,QIRUPD]LRQLFKLDYHSHUJOLLQYHVWLWRUL ,OSUHVHQWHGRFXPHQWRFRQWLHQHOHLQIRUPD]LRQLFKLDYHLQUHOD]LRQHDTXHVWR)RQGR1RQVLWUDWWDGLXQGRFXPHQWRSURPR]LRQDOH/HLQIRUPD]LRQL FRQWHQXWHQHOSUHVHQWHGRFXPHQWRULFKLHVWHGDOODOHJJHKDQQRORVFRSRGLDLXWDUYLDFDSLUHODQDWXUDGLTXHVWR)RQGRHLULVFKLDGHVVRFRQQHVVL6L UDFFRPDQGDGLSUHQGHUQHYLVLRQHLQPRGRGDRSHUDUHXQDVFHOWDLQIRUPDWDLQPHULWRDOO RSSRUWXQLWjGLLQYHVWLUH )OH[ XQFRPSDUWRGL92%$)81' &ODVVH5&DWHJRULDDG$FFXPXORGHLSURYHQWL,6,1/8 ,OSUHVHQWH)RQGRq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z XWLOL]]DUH VWUXPHQWLILQDQ]LDULGHULYDWLFRQORVFRSRGLSURWHJJHUHLOVXRSRUWDIRJOLR GDIOXWWXD]LRQLVIDYRUHYROLGLPHUFDWRGHOWDVVRG LQWHUHVVHRGHLWDVVLGL FDPELR,O)RQGRSXzLQROWUHXWLOL]]DUHVWUXPHQWLILQDQ]LDULGHULYDWLFRQOR VFRSRGLULGXUUHDOWULULVFKLRJHQHUDUHPDJJLRULSURILWWL,O)RQGRq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jVWRULFDDQQXDOHGHO)RQGRVX XQSHULRGRGLDQQL+DORVFRSRGLDLXWDUHJOLLQYHVWLWRULDFRPSUHQGHUH OHLQFHUWH]]HOHJDWHDLSURILWWLHGDOOHSHUGLWHFKHSRWUHEEHURLQIOXLUHVXO ORURLQYHVWLPHQWR / HVSRVL]LRQHGLYHUVLILFDWDGHO)RQGRDLPHUFDWLD]LRQDULHPHUJHQWLHDL ULVFKLGLWDVVRG LQWHUHVVHGLFUHGLWRHGLYDOXWHHVWHUHGHWHUPLQDODVXD FODVVLILFD]LRQHLQTXHVWDFDWHJRULD ,GDWLVWRULFLFRVuFRPHTXHOOLXWLOL]]DWLSHUFDOFRODUHO LQGLFDWRUHVLQWHWLFR QRQFRVWLWXLVFRQRXQ LQGLFD]LRQHDIILGDELOHGHOSURILORGLULVFKLRIXWXURGHO )RQGR /DFDWHJRULDGLULVFKLRDVVRFLDWDDO)RQGRQRQqJDUDQWLWDHSXzFDPELDUH QHOWHPSR / DSSDUWHQHQ]D DOOD FDWHJRULD GL ULVFKLR SL EDVVD QRQ JDUDQWLVFH O DVVHQ]DGLULVFKL ,OFDSLWDOHLQYHVWLWRLQL]LDOPHQWHQRQqJDUDQWLWR 5LVFKLRGLOLTXLGLWj,O)RQGRLQYHVWHLQPHUFDWLFKHSRWUHEEHURHVVHUH FROSLWL GD XQD GLPLQX]LRQH GHOOD OLTXLGLWj 7DOL FRQGL]LRQL GL PHUFDWR SRVVRQRULIOHWWHUVLVXLSUH]]LDLTXDOLLOJHVWRUHDFTXLVWDHYHQGH 5LVFKLR GL FRQWURSDUWH ,O )RQGR SXz UHDOL]]DUH SHUGLWH TXDORUD XQD FRQWURSDUWHQRQDGHPSLDDOSURSULRREEOLJRFRQWUDWWXDOHLQSDUWLFRODUHQHO FDVR GL VWUXPHQWL ILQDQ]LDUL GHULYDWL QHJR]LDWL VX PHUFDWL QRQ UHJRODPHQWDWL27& 5LVFKLR GL FRQFHQWUD]LRQH 4XDORUD JOL LQYHVWLPHQWL GHO )RQGR VLDQR FRQFHQWUDWLLQXQDSDUWLFRODUHVRFLHWjLO)RQGRSRWUHEEHVXELUHSHUGLWHD FDXVD GL DYYHUVH FLUFRVWDQ]H FKH SRVVDQR LQWHUHVVDUH OD VXGGHWWD VRFLHWj 5LVFKLR GHL PHUFDWL HPHUJHQWL /H HFRQRPLH HPHUJHQWL GL QRUPD SUHVHQWDQROLYHOOLVXSHULRULGLULVFKLRGLLQYHVWLPHQWR*OLLQYHVWLPHQWLQHL PHUFDWLHPHUJHQWLVRQRSUHVXPLELOPHQWHVRJJHWWLDYDULD]LRQLLQYDORUHH D SUREOHPL GL QHJR]LD]LRQH D FDXVD GL PLQRUH HIILFLHQ]D UHJRODPHQWD]LRQHROLTXLGLWj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qO LPSRUWRPDVVLPRFKHSXzHVVHUHSUHOHYDWR GDOO LQYHVWLPHQWR ,O YRVWUR FRQVXOHQWH ILQDQ]LDULR R GLVWULEXWRUH SRWUj IRUQLUYL LQIRUPD]LRQL VXOOH FRPPLVVLRQL GL VRWWRVFUL]LRQH H ULPERUVR DVVRFLDWH &RPPLVVLRQLSUHOHYDWHGDO)RQGRLQXQDQQR &RPPLVVLRQLFRUUHQWL &RPPLVVLRQLSUHOHYDWHGDO)RQGRDGHWHUPLQDWHFRQGL]LRQLVSHFLILFKH &RPPLVVLRQLOHJDWHDOUHQGLPHQWRFDOFRODWRXWLOL]]DQGRODWHFQLFD +LJK:DWHU0DUNLOSLHOHYDWRYDORUHSDWULPRQLDOHQHWWRSHUTXRWD UHJLVWUDWRDOODILQHGLRJQLWULPHVWUHVRODUHGDOODQFLRSHUO XOWLPR HVHUFL]LRGHO)RQGR /H FRPPLVVLRQL FRUUHQWL VL EDVDQR VXOOH FRPPLVVLRQL GHL PHVL SUHFHGHQWL DO GLFHPEUH 7DOH SHUFHQWXDOH SXz YDULDUH GD XQ DQQR DOO¶DOWUR 6RQR HVFOXVH OH FRPPLVVLRQL OHJDWH DO UHQGLPHQWR RYH DSSOLFDELOL H L FRVWL GHOOH RSHUD]LRQL GL SRUWDIRJOLR DG HFFH]LRQH GHJOL RQHUL FRUULVSRVWL DOOD %DQFD GHSRVLWDULD H GHOOH FRPPLVVLRQL GL VRWWRVFUL]LRQHULPERUVR FRUULVSRVWH D XQ RUJDQLVPR GL LQYHVWLPHQWR FROOHWWLYRVRWWRVWDQWH 3Xz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pTXDOVLDVLDOWUDLQIRUPD]LRQHSUDWLFDVRQRGLVSRQLELOLJUDWXLWDPHQWHLQ LQJOHVHSUHVVR*HQHUDOL,QYHVWPHQWV/X[HPERXUJ6$5XHGH*DVSHULFK/+HVSHUDQJH*UDQGXFDWRGL/XVVHPEXUJRRWUDPLWHSRVWD HOHWWURQLFDDOO LQGLUL]]R*,/IXQG,QIR#JHQHUDOLFRP 4XHVWR)RQGRKDXQDVWUXWWXUDPXOWLFRPSDUWR*OLDWWLYLGLFLDVFXQFRPSDUWRVRQRVHSDUDWLGDJOLDOWULFRPSDUWLGHO)RQGRPXOWLFRPSDUWR,OSURVSHWWR LQIRUPDWLYR ID ULIHULPHQWR D WXWWL L FRPSDUWL GHO )RQGR PXOWLFRPSDUWR /D UHOD]LRQH DQQXDOH FRQVROLGDWD SL UHFHQWH GHO )RQGR PXOWLFRPSDUWR q GLVSRQLELOHDQFKHSUHVVROD6RFLHWj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qGLVSRQLELOHVXVHPSOLFHULFKLHVWDSUHVVROD6RFLHWjGLJHVWLRQHHVXOVXRVLWRZZZJHQHUDOLLQYHVWPHQWVOX[HPERXUJFRP *HQHUDOL ,QYHVWPHQWV /X[HPERXUJ 6$ SXz HVVHUH ULWHQXWD UHVSRQVDELOH HVFOXVLYDPHQWH VXOOD EDVH GHOOH GLFKLDUD]LRQL FRQWHQXWH QHO SUHVHQWH GRFXPHQWRFKHULVXOWLQRIXRUYLDQWLLQHVDWWHRLQFRHUHQWLULVSHWWRDOOHFRUULVSRQGHQWLSDUWLGHOSURVSHWWRLQIRUPDWLYRGHO)RQGRPXOWLFRPSDUWR ,O)RQGRqDXWRUL]]DWRLQ/XVVHPEXUJRHUHJRODPHQWDWRGDOOD&RPPLVVLRQGH6XUYHLOODQFHGX6HFWHXU)LQDQFLHU&66) *HQHUDOL ,QYHVWPHQWV /X[HPERXUJ 6$ q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jGLLQYHVWLUH 0RQH\3OXV XQFRPSDUWRGL92%$)81' &ODVVH5&DWHJRULDDG$FFXPXORGHLSURYHQWL,6,1/8 ,OSUHVHQWH)RQGRq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z XWLOL]]DUH VWUXPHQWLILQDQ]LDULGHULYDWLFRQORVFRSRGLSURWHJJHUHLOVXRSRUWDIRJOLR GDIOXWWXD]LRQLVIDYRUHYROLGLPHUFDWRGHOWDVVRG LQWHUHVVHRGHLWDVVLGL FDPELR,O)RQGRSXzLQROWUHXWLOL]]DUHVWUXPHQWLILQDQ]LDULGHULYDWLFRQOR VFRSRGLULGXUUHDOWULULVFKLRJHQHUDUHPDJJLRULSURILWWL,O)RQGRqGLWLSR DSHUWR( SRVVLELOHFKLHGHUHLOULPERUVRGHOOHTXRWHGHO)RQGRLQTXDOVLDVL JLRUQRODYRUDWLYRGHO/XVVHPEXUJR 4XHVWDFDWHJRULDQRQHIIHWWXDSDJDPHQWLGLGLYLGHQGL 3URILORGLULVFKLRHGLUHQGLPHQWR 5LVFKLRSLHOHYDWR $OWUL ULVFKL VLJQLILFDWLYL QRQ DGHJXDWDPHQWH ULOHYDWL GD TXHVWR LQGLFDWRUH LQFOXGRQRLVHJXHQWL UHQGLPHQWLSRWHQ]LDOPHQWHSLHOHYDWL 5LVFKLR GL FUHGLWR ,O )RQGR LQYHVWH LQ WLWROL LO FXL PHULWR FUHGLWL]LR SRWUHEEHSHJJLRUDUHVXVVLVWHLQIDWWLLOULVFKLRFKHO HPLWWHQWHSRVVDQRQ DGHPSLHUHDOSURSULRREEOLJRFRQWUDWWXDOH,QFDVRGLSHJJLRUDPHQWRGHO PHULWR FUHGLWL]LR GHOO HPLWWHQWH LO YDORUH GHL WLWROL OHJDWL D WDOH HPLWWHQWH SRWUHEEHGLPLQXLUH 5LVFKLRSLEDVVR UHQGLPHQWLSRWHQ]LDOPHQWHSLEDVVL 4XHVWRLQGLFDWRUHUDSSUHVHQWDODYRODWLOLWjVWRULFDDQQXDOHGHO)RQGRVX XQSHULRGRGLDQQL+DORVFRSRGLDLXWDUHJOLLQYHVWLWRULDFRPSUHQGHUH OHLQFHUWH]]HOHJDWHDLSURILWWLHGDOOHSHUGLWHFKHSRWUHEEHURLQIOXLUHVXO ORURLQYHVWLPHQWR / HVSRVL]LRQH GLYHUVLILFDWD GHO )RQGR DL PHUFDWL D]LRQDUL H DL ULVFKL GL WDVVRG LQWHUHVVHHGLFUHGLWRGHWHUPLQDODVXDFODVVLILFD]LRQHLQTXHVWD FDWHJRULD ,GDWLVWRULFLFRVuFRPHTXHOOLXWLOL]]DWLSHUFDOFRODUHO LQGLFDWRUHVLQWHWLFR QRQFRVWLWXLVFRQRXQ LQGLFD]LRQHDIILGDELOHGHOSURILORGLULVFKLRIXWXURGHO )RQGR /DFDWHJRULDGLULVFKLRDVVRFLDWDDO)RQGRQRQqJDUDQWLWDHSXzFDPELDUH QHOWHPSR / DSSDUWHQHQ]D DOOD FDWHJRULD GL ULVFKLR SL EDVVD QRQ JDUDQWLVFH O DVVHQ]DGLULVFKL ,OFDSLWDOHLQYHVWLWRLQL]LDOPHQWHQRQqJDUDQWLWR 92%$)81' 5LVFKLRGLOLTXLGLWj,O)RQGRLQYHVWHLQPHUFDWLFKHSRWUHEEHURHVVHUH FROSLWL GD XQD GLPLQX]LRQH GHOOD OLTXLGLWj 7DOL FRQGL]LRQL GL PHUFDWR SRVVRQRULIOHWWHUVLVXLSUH]]LDLTXDOLLOJHVWRUHDFTXLVWDHYHQGH 5LVFKLR GL FRQWURSDUWH ,O )RQGR SXz UHDOL]]DUH SHUGLWH TXDORUD XQD FRQWURSDUWHQRQDGHPSLDDOSURSULRREEOLJRFRQWUDWWXDOHLQSDUWLFRODUHQHO FDVR GL VWUXPHQWL ILQDQ]LDUL GHULYDWL QHJR]LDWL VX PHUFDWL QRQ UHJRODPHQWDWL27& 5LVFKLR GL FRQFHQWUD]LRQH 4XDORUD JOL LQYHVWLPHQWL GHO )RQGR VLDQR FRQFHQWUDWLLQXQDSDUWLFRODUHVRFLHWjLO)RQGRSRWUHEEHVXELUHSHUGLWHD FDXVD GL DYYHUVH FLUFRVWDQ]H FKH SRVVDQR LQWHUHVVDUH OD VXGGHWWD VRFLHWj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qO LPSRUWRPDVVLPRFKHSXzHVVHUHSUHOHYDWR GDOO LQYHVWLPHQWR ,O YRVWUR FRQVXOHQWH ILQDQ]LDULR R GLVWULEXWRUH SRWUj IRUQLUYL LQIRUPD]LRQL VXOOH FRPPLVVLRQL GL VRWWRVFUL]LRQH H ULPERUVR DVVRFLDWH &RPPLVVLRQLSUHOHYDWHGDO)RQGRLQXQDQQR &RPPLVVLRQLFRUUHQWL &RPPLVVLRQLSUHOHYDWHGDO)RQGRDGHWHUPLQDWHFRQGL]LRQLVSHFLILFKH &RPPLVVLRQLOHJDWHDOUHQGLPHQWRFDOFRODWRXWLOL]]DQGRODWHFQLFD +LJK:DWHU0DUNLOSLHOHYDWRYDORUHSDWULPRQLDOHQHWWRSHUTXRWD UHJLVWUDWRDOODILQHGLRJQLWULPHVWUHVRODUHGDOODQFLRSHUO XOWLPR HVHUFL]LRGHO)RQGR /H FRPPLVVLRQL FRUUHQWL VL EDVDQR VXOOH FRPPLVVLRQL GHL PHVL SUHFHGHQWL DO GLFHPEUH 7DOH SHUFHQWXDOH SXz YDULDUH GD XQ DQQR DOO¶DOWUR 6RQR HVFOXVH OH FRPPLVVLRQL OHJDWH DO UHQGLPHQWR RYH DSSOLFDELOL H L FRVWL GHOOH RSHUD]LRQL GL SRUWDIRJOLR DG HFFH]LRQH GHJOL RQHUL FRUULVSRVWL DOOD %DQFD GHSRVLWDULD H GHOOH FRPPLVVLRQL GL VRWWRVFUL]LRQHULPERUVR FRUULVSRVWH D XQ RUJDQLVPR GL LQYHVWLPHQWR FROOHWWLYRVRWWRVWDQWH 3Xz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pTXDOVLDVLDOWUDLQIRUPD]LRQHSUDWLFDVRQRGLVSRQLELOLJUDWXLWDPHQWHLQ LQJOHVHSUHVVR*HQHUDOL,QYHVWPHQWV/X[HPERXUJ6$5XHGH*DVSHULFK/+HVSHUDQJH*UDQGXFDWRGL/XVVHPEXUJRRWUDPLWHSRVWD HOHWWURQLFDDOO LQGLUL]]R*,/IXQG,QIR#JHQHUDOLFRP 4XHVWR)RQGRKDXQDVWUXWWXUDPXOWLFRPSDUWR*OLDWWLYLGLFLDVFXQFRPSDUWRVRQRVHSDUDWLGDJOLDOWULFRPSDUWLGHO)RQGRPXOWLFRPSDUWR,OSURVSHWWR LQIRUPDWLYR ID ULIHULPHQWR D WXWWL L FRPSDUWL GHO )RQGR PXOWLFRPSDUWR /D UHOD]LRQH DQQXDOH FRQVROLGDWD SL UHFHQWH GHO )RQGR PXOWLFRPSDUWR q GLVSRQLELOHDQFKHSUHVVROD6RFLHWj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qGLVSRQLELOHVXVHPSOLFHULFKLHVWDSUHVVROD6RFLHWjGLJHVWLRQHHVXOVXRVLWRZZZJHQHUDOLLQYHVWPHQWVOX[HPERXUJFRP *HQHUDOL ,QYHVWPHQWV /X[HPERXUJ 6$ SXz HVVHUH ULWHQXWD UHVSRQVDELOH HVFOXVLYDPHQWH VXOOD EDVH GHOOH GLFKLDUD]LRQL FRQWHQXWH QHO SUHVHQWH GRFXPHQWRFKHULVXOWLQRIXRUYLDQWLLQHVDWWHRLQFRHUHQWLULVSHWWRDOOHFRUULVSRQGHQWLSDUWLGHOSURVSHWWRLQIRUPDWLYRGHO)RQGRPXOWLFRPSDUWR ,O)RQGRqDXWRUL]]DWRLQ/XVVHPEXUJRHUHJRODPHQWDWRGDOOD&RPPLVVLRQGH6XUYHLOODQFHGX6HFWHXU)LQDQFLHU&66) *HQHUDOL ,QYHVWPHQWV /X[HPERXUJ 6$ q DXWRUL]]DWD LQ /XVVHPEXUJR H UHJRODPHQWDWD GDOOD &RPPLVVLRQ GH 6XUYHLOODQFH GX 6HFWHXU )LQDQFLHU &66) /HLQIRUPD]LRQLFKLDYHSHUJOLLQYHVWLWRULTXLULSRUWDWHVRQRHVDWWHDOODGDWDGHOIHEEUDLR 92%$)81'