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| Assogestioni Category | Balanced |
| Year of inception | may-88 |
| Currency of denomination | Euro |
| Geographical areas | Europa, North America, South America, Asia and Pacific |
| Bearer ISIN | IT0000382603 |
| Benchmark | 25% MIB-R; 25% Standard & Poor's Global 100 in local currency; 40% Merrill Lynch EMU Direct Governments, 1-10 years; 10% MTS BoT |
| Goal | Growth of invested capital |
| Holding period | Medium-Long term (3/7 years) |
| Risk level | Medium-High |
| Initial payment | 1,000 € |
| Management commission | 1.20% (per annum)* |
| Performance commission | 25% of the percent increase in the unit value exceeding the increase of the corresponding benchmark index |
| Fee Cap | 2% |
| one-year return (30/09/08 - 30/09/09) | 6.89% |
| one-year return of benchmark (30/09/08 - 30/09/09) | 4.18% |
| average annual compound return over five years (30/09/04 - 30/09/09) | 2.60% |
| average annual compound return of benchmark over five years (30/09/04- 30/09/09) | 3.06% |
AREA OF INVESTMENT
Primarily equities and bonds issued by the European Union and OECD member countries.
INVESTOR PROFILE
Stock and bond market volatility may lead to temporary decreases in the value of investment. As a consequence, the type of investments employed by the fund makes it suitable for investors with a medium-to-high risk tolerance and a medium-to-long holding period.
MANAGEMENT STYLE
The portfolio is managed actively and dynamically and may involve significant deviance from the benchmark.
The investment philosophy focuses on macroeconomic research aimed at determining the weight of the equity and bond components. The investment philosophy for the equity component of the portfolio focuses on an analysis of fundamentals at both the macroeconomic level (i.e., in order to determine allocation by geographical area and currency) and the industry and company levels.
As a result, decisions are taken after conducting research into income prospects, valuation levels, cash flow analysis, and risk control. The bond component of the portfolio is managed through particular attention towards macroeconomic research in the areas of growth and inflation expectations and the goals and interventions of central banks in the area of monetary policy.
The analysis of the interest-rate structure and the corporate sector represents an important supporting element. Technical analysis is employed on a complementary basis.
Returns are expressed net of tax expenses, excluding commissions.
Past returns are not indicative of future performance. Benchmark figures are prepared by considering the reinvestment of coupons and/or dividends.
(*)The management fee is calculated daily on the basis of the net asset value of each sub-fund of the SICAV and/or Fund and is deducted from the latter with a value date of the last day of stock exchange trading in each quarter.
This is a translation provided only for your convenience. Only the Italian text has legal value.
