Risk profile: Low
Management type: Flexible with VaR
Annual return target: 2-3% per annum*
Time horizon on the line: at least 1 year
Risk: average of the last 52 weekly VaR readings, maximum 3% with a time horizon of 1 month and 95% confidence interval

The line aims to achieve a positive absolute return over a predefined time horizon of 1 year regardless of Benchmark constraints.
The line aims to achieve a positive absolute return irrespective of market movements, through the use of financial instruments such as ETFs and UCITS. Bonds and equities are used in extremely rare cases.

The investment is made by paying attention to the quantitative monitoring of risk indicators. Investment classes exposed to financial risk are used selectively, assessing the opportunities offered by the markets over time. The management approach is top-down and does not involve trading but only, at certain times, tactical choices aimed at taking advantage of certain market dynamics without, however, ever disregarding consistency with the macro view expressed by the Investment Committee.

*The annual return targets of the investment lines are only forecasts and are not to be interpreted as minimum returns and/or guaranteed returns.