MATERIAL ATUALIZADO

Questões que mais

caíram na CPA-20
87 questões
Pra ficar por dentro de todas as
novidades, siga a gente no Instagram:

@academiarafaeltoro

Quer ter acesso a

mais questões?
Escaneie o QR Code
SOBRE NÓS
Com mais de 50 mil alunos, a Academia Rafael Toro
(também chamada de ART), foi fundada em 2017, tendo o
professor Rafael Toro como idealizador e fundador. Movido
pela vontade de transformar a maneira com que as pessoas
aprendiam, o Toro desenvolveu uma metodologia de
aprendizado que revolucionou o mercado de Certificações
no Brasil e já aprovou milhares de pessoas nas principais
provas da Anbima, Planejar, Ancord e Apimec.
 4XHVWpHVTXHPDLVFDmUDP&3$

 >@ 2 nUJiR UHVSRQVgYHO SHOR FRQWUROH H uVFDOL]DjiR GRV 3ODQRV GH 3UHYLGlQFLD
&RPSOHPHQWDU$EHUWDHTXHSRGHVHUDFHVVDGRSHORVLQGLYmGXRVTXHTXHLUDPLQIRUPDjpHV
VREUHRVSURGXWRVGLVSRQmYHLVk

D D&90&RPLVVgRGH9DORUHV0RELOLeULRV
E %$&(1%DQFR&HQWUDGR%UDVLO
F 686(36XSHULQWHQGjQFLDGH6HJXURV3ULYDGRV
G 35(9,&6XSHULQWHQGjQFLD1DFLRQDOGH3UHYLGjQFLD&RPSOHPHQWDU

>@&RPSHWHSULYDWLYDPHQWHDR%DQFR&HQWUDOGR%UDVLO

D UHDOL]DUDVRSHUDhnHVGHUHGHVFRQWR
E FRRUGHQDUDVSROkWLFDVPRQHWeULDHqVFDO
F q[DUDVGLUHWUL]HVHQRUPDVGDSROkWLFDFDPELDO
G qVFDOL]DURPHUFDGRGHYDORUHVPRELOLeULRV

>@$&90&RPLVViRGH9DORUHV0RELOLgULRV

D qVFDOL]DDVVRFLHGDGHVSRUFRWDVGHUHVSRQVDELOLGDGHOLPLWDGDQHJRFLDGDVHP
EROVDGHYDORUHV
E OLPLWDDVWD[DVGHMXURVSDJDVSHODVGHEjQWXUHVGHHPSUHVDVOLVWDGDVQR1RYR
0HUFDGRGD%RVYHVSD
F HGLWDDVQRUPDVTXHUHJXODPDVRSHUDhnHVGRPHUFDGRGHFfPELRLQFOXVLYH
VZDSV
G SURWHJHRVWLWXODUHVGHYDORUHVPRELOLeULRVHRVLQYHVWLGRUHVGRPHUFDGRFRQWUD
HPLVVnHVLUUHJXODUHVGHYDORUHVPRELOLeULRV

 >@ 'HQWUH DV FRPSHWlQFLDV H DWULEXLjpHV GD 6XSHULQWHQGlQFLD GH 6HJXURV

3ULYDGRV 686(3 GHVWDFDPVH
,r=HODUSHODGHIHVDGRVLQWHUHVVHVGRVFRQVXPLGRUHVGRVPHUFDGRVVXSHUYLVLRQDGRVSHOD
DXWDUTXLD
,,r3URWHJHUDFDSWDjiRGHSRXSDQjDSRSXODUUHDOL]DGDSRUPHLRGHRSHUDjpHVGHVHJXUR
SUHYLGlQFLDFRPSOHPHQWDUDEHUWDFDSLWDOL]DjiR
,,,r'LVFLSOLQDUHDFRPSDQKDURVLQYHVWLPHQWRVGDVHQWLGDGHVuVFDOL]DGDVHPHVSHFLDORV
HIHWXDGRVHPEHQVJDUDQWLGRUHVGHSURYLVpHVWkFQLFDV
(VWgFRUUHWRRTXHVHDuUPDHP

D ,DSHQDV
E ,H,,DSHQDV
F ,,H,,,DSHQDV
G ,,,H,,,

$SRVWLOD
4XHVWpHVTXHPDLVFDmUDP&3$
>@26LVWHPD(VSHFLDOGH/LTXLGDjiRH&XVWnGLD 6(/,& 
, r k XPD LQIUDHVWUXWXUD GR PHUFDGR uQDQFHLUR EUDVLOHLUR H ID] SDUWH GR VLVWHPD GH
SDJDPHQWRV EUDVLOHLUR  63% 
,,rOLTXLGDDVRSHUDjpHVHPWHPSRUHDOHUHDOL]DRUHJLVWURGDVWUDQVDjpHVFRPWmWXORV
SqEOLFRVIHGHUDLVFRLELQGRIUDXGHVHSUHYHQLQGRFRQWgJLRFRPRXWUDVLQVWLWXLjpHV
,,, r k GHSRVLWgULR FHQWUDO GRV WmWXORV HPLWLGRV SHOR 7HVRXUR 1DFLRQDO H SURFHVVD DV
RSHUDjpHVFRPSURPLVVDGDVODVWUHDGDVSRUWmWXORVSqEOLFRVRXSULYDGRV
(VWgFRUUHWRRTXHVHDuUPDHP

D ,H,,DSHQDV
E ,,,DSHQDV
F ,H,,,DSHQDV
G ,,,H,,,

>@'HQWUHRXWUDVDWULEXLjpHVFDEHDXP%DQFRGH,QYHVWLPHQWR

D FRQFHGHUqQDQFLDPHQWRGHORQJRSUD]RHPLWLUVXEVFUHYHUHGLVWULEXLUWkWXORVH
YDORUHVPRELOLeULRVHDWXDUQRVHJPHQWRGHGlODUWXULVPR
E DVVHVVRUDUDIXVgRHDDTXLVLhgRGHHPSUHVDVFRRUGHQDUDHPLVVgRGHYDORUHV
PRELOLeULRVHFRQFHGHUqQDQFLDPHQWRVGHPiGLRHORQJRSUD]RV
F FRQFHGHUqQDQFLDPHQWRVGHPiGLRHORQJRSUD]RVFUiGLWRGLUHWRDRFRQVXPLGRU
HGLVWULEXLUYDORUHVPRELOLeULRV
G DVVHVVRUDUDIXVgRFLVgRHLQFRUSRUDhgRGHHPSUHVDVFRQFHGHUqQDQFLDPHQWRV
GHFXUWRSUD]RHFKHTXHHVSHFLDO

>@2%DQFR&HQWUDOGR%UDVLODXWRUL]DRIXQFLRQDPHQWRGHLQVWLWXLjiRuQDQFHLUD
FRPREDQFRPqOWLSORGHVGHTXH
,rDFDUWHLUDGHGHVHQYROYLPHQWRVHMDRSHUDGDSRUEDQFRSqEOLFR
,,rFDSWHGHSnVLWRfYLVWDSRULQWHUPkGLRGDFDUWHLUDGHEDQFRGHLQYHVWLPHQWR
,,,rXPDGDVFDUWHLUDVREULJDWnULDVVHMDDGHFUkGLWRuQDQFLDPHQWRHLQYHVWLPHQWR
(VWgFRUUHWRRTXHVHDuUPDHP

D ,DSHQDV
E ,,H,,,DSHQDV
F ,H,,DSHQDV
G ,,,H,,,

>@8PDVRFLHGDGH'LVWULEXLGRUDGH7mWXORVH9DORUHV0RELOLgULRV '790 GHYHUg

FRQGX]LU SURFHGLPHQWRV REULJDWnULRV TXH SHUPLWDP D LGHQWLuFDjiR GR EHQHuFLgULR uQDO
SDUD FOLHQWHV TXH VHMDP
,rIXQGRVH[FOXVLYRVGHLQYHVWLPHQWRFRQVWLWXmGRQR%UDVLOHUHJLVWUDGRQD&RPLVViRGH
9DORUHV0RELOLgULRV
,,rVRFLHGDGHVVHJXUDGRUDVFRPVHGHQD+RODQGD
,,, r VRFLHGDGHV HPSUHVgULDV GH UHVSRQVDELOLGDGH OLPLWDGD TXH DWXDP QR VHWRU Wl[WLO
FRQVWLWXmGDVQR%UDVLO
,9rLQVWLWXLjpHVGHSDJDPHQWRHPLVVRUDVGHPRHGDHOHWUoQLFDDXWRUL]DGDVDIXQFLRQDU
SHOR%DQFR&HQWUDOGR%UDVLO
(VWgFRUUHWRRTXHVHDuUPD$3(1$6HP

D ,H,9
E ,,H,,,
F ,,H,9
G ,H,,,

$SRVWLOD
4XHVWpHVTXHPDLVFDmUDP&3$
 >@ 8PD LQVWLWXLjiR uQDQFHLUD SRVVXL RV VHJXLQWHV PHFDQLVPRV GH
DFRPSDQKDPHQWR H FRQWUROH SDUD uQV GH SUHYHQjiR D ODYDJHP GH GLQKHLUR H DR
uQDQFLDPHQWR GR WHUURULVPR
,rDGHuQLjiRGHSURFHVVRVWHVWHVHWULOKDVGHDXGLWRULD
,,rDGHuQLjiRGHPkWULFDVHLQGLFDGRUHVDGHTXDGRV
,,,rDLGHQWLuFDjiRHFRUUHjiRGHHYHQWXDLVGHuFLlQFLDV
,9rRPRQLWRUDPHQWRGRXVRGDVUHGHVVRFLDLVSRUVHXVFOLHQWHV
6HJXQGR R %DQFR &HQWUDO GR %UDVLO ViR REULJDWnULRV $3(1$6 RV PHFDQLVPRV GH
DFRPSDQKDPHQWRHFRQWUROH

D ,,,,,H,9
E ,H,9
F ,,H,,,
G ,,,H,,,

 >@ &RP D uQDOLGDGH GH SUHYHQLU R HQYROYLPHQWR GR VLVWHPD uQDQFHLUR HP
LOmFLWRV R FDGDVWUR GRV FOLHQWHV H DV LQIRUPDjpHV VREUH DV WUDQVDjpHV UHDOL]DGDV

D GHYHPVHUFRQVHUYDGRVGXUDQWHRSHUkRGRPkQLPRGHGH]DQRVDSDUWLUGR
HQFHUUDPHQWRGDFRQWDRXGDFRQFOXVgRGDWUDQVDhgR
E GHYHPVHUFRQVHUYDGRVGXUDQWHRSHUkRGRPkQLPRGHFLQFRDQRVDSDUWLUGR
HQFHUUDPHQWRGDFRQWDRXGDFRQFOXVgRGDWUDQVDhgR
F VgRIDFXOWDWLYRVFDVRDRSHUDhgRVHMDUHDOL]DGDSRUSHVVRDMXUkGLFDTXHH[HUhD
DWLYLGDGHVGHSURPRhgRLPRELOLeULDRXFRPSUDHYHQGDGHLPlYHLV
G GHYHPVHULPSOHPHQWDGRVTXDQGRDLQVWLWXLhgRqQDQFHLUDDVVLPMXOJDU
FRQYHQLHQWH

>@8PGLHQWHDQRVGHLGDGHVROWHLURHVHPuOKRVSUHHQFKHXR4XHVWLRQgULR
GH3HUuOGR,QYHVWLGRU VXLWDELOLW\ HRUHVXOWDGRLQGLFRXXPDHOHYDGDWROHUhQFLDDRULVFR
$OkPGHRXWUDVLQIRUPDjpHVVROLFLWDGDVRFOLHQWHIRLTXHVWLRQDGRVREUH
,rRQmYHOGHFRQKHFLPHQWRVREUHLQYHVWLPHQWRV
,,rDVTXHVWpHVUHODWLYDVfFDSDFLGDGHGHVXSRUWDUSHUGDV
,,,rRVSURGXWRVTXHWlPPDLVIDPLOLDULGDGH
(VWgFRUUHWRRTXHVHDuUPDHP

D ,H,,DSHQDV
E ,H,,,DSHQDV
F ,,,H,,,
G ,,H,,,DSHQDV

 >@ 6HJXQGR D 5HVROXjiR Qd  GD &90 RV SURuVVLRQDLV TXH ID]HP
UHFRPHQGDjiRGHSURGXWRVGHLQYHVWLPHQWRSDUDFOLHQWHVViRREULJDGDVDPDQWHUWRGRVRV
GRFXPHQWRVHGHFODUDjpHVTXHFRPSURYHPDDGHTXDjiRGRSURGXWRVHUYLjRRXRSHUDjiR
DR SHUuO GR FLHQWH H[FHWR HP FDVR GH SURFHVVR DGPLQLVWUDWLYR DEHUWR SHOD &90 SHOR
SUD]R PmQLPR GH

D  WUjV DQRV
E  FLQFR DQRV
F  GRLV DQRV
G  GH] DQRV

$SRVWLOD
4XHVWpHVTXHPDLVFDmUDP&3$
 >@ 6HJXQGR D 5HVROXjiR Qd  GD &90 k YHGDGR fV SHVVRDV TXH ID]HP
UHFRPHQGDjiR GH SURGXWRV GH LQYHVWLPHQWR SDUD FOLHQWHV UHFRPHQGDU SURGXWRV RX
VHUYLjRVTXDQGR

D DVLQIRUPDhnHVGHSHUqOGRFOLHQWHQgRHVWHMDPDWXDOL]DGDV
E RSUD]RGHYHQFLPHQWRGRSURGXWRQgRIRULQIRUPDGR
F RVGDGRVSHVVRDLVVHQVkYHLVGRFOLHQWHVHJXQGRD/HL*HUDOGH3URWHhgRGH
'DGRV /*3' QgRHVWHMDPDWXDOL]DGRV
G RUHWRUQRHVSHUDGRGRSURGXWRQRVHXYHQFLPHQWRQgRIRULQIRUPDGR

 >@ 6HJXQGR D 5HVROXjiR Qd  GD &90 RV SURuVVLRQDLV TXH ID]HP
UHFRPHQGDjiR GH SURGXWRV GH LQYHVWLPHQWR SDUD FOLHQWHV WlP R GHYHU GHQWUH RXWUDV
DWULEXLjpHVGHYHULuFDUVH
, r D VLWXDjiR uQDQFHLUD GR FOLHQWH k FRPSDWmYHO FRP R SURGXWR VHUYLjR RX RSHUDjiR
DSUHVHQWDGD
,,rRSURGXWRVHUYLjRRXRSHUDjiRkDGHTXDGRDRVREMHWLYRVGHLQYHVWLPHQWRGRFOLHQWH
,,,rRFOLHQWHSRVVXLFRQKHFLPHQWRQHFHVVgULRSDUDFRPSUHHQGHURVULVFRVUHODFLRQDGRVDR
SURGXWRVHUYLjRRXRSHUDjiRDSUHVHQWDGD
(VWgFRUUHWRRTXHVHDuUPDHP

D ,H,,,DSHQDV
E ,,,H,,,
F ,,H,,,DSHQDV
G ,H,,DSHQDV

 >@ 6HJXQGR D 5HVROXjiR Qb  GD &90 R SURuVVLRQDO DXWRUL]DGR D UHFRPHQGDU
SURGXWRVGHLQYHVWLPHQWRSDUDFOLHQWHVGHYHPDQWHUDVLQIRUPDjpHVUHODWLYDVDRSHUuOGH
VHXV FOLHQWHV DWXDOL]DGDV QXP LQWHUYDOR Pg[LPR GHBBBBBBBBBBBBBBB H SURFHGHU D QRYD
DQgOLVHHFODVVLuFDjiRGDVFDWHJRULDVGHYDORUHVPRELOLgULRVHPLQWHUYDORVQiRVXSHULRUHV
DBBBBBBBBBBBB
$VODFXQDVGDVIUDVHVGHYHUiRVHUFRUUHWDPHQWHSUHHQFKLGDVSRU

D  YLQWHHTXDWUR PHVHVH FLQFR DQRV
E  GR]H PHVHVH FLQFR DQRV
F  FLQFR DQRVH YLQWHHTXDWUR PHVHV
G  YLQWHHTXDWUR PHVHVH GH] DQRV

$SRVWLOD
4XHVWpHVTXHPDLVFDmUDP&3$
>@&RQVLGHUHRVVHJXLQWHVGDGRVDEDL[R


D $WLYRWRWDOH([LJkYHOWRWDO
E $WLYRWRWDOH3DWULPmQLR/kTXLGRWRWDO
F 3DWULPmQLR/kTXLGRH([LJkYHOWRWDO
G $WLYRH3DWULPmQLR/kTXLGR

 >@ 'H DFRUGR FRP R &nGLJR $1%,0$ GH 'LVWULEXLjiR GH 3URGXWRV GH
,QYHVWLPHQWR QRSURFHVVRGHFROHWDGHLQIRUPDjpHV SDUDXPDDGHTXDGDDYDOLDjiR GR
SHUuOGHXPLQYHVWLGRUGHYHVHFRQVLGHUDU
,rDH[SHULlQFLDGRLQYHVWLGRUHPPDWkULDGHLQYHVWLPHQWRV
,,rRVULVFRVDVVRFLDGRVDRSURGXWRRIHUWDGR
,,,rRFHQgULRHFRQoPLFR
(VWgFRUUHWRRTXHVHDuUPDHP

D ,DSHQDV
E ,,DSHQDV
F ,H,,,DSHQDV
G ,,,H,,,

>@'HDFRUGRFRPR&nGLJR$1%,0$GH'LVWULEXLjiRGH3URGXWRVGH,QYHVWLPHQWR
SDUDGHuQLjiRGRREMHWLYRGHLQYHVWLPHQWRVGRLQYHVWLGRUDLQVWLWXLjiRSDUWLFLSDQWHGHYH
FRQVLGHUDUQRPmQLPRDVVHJXLQWHVLQIRUPDjpHV
,r2YDORUGHVXDVUHFHLWDVUHJXODUHVGHFODUDGDV
,,r2SHUmRGRHPTXHVHUgPDQWLGRRLQYHVWLPHQWR
,,,r$VSUHIHUlQFLDVGHFODUDGDVTXDQWRfDVVXQjiRGHULVFRV
(VWgFRUUHWRRTXHVHDuUPDHP

D ,DSHQDV
E ,,H,,,DSHQDV
F ,H,,DSHQDV
G ,,,H,,,

$SRVWLOD
4XHVWpHVTXHPDLVFDmUDP&3$
>@$7D[D5HIHUHQFLDOr75kFDOFXODGD

D SHODEROVDGHYDORUHV
E SHOR6LVWHPD(VSHFLDOGH/LTXLGDhgRH&XVWlGLD6(/,&
F SHOR&RQVHOKR0RQHWeULR1DFLRQDOp&01
G SHOR%DQFR&HQWUDOGR%UDVLOp%$&(1

>@2&RPLWHGH3ROLWLFD0RQHWgULD&2320HPDWDGHVXDUHXQLiRRUGLQgULD
LQIRUPRXTXHGLDQWHGRVVLQDLVGHIRUWHUHFXSHUDjiRGDGHPDQGDGRPkVWLFDSRGHVH
SURMHWDUXPDHOHYDjiRGDPkGLDGRVmQGLFHVGHLQvDjiR8PHVSHFLDOLVWDHPLQYHVWLPHQWR
DSnVDOHLWXUDGHVVHGRFXPHQWRHQTXDQWRSHUGXUDUWDLVH[SHFWDWLYDVTXDQWRDRVmQGLFHV
GHLQvDjiRUHFRPHQGDUgDVHXVFOLHQWHVTXH
,rUHGX]DPDVDSOLFDjpHVHP/HWUDV)LQDQFHLUDVGR7HVRXUR/)7
,,rDXPHQWHPDVDSOLFDjpHVLQGH[DGDVDR',
,,,rDXPHQWHPRSUD]RPkGLRGDVDSOLFDjpHVGHUHQGDu[DSUHu[DGDV
(VWgFRUUHWRRTXHVHDuUPDHP

D ,,,H,,,
E ,,H,,,DSHQDV
F ,,,DSHQDV
G ,,DSHQDV

>@1DVGHElQWXUHVFRPJDUDQWLDVUHDLV

D VHKRXYHUOLTXLGDhgRGDFRPSDQKLDKeSUHIHUjQFLDGHSDJDPHQWRDRV
GHEHQWXULVWDVHPDRVDFLRQLVWDV
E QgRH[LVWHPJDUDQWLDRXSUHIHUjQFLDDRLQYHVWLGRUHPFDVRGHOLTXLGDhgRGD
FRPSDQKLD
F RVEHQVHGLUHLWRVJDUDQWLGRVSHODHPSUHVDQDHPLVVgRSRGHPVHUQHJRFLDGRV
VHPDXWRUL]DhgRSUiYLDGRVGHEHQWXULVWDV
G RVEHQVHGLUHLWRVJDUDQWLGRVSHODHPSUHVDQDHPLVVgRQgRSRGHPVHU
FRPSURPHWLGRVSRUWDQWRVlSRGHUeVHUQHJRFLDGRFRPDDSURYDhgRGRV
GHEHQWXULVWDV

>@2V&HUWLuFDGRVGH'HSnVLWR%DQFgULR &'% HDV/HWUDVGH&UkGLWRViRWmWXORV

HPLWLGRVSRU
,r%DQFRV&RPHUFLDLV
,,r&RRSHUDWLYDVGH&UkGLWR
,,,r%DQFRVGH,QYHVWLPHQWR
(VWgFRUUHWRRTXHVHDuUPDHP

D ,DSHQDV
E ,,DSHQDV
F ,H,,,DSHQDV
G ,,,H,,,

>@27HVRXUR1DFLRQDOSRUPHLRGR7HVRXUR'LUHWRSURSRUFLRQDDRLQYHVWLGRU
SHVVRDImVLFD

D RDFHVVRDWkWXORVGDGkYLGDSoEOLFDHSULYDGD
E DOLTXLGH]GRVWkWXORVPHGLDQWHRIHUWDVGLeULDVGHUHFRPSUD
F DJDUDQWLDVROLGeULDGRVDJHQWHVGHFXVWlGLDKDELOLWDGRV
G DDTXLVLhgRGHWkWXORVVHPOLPLWHVPHQVDLVGHYDORUPe[LPR

$SRVWLOD
4XHVWpHVTXHPDLVFDmUDP&3$
>@3DUDXPFOLHQWHTXHSUHWHQGHDGTXLULUQR7HVRXUR'LUHWRXPWmWXORTXH
WHQKDUHQGLPHQWRLQGH[DGRDXPmQGLFHGHSUHjRVPDLVXPDWD[DGHMXURVHQiRTXHLUD
FRUUHUULVFRGHUHLQYHVWLPHQWRRJHUHQWHGHUHODFLRQDPHQWRGHYHUgLQGLFDU

D 7HVRXUR3UHq[DGR /71 
E 7HVRXUR6HOLF /)7 
F 7HVRXUR,3&$ 171%SULQFLSDO 
G 7HVRXUR,3&$FRPMXURVVHPHVWUDLV 171% 

>@8PLQYHVWLGRUDSOLFRXVHXVUHFXUVRVHPXP&'%TXHSRGHVHUUHVJDWDGRD
TXDOTXHUPRPHQWR&DVRHVVHLQYHVWLGRUYHQKDDUHVJDWDUHOHSDJDUg,PSRVWRGH5HQGD
QDIRQWHGH

D GRVUHQGLPHQWRVVHRVUHFXUVRVqFDUHPLQYHVWLGRVSRUGLDV
E GRVUHQGLPHQWRVVHRVUHFXUVRVqFDUHPLQYHVWLGRVSRUGLDV
F GRVUHQGLPHQWRVVHRVUHFXUVRVqFDUHPLQYHVWLGRVSRUGLDV
G GRVUHQGLPHQWRVVHRVUHFXUVRVqFDUHPLQYHVWLGRVSRUGLDV

>@8PSHVVRDImVLFDHIHWXRXDVVHJXLQWHVRSHUDjpHVFRPDjpHVHP%ROVDGH
9DORUHV


D VXMHLWRVdLQFLGjQFLDGR,PSRVWRGH5HQGDdDOkTXRWDGH
E LVHQWRVGR,PSRVWRGH5HQGDGHYLGRDRUHGX]LGRYDORUGDVDOLHQDhnHV
F LVHQWRVGR,PSRVWRGH5HQGDGHYLGRDRUHGX]LGRYDORUGHDTXLVLhgRGDVDhnHV
G VXMHLWRVdLQFLGjQFLDGR,PSRVWRGH5HQGDdDOkTXRWDGH

>@$SnVGLDVGRLQmFLRGDVDWLYLGDGHVDFODVVHGHFRWDVGHXPIXQGRDEHUWR
HP IXQFLRQDPHQWR TXH PDQWLYHU D TXDOTXHU WHPSR SDWULPoQLR OmTXLGR PkGLR GLgULR
LQIHULRUD5SHORSHUmRGRGHGLDVFRQVHFXWLYRV

D SRGHVROLFLWDUd&90XPSUD]RPDLRUSDUDFDSWDUPDLVUHFXUVRV
E GHYHVHUIHFKDGRSDUDQRYDVFDSWDhnHV
F GHYHVHULPHGLDWDPHQWHOLTXLGDGDRXLQFRUSRUDGDDRXWUDFODVVHGHFRWDVH
FDVRQgRDWHQGDHVVDFRQGLhgRD&90FDQFHODUeRUHJLVWURGHIXQFLRQDPHQWR
G GHYHVHULPHGLDWDPHQWHOLTXLGDGDRXLQFRUSRUDGDDRXWUDFODVVHGHFRWDVH
FDVRQgRDWHQGDHVVDFRQGLhgRD&90SRGHUeFRQFHGHUSUD]RDGLFLRQDOSDUD
FDSWDhnHVDGLFLRQDLVGHUHFXUVRV

$SRVWLOD
4XHVWpHVTXHPDLVFDmUDP&3$
 >@ 8P IXQGR GH LQYHVWLPHQWR GH UHQGD u[D DEHUWR DRV LQYHVWLGRUHV QiR
TXDOLuFDGRV DGTXLULX DWLYRV uQDQFHLURV QiR SHUPLWLGRV SRU VHX UHJXODPHQWR 2V DWLYRV
SHUPDQHFHUDP QD FDUWHLUD GR IXQGR DWk TXH D DXGLWRULD DQXDO SHUFHEHX R HUUR $
UHVSRQVDELOLGDGHSRUHVVHGHVFXPSULPHQWRFRQWLQXDGRGRUHJXODPHQWRGRIXQGRkGR
,rJHVWRU
,,rDGPLQLVWUDGRU
,,,rFXVWRGLDQWH
,9rDXGLWRU
(VWgFRUUHWRRTXHVHDuUPDHP

D ,H,,,DSHQDV
E ,,H,9DSHQDV
F ,,,H,9DSHQDV
G ,H,,DSHQDV

>@4XDQWRVULVFRVGHYHPHVWDUSUHVHQWHQR7HUPRGH$GHViRH&LlQFLDGH5LVFR
GRVIXQGRVGHLQYHVWLPHQWRV"

D WRGRVRVULVFRVHQYROYLGRV
E RVFLQFRSULQFLSDLVULVFRV
F RVGH]SULQFLSDLVULVFRV
G VRPHQWHDTXHOHVTXHRDGPLQLVWUDGRUHQWHQGHUVHUSHUWLQHQWH

>@8P)XQGRGH,QYHVWLPHQWRGH5HQGD)L[DDGTXLULXSDUDDVXDFDUWHLUDXPORWH
GH1RWDGR7HVRXUR1DFLRQDOVkULH% 171% FRPYHQFLPHQWRHP6REUHR
FRQFHLWRGHQRPLQDGRPDUFDjiRDPHUFDGRXPHVSHFLDOLVWDHPLQYHVWLPHQWRH[SOLFDUgDR
VHXGLHQWHTXHVH
, r R IXQGR SHUPDQHFHU FRP HVVH WmWXOR HP VXD FDUWHLUD DWk R YHQFLPHQWR D VXD
UHQWDELOLGDGH UHvHWLUg D WD[D GH MXURV DFRUGDGD QD DTXLVLjiR FDVR RV UHFHELPHQWRV GH
FXSRPVHMDPUHLQYHVWLGRVSHODPHVPDWD[DGHDTXLVLjiR
,,rRFRUUHUTXHGDQD7D[D6HOLFHVVHWmWXORSRGHUgWHUVHXFXSRPGHVYDORUL]DGR
,,,rDWD[DGHMXURVGHPHUFDGRHVWLYHUVHQGRQHJRFLDGDDFLPDGDWD[DGHMXURVQDGDWDGH
DTXLVLjiRDFRWDGRIXQGRSRGHUgDSUHVHQWDUUHQWDELOLGDGHQHJDWLYD
(VWgFRUUHWRRTXHVHDuUPDHP

D ,H,,,DSHQDV
E ,,,H,,,
F ,,H,,,DSHQDV
G ,H,,DSHQDV

>@2SHUFHQWXDOPmQLPRGHDWLYRVHPXPDFDUWHLUDUHODFLRQDGRVGLUHWDPHQWH
FRPRIDWRUGHULVFRGRV)XQGRVGH5HQGD)L[DH&DPELDOkGH

D 
E 
F 
G 

$SRVWLOD
4XHVWpHVTXHPDLVFDmUDP&3$
>@6HJXQGRD5HJXODjiRGD&RPLVViRGH9DORUHV0RELOLgULRV &90 XPJHVWRU
GH FDUWHLUD 1e2 SRGHUg DSOLFDU UHFXUVRV HP DWLYRV uQDQFHLURV QHJRFLDGRV QR H[WHULRU
FDVR R )XQGR VHMD FODVVLuFDGR FRPR

D &DPELDO
E 0XOWLPHUFDGR
F GH$hnHV
G 5HQGD)L[D6LPSOHV

>@8PIXQGRGHLQYHVWLPHQWRHP$jpHVGHYHDSOLFDUHPDjpHVgYLVWDEoQXVRX
UHFLERVGHVXEVFULjiRFHUWLuFDGRVGHGHSnVLWRGHDjpHVFRWDVGHIXQGRVGHDjpHVFRWDV
GHIXQGRVGHmQGLFHGHDjpHVH%UD]LOLDQ'HSRVLWDU\5HFHLSWVFODVVLuFDGRVFRPRQmYHO,,H
,,,RSHUFHQWXDOPmQLPRGH3DWULPoQLR/mTXLGR 3/ GH

D 
E 
F 
G 

>@8PDFODVVHGHFRWDVGHXPIXQGRGHDjpHVSRVVXmDDFDUWHLUDFRPSRVWDSRU
GHDjpHVQHJRFLDGDVQD%3RUFRQWDGHXPDIRUWHGHVYDORUL]DjiRGRVDWLYRVGH
UHQGD YDULgYHO QR PHUFDGR D SURSRUjiR GH DjpHV QR IXQGR FDLX SDUD  2 JHVWRU
UHJXODUL]RXDFDUWHLUDHYROWRXDRSHUFHQWXDOGHHPDjpHVHPGLDV$OkPGLVVRD
FODVVHGHFRWDVGRIXQGRQiRLQFRUUHXQRYDPHQWHQHVVHGHVHQTXDGUDPHQWRQRVPHVHV
VXEVHTXHQWHV3RGHVHHQWiRDuUPDUTXH

D SRUFRQWDGRGHVHQTXDGUDPHQWRDFODVVHGHFRWDVGRIXQGRSDVVRXDVHU
WULEXWDGDFRPRUHQGDq[D
E RGHVHQTXDGUDPHQWRQgROHYRXdPXGDQhDGDFODVVLqFDhgRWULEXWeULD
F RVJDQKRVGXUDQWHRVGLDVGHGHVHQTXDGUDPHQWRVHUgRWULEXWDGRVFRPR
UHQGDq[D
G GHSHQGHQGRGRSHUFHQWXDOGDFDUWHLUDQgRDSOLFDGRHPDhnHVGXUDQWHRSHUkRGR
GHGHVHQTXDGUDPHQWRRIXQGRSRGHWHUWLGRVXDFODVVLqFDhgRWULEXWeULD
DOWHUDGD

>@6HJXQGRD6HFUHWDULDGD5HFHLWD)HGHUDO
,rDVDOmTXRWDVGHLPSRVWRGHUHQGDQRVIXQGRVGHLQYHVWLPHQWRGHFXUWRSUD]RGHORQJR
SUD]RHGHDjpHVViRGLIHUHQWHVHPFRPSRVLjiRGRVWmWXORVGHVXDVFDUWHLUDV
,,rRVIXQGRVGHLQYHVWLPHQWRHPDjpHVQiRHVWiRVXMHLWRVDUHWHQjiRGRLPSRVWRGH
UHQGDGHQRPLQDGD FRPHFRWDVc
,,,rDVDOmTXRWDVGRLPSRVWRGHUHQGDLQFLGHQWHVQRUHVJDWHGHUHFXUVRVDSOLFDGRVHP
IXQGRVGHLQYHVWLPHQWRGHFXUWRHGHORQJRYDULDPHPIXQjiRGRSUD]RTXHRLQYHVWLGRU
PDQWLYHUDDSOLFDjiR
(VWgFRUUHWRRTXHVHDuUPDHP

D ,H,,DSHQDV
E ,,H,,,DSHQDV
F ,H,,,DSHQDV
G ,,,H,,,

$SRVWLOD
4XHVWpHVTXHPDLVFDmUDP&3$
 >@ 6HJXQGR R &nGLJR $1%,0$ GH $GPLQLVWUDjiR H *HVWiR GH 5HFXUVRV GH
7HUFHLURVQRFgOFXORGHFRWDVHPIXQGRVGHLQYHVWLPHQWRVRDSUHjDPHQWRGRVDWLYRVkD
SUHFLuFDjiRGRVDWLYRVOmTXLGRVSHORSUHjR

D GHIHFKDPHQWR
E GHPHUFDGR
F GHDTXLVLhgR
G PiGLR

 >@ 8P LQYHVWLGRU SUHWHQGH WUDQVIRUPDU R YDORU DFXPXODGR GR VHX SODQR GH
SUHYLGlQFLD FRPSOHPHQWDU HP XPD UHQGD H DR TXHVWLRQDU VHX HVSHFLDOLVWD GH
LQYHVWLPHQWRVVREUHRTXHRFRUUHUgFRPVXDUHVHUYDRXYLXs$UHVHUYDDFXPXODGDSDVVD
VHUGHSURSULHGDGHGDVHJXUDGRUDTXHOKHJDUDQWLUgXPDUHQGDPHQVDO(VVDUHVHUYDVHUg
LQYHVWLGDHVHXUHWRUQRuQDQFHLURUHDOIRUPDLRUGRTXHRYDORUSDJRHPIRUPDGHUHQGDD
VHJXUDGRUDOKHUHSDVVDUgXPSHUFHQWXDOGHVVHUHWRUQRVREDIRUPDGHDXPHQWRQRYDORU
GRVHXEHQHImFLRt
&RPEDVHH[FOXVLYDPHQWHQDVLQIRUPDjpHVDH[SOLFDjiRUHIHUHVHDRFRQFHLWRGH

D MXURDWXDULDO
E H[FHGHQWHqQDQFHLUR
F WeEXDELRPiWULFD
G DWXDOL]DhgRPRQHWeULDGREHQHqFLR

>@3DXORHVWDYDDSRVHQWDGRSRUXPSODQRGHSUHYLGlQFLDFRPSOHPHQWDUKgFLQFR
DQRVTXDQGRuFRXGRHQWHHLQIHOL]PHQWHYLQGRDIDOHFHU$SnVRIDOHFLPHQWRVXDHVSRVD
/XFLDQDFRQWLQXRXUHFHEHQGRDDSRVHQWDGRULDLQWHJUDOSRUPDLVDQRV&RPUHODjiRDR
WLSR GH UHQGD SRGHPRV DuUPDU TXH D UHQGD DWXDULDO KDELOLWDGD QR SODQR GH 3DXOR PDLV
SUHFLVDPHQWHVHULDD

D 5HQGDWHPSRUeULD
E 5HQGDYLWDOkFLD
F 5HQGDYLWDOkFLDFRPSUD]RPkQLPRJDUDQWLGR
G 5HQGDYLWDOkFLDFRPUHYHUVgRDREHQHqFLeULRLQGLFDGR

 >@ 8P LQYHVWLGRU GHVHMD DSOLFDU VHXV UHFXUVRV HP XP SODQR GH SUHYLGlQFLD
FRPSOHPHQWDUGRWLSR3ODQR*HUDGRUGH%HQHImFLR/LYUH 3*%/ HVFROKHQGRXPIXQGRGH
LQYHVWLPHQWRV HVSHFLDOPHQWH FRQVWLWXmGR  ),( GH UHQGD u[D SnVu[DGD 'HVWD IRUPD
SRGHPRVDuUPDUTXHGXUDQWHDIDVHGHFRQWULEXLjiRRLQYHVWLGRUDVVXPLUgRULVFRGH

D FUiGLWRGDVHJXUDGRUDSURSULHWeULDGRSODQRHGHPHUFDGRGRVDWLYRVTXH
FRPSnHPDFDUWHLUDGR),(
E PHUFDGRGRVDWLYRVTXHFRPSnHPDFDUWHLUDGR),(SDUDRSODQRDSHQDV
F FUiGLWRGRDGPLQLVWUDGRUGRSODQRHRGHPHUFDGRGRVDWLYRVTXHFRPSnHPD
FDUWHLUDGR),(GRSODQR
G &UiGLWRGHVHJXUDGRUDSURSULHWeULDGRSODQRDSHQDV

$SRVWLOD
4XHVWpHVTXHPDLVFDmUDP&3$
>@2JUguFRDEDL[RUHSUHVHQWDDUHODjiRHQWUHRQqPHURGHDjpHVGHGLIHUHQWHV
HPSUHVDVSUHVHQWHVQDFDUWHLUDGHXPIXQGRGHLQYHVWLPHQWRVHPDjpHVHRGHVYLRSDGUiR
GRVUHWRUQRV


D LPXQL]DhgR
E GLYHUVLqFDhgR
F DODYDQFDJHP
G KHGJH

>@(PRFRUUHXRDFLGHQWHQXFOHDUGDXVLQDGH&KHUQRE\OQD8FUhQLD HQWiR
SDUWHGD8QLiR6RYLkWLFD (OHIRLFRQVLGHUDGRXPGRVSLRUHVDFLGHQWHVGDKLVWnULDGD
HQHUJLDQXFOHDUJHUDQGRJUDQGHVLPSDFWRVSRUPHLRGDHPLVViRGHXPDQXYHPUDGLRDWLYD
TXH DOFDQjRX GLYHUVRV SDmVHV QD (XURSD *UDQGHV UHJLpHV QD 8FUhQLD %LHORUUqVVLD H
5qVVLDIRUDPDWLQJLGDVFDXVDQGRDHYDFXDjiRGHDSUR[LPDGDPHQWHPLOSHVVRDV
&RQVLGHUDQGRRFDVRPHQFLRQDGRSRGHPRVFLWDUH[HPSORVGRVLPSDFWRVVRFLRDPELHQWDLV
FDXVDGRVSHORDFLGHQWH

D FRQrLWRVHQWUHRVSDkVHVSHODGLVSXWDGHeUHDVQgRDWLQJLGDVSHORDFLGHQWHH
SHODVXVLQDVUDGLRDWLYDVRSHUDFLRQDLV
E DXPHQWRGDVHPLVVnHVGHJDVHVGHHIHLWRHVWXIDSURYRFDGRVSHORDFLGHQWH
LQWHQVLqFDQGRRDTXHFLPHQWRJOREDO
F DXPHQWRGRQoPHURGHGRHQhDVQDVSHVVRDVHGHSHUGDGHELRGLYHUVLGDGH
FDXVDGDVSHODVHPLVVnHVUDGLRDWLYDV
G GHVOLJDPHQWRGHXVLQDVQXFOHDUHVHPRXWURVSDkVHVSDUDUHGX]LURFRQVXPRGH
PDWHULDLVUDGLRDWLYRV

 >@ 6HJXQGR D &RPLVViR GH 9DORUHV 0RELOLgULRV  &90  ViR FRQVLGHUDGRV

LQYHVWLGRUHVSURuVVLRQDLVGHQWUHRXWURV
,rDVHQWLGDGHVDEHUWDVHIHFKDGDVGHSUHYLGlQFLDFRPSOHPHQWDULQGHSHQGHQWHPHQWHGR
WDPDQKRGHVHXSDWULPoQLR
,,rRVFOXEHVGHLQYHVWLPHQWRGHVGHTXHWHQKDPDFDUWHLUDJHULGDSRUDGPLQLVWUDGRUGH
FDUWHLUDGHYDORUHVPRELOLgULRVDXWRUL]DGRVSHOD&90
,,,rDVSHVVRDVImVLFDVHMXUmGLFDVTXHDWHVWHPSRUHVFULWRVXDFRQGLjiRGHLQYHVWLGRU
SURuVVLRQDOHYDORUVXSHULRUD5
(VWgFRUUHWRRTXHVHDuUPDHP

D ,DSHQDV
E ,H,,DSHQDV
F ,,H,,,DSHQDV
G ,,,H,,,

$SRVWLOD
4XHVWpHVTXHPDLVFDmUDP&3$
>@8PDUHFHQWHGLVWULEXLjiRSqEOLFDGHDjpHVGLIHUHQFLRXVHGDVGHPDLVSRUWHU
VLGRGHVWLQDGDH[FOXVLYDPHQWHD,QYHVWLGRUHV4XDOLuFDGRV1HVVDFDWHJRULDHQFRQWUDP
VH
,r2VLQYHVWLGRUHVYLQFXODGRVfLQVWLWXLjiROmGHUDVGHPDLVLQVWLWXLjpHVSDUWLFLSDQWHVGD
RIHUWDHfHPSUHVDHPLVVRUD
,,r)XQGRVGH3HQViRH6HJXUDGRUDV
,,,r3HVVRDVImVLFDVHMXUmGLFDVFRPLQYHVWLPHQWRVuQDQFHLURVVXSHULRUHVD5
HTXHDWHVWHPSRUHVFULWRDVXDFRQGLjiR
(VWgFRUUHWRRTXHVHDuUPD$3(1$6HP

D ,,H,,,
E ,H,,,
F ,,,
G ,H,,

 >@ 8P LQYHVWLGRU LQVWLWXFLRQDO VROLFLWRX D XPD FRUUHWRUD GH YDORUHV TXH
DGTXLULVVH XPD TXDQWLGDGH VLJQLuFDWLYD GH DjpHV GH XPD GHWHUPLQDGD HPSUHVD 8P
FRUUHWRUGHYDORUHVGHVVDPHVPDFRUUHWRUDDRREWHUDLQIRUPDjiRVREUHDQHJRFLDjiR
FRPRFOLHQWHDGTXLUHDjpHVGHVVDHPSUHVDSDUDVLSUnSULRDQWHFLSDQGRVHfH[HFXjiRGD
RUGHPGRFOLHQWHSHODFRUUHWRUD1HVVHFDVRDDWLWXGHLQGHYLGDGRFRUUHWRUGHQRPLQDVH

D LQVLGHUWUDGLQJ
E IURQWWUDGLQJ
F IURQWUXQQLQJ
G LQVLGHULQIRUPDWLRQ

 >@ 8P LQYHVWLGRU TXDOLuFDGR VHJXQGR DV UHJUDV GD &RPLVViR GH 9DORUHV
0RELOLgULRV &90 DSnVUHVSRQGHUR4XHVWLRQgULRGH3HUuOGR,QYHVWLGRU $3, LGHQWLuFRX
VHX SHUuO FRPR DUURMDGR H KRUL]RQWH GH LQYHVWLPHQWR GH PkGLR HRX ORQJR SUD]RV H
JRVWDULDGHRWLPL]DURLPSDFWRWULEXWgULRGHVXDVGHFLVpHVGHLQYHVWLPHQWR1HVVHFDVRR
HVSHFLDOLVWDHPLQYHVWLPHQWRSRGHULDUHFRPHQGDUDDTXLVLjiRGH
,r'HElQWXUHVLQFHQWLYDGDV
,,r&HUWLuFDGRGH5HFHEmYHO,PRELOLgULR &5, 
,,,r&RWDVGH)XQGRGH,QYHVWLPHQWRHP'LUHLWR&UHGLWnULR )',& 
(VWgFRUUHWRRTXHVHDuUPDHP

D ,,H,,,DSHQDV
E ,H,,,DSHQDV
F ,H,,DSHQDV
G ,,,H,,,

$SRVWLOD
4XHVWpHVTXHPDLVFDmUDP&3$
 >@ &DLR  DQRV GH LGDGH LQYHVWLGRU TXDOLuFDGR SHODV UHJUDV GD &RPLVViR GH
9DORUHV0RELOLgULRV &90 SRVVXLDVHJXLQWHFDUWHLUDGHLQYHVWLPHQWRV


D ,DSHQDV
E ,,DSHQDV
F ,,H,,,DSHQDV
G ,,,H,,,

 >@ 'RLV FOLHQWHV ; H < DYHVVRV f SHUGD DSOLFDUDP QR PHVPR IXQGR
PXOWLPHUFDGRVHQGRTXH;LQYHVWLXTXDQGRDFRWDYDOLD5H<GLDVGHSRLV
TXDQGRHUDQHJRFLDGDD5+RMHDFRWDYDOH5HQWiRDVDWLWXGHV
HVSHUDGDVGH;H<UHVSHFWLYDPHQWHFRQVLGHUDQGRRYLkVFRJQLWLYRGHDYHUViRfSHUGD
VHUiR

D PDQWHUHPDQWHU
E UHVJDWDUHUHVJDWDU
F UHVJDWDUHPDQWHU
G PDQWHUHUHVJDWDU

>@8PDHPSUHVDDSnVSDVVDURVWUlVqOWLPRVWULPHVWUHVFRPUHVXOWDGRVIUDFRV
FRQYRFDXPDUHXQLiRFRPDWXDLVHSRWHQFLDLVLQYHVWLGRUHVYLVDQGRDXPPHOKRUUHVXOWDGR
QRWULPHVWUHDWXDOXPDYH]TXHDGLUHWRULDDFUHGLWDVHUXPPRPHQWRH[FHSFLRQDOGH
WUDQVLjiRHFUHVFLPHQWR1HVVHFRQWH[WRRYLkVFRJQLWLYR0$,6SURYgYHODRLQYHVWLUQD
HPSUHVDkR

D GRH[FHVVRGHFRQqDQhD
E GRIUDPLQJ
F GDDYHUVgRdSHUGD
G GDDQFRUDJHP

$SRVWLOD
4XHVWpHVTXHPDLVFDmUDP&3$
>@$SOLFDjpHVHPWmWXORVKLSRWHFDGRVHPLWLGRVSRUHPSUHVDVHXURSHLDVIRUDP
RIHUHFLGDVDXPLQYHVWLGRUTXHGHFLGLXQiRDSRUWDUUHFXUVRVQHVVHWLSRGHLQYHVWLPHQWR
SRU DVVRFLDOR f UHFHQWH FULVH GH DOJXPDV HFRQRPLDV HXURSHLDV DSHVDU GR UHWRUQR
DWUDWLYR &DVR D GHFLViR GHVVH LQYHVWLGRU WHQKD VLGR WRPDGD DSHQDV FRP EDVH QHVWH
HYHQWRUHFHQWHSRGHVHDuUPDUTXHHOHIRLLQvXHQFLDGRSHODKHXUmVWLFDGD

D DQFRUDJHP
E UHSUHVHQWDWLYLGDGH
F LOXVgRGRFRQWUROH
G GLVSRQLELOLGDGH

>@/XL]DIRLDFRQVHOKDGDSHORVHXJHVWRUGHLQYHVWLPHQWRDDGTXLULUDjpHVGH
XPD GHWHUPLQDGD HPSUHVD SRLV RV DQDOLVWDV DWULEXmDP XPD SRVVLELOLGDGH GH JUDQGH
UHWRUQRQRORQJRSUD]R3DVVDGRVGLDVGDFRPSUDGHFLGLXYHQGHODVFRPGH
UHWRUQR1HVVHFDVRHODH[LELXRYLkVGDKHXUmVWLFD

D GDGLVSRQLELOLGDGH
E GRH[FHVVRGHFRQqDQhD
F GDDQFRUDJHP
G GDDYHUVgRdSHUGD

 >@ 'RXJODV WHP HP FDUWHLUD XP IXQGR GH LQYHVWLPHQWR FRP KLVWnULFR GH
DSUR[LPDGDPHQWH  DQRV H GXUDQWH FULVH HFRQoPLFD D PmGLD uQDQFHLUD H[DOWRX D
DORFDjiR UHDOL]DGD SRU HVVH IXQGR FRQWXGR DOJXQV FRPHQWDULVWDV UHFRPHQGDUDP R
UHVJDWHSUHYHQGRXPDTXHGDVXEVWDQFLDOGDFRWD&DVR'RXJODVUHDOL]HRUHVJDWHHVWDUg
VXMHLWRDRYLkVGDKHXUmVWLFD

D GDFRQqUPDhgR
E GDGLVSRQLELOLGDGH
F GRH[FHVVRGHFRQqDQhD
G GDUHSUHVHQWDWLYLGDGH

>@6HJXQGRD7HRULDGH)LQDQjDV&RPSRUWDPHQWDLVDHVWUDWkJLDDGRWDGDSHORV
GRVLQYHVWLGRUHVDRWRPDUHPRSULPHLURSUHjRGHFRPSUDGHXPDDjiRFRPRUHIHUlQFLDH
DSDUWLUGHVVHSUHjRHVWLPDURGHVHPSHQKRIXWXURGHVVDDjiRkXPDFRQVHTXlQFLDGD
DSOLFDjiRGDKHXUmVWLFDGHQRPLQDGD

D GLVSRQLELOLGDGH
E DQFRUDJHP
F UHSUHVHQWDWLYLGDGH
G DYHUVgRDRULVFR

$SRVWLOD
4XHVWpHVTXHPDLVFDmUDP&3$
 >@ (P XP UHJLPH GH FhPELR vH[mYHO RX vXWXDQWH FRPR R DGRWDGR SHOR %UDVLO
XPDYDORUL]DjiRGR5HDOSRGHVHUJHUDGDSRU
,rXPDXPHQWRQDWD[DEgVLFDGHMXURVEUDVLOHLUD
,,rXPDXPHQWRGDDYHUViRDRULVFRGRVDWLYRVEUDVLOHLURV
,,,rXPDXPHQWRQRVMXURVQRUWHDPHULFDQRV
,9rXPDUHGXjiRQRVJDVWRVGHEUDVLOHLURVQRH[WHULRU
(VWgFRUUHWRRTXHVHDuUPDDSHQDVHP

D ,,H,,,
E ,,,,H,9
F ,,,H,9
G ,H,9

>@1DFRQGLjiRGHSURGXjiRGHSOHQRHPSUHJRVHDGHPDQGDDJUHJDGDIRU
LQVXuFLHQWHR&RPLWlGH3ROLWLFD0RQHWgULD &2320 SRGHHPXPDGHVXDVUHXQLpHV

D EDL[DUDWD[DEeVLFDGHMXURVSRLVDGHPDQGDDJUHJDGDHVWeDFLPDGDVLWXDhgR
E HOHYDUDWD[DEeVLFDGHMXURVSDUDQHXWUDOL]DUDVWHQGjQFLDVdGHSUHVVgR
F HOHYDUDWD[DEeVLFDGHMXURVSDUDHVWLPXODUDDWLYLGDGHHFRQmPLFD
G EDL[DUDWD[DEeVLFDGHMXURVSDUDUHGX]LURGHVHPSUHJR

>@$WD[DGHFhPELRQR%UDVLOQRVqOWLPRVPHVHVDSUHVHQWRXXPDYDORUL]DjiR
GR5HDOHPUHODjiRDR'nODU1RUWH$PHULFDQR7DOYDORUL]DjiRSURGX]LX

D UHGXhgRGRGiqFLWGDFRQWDWXULVPRHUHGXhgRGDPDUJHPGHJDQKRGRV
H[SRUWDGRUHV
E DXPHQWRGRGiqFLWGDFRQWDWXULVPRHDXPHQWRGDPDUJHPGHJDQKRGRV
H[SRUWDGRUHV
F DXPHQWRGRGiqFLWGDFRQWDWXULVPRHUHGXhgRGDPDUJHPGHJDQKRGRV
H[SRUWDGRUHV
G UHGXhgRGRGiqFLWGDFRQWDWXULVPRHDXPHQWRGDPDUJHPGHJDQKRGRV
H[SRUWDGRUHV

>@3DUDUHGX]LUDRIHUWDPRQHWgULDHFRQWURODUDH[SDQViRGDGHPDQGDDJUHJDGD
GDHFRQRPLDXPGRVLQVWUXPHQWRVGHSROmWLFDPRQHWgULDDGLVSRVLjiRGR%DQFR&HQWUDOk
D

D FRPSUDGHWkWXORVSoEOLFRVQRPHUFDGRDEHUWR
E YHQGDGHWkWXORVSoEOLFRVQRPHUFDGRDEHUWR
F UHGXhgRGDWD[DGRUHGHVFRQWR
G UHGXhgRGDWD[DGRVGHSlVLWRVFRPSXOVlULRV

>@3DUDXPSDmVWHUVXDEDODQjDFRPHUFLDOGHuFLWgULDkQHFHVVgULRTXH

D WHQKDXPPDLRUYROXPHGHUHPHVVDVGHOXFURVHMXURVGHHPSUiVWLPRVSDUDD
H[WHULRU
E WHQKDXPPHQRUYROXPHGHUHPHVVDVGHOXFURVHMXURVGHHPSUiVWLPRVYLQGRV
GRH[WHULRU
F YHQGDPDLVEHQVHSURGXWRVSURGX]LGRVQRSDLVSDUDRH[WHULRUGRTXHFRPSUH
G FRPSUHPDLVEHQVHSURGXWRVSURGX]LGRVQRH[WHULRUGRTXHYHQGD

$SRVWLOD
4XHVWpHVTXHPDLVFDmUDP&3$
 >@ 2 DXPHQWR GDV UHVHUYDV LQWHUQDFLRQDLV GH XP SDmV DR uQDO GH XP
GHWHUPLQDGR SHUmRGR SRGH RFRUUHU

D SHORVDOGRVXSHUDYLWeULRGDVFRQWDVFDSLWDOHqQDQFHLUDDSHQDV
E SHORVDOGRVXSHUDYLWeULRGRV$WLYRVGHUHVHUYDGDFRQWDqQDQFHLUDHGREDODQhR
GHSDJDPHQWRV
F SHODPDQXWHQhgRGDPRHGDQDFLRQDOGHVYDORUL]DGDDRORQJRGRSHUkRGRHSHOR
VDOGRVXSHUDYLWeULRHPWUDQVDhnHVFRUUHQWH
G SHODPDQXWHQhgRGDPRHGDQDFLRQDOYDORUL]DGDDRORQJRGRSHUkRGRHSHOR
VDOGRVXSHUDYLWeULRGDVFRQWDVFDSLWDOHqQDQFHLUD

>@8PDLQVWLWXLjiRuQDQFHLUDDFDEDGHHPLWLUXP&2( &HUWLuFDGRGH2SHUDjpHV
(VWUXWXUDGDV SURGX]LQGRR',( 'RFXPHQWRGH,QIRUPDjpHV(VVHQFLDLV TXHHVSHFLuFDDV
FDUDFWHUmVWLFDVGRSURGXWRHRWHUPRGH$GHViRH&LlQFLDGH5LVFR 7$ GHVVDHPLVViR1R
PRPHQWRGDGLVWULEXLjiRDRVLQYHVWLGRUHVQiRSURuVVLRQDLVDLQVWLWXLjiRGHYH

D REULJDWRULDPHQWHHQWUHJDUR',(HFROKHUDDVVLQDWXUDQR7$
E RSFLRQDOPHQWHHQWUHJDUR',(HREULJDWRULDPHQWHFROKHUDDVVLQDWXUDQR7$
F RSFLRQDOPHQWHHQWUHJDUR',(HFROKHUDDVVLQDWXUDQR7$
G REULJDWRULDPHQWHHQWUHJDUR',(HRSFLRQDOPHQWHFROKHUDDVVLQDWXUDQR7$

 >@ 8PD 6RFLHGDGH $QoQLPD QiR uQDQFHLUD HVWg SUHFLVDQGR GH UHFXUVRV
uQDQFHLURVSDUDFDSLWDOGHJLUR8PDRSjiRSDUDFDSWDUUHFXUVRVGHIRUPDUgSLGDVHULD

D $hnHV
E &'%
F 1RWDV3URPLVVlULDV
G /&,

>@$TXDQWLGDGHGHYDORUHVPRELOLgULRVDVHUGLVWULEXmGDSRGHDFULWkULRGR
RIHUWDQWH H VHP D QHFHVVLGDGH GH QRYR UHTXHULPHQWR GH UHJLVWUR RX GH PRGLuFDjiR GRV
WHUPRVGDRIHUWDVHUDXPHQWDGDDWkXPPRQWDQWH

D LOLPLWDGRQDVRIHUWDVGHVWLQDGDVH[FOXVLYDPHQWHDLQYHVWLGRUHVSURqVVLRQDLV
E FXMRORWHDGLFLRQDOQgRH[FHGDHPDTXDQWLGDGHLQLFLDOPHQWHUHTXHULGD
F GHSRURXWRUJDGRHPLVVRUDRVFRRUGHQDGRUHVSDUDRVHUYLhRGH
HVWDELOL]DhgRGHSUHhRVGRVYDORUHVPRELOLeULRVREMHWRGDRIHUWD
G LOLPLWDGRFDVRGLYXOJDGDDHVSHFLqFDhgRGDGHVWLQDhgRGRVUHFXUVRVDGLFLRQDLV
FDSWDGRV

 >@ 2 ODQjDGRU GH XPD RSjiR GH FRPSUD  FDOO GH GnODU QRUWHDPHULFDQR
QHJRFLDGDQD%ROVDGH9DORUHVQRYHQFLPHQWRWHUg

D RGLUHLWRGHYHQGHUDPRHGD
E DREULJDhgRGHFRPSUDUDPRHGD
F DREULJDhgRGHYHQGHUDPRHGD
G RGLUHLWRGHFRPSUDUDPRHGD

$SRVWLOD
4XHVWpHVTXHPDLVFDmUDP&3$
 >@ 2V JUguFRV UHSUHVHQWDGRV SHODV )LJXUDV  H  LQGLFDP OXFURV REWLGRV FRP
HVWUDWkJLDV XWLOL]DQGR RSjpHV GH FRPSUD RX GH YHQGD GH DjpHV


D VXELUSHORJDQKRVHURYDORUGRSUjPLRHFDLUSHORJDQKRVHURYDORUGR
SUjPLR
E VXELUSHORJDQKRVHURYDORUGRSUjPLRHVXELUSHORJDQKRVHUPDLRUTXDQWR
PDLRUIRURSUHhRGDDhgRQDGDWDGRH[HUFkFLR
F FDLUSHORJDQKRVHUPDLRUTXDQWRPHQRUIRURSUHhRGDDhgRQDGDWDGR
H[HUFkFLRHVXELUSHORJDQKRVHUPDLRUTXDQWRPDLRUIRURSUHhRGDDhgRQD
GDWDGRH[HUFkFLR
G FDLUSHORJDQKRVHUPDLRUTXDQWRPHQRUIRUSUHhRGDDhgRQDGDWDGRH[HUFkFLR
HFDLUSHORJDQKRVHURYDORUGRSUjPLR

>@8PLQYHVWLGRUTXHID]RSHUDjpHVGHFRPSUDRSjpHVGHFRPSUDHGHFRPSUD
GHRSjpHVGHYHQGDHVWgEXVFDQGRPLWLJDUSULQFLSDOPHQWHRULVFR

D GHFUiGLWR
E GHPHUFDGR
F QgRVLVWjPLFR
G GHYRODWLOLGDGH

 >@ 3RGHVH DuUPDU TXH XPD RSjiR GH FRPSUD HVWg RXW RI WKH PRQH\ TXDQGR R
SUHjRGRDWLYRREMHWRQRPHUFDGRk

D PHQRUTXHRSUHhRGHH[HUFkFLR
E PDLRUTXHRSUHhRGHH[HUFkFLR
F PHQRUTXHRSUHhRDWHUPR
G PDLRUTXHRSUHhRDWHUPR

>@1RPHUFDGRGHGHULYDWLYRVXP6ZDSk

D XPDRSHUDhgRqQDQFHLUDWUDGLFLRQDORQGHDGLIHUHQhDHQWUHRSUHhRFRQWUDWDGR
GHXPDWLYRiRSUHhRIXWXURGHVFRQWDGRDXPD7D[DGHMXURV
E XPLQVWUXPHQWRqQDQFHLURTXHFRQIHUHDRVHXWLWXODURGLUHLWRGHFRPSUDURX
YHQGHUXPDWLYRREMHWR
F XPDRSHUDhgRTXHSHUPLWHDGXDVFRQWUDSDUWHVWURFDUHPVHXVrX[RV
qQDQFHLURVHPXPDGDWDIXWXUDFRQIRUPHFULWiULRVSUiHVWDEHOHFLGRV
G XPDRSHUDhgRGHFRPSUDHYHQGDGHXPDWLYRUHDOL]DGDQRPHVPRSUHJgR
SDUDRPHVPRFOLHQWHSHODPHVPDVRFLHGDGHFRUUHWRUD

$SRVWLOD
4XHVWpHVTXHPDLVFDmUDP&3$
>@8PDHPSUHVDEUDVLOHLUDGRVHWRUGH0HWDOXUJLDTXHHVWgDPSOLDQGRVXDV
DWLYLGDGHV QR PHUFDGR QDFLRQDO DGTXLULX FLQFR PgTXLQDV GH XPD HPSUHVD QRUWH
DPHULFDQD 2 WRWDO JDVWR QD FRPSUD GDV FLQFR PgTXLQDV IRL GH 8  H R
SDJDPHQWRHVWgSUHYLVWRSDUDVHUIHLWRHPRLWRPHVHV&RPUHFHLRGHSDJDUXPYDORUDOWR
QDGDWDGRSDJDPHQWRSRUFDXVDGDRVFLODjiRFDPELDODHPSUHVDEUDVLOHLUDSURFXUDXP
FRQVXOWRU GH LQYHVWLPHQWRV SDUD HQWHQGHU D PHOKRU IRUPD SDUD SURWHjiR GR FDSLWDO
LQYHVWLGR$YDOLDQGRDVLWXDjiRRFRQVXOWRUGHLQYHVWLPHQWRVUHFRPHQGRXD

D FRPSUDGHXPDRShgRGHYHQGDGHGlODU
E FRPSUDGHXP1RQ'HOLYHUDEOH)RUZDUG 1') GHGlODU
F FRPSUDGH$PHULFDQV'HSRVLWDU\5HFHLSWV $'5V 
G YHQGDGHGlODUIXWXUR

>@3DUDHIHLWRVGHDSXUDjiRHSDJDPHQWRGHLPSRVWRPHQVDOVREUHRVJDQKRV
OmTXLGRVSDUDRLQYHVWLGRUSHVVRDImVLFDDVSHUGDVLQFRUULGDVHPRSHUDjpHVGHVZDSHP
UHODjiRDRVJDQKRVOmTXLGRVDXIHULGRVHPRXWUDVRSHUDjpHVGHUHQGDYDULgYHO

D SRGHUgRVHULQWHJUDOPHQWHFRPSHQVDGDV
E SRGHUgRVHUFRPSHQVDGDVDWiROLPLWHGRVJDQKRV
F QgRSRGHUgRVHUFRPSHQVDGDV
G QgRSRGHUgRVHUFRPSHQVDGDVVHH[FHGHUHPDRVGHPDLVJDQKRV

>@8PLQYHVWLGRUSUHRFXSDGRFRPRFHQgULRDWXDOGRPHUFDGRDGTXLULXFRWDVGH
XP)XQGRGH,QYHVWLPHQWR0XOWLPHUFDGRGH&DSLWDO3URWHJLGRTXHDSOLFDVHXVUHFXUVRVHP
WLWXORVSULYDGRVGHUHQGDu[DHHPLQVWUXPHQWRVGHULYDWLYRV2REMHWLYRGHVVHIXQGRkR
GHDFRPSDQKDUDSHUIRUPDQFHGHXPmQGLFHDFLRQgULRHSURWHJHUGRWRWDODSOLFDGR
8PHVSHFLDOLVWDHPLQYHVWLPHQWRGHYHUgHVFODUHFHUOKHTXH

D RULVFRGHFUiGLWRGRVWkWXORVSULYDGRViJDUDQWLGRSHORDGPLQLVWUDGRUGHIRUPD
DGHYROYHUQRPkQLPRGRFDSLWDODSOLFDGRQRYHQFLPHQWR
E RULVFRGDFRPSUDGHRShnHVGHDhnHVHRXRShnHVGHkQGLFHVSRGHUeDFDUUHWDU
DSHUGDGHSDUWHGRFDSLWDODSOLFDGR
F RVULVFRVGHPHUFDGRHGHOLTXLGH]GRVLQVWUXPHQWRVGHULYDWLYRVSRGHUgR
DFDUUHWDUDSHUGDGHGRFDSLWDODSOLFDGR
G RULVFRGHFUiGLWRLQHUHQWHdSDUFHODLQYHVWLGDHPWkWXORVSULYDGRVSRGHUe
DFDUUHWDUDSHUGDGHSDUWHGRFDSLWDODSOLFDGR

 >@ 6H RV YDORUHV HVSHUDGRV GR vX[R GH FDL[D GH GHWHUPLQDGR SURMHWR SRVVXHP
XPDGLVWULEXLjiRQRUPDO

D DPiGLDiLJXDODGHVYLRVSDGUgR
E DSUR[LPDGDPHQWHGRVYDORUHVHQFRQWUDPVHQRLQWHUYDOR PiGLDp
GHVYLRVSDGUgRPiGLDGHVYLRVSDGUgR 
F DPiGLDHRGHVYLRSDGUgRVgRLJXDLV
G DSUR[LPDGDPHQWHGRVYDORUHVHQFRQWUDPVHQRLQWHUYDOR PiGLDp
GHVYLRVSDGUgRPiGLDGHVYLRVSDGUgR 

$SRVWLOD
4XHVWpHVTXHPDLVFDmUDP&3$
>@1DWHQWDWLYDGHPRQWDUXPDFDUWHLUDGHDjpHVVLQWHWL]DQGRDVYDULDjpHVQR
mQGLFH%RYHVSDXPLQYHVWLGRUGHYHREVHUYDU

D 'XUDWLRQ
E cQGLFHGH6KDUSH
F DPRGD
G R%HWD

>$@3DUDDGHViRDRVHJPHQWRHVSHFLDOGHOLVWDJHP1mYHOGD%DVHPSUHVDV
OLVWDGDVGHYHP

D 'LVSRQLELOL]DUEDODQhRVVHPHVWUDLVVHJXLQGRRVSDGUnHVGR,QWHUQDWLRQDO
)LQDQFLDO5HSRUWLQJ6WDQGDUGV ,)56 
E SRVVXLUQRPkQLPRGHFRQVHOKHLURVLQGHSHQGHQWHVQR&RQVHOKRGH
$GPLQLVWUDhgR
F &RPSURPHWHUVHHPPDQWHUQRPkQLPRGDVVXDVDhnHVHPFLUFXODhgRQR
PHUFDGR
G SRVVXLUQRVHXFDSLWDOH[FOXVLYDPHQWHDhnHVRUGLQeULDVFRPGLUHLWRDYRWR

>$@$TXDQWLGDGHGHDjpHVGHXPDHPSUHVDQHJRFLDGDHPEROVDGHYDORUHVIRL
DOWHUDGD HP IXQjiR GH XPD ERQLuFDjiR 1HVVH FDVR XP LQYHVWLGRU TXH WHQKD DGTXLULGR
HVWDVDjpHV

D WHUeXPFUiGLWRDUHFHEHUQDIRUPDGHMXURV
E WHUeGLUHLWRDUHFHEHUQRYDVDhnHV
F VHUeREULJDGRDUHDOL]DUXPDSRUWHGHFDSLWDOQDHPSUHVD
G WHUeDTXDQWLGDGHGHDhnHVUHGX]LGD

>$@(QWUHDVPRGDOLGDGHVTXHFDUDFWHUL]DPRDEXVRGHSRGHUSRUSDUWHGR
DFLRQLVWDFRQWURODGRUVHLQFOXL
,rDVXEVFULjiRGHDjpHVFRPEHQVHVWUDQKRVDRREMHWRVRFLDOGDFRPSDQKLD
,,rFRQWUDWDUGLUHWDRXLQGLUHWDPHQWHFRPDFRPSDQKLDVHJXQGRLQWHUHVVHVSHVVRDLV
,,, r R H[HUFmFLR GH FDUJR GH DGPLQLVWUDGRU RX uVFDO FRP RV GHYHUHV H UHVSRQVDELOLGDGHV
SUnSULRVGRFDUJR
(VWiRFRUUHWDVDVDOWHUQDWLYDV

D ,H,,
E ,,,
F ,
G ,,

>$@$UHPXQHUDjiRGLVWULEXmGDDRVDFLRQLVWDVGHXPDHPSUHVD6$GHFDSLWDO
DEHUWRQDIRUPDGH-XURVVREUH&DSLWDO3UnSULR

D HTXLYDOHdGLVWULEXLhgRGHQRYDVDhnHVSDUDRVDWXDLVDFLRQLVWDVGHVVDHPSUHVD
E GHYHFRUUHVSRQGHUQRPkQLPRDRFXVWRPiGLRSRQGHUDGRGHFDSLWDOGD
HPSUHVD
F SHUPLWHDRDFLRQLVWDQHJRFLDUHVVHVGLUHLWRVQDEROVDGHYDORUHVDQWHVGRVHX
UHFHELPHQWR
G SRGHVHUFRQVLGHUDGDQRFeOFXORSDUDqQVGHSDJDPHQWRGRGLYLGHQGRPkQLPR
REULJDWlULR

$SRVWLOD
4XHVWpHVTXHPDLVFDmUDP&3$
>$@$RRFRUUHUXPGHVGREUDPHQWRGHDjpHV VSOLW GHXPDFRPSDQKLDDEHUWD
OLVWDGDQD%

D UHGX]DTXDQWLGDGHGHDhnHVGRVDFLRQLVWDV
E QgRDOWHUDDTXDQWLGDGHGHDhnHVGRVDFLRQLVWDV
F DXPHQWDRSUHhRGDDhgRQRPHUFDGR
G QgRDOWHUDRSDWULPmQLRGRVDFLRQLVWDV

 >$@ 1H PlV GH DJRVWR GH  XPD HPSUHVD IH] XPD RIHUWD SqEOLFD SDUD
DTXLVLjiRGHDjpHVRUGLQgULDVGHXPDHPSUHVDEUDVLOHLUDTXHSRVVXmDDjpHVRUGLQgULDVH
SUHIHUHQFLDLVQHJRFLDGDVQD%ROVDGH9DORUHV$VDjpHVRUGLQgULDVVHYDORUL]DUDPHDV
DjpHV SUHIHUHQFLDLV VH GHVYDORUL]DUDP DSnV R DQqQFLR GD RIHUWD SqEOLFD FRQIRUPH R
JUguFRDEDL[R


D IUHHrRDW
E JUHHQVKRH
F WDJDORQJ
G GUDJDORQJ

>$@1DVHPSUHVDVGHFDSLWDODEHUWRDVDjpHV

D SRGHPVHUQHJRFLDGDVVREDIRUPDGHXQLWV
E QHJRFLDGDVHPEROVDQgRWjPULVFRGHOLTXLGH]
F SRVVXHPXPDoQLFDIRUPDGHUHPXQHUDhgRRVGLYLGHQGRV
G RUGLQeULDVWjPSULRULGDGHQDGLVWULEXLhgRGRVGLYLGHQGRV

>$@1DVH[LJlQFLDVSDUDDOLVWDJHPQD%%UDVLO%ROVD%DOFiRR1LYHOGH
*RYHUQDQjD&RUSRUDWLYDGLIHUHQFLDVHGR1RYR0HUFDGRSHOD

D SRVVLELOLGDGHGDH[LVWjQFLDGHDhnHVSUHIHUHQFLDLV FRPGLUHLWRVDGLFLRQDLV QD
FRPSRVLhgRGRFDSLWDOGDFRPSDQKLD
E H[WHQVgRSDUDRVVLJQDWeULRVGRDFRUGRGHDFLRQLVWDVGDVLGjQWLFDVFRQGLhnHV
REWLGDVSHORVFRQWURODGRUHVTXDQGRRFRUUHUDYHQGDGRFRQWUROHGDFRPSDQKLD
F PDQXWHQhgRHPFLUFXODhgRGHXPDSDUFHODPkQLPDGHGRWRWDOGRFDSLWDO
VRFLDOGDFRPSDQKLD IUHHrRDW 
G GLVSHQVDGHDSUHVHQWDhgRGHGHPRQVWUDhnHVqQDQFHLUDVVHJXLQGRDVQRUPDV
GR,)56RX86*$$3

$SRVWLOD
4XHVWpHVTXHPDLVFDmUDP&3$
 >$@ (P XPD 2IHUWD 3qEOLFD GH GLVWULEXLjiR GH XPD GHElQWXUH VLPSOHV R
UHVSRQVgYHO SRU UHSUHVHQWDU RV LQWHUHVVHV GRV LQYHVWLGRUHV TXH DGTXLULUHP R DWLYR
SHUDQWHDFRPSDQKLDHPLVVRUDkR

D %DQFR&RRUGHQDGRU
E &XVWRGLDQWH
F $JHQWH)LGXFLeULR
G %DQFR0DQGDWeULR

>$@8PDRIHUWDSqEOLFDGHXPYDORUPRELOLgULRHPTXHREDQFRFRRUGHQDGRU
DVVXPH R FRPSURPLVVR FRQWUDWXDO FRP D FRPSDQKLD HPLVVRUD GH VXEVFUHYHU DWk D
WRWDOLGDGHGDHPLVViRDXPSUHjRHFRQGLjpHVSUHYLDPHQWHSDFWXDGRVHQFDUUHJDQGRVH
SRUVXDFRQWDHULVFRGHGLVWULEXLODQRPHUFDGRkFRQKHFLGDFRPR

D ERRNEXLNOLQJ
E RIHUWDFRPJDUDQWLDqUPH
F FRORFDhgRHPUHJLPHGHPHOKRUHVHVIRUhRV
G RIHUWDGHORWHUHVLGXDO

>$@$SUHFLuFDjiRGHDjpHVEDVHDGDQDDQgOLVHWkFQLFDXWLOL]D

D GDGRVFRQMXQWXUDLVHSURMHhnHVGHUHVXOWDGRVGDHPSUHVD
E DSURSRUhgRGDVDhnHVQDFDUWHLUDWHlULFDGRcQGLFH%RYHVSD
F DLQWHUSUHWDhgRGHJUeqFRVGHYROXPHVHSUHhRVQHJRFLDGRVKLVWRULFDPHQWH
G FRQGLhnHVGHRIHUWDHGHPDQGDGHEHQVHVHUYLhRVGDHPSUHVD

>$@2TXDGURDEDL[RDSUHVHQWDRSUHjRGHPHUFDGRHROXFURSRUDjiRGHTXDWUR
HPSUHVDV TXH DWXDP QR PHVPR VHJPHQWR H ID]HP SDUWH GD FDUWHLUD GH XP PHVPR
LQYHVWLGRU


D YHQGDGH;H:HFRPSUDGH<
E YHQGDGH;H<HFRPSUDGH:H=
F YHQGDGH:H=HFRPSUDGH;H<
G YHQGDGH:H<HFRPSUDGH;

$SRVWLOD
4XHVWpHVTXHPDLVFDmUDP&3$
>$@1DDYDOLDjiRGHRSjpHVFRQVLGHUDQGRRPRGHORGH%ODFN 6FKROHV  
RSUlPLRGHXPDRSjiRGHFRPSUD
,r'LPLQXLGHDFRUGRFRPRSUD]RDWkRYHQFLPHQWR
,,r'LPLQXLGHDFRUGRFRPDYRODWLOLGDGHGRDWLYRVXEMDFHQWH
,,,r$XPHQWDFRPDDOWDGDWD[DOLYUHGHULVFR
(VWgFRUUHWRRTXHVHDuUPDHP

D ,DSHQDV
E ,,DSHQDV
F ,,,DSHQDV
G ,,,,,,

>$@&RPUHODjiRfVPRGDOLGDGHVGHIXQGRVGHLQYHVWLPHQWRGHuQLGRVSHOD&90
RVIXQGRV

D GHkQGLFHRX(7)6 ([FKDQJH7UDGHG)XQGV SRGHPRSHUDUDODYDQFDGRV
E GHLQYHVWLPHQWRPXOWLPHUFDGRVQgRSHUPLWHPDFREUDQhDGDWD[DGH
SHUIRUPDQFH
F GH5HQGD)L[D6LPSOHVGLVSHQVDPRLQYHVWLGRUGDDVVLQDWXUDGRWHUPRGH
DGHVgR
G GHLQYHVWLPHQWRLPRELOLeULRVgRFRQVWLWXkGRVQDIRUPDGHFRQGRPkQLRDEHUWR

>$@'HDFRUGRFRPDUHJXODPHQWDjiRYLJHQWHRV)XQGRVGH,QGLFH
,rSRGHPRSHUDUDODYDQFDGRV
,,rGHYHPVHUFRQVWLWXmGRVVREDIRUPDGHFRQGRPmQLRIHFKDGR
3RGHVHDuUPDUTXH,H,,UHVSHFWLYDPHQWHHVWiR

D FRUUHWDHLQFRUUHWD
E LQFRUUHWDHFRUUHWD
F LQFRUUHWDHLQFRUUHWD
G FRUUHWDHFRUUHWD

 >$@ 8P )XQGR GH ,QYHVWLPHQWR TXH RIHUHFH GLYHUVLuFDjiR IDFLOLGDGH QR
EDODQFHDPHQWRGDFDUWHLUDSRVVXLFRWDVQHJRFLDGDVQD%ROVDGH9DORUHVHkFRQVWLWXmGR
VREDIRUPDGHFRQGRPmQLRDEHUWRkR

D )XQGRGH,QYHVWLPHQWRLPRELOLeULR ),, 
E ([FKDQJH7UDGHG)XQGV (7)V 
F )XQGRGH,QYHVWLPHQWRHP3DUWLFLSDhnHV ),3 
G )XQGRGHLQYHVWLPHQWRHP'LUHLWR&UHGLWlULR ),'& 

$SRVWLOD
4XHVWpHVTXHPDLVFDmUDP&3$
*DEDULWR
4XHVWpHVTXHPDLVFDmUDP&3$
& $ ' ' $ % $ ' ' $ & % $ % & $ $

% ' ' ' & % & % ' & ' % $ ' ' $ %

' % % & % % & % $ & & ' ' % ' ' %

% ' ' & % ' % $ & $ & $ ' $ & % &

' % ' % % $ ' ' & $ $ & % & $ & &

& %

$SRVWLOD
4XHVWpHVTXHPDLVFDmUDP&3$