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NS: Italian Equity Long Fund• Investment stylePreliminary technical and quantitative analysis in order to identify the sectors with thebest opportunities and those that need to be underweighted or excluded.Portfolio’s construction: After deciding in which sectors to invest, stocks are selectedaccording to three criteria:1) Fundamental analysis2) Subsequently, stocks are selected according to classical technical analysis3) Quantities are determined according to criteria based on relative strength.Mkt Cap / Val11.701.501.301.100.900.70azmcrgfcobnlbpm0.502.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 11.00RoercapbmpscebpuplospiblbpempelcfibfipinbpvnbinucInvestment style: example of valuationmodel of banks stocks based onfundamental analysisThe classic valuation modelof the banks sector usesmethods based on ROEand P/BV ratios.Our model is optimizedaccording to statisticalcriteria.<strong>Banca</strong> <strong>Zarattini</strong> & <strong>Co</strong>. <strong>SA</strong>32