&$3,72/8/

$1$/,=$ (&+,/,%58/8, ),1$1&,$5



$/ 175(35,1'(5,,



)21'8/ '( 58/0(17 , 1(92,$ '( )21' '( 58/0(17 1 6,67(08/

(&+,/,%58/8, ),1$1&,$5

$QDOL]D

ILQDQFLDU

XUP UHWH

HYLGHQ LH]H

SH

GH

SDUWH

HFKLOLEUXOXL ILQDQFLDU SH WHUPHQ OXQJ L SH WHUPHQ VFXUW L SH GH DOW

PRGDOLW

LOH

GH

UHDOL]DUH

SDUWH WUHSWHOH GH DFXPXODUH

E QHDVF  GH UHQWDELOLWDWH D vQWUHSULQGHULL

3HQWUX UHDOL]DUHD DFHVWRU RELHFWLYH VH XWLOL]HD]

GRX

VXUVH LPSRUWDQWH GH LQIRUPD LL ELODQ XO

L FRQWXO GH SURILW L SLHUGHUL

%LODQ XO VLQWHWL]HD]
GH UH]XOWDWH VLQWHWL]HD]

VWDUHD SDWULPRQLDO

D vQWUHSULQGHULL OD XQ PRPHQW GDW vQ WLPS FH FRQWXO

UH]XOWDWXO IOX[XULORU HFRQRPLFH L ILQDQFLDUH GH LQWUDUH GH SUHOXFUDUH L GH

LHLUH SH SHULRDGD FRQVLGHUDW  ,QIRUPD LD FRPXQ

VLQWH]

FDUH VH vQWkOQHWH vQ FHOH GRX

GRFXPHQWH GH

HVWH UH]XOWDWXO QHW SURILWXO VDX SLHUGHUHD FD R UHIOHFWDUH D UHQWDELOLW

LL vQWUHSULQGHULL

&D

SHULRDGHL

UHIOHFWDUH

VW ULL

SDWULPRQLDOH

ELODQ XO

VWDELOLW

OD

VIkULWXO

GH

JHVWLXQH

H[HUFL LX ILQDQFLDU GHVFULH VHSDUDW HOHPHQWHOH GH DFWLY L GH SDVLY DOH vQWUHSULQGHULL

$FWLYXO VH FRPSXQH GLQ EXQXUL GH LQXWH GH vQWUHSULQGHUH GUHSWXUL GH SURSULHWDWH H[HUFLWDWH
DVXSUD OXFUXULORU L FUHDQ H GUHSWXUL DVXSUD WHU LORU
VH

3DVLYXO

FRPSXQH

GLQ

FDSLWDOXUL

SURSULL

vQWUR

P VXU

FRQVLGHUDELO 

GLQ

GDWRULL

FRQWUDFWDWH GH vQWUHSULQGHUH L QHUDPEXUVDWH vQF 

'LIHUHQ D GLQWUH DFWLYXO WRWDO L GDWRULLOH WRWDOH FRQWUDFWDWH UHIOHFW
HYDOXDUH FRQWDELO
UHG

L SULQFLSDO

D vQWUHSULQGHULL OD GDWD vQFKHLHULL H[HUFL LXOXL (FXD LD IXQGDPHQWDO

D ELODQ XOXL

D vQWUHSULQGHULL

VLWXD LD QHW

6,78$
6LWXD LD QHW
V Q WRDVH

R SULP

,$ 1(7

$&7,9  '$725,,

HVWH FHO PDL DGHVHD SR]LWLY

$FHDVW

VLWXD LH

PDUFKHD]

L FUHVF WRDUH FD HIHFW DO XQHL JHVWLXQL HFRQRPLFH

DWLQJHUHD

RELHFWLYXOXL

SULQFLSDO

DO

JHVWLXQLL

ILQDQFLDUH

UHVSHFWLY PD[LPL]DUHD YDORULL FDSLWDOXULORU SURSULL D DFWLYXOXL QHW ILQDQ DW GLQ DFHVWH FDSLWDOXUL
6LWXD LD QHW
DFWLYXOXL

UHDO

GH

SRDWH DYHD vQ DQXPLWH FD]XUL YDORDUH QHJDWLY  $FHDVWD VHPQLILF

F WUH

GDWRULLOH

WRWDOH

FRQWUDFWDWH

GH

vQWUHSULQGHUH

DVWIHO

FRQVHFLQ D vQFKHLHULL FX SLHUGHUL D H[HUFL LLORU DQWHULRDUH 6XPD DFHVWRU SLHUGHUL

FDSLWDOXULOH SURSULL LDU SDUWHD QHDFRSHULW

GH

R GHS LUH D
VLWXD LH

HVWH

D FRQVXPDW LQWHJUDO

D U PDV vQ VDUFLQD FUHGLWRULORU FD UH]XOWDW DO DVXP ULL

ULVFXOXL GH LQVROYDELOLWDWH DO vQWUHSULQGHULL

%LODQ XO RIHU

FULWHULL GH DSUHFLHUH D HFKLOLEUXOXL ILQDQFLDU OD XQ PRPHQW GDW SUHFXP L ED]D

GH FDOFXO SHQWUX HODERUDUHD EXJHWHORU vQWUHSULQGHULL

'LQ SXQFW GH YHGHUH ILQDQFLDU ILHFDUH HOHPHQW GH DFWLY UHSUH]LQW
E QHWL

$FHVWH

HOHPHQWH

VXQW

WUDQVIRUPDWH vQ EDQL Q ELODQ

VWUXFWXUDWH

GXS

JUDGXO

ORU

GH

OLFKLGLWDWH

R DORFDUH GH IRQGXUL
SRVLELOLWDWHD

GH

IL

VH vQVFULX PDL vQWkL DFWLYHOH FHOH PDL SX LQ OLFKLGH FX SHULRDGD FHD

PDL PDUH GH UHFXSHUDUH

 ,PRELOL] UL QHFRUSRUDOH EUHYHWH OLFHQ H P UFL GH IDEULF

L FRPHUFLDOH VWXGLL HWF

 ,PRELOL] UL FRUSRUDOH WHUHQXUL FO GLUL PDLQL XWLODMH LQVWDOD LL HWF

 ,PRELOL] UL ILQDQFLDUH SDUWLFLSD LL WLWOXUL FXPS UDWH HWF
'DWRULW

URWD LHL

OHQWH

FDSLWDOXULORU

LQYHVWLWH

DFHVWH

DFWLYH

VH

PDL

QXPHVF

DORF UL

SHUPDQHQWH
Q ELODQ
GHFkW

DFWLYHOH

VH vQVFULX DSRL DFWLYHOH FLUFXODQWH

LPRELOL]DWH

'LQ

DFHVW

PRWLY

HOH

VWRFXUL FUHDQ H OLFKLGLW

VH

PDL

QXPHVF

DORF UL

L PXOW PDL OLFKLGH

FLFOLFH

WHPSRUDUH

5HFXSHUDUHD FDSLWDOXULORU LQYHVWLWH VH IDFH GXS

Q

ILQDO

vQ

ELODQ XOXL

DFWLYXO

VH

vQFKHLHUHD XQL FLFOX GH H[SORDWDUH

vQVFULX

HYHQWXDOHOH

SLHUGHUL

FDUH

VH

DVLPLOHD]

FX

GLPLQXDUH GH FDSLWDOXUL SURSULL

3DVLYXO

ELODQ XOXL

UHIOHFW 

GLQ

SXQFW

GH

YHGHUH

ILQDQFLDU

FDSLWDOXULORU SURSULL L vPSUXPXWDWH 3DVLYHOH VXQW VWUXFWXUDWH GXS

VXUVHOH

GH

SURYHQLHQ

RUGLQHD GH H[LJLELOLWDWH vQVXLUHD

ORU GH D GHYHQL VFDGHQWH OD XQ DQXPLW WHUPHQ

0DL vQWkL VH vQVFULX FDSLWDOXULOH SURSULL SURYHQLWH GH OD DVRFLD L DSRL FHOH GLQ UHLQYHVWLUL DOH
DFXPXO ULORU DQWHULRDUH UH]HUYH L GLQ VXUVH SXEOLFH VXEYHQ LL SURYL]LRDQH UHJOHPHQWDUH 3UDFWLF
DFHVWH VXUVH QX DX R VFDGHQ

GHFkW vQ VLWXD LL GH IDOLPHQW GHFL QX VXQW H[LJLELOH PRWLY SHQWUX FDUH

VH PDL QXPHVF L VXUVH SHUPDQHQWH VWDELOH 7RW vQ FDWHJRULD VXUVHORU SHUPDQHQWH VH vQVFULX L
GDWRULLOH ILQDQFLDUH vPSUXPXWXULOH FRQWUDFWDWH SH WHUPHQ OXQJ FX VFDGHQ

vQGHS UWDW 

'DWRULLOH SH WHUPHQ VFXUW FUHGLWH IXUQL]RUL GHFRQW UL VXQW FHOH PDL H[LJLELOH L GH DFHHD VH
PDL QXPHVF VXUVH FLFOLFH WHPSRUDUH (OH VXQW FRQWUDFWDWH vQ FHD PDL PDUH SDUWH SHQWUX QHFHVLW

GH SURGXF LH L VXQW QXPLWH DGHVHD GDWRULL DOH FLFOXOXL GH H[SORDWDUH

$ORF ULOH

SHUPDQHQWH

VXQW

DFRSHULWH

GLQ

VXUVH

SHUPDQHQWH

FDSLWDOXUL

ILQDQFLDUH &X FkW VXUVHOH SHUPDQHQWH VXQW PDL PDUL GHFkW QHFHVLW
IRQGXULORU E QHWL FX DWkW vQWUHSULQGHUHD GLVSXQH GH R PDUM

SURSULL

GDWRULL

LOH SHUPDQHQWH GH DORFDUH D

GH VHFXULWDWH FDUH R SXQH OD DG SRVW GH

VLWXD LL QHSUHY ]XWH

$FHVW VXUSOXV GH UHVXUVH SHUPDQHQWH GHJDMDW GH FLFOXO GH ILQDQ DUH D LQYHVWL LLORU SRDWH IL
UXODW SHQWUX UHvQQRLUHD VWRFXULORU L FUHDQ HORU $FHDVW

XWLOL]DUH SRWHQ LDO

D PDUFDW L GHQXPLUHD

OXL GH IRQG GH UXOPHQW

(O HVWH H[SUHVLD UHDOL] ULL

HFKLOLEUXOXL ILQDQFLDU SH WHUPHQ OXQJ

)21' '( 58/0(17

6856( 3(50$1(17(  $/2&

SURSULL  'DWRULL ILQDQFLDUH ,PRELOL]

1HFHVLW

UL QHWH I

5, 3(50(17(

DPRUWL]

&DSLWDOXUL

UL

LOH GH ILQDQ DUH DOH SURGXF LHL UHVSHFWLY FLFOXOXL GH H[SORDWDUH VXQW DFRSHULWH vQ FHD

PDL PDUH SDUWH GLQ VXUVH WHPSRUDUH FRUHVSXQ] WRDUH 'LIHUHQ D GLQWUH QHFHVLW
FLFOXOXL GH H[SORDWDUH L GDWRULLOH GH H[SORDWDUH HVWH QXPLW

LOH GH ILQDQ DUH DOH

QHYRLD GH IRQG GH UXOPHQW (D HVWH

H[SUHVLD UHDOL] ULL HFKLOLEUXOXL ILQDQFLDU SH WHUPHQ VFXUW D HFKLOLEUXOXL GLQWUH QHFHVDUXO L UHVXUVHOH
GH FDSLWDOXUL FLUFXODQWH DOH H[SORDW ULL
1(92,$ '( )21' '( 58/0(17

$/2&

5, &,&/,&(  6856( &,&/,&(

6WRFXUL 

&UHDQ H  'DWRULL GH H[SORDWDUH

'DF
FLFOLFH

vQ

QRUPDO

DFHDVW

UDSRUW

GDF

FX

GLIHUHQ
VXUVHOH

HVWH SR]LWLY  DWXQFL HD VHPQLILF

WHPSRUDUH

FLFOLFH

SRVLELOH

GH

XQ VXUSOXV GH QHYRL WHPSRUDUH

PRELOL]DW

DVWIHO

GH

VLWXD LH

HVWH

HVWH UH]XOWDWXO XQHL SROLWLFL GH LQYHVWL LL SULYLQG FUHWHUHD VWRFXULORU L FUHDQ HORU

$OWIHO QHYRLD GH IRQG GH UXOPHQW SRDWH HYLGHQ LD XQ GHFDODM QHIDYRUDELO vQWUH OLFKLGLWDWHD VWRFXULORU
L D FUHDQ HORU L H[LJLELOLWDWHD GDWRULLORU GH H[SORDWDUH
'DF

QHYRLD GH IRQG GH UXOPHQW HVWH QHJDWLY  HD VHPQLILF

XQ VXUSOXV GH VXUVH WHPSRUDUH vQ

UDSRUW FX QHYRLOH FRUHVSXQ] WRDUH GH FDSLWDOXUL FLUFXODQWH (D SRDWH IL DSUHFLDW

SR]LWLY GDF

HVWH

UH]XOWDWXO DFFHOHU ULL URWD LHL DFWLYHORU FLUFXODQWH L DO DQJDM ULL GH GDWRULL FX VFDGHQ H PDL UHOD[DWH
Q FD] FRQWUDU DFHDVWD QX SRDWH IL GHFkW UH]XOWDWXO XQRU vQWUHUXSHUL WHPSRUDUH vQ DSURYL]LRQDUHD L
UHvQQRLUHD VWRFXULORU
'DF

IRQGXO GH UXOPHQW OD XQ PRPHQW GDW HVWH VXSHULRU QHYRLL GH IRQG GH UXOPHQW DWXQFL

H[FHGHQWXO GH H[SORDWDUH VH UHJ VHWH VXE IRUPD XQHL WUH]RUHULL QHWH FRQFUHWL]DW

vQ GLVSRQLELOLW

E QHWL FRQWXUL EDQFDUH L vQ FDV 

75(=25(5,$ 1(7
7UH]RUHULD QHW
HILFLHQWH

)21' '( 58/0(17 1(92,$ '( )21' '( 58/0(17

HVWH H[SUHVLD FHD PDL FRQFOXGHQW

D GHVI XU ULL XQHL DFWLYLW

L HFKLOLEUDWH L

(D UHIOHFW
WHUPHQ

VFXUW

HFRQRPLF
SLD

FDOLWDWHD HFKLOLEUXOXL ILQDQFLDU DO vQWUHSULQGHULL DWkW SH WHUPHQ OXQJ FkW L SH

QUHJLVWUDUHD

XQHL

WUH]RUHULL

QHWH

GHPRQVWUHD]

L SRVLELOLWDWHD SODV ULL UHQWDELOH D GLVSRQLELOLW

VXFFHVXO

vQWUHSULQGHULL

vQ

YLD D

LORU E QHWL SHQWUX vQW ULUHD SR]L LHL HL SH


SR]LWLY

7UH]RUHULD QHW

HYLGHQ LD]

IDSWXO F

PRQHWDU $FHVW H[FHGHQW GH WUH]RUHULH XUPHD]

H[HUFL LXO ILQDQFLDU VD vQFKHLDW FX XQ VXUSOXV

ILH SODVDW SH SLD D PRQHWDU

VDX ILQDQFLDU 

3ODVDPHQWXO PRQHWDU VDX ILQDQFLDU XUP UHWH WUHL RELHFWLYH

 OLFKLGLWDWHD YDORULORU PRELOLDUH GH SODVDPHQW FXPS UDWH
 UHQWDELOLWDWHD YDORULORU PRELOLDUH GH SODVDPHQW FXPS UDWH
 VHFXULWDWHD YDORULORU PRELOLDUH GH SODVDPHQW FXPS UDWH
'H DFHHD VH UHFRPDQG
EXQ

FXPS UDUHD XQRU YDORULORU PRELOLDUH GH SODVDPHQW XRU QHJRFLDELOH L FX R

UHSXWD LH SH SLD D GH FDSLWDO

HYLGHQ LD]

QHJDWLY

7UH]RUHULD QHW

XQ GH]HFKLOLEUX ILQDQFLDU OD vQFKHLHUHD H[HUFL LXOXL

'HILFLWXO PRQHWDU DVWIHO FRQVWDWDW D IRVW DFRSHULW SULQ DQJDMDUHD GH QRL FUHGLWH GH WUH]RUHULH VDX GH
VFRQW Q DFHDVW

VLWXD LH VH YD XUP UL RE LQHUHD GH QRL FUHGLWH OD FHO PDL PLF FRVW SRVLELO

 02'(/( *(1(5$/( , ,1',&$725, $, (&+,/,%58/8, ),1$1&,$5

(FKLOLEUXO HFRQRPLFRILQDQFLDU DO vQWUHSULQGHULL VH UHDOL]HD]

DWXQFL FkQG VH UHFXSHUHD]

LQWHJUDO PLMORDFHOH FRQVXPDWH UHVSHFWLY DWXQFL FkQG YHQLWXULOH VXQW HJDOH FX FKHOWXLHOLOH
(FKLOLEUXO HFRQRPLFRILQDQFLDU JHQHUDO VH DQDOL]HD]
XQRU LQHJDOLW

SULQ LQWHUPHGLXO XQRU HJDOLW

L ILH DO

L FXP VXQW FHOH GLQ UHOD LLOH XUP WRDUH

S9
S9

S&K

S&K  S3U
S9!S&K

$,$& ! $,$&

$,$& ! $,$&

vQ FDUH
S9

 WRWDOXO YHQLWXULORU vQWUHSULQGHULL

S&K

 WRWDOXO FKHOWXLHOLORU vQWUHSULQGHULL

S3U

 SURILWXO WRWDO

 WRWDO DFWLYH H[LVWHQWH OD VIkULWXO H[HUFL LXOXL

$,$&

 WRWDO DFWLYH H[LVWHQWH OD vQFHSXWXO H[HUFL LXOXL

$,$&

3H OkQJ

DFHVWH PRGHOH JHQHUDOH GH DQDOL]

D HFKLOLEUXOXL ILQDQFLDU VH PDL XWLOL]HD]

LQGLFDWRULL FRQVDFUD L DL HFKLOLEUXOXL ILQDQFLDU UHVSHFWLY IRQGXO GH UXOPHQW QHFHVDUXO GH IRQG GH

UXOPHQW L WUH]RUHULD QHW
Q

SULQFLSLX

FD

UHJXO

JHQHUDO

FDSLWDOXULOH SHUPDQHQWH HVWH GHVWLQDW

ILQDQ DUH

DFWLYHORU

FLUFXODQWH

HVWH

ELODQ XOXL IRQGXO GH UXOPHQW RFXS

HFKLOLEUXOXL

ILQDQFLDU

DO

vQWUHSULQGHULL

SULQ

H[LVWHQ D

IRQGXOXL

R SR]L LH VWUDWHJLF  vQ VHQVXO F

GH

UXOPHQW

GLQ

UHJXO

DFRSHULULL QHYRLORU FLFOLFH WHPSRUDUH $FHDVW

vQGHSOLQLW

SDUWH

GH

FDGUXO

IDFH OHJ WXUD vQWUH SDUWHD GH MRV

D ELODQ XOXL L FHD GH VXV FDSLWDOXULOH SHUPDQHQWH GHJDMDWH GH SDUWHD GH VXV D ELODQ XOXL DFRSHU
QHYRL GH ILQDQ DUH GLQ SDUWHD GH MRV D ELODQ XOXL $FHVWH FDUDFWHULVWLFL DOH IRQGXOXL GH UXOPHQW DX
I FXW FD HO V

ILH DSUHFLDW FD FHO PDL LPSRUWDQW LQGLFDWRU DO HFKLOLEUXOXL ILQDQFLDU

([LVW 

vQ

DFHODL

WLPS

RSLQLL

SRWULYLW

F URUD

FHO

PDL

ILQDQFLDU HVWH QHFHVDUXO GH IRQG GH UXOPHQW vQWUXFkW HYLGHQ LD]

UHOHYDQW

LQGLFDWRU

DO

HFKLOLEUXOXL

DFHOH QHYRL WHPSRUDUH FDUH VXQW

UHvQQRLELOH SHUPDQHQW vQ FDGUXO FLFOXULORU GH H[SORDWDUH VXFFHVLYH DOH vQWUHSULQGHULL $FHVWH QHYRL DX
U PDV QHDFRSHULWH GLQ VXUVHOH WHPSRUDUH GDU UHvQQRLELOH vQ FDGUXO DFHORUDL FLFOXUL GH H[SORDWDUH
Q VWDUHD GH HFKLOLEUX ILQDQFLDU IRQGXO GH UXOPHQW DU WUHEXL V
UXOPHQW L V

GHJDMH R WUH]RUHULH QHW

)5

SR]LWLY 
$&  '% 

'LQ UHOD LD GH PDL VXV UH]XOW  SULQ FRPXWDWLYLWDWH F

GH UXOPHQW SOXV WUH]RUHULD QHW  RULFDUH DU IL
)5

ILH HJDO FX QHYRLD GH IRQG GH

'(;  &57
IRQGXO GH UXOPHQW HVWH HJDO FX QHYRLD GH IRQG

VLWXD LD DFHVWHLD SR]LWLY

$&  '(;  '%  &57

VDX QHJDWLY 

XQGH
$&

 DFWLYH FLUFXODQWH

'%

 GLVSRQLELOLW

'(;

 GDWRULL GH H[SORDWDUH

&57

 FUHGLWH GH WUH]RUHULH
'H DLFL UH]XOW

L E QHWL

XUP WRDUHD HFXD LH GH HFKLOLEUX ILQDQFLDU

)5

1)5  71

'LQ XOWLPD UHOD LH VH SRDWH WUDJH FRQFOX]LD F

SULQFLSDOD FRPSRQHQW

HVWH IRQGXO GH UXOPHQW 0 ULPHD QHYRLL GH IRQG GH UXOPHQW HVWH GHSHQGHQW

FLIUD GH DIDFHUL L SRDWH IL SUHYL]LRQDW

D HFKLOLEUXOXL ILQDQFLDU
GLUHFW SURSRU LRQDO GH

vQ IXQF LH GH SROLWLFD YLLWRDUH D FRQGXFHULL vQWUHSULQGHULL

SULYLQG YkQ] ULOH

)RQGXO GH UXOPHQW SRDWH IL DQDOL]DW vQ IXQF LH GH VWUXFWXUD FDSLWDOXULORU SHUPDQHQWH
 &DSLWDOXUL SURSULL &35
 'DWRULL ILQDQFLDUH ')1
$FHDVW

DQDOL]

DU SXQH vQ HYLGHQ

P VXUD vQ FDUH HFKLOLEUXO ILQDQFLDU VH

DVLJXU

FDSLWDOXULOH SURSULL UHVSHFWLY JUDGXO GH DXWRQRPLH D vQWUHSULQGHULL ,QGLFDWRUXO FDUH UHOHY

SULQ

JUDGXO GH

DXWRQRPLH GH OLEHUWDWH vQ OXDUHD XQRU GHFL]LL GH LQYHVWL LL SULYLQG GH]YROWDUHD vQWUHSULQGHULL HVWH
IRQGXO GH UXOPHQW SURSULX )53 (O HVWH H[FHGHQWXO GH FDSLWDOXUL SURSULL ID
H[FHGHQW GHWHUPLQDW GXS
(O VH GHWHUPLQ

GH LPRELOL] ULOH QHWH

UHSDUWL]DUHD SURILWXOXL UH]XOWDW OD vQFKHLHUHD H[HUFL LXOXL ILQDQFLDU

GXS

UHOD LD
)53

&35  ,02

XQGH
,02

 LPRELOL] ULOH QHWH

&35

 FDSLWDOXUL SURSULL
'LIHUHQ D GLQWUH IRQGXO GH UXOPHQW L IRQGXO GH UXOPHQW SURSULX UHSUH]LQW

IRQGXO GH UXOPHQW

vPSUXPXWDW )5
)5,


5$7(/(

(&+,/,%58/8,

)5

)53

),1$1&,$5

5DWHOH HFKLOLEUXOXL ILQDQFLDU VXQW GH IDSW H[SUHVLD UHDOL] ULL HFKLOLEUXOXL ILQDQFLDU SH WHUPHQ
OXQJ L VFXUW L D HFKLOLEUXOXL IXQF LRQDO HYLGHQ LLQG H[LVWHQ D VDX LQH[LVWHQ D IRQGXOXL GH UXOPHQW
QHFHVDUXOXL GH IRQG GH UXOPHQW L D WUH]RUHULHL QHWH LQGLFDWRUL DL HFKLOLEUX ILQDQFLDU
'LQ DFHDVW

FDWHJRULH IDF SDUWH UDWHOH GH ILQDQ DUH L UDWHOH GH OLFKLGLWDWDWH

5DWHOH GH ILQDQ DUH SXQ vQ HYLGHQ

PRGDOLW

LOH GH ILQDQ DUH D LQYHVWL LLORU vQWUHSULQGHULL

LQYHVWL LL FDUH SRW IL VWUDWHJLFH GH H[SORDWDUH L GH HFKLOLEUX

 5DWD GH ILQDQ DUH D LPRELOL]
ILQDQ DUH DOH LPRELOL]

ULORU VDX UDWD IRQGXOXL GH UXOPHQW HYLGHQ LD]

ULORU

vQ XUP WRDUHOH GRX

3RDWH IL GHWHUPLQDW

&DSLWDOXUL SHUPDQHQWH
$FWLYH LPRELOL]DWH QHWH

VXSUDXQLWDU

L

$FWLYH LPRELOL]DWH EUXWH

YDORDUH

PRGDOLW

5HVXUVH GXUDELOH

FRQGL LLOH GH

VHPQLILF

IDSWXO

DQVDPEOXO

LPRELOL] ULORU

HVWH

ILQDQ DW

GLQ

UHVXUVHOH GXUDELOH UHVSHFWLY GLQ FDSLWDOXULOH SHUPDQHQWH

$FHDVW

UDW

H[SULP  vQ WHUPHQL UHODWLYL XQ LQGLFDWRU HFKLYDOHQW FHOXL GH IRQG GH UXOPHQW vQ

YDORDUH DEVROXW 
&UHWHUHD UDSRUWXOXL H[SULP  WHRUHWLF R DPHOLRUDUH D VWUXFWXULL GH ILQDQ DUH LDU GLPLQXDUHD
OXL H[SULP

R GHWHULRUDUH D VLWXD LHL FX H[FHS LD FD]XOXL FkQG DFHDVWD HVWH YROXQWDU  L VH GDWRUHD]

VWDELOL] ULL

VWUXFWXULORU

ILQDQFLDUH

UHGXFHUHD

FDSLWDOXULORU

SURSULL

LQL LDO

IRDUWH

ULGLFDWH

VDX

UDPEXUVDUHD XQRU vPSUXPXWXUL QHXWLOL]DWH 

Q

WHUPHQL

QRPLQDOL

YDORDUHD

UDSRUWXOXL

QX

vQWRWGHDXQD

UHIOHFW

FRPSDUDELOLWDWHD GLQWUH QXP U WRU L QXPLWRU HVWH DGHVHD GHQDWXUDW

'H DVHPHQHD SRDWH IL GHWHUPLQDW

vQWUXFkW

GH LQIOD LH

UHIHULWRDUH OD ILQDQ DUHD SURSULH D LPRELOL] ULORU

UDWD IRQGXOXL GH UXOPHQW SURSULX

&DSLWDOXUL SURSULL

$FWLYH LPRELOL]DWH EUXWH

  
 


$FHDVW

UDW

HVWH HILFLHQW V

 5DWD DXWRILQDQ
H[SULPDW

ULL LQYHVWL LLORU P

&DSDFLWDWHD GH DXWRILQDQ DUH

,QYHVWL LLOH H[HUFL LXOXL  YDULD LD QHYRLL GH IRQG GH UXOPHQW SHQWUX H[SORDWDUH

"#!

YDORDUHD UDSRUWXOXL HVWH PDL PDUH GHFkW  vQVHDPQ

GH DXWRILQDQ DUH VXILFLHQW

5DWD

GH

vQWUHSULQGHUHD DUH FDSDFLWDWHD

SHQWUX D ILQDQ D QRLOH LQYHVWL LL SUHFXP L FUHWHUHD QHYRLL GH IRQG GH

UXOPHQW SHQWUX H[SORDWDUH JHQHUDW



SDUWHD LQYHVWL LLORU DXWRILQDQ DWH L SRDWH IL

VRDU

FX DMXWRUXO UDSRUWXOXL

'DF

ILH VXSUDXQLWDU 

QXPLW

R UDW

UHDOLWDWHD

LQYHVWLUH

GH DFHVWHD

GHWHUPLQ

vQWUHSULQGHULL I FkQG SRVLELO

PDL

H[DFW

GHFkW

SUHFHGHQWD

SURSRU LD

GH

LQYHVWLUH

DSUHFLHUHD FUHWHULL vQWUHSULQGHULL vQ UDSRUW FX SROLWLFD GH

LQYHVWL LL SURPRYDW 
,QYHVWL LH DQXDO

9DORDUHD DG

&
'% $



5DWD

ILQDQ

7UHEXLH DQDOL]DW
DFWLYXOXL

HFRQRPLF

ULL

vQ VWUkQV

HVWH

vQWUHSULQGHUHD WUHEXLH V

DFWLYXOXL

HFRQRPLF

OHJ WXU

VXEXQLWDU 
UHFXUJ

XJDW

LDU

FX UDWD GH ILQDQ DUH D LPRELOL] ULORU 'DF

UDWD

OD FUHGLWH

GH

ILQDQ DUH

EDQFDUH

LPRELOL] ULORU

FXUHQWH SHQWUX

D SXWHD

HVWH

UDWD ILQDQ

ULL

VXSUDXQLWDU 

ILQDQ D H[FHGHQWXO

QHYRLORU GH IRQG GH UXOPHQW SHQWUX H[SORDWDUH vQ UDSRUW FX UHVXUVHOH GXUDELOH

&DSDFLWDWHD GH DXWRILQDQ DUH &$) UH]XOW

GLQ VXPD DOJHEU

D XUP WRDUHORU HOHPHQWH 5H]XOWDWXO QHW DO H[HUFL LXOXL  $PRUWL] ULOH

)(

FDOFXODWH  3UHYL]LRDQHOH FDOFXODWH  9HQLWXULOH GLQ FHVLXQHD XQRU DFWLYH LPRELOL]DWH FRUSRUDOH 5HOX UL DVXSUD SUHYL]LRDQHORU
GLPLQX UL VDX DQXO UL GH SURYL]LRDQH &RWD SDUWH GLQ VXEYHQ LL UHSDUWL]DW

DVXSUD SURILWXOXL

5HVXUVH VWDELOH

1HYRL VWDELOH  1HFHVDU GH IRQG GH UXOPHQW SHQWUX

&DSLWDO HFRQRPLF

120

H[SORDWDUH

43

5HVXUVH GXUDELOH
5

 5DWD GH ILQDQ DUH D QHFHVDUXOXL GH IRQG GH UXOPHQW SHQWUX H[SORDWDUH FDUH HYLGHQ LD]
SURSRU LD FRUHVSXQ] WRDUH GH IRQG GH UXOPHQW IXQF LRQDO FH ILQDQ HD]
VWDELO

D QHFHVDUXOXL GH IRQG GH UXOPHQW OHJDW

SDUWHD FHD PDL

GH H[SORDWDUH VWRFXULOH

)RQGXO GH UXOPHQW IXQF LRQDO VDX IRQGXO GH UXOPHQW QHW JOREDO HVWH R QR LXQH OHJDW
UHDOL]DUHD

HFKLOLEUXOXL

ILQDQFLDU

DO

vQWUHSULQGHULL

H[LVWHQ D XQXL IRQG GH UXOPHQW SR]LWLY FD PDUM

vQ

RSWLF

GH VLJXUDQ

IXQF LRQDO 

FDUH

SUHVXSXQH

QX

GH
GRDU

 FL L D XQXL IRQG GH UXOPHQW DFRSHULWRU

QHYRLORU GH ILQDQ DUH D FLFOXOXL GH H[SORDWDUH $FHVW IRQG VH UHIHU

OD VXUSOXVXO UHVXUVHORU GXUDELOH vQ

UDSRUW FX YDORULOH LPRELOL]DWH L VH SRDWH GHWHUPLQD SULQ GLIHUHQ D vQWUH UHVXUVHOH GXUDELOH L QHYRLOH
VWDELOH
)RQG GH UXOPHQW IXQF LRQDO

1HYRLD GH IRQG GH UXOPHQW SHQWUX H[SORDWDUH

5
6%

$FHVW

UDSRUW

HVWH

FRQVLGHUDW

VDWLVI F WRU

GDF

IRQGXO

GH

UXOPHQW

IXQF LRQDO

UHSUH]LQW

DSUR[LPDWLY  GLQ VWRFXUL

5DWD

GH

ILQDQ DUH

EDQFDU

H[SORDW

ULL

VDX

UDWD

FUHGLWHORU

GH

WUH]RUHULH

FX UDWD GH ILQDQ DUH D QHFHVDUXOXL GH IRQG GH UXOPHQW P VRDU

FRPSOHPHQWDU

FDUH vQWUHSULQGHUHD DQJDMHD]

8
67



JUDGXO vQ

FUHGLWH EDQFDUH SH WHUPHQ VFXUW SHQWUX D VXSOLQL FDSDFLWDWHD

GH DXWRILQDQ DUH D LQYHVWL LLORU GH H[SORDWDUH

9
@

5DWHOH

GH

&UHGLWH GH WUH]RUHULH

1HYRLD GH IRQG GH UXOPHQW SHQWUX H[SORDWDUH

OLFKLGLWDWH

VDX

GH

WUH]RUHULH

FDUDFWHUL]HD]

SRUQLQG GH OD VWUXFWXUD ELODQ XOXL Q IDSW DFHVWH UDWH DSUHFLD]

VLWXD LD

ILQDQFLDU

FDSDFLWDWHD GH SODW

vQWUHSULQGHULL

D vQWUHSULQGHULL

UHVSHFWLY VROYDELOLWDWHD SH WHUPHQ VFXUW

$FHVWH UDWH VXQW VHPQLILFDWLYH vQ FD]XO XQHL FRPSDUD LL vQWUH vQWUHSULQGHUL GLQ DFHODL VHFWRU
VDX vQWUH UDWHOH FURQRORJLFH UHDOL]DWH GH DFHHDL vQWUHSULQGHUH
 5DWD OLFKLGLW

LL JHQHUDOH VDX UDWD FDSDFLW

LL GH SODW

D FLFOXOXL GH H[SORDWDUH UHIOHFW  vQ

WHUPHQL UHODWLYL IRQGXO GH UXOPHQW ILQDQFLDU

JOREDO  UHIOHFW

/LFKLGLWDWHD JHQHUDO

SRVLELOLWDWHD FRPSRQHQWHORU SDWULPRQLDOH FXUHQWH GH

D VH WUDQVIRUPD vQWUXQ WHUPHQ VFXUW vQ OLFKLGLW

/LFKLGLWDWHD JHQHUDO
YDORDUH VXSUDXQLWDU

VH DSUHFLD]
FXSULQV

GH

vQWUHSULQGHUHD

DL
HVWH

DFKLWD
SXV

FD ILLQG IDYRUDELO

DWXQFL FkQG UDWD OLFKLGLW

H[LJLELOH

LL JHQHUDOH DUH R

vQWUH 
D UDWHL GHPRQVWUHD]

9DORDUHD VXSUDXQLWDU
FDSDFLWDWHD

L SHQWUX D VDWLVIDFH REOLJD LLOH GH SODW

GDWRULLOH

OD

DG SRVW

H[LJLELOH
GH

&X

FHO SX LQ SH WHUPHQ VFXUW vQWUHSULQGHUHD DUH

FkW

LQVXILFLHQ

UDSRUWXO
GH

HVWH

PDL

WUH]RUHULH

PDUH

FDUH

DU

GHFkW
SXWHD



FX

DSDUH

DWkW
SULQ

UDPEXUVDUHD GDWRULLORU OD FHUHUHD FUHDQ LHULORU

$FWLYH FX OLFKLGLWDWH VXE XQ DQ

3DVLYH FX H[LJLELOLWDWH VXE XQ DQ

B
A

/LFKLGLWDWHD JHQHUDO
FDUH

LQIOXHQ HD] 

FXP

DUH R PDUM
DU

IL

VSRULW

QDWXUD

&DSLWDOXO HFRQRPLF HVWH GHILQLW L FD VXP

GH DSUR[LPDUH GDWRULW

VHFWRUXOXL

GH

DFWLYLWDWH

QXP UXOXL PDUH GH YDULDELOH

VWUXFWXUD

DFWLYHORU

FLUFXODQWH

D QHFHVDUXOXL GH IRQG GH UXOPHQW SHQWUX H[SORDWDUH L DFWLYHOH LPRELOL]DWH

D
C

FRUSRUDOH L QHFRUSRUDOH IRORVLWH vQ DFWLYLWDWHD GH H[SORDWDUH

LQWHQVLWDWHD VH]RQDOLW

LL HWF 'H DFHHD OLFKLGLWDWHD WUHEXLH VWDELOLW

L SULQ LPSOLFDUHD vQ DQDOL]

DFWLYHORU L SDVLYHORU FLUFXODQWH

5DWD OLFKLGLW
vQ PRQHG
OLFKLGLW

F
GE

$FWLYH FLUFXODQWH
'DWRULL H[LJLELOH SH WHUPHQ VFXUW

LL JHQHUDOH FRPSDU

DQVDPEOXO OLFKLGLW

SH WHUPHQ VFXUW FX H[LJLELOLW

LORU SRWHQ LDOH DFWLYH WUDQVIRUPDELOH

LOH SRWHQ LDOH GDWRULL UDPEXUVDELOH SH WHUPHQ VFXUW 'DF

LOH VXQW PDL PLFL GHFkW H[LJLELOLW

LOH SRWHQ LDOH vQVHDPQ

GDWRULLOH H[LJLELOH SH WHUPHQ

VFXUW QX VXQW DFRSHULWH GH FDSLWDOXULOH FLUFXODQWH GHFL IRQGXO GH UXOPHQW

VLWXD LH VHVL]HD]

IDSWXO F

D GHYHQLW QHJDWLY $FHDVW

vQWUHSULQGHUHD D LPRELOL]DW R SDUWH GLQ IRQGXULOH SURYHQLWH GLQ FUHGLWH

EDQFDUH SH WHUPHQ VFXUW FHHD FH FRQWUDYLQH UHJXOLORU GH ILQDQ DUH 9DORDUHD VXEXQLWDU
QX SUH]LQW

SHULFRO vQ FRQGL LLOH vQ FDUH JUDGXO GH OLFKLGLWDWH DO DFWLYHORU FLUFXODQWH HVWH PDL PDUH

GHFkW FHO DO GDWRULLORU SH WHUPHQ VFXUW $FHDVWD vQVHDPQ

D SXWHD DFKLWD GDWRULLOH H[LJLELOH SH WHUPHQ VFXUW I U

VWRFXULOH VH UHGXF vQ PRG WUHSWDW SHQWUX

D VWkQMHQL FRQWLQXDUHD SURGXF LHL

Q FHHD FH SULYHWH DQDOL]D HYROX LHL UDSRUWXOXL QX HVWH VXILFLHQW FD DFHVWD V

FL HVWH QHFHVDU FD VHQVXO HYROX LHL DFHVWHLD V
LOXVWUHD]

D UDSRUWXOXL

DFWLYLWDWH

vQ

GHFOLQ

FUHGLWRULL

ILH VXSUDXQLWDU

ILH FUHVF WRU 2 HYROX LH GHVFHQGHQW

WUHEXLQG

ILH

FLUFXPVSHF L

vQ

D OLFKLGLW

DFRUGDUHD

GH

LL
QRL

vPSUXPXWXUL


5DWD

OLFKLGLW

LL

UHGXVH

H[SULP

FDSDFLWDWHD

WHUPHQ VFXUW GLQ FUHDQ H L GLVSRQLELOLW

vQWUHSULQGHULL

GH

DL

RQRUD

GDWRULLOH

SH

VWRFXULOH QX VXQW ILQDQ DWH SULQ GDWRULL

SH

L

$FWLYH OLFKLGH VXE XQ DQ  VWRFXUL

3DVLYH H[LJLELOH VXE XQ DQ

#A

VDX
&UHDQ H  'LVSRQLELOLW

#A

9DORDUHD VXSUDXQLWDU
WHUPHQ

VFXUW

WHRULD

'DWRULL H[LJLELOH SH WHUPHQ VFXUW

D UDWHL HYLGHQ LD]

HFRQRPLF

VXQW

S UHUL

IDSWXO F
SRWULYLW

F URUD

UDW

FXSULQV

vQWUH



DU

UHSUH]HQWD QLYHOXO RSWLP vQ FHHD FH SULYHWH VROYDELOLWDWHD SDU LDO 

 5DWD OLFKLGLW

LL LPHGLDWH VDX UDWD FDSDFLW

GH UDPEXUVDUH LQVWDQWDQHH D GDWRULLORU

'LVSRQLELOLW

DSUHFLD]

LPHGLDW

FDUDFWHUL]HD]

FDSDFLWDWHD

L VDX /LFKLGLW

'DWRULL LPHGLDW H[LJLELOH

$2A

7HRULD HFRQRPLF

&DSDFLWDWHD GH SODW

LL GH SODW

LQkQG FRQW GH vQFDV ULOH H[LVWHQWH

FRUHVSXQ] WRDUH R UDW

HVW R UH]XOWDQW

D OLFKLGLW

LL LPHGLDWH PDL PDUH GHFkW 

D IOX[XULORU PDWHULDOH E QHWL

 $1$/,=$ &5($1 (/25 , 2%/,*$ ,,/25 1 6,67(08/ (&+,/,%58/8, ),1$1&,$5

Q FDGUXO XQHL DVWIHO GH DQDOL]H VH DERUGHD]

vQ SULQFLSDO FRUHODUHD VXPHORU FUHDQ HORU L

UHVSHFWLY REOLJD LLORU FX WHUPHQHOH GH vQFDVDUH L UHVSHFWLY GH SODW 

Q DFHVW VFRS VH GHWHUPLQ

LQGLFDWRULL VLQWHWLFL

 7HUPHQXO GH vQFDVDUH VDX GXUDWD GH LPRELOL]DUH D FUHDQ HORU

1LYHOXO DFHVWXL LQGLFDWRU SRDWH IL GHWHUPLQDW SH ED]D UHOD LHL

'

6G
5G


 6G
5G

vQ FDUH
 GXUDWD GH LPRELOL]DUH D FUHDQ HORU vQ ]LOH

'

 VXPD VROGXULORU PHGLL GHELWRDUH DOH FRQWXULORU GH FUHDQ H VROGXUL PHGLL

S6G

FDUH VH GHWHUPLQ

FX DMXWRUXO PHGLHL FURQRORJLFH SRQGHUDWH

S5G

 VXPD UXODMHORU GHELWRDUH DOH FRQWXULORU GH FUHDQ H



 QXP UXO ]LOHORU FDOHQGDULVWLFH DOH DQXOXL

 'XUDWD GH IRORVLUH D REOLJD LLORU
1LYHOXO DFHVWXL LQGLFDWRU SRDWH IL GHWHUPLQDW FX DMXWRUXO UHOD LHL

6F

'

5F

 6F

5F


vQ FDUH
 GXUDWD GH IRORVLUH D REOLJD LLORU vQ ]LOH

'

S6F

 VXPD VROGXULORU PHGLL FUHGLWRDUH DOH FRQWXULORU GH REOLJD LL IXUQL]RUL L DVLPLODWHOH ORU
VROGXUL PHGLL

S5F

FDUH VH GHWHUPLQ

FX DMXWRUXO PHGLHL FURQRORJLFH SRQGHUDWH

 VXPD UXODMHORU FUHGLWRDUH GLQWUXQ DQ DOH FRQWXULORU GH REOLJD LL IXUQL]RUL L DVLPLODWHOH ORU

'DF 
L

'

'

S 6

S 6

FHO SX LQ GLQ SXQFW GH YHGHUH WHRUHWLF VH SURGXFH R FRPSHQVDUH vQWUH FUHDQ H L REOLJD LL Q DFHVW FD]
VXPD

WRWDO

LPRELOL] ULORU

vQ

FUHDQ H

HVWH

HJDO

FX

VXPD

WRWDO

VXUVHORU

DWUDVH

IRORVLWH

IXUQL]RUL L DOWH REOLJD LL QHDFKLWDWH FHHD FH SRDWH IL H[SULPDW L FX DMXWRUXO UHOD LHL XUP WRDUH
' S6

' S6

Q VLWXD LD vQ FDUH DSDUH LQHJDOLWDWHD

' S6 ! ' S6 

DO

vQWUHSULQGHULL

HVWH

QXPHUDU

GH

IOX[XO

LQIOXHQ DW

QHJDWLY

vQWUXFkW

WRWDOXO

FUHDQ HORU

GHS HWH

WRWDOXO VXUVHORU DWUDVH

Q FD]XO FRQWUDU UHVSHFWLY
 ' S6

' S6

IOX[XO GH QXPHUDU DO vQWUHSULQGHULL HVWH LQIOXHQ DW SR]LWLY vQWUXFkW WRWDOXO VXUVHORU DWUDVH GHS HWH
WRWDOXO FUHDQ HORU
'HVLJXU F

vQ DQDOL]D HFKLOLEUXOXL ILQDQFLDU SRW IL IRORVLWH WRDWH YDULDQWHOH GH FRPELQ UL vQ

IXQF LH GH QLYHOXO FHORU SDWUX HOHPHQWH FRQVLGHUDWH '  S6  '  S6 

 S6

'

SURFHGHHOH FXQRVFXWH

S6

'H DVHPHQHD H[SUHVLLOH '

SRW IL DQDOL]DWH vQ VWDWLF

L GLQDPLF

GXS

(FKLOLEUXO ILQDQFLDU DO vQWUHSULQGHULL VH UHIHU  SUDFWLF OD WRDWH UHOD LLOH L DVSHFWHOH OHJDWH GH
JHVWLXQHD ILQDQFLDU
VXFFLQW

D vQWUHSULQGHULL Q FDGUXO DFHVWXL FDSLWRO D IRVW HIHFWXDW

GRDU R SUH]HQWDUH

D DFHVWHL YDVWH WHPDWLFL FDUH HVWH HFKLOLEUXO ILQDQFLDU DO vQWUHSULQGHULL Q WRDWH FHOHODOWH

FDSLWROH DOH $QDOL]HL VWDWLVWLFH D JHVWLXQLL ILQDQFLDUH

D vQWUHSULQGHULL SRW IL LGHQWLILFDWH

UHOD LL LQGLFDWRUL OHJD L GH HFKLOLEUXO ILQDQFLDU DO vQWUHSULQGHULL

DVSHFWH