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110323-alpha

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					                                                                                                                                                                                                                                                                    Analisi performance
Portafoglio: ALPHA 80-20                                                     Benchmark: FIDMOBBL                                                         Dt inizio: 10/22/2009                                                  Dt fine: 03/22/2011                                                   Valuta: EUR
Periodo: 1 G                                                                                                                                                                                                                                                                                    Dati stor: Rend tot

                                                                                  Rend tot: 6.211 Benchmark: 2.997                                                                                                                                      Analisi performance
     10.00                                                                                                                                                                                                               Performance: Giornaliero                                 Portafoglio           Benchmark
                                                                                                                                                                                                                         Total Return 1 Mesi                                           -1.43                 -1.20
                                                                                                                                                                                                                         Total Return MTD                                              -1.30                 -1.28
                                                                                                                                                                                                                         Total Return QTD                                              -1.22                 -0.46
      8.00                                                                                                                                                                                                               Total Return YTD                                              -1.22                 -0.46
                                                                                                                                                                                                                         Total Return 3 Mesi                                           -1.68                 -0.89
                                                                                                                                                                                                                         Total Return 6 Mesi                                           -0.54                  0.17
                                                                                                                                                                                                                         Total Return 1 Anno                                            1.52                  0.75
      6.00                                                                                                                                                                                                               Total Return 2 Anno                                               --               13.02
                                                                                                                                                                                                                         Total Return 3 Anno                                               --                 7.14

                                                                                                                                                                                                                         Risk: Settimanale
      4.00
                                                                                                                                                                                                                         Standard Deviation 1 Anno                                       3.74                   4.08
                                                                                                                                                                                                                         Semivariance 1 Anno                                             3.72                   4.35
                                                                                                                                                                                                                         Beta 1 Anno                                                     0.60                      --
                                                                                                                                                                                                                         Correlation 1 Anno                                              0.66                      --
      2.00
                                                                                                                                                                                                                         R-Squared 1 Anno                                                0.43                      --
                                                                                                                                                                                                                         Information Ratio 1 Anno                                        0.40                      --
                                                                                                                                                                                                                         Sharpe Ratio vs Risk Free 1 Anno                                0.31                  -0.01
      0.00                                                                                                                                                                                                               Tracking Error 1 Anno                                           3.24                      --




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                                                                                       FIDMOBBL                   ALPHA 80-20




                                                        Performance vs Benchmark                                                                                                                                     Distribuzione rendimento
      6.00                                                                                                                                                                    60


                                                                                                                                                                              50
      4.00
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                                                                                                                                                                                                                                    Periodo assoluto



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, BLOOMBERG Data and BLOOMBERG ALPHA Enterprise Reporting (the “Services”) 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               03/25/2011 07:47:07                                                                                                                                                                                                                                                         1
                                                                                                                                                                                                                                                                    Analisi performance
Portafoglio: ALPHA 80-20                                                     Benchmark: FIDMOBBL                                                         Dt inizio: 10/22/2009                                                  Dt fine: 03/22/2011                                                   Valuta: EUR
Periodo: 1 G                                                                                                                                                                                                                                                                                  Dati stor: Rend tot

                                   Analisi periodo assoluto                                                Analisi periodo                                                                               1 G Return
       0.80                                                                                                                                            Positiva        Negativa               Tot                                Performance periodica                         Performance cumulativa
                                                                                                            Numero                                        205              163               368                           Portafoglio Benchmark                    +/-   Portafoglio Benchmark                   +/-
                                                                                                            %                                           55.71            44.29             100.00        03/22/2011              0.00       -0.05                 0.05          6.21       3.00                 3.21
       0.60                                                                                                 Media                                        0.16            -0.16               0.02        03/21/2011              0.14        0.40                -0.26          6.21       3.05                 3.16
                                                                                                            Dev standard                                 0.13             0.15               0.21        03/18/2011             -0.17        0.21                -0.38          6.07       2.64                 3.43
       0.40                                                                                                 Sequenza mass                                     8               5                 8        03/17/2011             -0.32        0.00                -0.32          6.25       2.42                 3.83
                                                                                                            Sequenza media                               2.23             1.75               1.99        03/16/2011              0.36       -0.28                 0.63          6.59       2.42                 4.17
       0.20
                                                                                                                                                                                                         03/15/2011             -0.39       -0.40                 0.01          6.21       2.70                 3.51
                                                                                                                                                                                                         03/14/2011             -0.24       -0.27                 0.03          6.63       3.12                 3.51
                                                                                                                                                                                                         03/11/2011             -0.11       -0.15                 0.05          6.88       3.40                 3.48
       0.00                                                                                                                                                                                              03/10/2011             -0.04       -0.12                 0.08          7.00       3.56                 3.43
                                                                                                                                                                                                         03/09/2011              0.19       -0.04                 0.23          7.04       3.68                 3.36
      -0.20                                                                                                                                                                                              03/08/2011             -0.11        0.12                -0.23          6.83       3.72                 3.11
                                                                                                           Migliori-Peggiori                                                                             03/07/2011             -0.01       -0.07                 0.06          6.96       3.60                 3.36
                                                                                                                                                              Performance                   Data         03/04/2011              0.01       -0.15                 0.15          6.97       3.68                 3.30
      -0.40                                                                                                 Migliore 1                                                0.62            05/10/2010         03/03/2011             -0.36       -0.15                -0.20          6.96       3.83                 3.14
                                                                                                            Migliore 2                                                0.60            06/03/2010         03/02/2011             -0.22       -0.18                -0.04          7.35       3.99                 3.36
      -0.60
                                                                                                            Migliore 3                                                0.56            07/21/2010         03/01/2011             -0.02       -0.15                 0.13          7.58       4.17                 3.41
                                                                                                            Peggiore 1                                               -0.68            05/07/2010         02/28/2011              0.20        0.15                 0.05          7.61       4.34                 3.28
                                                                                                            Peggiore 2                                               -0.64            01/22/2010         02/25/2011              0.15        0.31                -0.16          7.39       4.17                 3.22
      -0.80                                                                                                 Peggiore 3                                               -0.63            01/13/2011         02/24/2011             -0.16       -0.10                -0.06          7.23       3.85                 3.38
                                                                                                                                                                                                         02/23/2011             -0.32       -0.28                -0.04          7.41       3.96                 3.45
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                                                                                                                                                                                                         02/22/2011             -0.13       -0.15                 0.03          7.75       4.25                 3.50
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                                                                                                                                                                                                         02/21/2011              0.24       -0.39                 0.62          7.89       4.41                 3.48
                                                                                                                                                                                                         02/18/2011             -0.04       -0.09                 0.05          7.63       4.82                 2.82
                                                                                                                                                                                                         02/17/2011              0.23        0.05                 0.18          7.68       4.91                 2.77
                                                                                                                                                                                                         02/16/2011              0.05        0.23                -0.18          7.43       4.85                 2.58
                                                                                                                                                                                                         02/15/2011              0.00        0.00                 0.00          7.37       4.61                 2.77
                                                                                                                                                                                                         02/14/2011              0.13        0.07                 0.06          7.38       4.61                 2.77
                                    Analisi periodo relativo                                               Analisi periodo                                                                               02/11/2011              0.35        0.08                 0.27          7.23       4.53                 2.70
       1.00                                                                                                                                   Positiva      Negativa      Coerente Incoerente            02/10/2011             -0.08       -0.01                -0.07          6.86       4.45                 2.41
                                                                                                            Numero                               185            183           261        107             02/09/2011             -0.32       -0.18                -0.14          6.94       4.46                 2.48
                                                                                                            %                                  50.27          49.73         70.92      29.08             02/08/2011             -0.36       -0.06                -0.30          7.28       4.65                 2.64
                                                                                                            Differenza media                    0.19          -0.17           0.00       0.02            02/07/2011              0.36        0.23                 0.13          7.67       4.71                 2.96
       0.50                                                                                                 Differenza dev std                  0.17           0.15           0.19       0.33            02/04/2011              0.19        0.10                 0.09          7.29       4.48                 2.81
                                                                                                            Sequenza mass                            6             6            23          7            02/03/2011              0.32        0.06                 0.26          7.09       4.37                 2.71
                                                                                                            Sequenza media                      1.70           1.69           3.68       1.53            02/02/2011              0.30        0.07                 0.23          6.74       4.31                 2.44
       0.00                                                                                                                                                                                              02/01/2011              0.26        0.30                -0.04          6.42       4.23                 2.19
                                                                                                                                                                                                         01/31/2011             -0.41       -0.05                -0.36          6.15       3.92                 2.23
                                                                                                                                                                                                         01/28/2011              0.01       -0.07                 0.09          6.58       3.97                 2.61
                                                                                                                                                                                                         01/27/2011             -0.16        0.05                -0.22          6.57       4.04                 2.52
      -0.50                                                                                                                                                                                              01/26/2011             -0.10        0.06                -0.17          6.74       3.99                 2.75
                                                                                                                                                                                                         01/25/2011             -0.12       -0.14                 0.02          6.85       3.92                 2.93
                                                                                                                                                                                                         01/24/2011              0.14        0.03                 0.11          6.98       4.07                 2.91
                                                                                                           Migliori-Peggiori                                                                             01/21/2011             -0.13        0.10                -0.23          6.83       4.04                 2.79
      -1.00                                                                                                                                Differenza Perf fondo Perf indice       Data                  01/20/2011             -0.54       -0.17                -0.37          6.97       3.94                 3.03
                                                                                                            Migliore 1                           0.78       0.07       -0.72 05/14/2010                  01/19/2011             -0.22       -0.26                 0.05          7.55       4.12                 3.44
                                                                                                            Migliore 2                           0.76       0.44       -0.32 08/11/2010                  01/18/2011              0.01        0.11                -0.09          7.79       4.39                 3.40
      -1.50                                                                                                 Migliore 3                           0.73       0.07       -0.66 05/04/2010                  01/17/2011              0.17        0.04                 0.14          7.77       4.28                 3.49
                                                                                                            Peggiore 1                          -1.13       0.62        1.75 05/10/2010                  01/14/2011              0.01        0.02                -0.01          7.59       4.24                 3.35
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                                                                                                                                                                                                         01/13/2011             -0.63       -0.09                -0.54          7.58       4.22                 3.35
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                                                                                                            Peggiore 3                          -0.54      -0.63       -0.09 01/13/2011                  01/12/2011             -0.13        0.30                -0.43          8.26       4.32                 3.94
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                                                                                                                                                                                                         01/11/2011              0.13        0.29                -0.16          8.40       4.01                 4.40
                                                                                                                                                                                                                                                                       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, BLOOMBERG Data and BLOOMBERG ALPHA Enterprise Reporting (the “Services”) 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             03/25/2011 07:47:07                                                                                                                                                                                                                                                               2
                                                                                                                                                                                                                                                                    Analisi performance
Portafoglio: ALPHA 80-20                                                     Benchmark: FIDMOBBL                                                         Dt inizio: 10/22/2009                                                  Dt fine: 03/22/2011                                                   Valuta: EUR
Periodo: 1 G                                                                                                                                                                                                                                                                                  Dati stor: Rend tot

                                                       Tracking                                                                                                                             Mean Return Sett: 52 Sett Annualized
                       1                                                                                                         14.00


                                                                                                                                 12.00


                                                                                                                                 10.00
                     0.6

                                                                                                                                   8.00


                                                                                                                                   6.00
                     0.2
       ALPHA 80-20




                                                                                                                                   4.00


                                                                                                                                   2.00

                     -0.2
                                                                                                                                   0.00




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                                                                                                                                                                                                   ALPHA 80-20                    FIDMOBBL




                                                                                                                                                                                       Standard Deviation Sett: 52 Sett Annualized
                      -1                                                                                                           6.00
                            -1        -0.4               0.2                0.8               1.4                 2


                                                               FIDMOBBL



Se la maggioranza dei ritorni supera la linea breakeven, il fondo ha battuto il benchmark.                                         4.00



1ma osservzne 10/23/2009                          O 185 Periodi in rialzo              --- Retta di regressione
                                                  O 183 Periodi in ribasso             --- Retta di breakeven

Indicatori tracking                                                                                                                2.00
                                                                    Total                     Bull                     Bear
Alpha                                                               0.01                     0.04                      0.00
Beta                                                                0.40                     0.32                      0.35
Correlation                                                         0.46                     0.31                      0.26
Mean Excess Return                                                  3.07                   -23.10                     56.19
Information Ratio                                                   0.67                    -5.82                     12.38        0.00
Jensen Alpha                                                        4.31                    10.43                     -7.70
                                                                                                                                           11

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R-Squared                                                           0.21                     0.09                      0.07
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                                                                                                                                                      11
Sortino Ratio Vs Index                                              0.72                    -7.14                     12.13
                                                                                                                                                         9

                                                                                                                                                         9

                                                                                                                                                         9




                                                                                                                                                         0

                                                                                                                                                         0

                                                                                                                                                         0



                                                                                                                                                         0
Tracking Error                                                      4.59                     3.97                      4.54
                                                                                                                                                                                                   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, BLOOMBERG Data and BLOOMBERG ALPHA Enterprise Reporting (the “Services”) 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                  03/25/2011 07:47:07                                                                                                                                                                                                                                3
                                                                                                                                                                                                                                                                    Analisi performance
Portafoglio: ALPHA 80-20                                                     Benchmark: FIDMOBBL                                                         Dt inizio: 10/22/2009                                                  Dt fine: 03/22/2011                                                   Valuta: EUR
Periodo: 1 G                                                                                                                                                                                                                                                                                    Dati stor: Rend tot

Seasonality
Anno                                      Gen                      Feb                    Mar                     Apr                    Mag                      Giu                     Lug                     Ago                     Set                      Ott                   Nov                     Dic
2009                                         --                      --                     --                      --                      --                      --                      --                      --                      --                      --                  1.21                    1.31
2010                                     -0.12                    1.04                   2.24                    0.05                    0.22                    0.09                    0.09                    1.38                   -0.37                    0.03                   0.29                    0.48
2011                                     -1.28                    1.38                      --                      --                      --                      --                      --                      --                      --                      --                     --                      --
Average                                  -0.70                    1.21                   2.24                    0.05                    0.22                    0.09                    0.09                    1.38                   -0.37                    0.03                   0.75                    0.90




    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, BLOOMBERG Data and BLOOMBERG ALPHA Enterprise Reporting (the “Services”) 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               03/25/2011 07:47:07                                                                                                                                                                                                                                                         4

				
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