Morningstar Fund Awards Italy 2011

Morningstar Fund Awards
Italy 2011

I Vincitori
Morningstar Fund Awards 2011
Fondi
Categorie
Aberdeen Global Asia Pacific Equity
Aberdeen Global Emerging Markets
DWS Invest Top Euroland NC
Fondersel P.M.I.
Lyxor ETF Dow Jones Industrial Average
Threadneedle Pan European Retail Net
Vontobel Global Value Equity
AXA WF Global High Yield Bonds
BIM Obbligazionario Euro
Schroder ISF Global Corporate Bond Hedged
Schroder ISF US Dollar Bond Hedged
Templeton Global Bond
Threadneedle European Bond Retail Net
Azionari Asia Pacifico
Azionari Paesi Emergenti
Azionari Eurozona Large-Cap
Azionari Italia
Azionari USA Large-Cap
Azionari Europa Large-Cap
Azionari Internazionali Large-Cap
Obbligazionari High Yield
Obbligazionari Governativi Euro
Obbligazionari Corporate Euro
Obbligazionai Diversificati Euro
Obbligazionari Internazionali
Obbligazionari Europa
Morningstar Fund House Awards 2011
Società
Premio
MFS Investment Management
Threadneedle Investments
Allianz Global Investors
AXA Investment
Threadneedle Investments
Miglior Società Azionaria Specializzata
Miglior Società Azionaria Large
Miglior Società Obbligazionaria Large
Miglior Società Obbligazionaria Specializzata
Miglior Società Multiasset
Rimini, 18 maggio 2011

Morningstar Awards
La metodologia
L’obiettivo dei Morningstar Awards è quello di assegnare
un riconoscimento nei confronti di quei fondi e di quelle
società che hanno aggiunto più valore a favore dei
sottoscrittori nell’ultimo anno e su un orizzonte di lungo
termine.
Gli Awards vengono assegnati ogni anno e, pertanto, riteniamo
che sia appropriato porre maggiore enfasi sulla
performance realizzata negli ultimi 12 mesi. Tuttavia,
desideriamo evitare di assegnare un premio nei casi in
cui forti rendimenti nell’ultimo anno non sono accompagnati
da buoni risultati su periodi più lunghi.
In modo coerente con questi obiettivi, la metodologia
di assegnazione dei Morningstar Awards considera
i rendimenti aggiustati per il rischio su un periodo di
cinque anni. Pertanto, vengono compresi solo i fondi con
un’anzianità minima di cinque anni. Per quanto riguarda
l’edizione 2011, queste sono le percentuali con cui sono
stati ponderati i rendimenti aggiustati per il rischio:
Criterio di valutazione
Anno di riferimento
Peso attribuito
alle performance
2010 48%
2009 18%
2008 18%
2007 8%
2006 8%
Tale revisione ha la finalità di evitare l’assegnazione di
un premio in presenza di cambiamenti strutturali che
possano modificare il grado di competitività di un fondo.
Sono previste due tipologie di premi:
Morningstar Fund Awards
I premi vengono assegnati ai fondi con miglior rendimento
aggiustato per il rischio all’interno delle 13 categorie
eleggibili; inoltre, gli stessi fondi devono superare una
revisione qualitativa volta a verificare la persistenza
delle condizioni (come il team di gestione o la strategia
di investimento) che hanno generato buoni risultati in
passato.
Morningstar Fund House Awards
Questi premi vengono assegnati alle società che hanno
la miglior offerta di fondi secondo i rendimenti aggiustati
per il rischio. La performance dei fondi è valutata
all’interno delle categorie Morningstar. I riconoscimenti
assegnati sono 5, distinguendo tra comparti azionari,
obbligazionari, multi-asset e tra società “large” e
specializzate.
Team europeo di ricerca Morningstar
Revisione qualitativa
I migliori fondi individuati secondo la metodologia
quantitativa appena descritta devono superare anche un
esame qualitativo. Tra gli aspetti presi in considerazione
in questa fase dagli analisti di Morningstar, vi sono: la
stabilità del team di gestione o della societa’ promotrice,
e l’accessibilità del fondo nei confronti dei sottoscrittori
individuali. Eventuali giudizi di ineleggibilità devono essere
convalidati dal responsabile della ricerca in Europa.
Morningstar Awards 2011

Morningstar Direct SM | Print Date: 5/6/2011 Page 1 of 1
Aberdeen Global Asia Pacific Equity LU0011963245
Currency Morningstar Category
EUR Asia-Pacific ex-Japan Equity
Focus Morningstar
Vince il premio come il migliore della
categoria azionari Asia Pacifico questo
fondo che gode del più alto Rating
Qualitativo Morningstar possibile. Dal
nostro punto di vista, oltre all’esperienza
e alle capacità del team guidato da Hugh
Young, il punto di forza di questo fondo è
un processo di investimento chiaro,
disciplinato e replicabile nel tempo.
Anche nel 2010, la selezione dei titoli, in
particolare in India e Hong Kong, ha
consentito di sovraperformare la
categoria di oltre 800 punti base.
Bmark 1: Morningstar Category Average
Investment Growth as of 4/30/2011
) ) & * & )
2006 2007 2008 2009 2010 2011-04 History
19k
16
13
10
7
4
Growth of 10,000
10K line
Inv: 15,140.40
Bmark 1: 15,178.23
Performance Quartile
(within category)
13.95 16.01 -43.69 63.97 34.66 -7.89 Investment Return
-3.48 -7.26 5.81 0.57 8.45 -3.50 +/- Bmark 1
77 84 14 42 8 92 % Rank Category
Relative Performance as of 4/30/2011
vs. Benchmark 1
1-Yr 3-Yr 5-Yr 10-Yr
Excess Return -0.26 1.47 0.60 3.45
Jensen's Alpha -1.14 1.47 0.85 3.63
Excess Beta 1.13 1.02 0.93 0.90
R-Squared 71.07 93.11 90.45 90.56
Tracking Error 6.61 5.94 6.41 6.13
Info Ratio -0.04 0.25 0.09 0.56
Treynor Ratio 7.90 5.79 4.96 9.55
Batting Average 41.67 58.33 51.67 55.83
Up Capture Ratio 93.87 105.69 95.11 95.20
Down Capture Ratio 90.12 101.22 91.72 80.69
Portfolio Composition as of 3/31/2011
%
Cash 1.15
Stock 94.82
Bond 0.00
Other 4.02
Total 100.00
Equity Style Summary as of 3/31/2011
42.52 18.30 34.25
2.32 1.56 0.65
0.13 0.28 0.00
Val Core Grth
Lrg Mid Sm
Value Factors %
Price/Earnings 13.35
Price/Book 2.05
Price/Sales 2.43
Price/Cash Flow 5.83
Dividend Yield 4.16
Equity Ownership Zone as of 3/31/2011
Giant
Large
Deep-Val Core-Val Blend Core-Grth High-Grth
Market Cap %
Giant 57.19
Large 37.88
Mid 4.52
Small 0.41
Micro 0.00
Average Mkt Cap (mil) 14,408.14
Growth Factors %
LT Earn Grth 12.03
Historical Earn Grth 2.23
Book Val Grth 9.19
Sales Grth 1.04
Cash Flow Grth 8.67
H Centroid
% Market Value
3.00 and up
1.00-2.99
up to 0.99
Portfolio Statistics as of 3/31/2011
Total Market Value 5,255,985,735
Turnover Ratio -69.06
12-Month Yield 0.00
Top 20 Holdings % 64.94
Top 10 Holdings % 37.20
Total Holdings # 77
Mid
Small
Micro
Super Sectors
Information
Services
Manufacturing
Portfolio Date
Aberdeen Global Asia Pacific Equity A2 2011-03-31
Data provided by Morningstar

Morningstar Direct SM | Print Date: 5/6/2011 Page 1 of 1
Aberdeen Global Emerging Markets LU0132412106
Currency Morningstar Category
EUR Global Emerging Markets Equity
Focus Morningstar
Risulta il vincitore della categoria azionari
Paesi Emergenti per il secondo anno di
seguito questo fondo gestito da un team
che comprende oltre 30 professionisti,
tra Londra e Singapore. Il fondo ha
concluso il 2010 collocandosi nel miglior
decile. I rendimenti realizzati sono stati il
frutto dell’efficace selezione dei titoli in
Brasile, del sovrappeso e della selezione
dei titoli in India e, infine, della
sottoesposizione al mercato cinese. Il
fondo ha un Rating Qualitativo
Morningstar “Eccellente”.
Bmark 1: Morningstar Category Average
Investment Growth as of 4/30/2011
* ) & * & )
2006 2007 2008 2009 2010 2011-04 History
22k
18
14
10
6
2
Growth of 10,000
10K line
Inv: 18,289.87
Bmark 1: 14,991.67
Performance Quartile
(within category)
19.41 19.87 -40.99 74.31 34.37 -7.55 Investment Return
1.16 -4.70 11.36 4.48 8.14 -1.88 +/- Bmark 1
33 76 8 29 10 78 % Rank Category
Relative Performance as of 4/30/2011
vs. Benchmark 1
1-Yr 3-Yr 5-Yr 10-Yr
Excess Return 1.92 7.67 4.57 —
Jensen's Alpha 1.65 7.31 4.45 —
Excess Beta 1.06 0.94 0.94 —
R-Squared 75.38 91.27 92.55 —
Tracking Error 5.74 6.82 5.94 —
Info Ratio 0.33 1.12 0.77 —
Treynor Ratio 7.04 10.03 8.15 —
Batting Average 58.33 61.11 53.33 —
Up Capture Ratio 106.03 109.71 106.70 —
Down Capture Ratio 92.45 84.09 91.62 —
Portfolio Composition as of 3/31/2011
%
Cash 4.55
Stock 91.30
Bond 0.00
Other 4.15
Total 100.00
Equity Style Summary as of 3/31/2011
24.81 26.99 28.23
5.84 2.54 10.44
1.14 0.01 0.01
Val Core Grth
Lrg Mid Sm
Value Factors %
Price/Earnings 14.70
Price/Book 2.10
Price/Sales 0.82
Price/Cash Flow 9.43
Dividend Yield 3.90
Equity Ownership Zone as of 3/31/2011
Giant
Large
Deep-Val Core-Val Blend Core-Grth High-Grth
Market Cap %
Giant 45.16
Large 34.87
Mid 18.82
Small 1.15
Micro 0.01
Average Mkt Cap (mil) 13,732.66
Growth Factors %
LT Earn Grth 12.67
Historical Earn Grth 3.86
Book Val Grth 10.80
Sales Grth -7.75
Cash Flow Grth -3.33
H Centroid
% Market Value
3.00 and up
1.00-2.99
up to 0.99
Portfolio Statistics as of 3/31/2011
Total Market Value 6,677,355,538
Turnover Ratio -71.79
12-Month Yield 0.00
Top 20 Holdings % 57.64
Top 10 Holdings % 33.60
Total Holdings # 92
Mid
Small
Micro
Super Sectors
Information
Services
Manufacturing
Portfolio Date
Aberdeen Global Emerging Markets Eq A2 2011-03-31
Data provided by Morningstar

Morningstar Direct SM | Print Date: 5/6/2011 Page 1 of 1
DWS Invest Top Euroland NC LU0145647300
Currency
EUR
Morningstar Category
Eurozone Europe OE Large-Cap Eurozone Large-Cap Equity E...
Focus Morningstar
Nel 2010, il fondo vincitore ha battuto la
media della categoria azionari Eurozona
di oltre 1000 punti base. Il gestore, Britta
Weidenbach, ha avuto ragione nel
puntare su aziende cicliche, la cui
crescita è strettamente legata alle
esportazioni. Tra gli esempi che
possiamo citare, troviamo Arkema,
società chimica francese, cresciuta di
oltre il 100% solo nel 2010, ma anche
Volkswagen e Siemens. E’ stato inoltre
determinante il sottopeso dei titoli
finanziari, in particolare le banche
spagnole.
Investment Growth as of 4/30/2011
( & ( & & )
2006 2007 2008 2009 2010 2011-04 History
16k
14
12
10
8
6
Growth of 10,000
10K line
Inv: 10,675.02
Bmark 1: 10,161.45
Performance Quartile
(within category)
17.18 8.37 -44.78 29.85 13.52 3.28 Investment Return
-0.51 3.48 -1.97 4.00 10.80 -2.94 +/- Bmark 1
59 16 62 21 5 86 % Rank Category
Bmark 1: Morningstar Category Average
Relative Performance as of 4/30/2011
vs. Benchmark 1
1-Yr 3-Yr 5-Yr 10-Yr
Excess Return 6.99 0.72 0.93 -0.25
Jensen's Alpha 7.83 0.46 0.80 -0.19
Excess Beta 0.85 0.92 0.94 0.97
R-Squared 67.26 87.32 87.42 89.55
Tracking Error 8.55 7.64 6.63 6.05
Info Ratio 0.82 0.09 0.14 -0.04
Treynor Ratio 20.24 -4.37 -3.53 -3.46
Batting Average 58.33 50.00 48.33 48.33
Up Capture Ratio 97.88 87.02 92.75 92.66
Down Capture Ratio 60.82 86.27 89.70 94.02
Portfolio Composition as of 2/28/2011
%
Cash 0.00
Stock 100.00
Bond 0.00
Other 0.00
Total 100.00
Equity Style Summary as of 2/28/2011
22.46 22.76 32.19
7.03 7.71 4.94
0.00 2.36 0.56
Val Core Grth
Lrg Mid Sm
Value Factors %
Price/Earnings 13.02
Price/Book 1.71
Price/Sales 1.15
Price/Cash Flow 7.19
Dividend Yield 2.54
Equity Ownership Zone as of 2/28/2011
Giant
Large
Deep-Val Core-Val Blend Core-Grth High-Grth
Market Cap %
Giant 30.46
Large 46.94
Mid 19.68
Small 2.91
Micro 0.00
Average Mkt Cap (mil) 16,018.24
Growth Factors %
LT Earn Grth 10.94
Historical Earn Grth -14.03
Book Val Grth 3.40
Sales Grth -3.80
Cash Flow Grth -1.78
H Centroid
% Market Value
3.00 and up
1.00-2.99
up to 0.99
Portfolio Statistics as of 2/28/2011
Total Market Value 138,879,341
Turnover Ratio 249.19
12-Month Yield 0.00
Top 20 Holdings % 51.84
Top 10 Holdings % 29.78
Total Holdings # 56
Mid
Small
Micro
Super Sectors
Information
Services
Manufacturing
Portfolio Date
DWS Invest Top Euroland NC 2011-02-28
Data provided by Morningstar

Morningstar Direct SM | Print Date: 5/6/2011 Page 1 of 1
Fondersel P.M.I.
IT0000386489
Currency
EUR
Morningstar Category
Italy Equity
Focus Morningstar
Gestito da Marco Nascimbene dal 2008,
il fondo risulta il migliore sia della
categoria azionari Italia, sia del più
ristretto gruppo di fondi che investono
nelle small-cap di Borsa Italiana. I forti
rendimenti realizzati sono il risultato di
un’abile selezione dei titoli (nel 2010,
segnaliamo Tod’s, Safilo e Recordati) ma
anche dell’efficace uso della leva, in
genere nel limite del 110% del totale
attivo gestito.
Bmark 1: Morningstar Category Average
Investment Growth as of 4/30/2011
& ( ) & & (
2006 2007 2008 2009 2010 2011-04 History
16k
13
10
7
4
1
Growth of 10,000
10K line
Inv: 9,193.92
Bmark 1: 8,231.54
Performance Quartile
(within category)
28.97 -7.36 -53.58 43.97 6.37 8.25 Investment Return
9.30 -0.75 -7.24 18.71 10.54 -0.27 +/- Bmark 1
9 64 99 1 1 59 % Rank Category
Relative Performance as of 4/30/2011
vs. Benchmark 1
1-Yr 3-Yr 5-Yr 10-Yr
Excess Return 1.70 1.74 0.78 2.49
Jensen's Alpha 3.33 2.99 2.07 3.15
Excess Beta 0.75 1.07 1.08 1.07
R-Squared 90.08 88.94 88.99 88.73
Tracking Error 6.30 8.85 7.71 7.07
Info Ratio 0.27 0.20 0.10 0.35
Treynor Ratio 13.29 -5.84 -7.21 -1.47
Batting Average 50.00 52.78 53.33 55.83
Up Capture Ratio 83.07 104.15 107.26 109.81
Down Capture Ratio 70.80 98.24 102.80 99.28
Portfolio Composition as of 4/30/2011
%
Cash 4.32
Stock 95.68
Bond 0.00
Other 0.00
Total 100.00
Equity Style Summary as of 4/30/2011
0.00 0.90 0.00
14.08 18.20 3.16
22.14 17.71 23.81
Val Core Grth
Lrg Mid Sm
Value Factors %
Price/Earnings 11.54
Price/Book 0.67
Price/Sales 0.44
Price/Cash Flow 3.46
Dividend Yield 1.71
Equity Ownership Zone as of 4/30/2011
Giant
Large
Deep-Val Core-Val Blend Core-Grth High-Grth
Market Cap %
Giant 0.00
Large 0.90
Mid 35.44
Small 55.25
Micro 8.41
Average Mkt Cap (mil) 910.83
Growth Factors %
LT Earn Grth 5.04
Historical Earn Grth -18.56
Book Val Grth -7.96
Sales Grth -18.94
Cash Flow Grth -13.74
H Centroid
% Market Value
3.00 and up
1.00-2.99
up to 0.99
Portfolio Statistics as of 4/30/2011
Total Market Value 64,163,877
Turnover Ratio 250.00
12-Month Yield 0.00
Top 20 Holdings % 53.72
Top 10 Holdings % 30.06
Total Holdings # 71
Mid
Small
Micro
Super Sectors
Information
Services
Manufacturing
Portfolio Date
Fondersel P.M.I. 2011-04-30
Data provided by Morningstar

Morningstar Direct SM | Print Date: 5/6/2011 Page 1 of 1
Lyxor ETF DJ INDUSTRIAL Average FR0007056841
Currency Morningstar Category
EUR US Large-Cap Blend Equity
Focus Morningstar
Vince tra gli azionari America questo
fondo che replica l’indice di riferimento,
addebitando un livello modesto di
commissioni a carico del patrimonio
gestito. L’indice, il Dow Jones Industrial
Average, è composto da 30 società
statunitensi tra le più grandi, scelte da un
comitato, come IBM, Caterpillar e
Chevron. Una caratteristica peculiare
della costruzione dell’indice è il fatto che
ciascuna società venga pesata per il
proprio prezzo, non per la
capitalizzazione. Il Rating Morningstar è
di cinque stelle.
Investment Growth as of 4/30/2011
& * & ( * &
2006 2007 2008 2009 2010 2011-04 History
14k
12
10
8
6
4
Growth of 10,000
10K line
Inv: 10,432.94
Bmark 1: 9,535.88
Performance Quartile
(within category)
6.10 -2.96 -31.18 21.14 20.79 0.63 Investment Return
4.81 1.57 5.45 -2.70 1.72 1.70 +/- Bmark 1
9 30 7 65 39 15 % Rank Category
Bmark 1: Morningstar Category Average
Relative Performance as of 4/30/2011
vs. Benchmark 1
1-Yr 3-Yr 5-Yr 10-Yr
Excess Return 2.41 0.48 1.62 0.51
Jensen's Alpha 3.12 0.69 1.43 0.72
Excess Beta 0.70 0.90 0.92 1.00
R-Squared 88.84 83.57 85.64 88.46
Tracking Error 4.21 6.96 5.89 5.66
Info Ratio 0.57 0.07 0.27 0.09
Treynor Ratio 7.79 1.71 -2.13 -5.15
Batting Average 58.33 50.00 51.67 50.00
Up Capture Ratio 74.00 86.00 95.61 101.04
Down Capture Ratio 49.71 82.36 88.33 98.55
Portfolio Composition as of 3/31/2011
%
Cash 0.00
Stock 100.00
Bond 0.00
Other 0.00
Total 100.00
Equity Style Summary as of 3/31/2011
35.81 49.83 14.36
0.00 0.00 0.00
0.00 0.00 0.00
Val Core Grth
Lrg Mid Sm
Value Factors %
Price/Earnings 13.09
Price/Book 2.57
Price/Sales 1.38
Price/Cash Flow 8.24
Dividend Yield 2.50
Equity Ownership Zone as of 3/31/2011
Giant
Large
Deep-Val Core-Val Blend Core-Grth High-Grth
Market Cap %
Giant 95.28
Large 4.72
Mid 0.00
Small 0.00
Micro 0.00
Average Mkt Cap (mil) 77,296.70
Growth Factors %
LT Earn Grth 8.57
Historical Earn Grth 8.94
Book Val Grth 7.72
Sales Grth 3.66
Cash Flow Grth 4.57
H Centroid
% Market Value
3.00 and up
1.00-2.99
up to 0.99
Portfolio Statistics as of 3/31/2011
Total Market Value 448,681,853
Turnover Ratio —
12-Month Yield 1.63
Top 20 Holdings % 85.88
Top 10 Holdings % 56.50
Total Holdings # 30
Mid
Small
Micro
Super Sectors
Information
Services
Manufacturing
Portfolio Date
Lyxor ETF Dow Jones INDUSTRIAL AVERAGE D 2011-03-31
Data provided by Morningstar

Morningstar Direct SM | Print Date: 5/6/2011 Page 1 of 1
Threadneedle Pan Eurp Ret Net EUR GB0009583252
Currency Morningstar Category
EUR Europe Large-Cap Blend Equity
Focus Morningstar
Gestito da Ann Steele, questo fondo è
già stato nominato lo scorso anno tra i
nostri Top Selection nella categoria
Azionari Europa. Si conferma e migliora
nel 2010, quando supera la media di
addirittura 1400 punti base.
L’orientamento “growth”, come indicato
anche dalla Morningstar Style Box, ha
ben ripagato. Più in particolare, le ragioni
del successo sono da ritrovarsi nella
selezione di titoli come Burberry o
Nestlé, trainati dalla crescita dei mercati
emergenti, e nel sottopeso dei Paesi
europei periferici.
Investment Growth as of 4/30/2011
* & & * & )
2006 2007 2008 2009 2010 2011-04 History
16k
14
12
10
8
6
Growth of 10,000
10K line
Inv: 12,834.45
Bmark 1: 10,456.31
Performance Quartile
(within category)
18.94 5.37 -39.07 31.39 26.08 1.47 Investment Return
1.20 3.98 4.22 2.28 14.46 -1.46 +/- Bmark 1
39 15 15 36 3 76 % Rank Category
Bmark 1: Morningstar Category Average
Relative Performance as of 4/30/2011
vs. Benchmark 1
1-Yr 3-Yr 5-Yr 10-Yr
Excess Return 9.34 6.44 3.70 2.25
Jensen's Alpha 10.21 5.96 3.38 2.09
Excess Beta 0.80 0.91 0.93 0.95
R-Squared 64.51 93.41 93.30 94.30
Tracking Error 6.64 4.88 4.33 3.86
Info Ratio 1.41 1.32 0.86 0.58
Treynor Ratio 24.67 3.90 -0.07 -0.56
Batting Average 50.00 66.67 63.33 60.83
Up Capture Ratio 93.20 92.86 95.92 98.52
Down Capture Ratio 8.75 68.05 79.59 88.36
Portfolio Composition as of 3/31/2011
%
Cash 0.98
Stock 99.02
Bond 0.00
Other 0.00
Total 100.00
Equity Style Summary as of 3/31/2011
21.74 21.01 36.83
2.73 4.45 13.24
0.00 0.00 0.00
Val Core Grth
Lrg Mid Sm
Value Factors %
Price/Earnings 12.73
Price/Book 1.83
Price/Sales 1.06
Price/Cash Flow 4.20
Dividend Yield 1.83
Equity Ownership Zone as of 3/31/2011
Giant
Large
Deep-Val Core-Val Blend Core-Grth High-Grth
Market Cap %
Giant 47.99
Large 30.05
Mid 21.96
Small 0.00
Micro 0.00
Average Mkt Cap (mil) 20,069.03
Growth Factors %
LT Earn Grth 8.34
Historical Earn Grth -8.37
Book Val Grth -1.69
Sales Grth -4.85
Cash Flow Grth 0.99
H Centroid
% Market Value
3.00 and up
1.00-2.99
up to 0.99
Portfolio Statistics as of 3/31/2011
Total Market Value 241,840,628
Turnover Ratio 143.00
12-Month Yield 0.00
Top 20 Holdings % 42.14
Top 10 Holdings % 25.53
Total Holdings # 77
Mid
Small
Micro
Super Sectors
Information
Services
Manufacturing
Portfolio Date
Threadneedle Pan Eurp Ret Net EUR 2011-03-31
Data provided by Morningstar

Morningstar Direct SM | Print Date: 5/6/2011 Page 1 of 1
Vontobel Global Value Equity B LU0218910536
Currency
EUR
Morningstar Category
Global Large-Cap Blend Equity
Focus Morningstar
Vince il premio come migliore della
categoria azionari Internazionali questo
fondo che punta alle blue chips di tutto il
mondo, caratterizzate da un modello di
business semplice e vincente.
Nonostante il nome del fondo faccia
riferimento a un mandato “value”, dal
posizionamento di portafoglio secondo
la Morningstar Style Box si rileva un
marcato orientamento ai titoli “growth”,
come Mastercard, Google o Apple. Nel
2010, ha battuto il 90% dei fondi
all’interno della stessa categoria.
Bmark 1: Morningstar Category Average
Investment Growth as of 4/30/2011
* & & ) & )
2006 2007 2008 2009 2010 2011-04 History
14k
12
10
8
6
4
Growth of 10,000
10K line
Inv: 10,641.80
Bmark 1: 9,986.50
Performance Quartile
(within category)
9.60 9.19 -35.43 15.86 23.15 -3.48 Investment Return
1.02 9.26 4.46 -12.73 6.44 -1.82 +/- Bmark 1
39 3 18 91 11 76 % Rank Category
Relative Performance as of 4/30/2011
vs. Benchmark 1
1-Yr 3-Yr 5-Yr 10-Yr
Excess Return 0.64 0.21 1.89 —
Jensen's Alpha 3.14 -0.08 1.16 —
Excess Beta 0.49 0.76 0.79 —
R-Squared 21.04 71.25 73.23 —
Tracking Error 8.47 8.65 7.62 —
Info Ratio 0.08 0.02 0.25 —
Treynor Ratio 10.95 -1.65 -2.49 —
Batting Average 58.33 55.56 58.33 —
Up Capture Ratio 65.82 77.99 91.31 —
Down Capture Ratio 39.02 76.91 82.35 —
Portfolio Composition as of 11/30/2010
%
Cash 3.22
Stock 96.78
Bond 0.00
Other 0.00
Total 100.00
Equity Style Summary as of 11/30/2010
7.62 7.38 76.26
0.73 1.11 5.96
0.00 0.00 0.94
Val Core Grth
Lrg Mid Sm
Value Factors %
Price/Earnings 15.86
Price/Book 4.60
Price/Sales 2.83
Price/Cash Flow 11.99
Dividend Yield 2.76
Equity Ownership Zone as of 11/30/2010
Giant
Large
Deep-Val Core-Val Blend Core-Grth High-Grth
Market Cap %
Giant 70.03
Large 20.26
Mid 8.79
Small 0.93
Micro 0.00
Average Mkt Cap (mil) 33,010.68
Growth Factors %
LT Earn Grth 12.32
Historical Earn Grth 1.92
Book Val Grth -6.99
Sales Grth -20.87
Cash Flow Grth -18.19
H Centroid
% Market Value
3.00 and up
1.00-2.99
up to 0.99
Portfolio Statistics as of 11/30/2010
Total Market Value 45,780,208
Turnover Ratio 81.74
12-Month Yield 0.00
Top 20 Holdings % 73.48
Top 10 Holdings % 48.58
Total Holdings # 48
Mid
Small
Micro
Super Sectors
Information
Services
Manufacturing
Portfolio Date
Vontobel Global Value Equity B 2010-11-30
Data provided by Morningstar

Morningstar Direct SM | Print Date: 5/6/2011 Page 1 of 1
AXA WF Glbl High Yield Bonds AD LU0184630837
Currency
EUR
Morningstar Category
Global High Yield Bond
Focus Morningstar
E’ il migliore della categoria
obbligazionari High Yield questo fondo
che è riuscito a realizzare rendimenti
relativi e assoluti molto competitivi
nonostante condizioni di mercato difficili.
Chi avesse investito 10.000 euro
all’inizio della recente crisi finanziaria,
ovvero nel giugno 2007, a fine aprile
2011 si ritroverebbe un capitale di circa
12.500 euro, realizzando un rendimento
annualizzato del 5,8%. Il Rating
Morningstar è sopra la media.
Bmark 1: Morningstar Category Average
Investment Growth as of 4/30/2011
& & * ( & *
2006 2007 2008 2009 2010 2011-04 History
16k
14
12
10
8
6
Growth of 10,000
10K line
Inv: 13,554.09
Bmark 1: 11,873.18
Performance Quartile
(within category)
4.85 -0.78 -21.11 40.52 23.34 -4.71 Investment Return
4.31 5.67 2.71 -1.98 2.05 -0.58 +/- Bmark 1
12 6 39 61 17 49 % Rank Category
Relative Performance as of 4/30/2011
vs. Benchmark 1
1-Yr 3-Yr 5-Yr 10-Yr
Excess Return -1.12 -1.13 1.96 —
Jensen's Alpha -1.27 -0.86 2.02 —
Excess Beta 1.24 0.99 0.89 —
R-Squared 98.72 91.43 85.25 —
Tracking Error 2.46 4.54 4.95 —
Info Ratio -0.46 -0.25 0.40 —
Treynor Ratio 0.01 7.00 3.40 —
Batting Average 50.00 52.78 55.00 —
Up Capture Ratio 119.07 96.11 86.98 —
Down Capture Ratio 131.79 100.64 70.85 —
Portfolio Composition as of 9/30/2010
Portfolio Statistics as of 9/30/2010
Total Market Value 234,455,841
Turnover Ratio 121.09
12-Month Yield 0.00
Top 20 Holdings % -45.22
Top 10 Holdings % -16.66
Total Holdings # 550
%
Cash 35.19
Stock 0.00
Bond 64.81
Other 0.00
Total 100.00
Fixed Income Style Summary as of 9/30/2010
Ltd Mod Ext
High Med Low
Credit Rating Breakdown %
AAA 6.73
AA 0.52
A 0.45
BBB 2.08
BB 24.74
B And Below 65.48
Not Rated 0.00
Trailing Return as of 4/30/2011
Avg Eff Duration 1 —
Avg Eff Maturity 1 —
Avg Credit Quality —
Avg Wtd Coupon 8.98
Avg Wtd Price 112.81
1
as of 2008-09-30
Maturity Breakdown %
1-3 7.90
3-5 33.01
5-6 28.69
7-9 20.62
10-14 2.65
15-19 0.57
20-29 3.72
30+ 2.84
Inv % Bmark 1 % Cat Rnk %
YTD -4.71 -4.13 49
Inception 5.76 — —
1-Month -3.01 -2.33 71
3-Month -4.83 -3.88 64
1-Year 0.81 1.94 50
3-Year 9.05 10.17 73
5-Year 5.85 3.89 8
10-Year — 3.17 —
Data provided by Morningstar

Morningstar Direct SM | Print Date: 5/6/2011 Page 1 of 1
BIM Obbligazionario Euro IT0003054167
Currency
EUR
Morningstar Category
EUR Government Bond
Focus Morningstar
Vince per la categoria Obbligazionari
Governativi, questo fondo gestito sin dal
suo lancio nel 2001da Giorgio
Giannantempo. L’analisi
macroeconomica è alla base delle
decisioni di investimento. Nel 2010, in
un momento difficile per il debito
sovrano in Europa, il gestore ha
aumentato il peso in portafoglio delle
emissioni societarie e degli enti
sovranazionali. E’ stato efficace, inoltre, il
sottopeso dei periferici, come la Spagna,
portata a zero ad aprile 2010.
Bmark 1: Morningstar Category Average
Investment Growth as of 4/30/2011
* * * * * &
2006 2007 2008 2009 2010 2011-04 History
14k
13
12
11
10
9
Growth of 10,000
10K line
Inv: 11,648.75
Bmark 1: 11,192.04
Performance Quartile
(within category)
-0.59 1.35 8.50 4.46 2.01 0.00 Investment Return
0.03 0.58 0.63 0.53 0.89 0.68 +/- Bmark 1
47 39 46 35 27 14 % Rank Category
Relative Performance as of 4/30/2011
vs. Benchmark 1
1-Yr 3-Yr 5-Yr 10-Yr
Excess Return 1.02 1.05 0.72 0.24
Jensen's Alpha 0.44 1.28 0.69 0.28
Excess Beta 0.67 0.77 0.84 0.93
R-Squared 96.53 89.68 90.29 91.94
Tracking Error 1.40 1.16 0.96 0.81
Info Ratio 0.73 0.90 0.75 0.29
Treynor Ratio -1.08 2.98 0.80 1.07
Batting Average 75.00 63.89 61.67 55.83
Up Capture Ratio 80.38 95.94 98.06 99.66
Down Capture Ratio 65.18 62.41 73.79 90.66
Portfolio Composition as of 4/30/2011
Portfolio Statistics as of 4/30/2011
Total Market Value 52,990,001
Turnover Ratio 97.19
12-Month Yield 0.00
Top 20 Holdings % 43.61
Top 10 Holdings % 27.23
Total Holdings # 106
%
Cash 16.16
Stock 0.00
Bond 81.00
Other 2.83
Total 100.00
Fixed Income Style Summary as of 4/30/2011
Ltd Mod Ext
High Med Low
Credit Rating Breakdown %
AAA 52.28
AA 32.93
A 8.16
BBB 3.19
BB 1.35
B And Below 0.00
Not Rated 2.10
Trailing Return as of 4/30/2011
Avg Eff Duration 1 3.51
Avg Eff Maturity 1 4.24
Avg Credit Quality
A
Avg Wtd Coupon 3.10
Avg Wtd Price 100.68
1
as of 2011-03-31
Maturity Breakdown %
1-3 37.74
3-5 30.51
5-6 13.77
7-9 15.23
10-14 2.75
15-19 0.00
20-29 0.00
30+ 0.00
Inv % Bmark 1 % Cat Rnk %
YTD 0.00 -0.68 14
Inception 3.69 — —
1-Month 0.42 0.25 32
3-Month 0.22 -0.22 17
1-Year 0.08 -0.94 17
3-Year 4.43 3.38 21
5-Year 3.47 2.75 25
10-Year 3.81 3.58 49
Data provided by Morningstar

Morningstar Direct SM | Print Date: 5/6/2011 Page 1 of 1
Schroder ISF Glbl Corp Bd EUR Hdg LU0201324851
Currency
EUR
Morningstar Category
EUR Corporate Bond
Focus Morningstar
Vince il premio della categoria
Obbligazionari Corporate Euro questo
fondo che investe in emissioni societarie
a livello globale; la classe di azioni
premiata ha una copertura sistematica
dal rischio di cambio per i sottoscrittori
dell’area euro. Hanno giocato a favore
della recente performance un
sovrappeso del rischio di credito (titoli
con rating BBB e, marginalmente, high
yield) e l’uso tattico della liquidità e degli
investimenti in titoli governativi nelle fasi
più difficili del mercato.
Bmark 1: Morningstar Category Average
Investment Growth as of 4/30/2011
& * & * * &
2006 2007 2008 2009 2010 2011-04 History
13k
12
11
10
9
8
Growth of 10,000
10K line
Inv: 12,645.07
Bmark 1: 10,999.89
Performance Quartile
(within category)
2.65 -1.21 -1.51 17.82 5.21 2.13 Investment Return
2.74 0.19 6.17 1.23 0.84 0.84 +/- Bmark 1
3 48 18 35 26 17 % Rank Category
Relative Performance as of 4/30/2011
vs. Benchmark 1
1-Yr 3-Yr 5-Yr 10-Yr
Excess Return 2.28 3.95 2.58 —
Jensen's Alpha 2.26 4.05 2.45 —
Excess Beta 0.97 0.84 0.84 —
R-Squared 78.96 73.42 67.65 —
Tracking Error 1.42 3.14 2.94 —
Info Ratio 1.60 1.26 0.88 —
Treynor Ratio 3.39 6.81 2.51 —
Batting Average 75.00 61.11 61.67 —
Up Capture Ratio 113.30 109.22 106.74 —
Down Capture Ratio 40.83 44.78 54.94 —
Portfolio Composition as of 2/28/2011
Portfolio Statistics as of 2/28/2011
Total Market Value 2,209,717,487
Turnover Ratio 315.54
12-Month Yield 0.00
Top 20 Holdings % 22.29
Top 10 Holdings % 11.47
Total Holdings # 378
%
Cash 48.51
Stock 0.00
Bond 50.23
Other 1.26
Total 100.00
Fixed Income Style Summary as of 2/28/2011
Ltd Mod Ext
High Med Low
Credit Rating Breakdown %
AAA 30.62
AA 3.03
A 10.43
BBB 48.36
BB 2.11
B And Below 5.05
Not Rated 0.40
Trailing Return as of 4/30/2011
Avg Eff Duration 1 4.78
Avg Eff Maturity 1 16.66
Avg Credit Quality
BBB
Avg Wtd Coupon 6.29
Avg Wtd Price 133.14
1
as of 2011-02-28
Maturity Breakdown %
1-3 1.40
3-5 10.51
5-6 13.80
7-9 33.44
10-14 8.20
15-19 5.86
20-29 13.26
30+ 13.52
Inv % Bmark 1 % Cat Rnk %
YTD 2.13 1.29 17
Inception 5.87 — —
1-Month 0.97 0.82 25
3-Month 1.47 1.39 38
1-Year 4.10 1.82 10
3-Year 7.82 3.87 6
5-Year 4.91 2.32 8
10-Year — 3.35 —
Data provided by Morningstar

Morningstar Direct SM | Print Date: 5/6/2011 Page 1 of 1
Schroder ISF USD Bond A EUR Hdg LU0291343597
Currency
EUR
Morningstar Category
EUR Diversified Bond
Focus Morningstar
Il fondo vince il premio come migliore
della categoria Obbligazionari
Diversificati grazie a una serie di risultati
competitivi realizzati negli ultimi cinque
anni. In questo periodo, il team di
gestione ha correttamente anticipato il
ciclo del rischio di credito, tra contrazioni
e allargamenti degli spread. Il portafoglio
è ampiamente diversificato tra titoli del
governo, di agenzie, cartolarizzazioni e
emissioni corporate. La classe di azioni
premiata è coperta dal rischio di cambio
per i sottoscrittori dell’area euro.
Bmark 1: Morningstar Category Average
Investment Growth as of 4/30/2011
& & * * & &
2006 2007 2008 2009 2010 2011-04 History
14k
13
12
11
10
9
Growth of 10,000
10K line
Inv: 13,042.30
Bmark 1: 11,039.36
Performance Quartile
(within category)
1.18 4.15 5.83 8.49 5.48 2.19 Investment Return
1.41 3.71 5.01 1.02 3.09 2.26 +/- Bmark 1
16 2 35 30 11 5 % Rank Category
Relative Performance as of 4/30/2011
vs. Benchmark 1
1-Yr 3-Yr 5-Yr 10-Yr
Excess Return 4.86 3.75 3.51 2.25
Jensen's Alpha 4.37 3.88 3.37 2.18
Excess Beta 0.46 0.74 0.87 1.04
R-Squared 18.95 27.97 36.62 48.58
Tracking Error 2.84 3.48 2.96 2.63
Info Ratio 1.71 1.08 1.19 0.86
Treynor Ratio 8.92 6.40 3.53 2.59
Batting Average 75.00 55.56 61.67 61.67
Up Capture Ratio 98.62 127.25 142.61 131.76
Down Capture Ratio -43.49 19.77 43.10 77.38
Portfolio Composition as of 2/28/2011
Portfolio Statistics as of 2/28/2011
Total Market Value 531,768,936
Turnover Ratio 446.81
12-Month Yield 0.00
Top 20 Holdings % 36.35
Top 10 Holdings % 19.16
Total Holdings # 248
%
Cash 11.10
Stock 0.00
Bond 88.87
Other 0.03
Total 100.00
Fixed Income Style Summary as of 2/28/2011
Ltd Mod Ext
High Med Low
Credit Rating Breakdown %
AAA 68.83
AA 4.81
A 4.50
BBB 10.43
BB 4.69
B And Below 6.74
Not Rated 0.00
Trailing Return as of 4/30/2011
Avg Eff Duration 1 4.93
Avg Eff Maturity 1 14.56
Avg Credit Quality
BBB
Avg Wtd Coupon 4.29
Avg Wtd Price 102.47
1
as of 2011-01-31
Maturity Breakdown %
1-3 2.71
3-5 17.37
5-6 7.51
7-9 21.37
10-14 3.13
15-19 7.43
20-29 25.96
30+ 14.51
Inv % Bmark 1 % Cat Rnk %
YTD 2.19 -0.07 5
Inception 4.92 — —
1-Month 1.09 0.38 5
3-Month 1.47 0.33 9
1-Year 4.92 0.06 4
3-Year 6.87 3.13 4
5-Year 5.88 2.36 2
10-Year 5.52 3.27 1
Data provided by Morningstar

Morningstar Direct SM | Print Date: 5/6/2011 Page 1 of 1
Templeton Global Bond A Acc € LU0152980495
Currency
EUR
Morningstar Category
Global Bond
Focus Morningstar
Si colloca al primo posto della categoria
Obbligazionari Internazionali questo
fondo che ha anche un Rating Qualitativo
Morningstar “Superiore”.
Il posizionamento di portafoglio può
differire in modo significativo dalla
composizione dell’indice, come è
accaduto nel 2010, quando ha ridotto
quasi a zero l’esposizione nei confronti
del debito di Regno Unito, USA ed
Europa. Gestito da Michael Hasenstab dal
2002, è anche tra i fondi che nel 2010
ha raccolto più nuove sottoscrizioni.
Bmark 1: Morningstar Category Average
Investment Growth as of 4/30/2011
& & * & & *
2006 2007 2008 2009 2010 2011-04 History
18k
16
14
12
10
8
Growth of 10,000
10K line
Inv: 14,949.59
Bmark 1: 11,426.88
Performance Quartile
(within category)
1.43 0.33 11.97 16.08 19.50 -5.42 Investment Return
6.23 2.45 3.83 10.24 6.58 -0.29 +/- Bmark 1
4 7 32 10 7 44 % Rank Category
Relative Performance as of 4/30/2011
vs. Benchmark 1
1-Yr 3-Yr 5-Yr 10-Yr
Excess Return -1.80 6.81 4.67 —
Jensen's Alpha -1.80 4.67 4.49 —
Excess Beta 0.94 1.39 1.32 —
R-Squared 75.25 70.46 65.76 —
Tracking Error 5.36 8.16 6.95 —
Info Ratio -0.34 0.84 0.67 —
Treynor Ratio -3.41 8.77 4.14 —
Batting Average 41.67 58.33 58.33 —
Up Capture Ratio 98.67 157.05 145.61 —
Down Capture Ratio 111.82 131.54 106.95 —
Portfolio Composition as of 3/31/2011
Portfolio Statistics as of 3/31/2011
Total Market Value 45,626,256,621
Turnover Ratio -14.39
12-Month Yield 0.00
Top 20 Holdings % 27.37
Top 10 Holdings % 1.17
Total Holdings # 287
%
Cash 49.35
Stock 0.00
Bond 44.21
Other 6.44
Total 100.00
Fixed Income Style Summary as of 3/31/2011
Ltd Mod Ext
High Med Low
Credit Rating Breakdown %
AAA 22.91
AA 2.32
A 44.80
BBB 20.25
BB 5.02
B And Below 4.45
Not Rated 0.26
Trailing Return as of 4/30/2011
Avg Eff Duration 1 2.34
Avg Eff Maturity 1 3.53
Avg Credit Quality
BBB
Avg Wtd Coupon 5.87
Avg Wtd Price —
1
as of 2010-12-31
Maturity Breakdown %
1-3 62.74
3-5 5.51
5-6 6.05
7-9 11.28
10-14 8.71
15-19 3.80
20-29 0.90
30+ 1.00
Inv % Bmark 1 % Cat Rnk %
YTD -5.42 -5.13 44
Inception 6.90 — —
1-Month -1.66 -1.22 69
3-Month -2.52 -3.25 21
1-Year -2.41 -0.61 75
3-Year 14.28 7.47 6
5-Year 8.27 3.59 3
10-Year — 2.31 —
Data provided by Morningstar

Morningstar Direct SM | Print Date: 5/6/2011 Page 1 of 1
Threadneedle European Bd Ret Net GB0002702909
Currency
EUR
Morningstar Category
Europe OE Europe Bond
Focus Morningstar
E’ il migliore tra gli Obbligazionari Europa
questo fondo che ha dimostrato di poter
far bene sotto diverse condizioni di
mercato. Nel 2008, ha anticipato
correttamente la crisi finanziaria,
riducendo il rischio di credito e
aumentando la duration. Nella prima
metà del 2010, invece, ha giocato a
favore il minor peso dei periferici, che è
stato successivamente aumentato, in
particolare attraverso l’acquisto di titoli
governativi italiani, nella seconda metà
dell’anno.
Bmark 1: Morningstar Category Average
Investment Growth as of 4/30/2011
) ) & * & )
2006 2007 2008 2009 2010 2011-04 History
14k
13
12
11
10
9
Growth of 10,000
10K line
Inv: 11,854.38
Bmark 1: 10,873.20
Performance Quartile
(within category)
-1.13 -1.62 7.71 8.12 5.85 -1.14 Investment Return
-1.17 -1.24 10.24 -1.41 2.49 -1.17 +/- Bmark 1
80 80 11 38 11 81 % Rank Category
Relative Performance as of 4/30/2011
vs. Benchmark 1
1-Yr 3-Yr 5-Yr 10-Yr
Excess Return 0.81 3.37 1.91 1.11
Jensen's Alpha 0.97 3.48 1.84 1.11
Excess Beta 1.23 0.79 0.90 0.96
R-Squared 76.79 39.77 47.32 56.50
Tracking Error 2.33 3.73 3.10 2.50
Info Ratio 0.35 0.91 0.62 0.44
Treynor Ratio 0.17 5.46 1.36 1.47
Batting Average 50.00 58.33 55.00 55.00
Up Capture Ratio 145.70 125.65 124.63 117.01
Down Capture Ratio 128.67 58.10 84.36 96.88
Portfolio Composition as of 3/31/2011
Portfolio Statistics as of 3/31/2011
Total Market Value 220,101,207
Turnover Ratio 518.00
12-Month Yield 3.07
Top 20 Holdings % 54.68
Top 10 Holdings % 36.25
Total Holdings # 139
%
Cash 19.86
Stock 0.00
Bond 77.53
Other 2.61
Total 100.00
Fixed Income Style Summary as of 3/31/2011
Ltd Mod Ext
High Med Low
Credit Rating Breakdown %
AAA —
AA —
A —
BBB —
BB —
B And Below —
Not Rated —
Trailing Return as of 4/30/2011
Avg Eff Duration —
Avg Eff Maturity —
Avg Credit Quality —
Avg Wtd Coupon 4.62
Avg Wtd Price 94.58
Maturity Breakdown %
1-3 13.97
3-5 16.45
5-6 16.70
7-9 17.44
10-14 18.65
15-19 0.07
20-29 8.70
30+ 8.02
Inv % Bmark 1 % Cat Rnk %
YTD -1.14 0.04 81
Inception 3.92 — —
1-Month 0.67 0.55 33
3-Month -0.38 0.40 84
1-Year 1.02 0.21 31
3-Year 6.46 3.09 2
5-Year 4.02 2.11 1
10-Year 4.24 3.13 16
Data provided by Morningstar

Note

Contatti
Media:
Sara Silano
Editor-in-Chief
+39 02 30 30 1222, sara.silano@morningstar.com
Ricerca:
Dario Portioli
Fund Analyst
+39 02 30 30 1240, dario.portioli@morningstar.com
Morningstar Direct:
Vincenzo Pellegrini
Institutional Sales
+39 02 30301233, vincenzo.pellegrini@morningstar.com
Morningstar Italy
Via Pergolesi, 25
20124 Milano, Italy
www.morningstar.it

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