2SHO$VWUD6SRUWV7RXUHU
3UHVHQ]DULVROXWDHSHUVXDVLYD
/DQXRYD2SHO$VWUD6SRUWV7RXUHU'LEHOO¶DVSHWWRH
GDOOHGRWLVWUDRUGLQDULHÈTXHVWDODQXRYDLPPDJLQH
GHOVXFFHVVR
/DVWUDGDqLOVXRHOHPHQWRQDWXUDOH
)DWHGLRJQLYLDJJLRXQ¶HVSHULHQ]DDIIDVFLQDQWH,QQRYD]LRQL
XQLFKHIDFLOLWDQRODTXRWLGLDQLWjDOYRODQWHVHQ]DDOOHJJHULUHLO
SRUWDIRJOLR
1LHQWHYDOHSLGHOODTXDOLWj
'HVLJQHVLJHQWHHUJRQRPLDSHUIHWWDHPDWHULDOLSUHJLDWL
FRVuQDVFHODSLDFHYROHVHQVD]LRQHGLTXDOLWj
2SHO$VWUD6SRUWV7RXUHU
8QDGHFLVLRQHIRQGDPHQWDOH
/DYHUVLRQHGLEDVHYLRIIUHWXWWHOHFD
UDWWHULVWLFKHFKHIDQQROD2SHO$VWUD
6SRUWV7RXUHUPROWRVSD]LRHFRPIRUW
SHUWXWWLJOLRFFXSDQWLHOHYDWROLYHOORGL
VLFXUH]]DJUDQGHEDJDJOLDLRIOHVVLELOH
HGHVLJQVHQ]DSDUL
‡5HWURYLVRULHVWHUQLUHJRODELOLHULVFDOGDELOL
HOHWWULFDPHQWHQHOFRORUHGHOODYHWWXUD
‡)DULFRQFRUQLFLFURPDWH
‡$O]DFULVWDOOLHOHWWULFLDQWHULRUL
‡&KLXVXUDFHQWUDOL]]DWD
‡)DUHWWLGLOHWWXUDDQWHULRUL
‡6HUYRVWHU]RLQIXQ]LRQHGHOODYHORFLWj
‡6LVWHPDDQWLEORFFDJJLR$%6
‡&RQWUROORHOHWWURQLFRGHOODVWDELOLWj
(63Š3OXV
‡&RQVROHFHQWUDOHFRQSRUWDELELWHH
YDQRSRUWDRJJHWWL
‡6FKLHQDOLVHGLOLSRVWHULRULULEDOWDELOL
LQVHJPHQWL
‡3UHGLVSRVL]LRQHVLVWHPDGLILVVDJJLR
VHJJLROLQRSHUEDPELQL,62),;VXL
VHGLOLSRVWHULRUL
‡$LUEDJIURQWDOLHODWHUDOLSHUFRQGX
FHQWHHSDVVHJJHURDQWHULRUH
‡6JDQFLDPHQWRSHGDOL356
‡$QHOOLGLDQFRUDJJLRQHOEDJDJOLDLR
‡&HUFKLLQDFFLDLRGDSROOLFLFRQ
FRSULUXRWD
‡6HWGLULSDUD]LRQHSQHXPDWLFL
‡'RSSLRSLDQRGLFDULFR)OH[)ORRU
‡3UHVD9QHOEDJDJOLDLR
‡%DUUHVXOWHWWRFRORUQHUR
/DIRWRPRVWUDO¶HTXLSDJJLDPHQWRVSHFLDOH
(QMR\
2SHO$VWUD6SRUWV7RXUHU(QMR\
'HFLGHWHYRLLOVXRDVSHWWR
7UHFRORULSHULULYHVWLPHQWLHQXPHURVLGL
RS]LRQLG¶HTXLSDJJLDPHQWRLQQRYDWLYH±
FRQODQXRYD2SHO$VWUD6SRUWV7RXUHU
(QMR\DIIHUPDWHODYRVWUDSHUVRQDOLWj
(TXLSDJJLDPHQWRVXSSOHPHQWDUH
ULVSHWWRDG$VWUD6SRUWV7RXUHU
‡7HVVXWLGHLULYHVWLPHQWLHGHOHPHQWL
GHFRUDWLYLVSHFLDOL
‡ 3RJJLDWHVWDDWWLYLDQWHULRUL
‡$LUEDJDWHQGLQD
‡&OLPDWL]]DWRUHFRQILOWURDQWLSDUWLFRODWR
‡7DVFKHQHOORVFKLHQDOHGHLVHGLOL
DQWHULRUL
‡5DGLR&'03*UDSKLF,QIR
'LVSOD\$8;,1FRPDQGLDOYRODQWH
‡&RQVROHFHQWUDOHFRQSRUWDELELWH
YDQRHFRQWHQLWRUH
‡%UDFFLRORDQWHULRUHUHJRODELOH
‡)UHQRGLVWD]LRQDPHQWRHOHWWULFRLQFO
DVVLVWHQ]DDOODSDUWHQ]DLQVDOLWD
‡5HJRODWRUHGLYHORFLWj
‡3DFFKHWWROXFHIDUHWWLGLOHWWXUD
SRVWHULRULHVSHFFKLHWWRGLFRUWHVLD
LOOXPLQDWRQHOO¶DOHWWDSDUDVROH
‡3DFFKHWWROXFHHYLVLELOLWjVHQVRUH
SLRJJLDHUHWURYLVRUHLQWHUQRDQDEED
JOLDQWHDXWRPDWLFR
‡3UHVD9QHOODSDUWHSRVWHULRUH
GHOODFRQVROHFHQWUDOH
‡$ELWDFRORYDORUL]]DWRLOOXPLQD]LRQH
G¶DPELHQWHLQVHUWLFURPDWLFRORUL
SHUVRQDOL]]DWL
‡&RSHUWXUDEDJDJOLDLR(DV\$FFHVVFRQ
DSHUWXUDFRPIRUW
/DIRWRPRVWUDO¶HTXLSDJJLDPHQWRVSHFLDOH
2SHO$VWUD6SRUWV7RXUHU6SRUW
,OSLDFHUHLQYHVWHVSRUWLYDHOHJDQWH
*OLDFFHQWLVWLOLVWLFLVSRUWLYRHOHJDQWL
GHOODYHUVLRQH6SRUWQHIDQQRLOPRGHOOR
2SHO$VWUD6SRUWV7RXUHURWWLFDPHQWH
SLVHGXFHQWH(VWHULRUPHQWHFROSLVFRQR
OHUXRWHLQOHJDOHJJHUDHOHOLVWHFURPDWH
GHLILQHVWULQL1HOO¶DELWDFRORVSLFFDQRL
SUHJLDWLHOHPHQWLGHFRUDWLYLHO¶HTXLSDJ
JLDPHQWRFRPIRUWHIXQ]LRQDOHFRPSOHWR
FRPHDGHVJOLVFKLHQDOLGHLVHGLOL
SRVWHULRUL)OH[)ROG
(TXLSDJJLDPHQWRVXSSOHPHQWDUH
ULVSHWWRD(QMR\
‡5LYHVWLPHQWLLQWHVVXWRSUHJLDWRH
GHFRUD]LRQLELFRORUL
‡6HGLOLDQWHULRULVSRUWLYL
‡)DULHOXFLSRVWHULRULVFXUL
‡ %DWWLWDFFRDQWHULRUL
‡,QWHUUXWWRULHLQGLFDWRULUHWURLOOXPLQDWL
‡&OLPDWL]]DWRUHDXWRPDWLFREL]RQD
‡&RPSXWHUGLERUGRFRQVLVWHPD
&KHFN&RQWURO
‡9RODQWHLQSHOOHSHUIRUDWD
‡/LVWHGHFRUDWLYHILQHVWUDFURPDWH
‡3RUWDRFFKLDOLDVRIILWWR
‡)DULIHQGLQHEELD
‡&HUFKLLQOHJDOHJJHUDSROOLFL
‡6FKLHQDOL)OH[)ROGFRQVEORFFDJJLR
UHPRWR
‡%DUUHVXOWHWWRFRORUDUJHQWR
/DIRWRPRVWUDO¶HTXLSDJJLDPHQWRVSHFLDOH
6SRUW
&RVPR
2SHO$VWUD6SRUWV7RXUHU&RVPR
,OSLDFHUHVLYHVWHGLVWLOH
/D2SHO$VWUD6SRUWV7RXUHU&RVPR
ILVVDORVWDQGDUGGHOODFDWHJRULDLQ
WHUPLQLGLEHQHVVHUH,ULYHVWLPHQWL
SUHJLDWLVRWWROLQHDQRO¶DPEL]LRQH
OXVVXRVDGHOO¶DELWDFROR
(TXLSDJJLDPHQWRVXSSOHPHQWDUH
ULVSHWWRD(QMR\
‡5LYHVWLPHQWR0RUURFDQDHGHFRUD]LRQL
ELFRORUL
‡/LVWHGHFRUDWLYHILQHVWUDFURPDWH
‡/XFLSRVWHULRULVFXUH
‡%DWWLWDFFRDQWHULRUL
‡,QWHUUXWWRULHLQGLFDWRULUHWURLOOXPLQDWL
‡&OLPDWL]]DWRUHDXWRPDWLFREL]RQD
‡&RPSXWHUGLERUGRFRQVLVWHPD
&KHFN&RQWURO
‡9RODQWHLQSHOOH
‡3RUWDRFFKLDOLDVRIILWWR
‡)DULIHQGLQHEELD
‡&HUFKLLQOHJDOHJJHUDSROOLFL
‡6FKLHQDOL)OH[)ROGFRQVEORFFDJJLR
UHPRWR
‡%DUUHVXOWHWWRFRORUDUJHQWR
/DIRWRPRVWUDO¶HTXLSDJJLDPHQWRVSHFLDOH
$FFRPRGDWHYLVXOVHGLOHGHOFRQGXFHQWHGHOODQXRYD2SHO$VWUD6SRUWV7RXUHU
YLVHQWLUHWHVXELWRHLVWLQWLYDPHQWHDYRVWURDJLR9LDFFROJRQRO¶LOOXPLQD]LRQH
DPELHQWDOHGLVFUHWDHLOFRQIRUWHYROHVHGLOHFRQUHJROD]LRQLH[WUDOXQJKH,OFRFNSLW
DOOHVWLWRLQIXQ]LRQHGHOFRQGXFHQWHFRQLQWHUUXWWRULVWUXPHQWLHGLVSOD\SHUIHWWD
PHQWHSRVL]LRQDWLFRQYLQFHQRQVRORSHUODVWUDRUGLQDULDIXQ]LRQDOLWjHGHUJRQRPLD
PDDQFKHSHUODTXDOLWjSHUFHSLELOHGHLPDWHULDOLSUHJLDWL
&OLPDWL]]DWRUHDXWRPDWLFREL]RQD
,OFOLPDRWWLPDOHqXQDTXHVWLRQHPROWR
LQGLYLGXDOHSHUFXLDERUGRGHOOD
QXRYD2SHO$VWUD6SRUWV7RXUHUFRQGX
FHQWHHSDVVHJJHURSRVVRQRUHJRODUOR
LQPRGRLQGLSHQGHQWH'LVHULHSHU
6SRUWH&RVPR
9RODQWHULVFDOGDELOH1HVVXQDSDXUD
GHOJHOR8QLFDYHWWXUDQHOODFDWHJRULD
GHOOHFRPSDWWHODQXRYD2SHO$VWUD
6SRUWV7RXUHUSURSRQHLOYRODQWHULVFDO
GDELOH2S]LRQH
3UHJLDWRVHGLOHFRQVLJLOOR
GLTXDOLWj$*5$]LRQH
VFKLHQDVDQD,OVLJLOOR
$*5JDUDQWLVFHSDUWLFR
ODULFDUDWWHULVWLFKHGL
TXDOLWjHGqFRQIHULWR
GDXQDFRPPLVVLRQH
GLHVSHUWLFRPSRVWDGD
PHGLFLHWHUDSHXWL/D
FRQGL]LRQHIRQGDPHQWDOHqFKHOD
VDJRPDGHOORVFKLHQDOHSRVVDHVVHUH
DGHJXDWDFRQSUHFLVLRQHDOODSRVWXUD
QDWXUDOHGHOODFRORQQDYHUWHEUDOH
&LzqSRVVLELOHJUD]LHDOODUHJROD]LRQH
HOHWWURSQHXPDWLFDDSRVL]LRQLGHO
VRVWHJQRORPEDUHLQWHJUDWR5HJROD]LRQL
H[WUDOXQJKHDVVLFXUDQRODSRVL]LRQHGL
VHGXWDFRUUHWWDPHQWUHO¶LQFOLQD]LRQH
UHJRODELOHVHSDUDWDPHQWHSHUVHGXWDH
VFKLHQDOHSHUPHWWHXQFRPIRUWSHUVR
QDOL]]DWR,QROWUHLOVHGLOHqSURYYLVWRGL
VXSSRUWRFRVFLDUHJRODELOHSHUULODVVDUH
OHJDPEH2S]LRQH
3RJJLDWHVWDDWWLYLPRGDOLWj
6RVWHJQRORPEDUHHOHWWUR
SQHXPDWLFRDSRVL]LRQL
5HJROD]LRQHLQFOLQD]LRQHGHOOR
VFKLHQDOH
5HJROD]LRQHDOWH]]DVHGLOH
5HJROD]LRQHLQFOLQD]LRQH
VHGXWD
6XSSRUWRFRVFLDUHJRODELOH
,OVHGLOH$*5qGLVSRQLELOHVLDSHUFRQGXFHQWH
HSDVVHJJHURDQWHULRUHVLDSHULOFRQGXFHQWH
VROR
&RPIRUW
)DULDGDWWLYLHDGRULHQWDPHQWRDXWRPDWLFR$)/*XLGDUHGLQRWWH
ULFKLHGHPDVVLPDDWWHQ]LRQHFRQFHQWUD]LRQHHFDSDFLWjYLVLYDLQ
FLWWjFRPHLQFDPSDJQDHDQFKHLQDXWRVWUDGD,IDULDGDWWLYL$)/
GHOODQXRYD2SHO$VWUD6SRUWV7RXUHUDVVLFXUDQRFRQQRYHIXQ]LRQL
G¶LOOXPLQD]LRQHDXWRPDWLFKHOHFRQGL]LRQLGLYLVLELOLWjRWWLPDOLLQTXDO
VLDVLVLWXD]LRQHGLPDUFLD4XLQGLPDJJLRUHVLFXUH]]DHXQDJXLGD
SLULODVVDWDDQFKHGLQRWWH2S]LRQH
/XFLGLPDUFLDGLXUQDD/('$SSDULUH
HGHVVHUHYLVWLPHJOLROHFDUDWWHULVWLFKH
OXFLGLPDUFLDGLXUQDD/('KDQQRXQ
FRQVXPRPLQLPRGLHQHUJLDPDDVVLFX
UDQRODPDVVLPDDWWHQ]LRQH2S]LRQH
/XFHVXVWUDGHGLTXDUWLHUH±NPK
3HULOOXPLQDUHPHJOLRDVLQLVWUDHD
GHVWUDDEDVVDYHORFLWjLIDULUXRWDQR
GLƒYHUVRO¶HVWHUQR
/XFHQHLFHQWULXUEDQL±NPK
$TXHVWDYHORFLWjVHLOVLVWHPDULOHYD
XQ¶LOOXPLQD]LRQHGLWLSRVWUDGDOH$)/
FRPPXWDVXOSURILORG¶LOOXPLQD]LRQH
DGHJXDWR
/XFHIXRULORFDOLWjNPK/¶LOOX
PLQD]LRQHLQSURIRQGLWjGHOERUGR
GHVWURGHOODVWUDGDSHUPHWWHGLULFRQR
VFHUHJLjGDORQWDQROHSRWHQ]LDOLIRQWL
GLSHULFRORDGHVDQLPDOLVHOYDWLFL
/XFHDXWRVWUDGDOHGDNPK9LDJ
JLDQGRDYHORFLWjFRVWDQWHHVRVWHQXWD
$)/ULFRQRVFHFKHYLDJJLDWHLQDXWR
VWUDGDHDXPHQWDODSRUWDWDHODOXPL
QRVLWjGHLIDUL
/XFHSHUPDOWHPSRILQRDNPK
4XDQGRSLRYHF¶qLOSHULFRORGLDEED
JOLDPHQWRSHUYRLHSHULOWUDIILFRLQYHUVR
DFDXVDGHOULIOHVVRGDYDQWLDOO¶DXWR
SHUFXLO¶LOOXPLQD]LRQHYLHQHULGRWWD
)DULDEEDJOLDQWLDXWRPDWLFLWXWWHOH
YHORFLWj$QDEEDJOLDQWL"$EEDJOLDQWL"
$)/VLDVVXPHLOFRPSLWRHUHDJLVFH
DXWRPDWLFDPHQWHDGHVDOWUDIILFRLQ
VHQVRLQYHUVR
,OOXPLQD]LRQHGLQDPLFDGHOODFXUYD
WXWWHOHYHORFLWj3HULOOXPLQDUHPHJOLR
OHFXUYHLIDULVHJXRQRO¶DQGDPHQWRGHOOD
VWUDGD
/XFHVWDWLFDGLVYROWDILQRDNPK
HLQUHWURPDUFLD$WWLYDWDGDOO¶LQGLFDWRUH
GLGLUH]LRQHDXPHQWDODVLFXUH]]DQHOOH
VYROWHDJOLLQFURFL
6LFXUH]]D
,QIRWDLQPHQW,VLVWHPL,QIRWDLQPHQW
GHOODQXRYD2SHO$VWUD6SRUWV7RXUHU
VLGLVWLQJXRQRSHUODIDFLOLWjG¶XVR
HO¶DPSLDJDPPDGHOOHIXQ]LRQL$VFROWDUH
ODUDGLRSUHIHULWDLQTXDOLWjHFFHOOHQWH
IDUVLLQGLFDUHODVWUDGDGDOQDYLJDWRUH
FROOHJDUHO¶L3RGHJHVWLUORFRPRGDPHQWH
GDOYRODQWHRSSXUHWHOHIRQDUH±LQWXWWL
LFDVLO¶XVRqVHPSUHSLDFHYROHHLQWXLWLYR
,O'9'1DYLDGHVHPSLRPRVWUDOD
YRVWUDSRVL]LRQHVXO&RORXU,QIR'LVSOD\
GDSROOLFL,O'9'IRUQLWRFRPSUHQGH
LOVRIWZDUHGLQDYLJD]LRQHHOHPDSSH
GLROWUHSDHVLHXURSHLQRQFKpXQD
JXLGDGLYLDJJLRGLJLWDOHFRPSOHWDFRQ
LPPDJLQL&RSLDWLHPHPRUL]]DWLQHOOD
PHPRULDIODVKLQWHUQDGL*%LGDWL
GLQDYLJD]LRQHVRQRLPPHGLDWDPHQWH
GLVSRQLELOL$OWUHFDUDWWHULVWLFKHJXLGD
VWUDGDOHGLQDPLFDHYLVXDOL]]D]LRQH
VXPDSSDGHOOHVHJQDOD]LRQL70&
$XGLROHWWRUH&'FRPSDWLELOH03
DOWRSDUODQWL[:[HPLWWHQWL
SURJUDPPDELOLSUHVDVWHUHR$8;,1
HSUHVD86%2S]LRQH
,O&'1DYLqGRWDWRDQFK¶HVVRGHO
&RORXU,QIR'LVSOD\DGDOWDULVROX]LRQH
GDSROOLFLHSRVVLHGHOHPHGHVLPHIXQ
]LRQLDXGLRGHOPRGHOOR'9'1DYL
WXWWDYLDODQDYLJD]LRQH&+$DYYLHQH
WUDPLWHLOOHWWRUH&'3HUXQDFFHVVR
UDSLGRLOVRIWZDUHGLQDYLJD]LRQHSXz
HVVHUHFDULFDWRVXOODPHPRULDIODVK
LQWHUQDGD*%2S]LRQH
&RORXU,QIR'LVSOD\,O&RORXU,QIR'LVSOD\
DQWLULIOHVVRqSRVL]LRQDWRLGHDOPHQWH
QHOFDPSRYLVLYRGHOFRQGXFHQWHHDF
FRSSLDWRDO'9'1DYLYLVXDOL]]D
OHPDSSHLQ'LQGLPHQVLRQLGDSROOLFL
GDXQDSURVSHWWLYDDYRORG¶XFFHOOR
2S]LRQH
3UHGLVSRVL]LRQHFHOOXODUH3RWHWHVFH
JOLHUHWUDXQDVROX]LRQHFRQLQWHUIDFFLD
%OXHWRRWKŒHFRPDQGLYRFDOLRSSXUH
LQDJJLXQWDODEDVHSHUFROOHJDUHLOVXS
SRUWRVSHFLILFRSHULOFHOOXODUHFKHXWLOL]]D
ODIXQ]LRQHGLULFDULFDHO¶DQWHQQD*60
2S]LRQH
,QILQLW\6RXQG6\VWHP&RQ,QILQLW\6RXQG6\VWHPODQXRYD2SHO$VWUD6SRUWV7RXUHU
GLYHQWDXQDVDODGDFRQFHUWRPRELOH6HWWHFDQDOLGD:GLSRWHQ]DO¶XQR
XQSURFHVVRUHDXGLRGLJLWDOH'63HDOWRSDUODQWLSRVL]LRQDWLLQPRGRVWUDWHJLFR
FLDVFXQRUHJRODWRVXOOHFDUDWWHULVWLFKHDFXVWLFKHGHOO¶DELWDFRORGHOODQXRYD
2SHO$VWUD6SRUWV7RXUHUSURGXFRQRXQ¶HVSHULHQ]DVRQRUDFKHVRGGLVIDJOLRUHFFKL
SLILQL2S]LRQH
,QIRWDLQPHQW
6FKLHQDOLSRVWHULRUL
)OH[)ROG'DYYHURXQLFL
QHOODFDWHJRULDJOLVFKLH
QDOL)OH[)ROGFRQVEORF
FDJJLRUHPRWRFUHDQR
PDJJLRUVSD]LRGLFDULFRSUHPHQGRXQ
SXOVDQWH*OLLQWHUUXWWRULDVLQLVWUDHD
GHVWUDGHOEDJDJOLDLRVRQRDSRUWDWDGL
PDQRFRQSRUWHOORQHDSHUWRÈVXIILFLHQWH
SUHPHUHLOSXOVDQWHHORVFKLHQDOHULVSHW
WLYRVLULEDOWDDXWRPDWLFDPHQWHLQDYDQWL
)LQRDOLWULGLYROXPHGLFDULFR6RQR
VXIILFLHQWLSRFKLJHVWLSHUDPSOLDUHLO
EDJDJOLDLR,OGLYDQRSRVWHULRUHVXGGL
YLVRLQVHJPHQWLHJOLVFKLHQDOL
FRQLSRJJLDWHVWDVLULEDOWDQRLQDYDQWL
6LFUHDXQYDQRGLFDULFRVHQ]DIDVWLGLRVL
VFDOLQLFRQXQDVXSHUILFLHSLDQDOXQJD
PHWUL
&RSHUWXUDEDJDJOLDLR(DV\$FFHVV
%DVWDXQWRFFRHSHUFDULFDUHHVFDUL
FDUHFRPRGDPHQWHODFRSHUWXUDGHO
EDJDJOLDLRVFLYRODYHUVRO¶DOWRRLQDYDQWL
QHOODFXVWRGLDHVWUDLELOHFKHTXDQGR
QRQVHUYHSXzHVVHUHULSRVWDQHOSDYL
PHQWRGHOEDJDJOLDLR
9DQRVRWWRLOEDJDJOLDLR,GHDOHSHU
RJJHWWLFKHVLXVDQRVRORVDOWXDULDPHQWH
LOYDQRVRWWRLOSDYLPHQWRGHOEDJDJOLDLR
KDXQYROXPHFKHLQIXQ]LRQHGHOO¶HTXL
SDJJLDPHQWRSXzDUULYDUHILQRDOLWUL
0DVVLPDIOHVVLELOLWj$OILQHGLSRWHUVIUXWWDUHDSSLHQROHUHJROD]LRQLH[WUDOXQJKHGHL
VHGLOLDQWHULRULEDVWDWRJOLHUHOHVHGXWHSRVWHULRUL*DQFLHVWUDLELOLQHOEDJDJOLDLR
SHUPHWWRQRGLWUDVSRUWDUHYHUWLFDOPHQWHHLQPRGRVLFXUROHERUVHGHOODVSHVD9DQL
SRUWDRJJHWWLDVLQLVWUDHDGHVWUDGHOEDJDJOLDLRDFFROJRQRLSLFFROLXWHQVLOL
)OHVVLELOLWj
&RORUL
%LDQFR1HYH
5RVVR3RZHU
*ULJLR&DUERQLR
%OX)UHVFR
)UHVK0LQW
/DJR$UJHQWHR
$UJHQWR$UJRQ
%OX2FHDQR
1HUR=DIILUR
$VWUD6SRUWV7RXUHU
&RUGRED1HUR
$WODQWLV1HUR
/LVWHGHFRUDWLYH3HUOD1HUR
(QMR\
6FHQH1HUR
$WODQWLV1HUR
/LVWHGHFRUDWLYH*ULJLR7LWDQLR
(QMR\
6FHQH5RVVR
$WODQWLV1HUR
/LVWHGHFRUDWLYH*ULJLR7LWDQLR
(QMR\
6FHQH%OX
$WODQWLV1HUR
/LVWHGHFRUDWLYH*ULJLR7LWDQLR
6SRUW
/DFH1HUR
$WODQWLV1HUR
/LVWHGHFRUDWLYH
/DFFD3LDQRIRUWH3ODWLQR
&RVPR
5LEERQ1HUR0RUURFDQD1HUR
/LVWHGHFRUDWLYH
0DWUL[3ODWLQR
&RVPR
5LEERQ%HLJH
0RUURFDQD&RFRD
/LVWHGHFRUDWLYH
0DWUL[&RFRD3DOODGLXP
&RVPR
6HGLOHHUJRQRPLFRFRQ
VLJLOOR$*53HOOH&RFRD
/LVWHGHFRUDWLYH
0DWUL[&RFRD3DOODGLXP
6HGLOHHUJRQRPLFRFRQ
VLJLOOR$*5
/DFH1HUR$WODQWLV1HUR
/LVWHGHFRUDWLYH
VSHFLILFKHSHUPRGHOOR
6HGLOHHUJRQRPLFRFRQ
VLJLOOR$*5
3HOOH1HUR
/LVWHGHFRUDWLYH
VSHFLILFKHSHUPRGHOOR
)RUQLWXUDSUHYLVWDDSDUWLUHGDO
6XSHUILFLGLFRQWDWWRVHGLOHLQSHOOH
5LYHVWLPHQWR
(QMR\
&RUGRED
$WODQWLV
&RORUHGHOULYHVWLPHQWR
6SRUW
6FHQH
$WODQWLV
5LYHVWLPHQWL
$VWUD6SRUWV
7RXUHU
0RGHOOR
&RVPR
/DFH
$WODQWLV
/DFH
$WODQWLV
3HOOH
5LEERQ
0RUURFDQD
/DFH
$WODQWLV
3HOOH
1HUR
1HUR
1HUR
1HUR
5RVVR
1HUR
%OX
1HUR
1HUR
1HUR
1HUR
1HUR
1HUR
1HUR
1HUR
%HLJH
&RFRD
1HUR
1HUR
1HUR
&RFRD
●
●
●
●
●
●
●
●
●
●
●
●
●
●
±
±
●
●
●
●
±
●
●
±
*ULJLR&DUERQLR
●
●
●
●
●
●
●
●
●
●
●
●
%OX)UHVFR
●
●
±
±
●
●
●
●
●
●
●
●
)UHVK0LQW
●
●
±
±
●
●
●
●
●
●
●
●
/DJR$UJHQWHR
●
●
●
●
●
●
●
●
●
●
●
●
$UJHQWR$UJRQ
●
●
●
●
●
●
●
●
●
●
●
●
9HUQLFLDWXUDXQLWD
%LDQFR1HYH
9HUQLFLDWXUDOXFLGD
5RVVR3RZHU
9HUQLFLDWXUHDGRSSLRVWUDWRPHWDOOL]]DWH
9HUQLFLDWXUHDGRSSLRVWUDWRDGHIIHWWRPLQHUDOH
%OX2FHDQR
●
●
±
●
●
●
●
●
±
●
●
±
1HUR=DIILUR
●
●
●
●
●
●
●
●
●
●
●
●
/LVWHGHFRUDWLYH
3HUOD1HUR
●
±
±
±
±
±
±
±
±
±
±
±
*ULJLR7LWDQLR
±
●
●
●
●
±
±
±
±
±
±
±
/DFFD3LDQRIRUWH3ODWLQR
±
±
±
±
±
●
●
±
±
±
±
±
0DWUL[3ODWLQR
±
±
±
±
±
±
±
●
±
●
●
±
0DWUL[&RFRD3DOODGLXP
±
±
±
±
±
±
±
±
●
±
±
●
● GLVSRQLELOH± QRQGLVSRQLELOH6HGLOHHUJRQRPLFRFRQVLJLOOR$*55LYHVWLPHQWRLQSHOOH6XSHUILFLGLFRQWDWWRVHGLOHLQSHOOH&RQWUDWWDPHQWR7RS7HF)RUQLWXUDSUHYLVWDDSDUWLUHGDO2S]LRQH
3:03:3&HUFKLRLQDFFLDLRñ-[ULVS
-[SQHXPDWLFR5ULVS
5'LVHULHVX$VWUD6SRUWV
7RXUHUH(QMR\ULVSRS]LRQDOHVX(QMR\
3:7&HUFKLRGHVLJQ-[
LQGHVLJQDUD]]H
SQHXPDWLFR5
2S]LRQDOHVX(QMR\
3:;&HUFKLRLQOHJDOHJJHUD-[
LQGHVLJQDUD]]H
SQHXPDWLFR5
'LVHULHVX6SRUWRS]LRQDOHVX(QMR\
3*4&HUFKLRLQOHJDOHJJHUD-[
LQGHVLJQDUD]]H
SQHXPDWLFR5
'LVHULHVX&RVPRRS]LRQDOHVX(QMR\
3=93=-&HUFKLRLQOHJDOHJJHUD
ñ-[ULVS-[LQGHVLJQDUD]]H
GRSSLHSQHXPDWLFR5ULVS
52S]LRQDOHVX6SRUWH&RVPR
3=:3=.&HUFKLRLQOHJDOHJJHUD
ñ-[ULVS-[LQGHVLJQDUD]]H
DUDJJLSQHXPDWLFR5ULVS
52S]LRQDOHVX6SRUWH&RVPR
3=6&HUFKLRLQOHJDOHJJHUD-[
LQGHVLJQDUD]]HSQHXPDWLFR5
2S]LRQDOHVX6SRUWH&RVPR
4$&HUFKLRLQOHJDOHJJHUD-[
LQGHVLJQDUD]]HGRSSLHSQHXPDWLFR
52S]LRQDOHVX6SRUWH&RVPR
6RORFRQDXWRWHODLRVSRUWLYRR)OH[5LGHQRQFRQ&'7,
FRQFDPELRDXWRPDWLFR
&HUFKL
McCann momentum
&HUWLILFDWR3()&
3HIF
4XHVWDEURFKXUHqVWDWDUHDOL]]DWD
VXFDUWDFHUWLILFDWDGDJHVWLRQH
IRUHVWDOHVRVWHQLELOHHULQWUDFFLDELOH
&+L0<
ÈSRVVLELOHFKHO¶HTXLSDJJLDPHQWRGLVHULHRVSHFLDOHGLDOFXQHDXWRLOOXVWUDWHQHOSUHVHQWHFDWDORJRQRQFRUULVSRQGDDOODGRWD]LRQHGHLYHLFROL2SHOSHUOD6YL]]HUD$OULJXDUGR
EDVWDFRQVXOWDUHLOOLVWLQR¨(TXLSDJJLDPHQWR3UH]]L©ULODVFLDWRGD*HQHUDO0RWRUV6XLVVHHGLVSRQLELOHSHUFLDVFXQPRGHOOR,FRORULGLVWDPSDULSURGXFRQRVRORDSSURVVLPDWLYD
PHQWHOHWRQDOLWjDXWHQWLFKH*HQHUDO0RWRUV6XLVVHVLULVHUYDLOGLULWWRGLPRGLILFDUHLQTXDOVLDVLPRPHQWRHVHQ]DSUHDYYLVRFRVWUX]LRQHGDWLHGHTXLSDJJLDPHQWRGHLVXRL
PRGHOOL,YHLFROL2SHOVRQRHTXLSDJJLDWLFRQFRPSRQHQWLSURYHQLHQWLGDGLYHUVHXQLWjGLSURGX]LRQH2SHO*0HGDIRUQLWRULHVWHUQLSURGRWWLVHFRQGROHQRUPHGLTXDOLWj2SHO
‡$UW‡*HQHUDO0RWRUV6XLVVH6$‡ZZZRSHOFK