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Analisi performance

Portafoglio: GAMMA 20-80 Benchmark: FTSEMIB Dt inizio: 10/29/2009 Dt fine: 01/04/2012 Valuta: EUR

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



Rend tot: 32.591 Benchmark: -26.739 Analisi performance

40.00 Performance: Giornaliero Portafoglio Benchmark

Total Return 1 Mesi 2.80 -0.96

Total Return MTD 1.00 1.57

Total Return QTD 1.00 1.57

Total Return YTD 1.00 1.57

Total Return 3 Mesi 9.80 8.41

20.00 Total Return 6 Mesi 5.44 -24.12

Total Return 1 Anno 3.88 -22.18

Total Return 2 Anno 23.58 -29.41

Total Return 3 Anno -- -13.58



Risk: Settimanale

0.00 Standard Deviation 1 Anni 11.29 33.14

Semivariance 1 Anno 11.14 35.91

Beta 1 Anno 0.14 --

Correlation 1 Anno 0.41 --

R-Squared 1 Anno 0.17 --

Information Ratio 1 Anno 0.93 --

-20.00

Sharpe Ratio vs Risk Free 1 Anno 0.14 -0.64

Tracking Error 1 Anno 30.14 --









-40.00

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FTSEMIB GAMMA 20-80









Performance vs Benchmark Distribuzione rendimento

80.00 100





60.00 80





40.00 60

Periodictà



20.00 40





0.00 20





-20.00 0

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Rend tot









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 09:10:09 1

Analisi performance

Portafoglio: GAMMA 20-80 Benchmark: FTSEMIB Dt inizio: 10/29/2009 Dt fine: 01/04/2012 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

3.00

Numero 325 244 569 Portafoglio Benchmark +/- Portafoglio Benchmark +/-

% 57.12 42.88 100.00 01/04/2012 0.44 -2.04 2.47 32.59 -26.74 59.33

Media 0.44 -0.47 0.05 01/03/2012 -0.01 1.24 -1.24 32.01 -25.22 57.23

2.00 Dev standard 0.34 0.46 0.60 01/02/2012 0.57 2.42 -1.85 32.02 -26.13 58.15

Sequenza mass 10 8 10 12/30/2011 0.27 1.22 -0.95 31.28 -27.87 59.15

Sequenza media 2.58 1.94 2.26 12/29/2011 0.01 0.76 -0.74 30.92 -28.74 59.66

1.00 12/28/2011 0.26 -0.85 1.12 30.91 -29.27 60.18

12/27/2011 0.17 -0.99 1.16 30.56 -28.67 59.23

12/26/2011 0.01 0.00 0.01 30.34 -27.95 58.29

0.00 12/23/2011 0.35 0.31 0.04 30.34 -27.95 58.28

12/22/2011 0.43 1.40 -0.97 29.88 -28.17 58.05

12/21/2011 0.21 -0.97 1.18 29.33 -29.16 58.49

Migliori-Peggiori 12/20/2011 0.51 2.87 -2.35 29.05 -28.47 57.52

-1.00

Performance Data 12/19/2011 -0.09 -0.16 0.07 28.39 -30.46 58.85

Migliore 1 2.17 05/10/2010 12/16/2011 0.02 -0.38 0.40 28.51 -30.35 58.86

Migliore 2 1.68 05/26/2010 12/15/2011 0.09 1.37 -1.28 28.48 -30.08 58.56

-2.00 Migliore 3 1.58 09/27/2011 12/14/2011 -0.72 -2.84 2.12 28.37 -31.03 59.40

Peggiore 1 -2.54 07/01/2010 12/13/2011 0.77 -0.31 1.07 29.30 -29.01 58.31

Peggiore 2 -2.50 08/05/2011 12/12/2011 0.20 -3.79 3.99 28.31 -28.80 57.11

-3.00 Peggiore 3 -2.14 09/22/2011 12/09/2011 -0.46 3.37 -3.83 28.06 -25.99 54.05

12/08/2011 0.20 -4.29 4.49 28.65 -28.40 57.05

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12/06/2011 -0.19 -0.49 0.30 28.76 -24.25 53.01

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12/05/2011 0.02 2.91 -2.89 29.00 -23.87 52.88

12/02/2011 0.38 1.52 -1.14 28.97 -26.03 55.00

12/01/2011 0.61 -0.16 0.76 28.49 -27.13 55.62

11/30/2011 1.33 4.38 -3.05 27.71 -27.02 54.73

11/29/2011 0.44 0.34 0.10 26.04 -30.08 56.12

Analisi periodo relativo Analisi periodo 11/28/2011 1.13 4.63 -3.50 25.48 -30.32 55.80

10.00

Positiva Negativa Coerente Incoerente 11/25/2011 0.51 0.12 0.39 24.08 -33.40 57.48

Numero 292 277 355 214 11/24/2011 -0.03 0.03 -0.06 23.45 -33.48 56.93

% 51.32 48.68 62.39 37.61 11/23/2011 -0.19 -2.59 2.40 23.48 -33.50 56.98

Differenza media 1.26 -1.14 -0.05 0.32 11/22/2011 -0.01 -1.54 1.53 23.72 -31.73 55.45

Differenza dev std 1.21 1.10 1.46 1.94 11/21/2011 -1.42 -4.14 2.72 23.74 -30.66 54.40

5.00 Sequenza mass 8 5 21 9 11/18/2011 -0.57 0.23 -0.80 25.52 -27.67 53.19

Sequenza media 1.87 1.79 2.86 1.73 11/17/2011 -0.74 -1.43 0.70 26.24 -27.83 54.07

11/16/2011 0.09 0.79 -0.70 27.18 -26.78 53.96

11/15/2011 0.27 -1.08 1.34 27.06 -27.36 54.42

0.00 11/14/2011 0.29 -1.99 2.28 26.72 -26.57 53.29

11/11/2011 0.17 3.68 -3.51 26.36 -25.07 51.43

11/10/2011 -0.52 0.97 -1.49 26.15 -27.73 53.88

11/09/2011 -0.45 -3.78 3.33 26.81 -28.43 55.24

11/08/2011 0.44 0.74 -0.30 27.38 -25.62 53.00

-5.00 Migliori-Peggiori 11/07/2011 0.42 1.32 -0.89 26.81 -26.16 52.98

Differenza Perf fondo Perf indice Data 11/04/2011 0.25 -2.66 2.91 26.28 -27.13 53.40

Migliore 1 7.34 0.69 -6.65 08/10/2011 11/03/2011 0.23 3.23 -2.99 25.97 -25.13 51.10

Migliore 2 7.03 0.23 -6.80 11/01/2011 11/02/2011 -0.96 2.31 -3.28 25.67 -27.47 53.15

Migliore 3 5.15 0.21 -4.93 09/09/2011 11/01/2011 0.23 -6.80 7.03 26.90 -29.11 56.01

-10.00

Peggiore 1 -9.10 2.17 11.28 05/10/2010 10/31/2011 0.40 -3.82 4.22 26.61 -23.94 50.55

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10/27/2011 -0.29 5.49 -5.79 25.35 -19.49 44.84

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10/26/2011 0.59 0.07 0.52 25.72 -23.68 49.40

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 09:10:09 2

Analisi performance

Portafoglio: GAMMA 20-80 Benchmark: FTSEMIB Dt inizio: 10/29/2009 Dt fine: 01/04/2012 Valuta: EUR

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



Tracking Mean Return Sett: 52 Sett Annualized

4 100.00





80.00



2

60.00





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GAMMA 20-80 FTSEMIB

-6







Standard Deviation Sett: 52 Sett Annualized

-8 50.00

-9 -5.2 -1.4 2.4 6.2 10 13.8





FTSEMIB

40.00





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

30.00



1ma osservzne 10/30/2009 O 292 Periodi in rialzo --- Retta di regressione

O 277 Periodi in ribasso --- Retta di breakeven

20.00

Indicatori tracking

Total Bull Bear

Alpha 0.06 0.04 0.06

Beta 0.13 0.14 0.13 10.00

Correlation 0.38 0.30 0.26

Mean Excess Return 26.40 -92.76 --

Information Ratio 0.98 -4.95 128.93 0.00

Jensen Alpha 14.63 -226.84 -14.80

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R-Squared 0.15 0.09 0.07

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Sortino Ratio Vs Index 2.46 -10.50 222.39

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Tracking Error 26.96 18.72 20.70

GAMMA 20-80 FTSEMIB









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 09:10:09 3

Analisi performance

Portafoglio: GAMMA 20-80 Benchmark: FTSEMIB Dt inizio: 10/29/2009 Dt fine: 01/04/2012 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 -- -- -- -- -- -- -- -- -- -- 2.05 4.89

2010 -0.22 2.53 5.57 1.90 0.32 -0.25 -1.16 1.39 0.38 0.60 4.34 2.11

2011 -3.28 2.31 -0.83 0.15 2.64 -2.57 2.21 -3.23 -0.48 3.28 0.87 2.79

Average -1.75 2.42 2.37 1.02 1.48 -1.41 0.52 -0.92 -0.05 1.94 2.42 3.27









6.00









4.00









2.00









0.00









-2.00









-4.00

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 09:10:09 4



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