.6% and 2.6% respectively, while the recession in the Eurozone is

forecast to be less intense (-0.4% compared to the previous estimate

of -0.5%). Expected recovery for 2014 remained unchanged (+1%).

In the case of Spain, the IMF's GDP forecast was revised upwards. It

is now expected to be -1.3% for this year (compared to the previously

forecast 1.6%) while the forecast for 2014 is 0.2%, a tenth of a

percentage point up on previous expectations.

In the United States, consumer figures were disappointing. Consumer

confidence fell in October to 71.2 (the lowest since April) while

September retail sales were 0.1% down for the month. September job

creation was up 148,000 (it had risen 193,000 the previous month)

although unemployment was down a tenth of a percentage point to

7


In Europe,

confidence

heralds

recovery...

...while in

Spain figures

confirmed a

certain

improvement

in economic

activity.

In China,

growth

accelerates...

...without

inflationary

pressure on a

world level.

Markets

register a

second

consecutive

month of

strong gains.

7.2%. Public deficit provided the positive news, with the year-on-year

figure over the last twelve months down 37.5%.

In the Eurozone, confidence indicators continue to point to increased

activities over the coming quarters. Economic confidence was at its

highest levels since August 2011 and although it dropped off in

October, the composite PMI stood at 51.5%, situating it on the growth

side. The negative note was provided by September unemployment

figures which remained at an all-time high of 12.2%.

Spain's economic environment improved: 3Q GDP was up 0.1%,

ending the recession with unemployment down to 25.98% from

26.26% based on the EPA Survey of the Working Population. The

combined public deficit of Central Government, the regional

Autonomous Communities and Social Security at the end of August

stood at 4.8 of GDP, compared to 5.27% in July and the 6.5% target

for the end of the year.

In China, year-on-year GDP grew three-tenths of a point to 7.8% for

the third quarter, a higher rate than that set by the government for

the year (7.5%). This was accompanied by an increase in

manufacturing PMI in October, with the Index now standing at 51.4.

On a world level, inflation remained under control thanks to the

moderation exercised in developed economies. In the US, RPI growth

was pegged back by three-tenths of a point to a year-on-year figure of

1.2%, while in the Eurozone it fell to 0.7% in October. In Spain, the

RPI fell into negative numbers for the first time since 2009, standing

at -0.1% year-on-year. In emerging economies, the picture was even

less clear. In China, RPI rebounded to 3.1% although it remained

below the target figure (3.5%) while in Mexico it slowed to 3.4% and

in Brazil it reached higher levels (5.9%).

October closed with world stock markets up, driven by signs of

improvement in world growth figures which outweighed political

uncertainty. The start of the period in which business results are

published further backed current market levels, especially in the US,

where the positive surprise ratio stood at 75%. Region by region, the

S&P 500 gained 4.5% while the Euro Stoxx 50 was up 6%. The Ibex

35 performed even better, climbing 7.9%. Meanwhile, the Emerging

Markets Reference Index was up 4.8%. The exception was Japan,

which, after a year of strong gains, closed the month flat.

8


Higher risk

premiums

favoured both

the stock

market and

Spanish debt.

The Euro has

weakened in

recent days...

...while raw

materials still

show no clear

trend.

The on-going purchase of public debt by the Fed, the Bank of Japan

and the Bank of England encouraged fixed income indexes, with global

sovereign debt up 0.9%. As far as peripheral debt is concerned, the

reduced risk premiums in Spain saw a fall in 10-year bond rates to

4%, their lowest level since 2010, with the Spanish debt index up

1.7% over the month. The highest quality credit in global terms also

saw significant gains, up 1.4%, as did local currency emerging debt

(+2.3%).

After major gains over the first fortnight, the euro weakened toward

the end of the month due to increased expectations of the ECB

announcing an interest rate cut, with the euro gaining 0.5% on the

dollar and the exchange rate at the 1.36 EUR/USD mark.

There were no great changes as far as raw materials were concerned,

with benchmark Brent at $109 and gold at $1,324 an ounce.

Agricultural raw materials performed less well.

9


Strategy

Political

tension takes

a back seat

World

economic

growth will

continue to

pick up

No

inflationary

pressure -

fear in some

cases of

deflationary

trends

Political tension has taken a back seat. Market focus is now on

economic growth, main central bank monetary policy and the

publication of corporate results.

World economic growth will continue to pick up. An acceleration is

forecast to year end which will continue into 2014. Global growth will

rise from 3% in 2013 to 3.6% in 2014. A large part of this acceleration

will correspond to developed economies, as the rate of growth in

emerging countries will not repeat this year's growth. Nevertheless,

these emerging economies will continue to be at the forefront of world

economic growth.

Despite the recovery, inflation in developed countries will remain around

or below the average or target level set by central banks, due to the

high levels of unemployment and the on-going idle business capacity.

The Eurozone is on the verge of dropping into deflation which will have

a negative effect on the sought-after price stability. The majority of

emerging countries will not notice inflationary pressure either. Only a

Monetary

Bonds

Variable income

Difference

Neutral

Recommended

10


Central

banks:

expansive

monetary

policies

except in

certain

emerging

countries

Little to

attract the

attention in

money

markets,

where profits

continue to be

very low

Nothing to

recommend

sovereign

debt...

...although

some value

can still be

found in

peripheral

bonds

small number of them - among them large economies such as Brazil and

India - are experiencing high inflation due to overheating in the

economy or currency depreciation.

Central banks in developed countries will maintain their expansive

monetary policies in the short term. The Central European Bank may

decide to reduce interest rates or reintroduce auctions in the long term

in order to ensure banks have greater liquidity if the economy does not

pick up as expected and inflation continues at near-deflationary levels.

The Federal Reserve is likely to maintain quantitative easing at current

levels until early 2014. The Bank of Japan will maintain its bond-buying

program, increasing it if necessary, while the Bank of England will also

continue its QE.

The majority of central banks in emerging countries will maintain their

expansive monetary policies in order to stimulate growth. Only those

countries with weak currencies or high inflation will need to once again

increase benchmark rates by year end.

With the expectation that benchmark rates stay low and the high level

of liquidity in the system continues, remuneration from money-market

assets will continue to be low. On a national level, remuneration from

bank deposits has fallen. The profitability of bonds from peripheral

countries have also dropped. There is still some value to be found in

short-term promissory notes issued by well-known Spanish companies

or those which have a medium-high credit rating. Absolute return funds

are a reasonable alternative in order to preserve value, although they

represent a greater level of volatility.

The falling rates along the yield curve for safe bonds, mainly American

and German, and expectations of greater normalization make such

assets generally unattractive. Sovereign bonds are expensive and do

not sufficiently compensate for the risk assumed or inflation.

In Europe, peripheral bonds continue to perform well despite specific

aspects which create volatility. Among these assets, Spanish bonds

appear the safest, although they offer less potential, while other

countries may offer greater profitability although they also represent

higher risk.

The low level of coupon issued by international companies, above all in

11


Credit market

remuneration

continues to

hold little

interest

Variable

income bonds

remain the

assets with

the greatest

potential

...although

they are no

longer as

cheap and

the market

very accom-

modating

The corporate

results season

is throwing

up few

significant

surprises

In the

currency

markets, the

the case of investment-grade bonds, makes them vulnerable to

expected future sovereign debt interest rate rises. The downward trend

of risk premiums is limited and may not compensate for the rise in base

rates. High yield bonds, which have the greatest margin to offset

higher base rates, and emerging bonds, which have been hit hard and

may appreciate, are those in the best position. There are also

opportunities for a revaluation of bonds issued by peripheral European

companies, although they are beginning to lose their appeal price-wise.

Convertible bonds are still attractive thanks to the option of converting

them into variable income bonds as a support factor.

Stock markets continue to be attractive due to their expected increased

profitability, although the margin for appreciation has been adjusted.

Estimates of global profit growth for 2013 and 2014 are 7% and 10%

respectively, although multiples have risen to levels approaching 16x

and 14x in the US and 13X and 12X in Europe respectively.

Nevertheless, profitability per dividend continues to be at attractive

levels, above all in Europe, and corporate operations, specifically those

paid in cleared funds, are breathing new life into the market.

Having said this, there are risk factors that could lead to a correction as

the market may be too complacent in terms of the performance of

variable income: the high liquidity and market sentiment indexes

(volatility, purchase intentions) are reaching the point where they

indicate excessive confidence and therefore the risk of overbuying.

The results announcement season is in full swing and expectations are

being met: slightly increased profits for American companies, European

company profits slightly down. At the same time, positive surprises are

around their historical average, while sales are rising at a slower rate

than profits. This represents a risk within the context of high margins,

especially in the case of America. Nonetheless, we still feel that until

the end of the year, stock markets - slightly upward or

sideways/upward trending - will continue to be bolstered by the liquidity

provided through central banks and the lack of profitable alternatives

for investors. As far as the various regions are concerned, in the short

term we believe that European and emerging markets will perform

better than US markets, although they are more defensive and serve as

a refuge when risk aversion increases.

The Fed's recent confirmation of its intention to cut its treasury bond

and mortgage-buying program in the near future offers support to the

12


euro is

running out of

steam due to

the

divergence of

Fed and ECB

monetary

policy

Commodity

prices

trending

sideways

dollar. At the same time, forecasts that the ECB will have to take action

to ease deflationary pressure and ensure that credit once again

circulates through the European financial system work against the euro.

We therefore feel that it may return to a EUR/USD 1.30-1.35 exchange

rate, approaching the lower extreme as the Fed's removal of monetary

stimulus packages comes closer. We therefore recommend investing in

dollar assets at around the €/$1.35 mark.

We continue to think that currencies are being moved by monetary

policy, that the yen will remain weak and that the pound will stabilize at

levels similar to at present.

In what remains of the year we expect to see crude prices remain within

their present range, at an average of $110 per barrel of Brent, with

precious metals still under pressure given a stronger dollar. As far as

industrial metals are concerned, prices may recover somewhat,

although not sufficiently or safely enough to recommend that investors

take positions in these raw materials

Banca March Market Strategy Team:

Miguel Ángel García, Director of Market Strategy

Rose Marie Boudeguer, Director of Research Department

Pedro Sastre, Head of Private Banking Strategy

Alejandro Vidal, Head of High-Net-Worth Banking Strategy

Paulo Gonçalves, Head of Studies Department

13


14


Data: Bloomberg

15


CARTERAsemana mes año 2013 año actual

hace 1

mesLiquidez Depositos RF RV

Inv.

AlternativaTotal USD

MARCH RENTA FIJA CORTO PLAZO F.I. 0,05% 0,25% 1,52% 1,92% 0,573 0,561 1,87% 25,78% 75,42% 0,00% 0,00% 0,00% 0,00%

MARCH PREMIER RENTA FIJA CORTO PLAZO F.I. 0,05% 0,22% 1,72% 2,19% 0,523 0,482 3,50% 34,77% 63,77% 0,00% 0,00% 0,00% 0,00%

MARCH PATRIMONIO CORTO PLAZO F.I. 0,09% 0,50% 2,21% 2,52% 1,048 0,432 3,20% 69,50% 26,08% 0,00% 0,00% 0,43% 0,00%

NMAS1 GESTION RENTA FIJA C/P F.I. 0,05% 0,20% 2,03% 2,47% 0,554 0,454 4,28% 71,87% 24,06% 0,00% 0,00% 0,00% 0,00%

MARCH PATRIMONIO RENTA FIL 0,04% 0,16% 2,56% 3,07% 0,558 0,118 8,15% 96,38% 0,00% 0,00% 0,00% 0,00% 0,00%

MARCH PATRIMONIO RENTA 2 FIL -0,04% -0,23% 1,84% 2,35% 0,003 0,003 69,13% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00%

FONMARCH F.I. 0,18% 0,83% 4,22% 5,30% 1,922 1,838 8,26% 14,97% 81,82% 0,00% 0,00% 0,06% -0,05%

MARCH RENTA FIJA PRIVADA F.I. 0,29% 0,98% 2,02% 3,09% 2,323 2,166 6,68% 5,21% 87,67% 0,00% 0,00% 6,72% 2,67%

MARCH BOLSA MIXTO F.I. 0,24% 2,66% 10,53% 12,87% 2,121 2,011 10,62% 3,82% 38,46% 50,34% 0,00% 19,91% 0,01%

MARCH VALORES F.I. -0,20% 7,49% 27,20% 33,79% 0,010 0,003 32,62% 0,00% 0,00% 75,38% 0,00% 0,01% 0,00%

MARCH EUROPA BOLSA F.I. 0,20% 3,49% 12,79% 16,68% 0,011 0,003 22,68% 0,00% 0,00% 79,37% 0,00% 25,95% 0,01%

MARCH GLOBAL F.I. -0,10% 4,24% 17,17% 17,57% 0,011 0,003 22,06% 0,00% 0,00% 77,49% 1,06% 43,75% 26,00%

MARCH VINI CATENA F.I. 0,58% 1,61% 11,54% 14,02% 0,201 0,264 11,47% 7,97% 0,00% 80,18% 0,03% 45,21% 22,52%

MARCH NEW EMERGING WORLD F.I. 0,87% 3,61% -3,95% 0,46% 0,003 0,003 9,65% 0,00% 0,00% 107,29% 0,00% 66,91% 46,21%

MARCH PATRIMONIO DEFENSIVO FI 0,09% 0,72% 2,17% 2,81% 0,649 0,574 11,24% 24,30% 43,87% 12,01% 3,77% 1,79% 1,77%

MARCH CARTERA CONSERVADORA FI 0,19% 1,22% 4,47% 5,10% 0,167 0,133 0,64% 3,77% 65,35% 24,42% 4,12% 11,96% 11,95%

MARCH CARTERA MODERADA FI 0,23% 1,56% 6,04% 6,29% 0,088 0,068 1,50% 0,80% 55,00% 35,73% 4,00% 17,54% 17,53%

MARCH CARTERA DECIDIDA FI 0,20% 2,94% 2,42% 3,67% 0,005 0,376 3,07% 0,00% 8,51% 82,92% 3,93% 9,98% 9,84%

CARTERA MODELO CONSERVADORA 0,14% 1,24% 3,30% 4,39% 0,003 0,003 0,00% 0,00% 52,88% 17,28% 29,84% 0,00% 0,00%

CARTERA MODELO MODERADA 0,17% 1,90% 4,75% 6,20% 0,003 0,003 0,00% 0,00% 40,77% 34,45% 24,78% 0,00% 0,00%

CARTERA MODELO DECIDIDA 0,23% 3,34% 7,84% 9,96% 0,003 0,003 0,00% 0,00% 17,77% 74,35% 7,88% 0,00% 0,00%

MARCH VIDA UNIT LINK - PERFIL PRUDENTE 0,13% 1,19% 4,73% 5,95% 0,000 0,000 0,00% 0,00% 76,24% 15,85% 7,91% 0,00% 0,00%

MARCH VIDA UNIT LINK - PERFIL EQUILIBRADO 0,12% 1,66% 6,70% 8,17% 0,000 0,000 0,00% 0,00% 59,81% 33,34% 6,85% 0,00% 0,00%

MARCH VIDA UNIT LINK - PERFIL DINAMICO 0,06% 2,26% 9,86% 11,71% 0,000 0,000 0,00% 0,00% 35,66% 59,53% 4,81% 0,00% 0,00%

TORRENOVA DE INVERS. S.I.C.A.V. S.A. 0,22% 1,23% 5,55% 6,70% 0,896 0,950 9,28% 10,52% 59,62% 21,72% 0,00% 12,36% 9,79%

CARTERA BELLVER S.I.C.A.V., S.A. 0,31% 2,05% 8,24% 10,36% 0,731 0,809 13,08% 7,78% 31,72% 49,46% 0,00% 32,59% 23,08%

LLUC VALORES S.I.C.A.V., S.A. 0,42% 2,74% 9,99% 13,48% 0,381 0,349 10,72% 5,92% 4,93% 78,60% 0,00% 56,39% 41,52%

MARCH AHORRO, F.P. 0,25% 1,95% 7,91% 9,41% 2,442 2,186 3,09% 8,99% 67,02% 28,74% 0,40% 18,84% 10,44%

MARCH PENSIONES 80/20, F.P. 0,18% 1,45% 5,86% 6,78% 2,441 2,198 1,87% 9,53% 77,47% 17,88% 0,25% 12,15% 5,81%

MARCH PENSIONES 50/50, F.P. 0,19% 2,03% 8,31% 9,36% 2,763 2,182 3,22% 2,66% 53,37% 44,04% 0,51% 27,07% 14,40%

MARCH ACCIONES, F.P. 0,04% 3,37% 14,41% 15,75% 0,011 0,003 24,10% 0,00% 0,00% 74,50% 0,85% 42,28% 25,10%

PLAN PENSION CRECIENTE, F.P. 0,10% 0,50% 2,70% 3,34% 1,209 1,102 2,72% 25,20% 76,10% 0,00% 0,00% 2,77% 0,00%

PLAN OPTIMO, F.P. 0,25% 1,92% 7,13% 8,47% 2,391 2,080 4,78% 4,25% 67,48% 29,54% 0,41% 19,24% 10,62%

MARCH MODERADO EPSV 0,19% 1,46% n.a. n.a. 1,960 0,944 32,64% 8,89% 66,83% 11,13% 0,00% 0,00% 0,00%

MARCH ACCIONES EPSV 0,29% 2,27% n.a. n.a. 0,011 0,003 190,04% 0,00% 0,00% 26,88% 0,00% 0,00% 0,00%

Data as of 31st October 2013

RENTABILIDAD DURACION DISTRIBUCION DE CARTERA EXP. Divisas (no EUR)

16


Documents

US/European Union free trade agreement: a move to retain