AZ FUND ASSET PLUS. 30 Marzo 2012

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1 AZ FUND ASSET PLUS 30 Marzo

2 AZ FUND ASSET PLUS Prodotto: Bilanciato a basso rischio Misto obbligazioni/fondi Cambi aperti per la componente azionaria Obiettivo: Offrire un profilo conservativo (azioni 0% 30%), diversificato per stili di investimento, aree geografiche e valute Principali leve di generazione di alpha: Gestione del peso azioni/obbligazioni Gestione della duration Selezione dei gestori Gestione dinamica delle esposizioni geografiche 2

3 AZ FUND ASSET PLUS CARATTERISTICHE COMPONENTE OBBLIGAZIONARIA 60% circa Duration positiva, prevalentemente su area euro 15% fondi corporate investment grade 15% fondi aggregate (misti governativi e corporate) No rischio valutario COMPONENTE AZIONARIA 20% circa 80% A.M. Equity e 20% A.M. Thematic Cambi aperti Ampia diversificazione geografica e settoriale 3

4 ASSET PLUS RIPARTIZIONE PER TIPOLOGIA DI STRUMENTI* 30 mar dic 11 Liquidità 3% 5% Depositi c/o banche 18% 16% A vista 13% 16% A termine 5% 0% Titoli governativi 0% 22% Italia 0% 3% Germania 0% 8% Francia 0% 0% UK 0% 0% Canada 0% 11% USA 0% 0% Posizioni aperte Fondi 94 ETF 9 Future, Opzioni, Swap 7 Obbligazioni Fondi su titoli governativi 18% 20% Sviluppati 3% 3% Emergenti 15% 17% Fondi Aggregate 10% 5% Fondi Corporate 21% 5% Invest. Grade 19% 5% High Yield 2% 0% Fondi Obbl. Convert./Bilanciati 5% 3% Oro e metalli preziosi 6% 4% Fondi Azionari 14% 16% * Il totale investito potrebbe essere diverso da 100 in caso di utilizzo della leva finanziaria. 4

5 ASSET PLUS DETTAGLIO COMPONENTE OBBLIGAZIONARIA (1) GOVERNATIVI % effettiva % ribasata a 100 Schroder International Selection Fund Emerging Markets Debt Absolute Return 4.2% 7.8% Pictet Asian Local Currency Debt 2.0% 3.6% PIMCO Funds Global Investors Series PLC Emerging Local Bond Fund 2.0% 3.6% BNY Mellon Global Funds plc Mellon Emerging Markets Debt Local Currency Fund 1.8% 3.3% Franklin Templeton Global Bond Fund 1.6% 2.9% Flexifund Bond RMB 1.4% 2.5% Franklin Templeton Investment Funds Franklin U.S. Government Fund 1.1% 2.0% Aberdeen Global Asian Local Currency Short Duration Bond Fund 1.0% 1.8% Franklin Templeton Asian Bond Fund 0.9% 1.7% BNP Paribas L1 Bond World Emerging Local 0.7% 1.3% BlackRock Global Funds US Government Mortgage Fund 0.5% 0.9% Pictet Latin American Local Currency Debt 0.4% 0.8% HSBC Global Investment Funds Global Emerging Markets Local Debt Fund 0.4% 0.7% Morgan Stanley Investment Funds Emerging Markets Domestic Debt Fund 0.3% 0.5% AZ Multi Asset Renminbi Opportunities 0.2% 0.4% ITALIA CCT 01/07/ % 0.2% ITALIA CCT 01/11/ % 0.1% 18.6% 34.1% AGGREGATE % effettiva % ribasata a 100 M&G Optimal Income Fund 4.3% 7.9% JPMorgan Funds JPM US Aggregate Bond Fund 3.4% 6.2% Janus Capital Funds PLC Flexible Income Fund 1.9% 3.4% Legg Mason Global Funds PLC Western Asset U.S. Core Plus Bond Fund 0.8% 1.4% 10.4% 19.0% 5

6 ASSET PLUS DETTAGLIO COMPONENTE OBBLIGAZIONARIA (2) CORPORATE % effettiva % ribasata a 100 PIMCO Funds Global Investors Series PLC Global Investment Grade Credit Fund 2.2% 4.1% Standard Life Global SICAV European Corporate Bond Fund 2.1% 3.8% Invesco Euro Corporate Bond Fund 2.0% 3.6% JPMorgan Funds Global Corporate Bond Fund 2.0% 3.6% Pictet EUR Corporate Bonds 1.9% 3.6% Schroder International Selection Fund EURO Corporate Bond 1.9% 3.6% Morgan Stanley Investment Funds Euro Corporate Bond Fund 1.9% 3.5% M&G Investment Funds 3 European Corporate Bond Fund 1.7% 3.1% M&G Strategic Corporate Bond Fund 1.2% 2.3% Robeco Capital Growth Robeco Investment Grade Corporate Bonds 1.1% 2.0% PIMCO Global Investors Series plc Emerging Markets Corporate Bond Fund 0.8% 1.5% Fidelity Funds European High Yield Fund 0.6% 1.2% HSBC Global Investment Funds Euro High Yield Bond 0.5% 0.9% Aviva Investors Sicav Global High Yield Bond Fund 0.5% 0.9% Henderson Horizon Euro Corporate Bond Fund 0.4% 0.7% 20.9% 38.3% BILANC./CONVERT. % effettiva % ribasata a 100 Jupiter Global Fund Global Convertibles 0.9% 1.7% DNCA Invest Eurose 0.9% 1.7% LO Funds Convertible Bond 0.9% 1.7% Jupiter Global Fund Strategic Total Return 0.9% 1.6% Aviva Investors Sicav Global Convertibles Fund 0.9% 1.6% Schelcher Prince Gestion Convertibles Global Europe 0.2% 0.4% 4.7% 8.7% 6

7 ASSET PLUS DETTAGLIO COMPONENTE AZIONARIA (1) GLOBAL % effettiva % ribasata a 100 Amundi International Sicav 1.5% 7.8% Morgan Stanley Investment Funds Global Brands Fund 1.3% 6.5% First State Investments ICVC Global Emerging Markets Leaders Fund 1.2% 6.2% Odey Investment Funds PLC Allegra International Fund 0.6% 3.2% Aberdeen Global Emerging Markets Equity Fund 0.6% 3.0% JO Hambro Capital Management Umbrella Fund Global Select Fund 0.2% 0.9% Aberdeen Global Emerging Markets Smaller Companies Fund 0.1% 0.6% TreeTop Global SICAV Global Opportunities 0.1% 0.3% M&G Investment Funds 1 Global Basics Fund 0.1% 0.3% MSCI Emerg. Market Mini Future 3.7% 18.8% 1.9% 9.9% AMERICA % effettiva % ribasata a 100 USA Nasdaq 1.6% 8.4% Morgan Stanley Investment Funds US Advantage Fund 1.3% 6.9% Canada Toronto Stock Exchange 0.6% 2.9% Franklin Templeton Investment Funds U.S. Opportunities Fund 0.5% 2.8% Morgan Stanley Investment Funds US Growth Fund 0.5% 2.7% BNP Paribas L1 Opportunities USA 0.5% 2.4% ishares MSCI Canada Index Fund 0.4% 2.2% Janus Capital Funds PLC US All Cap Growth Fund 0.3% 1.4% Amundi Funds Latin America Equities 0.1% 0.6% First State Investments ICVC Latin America Fund 0.0% 0.0% S&P Mini Future 3.2% 16.5% 2.7% 13.9% 7

8 ASSET PLUS DETTAGLIO COMPONENTE AZIONARIA (2) EUROPE % effettiva % ribasata a 100 Invesco Pan European Structured Equity Fund 0.5% 2.6% Allianz RCM Europe Equity Growth 0.5% 2.6% Franklin Templeton Investment Funds Franklin European Growth Fund 0.3% 1.4% Neptune Investment Funds European Opportunities Fund 0.3% 1.4% Standard Life Investment Co UK Smaller Companies Fund 0.2% 1.2% M&G Investment Funds 3 Recovery Fund 0.2% 1.1% Alken Fund European Opportunities 0.2% 0.9% Nordea 1 SICAV Nordic Equity Fund 0.2% 0.9% Montanaro European Smaller Companies Fund 0.2% 0.8% Fidelity Funds Emerging Europe Middle East and Africa Fund 0.2% 0.8% Pictet Russian Equities 0.1% 0.7% Vontobel Fund European Value Equity 0.1% 0.7% IVI Umbrella Fund PLC European Fund 0.1% 0.7% Euro Stoxx 50 Future 1.8% 9.0% 1.3% 6.9% ASIA EX. JAPAN % effettiva % ribasata a 100 Schroder International Selection Fund Asian Total Return 1.0% 4.9% First State Investments ICVC Asia Pacific Leaders Fund 0.4% 2.1% Franklin Templeton Investment Funds Templeton Asian Growth Fund 0.3% 1.5% First State Investments ICVC Greater China Growth Fund 0.2% 1.1% First State Investments ICVC Indian Subcontinent 0.2% 0.9% Fidelity Funds ASEAN Fund 0.2% 0.8% Aberdeen Global Asian Smaller Companies Fund 0.1% 0.6% Fidelity Funds Indonesia Fund 0.1% 0.3% 2.4% 12.2% 8

9 ASSET PLUS DETTAGLIO COMPONENTE AZIONARIA (3) JAPAN % effettiva % ribasata a 100 Giappone Nikkei 1.1% 5.6% AXA Rosenberg Japan Small Cap Alpha Fund 0.1% 0.5% Henderson Horizon Japanese Smaller Companies Fund 0.1% 0.5% Giappone TSE Mother 0.0% 0.2% 1.3% 6.7% TEMI % effettiva % ribasata a 100 ishares Gold Trust Oro fisico 2.4% 12.5% SPDR Gold Shares Oro fisico 2.3% 11.8% Veritas Funds PLC Global Income Fund 0.8% 4.3% ishares Silver Trust Argento fisico 0.6% 2.9% M&G Global Dividend Fund 0.5% 2.7% Schroder International Selection Fund Global Energy 0.4% 2.3% BlackRock Global Funds World Healthscience Fund 0.3% 1.7% Financial Select Sector SPDR Fund 0.3% 1.6% LO Funds World Gold Expertise USD 0.3% 1.5% ETFS Platinum Trust Platino Fisico 0.3% 1.5% ishares High Dividend Equity Fund 0.2% 1.2% SPDR S&P Dividend ETF 0.2% 1.2% Schroder International Selection Fund Global Property Securities 0.2% 1.0% Earth Gold Fund UI 0.2% 0.9% Morgan Stanley Investment Funds Global Property Fund 0.1% 0.7% Pictet Premium Brands 0.1% 0.6% JPMorgan Funds Africa Equity Fund 0.1% 0.4% Morgan Stanley Investment Funds Global Infrastructure Fund 0.1% 0.4% Pictet Biotech 0.1% 0.4% Franklin Templeton Investment Biotechnology Discovery Fund 0.1% 0.3% First State Investments ICVC Global Resources Fund 0.1% 0.3% AXA World Fund Framlington Junior Energy 0.0% 0.2% Franklin Templeton Investment Funds Templeton Frontier Markets Fund 0.0% 0.2% SPDR S&P Homebuilders ETF 0.0% 0.1% 9.9% 50.4% 9

10 ASSET PLUS RENDIMENTI TRIMESTRALI ASSET PLUS CCT senza cedole* CCT con cedole* % 1.47% 0.54% % 0.17% 0.78% % 4.61% 3.70% 1.16% 3.35% 3.87% 1.96% 0.99% 1.45% 1.36% 1.60% 1.83% 0.60% 0.24% 0.49% 1.55% 0.36% 0.14% 0.00% 1.38% 1.07% 1.05% 0.53% 0.16% 0.68% 1.46% 1.03% 0.96% 1.78% 2.06% 0.32% 1.44% 0.94% 4.54% 7.03% 6.11% 1.35% 3.29% 2.54% % 6.39% 6.42% * CCT 12/2014 da 03/2008 fino a 03/; CCT 07/2016 da 03/ in avanti 10

11 ASSET PLUS RENDIMENTI TRIMESTRALI vs CCT Trimestri POSITIVI Trimestri NEGATIVI Trimestri POSITIVI vs NEGATIVI ASSET PLUS 11 5 CCT % 33% 67% 33% 8% 6% 4% 2% 0% 2% % 6% 8% ASSET PLUS CCT senza cedole* CCT con cedole* * CCT 12/2014 da 03/2008 fino a 03/; CCT 07/2016 da 03/ in avanti 11

12 ASSET PLUS ANDAMENTO FONDO vs CCT ASSET PLUS CCT senza cedole* CCT con cedole* giu 08 set 08 dic 08 mar 09 giu 09 set 09 dic 09 mar 10 giu 10 set 10 dic 10 mar 11 giu 11 set 11 dic 11 mar 12 * CCT 12/2014 da 03/2008 fino a 03/; CCT 07/2016 da 03/ in avanti 12

13 25% ASSET PLUS RENDIMENTI TRIMESTRALI DAL LANCIO % % % 102 5% 0% 5% 0.2% 0.7% 1.5% 1.2% 2.0% 1.4% 0.6% 1.6% 0.0% 1.1% 0.7% 1.0% 0.3% 4.5% 1.4% 3.2% % 94 15% 20% Perf. dal lancio Volatilità 1 anno 5.1% 3.8% % Asset Plus Rend. Trimestrale (SX) MSCI AC World (EUR) Rend. Trimestrale (SX) Asset Plus Andamento (DX) 88 13