Risk profile: High
Management type: Flexible with VaR
Annual return target: 6-7% per annum*
Time horizon on the line: at least 5 years
Risk: average of the last 52 weekly VaR readings, maximum 9% with a time horizon of 1 month and 95% confidence interval

The portfolio aims to achieve a positive absolute result, regardless of market dynamics, through the use of financial instruments such as ETFs, UCITS, Bonds, Stocks, and Certificates, with the goal of achieving significantly higher returns than risk-free financial instruments. Portfolio decisions are based on fundamental analysis and asset allocation criteria aimed at constructing portfolios with the best expected returns and risk characteristics, along with a high level of diversification. Strategic asset allocation decisions for the medium and long term are often complemented by tactical positions. The differential use of active and passive Funds is based on the following criteria: active management Funds are selected by choosing the best instruments by category, considering their management strategy, past performance, volatility, maximum losses, recovery times, all relative to different time frames. Passive management Funds with high diversification, namely ETFs, are primarily used to cover traditional bond and equity asset classes. The equity portion of the portfolio is managed partially dynamically: a "Top-Down" fundamental analysis process is carried out to identify investment themes, sectors, or geographic areas of interest, often investing in specific ETFs. Individual equity securities are also frequently included in the portfolio, targeting companies with medium-term growth prospects, solid balance sheets, good margins, and valuations that allow for long-term appreciation, both relative and absolute. Certificates are selected using a constantly updated proprietary database, conducting screening based on both quantitative and qualitative criteria and monitoring positions over time. A portion of the portfolios is often invested in foreign currencies.

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