Risk profile: Medium
Management type: Flexible with VaR
Annual return target: 6-8% per annum*
Time horizon on the line: at least 2 years
Risk: average of the last 52 weekly VaR readings, maximum 6% with a time horizon of 1 month and 95% confidence interval

The objective of the line is to pursue a positive absolute return over a predefined time horizon, irrespective of Benchmark constraints.
It invests with a medium-long term horizon, through instruments that integrate financial analysis with environmental, social and good governance analysis, in order to create value for the investor and for society as a whole.
In particular, medium to long-term bonds with a positive impact on society and the ecosystem are selected, as well as equities of companies on the top list of global ESG leaders (MSCI ESG Indexes), whose business is oriented towards socially responsible issues.
The investment is made with a focus on quantitative monitoring of risk indicators. Investment classes exposed to financial risk are used selectively, evaluating the opportunities that the markets offer over time.

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