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Analisi performance

Portafoglio: ALPHA 80-20 Benchmark: FIDMOBBL Dt inizio: 10/22/2009 Dt fine: 01/02/2012 Valuta: EUR

Periodo: 1 G Dati stor: Rend tot TR Week: Port Default



Rend tot: 12.800 Benchmark: 0.801 Analisi performance

15.00 Performance: Giornaliero Portafoglio Benchmark

Total Return 1 Mesi 2.27 1.50

Total Return MTD 0.03 0.44

Total Return QTD 0.03 0.44

Total Return YTD 0.03 0.44

Total Return 3 Mesi 2.70 2.42

10.00 Total Return 6 Mesi 4.20 -2.93

Total Return 1 Anno 5.04 -2.59

Total Return 2 Anno 10.72 -0.21

Total Return 3 Anno -- 7.32



Risk: Settimanale

5.00 Standard Deviation 1 Anni 5.44 6.47

Semivariance 1 Anno 4.36 6.80

Beta 1 Anno 0.47 --

Correlation 1 Anno 0.56 --

R-Squared 1 Anno 0.31 --

Information Ratio 1 Anno 1.41 --

0.00

Sharpe Ratio vs Risk Free 1 Anno 0.57 -0.75

Tracking Error 1 Anno 5.62 --









-5.00

10 11 12 1/ 1/ 2/ 3/ 4/ 5/ 5/ 6/ 7/ 8/ 9/ 9/ 10 11 12 12 1/ 2/ 3/ 4/ 4/ 5/ 6/ 7/ 8/ 8/ 9/ 10 11 12 12

/2 /1 /1 5/ 29 22 18 11 5/ 29 22 16 9/ 2/ 26 /2 /1 /7 /3 24 17 13 6/ 30 24 17 11 4/ 28 21 /1 /8 /2 /2

5/ 8/ 2/ 20 /2 /2 /2 /2 20 /2 /2 /2 20 20 /2 0/ 3/ /2 1/ /2 /2 /2 20 /2 /2 /2 /2 20 /2 /2 5/ /2 /2 6/

20 20 20 10 01 01 01 01 10 01 01 01 10 10 01 20 20 01 20 01 01 01 11 01 01 01 01 11 01 01 20 01 01 20

09 09 09 0 0 0 0 0 0 0 0 10 10 0 10 1 1 1 1 1 1 1 1 1 11 1 1 11





FIDMOBBL ALPHA 80-20









Performance vs Benchmark Distribuzione rendimento

14.00 120



12.00

100

10.00

80

8.00



6.00 Periodictà 60



4.00

40

2.00

20

0.00



-2.00 0

11 12 1/ 2/ 3/ 4/ 5/ 6/ 8/ 9/ 10 11 12 1/ 2/ 3/ 5/ 6/ 7/ 8/ 9/ 10 11 12 -0 -0 -0 -0 -0 -0 -0 -0 -0 0. 0. 0. 0. 0. 0. 0. 0. 0. 1.

/4 /8 11 14 20 23 27 30 3/ 6/ /1 /1 /1 20 23 29 2/ 5/ 9/ 12 15 /1 /2 /2 .9 .8 .7 .6 .5 .4 .3 .2 .1 15 25 35 45 55 65 75 85 95 05

/2 /2 /2 /2 /2 /2 /2 /2 20 20 0/ 3/ 7/ /2 /2 /2 20 20 20 /2 /2 9/ 2/ 6/ 5 5 5 5 5 5 5 5 5

00 00 01 01 01 01 01 01 10 10 20 20 20 01 01 01 11 11 11 01 01 20 20 20

9 9 0 0 0 0 0 0 10 10 10 1 1 1 1 1 11 11 11









The format and content of this report may not be modified or altered (including, but not limited to, via deletion or addition) in any way.The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance L.P. (“BFLP”) and its subsidiaries in all jurisdictions

other than Argentina, Bermuda, China, India, Japan and Korea (the “BLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg L.P. (“BLP”). BLP provides BFLP with all global marketing and operational support and service for the Services and distributes the Services either directly or through a non-

BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice or guarantee the accuracy of prices or information in the Services. Nothing on the Services shall constitute an offering of financial instruments by BFLP, BLP or their affiliates.







Bloomberg ® Performance 01/05/2012 09:09:09 1

Analisi performance

Portafoglio: ALPHA 80-20 Benchmark: FIDMOBBL Dt inizio: 10/22/2009 Dt fine: 01/02/2012 Valuta: EUR

Periodo: 1 G Dati stor: Rend tot TR Week: Port Default



Analisi periodo assoluto Analisi periodo 1 G Return

Positiva Negativa Tot Performance periodica Performance cumulativa

1.00

Numero 313 259 572 Portafoglio Benchmark +/- Portafoglio Benchmark +/-

% 54.72 45.28 100.00 01/02/2012 0.03 0.44 -0.41 12.80 0.80 12.00

Media 0.20 -0.20 0.02 12/30/2011 0.07 0.21 -0.14 12.76 0.36 12.40

Dev standard 0.17 0.18 0.27 12/29/2011 0.06 0.35 -0.29 12.68 0.15 12.53

0.50

Sequenza mass 9 5 9 12/28/2011 0.39 -0.13 0.52 12.62 -0.20 12.82

Sequenza media 2.14 1.77 1.96 12/27/2011 0.14 0.03 0.11 12.19 -0.07 12.25

12/26/2011 -0.04 0.00 -0.04 12.04 -0.09 12.13

12/23/2011 0.16 0.25 -0.08 12.08 -0.09 12.17

12/22/2011 0.13 0.30 -0.17 11.90 -0.34 12.23

0.00 12/21/2011 0.02 -0.11 0.14 11.75 -0.64 12.39

12/20/2011 0.12 0.62 -0.50 11.72 -0.53 12.25

12/19/2011 0.22 -0.05 0.27 11.58 -1.14 12.72

Migliori-Peggiori 12/16/2011 -0.04 -0.05 0.01 11.34 -1.09 12.43

Performance Data 12/15/2011 0.27 0.25 0.03 11.38 -1.05 12.42

-0.50 Migliore 1 0.94 11/30/2011 12/14/2011 -0.16 -0.31 0.15 11.07 -1.29 12.36

Migliore 2 0.91 12/01/2011 12/13/2011 0.53 0.09 0.45 11.25 -0.98 12.23

Migliore 3 0.90 08/12/2011 12/12/2011 0.40 -0.52 0.93 10.66 -1.06 11.73

Peggiore 1 -0.93 08/05/2011 12/09/2011 -0.06 -0.26 0.21 10.21 -0.55 10.76

Peggiore 2 -0.93 10/04/2011 12/08/2011 0.02 0.00 0.02 10.28 -0.28 10.56

-1.00 Peggiore 3 -0.78 10/10/2011 12/07/2011 -0.29 -0.03 -0.27 10.25 -0.28 10.54

11 1/ 2/ 4/ 6/ 7/ 9/ 10 12 2/ 3/ 5/ 6/ 8/ 10 11

/1 7/ 25 15 3/ 22 9/ /2 /1 3/ 24 12 30 18 /6 /2 12/06/2011 -0.16 -0.06 -0.10 10.58 -0.25 10.83

9/ 20 /2 /2 20 /2 20 8/ 6/ 20 /2 /2 /2 /2 /2 4/

20 10 01 01 10 01 10 20 20 11 01 01 01 01 01 20 12/05/2011 0.42 0.49 -0.07 10.76 -0.20 10.96

09 0 0 0 10 10 1 1 1 1 1 11

12/02/2011 0.26 0.43 -0.17 10.30 -0.69 10.98

12/01/2011 0.91 0.12 0.79 10.01 -1.11 11.13

11/30/2011 0.94 1.12 -0.18 9.02 -1.23 10.26

11/29/2011 0.31 0.20 0.11 8.01 -2.33 10.34

11/28/2011 0.39 1.00 -0.60 7.67 -2.53 10.20

11/25/2011 0.28 -0.04 0.32 7.25 -3.49 10.74

Analisi periodo relativo Analisi periodo 11/24/2011 -0.10 -0.15 0.04 6.95 -3.45 10.40

1.50

Positiva Negativa Coerente Incoerente 11/23/2011 -0.50 -0.53 0.03 7.06 -3.31 10.37

Numero 295 277 387 185 11/22/2011 -0.12 -0.42 0.31 7.61 -2.79 10.40

% 51.57 48.43 67.66 32.34 11/21/2011 -0.55 -0.74 0.18 7.73 -2.37 10.11

1.00 Differenza media 0.24 -0.22 0.00 0.04 11/18/2011 0.00 -0.14 0.14 8.33 -1.65 9.98

Differenza dev std 0.22 0.20 0.23 0.44 11/17/2011 0.01 -0.44 0.45 8.33 -1.51 9.84

Sequenza mass 10 6 21 7 11/16/2011 0.00 -0.08 0.08 8.32 -1.07 9.39

0.50 Sequenza media 1.81 1.70 3.39 1.64 11/15/2011 -0.17 -0.37 0.20 8.31 -1.00 9.31

11/14/2011 -0.18 -0.21 0.03 8.49 -0.63 9.13

11/11/2011 0.01 0.66 -0.65 8.69 -0.42 9.12

0.00 11/10/2011 -0.34 -0.03 -0.31 8.68 -1.07 9.76

11/09/2011 -0.51 -0.66 0.15 9.05 -1.05 10.10

11/08/2011 0.08 0.12 -0.04 9.62 -0.39 10.00

-0.50 11/07/2011 0.06 -0.14 0.20 9.52 -0.51 10.03

11/04/2011 0.16 -0.41 0.57 9.45 -0.37 9.82

Migliori-Peggiori 11/03/2011 -0.02 0.66 -0.68 9.28 0.04 9.24

Differenza Perf fondo Perf indice Data 11/02/2011 -0.74 -0.83 0.08 9.30 -0.62 9.92

-1.00

Migliore 1 1.37 0.49 -0.88 08/10/2011 11/01/2011 0.19 0.00 0.19 10.12 0.21 9.91

Migliore 2 1.08 0.26 -0.81 08/04/2011 10/31/2011 0.41 -0.62 1.03 9.91 0.21 9.70

Migliore 3 1.03 0.41 -0.62 10/31/2011 10/28/2011 0.23 -0.14 0.37 9.46 0.83 8.63

-1.50

11 1/ 2/ 4/ 6/ 7/ 9/ 10 12 2/ 3/ 5/ 6/ 8/ 10 11 Peggiore 1 -1.45 -0.51 0.93 10/27/2011

/1 7/ 25 15 3/ 22 9/ /2 /1 3/ 24 12 30 18 /6 /2 10/27/2011 -0.51 0.93 -1.45 9.20 0.97 8.23

9/ 20 /2 /2 20 /2 20 8/ 6/ 20 /2 /2 /2 /2 /2 4/ Peggiore 2 -1.19 -0.78 0.41 10/10/2011

20 10 01 01 10 01 10 20 20 11 01 01 01 01 01 20 10/26/2011 0.45 0.14 0.30 9.77 0.04 9.73

09 0 0 0 10 10 1 1 1 1 1 11 Peggiore 3 -1.13 0.62 1.75 05/10/2010 10/25/2011 0.16 -0.18 0.34 9.28 -0.10 9.38

10/24/2011 0.00 0.42 -0.41 9.11 0.08 9.03

History limited to maximum 51 dates.



The format and content of this report may not be modified or altered (including, but not limited to, via deletion or addition) in any way.The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance L.P. (“BFLP”) and its subsidiaries in all jurisdictions

other than Argentina, Bermuda, China, India, Japan and Korea (the “BLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg L.P. (“BLP”). BLP provides BFLP with all global marketing and operational support and service for the Services and distributes the Services either directly or through a non-

BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice or guarantee the accuracy of prices or information in the Services. Nothing on the Services shall constitute an offering of financial instruments by BFLP, BLP or their affiliates.







Bloomberg ® Periodo 01/05/2012 09:09:09 2

Analisi performance

Portafoglio: ALPHA 80-20 Benchmark: FIDMOBBL Dt inizio: 10/22/2009 Dt fine: 01/02/2012 Valuta: EUR

Periodo: 1 G Dati stor: Rend tot TR Week: Port Default



Tracking Mean Return Sett: 52 Sett Annualized

1 15.00









10.00



0.6



5.00









0.00

0.2

ALPHA 80-20









-5.00





-0.2

-10.00

10 11 12 1/ 2/ 3/ 4/ 5/ 6/ 7/ 8/ 9/ 9/ 10 11 12 1/ 2/ 3/ 4/ 5/ 6/ 7/ 8/ 9/ 9/ 10 11 12

/2 /2 /2 21 18 18 15 13 10 8/ 5/ 2/ 30 /2 /2 /2 20 17 17 14 12 9/ 7/ 4/ 1/ 29 /2 /2 /2

9/ 6/ 4/ /2 /2 /2 /2 /2 /2 20 20 20 /2 8/ 5/ 3/ /2 /2 /2 /2 /2 20 20 20 20 /2 7/ 4/ 2/

20 20 20 01 01 01 01 01 01 10 10 10 01 20 20 20 01 01 01 01 01 11 11 11 11 01 20 20 20

09 09 09 0 0 0 0 0 0 0 10 10 10 1 1 1 1 1 1 11 11 11



-0.6

ALPHA 80-20 FIDMOBBL









Standard Deviation Sett: 52 Sett Annualized

-1 8.00

-1 -0.4 0.2 0.8 1.4 2





FIDMOBBL

6.00



Se la maggioranza dei ritorni supera la linea breakeven, il fondo ha battuto il benchmark.





1ma osservzne 10/23/2009 O 295 Periodi in rialzo --- Retta di regressione 4.00

O 277 Periodi in ribasso --- Retta di breakeven



Indicatori tracking

Total Bull Bear

Alpha 0.02 0.05 0.01 2.00

Beta 0.34 0.27 0.34

Correlation 0.38 0.22 0.26

Mean Excess Return 5.24 -22.45 55.88

Information Ratio 1.04 -5.11 11.63 0.00

Jensen Alpha 4.88 8.77 -0.86 10 11 12 1/ 2/ 3/ 4/ 5/ 6/ 7/ 8/ 9/ 9/ 10 11 12 1/ 2/ 3/ 4/ 5/ 6/ 7/ 8/ 9/ 9/ 10 11 12

/2 /2 /2 21 18 18 15 13 10 8/ 5/ 2/ 30 /2 /2 /2 20 17 17 14 12 9/ 7/ 4/ 1/ 29 /2 /2 /2

R-Squared 0.14 0.05 0.07 9/ 6/ 4/ /2 /2 /2 /2 /2 /2 20 20 20 /2 8/ 5/ 3/ /2 /2 /2 /2 /2 20 20 20 20 /2 7/ 4/ 2/

20 20 20 01 01 01 01 01 01 10 10 10 01 20 20 20 01 01 01 01 01 11 11 11 11 01 20 20 20

Sortino Ratio Vs Index 1.20 -6.23 11.95 09 09 09 0 0 0 0 0 0 0 10 10 10 1 1 1 1 1 1 11 11 11

Tracking Error 5.05 4.40 4.80

ALPHA 80-20 FIDMOBBL









The format and content of this report may not be modified or altered (including, but not limited to, via deletion or addition) in any way.The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance L.P. (“BFLP”) and its subsidiaries in all jurisdictions

other than Argentina, Bermuda, China, India, Japan and Korea (the “BLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg L.P. (“BLP”). BLP provides BFLP with all global marketing and operational support and service for the Services and distributes the Services either directly or through a non-

BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice or guarantee the accuracy of prices or information in the Services. Nothing on the Services shall constitute an offering of financial instruments by BFLP, BLP or their affiliates.







Bloomberg ® Tracking - Statistiche scorrevoli 01/05/2012 09:09:09 3

Analisi performance

Portafoglio: ALPHA 80-20 Benchmark: FIDMOBBL Dt inizio: 10/22/2009 Dt fine: 01/02/2012 Valuta: EUR

Periodo: 1 G Dati stor: Rend tot TR Week: Port Default



Seasonality

Anno Gen Feb Mar Apr Mag Giu Lug Ago Set Ott Nov Dic

2009 -- -- -- -- -- -- -- -- -- -- 1.20 1.31

2010 -0.12 1.04 2.24 0.05 0.25 0.06 0.09 1.38 -0.37 0.03 0.29 0.36

2011 -1.17 1.38 -0.58 0.30 2.09 -1.30 1.07 -0.53 1.04 0.07 -0.81 3.43

Average -0.64 1.21 0.83 0.18 1.17 -0.62 0.58 0.43 0.34 0.05 0.23 1.70









4.00









3.00









2.00









1.00









0.00









-1.00









-2.00

Gen Feb Mar Apr Mag Giu Lug Ago Set Ott Nov Dic









2011 2010 2009









The format and content of this report may not be modified or altered (including, but not limited to, via deletion or addition) in any way.The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance L.P. (“BFLP”) and its subsidiaries in all jurisdictions

other than Argentina, Bermuda, China, India, Japan and Korea (the “BLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg L.P. (“BLP”). BLP provides BFLP with all global marketing and operational support and service for the Services and distributes the Services either directly or through a non-

BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice or guarantee the accuracy of prices or information in the Services. Nothing on the Services shall constitute an offering of financial instruments by BFLP, BLP or their affiliates.







Bloomberg ® Seasonality 01/05/2012 09:09:09 4



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