-10% -14% -20% STANDARD & POOR'S

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WWW.VECTOR.LU

Report 2005/03 1. Last month

2. Track Record 3. Trade List & Holdings 4. Sector- & Regional Allocation

WWW.FUNDS-SP.COM

STANDARD & POOR'S

WWW.VECTOR.LU

MARCH 2006 REPORT

____________________________________

1. Return Distribution of last months' holdings

2. Performance running quarter

3. Track-record in absolute terms

4. Track-record in relative terms

5. Statistics & Changes in Allocation

6. Sector Allocation

7. Regional Allocation

____________________________________ Investment Advisor : Vector Conseil

Custodian & Administrator : Banque Privée Edmond de Rothschild Europe Transfer & Paying Agent : Banque Privée Edmond de Rothschild Europe

Auditor: Price Waterhouse Coopers Information : call us at 00352 / 24 88 2536 mail us at [email protected] visit www.vector.lu or www.lcf-rothschild.lu

-60%

-50%

-40%

-30%

-20%

-10%

+0%

+10%

+20%

+30%

+40%

3-2001

3-2002

3-2003

3-2004

3-2005

3-2006

NAVIGATOR MSCI WORLD

AVERAGE Global Equity Funds

+37% -14%

-20%

-10%

+0%

+10%

+20%

+30%

+40%

+50%

3-2001

3-2002

3-2003

3-2004

3-2005

3-2006

NAVIGATOR / MSCI MSCI / MSCI

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Performance individuelle des 100 actions dans portefeuille, dernier mois (en euro) Individuele prestatie van de 100 aandelen in portefeuille, afgelopen maand (in euro)

Last month :

return relative

NAVIGATOR

+ 1.2

return

compared to :

MSCI World Index

+ 1.6

- 0.3

Average Global Equity Funds

+ 1.1

+ 0.2

KBC Equity World

+ 1.4

- 0.2

Fortis Equity World

+ 0.7

+ 0.5

ING Invest World

+ 1.6

- 0.4

DEXIA Equity World

+ 1.4

- 0.2

ABN AMRO Global Equity

+ 0.0

+ 1.2

Last 12 months :

return relative

NAVIGATOR

+ 28.0

return

compared to :

MSCI World Index

+ 23.9

+ 4.1

Average Global Equity Funds

+ 25.0

+ 2.9

KBC Equity World

+ 27.0

+ 1.0

Fortis Equity World

+ 27.6

+ 0.4

ING Invest World

+ 24.0

+ 4.0

DEXIA Equity World

+ 23.6

+ 4.3

ABN AMRO Global Equity

+ 22.9

+ 5.0

1. RETURN DISTRIBUTION OF LAST MONTH's 100 HOLDINGS (in euro)

1.56

1.22 -30

-20

-10

+0

+10

+20

+30

< Best Performer

< MSCI World

< Navigator

< Worst

Performance last month's 100 holdings

Performance MSCI World

Performance Navigator

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Evolution du cours de Navigator, dernier trimestre Koersontwikkeling Navigator, afgelopen 3 maanden

2. PERFORMANCE RUNNING QUARTER

Global equity markets rose 1,6% in February. Navigator returned 1,2%, reducing its year-to-date

lead to the MSCI-World index to 3%.

There has been a striking difference in return between Europe and Wall Street over the past 4

months. While Europe is up 11% since December, the American indices just returned 3%, and

after accounting for the USD-depreciation they did not rise at all. Slowly but steadily, the

premium that was - and is still being - paid to own US stocks seems to be dissappearing.

De aandelenmarkten boekten in

februari gemiddeld een winst van

1,6%. Navigator ging 1,2% hoger,

waardoor de voorsprong op de

wereldindex sinds begin dit jaar nu

3% bedraagt.

Het is opvallend hoezeer Wall Street

de laatste maanden achterop blijft bij

Europa. Waar de Europese indexen

de laatste 4 maanden meer dan 11%

hogerop

gingen,

boekte

de

Amerikaanse tegenhanger slechts

een winst van 3%, en in euro

uitgedrukt was er zelfs geen enkele

vooruitgang. Het lijkt er op dat de

premie die beleggers bereid zijn te

betalen om Amerikaanse aandelen te

bezitten langzaam maar zeker uit de

markt aan het verdwijnen is.

Les marchés d’actions ont monté de

1,6% en février. Navigator a

progressé de 1,2%, ce qui a

légèrement réduit sa surperformance

depuis janvier, qui est maintenant de

3%.

Ces derniers mois, il y a eu une

différence remarquable entre Wall

Street et l’Europe : dans une periode

ou les indices Européens ont monté

de 11%, les actions Americaines n

‘ont produit que 3%. Et exprimé en

euro c’était même 0%. Il semble que

la prime que les investisseurs étaient

prêt à payer pour avoir des avoirs

Americaines en portefeuille est en

train de disparaître graduellement.

-2% 0% 2% 4% 6% 8% 10% 12% 30/11/05 30/12/05 30/01/06 28/02/06

NAVIGATOR versus MSCI NAVIGATOR

MSCI WORLD INDEX Average Global Equity Funds (*)

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Track-record (en termes absolus) Track-record (in absolute termen) (*)

Price NAVIGATOR MSCI WORLD AVERAGE Global Equity Funds (*) DEXIA Equity World KBC Equity World FORTIS Equity World ING Invest World ABN AMRO Global Equity 31/12/00 967.50 1300.79 1000.00 73.44 892.91 262.25 210.53 66.45 31/12/01 833.04 1127.02 764.26 39.20 725.68 218.43 177.22 53.17 31/12/02 576.46 754.97 486.91 24.34 458.85 140.72 116.61 33.50 31/12/03 677.07 821.60 513.86 25.84 487.03 151.99 123.59 33.96 31/12/04 760.34 860.32 523.74 26.99 497.48 151.29 126.25 34.41 30/12/05 992.64 1066.29 654.50 33.33 619.49 193.77 156.26 43.00 28/02/06 1055.18 1098.30 674.38 34.30 642.67 200.62 161.90 43.60 (*)= Average of DEXIA Equity World, KBC Equity World, Fortis Equity World,

ING Invest World, ABN AMRO Global Equity

Return NAVIGATOR MSCI WORLD AVERAGE Global Equity Funds (*) DEXIA Equity World KBC Equity World FORTIS Equity World ING Invest World ABN AMRO Global Equity 2001 -13.9% -13.4% -23.6% -46.6% -18.7% -16.7% -15.8% -20.0% 2002 -30.8% -33.0% -36.3% -37.9% -36.8% -35.6% -34.2% -37.0% 2003 +17.5% +8.8% +5.5% +6.2% +6.1% +8.0% +6.0% +1.4% 2004 +12.3% +4.7% +1.9% +4.5% +2.1% -0.5% +2.2% +1.3% 2005 +30.6% +23.9% +25.0% +23.5% +24.5% +28.1% +23.8% +25.0% 2006... +6.30% +3.00% +3.04% +2.9% +3.7% +3.5% +3.6% +1.4%

3. TRACK-RECORD (in absolute terms)

4 YEAR TRACK RECORD

+26.8%

-1.3%

-8.9%

-50%

-40%

-30%

-20%

-10%

+0%

+10%

+20%

+30%

+40%

Feb-02

Feb-03

Feb-04

Feb-05

Feb-06

NAVIGATOR

MSCI WORLD

AVERAGE Global Equity Funds

-40% -30% -20% -10% +0% +10% +20% +30% 2001 2002 2003 2004 2005 2006... NAVIGATOR MSCI WORLD DEXIA Equity World KBC Equity World FORTIS Equity World ING Invest World ABN AMRO Global Equity

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Track-record (comparé avec l'indice mondial et autres fonds) Track-record (in vergelijking tot wereldindex en andere fondsen) (*) Price rescaled to Navigator NAVIGATOR MSCI WORLD AVERAGE Global Equity Funds (*) DEXIA Equity World KBC Equity World FORTIS Equity World ING Invest World ABN AMRO Global Equity 31/12/00 967.50 967.50 967.50 967.50 967.50 967.50 967.50 967.50 31/12/01 833.04 838.25 739.42 516.42 786.30 805.84 814.42 774.14 31/12/02 576.46 561.53 471.09 320.65 497.18 519.15 535.88 487.75 31/12/03 677.07 611.09 497.16 340.42 527.71 560.72 567.96 494.45 31/12/04 760.34 639.89 506.72 355.57 539.04 558.14 580.19 501.00 30/12/05 992.64 793.08 633.22 439.09 671.24 714.86 718.10 626.07 28/02/06 1055.18 816.89 652.46 451.87 696.35 740.13 744.02 634.81 (*)= Average of DEXIA Equity World, KBC Equity World, Fortis Equity World,

ING Invest World, ABN AMRO Global Equity

RETURN versus MSCI NAVIGATOR MSCI WORLD AVERAGE Global Equity Funds (*) DEXIA Equity World KBC Equity World FORTIS Equity World ING Invest World ABN AMRO Global Equity 2001 -0.5% +0.0% -10.2% -33.3% -5.4% -3.4% -2.5% -6.6% 2002 +2.2% +0.0% -3.3% -4.9% -3.8% -2.6% -1.2% -4.0% 2003 +8.6% +0.0% -3.3% -2.7% -2.7% -0.8% -2.8% -7.5% 2004 +7.6% +0.0% -2.8% -0.3% -2.6% -5.2% -2.6% -3.4% 2005 +6.6% +0.0% +1.0% -0.5% +0.6% +4.1% -0.2% +1.0% 2006... +3.30% +0.00% +0.04% -0.1% +0.7% +0.5% +0.6% -1.6% µ

4. TRACK-RECORD (in relative terms)

4 YEAR RELATIVE TRACK RECORD

+28.4%

+39.2%

-10%

+0%

+10%

+20%

+30%

+40%

+50%

Feb-02

Feb-03

Feb-04

Feb-05

Feb-06

NAVIGATOR versus MSCI WORLD

NAVIGATOR versus Average Global Equity Funds

-10% -8% -6% -4% -2% +0% +2% +4% +6% +8% +10% 2001 2002 2003 2004 2005 2006... NAVIGATOR MSCI WORLD DEXIA Equity World KBC Equity World FORTIS Equity World ING Invest World ABN AMRO Global Equity

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Statistiques & positions dominantes Statistieken & voornaamste posities

NAVI

Banks

ROYAL BANK OF SCTL.

UK

Banks

ROCHE HOLDINGS GSH.

SW

Pharmaceuticals & Biotechnology General Industrials

-

ITALY

AT&T

US

Fixed Line Telecommunications Healthcare Equipment & Services

-

GERMANY

PEPSICO

US

Beverages Media

-

UK

HOME DEPOT

US

General Retailers Pharmaceuticals & Biotechnology

-

JAPAN

TOP 10 INDIVIDUAL HOLDINGS

5. Statistics & Top Holdings

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Allocation Sectorielle Sector-allocatie

6. SECTOR ALLOCATION

Basic Materials : 2%=>4%

Industrials : 16%

Oil & Gas : 13%=>14%

Financials : 29%=>31%

Telecommunications : 6%

Consumer Services : 10%=>9%

Healthcare : 2%

Utilities : 4%=>3%

Consumer Goods : 13%=>10%

Technology : 5%

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Allocation Régionale Geografische Allocatie

This document does not constitute an offer or solicitation in any jurisdiction in which such offer or sollicitation is not authorised. Past performance is not a guarantee of future returns. The value of investments may fall as well as rise. Any decision to invest should be based on a full reading of the fund prospectus and the most recent financial statements, available at www.vector.lu