Banca Zarattini & Co. SA - Fundstore

CWF Ltd: Risk Management• Market exposure- Government Bonds: highly rated bonds plus hedging of duration risk- Corporate and convertible bonds: emphasis on quality. No exposure to distressedcompanies and emerging markets- Stock market exposure: dollar neutral portfolios or companies under public offer.• LeverageThe fund usually has an unleveraged total position because of the conservative way inwhich it is run.• DiversificationMarket Neutral stock portfolios can not exceed 40% of the fund’s net assets. No singleposition, except for government bonds, can exceed 10% of the fund’s net assets.• Country riskAt least 80% of long positions must be in OECD countries; no emerging marketsinvestments are allowed.• No junk bondsBanca Zarattini & Co. SA50