AZ FUND ASSET POWER. 30 Marzo 2012

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1 AZ FUND ASSET POWER 30 Marzo

2 AZ FUND ASSET POWER Prodotto: Bilanciato a medio rischio Misto obbligazioni/fondi Cambi aperti per la componente azionaria Obiettivo: Offrire un profilo bilanciato (azioni 30% 60%), 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 15

3 AZ FUND ASSET POWER CARATTERISTICHE COMPONENTE OBBLIGAZIONARIA 50% circa Duration positiva, prevalentemente su area euro 10% fondi corporate investment grade 10% fondi aggregate (misti governativi e corporate) No rischio valutario COMPONENTE AZIONARIA 50% circa 80% A.M. Equity e 20% A.M. Thematic Cambi aperti Ampia diversificazione geografica e settoriale 16

4 ASSET POWER RIPARTIZIONE PER TIPOLOGIA DI STRUMENTI* 30 mar dic 11 Liquidità 6% 5% Depositi c/o banche 2% 6% A vista 2% 6% A termine 0% 0% Titoli governativi 0% 7% Italia 0% 1% Germania 0% 3% Francia 0% 0% UK 0% 0% Canada 0% 3% USA 0% 0% Posizioni aperte Fondi 85 ETF 9 Future, Opzioni, Swap 7 Obbligazioni Fondi su titoli governativi 16% 20% Sviluppati 4% 3% Emergenti 12% 17% Fondi Aggregate 7% 5% Fondi Corporate 13% 5% Invest. Grade 10% 4% High Yield 3% 1% Fondi Obbl. Convert./Bilanciati 3% 4% Oro e metalli preziosi 6% 5% Fondi Azionari 44% 46% * Il totale investito potrebbe essere diverso da 100 in caso di utilizzo della leva finanziaria. 17

5 ASSET POWER DETTAGLIO COMPONENTE OBBLIGAZIONARIA (1) GOVERNATIVI % effettiva % ribasata a 100 Franklin Templeton Investment Funds Franklin U.S. Government Fund 2.8% 7.0% Pictet Asian Local Currency Debt 2.1% 5.3% HSBC Global Investment Funds Global Emerging Markets Local Debt Fund 1.9% 4.8% BNY Mellon Global Funds plc Mellon Emerging Markets Debt Local Currency Fund 1.6% 4.1% PIMCO Funds Global Investors Series PLC Emerging Local Bond Fund 1.6% 4.0% Franklin Templeton Global Bond Fund 1.6% 4.0% Franklin Templeton Asian Bond Fund 1.2% 3.1% JPMorgan Funds Emerging Markets Local Currency Debt 0.9% 2.3% BNP Paribas L1 Bond World Emerging Local 0.8% 2.1% Pictet Latin American Local Currency Debt 0.6% 1.5% Aberdeen Global Asian Local Currency Short Duration Bond Fund 0.6% 1.5% ITALIA CCT 01/07/ % 0.1% 15.9% 39.8% AGGREGATE % effettiva % ribasata a 100 M&G Optimal Income Fund 3.2% 8.1% JPMorgan Funds JPM US Aggregate Bond Fund 2.7% 6.7% Janus Capital Funds PLC Flexible Income Fund 1.1% 2.7% Legg Mason Global Funds PLC Western Asset U.S. Core Plus Bond Fund 0.4% 1.1% 7.4% 18.6% 18

6 ASSET POWER DETTAGLIO COMPONENTE OBBLIGAZIONARIA (2) CORPORATE % effettiva % ribasata a 100 M&G Strategic Corporate Bond Fund 2.1% 5.2% Invesco Euro Corporate Bond Fund 1.4% 3.6% M&G Investment Funds 3 European Corporate Bond Fund 1.3% 3.2% Aviva Investors Sicav Global High Yield Bond Fund 1.3% 3.2% Morgan Stanley Investment Funds Euro Corporate Bond Fund 1.2% 2.9% Pictet EUR Corporate Bonds 1.2% 2.9% PIMCO Funds Global Investors Series PLC Global Investment Grade Credit Fund 1.2% 2.9% HSBC Global Investment Funds Euro High Yield Bond 1.2% 2.9% Standard Life Global SICAV European Corporate Bond Fund 1.0% 2.4% JPMorgan Funds Global Corporate Bond Fund 0.8% 2.1% Fidelity Funds European High Yield Fund 0.7% 1.7% 13.3% 33.2% BILANC./CONVERT. % effettiva % ribasata a 100 Aviva Investors Sicav Global Convertibles Fund 1.3% 3.3% UBAM Convertibles Europe 0.7% 1.8% LO Funds Convertible Bond 0.7% 1.7% LO Funds Convertible Bond Asia USD 0.6% 1.6% 3.4% 8.4% 19

7 ASSET POWER DETTAGLIO COMPONENTE AZIONARIA (1) GLOBAL % effettiva % ribasata a 100 Amundi International Sicav 3.4% 7.0% Morgan Stanley Investment Funds Global Brands Fund 3.0% 6.0% First State Investments ICVC Global Emerging Markets Leaders Fund 2.8% 5.7% Aberdeen Global Emerging Markets Equity Fund 1.8% 3.7% Odey Investment Funds PLC Allegra International Fund 1.4% 2.9% JO Hambro Capital Management Umbrella Fund Global Select Fund 0.6% 1.2% Aberdeen Global Emerging Markets Smaller Companies Fund 0.5% 1.1% M&G Investment Funds 1 Global Basics Fund 0.2% 0.4% M&G Investment Funds 1 Global Leaders Fund 0.0% 0.0% MSCI Emerg. Market Mini Future 4.2% 8.6% 9.6% 19.4% AMERICA % effettiva % ribasata a 100 USA Nasdaq 3.0% 6.1% Morgan Stanley Investment Funds US Advantage Fund 2.9% 6.0% ishares MSCI Canada Index Fund 2.4% 4.9% Franklin Templeton Investment Funds U.S. Opportunities Fund 1.8% 3.7% BNP Paribas L1 Opportunities USA 1.4% 2.8% Janus Capital Funds PLC US All Cap Growth Fund 1.0% 2.0% Canada Toronto Stock Exchange 0.7% 1.5% Morgan Stanley Investment Funds US Growth Fund 0.6% 1.3% Amundi Funds Latin America Equities 0.5% 1.1% First State Investments ICVC Latin America Fund 0.0% 0.0% S&P Mini Future 4.4% 8.9% 10.0% 20.3% 20

8 ASSET POWER DETTAGLIO COMPONENTE AZIONARIA (2) EUROPE % effettiva % ribasata a 100 Invesco Pan European Structured Equity Fund 1.3% 2.5% Allianz RCM Europe Equity Growth 1.0% 2.0% Vontobel Fund European Value Equity 0.8% 1.7% Franklin Templeton Investment Funds Franklin European Growth Fund 0.6% 1.2% M&G Investment Funds 3 Recovery Fund 0.5% 1.1% IVI Umbrella Fund PLC European Fund 0.5% 1.1% Fidelity Funds Emerging Europe Middle East and Africa Fund 0.5% 1.1% Montanaro European Smaller Companies Fund 0.5% 0.9% Neptune Investment Funds European Opportunities Fund 0.4% 0.9% Standard Life Investment Co UK Smaller Companies Fund 0.4% 0.7% East Capital Russian Fund 0.3% 0.7% Alken Fund European Opportunities 0.3% 0.5% Pictet Russian Equities 0.2% 0.5% Euro Stoxx 50 Future 2.7% 5.5% 4.6% 9.4% 21

9 ASSET POWER DETTAGLIO COMPONENTE AZIONARIA (3) ASIA EX. JAPAN % effettiva % ribasata a 100 Schroder International Selection Fund Asian Total Return 2.2% 4.5% Franklin Templeton Investment Funds Templeton Asian Growth Fund 1.2% 2.5% First State Investments ICVC Asia Pacific Leaders Fund 1.1% 2.2% First State Investments ICVC Greater China Growth Fund 0.8% 1.5% Aberdeen Global Asian Smaller Companies Fund 0.5% 1.0% Fidelity Funds ASEAN Fund 0.4% 0.8% First State Investments ICVC Indian Subcontinent 0.3% 0.6% 6.4% 13.1% JAPAN % effettiva % ribasata a 100 Giappone Nikkei 3.3% 6.7% AXA Rosenberg Japan Small Cap Alpha Fund 0.2% 0.4% Henderson Horizon Japanese Smaller Companies Fund 0.2% 0.4% Giappone TSE Mother 0.1% 0.1% 3.8% 7.7% 22

10 ASSET POWER DETTAGLIO COMPONENTE AZIONARIA (4) TEMI % effettiva % ribasata a 100 ishares Gold Trust Oro fisico 2.5% 5.1% SPDR Gold Shares Oro fisico 2.4% 4.8% M&G Global Dividend Fund 1.8% 3.6% Veritas Funds PLC Global Income Fund 1.7% 3.5% Financial Select Sector SPDR Fund 0.8% 1.6% Schroder International Selection Fund Global Energy 0.6% 1.2% ishares Silver Trust Argento fisico 0.6% 1.2% LO Funds World Gold Expertise USD 0.6% 1.1% BlackRock Global Funds World Healthscience Fund 0.6% 1.1% Schroder International Selection Fund Global Property Securities 0.4% 0.8% Earth Gold Fund UI 0.4% 0.8% ETFS Platinum Trust Platino Fisico 0.4% 0.8% Morgan Stanley Investment Funds Global Property Fund 0.4% 0.7% ishares High Dividend Equity Fund 0.3% 0.6% SPDR S&P Dividend ETF 0.3% 0.6% First State Investments ICVC Global Resources Fund 0.3% 0.6% Pictet Premium Brands 0.2% 0.4% Franklin Templeton Investment Biotechnology Discovery Fund 0.2% 0.4% Morgan Stanley Investment Funds Global Infrastructure Fund 0.1% 0.3% JPMorgan Funds Africa Equity Fund 0.1% 0.3% Pictet Biotech 0.1% 0.2% AXA World Fund Framlington Junior Energy 0.1% 0.2% Franklin Templeton Investment Funds Templeton Frontier Markets Fund 0.1% 0.1% Silk African Lions Fund 0.0% 0.1% SPDR S&P Homebuilders ETF 0.0% 0.1% 14.9% 30.2% 23

11 30% ASSET POWER RENDIMENTI TRIMESTRALI DAL LANCIO % % % 95 6% 0.2% 6.6% 3.4% 1.5% 3.5% 2.3% 3.4% 3.2% 5.5% 90 0% 6% 0.5% 0.4% 5.6% 1.8% 1.7% % 18% 9.4% Perf. dal lancio Volatilità 1 anno 0.3% 7.6% 8.9% % 2 Trim Trim Trim Trim Trim Trim Trim Trim Trim Trim Trim Trim Trim Trim Trim Trim Asset Power Rend. Trimestrale (SX) MSCI AC World (EUR) Rend. Trimestrale (SX) Asset Power Andamento (DX) 24

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