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| Assogestioni Category | Medium/Long-Term Euro Government Bonds |
| Year of inception | April-01 |
| Currency of denomination | Euro |
| Geographical areas | Europe |
| Bearer ISIN | IT0003054167 |
| Benchmark | 45% Merrill Lynch EMU Direct Govern. 3-5 years; 45% Merrill Lynch EMU Direct Govern. 5-10 years; 10% MTS BoT |
| Goal | Gradual growth of invested capital |
| Holding period | Medium/long-term (3/7 years) |
| Risk level | Medium |
| Initial payment | 1,000 € |
| Management commission | 0.8% (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) | 8.23% |
| one-year return of benchmark (30/09/08 - 30/09/09) | 8.95% |
| average annual compound return over five years (30/09/04 - 30/09/09) | 3.18% |
| average annual compound return of benchmark over five years (30/09/04 - 30/09/09) | 4.09% |
AREA OF INVESTMENT
Bonds denominated in euro.
INVESTOR PROFILE
The type of investments employed make the fund suitable to investors who aim to achieve a moderate return on invested capital over a medium holding period.
MANAGEMENT STYLE
The portfolio is managed actively and dynamically and may involve significant deviance from the benchmark.
In order to determine allocation by geographical area, the investment philosophy focuses on macroeconomic research concerning growth expectations, consumer price dynamics, input prices, and the targets 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.
