guidare trasformazionedeltessutosociale industrialedella con tendenze consigliper insegna una All cornecina CoreadelSud rischio

Dimensione: px

Iniziare la visualizzazioe della pagina:

Download "guidare trasformazionedeltessutosociale industrialedella con tendenze consigliper insegna una All cornecina CoreadelSud rischio"

Cristoforo Mancini
8 anni fa
Visualizzazioni

1 L cnvtdvdgud mrgnt A vrsfcr B rs qu hnngudt sscurzn A prpst rsch r A prmpst prtcr Cn prssm C prtfg sttr sut s Us tndnz scttttch Lrgnstc L cunps C CrdSud spgr cn cnsg rsch crnc cnsgpr supunt gudr Us N dt Dffusn Prctà Mns INVESTIR_100003_41_301pdf Wb St wwwvstrnt Pg 38 Dmns 100 % rgn stc I gstrprôprfrsc gurdrnntnt crmntdgut pr zn ps chvrnnun ssut mpzz suprr pr urp quntputtst su qutà d prftt chvdràvc prtgnst Ps As trnd rd frestcunpscnt C ndns Cmd Sudmstrnfndmnt ttrttvmggrrsptt n gtr cnsg d mnymngr qu vstrtrmtunfnd znrasx Jpn chcnsnt rutrvcmnt scttttchsu sg susttr Fcus quchscndgud dvrbbrndrmg Brs prssm 10 nsrnnvrsd dm ngutm10nn Qust prffttd prfnd trsfrmzndtssut sc dustr gstr cs vd hthcr sgutd tursmsprttutt trn DAINuvsETTOR1 prtcr cnfrmrà mtrdcrsct veraspinta nnstnt 2010 m pr nchpr nn N fund Asquts Fdnrdr drthschd mngmnt sstagi] un] cinesi Invsttrttnt Brsnnsrnnpù sgmntdstchsncrscuttntssm ngutmcnn L pprtuntà vrrnnd trsfrmzndtssutsc dustrd C ns un spcst d Asprcpr FbSnsn Un 2010 sgn un crsctcnmc snzccss cnunfcusnntntsu crmntdgutprzn ps vstrsutt gust chvrnnun mpzz ssut rurp suprrpr quntputtstsuqutàd prftt chvdràvc prtgnst Psnrgnt prtcr As A trnd rd frest Indns mstrn fndmnt ttrttvmggr m rspttgtr qu vstrtrmtunfnd znrasx Jpn ch cnsnt vrsfcr prtfg rutrvcmnt susttr su sgbrs mdvc ffct Snqust strmsts ttn suggrmntfrnt InvstrdDvdGud fund mngrasquts Edmndd Rthschdsstmngmnt ch cst vst prtcr mtrd rst 2010 m crsctnnstntpr DvdGud EDMONDDE OTHSCHILD FUNDMANAGERASIAEQUITIES 1 5 Cpyrght Invstr Rprduzn vtt

su qutà d prftt chvdràvc prtgnst Ps As trnd rd frestcunpscnt C ndns Cmd Sudmstrnfndmnt ttrttvmggrrsptt n gtr cnsg d mnymngr qu vstrtrmtunfnd znrasx Jpn chcnsnt rutrvcmnt scttttchsu sg susttr Fcus

2 drusdvnt 3300mr cudndshngh prvtncrs stm purstdsttstch 8 6%% nchvr suprràqut10 Scànnvvnss sttdtts 13mmr Pch dr Shnzhn In M C f prsntgud mbt nrmzzr prstt suprr qust pù n fund fvrd qustsns zn gàsstnut Eurp cnm 15%% Us N dt Dffusn Prctà Mns INVESTIR_100003_41_301pdf Wb St wwwvstrnt Pg 39 Dmns 100 % Ldmnd trncs dvrbb pcrscr qustnn dunrtm cmprs tr 15 17%% nchpr prssn nn Gàr cptzzzn BrsdC HngKng ttzz5000mr Gppn tr gsttunt L crsctdpcs chn2009 hgàtcct rspttbv d 2%% Prà crnfnn ntr ch brzn sudtcssn ffttdrrr stm smpr cc UncrtcquGud rspndsnzmzztrm c rtà snmntr mprtnt rgnch gustfcn vcs t cnsns Lprm rgurdgvstmnt frstrutturch sbbnpssnrvrs mnmpnntdvrsnt stt srnnmtpùcnsstnt sufrntdgvsttrprvt Crnrch s vràunsrt vvcndmnttr sps pubbc d2010 M pttch xprtfrnsc cntrbutttspr crsct dsprtzn dp dps fssmt mt prbbmnt Gvrn cs rmttrbb nnn prtfg cnnuv mssccvstmnt trn Gud c puntnch trz mnt Pch Ldnnndtrn csdvrbb crscrqust nn dunrtm cmprs tr 17%% 10%% - 15%%d2009rsptt 2008 Scnd mngr Edmnd drthschd ptcmntr Crtndrà un m mggrrstrzn s f crsct cnmcvtndspuntmptus Dntr chpr prmvtnstrsrnn bnchcntrdpsmrgnt prmddttrmsur rstrttv ptc mntrrsptt bnchcntrd Pspùsvuppt c LBnk Ch f dvrbbmttrcrc50mr urtrnuv bbgzn cnvrtb rpnrdbt prgrss mnnpr umntr pfndptrrnnrdttpr vdcrsquntputtstpr prprrs grndrtrnd 2 5 Cpyrght Invstr Rprduzn vtt

cptzzzn BrsdC HngKng ttzz5000mr Gppn tr gsttunt L crsctdpcs chn2009 hgàtcct rspttbv d 2%% Prà crnfnn ntr ch brzn sudtcssn ffttdrrr stm smpr cc UncrtcquGud rspndsnzmzztrm c rtà snmntr mprtnt rgnch

3 Assctn zd P sttvutnd mg qut Fpp Ls prsmp tt Inc 5 ur 20vt Brmn bnc prc prftt Brun E ch vrgtàddgnr UnPs vrs Gvrn mungtrm sttvutsprttutt crt Cbbttrà numrvrsrsnturch EdmnddRthschd d cmbr sfruttr prrffrddr C rstc In qustps 3%% mg Pch ffrmgud cus I pprvzn gvrnnc R mtt vstmnt chvdn Brs s ttst prtcr I qu sfruttr rturnn qunt Ps qutàdprftt rmunrr 16 sscurzn ch frmnut frtun tuttv stm f A cntrr 12%% s tursm vvr I I I N dt Dffusn Prctà Mns INVESTIR_100003_41_301pdf Wb St wwwvstrnt Pg 40 Dmns 100 % Dspr Eps Lttrmnt Emgpr shrvvrut pr zn Inc unzd unsttr untrstznr prgnund sg tt f znrch cmpn ASEAN ASEAN crnmgs f Suth-Est AsnNtns un rgnzzzn ptc cnmc cutur nznstut nsud-ststccn scpprcp cprzn prmuvr ssstnzrcprc frg sttmmbrpr ccrr prgrss cnmc umntr stbtàd rgn Lnznchn fnnprtsnindns Ms Sgpr Thn Vtnm Cmbg ROE Rtumn quty cch sprm rdtvtàntt gbd cptprtt rsch Crrspnd rpprttr rdtnttcnsgut cpt ntt Abbrvzn rngs ttrmnt rpprt przzut rpprt tr przzdtt znr suut pr zn S prfttttpr zn un ttsnpr su qutzn Brsfss 100ur rpprt p mmntrbb un ctrprscprr qunt mrctstvutnd sprwutnd tt rsptt prftt zd rchst cnsumd prssmnn Un sgn scndgud chtstmnqunt sttuznfnzr stchsn ggmtpùsdnnstnt d mnchrsptt quccdnt Eccprché smrmcnvt vstmnt nps mrgntnspùun pzn m rpprsntunpprtuntà struttur gstr ctnch mprtnt ccrd f2009 cmmrcsgt tr Asn trmt qusnsttrmss dzsutr200prdtt Un prtc ts d ssrv chtr rncrgscmbcmmrc d nch L mss nchsnnsmnt fvr dgtrscmbcn Indns qust utm t sttr Gud dnrm prchétr ptnztà unfrt mrcttrnpssd ttu frstruttur nnprmttn ncr Gud rtftt Indns undps stc Crd C sm 2010 dprfrrpr Sud puntdcnvdr d cr chptzznch prssm dpsbrcpssssr ccuptprprdgkrt Msst unprc Lnstrprcp prccupzn ffrm gstr rgurd fzn nn stnt Indnsmnch sprttutt dvrbbsrn prmmsd2010d2%%dtr 4%%prpgrdumntrtrnr scndrnscndprt S nnvrs prvsn sràrspttt ttustrtt mntrcsrsutrà mmntn spcuzn s fzn ntràtrug Spràcànn vvnss prsmp un przzdptrstbmnttr br 100dr przz cnsumptrbbrrzr tst mdpùsgnfctv tutt prvsnndrbbrrvst pgg Anchn stt Gud rtpc prbbqustscnr mntr vutpssbunfrtcrsct 2010 dprfttzdpr prdss crsct dprfttsctr2010sn mgrprgsttunt Eurp rsptt As mn prfrm vstrnbrs stch Qustprché prsntdvd Gud rtnmsmprtnt vutr N stznrccdnt ftt sstun pssgnfctv d bnch chptrbbrdudr sptttv cs rgpùsvr ttvtàdprtd dauthrty Gvrn cntrdmrct mntrngc d Asx Jpn qutdtt fnzrnvtr gstr suggrsc gurdrnch quty cpctà cpt vsttnzn zd Asunvr2010 qutt tndnt 5%%cntr m strcd14%% Msuqusttr puntr Lrspst DvdGud prunnuvtrssnttrr sttrchdvrbbrndr mg Cnprssm10 s nnsrnnvrsdquch snsttgutm10 Qust prffttdprfnd trsfrmzn dtssutsc A dustrcs prmpst ftt vm hthcr curd sut C tss rsprmnnud fmg 40%%nchpr ffttdgtcstdcur d sut sttsc prvdpchcprtur cs Mtbn dvrbbndrnch stm sprttuttdp mt gvrntv vcnz trn dvrbbscndr vc pprt dsttrmmbr r untrqupùtrntdst I cs gstrcncudcnun cnsggvsttr Prmss chgncrrzndst stc dqucs rpprsnt unttmpprtuntà ttc mungtrmprcrmntr 3 5 Cpyrght Invstr Rprduzn vtt

s tursm vvr I I I N dt 100003-01032010 Dffusn 28000 Prctà Mns INVESTIR_100003_41_301pdf Wb St wwwvstrnt Pg 40 Dmns 100 % Dspr Eps Lttrmnt Emgpr shrvvrut pr zn Inc unzd unsttr untrstznr prgnund sg tt

4 I 35%%rsptt & Crrg As MndrOrt mmbr HngKngLnd rsdnz tgrzndsftwr Gcrt cnsunz mnnu 28%%d ttur JrnMtrs ffctà Ps pm ut Eurp t y 7 prm mmb - ut N dt Dffusn Prctà Mns INVESTIR_100003_41_301pdf Wb St wwwvstrnt Pg 41 Dmns 100 % psznrssu r cnsgm frtrmtunfndznr spczztasx Jpn -nn cnun prdttfczztsuun sgps cà prmtt prsr mdffct tr mrct vtb rtznsttr tt chdrnn vrggunt gstn LEPREFERITE NELLAREAASIAEXJAPAN EDMONDDEROTHSCHILDAM JrnMthsn Cngmrtfndt Cn 1832 Frt prsnz HngKng Indnsnsttr strbuzn DryFrm n nghts Astr trntnttrvrsjrncyc n mtrprm PUNTIDIFORZA Psznmnt prvgtcrsct cnsum crsct dprfttd30%% ttuscnt su ssttt prtfg pr unmstrc d20%% prvtzzzn ttsgà dungtrm Infsys scndgruppfrmtc ncnpù 100mddtt mpffrt srvz mnutnzn srvz utsurcg 62%%dftturtprv dgus rstdznaspcfc PUNTIDIFORZA Ottmmrchn sttrh-tch bunfssbtà dcstchprsrv mrg nchn pr mp bnfcdrprscnm d crmntdg vstmnt t tcng ngus Summrcn Gruppdnsnttvn svuppdgmmb cmmrc S crttrzz prmuvrmmb Indns prunffrtunc qu rsdnz cnsrvz qutà suprr Prsnzfrtn cpt t ptnz LIEMMI ÉMIRMINCI CE13=11Ent^ MIII!!!!!!!!!! 1423$13000 =SEMIMMk 740nkngPMI UMMMÉMIkrgffE --- MIIIMMU CESr Mtt V MELIM211 nn cngmrt buzn NSIURANCE Undrnnt sttnn dcss nndmnt vntnn tt ntsctà mn ttrnc sctàinn 4 5 Cpyrght Invstr Rprduzn vtt

LEPREFERITE NELLAREAASIAEXJAPAN EDMONDDEROTHSCHILDAM JrnMthsn Cngmrtfndt Cn 1832 Frt prsnz HngKng Indnsnsttr strbuzn DryFrm n nghts Astr trntnttrvrsjrncyc n mtrprm PUNTIDIFORZA Psznmnt prvgtcrsct

5 + 30%% ttumnt vdn C 46dqu Indns mtfrtnnstnt p mrchfrt fuss przz SmsungEctrncs L & Fund HnH CONSUMI CONSOLIDAMENTO dt SCHERMI 30 INVESTIMENTI + 18%% Mtk mzzprpr mrct 3D 1 31grnrb 7! A kx3911 b I SI r N dt Dffusn Prctà Mns INVESTIR_100003_41_301pdf Wb St wwwvstrnt Pg 42 Dmns 100 % crsctnrstdps PUNTIDIFORZA Vutzn cmpssv tss crsctnnu ttrnt crs psznmnt ncch nsrvzdtvrggunt spsznfuturcrsctn mutu Indns ch 1 stnt 1%%d ppznchnhfttrcrs ChShwy Gruppfrnncutc cs strbusc tgrtchprduc frmcbstsumt trzn ffrmt prsnz prvc cs tr180utrzzznpr svupprnuvfrmumch prduzn PUNTIDIFORZA Cmpn nungtrm crsct nnud vntnprd ttmzzzn d prcss prduzntrmtunmx tgrt nrmrgmntrdrspttr prftt SHnrEmrggOpprtunts STRATEGIEDIINVESTIMENTO2010 Atts crsct znr2010mtt POSIZIONE STRATEGICA NELLACRESCITA DOMESTICA & C ChLfInsurnc Tncnt DgtCh In HDFC J UntdTrctrs Irrgtn Atts crsct znr2010t OPPORTUNITÀNELLEXPORT TECNOLOGIA MARGINIDIESPANSIONE CATALIZZATORI 7 TECNOLOGICI WINDOWS SNOWLEOPARD LED Infsys TSMC ASMPcfc VALOREDELLACATENAGESTIONALE Nb Atts crsct znr2010mt MATERIE PRIME CrnIn CNOOC L1888uM1140gnW 444rsn SM=tt CIMEIMMMMMt U LUM1P MItg rdf fftc MZEIZEMIg EZIMIIIIIM ptr L ME ff vg EqutyGF ZIZIMM Evrt 111 dmnt 10nn scnd grupp mtcn ttdgrupp nsnttv Cn uppmmbr d grupp cutc cs rtchprduc strbuscfrmc 91utdth NDUCTOR 16nn mnt tfttsnic un mn 5 5 Cpyrght Invstr Rprduzn vtt

crs psznmnt ncch nsrvzdtvrggunt spsznfuturcrsctn mutu Indns ch 1 stnt 1%%d ppznchnhfttrcrs ChShwy Gruppfrnncutc cs strbusc tgrtchprduc frmcbstsumt trzn ffrmt prsnz prvc cs tr180utrzzznpr

Documenti analoghi

Communicati. abilitante. GiovanniCorsi. citazioniindicheremo semplicemente cameosservatorio. uncostorelativamentebasso. Grazie alla a.

Communicati. abilitante. GiovanniCorsi. citazioniindicheremo semplicemente cameosservatorio. uncostorelativamentebasso. Grazie alla a. A stnz I V UnfdCmmunctn spéc dct E s cmunczn CbrtndSch vrchnchn ttutà smprpùtcng crs qustrgmnt nch 7 6%% mpmntzn qu tcng nnppnpsst mmnsn cfr ccuprc ffus cpctà cntrbur strumnt mgrr tcng crntrvnr prcss UnfdCmmunctnshnn