ANIMA FUND - ANIMA Sgr

11.1.5 Anima Fund – Fondattivo International
The Subfund invests in equities, other equity shares (cooperative shares and participation certificates), short-term
securities, bonds, notes, deposits, other fixed-term or floating rate securities, convertible bonds and bonds cum
warrants and warrants on securities in any currency, money market instruments, UCIs, UCITS of issuers of any kind
of credit rating and capitalization, operating in all economic sectors, listed, in the process of being listed and/or
traded in all recognized official or regulated markets, including ”other regulated markets”. Provision is made for
investment in ”non-investment grade” bonds or bonds without a rating.
The Subfund has no obligation to allocate the portfolio between various classes of activity and may therefore invest
in any of these without any quantitative restriction; the composition of the portfolio may therefore undergo
frequent changes both in terms of its geographical distribution and in the ratio between the various classes of
activity.
The investments will be made in worldwide currencies.
The value of financial instruments denominated in foreign currency held by the Subfund may represent 100% of
the Subfund’s total activities.
The Portfolio Manager usually applies an active currency overlay. In case a partial or full currency hedging is
needed, this can be achieved either directly (hedging a currency against the reference currency with futures, swaps,
non-deliverable forwards and options on currencies) or indirectly (hedging the currency against a third currency
which is then hedged against the currency of account).
In accordance with the investment objective of the Subfund, within the limits and under the conditions provided for
by the law in force and with respect of points 11.2.1.1 g) and 11.2.1.3, the Portfolio Manager may use derivative
instruments for the purposes of hedging, efficiency and portfolio management.
The Portfolio Manager may use securities lending instrument, in accordance with point 11.2.4.1, for efficiency
purpose up to 100% of net asset value of the Subfund.
For the monetary and bond part of the Subfund, financial instruments are selected on the basis of a
macroeconomic analysis of the main variables of the major world economies, with particular attention to monetary
policies implemented by the Central Banks, and on the basis of an analysis of the balance sheet and credit of the
principal issuing companies on the bond markets (e.g. asset ratios, debt levels, yield differentials in relation to riskfree
activities). For the stock market part of the Subfund, investments are made on the basis of a macroeconomic
and industrial analysis to determine the weightings of individual countries and sectors and an economic/financial
analysis to select above all companies with an interesting investment profile in relation to assessment parameters
deemed significant.
11.1.6 Anima Fund – Saving
The Subfund invests mainly in bonds, notes, other fixed-term or floating rate securities, money market instruments,
deposits, convertible bonds and bonds cum warrants, of sovereign issuers, international organizations and
corporate issuers.
The duration (derivatives included and Funds excluded) of the Subfund may vary from 1 to 6 years.
Stock market securities or share options are excluded.
Investments are made mainly in the regulated markets of the Euro area.
The value of financial instruments denominated in foreign currencies held by the Subfund may not exceed 30% of
the Subfund’s total activities. In any case, currency risk is hedged or at least minimised.
In accordance with the investment objective of the Subfund, within the limits and under the conditions provided for
by the law in force and with respect of points 11.2.1.1 g) and 11.2.1.3, the Portfolio Manager may use derivative
instruments for the purposes of hedging, efficiency and portfolio management.
The Portfolio Manager may use securities lending instrument, in accordance with point 11.2.4.1, for efficiency
purpose up to 100% of net asset value of the Subfund.
Financial instruments are selected on the basis of a macroeconomic analysis of the main variables of the major
world economies, with particular attention to monetary policies implemented by the Central Banks, and on the
basis of an analysis of the balance sheet and credit of the principal issuing companies on the bond markets (e.g.
asset ratios, debt levels, yield differentials in relation to risk-free activities) having regard to the opportunities for
investment, including by means of arbitrage operations, on the yield curves of the rates of the various countries
considered.
11.1.7 Anima Fund – Performance Target
In view of the fact that the aim of the Subfund is to realize an absolute return, the management style is sufficiently
flexible providing the possibility to concentrate and subdivide investments based on market progress, also making
use of strategies based on financial derivatives.
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