ANIMA FUND - ANIMA Sgr

11.2.1.2. Nevertheless:
- each Subfund may not invest more than 10% of its net assets in transferable securities
and money market instruments other than those referred to in paragraph 11.2.1.1.
- a Subfund may not acquire either precious metals or certificates representing them.
11.2.1.3 The Management Company shall ensure that its global exposure relating to derivative products
does not exceed the total net asset value of the Fund's portfolio. Within the framework of its investment
policy, each Subfund, within the limits set out in points 11.2.2.2 and 11.2.2.3, may invest in derivative
products provided that the overall risk exposure of the underlying assets does not exceed the investment
limits cited in point 11.2.2.2 below.
11.2.2 Risk diversification
11.2.2.1. In accordance with the principle of risk diversification, the Management Company may not invest more
than 10% of the net assets of a Subfund in transferable securities or money market instruments issued by a
single entity. The Management Company may not invest more than 20% of the assets of a Subfund in
deposits made with the same entity. The risk exposure to a counterparty of each Subfund in an OTC
derivative transaction may not exceed 10% of its net assets when the counterparty is a credit institution
referred to in point 11.2.1.1 f), or 5% of its net assets in the other cases.
11.2.2.2. The total value of the transferable securities and money market instruments held by the Subfund in the
issuing bodies in each of which it invests more than 5% of its net assets must not exceed 40% of the value
of its net assets. This limitation does not apply to deposits and OTC derivative transactions made with
institutions subject to prudential supervision.
Notwithstanding the individual limits laid down in 11.2.2.1., a Subfund shall not combine, where this would
lead to investing more than 20% of its assets in a single entity, any of the following:
- investments in transferable securities or money market instruments issued by that entity;
- deposits made with that entity; or
- risk arising from OTC derivatives transactions undertaken with that entity.
11.2.2.3 The limit mentioned in paragraph 11.2.2.1. is raised to a maximum of 35% for transferable securities
or money market instruments issued or guaranteed by an Member State or its local authorities, by a
OECD Member State or by public international bodies of which one or more Member States belong.
11.2.2.4 The 10% limit mentioned in the first sentence of paragraph 11.2.2.1, above, may be raised to a maximum
of 25% for certain bonds when they are issued by a credit institution having registered headquarters in an
Member State that is legally subject to special supervision designed to protect holders of the bonds. In
particular, the amounts originating from the issue of the bonds must be invested, in conformity with the
law, in assets that adequately cover, for the entire duration of the validity of the bonds, the related
liabilities and that will be distributed as redemption of the capital and in payment of interest incurred in
the event of default by the issuer.
If a Subfund invests more than 5% of its net assets in the bonds referred to in the paragraph above issued
by a single issuer, the total value of these assets may not exceed 80% of the value of the assets of the
Subfund.
11.2.2.5 The transferable securities and money market instruments referred to in paragraphs 11.2.2.3 and 11.2.2.4
are not taken into account for the purpose of calculating the limit of 40% referred to in paragraph
11.2.2.2.
The limits specified in paragraphs 11.2.2.1 to 11.2.2.4 may not be cumulative; for this reason, a Subfund
may not invest in securities or money market instruments of a single entity made pursuant to paragraphs
11.2.2.1 to 11.2.2.4 in the form of deposits or in derivatives may not exceed 35% of the net assets of that
Subfund.
Companies which are included in the same group for the purposes of consolidated accounts, as defined in
accordance with Directive 83/349/EEC or in accordance with recognised international accounting rules, are
regarded as a single entity for the purpose of calculating the limits contained in this paragraph 11.2.2.
A Subfund may, however, cumulatively invest up to 20% of its net assets in transferable securities and
money market instruments within a single group.
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