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NS: Technology Fund• ObjectivesThe fund’s objectives is to achieve capital appreciation by investing in technology stocksin the US and Europe.• Markets and SectorsThe most explored market is the US market.With regard to the distribution in the various subsectors –biotech, defense, hardware,software ecc., relative strength is constantly monitored.• HedgingMax 40% of the long position hedged through short sales on index fututures.• Currency riskMax unhedged exposure in other currencies is 30%. risk Currency exposure is usuallyhedged through swap contracts.<strong>Banca</strong> <strong>Zarattini</strong> & <strong>Co</strong>. <strong>SA</strong>36
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