7(5(6$.21'5$.,(:,&=
)XQGXV]H(7)QD*LHáG]LH3DSLHUyZ:DUWRĞFLRZ\FK
Z:DUV]DZLH
ETFRQWKH:DUVDZ6WRFN([FKDQJH 6áRZDNOXF]RZH (7)IXQGXV]HLQZHVW\F\MQH .H\ZRUGV (7)LQYHVWPHQWIXQGV :VWĊS :VSyáF]HVQHU\QNLILQDQVRZHRIHUXMąSRWHQFMDOQ\PLQZHVWRURPV]HURNąJDPĊ LQVWUXPHQWyZILQDQVRZ\FKR]UyĪQLFRZDQ\PSR]LRPLHSá\QQRĞFLU\]\NDLPRĪOLZHM GRRVLąJQLĊFLDVWRS\]ZURWXDWDNĪHRUyĪQHMGRVWĊSQRĞFL±ZQLHNWyU\FKSU]\SDG-NDFKZ\PDJDQHVą]QDF]QH]DVRE\NDSLWDáXOXERIHUWDMHVWVNLHURZDQDGRRNUHĞORQHM JUXS\SRGPLRWyZ-HGQ\P]QRZ\FKLQVWUXPHQWyZSROVNLHJRU\QNXNDSLWDáRZHJR Vą IXQGXV]H (7) NWyUH ZH ZU]HĞQLX U SRMDZLá\ VLĊ QD *3: Z :DUV]DZLH 1DOHĪąRQHGRIXQGXV]\LQZHVW\F\MQ\FKRWZDUW\FKDOHZRGUyĪQLHQLXRGSR]RVWD-á\FKSRGPLRWyZWHMJUXS\PRJąE\üSU]HGPLRWHPREURWXJLHáGRZHJRLZ]ZLą]NX ]W\PVąGRVWĊSQHGODV]HURNLHMU]HV]\LQZHVWRUyZLQG\ZLGXDOQ\FK=DVDG\REURWX MHGQRVWNDPLIXQGXV]\(7)VąWDNLHVDPHMDNZSU]\SDGNXDNFMLFR]DSHZQLDLFK Sá\QQRĞüLELHĪąFąZ\FHQĊ &HOHPDUW\NXáXMHVWSUH]HQWDFMDIXQGXV]\(7)MDNRQRZ\FKQDSROVNLPU\QNX JLHáGRZ\P LQVWUXPHQWyZ ILQDQVRZ\FK RUD] RFHQD LFK DWUDNF\MQRĞFL MDNR SU]HG-PLRWXLQZHVW\FML$QDOL]DVWDQXU\QNXIXQGXV]\(7)QRWRZDQ\FKQD*3:RUD]LFK UHQWRZQRĞFL Z SRUyZQDQLX ] RGSRZLHGQLPL LQGHNVDPL JLHáGRZ\PL SR]ZROLáD QD7(5(6$.21'5$.,(:,&= RNUHĞOHQLHLFKVSHF\ILNLRUD]LGHQW\ILNDFMĊZDĪQLHMV]\FK]DOHWLZDG'DQHOLF]ERZH GRW\F]ąFHDQDOL]RZDQHJRU\QNXSRFKRG]ą]HVWURQIXQGXV]\(7)*LHáG\3DSLHUyZ :DUWRĞFLRZ\FKZ:DUV]DZLHRUD]SRUWDOLILQDQVRZ\FK 6SHF\ILNDIXQGXV]\(7) )XQGXV]H(7)IXQNFMRQXMąQDU\QNDFKĞZLDWRZ\FKVWRVXQNRZRNUyWNRZ3ROVFH ]DOHGZLH RG QLHVSHáQD WU]HFK ODW 6ą WR LQVWUXPHQW\ ILQDQVRZH Z RGQLHVLHQLX GR NWyU\FK XĪ\ZDQD MHVW QD]ZD (7) JG\Ī RNUHĞOHQLH WR QLH PD VZRMHJR RGSRZLHG-QLNDZMĊ]\NXSROVNLP7HUPLQ(7)SRFKRG]L]MĊ]\NDDQJLHOVNLHJRLMHVWVNUyWHP RG ]ZURWX H[FKDQJHWUDGHG IXQG FR Z GRVáRZQ\P EU]PLHQLX R]QDF]D ÄIXQGXV] QRWRZDQ\QDJLHáG]LH´7DNZLĊF(7)WRURG]DMIXQGXV]\LQZHVW\F\MQ\FKNWyUHVWD-QRZLąMHGQą]IRUPORNRZDQLDF]DVRZRZROQ\FKĞURGNyZQDU\QNDFKILQDQVRZ\FK 2EHFQLH IXQGXV]H LQZHVW\F\MQH Vą SRZV]HFKQH QLH W\ONR QD U\QNDFK ĞZLDWRZ\FK DOHUyZQLHĪZ3ROVFH:SUDNW\FHIXQNFMRQXMąLFKOLF]QHURG]DMHSU]H]QDF]RQHGOD UyĪQ\FKXF]HVWQLNyZSU]\MPXMąFHRGPLHQQHNRQVWUXNFMHSUDZQHHPLWXMąFHUyĪQH LQVWUXPHQW\ ILQDQVRZH L SURZDG]ąFH ]UyĪQLFRZDQą SROLW\NĊ LQZHVW\F\MQą 'XĪD UyĪQRURGQRĞüIXQGXV]\LQZHVW\F\MQ\FKVSUDZLDĪHNODV\ILNXMHVLĊMH]DUyZQRSRG Z]JOĊGHPNU\WHULyZSUDZQ\FKMDNLHNRQRPLF]Q\FK>SRU3HUH]V±@
=JRGQLH]8VWDZąRIXQGXV]DFKLQZHVW\F\MQ\FK]GQLDPDMDU ']8 1U SR] ] SyĨQ ]P GR SRGVWDZRZ\FK URG]DMyZ IXQGXV]\ MDNLH PRJąE\üREHFQLHWZRU]RQHZ3ROVFHQDOHĪąIXQGXV]HLQZHVW\F\MQHRWZDUWHIXQ-GXV]HLQZHVW\F\MQH]DPNQLĊWHRUD]VSHFMDOLVW\F]QHIXQGXV]HLQZHVW\F\MQHRWZDUWH Z\UyĪQLRQHZHGáXJNU\WHULXPNRQVWUXNFMLSUDZQHMIXQGXV]X)XQGXV]HLQZHVW\F\MQH RWZDUWH ),2 VąVNLHURZDQHGRSRWHQFMDOQLHQLHRJUDQLF]RQHMOLF]E\LQZHVWRUyZUyĪQH-JRURG]DMX RVRE\IL]\F]QHSUDZQHLLQVW\WXFMHQLHSRVLDGDMąFHRVRERZRĞFLSUDZQHM LHPLWXMąMHGQRVWNLXF]HVWQLFWZDNWyUHQLHVąSDSLHUDPLZDUWRĞFLRZ\PLLQLHPRJą E\üSU]HGPLRWHPREURWXZWyUQHJRDOHSRGOHJDMąFRG]LHQQHMZ\FHQLHLVą]E\ZDQH LRGNXS\ZDQHZ]DVDG]LHQDNDĪGHĪąGDQLHXF]HVWQLNyZ )XQGXV]H(7)SRGREQLHMDN),2UyZQLHĪVąGRVWĊSQHGODV]HURNLHMU]HV]\LQZH-VWRUyZLQG\ZLGXDOQ\FKDOHHPLWRZDQHSU]H]QLHLQVWUXPHQW\QLHVWDQRZLąSU]HGPLRWX REURWX QD U\QNX ZWyUQ\P FR LVWRWQLH UyĪQL MH RG IXQGXV]\ RWZDUW\FK 5RG]L WR SUREOHP\Z]DNUHVLHMHGQR]QDF]QHMNODV\ILNDFMLIXQGXV]\(7)RUD]LFKLQVWUXPHQ-WyZ LVSUDZLD ĪH]DUyZQRZSU]HSLVDFK SUDZQ\FK MDN L Z OLWHUDWXU]HR WHPDW\FH ILQDQVRZHMEUDNMHVWSHáQ\FKLMHGQR]QDF]Q\FKGHILQLFML6\WXDFMDWDNDPDPLHMVFHQLH W\ONRZ3ROVFHDOHUyZQLHĪZLQQ\FKNUDMDFK3RWZLHUG]HQLHPWHJRPRĪHE\üIDNW ĪHZHGáXJNODV\ILNDFMLVWRVRZDQHMSU]H],QYHVWPHQW&RPSDQ\,QVWLWXWH LQVW\WXFMD ZVSLHUDMąFDIXQNFMRQRZDQLHLUR]ZyMU\QNXIXQGXV]\LQZHVW\F\MQ\FKZ86$ IXQ-GXV]H(7)]RVWDá\]DOLF]RQHGRRGUĊEQHMJUXS\FKRFLDĪSUDZQLHVąNODV\ILNRZDQH MDNR IXQGXV]H LQZHVW\F\MQH RWZDUWH :DUWR MHGQDN SRGNUHĞOLü ĪH SRG Z]JOĊGHP QLHNWyU\FKFHFKIXQGXV]H(7)IXQNFMRQXMąFHZ6WDQDFK=MHGQRF]RQ\FKVą]EOLĪRQH
)81'86=((7)1$*,(à'=,(3$3,(5Ï::$572ĝ&,2:<&+::$56=$:,(
GR IXQGXV]\ LQZHVW\F\MQ\FK ]DPNQLĊW\FK &KRG]L SU]HGH ZV]\VWNLP R WR ĪH QLH PDMąRQHRERZLą]NXXPDU]DQLDVZRLFKW\WXáyZXF]HVWQLFWZD>.UXSDV@
%UDNMHGQR]QDF]QHJRFKDUDNWHUXSUDZQHJRIXQGXV]\(7)VSUDZLDĪHSRGREQH G\OHPDW\ NODV\ILNDF\MQH GRW\F]ą UyZQLHĪ HPLWRZDQ\FK SU]H] QLH LQVWUXPHQWyZ $QDOL]DLFKFKDUDNWHU\VW\F]Q\FKFHFKSURZDG]LGRZQLRVNXĪHQDOHĪ\MHX]QDü]D GRNXPHQW\RVWDWXVLHSDSLHUXZDUWRĞFLRZHJRRNUHĞODQHWHĪF]DVDPLMDNR]E\ZDOQH FHUW\ILNDW\ OXE W\WXá\ XF]HVWQLFWZD Z GRFKRGDFK OXE Z SRG]LDOH PDMąWNX VSyáHN 8ĞFLĞODMąF VSHF\ILNĊ (7) MDNR LQVWUXPHQWyZ ILQDQVRZ\FK PRĪQD MH ]GHILQLRZDü MDNR ]E\ZDOQH GRNXPHQW\ UHSUH]HQWXMąFH SUDZR ZáDVQRĞFL GR SRUWIHOD SDSLHUyZ ZFKRG]ąF\FKZVNáDGZ\EUDQHJRLQGHNVX,QZHVWRUNXSXMąF\WHGRNXPHQW\ZVSRVyE SRĞUHGQLQDE\ZDDNFMHZFKRG]ąFHZVNáDGZ\EUDQHJRLQGHNVXZGRNáDGQLHWDNLFK VDP\FKSURSRUFMDFKZMDNLFK]QDMGXMąVLĊRQHZGDQ\PLQGHNVLH3RGVWDZRZDUyĪQLFD SRPLĊG]\LQZHVW\FMąZMHGQRVWNL(7)DLQZHVW\FMąZDNFMHSROHJDQDW\PĪHSUDZD Z\QLNDMąFH]SRVLDGDQ\FKZDORUyZPRJąE\üUHDOL]RZDQHQLHZVSRVyEEH]SRĞUHGQL OHF]]DSRĞUHGQLFWZHPHPLWHQWD(7)>SRU1DZURWV± @ )XQGXV]H(7)VąIXQGXV]DPLLQGHNVRZ\PL]DU]ąG]DQ\PLSDV\ZQLH6SHF\ILND LFKNRQVWUXNFMLLPSOLNXMąFD]DU]ąG]DQLHSDV\ZQHVSUDZLDĪH]DU]ąG]DMąF\QLHVWDUD VLĊE\üOHSV]\RGLQGHNVXNWyUHJRRG]ZLHUFLHGOHQLHPMHVWGDQ\IXQGXV]DOHRVLąJ-Qąü UHQWRZQRĞü MDN QDMZLHUQLHM RGGDMąFą VWRSĊ ]ZURWX ] GDQHJR LQGHNVX 'ODWHJR WHĪWUDFNLQJHUURUF]\OLEáąGRGFK\OHQLDVWRS\]ZURWX(7)RGLQGHNVXF]ĊVWRQLH SU]HNUDF]D-HGQRVWNLIXQGXV]\(7)QDĞODGXMą]PLDQ\LQGHNVyZDNFMLREOLJDFML F]\U\QNXWRZDURZHJRDOHLFKVNáDGQLHPXVLE\üUHSOLNąNRQNUHWQHJRLQVWUXPHQWX NWyUHJR GRW\F]\ 2 ZLHOH F]ĊĞFLHM ILUP\ ]DU]ąG]DMąFH IXQGXV]DPL VWRVXMą W]Z UH-SOLNDFMĊV\QWHW\F]QąSROHJDMąFąQDRGZ]RURZDQLX]DFKRZDQLDLQGHNVX]XĪ\FLHP VZDSDQLĪIL]\F]QąSRSU]H]NXSQRLQVWUXPHQWyZ]LQGHNVX 3RF]ąWNLIXQGXV]\(7)QD*3:L]DVDG\REURWX )XQGXV]H(7)IXQNFMRQXMąZ3ROVFHEDUG]RNUyWNRDOHZDUWR]D]QDF]\üĪHSR UD]SLHUZV]\SUyEĊXWZRU]HQLDWDNLHJRIXQGXV]XSRGMĊWRMXĪZPDMXU2EHFQH %3+7), IXQNFMRQXMąFHZyZF]DVMDNR&$,%7), SODQRZDáRSRZRáDQLHIXQGXV]X LQZHVW\F\MQHJRPLHV]DQHJRQDĞODGXMąFHJR]PLDQ\MHGQHJR]QDMEDUG]LHMSRSXODUQ\FK LQGHNVyZĞZLDWRZHJRU\QNXDNFML '$;OXE6 3 -HGQDN]XZDJLQD]E\WPDáH ]DLQWHUHVRZDQLH]HVWURQ\SRWHQFMDOQ\FKLQZHVWRUyZLQVW\WXFMRQDOQ\FK Z\QLNDMąFH]H ]áHMNRQLXQNWXU\SDQXMąFHMZyZF]DVQD]DJUDQLF]Q\FKJLHáGDFK ]UH]\JQRZDQR]WHJR SRP\VáX.ROHMQHPRĪOLZRĞFLUR]ZRMXIXQGXV]\(7)SRMDZLá\VLĊZUD]]ZHMĞFLHP ZĪ\FLH8VWDZ\RIXQGXV]DFKLQZHVW\F\MQ\FK]PDMDUNWyUDZSURZDG]LáD PLQQRZHV]F]HJyOQHW\S\IXQGXV]\LQZHVW\F\MQ\FKDZĞUyGQLFKIXQGXV]HSRUWIHORZH VWDQRZLąFHSROVNLHRGSRZLHGQLNLH[FKDQJHWUDGHGIXQGV3RPLPR]DLQWHUHVRZDQLD ]H VWURQ\ ]DJUDQLF]Q\FK LQVW\WXFML ILQDQVRZ\FK GR ZSURZDG]HQLD IXQGXV]\ (7) GR3ROVNLZWDPW\PRNUHVLHUyZQLHĪQLHGRV]áR*áyZQąSU]\F]\QąE\á\SU]HSLV\
7(5(6$.21'5$.,(:,&=
8VWDZ\ R REURFLH LQVWUXPHQWDPL ILQDQVRZ\PL XQLHPRĪOLZLDMąFH ZyZF]DV REUyW SDSLHUDPLZDUWRĞFLRZ\PLIXQGXV]\]DJUDQLF]Q\FKW\SX8&,76PDMąF\FKFKDUDNWHU RWZDUW\ 'RSLHUR NROHMQH ]PLDQ\ OHJLVODF\MQH VWZRU]\á\ SRGVWDZ\ UR]ZRMX U\QNX IXQGXV]\(7)DOHSURFHGXU\LFKZSURZDG]DQLDWUZDá\UHODW\ZQLHGáXJR'ODWHJR WHĪZEUHZRSW\PLVW\F]Q\PRF]HNLZDQLRPQLH]UHDOL]RZDQRZyZF]DVDQL]DPLDUyZ /\[RU$VVHW0DQDJHPHQW]IUDQFXVNLHMJUXS\6RFLHWH*HQHUDOH SODQGHELXWXQD*3: IXQGXV]\(7)MHVLHQLąU DQLSRUR]XPLHQLD*3:]7DLZDQ6WRFN([FKDQJH &RUSRUDWLRQ GRW\F]ąFHJRZSURZDG]HQLDIXQGXV]X(7) 3U]HSLV\SR]ZDODMąFHQD REUyWRWZDUW\PLIXQGXV]DPL(7)ZHV]á\ZĪ\FLHGRSLHURZVW\F]QLXLSDĨG]LHUQLNX U RGSRZLHGQLH QRZHOL]DFMH 8VWDZ\ R IXQGXV]DFK LQZHVW\F\MQ\FK L 8VWDZ\ RREURFLHLQVWUXPHQWDPLILQDQVRZ\PL :SURZDG]HQLHIXQGXV]\(7)QDU\QHN*3:VWDáRVLĊIDNWHPGRSLHURZHZU]HĞQLX U-DNRSLHUZV]\SURGXNWWHJRW\SXSRZVWDá(7)QD:,*-HJRHPLWHQWHPMHVW 0XOWL8QLWV/X[HPERXUJQDOHĪąF\GRJUXS\NDSLWDáRZHM6RFLpWp*pQpUDOHDSRGPLRW ]DU]ąG]DMąF\IXQGXV]HPWR/\[RU$VVHW0DQDJHPHQW]VLHG]LEąZ/XNVHPEXUJX 3URFHGXUDZSURZDG]DQLDIXQGXV]XQD*3:WUZDáDVWRVXQNRZRGáXJRERDĪNLOND-QDĞFLHPLHVLĊF\'RSXV]F]HQLHGRREURWXJLHáGRZHJRQDVWąSLáRZU]HĞQLDU D NLOND GQL SyĨQLHM ZU]HĞQLD RGE\áR VLĊ SLHUZV]H QRWRZDQLH IXQGXV]X /\[RU (7):/>ZZZJSZSO@ .ROHMQHIXQGXV]H(7)SRMDZLá\VLĊQD*3:SRQDGSyáURNXSyĨQLHM2GPDMD UQRWRZDQHVąGZD(7)QDLQGHNV\JLHáG]DJUDQLF]Q\FK '$;L6 3'OD (7)QDLQGHNV'$;QD]ZDVNUyFRQDWR(7)'$;DGOD(7)QDLQGHNV6 3 ±(7)63,FKHPLWHQWHPMHVWUyZQLHĪ0XOWL8QLWV/X[HPERXUJZV]\VWNLH(7) ZSURZDG]RQHGRW\FKF]DVQDSROVNLU\QHNJLHáGRZ\VąZLĊFVXEIXQGXV]DPLMHGQHJR IXQGXV]XSDUDVRORZHJR:DUWR]D]QDF]\üĪH(7)SRZLą]DQH]LQGHNVDPLJLHáG]D-JUDQLF]Q\FKSRZVWDá\]QDF]QLHZF]HĞQLHMQLĪZSURZDG]RQRMHQDU\QHNSROVNLLVą RQHQRWRZDQHUyZQLHĪQDLQQ\FKJLHáGDFK PLQ'HXWVFKH%RHUVH1<6((XURQH[W F]\%ROVDGH0DGULG >ZZZO\[RUHWISO@ :V]\VWNLHIXQGXV]H(7)QD*3:Z:DUV]DZLHQRWXMHVLĊZZDOXFLHSROVNLHM Z V\VWHPLH QRWRZDĔ FLąJá\FK QD WDNLFK VDP\FK ]DVDGDFK MDN DNFMH ZLĊF WHUPLQ UR]OLF]HQLDWUDQVDNFMLUyZQLHĪZ\QRVL7 PRĪOLZHMHVWWDNĪH]DZLHUDQLHWUDQVDNFML SDNLHWRZ\FK-HGQRVWNĊQRWRZDQLDVWDQRZLMHGHQW\WXáXF]HVWQLFWZDNWyUHJRZDUWRĞü SRF]ąWNRZD RG]ZLHUFLHGODáD RNUHĞORQ\ XáDPHN ZDUWRĞFL RGSRZLHGQLHJR LQGHNVX :SU]\SDGNX(7):/E\áDWRZDUWRĞFLLQGHNVX:,*GOD(7)'$;ZDUWRĞü Z3/1RGSRZLDGDZDUWRĞFLLQGHNVX'$;ZHXUR]DĞGOD(7)63ZDUWRĞü Z3/1WRZDUWRĞFLLQGHNVX6 3Z86'%LHĪąFHMZ\FHQ\ZDORUyZGRNR-QXMHVLĊQDED]LHNZRWRZDQLDDQLPDWRUyZLNXUVyZWUDQVDNFML]DZLHUDQ\FKZWUDNFLH VHVMLJLHáGRZHM)XQNFMĊDQLPDWRUyZU\QNXGODIXQGXV]\(7)SHáQLąUHQRPRZDQLH ILUP\LQZHVW\F\MQH 8QLFUHGLW%DQNL6RFLHWH*HQHUDOH6$GOD(7):/ 6RFLHWH *HQHUDOHL,QYHVWPHQW%DQNGODSR]RVWDá\FK(7) NWyUHPDMąJZDUDQWRZDü]DSHZ-QLHQLH RGSRZLHGQLHM Sá\QQRĞFL REURWyZ QD U\QNX ZWyUQ\P 0DNV\PDOQ\ VSUHDG
)81'86=((7)1$*,(à'=,(3$3,(5Ï::$572ĝ&,2:<&+::$56=$:,( QDOXEVSU]HGDĪ\Z\QRVLSRW\V3/1$QLPDWRU]\PXV]ąXWU]\P\ZDüRIHUW\ ZDUNXV]X]OHFHĔSU]H]PLQLPXPF]DVXWUZDQLDVHVMLJLHáGRZHM-HĞOLQDU\QNX Z\VWĊSXMHGXĪD]PLHQQRĞü(7)PRĪHE\üSU]HGPLRWHPGD\WUDGLQJXSRGREQLHMDN ]Z\NáHDNFMHF]\NRQWUDNW\WHUPLQRZH-DNGRWąGQLHPDMHGQDNPRĪOLZRĞFL]DVWR-VRZDQLDNUyWNLHMVSU]HGDĪ\ :ROXPHQLZDUWRĞüREURWyZQDU\QNXIXQGXV]\(7)QD*3:
:SURZDG]HQLH IXQGXV]\ (7) GR REURWX JLHáGRZHJR UR]V]HU]\áR PRĪOLZRĞFL Z\ERUXSRWHQFMDOQ\FKLQZHVWRUyZ1DSLHUZV]HMVHVMLZ\ND]DOLRQLFRSUDZGD]DLQ-WHUHVRZDQLHQRZ\PLQVWUXPHQWHPDOHDQLOLF]EDDQLZDUWRĞüWUDQVDNFML]DZLHUDQ\FK QDU\QNX(7)QLHE\áD]E\WZ\VRND'RNRĔFDUZROXPHQREURWXMHGQRVWNDPL (7):/Z\QLyVá W\VSU]\ZDUWRĞFLREURWXRNRáRPOQ]á ZVWDW\VW\-NDFK]URNXSRGDZDQRZDUWRĞüPOQ]áJG\ĪSRF]ąWNRZRZDUWRĞüREURWX OLF]RQRSRGZyMQLH :GZyFKNROHMQ\FKODWDFKáąF]QDZDUWRĞüREURWyZMHGQRVWNDPL (7)]QDF]QLHSU]HNURF]\áDSR]LRPPOQ]á3RGVWDZRZHLQIRUPDFMHGRW\F]ąFH VWDW\VW\NREURWXMHGQRVWNDPL(7)QD*3:ZODWDFK±]DZLHUDWDEHOD 7DEHOD3RGVWDZRZHZVNDĨQLNLJLHáGRZHGODIXQGXV]\(7)QD*3:ZODWDFK± (7)±QRWRZDQLDFLąJáH /LF]EDQRWRZDQ\FKVHULLQDNRQLHFURNX :DUWRĞüREURWyZZFDá\PURNX W\V]á a ĝUHGQLHREURW\QDVHVMĊ W\V]á /LF]EDWUDQVDNFMLQDVHVMĊ ĝUHGQLDZDUWRĞüWUDQVDNFML ]á :ROXPHQREURWXQDVHVMĊ :DUWRĞüDNW\ZyZQHWWRRJyáHP W\V]á :DUWRĞüDNW\ZyZQHWWRQDMHGQRVWNĊ ]á (7)±WUDQVDNFMHSDNLHWRZH /LF]ED]DZDUW\FKWUDQVDNFML SRMHG\QF]R 5 5 ĝUHGQLDZDUWRĞüWUDQVDNFML W\V]á :DUWRĞüREURWyZZFDá\PURNX W\V]á a%H]WUDQVDNFMLSDNLHWRZ\FK ħUyGáR ZZZJSZFRPSO
UMCS
7(5(6$.21'5$.,(:,&=
$QDOL]XMąF GDQH ]DZDUWH Z WDEHOL QDOHĪ\ SDPLĊWDü LĪ IXQGXV]H (7) E\á\ SU]HGPLRWHPREURWXJLHáGRZHJRGRSLHURRGZU]HĞQLDUVWąG]QDF]QLHQLĪV]H ZDUWRĞFLREURWyZQLĪZNROHMQ\FKODWDFK:GDQ\FKGRW\F]ąF\FKDNW\ZQRĞFLLQZH-VWRUyZQDU\QNXIXQGXV]\(7)]ZUDFDXZDJĊVSDGHNZDUWRĞFLREURWyZZU Z VWRVXQNX GR URNX SRSU]HGQLHJR áąF]QLH ] WUDQVDNFMDPL SDNLHWRZ\PL Z\QLRVá\ RQHPOQ]áSU]\ZDUWRĞFLPOQ]áZURNX 7RZDU]\V]\áPXZ]URVW SU]HFLĊWQHJRZROXPHQXREURWXSU]\SDGDMąFHJRQDVHVMĊLVSDGHNOLF]E\]DZLHUDQ\FK WUDQVDNFML:DUWR]D]QDF]\üĪHU\QHNIXQGXV]\(7)FHFKXMHGXĪRZLĊNV]D]PLHQ-QRĞüVNDOLREURWyZQLĪZSU]\SDGNXSR]RVWDá\FKLQVWUXPHQWyZQRWRZDQ\FKQD*3: 5yĪQLFHZZDUWRĞFLZROXPHQXLZDUWRĞFLREURWyZQDNROHMQ\FKVHVMDFKSU]HNUDF]DMą F]ĊVWRNLONDVHWSURFHQWGODWHJRZDUWRĞFLĞUHGQLHPRJąE\üP\OąFHLQLHZ\VWDUF]DMą GRRG]ZLHUFLHGOHQLDWHQGHQFMLSDQXMąF\FKQDW\PU\QNX:QLHNWyU\FKPLHVLąFDFK QDVWĊSRZDá SRQDGGZXNURWQ\ Z]URVW ZDUWRĞFL REURWyZ Z VWRVXQNX GR ZLHONRĞFL ]SRSU]HGQLHJRRNUHVX F]HUZLHFVLHUSLHĔ -DNRLQQ\SU]\NáDG]QDF]Q\FK ZDKDĔZDUWRĞFL]DZLHUDQ\FKWUDQVDNFMLPRĪQDSU]\WRF]\üIDNWĪHZGUXJLPW\JRGQLX VLHUSQLDUáąF]QDZDUWRĞüREURWyZVHV\MQ\FKW\WXáDPLXF]HVWQLFWZDIXQGXV]\ (7)E\áD]EOLĪRQDGRĞUHGQLHM]NLONXSRSU]HGQLFKPLHVLĊF\=NROHLĞUHGQLDG]LHQQD ZDUWRĞü WUDQVDNFML VLHUSQLD U Z\QLRVáD SUDZLH POQ ]á FR Z ]HVWDZLHQLX ]GDQ\PL]WDEHOLSRND]XMHVNDOĊ]PLHQQRĞFL]DLQWHUHVRZDQLDIXQGXV]DPL(7)
8G]LDá SRV]F]HJyOQ\FK (7) Z REURWDFK RJyáHP MHVW EDUG]R QLHUyZQRPLHUQ\ =DUyZQRZXMĊFLXLORĞFLRZ\PMDNLZDUWRĞFLRZ\P]GHF\GRZDQLHGRPLQXMHZQLFK (7):/QDNWyU\±JHQHUDOQLHU]HF]ELRUąF±]DZV]HSU]\SDGDSRQDG]DZLHUD-Q\FKWUDQVDNFMLDVąVHVMHJG\ZDUWRĞüWDMHVWEOLVND 7DN]QLNRP\XG]LDáIXQGXV]\ (7) QD LQGHNV\ JLHáG ]DJUDQLF]Q\FK Z REURWDFK RJyáHP Z\QLND SUDZGRSRGREQLH SU]HGHZV]\VWNLP]EUDNX]DLQWHUHVRZDQLD]HVWURQ\LQZHVWRUyZLQVW\WXFMRQDOQ\FK -HG\QLHZOXW\PU]DZLHUDQRVWRVXQNRZRGXĪHWUDQVDNFMHW\WXáDPLXF]HVWQL-FWZDIXQGXV]\/\[RU(7)6 3L/\[RU(7)'$; RáąF]QHMZDUWRĞFLEOLVNR POQ]á FRSU]\SXV]F]DOQLHZ\QLNDáR]LQZHVW\FMLSRGPLRWyZLQVW\WXFMRQDOQ\FK :SLHUZV]\PURNXQRWRZDĔ(7)QDLQGHNV\JLHáG]DJUDQLF]Q\FK]DZDUWR]DOHGZLH WUDQVDNFMH W\WXáDPL XF]HVWQLFWZD IXQGXV]X RGZ]RURZXMąFHJR Z\QLNL LQGHNVX 6 3LWUDQVDNFMHW\WXáDPLXF]HVWQLFWZDIXQGXV]XUHSOLNXMąFHJRZ\QLNL LQGHNVX'$;]DĞáąF]QHREURW\W\PLLQVWUXPHQWDPLZ\QLRVá\RGSRZLHGQLR POQ]áLPOQ]á>ZZZHWIFRPSO@ :NRQWHNĞFLHWHQGHQFMLU\QNX(7)QLHSRNRMąF\MHVWQLHW\ONRIDNWQLHZLHONLHJR XG]LDáX(7)'$;L(7)63ZáąF]Q\FKREURWDFKDOHUyZQLHĪEUDNNROHMQ\FKWHJR W\SXSURGXNWyZQD*3:L]DXZDĪDOQDRGUWHQGHQFMDVSDGNXOLF]E\LZDUWR-ĞFL]DZLHUDQ\FKWUDQVDNFML:SLHUZV]\FKSLĊFLXPLHVLąFDFKUáąF]QDZDUWRĞü REURWyZ Z\QLRVáD QLHVSHáQD POQ ]á L E\áD R SRQDG SRáRZĊ QLĪV]D QLĪ ZDQDORJLF]Q\PRNUHVLHXELHJáHJRURNX
)81'86=((7)1$*,(à'=,(3$3,(5Ï::$572ĝ&,2:<&+::$56=$:,( 5HQWRZQRĞüIXQGXV]\(7)QD*3: =SXQNWXZLG]HQLDSRWHQFMDOQ\FKLQZHVWRUyZQDMZDĪQLHMV]HVąRVLąJDQHSU]H] GDQ\LQVWUXPHQWVWRS\]ZURWX:SU]\SDGNXIXQGXV]\(7)E\á\RQHEDUG]R]UyĪ-QLFRZDQH]DUyZQRZXMĊFLXGáXJRRNUHVRZ\PWMZFDá\PDQDOL]RZDQ\PSU]HG]LDOH F]DVRZ\PMDNLZSRV]F]HJyOQ\FKODWDFK,FK]PLHQQRĞüĞFLĞOHZLąĪHVLĊ]RJyOQą NRQLXQNWXUąQDU\QNDFKJLHáGRZ\FK=GHF\GRZDQLHQDMOHSV]\PSRGRNUHVHPRND]Dá VLĊURNNLHG\VWRS\]ZURWXZV]\VWNLFKIXQGXV]\(7)E\á\GRGDWQLH=NROHL QDMPQLHMNRU]\VWQ\RND]DáVLĊURNNWyU\]MHGQ\PZ\MąWNLHPSU]\QLyVáXMHPQą UHQWRZQRĞüIXQGXV]\(7) SRUWDEHOD 7DEHOD6WRS\]ZURWXIXQGXV]\(7)LRGSRZLDGDMąF\FKLPLQGHNVyZZRNUHVLH ± )XQGXV] OXELQGHNV RG GR 2GGQLDGHELXWX GR (7)'$;a – ± '$;a ± (<)63a – 6 3a ± (7):,*a ± ±b :,*a ± ± b (7):,* ± ± ± :,* ± ± ± ±,QVWUXPHQWQLHE\áMHV]F]HQRWRZDQ\QD*3: a =DURNVWRSD]ZURWXZRNUHVLHRGGR b 6WRSD]ZURWXZRNUHVLHRGGR ħUyGáR RSUDFRZDQLHZáDVQHQDSRGVWDZLHZZZJSZFRPSOZZZPRQH\SO $QDOL]DFDáHJRRNUHVXREHFQRĞFLMHGQRVWHN(7)QD*3:ZVND]XMHĪHGRGDWQLH VWRS\]ZURWXRVLąJQĊá\MHG\QLHIXQGXV]HSRZLą]DQH]LQGHNVDPLJLHáG]DJUDQLF]Q\FK D(7)QD:,*FHFKRZDá\VSDGNL0LDá\RQHPLHMVFHQLHW\ONRGODFDáHJRRNUHVX QRWRZDĔ RGGQLDGHELXWX DOHUyZQLHĪZRNUHVLHGZXOHWQLHMREHFQRĞFLQDJLHáG]LH SR]RVWDá\FK(7)NWyUHRVLąJQĊá\GRGDWQLHVWRS\]ZURWX5HQWRZQRĞü(7):E\áD ZDQDORJLF]Q\PRNUHVLHXMHPQDDFRZLĊFHMVWUDW\RND]Dá\VLĊ]QDF]QLHZLĊNV]H QLĪGODRNUHVXOLF]RQHJRRGGQLDGHELXWX
=H Z]JOĊGX QD VSHF\ILNĊ IXQGXV]\ (7) RSUyF] DQDOL]\ EH]Z]JOĊGQHM VWRS\ ]ZURWXLVWRWQHMHVWWDNĪHMHMSRUyZQDQLH]NV]WDáWRZDQLHPVLĊRGSRZLHGQLFKLQGHNVyZ JLHáGRZ\FK3RWU]HEQHGRWHJRGDQHUyZQLHĪ]DZLHUDWDEHOD:]ZLą]NX]UyĪQ\P
7(5(6$.21'5$.,(:,&= UyZQDQLDZ\QLNyZGODQDMGáXĪHMQRWRZDQHJRLQVWUXPHQWX (7):/ REOLF]RQRQLH W\ONRVWRS\]ZURWXZFDá\PUDOHGRGDWNRZRWDNĪHZRNUHVDFKRGSRZLDGDMąF\FK REHFQRĞFLSR]RVWDá\FK(7)QDU\QNXJLHáGRZ\P WMRGPDMDGRJUXGQLD U -DNRGDW\NRĔFRZHQRWRZDĔZSRV]F]HJyOQ\FKODWDFKSU]\MĊWRG]LHĔRVWDWQLHM VHVMLQD*3: RGSRZLHGQLRJUXGQLDJUXGQLDLJUXGQLDU FKRFLDĪQLHZNDĪG\PSU]\SDGNXE\áWRRVWDWQLG]LHĔQRWRZDĔGDQHJRLQGHNVX±JLHáG\ ZH)UDQNIXUFLHLZ1RZ\P-RUNXSUDFRZDá\UyZQLHĪJUXGQLDU:DQDOL]LH QLHXZ]JOĊGQLRQRZDUWRĞFLLQGHNVyZ'$;L6 3ZW\PGQLXDE\]DFKRZDü WHQVDPRNUHVEDGDZF]\ =]DáRĪHQLDIXQGXV]H(7)PDMąZLHUQLHQDĞODGRZDü]PLDQ\RGSRZLHGQLFKLQ-GHNVyZ:SUDNW\FHNXUVZV]\VWNLFK(7)QRWRZDQ\FKQD*3:]QDF]QLHRGELHJDáRG SU]\MĊW\FK]DáRĪHĔNWyUHZ\QRVLá\ZDUWRĞFLLQGHNVXED]RZHJRGOD(7):/ RUD] Z SU]\SDGNX IXQGXV]\ (7)'$; L (7)63 %\áR WDN SUDNW\F]QLH ZFDá\PRNUHVLHQRWRZDĔMHGQRVWHNQD*3: FRZLĊFHM]GDU]Dá\VLĊWHĪV\WXDFMH ĪHNLHUXQHN]PLDQNXUVX(7)E\áLQQ\QLĪNLHUXQHN]PLDQRGSRZLDGDMąFHJRPXLQ-GHNVX QSZUNXUV(7)63SLąáVLĊZJyUĊDLQGHNVX6 3±VSDGDá :UH]XOWDFLHUyZQLHĪVWRS\]ZURWXRVLąJDQHSU]H]IXQGXV]H(7)]QDF]QLHUyĪQLą VLĊRG ]PLDQ ZDUWRĞFLLQGHNVyZZ DQDORJLF]Q\FK RNUHVDFK'XĪHUyĪQLFHPLĊG]\ SURFHQWRZRZ\UDĪRQ\PL]PLDQDPLQRWRZDĔMHGQRVWHNIXQGXV]\(7)LRGSRZLDGD-MąF\PLLPLQGHNVDPLZ\VWĊSXMąZSU]\SDGNXNDĪGHJR]WU]HFKQRWRZDQ\FKQD*3: LQVWUXPHQWyZ*HQHUDOQLHMHGQDNVąRQH]QDF]QLHZLĊNV]HZSU]\SDGNXSURGXNWyZ RGZ]RURZXMąF\FKLQGHNV\JLHáG]DJUDQLF]Q\FKGRFKRG]Lá\ERZLHPGRNLONXQDVWXOXE QDZHWNLONXG]LHVLĊFLXSXQNWyZSURFHQWRZ\FKSRGF]DVJG\GOD(7):/L:,* QLHSU]HNUDF]Dá\NLONXSXQNWyZSURFHQWRZ\FK8Z]JOĊGQLDMąFFDá\RNUHVEDGDZF]\ MDNRLQVWUXPHQWRQDMZLĊNV]HMUR]SLĊWRĞFLL]PLHQQRĞFLVWyS]ZURWXQDOHĪ\ZVND]Dü IXQGXV](7)635R]ELHĪQRĞüZDUWRĞFLMHGQRVWHN(7)LRGSRZLDGDMąF\FKLPLQ-GHNVyZZ\VWĊSXMHQDFDá\PĞZLHFLHLPRĪQDWR]MDZLVNRX]QDü]DQRUPDOQHLVWRWQD MHVWMHGQDNZLHONRĞüWHMUyĪQLF\NWyUDZSU]\SDGNXIXQGXV]\SROVNLHMJLHáG\]QDF]QLH SU]HNUDF]DZDUWRĞFLQDLQQ\FKU\QNDFK:\MDĞQLHQLHWDN]QDF]QHMG\VSURSRUFMLVWD-QRZLZDĪQHZ\]ZDQLHEDGDZF]H=DGDQLHWRZ\NUDF]DSR]DFHOLUDP\REMĊWRĞFLRZH QLQLHMV]HJRRSUDFRZDQLDDOHSRZLQQRVWDüVLĊSU]HGPLRWHPSU]\V]á\FKEDGDĔ:\-GDMHVLĊĪHMHGQ\P]PRĪOLZ\FKSRZRGyZWHJRVWDQXU]HF]\PRĪHE\üUHODW\ZQLH QLHZLHONDVNDODREURWXIXQGXV]DPLSRZLą]DQ\PL]LQGHNVDPLJLHáG]DJUDQLF]Q\FK
2SUyF] Z\VWĊSRZDQLD UR]ELHĪQRĞFL SRPLĊG]\ VWRSDPL ]ZURWX IXQGXV]\ (7) LLQGHNVyZJLHáGRZ\FKLVWRWQąNZHVWLąMHVWUyZQLHĪWRMDNLHVąWHQGHQFMHUHODW\Z-Q\FK]PLDQZDUWRĞFLNXUVyZIXQGXV]\(7)ZSRUyZQDQLXGRLQGHNVyZZRNUHVDFK KRVV\LEHVV\5RNZHMĞFLDQDJLHáGĊREXIXQGXV]\(7)SRZLą]DQ\FK]LQGHNVDPL ]DJUDQLF]Q\PLE\áRNUHVHPJáĊERNLFKVSDGNyZ,FKMHGQRVWNLFHFKRZDá\ZyZF]DV GXĪR OHSV]H Z\QLNL LQZHVW\F\MQH QLĪ RGSRZLDGDMąFH LP LQGHNV\ D Z SU]\SDGNX (7)63 E\áD WR QDZHW Z\VRND GRGDWQLD VWRSD ]ZURWX SU]\ ± GOD LQGHNVX6 3 1DVWĊSQ\URNSU]\QLyVáGRGDWQLHVWRS\]ZURWXLQGHNVyZZ\QLNL MHGQRVWHNIXQGXV]\E\á\UyZQLHĪGRGDWQLHDOHPLDá\]GHF\GRZDQLHQLĪV]ąZDUWRĞü
)81'86=((7)1$*,(à'=,(3$3,(5Ï::$572ĝ&,2:<&+::$56=$:,(
QLĪ LQGHNV\ = NROHL SLHUZV]H PLHVLąFH U MDN UyZQLHĪ FDá\ RNUHV EDGDZF]\ SU]\QLRVá\ ZLĊNV]ą RSáDFDOQRĞü LQZHVW\FML Z IXQGXV]H Z SRUyZQDQLX GR ]PLDQ LQGHNVyZ $QDOL]D UHQWRZQRĞFL (7):/ SURZDG]L GR ZQLRVNX ĪH Z RNUHVDFK Z]URVWyZ:,*IXQGXV]RVLąJDáZ\QLNLMHV]F]HOHSV]HQLĪLQGHNVDOHZRNUHVLH GHNRQLXQNWXU\MHJRVSDGNLE\á\JáĊEV]HQLĪZSU]\SDGNX:,*2GVWĊSVWZHPRG WHM ]DOHĪQRĞFL Vą Z\QLNL Z FDá\P DQDOL]RZDQ\P RNUHVLH WM RG GQLD MHJR GHELXWX GRNRĔFDPDMDUNLHG\WRVSDGNLLQGHNVXE\á\RSUDZLHSXQNW\SURFHQWRZH ZLĊNV]HQLĪVSDGNLZDUWRĞFLMHGQRVWHNIXQGXV]X -HGQą]SU]\F]\QUyĪQLFZNXUVDFK(7)LRGSRZLDGDMąF\FKLPLQGHNVDFKPRĪHE\ü NRPSRQHQWG\ZLGHQG\*HQHUDOQLHU]HF]ELRUąFIXQGXV]HLQGHNVRZHQLHZ\SáDFDMą VZRLPXF]HVWQLNRPG\ZLGHQG\MDNąRWU]\PXMą]HVSyáHN]LQGHNVXJG\ĪSRZLĊNV]D RQDPDMąWHNIXQGXV]X:SU]\SDGNXIXQGXV]\(7)PRĪOLZHMHVWMHG\QLHRWU]\P\-ZDQLHW]ZG\ZLGHQG\V\QWHW\F]QHMEĊGąFHMRGSRZLHGQLNLHPVWUXPLHQLDG\ZLGHQG Z\SáDFDQ\FKSU]H]VSyáNL]RGSRZLHGQLHJRLQGHNVXQD]DVDGDFKSRGREQ\FKMDNQD U\QNXDNFML:\SáDW\G\ZLGHQG\QLHSU]HZLGXMHVWDWXW(7)'$;]NROHL(7)63 ]DNáDGDZ\SáDWĊGZXNURWQLHZFLąJXURNX'RW\FKF]DVZ\QLRVáDRQDHXUR JUXGQLDU LHXUR OLSFDU :SU]\SDGNX(7):,*RGOLVWRSDGD UZ\SáDWDG\ZLGHQG\QLHMHVWPRĪOLZD ]PLDQ\ZSURVSHNFLHIXQGXV]X :H ZF]HĞQLHMV]\P RNUHVLH IXQNFMRQRZDQLD /\[RU (7) :,* GZXNURWQLH Z\SáDFLá G\ZLGHQGĊZZ\VRNRĞFL ]á PDUFDU L ]á JUXG]LHĔU %\áD RQDUyZQDĞUHGQLHMZDĪRQHMG\ZLGHQGVSyáHNZFKRG]ąF\FKZVNáDGLQGHNVX:,* LZSá\QĊáDRF]\ZLĞFLHQDNV]WDáWRZDQLHVLĊNXUVXMHGQRVWHNDOHSROLW\NDSRV]F]H-JyOQ\FK (7) Z W\P ]DNUHVLH QLH Z\MDĞQLD Z VSRVyE Z\VWDUF]DMąF\ ]PLHQQRĞFL L]UyĪQLFRZDQLDLFKVWyS]ZURWX
1DZ\QLNLLQZHVW\FMLZMHGQRVWNLIXQGXV]\(7)ZSá\ZDMąUyZQLHĪLQQHNRV]W\ ] NWyU\FK QDMZDĪQLHMV]H Vą RSáDW\ PDQLSXODF\MQH SU]\ ]DZLHUDQLX WUDQVDNFML RUD] RSáDW\ ]D ]DU]ąG]DQLH SRELHUDQH SU]H] ZV]\VWNLH IXQGXV]H LQZHVW\F\MQH 2SáDW\ PDQLSXODF\MQHNV]WDáWXMąVLĊQDW\PVDP\P OXEZ]DOHĪQRĞFLRGGRPXPDNOHUVNLHJR EDUG]R]EOLĪRQ\P SR]LRPLHFRQDU\QNXDNFML.RV]W\]DU]ąG]DQLDREFLąĪDMąDNW\ZD LVąUR]áRĪRQHSURSRUFMRQDOQLHZVWRVXQNXURF]Q\P,FKSR]LRPMHVW]QDF]QLHQLĪV]\ QLĪ Z IXQGXV]DFK ]DU]ąG]DQ\FK DNW\ZQLH L Z\QRVL REHFQLH ± Z WUDNFLH QRWRZDĔQD*3:REQLĪRQRRSáDW\GOD(7)63 >ZZZO\[RUHWISO@ 2FHQDDWUDNF\MQRĞFLIXQGXV]\(7)MDNRSU]HGPLRWXLQZHVW\FML -HGQRVWNLXF]HVWQLFWZDIXQGXV]\(7)VWDQRZLąMHGQą]DOWHUQDW\ZQ\FKPRĪOLZRĞFL LQZHVW\FMLQD*3:Z:DUV]DZLH&HFKXMHMHV]HUHJ]DOHW]NWyU\FK]DQDMZDĪQLHMV]H QDOHĪ\X]QDüáDWZ\GRVWĊSGODV]HURNLHJRNUĊJXSRWHQFMDOQ\FKXF]HVWQLNyZLELHĪąFą Z\FHQĊ:SU]\SDGNXMHGQRVWHNEĊGąF\FKSU]HGPLRWHPREURWXJLHáGRZHJRZ\FHQD MHVWSURZDG]RQDZVSRVyEFLąJá\ZFDá\PF]DVLHWUZDQLDVHVMLDQLHW\ONRUD]G]LHQ-QLHMDNPDWRPLHMVFHZSU]\SDGNX]Z\Ná\FKIXQGXV]\LQZHVW\F\MQ\FKRWZDUW\FK
UMCS
7(5(6$.21'5$.,(:,&= :DĪQąFHFKĊ(7)VWDQRZLWHĪGXĪDSURVWRWDLSU]HMU]\VWRĞüLQVWUXPHQWX6WUDWHJLD LQZHVW\F\MQDMHVWEDUG]RNODURZQD±QDĞODGRZDQLH]PLDQRGSRZLHGQLHJRLQGHNVX 7\PVDP\PQDE\FLHMHGQRVWHNXPRĪOLZLDLQZHVWRZDQLH]JRGQH]MHJR]DFKRZDQLHP EH]NRQLHF]QRĞFLNXSRZDQLDDNFMLZV]\VWNLFKVSyáHN]MHJRSRUWIHODJG\ĪWHRUHW\F]QLH SRZLQQRWRSU]\QLHĞüWDNLVDPZ\QLN$QDOL]DVWyS]ZURWXIXQGXV]\(7)QRWRZDQ\FK QD*3:QLHSRWZLHUG]LáDMHGQDNZ\VWąSLHQLDWDNLHM]DOHĪQRĞFL 'RQLHZąWSOLZ\FK]DOHWIXQGXV]\(7)QDOHĪ\]DOLF]\üUyZQLHĪQLHZLHONLHZSR-UyZQDQLX]NODV\F]Q\PLIXQGXV]DPLNRV]W\WUDQVDNF\MQH2SáDW\]D]DU]ąG]DQLHVą NLONDNURWQLHQLĪV]HRGĞUHGQLFKVWDZHNSRELHUDQ\FKSU]H]WUDG\F\MQH7),3RQDGWR LVWRWQą NZHVWLą MHVW IDNW LĪ QDE\FLH MHGQRVWHN (7) ± SRGREQLH MDN PD WR PLHMVFH Z]GHF\GRZDQHMZLĊNV]RĞFLIXQGXV]\RWZDUW\FKREHFQ\FKQDSROVNLPU\QNXILQDQ-VRZ\P ± QLH Z\PDJD SRVLDGDQLD Z\VRNLFK NDSLWDáyZ QD UR]SRF]ĊFLH LQZHVW\FML 'RGDWNRZRLQZHVWRZDQLHZ(7)QLHZLąĪHVLĊ]NRQLHF]QRĞFLąSRGHMPRZDQLDGHF\]ML RF]DVLHWUZDQLDLQZHVW\FMLMDNZSU]\SDGNXQLHNWyU\FKLQVWUXPHQWyZRRNUHĞORQ\P WHUPLQLH]DSDGDOQRĞFL>.RQGUDNLHZLF]V±@ :SURZDG]HQLH(7)GRREURWXJLHáGRZHJRVWZRU]\áRSRWHQFMDOQ\PLQZHVWRURP GRGDWNRZHPRĪOLZRĞFLG\ZHUV\ILNDFMLSRUWIHODLQZHVW\F\MQHJR-HGQRVWNL(7)QDOHĪ\ X]QDü]DLQVWUXPHQWDWUDNF\MQ\GODGD\WUDGLQJXJG\ĪVSUHDGZLFKSU]\SDGNXMHVW VWRVXQNRZRQLHZLHONL:SU]\SDGNXQLHNWyU\FK(7)]DOHWĊVWDQRZLWDNĪHPRĪOLZRĞü X]\VNDQLDGRGDWNRZHJRGRFKRGXZF]DVLHWUZDQLDLQZHVW\FMLG]LĊNLZ\SáDFLHG\ZL-GHQG\3RVLDGDF]HMHGQRVWHN(7):/PRJąMHWDNĪHZ\NRU]\VWDüGR]DZLHUDQLD WUDQVDNFMLZUDPDFK,.( 1LHZąWSOLZą]DOHWąQRWRZDQLDQDJLHáG]LHSRZLQQDE\üWHĪGXĪDSá\QQRĞü-HM ZDUXQNLHP MHVW MHGQDN RGSRZLHGQL SRS\W ]H VWURQ\ LQZHVWRUyZ Z W\P SU]HGH ZV]\VWNLPLQVW\WXFMRQDOQ\FK'RW\FKF]DVRZDV\WXDFMDQDU\QNX(7)ZW\P]DNUHVLH QLHZ\JOąGD]E\WRSW\PLVW\F]QLHFRWU]HEDX]QDü]DMHGHQ]JáyZQ\FKF]\QQLNyZ RJUDQLF]DMąF\FKGDOV]\UR]ZyMWHJRVHJPHQWXSRPLPRRJURPQHJRSRWHQFMDáXUR]ZRMX U\QNXĞZLDWRZHJR>)UąF]HNVLQDVW@ 'R ZDĪQLHMV]\FK ZDG LQZHVW\FML Z W\WXá\ XF]HVWQLFWZD IXQGXV]\ (7) QDOHĪ\ PRĪOLZRĞüZ\VWąSLHQLDUR]ZRGQLHQLD]\VNXLNRQLHF]QRĞüSRQRV]HQLDGRGDWNRZ\FK NRV]WyZZSRVWDFLSURZL]MLPDNOHUVNLFKLRSáDW]DSURZDG]HQLHUDFKXQNXLQZHVW\-F\MQHJR MDNLH QLH Z\VWĊSXMą Z SU]\SDGNX NODV\F]Q\FK IXQGXV]\ LQZHVW\F\MQ\FK 2PDZLDMąF PDQNDPHQW\ LQZHVW\FML Z (7) QLH VSRVyE SRPLQąü NZHVWLĊ U\]\ND PLQ U\QNRZH NDSLWDáRZH NRQWUDKHQWD ZDOXWRZH FKRFLDĪ MHVW RQR F]ĊĞFLRZR RJUDQLF]RQH]HZ]JOĊGXQDVSHF\ILNĊIXQGXV]\LQZHVW\F\MQ\FK3RQDGWR]HZ]JOĊGX QDEUDNGĨZLJQLILQDQVRZHMZSU]\SDGNXIXQNFMRQXMąF\FKZ3ROVFH(7)LQZHVWRU SRQRVL U\]\NR W\ONR GR Z\VRNRĞFL ]DDQJDĪRZDQHM NZRW\ D ZLĊF RGPLHQQLH QLĪ PDWRPLHMVFHZSU]\SDGNXW\FKLQVWUXPHQWyZZNWyU\FKSU]\SDGNXVWUDWDPRĪH SU]HNURF]\üSRF]ąWNRZąZDUWRĞüLQZHVW\FML
UMCS
)81'86=((7)1$*,(à'=,(3$3,(5Ï::$572ĝ&,2:<&+::$56=$:,(
=DNRĔF]HQLH
(7)WRLQVWUXPHQW\ILQDQVRZHQDOHĪąFHGRIXQGXV]\LQZHVW\F\MQ\FKRWZDUW\FK DOHZSU]HFLZLHĔVWZLHGRW\FKRVWDWQLFKLFKMHGQRVWNLPRJąE\üSU]HGPLRWHPREURWX JLHáGRZHJR (7) Vą IXQGXV]DPL LQGHNVRZ\PL ]DU]ąG]DQ\PL SDV\ZQLH GODWHJR FHFKXMHMHUHODW\ZQLHQLVNLSR]LRPRSáDW]D]DU]ąG]DQLH 5\QHNIXQGXV]\(7)Z3ROVFHZFLąĪ]QDMGXMHVLĊZSRF]ąWNRZHMID]LHUR]ZRMX :HZU]HĞQLXUQD*3:Z:DUV]DZLHSRMDZLáVLĊSLHUZV]\IXQGXV]WHJRW\SX ±/\[RU(7):,*DZPDMXUGZDNROHMQH /\[RU(7)'$;L/\[RU(7) 6 32FHQLDMąFVWRSLHĔUHDOL]DFMLJáyZQHJRFHOXLQZHVW\F\MQHJRMDNLPMHVW ZLHUQHQDĞODGRZDQLH]PLDQRGSRZLHGQLHJRLQGHNVXQDOHĪ\VWZLHUG]LüLĪZSUDNW\FH NXUV\ZV]\VWNLFK(7)]QDF]QLHRGELHJDá\RG]DNáDGDQHJRXáDPNDZDUWRĞFL OXE LQGHNVXED]RZHJRLZFDá\PRNUHVLHQRWRZDĔQD*3:FHFKRZDáRMH]QDF]QH ]UyĪQLFRZDQLHVWyS]ZURWX:DUWR]D]QDF]\üĪHFKRFLDĪIXQGXV](7)QD:,* ]DUyZQRZFDá\PRNUHVLHQRWRZDĔMDNLZRNUHVLHRGZHMĞFLDQDJLHáGĊSR]RVWDá\FK IXQGXV]\RGQRWRZDáXMHPQHVWRS\]ZURWXWRMHJRZ\QLNE\áRNLONDSXQNWyZSUR-FHQWRZ\FKOHSV]\QLĪGODLQGHNVX:,*ZDQDORJLF]Q\PRNUHVLH 6NDODREURWyZMHGQRVWNDPLIXQGXV]\(7)QD*3:SR]RVWDMHQLHZLHOND]ZáDV]F]D ZSRUyZQDQLX]U\QNDPLZLQQ\FKNUDMDFK=DMHGQą]JáyZQ\FKSU]\F]\QWHJRVWDQX U]HF]\QDOHĪ\X]QDüEUDN]QDMRPRĞFL]DVDGIXQNFMRQRZDQLDL]DOHWWHJRLQVWUXPHQWX ]HVWURQ\LQZHVWRUyZLQG\ZLGXDOQ\FKNWyU]\PDMąGRPLQXMąF\XG]LDáZREURWDFK =NROHLLQZHVWRU]\LQVW\WXFMRQDOQLPDMąGRG\VSR]\FML]QDF]QLHV]HUV]ąRIHUWĊWHJR W\SX SURGXNWyZ QD LQQ\FK U\QNDFK PLQ Z 1RZ\P -RUNX /RQG\QLH ZH )UDQN-IXUFLHOXEZ3DU\ĪX NWyUHVąEDUG]LHMSá\QQHLWDĔV]H QLĪV]\VSUHDG QLĪQD*3: 'RGDWNRZ\PF]\QQLNLHPRJUDQLF]DMąF\PUR]ZyMVHJPHQWX(7)MHVW]SHZQRĞFLą UyZQLHĪ]PLHQQDNRQLXQNWXUDQDĞZLDWRZ\FKU\QNDFKILQDQVRZ\FK0RĪQDSU]\-SXV]F]DüĪHZUD]]RJyOQąSRSUDZąV\WXDFMLJRVSRGDUF]HMSRZLQLHQQDVWąSLüGDOV]\ UR]ZyMU\QNXSU]HMDZLDMąF\VLĊ]DUyZQRZ]URVWHPREURWyZGRW\FKF]DVQRWRZDQ\FK LQVWUXPHQWyZMDNLUR]V]HU]HQLHPRIHUW\LSRMDZLHQLHPVLĊQRZ\FKIXQGXV]\(7) %LEOLRJUDILD )UąF]HN%3RWHQFMDáUR]ZRMXU\QNX(7)yZ$QQDOHV80&6VHFWLR+ 2HFRQRPLDYRO;/9, ]/XEOLQ
.RQGUDNLHZLF] 7 )XQGXV]H (7) ± QRZH LQVWUXPHQW\ U\QNX ILQDQVRZHJR >Z @ 0 .DOLQRZVNL UHG 5\QNLILQDQVRZH1RZHZ\]ZDQLDLPRĪOLZRĞFLÄ3UDFH1DXNRZH:\ĪV]HM6]NRá\%DQNRZHM Z*GDĔVNX´W:DUV]DZD
.UXSD'=DPNQLĊWHIXQGXV]HLQZHVW\F\MQH&H'H:XSO:DUV]DZD
1DZURW : ([FKDQJHWUDGHG IXQGV (7) 1RZH SURGXNW\ QD U\QNX IXQGXV]\ LQZHVW\F\MQ\FK &H'H:XSO:DUV]DZD
3HUH].)XQGXV]HLQZHVW\F\MQHURG]DMH]DVDG\IXQNFMRQRZDQLDHIHNW\ZQRĞü:ROWHUV.OXZHU :DUV]DZD
7(5(6$.21'5$.,(:,&= 8VWDZD]PDMDURIXQGXV]DFKLQZHVW\F\MQ\FK ']81USR]]SyĨQ]P ZZZHWIFRPSO ZZZJSZFRPSO ZZZO\[RUHWISO ZZZPRQH\SO (7)RQWKH:DUVDZ6WRFN([FKDQJH (7)LVDQHZILQDQFLDOLQVWUXPHQWZKLFKZDVLQWURGXFHGRQWKH:DUVDZ6WRFN([FKDQJHLQ6HS-WHPEHU&XUUHQWO\WKHUHDUHWKUHH(7)¶V LWLV(7):,*/ZKLFKIROORZVWKHYDOXHRI:,* (7)'$;ZKLFKIROORZVWKHYDOXHRI'$;DQG(7)63ZKLFKIROORZVWKHYDOXHRI6 37KH EDVLFDGYDQWDJHVRI(7)DUH KLJKOLTXLGLW\VLPSOLFLW\DQGFODULW\RIWKHLQVWUXPHQWORZWUDQVDFWLRQV¶ FRVWDQGRWKHUV1HYHUWKHOHVV(7)¶VPDUNHWLQ3RODQGLVDWYHU\HDUO\VWDJHRIWKHLUGHYHORSPHQW
