Escolar Documentos
Profissional Documentos
Cultura Documentos
@academiarafaeltoro
>@ 2 pUJkR UHVSRQViYHO SHOR FRQWUROH H yVFDOL]DlkR GRV 3ODQRV GH 3UHYLGnQFLD
&RPSOHPHQWDU$EHUWDHTXHSRGHVHUDFHVVDGRSHORVLQGLYoGXRVTXHTXHLUDPLQIRUPDlrHV
VREUHRVSURGXWRVGLVSRQoYHLVm
D D&90&RPLVVgRGH9DORUHV0RELOLeULRV
E %$&(1%DQFR&HQWUDGR%UDVLO
F 686(36XSHULQWHQGjQFLDGH6HJXURV3ULYDGRV
G 35(9,&6XSHULQWHQGjQFLD1DFLRQDOGH3UHYLGjQFLD&RPSOHPHQWDU
>@&RPSHWHSULYDWLYDPHQWHDR%DQFR&HQWUDOGR%UDVLO
D UHDOL]DUDVRSHUDhnHVGHUHGHVFRQWR
E FRRUGHQDUDVSROkWLFDVPRQHWeULDHqVFDO
F q[DUDVGLUHWUL]HVHQRUPDVGDSROkWLFDFDPELDO
G qVFDOL]DURPHUFDGRGHYDORUHVPRELOLeULRV
>@$&90&RPLVVkRGH9DORUHV0RELOLiULRV
D qVFDOL]DDVVRFLHGDGHVSRUFRWDVGHUHVSRQVDELOLGDGHOLPLWDGDQHJRFLDGDVHP
EROVDGHYDORUHV
E OLPLWDDVWD[DVGHMXURVSDJDVSHODVGHEjQWXUHVGHHPSUHVDVOLVWDGDVQR1RYR
0HUFDGRGD%RVYHVSD
F HGLWDDVQRUPDVTXHUHJXODPDVRSHUDhnHVGRPHUFDGRGHFfPELRLQFOXVLYH
VZDSV
G SURWHJHRVWLWXODUHVGHYDORUHVPRELOLeULRVHRVLQYHVWLGRUHVGRPHUFDGRFRQWUD
HPLVVnHVLUUHJXODUHVGHYDORUHVPRELOLeULRV
>@26LVWHPD(VSHFLDOGH/LTXLGDlkRH&XVWpGLD 6(/,&
, t m XPD LQIUDHVWUXWXUD GR PHUFDGR yQDQFHLUR EUDVLOHLUR H ID] SDUWH GR VLVWHPD GH
SDJDPHQWRV EUDVLOHLUR 63%
,,tOLTXLGDDVRSHUDlrHVHPWHPSRUHDOHUHDOL]DRUHJLVWURGDVWUDQVDlrHVFRPWoWXORV
SsEOLFRVIHGHUDLVFRLELQGRIUDXGHVHSUHYHQLQGRFRQWiJLRFRPRXWUDVLQVWLWXLlrHV
,,, t m GHSRVLWiULR FHQWUDO GRV WoWXORV HPLWLGRV SHOR 7HVRXUR 1DFLRQDO H SURFHVVD DV
RSHUDlrHVFRPSURPLVVDGDVODVWUHDGDVSRUWoWXORVSsEOLFRVRXSULYDGRV
(VWiFRUUHWRRTXHVHDyUPDHP
D ,H,,DSHQDV
E ,,,DSHQDV
F ,H,,,DSHQDV
G ,,,H,,,
$SRVWLOD
4XHVWrHVTXHPDLVFDoUDP&($
>@'HQWUHRXWUDVDWULEXLlrHVFDEHDXP%DQFRGH,QYHVWLPHQWR
D FRQFHGHUqQDQFLDPHQWRGHORQJRSUD]RHPLWLUVXEVFUHYHUHGLVWULEXLUWkWXORVH
YDORUHVPRELOLeULRVHDWXDUQRVHJPHQWRGHGlODUWXULVPR
E DVVHVVRUDUDIXVgRHDDTXLVLhgRGHHPSUHVDVFRRUGHQDUDHPLVVgRGHYDORUHV
PRELOLeULRVHFRQFHGHUqQDQFLDPHQWRVGHPiGLRHORQJRSUD]RV
F FRQFHGHUqQDQFLDPHQWRVGHPiGLRHORQJRSUD]RVFUiGLWRGLUHWRDRFRQVXPLGRU
HGLVWULEXLUYDORUHVPRELOLeULRV
G DVVHVVRUDUDIXVgRFLVgRHLQFRUSRUDhgRGHHPSUHVDVFRQFHGHUqQDQFLDPHQWRV
GHFXUWRSUD]RHFKHTXHHVSHFLDO
>@2%DQFR&HQWUDOGR%UDVLODXWRUL]DRIXQFLRQDPHQWRGHLQVWLWXLlkRyQDQFHLUD
FRPREDQFRPsOWLSORGHVGHTXH
,tDFDUWHLUDGHGHVHQYROYLPHQWRVHMDRSHUDGDSRUEDQFRSsEOLFR
,,tFDSWHGHSpVLWRhYLVWDSRULQWHUPmGLRGDFDUWHLUDGHEDQFRGHLQYHVWLPHQWR
,,,tXPDGDVFDUWHLUDVREULJDWpULDVVHMDDGHFUmGLWRyQDQFLDPHQWRHLQYHVWLPHQWR
(VWiFRUUHWRRTXHVHDyUPDHP
D ,DSHQDV
E ,,H,,,DSHQDV
F ,H,,DSHQDV
G ,,,H,,,
$SRVWLOD
4XHVWrHVTXHPDLVFDoUDP&($
>@ &RP D yQDOLGDGH GH SUHYHQLU R HQYROYLPHQWR GR VLVWHPD yQDQFHLUR HP
LOoFLWRV R FDGDVWUR GRV FOLHQWHV H DV LQIRUPDlrHV VREUH DV WUDQVDlrHV UHDOL]DGDV
D GHYHPVHUFRQVHUYDGRVGXUDQWHRSHUkRGRPkQLPRGHGH]DQRVDSDUWLUGR
HQFHUUDPHQWRGDFRQWDRXGDFRQFOXVgRGDWUDQVDhgR
E GHYHPVHUFRQVHUYDGRVGXUDQWHRSHUkRGRPkQLPRGHFLQFRDQRVDSDUWLUGR
HQFHUUDPHQWRGDFRQWDRXGDFRQFOXVgRGDWUDQVDhgR
F VgRIDFXOWDWLYRVFDVRDRSHUDhgRVHMDUHDOL]DGDSRUSHVVRDMXUkGLFDTXHH[HUhD
DWLYLGDGHVGHSURPRhgRLPRELOLeULDRXFRPSUDHYHQGDGHLPlYHLV
G GHYHPVHULPSOHPHQWDGRVTXDQGRDLQVWLWXLhgRqQDQFHLUDDVVLPMXOJDU
FRQYHQLHQWH
>@8PGLHQWHDQRVGHLGDGHVROWHLURHVHPyOKRVSUHHQFKHXR4XHVWLRQiULR
GH3HUyOGR,QYHVWLGRU VXLWDELOLW\ HRUHVXOWDGRLQGLFRXXPDHOHYDGDWROHUjQFLDDRULVFR
$OmPGHRXWUDVLQIRUPDlrHVVROLFLWDGDVRFOLHQWHIRLTXHVWLRQDGRVREUH
,tRQoYHOGHFRQKHFLPHQWRVREUHLQYHVWLPHQWRV
,,tDVTXHVWrHVUHODWLYDVhFDSDFLGDGHGHVXSRUWDUSHUGDV
,,,tRVSURGXWRVTXHWnPPDLVIDPLOLDULGDGH
(VWiFRUUHWRRTXHVHDyUPDHP
D ,H,,DSHQDV
E ,H,,,DSHQDV
F ,,,H,,,
G ,,H,,,DSHQDV
>@ 6HJXQGR D 5HVROXlkR Qd GD &90 RV SURyVVLRQDLV TXH ID]HP
UHFRPHQGDlkRGHSURGXWRVGHLQYHVWLPHQWRSDUDFOLHQWHVVkRREULJDGDVDPDQWHUWRGRVRV
GRFXPHQWRVHGHFODUDlrHVTXHFRPSURYHPDDGHTXDlkRGRSURGXWRVHUYLlRRXRSHUDlkR
DR SHUyO GR FLHQWH H[FHWR HP FDVR GH SURFHVVR DGPLQLVWUDWLYR DEHUWR SHOD &90 SHOR
SUD]R PoQLPR GH
D WUjV DQRV
E FLQFR DQRV
F GRLV DQRV
G GH] DQRV
>@ 6HJXQGR D 5HVROXlkR Qd GD &90 m YHGDGR hV SHVVRDV TXH ID]HP
UHFRPHQGDlkR GH SURGXWRV GH LQYHVWLPHQWR SDUD FOLHQWHV UHFRPHQGDU SURGXWRV RX
VHUYLlRVTXDQGR
D DVLQIRUPDhnHVGHSHUqOGRFOLHQWHQgRHVWHMDPDWXDOL]DGDV
E RSUD]RGHYHQFLPHQWRGRSURGXWRQgRIRULQIRUPDGR
F RVGDGRVSHVVRDLVVHQVkYHLVGRFOLHQWHVHJXQGRD/HL*HUDOGH3URWHhgRGH
'DGRV /*3' QgRHVWHMDPDWXDOL]DGRV
G RUHWRUQRHVSHUDGRGRSURGXWRQRVHXYHQFLPHQWRQgRIRULQIRUPDGR
$SRVWLOD
4XHVWrHVTXHPDLVFDoUDP&($
>@ 6HJXQGR D 5HVROXlkR Qd GD &90 RV SURyVVLRQDLV TXH ID]HP
UHFRPHQGDlkR GH SURGXWRV GH LQYHVWLPHQWR SDUD FOLHQWHV WnP R GHYHU GHQWUH RXWUDV
DWULEXLlrHVGHYHULyFDUVH
, t D VLWXDlkR yQDQFHLUD GR FOLHQWH m FRPSDWoYHO FRP R SURGXWR VHUYLlR RX RSHUDlkR
DSUHVHQWDGD
,,tRSURGXWRVHUYLlRRXRSHUDlkRmDGHTXDGRDRVREMHWLYRVGHLQYHVWLPHQWRGRFOLHQWH
,,,tRFOLHQWHSRVVXLFRQKHFLPHQWRQHFHVViULRSDUDFRPSUHHQGHURVULVFRVUHODFLRQDGRVDR
SURGXWRVHUYLlRRXRSHUDlkRDSUHVHQWDGD
(VWiFRUUHWRRTXHVHDyUPDHP
D ,H,,,DSHQDV
E ,,,H,,,
F ,,H,,,DSHQDV
G ,H,,DSHQDV
>@ 6HJXQGR D 5HVROXlkR Qb GD &90 R SURyVVLRQDO DXWRUL]DGR D UHFRPHQGDU
SURGXWRVGHLQYHVWLPHQWRSDUDFOLHQWHVGHYHPDQWHUDVLQIRUPDlrHVUHODWLYDVDRSHUyOGH
VHXV FOLHQWHV DWXDOL]DGDV QXP LQWHUYDOR Pi[LPR GHBBBBBBBBBBBBBBB H SURFHGHU D QRYD
DQiOLVHHFODVVLyFDlkRGDVFDWHJRULDVGHYDORUHVPRELOLiULRVHPLQWHUYDORVQkRVXSHULRUHV
DBBBBBBBBBBBB
$VODFXQDVGDVIUDVHVGHYHUkRVHUFRUUHWDPHQWHSUHHQFKLGDVSRU
D YLQWHHTXDWUR PHVHVH FLQFR DQRV
E GR]H PHVHVH FLQFR DQRV
F FLQFR DQRVH YLQWHHTXDWUR PHVHV
G YLQWHHTXDWUR PHVHVH GH] DQRV
>@&RQVLGHUHRVVHJXLQWHVGDGRVDEDL[R
D $WLYRWRWDOH([LJkYHOWRWDO
E $WLYRWRWDOH3DWULPmQLR/kTXLGRWRWDO
F 3DWULPmQLR/kTXLGRH([LJkYHOWRWDO
G $WLYRH3DWULPmQLR/kTXLGR
$SRVWLOD
4XHVWrHVTXHPDLVFDoUDP&($
>@ 'H DFRUGR FRP R &pGLJR $1%,0$ GH 'LVWULEXLlkR GH 3URGXWRV GH
,QYHVWLPHQWR QRSURFHVVRGHFROHWDGHLQIRUPDlrHV SDUDXPDDGHTXDGDDYDOLDlkR GR
SHUyOGHXPLQYHVWLGRUGHYHVHFRQVLGHUDU
,tDH[SHULnQFLDGRLQYHVWLGRUHPPDWmULDGHLQYHVWLPHQWRV
,,tRVULVFRVDVVRFLDGRVDRSURGXWRRIHUWDGR
,,,tRFHQiULRHFRQqPLFR
(VWiFRUUHWRRTXHVHDyUPDHP
D ,DSHQDV
E ,,DSHQDV
F ,H,,,DSHQDV
G ,,,H,,,
>@'HDFRUGRFRPR&pGLJR$1%,0$GH'LVWULEXLlkRGH3URGXWRVGH,QYHVWLPHQWR
SDUDGHyQLlkRGRREMHWLYRGHLQYHVWLPHQWRVGRLQYHVWLGRUDLQVWLWXLlkRSDUWLFLSDQWHGHYH
FRQVLGHUDUQRPoQLPRDVVHJXLQWHVLQIRUPDlrHV
,t2YDORUGHVXDVUHFHLWDVUHJXODUHVGHFODUDGDV
,,t2SHUoRGRHPTXHVHUiPDQWLGRRLQYHVWLPHQWR
,,,t$VSUHIHUnQFLDVGHFODUDGDVTXDQWRhDVVXQlkRGHULVFRV
(VWiFRUUHWRRTXHVHDyUPDHP
D ,DSHQDV
E ,,H,,,DSHQDV
F ,H,,DSHQDV
G ,,,H,,,
>@$7D[D5HIHUHQFLDOt75mFDOFXODGD
D SHODEROVDGHYDORUHV
E SHOR6LVWHPD(VSHFLDOGH/LTXLGDhgRH&XVWlGLD6(/,&
F SHOR&RQVHOKR0RQHWeULR1DFLRQDOp&01
G SHOR%DQFR&HQWUDOGR%UDVLOp%$&(1
>@2&RPLWHGH3ROLWLFD0RQHWiULD&2320HPDWDGHVXDUHXQLkRRUGLQiULD
LQIRUPRXTXHGLDQWHGRVVLQDLVGHIRUWHUHFXSHUDlkRGDGHPDQGDGRPmVWLFDSRGHVH
SURMHWDUXPDHOHYDlkRGDPmGLDGRVoQGLFHVGHLQzDlkR8PHVSHFLDOLVWDHPLQYHVWLPHQWR
DSpVDOHLWXUDGHVVHGRFXPHQWRHQTXDQWRSHUGXUDUWDLVH[SHFWDWLYDVTXDQWRDRVoQGLFHV
GHLQzDlkRUHFRPHQGDUiDVHXVFOLHQWHVTXH
,tUHGX]DPDVDSOLFDlrHVHP/HWUDV)LQDQFHLUDVGR7HVRXUR/)7
,,tDXPHQWHPDVDSOLFDlrHVLQGH[DGDVDR',
,,,tDXPHQWHPRSUD]RPmGLRGDVDSOLFDlrHVGHUHQGDy[DSUHy[DGDV
(VWiFRUUHWRRTXHVHDyUPDHP
D ,,,H,,,
E ,,H,,,DSHQDV
F ,,,DSHQDV
G ,,DSHQDV
$SRVWLOD
4XHVWrHVTXHPDLVFDoUDP&($
>@1DVGHEnQWXUHVFRPJDUDQWLDVUHDLV
D VHKRXYHUOLTXLGDhgRGDFRPSDQKLDKeSUHIHUjQFLDGHSDJDPHQWRDRV
GHEHQWXULVWDVHPDRVDFLRQLVWDV
E QgRH[LVWHPJDUDQWLDRXSUHIHUjQFLDDRLQYHVWLGRUHPFDVRGHOLTXLGDhgRGD
FRPSDQKLD
F RVEHQVHGLUHLWRVJDUDQWLGRVSHODHPSUHVDQDHPLVVgRSRGHPVHUQHJRFLDGRV
VHPDXWRUL]DhgRSUiYLDGRVGHEHQWXULVWDV
G RVEHQVHGLUHLWRVJDUDQWLGRVSHODHPSUHVDQDHPLVVgRQgRSRGHPVHU
FRPSURPHWLGRVSRUWDQWRVlSRGHUeVHUQHJRFLDGRFRPDDSURYDhgRGRV
GHEHQWXULVWDV
>@27HVRXUR1DFLRQDOSRUPHLRGR7HVRXUR'LUHWRSURSRUFLRQDDRLQYHVWLGRU
SHVVRDIoVLFD
D RDFHVVRDWkWXORVGDGkYLGDSoEOLFDHSULYDGD
E DOLTXLGH]GRVWkWXORVPHGLDQWHRIHUWDVGLeULDVGHUHFRPSUD
F DJDUDQWLDVROLGeULDGRVDJHQWHVGHFXVWlGLDKDELWDGRV
G DDTXLVLhgRGHWkWXORVVHPOLPLWHVPHQVDLVGHYDORUPe[LPR
>@3DUDXPFOLHQWHTXHSUHWHQGHDGTXLULUQR7HVRXUR'LUHWRXPWoWXORTXH
WHQKDUHQGLPHQWRLQGH[DGRDXPoQGLFHGHSUHlRVPDLVXPDWD[DGHMXURVHQkRTXHLUD
FRUUHUULVFRGHUHLQYHVWLPHQWRRJHUHQWHGHUHODFLRQDPHQWRGHYHUiLQGLFDU
D 7HVRXUR3UHq[DGR /71
E 7HVRXUR6HOLF /)7
F 7HVRXUR,3&$ 171%SULQFLSDO
G 7HVRXUR,3&$FRPMXURVVHPHVWUDLV 171%
>@8PLQYHVWLGRUDSOLFRXVHXVUHFXUVRVHPXP&'%TXHSRGHVHUUHVJDWDGRD
TXDOTXHUPRPHQWR&DVRHVVHLQYHVWLGRUYHQKDDUHVJDWDUHOHSDJDUi,PSRVWRGH5HQGD
QDIRQWHGH
D GRVUHQGLPHQWRVVHRVUHFXUVRVqFDUHPLQYHVWLGRVSRUGLDV
E GRVUHQGLPHQWRVVHRVUHFXUVRVqFDUHPLQYHVWLGRVSRUGLDV
F GRVUHQGLPHQWRVVHRVUHFXUVRVqFDUHPLQYHVWLGRVSRUGLDV
G GRVUHQGLPHQWRVVHRVUHFXUVRVqFDUHPLQYHVWLGRVSRUGLDV
$SRVWLOD
4XHVWrHVTXHPDLVFDoUDP&($
>@8PSHVVRDIoVLFDHIHWXRXDVVHJXLQWHVRSHUDlrHVFRPDlrHVHP%ROVDGH
9DORUHV
D VXMHLWRVdLQFLGjQFLDGR,PSRVWRGH5HQGDdDOkTXRWDGH
E LVHQWRVGR,PSRVWRGH5HQGDGHYLGRDRUHGX]LGRYDORUGDVDOLHQDhnHV
F LVHQWRVGR,PSRVWRGH5HQGDGHYLGRDRUHGX]LGRYDORUGHDTXLVLhgRGDVDhnHV
G VXMHLWRVdLQFLGjQFLDGR,PSRVWRGH5HQGDdDOkTXRWDGH
>@$SpVGLDVGRLQoFLRGDVDWLYLGDGHVDFODVVHGHFRWDVGHXPIXQGRDEHUWR
HP IXQFLRQDPHQWR TXH PDQWLYHU D TXDOTXHU WHPSR SDWULPqQLR OoTXLGR PmGLR GLiULR
LQIHULRUD5SHORSHUoRGRGHGLDVFRQVHFXWLYRV
D SRGHVROLFLWDUd&90XPSUD]RPDLRUSDUDFDSWDUPDLVUHFXUVRV
E GHYHVHUIHFKDGRSDUDQRYDVFDSWDhnHV
F GHYHVHULPHGLDWDPHQWHOLTXLGDGDRXLQFRUSRUDGDDRXWUDFODVVHGHFRWDVH
FDVRQgRDWHQGDHVVDFRQGLhgRD&90FDQFHODUeRUHJLVWURGHIXQFLRQDPHQWR
G GHYHVHULPHGLDWDPHQWHOLTXLGDGDRXLQFRUSRUDGDDRXWUDFODVVHGHFRWDVH
FDVRQgRDWHQGDHVVDFRQGLhgRD&90SRGHUeFRQFHGHUSUD]RDGLFLRQDOSDUD
FDSWDhnHVDGLFLRQDLVGHUHFXUVRV
>@ 8P IXQGR GH LQYHVWLPHQWR GH UHQGD y[D DEHUWR DRV LQYHVWLGRUHV QkR
TXDOLyFDGRV DGTXLULX DWLYRV yQDQFHLURV QkR SHUPLWLGRV SRU VHX UHJXODPHQWR 2V DWLYRV
SHUPDQHFHUDP QD FDUWHLUD GR IXQGR DWm TXH D DXGLWRULD DQXDO SHUFHEHX R HUUR $
UHVSRQVDELOLGDGHSRUHVVHGHVFXPSULPHQWRFRQWLQXDGRGRUHJXODPHQWRGRIXQGRmGR
,tJHVWRU
,,tDGPLQLVWUDGRU
,,,tFXVWRGLDQWH
,9tDXGLWRU
(VWiFRUUHWRRTXHVHDyUPDHP
D ,H,,,DSHQDV
E ,,H,9DSHQDV
F ,,,H,9DSHQDV
G ,H,,DSHQDV
$SRVWLOD
4XHVWrHVTXHPDLVFDoUDP&($
>@4XDQWRVULVFRVGHYHPHVWDUSUHVHQWHQR7HUPRGH$GHVkRH&LnQFLDGH5LVFR
GRVIXQGRVGHLQYHVWLPHQWRV"
D WRGRVRVULVFRVHQYROYLGRV
E RVFLQFRSULQFLSDLVULVFRV
F RVGH]SULQFLSDLVULVFRV
G VRPHQWHDTXHOHVTXHRDGPLQLVWUDGRUHQWHQGHUVHUSHUWLQHQWH
>@8P)XQGRGH,QYHVWLPHQWRGH5HQGD)L[DDGTXLULXSDUDDVXDFDUWHLUDXPORWH
GH1RWDGR7HVRXUR1DFLRQDOVmULH% 171% FRPYHQFLPHQWRHP6REUHR
FRQFHLWRGHQRPLQDGRPDUFDlkRDPHUFDGRXPHVSHFLDOLVWDHPLQYHVWLPHQWRH[SOLFDUiDR
VHXGLHQWHTXHVH
, t R IXQGR SHUPDQHFHU FRP HVVH WoWXOR HP VXD FDUWHLUD DWm R YHQFLPHQWR D VXD
UHQWDELOLGDGH UHzHWLUi D WD[D GH MXURV DFRUGDGD QD DTXLVLlkR FDVR RV UHFHELPHQWRV GH
FXSRPVHMDPUHLQYHVWLGRVSHODPHVPDWD[DGHDTXLVLlkR
,,tRFRUUHUTXHGDQD7D[D6HOLFHVVHWoWXORSRGHUiWHUVHXFXSRPGHVYDORUL]DGR
,,,tDWD[DGHMXURVGHPHUFDGRHVWLYHUVHQGRQHJRFLDGDDFLPDGDWD[DGHMXURVQDGDWDGH
DTXLVLlkRDFRWDGRIXQGRSRGHUiDSUHVHQWDUUHQWDELOLGDGHQHJDWLYD
(VWiFRUUHWRRTXHVHDyUPDHP
D ,H,,,DSHQDV
E ,,,H,,,
F ,,H,,,DSHQDV
G ,H,,DSHQDV
>@2SHUFHQWXDOPoQLPRGHDWLYRVHPXPDFDUWHLUDUHODFLRQDGRVGLUHWDPHQWH
FRPRIDWRUGHULVFRGRV)XQGRVGH5HQGD)L[DH&DPELDOmGH
D
E
F
G
>@8PIXQGRGHLQYHVWLPHQWRHP$lrHVGHYHDSOLFDUHPDlrHViYLVWDEqQXVRX
UHFLERVGHVXEVFULlkRFHUWLyFDGRVGHGHSpVLWRGHDlrHVFRWDVGHIXQGRVGHDlrHVFRWDV
GHIXQGRVGHoQGLFHGHDlrHVH%UD]LOLDQ'HSRVLWDU\5HFHLSWVFODVVLyFDGRVFRPRQoYHO,,H
,,,RSHUFHQWXDOPoQLPRGH3DWULPqQLR/oTXLGR 3/ GH
D
E
F
G
$SRVWLOD
4XHVWrHVTXHPDLVFDoUDP&($
>@8PDFODVVHGHFRWDVGHXPIXQGRGHDlrHVSRVVXoDDFDUWHLUDFRPSRVWDSRU
GHDlrHVQHJRFLDGDVQD%3RUFRQWDGHXPDIRUWHGHVYDORUL]DlkRGRVDWLYRVGH
UHQGD YDULiYHO QR PHUFDGR D SURSRUlkR GH DlrHV QR IXQGR FDLX SDUD 2 JHVWRU
UHJXODUL]RXDFDUWHLUDHYROWRXDRSHUFHQWXDOGHHPDlrHVHPGLDV$OmPGLVVRD
FODVVHGHFRWDVGRIXQGRQkRLQFRUUHXQRYDPHQWHQHVVHGHVHQTXDGUDPHQWRQRVPHVHV
VXEVHTXHQWHV3RGHVHHQWkRDyUPDUTXH
D SRUFRQWDGRGHVHQTXDGUDPHQWRDFODVVHGHFRWDVGRIXQGRSDVVRXDVHU
WULEXWDGDFRPRUHQGDq[D
E RGHVHQTXDGUDPHQWRQgROHYRXdPXGDQhDGDFODVVLqFDhgRWULEXWeULD
F RVJDQKRVGXUDQWHRVGLDVGHGHVHQTXDGUDPHQWRVHUgRWULEXWDGRVFRPR
UHQGDq[D
G GHSHQGHQGRGRSHUFHQWXDOGDFDUWHLUDQgRDSOLFDGRHPDhnHVGXUDQWHRSHUkRGR
GHGHVHQTXDGUDPHQWRRIXQGRSRGHWHUWLGRVXDFODVVLqFDhgRWULEXWeULD
DOWHUDGD
>@6HJXQGRD6HFUHWDULDGD5HFHLWD)HGHUDO
,tDVDOoTXRWDVGHLPSRVWRGHUHQGDQRVIXQGRVGHLQYHVWLPHQWRGHFXUWRSUD]RGHORQJR
SUD]RHGHDlrHVVkRGLIHUHQWHVHPFRPSRVLlkRGRVWoWXORVGHVXDVFDUWHLUDV
,,tRVIXQGRVGHLQYHVWLPHQWRHPDlrHVQkRHVWkRVXMHLWRVDUHWHQlkRGRLPSRVWRGH
UHQGDGHQRPLQDGD FRPHFRWDVc
,,,tDVDOoTXRWDVGRLPSRVWRGHUHQGDLQFLGHQWHVQRUHVJDWHGHUHFXUVRVDSOLFDGRVHP
IXQGRVGHLQYHVWLPHQWRGHFXUWRHGHORQJRYDULDPHPIXQlkRGRSUD]RTXHRLQYHVWLGRU
PDQWLYHUDDSOLFDlkR
(VWiFRUUHWRRTXHVHDyUPDHP
D ,H,,DSHQDV
E ,,H,,,DSHQDV
F ,H,,,DSHQDV
G ,,,H,,,
>@ 6HJXQGR R &pGLJR $1%,0$ GH $GPLQLVWUDlkR H *HVWkR GH 5HFXUVRV GH
7HUFHLURVQRFiOFXORGHFRWDVHPIXQGRVGHLQYHVWLPHQWRVRDSUHlDPHQWRGRVDWLYRVmD
SUHFLyFDlkRGRVDWLYRVOoTXLGRVSHORSUHlR
D GHIHFKDPHQWR
E GHPHUFDGR
F GHDTXLVLhgR
G PiGLR
>@ 8P LQYHVWLGRU SUHWHQGH WUDQVIRUPDU R YDORU DFXPXODGR HP VHX SODQR GH
SUHYLGnQFLDFRPSOHPHQWDUXPDUHQGDHDRTXHVWLRQDUVHXHVSHFLDOLVWDGHLQYHVWLPHQWRV
VREUH R TXH RFRUUHX FRP VXD UHVHUYD RXYLX u$ UHVHUYD DFXPXODGD SDVVD VHU GH
SURSULHGDGH GD VHJXUDGRUD TXH OKH JDUDQWLD XPD UHQGD PHQVDO (VVD UHVHUYD VHUi
LQYHVWLGDHVHXUHWRUQRyQDQFHLURUHDOIRUPDLRUGRTXHRYDORUSDJRHPIRUPDGHUHQGDD
VHJXUDGRUDOKHUHSDVVDUiXPSHUFHQWXDOGHVVHUHWRUQRVREDIRUPDGHDXPHQWRQRYDORU
GRVHXEHQHyFLRv
&RPEDVHH[FOXVLYDPHQWHQDVLQIRUPDlrHVDH[SOLFDlrHVUHIHUHVHDRFRQFHLWRGH
D MXURDWXDULDO
E H[FHGHQWHqQDQFHLUR
F WeEXDELRPiWULFD
G DWXDOL]DhgRPRQHWeULDGREHQHqFLR
$SRVWLOD
4XHVWrHVTXHPDLVFDoUDP&($
>@3DXORHVWDYDDSRVHQWDGRSRUXPSODQRGHSUHYLGnQFLDFRPSOHPHQWDUKiFLQFR
DRVTXDQGRyFRXGRHQWHHLQIHOL]PHQWHYLQGRDIDOHFHU$SpVRIDOHFLPHQWRVXDHVSRVD
/XFLDQDFRQWLQXRXUHFHEHQGRDDSRVHQWDGRULDLQWHJUDOSRUPDLVDQRV&RPUHODlkRDR
WLSR GH UHQGD SRGHPRV DyUPDU TXH D UHQGD DWXDULDO KDELOLWDGD QR SODQR GH 3DXOR PDLV
SUHFLVDPHQWHVHULDD
D 5HQGDWHPSRUeULD
E 5HQGDYLWDOkFLD
F 5HQGDYLWDOkFLDFRPSUD]RPkQLPRJDUDQWLGR
G 5HQGDYLWDOkFLDFRPUHYHUVgRDREHQHqFLeULRLQGLFDGR
>@ 8P LQYHVWLGRU GHVHMD DSOLFDU VHXV UHFXUVRV HP XP SODQR GH SUHYLGnQFLD
FRPSOHPHQWDUGRWLSR3ODQR*HUDGRUGH%HQHIoFLR/LYUH 3*%/ HVFROKHQGRXPIXQGRGH
LQYHVWLPHQWRV HVSHFLDOPHQWH FRQVWLWXoGR ),( GH UHQGD y[D SpVy[DGD 'HVWD IRUPD
SRGHPRVDyUPDUTXHGXUDQWHDIDVHGHFRQWULEXLlkRRLQYHVWLGRUDVVXPLUiRULVFRGH
D FUiGLWRGDVHJXUDGRUDSURSULHWeULDGRSODQRHGHPHUFDGRGRVDWLYRVTXH
FRPSnHPDFDUWHLUDGR),(
E PHUFDGRGRVDWLYRVTXHFRPSnHPDFDUWHLUDGR),(SDUDRSODQRDSHQDV
F FUiGLWRGRDGPLQLVWUDGRUGRSODQRHRGHPHUFDGRGRVDWLYRVTXHFRPSnHPD
FDUWHLUDGR),(GRSODQR
G &UiGLWRGHVHJXUDGRUDSURSULHWeULDGRSODQRDSHQDV
>@2JUiyFRDEDL[RUHSUHVHQWDDUHODlkRHQWUHRQsPHURGHDlrHVGHGLIHUHQWHV
HPSUHVDVSUHVHQWHVQDFDUWHLUDGHXPIXQGRGHLQYHVWLPHQWRVHPDlrHVHRGHVYLRSDGUkR
GRVUHWRUQRV
D LPXQL]DhgR
E GLYHUVLqFDhgR
F DODYDQFDJHP
G KHGJH
$SRVWLOD
4XHVWrHVTXHPDLVFDoUDP&($
>@(PRFRUUHXRDFLGHQWHQXFOHDUGDXVLQDGH&KHUQRE\OQD8FUjQLD HQWkR
SDUWHGD8QLkR6RYLmWLFD (OHIRLFRQVLGHUDGRXPGRVSLRUHVDFLGHQWHVGDKLVWpULDGD
HQHUJLDQXFOHDUJHUDQGRJUDQGHVLPSDFWRVSRUPHLRGDHPLVVkRGHXPDQXYHPUDGLRDWLYD
TXH DOFDQlRX GLYHUVRV SDoVHV QD (XURSD *UDQGHV UHJLrHV QD 8FUjQLD %LHORUUsVVLD H
5sVVLDIRUDPDWLQJLGDVFDXVDQGRDHYDFXDlkRGHDSUR[LPDGDPHQWHPLOSHVVRDV
&RQVLGHUDQGRRFDVRPHQFLRQDGRSRGHPRVFLWDUH[HPSORVGRVLPSDFWRVVRFLRDPELHQWDLV
FDXVDGRVSHORDFLGHQWH
D FRQrLWRVHQWUHRVSDkVHVSHODGLVSXWDGHeUHDVQgRDWLQJLGDVSHORDFLGHQWHH
SHODVXVLQDVUDGLRDWLYDVRSHUDFLRQDLV
E DXPHQWRGDVHPLVVnHVGHJDVHVGHHIHLWRHVWXIDSURYRFDGRVSHORDFLGHQWH
LQWHQVLqFDQGRRDTXHFLPHQWRJOREDO
F DXPHQWRGRQoPHURGHGRHQhDVQDVSHVVRDVHGHSHUGDGHELRGLYHUVLGDGH
FDXVDGDVSHODVHPLVVnHVUDGLRDWLYDV
G GHVOLJDPHQWRGHXVLQDVQXFOHDUHVHPRXWURVSDkVHVSDUDUHGX]LURFRQVXPRGH
PDWHULDLVUDGLRDWLYRV
>@8PDUHFHQWHGLVWULEXLlkRSsEOLFDGHDlrHVGLIHUHQFLRXVHGDVGHPDLVSRUWHU
VLGRGHVWLQDGDH[FOXVLYDPHQWHD,QYHVWLGRUHV4XDOLyFDGRV1HVVDFDWHJRULDHQFRQWUDP
VH
,t2VLQYHVWLGRUHVYLQFXODGRVhLQVWLWXLlkROoGHUDVGHPDLVLQVWLWXLlrHVSDUWLFLSDQWHVGD
RIHUWDHhHPSUHVDHPLVVRUD
,,t)XQGRVGH3HQVkRH6HJXUDGRUDV
,,,t3HVVRDVIoVLFDVHMXUoGLFDVFRPLQYHVWLPHQWRVyQDQFHLURVVXSHULRUHVD5
HTXHDWHVWHPSRUHVFULWRDVXDFRQGLlkR
(VWiFRUUHWRRTXHVHDyUPD$3(1$6HP
D ,,H,,,
E ,H,,,
F ,,,
G ,H,,
$SRVWLOD
4XHVWrHVTXHPDLVFDoUDP&($
>@ 8P LQYHVWLGRU LQVWLWXFLRQDO VROLFLWRX D XPD FRUUHWRUD GH YDORUHV TXH
DGTXLULVVH XPD TXDQWLGDGH VLJQLyFDWLYD GH DlrHV GH XPD GHWHUPLQDGD HPSUHVD 8P
FRUUHWRUGHYDORUHVGHVVDPHVPDFRUUHWRUDDRREWHUDLQIRUPDlkRVREUHDQHJRFLDlkR
FRPRFOLHQWHDGTXLUHDlrHVGHVVDHPSUHVDSDUDVLSUpSULRDQWHFLSDQGRVHhH[HFXlkRGD
RUGHPGRFOLHQWHSHODFRUUHWRUD1HVVHFDVRDDWLWXGHLQGHYLGDGRFRUUHWRUGHQRPLQDVH
D LQVLGHUWUDGLQJ
E IURQWWUDGLQJ
F IURQWUXQQLQJ
G LQVLGHULQIRUPDWLRQ
>@ 8P LQYHVWLGRU TXDOLyFDGR VHJXQGR DV UHJUDV GD &RPLVVkR GH 9DORUHV
0RELOLiULRV &90 DSpVUHVSRQGHUR4XHVWLRQiULRGH3HUyOGR,QYHVWLGRU $3, LGHQWLyFRX
VHX SHUyO FRPR DUURMDGR H KRUL]RQWH GH LQYHVWLPHQWR GH PmGLR HRX ORQJR SUD]RV H
JRVWDULDGHRWLPL]DURLPSDFWRWULEXWiULRGHVXDVGHFLVrHVGHLQYHVWLPHQWR1HVVHFDVRR
HVSHFLDOLVWDHPLQYHVWLPHQWRSRGHULDUHFRPHQGDUDDTXLVLlkRGH
,t'HEnQWXUHVLQFHQWLYDGDV
,,t&HUWLyFDGRGH5HFHEoYHO,PRELOLiULR &5,
,,,t&RWDVGH)XQGRGH,QYHVWLPHQWRHP'LUHLWR&UHGLWpULR )',&
(VWiFRUUHWRRTXHVHDyUPDHP
D ,,H,,,DSHQDV
E ,H,,,DSHQDV
F ,H,,DSHQDV
G ,,,H,,,
>@ &DLR DQRV GH LGDGH LQYHVWLGRU TXDOLyFDGR SHODV UHJUDV GD &RPLVVkR GH
9DORUHV0RELOLiULRV &90 SRVVXLDVHJXLQWHFDUWHLUDGHLQYHVWLPHQWRV
D ,DSHQDV
E ,,DSHQDV
F ,,H,,,DSHQDV
G ,,,H,,,
$SRVWLOD
4XHVWrHVTXHPDLVFDoUDP&($
>@ 'RLV FOLHQWHV ; H < DYHVVRV h SHUGD DSOLFDUDP QR PHVPR IXQGR
PXOWLPHUFDGRVHQGRTXH;LQYHVWLXTXDQGRDFRWDYDOLD5H<GLDVGHSRLV
TXDQGRHUDQHJRFLDGDD5+RMHDFRWDYDOH5HQWkRDVDWLWXGHV
HVSHUDGDVGH;H<UHVSHFWLYDPHQWHFRQVLGHUDQGRRYLmVFRJQLWLYRGHDYHUVkRhSHUGD
VHUkR
D PDQWHUHPDQWHU
E UHVJDWDUHUHVJDWDU
F UHVJDWDUHPDQWHU
G PDQWHUHUHVJDWDU
>@8PDHPSUHVDDSpVSDVVDURVWUnVsOWLPRVWULPHVWUHVFRPUHVXOWDGRVIUDFRV
FRQYRFDXPDUHXQLkRFRPDWXDLVHSRWHQFLDLVLQYHVWLGRUHVYLVDQGRDXPPHOKRUUHVXOWDGR
QRWULPHVWUHDWXDOXPDYH]TXHDGLUHWRULDDFUHGLWDVHUXPPRPHQWRH[FHSFLRQDOGH
WUDQVLlkRHFUHVFLPHQWR1HVVHFRQWH[WRRYLmVFRJQLWLYR0$,6SURYiYHODRLQYHVWLUQD
HPSUHVDmR
D GRH[FHVVRGHFRQqDQhD
E GRIUDPLQJ
F GDDYHUVgRdSHUGD
G GDDQFRUDJHP
>@$SOLFDlrHVHPWoWXORVKLSRWHFDGRVHPLWLGRVSRUHPSUHVDVHXURSHLDVIRUDP
RIHUHFLGDVDXPLQYHVWLGRUTXHGHFLGLXQkRDSRUWDUUHFXUVRVQHVVHWLSRGHLQYHVWLPHQWR
SRU DVVRFLDOR h UHFHQWH FULVH GH DOJXPDV HFRQRPLDV HXURSHLDV DSHVDU GR UHWRUQR
DWUDWLYR &DVR D GHFLVkR GHVVH LQYHVWLGRU WHQKD VLGR WRPDGD DSHQDV FRP EDVH QHVWH
HYHQWRUHFHQWHSRGHVHDyUPDUTXHHOHIRLLQzXHQFLDGRSHODKHXUoVWLFDGD
D DQFRUDJHP
E UHSUHVHQWDWLYLGDGH
F LOXVgRGRFRQWUROH
G GLVSRQLELOLGDGH
>@/XL]DIRLDFRQVHOKDGDSHORVHXJHVWRUGHLQYHVWLPHQWRDDGTXLULUDlrHVGH
XPD GHWHUPLQDGD HPSUHVD SRLV RV DQDOLVWDV DWULEXoDP XPD SRVVLELOLGDGH GH JUDQGH
UHWRUQRQRORQJRSUD]R3DVVDGRVGLDVGDFRPSUDGHFLGLXYHQGHODVFRPGH
UHWRUQR1HVVHFDVRHODH[LELXRYLmVGDKHXUoVWLFD
D GDGLVSRQLELOLGDGH
E GRH[FHVVRGHFRQqDQhD
F GDDQFRUDJHP
G GDDYHUVgRdSHUGD
>@ 'RXJODV WHP HP FDUWHLUD XP IXQGR GH LQYHVWLPHQWR FRP KLVWpULFR GH
DSUR[LPDGDPHQWH DQRV H GXUDQWH FULVH HFRQqPLFD D PoGLD yQDQFHLUD H[DOWRX D
DORFDlkR UHDOL]DGD SRU HVVH IXQGR FRQWXGR DOJXQV FRPHQWDULVWDV UHFRPHQGDUDP R
UHVJDWHSUHYHQGRXPDTXHGDVXEVWDQFLDOGDFRWD&DVR'RXJODVUHDOL]HRUHVJDWHHVWDUi
VXMHLWRDRYLmVGDKHXUoVWLFD
D GDFRQqUPDhgR
E GDGLVSRQLELOLGDGH
F GRH[FHVVRGHFRQqDQhD
G GDUHSUHVHQWDWLYLGDGH
$SRVWLOD
4XHVWrHVTXHPDLVFDoUDP&($
>@6HJXQGRD7HRULDGH)LQDQlDV&RPSRUWDPHQWDLVDHVWUDWmJLDDGRWDGDSHORV
GRVLQYHVWLGRUHVDRWRPDUHPRSULPHLURSUHlRGHFRPSUDGHXPDDlkRFRPRUHIHUnQFLDH
DSDUWLUGHVVHSUHlRHVWLPDURGHVHPSHQKRIXWXURGHVVDDlkRmXPDFRQVHTXnQFLDGD
DSOLFDlkRGDKHXUoVWLFDGHQRPLQDGD
D GLVSRQLELOLGDGH
E DQFRUDJHP
F UHSUHVHQWDWLYLGDGH
G DYHUVgRDRULVFR
>@ (P XP UHJLPH GH FjPELR zH[oYHO RX zXWXDQWH FRPR R DGRWDGR SHOR %UDVLO
XPDYDORUL]DlkRGR5HDOSRGHVHUJHUDGDSRU
,tXPDXPHQWRQDWD[DEiVLFDGHMXURVEUDVLOHLUD
,,tXPDXPHQWRGDDYHUVkRDRULVFRGRVDWLYRVEUDVLOHLURV
,,,tXPDXPHQWRQRVMXURVQRUWHDPHULFDQRV
,9tXPDUHGXlkRQRVJDVWRVGHEUDVLOHLURVQRH[WHULRU
(VWiFRUUHWRRTXHVHDyUPDDSHQDVHP
D ,,H,,,
E ,,,,H,9
F ,,,H,9
G ,H,9
>@1DFRQGLlkRGHSURGXlkRGHSOHQRHPSUHJRVHDGHPDQGDDJUHJDGDIRU
LQVXyFLHQWHR&RPLWnGH3ROLWLFD0RQHWiULD &2320 SRGHHPXPDGHVXDVUHXQLrHV
D EDL[DUDWD[DEeVLFDGHMXURVSRLVDGHPDQGDDJUHJDGDHVWeDFLPDGDVLWXDhgR
E HOHYDUDWD[DEeVLFDGHMXURVSDUDQHXWUDOL]DUDVWHQGjQFLDVdGHSUHVVgR
F HOHYDUDWD[DEeVLFDGHMXURVSDUDHVWLPXODUDDWLYLGDGHHFRQmPLFD
G EDL[DUDWD[DEeVLFDGHMXURVSDUDUHGX]LURGHVHPSUHJR
>@$WD[DGHFjPELRQR%UDVLOQRVsOWLPRVPHVHVDSUHVHQWRXXPDYDORUL]DlkR
GR5HDOHPUHODlkRDR'pODU1RUWH$PHULFDQR7DOYDORUL]DlkRSURGX]LX
D UHGXhgRGRGiqFLWGDFRQWDWXULVPRHUHGXhgRGDPDUJHPGHJDQKRGRV
H[SRUWDGRUHV
E DXPHQWRGRGiqFLWGDFRQWDWXULVPRHDXPHQWRGDPDUJHPGHJDQKRGRV
H[SRUWDGRUHV
F DXPHQWRGRGiqFLWGDFRQWDWXULVPRHUHGXhgRGDPDUJHPGHJDQKRGRV
H[SRUWDGRUHV
G UHGXhgRGRGiqFLWGDFRQWDWXULVPRHDXPHQWRGDPDUJHPGHJDQKRGRV
H[SRUWDGRUHV
>@3DUDUHGX]LUDRIHUWDPRQHWiULDHFRQWURODUDH[SDQVkRGDGHPDQGDDJUHJDGD
GDHFRQRPLDXPGRVLQVWUXPHQWRVGHSROoWLFDPRQHWiULDDGLVSRVLlkRGR%DQFR&HQWUDOm
D
D FRPSUDGHWkWXORVSoEOLFRVQRPHUFDGRDEHUWR
E YHQGDGHWkWXORVSoEOLFRVQRPHUFDGRDEHUWR
F UHGXhgRGDWD[DGRUHGHVFRQWR
G UHGXhgRGDWD[DGRVGHSlVLWRVFRPSXOVlULRV
$SRVWLOD
4XHVWrHVTXHPDLVFDoUDP&($
>@3DUDXPSDoVWHUVXDEDODQlDFRPHUFLDOGHyFLWiULDmQHFHVViULRTXH
D WHQKDXPPDLRUYROXPHGHUHPHVVDVGHOXFURVHMXURVGHHPSUiVWLPRVSDUDD
H[WHULRU
E WHQKDXPPDLRUYROXPHGHUHPHVVDVGHOXFURVHMXURVGHHPSUiVWLPRVYLQGRV
GRH[WHULRU
F YHQGDPDLVEHQVHSURGXWRVSURGX]LGRVQRSDLVSDUDRH[WHULRUGRTXHFRPSUH
G FRPSUHPDLVEHQVHSURGXWRVSURGX]LGRVQRH[WHULRUGRTXHYHQGD
>@ 2 DXPHQWR GDV UHVHUYDV LQWHUQDFLRQDLV GH XP SDoV DR yQDO GH XP
GHWHUPLQDGR SHUoRGR SRGH RFRUUHU
D SHORVDOGRVXSHUDYLWeULRGDVFRQWDVFDSLWDOHqQDQFHLUDDSHQDV
E SHORVDOGRVXSHUDYLWeULRGRV$WLYRVGHUHVHUYDGDFRQWDqQDQFHLUDGDEDODQhRGH
SDJDPHQWRV
F SHODPDQXWHQhgRGDPRHGDQDFLRQDOGHVYDORUL]DGDDORQJRGRSHUkRGRSHOR
VDOGRVXSHUDYLWeULRHPWUDQVDhnHVFRUUHQWH
G SHODPDQXWHQhgRGDPRHGDQDFLRQDOYDORUL]DGDDRORQJRGRSHUkRGRHSHOR
VDOGRVXSHUDYLWeULRGDVFRQWDVFDSLWDOHqQDQFHLUD
>@8PDLQVWLWXLlkRyQDQFHLUDDFDEDGHHPLWLUXP&2( &HUWLyFDGRGH2SHUDlrHV
(VWUXWXUDGDV SURGX]LQGRR',( 'RFXPHQWRGH,QIRUPDlrHV(VVHQFLDLV TXHHVSHFLyFDDV
FDUDFWHUoVWLFDVGRSURGXWRHRWHUPRGH$GHVkRH&LnQFLDGH5LVFR 7$ GHVVDHPLVVkR1R
PRPHQWRGDGLVWULEXLlkRDRVLQYHVWLGRUHVQkRSURyVVLRQDLVDLQVWLWXLlkRGHYH
D REULJDWRULDPHQWHHQWUHJDUR',(HFROKHUDDVVLQDWXUDQR7$
E RSFLRQDOPHQWHHQWUHJDUR',(HREULJDWRULDPHQWHFROKHUDDVVLQDWXUDQR7$
F RSFLRQDOPHQWHHQWUHJDUR',(HFROKHUDDVVLQDWXUDQR7$
G REULJDWRULDPHQWHHQWUHJDUR',(HRSFLRQDOPHQWHFROKHUDDVVLQDWXUDQR7$
>@ 8PD 6RFLHGDGH $QqQLPD QkR yQDQFHLUD HVWi SUHFLVDQGR GH UHFXUVRV
yQDQFHLURVSDUDFDSLWDOGHJLUR8PDRSlkRSDUDFDSWDUUHFXUVRVGHIRUPDUiSLGDVHULD
D $hnHV
E &'%
F 1RWDV3URPLVVlULDV
G /&,
>@$TXDQWLGDGHGHYDORUHVPRELOLiULRVDVHUGLVWULEXoGDSRGHDFULWmULRGR
RIHUWDQWH H VHP D QHFHVVLGDGH GH QRYR UHTXHULPHQWR GH UHJLVWUR RX GH PRGLyFDlkR GRV
WHUPRVGDRIHUWDVHUDXPHQWDGDDWmXPPRQWDQWH
D LOLPLWDGRQDVRIHUWDVGHVWLQDGDVH[FOXVLYDPHQWHDLQYHVWLGRUHVSURqVVLRQDLV
E FXMRORWHDGLFLRQDOQgRH[FHGDHPDTXDQWLGDGHLQLFLDOPHQWHUHTXHULGD
F GHSRURXWRUJDGRHPLVVRUDRVFRRUGHQDGRUHVSDUDRVHUYLhRGH
HVWDELOL]DhgRGHSUHhRVGRVYDORUHVPRELOLeULRVREMHWRGDRIHUWD
G LOLPLWDGRFDVRGLYXOJDGDDHVSHFLqFDhgRGDGHVWLQDhgRGRVUHFXUVRVDGLFLRQDLV
FDSWDGRV
$SRVWLOD
4XHVWrHVTXHPDLVFDoUDP&($
>@ 2 ODQlDGRU GH XPD RSlkR GH FRPSUD FDOO GH GpODU QRUWHDPHULFDQR
QHJRFLDGDQD%ROVDGH9DORUHVQRYHQFLPHQWRWHUi
D RGLUHLWRGHYHQGHUDPRHGD
E DREULJDhgRGHFRPSUDUDPRHGD
F DREULJDhgRGHYHQGHUDPRHGD
G RGLUHLWRGHFRPSUDUDPRHGD
>@ 2V JUiyFRV UHSUHVHQWDGRV SHODV )LJXUDV H LQGLFDP OXFURV REWLGRV FRP
HVWUDWmJLDV XWLOL]DQGR RSlrHV GH FRPSUD RX GH YHQGD GH DlrHV
D VXELUSHORJDQKRVHURYDORUGRSUjPLRHFDLUSHORJDQKRVHURYDORUGR
SUjPLR
E VXELUSHORJDQKRVHURYDORUGRSUjPLRHVXELUSHORJDQKRVHUPDLRUTXDQWR
PDLRUIRURSUHhRGDDhgRQDGDWDGRH[HUFkFLR
F FDLUSHORJDQKRVHUPDLRUTXDQWRPHQRUIRURSUHhRGDDhgRQDGDWDGR
H[HUFkFLRHVXELUSHORJDQKRVHUPDLRUTXDQWRPDLRUIRURSUHhRGDDhgRQD
GDWDGRH[HUFkFLR
G FDLUSHORJDQKRVHUPDLRUTXDQWRPHQRUIRUSUHhRGDDhgRQDGDWDGRH[HUFkFLR
HFDLUSHORJDQKRVHURYDORUGRSUjPLR
>@8PLQYHVWLGRUTXHID]RSHUDlrHVGHFRPSUDRSlrHVGHFRPSUDHGHFRPSUD
GHRSlrHVGHYHQGDHVWiEXVFDQGRPLWLJDUSULQFLSDOPHQWHRULVFR
D GHFUiGLWR
E GHPHUFDGR
F QgRVLVWjPLFR
G GHYRODWLOLGDGH
>@3RGHVHDyUPDUTXHXPDRSlkRGHFRPSUDHVWiRXWRIWKHPRQH\TXDQGRR
SUHlRGRDWLYRREMHWRQRPHUFDGRm
D PHQRUTXHRSUHhRGHH[HUFkFLR
E PDLRUTXHRSUHhRGHH[HUFkFLR
F PHQRUTXHRSUHhRDWHUPR
G PDLRUTXHRSUHhRDWHUPR
$SRVWLOD
4XHVWrHVTXHPDLVFDoUDP&($
>@1RPHUFDGRGHGHULYDWLYRVXP6ZDSm
D XPDRSHUDhgRqQDQFHLUDWUDGLFLRQDORQGHDGLIHUHQhDHQWUHRSUHhRFRQWUDWDGR
GHXPDWLYRiRSUHhRIXWXURGHVFRQWDGRDXPD7D[DGHMXURV
E XPLQVWUXPHQWRqQDQFHLURTXHFRQIHUHDRVHXWLWXODURGLUHLWRGHFRPSUDURX
YHQGHUXPDWLYRREMHWR
F XPDRSHUDhgRTXHSHUPLWHDGXDVFRQWUDSDUWHVWURFDUHPVHXVrX[RV
qQDQFHLURVHPXPDGDWDIXWXUDFRQIRUPHFULWiULRVSUiHVWDEHOHFLGRV
G XPDRSHUDhgRGHFRPSUDHYHQGDGHXPDWLYRUHDOL]DGDQRPHVPRSUHJgR
SDUDRPHVPRFOLHQWHSHODPHVPDVRFLHGDGHFRUUHWRUD
>@8PDHPSUHVDEUDVLOHLUDGRVHWRUGH0HWDOXUJLDTXHHVWiDPSOLDQGRVXDV
DWLYLGDGHV QR PHUFDGR QDFLRQDO DGTXLULX FLQFR PiTXLQDV GH XPD HPSUHVD QRUWH
DPHULFDQD 2 WRWDO JDVWR QD FRPSUD GDV FLQFR PiTXLQDV IRL GH 8 H R
SDJDPHQWRHVWiSUHYLVWRSDUDVHUIHLWRHPRLWRPHVHV&RPUHFHLRGHSDJDUXPYDORUDOWR
QDGDWDGRSDJDPHQWRSRUFDXVDGDRVFLODlkRFDPELDODHPSUHVDEUDVLOHLUDSURFXUDXP
FRQVXOWRU GH LQYHVWLPHQWRV SDUD HQWHQGHU D PHOKRU IRUPD SDUD SURWHlkR GR FDSLWDO
LQYHVWLGR$YDOLDQGRDVLWXDlkRRFRQVXOWRUGHLQYHVWLPHQWRVUHFRPHQGRXD
D FRPSUDGHXPDRShgRGHYHQGDGHGlODU
E FRPSUDGHXP1RQ'HOLYHUDEOH)RUZDUG 1') GHGlODU
F FRPSUDGH$PHULFDQV'HSRVLWDU\5HFHLSWV $'5V
G YHQGDGHGlODUIXWXUR
>@3DUDHIHLWRVGHDSXUDlkRHSDJDPHQWRGHLPSRVWRPHQVDOVREUHRVJDQKRV
OoTXLGRVSDUDRLQYHVWLGRUSHVVRDIoVLFDDVSHUGDVLQFRUULGDVHPRSHUDlrHVGHVZDSHP
UHODlkRDRVJDQKRVOoTXLGRVDXIHULGRVHPRXWUDVRSHUDlrHVGHUHQGDYDULiYHO
D SRGHUgRVHULQWHJUDOPHQWHFRPSHQVDGDV
E SRGHUgRVHUFRPSHQVDGDVDWiROLPLWHGRVJDQKRV
F QgRSRGHUgRVHUFRPSHQVDGDV
G QgRSRGHUgRVHUFRPSHQVDGDVVHH[FHGHUHPDRVGHPDLVJDQKRV
>@8PLQYHVWLGRUSUHRFXSDGRFRPRFHQiULRDWXDOGRPHUFDGRDGTXLULXFRWDVGH
XP)XQGRGH,QYHVWLPHQWR0XOWLPHUFDGRGH&DSLWDO3URWHJLGRTXHDSOLFDVHXVUHFXUVRVHP
WLWXORVSULYDGRVGHUHQGDy[DHHPLQVWUXPHQWRVGHULYDWLYRV2REMHWLYRGHVVHIXQGRmR
GHDFRPSDQKDUDSHUIRUPDQFHGHXPoQGLFHDFLRQiULRHSURWHJHUGRWRWDODSOLFDGR
8PHVSHFLDOLVWDHPLQYHVWLPHQWRGHYHUiHVFODUHFHUOKHTXH
D RULVFRGHFUiGLWRGRVWkWXORVSULYDGRViJDUDQWLGRSHORDGPLQLVWUDGRUGHIRUPD
DGHYROYHUQRPkQLPRGRFDSLWDODSOLFDGRQRYHQFLPHQWR
E RULVFRGDFRPSUDGHRShnHVGHDhnHVHRXRShnHVGHkQGLFHVSRGHUeDFDUUHWDU
DSHUGDGHSDUWHGRFDSLWDODSOLFDGR
F RVULVFRVGHPHUFDGRHGHOLTXLGH]GRVLQVWUXPHQWRVGHULYDWLYRVSRGHUgR
DFDUUHWDUDSHUGDGHGRFDSLWDODSOLFDGR
G RULVFRGHFUiGLWRLQHUHQWHdSDUFHODLQYHVWLGDHPWkWXORVSULYDGRVSRGHUe
DFDUUHWDUDSHUGDGHSDUWHGRFDSLWDODSOLFDGR
$SRVWLOD
4XHVWrHVTXHPDLVFDoUDP&($
>@1DWHQWDWLYDGHPRQWDUXPDFDUWHLUDGHDlrHVVLQWHWL]DQGRDVYDULDlrHVQR
oQGLFH%RYHVSDXPLQYHVWLGRUGHYHREVHUYDU
D 'XUDWLRQ
E cQGLFHGH6KDUSH
F DPRGD
G R%HWD
>@8PGHWHUPLQDGRLQYHVWLGRUGHVHMDFRPSUDUXPLPpYHOQRYDORUGH5PLO
6DEHQGR TXH HOH SRVVXL XPD DSOLFDlkR yQDQFHLUD HP 5HQGD )L[D QR YDORU GH 5 PLO
TXHUHQGHOoTXLGRDRPnVHTXHRPHVPRLUiUHDOL]DUDSRUWHVPHQVDLVQRYDORUGH
5QHVVDPHVPDDSOLFDlkRHPTXDQWRVPHVHVHOHFRQVHJXLUiFRPSUDURLPpYHO
FDVRGHVHMDSDJDUhYLVWD"
D PHVHV
E PHVHV
F PHVHV
G PHVHV
>@2SDWULPqQLROoTXLGRGHXPDHPSUHVDmGH5HVXDGoYLGD
WRWDOmGH5$HPSUHVDWHPFXVWRPmGLRGDGoYLGDLJXDODDD
FXVWRGHFDSLWDOSUpSULRGHDDHHVWiVXMHLWDhDOLTXRWDGR,PSRVWRGH5HQGDGH
VREUH R OXFUR OoTXLGR 2 &XVWR 0mGLR 3RQGHUDGR GH &DSLWDO GHVVD HPSUHVD m
DSUR[LPDGDPHQWH
D DD
E DD
F DD
G DD
$SRVWLOD
4XHVWrHVTXHPDLVFDoUDP&($
>@ 8PD HPSUHVD DSUHVHQWRX DR yQDO GR sOWLPR ([HUFoFLR 6RFLDO GH DV
VHJXLQWHV 'HPRQVWUDlrHV GH 5HVXOWDGRV GRV ([HUFoFLRV GH H
D 5
E 5
F
G 5
>@ 8P LQYHVWLGRU FRPSURX XP WoWXOR SpVy[DGR /)7 GH SUD]R LJXDO D GLDV
sWHLVFRPiJLRGHDDSDJDQGRR38GH52SUHlRSDUDSUR[LPDGRGHVVH
WoWXORmLJXDOD
D 5
E 5
F 5
G 5
>@&RQVLGHUHDVVHJXLQWHVDyUPDlrHVVREUHGXUDWLRQPRGLyFDGD
,t0HGHDVHQVLELOLGDGHGDYDULDlkRGRSUHlRDWXDOGHXPWoWXORRXGHXPDFDUWHLUDHP
IXQlkRGHYDULDlrHVQDVWD[DVGHMXURV
,,t4XDQWRPDLRUDGXUDWLRQPRGLyFDGDPHQRURLPSDFWRQRSUHlRDWXDOGHXPWoWXORRX
GHXPDFDUWHLUDHPIXQlkRGHYDULDlrHVQDVWD[DVGHMXURV
&RPUHODlkRDWDLVDyUPDlrHVSRGHPRVFRQFOXLUTXH
D DSULPHLUDHVWeFRUUHWDHDVHJXQGDLQFRUUHWD
E DSULPHLUDHVWeLQFRUUHWDHDVHJXQGDFRUUHWD
F DPEDVHVWgRFRUUHWDV
G DPEDVHVWgRLQFRUUHWDV
$SRVWLOD
4XHVWrHVTXHPDLVFDoUDP&($
>@8PJHVWRUDGTXLULXRSlrHVGHFRPSUDHXURSHLDVVREUHDlrHVGHXPD
GHWHUPLQDGDHPSUHVDFRPYHQFLPHQWRHPGRLVPHVHVSDJDQGRRSUnPLRGH5SRU
RSlkR2SUHlRGDDlkRQDGDWDGDDTXLVLlkRGDVRSlrHVHUDGH5HDVRSlrHV
DGTXLULGDV HVWDYDP DW WKH 0RQH\ 1D GDWD GH YHQFLPHQWR GDV RSlrHV D DlkR HUD
QHJRFLDGDQRPHUFDGRD56HRJHVWRUH[HUFHXDVRSlrHVHDRPHVPRWHPSR
YHQGHXDVDlrHVDRSUHlRGHPHUFDGRVHXJDQKRWRWDOQDRSHUDlkRGHVFRQVLGHUDQGRR
YDORUGRGLQKHLURQRWHPSRIRLGH
D 5
E 5
F 5
G 5
>@ &RQVLGHUH RV WUnV JUiyFRV D VHJXLU $ % H & TXH UHODFLRQDP R SUHlR HL[R
YHUWLFDO FRPDWD[DGHMXURV HL[RKRUL]RQWDO 5HSUHVHQWDUHVSHFWLYDPHQWHXPWoWXORVHP
RSlkRHPEXWLGDXPFRPRSlkRGHFRPSUDHPEXWLGDHXPFRPRSlkRGHYHQGDHPEXWLGD
D &$%
E &%$
F $%&
G %$&
>@8PLQYHVWLGRQDWXUDOUHVLGHQWHHGRPLFLOLDGRQR%UDVLOUHDOL]DXPDRSHUDlkR
GHFRPSUDGHRSlkRGHFRPSUDGHGpODU$SpVGLDVHOHH[HUFHVHXGLUHLWRREWHQGRXP
JDQKROoTXLGRGH5QDWUDQVDlkR1HVWHFDVRRLPSRVWRGHUHQGDGHYLGRmGH
D 5
E 5
F 5
G ,VHQWRGHLPSRVWRGHUHQGDYLGHTXHHOHiXPLQYHVWLGRUQDWXUDO
>@ 8P )XQGR GH ,QYHVWLPHQWR HP $lrHV ),$ UHJLVWUDGR QR %UDVLO DSOLFD
GHVHXSDWULPqQLROoTXLGRQRH[WHULRUHPXPDFDUWHLUDGHDlrHVTXHUHSOLFDR
gQGLFH6 3HQkRID]KHGJHGHPRHGD 5HDO['pODU1RUWH$PHULFDQR &DVRRFRUUD
XPD YDORUL]DlkR GDV DlrHV GR ,QGLFH 6 3 H GR 5HDO HP UHODlkR DR 'pODU HP
GHWHUPLQDGRSHUoRGRDYDULDlkRGDFRWDGRIXQGRGHYHUiWHUXPUHWRUQR
D SRVLWLYRVHRSHUFHQWXDOGHYDORUL]DhgRGDPRHGDIRUVXSHULRUDRGDYDULDhgRGR
SUHhRGDVDhnHVGRkQGLFH
E QXORVHRSHUFHQWXDOGHYDORUL]DhgRGDPRHGDIRULJXDODRSHUFHQWXDOGD
YDULDhgRGRSUHhRGDVDhnHVGRkQGLFH
F SRVLWLYRUHrHWLQGRRSHUFHQWXDOGHYDULDhgRGRSUHhRGDVDhnHVGRkQGLFH
DSHQDV
G QHJDWLYRVHRSHUFHQWXDOGHYDORUL]DhgRGDPRHGDIRULQIHULRUDRGDYDULDhgRGR
SUHhRGDVDhnHVGRkQGLFH
$SRVWLOD
4XHVWrHVTXHPDLVFDoUDP&($
>@8PLQYHVWLGRUHVWiDSOLFDQGR5HPIXQGRGHLQYHVWLPHQWRV
FDSLWDOSURWHJLGRFRPDVVHJXLQWHVFDUDFWHUoVWLFDVGHUHPXQHUDlkR
xGD7D[D',GRSHUoRGRVHRFRUUHUDOWDVXSHULRUDGR,ERYHVSD
xGD7D[D',GRSHUoRGRVHDYDULDlkRGR,ERYHVSDyFDUHQWUHH
xGD7D[D',GRSHULRGRVHDYDULDlkRGR,ERYHVSDyFDUHQWUHH
xVHDYDULDlkRGR,ERYHVSDIRUQHJDWLYDDRyQDOGHVVHSHUoRGR
&RQVLGHUHRVVHJXLQWHVGDGRVUHDOL]DGRV
x,ERYHVSDHPSRQWRVQRGLDGDDSOLFDlkR
x,ERYHVSDHPSRQWRVQRGLDGRUHVJDWH
x7D[D',DFXPXODGDQRSHUoRGRGRLQYHVWLPHQWR
xGHVSUH]HRVFXVWRVGHWUDQVDlkRHWD[DVGHDGPLQLVWUDlkR
3RGHVHDyUPDUTXHRUHQGLPHQWREUXWRVHUi
D 5
E 5
F 5
G 5
>@8PIXQGR',DSUHVHQWRXUHQWDELOLGDGHVSRVLWLYDVGHQRSULPHLURPnV
QRVHJXQGRPnVHQRWHUFHLURPnV6HRYDORULQLFLDOPHQWHDSOLFDGRIRLGH5
SRGHVH DyUPDU TXH R VDOGR yQDO OoTXLGR GHVVD DSOLFDlkR IRL GH
DSUR[LPDGDPHQWH
D 5
E 5
F 5
G 5
>@8PLQGLYoGXRDQRVGHLGDGHUHDOL]RXXPDsQLFDDSOLFDlkRQRYDORUGH5
HPXPSODQRGHSUHYLGnQFLDFRPSOHPHQWDUGRWLSR3ODQR*HUDGRUGH%HQHIoFLR
/LYUH 3*%/ FRPUHJLPHGHWULEXWDlkRH[FOXVLYRQDIRQWH WDEHODUHJUHVVLYD &DVRHVVH
LQGLYoGXRHIHWXHRUHVJDWHWRWDODRVDQRVGHLGDGHHRUHQGLPHQWREUXWRDQXDOGR
3*%/VHMDFRQVWDQWHDDGXUDQWHWRGRRSHUoRGRHOHUHFHEHUiRYDORUOoTXLGRGH
w'DGRVGHVFRQVLGHUHRXWUDWD[DHGHGXlrHV
D 5
E 5
F 5
G 5
>@8PDGHWHUPLQDGDHPSUHVDSRVVXLFRHyFLHQWHEHWDGH1RDQRSDVVDGR
RUHWRUQRGRDWLYROLYUHGHULVFRHUDDRDQRHRSUnPLRSHORULVFRGHPHUFDGR
DR DQR $WXDOPHQWH R EHWD GD HPSUHVD H R UHWRUQR GR DWLYR OLYUH GH ULVFR
SHUPDQHFHUDPSRUmPHPIXQlkRGRDXPHQWRGDDYHUVkRDRULVFRGRVLQYHVWLGRUHVR
SUnPLRSHORULVFRGHPHUFDGRDXPHQWRXUHVXOWDQGRQRQRYRYDORUGHDR
DQR3HOR&DSLWDO$VVHW3ULFLQJ0RGHO &$30 DWD[DGHUHWRUQRGHPDQGDGDSDUDDVDlrHV
GDHPSUHVDQHVWHDQRFRPSDUDWLYDPHQWHDRDQRDQWHULRU
D GLPLQXLX
E QgRVRIUHXLPSDFWR
F DXPHQWRX
G DXPHQWRX
$SRVWLOD
4XHVWrHVTXHPDLVFDoUDP&($
>@fGHVHHVSHUDUTXHXPLQYHVWLGRULQzXHQFLDGRSHORYLmVGHQRPLQDGRH[FHVVR
GHFRQyDQlD
,tIDlDSHVVRDOPHQWHDJHVWkRGHVHXVUHFXUVRV
,,tUHDOL]HFRPPDLRUIUHTXnQFLDRSHUDlrHVGHFRPSUDHYHQGDGRVDWLYRVGHVHXSRUWIpOLR
,,,tGHOHJXHDJHVWkRGHVHXVUHFXUVRVSDUDSURyVVLRQDLVHVSHFLDOL]DGRV
(VWiFRUUHWRRTXHVHDyUPDDSHQDVHP
D ,,,
E ,H,,
F ,
G ,,
>@&RQVLGHUHRVVHJXLQWHVGDGRVDEDL[R
D
E
F
G
>$@3DUDDGHVkRDRVHJPHQWRHVSHFLDOGHOLVWDJHP1oYHOGD%DVHPSUHVDV
OLVWDGDVGHYHP
D 'LVSRQLELOL]DUEDODQhRVVHPHVWUDLVVHJXLQGRRVSDGUnHVGR,QWHUQDWLRQDO
)LQDQFLDO5HSRUWLQJ6WDQGDUGV ,)56
E SRVVXLUQRPkQLPRGHFRQVHOKHLURVLQGHSHQGHQWHVQR&RQVHOKRGH
$GPLQLVWUDhgR
F &RPSURPHWHUVHHPPDQWHUQRPkQLPRGDVVXDVDhnHVHPFLUFXODhgRQR
PHUFDGR
G SRVVXLUQRVHXFDSLWDOH[FOXVLYDPHQWHDhnHVRUGLQeULDVFRPGLUHLWRDYRWR
$SRVWLOD
4XHVWrHVTXHPDLVFDoUDP&($
>$@$TXDQWLGDGHGHDlrHVGHXPDHPSUHVDQHJRFLDGDHPEROVDGHYDORUHVIRL
DOWHUDGD HP IXQlkR GH XPD ERQLyFDlkR 1HVVH FDVR XP LQYHVWLGRU TXH WHQKD DGTXLULGR
HVWDVDlrHV
D WHUeXPFUiGLWRDUHFHEHUQDIRUPDGHMXURV
E WHUeGLUHLWRDUHFHEHUQRYDVDhnHV
F VHUeREULJDGRDUHDOL]DUXPDSRUWHGHFDSLWDOQDHPSUHVD
G WHUeDTXDQWLGDGHGHDhnHVUHGX]LGD
>$@(QWUHDVPRGDOLGDGHVTXHFDUDFWHUL]DPRDEXVRGHSRGHUSRUSDUWHGR
DFLRQLVWDFRQWURODGRUVHLQFOXL
,tDVXEVFULlkRGHDlrHVFRPEHQVHVWUDQKRVDRREMHWRVRFLDOGDFRPSDQKLD
,,tFRQWUDWDUGLUHWDRXLQGLUHWDPHQWHFRPDFRPSDQKLDVHJXQGRLQWHUHVVHVSHVVRDLV
,,, t R H[HUFoFLR GH FDUJR GH DGPLQLVWUDGRU RX yVFDO FRP RV GHYHUHV H UHVSRQVDELOLGDGHV
SUpSULRVGRFDUJR
(VWkRFRUUHWDVDVDOWHUQDWLYDV
D ,H,,
E ,,,
F ,
G ,,
>$@$UHPXQHUDlkRGLVWULEXoGDDRVDFLRQLVWDVGHXPDHPSUHVD6$GHFDSLWDO
DEHUWRQDIRUPDGH-XURVVREUH&DSLWDO3UpSULR
D HTXLYDOHdGLVWULEXLhgRGHQRYDVDhnHVSDUDRVDWXDLVDFLRQLVWDVGHVVDHPSUHVD
E GHYHFRUUHVSRQGHUQRPkQLPRDRFXVWRPiGLRSRQGHUDGRGHFDSLWDOGD
HPSUHVD
F SHUPLWHDRDFLRQLVWDQHJRFLDUHVVHVGLUHLWRVQDEROVDGHYDORUHVDQWHVGRVHX
UHFHELPHQWR
G SRGHVHUFRQVLGHUDGDQRFeOFXORSDUDqQVGHSDJDPHQWRGRGLYLGHQGRPkQLPR
REULJDWlULR
$SRVWLOD
4XHVWrHVTXHPDLVFDoUDP&($
>$@ 1H PnV GH DJRVWR GH XPD HPSUHVD IH] XPD RIHUWD SsEOLFD SDUD
DTXLVLlkRGHDlrHVRUGLQiULDVGHXPDHPSUHVDEUDVLOHLUDTXHSRVVXoDDlrHVRUGLQiULDVH
SUHIHUHQFLDLVQHJRFLDGDVQD%ROVDGH9DORUHV$VDlrHVRUGLQiULDVVHYDORUL]DUDPHDV
DlrHV SUHIHUHQFLDLV VH GHVYDORUL]DUDP DSpV R DQsQFLR GD RIHUWD SsEOLFD FRQIRUPH R
JUiyFRDEDL[R
D IUHHrRDW
E JUHHQVKRH
F WDJDORQJ
G GUDJDORQJ
>$@1DVHPSUHVDVGHFDSLWDODEHUWRDVDlrHV
D SRGHPVHUQHJRFLDGDVVREDIRUPDGHXQLWV
E QHJRFLDGDVHPEROVDQgRWjPULVFRGHOLTXLGH]
F SRVVXHPXPDoQLFDIRUPDGHUHPXQHUDhgRRVGLYLGHQGRV
G RUGLQeULDVWjPSULRULGDGHQDGLVWULEXLhgRGRVGLYLGHQGRV
>$@1DVH[LJnQFLDVSDUDDOLVWDJHPQD%%UDVLO%ROVD%DOFkRR1LYHOGH
*RYHUQDQlD&RUSRUDWLYDGLIHUHQFLDVHGR1RYR0HUFDGRSHOD
D SRVVLELOLGDGHGDH[LVWjQFLDGHDhnHVSUHIHUHQFLDLV FRPGLUHLWRVDGLFLRQDLV QD
FRPSRVLhgRGRFDSLWDOGDFRPSDQKLD
E H[WHQVgRSDUDRVVLJQDWeULRVGRDFRUGRGHDFLRQLVWDVGDVLGjQWLFDVFRQGLhnHV
REWLGDVSHORVFRQWURODGRUHVTXDQGRRFRUUHUDYHQGDGRFRQWUROHGDFRPSDQKLD
F PDQXWHQhgRHPFLUFXODhgRGHXPDSDUFHODPkQLPDGHGRWRWDOGRFDSLWDO
VRFLDOGDFRPSDQKLD IUHHrRDW
G GLVSHQVDGHDSUHVHQWDhgRGHGHPRQVWUDhnHVqQDQFHLUDVVHJXLQGRDVQRUPDV
GR,)56RX86*$$3
>$@ (P XPD 2IHUWD 3sEOLFD GH GLVWULEXLlkR GH XPD GHEnQWXUH VLPSOHV R
UHVSRQViYHO SRU UHSUHVHQWDU RV LQWHUHVVHV GRV LQYHVWLGRUHV TXH DGTXLULUHP R DWLYR
SHUDQWHDFRPSDQKLDHPLVVRUDmR
D %DQFR&RRUGHQDGRU
E &XVWRGLDQWH
F $JHQWH)LGXFLeULR
G %DQFR0DQGDWeULR
$SRVWLOD
4XHVWrHVTXHPDLVFDoUDP&($
>$@8PDRIHUWDSsEOLFDGHXPYDORUPRELOLiULRHPTXHREDQFRFRRUGHQDGRU
DVVXPH R FRPSURPLVVR FRQWUDWXDO FRP D FRPSDQKLD HPLVVRUD GH VXEVFUHYHU DWm D
WRWDOLGDGHGDHPLVVkRDXPSUHlRHFRQGLlrHVSUHYLDPHQWHSDFWXDGRVHQFDUUHJDQGRVH
SRUVXDFRQWDHULVFRGHGLVWULEXLODQRPHUFDGRmFRQKHFLGDFRPR
D ERRNEXLNOLQJ
E RIHUWDFRPJDUDQWLDqUPH
F FRORFDhgRHPUHJLPHGHPHOKRUHVHVIRUhRV
G RIHUWDGHORWHUHVLGXDO
>$@$SUHFLyFDlkRGHDlrHVEDVHDGDQDDQiOLVHWmFQLFDXWLOL]D
D GDGRVFRQMXQWXUDLVHSURMHhnHVGHUHVXOWDGRVGDHPSUHVD
E DSURSRUhgRGDVDhnHVQDFDUWHLUDWHlULFDGRcQGLFH%RYHVSD
F DLQWHUSUHWDhgRGHJUeqFRVGHYROXPHVHSUHhRVQHJRFLDGRVKLVWRULFDPHQWH
G FRQGLhnHVGHRIHUWDHGHPDQGDGHEHQVHVHUYLhRVGDHPSUHVD
>$@2TXDGURDEDL[RDSUHVHQWDRSUHlRGHPHUFDGRHROXFURSRUDlkRGHTXDWUR
HPSUHVDV TXH DWXDP QR PHVPR VHJPHQWR H ID]HP SDUWH GD FDUWHLUD GH XP PHVPR
LQYHVWLGRU
D YHQGDGH;H:HFRPSUDGH<
E YHQGDGH;H<HFRPSUDGH:H=
F YHQGDGH:H=HFRPSUDGH;H<
G YHQGDGH:H<HFRPSUDGH;
$SRVWLOD
4XHVWrHVTXHPDLVFDoUDP&($
>$@&RPUHODlkRhVPRGDOLGDGHVGHIXQGRVGHLQYHVWLPHQWRGHyQLGRVSHOD&90
RVIXQGRV
D GHkQGLFHRX(7)6 ([FKDQJH7UDGHG)XQGV SRGHPRSHUDUDODYDQFDGRV
E GHLQYHVWLPHQWRPXOWLPHUFDGRVQgRSHUPLWHPDFREUDQhDGDWD[DGH
SHUIRUPDQFH
F GH5HQGD)L[D6LPSOHVGLVSHQVDPRLQYHVWLGRUGDDVVLQDWXUDGRWHUPRGH
DGHVgR
G GHLQYHVWLPHQWRLPRELOLeULRVgRFRQVWLWXkGRVQDIRUPDGHFRQGRPkQLRDEHUWR
>$@'HDFRUGRFRPDUHJXODPHQWDlkRYLJHQWHRV)XQGRVGH,QGLFH
,tSRGHPRSHUDUDODYDQFDGRV
,,tGHYHPVHUFRQVWLWXoGRVVREDIRUPDGHFRQGRPoQLRIHFKDGR
3RGHVHDyUPDUTXH,H,,UHVSHFWLYDPHQWHHVWkR
D FRUUHWDHLQFRUUHWD
E LQFRUUHWDHFRUUHWD
F LQFRUUHWDHLQFRUUHWD
G FRUUHWDHFRUUHWD
>$@ 8P )XQGR GH ,QYHVWLPHQWR TXH RIHUHFH GLYHUVLyFDlkR IDFLOLGDGH QR
EDODQFHDPHQWRGDFDUWHLUDSRVVXLFRWDVQHJRFLDGDVQD%ROVDGH9DORUHVHmFRQVWLWXoGR
VREDIRUPDGHFRQGRPoQLRDEHUWRmR
D )XQGRGH,QYHVWLPHQWRLPRELOLeULR ),,
E ([FKDQJH7UDGHG)XQGV (7)V
F )XQGRGH,QYHVWLPHQWRHP3DUWLFLSDhnHV ),3
G )XQGRGHLQYHVWLPHQWRHP'LUHLWR&UHGLWlULR ),'&
>@ 'HQWUH DV FRPSHWnQFLDV H DWULEXLlrHV GD 6XSHULQWHQGnQFLD GH 6HJXURV
3ULYDGRV 686(3 GHVWDFDPVH
,t=HODUSHODGHIHVDGRVLQWHUHVVHVGRVFRQVXPLGRUHVGRVPHUFDGRVVXSHUYLVLRQDGRVSHOD
DXWDUTXLD
,,t3URWHJHUDFDSWDlkRGHSRXSDQlDSRSXODUUHDOL]DGDSRUPHLRGHRSHUDlrHVGHVHJXUR
SUHYLGnQFLDFRPSOHPHQWDUDEHUWDFDSLWDOL]DlkR
,,,t'LVFLSOLQDUHDFRPSDQKDURVLQYHVWLPHQWRVGDVHQWLGDGHVyVFDOL]DGDVHPHVSHFLDORV
HIHWXDGRVHPEHQVJDUDQWLGRUHVGHSURYLVrHVWmFQLFDV
(VWiFRUUHWRRTXHVHDyUPDHP
D ,DSHQDV
E ,H,,DSHQDV
F ,,H,,,DSHQDV
G ,,,H,,,
>@6HRVYDORUHVHVSHUDGRVGRzX[RGHFDL[DGHGHWHUPLQDGRSURMHWRSRVVXHP
XPDGLVWULEXLlkRQRUPDO
D DPiGLDiLJXDODGHVYLRVSDGUgR
E DSUR[LPDGDPHQWHGRVYDORUHVHQFRQWUDPVHQRLQWHUYDOR PiGLDp
GHVYLRVSDGUgRPiGLDGHVYLRVSDGUgR
F DPiGLDHRGHVYLRSDGUgRVgRLJXDLV
G DSUR[LPDGDPHQWHGRVYDORUHVHQFRQWUDPVHQRLQWHUYDOR PiGLDp
GHVYLRVSDGUgRPiGLDGHVYLRVSDGUgR
$SRVWLOD
4XHVWrHVTXHPDLVFDoUDP&($
>@ 8P LQGLYoGXR LQYHVWLX R YDORU GH 5 H UHFHEHX
UHVSHFWLYDPHQWH555H5HP
HGLDVGDGDWDGDFRQWUDWDlkRGDRSHUDlkR$WD[DGHMXURVGHVVHLQYHVWLPHQWRIRL
DSUR[LPDGDPHQWHGH
D DP
E DP
F DP
G DP
>@8PLQGLYoGXRFRQWUDWRXXPHPSUmVWLPRGH5TXHVHUiSDJR
SRUPHLRGHWUnVQRWDVSURPLVVpULDVYHQGoYHLVUHVSHFWLYDPHQWHHPHGLDVGD
GDWDGDFRQWUDWDlkRGRHPSUmVWLPR2VYDORUHVDVHUHPSDJRVQDVUHVSHFWLYDVGDWDVGH
YHQFLPHQWR VkR 5 5 H 5 $ WD[D GH MXURV GHVVH
HPSUmVWLPRIRLDSUR[LPDGDPHQWHGH
D DP
E DP
F DP
G DP
>@8PLQYHVWLGRUDSOLFRX5HPXPWoWXORGHUHQGDy[DSpVy[DGRH
HIHWXRXRVVHJXLQWHVUHVJDWHVOoTXLGRVGHDFRUGRFRPDWDEHODDEDL[R
D DD
E DD
F DD
G DD
$SRVWLOD
4XHVWrHVTXHPDLVFDoUDP&($
*DEDULWR
4XHVWrHVTXHPDLVFDoUDP&($
& $ ' $ % $ ' ' $ & % $ % & $ $ %
' ' ' & % & % ' & ' % $ ' ' $ % '
% % & % % & % $ & & ' ' % ' ' % %
' ' & % ' % $ & $ & $ ' $ & % & '
' $ $ % & & $ $ $ $ % % $ ' & % &
% % $ ' ' & $ $ & % & $ & &
& % '
$SRVWLOD
4XHVWrHVTXHPDLVFDoUDP&($