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					                                                                                                                                                                                                                                                                                                              Analisi performance
Portafoglio: GAMMA 20-80                                                                      Benchmark: SX5E                                                                   Dt inizio: 10/29/2009                                                                      Dt fine: 09/29/2011                                                   Valuta: EUR
Periodo: 1 G                                                                                                                                                     Dati stor: Rend tot                                                                                                                                               TR Week: Port Default

                                                                                            Rend tot: 23.152 Benchmark: -14.671                                                                                                                                                                  Analisi performance
     40.00                                                                                                                                                                                                                                                         Performance: Giornaliero                              Portafoglio              Benchmark
                                                                                                                                                                                                                                                                   Total Return 1 Mesi                                          1.82                   -0.89
                                                                                                                                                                                                                                                                   Total Return MTD                                            -0.02                   -3.59
                                                                                                                                                                                                                                                                   Total Return QTD                                            -1.12                  -21.88
                                                                                                                                                                                                                                                                   Total Return YTD                                            -2.82                  -17.59
                                                                                                                                                                                                                                                                   Total Return 3 Mesi                                         -1.24                  -20.59
     20.00                                                                                                                                                                                                                                                         Total Return 6 Mesi                                         -0.53                  -21.17
                                                                                                                                                                                                                                                                   Total Return 1 Anno                                          4.38                  -15.88
                                                                                                                                                                                                                                                                   Total Return 2 Anno                                             --                 -16.60
                                                                                                                                                                                                                                                                   Total Return 3 Anno                                             --                 -15.91

                                                                                                                                                                                                                                                                   Risk: Settimanale
      0.00                                                                                                                                                                                                                                                         Standard Deviation 1 Anni                                      10.77                22.38
                                                                                                                                                                                                                                                                   Semivariance 1 Anno                                            11.04                24.74
                                                                                                                                                                                                                                                                   Beta 1 Anno                                                     0.16                    --
                                                                                                                                                                                                                                                                   Correlation 1 Anno                                              0.33                    --
                                                                                                                                                                                                                                                                   R-Squared 1 Anno                                                0.11                    --
                                                                                                                                                                                                                                                                   Information Ratio 1 Anno                                        1.30                    --
    -20.00
                                                                                                                                                                                                                                                                   Sharpe Ratio vs Risk Free 1 Anno                                0.01                -0.99
                                                                                                                                                                                                                                                                   Tracking Error 1 Anno                                          21.23                    --




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                                                                                                         SX5E                    GAMMA 20-80




                                                                 Performance vs Benchmark                                                                                                                                                                        Distribuzione rendimento
     50.00                                                                                                                                                                                                 80


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                                                                                                                                                                                             Periodictà
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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           09/30/2011 07:27:07                                                                                                                                                                                                                                                                                           1
                                                                                                                                                                                                                                                              Analisi performance
Portafoglio: GAMMA 20-80                                                       Benchmark: SX5E                                                     Dt inizio: 10/29/2009                                                   Dt fine: 09/29/2011                                                  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                                        280             220               500                           Portafoglio Benchmark                  +/-     Portafoglio Benchmark                +/-
                                                                                                         %                                           56.00           44.00             100.00        09/29/2011              -0.20        1.64              -1.84          23.15      -14.67             37.82
                                                                                                         Media                                        0.45            -0.47              0.04        09/28/2011              -0.52       -0.79               0.27          23.39      -16.05             39.45
       2.00                                                                                              Dev standard                                 0.34             0.47              0.61        09/27/2011               1.58        5.31              -3.73          24.04      -15.38             39.42
                                                                                                         Sequenza mass                                    9               8                 9        09/26/2011               0.73        2.83              -2.10          22.11      -19.65             41.76
                                                                                                         Sequenza media                               2.52             1.96              2.24        09/23/2011              -0.20        1.52              -1.71          21.22      -21.86             43.08
       1.00                                                                                                                                                                                          09/22/2011              -2.14       -4.90               2.76          21.46      -23.03             44.49
                                                                                                                                                                                                     09/21/2011              -0.99       -1.96               0.97          24.11      -19.07             43.18
                                                                                                                                                                                                     09/20/2011               0.47        2.11              -1.65          25.34      -17.45             42.79
       0.00                                                                                                                                                                                          09/19/2011              -0.34       -2.72               2.38          24.76      -19.16             43.92
                                                                                                                                                                                                     09/16/2011               0.91        0.17               0.74          25.18      -16.90             42.08
                                                                                                                                                                                                     09/15/2011              -0.19        3.47              -3.66          24.05      -17.04             41.10
                                                                                                         Migliori-Peggiori                                                                           09/14/2011               0.21        2.29              -2.08          24.29      -19.82             44.12
      -1.00
                                                                                                                                                          Performance                   Data         09/13/2011              -0.12        2.09              -2.21          24.03      -21.62             45.65
                                                                                                         Migliore 1                                               2.17            05/10/2010         09/12/2011              -0.87       -3.79               2.92          24.19      -23.22             47.41
                                                                                                         Migliore 2                                               1.68            05/26/2010         09/09/2011               0.21       -4.15               4.36          25.27      -20.20             45.47
      -2.00                                                                                              Migliore 3                                               1.58            09/27/2011         09/08/2011               0.82        0.57               0.25          25.01      -16.74             41.75
                                                                                                         Peggiore 1                                              -2.54            07/01/2010         09/07/2011               0.78        3.42              -2.63          24.00      -17.21             41.21
                                                                                                         Peggiore 2                                              -2.50            08/05/2011         09/06/2011               0.44       -1.29               1.72          23.03      -19.95             42.98
      -3.00                                                                                              Peggiore 3                                              -2.14            09/22/2011         09/05/2011              -0.63       -5.02               4.39          22.50      -18.90             41.40
                                                                                                                                                                                                     09/02/2011              -0.81       -3.69               2.88          23.27      -14.62             37.89
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                                                                                                                                                                                                     09/01/2011               0.89        0.16               0.73          24.28      -11.35             35.63
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                                                                                                                                                                                                     08/31/2011               1.18        2.81              -1.63          23.18      -11.49             34.67
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                                                                                                                                                                                                     08/30/2011               0.66       -0.01               0.67          21.75      -13.91             35.66
                                                                                                                                                                                                     08/29/2011               1.15        2.23              -1.08          20.95      -13.90             34.85
                                                                                                                                                                                                     08/26/2011              -0.63       -1.18               0.56          19.58      -15.78             35.36
                                                                                                                                                                                                     08/25/2011              -0.31       -0.98               0.67          20.33      -14.77             35.11
                                                                                                                                                                                                     08/24/2011               0.89        1.77              -0.88          20.71      -13.93             34.64
                                   Analisi periodo relativo                                              Analisi periodo                                                                             08/23/2011               0.11        0.76              -0.65          19.65      -15.42             35.07
       8.00
                                                                                                                                           Positiva     Negativa      Coerente Incoerente            08/22/2011               0.20        1.13              -0.92          19.52      -16.06             35.58
                                                                                                         Numero                                257          243            317        183            08/19/2011              -1.06       -2.14               1.08          19.27      -17.00             36.27
       6.00
                                                                                                         %                                   51.40        48.60          63.40      36.60            08/18/2011              -1.67       -5.34               3.67          20.56      -15.18             35.74
                                                                                                         Differenza media                     1.02         -0.95         -0.02       0.21            08/17/2011               0.41        0.32               0.09          22.61      -10.39             33.00
       4.00                                                                                              Differenza dev std                   0.94          0.89          1.26       1.47            08/16/2011               0.65       -0.03               0.69          22.11      -10.68             32.79
                                                                                                         Sequenza mass                            7            7            18          7            08/15/2011              -0.14        0.74              -0.88          21.32      -10.65             31.97
       2.00                                                                                              Sequenza media                       1.92          1.81          2.83       1.63            08/12/2011               1.49        4.15              -2.66          21.48      -11.31             32.79
                                                                                                                                                                                                     08/11/2011              -0.90        2.86              -3.76          19.70      -14.84             34.54
       0.00                                                                                                                                                                                          08/10/2011               0.69       -6.10               6.78          20.79      -17.21             38.00
                                                                                                                                                                                                     08/09/2011              -1.17        0.32              -1.49          19.97      -11.84             31.80
      -2.00                                                                                                                                                                                          08/08/2011              -1.20       -3.72               2.51          21.39      -12.12             33.50
                                                                                                                                                                                                     08/05/2011              -2.50       -1.54              -0.96          22.87        -8.73            31.59
      -4.00                                                                                                                                                                                          08/04/2011              -0.27       -3.42               3.16          26.02        -7.30            33.31
                                                                                                                                                                                                     08/03/2011              -1.03       -1.85               0.82          26.35        -4.01            30.36
                                                                                                         Migliori-Peggiori                                                                           08/02/2011              -0.49       -1.87               1.38          27.67        -2.20            29.87
      -6.00
                                                                                                                                        Differenza Perf fondo Perf indice       Data                 08/01/2011               0.79       -2.81               3.60          28.30        -0.34            28.64
                                                                                                         Migliore 1                            6.78       0.69      -6.10 08/10/2011                 07/29/2011              -0.52       -0.83               0.31          27.29         2.54            24.75
      -8.00
                                                                                                         Migliore 2                            4.39      -0.63      -5.02 09/05/2011                 07/28/2011               0.01       -0.04               0.05          27.96         3.40            24.56
                                                                                                         Migliore 3                            4.36       0.21      -4.15 09/09/2011                 07/27/2011               0.26       -1.68               1.94          27.95         3.43            24.51
     -10.00
                                                                                                         Peggiore 1                           -8.17       2.17      10.35 05/10/2010                 07/26/2011              -0.66       -0.11              -0.55          27.61         5.20            22.41
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                                                                                                         Peggiore 3                           -3.73       1.58       5.31 09/27/2011
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                                                                                                                                                                                                     07/22/2011               0.38        0.34               0.04          28.37         6.46            21.91
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                                                                                                                                                                                                     07/21/2011              -0.55        2.13              -2.68          27.89         6.11            21.78
                                                                                                                                                                                                                                                                    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       09/30/2011 07:27:07                                                                                                                                                                                                                                                          2
                                                                                                                                                                                                                                                                               Analisi performance
Portafoglio: GAMMA 20-80                                                       Benchmark: SX5E                                                      Dt inizio: 10/29/2009                                                              Dt fine: 09/29/2011                                                             Valuta: EUR
Periodo: 1 G                                                                                                                           Dati stor: Rend tot                                                                                                                                              TR Week: Port Default

                                                         Tracking                                                                                                                             Mean Return Sett: 52 Sett Annualized
                                                                                                                               80.00
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                                                                                                                                                                                                         GAMMA 20-80                            SX5E
                     -6




                                                                                                                                                                                         Standard Deviation Sett: 52 Sett Annualized
                     -8




                                                                                                                               40.00


                          -9         -5.4         -1.8          1.8            5.4             9             12.6


                                                                SX5E                                                           30.00

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


1ma osservzne 10/30/2009                          O 257 Periodi in rialzo             --- Retta di regressione                 20.00
                                                  O 243 Periodi in ribasso            --- Retta di breakeven

Indicatori tracking
                                                                   Total                   Bull                       Bear
Alpha                                                              0.05                    0.03                       0.11     10.00
Beta                                                               0.19                    0.19                       0.23
Correlation                                                        0.49                    0.38                       0.41
Mean Excess Return                                                18.04                  -88.73                          --
Information Ratio                                                  0.83                   -5.58                      67.27      0.00
Jensen Alpha                                                      12.19                 -201.92                     -10.88
                                                                                                                                         11

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R-Squared                                                          0.24                    0.14                       0.17
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Sortino Ratio Vs Index                                             1.66                  -10.23                      93.61
                                                                                                                                              20

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                                                                                                                                                                                                                                                                                          01

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                                                                                                                                               09

                                                                                                                                                      09




                                                                                                                                                                       0

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                                                                                                                                                                                                              0

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                                                                                                                                                                                                                                                                                                                       1
Tracking Error                                                    21.73                   15.90                      16.51
                                                                                                                                                                                                         GAMMA 20-80                            SX5E




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    09/30/2011 07:27:07                                                                                                                                                                                                                                              3
                                                                                                                                                                                                                                                               Analisi performance
Portafoglio: GAMMA 20-80                                                        Benchmark: SX5E                                                    Dt inizio: 10/29/2009                                                   Dt fine: 09/29/2011                                                  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                      --                      --                     --                     --
Average                                 -1.75                   2.42                    2.37                   1.02                   1.48                   -1.41                   0.52                   -0.92                   0.38                    0.60                   3.19                   3.50




    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        09/30/2011 07:27:07                                                                                                                                                                                                                                                     4

				
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