Está en la página 1de 75

MATERIAL ATUALIZADO

Simulados
CPA-20
Pra ficar por dentro de todas as
novidades, siga a gente no Instagram:

@academiarafaeltoro

Clique aqui para


acessar os outros materiais

ou Escaneie o QR Code

Atualizado em 16/02/2024
Também conhecida como
ART, a Academia Rafael
Toro foi fundada em 2017,
tendo o professor Rafael
Toro como idealizador e
fundador.

Movido pela vontade de


transformar a maneira
com que as pessoas
aprendiam, o Toro, como
é chamado pelos alunos,
queria oferecer algo
diferente e desenvolveu
uma metodologia
de aprendizado que
revolucionou o mercado
de Certificações
Financeiras no Brasil.

Siga as nossas Redes Sociais

www.academiarafaeltoro.com.br
Sumário Simulados CPA-20

Simulado 1 ................................................................................................................................. 2
Simulado 2 ............................................................................................................................... 17
Simulado 3 ............................................................................................................................... 31
Simulado 4 ............................................................................................................................... 45
Simulado 5 ............................................................................................................................... 59

Gabarito .................................................................................................................................. 73
&3$6,08/$'2 

>@6jRDWULEXLkqHVGD&90

D 'HFUHWDURUHFHVVRGR6(/,& 6LVWHPD(VSHFLDOGH/LTXLGDqpRH&XVWuGLD 
E )LVFDOL]DUHLQVSHFLRQDUDVFRPSDQKLDVDEHUWDV
F )LVFDOL]DUSHUPDQHQWHPHQWHDVDWLYLGDGHVHRVVHUYLqRVGRPHUFDGRLPRELOLnULR
G 6XVSHQGHUDQHJRFLDqpRGHGHWHUPLQDGRWtWXORSxEOLFRIHGHUDO

 >@8PEDQFRPrOWLSORFRPFDUWHLUD &RPHUFLDOHGH$UUHQGDPHQWR 0HUFDQWLO


GHQWUHVXDVRSHUDkqHVHVWhDXWRUL]DGRD
,t$GPLQLVWUDUIXQGRVGHLQYHVWLPHQWRV
,,t&DSWDkjRGHGHSoVLWRVgYLVWDOLYUHPHQWHPRYLPHQWhYHLV
,,,t5HDOL]DUDUUHQGDPHQWRGHEHQVPoYHLVHLPoYHLVDGTXLULGRVSRUHOD
(VWhFRUUHWRRTXHVHDzUPDHP

D ,DSHQDV
E ,H,,DSHQDV
F ,,H,,,DSHQDV
G ,,,H,,,

 >@ 1jR l DWLYLGDGH GDV VRFLHGDGHV FRUUHWRUDV H GLVWULEXLGRUDV GH WnWXORV H


YDORUHVPRELOLhULRV

D 3URYHUUHFXUVRVSDUDR}QDQFLDPHQWRGHHPSUHVDVQRFXUWRHPrGLRSUD]R
E ,QWHUPHGLDURIHUWDSxEOLFD ,32 
F ([HUFHUIXQqwHVGHDJHQWH}GXFLnULR
G &RPSUDUHYHQGHUWtWXORVHYDORUHVPRELOLnULRVSRUFRQWDSUuSULDHGHWHUFHLURV

>@2V%DQFRV0rOWLSORVFRPFDUWHLUDGHLQYHVWLPHQWRSRGHP
,tDWXDUFRPRDJHQWHVXQGHUZULWHUV
,,tFDSWDUUHFXUVRVSRUPHLRGHGHEmQWXUHV
,,,tDWXDUQRzQDQFLDPHQWRGHFDSLWDOGHJLURHz[R
(VWhFRUUHWRRTXHVHDzUPDHP

D ,DSHQDV
E ,,DSHQDV
F ,H,,,DSHQDV
G ,,,,,,

$SRVWLOD
6LPXODGRVSDUDR&3$

2
>@$5HVROXkjR&01QdGLVFLSOLQDVREUHDVDSOLFDkqHVGRV,15VQR
%UDVLOQRVPHUFDGRVzQDQFHLURHGHFDSLWDLVGRSDnV3DUDHIHLWRVGDOHLHQWHQGHVHSRU
,QYHVWLGRU1jR5HVLGHQWH

D SHVVRDVItVLFDVH[FOXVLYDPHQWHFRPUHVLGsQFLDVHGHRXGRPLFtOLRQRH[WHULRUH
TXHLQYHVWHPQR%UDVLO
E SHVVRDVMXUtGLFDVH[FOXVLYDPHQWHLQFOXVLYHIXQGRVRXRXWUDVHQWLGDGHVGH
LQYHVWLPHQWRFROHWLYRFRPUHVLGsQFLDVHGHRXGRPLFtOLRQRH[WHULRUHTXH
LQYHVWHPQR%UDVLO
F SHVVRDVItVLFDVRXMXUtGLFDVLQFOXVLYHIXQGRVRXRXWUDVHQWLGDGHVGH
LQYHVWLPHQWRFROHWLYRFRPUHVLGsQFLDVHGHRXGRPLFtOLRQRH[WHULRUHTXH
LQYHVWHPQR%UDVLO
G SHVVRDVItVLFDVRXMXUtGLFDVH[FHWRIXQGRVRXRXWUDVHQWLGDGHVGHLQYHVWLPHQWR
FROHWLYRFRPUHVLGsQFLDVHGHRXGRPLFtOLRQRH[WHULRUHTXHLQYHVWHPQR%UDVLO

>@8PSURSULHWhULRGHXPDFRQFHVVLRQhULDYHQGHXWUmVDXWRPoYHLVUHFlPVDnGRV
GHIhEULFDQRYDORUWRWDOGH5SDJRVgYLVWD'RLVGLDVGHSRLVRFRPSUDGRU
SDJRX D TXDQWLD DFRUGDGD HP HVSlFLH H R SURSULHWhULR FRP UHFHLR GH VHU DVVDOWDGR
GLULJLXVHDXPDDJmQFLDEDQFhULDPDLVSUo[LPDGHSRVLWDQGRRGLQKHLURQDFRQWDFRUUHQWH
GHVXDHVSRVDSRUQjRSRVVXLUFRQWDFRUUHQWHQDTXHOHEDQFR1HVVHFDVRR

D IXQFLRQnULRGDDJsQFLDDRUHFHEHURGHSuVLWRGHYHULDUHJLVWUDURVGDGRV
TXDOLWDWLYRVGRGHSRVLWDQWHHLQGLFDUDRFRUUsQFLDHRVGDGRVGDRSHUDqpRSDUD
FRPXQLFDqpRDR&RQVHOKRGH&RQWUROHGH$WLYLGDGHV)LQDQFHLUDV &2$) DWrR
SUu[LPRGLDxWLO
E FRPSUDGRUFRPHWHXFULPHGHODYDJHPGHGLQKHLURSRUFRQYHUWHURYDORUHP
HVSrFLHHPEHQVPHVPRTXHHVVHYDORUXWLOL]DGRQpRWHQKDVLGRREWLGRSRU
LQIUDqpRSHQDODQWHFHGHQWH
F SURSULHWnULRGDFRQFHVVLRQnULDFRPHWHXFULPHFRQVLVWHQWHHPDFHLWDUR
SDJDPHQWRGHDOWRYDORUHPHVSrFLH
G IXQFLRQnULRGDDJsQFLDDRUHFHEHURGHSuVLWRGHYHULDUHJLVWUDURVGDGRV
TXDOLWDWLYRVGRGHSRVLWDQWHHFRPXQLFDUDRSHUDqpRDR&RQVHOKRGH&RQWUROHGH
$WLYLGDGHV)LQDQFHLUDV &2$) VRPHQWHVHDVQRWDVGHSRVLWDGDVIRVVHPGH
EDL[RYDORUHGHPnFRQVHUYDqpRVRESHQDDGPLQLVWUDWLYDHFLYLOSRUIDOVD
FRPXQLFDqpR

 >@ 1R FDVR GH FOLHQWHV HVWUDQJHLURV SHUPDQHQWHV VHQGR HVWDV SHVVRDV
H[SRVWDV SROLWLFDPHQWH  3(3  DV LQVWLWXLkqHV zQDQFHLUDV H DV GHPDLV LQVWLWXLkqHV
DXWRUL]DGDVDIXQFLRQDUSHOR%DQFR&HQWUDOGR%UDVLOGHYHPDGRWDUSRUIRUkDGD&LUFXODU
%$&(1 HVXDVDWXDOL]DkqHV SHORPHQRVXPDGDVVHJXLQWHVSURYLGmQFLDV

D 6ROLFLWDUGHFODUDqpRH[SUHVVDGRFOLHQWHDUHVSHLWRGHVXDFODVVL}FDqpR
E 1pRVROLFLWDULQIRUPDqwHVHPHQWLGDGHJRYHUQDPHQWDOQRH[WHULRU
F 'DUDPHVPDDWHQqpRDVRSHUDqwHVUHDOL]DGDVFRPFOLHQWHVTXHQpRVHMDP3(3
G 0RQWDUXPDEDVHGHGDGRVFRPHUFLDLVGHWRGRVRV3(3

$SRVWLOD
6LPXODGRVSDUDR&3$

3
>@'HQWUHDVDOWHUQDWLYDVDEDL[RTXDOFRQWlPFODVVHVVXMHLWDVgUHJXODPHQWDkjR
GHODYDJHPGHGLQKHLUR"

D EROVDVGHYDORUHVDVEROVDVGHPHUFDGRULDVRXIXWXURVHRVVLVWHPDVGH
QHJRFLDqpRGRPHUFDGRGHEDOFpRRUJDQL]DGRHDV(QWLGDGHV$EHUWDVGH
3UHYLGsQFLDFRPSOHPHQWDU
E DVSHVVRDVItVLFDVTXHFRPSUDPMRLDVSHGUDVHPHWDLVSUHFLRVRVREMHWRVGH
DUWHHDQWLJXLGDGHV
F HPSUHVDVHQTXDGUDGDVQROXFURUHDO
G DVSHVVRDVMXUtGLFDVTXHH[HUqDPDWLYLGDGHVGHSXEOLFLGDGHLPRELOLnULDGH
FRPSUDHYHQGDGHLPuYHLV

>@'D$YDOLDkjRGH(IHWLYLGDGHDVVLQDOHDDOWHUQDWLYDLQFRUUHWD

D $VUHJUDVSDUDHODERUDqpRGRUHODWuULRFRQVWDPQD&LUFXODU
E 'HYHVHUHODERUDGDDFDGDVHLVPHVHVDWrRxOWLPRGLDxWLOGRVPHVHVGHPDLR
HQRYHPEUR
F 'HYHVHUHODERUDGRDQXDOPHQWHFRPGDWDEDVHGHGHGH]HPEUR
G 'HYHVHUHQFDPLQKDGRSDUDFLsQFLDDWrGHPDUqRGRDQRVHJXLQWHDRGD
GDWDEDVH

>@$QGUlH%HUQDUGRGRLVGLUHWRUHVTXHHVWjRQRFRQVHOKRGDFRPSDQKLDHVWjR
DQDOLVDQGRDIXVjRFRPXPDHPSUHVDQjROLVWDGDQRnQGLFH'HVWDIRUPDSRGHPRVDzUPDU
TXHHVVDLQIRUPDkjR

D rXPDLQIRUPDqpRSxEOLFDSRGHQGRVHUXWLOL]DGDVHPPDLRUHVSUREOHPDV
E rXPDLQIRUPDqpRSxEOLFDPDVQpRSRGHVHUXWLOL]DGDQpRSRGHPXVDU
F rXPDLQVLGHULQIRUPDWLRQHSRGHVHUXWLOL]DGDVHPPDLRUHVSUREOHPDV
G rXPDLQVLGHULQIRUPDWLRQPDVQpRSRGHVHUXWLOL]DGDDWrVHUGLYXOJDGD
SXEOLFDPHQWH

>@HJXQGRR&oGLJR$QELPDGH'LVWULEXLkjRGH3URGXWRVGH,QYHVWLPHQWRVVjR
FRQVLGHUDGRVSURGXWRVGHLQYHVWLPHQWRV
,t&DGHUQHWDGH3RXSDQkD
,,t$kqHVHVHXVGHULYDWLYRV
,,,t3URGXWRVGH3UHYLGmQFLD&RPSOHPHQWDU
(VWhFRUUHWRRTXHVHDzUPDHP

D ,DSHQDV
E ,,DSHQDV
F ,H,,DSHQDV
G ,,,H,,,

$SRVWLOD
6LPXODGRVSDUDR&3$

4
>@'HDFRUGRFRPR&oGLJR$1%,0$GH5HJXODkjRH0HOKRUHV3UhWLFDVSDUD
'LVWULEXLkjR GH 3URGXWRV GH ,QYHVWLPHQWRV SDUD D VLWXDkjR zQDQFHLUD GR LQYHVWLGRU DV
LQVWLWXLkqHV GHYHP FRQVLGHUDU
,t2YDORUGDVUHFHLWDVUHJXODUHVGHFODUDGDV
,,t2YDORUHRVDWLYRVTXHFRPSqHPVHXSDWULPpQLR
,,,t2SHUnRGRHPTXHVHUhPDQWLGRRLQYHVWLPHQWR
(VWhFRUUHWRRTXHVHDzUPDHP

D ,DSHQDV
E ,H,,DSHQDV
F ,,H,,,DSHQDV
G ,,,H,,,

 >@ 8PD LQVWLWXLkjR DGHUHQWH DR &oGLJR $1%,0$ GH 5HJXODkjR H 0HOKRUHV
3UhWLFDV SDUD 'LVWULEXLkjR GH 3URGXWRV GH ,QYHVWLPHQWRV SRGH ID]HU SXEOLFLGDGH GH
PDWHULDO WlFQLFR GH &HUWLzFDGRV 'HSoVLWR %DQFhULR  &'%  GH VXD HPLVVjR SDUD VHXV
LQYHVWLGRUHVGHYDUHMRDOWDUHQGD4XDQWRgVUHJUDVGHSXEOLFLGDGHGR&oGLJRDhUHDGH
FRPSOLDQFHGDLQVWLWXLkjRFRPXQLFRXTXH
,tXPDYLVRFRPRVHJXLQWHWHRUuDUHQWDELOLGDGHGLYXOJDGDQjRlOnTXLGDGHLPSRVWRv
GHYHVHUDFUHVFHQWDGDFDVRDUHQWDELOLGDGHVHMDGLYXOJDGD
,,t$VH[LJmQFLDVGR&oGLJRLQGHSHQGHPGRPHLRGHGLYXOJDkjRXWLOL]DGR
,,,t2PDWHULDOGHYHFRQWHURSrEOLFRDOYRHDWULEXWDkjRDSOLFhYHO
(VWhFRUUHWRRTXHVHDzUPDHP

D ,,,H,,,
E ,H,,DSHQDV
F ,H,,,DSHQDV
G ,,H,,,DSHQDV

>@eXPIDWRUTXHWHQGHDDXPHQWDUDWROHUiQFLDRULVFRGHLQYHVWLGRUHV

D $SUR[LPLGDGHGDDSRVHQWDGRULD
E /RQJRSUD]RGHLQYHVWLPHQWR
F $OWDQHFHVVLGDGHGHOLTXLGH]
G &RQGLqwHVGHPHUFDGRHVWnYHLV

>@6HJXQGRD5HVROXkjR&90 HVXDVDWXDOL]DkqHV TXDQGRXPFOLHQWHVH


UHFXVDDIRUQHFHULQIRUPDkqHVDXPSURzVVLRQDOQjRSHUPLWLQGRDLGHQWLzFDkjRGRSHUzO
GRFOLHQWHSDUDUHFRPHQGDUSURGXWRVRXVHUYLkRVRSURzVVLRQDOGHYH

D 6HDEVWHUGHUHFRPHQGDUSURGXWRVGHLQYHVWLPHQWRVDRFOLHQWH
E 5HFRPHQGDUSURGXWRVVHRFOLHQWHIRUDOHUWDGRTXHDUHFRPHQGDqpRIHLWDSRGH
QpRHVWDUGHDFRUGRFRPVHXSHU}OGHLQYHVWLPHQWR
F )D]HUUHFRPHQGDqwHVSDUDVHXFOLHQWHSRUVXDFRQWDHULVFR
G 5HFRPHQGDUSURGXWRVVHRFOLHQWHDVVLQDUXPDGHFODUDqpRTXHLVHQWHR
SUR}VVLRQDOGRVHXGHYHUGHYHUL}FDqpRGHDGHTXDqpRGHVXDVUHFRPHQGDqwHV

$SRVWLOD
6LPXODGRVSDUDR&3$

5
>@&RQVLGHUHREDODQkRSDWULPRQLDODEDL[RGHXPDSHVVRDInVLFD


D $WLYRWRWDOH([LJtYHOWRWDO
E $WLYRWRWDOH3DWULPvQLR/tTXLGRWRWDO
F 3DWULPvQLR/tTXLGRH([LJtYHOWRWDO
G $WLYRH3DWULPvQLR/tTXLGR

 >@ 8PD HPSUHVD UHDOL]RX UHFHQWHPHQWH XP ,32  2IHUWD 3rEOLFD ,QLFLDO H
SDVVRXDOLVWDVDVVXDVDkqHVQD%ROVDGH9DORUHV2SUHkRGR,32IRLGH5SRU
DkqHV8PDQRDQWHVRSULQFLSDOFRQFRUUHQWHGHVVDHPSUHVDWDPElPUHDOL]RXXP,32DR
SUHkRGH5$WXDOPHQWHDVDkqHVGDHPSUHVDFRQFRUUHQWHHVWjRVHQGRQHJRFLDGDV
D5QDEROVDGHYDORUHV1HVVHFDVRRVLQYHVWLGRUHVLQ{XHQFLDGRVSHOD+HXUnVWLFD
GD$QFRUDJHP

D $FUHGLWDPTXHRPHUFDGRVHMDH}FLHQWHHGHVWDIRUPDTXHHVVDDqpRHVWHMDQR
YDORUGH5HPXPDQR
E 8WLOL]HPRUHVXOWDGRGRFRQFRUUHQWHFRPRSDUoPHWURDFUHGLWDQGRTXHDVDqwHV
HVWHMDPQRYDORUGH5HPXPDQR
F 'HVSUH]HPTXDOTXHULQIRUPDqpRSDVVDGDSDUDHVWLPDURSUHqRGDDqpRGD
HPSUHVDTXHDEULXFDSLWDODFUHGLWDQGRTXHRPHUFDGRVHMDH}FLHQWH
G 'HVSUH]HPFRPSOHWDPHQWHDLQIRUPDqpRGR,32GDHPSUHVDFRQFRUUHQWHSDUD
HVWLPDURSUHqRGDDqpRGDHPSUHVDTXHDEULXRFDSLWDO

>@3URGXWR,QWHUQR%UXWRlXPLQGLFDGRUHFRQpPLFRGHH[WUHPDLPSRUWiQFLD
3DUDRVHXFhOFXORVREDoWLFDGRFRQVXPRGHYHVHXWLOL]DUDVHJXLQWHIoUPXOD

D &*,z;0
E &,*z1;
F &*1;z0
G &,*;z0

$SRVWLOD
6LPXODGRVSDUDR&3$

6
>@$UHVSHLWRGDSROnWLFDPRQHWhULDlFRUUHWRDzUPDUTXHD

D FRPSUDGHWtWXORVSxEOLFRVGRVEDQFRVSHOR%DQFR&HQWUDOrFRHUHQWHFRPXPD
SROtWLFDPRQHWnULDFRQWUDFLRQLVWD
E (OHYDqpRGDVWD[DVGHMXURVSRGHFRPSURPHWHUDYLDELOLGDGHGHQRYRVSURMHWRV
GHLQYHVWLPHQWRVQDHFRQRPLD
F )HUUDPHQWDH[FOXVLYDSDUDRSHUDFLRQDOL]DqpRGRVLVWHPDGHPHWDVGHLQ~DqpRr
DRIHUWDPRQHWnULD
G (OHYDqpRGRVUHFROKLPHQWRVFRPSXOVuULRVVREUHRVGHSuVLWRVmYLVWDSURYRFDXP
LQFUHPHQWRGRVUHFXUVRVGLVSRQtYHLVSDUDHPSUrVWLPRVSHORVEDQFRVFRPHUFLDLV

 >@ (P XPD UHXQLjR GH WUDEDOKR RV WlFQLFRV GR %DQFR &HQWUDO GR %UDVLO
GLVFXWLUDPTXDWURPHGLGDVGHSROnWLFDPRQHWhULDHzVFDOTXHSRGHPVHUDGRWDGDV
,t&RUWHQDPHWDGD7D[D6HOLF
,,t$XPHQWRGRGHSoVLWRFRPSXOVoULRGRVEDQFRV
,,,t5HGXkjRGDVDOnTXRWDVGR,PSRVWRVREUH3URGXWRV,QGXVWULDOL]DGRV ,3, 
,9t&RQWHQkjRGRVJDVWRVGRJRYHUQR
6jRDkqHVFODVVLzFDGDVFRPRFRQWUDFLRQLVWDVDTXHODVGHVFULWDVHP

D ,H,,DSHQDV
E ,,H,,,DSHQDV
F ,,,H,9DSHQDV
G ,,H,9DSHQDV

>@8PSDnVTXHWHPVXDEDODQkDFRPHUFLDOVXSHUDYLWhULDVLJQLzFDTXH

D RWRWDOGHEHQVH[SRUWDGRVVpRLQIHULRUHVDRWRWDOGHEHQVLPSRUWDGRV
E RWRWDOGHEHQVH[SRUWDGRVVpRVXSHULRUHVDRWRWDOGHEHQVLPSRUWDGRV
F WHQKDXPPDLRUYROXPHGHUHPHVVDVGHOXFURVHMXURVGHHPSUrVWLPRVHQYLDGRV
SDUDRH[WHULRU
G WHQKDXPPHQRUYROXPHGHUHPHVVDVGHOXFURVHMXURVGHHPSUrVWLPRV
HQYLDGRVSDUDRH[WHULRU

>@8PLQYHVWLGRUTXHDGTXLUHEpQXVGHVXEVFULkjRDVVXPHXPDSRVLkjRTXH
HTXLYDOHDXPD

D &RPSUDGHXPDRSqpRGHYHQGD
E 9HQGDGHXPDRSqpRGHYHQGD
F 9HQGDGHXPDRSqpRGHFRPSUD
G &RPSUDGHXPDRSqpRGHFRPSUD

$SRVWLOD
6LPXODGRVSDUDR&3$

7
>@8PLQYHVWLGRUSHVVRDInVLFDYHQGHXDkqHVHP%ROVDGH9DORUHVFRQIRUPH
GHPRQVWUDGRQRTXDGURDEDL[R


D 'H]HPEURGHHMDQHLURGH
E 1RYHPEURHGH]HPEURGHHIHYHUHLURGH
F 1RYHPEURHGH]HPEURGH
G -DQHLURHIHYHUHLURGH

 >@ 2 FRQFHLWR GH PDUFDkjR D PHUFDGR GH XP WnWXOR GH UHQGD z[D OnTXLGR l
GHzQLGRFRPRVHXDSUHkDPHQWRQDGDWD

D DWXDOXWLOL]DQGRDWD[DGHGHVFRQWR \LHOGWRPDWXULW\ SUDWLFDGDSHORPHUFDGR
QRPRPHQWRGDVXDHPLVVpR
E DWXDOXWLOL]DQGRDWD[DGHGHVFRQWR \LHOGWRPDWXULW\ SUDWLFDGDSHORPHUFDGR
QRLQVWDQWHGDVXDSUHFL}FDqpR
F GHVHXYHQFLPHQWRXWLOL]DQGRDWD[DGHGHVFRQWR \LHOGWRPDWXULW\ SUDWLFDGD
SHORPHUFDGRQRPRPHQWRGDVXDHPLVVpR
G GHVHXYHQFLPHQWRXWLOL]DQGRDWD[DGHGHVFRQWR \LHOGWRPDWXULW\ SUDWLFDGD
SHORPHUFDGRQRLQVWDQWHGDVXDSUHFL}FDqpR

 >@ 2 SUHkR XQLWhULR  38 GH XP WnWXOR GH UHQGD z[D SUHz[DGR VHP SDJDPHQWRV
SHULoGLFRVGHMXURVlR

D YDORUSUHVHQWHGRVFXSRQVHRGRSULQFLSDO
E YDORUQRPLQDODWXDOL]DGR
F TXRFLHQWHHQWUHRWRWDOGHFXSRQVHRWRWDOGDVDPRUWL]DqwHV
G SUHqRGHQHJRFLDqpRGRWtWXORFDOFXODGRHPGHWHUPLQDGDGDWD

>@'HEmQWXUHV

D 3RGHPVHUHPLWLGDVSRUEDQFRVGHLQYHVWLPHQWR
E 6pRHPLWLGDVFRPSUD]RPn[LPRGHGLDV
F 7sPVXDVJDUDQWLDVVHH[LVWLUHPHVSHFL}FDGDVQDHVFULWXUDGDHPLVVpR
G 6HGHVWLQDPDR}QDQFLDPHQWRGHFDSLWDOGHJLUR

>@2SUD]RPh[LPRGHHPLVVjRGHXPDQRWDSURPLVVoULDVHPFRQVLGHUDUDVVXDV
H[FHkqHVlGH

D 3RGHVHUHPLWLGDVHPSUD]RPn[LPR
E GLDVSDUD6$)HFKDGDVHGLDVSDUD6$$EHUWDV
F GLDVSDUD6$)HFKDGDVHGLDVSDUD6$$EHUWDV
G GLDVSDUD6$)HFKDGDVHGLDVSDUD6$$EHUWDV

$SRVWLOD
6LPXODGRVSDUDR&3$

8
 >@ 8P LQYHVWLGRU TXDOLzFDGR SHVVRD InVLFD TXHU LQYHVWLU HP XP SURGXWR GH
UHQGD z[D TXH QjR WHQKD LPSRVWR GH UHQGD 'HVWD IRUPD HOH GHYH DSOLFDU HP

D ),'&
E ),3
F &5,
G /)

>@1DVGHEmQWXUHVVLPSOHVUHPXQHUDGDVSHODYDULDkjRGR,3&$DD
FRPYHQFLPHQWRHPDQRVHSDJDPHQWRVHPHVWUDLVGHUHQGLPHQWRV

D RUHVSRQVnYHOSHODUHWHQqpRHUHFROKLPHQWRGRLPSRVWRGHUHQGDVHUnD
LQVWLWXLqpRTXHHIHWXDURSDJDPHQWRGRVUHQGLPHQWRV
E RUHVSRQVnYHOSHODUHWHQqpRHUHFROKLPHQWRGRLPSRVWRGHUHQGDVHUnR
GHEHQWXULVWD
F RVUHQGLPHQWRVVHPHVWUDLVHVWDUpRVXMHLWRVmLQFLGsQFLDGRLPSRVWRGHUHQGDD
XPDDOtTXRWDxQLFDLQGHSHQGHQWHPHQWHGRPRPHQWRHPTXHRFRUUHUVHX
SDJDPHQWR
G QpRKDYHUnLQFLGsQFLDGHLPSRVWRGHUHQGDQRSDJDPHQWRGRVUHQGLPHQWRVDRV
LQYHVWLGRUHVSHVVRDVItVLFDV

>@2FRQWUDWRIXWXURGH',QHJRFLDGRQD%ROVDGH9DORUHVSHUPLWH

D HVWLPDUDYRODWLOLGDGHGDVRSqwHVGHRXUR
E DX[LOLDUQDGHWHUPLQDqpRGDLQFOLQDqpRGDFXUYDGHMXURV
F DX[LOLDUQDSUHYLVpRGDVWD[DVGHFoPELRVSRW
G HVWLPDUDYRODWLOLGDGHGRtQGLFH%29(63$

>@$QHJRFLDkjRGHFRQWUDWRVQRPHUFDGRIXWXURlFDUDFWHUL]DGDSRU

D QHJRFLDqpRGRVYDORUHVGDVPDUJHQVGHJDUDQWLD
E LGHQWL}FDqpRGRLQYHVWLGRUFRQWUDSDUWH
F HVWtPXORGD%ROVDGH9DORUHVSDUDOLTXLGDqpRItVLFDHQWUHDVSDUWHV
G OLTXLGDqpRHPGDWDIXWXUDGHWHUPLQDGDSHODEROVD

>@8PJHVWRUGHXPIXQGRLQVWLWXFLRQDODRVHSRVLFLRQDUHPXPDRSHUDkjRGH
VZDS SDUD PRGLzFDU D UHPXQHUDkjR GRV DWLYRV GD FDUWHLUD GH LQYHVWLPHQWRV FRP WD[DV
SUlSDUDSoVz[DGDVREMHWLYD

D DOWHUDUDTXHODUHPXQHUDqpRSDUDXPYDORUSUu[LPRmWD[DEnVLFDGHMXURV
E WRUQDUDTXHODFDUWHLUDOLYUHGHULVFRGDWD[DGHMXURV
F DWUHODUDUHPXQHUDqpRSDUDTXHVHMDVLPLODUmV1RWDVGR7HVRXUR1DFLRQDOz
6rULH) 171) 
G HVWDEHOHFHURUHWRUQRGRIXQGRFRPUHQWDELOLGDGHSUu[LPDm/HWUDGR7HVRXUR
1DFLRQDO /71 

$SRVWLOD
6LPXODGRVSDUDR&3$

9
 >@ (P UHODkjR DR &2(  &HUWLzFDGR GH 2SHUDkqHV (VWUXWXUDGDV  RV GRFXPHQWRV
TXHVjRREULJDWoULRVVjR


D 2%5,*$7k5,21g22%5,*$7k5,2
E 2%5,*$7k5,22%5,*$7k5,2
F 1g22%5,*$7k5,22%5,*$7k5,2
G 1g22%5,*$7k5,21g22%5,*$7k5,2

>@6REUHRVLVWHPDGHDMXVWHGLhULRHVWH

D 6urXWLOL]DGRQRPHUFDGRDWHUPR
E 6urXWLOL]DGRQRPHUFDGRGHVZDSV
F 6urXWLOL]DGRHPFDVRVHVSHFLDLV
G iIDWRUGHVHJXUDQqDQDOLTXLGDqpRGRVFRQWUDWRV

>@6jRDWULEXLkqHVGR*HVWRUGH5HFXUVRVH[FHWR

D UHDOL]DURUGHQVGHFRPSUDHYHQGDGHDWLYRV}QDQFHLURV
E QHJRFLDUDORFDUHUDWHDUDVRUGHQVGRVYHtFXORVGHLQYHVWLPHQWRTXDQGR
DSOLFnYHO
F HODERUDqpRGHWRGRVRVGRFXPHQWRVUHODFLRQDGRVDRVIXQGRV
G HQTXDGUDURVOLPLWHVGHLQYHVWLPHQWRGDFDUWHLUDGRVYHtFXORVGHLQYHVWLPHQWR
FRQIRUPHGHWHUPLQDGRQRVGRFXPHQWRVHQD5HJXODqpR

>@$UHQWDELOLGDGHGRVIXQGRVGHLQYHVWLPHQWRQjRGHVWLQDGRVDLQYHVWLGRUHV
TXDOLzFDGRVGLYXOJDGDDRPHUFDGRHQRVH[WUDWRVGRVFRWLVWDV

D FRQVLGHUDDVGHVSHVDVSDJDVSHORVIXQGRVHDVSDJDVGLUHWDPHQWHSHORV
FRWLVWDVFRPRR,PSRVWRGH5HQGD
E QpRFRQVLGHUDDVGHVSHVDVLQGLYLGXDLVSDJDVGLUHWDPHQWHSHORVFRWLVWDVFRPRR
,PSRVWRGH5HQGD
F QpRFRQVLGHUDDVGHVSHVDVLQGLYLGXDVSDJDVSDUDDSUHVWDqpRGHVHUYLqRVGH
DXWRULDHJHVWpR
G QpRFRQVLGHUDDVGHVSHVDVGDWD[DGHDGPLQLVWUDqpR

$SRVWLOD
6LPXODGRVSDUDR&3$

10
>@(PUHODkjRDXP)XQGRGH,QYHVWLPHQWRHP&RWDVGH'LUHLWRV&UHGLWoULRV
),&),'&  SRGHPRV DzUPDU TXH LQYHVWHP HP )XQGRV GH ,QYHVWLPHQWR HP 'LUHLWRV
&UHGLWoULRV  ),'&V QR PnQLPR

D 
E 
F 
G 

 >@ 8P IXQGR GH LQYHVWLPHQWR HP DkqHV l XPD FRPXQKjR GH UHFXUVRV
FRQVWLWXnGDVREDIRUPDGHFRQGRPnQLRHVSHFLDOTXHDSOLFDRVUHFXUVRVHP
, t $kqHV GHEmQWXUHV H EpQXV GH VXEVFULkjR FXMD HPLVVjR RX QHJRFLDkjR WHQKD VLGR
REMHWRGHUHJLVWURRXGHDXWRUL]DkjRSHOD&90
,, t &HUWLzFDGRV RX UHFLERV GH GHSoVLWRV HPLWLGRV QR H[WHULRU FRP ODVWUR HP YDORUHV
PRELOLhULRV GH HPLVVjR GH FRPSDQKLD DEHUWD EUDVLOHLUD
,,,t7nWXORVGDGnYLGDSrEOLFDIHGHUDO
(VWhFRUUHWRRTXHVHDzUPDHP

D ,H,,DSHQDV
E ,H,,,DSHQDV
F ,,H,,,DSHQDV
G ,H,,H,,,

>@2JHVWRUGHXPIXQGRGHLQYHVWLPHQWRVHVWhDGTXLULQGRDWLYRVGHUHQGDz[D
SDUDDFDUWHLUDGHXPDFODVVH(OHHVWhFRPSUDQGR/)7 7HVRXUR6HOLF &'%GDPDLRU
LQVWLWXLkjR zQDQFHLUD GR SDnV  UDWLQJ $$$ H 'HEmQWXUHV GH XPD HPSUHVD DEHUWD FRP
UDWLQJ&&&TXHHVWhFRPYDORUGHPHUFDGRPXLWRDEDL[RGRVHXSDU2SHUFHQWXDOPh[LPR
TXHHOHSRGHUhDORFDUHPFDGDXPGHVVHVDWLYRVQHVVDFDUWHLUDUHVSHFWLYDPHQWHlGH

D H
E H
F H
G H

>@2REMHWLYRGHXPDFODVVH5HQGD)L[D6LPSOHVGHXP)XQGRGH,QYHVWLPHQWR
GHVWLQDGRDRVHJPHQWRGHYDUHMRlRGHWHUXPDFDUWHLUDGHWnWXORVFRPEDL[RULVFRGH
FUlGLWRHEDL[RULVFRGHPHUFDGR(VVHREMHWLYRlDWLQJLGRFRPXPDFDUWHLUDFRPSRVWDSRU

D WtWXORVGRJRYHUQRIHGHUDOHGHDOWDGXUDqpR
E WtWXORVGHLQVWLWXLqwHV}QDQFHLUDVHGHEDL[DGXUDqpR
F WtWXORVGRJRYHUQRIHGHUDOHGHEDL[DGXUDqpR
G WtWXORVGHLQVWLWXLqwHV}QDQFHLUDVHGHDOWDGXUDqpR

>@$YDOLHDVDOWHUQDWLYDVDEDL[RgUHVSHLWRGRV)XQGRV,PRELOLhULRV ),, 
,t3RGHVHUFRPSRVWRSRULQYHVWLGRUHVGHYDUHMRRXLQYHVWLGRUHVTXDOLzFDGRV
,,t$VFODVVHVGHFRWDVVjRFRQVWLWXnGDVVREDIRUPDGHUHJLPHIHFKDGR
,,,t3HUPLWHDXWLOL]DkjRGHGHULYDWLYRVDSHQDVSDUDSURWHkjRGHFDUWHLUD
(VWhFRUUHWRRTXHVHDzUPDHP

D ,DSHQDV
E ,,DSHQDV
F ,H,,,DSHQDV
G ,,,H,,,

$SRVWLOD
6LPXODGRVSDUDR&3$

11
 >@ 3DUD XP LQYHVWLGRU TXH QjR SUHWHQGH FRUUHU ULVFRV IRL LQGLFDGR XP
LQYHVWLPHQWR QD FODVVH GH XP IXQGR GH LQYHVWLPHQWR zQDQFHLUR WLSLzFDGR FRPR u5HQGD
)L[D5HIHUHQFLDGR',v(OHTXHVWLRQRXDRVHXJHUHQWHDLQIRUPDkjRTXHFRQVWDQRDQH[R
GRIXQGRTXHFODVVHVWLSLzFDGRVGHVWDIRUPDSRGHPDWXDUQRPHUFDGRGHGHULYDWLYRV2
JHUHQWH HVFODUHFHX OKH TXH HVVD PHQVDJHP l XPD H[LJmQFLD GD &RPLVVjR GH 9DORUHV
0RELOLhULRV &90 HTXHHVVDWLSLzFDkjRQjRXWLOL]DLQVWUXPHQWRVGHULYDWLYRV1HVVHFDVR
RHVFODUHFLPHQWRGRJHUHQWHHVWh

D ,QFRUUHWRSRLVHVWHWLSRGHIXQGRSRGHXVDUGHULYDWLYRVSDUDDDODYDQFDJHPGD
FDUWHLUD
E &RUUHWRSRLVrYHGDGDDDWXDqpRGHVVHWLSRGH)XQGRQRPHUFDGRGH
GHULYDWLYRV
F ,QFRUUHWRSRLVD&90QpRH[LJHHVVDLQIRUPDqpRSDUDHVVHWLSRGH)XQGR
G ,QFRUUHWRSRLVHVVHWLSRGHIXQGRSRGHXWLOL]DUGHULYDWLYRVSDUDDSURWHqpRGD
FDUWHLUD

>@'HDFRUGRFRPR&oGLJR$QELPDGH$GPLQLVWUDkjRGH5HFXUVRVGH7HUFHLURV
UHSUHVHQWDPREULJDkqHVGR*HVWRUGH5HFXUVRV

D HODERUDqpRGHWRGRVRVGRFXPHQWRVUHODFLRQDGRVDRVIXQGRV
E FRQVWLWXLqpRDGPLQLVWUDqpRIXQFLRQDPHQWRHGLYXOJDqpRGHLQIRUPDqwHVGRV
IXQGRV
F QHJRFLDqpRDORFDqpRHUDWHLRGDVRUGHQVGRVYHtFXORVGHLQYHVWLPHQWRTXDQGR
DSOLFnYHO
G FRQWUROHGRVDWLYRV}QDQFHLURVGDFDUWHLUDGHVSHVDVHHQFDUJRVVREUHHOHV
LQFLGHQWHV

>@9RFmlFRQVXOWRU&90HRVHXFOLHQWHSHGHXPDLQGLFDkjRGHDSOLFDkjRSDUD
IXQGRGHLQYHVWLPHQWR(OHGHVHMDDSOLFDUSRUXPORQJRSUD]RFRUUHUULVFRVDWUDYlVGH
WnWXORV SrEOLFRV H WnWXORV SULYDGRV GH UHQGD z[D H QjR GHVHMD SDJDU LPSRVWR GH UHQGD
VHPHVWUDOPHQWH  FRPHFRWDV  'HVWD IRUPD YRFm GHYHULD LQGLFDU XP

D )XQGR0XOWLPHUFDGRDEHUWRORQJRSUD]R
E )XQGR5HQGD)L[DIHFKDGRGHORQJRSUD]R
F )XQGR5HQGD}[DDEHUWRGHORQJRSUD]R
G )XQGRGHDqwHV

>@(PXPFRQWULEXLQWHSHVVRDMXUnGLFDHIHWXRXXPDrQLFDDSOLFDkjRHP
)XQGRGH5HQGD)L[DGH/RQJR3UD]RVHPFDUmQFLDQRYDORUGH5(QTXDQWR
HOHQjRSURPRYHUUHVJDWHVGHVVHIXQGRR,PSRVWRGH5HQGD,5 FRPHFRWDV GHYHUhVHU
UHWLGRSHORDGPLQLVWUDGRUGRIXQGR

D VHPHVWUDOPHQWHmDOtTXRWDGH
E PHQVDOPHQWHmDOtTXRWDGH
F PHQVDOPHQWHFRPDOtTXRWDYDULnYHOFRQIRUPHRSUD]RGHDSOLFDqpR
G VHPHVWUDOPHQWHFRPDOtTXRWDYDULnYHOFRQIRUPHRSUD]RGHDSOLFDqpR

$SRVWLOD
6LPXODGRVSDUDR&3$

12
 >@ $ FRPSHQVDkjR GH LPSRVWR GH UHQGD HP DSOLFDkqHV HP IXQGRV GH
LQYHVWLPHQWRSRGHVHU
,t)HLWDSHORLQYHVWLGRUPHVPRTXHDLQGDQjRWHQKDYHQGLGRVXDVFRWDVFRPSUHMXn]R
,,t)HLWDDSHQDVHQWUHIXQGRVGHPHVPRWUDWDPHQWRWULEXWhULR
,,,t'HFODUDGDQR,53) ,PSRVWRGH5HQGD3HVVRD)nVLFD GHGX]LQGRDEDVHGHFhOFXORGR
LPSRVWRDVHUSDJRQDGHFODUDkjRGHDMXVWHDQXDO
(VWhFRUUHWRRTXHVHDzUPDHP

D ,DSHQDV
E ,,DSHQDV
F ,H,,,DSHQDV
G ,,H,,,DSHQDV

>@(PUHODkjRgWULEXWDkjRGRVIXQGRVGHLQYHVWLPHQWRLPRELOLhULRSHORLPSRVWR
GHUHQGDlFRUUHWRDzUPDUTXH

D RVOXFURVDXIHULGRVSHORIXQGRHTXHVHMDPGLVWULEXtGRVDRVFRWLVWDVGHYHPVHU
WULEXWDGRVQDIRQWHmDOtTXRWDGH
E WUDWDVHGHXPDPRGDOLGDGHGHDSOLFDqpRLVHQWDGHLPSRVWRSDUDSHVVRD
MXUtGLFDVREUHRVJDQKRVGHFDSLWDOHRXUHQGLPHQWRVQDDOLHQDqpRRXUHVJDWH
GDVFRWDV
F KnGRLVWLSRVGHIDWRVJHUDGRUHVDGLVWULEXLqpRGRVOXFURVDXIHULGRVSHORIXQGR
DRVFRWLVWDVHDREWHQqpRGHJDQKRVGHFDSLWDOHUHQGLPHQWRVQDDOLHQDqpRRX
UHVJDWHGHFRWDV
G RLPSRVWRDSXUDGRGHYHVHUUHFROKLGRSHORSUuSULRWLWXODUGDVFRWDVHPGH
MXQKRHGHGH]HPEURGHFDGDDQR

>@$SRUWDELOLGDGHSHUPLWHTXHKDMDWUDQVIHUmQFLDV

D 'H3*%/SDUD3*%/GH9*%/SDUD9*%/GH3*%/SDUD9*%/GH9*%/SDUD
3*%/WRGDVVHPLPSRVWRGHUHQGD
E 6HPLPSRVWRGHUHQGDTXDQGRIRU3*%/SDUD3*%/RXGH9*%/SDUD9*%/&RP
LPSRVWRGHUHQGDTXDQGRIRUGH3*%/SDUD9*%/RXGH9*%/SDUD3*%/
F 'H3*%/SDUD3*%/GH9*%/SDUD9*%/FRPLPSRVWRGHUHQGD
G 'H3*%/SDUD3*%/GH9*%/SDUD9*%/VHPLPSRVWRGHUHQGD

>@*XLOKHUPHSRVVXLXPSODQRGHSUHYLGmQFLDGRWLSR3*%/QRTXDOLQYHVWH
GRV UHFXUVRV HP UHQGD z[D &HUWR GLD HOH YDL DR EDQFR H LQIRUPD DR VHX JHUHQWH TXH
DJRUDHOHHVWhPDLVSURSHQVRDRULVFRHJRVWDULDGHWURFDUVXDDSOLFDkjRSDUDXPRXWUR
SODQRGHSUHYLGmQFLDTXHDSOLTXHDWlHPUHQGDYDULhYHO'HVWDIRUPDRJHUHQWH
SRGHULDLQIRUPDUTXHHOH

D 3RGHUnWURFDUGHSHU}OHUHDOL]DUDSRUWDELOLGDGHSDUDRXWURSODQRSRUrPKDYHUn
FREUDQqDGH,PSRVWRGH5HQGDQRPRPHQWRGDUHDOL]DqpRGDWUDQVIHUsQFLD
E 3RGHUnWURFDUGHSHU}OHUHDOL]DUDSRUWDELOLGDGHSDUDRXWURSODQRQpRKDYHQGR
FREUDQqDGH,PSRVWRGH5HQGDQRPRPHQWRGDUHDOL]DqpRGDWUDQVIHUsQFLD
FDVRHOHSHUPDQHqDHPXPSODQRGRWLSR3*%/
F 8PDYH]GH}QLGRRSHU}OGRLQYHVWLGRUHPSODQRVGHSUHYLGsQFLDQpRSRGHUn
PDLVVHUIHLWDDSRUWDELOLGDGHSDUDSODQRVPDLVDUURMDGRVPDVSRGHUnUHVJDWDU
RVUHFXUVRVSDJDQGRLPSRVWRGHUHQGDHUHDOL]DUQRYRVDSRUWHVHPSODQRVPDLV
DUURMDGRV
G 3RGHULDWURFDUGHSODQRID]HQGRXPDSRUWDELOLGDGHVHPFREUDQqDGHLPSRVWRGH
UHQGDGHVGHTXHFRQWUDWDVVHXPVHJXURGHYLGDWDPErP

$SRVWLOD
6LPXODGRVSDUDR&3$

13
>@0pQLFDGHFLGLXFRQWUDWDUXPSODQRGHSUHYLGmQFLDFRPSOHPHQWDUGRWLSR9LGD
*HUDGRU GH %HQHInFLR /LYUH  9*%/  FRP DSRUWHV PHQVDLV GH 5  H 7hEXD
%LRPlWULFD%56(06HXREMHWLYRlRGHDFXPXODURPDLRUYDORUSRVVnYHOHPDQRVSDUD
FRQYHUWHUDUHVHUYDDFXPXODGDHPXPEHQHInFLRGHUHQGDPHQVDOYLWDOnFLD1HVVHFDVRHOD
GHYHUh VHOHFLRQDU QD IDVH GH GLIHULPHQWR XP SODQR TXH SRVVXD D BBBBBBBBB WD[D GH
FDUUHJDPHQWRHDBBBBBBBBBUHQWDELOLGDGHGRIXQGRHQDIDVHGHFRQFHVVjRGREHQHInFLRR
BBBBBBBBBSHUFHQWXDOGHUHYHUVjRGRH[FHGHQWHzQDQFHLUR

$VODFXQDVGDIUDVHGHYHUjRVHUSUHHQFKLGDVFRUUHWDPHQWHSRU

D PHQRUPDLRUPHQRU
E PHQRUPHQRUPDLRU
F PHQRUPDLRUPDLRU
G PDLRUPDLRUPHQRU

>@8PLQYHVWLGRUFRQWUDWRXXPSODQRGHSUHYLGmQFLDFRPSOHPHQWDUGRWLSR3*%/
3ODQR *HUDGRU GH %HQHInFLR /LYUH  HVFROKHQGR SDUD WULEXWDkjR D WDEHOD UHJUHVVLYD
UHDOL]DQGR XP rQLFR DSRUWH Kh  PHVHV QR YDORU GH 5  $ UHQWDELOLGDGH
DFXPXODGD QR SHUnRGR IRL GH  UHVXOWDQGR KRMH HP XP VDOGR DFXPXODGR GH 5
 (VVH LQYHVWLGRU SUHFLVRX UHVJDWDU LQWHJUDOPHQWH R VDOGR DFXPXODGR 1HVVH
FDVRRLPSRVWRGHUHQGDDVHUFREUDGRQRUHVJDWHLQFLGLUhVREUH

D 5
E 5
F 5
G XPGHWHUPLQDGRYDORUTXHQpRrSRVVtYHOLQIRUPDUQRH[DWRPRPHQWRSRLV
GHSHQGHUnGDUHQGDDQXDOWULEXWnYHOGRLQYHVWLGRU

>@5DIDHOWHPDQRVUHFHEH5PHQVDLVHID]DGHFODUDkjRGHDMXVWHGH
,PSRVWRGH5HQGDSHORIRUPXOhULRVLPSOLzFDGR(OHGHVHMDID]HUXPSODQRGHSUHYLGmQFLD
SDUDUHFHEHU5PHQVDLVDSDUWLUGRVDQRV2SODQRPDLVLQGLFDGRSDUDHOH
VHULD

D 3*%/UHJLPHUHJUHVVLYR
E 9*%/UHJLPHSURJUHVVLYR
F 9*%/UHJLPHUHJUHVVLYR
G 3*%/UHJLPHSURJUHVVLYR

>@&RQVLGHUDQGRDVFRUUHODkqHVGRVDWLYRV $H%   $H&  H %H&  


D RUGHP GRV JUhzFRV DEDL[R TXH PHOKRU UHSUHVHQWDP D FRUUHODkjR HQWUH HVWDV YDULhYHLV
UHVSHFWLYDPHQWHl


D ,,,H,,,
E ,,,,H,,
F ,,,,H,,
G ,,,,,H,

$SRVWLOD
6LPXODGRVSDUDR&3$

14
>@4XDQGRFRPSDUDGRDR$WLYR/LYUHGH5LVFRRu6SUHDGGH&UlGLWRvlXPD
PHGLGDTXH

D 5HSUHVHQWDRULVFRWRWDOGHXPLQYHVWLPHQWR
E 5HSUHVHQWDDSUREDELOLGDGHGHLQDGLPSOsQFLDGRHPLVVRUGRWtWXOR
F 5HSUHVHQWDDRVFLODqpRGHXPDWLYR
G 6HUnVHPSUHXPDWD[DQHJDWLYD

>@6REUHULVFRDQDOLVHDVVHJXLQWHVDzUPDWLYDV
,t5LVFRVLVWmPLFRSRGHVHUGLYHUVLzFDGR
,,t5LVFRQjRVLVWmPLFRQjRSRGHVHUGLYHUVLzFDGR
,,,t6jRFRQVLGHUDGRVH[HPSORVGRVFRPSRQHQWHVGR5LVFRQjRVLVWmPLFRULVFRGRQHJoFLR
HULVFRzQDQFHLUR
(VWhFRUUHWRRTXHVHDzUPDHP

D ,H,,,
E ,,H,,,
F ,,,
G ,,,H,,,

>@6HGRLVIXQGRVGHUHQGDz[D$H%FRPDWLYRVGHPHVPRULVFRGHFUlGLWRVjR
PDUFDGRVDPHUFDGRVHQGRRIXQGR$GHFXUWRSUD]RHRIXQGR%GHORQJRSUD]R

D RUHQGLPHQWRHVSHUDGRGRIXQGR$rPDLRUGRTXHRHVSHUDGRGRIXQGR%
E DYRODWLOLGDGHGRYDORUGDFRWDGRIXQGR%rPDLRUGRTXHDGDFRWDGRIXQGR$
F RSUD]RPrGLRGDFDUWHLUDGH$rPDLRUGRTXHRGDFDUWHLUDGH%
G DWD[DGHDGPLQLVWUDqpRGRIXQGR%rPHQRUGRTXHDGRIXQGR$

>@2ULVFRHVWhSUHVHQWH

D HPWRGRVRVDWLYRVHPPDLRURXPHQRUJUDX
E VRPHQWHHPDWLYRVGHUHQGDYDULnYHO
F DSHQDVHPDWLYRVGHEDL[DOLTXLGH]
G H[FOXVLYDPHQWHHPDWLYRVGHORQJRSUD]R

>@2JUhzFRDEDL[RUHSUHVHQWDRFRQFHLWRGH


D +HGJH
E (VSHFXODqpR
F ,QVLGHU7UDGLQJ
G 'LYHUVL}FDqpR

$SRVWLOD
6LPXODGRVSDUDR&3$

15
>@3DUDXPDWLYRTXHWHPOLTXLGH]HOHYDGD

D RULVFRGHLQDGLPSOsQFLDGRHPLVVRUrDOWR
E DGLIHUHQqDHQWUHRPHOKRUSUHqRGHFRPSUDHRPHOKRUSUHqRGHYHQGDrDOWR
F DGLIHUHQqDHQWUHRPHOKRUSUHqRGHFRPSUDHRPHOKRUSUHqRGHYHQGDrEDL[R
G RULVFRGHLQDGLPSOsQFLDGRHPLVVRUrEDL[R

>@2JUhzFRDEDL[RDSUHVHQWDRULVFRHRUHWRUQRGRVIXQGRV$%H&


D $!%H$&
E $!%H$!&
F $%H$&
G $%H%!&

$SRVWLOD
6LPXODGRVSDUDR&3$

16
&3$6,08/$'2 

>@6HJXQGRD/HL&RPSOHPHQWDUQdGHGHIHYHUHLURGHRSULQFLSDO
REMHWLYRGREDQFRFHQWUDOl

D $VVHJXUDUDHVWDELOLGDGHGHSUHqRV
E 6XDYL]DUDV~XWXDqwHVGRQtYHOGHDWLYLGDGHHFRQvPLFD
F )RPHQWDURSOHQRHPSUHJR
G 'H}QLUDPHWDGDLQ~DqpR

 >@ %DQFRV GH LQYHVWLPHQWRV VH GLIHUHQFLDP GRV EDQFRV FRPHUFLDLV SRU VXD
DXWRUL]DkjRSDUDUHDOL]DUHP

D $GPLQLVWUDqpRGHUHFXUVRVGHWHUFHLURV
E &DSWDqpRSRUPHLRGHGHEsQWXUHV
F &DSWDqpRGHGHSuVLWRDSUD]R
G 0DQXWHQqpRGHFRQWDVFRUUHQWHVSDUDSHVVRDItVLFDHSHVVRDMXUtGLFD

>@&RPUHODkjRD/HLTXHGLVSqHVREUHD3ROnWLFDHDV,QVWLWXLkqHV
0RQHWhULDV %DQFhULDV H &UHGLWnFLDV &ULD R &RQVHOKR 0RQHWhULR 1DFLRQDO H Gh RXWUDV
SURYLGmQFLDVSRGHPRVDzUPDUTXH

D $VLQVWLWXLqwHV}QDQFHLUDVSULYDGDVH[FHWRDVFRRSHUDWLYDVGHFUrGLWR
FRQVWLWXLUVHpRXQLFDPHQWHVREDIRUPDGHVRFLHGDGHOLPLWDGDGHYHQGRD
WRWDOLGDGHGHVHXFDSLWDOFRPGLUHLWRDYRWRVHUUHSUHVHQWDGDSRUDqwHV
QRPLQDWLYDV
E $VLQVWLWXLqwHV}QDQFHLUDVSULYDGDVH[FHWRDVFRRSHUDWLYDVGHFUrGLWR
FRQVWLWXLUVHpRXQLFDPHQWHVREDIRUPDGHVRFLHGDGHDQvQLPDGHYHQGRD
WRWDOLGDGHGHVHXFDSLWDOFRPGLUHLWRDYRWRVHUUHSUHVHQWDGDSRUDqwHVDR
SRUWDGRU
F $VLQVWLWXLqwHV}QDQFHLUDVSULYDGDVH[FHWRDVFRRSHUDWLYDVGHFUrGLWR
FRQVWLWXLUVHpRXQLFDPHQWHVREDIRUPDGHVRFLHGDGHDQvQLPDGHYHQGRD
WRWDOLGDGHGHVHXFDSLWDOFRPGLUHLWRDYRWRVHUUHSUHVHQWDGDSRUDqwHV
QRPLQDWLYDV
G 7RGDVDVLQVWLWXLqwHV}QDQFHLUDVSULYDGDVFRQVWLWXLUVHpRXQLFDPHQWHVRED
IRUPDGHVRFLHGDGHDQvQLPDGHYHQGRDWRWDOLGDGHGHVHXFDSLWDOFRPGLUHLWRD
YRWRVHUUHSUHVHQWDGDSRUDqwHVQRPLQDWLYDV

>@8PEDQFRPrOWLSORlIRUPDGRSHODVVHJXLQWHVFDUWHLUDV
,t,QYHVWLPHQWR
,,t&UlGLWRzQDQFLDPHQWRHLQYHVWLPHQWR
'HVWDIRUPDHVWHEDQFRWHPDXWRUL]DkjRSDUD

D SDUWLFLSDUGRSURFHVVRGHHPLVVpRVXEVFULqpRSDUDUHYHQGDHGLVWULEXLqpRGH
WtWXORVHYDORUHVPRELOLnULRVPDVQpRSRGHDGPLQLVWUDUUHFXUVRVGHWHUFHLURV
E RSHUDUQDFRQFHVVpRGHFUrGLWRSDUD}QDQFLDPHQWRGHFDSLWDOGHJLURPDVQpR
SRGHUHFHEHUGHSuVLWRmYLVWD
F RSHUDUHPFoPELRPDVQpRSRGHSDUWLFLSDUGRSURFHVVRGHHPLVVpRVXEVFULqpR
SDUDUHYHQGDHGLVWULEXLqpRGHWtWXORVHYDORUHVPRELOLnULRV
G SUDWLFDURSHUDqwHVGHFRPSUDHYHQGDGHWtWXORVHYDORUHVPRELOLnULRVSRUFRQWD
SUuSULDRXGHWHUFHLURVPDVQpRSRGHSDUWLFLSDUGRSURFHVVRGHHPLVVpRGH
WtWXORVHYDORUHVPRELOLnULRV

$SRVWLOD
6LPXODGRVSDUDR&3$

17
>@'HDFRUGRFRPD,QVWUXkjR&90 HVXDVDWXDOL]DkqHV VjRFRQVLGHUDGRV
LQYHVWLGRUHVSURzVVLRQDLV

D $VSHVVRDVMXUtGLFDVQpR}QDQFHLUDVFRPSDWULPvQLROtTXLGRVXSHULRUD5

E $VFRPSDQKLDVVHJXUDGRUDV
F $VSHVVRDVItVLFDVFRPSDWULPvQLRVXSHULRUD5HTXH
DGLFLRQDOPHQWHDWHVWHPSRUHVFULWRVXDFRQGLqpRGHLQYHVWLGRUSUR}VVLRQDO
G 2VLQYHVWLGRUHVLQGLYLGXDLVTXHSRVVXDPLQYHVWLPHQWRV}QDQFHLURVFRPYDORU
LJXDORXVXSHULRUD5HTXHDGLFLRQDOPHQWHDWHVWHPSRUHVFULWR
VXDFRQGLqpRGHLQYHVWLGRUSUR}VVLRQDO

>@8PLQYHVWLGRUFHOHEUDFRQWUDWRGHFDUWHLUDDGPLQLVWUDGDFRPXPDFRUUHWRUD
$RGHVHPSHQKDUHVWDDWLYLGDGHDFRUUHWRUDDORFDSDUDDUHIHULGDFDUWHLUDDkqHVGHXPD
GHWHUPLQDGDFRPSDQKLDFXMDHPLVVjRSrEOLFDWHQKDFRRUGHQDGR(VWDVLWXDkjR

D iLPSRVVtYHOGHRFRUUHUWHQGRHPYLVWDDEDUUHLUDGHLQIRUPDqpRGDFRUUHWRUD
E iSRWHQFLDOPHQWHGHFRQ~LWRGHLQWHUHVVHV
F 1pRrSRWHQFLDOPHQWHGHFRQ~LWRGHLQWHUHVVHV
G 1pRRFRUUHSRLVXPDFRUUHWRUDMDPDLVFRRUGHQDXPDHPLVVpRSULPnULD

>@6jRFRQVLGHUDGRVH[HPSORVGHLQGnFLRVGRFULPHGHODYDJHPGHGLQKHLUR
,t2GRQRGHXPDEDQFDGHMRUQDOTXHGHSRVLWD5QDFRQWDFRUUHQWHGHVXD
EDQFDHPQRWDVSHTXHQDV
,,t8PDSHVVRDTXHGHSRVLWD5QDFRQWDGHXPDMRDOKDULD
,,,t$GRQDGHXPDORMDYLUWXDOTXHGHSRVLWD5HPVXDFRQWDFRUUHQWH
(VWhFRUUHWRRTXHVHDzUPDHP

D ,,DSHQDV
E ,,,DSHQDV
F ,,H,,,DSHQDV
G ,,,H,,,

>@$OHJLVODkjRHUHJXODPHQWDkjRTXHGLVSqHPVREUHRVFULPHVGHODYDJHPGH
GLQKHLURRXRFXOWDkjRGHEHQVGLUHLWRVHYDORUHVDzUPDTXH

D $VSXQLqwHVHVWDEHOHFLGDVQR&uGLJR3HQDOQpRVHDSOLFDPDHVVHVFULPHV
E (VWpRVXMHLWRVmVSXQLqwHVDSOLFnYHLVDRVFULPHVSUHYLVWRVQHVVDOHJLVODqpR
WRGRVTXHFRQWULEXHPSDUDTXDOTXHUXPDGDVIDVHVGRSURFHVVRGHODYDJHPGH
GLQKHLUR
F $RFRUUsQFLDGHLQIUDqpRSHQDOSUHFHGHQWHQpRrQHFHVVnULDSDUDTXHVH
FDUDFWHUL]HXPFULPHGHODYDJHPGHGLQKHLUR
G 2%DQFR&HQWUDOrRxQLFRuUJpRFRPSHWHQWHSDUDHGLWDUQRUPDWLYRVUHIHUHQWHV
mSUHYHQqpRHFRPEDWHGHVVHVFULPHV

$SRVWLOD
6LPXODGRVSDUDR&3$

18
>@6jRFRQVLGHUDGRVH[HPSORVGHLQGnFLRVGRFULPHGHODYDJHPGHGLQKHLUR
, t 8PD 21* UHFHEH TXDWUR FUlGLWRV GH XPD FDVD QRWXUQD VHQGR R SULPHLUR GH 5
RVHJXQGRGH5RWHUFHLURGH5HRTXDUWRGH5
1RGLDVHJXLQWHHVWD21*WUDQVIHUHHVWHV5SDUDXPDRXWUDFRQWDTXHSRVVXL
,,t8PSDLPRYLPHQWDDFRQWDGHVHXzOKRHHIHWXDXPGHSoVLWRHPHVSlFLHQRYDORUGH
5(OHPRYLPHQWDHVWDFRQWDSRLVSRVVXLRuShWULRSRGHUvHDWUDYlVGHVVD
FRQWDHOHSDJDDOXJXHOOX]hJXDHDHVFRODGRVHXzOKR
(VWhFRUUHWRRTXHVHDzUPDHP

D ,DSHQDV
E ,,DSHQDV
F ,H,,
G 1HQKXPDGDVGXDV

>@2HVWDEHOHFLPHQWRGHXPDSROnWLFDGHSUHYHQkjRgODYDJHPGHGLQKHLURHDR
zQDQFLDPHQWR GR WHUURULVPR  3/')7  GH DYDOLDkjR LQWHUQD GH ULVFR H GH UHJUDV
SURFHGLPHQWRVHFRQWUROHVLQWHUQRVVjRREULJDkqHVGDVSHVVRDVMXUnGLFDVTXHSUHVWDPRV
VHJXLQWHVVHUYLkRVQRPHUFDGRGHYDORUHVPRELOLhULRV
,t$GPLQLVWUDkjRGHFDUWHLUDV
,,t&XVWoGLD
,,,t$XGLWRULDLQGHSHQGHQWH
(VWhFRUUHWRRTXHVHDzUPDHP

D ,H,,DSHQDV
E ,H,,,DSHQDV
F ,,,DSHQDV
G ,,,H,,,

 >@ 8P LQYHVWLGRU OKH SURFXUD QD FRUUHWRUD  &790  SRLV UHFHEHX XP YDORU
FRQVLGHUhYHOGHKHUDQkDHGHVHMDLQYHVWLUHPDkqHVDOlPWDPElPGHOKHGL]HUTXHGHVHMD
FRPSUDUXPLPoYHOSDUDYLYHUGHUHQGD'HVWDIRUPDYRFm
,t&RPSUDDVDkqHVSDUDRFOLHQWHSHODFRUUHWRUDRQGHYRFmWUDEDOKD
,,t7HOHIRQDDXPDPLJRVHXTXHlFRQVLGHUDGRRPHOKRUFRUUHWRUGHLPoYHLVGDFLGDGH
SDUDSDVVDURFRQWDWRGRVHXFOLHQWH
'HQWUHDVDOWHUQDWLYDVYRFmSRGHUHDOL]DU

D ,DSHQDV
E ,,DSHQDV
F ,H,,
G 1HQKXPDGDVGXDV

>@(PXPMDQWDUGHIDPnOLDRGLUHWRUzQDQFHLURGHXPDHPSUHVDFRPHQWRXFRP
VHXLUPjRTXHlXPJUDQGHLQYHVWLGRUGDEROVDGHYDORUHVTXHDVXDHPSUHVDLUhID]HUD
DTXLVLkjRGHXPDRXWUDHPSUHVDTXHWHPFDSLWDODEHUWRQD%$SoVRMDQWDURLUPjR
GHVVHGLUHWRUHVWXGRXRVQrPHURVGHVVDFRPSDQKLDHFKHJRXDFRQFOXVjRDWUDYlVGD
DQhOLVHIXQGDPHQWDOLVWDTXHHVWDFRPSDQKLDHVWDYDGHVFRQWDGD1RRXWURGLDHOHVROLFLWD
DFRUUHWRUDDFRPSUDGHDkqHVGHVVDHPSUHVD$SoVVDLURIDWRUHOHYDQWHHOHYHQGHDV
DkqHVDXIHULQGROXFURHGLYLGHHVWHOXFURFRPVHXLUPjRRGLUHWRUGDFRPSDQKLD'HVWD
IRUPDDOlPGRLQYHVWLGRUTXHPPDLVSRGHUhVHUSXQLGRSRUFULPHGHLQVLGHU"

D $FRUUHWRUDTXHLQWHUPHGLRXDVRSHUDqwHVGHFRPSUD YHQGDDSHQDV
E 2GLUHWRUGDFRPSDQKLDTXHFRPSDUWLOKRXDLQIRUPDqpRDSHQDV
F 2GLUHWRUGDFRPSDQKLDTXHFRPSDUWLOKRXDLQIRUPDqpRHDFRUUHWRUDTXH
LQWHUPHGLRXDVRSHUDqwHVGHFRPSUD YHQGD
G 1LQJXrPDSHQDVRLQYHVWLGRUGHYHUnVHUSXQLGR

$SRVWLOD
6LPXODGRVSDUDR&3$

19
>@eXPIDWRUTXHWHQGHDGLPLQXLUDWROHUiQFLDDRULVFRGHLQYHVWLGRUHV

D 0HQRULGDGHGRLQYHVWLGRU
E %DL[RSUD]RGHLQYHVWLPHQWR
F %DL[DQHFHVVLGDGHGHOLTXLGH]
G &RQGLqwHVGHPHUFDGRHVWnYHLV

 >@ 1D YHULzFDkjR GD DGHTXDkjR GH SURGXWRV H VHUYLkRV DR SHUzO GR FOLHQWH R
SURzVVLRQDOGHYHFKHFDUVH
,t2SURGXWRVHUYLkRRXRSHUDkjRVHHQTXDGUDDRVREMHWLYRVGRFOLHQWH
,,t$VLWXDkjRzQDQFHLUDGRFOLHQWHlFRPSDWnYHOFRPRSURGXWRVHUYLkRRXRSHUDkjR
,,,t2FHQhULRHFRQpPLFRlFRQGL]HQWHFRPDRSHUDkjRSURSRVWD
(VWhFRUUHWRRTXHVHDzUPDHP

D ,DSHQDV
E ,H,,DSHQDV
F ,,H,,,DSHQDV
G ,,,H,,,

>@6jRSDVVRVQDFRQVWUXkjRGRRUkDPHQWR
,t'HVFRQVLGHUDkjRGDVGHVSHVDVVD]RQDLV
,,t&hOFXORGDVGHVSHVDVFRPRSHUFHQWXDOGDUHFHLWD
,,,t,GHQWLzFDkjRGRVFXVWRVTXHVjRVHQVnYHLVgLQ{DkjRHTXDLVVjRz[RV
,9t&RPSDUDkjRHQWUHDVGHVSHVDVUHDLVFRPDVSURMHWDGDV
(VWhFRUUHWRRTXHVHDzUPDRVLWHQV

D ,,DSHQDV
E ,,,,,H,9DSHQDV
F ,,,H,9DSHQDV
G ,,,,,,H,9

 >@ 5DIDHO HVWh LQWHUHVVDGR HP DGTXLULU DkqHV GH XPD HPSUHVD GR UDPR GH
VHUYLkRVHVVHQFLDLVHSRULVVRHVWhDFRPSDQKDQGRVXDFRWDkjRGLhULD(QTXDQWRDDkjR
HVWDYDFRPRSUHkRGH55DIDHOGHFLGLXQjRFRPSUDUSRLVQRWRXXPDWHQGmQFLDGH
TXHGD 3DVVDGRV DOJXQV GLDV D DkjR FKHJRX D FXVWDU 5  H 5DIDHO VHJXLX QjR
FRPSUDQGR SRLV HVSHUDYD R PHUFDGR HVWDELOL]DU FRP PHGR GH TXH HOD VHJXLVVH VH
GHVYDORUL]DQGR1DrOWLPDTXDUWDIHLUDDDkjRWHYHDOWDHPVHXSUHkRHFKHJRXDFXVWDU
5SRUlPDJRUD5DIDHOSHUPDQHFHVHPFRPSUDUSRLVDFUHGLWDTXHHODHVWhFDUDH
SUHIHUH HVSHUDU VHX SUHkR UHWRUQDU DRV 5  LQLFLDLV 'HVWD IRUPD VHJXQGR DV
zQDQkDV FRPSRUWDPHQWDLV 5DIDHO GHPRQVWURX PDLV FODUDPHQWH HVWDU LQ{XHQFLDGR SHOR
YLlV KHXUnVWLFR FKDPDGR GH

D 5HSUHVHQWDWLYLGDGH
E $YHUVpRDSHUGD
F )UDPLQJ
G $QFRUDJHP

$SRVWLOD
6LPXODGRVSDUDR&3$

20
>@0LOHQHIRLDFRQVHOKDGDSHORVHXJHVWRUGHLQYHVWLPHQWRDDGTXLULUDkqHVGH
XPD GHWHUPLQDGD HPSUHVD SRLV RV DQDOLVWDV DWULEXnDP XPD SRVVLELOLGDGH GH JUDQGH
UHWRUQRQRORQJRSUD]R3DVVDGRVGLDVGDFRPSUDGHFLGLXYHQGHODVFRPGH
UHWRUQR1HVVHFDVRHODH[LELXRYLlVGDKHXUnVWLFDGD

D GLVSRQLELOLGDGH
E GRH[FHVVRGHFRQ}DQqD
F GDDQFRUDJHP
G GDDYHUVpRmSHUGD

>@$WD[D6HOLF2YHUUHSUHVHQWDDWD[DPlGLDGDVRSHUDkqHVGHzQDQFLDPHQWRGH
XPGLD FRPSURPLVVDGD ODVWUHDGDHPWnWXORV

D SULYDGRVUHJLVWUDGRVQR6LVWHPD(VSHFLDOGH/LTXLGDqpRHGH&XVWuGLDGD%
E SxEOLFRVIHGHUDLVUHJLVWUDGRVQR6LVWHPD(VSHFLDOGH/LTXLGDqpRHGH&XVWuGLD
GD%
F SxEOLFRVIHGHUDLVUHJLVWUDGRVQR6LVWHPD(VSHFLDOGH/LTXLGDqpRHGH&XVWuGLD
GR%DQFR&HQWUDOGR%UDVLO
G SULYDGRVUHJLVWUDGRVQR6LVWHPD(VSHFLDOGH/LTXLGDqpRHGH&XVWuGLDGR%DQFR
&HQWUDOGR%UDVLO

>@(PXPFHQhULRHFRQpPLFRHPTXHKRXYHXPDGHVYDORUL]DkjRGRUHDOIUHQWH
DR'oODUDFRQVHTXmQFLDPDLVSURYhYHOGHVWHSDnVVHULDTXH

D $VPDUJHQVGRVH[SRUWDGRUHVDXPHQWHPHWDPErPTXHRFRUUDXPDXPHQWRQD
FRQWDWXULVPR
E $VPDUJHQVGRVH[SRUWDGRUHVDXPHQWHPSRUrPKDYHUnXPDGLPLQXLqpRQD
FRQWDWXULVPR
F $VPDUJHQVGRVH[SRUWDGRUHVGLPLQXDSRUrPKDYHUnXPDXPHQWRQDFRQWD
WXULVPR
G $VPDUJHQVGRVH[SRUWDGRUHVGLPLQXDHWDPErPTXHRFRUUDXPDGLPLQXLqpRQD
FRQWDWXULVPR

 >@ 8PD DSOLFDkjR zQDQFHLUD REWHYH XP OXFUR QRPLQDO GH  HP XP DQR HP
TXHDLQ{DkjRIRLGH$VVLPSRGHPRVFRQFOXLUTXHDWD[DUHDOGHVVDDSOLFDkjRIRL

D ,JXDOD
E 6XSHULRUD
F ,QIHULRUD
G ,JXDOD

 >@ 8P LQYHVWLGRU WHYH XPD UHQWDELOLGDGH QRPLQDO GH  6DEHQGR TXH R
LPSRVWRGHUHQGDGDDSOLFDkjRlGHSRGHPRVDzUPDUTXH

D 6XDUHQWDELOLGDGHUHDOrGH
E 6XDUHQWDELOLGDGHUHDOrGH
F iLPSRVVtYHOGHWHUPLQDUDUHQWDELOLGDGHUHDOVHPVDEHUDLQ~DqpRGRSHUtRGR
G $UHQWDELOLGDGHUHDOrLJXDODUHQWDELOLGDGHQRPLQDOOLTXLGD

$SRVWLOD
6LPXODGRVSDUDR&3$

21
>@8PDDkjRHVWhFRWDGDQRPHUFDGRD5HXPLQYHVWLGRUHVWLPDXP
OXFURSRUDkjRLJXDOD5QRDWXDOH[HUFnFLR1HVVHFDVRR3/HVWLPDGRLQGLFDTXH

D $WD[DGHUHWRUQRGDDqpRVHUnGHDD
E 2OXFURGHYHUnVHHOHYDUDQXDOPHQWHHP
F 2FDSLWDOLQYHVWLGRVHUnUHFXSHUDGRHPDQRV
G 5HWRUQRHVSHUDGRGDDqpRVHUnGHSDUDXPSHUtRGRGHDQRV

 >@ 1R GLD VHJXLQWH GR SDJDPHQWR GH GLYLGHQGRV GH XPD DkjR TXDQGR HOD zFD
u(['LYLGHQGRvRVHXYDORUGHPHUFDGR

D 1pRVHDOWHUH
E 6HMDGHVFRQWDGRGRYDORUSDJRHPGLYLGHQGRV
F 6HMDDFUHVFLGRGRYDORUSDJRHPGLYLGHQGRV
G 6RIUDDOWHUDqwHVGHDFRUGRFRPDSURFXUDHRIHUWDSRUHVWHSDSHO

>@$SULQFLSDOFDUDFWHUnVWLFDGDDkjRRUGLQhULDQR%UDVLOlWHU

D 'LYLGHQGRVPtQLPRVJDUDQWLGRV
E 'LUHLWRDYRWRQDVDVVHPEOHLDVGDHPSUHVD
F 3UHIHUsQFLDQRUHFHELPHQWRGHGLYLGHQGRV
G 5HQWDELOLGDGHJDUDQWLGD

>@$ERQLzFDkjRHPXPDVRFLHGDGHSRUDkqHVRFRUUHPHGLDQWHDLQFRUSRUDkjR
GHUHVHUYDVHOXFURVVHQGR

D 'LVWULEXtGDVJUDWXLWDPHQWHQRYDVDqwHVDRVVHXVDFLRQLVWDV
E 'LVWULEXtGDVJUDWXLWDPHQWHGHEsQWXUHVDRVVHXVDFLRQLVWDV
F 2IHUHFLGDVDXPSUHqRGHPHUFDGRQRYDVDqwHVDRVVHXVDFLRQLVWDV
G 2IHUHFLGDVDXPSUHqRDEDL[RGRYDORUPHUFDGRQRYDVDqwHVDRVVHXV
DFLRQLVWDV

>@&RQVLGHUHDVVHJXLQWHVDzUPDWLYDVVREUH%'5
,t4XDQGRKhHPLVVjRGHXP%'51jR3DWURFLQDGRQjRKhHQYROYLPHQWRGDFRPSDQKLD
HVWUDQJHLUDHPLVVRUDGRVYDORUHVPRELOLhULRVTXHVHUYHPFRPRODVWUR
,,t$VPRGDOLGDGHV3DWURFLQDGRV1nYHO,H,,QjRQHFHVVLWDPGHUHJLVWURQD&90
,,,t%'5V1nYHO,,H,,,HQYROYHPFDSWDkjRGHUHFXUVRVSRUPHLRGHHPLVVjRGHDkqHV
(VWhFRUUHWRRTXHVHDzUPDHP

D ,DSHQDV
E ,,DSHQDV
F ,H,,,DSHQDV
G ,,,H,,,

>@&RPRDXPHQWRGDWD[DGHMXURVGRPHUFDGRRYDORUSUHVHQWHHRGHUHVJDWH
GRVWnWXORVGHUHQGDz[D]HURFXSRPUHVSHFWLYDPHQWH

D FDHPHSHUPDQHFHPLJXDO
E FDHPHFDHP
F VREHPHVREHP
G VREHPHSHUPDQHFHLJXDO

$SRVWLOD
6LPXODGRVSDUDR&3$

22
>@6REUHDVGHEmQWXUHVlFRUUHWRGL]HU

D rXPWtWXORUHQGD}[DVHPSDJDPHQWRVSHULuGLFRVRVFKDPDGRVFXSRQV
E rXPWtWXORGHUHQGD}[DFRPSDJDPHQWRVSHULuGLFRVRVFKDPDGRVFXSRQV
F rXPWtWXORGHGHVFRQWRRTXHTXHUGL]HUTXHVpRWtWXORVFRPSDJDPHQWRV
xQLFRVDR}QDOGRSHUtRGRGRWtWXOR
G rXPWtWXORUHQGD}[DTXHSRGHRXQpRRIHUHFHUSDJDPHQWRVSHULuGLFRVRV
FKDPDGRVFXSRQV

>@$%R[GHSRQWDVlWULEXWDGDFRPR

D 8PDRSHUDqpRGHUHQGDYDULnYHO
E 8PDRSHUDqpRGHUHQGD}[D
F 8PDRSHUDqpRGHUHQGDYDULnYHOHPSRQWDVHFRPRUHQGD}[DQDVRXWUDV
SRQWDV
G 8PDRSHUDqpRFRPXPGHGHULYDWLYRV

>@8PLQYHVWLGRUFRPSURXXPD'HEmQWXUHFRPYHQFLPHQWRHP-DQHLURGHH
DUHYHQGHXGLDVDSoVDGDWDGDFRPSUD(OHWHYHXPUHQGLPHQWRWRWDOGH5
&RPUHODkjRDWULEXWDkjRDQDOLVHDVDzUPDkqHVDEDL[R
,t2LQYHVWLGRUlUHVSRQVhYHOSHORUHFROKLPHQWRGRLPSRVWRGHUHQGDDWUDYlVGD'$5)
,,t$EDVHGHFhOFXORSDUDDFREUDQkDGR,5VHUhRUHQGLPHQWRGDRSHUDkjR
,,,t$DOnTXRWDGH,5LQFLGHQWHVHUhGH
(VWhFRUUHWRRTXHVHDzUPDHP

D ,DSHQDV
E ,,DSHQDV
F ,,,DSHQDV
G ,,,H,,,

>@8PLQYHVWLGRUFRPSURXXPWnWXOR7HVRXUR,3&$FRPSDJDPHQWRVGH-XURV
VHPHVWUDLVHYHQFLPHQWRHP2,5FREUDGR

D 1RVPHVHVGHPDLRHQRYHPEURHQTXDQWRPDQWLYHURWtWXORHPVXDFDUWHLUD
E 6REUHRVUHQGLPHQWRVQDVYHQGDVDQWHFLSDGDVQRYHQFLPHQWRGRWtWXORRXQR
SDJDPHQWRGHFXSRP
F 6RPHQWHQDGHFODUDqpRDQXDOGRLPSRVWRGHUHQGDSHVVRDItVLFD
G 6RPHQWHQRYHQFLPHQWRGRWtWXOR

>@2VFRQWUDWRVIXWXURGHDkqHVGD%

D QpRH[LJHPGHSuVLWRGHPDUJHPGHJDUDQWLD
E WsPULVFRGHFRQWUDSDUWH
F VpRSDGURQL]DGRV
G QpRSRVVLELOLWDPDDODYDQFDJHPGHUHVXOWDGRV

$SRVWLOD
6LPXODGRVSDUDR&3$

23
>@2&2( &HUWLzFDGRGH2SHUDkqHV(VWUXWXUDGDV SRGHVHUFDUDFWHUL]DGRFRPR

D LQVWUXPHQWRGHUHQGD}[DHPLWLGRSRULQVWLWXLqwHV}QDQFHLUDVFRPREMHWLYRGH
FDSWDqpRGHUHFXUVRV
E LQVWUXPHQWRGHUHQGD}[DHPLWLGRSRUVRFLHGDGHDQvQLPDFRPREMHWLYRGH
FDSWDqpRGHUHFXUVRV
F LQVWUXPHQWRGHULYDWLYRHPLWLGRSRU,QVWLWXLqwHV)LQDQFHLUDVFRPREMHWLYRGH
FDSWDqpRGHUHFXUVRV
G LQVWUXPHQWRGHULYDWLYRHPLWLGRVSRU6RFLHGDGHV$QvQLPDVFRPREMHWLYRGH
DODYDQFDJHPGHUHQWDELOLGDGH

 >@ 8PD HPSUHVD FRQWUDWRX XPD LQVWLWXLkjR zQDQFHLUD SDUD LQWHUPHGLDU D


FRORFDkjRGHVXDVGHEmQWXUHVQRPHUFDGRDWUDYlVGHXPDRSHUDkjRGHXQGHUZULWLQJ%HVW
(yRUWV  0HOKRUHV (VIRUkRV  1HVWD RSHUDkjR R ULVFR GD QjR FRORFDkjR GR WRWDO GDV
GHEmQWXUHV QR PHUFDGR l

D GD,QVWLWXLqpR)LQDQFHLUD
E GDHPSUHVDTXHHVWnHPLWLQGRGHEsQWXUHV
F FRPSDUWLOKDGRHQWUHDVSDUWHV
G GRFRRUGHQDGRUOtGHUGDHPLVVpR

>@2REMHWLYRGHXP)XQGRGH,QYHVWLPHQWRGHVFUHYHDTXLORTXHRIXQGRVH
SURSqH-hDSROnWLFDGHLQYHVWLPHQWRGHVFUHYHFRPRRJHVWRUSUHWHQGH

D GLVWULEXLUROXFURHQWUHRVFRWLVWDV
E GLDORJDUFRPRVFRWLVWDV
F DWLQJLUDPHWDSURSRVWD
G QHJRFLDUFRPRVRXWURVIXQGRV

>@1DKLSoWHVHGHOLTXLGDkjRGHXPIXQGRGHLQYHVWLPHQWRGHUHQGDz[DDEHUWR
DRVLQYHVWLGRUHVHPJHUDORSDWULPpQLROnTXLGRDSXUDGRGHYHVHU

D GLUHFLRQDGRSDUDXPRXWURIXQGRGHULVFRVLPLODUVREJHVWpRGRPHVPR
DGPLQLVWUDGRUGRIXQGROLTXLGDGR
E GLYLGLGRHQWUHRVFRWLVWDVQDSURSRUqpRGHVXDVFRWDVQRSUD]RHYHQWXDOPHQWH
GH}QLGRQD$VVHPEOHLD*HUDOGHFRWLVWDV
F WUDQVIHULGRHPVXDWRWDOLGDGHSDUDRDGPLQLVWUDGRUGRIXQGRTXHLUnUHDOL]DU
XPDQRYDDORFDqpRDVHUFRPXQLFDGDDRVFRWLVWDV
G GLUHFLRQDGRSDUDXPRXWURIXQGRGHULVFRVLPLODUVREJHVWpRGRPHVPRJHVWRU
GRIXQGROLTXLGDGR

>@$FODVVHDEHUWDGHXPIXQGRGHLQYHVWLPHQWRHVWhLQYHVWLQGRHPUHQGDz[D
DWUDYlVGH&'%VGHLQVWLWXLkqHVzQDQFHLUDVHRXWURVDWLYRVzQDQFHLURVGHFUlGLWRSULYDGR
&RPUHODkjRDJHVWjRGHOLTXLGH]SRGHPRVDzUPDUTXH

D RJHVWRUGHUHFXUVRVHRDGPLQLVWUDGRU}GXFLnULRFRQMXQWDPHQWHVpR
UHVSRQVnYHLVSHODOLTXLGH]GDFODVVHGHFRWDV
E RDGPLQLVWUDGRU}GXFLnULRH[FOXVLYDPHQWHrRUHVSRQVnYHOSHODOLTXLGH]GD
FODVVHGHFRWDV
F RJHVWRUGHUHFXUVRVH[FOXVLYDPHQWHrRUHVSRQVnYHOSHODOLTXLGH]GDFODVVHGH
FRWDV
G RVFRWLVWDVVpRUHVSRQVnYHLVSHODJHVWpRGDOLTXLGH]GRIXQGRDWUDYrVGD
GH}QLqpRGR5HJXODPHQWR

$SRVWLOD
6LPXODGRVSDUDR&3$

24
>@(PUHJUDJHUDODFREUDQkDGHWD[DGHSHUIRUPDQFHlYHGDGDQRVIXQGRVGH
LQYHVWLPHQWRVzQDQFHLURVWLSLzFDGRVFRPR

D 5HQGD}[D&DPELDO$qwHVH0XOWLPHUFDGR
E 5HQGD}[DFUrGLWRSULYDGR&DPELDOH0XOWLPHUFDGR
F 5HQGD}[DFXUWRSUD]R5HQGD}[DVLPSOHVH5HQGD}[DORQJRSUD]R
G 5HQGD}[DFXUWRSUD]R5HQGD}[DVLPSOHVH5HQGD}[DUHIHUHQFLDGR

 >@ $QDOLVDQGR R JUhzFR DEDL[R HQWUH R )XQGR $ H VHX EHQFKPDUN  ,%29


SRGHPRV DzUPDU TXH


D 2)XQGR$rSDVVLYRHVXSHURXRVHXEHQFKPDUNHPWRGRVRVPHVHV
E 2)XQGR%rSDVVLYRHVXSHURXRVHXEHQFKPDUNHPWRGRVRVPHVHV
F 2)XQGR$rDWLYRHVXSHURXRVHXEHQFKPDUNQRDFXPXODGR
G 2)XQGR%rSDVVLYRHVHXWUDFNLQJHUURUrSUu[LPRGH]HUR

>@$QDOLVHRVIXQGRVDEDL[R


D , 0XOWLPHUFDGR ,, 5HQGD)L[DH ,,, &DPELDO
E , 0XOWLPHUFDGR ,, 0XOWLPHUFDGRH ,,, 5HQGD)L[D
F , $qwHV ,, 5HQGD)L[DH ,,, &DPELDO
G , $qwHV ,, 0XOWLPHUFDGRH ,,, &DPELDO

$SRVWLOD
6LPXODGRVSDUDR&3$

25
>@8PJHVWRUTXHSUHWHQGHLQYHVWLURVUHFXUVRVGHXPIXQGRGHLQYHVWLPHQWRQR
ORQJR SUD]R HP WnWXORV TXH SURSRUFLRQHP SURWHkjR DRV HIHLWRV GD LQ{DkjR EUDVLOHLUD
GHYHULD DGTXLULU

D /71
E 171%
F 171'
G 171)

>@3DUDXPLQYHVWLGRUXPDGDVGLIHUHQkDVHQWUHDSOLFDUHPFODVVHVDEHUWDVGH
IXQGRVGHLQYHVWLPHQWRVHPDkqHV ),$ LQGH[DGRVDR,ERYHVSDFRPJHVWjRSDVVLYDRX
QRVIXQGRVGHLQYHVWLPHQWRVHPfQGLFHGH0HUFDGR (7) TXHUHSOLFDPDSHUIRUPDQFHGR
,ERYHVSDlDSRVVLELOLGDGHGRLQYHVWLGRU

D DSOLFDUHUHVJDWDUVXDVFRWDVGH(7)GLUHWDPHQWHFRPDLQVWLWXLqpR}QDQFHLUD
GLVWULEXLGRUDGRIXQGR
E DSOLFDUHUHVJDWDUVXDVFRWDVGR),$GLUHWDPHQWHQD%
F FRPSUDUHYHQGHUVXDVFRWDVGR(7)QD%YLDKRPHEURNHU
G FRPSUDUHYHQGHUVXDVFRWDVGR),$QD%YLDKRPHEURNHU

>@8PFOLHQWHIH]XPDrQLFDDSOLFDkjRHPXPIXQGRGHLQYHVWLPHQWRVGHUHQGD
z[DORQJRSUD]RDEHUWRVHPFDUmQFLD$SoVGLDVGDDSOLFDkjRHVVHLQYHVWLGRUGHFLGH
UHVJDWDURVVHXVUHFXUVRV'HVWDIRUPDHOHWHUhDOnTXRWDGH,PSRVWRGH5HQGD

D &RPSOHPHQWDUHPUHODqpRDRTXHMnIRLSDJRQDRFDVLpRGDWULEXWDqpRTXH
RFRUUHXQRxOWLPRGLDxWLOGRVPHVHVGHPDLRHQRYHPEUR
E 'HSRLVDWULEXWDqpRRFRUUHVRPHQWHQRxOWLPRGLDxWLOGRVPHVHVGHPDLRH
QRYHPEURHQpRQRUHVJDWH
F 'HGHVFRQVLGHUDQGRRTXHMnIRLSDJRQDRFDVLpRGDWULEXWDqpRTXH
RFRUUHXQRxOWLPRGLDxWLOGRVPHVHVGHPDLRHQRYHPEUR
G &RPSOHPHQWDUHPUHODqpRmDOtTXRWDGHSDJDQDRFDVLpRGDWULEXWDqpRTXH
RFRUUHXQRxOWLPRGLDxWLOGRVPHVHVGHPDLRHQRYHPEUR

>@(PIHYHUHLURGHXPLQYHVWLGRUIH]XPDDSOLFDkjRHPXPIXQGRGH
LQYHVWLPHQWRFRQVLGHUDGRGHFXUWRSUD]RFRQIRUPHUHJXODPHQWDkjRGD5HFHLWD)HGHUDO
$SoVGLDVGDDSOLFDkjRHIHWXDUhRUHVJDWHWRWDOGHVXDVFRWDV1HVVHFDVRDDOnTXRWD
GRLPSRVWRGHUHQGDUHWLGRQDIRQWHDSOLFhYHOVREUHRUHQGLPHQWRVHUhGH

D 
E 
F 
G 

>@2DSUHkDPHQWRGHDWLYRVFRQVLVWHHP

D 0DUFDURVSUHqRVGRVWtWXORVGDFDUWHLUDGHXPIXQGRGHLQYHVWLPHQWRSHORSUHqR
PrGLRGHPHUFDGR
E 0DUFDURVSUHqRVGRVWtWXORVGDFDUWHLUDGHXPIXQGRGHLQYHVWLPHQWRVSHOR
YDORUWUDQVDFLRQDGRQRPHUFDGR
F 0DUFDURVSUHqRVGRVWtWXORVGDFDUWHLUDGHXPIXQGRGHLQYHVWLPHQWRVSHOR
YDORUGHDTXLVLqpRFRUULJLGRVSHORLPSDFWRGRLPSRVWRGHUHQGD
G 0DUFDURVSUHqRVGRVWtWXORVGDFDUWHLUDGHXPIXQGRGHLQYHVWLPHQWRVSHOR
YDORUQHJRFLDGRQRPHUFDGRGHVFRQWDGRRLPSDFWRGDLQ~DqpR

$SRVWLOD
6LPXODGRVSDUDR&3$

26
>@6HJXQGRUHJUDGD$QELPDXPLQYHVWLGRUTXHGDDFHLWHHPXPIXQGRGH
LQYHVWLPHQWRVHOH
,-hWHPFLmQFLDGDVHVWUDWlJLDV
,,t6DEHTXHRIXQGRSRGHGDU3DWULPpQLR/nTXLGRQHJDWLYR
,,,-hWHYHDFHVVRDODPLQDGHLQIRUPDkqHVHVVHQFLDLV
$VVLQDOHDVDOWHUQDWLYDVFRUUHWDV

D ,
E ,,
F ,,H,,,
G ,,,H,,,

>@6HJXQGRD&ODVVLzFDkjRGH)XQGRV$QELPDR1nYHOFODVVLzFDRVIXQGRV
,t&RQIRUPHRWLSRGH*HVWjR$WLYDRX3DVVLYD
,,t(PTXDWURFDWHJRULDVUHQGDz[DDkqHVPXOWLPHUFDGRHFDPELDO
,,,t$SDUWLUGDVHVWUDWlJLDVGHLQYHVWLPHQWR
(VWhFRUUHWRRTXHVHDzUPDHP

D ,DSHQDV
E ,,DSHQDV
F ,,,DSHQDV
G ,H,,,DSHQDV

 >@ 5HODFLRQH D &ROXQD  g &ROXQD  DVVRFLDQGR RV SHUnRGRV GRV 3ODQRV GH
3UHYLGmQFLDFRPRVVHXVGHYLGRVFRQFHLWRV

x&2/81$
 3HUnRGRGH&REHUWXUD
 3HUnRGRGH'LIHULPHQWR
 3HUnRGRGH%HQHInFLR

x&2/81$
 &RUUHVSRQGHDRVSHUnRGRVGHFRQWULEXLkjRHRXGHUHFHELPHQWRGHUHQGD
 &RPSUHHQGLGRHQWUHDGDWDGHLQnFLRGDYLJmQFLDGDFREHUWXUDSRUVREUHYLYmQFLDHD
GDWDFRQWUDWXDOPHQWHSUHYLVWDSDUDLQnFLRGRSDJDPHQWRGREHQHInFLR
 $TXHOHHPTXHRDVVLVWLGRIDUhMXVDRUHFHELPHQWRGDUHQGDSRGHQGRVHUYLWDOnFLRRX
WHPSRUhULR
$RUGHPFRUUHWDGHSUHHQFKLPHQWRGRVSDUmQWHVHVGHFLPDSDUDEDL[Rl

D 
E 
F 
G 

>@$WD[DGHFDUUHJDPHQWRGHXPSODQRGHSUHYLGmQFLDFRPSOHPHQWDUDEHUWR

D 1pRSRGHVHUFREUDGDQRUHVJDWHGRSODQR
E 1pRSRGHVHUGLPLQXtGDXPDYH]GH}QLGRRSHUFHQWXDO
F 3RGHYDULDUHPIXQqpRGRVDOGRDFXPXODGR
G 3RGHVHUUHVJDWDGDSHORSDUWLFLSDQWHDSuVXPSHUtRGRGHFDUsQFLD

$SRVWLOD
6LPXODGRVSDUDR&3$

27
>@5DIDHOSRVVXLXPSODQR9*%/FRPWDEHODSURJUHVVLYDHHVWhHVWXGDQGRD
SRVVLELOLGDGH GH ID]HU XPD SRUWDELOLGDGH SDUD XP RXWUR SODQR 9*%/ FRP WDEHOD
UHJUHVVLYD'HVWDIRUPD5DIDHOFRQYHUVDFRPVHXFRQVXOWRUGHLQYHVWLPHQWRVHOKHGL]
TXHRVHXLQWXLWRlGHFRQYHUWHUHPUHQGDSRUSUD]RFHUWRQRIXWXUR'HVWDIRUPDR
SURzVVLRQDOGHYHULDUHFRPHQGDUPLJUDUSDUDRXWURSODQRGHVGHTXHRSODQRSRVVXD

D PDLRUWD[DGHDGPLQLVWUDqpRPDLRUWD[DGHFDUUHJDPHQWRHGHVGHTXHFRQVLJD
PLJUDUSDUDXPDWDEXDPDLVDQWLJD
E PHQRUWD[DGHDGPLQLVWUDqpRPHQRUWD[DGHFDUUHJDPHQWRHFRQVLJDSHOR
PHQRVPDQWHUDPHVPDWnEXDDWXDULDO
F PHQRUWD[DGHDGPLQLVWUDqpRPHQRUWD[DGHFDUUHJDPHQWRHREULJDWRULDPHQWH
PLJUHSDUDXPDWnEXDDWXDULDOPDLVDQWLJD
G PHQRUWD[DGHDGPLQLVWUDqpRPHQRUWD[DGHFDUUHJDPHQWRVHQGRLQGLIHUHQWHD
HVFROKDGDWnEXDDWXDULDO

>@/DXUDDQRVIXQFLRQhULDSrEOLFDFRQWULEXLQWHSHOR5336 5HJLPH3UoSULR
GH 3UHYLGmQFLD 6RFLDO  HVWh DEULQGR XPD FRQWD FRP YRFm QD VXD LQVWLWXLkjR zQDQFHLUD
'XUDQWHDUHXQLjRHODLQIRUPDTXHWHPXPVDOhULR5PHQVDLVWRWDOL]DQGRXPD
UHQGDDQXDOEUXWDGH5 FRQWDELOL]DQGRRGlFLPRWHUFHLUR $OlPGLVVRHODGL]
TXH Mh HVWh SHQVDQGR QD VXD DSRVHQWDGRULD H TXH DFDERX GH LQLFLDU XP SODQR GH
SUHYLGmQFLDSULYDGDGRWLSR3*%/FRPWDEHODUHJUHVVLYDFRPFRQWULEXLkqHVPHQVDLVQR
YDORUGH5'LDQWHGHVVDVLQIRUPDkqHVYRFmGL]D/DXUDTXHHOD

D 'HYHFRQWLQXDUUHDOL]DQGRDSRUWHVPHQVDLVGH5QRSODQR3*%/
WRWDOL]DQGR5QRDQR
E 'HYHUHDOL]DUFRQWULEXLqwHVQR3*%/DWrROLPLWHGHGDVXDUHQGDEUXWD
FRQVLGHUDQGRRYDORUGRGrFLPRWHUFHLURGDVXDUHQGDEUXWDDQXDO
F 'HYHUHDOL]DUFRQWULEXLqwHVQR3*%/DWrROLPLWHGHGDVXDUHQGDEUXWD
GHVFRQVLGHUDQGRRYDORUGRGrFLPRWHUFHLURGDVXDUHQGDEUXWDDQXDO
G 1pRGHYHUHDOL]DUHVWHWLSRGHSODQRSRLVDSHQDVFRQWULEXLQWHVGR,166SRGHP
XWLOL]DUDVFRQWULEXLqwHVGR3*%/FRPRGHVSHVDQRVHX,PSRVWRGH5HQGD

 >@ 8P LQGLYnGXR LQYHVWH Kh PDLV GH  DQRV HP XP SODQR GH SUHYLGmQFLD
FRPSOHPHQWDUDEHUWDGRWLSR3ODQR*HUDGRUGH%HQHInFLR/LYUH 3*%/ FRPUHJLPHGH
WULEXWDkjRFRPSHQVhYHO WDEHODSURJUHVVLYD $DOnTXRWDGR,PSRVWRGH5HQGDTXHLQFLGH
QDIRQWHQRPRPHQWRGRUHVJDWHGHVVHSODQRlGH

D VREUHRUHQGLPHQWR
E VREUHRUHQGLPHQWR
F VREUHRYDORUWRWDOUHVJDWDGR
G VREUHRYDORUWRWDOUHVJDWDGR

$SRVWLOD
6LPXODGRVSDUDR&3$

28
 >@ 'RV TXDWUR SDUHV GH DWLYRV DEDL[R R PDLRU EHQHInFLR GH GLYHUVLzFDkjR HVWh
DVVRFLDGRDRSDUGHQrPHUR


D 
E 
F 
G 

>@6jRULVFRVSUHVHQWHVQRVDWLYRV

D &'%0HUFDGRH/LTXLGH]$hl(60HUFDGR&UrGLWRH/LTXLGH]
E &'%0HUFDGRH&UrGLWR$hl(60HUFDGRH/LTXLGH]
F &'%0HUFDGR&UrGLWRH/LTXLGH]$hl(60HUFDGR&UrGLWRH/LTXLGH]
G &'%0HUFDGR&UrGLWRH/LTXLGH]$hl(60HUFDGRH/LTXLGH]

>@4XDQWRPHQRUIRURSUD]RGHXPWnWXORGHUHQGDz[D

D 0DLRUWHQGHUnDVHUVHXULVFRGHFUrGLWR
E 0HQRUWHQGHUnVHUVHXULVFRGHPHUFDGR
F 0DLRUWHQGHUnVHUVXDUHQWDELOLGDGHHVSHUDGD
G 0HQRUWHQGHUnVHUVXDOLTXLGH]

 >@ 8P )XQGR GH ,QYHVWLPHQWRV 5HQGD )L[D SRGHUh DSUHVHQWDU UHQWDELOLGDGH
QHJDWLYDHPGHWHUPLQDGRGLDFDVRSRVVXDHPVXDFDUWHLUDWnWXORV

D SuV}[DGRVGHPrGLRHORQJRSUD]RVHRFRUUHUTXHGDQDVWD[DVGHMXURV
E SUH}[DGRVGHPrGLRHORQJRSUD]RVHRFRUUHUTXHGDQDVWD[DVGHMXURV
F SUH}[DGRVGHPrGLRHORQJRSUD]RVHRFRUUHUHOHYDqpRQDVWD[DVGHMXURV
G SuV}[DGRVGHPrGLRHORQJRSUD]RVHRFRUUHUHOHYDqpRQDVWD[DVGHMXURV

>@8PDWLYRlFRQVLGHUDGROnTXLGRTXDQGR

D SRVVXLSRXFRVQHJuFLRVQRPHUFDGRVHFXQGnULR
E SRGHVHUYHQGLGRFRPIDFLOLGDGHVHPJUDQGHVRVFLODqwHVGHSUHqR
F SRGHVHUIDFLOPHQWHKHGJHDGRQRPHUFDGR
G SRVVXLUHQWDELOLGDGHHOHYDGDHPWRGRVRVFHQnULRV

$SRVWLOD
6LPXODGRVSDUDR&3$

29
>@8PDHPSUHVDTXHSRVVXnDUDWLQJGHFUlGLWR%WHYHVHXUDWLQJHOHYDGRSDUD
$ QD rOWLPD DYDOLDkjR GD HPSUHVD FODVVLzFDGRUD e HVSHUDGR TXH R SUHkR GRV WnWXORV
HPLWLGRV SRU HVWD HPSUHVD QHJRFLDGRV QR PHUFDGR zQDQFHLUR

D 'LPLQXD
E $SUHVHQWHFRQVWDQWHRVFLODqpR
F (VWDELOL]HVHWHPSRUDULDPHQWH
G $XPHQWH

>@%DVHDGRQD7HRULDGH0DUNRZLW] SULQFnSLRGDGRPLQiQFLD SRGHVHGL]HUTXH


DVFDUWHLUDV


D HGRPLQDPDVFDUWHLUDHUHVSHFWLYDPHQWH
E HGRPLQDPDVFDUWHLUDHUHVSHFWLYDPHQWH
F HGRPLQDPDVFDUWHLUDHUHVSHFWLYDPHQWH
G HGRPLQDPDVFDUWHLUDHUHVSHFWLYDPHQWH

>@(QWUHGRLVIXQGRVTXHREMHWLYDPDPHVPDUHQWDELOLGDGHXPLQYHVWLGRUGHYH
HVFROKHUDTXHOHTXHDSUHVHQWHPDLRU

D 9RODWLOLGDGH
E 'XUDWLRQ
F %HWD
G jQGLFH6KDUSH

$SRVWLOD
6LPXODGRVSDUDR&3$

30
&3$6,08/$'2 

>@8PDGDVDWULEXLkqHVGR%DQFR&HQWUDOl

D (PLWLUSDSHOPRHGDMXQWDPHQWHFRPR&RQVHOKR0RQHWnULR1DFLRQDO
E 'LVFLSOLQDURFUrGLWRHPWRGDVDVPRGDOLGDGHV
F 'H}QLUDWD[DGHUHGHVFRQWR
G (VWLPXODULQYHVWLPHQWRVQRPHUFDGRDFLRQnULR

>@(PUHODkjRg&90 &RPLVVjRGH9DORUHV0RELOLhULRV SRGHPRVDzUPDUTXH


,teXPoUJjRVXSHUYLVRUYROWDGRSDUDRIRUWDOHFLPHQWRHRGHVHQYROYLPHQWRGRPHUFDGR
GH WnWXORV H YDORUHV PRELOLhULRV FRPR SRU H[HPSOR DkqHV GHEmQWXUHV EpQXV GH
VXEVFULkjRGHULYDWLYRVYHQGDGHPHUFDGRULDVIXQGRVGHLQYHVWLPHQWRV
,,t)LVFDOL]DRIXQFLRQDPHQWRGDV&RUUHWRUDV &790 HGDVGLVWULEXLGRUDVGHWnWXORVH
YDORUHVPRELOLhULRV '790 
,,,t'LVFLSOLQDRFUlGLWRHPWRGDVDVVXDVPRGDOLGDGHV
,9t5HJXODRPHUFDGRGHQHJRFLDkjRGHUHQGDz[DHUHQGDYDULhYHO
9t(VWLPXODDIRUPDkjRGHSRXSDQkDHPYDORUHVPRELOLhULRV
(VWhFRUUHWRRTXHVHDzUPDHP

D ,H,,,DSHQDV
E ,H9DSHQDV
F ,,,H,,,DSHQDV
G ,,,,9H9DSHQDV

>@'HQWUHRXWUDVDWULEXLkqHVFDEHDXP%DQFRGH,QYHVWLPHQWR

D FRQFHGHU}QDQFLDPHQWRGHORQJRSUD]RHPLWLUVXEVFUHYHUHGLVWULEXLUWtWXORVH
YDORUHVPRELOLnULRVHDWXDUQRVHJPHQWRGHGuODUWXULVPR
E DVVHVVRUDUDIXVpRHDDTXLVLqpRGHHPSUHVDVFRRUGHQDUDHPLVVpRGHYDORUHV
PRELOLnULRVHFRQFHGHU}QDQFLDPHQWRVGHPrGLRHORQJRSUD]RV
F FRQFHGHU}QDQFLDPHQWRVGHPrGLRHORQJRSUD]RVFUrGLWRGLUHWRDRFRQVXPLGRU
HGLVWULEXLUYDORUHVPRELOLnULRV
G DVVHVVRUDUDIXVpRFLVpRHLQFRUSRUDqpRGHHPSUHVDVFRQFHGHU}QDQFLDPHQWRV
GHFXUWRSUD]RHFKHTXHHVSHFLDO

>@$V'LVWULEXLGRUDVGH7nWXORVH9DORUHV0RELOLhULRV '790 HVWjRDSWDVD


,t,QWHUPHGLDURSHUDkqHVGHFiPELR
,,t(PLWLUPRHGDHOHWUpQLFD
,,,t(PLWLUFDUWqHVGHFUlGLWR
,9t&UHGHQFLDUHVWDEHOHFLPHQWRVFRPHUFLDLVSDUDDFHLWDUGLIHUHQWHVPHLRGHSDJDPHQWR
(VWhFRUUHWRRTXHVHDzUPDHP

D ,DSHQDV
E ,H,,DSHQDV
F ,,,H,9DSHQDV
G ,,,,H,9DSHQDV

$SRVWLOD
6LPXODGRVSDUDR&3$

31
>@&RQVLGHUHDVVHJXLQWHVDzUPDWLYDVDEDL[R
, t $V SHVVRDV QDWXUDLV RX MXUnGLFDV TXH SRVVXDP LQYHVWLPHQWRV zQDQFHLURV HP YDORU
VXSHULRUD5 GH]PLOKqHVGHUHDLV HTXHDGLFLRQDOPHQWHDWHVWHPSRU
HVFULWRVXDFRQGLkjRVjRFRQVLGHUDGRV,QYHVWLGRUHV3URzVVLRQDLV
,, t $V 3HVVRDV )nVLFDV H DV 3HVVRDV -XUnGLFDV TXH SRVVXHP LQYHVWLPHQWRV zQDQFHLURV
VXSHULRUHVD5HTXHDWHVWHPSRUHVFULWRDVXDFRQGLkjRVjRFRQVLGHUDGRV
,QYHVWLGRUHV4XDOLzFDGRV
,,, t 2V DJHQWHV DXWpQRPRV GH LQYHVWLPHQWR DGPLQLVWUDGRUHV GH FDUWHLUD DQDOLVWDV H
FRQVXOWRUHV GH YDORUHV PRELOLhULRV DXWRUL]DGRV SHOD &90 HP UHODkjR D VHXV UHFXUVRV
SUoSULRVVjRFRQVLGHUDGRVLQYHVWLGRUHVTXDOLzFDGRV
(VWhFRUUHWRRTXHVHDzUPDHP

D ,H,,DSHQDV
E ,H,,,DSHQDV
F ,,H,,,DSHQDV
G ,,,H,,,

>@eXPDDWULEXLkjRGDhUHDGHFRQWUROHVLQWHUQRVGDVLQVWLWXLkqHVzQDQFHLUDV

D 2GHVHQYROYLPHQWRGHFHQnULRVPDFURHFRQvPLFRVTXHDX[LOLHPR
SRVLFLRQDPHQWRGDLQVWLWXLqpR
E $VHJUHJDqpRGDVDWLYLGDGHVGHIRUPDTXHVHMDHYLWDGRRFRQ~LWRGHLQWHUHVVHV
F $DYDOLDqpRGRVULVFRVGHFUrGLWRGHHYHQWXDLVWRPDGRUHVGHUHFXUVRVGD
LQVWLWXLqpR
G $H[FOXVpRGHUHVSRQVDELOLGDGHVSRUSDUWHGRVSUR}VVLRQDLVTXHQpRVHMDP
GLUHWRUHVHVWDWXWnULRV

 >@ ,QVWLWXLkqHV )LQDQFHLUDV TXH DGPLQLVWUDP UHFXUVRV SUoSULRV H WDPElP


UHFXUVRV GH WHUFHLURV GHYHP PDQWHU D DGPLQLVWUDkjR VHJUHJDGD GHVVHV UHFXUVRV GH
DFRUGRFRPRSULQFnSLRFRQKHFLGRFRPR

D %X\6LGH
E 0DUNWR0DUNHW
F 7DJ$ORQJ
G &KLQHVH:DOO

>@6jRFRQVLGHUDGRVLQGnFLRVGRFULPHGHODYDJHPGHGLQKHLUR
,t8PFOLHQWHSULYDWHDGTXLUHXPDGHEmQWXUHFRPUHPXQHUDkjRGH&',FRPSUD]RGH
YHQFLPHQWRHPDQRV
,,t8PFOLHQWHSULYDWHFRPSUDXPEHPSRU5HYHQGHQRPHVPRPmVSRU5

(VWhFRUUHWRRTXHVHDzUPDHP

D ,DSHQDV
E ,,DSHQDV
F ,H,,
G 1HQKXPDGDVGXDV

$SRVWLOD
6LPXODGRVSDUDR&3$

32
>@$RUGHPHPTXHDVIDVHVGHXPSURFHVVRGHODYDJHPGHGLQKHLURFRPSOHWR
DFRQWHFHPl

D ,QWHJUDqpRRFXOWDqpRHFRORFDqpR
E &RORFDqpRRFXOWDqpRHLQWHJUDqpR
F 2FXOWDqpRFRORFDqpRHLQWHJUDqpR
G &RORFDqpRLQWHJUDqpRHRFXOWDqpR

>@*XVWDYRGLUHWRUGDHPSUHVD;<=FRPHQWDDVHXLUPjR5RGULJRTXHDVXD
HPSUHVDVHUhFRPSUDGDSHORGREURGRYDORUTXHHVWhVHQGRQHJRFLDGDQDEROVD&RPLVVR
VHXLUPjROLJDSDUDRVHXFRUUHWRU9LFWoULRSDUDFRPSUDUDVDkqHVDQWHVGHVWDQRWnFLDVHU
GLYXOJDGDDRPHUFDGR9LFWoULRVHPTXHVWLRQDUQDGDH[HFXWDDRUGHPGHFRPSUD8P
PmVGHSRLVFRPDQRWnFLDGHFRPSUDGDHPSUHVDRFRUUHQGR5RGULJROLJDQRYDPHQWHSDUD
VHXFRUUHWRU9LFWoULRHVROLFLWDDYHQGDGDVDkqHVSHORGREURGRYDORUDGTXLULGR9LFWoULR
QRYDPHQWHVHPTXHVWLRQDUQDGDH[HFXWDDRUGHPGHYHQGDHDLQGDRSDUDEHQL]DSHOD
RSHUDkjR$SoVLVVR5RGULJRGLYLGHROXFURFRPVHXLUPjR*XVWDYR'HVWDIRUPDSRGHPRV
DzUPDUTXH

D 2VLUPpRV*XVWDYRH5RGULJRHRFRUUHWRU9LFWuULRFRPHWHUDPFULPHGHLQVLGHU
WUDGLQJ
E 2VLUPpRV*XVWDYRH5RGULJRFRPHWHUDPFULPHGHLQVLGHUWUDGLQJHRFRUUHWRU
9LFWuULRFRPHWHXXPDLQIUDqpRDGPLQLVWUDWLYD
F 2VLUPpRV*XVWDYRH5RGULJRFRPHWHUDPFULPHGHLQVLGHUWUDGLQJHRFRUUHWRU
9LFWuULRQpRFRPHWHXQHPFULPHHQHPLQIUDqpRDGPLQLVWUDWLYD
G 1pRKRXYHQHQKXPDLOHJDOLGDGH

>@8PRSHUDGRUUHFHEHXPDRUGHPGHVHXFOLHQWHSDUDYHQGHU5PLOKqHVGH
DkqHVGDHPSUHVD$6DEHQGRTXHDVDkqHVGDHPSUHVD$FDLUjRSRUFDXVDGHVVDRUGHPR
RSHUDGRUGHFLGHYHQGHUDVDkqHVTXHHOHSRVVXLQDSHVVRDInVLFDDQWHVGHH[HFXWDUD
RSHUDkjRGRFOLHQWH(VWHDWRlFKDPDGRGH

D ,QVLGHULQIRUPDWLRQ
E ,QVLGHU7UDGLQJ
F )URQW5XQQLQJ
G 3XPSDQG'XPS

>@$V,QVWLWXLkqHV3DUWLFLSDQWHVGR&oGLJRGH0HOKRUHV3UhWLFDVGD$QELPDHVWjR
GLVSHQVDGDVGHREVHUYDUR&oGLJRGH'LVWULEXLkjRGH3URGXWRVGH,QYHVWLPHQWRVTXDQGR
IRURIHUWDUSURGXWRVSDUD

D 3HVVRDItVLFDSULYDWHEDQN
E ,QYHVWLGRUHVTXDOL}FDGRV
F 6HJXUDGRUDV
G 0LGGOHH&RUSRUDWH

$SRVWLOD
6LPXODGRVSDUDR&3$

33
 >@ 'H DFRUGR FRP D 5HVROXkjR &90  SDUD FXPSULU R GHYHU GH YHULzFDU D
DGHTXDkjR GRV SURGXWRV VHUYLkRV H RSHUDkqHV DR SHUzO GH XP FOLHQWH GHYH VH DQDOLVDU
GHQWUHRXWUDVLQIRUPDkqHV
,t2SHUnRGRHPTXHRFOLHQWHGHVHMDPDQWHURLQYHVWLPHQWR
,,t2YDORUHRVDWLYRVTXHFRPSqHPRSDWULPpQLRGRFOLHQWH
,,,t2VWLSRVGHSURGXWRVVHUYLkRVHRSHUDkqHVFRPRVTXDLVRFOLHQWHWHPIDPLOLDULGDGH
(VWhFRUUHWRRTXHVHDzUPDHP

D ,H,,,DSHQDV
E ,H,,DSHQDV
F ,,H,,,DSHQDV
G ,,,H,,,

>@6HJXQGRR&oGLJR$QELPDGH'LVWULEXLkjRGH3URGXWRVGH,QYHVWLPHQWRVVjR
FRQVLGHUDGRVSURGXWRVGHLQYHVWLPHQWRVTXHGHYHPVHJXLURFoGLJR

D IXQGRVGHLQYHVWLPHQWR
E IXQGRVGHLQYHVWLPHQWRVHFDUWHLUDDGPLQLVWUDGD
F IXQGRVGHSHQVpR
G IXQGRVGHSHQVpRHFDUWHLUDDGPLQLVWUDGD

>@1HOVRQDOlPGHXPDQDOLVWDGHLQYHVWLPHQWRlXPFUnWLFRGRFKDPDGRSUHkR
DOYRHSRUWDQWRVHPSUHEXVFDUHFRPHQGDUDSHQDVDFRPSUDHYHQGDVHPUHODFLRQDU
SURYhYHLVJDQKRRXSUHkR1HVVHFDVRHOHWHQWDHYLWDUTXHVHXVFLHQWHVLQFRUUDPQRYLlV
GDKHXUnVWLFD

D GRIUDPLQJ
E GDGLVSRQLELOLGDGH
F GDDQFRUDJHP
G GDUHSUHVHQWDWLYLGDGH

>@$SOLFDkqHVHPWnWXORVKLSRWHFDGRVHPLWLGRVSRUHPSUHVDVHXURSHLDVIRUDP
RIHUHFLGDVDXPLQYHVWLGRUTXHGHFLGLXQjRDSRUWDUUHFXUVRVQHVVHWLSRGHLQYHVWLPHQWR
SRU DVVRFLhOR g UHFHQWH FULVH GH DOJXPDV HFRQRPLDV HXURSHLDV DSHVDU GR UHWRUQR
DWUDWLYR &DVR D GHFLVjR GHVVH LQYHVWLGRU WHQKD VLGR WRPDGD DSHQDV FRP EDVH QHVWH
HYHQWRUHFHQWHSRGHVHDzUPDUTXHHOHIRLLQ{XHQFLDGRSHODKHXUnVWLFD

D GDDQFRUDJHP
E UHSUHVHQWDWLYLGDGH
F LOXVpRGRFRQWUROH
G GLVSRQLELOLGDGH

$SRVWLOD
6LPXODGRVSDUDR&3$

34
 >@ (P  GH DEULO GH  D SODWDIRUPD 'HHSZDWHU +RUL]RQ TXH HUD
SURSULHGDGH GD HPSUHVD VXnkD 7UDQVRFHDQ H RSHUDGD SHOD %3 H[SORGLX H DIXQGRX
PDWDQGR  IXQFLRQhULRV VHQGR FRQVLGHUDGR R SLRU GHVDVWUH GH SHWUoOHR HP PDU GD
KLVWoULDGRV(VWDGRV8QLGRV$OlPGRVWUDEDOKDGRUHVTXHIDOHFHUDPRXWURVzFDUDP
IHULGRV(VWDSODWDIRUPDGHSRLVGHzFDUGRLVGLDVHPFKDPDVGHUUDPRXPLOKqHVGHEDUULV
GHSHWUoOHRJHUDQGRXPDJUDQGHPDQFKDGHoOHRTXHFKHJRXgFRVWDGD/RXLVLDQDHD
RXWURVYhULRVHVWDGRVDPHULFDQRVSRUTXDVHWUmVPHVHV'LDQWHGHVVDVLQIRUPDkqHVSRGH
VHDzUPDUTXHRTXHFDXVRXRPDLRUHIHLWRQHJDWLYRDRPHLRDPELHQWHIRL

D 2VGDQRVSVLFROuJLFRVFDXVDGRVDRVIDPLOLDUHVGRVWUDEDOKDGRUHVPRUWRVHGRV
GHPDLVWUDEDOKDGRUHVTXH}FDUDPYLYRV
E $SHUGD}QDQFHLUDTXHDHPSUHVDVXtqD7UDQVRFHDQWHYHFDXVDQGRXPPHQRU
SRGHUGHLQYHVWLPHQWRVHJHUDqpRGHHPSUHJRVDRV(VWDGRV8QLGRV
F $SHUGDGRV%DUULVGHuOHRTXHDFDEDUDPYLUDQGRQRPRPHQWRGRGHVDVWUH
G 2uOHRGHUUDPDGRQRPDUTXHFKHJRXmFRVWDGH/RXLVLDQDHRXWURVHVWDGRV

>@(PUHODkjRDR3URGXWR,QWHUQR%UXWR 3,% GHXPSDnVXPDXPHQWRQDV


GHVSHVDVGR*RYHUQRHQRFRQVXPRGDVIDPnOLDVSURYRFDPUHVSHFWLYDPHQWHQR3,%

D XPDXPHQWRHXPDXPHQWR
E XPDXPHQWRHXPDUHGXqpR
F XPDUHGXqpRHXPDUHGXqpR
G XPDUHGXqpRHXPDXPHQWR

>@2DXPHQWRGDWD[DGHMXURVSHOR&2320RFDVLRQDBBBBBBBBGDGHPDQGDSRU
PRHGDHBBBBBBBBBBBGDLQ{DkjRUHVSHFWLYDPHQWH

D 'LPLQXLqpRH'LPLQXLqpR
E 'LPLQXLqpRH$XPHQWR
F $XPHQWRH'LPLQXLqpR
G $XPHQWRH$XPHQWR

>@$WD[DHTXLYDOHQWHGHPHVHVGDWD[DGHDRPmVQDFDSLWDOL]DkjR
FRPSRVWDlREWLGDSHODIoUPXOD

D ;
E ;
F ed z ;
G ed z ;

>@6HXPDDSOLFDkjRSRVVXLULVFRHQWjRRUHWRUQRREVHUYDGR

D 6HUnPDLRUGRTXHRUHWRUQRHVSHUDGR
E VHUnPHQRUGRTXHRUHWRUQRHVSHUDGR
F VHUnLJXDODRUHWRUQRHVSHUDGR
G SRGHUnVHUGLIHUHQWHGRUHWRUQRHVSHUDGR

$SRVWLOD
6LPXODGRVSDUDR&3$

35
>@2VMXURVVREUHRFDSLWDOSUoSULRFRUUHVSRQGHP

D DRVUHVXOWDGRVGHFDSWDqwHVREWLGDVSHODFRPSDQKLDDWD[DVLQIHULRUHVmVGR
PHUFDGR
E DRVUHVXOWDGRVGHFDSWDqwHVREWLGDVSHODFRPSDQKLDDWD[DVVXSHULRUHVmVGR
PHUFDGR
F mGLVWULEXLqpRDRVDFLRQLVWDVGHUHFXUVRVSURYHQLHQWHVGHOXFURVUHWLGRVHP
H[HUFtFLRVDQWHULRUHV
G mUHPXQHUDqpRGLVWULEXtGDDRVDFLRQLVWDVHFUHGRUHVGDFRPSDQKLD

>@2V$'5V$PHULFDQ'HSRVLWDU\5HFHLSWVVjR

D UHFLERVEUDVLOHLURVFXMRODVWURVpRDqwHVGHHPSUHVDVHVWUDQJHLUDV
E GHSuVLWRVHIHWXDGRVSRUFLGDGpRVEUDVLOHLURVHPEDQFRVQRUWHDPHULFDQRV
F LQVWUXPHQWRVQHJRFLnYHLVTXHUHSUHVHQWDPDSURSULHGDGHGHDqwHVGH
FRPSDQKLDVVHGLDGDVIRUDGRV(8$
G WtWXORVQHJRFLDGRVQRPHUFDGRLQWHUQDFLRQDOGHFRUUHQWHVGHH[SRUWDqwHV
EUDVLOHLUDV

>@$UHVSRQVDELOLGDGHSHORUHFROKLPHQWRGR,PSRVWRGH5HQGDt,5VREUHJDQKRV
DXIHULGRVHPRSHUDkqHVGHFRPSUDHYHQGDGHDkqHVl

D GRSUuSULRLQYHVWLGRU
E GDFRUUHWRUDTXHHIHWLYRXRQHJuFLR
F GRJHUHQWHTXHLQWHUPHGLRXRQHJuFLR
G GDEROVDGHYDORUHVHPTXHRFRUUHXRQHJuFLR

>@(PUHODkjRDRVDFLRQLVWDVPLQRULWhULRVGHXPDFRPSDQKLDDEHUWDOLVWDGDVQR
1RYR0HUFDGRGD%QRFDVRGHDOLHQDkjRGHFRQWUROHRWDJDORQJFRQVLVWH

D 1DREULJDqpRGHYHQGHUVXDVDVDqwHVDRDGTXLUHQWHMXQWDPHQWHFRPRV
FRQWURODGRUHVSHORSUHqRSDJRDRVFRQWURODGRUHV
E 1DSRVVLELOLGDGHGHYHQGHUVXDVDqwHVDRDGTXLUHQWHSRUGRSUHqRSDJR
SHODVDqwHVGRVFRQWURODGRUHV
F 1DH[WHQVpRGDRIHUWDGHFRPSUDIHLWDDRVFRQWURODGRUHVSRUYDORUHTXLYDOHQWHm
PrGLDGRVSUHJwHVDQWHULRUHVmGDWDGDRIHUWD
G 1DSRVVLELOLGDGHGHYHQGHUVXDVDqwHVDRDGTXLUHQWHQDVPHVPDVFRQGLqwHV
REWLGDVSHORVFRQWURODGRUHVSDUDDYHQGDGHVXDVDqwHV

>@8PGHWHUPLQDGRWnWXORGHUHQGDz[D]HURFXSRPWHPVHXYDORUGHUHVJDWHGH
5FRPYHQFLPHQWRHPPHVHV$WD[DGHMXURVGRPHUFDGRSDUDHVVHPHVPR
SHUnRGRlGHDD1HVVHFDVRRYDORUSUHVHQWHGHVVHWnWXORl

D LQIHULRUD5
E LJXDOD5
F VXSHULRUD5
G LPSRVVtYHOGHVHUGHWHUPLQDGR

$SRVWLOD
6LPXODGRVSDUDR&3$

36
>@8PDRSHUDkjRHPTXHXPLQYHVWLGRUUHDOL]DXPDDSOLFDkjRHP&'%FRPWD[D
SUHz[DGDGHXPEDQFRSULYDGR

D WHPRYDORUGHUHVJDWHYDULnYHOSRGHQGRVHULQFOXVLYHLQIHULRUDRYDORUGH
DSOLFDqpR
E SRVVXLVHXYDORUGHUHVJDWHFRQKHFLGRDQWHFLSDGDPHQWH
F QpRSRGHWHUSUD]RLQIHULRUDGLDVFRUULGRV
G QpRSRVVXLULVFRGHFUrGLWR

>@1DWULEXWDkjRGHXPLQYHVWLPHQWRHPGHEmQWXUHVVLPSOHVUHPXQHUDGDVD
GDWD[DGR',HFRPMXURVVHPHVWUDO

D 2VMXURVVHPHVWUDLVHVWpRVXMHLWDVmLQFLGsQFLDGRLPSRVWRGHUHQGDDXPD
DOtTXRWDxQLFDGH}QLGRHPIXQqpRGRSUD]RGHYHQFLPHQWRGRWtWXOR
E 2VMXURVVHPHVWUDLVHVWpRVXMHLWDVmLQFLGsQFLDGRLPSRVWRGHUHQGDHUHFROKLGRV
QDIRQWHGHIRUPDDQWHFLSDGDHPIXQqpRGRSUD]RGHFRUULGRHQWUHVXD
DTXLVLqpRHRSDJDPHQWR
F 2GHEHQWXULVWDrUHVSRQVnYHOSHODUHWHQqpRHUHFROKLPHQWRGRLPSRVWRGHUHQGD
VREUHRVMXURVVHPHVWUDLV
G $LQVWLWXLqpR}QDQFHLUDTXHHIHWXDRSDJDPHQWRGRVMXURVVHPHVWUDLVrD
UHVSRQVnYHOSHODUHWHQqpRHUHFROKLPHQWRGRLPSRVWRGHUHQGDQDIRQWH

>@2VGHULYDWLYRVSRGHPVHUFODVVLzFDGRVFRPR

D 2SqwHVGHFRPSUDHYHQGDFRQWUDWRVDWHUPRVHFXULWL]DqpRHFRQWUDWRV
IXWXURV
E &RQWUDWRDWHUPRVHFXULWL]DqpRDqwHVHVZDSV
F 2SqwHVGHFRPSUDHYHQGDDqwHVVZDSHFRQWUDWRVIXWXURV
G 2SqwHVGHFRPSUDHYHQGDFRQWUDWRVDWHUPRFRQWUDWRVIXWXURVHVZDSV

>@2ODQkDGRUGHXPDRSkjRGHFRPSUDGHDkqHVQDEROVDGHYDORUHVWHP

D 2GLUHLWRGHFRPSUDUDDqpRSHORSUHqRGHPHUFDGR
E $REULJDqpRGHFRPSUDUDDqpRSHORSUHqRGHPHUFDGR
F 2GLUHLWRGHYHQGHUDDqpRSHORSUHqRGHH[HUFtFLR
G $REULJDqpRGHYHQGHUDDqpRSHORSUHqRGHH[HUFtFLR

>@$FRPSUDGHXPDRSkjRDPHULFDQDGHFRPSUDGHXPDDkjRlXPDHVWUDWlJLD
GHDODYDQFDJHPSRLV

D 3RVVLELOLWDRLQYHVWLPHQWRQDDqpRSRUXPDIUDqpRGHVHXSUHqRQRPHUFDGRm
YLVWD
E 2EULJDRWLWXODUDSHUPDQHFHUFRPHVVDSRVLqpRQRPHUFDGRDWrDGDWDGH
YHQFLPHQWR
F 3RVVLELOLWDRLQYHVWLPHQWRQDDqpRVHPGHVHPEROVRLQLFLDOGHUHFXUVRV
G ([LJHGRWLWXODURGHSuVLWRGHPDUJHPGHJDUDQWLDHPWtWXORVRXHPGLQKHLUR

$SRVWLOD
6LPXODGRVSDUDR&3$

37
>@$VSHUGDVUHIHUHQWHVDFREUDQkDGHLPSRVWRGHUHQGDLQHUHQWHDDSOLFDkqHV
HPRSHUDkqHVGH6ZDS

D 1pRSRGHPVHUFRPSHQVDGDV
E 3HUPLWHPDFRPSHQVDqpRFRPRXWUDVRSHUDqwHVGHUHQGDYDULnYHLVGHTXDOTXHU
DGPLQLVWUDGRU
F 3HUPLWHPDFRPSHQVDqpRFRPRXWUDVRSHUDqwHVGHUHQGDYDULnYHLVVRPHQWHGR
PHVPRDGPLQLVWUDGRU
G 3HVVRD)tVLFDVpRLVHQWDVGHFREUDQqDGHLPSRVWRGHUHQGD

 >@ 8P LQYHVWLGRU DGTXLULX XP &2(  FHUWLzFDGR GH RSHUDkqHV HVWUXWXUDGDV
GHYLGDPHQWH UHJLVWUDGR QD % QR LQnFLR GH MDQHLUR GH  (VVH LQYHVWLPHQWR LUh
SURSRUFLRQDU XP UHWRUQR GH  VREUH R FDSLWDO LQYHVWLGR FDVR R ,ERYHVSD VXSHUH
SRQWRVDRzQDOGHDEULOGHTXDQGRR&2(YHQFHRXRFDSLWDOLQYHVWLGRVHUh
UHHPEROVDGRVHPFRUUHkjRFDVRR,ERYHVSDQjRVXSHUHHVVHSDWDPDU&RQVLGHUDQGRD
GHVFULkjRGRSURGXWRDDOnTXRWDDSOLFhYHOVREUHRUHQGLPHQWRVHKRXYHUVHUhGH

D 
E 
F 
G 

>@1RiPELWRGDVRIHUWDVSrEOLFDVGHYDORUHVPRELOLhULRVD5HVROXkjR&90Qd
 HDWXDOL]DkqHV WHPFRPRREMHWLYRSURWHJHULQWHUHVVHVGRVLQYHVWLGRUHVHGRPHUFDGR
FRPRXPWRGRH[LJLQGR

D 4XHLQYHVWLGRUHVTXDOL}FDGRVWHQKDPGHVFRQWRQDDTXLVLqpRGRVYDORUHV
PRELOLnULRV
E 4XHIXQGRVGHSUHYLGsQFLDWHQKDPLQIRUPDqwHVH[FOXVLYDVVREUHDVRIHUWDV
F 7UDWDPHQWRGLIHUHQFLDGRDRVDFLRQLVWDVPDMRULWnULRV
G 7UDWDPHQWRHTXLWDWLYRDRVRIHUWDGRVHGHUHTXLVLWRGHDPSODWUDQVSDUHQWHH
DGHTXDGDGLYXOJDqpRGHLQIRUPDqwHVVREUHDRIHUWD

 >@ $ FODVVH GH XP IXQGR GH LQYHVWLPHQWR SRVVXL WD[D z[D GH DGPLQLVWUDkjR GH
DRDQR6HJXQGRDSROnWLFDGHPDUFDkjRDPHUFDGRGHFRWDVHVVDWD[DDIHWD

D DUHQWDELOLGDGHGLnULDGRVWtWXORVTXHFRPSwHPDFDUWHLUDGHDWLYRV
E RSDWULPvQLROtTXLGRGLnULRGDFODVVHGRIXQGR
F DUHQWDELOLGDGHPHQVDOGRVWtWXORVTXHFRPSwHPDFDUWHLUDGRIXQGRVHQGR
UHFROKLGDQDFRPSHWsQFLD
G RSDWULPvQLROtTXLGRGRIXQGRQRxOWLPRGLDxWLOGHFDGDPsVSURSRUFLRQDOPHQWH
DTXDQWLGDGHGHFRWDV

$SRVWLOD
6LPXODGRVSDUDR&3$

38
>@6jRFRQVLGHUDGDVFDUDFWHUnVWLFDVGHIXQGRVGHLQYHVWLPHQWR
, t $ SRVVLELOLGDGH GH TXH SHTXHQRV LQYHVWLGRUHV WHQKDP DFHVVR D RSHUDkqHV PDLV
FRPSOH[DVHVRzVWLFDGDVGRPHUFDGRzQDQFHLURHGHFDSLWDLV
,,t$JDUDQWLDGHPDLRUUHQWDELOLGDGHHPUHODkjRgVDSOLFDkqHVTXHXPLQYHVWLGRUUHDOL]H
LVRODGDPHQWH
,,,t$UHQWDELOLGDGHGRVWnWXORVTXHFRPSqHPDFDUWHLUDGDFODVVHlGLYLGLGDHQWUHRV
LQYHVWLGRUHVQDPHVPDSURSRUkjRGRVYDORUHVQRPLQDLVTXHFDGDXPGHOHVDSOLFRX
(VWhFRUUHWRRTXHVHDzUPDDSHQDVHP

D ,
E ,H,,
F ,,H,,,
G ,H,,,

>@2JHVWRUSRGHVXVSHQGHUDTXDOTXHUPRPHQWRQRYDVDSOLFDkqHVHPFODVVH
RXVXEFODVVHDEHUWDGLVWULEXnGDVDRSrEOLFRHPJHUDO

D GHVGHTXHWDPErPGHFODUHIHFKDPHQWRGDFODVVHRXGDVXEFODVVHGHFRWDVSDUD
DUHDOL]DqpRGHUHVJDWHV
E VRPHQWHHPFDVRVH[FHSFLRQDLVGHLOLTXLGH]GRVDWLYRVFRPSRQHQWHVGD
FDUWHLUD
F GHVGHTXHVROLFLWHDXWRUL]DqpRmDVVHPEOHLDHVSHFLDOGHFRWLVWDV
G GHVGHTXHWDOVXVSHQVpRVHDSOLTXHLQGLVWLQWDPHQWHDQRYRVLQYHVWLGRUHVH
FRWLVWDVDWXDLV

 >@ 'RLV IXQGRV SDVVLYRV GH UHQGD z[D FRP EHQFKPDUN DR &', DSUHVHQWDUDP DV
VHJXLQWHVUHPXQHUDkqHVPmVDPmV


D )XQGR$rPDLVFRUUHODFLRQDGRFRPVHXEHQFKPDUN
E )XQGR%rPDLVFRUUHODFLRQDGRFRPVHXEHQFKPDUN
F )XQGRV$H%VpRLJXDOPHQWHFRUUHODFLRQDGRVDVHXVEHQFKPDUNV
G 1pRrSRVVtYHOWLUDUPRVFRQFOXVwHVVRPHQWHFRPDUHPXQHUDqpRGHFDGDIXQGR

 >@ $ FODVVH GRV IXQGRV GH LQYHVWLPHQWR zQDQFHLUR WLSLzFDGRV FRPR 5HQGD )L[D
6LPSOHVSRGHPSRVVXLUHPVXDFDUWHLUD

D RSHUDqwHVGHDUELWUDJHPFRPGHULYDWLYRV
E LQYHVWLPHQWRVQRH[WHULRUDWrROLPLWHGH
F WtWXORVHPLWLGRVSRULQVWLWXLqwHV}QDQFHLUDVTXHWHQKDPQDDQnOLVHGHJHVWRUD
PHVPDFODVVL}FDqpRGHULVFRGRWtWXORSxEOLFRIHGHUDO
G GHEsQWXUHVHPLWLGDVSRUHPSUHVDQpR}QDQFHLUDVTXHWHQKDPVXDVWD[DV
GLYXOJDGDVSHOD$QELPD

$SRVWLOD
6LPXODGRVSDUDR&3$

39
>@8PLQYHVWLGRUTXHDFUHGLWDHPXPDTXHGDGDWD[DGHMXURVPDLRUTXHDGR
FRQVHQVR GH PHUFDGR GHYHULD HVFROKHU D FODVVH GH XP IXQGR GH LQYHVWLPHQWR FXMD
FDUWHLUDVHMDFRPSRVWDSULQFLSDOPHQWHSRU

D WtWXORVSuV}[DGRVLQGH[DGRVDR',HWtWXORVSUH}[DGRV
E WtWXORVSuV}[DGRVLQGH[DGRVm7D[D6HOLF
F WtWXORVSUH}[DGRV
G WtWXORVSUH}[DGRVHWtWXORVSuV}[DGRVLQGH[DGRVm7D[D6HOLF

>@6REUHR),'&DQDOLVHDVDOWHUQDWLYDVDVHJXLU
,t6RPHQWHSRGHLQYHVWLUHPGLUHLWRVFUHGLWoULRV
,,t3RGHVHUFRQVWLWXnGRFRPRUHJLPHDEHUWRRXUHJLPHIHFKDGR
,,,t6RPHQWHSRGHVHUREMHWRGHRIHUWDSDUDLQYHVWLGRUHVTXDOLzFDGRV
,9t3RGHPSRVVXLUFRWDV6XERUGLQDGDV6mQLRUH2UGLQhULD
(VWhFRUUHWRRTXHVHDzUPD$3(1$6HP

D ,,
E ,,H,,,
F ,,,,,H,9
G ,H,9

>@(PXP)XQGRGH,QYHVWLPHQWRHP'LUHLWRV&UHGLWoULRV ),'& 
, t $V FRWDV VXERUGLQDGDV SRVVXHP PDLRUHV ULVFRV FDVR RV FUlGLWRV QjR VHMDP
SHUIRUPDGRV
,, t 6jR H[LJLGRV UDWLQJV  FODVVLzFDkjR GH ULVFR GH DJmQFLDV GH ULVFR GH PHUFDGR DSHQDV
SDUDDVFRWDVVmQLRUHV
,,, t $V FRWDV VmQLRUHV SRVVXHP SULRULGDGH SDUD zQV GH SDJDPHQWR GH DPRUWL]DkjR H
UHVJDWHV
(VWhFRUUHWRRTXHVHDzUPDHP

D ,DSHQDV
E ,,DSHQDV
F ,H,,,DSHQDV
G ,,H,,,DSHQDV

 >@ 'H DFRUGR FRP D 5HFHLWD )HGHUDO RV )XQGRV GH ,QYHVWLPHQWRV FODVVLzFDGRV
FRPR&XUWR3UD]R

D 3RVVXHPSUD]RPrGLRLQIHULRUDGLDV
E 3RVVXHPSUD]RPrGLRPHQRURXLJXDODGLDV
F 6pRVRPHQWHSDUDLQYHVWLGRUHVTXDOL}FDGRV
G 1pRVpRREULJDGRVDID]HUHPD3UHFL}FDqpRGRV$WLYRVD0DUFDqpRD0HUFDGR

 >@ 8PD 3- FRPSUD FRWDV GH XP IXQGR LPRELOLhULR 'RLV DQRV GHSRLV UHFHEH
GLYLGHQGRV2,5LQFLGHQWHVREUHHVVHUHQGLPHQWRl

D 
E 
F 
G ,VHQWR

$SRVWLOD
6LPXODGRVSDUDR&3$

40
 >@ 'H DFRUGR &oGLJR $1%,0$ GH 5HJXODkjR H 0HOKRUHV 3UhWLFDV SDUD
$GPLQLVWUDkjRGH5HFXUVRVGH7HUFHLURVR$GPLQLVWUDGRU)LGXFLhULRlRUHVSRQVhYHO

D SRUFRPSUDUHYHQGHUDWLYRVSDUDRIXQGR
E SRUGHFLGLUVREUHLQYHVWLPHQWRVPDQXWHQqpRHGHVLQYHVWLPHQWRV
F SHORSURFHVVRGHSUHYHQqpRmODYDJHPGHGLQKHLURGRVDWLYRVDGTXLULGRVSHOR
IXQGR
G SHODJHVWpRGRULVFRGHOLTXLGH]TXHGHYHVHUIHLWDHPFRQMXQWRFRPRJHVWRUGH
UHFXUVRV

>@8PDGPLQLVWUDGRUGHIXQGRGHLQYHVWLPHQWRDVVRFLDGRg$1%,0$

D GHYHSURLELUDTXLVLqpRGHFUrGLWRSULYDGR
E SRGHVHUGLVSHQVDGRGDFRPSURYDqpRGRGHYHUGHGLOLJsQFLD
F HVWnGLVSHQVDGRGHXWLOL]DUR6HOR$QELPDQRSURVSHFWRGRIXQGR
G QpRSRGHFRQWUDWDUJHVWRUGHUHFXUVRVTXHQpRSHUWHQqDDXPDLQVWLWXLqpR
DGHUHQWHDRFuGLJRGHDGPLQLVWUDqpRGHUHFXUVRVGHWHUFHLURVVDOYRH[FHqpR
H[SOtFLWD

 >@ 6HJXQGR R FoGLJR $QELPD GH 5HJXODkjR H 0HOKRUHV 3UhWLFDV SDUD D


$GPLQLVWUDkjR GH 5HFXUVRV GH 7HUFHLURV D UHODkjR zGXFLhULD GH XPD LQVWLWXLkjR
DGPLQLVWUDGRUD GH IXQGRV GH LQYHVWLPHQWRV H RV LQYHVWLGRUHV l IXQGDPHQWDGD HP

D FRQ}DQqDHOHDOGDGH
E ULVFRHUHWRUQR
F QRUPDLVOHJDLVHLQIUDOHJDLV
G FRQ}GHQFLDOLGDGHHLQWHJULGDGH

>@4XDORULVFRTXHXPSDUWLFLSDQWHGHSODQR3*%/FRUUH

D 5LVFRGH&UrGLWRGDVHJXUDGRUDDSHQDV
E 5LVFRGH0HUFDGRDSHQDV
F 5LVFRGH0HUFDGRHULVFRGH&UrGLWRGDVHJXUDGRUD
G 5LVFRGH/LTXLGH]HULVFRGHFUrGLWRGDDGPLQLVWUDGRUD

>@$QWpQLRSRVVXL5DSOLFDGRVHPXP9*%/HGHFLGHFRQYHUWHUHP
UHQGDYLWDOnFLDSDUDFRPSOHPHQWDUDVXDDSRVHQWDGRULDHYLYHUXPDYLGDWUDQTXLOD1R
HQWDQWRDQRGHSRLVHOHYHPDIDOHFHUGHLQIDUWR(PUHODkjRDUHQGDGDSUHYLGmQFLD
SULYDGDSRGHPRVDzUPDUTXH

D 3RUVHUUHQGDYLWDOtFLDVHXVKHUGHLURVFRQWLQXDUpRDUHFHEHUHWHUQDPHQWH
E $UHQGDFRQWLQXDUnDVHUSDJDSDUDDVXDHVSRVD YLxYD 
F 3RUVHWUDWDUGHUHQGDYLWDOtFLDFDVR$QWvQLRWHQKD}OKRVPHQRUHVGHLGDGHRV
PHVPRVUHFHEHUpRDWrRVDQRVFDVRHVWHMDPHVWXGDQGRVHQpRDWrRV
DQRV
G $UHQGDVHH[WLQJXLUn

$SRVWLOD
6LPXODGRVSDUDR&3$

41
 >@ 6REUH R UHJLPH WULEXWhYHO RX FRPSHQVhYHO GRV SODQRV GH SUHYLGmQFLD
FRPSOHPHQWDUl,1&255(72TXH

D DIRUPDGHDSOLFDqpRQDIDVHGHGLIHULPHQWRRXDFXPXODqpRLPSOLFDXPD
DQWHFLSDqpRGR,PSRVWRGH5HQGDGHQDIRQWHDQWHVGDDSXUDqpR}QDO
TXHrIHLWDQD'HFODUDqpRGH$MXVWH$QXDOSDUDD5HFHLWD)HGHUDOQRDQR
VHJXLQWH
E UHQWDELOLGDGHrUHQGDWULEXWnYHOHSRUWDQWRGHYHVHUVRPDGDDRPRQWDQWH
DQXDOSDUDHIHLWRGHFRPSHQVDqpRGHWULEXWDqpRQD'HFODUDqpRGH$MXVWH$QXDO
SDUDD5HFHLWD)HGHUDO
F rFRQKHFLGRWDPErPFRPRSURJUHVVLYRHVHEDVHLDDSHQDVQDUHQGDWULEXWnYHO
UHFHELGDDQXDOPHQWHSHORSDUWLFLSDQWHHQDVXDFRPSHQVDqpRSRGHJHUDU
UHVWLWXLqpRGR,PSRVWRGH5HQGD
G DWULEXWDqpRQDVIDVHVGHGLIHULPHQWRRXDFXPXODqpRHGHUHFHELPHQWRRX
FRQFHVVpRGHEHQHItFLRLPSOLFDXPDDQWHFLSDqpRGR,PSRVWRGH5HQGDGH
QDIRQWH

 >@ 8P H[HFXWLYR FDVDGR  DQRV H VHP zOKRV SURFXUD RULHQWDkjR SDUD
LQYHVWLPHQWRVGHDSRVHQWDGRULD6XDUHQGDWULEXWhYHOlGH5SRUDQRHTXHU
FRQWULEXLU FRP 5  SRU PmV $WXDOPHQWH HOH ID] D GHFODUDkjR VLPSOLzFDGD GH
DMXVWH DQXDO 'HQWUH DV DOWHUQDWLYDV D VHJXLU YRFm UHFRPHQGDULD HOH

D )D]HUDSOLFDqwHVHPXP9*%/PXGDUSDUDDGHFODUDqpRFRPSOHWDGHDMXVWH
DQXDOHGHFLGLUSHODWDEHODUHJUHVVLYDGH,5
E )D]HUDSOLFDqwHVHPXP3*%/PXGDUSDUDDGHFODUDqpRFRPSOHWDGHDMXVWH
DQXDOHGHFLGLUSHODWDEHODUHJUHVVLYDGH,5
F )D]HUDSOLFDqwHVHPXP9*%/FRQWLQXDUFRPDGHFODUDqpRVLPSOL}FDGDGH
DMXVWHDQXDOHGHFLGLUSHODWDEHODSURJUHVVLYDGH,5
G )D]HUDSOLFDqwHVHPXP3*%/FRQWLQXDUFRPGHFODUDqpRVLPSOL}FDGDGHDMXVWH
DQXDOHGHFLGLUSHODWDEHODSURJUHVVLYDGH,5

>@8PDGLIHUHQkDHQWUHR3ODQR*HUDGRUGH%HQHInFLR/LYUHt3*%/HR9LGD
*HUDGRUGH%HQHInFLR/LYUHt9*%/lRIDWRGHTXH$3(1$6QR

D 9*%/rUHSDVVDGRDRSDUWLFLSDQWHWRGRRUHQGLPHQWRREWLGRGXUDQWHRSHUtRGR
GHDFXPXODqpR
E 3*%/rSRVVtYHOGHGX]LUDWrFHUWROLPLWHRYDORUGDVFRQWULEXLqwHVGDEDVHGH
FnOFXORGR,5QD'HFODUDqpR$QXDOGH$MXVWHGR,PSRVWRGH5HQGDz,53HVVRD
)tVLFD
F 9*%/rSRVVtYHOGHGX]LUDWrFHUWROLPLWHRYDORUGDVFRQWULEXLqwHVGDEDVHGH
FnOFXORGR,5QD'HFODUDqpR$QXDOGH$MXVWHGR,PSRVWRGH5HQGDz,53HVVRD
)tVLFD
G 3*%/rUHSDVVDGRDRSDUWLFLSDQWHWRGRRUHQGLPHQWRREWLGRGXUDQWHRSHUtRGR
GHDFXPXODqpR

>@&RQVLGHUHRVHJXLQWHFRQMXQWRGHGDGRV^`$PHGLDQDHD
PRGDVjRUHVSHFWLYDPHQWH

D H
E H
F H
G H

$SRVWLOD
6LPXODGRVSDUDR&3$

42
>@8PWnWXORGHUHQGDz[D]HURFXSRPWHPVHXYDORUGHUHVJDWHGH5
FRPYHQFLPHQWRHP8PLQYHVWLGRUDGTXLULXHVWHWnWXORHPTXDQGR
DWD[DGHMXURVHUDGHDD(PDWD[DGHMXURVDXPHQWRXSDUDDR
DQR'LDQWHGLVVRRYDORUSUHVHQWHHRYDORUGHUHVJDWHGHVVHWnWXORDSoVRDXPHQWRGD
WD[DGHMXURVVjR

D 6XSHULRUD5HLJXDOD5
E ,QIHULRUD5HLJXDOD5
F 6XSHULRUD5HVXSHULRUD5
G ,QIHULRUD5HVXSHULRUD5

>@2ULVFRGHPHUFDGRGHXPDWLYRTXDOTXHUSRGHVHUPHQVXUDGRSHOR

D FnOFXORGDPrGLDJHRPrWULFDHPUHODqpRDRVUHWRUQRVGRDWLYR
E JUDXGHGLVSHUVpRGRVUHWRUQRVGRDWLYRHPUHODqpRmPrGLDGHVHXVUHWRUQRV
F JUDXGHGLVSHUVpRGRVUHWRUQRVGRDWLYRHPUHODqpRDRUHWRUQRGRDWLYROLYUHGH
ULVFR
G FnOFXORGDPrGLDDULWPrWLFDHPUHODqpRDRVUHWRUQRVGRDWLYR

>@'XUDQWHXPSHUnRGRGHGLDVREVHUYDVHRFRPSRUWDPHQWRGHFDUWHLUDVGH
DkqHVQHJRFLDGDVQD%RYHVSDHGRfQGLFH%RYHVSD ,ERYHVSD FRQIRUPHWDEHODDEDL[R


D yF!yE!yD
E yD!yE!yF
F yF!yD!yE
G yE!yF!yD

>@2FRHzFLHQWHs %HWD GHXPDFDUWHLUDlLJXDOD2UHWRUQRHVSHUDGRl



D LJXDOmWD[DGHMXURVOLYUHGHULVFR
E PHQRUTXHDWD[DGHMXURVOLYUHGHULVFR
F PDLRUTXHRUHWRUQRHVSHUDGRGRPHUFDGR
G LJXDODRUHWRUQRHVSHUDGRGRPHUFDGR

$SRVWLOD
6LPXODGRVSDUDR&3$

43
>@2DXPHQWRGDGXUDWLRQGH0DFDXOD\GHXPDFDUWHLUDGHLQYHVWLPHQWRVWHP
FRPRFRQVHTXmQFLDGLUHWD

D 8PDGLPLQXLqpRGRULVFRGHFUrGLWRGRVWtWXORVTXHFRPSwHDFDUWHLUD
E 8PDXPHQWRGRULVFRGHFUrGLWRGRVWtWXORVTXHFRPSwHDFDUWHLUD
F 8PDGLPLQXLqpRGDVXDVHQVLELOLGDGHDPXGDQqDVQDVWD[DVGHMXURV
G 8PDXPHQWRGDVXDVHQVLELOLGDGHDPXGDQqDVQDVWD[DVGHMXURV

>@26WRS/RVVlXPPHFDQLVPRXWLOL]DGRHPXPDFDUWHLUDGHLQYHVWLPHQWRV
SDUDOLPLWDU

D 6XDYRODWLOLGDGHKLVWuULFD
E 6HXQtYHOGHFRQFHQWUDqpRGHXPDWLYR
F 6XDVSHUGDV
G 6HX9D5

>@&RQVLGHUDQGRRVGDGRVGDWDEHODDEDL[RFDVRVHXFOLHQWHTXHLUDTXHYRFmR
LQGLTXH R IXQGR TXH SRVVXL PHQRUHV FKDQFHV GH VH GHVFRODU GR VHX EHQFKPDUN YRFm
GHYHULDLQGLFDUR


D )XQGR;SRLVSRVVXLPHQRUWUDFNLQJHUURU
E )XQGR<SRLVSRVVXLPDLRUWUDFNLQJHUURU
F )XQGR;SRLVSRVVXLPHQRUGHVYLRSDGUpR
G )XQGR<SRLVSRVVXLPDLRUGHVYLRSDGUpR

$SRVWLOD
6LPXODGRVSDUDR&3$

44
&3$6,08/$'2 

>@(PUHODkjRDR&01 &RQVHOKR0RQHWhULR1DFLRQDO SRGHPRVDzUPDUTXH


, t $GDSWD R YROXPH GRV PHLRV GH SDJDPHQWRV gV UHDLV QHFHVVLGDGHV GD HFRQRPLD
QDFLRQDO
,,t([HFXWDDVSROnWLFDVPRQHWhULDVFDPELDLVHFUHGLWnFLDV
,,,t5HDOL]DDVRSHUDkqHVGH5HGHVFRQWRHGH2SHQ0DUNHW
,9 t &RRUGHQD DV SROnWLFDV PRQHWhULDV FUHGLWnFLDV RUkDPHQWhULDV H GD GnYLGD SrEOLFD
LQWHUQDHH[WHUQD
9t(PLWHSDSHOPRHGD
(VWhFRUUHWRRTXHVHDzUPD

D ,9DSHQDV
E ,,,H,,,DSHQDV
F ,,,,H9DSHQDV
G ,,,,,,,9H9

>@$/HL&RPSOHPHQWDUQdGHGHIHYHUHLURGHGHzQLXRVREMHWLYRV
GR%DQFR&HQWUDOGR%UDVLOHGLVSRQGRVREUHVXDDXWRQRPLDHVREUHDQRPHDkjRHD
H[RQHUDkjRGHVHX3UHVLGHQWHHGHVHXV'LUHWRUHV6HJXQGRHVWDOHLRSUD]RGRPDQGDWR
GRSUHVLGHQWHGR%DQFRFHQWUDOHGRVVHXV'LUHWRUHVVHUhGH

D DQRVHPSDUDOHORDRGR3UHVLGHQWHGD5HSxEOLFD
E DQRVQpRFRLQFLGHQWHVFRPRVGR3UHVLGHQWHGD5HSxEOLFD
F DQRVHPSDUDOHORDRGR3UHVLGHQWHGD5HSxEOLFD
G DQRVQpRFRLQFLGHQWHVFRPRVGR3UHVLGHQWHGD5HSxEOLFD

>@2SULQFLSDOoUJjRJRYHUQDPHQWDOUHVSRQVhYHOSHODzVFDOL]DkjRGRVIXQGRVGH
LQYHVWLPHQWRl

D $$VVRFLDqpR%UDVLOHLUDGDV(QWLGDGHVGRV0HUFDGRV)LQDQFHLURHGH&DSLWDLV
$1%,0$
E 2&RQVHOKR0RQHWnULR1DFLRQDO&01
F $&RPLVVpRGH9DORUHV0RELOLnULRV&90
G 2%DQFR&HQWUDO

>@(PUHODkjRDRVLVWHPDzQDQFHLURQDFLRQDOSRGHPRVDzUPDUTXH
,teUHVSRQVDELOLGDGHGR&163z[DUDVGLUHWUL]HVGDSROnWLFDGHVHJXURVSULYDGRVUHJXODU
R IXQFLRQDPHQWR GDV VHJXUDGRUDV H UHJXODU D RUJDQL]DkjR GDV VRFLHGDGHV GH
FDSLWDOL]DkjR
,,t2&163UHJXODRIXQFLRQDPHQWRGRVIXQGRVGHSHQVjRUHJXODDFRQVWLWXLkjRGDV
HQWLGDGHVUHVVHJXUDGRUDVHWDPElPlTXHPID]DzVFDOL]DkjRGRVFRUUHWRUHVGHVHJXUR
,,,t$6XVHSUHJXODRIXQFLRQDPHQWRGRVFRUUHWRUHVGHVHJXURUHJXODDFRQVWLWXLkjRGDV
HQWLGDGHV DEHUWDV GH SUHYLGmQFLD SULYDGD H UHJXOD D FRQVWLWXLkjR GDV HQWLGDGHV
VHJXUDGRUDV
(VWhFRUUHWRRTXHVHDzUPDHP

D ,DSHQDV
E ,,DSHQDV
F ,H,,,DSHQDV
G ,,,H,,,

$SRVWLOD
6LPXODGRVSDUDR&3$

45
>@eXPDDWLYLGDGHTXHSRGHVHUHIHWXDGDSRUXPDFRUUHWRUDGHWnWXORVHYDORUHV
PRELOLhULRV

D &UrGLWRGLUHWRDRFRQVXPLGRU
E 6HFXULWL]DqpRGHUHFHEtYHLV
F ,QWHUPHGLDqpRGHRSHUDqwHVGHFoPELR
G )LQDQFLDPHQWRGHFDSLWDOGHJLURGDVHPSUHVDV

>@$RQjRREVHUYDURVSULQFnSLRVHUHJUDVGHFRPSOLDQFHOHJDOHlWLFDXPD
LQVWLWXLkjRzQDQFHLUDHVWDUhLQFRUUHQGRHPXPULVFR

D /HJDOHGHLPDJHP
E 'HLPDJHPDSHQDV
F /HJDODSHQDV
G 'H%DUUHLUDGD,QIRUPDqpRXPDYH]TXHSRGHUpRVXUJLUVLWXDqwHVGHFRQ~LWRGH
LQWHUHVVHV

>@8PLQYHVWLGRUFHOHEUDFRQWUDWRGHFDUWHLUDDGPLQLVWUDGDFRPXPDFRUUHWRUD
$RGHVHPSHQKDUHVWDDWLYLGDGHDFRUUHWRUDDORFDSDUDDUHIHULGDFDUWHLUDDkqHVGHXPD
GHWHUPLQDGDFRPSDQKLDFXMDHPLVVjRSrEOLFDWHQKDFRRUGHQDGRHPFRQGLkqHVLGmQWLFDV
DRPHUFDGR(VWDVLWXDkjR

D iLPSRVVtYHOGHRFRUUHUWHQGRHPYLVWDDEDUUHLUDGHLQIRUPDqpRGDFRUUHWRUD
E iSRWHQFLDOPHQWHGHFRQ~LWRGHLQWHUHVVHV
F 1pRrSRWHQFLDOPHQWHGHFRQ~LWRGHLQWHUHVVHV
G 1pRRFRUUHSRLVXPDFRUUHWRUDMDPDLVFRRUGHQDXPDHPLVVpRSULPnULD

>@&RPUHODkjRDRFULPHGH/DYDJHPGH'LQKHLURSRGHPRVDzUPDUTXH
, t 6jR VXVSHLWDV DV SHVVRDV InVLFDV H MXUnGLFDV TXH FRPHUFLDOL]DP REUDV GH DUWH H
DQWLJXLGDGHVGHTXDOTXHUQDWXUH]D
,,t$SHQDSUHYLVWDSDUDTXHPFRPHWHRFULPHlGHDWlDQRVGHUHFOXVjRHPXOWD
,,,t$VDGPLQLVWUDGRUDVGHFDUWqHVGHFUlGLWRHVWjRVXMHLWDVDzVFDOL]DkjR
(VWhFRUUHWRRTXHVHDzUPDDSHQDVHP

D ,
E ,,
F ,H,,,
G ,,,H,,,

$SRVWLOD
6LPXODGRVSDUDR&3$

46
>@6REUHRVFULPHVGHODYDJHPGHGLQKHLURDOHLYLJHQWHUHJXODPHQWDTXH
,t2VGHSoVLWRVGHDOWRYDORUUHDOL]DGRVHPHVSlFLHHPFRQWDVGHFOLHQWHVTXHH[HUkDP
DWLYLGDGHV FRPHUFLDLV UHODFLRQDGDV FRP D QHJRFLDkjR GH REUDV GH DUWH H DHURQDYHV
FDUDFWHUL]DPVHFRPRRSHUDkqHVVXVSHLWDV
,,t$TXHOHVTXHXWLOL]DUHPGHEHQVHYDORUHVSURYHQLHQWHVGHLQIUDkjRSHQDOHPVXD
DWLYLGDGHHFRQpPLFDHVWjRVXMHLWRVDPHVPDSHQDGHUHFOXVjRGHWUmVDGH]DQRVH
PXOWD
,,, t $TXHOHV TXH H[HUFHP DWLYLGDGHV GH FRPHUFLDOL]DkjR GH LPoYHLV RX MRLDV H DV
DGPLQLVWUDGRUDVGHFDUWqHVGHFUlGLWRVHVWjRVXMHLWDVDHVVDOHL
(VWhFRUUHWRRTXHVHDzUPDHP

D ,H,,DSHQDV
E ,,H,,,DSHQDV
F ,,,H,,,
G ,H,,,DSHQDV

>@8PFRUUHWRUGDEROVDGHYDORUHVREWHYHXPDLQIRUPDkjRGHXPDFRPSDQKLD
TXHWRGDYLDQjRWLQKDVLGRGLYXOJDGDQRPHUFDGRzQDQFHLUR(OHVDEHTXHHVWDLQIRUPDkjR
LUhLPSDFWDUQRVSUHkRVGDVDkqHVGHVWDHPSUHVDHUHFRPHQGDDFRPSUDGDVDkqHVSDUD
VHXV DPLJRV H IDPLOLDUHV PDV QjR FRPSUD SDUD HOH 'HVWD IRUPD SRGHPRV DzUPDU TXH
HOH

D &RPHWHXRFULPH,QVLGHU,QIRUPDWLRQ
E &RPHWHXRFULPH,QVLGHU7UDGLQJ
F &RPHWHXRFULPH)URQW5XQQLQJ
G 1pRFRPHWHXQHQKXPFULPHSRLVHOHQpRDGTXLULXDVDqwHVSDUDHOH

>@8PRSHUDGRUHPSUHJDGRGHXPDFRUUHWRUDGHYDORUHVLQFRUUHQDSUhWLFDGH
IURQWUXQQLQJTXDQGRLQWHQFLRQDOPHQWH

D FRPSUDGHWHUPLQDGRDWLYRDRWRPDUFRQKHFLPHQWRGHDQnOLVHRXUHFRPHQGDqpR
GHFRPSUDDVHUGLYXOJDGDDRVGHQWHVHTXHIRLHODERUDGDSHORVDQDOLVWDVGD
LQVWLWXLqpRRQGHWUDEDOKDDQWHVGHVXDHIHWLYDGLYXOJDqpR
E HIHWXDSDUDVLDFRPSUDGHXPGHWHUPLQDGRDWLYRWpRORJRWRPHFRQKHFLPHQWR
GHXPDRUGHPGHFRPSUDUHOHYDQWHUHIHUHQWHDRPHVPRDWLYRDVHUUHDOL]DGD
SRUXPFOLHQWH
F UHDOL]DRSHUDqwHVTXHSURYRFDPDOWHUDqwHVQRV~X[RVGHRUGHQVGHFRPSUDH
YHQGDGHXPDWLYR
G HPSUHJDDUWL}FLRSDUDLQGX]LUWHUFHLURVDRHUURYLVDQGRDXPDYDQWDJHP
SDWULPRQLDOLOtFLWDSDUDVLHPXPDRSHUDqpRFRPYDORUHVPRELOLnULRV

 >@ 6HJXQGR D 5HVROXkjR Qc  GD &90 R SURzVVLRQDO GH GLVWULEXLkjR GHYH
YHULzFDU VH RV SURGXWRV VHUYLkRV H RSHUDkqHV RIHUWDGDV DRV FOLHQWHV VjR DGHTXDGRV DRV
VHXVREMHWLYRVGHLQYHVWLPHQWR1HVVHFDVRHOHSUHFLVDDQDOLVDUHQWUHRXWURVDVSHFWRV

D DQHFHVVLGDGHIXWXUDGHUHFXUVRVGHFODUDGDSHORFOLHQWH
E RYDORUHRVDWLYRVTXHFRPSwHPRSDWULPvQLRGRFOLHQWH
F RSHUtRGRHPTXHRFOLHQWHGHVHMDPDQWHURLQYHVWLPHQWR
G RVWLSRVGHSURGXWRVVHUYLqRVHRSHUDqwHVIDPLOLDUHVDRFOLHQWH

$SRVWLOD
6LPXODGRVSDUDR&3$

47
>@$QWpQLRSRVVXL5HPLQYHVWLPHQWRVDORFDGRVHPUHQGD
z[DFRPUHQGLPHQWRVHPDWlDRPmV8PDVVHVVRUGHLQYHVWLPHQWRVVLPSOHVPHQWHOKH
DSUHVHQWRX XPD WDEHOD QR TXDO PRVWUDYD XP IXQGR GH LQYHVWLPHQWRV SDVVLYR HP
,%29(63$TXHUHQGHXFRQIRUPHWDEHODDEDL[R


D $QFRUDJHP
E 5HSUHVHQWDWLYLGDGH
F 'LVSRQLELOLGDGH
G ([FHVVRGHFRQ}DQqD

>@-XOLDQDLQYHVWLXHPXPDHPSUHVDGRVHWRUGHPLQHUDkjRFRPXPnQGLFH3UHkR
VREUH/XFUR 3/ GH3DVVDGRVGRLVDQRVHVVDHPSUHVDFKHJRXDVHUQHJRFLDGDDWUmV
YH]HVROXFURHDWXDOPHQWHDQHJRFLDkjRHVWhDDSHQDV3/GH4XHVWLRQDGDSHORVHX
JHVWRUDzUPRXQjRYRXYHQGHUDDkjRSRUPHQRVGHWUmVYH]HVROXFUR1HVVHFRQWH[WR
-XOLDQDHVWhVRERYLlVGDKHXUnVWLFD

D GDDQFRUDJHP
E GRH[FHVVRGHFRQ}DQqD
F GDGLVSRQLELOLGDGH
G GDDYHUVpRmSHUGD

>@6HJXQGRD7HRULDGH)LQDQkDV&RPSRUWDPHQWDLVRHIHLWRGHHQTXDGUDPHQWR
)UDPLQJ lXPYLlVTXHSRGHLPSDFWDUQDWRPDGHGHFLVjRTXDQGRHVWDPRVUHDOL]DQGR
LQYHVWLPHQWRV(VVHYLlVGHVFUHYH

D FRPRDWRPDGDGHGHFLVpRSRGHVHUDIHWDGDSHODPDQHLUDFRPRRSUREOHPDr
IRUPXODGRRXSHODIRUPDFRPRDVRSqwHVVpRDSUHVHQWDGDVID]HQGRFRPTXH
DVSHVVRDVVHMDPSURSHQVDVDRULVFRTXDQGRWUDWDGHJDQKRVHDYHVVDVDFRUUHU
ULVFRVD}PGHHYLWDURXFRPSHQVDUSHUGD
E DWHQGsQFLDGHDVSHVVRDVLQWHUSUHWDUHPLQIRUPDqwHVGHIRUPDDFRQ}UPDUVXDV
SUuSULDVFRQYLFqwHVRXVHMDVHFRQIURQWDUPRVDTXLORTXHMnVDEHPRVFRPXP
FRQKHFLPHQWRQRYRDVQRVVDVFUHQqDVHFHUWH]DVWsPXPSHVRPDLRU
F FRPRDWRPDGDGHGHFLVpRSRGHVHUDIHWDGDSHODPDQHLUDFRPRRSUREOHPDr
IRUPXODGRRXSHODIRUPDFRPRDVRSqwHVVpRDSUHVHQWDGDVID]HQGRFRPTXH
DVSHVVRDVVHMDPDYHVVDVDRULVFRTXDQGRWUDWDGHJDQKRVHSURSHQVDVDFRUUHU
ULVFRVD}PGHHYLWDURXFRPSHQVDUSHUGD
G DWHQGsQFLDGHDVSHVVRDVLQWHUSUHWDUHPLQIRUPDqwHVGHIRUPDDFRQ}UPDUVXDV
SUuSULDVFRQYLFqwHVRXVHMDVHFRQIURQWDUPRVDTXLORTXHMnVDEHPRVFRPXP
FRQKHFLPHQWRQRYRDVQRVVDVFUHQqDVHFHUWH]DVWsPXPSHVRPHQRU

$SRVWLOD
6LPXODGRVSDUDR&3$

48
>@&RQVLGHUHDVVHJXLQWHVDzUPDWLYDVVREUH,QYHVWLPHQWRV6XVWHQWhYHLV
,t2VSULQFLSDLVREMHWLYRVVjRSURWHJHUFRQWULEXLUQjRFDXVDUGDQRRXGHJUDGDkqHVJHUDU
LPSDFWR SRVLWLYR HRX DVVHJXUDU GLUHLWRV HP TXHVWqHV DPELHQWDLV VRFLDLV H GH
JRYHUQDQkD
,,t3RGHKDYHULQWHQkjRGRJHVWRUHPFRPSURPHWHURGHVHPSHQKRGRIXQGRGHVGHTXH
VHMDHPIDYRUGHTXHVWqHVDPELHQWDLVVRFLDLVHGHJRYHUQDQkD
3RGHVHDzUPDUTXH

D DPEDVD}UPDWLYDVHVWpRFRUUHWDV
E DSULPHLUDD}UPDWLYDHVWnFRUUHWDHDVHJXQGDLQFRUUHWD
F DSULPHLUDD}UPDWLYDHVWnLQFRUUHWDHDVHJXQGDFRUUHWD
G DPEDVHVWpRLQFRUUHWDV

>@8PGRVDFLGHQWHV1XFOHDUHVPDLVGHYDVWDGRUHVDWlRGLDGHKRMHRFRUUHXQD
8FUDQLD QD GlFDGD GH  (VWH DFLGHQWH FRQKHFLGR FRPR R DFLGHQWH GH &KHUQRE\O
WURX[H LPSDFWRV TXH SHUGXUDP DWl RV QRVVRV GLDV &RP UHODkjR D HVWH DFLGHQWH H RV
LPSDFWRVREVHUYDGRVSRGHPRVDzUPDUTXH

D 2ORFDO}FRXSURSHQVRDJUDQGHVLQFsQGLRVFDXVDGRSHORDXPHQWRVLJQL}FDWLYR
GHHPLVVpRGH&2QDDWPRVIHUD
E $UHJLpRWHYHLPSDFWRDSHQDVQRPHLRDPELHQWHRTXHIH]RORFDOUHWRPDUVXDV
DWLYLGDGHVQRDQRVHJXLQWH
F &RPRRDFLGHQWHRFRUUHXKnPXLWRWHPSRQDGrFDGDGHQpRH[LVWHP
PDLVHIHLWRVQHJDWLYRVQDUHJLpR
G +RXYHGDQRVDRPHLRDPELHQWH VRORDUHYHJHWDqpR HGLYHUVDVSHVVRDVGD
UHJLpRWDPErPIRUDPDIHWDGDVGHVHQYROYHQGRGRHQqDVGHYLGRDH[SRVLqpRD
UDGLDqpR

 >@ 2 ,*30 l IRUPDGR SRU WUmV LQGLFDGRUHV GH LQ{DkjR $VVLQDOH D DOWHUQDWLYD
TXHLQGLFDGRPDLRUSDUDRPHQRURVSHVRVGHVVHVLQGLFDGRUHVQDIRUPDkjRGR,*30

D ,3$,1&&,3&
E ,3$,3&,1&&
F ,3&,3$,1&&
G ,3&,1&&,3$

>@8PDHPSUHVDEUDVLOHLUDUHFHEHXXPDSRUWHGHFDSLWDOGHXPJUXSR,WDOLDQRH
XWLOL]RXHVVHVUHFXUVRVSDUDFRPSUDUXPHTXLSDPHQWRQD$OHPDQKD$HPSUHVDDOHPj
HQYLRXHVWHPDTXLQhULRSRUXPDHPSUHVDGHORJnVWLFDDPHULFDQDQDTXDOIRLFREUDGRGD
HPSUHVDEUDVLOHLUDDWD[DGHWUDQVSRUWHHRVGHYLGRVVHJXURV$OlPGLVVRRVGRQRVGR
JUXSRVROLFLWDUDPTXHRVVHXVVDOhULRVIRVVHPGHSRVLWDGRVQD,WhOLD'HQWURGD%DODQkD
GH3DJDPHQWRVRVYDORUHVFLWDGRVVHUjRODQkDGRVGDVHJXLQWHIRUPD

D 3RUVHUXPDRSHUDqpRGHFRPSUDHYHQGDLQWHUQDFLRQDOWRGRVRVYDORUHVVHUpR
ODQqDGRVQD%DODQqD&RPHUFLDO
E 2DSRUWH,WDOLDQRHQWUDUnQD&RQWD)LQDQFHLUD-nRVGHPDLVYDORUHV GDHPSUHVD
DOHPpDPHULFDQDHRVGHYLGRVVDOnULRV VHUpRODQqDGRVGHQWURGDV7UDQVDqwHV
&RUUHQWHVPDLVHVSHFL}FDPHQWHQD%DODQqD&RPHUFLDO
F 2DSRUWH,WDOLDQRHQWUDUnQD&RQWD)LQDQFHLUDRSDJDPHQWRSDUDDHPSUHVD
DOHPpVHUnODQqDGRQD%DODQqD&RPHUFLDORYDORUSDUDDHPSUHVDDPHULFDQD
HVWDUnQD%DODQqDGH6HUYLqRVHRVVDOnULRVQD%DODQqDGH5HQGDV
G 1pRVHUnODQqDGRHPQHQKXPDFRQWDSRLVDUHFHLWDIHGHUDOMXQWDPHQWHFRPR
&2$)FRQVLGHUDUnHVWDRSHUDqpRLOHJDOSRLVWRGRVRVVDOnULRVGHYHPVHUSDJRV
QR%UDVLO

$SRVWLOD
6LPXODGRVSDUDR&3$

49
 >@ (P XPD QRWD GLYXOJDGD DR PHUFDGR R %DQFR &HQWUDO GR %UDVLO  %DFHQ
GHPRQVWURXSUHRFXSDkjRFRPRDTXHFLPHQWRGRQnYHOGHDWLYLGDGHHFRQpPLFDHGRDWXDO
H[FHVVRGHOLTXLGH]'HDFRUGRFRPDQRWDSRGHULDPVHUDGRWDGDVPHGLGDVSDUDUHGX]LUD
RIHUWDGHFUlGLWR1HVVHFDVRXPDGDVPHGLGDVSRVVnYHLVDVHUDGRWDGDSHOR%DFHQlD
GH

D UHFRPSUDUWtWXORVSxEOLFRVHPRSHUDqwHVGHPHUFDGRDEHUWR RSHQPDUNHW 
E UHGX]LUDWD[DGHUHGHVFRQWRSDUDHPSUrVWLPRVGHDVVLVWsQFLDmOLTXLGH]
F DPSOLDUDHPLVVpRGHSDSHOPRHGD
G DXPHQWDURUHFROKLPHQWRGRFRPSXOVuULRVREUHRGHSuVLWRmYLVWDHDSUD]R

>@2YDORUSUHVHQWHGR{X[RGHFDL[DHVSHUDGRSDUDXPLQYHVWLPHQWRVHUhWDQWR
PDLRUTXDQWR

D PHQRVSUHYLVtYHLVIRUDPDVSDUFHODVGHVVHV~X[R
E PDLVDUULVFDGRIRURLQYHVWLPHQWR
F PDLRUIRUDWD[DGHGHVFRQWR
G PHQRUIRUDWD[DGHGHVFRQWR

 >@ $V FiPDUDV GH DUELWUDJHP DWXDP QD DGPLQLVWUDkjR GH SURFHGLPHQWRV
DUELWUDLVUHODWLYRVDRGLUHLWRHPSUHVDULDOHPHVSHFLDOHPOLWnJLRVHQYROYHQGRRPHUFDGR
GH FDSLWDLV H R GLUHLWR VRFLHWhULR e IDFXOWDWLYD D DGHVjR D FiPDUD GH DUELWUDJHP DV
HPSUHVDVOLVWDGDVSHODJRYHUQDQkDFRUSRUDWLYDQR

D 1RYRPHUFDGR
E 1tYHO
F $QWLJR0HUFDGR
G 1tYHO

>@1RSURFHVVRGHGHFLVjRHQWUHFRPSUDURXYHQGHUDkqHVGHXPDHPSUHVDD
DQhOLVHIXQGDPHQWDOLVWDXWLOL]D

D RSHVRUHODWLYRGDVDqwHVGDHPSUHVDQDFDUWHLUDWHuULFDGRtQGLFH%RYHVSD
E RVSUHqRVGHDEHUWXUDHIHFKDPHQWRGDVDqwHVGDHPSUHVDQDEROVDGHYDORUHV
F RVJUn}FRVGHYROXPHHSUHqRVGDVDqwHVGDHPSUHVDQHJRFLDGRV
KLVWRULFDPHQWH
G DVGHPRQVWUDqwHV}QDQFHLUDVHDVSURMHqwHVGHUHVXOWDGRGDHPSUHVD

>@2,PSRVWRGH5HQGDVREUHRJDQKRGHFDSLWDOQDYHQGDGHDkqHVQRPHUFDGR
gYLVWDGDEROVDGHYDORUHVSDUDXPLQYHVWLGRUSHVVRDInVLFDGRPLFLOLDGRHUHVLGHQWHQR
%UDVLOH[FOXLQGRDVRSHUDkqHVGHGD\WUDGH

D GHYHVHUDSXUDGRPHQVDOPHQWHHSDJRDWrRxOWLPRGLDxWLOGRPsVVXEVHTXHQWH
mVRSHUDqwHVVHRWRWDOGDVYHQGDVUHDOL]DGDVQRPsVH[FHGHUHP5

E rFREUDGRQDIRQWHXWLOL]DQGRVHDDOtTXRWDGHLQGHSHQGHQWHPHQWHGR
YDORUGDVYHQGDVQRPsV
F rUHWLGRSHODEROVDGHYDORUHVRQGHVpRUHDOL]DGDVDVRSHUDqwHVGHYHQGDGDV
DqwHV
G rFREUDGRQDIRQWHXWLOL]DQGRVHDDOtTXRWDGHVHRWRWDOGDVYHQGDV
UHDOL]DGDVQRPsVH[FHGHUHP5

$SRVWLOD
6LPXODGRVSDUDR&3$

50
 >@ $ HPSUHVD 5WRUR (GXFDWLRQ 6$ SUHWHQGH UHDOL]DU XP ,32  ,QLWLDO 3XEOLF
2yHULQJ SDUD DGTXLULU UHFXUVRV H FRQWLQXDU VHX SURMHWR GH H[SDQVjR 'HVWD IRUPD HVWD
RSHUDkjRGHYHUhRFRUUHUQD R 

D %DOFpRDWUDYrVGRPHUFDGRSULPnULR
E %ROVDDWUDYrVGRPHUFDGRSULPnULR
F %DOFpRDWUDYrVGRPHUFDGRVHFXQGnULR
G %ROVDDWUDYrVGRPHUFDGRVHFXQGnULR

>@7nWXORVGRWLSR]HURFXSRPQHJRFLDGRVFRPGHVhJLRVREUHYDORUGHIDFH

D /HWUD)LQDQFHLUDGR7HVRXUR
E 1RWDGR7HVRXUR1DFLRQDO6rULH%
F /HWUDGR7HVRXUR1DFLRQDO
G 1RWDGR7HVRXUR1DFLRQDO6rULH&

>@8P&HUWLzFDGRGH'HSoVLWR%DQFhULR

D 3RVVXLODVWURQRVDOGRGDFRQWDFRUUHQWH
E 1pRFRQWDFRPDFREHUWXUDGR)*&
F iLVHQWRGH,5SDUDDVSHVVRDVItVLFDV
G 3RGHVHUGLVWULEXtGRSRUXPD'790

>@$&35&lGXODGR3URGXWRU5XUDO

D SRGHVHUHPLWLGDVRPHQWHSRUEDQFRVPxOWLSORV
E rJDUDQWLGDSHODLQVWLWXLqpR}QDQFHLUDTXHHQWUDFRPRDYDOLVWDQDRSHUDqpR
F QpRSRGHVHUQHJRFLDGDHPPHUFDGRGHEDOFpR
G rUHJLVWUDGDQR6(/,& 6LVWHPD(VSHFLDOGH/LTXLGDqpRH&XVWuGLD 

>@3DUDDVSHVVRDVInVLFDVUHVLGHQWHVHGRPLFLOLDGDVQR%UDVLODWULEXWDkjRSHOR
,PSRVWRVREUHD5HQGDQRVSURGXWRVGHUHQGDz[D

D $VDOtTXRWDVGH,5VpR}[DVHGHSHQGHPDSHQDVGRWLSRGHSURGXWR
E $EDVHGHFnOFXORGR,5rDGLIHUHQqDSRVLWLYDHQWUHRYDORUGHDOLHQDqpRHR
YDORUGHDTXLVLqpRGRVWtWXORV
F 2IDWRJHUDGRUGR,5rDDTXLVLqpRGRWtWXOR
G 2LQYHVWLGRUrRUHVSRQVnYHOSHODUHWHQqpRHUHFROKLPHQWRGRLPSRVWRYLD
'$5)

$SRVWLOD
6LPXODGRVSDUDR&3$

51
>@8PLQYHVWLGRUUHDOL]RXDVRSHUDkqHVDEDL[RFRPGHULYDWLYRV'HVWDIRUPDHOH
HVWhDFUHGLWDQGRUHVSHFWLYDPHQWHHPXP


D &HQnULRGHEDL[DHPDPERVRVFDVRV
E &HQnULRGHDOWDHPDPERVRVFDVRV
F &HQnULRGHEDL[DHFHQnULRGHDOWD
G &HQnULRGHDOWDHFHQnULRGHEDL[D

>@&RPRPHVPRYDORULQYHVWLGRDHVWUDWlJLDTXHSRGHFDXVDUDPDLRUSHUGDDR
LQYHVWLGRUl

D 9HQGHUXPDRSqpRGHYHQGDGHVFREHUWD
E 9HQGHUXPDRSqpRGHFRPSUDGHVFREHUWD
F 9HQGHUXPDRSqpRGHYHQGDFREHUWD
G &RPSUDUXPDRSqpRGHFRPSUD

>@eXPDFDUDFWHUnVWLFDGDVGHEmQWXUHVVLPSOHV

D 6HUHPYHQGLGDVDRVLQYHVWLGRUHVSRUPHLRGHRIHUWDVSxEOLFDVRXSULYDGDV
E 6HUHPHPLWLGDVSRUEDQFRVGHLQYHVWLPHQWRVSDUDFDSWDqpRGHUHFXUVRV
F 7HUXPDJHQWH}GXFLnULRSDUDUHSUHVHQWDURLQWHUHVVHGDHPSUHVDHPLVVRUD
G 1pRWHUULVFRGHFUrGLWRTXDQGRHPLWLGDVFRPJDUDQWLDUHDO

>@eREULJDkjRGRDJHQWHzGXFLhULRGHXPDHPLVVjRSrEOLFDGHGHEmQWXUHV

D 3URWHJHURVGLUHLWRVGRVGHEHQWXULVWDVUHSUHVHQWDQGRRV
E 3UHVWDURVVHUYLqRVGHHVFULWXUDqpRHFXVWuGLD
F 5HSUHVHQWDUDLQVWLWXLqpRFRRUGHQDGRUDQDDVVHPEOHLDGHGHEHQWXULVWDV
G =HODUSHORVLQWHUHVVHVGDFRPSDQKLDHPLVVRUD

>@(PXPDRIHUWDSrEOLFDGHGHEmQWXUHVRSURFHVVRGHERRNEXLOGLQJGHWHUPLQD
RSUHkRGHHPLVVjR

D DSuVQHJRFLDqpRHQWUHDLQVWLWXLqpRFRRUGHQDGRUDHRHPLVVRUGDGHEsQWXUH
E SRUGHFLVpRXQLODWHUDOGRHPLVVRUGDGHEsQWXUH
F SRUGHFLVpRXQLODWHUDOGDLQVWLWXLqpRFRRUGHQDGRUDSHODHPLVVpRGDGHEsQWXUH
G SDUWLUGDHQWUHJDGDVRIHUWDVGHFRPSUDSHORVLQYHVWLGRUHVSRWHQFLDLVGHSRLVGD
GLYXOJDqpRGDVFDUDFWHUtVWLFDVEnVLFDVGDHPLVVpR

$SRVWLOD
6LPXODGRVSDUDR&3$

52
>@6HJXQGRD5HVROXkjR&90 HVXDVDWXDOL]DkqHV HPUHJUDJHUDORSUD]R
Ph[LPRSDUDRSDJDPHQWRGRUHVJDWHGHXPIXQGRGHLQYHVWLPHQWRV

D QpRSRGHUnVHUVXSHULRUD FLQFR GLDVxWHLVFRQWDGRVGDGDWDGDFRQYHUVpR
GHFRWDV
E QpRSRGHUnVHUVXSHULRUD WULQWD GLDVFRUULGRVFRQWDGRVGDGDWDGD
FRQYHUVpRGHFRWDV
F VHUnGHFLGLGRSHODDVVHPEOHLDGHFRWLVWDVSRUPDLRULDGHYRWRV
G VHUnGHFLGLGRSHORDGPLQLVWUDGRUGRIXQGRGHLQYHVWLPHQWRV

 >@ 4XDWUR LQYHVWLGRUHV SHVVRDV InVLFDV UHDOL]DUDP DSOLFDkqHV H UHVJDWHV QD


PHVPDFODVVHGHXP)XQGRGH,QYHVWLPHQWRVHP$kqHVFRQIRUPHWDEHODDEDL[R


D $IRLPDLRUGRTXH%H&
E &IRLPHQRUGRTXH%H'
F %IRLLJXDOD'
G &IRLLJXDOD%H'

 >@ 6H XPD FODVVH SDVVLYD GH XP IXQGR GH LQYHVWLPHQWR zQDQFHLUR WHP FRPR
EHQFKPDUN R ,ERYHVSD HQWjR HVSHUDVH TXH D UHQWDELOLGDGH GHVVH IXQGR VHMD
VLVWHPDWLFDPHQWH

D VXSHULRUmYDULDqpRGR,ERYHVSD
E SUu[LPDmYDULDqpRGDWD[DGR',
F SUu[LPDmYDULDqpRGDWD[DGR,ERYHVSD
G VXSHULRUmYDULDqpRGR',

 >@ &RQVLGHUH DV VHJXLQWHV DzUPDWLYDV VREUH DV FODVVHV WLSLzFDGDV FRPR 5HQGD
)L[D6LPSOHVGRVIXQGRVGHLQYHVWLPHQWRzQDQFHLUR
,t6jRFRQVWLWXnGRVVREDIRUPDGHFODVVHDEHUWDRXIHFKDGD
,,t7mPQRPnQLPRGHVHXSDWULPpQLROnTXLGRLVRODGDRXFXPXODWLYDPHQWHSRUWnWXORV
GHGnYLGDSrEOLFDIHGHUDOWnWXORVGHUHQGDz[DGHHPLVVjRRXFRREULJDkjRGHLQVWLWXLkqHV
zQDQFHLUDVTXHSRVVXDPQRPnQLPRPHVPDFODVVLzFDkjRTXHRVWnWXORVSrEOLFRVIHGHUDLV
,,,t'LVSHQVDPDQhOLVHGHuVXLWDELOLW\v
(VWhFRUUHWRRTXHVHDzUPDHP

D ,H,,DSHQDV
E ,H,,,DSHQDV
F ,,H,,,DSHQDV
G ,,,H,,,

$SRVWLOD
6LPXODGRVSDUDR&3$

53
>@2nQGLFHGH6XVWHQWDELOLGDGH(PSUHVDULDO ,6(% GD%DYDOLDDVHPSUHVDV
QDVGLPHQVqHVFDSLWDOKXPDQRJRYHUQDQkDFRUSRUDWLYDHDOWDJHVWjRPRGHORGHQHJoFLR
H LQRYDkjR FDSLWDO VRFLDO PHLR DPELHQWH H PXGDQkD GR FOLPD $ DYDOLDkjR GHVWDV
HPSUHVDVSDUDDIRUPDkjRGDFDUWHLUDGRnQGLFHVHGhSRUPHLRGH

D PHWRGRORJLDHVSHFt}FDGRtQGLFHTXHFRQWDFRPTXHVWLRQnULRTXDOLWDWLYRH
TXDQWLWDWLYRUHVSRQGLGRSHODVHPSUHVDVHDYDOLDGRSRUXPDLQVWLWXLqpR
LQGHSHQGHQWH
E LQIRUPDqwHVSXEOLFDGDVSHODVHPSUHVDVHPUHODWuULRVFRUSRUDWLYRVHRXGH
VXVWHQWDELOLGDGHDSDUWLUGDLQLFLDWLYD5HODWHRX([SOLTXHSURPRYLGDSHOD%
F LQIRUPDqwHV$6*UHSRUWDGDVQR)RUPXOnULRGH5HIHUsQFLDGDVFRPSDQKLDV
SUHYLVWDVQD5HVROXqpR&90GD&RPLVVpRGH9DORUHV0RELOLnULRV
G EDQFRGHGDGRVGHLQIRUPDqwHV$6*RUJDQL]DGRSRUXPSUHVWDGRUGHVHUYLqRV
HP}QDQqDVVXVWHQWnYHLVHYDOLGDGRSHOD%

 >@ (P UHODkjR gV GLIHUHQWHV PRGDOLGDGHV GRV IXQGRV GH LQYHVWLPHQWRV DV
FODVVHV

D GHIXQGRVGHUHQGD}[DQpRSRGHPDGTXLULUDWLYRVQRH[WHULRU
E H[FOXVLYDVVpRYROWDGRVSDUDXPVHJPHQWRGHPHUFDGRFRPRHPSUHVDVGR
VHJPHQWRGHHQHUJLDHOrWULFD
F IHFKDGDVVpRDTXHOHVHPTXHRVFRWLVWDVSRGHPUHVJDWDUVXDVFRWDVDTXDOTXHU
PRPHQWR
G GHIXQGRVGHDqwHVSRGHPFRPSUDUFRWDVGHRXWURVIXQGRV

>@2V&OXEHGH,QYHVWLPHQWRVVjRXPDPRGDOLGDGHGHLQYHVWLPHQWRTXHWHP
FRPRSULQFLSDLVREMHWLYRVVHUXPLQVWUXPHQWRGHDSUHQGL]DGRSDUDRSHTXHQRLQYHVWLGRUH
XPFDQDOGHDFHVVRDRPHUFDGRGHFDSLWDLV7UDWDVHGHXPFRQGRPnQLRFRQVWLWXnGRSRU
SHVVRDVInVLFDVSDUDDDSOLFDkjRGHUHFXUVRVFRPXQVHPWnWXORVHYDORUHVPRELOLhULRV&RP
RYROXPHPDLRUGHUHFXUVRVRULJLQDGRSHODVRPDGDSDUFHODGHFDGDLQWHJUDQWHGRFOXEH
lSRVVnYHOGLYHUVLzFDUDDSOLFDkjRLQYHVWLQGRHPDkqHVGHGLIHUHQWHVHPSUHVDVHVHWRUHV
GD HFRQRPLD FRP FXVWRV GH WUDQVDkjR SURSRUFLRQDOPHQWH PHQRUHV GLDQWH GLVVR RV
FOXEHVGHLQYHVWLPHQWRV
,t'HYHPSRVVXLUQRPnQLPRDORFDGRHPDkqHV
,,t&DVRRLQYHVWLGRUUHVJDWHDWlRdGLDGDVXDDSOLFDkjRVHUhFREUDGR,2)
,,,t$WULEXWDkjRVREUHRVUHQGLPHQWRVLQFLGHFRQIRUPHWDEHODUHJUHVVLYD
(VWhFRUUHWRRTXHVHDzUPDHP

D ,DSHQDV
E ,H,,,DSHQDV
F ,,H,,,DSHQDV
G 7RGDVDVD}UPDWLYDVHVWpRLQFRUUHWDV

 >@ 8P IXQGR GH LQYHVWLPHQWRV zQDQFHLUR WLSLzFDGR FRPR u5HQGD )L[Dv FRP
FODVVH GH FRWD GHVWLQDGDV H[FOXVLYDPHQWH D LQYHVWLGRUHV SURzVVLRQDLV R OLPLWH GH
FRQFHQWUDkjR DR DSOLFDU HP DWLYRV zQDQFHLUR QR H[WHULRU l

D 
E 
F 
G 

$SRVWLOD
6LPXODGRVSDUDR&3$

54
>@eRSDUWLFLSDQWHGRVIXQGRVGHLQYHVWLPHQWRVUHVSRQVhYHOSHORUHFROKLPHQWR
GRLPSRVWRVHPHVWUDOFRQKHFLGRFRPRFRPHFRWDV

D $GPLQLVWUDGRU
E &XVWRGLDQWH
F 'LVWULEXLGRU
G 3UuSULR&RWLVWD

>@2,2)FREUDGRHPXPUHVJDWHRFRUULGRGXUDQWHRSHUnRGRGHFDUmQFLDHPXP
IXQGRGHLQYHVWLPHQWRVVHUhGH

D DRGLD}[DOLPLWDGDDRUHQGLPHQWRYLJHQWHGXUDQWHWRGRRSHUtRGRGH
FDUsQFLD
E DRGLD}[DOLPLWDGDDRUHQGLPHQWRYLJHQWHVHRUHVJDWHRFRUUHUDWrRf
GLDGDGDWDGHDSOLFDqpR
F DRGLD}[DOLPLWDGDDRUHQGLPHQWRYLJHQWHGXUDQWHWRGRRSHUtRGRGH
FDUsQFLD
G DRGLD}[DOLPLWDGDDRUHQGLPHQWRYLJHQWHVHRUHVJDWHRFRUUHUDWrRf
GLDGDGDWDGHDSOLFDqpR

>@8PLQYHVWLGRUDGTXLULXFRWDVGHXPIXQGRGHUHQGDYDULhYHOQRYDORUGH5
HDSoVGLDVDVYHQGHXLQWHJUDOPHQWHSRU51HVVHFDVRR
DJHQWHUHVSRQVhYHOSHORUHFROKLPHQWRGRVWULEXWRVlR

D JHVWRU
E DGPLQLVWUDGRU
F FXVWRGLDQWH
G LQYHVWLGRU

 >@ 6HJXQGR R &oGLJR $QELPD GH $GPLQLVWUDkjR GH 5HFXUVR GH 7HUFHLURV R
$GPLQLVWUDGRU)LGXFLhULRSRVVXLDVREULJDkqHVHVSHFnzFDVOLVWDGDVDVHJXLU
,t5HVSRQVhYHOOHJDOSRUDGPLQLVWUDURVIXQGRVGHLQYHVWLPHQWRVFRPRSRUH[HPSOR
FREUDU WD[DV UHDOL]DU SDJDPHQWRV DRV SUHVWDGRUHV GH VHUYLkRV H UHFROKHU RV GHYLGRV
LPSRVWRV
,,t(ODERUDkjRGHWRGRVRVGRFXPHQWRVUHODFLRQDGRVDRVIXQGRVGHLQYHVWLPHQWR
,,,t6XSHUYLVjRGDVUHJUDVSURFHGLPHQWRVHFRQWUROHVGDJHVWjRGHULVFRLPSOHPHQWDGD
SHOR*HVWRUGH5HFXUVRV
(VWhFRUUHWRRTXHVHDzUPDHP

D ,DSHQDV
E ,H,,,DSHQDV
F ,,H,,,DSHQDV
G ,,,H,,,

$SRVWLOD
6LPXODGRVSDUDR&3$

55
 >@ 'H DFRUGR FRP D QRYD FODVVLzFDkjR GD $QELPD SDUD RV )XQGRV GH
,QYHVWLPHQWRV RQGH HOD GLYLGH HP WUmV QnYHLV SRGHPRV DzUPDU TXH VXD HVWUXWXUDkjR
VHJXH D VHJXLQWH FRPSRVLkjR

D cQtYHO&ODVVHGH$WLYRVcQtYHO5LVFRVHcQtYHO(VWUDWrJLDVGH
,QYHVWLPHQWRV
E cQtYHO5LVFRVcQtYHO&ODVVHGH$WLYRVHcQtYHO(VWUDWrJLDVGH
,QYHVWLPHQWRV
F cQtYHO&ODVVHGH$WLYRVcQtYHO(VWUDWrJLDVGH,QYHVWLPHQWRVHcQtYHO
5LVFRV
G cQtYHO&ODVVHGH$WLYRVcQtYHO5LVFRVHcQtYHO7HRULDGH3RUWIuOLR

>@$WD[DGHFDUUHJDPHQWRFREUDGDQRPRPHQWRGRUHVJDWHGHXP3ODQRGH
3UHYLGmQFLDRFRUUHVREUHRYDORU

D 1RPLQDOGDVFRQWULEXLqwHVUHDOL]DGDV
E 'RVUHQGLPHQWRVQRVSODQRVGRWLSR9*%/
F 1RPLQDOGDVFRQWULEXLqwHVUHDOL]DGDVDFUHVFLGRVGRVUHQGLPHQWRV
G 7RWDOUHVJDWDGRQRVSODQRVGRWLSR3*%/

>@8PFOLHQWHFRQWUDWRXXPSODQRGHSUHYLGmQFLDFRPSOHPHQWDUGRWLSR3ODQRGH
*HUDGRUGH%HQHzFLR/LYUHWHQGRFDGDVWUDGRVXDHVSRVDFRPREHQHzFLhULD$RDWLQJLU
DQRVFRPXPPRQWDQWHDFXPXODGRGH5HOHWUDQVIRUPRXRSODQRHPXPD
UHQGDSRUSUD]RFHUWRGHPHVHV&DVRHOHYHQKDDIDOHFHUDRVDQRV

D REHQHItFLRFRQWUDWDGRFHVVDUn
E VXDHVSRVDSDVVDUnDUHFHEHUDUHQGDPHQVDOFRQWUDWDGDSHORSUD]RGH
PHVHVDSDUWLUGDVXDPRUWH
F VXDHVSRVDSRGHUnUHVJDWDURVDOGRDFXPXODGRGDUHVHUYDPDWHPnWLFDGR3*%/
G VXDHVSRVDSDVVDUnDUHFHEHUDUHQGDPHQVDOFRQWUDWDGDSHORSUD]RGH
PHVHV

>@(PXPSODQRGHSUHYLGmQFLDFRPSOHPHQWDUDEHUWRGRWLSR9LGD*HUDGRUGH
%HQHInFLR/LYUHRSDUWLFLSDQWHGXUDQWHRSHUnRGRGHGLIHULPHQWR DFXPXODkjR DVVXPLUhR
ULVFRGHPHUFDGR

D GRVDWLYRVTXHID]HPSDUWHGDFDUWHLUDGRIXQGRGHLQYHVWLPHQWR ),( 
E GRFXVWRGLDQWHGRIXQGRGHLQYHVWLPHQWR ),( 
F GRDGPLQLVWUDGRUGDFDUWHLUDGRIXQGRGHLQYHVWLPHQWR ),( 
G GDVHJXUDGRUDSURSULHWnULDGRSODQR

>@8PFOLHQWHTXHSRVVXLXPSODQRGHSUHYLGmQFLDFRPSOHPHQWDUGRWLSR9LGD
*HUDGRU GH %HQHInFLR /LYUH  9*%/ SHUJXQWRX SDUD VHX JHUHQWH VH SRGHULD ID]HU D
SRUWDELOLGDGHGHVHXVUHFXUVRVSDUDVXDPjH2JHUHQWHUHVSRQGHXTXHDSRUWDELOLGDGH

D SRGHUnVHUUHDOL]DGDPDVKDYHUnLQFLGsQFLDGHLPSRVWRGHUHQGD
E SRGHUnVHUUHDOL]DGDHQpRKDYHUnLQFLGsQFLDGHLPSRVWRGHUHQGD
F QpRSRGHUnVHUUHDOL]DGDSRLVrYHGDGDSDUDSODQRVGRWLSR9*%/
G QpRSRGHUnVHUUHDOL]DGDSRLVrYHGDGDHQWUHSDUWLFLSDQWHVGLVWLQWRV

$SRVWLOD
6LPXODGRVSDUDR&3$

56
>@8PFOLHQWHWHPDQRVHGHVHMDFRQWULEXLUSDUDXPDSUHYLGmQFLDTXHLUhOKH
UHQGHU5PHQVDLVTXDQGRVHDSRVHQWDUDRVDQRV7DPElPWHUhUHQGDGR
,166 QR YDORU GH 5   WDPElP DRV  DQRV  $WXDOPHQWH HOH GHFODUD R VHX
,PSRVWRGH5HQGDSHORPRGHORVLPSOLzFDGR1HVVHFDVRYRFmGHYHULDLQGLFDU

D 3*%/FRPUHJLPHWULEXWnULRSURJUHVVLYR
E 3*%/FRPUHJLPHWULEXWnULRUHJUHVVLYR
F 9*%/FRPUHJLPHWULEXWnULRUHJUHVVLYR
G 9*%/FRPUHJLPHWULEXWnULRSURJUHVVLYR

 >@ 4XDO GDV VHJXQGDV PHGLGDV HVWDWnVWLFDV DEDL[R l SRVVnYHO GH VHU GHzQLGD
VHPDQHFHVVLGDGHGHPDLVQHQKXPGDGRVHWLYHUPRVDSULPHLUDPHGLGD"

D &RYDULoQFLDzGHVYLRSDGUpR
E 9DULoQFLDzFRUUHODqpR
F 'HVYLRSDGUpRzFRYDULoQFLD
G &RUUHODqpRz&RH}FLHQWHGHGHWHUPLQDqpR 5 

>@$PDLRUWD[DGHUHQWDELOLGDGHHQWUHR&'%HRVWnWXORVSrEOLFRVIHGHUDLVl
HQFRQWUDGD

D 1RVWtWXORVSxEOLFRVIHGHUDLVHPIXQqpRGRPDLRUULVFRGHPHUFDGR
E 1RVWtWXORVSxEOLFRVIHGHUDLVHPIXQqpRGRPHQRUULVFRGHPHUFDGR
F 1R&'%HPIXQqpRGRPDLRUULVFRGHFUrGLWR
G 1R&'%HPIXQqpRGRPHQRUULVFRGHFUrGLWR

 >@ 'HWHUPLQDGD LQVWLWXLkjR zQDQFHLUD RIHUHFH IXQGRV TXH WmP HP VXD FDUWHLUD
WnWXORVSUHz[DGRV(VWHVWnWXORVSRVVXHPRVVHJXLQWHVSUD]RVPlGLRV
x)XQGR$GLDV
x)XQGR%GLDV
x)XQGR&GLDV
x)XQGR'GLDV
'HVWDIRUPDRIXQGRGHLQYHVWLPHQWRVTXHDSUHVHQWDPDLRUULVFRGHHOHYDkjRGDWD[DGH
MXURV%UDVLOlR

D )XQGR$
E )XQGR%
F )XQGR&
G )XQGR'

 >@ 8P LQYHVWLGRU GHVHMD LQYHVWLU VHX GLQKHLUR HP DkqHV $ zP GH DYDOLDU D
OLTXLGH] GH FDGD DkjR HOH GHYHUh REVHUYDU

D DTXDQWLGDGHHRYROXPHGHQHJuFLRV
E RQxPHURGHDqwHVGLVSRQtYHLVQRPHUFDGR
F RYDORUGRVGLYLGHQGRVSDJRV
G DYDULDqpRGRVSUHqRV

$SRVWLOD
6LPXODGRVSDUDR&3$

57
>@'RVDWLYRVDEDL[RSRGHVHFRQVLGHUDUFRPRDWLYROLYUHGHULVFR

D /)7
E DqwHV
F &'%LQGH[DGRDWD[D6HOLF
G ),'&V

 >@ 9DOXH DW ULVN  9D5 GH XPD FDUWHLUD FRP  GH FRQzDQkD PHGLGR DWUDYlV
GHXPDVlULHGHUHWRUQRVGLhULRVHPGLDVl5,VWRLQGLFDTXHHVWDFDUWHLUD
WHP

D GHSRVVLELOLGDGHGHSHUGHUPDLVGH5SRUGLDHPVXDSRVLqpR
E GHSRVVLELOLGDGHGHSHUGHUDWr5HPGLDV
F GHSRVVLELOLGDGHGHSHUGHUDWr5SRUGLDHPVXDSRVLqpR
G GHSRVVLELOLGDGHGHSHUGHUPDLVGH5DSuVGLDV

>@$PHGLGDGHULVFRXWLOL]DGDQRFhOFXORGRfQGLFHGH6KDUSHHGRfQGLFHGH
7UH\QRUVjRUHVSHFWLYDPHQWH

D 'HVYLR3DGUpRH&RUUHODqpR
E jQGLFH%HWDH'HVYLR3DGUpR
F 9D5H&RYDULoQFLD
G 'HVYLR3DGUpRH%HWD

>@2UHJLVWURGHXPDRSHUDkjRGHVZDSQD%ROVDGH9DORUHVQDPRGDOLGDGHFRP
JDUDQWLDHPTXHDEROVDDWXDFRPRJDUDQWLGRUDGDRSHUDkjRYLVDDGLPLQXLkjRGRULVFR
GH

D WD[DGHMXURV
E OLTXLGH]
F FRQWUDSDUWH
G PHUFDGR

$SRVWLOD
6LPXODGRVSDUDR&3$

58
&3$6,08/$'2 

>@&RQVLGHUHDVVHJXLQWHVDzUPDWLYDVDEDL[R
,t([HFXWDUDHPLVVjRGRSDSHOPRHGD
,, t &RRUGHQDU DV SROnWLFDV PRQHWhULD FUHGLWnFLD RUkDPHQWhULD zVFDO H GD GnYLGD SrEOLFD
LQWHUQDHH[WHUQD
,,,t'HzQLUDPHWDGDLQ{DkjR
6jRDWULEXLkqHVGR&RQVHOKR0RQHWhULR1DFLRQDO

D ,DSHQDV
E ,,,DSHQDV
F ,,H,,,DSHQDV
G ,,,H,,,

 >@ 6HX FOLHQWH VDEHQGR TXH YRFm l XP SURzVVLRQDO FHUWLzFDGR GL] TXH GHVHMD
DEULUXPDUHFODPDkjRHPUHODkjRDRVIXQGRVGHSUHYLGmQFLDTXHIRUDPFRPHUFLDOL]DGRVD
HOH(OHWHLQIRUPDTXHXPGRVIXQGRVHUDGHXPDSUHYLGmQFLDDEHUWDDWUDYlVGHXP
9*%/HRRXWURlXPDSUHYLGmQFLDIHFKDGDGRVIXQFLRQhULRVGDHPSUHVDQDTXDOHOH
WUDEDOKD 'HVWD IRUPD YRFm RULHQWH TXH DV UHFODPDkqHV GHYHP VHU IHLWDV
UHVSHFWLYDPHQWH QD

D 3UHYLFHPDPERVRVFDVRV
E 3UHYLFH6XVHS
F 6XVHSH3UHYLF
G 6XVHSHPDPERVRVFDVRV

>@8PEDQFRPrOWLSORFRPFDUWHLUDVFRPHUFLDOHGHDUUHQGDPHQWRPHUFDQWLOl
DXWRUL]DGRSHOR%DQFR&HQWUDO

D $EHUWXUDGHFDSLWDOHQDVXEVFULqpRGHQRYDVDqwHVRXGHEsQWXUHVGHXPD
HPSUHVD
E 5HFHEHUGHSuVLWRmSUD]R
F $GPLQLVWUDUIXQGRVGHLQYHVWLPHQWRV
G ([HFXWDURUGHQVGHVHXVFOLHQWHVQRVLVWHPDGHQHJRFLDqpRGDVEROVDV

 >@ $ 5HVROXkjR &01 1d  GH  GLVSqH VREUH D FRQVWLWXLkjR D
RUJDQL]DkjRHRIXQFLRQDPHQWRGDVVRFLHGDGHVFRUUHWRUDVGHWnWXORVHYDORUHVPRELOLhULRV
&790 HGDVVRFLHGDGHVGLVWULEXLGRUDVGHWnWXORVHYDORUHVPRELOLhULRV '790 6HJXQGR
HVVDUHVROXkjRD&790HD'790
,t6HXVIXQFLRQDPHQWRVGHSHQGHPGHDXWRUL]DkjRGR%DQFR&HQWUDOGR%UDVLO
,,t7mPSRUREMHWRVRFLDOLQWHUPHGLDURIHUWDSrEOLFDHGLVWULEXLkjRGHWnWXORVHYDORUHV
PRELOLhULRVQRPHUFDGRSRGHQGRWDPElPHPLWLUGHPRHGDHOHWUpQLFD
,,, t 1jR SRGHP FREUDU GH VHXV FRPLWHQWHV FRUUHWDJHP RX TXDOTXHU RXWUD FRPLVVjR
UHIHUHQWH D QHJRFLDkqHV FRP GHWHUPLQDGR YDORU PRELOLhULR GXUDQWH VHX SHUnRGR GH
GLVWULEXLkjRSULPhULD
(VWhFRUUHWRRTXHVHDzUPDHP

D ,DSHQDV
E ,H,,DSHQDV
F ,,H,,,DSHQDV
G ,,,H,,,

$SRVWLOD
6LPXODGRVSDUDR&3$

59
>@8PLQYHVWLGRUSRVVXL5GLYLGLGRHQWUHWUmVEDQFRV
w%DQFR;SRVVXL5
w%DQFR<SRVVXL5
w%DQFR=SRVVXL5
&DVR R FOLHQWH TXHLUD DSOLFDU HP XP LQYHVWLPHQWR SDUD LQYHVWLGRUHV TXDOLzFDGRV YLD R
%DQFR ; SRGHPRV DzUPDU TXH

D 1pRSRGHUnUHDOL]DUSRUQpRWHUPDLVGH5LQYHVWLGRVQD
LQVWLWXLqpR;
E (OHSRGHUnUHDOL]DUDDSOLFDqpRGHVGHTXHWUDQV}UDSHORPHQRV5
DREDQFR;HDVVLQHRWHUPRGHGHFODUDqpRGHFRQGLqpRGHLQYHVWLGRU
TXDOL}FDGR
F (OHSRGHUnUHDOL]DUDDSOLFDqpRPHGLDQWHDVVLQDWXUDGRWHUPRGHGHFODUDqpRGH
FRQGLqpRGHLQYHVWLGRUTXDOL}FDGR
G (OHSRGHUnUHDOL]DUDDSOLFDqpRSRLVSRVVXLSDWULPvQLRPDLRUTXH5


>@2ULVFRGHLPDJHPHVWhDVVRFLDGRD

D YRODWLOLGDGHGRPHUFDGR
E ULVFRGHXPDHPSUHVDQpRKRQUDUVHXVSDJDPHQWRV
F PnUHSXWDqpRGDHPSUHVD
G IDOWDGHFRPSUDGRUSDUDXPGHWHUPLQDGRDWLYR

 >@ (P XPD VH[WDIHLUD FKXYRVD *XLOKHUPH IRL DWl XPD FRQFHVVLRQhULD GH
YHnFXORVHFRPSURXWUmVDXWRPoYHLVQRWRWDOGH5UHDOL]DQGRRSDJDPHQWR
HPHVSlFLH2GRQRGDFRQFHVVLRQhULDFRPPHGRGHVHUDVVDOWDGRIRLDWlREDQFRPDLV
SUo[LPRHGHSRVLWRXWRGRRYDORUQDFRQWDGHVXDHVSRVDMhTXHHOHQjRWLQKDFRQWDQHVWH
EDQFRHVSHFnzFR$VVLPGHQWUHDVDOWHUQDWLYDVDEDL[RHVWhFRUUHWRRTXHVHDzUPDHP

D RFRPSUDGRUFRPHWHXFULPHGHODYDJHPGHGLQKHLUR
E RGRQRGDFRQFHVVLRQnULDFRPHWHXFULPHGHODYDJHPGHGLQKHLUR
F DLQVWLWXLqpR}QDQFHLUDGHYHUnFRPXQLFDURVuUJpRVFRPSHWHQWHVHPDWrGLD
xWLO
G DLQVWLWXLqpR}QDQFHLUDQpRSRGHULDUHFHEHURGHSuVLWR

>@6jRFRQVLGHUDGRVH[HPSORVGHLQGnFLRVGRFULPHGHODYDJHPGHGLQKHLUR
,t8PFOLHQWHYHQGHXPFDUURSRU5PLOUHFHEHQGRWRGRRYDORUHPHVSlFLHGHXPD
FRQFHVVLRQhULRGHYHnFXORV
,,t5DIDHOGRQRGHXPDSHTXHQDPHUFHDULDDSoVXPGLDRQGHVXDFLGDGHVRIUHXXPD
IRUWHHQFKHQWHYDLDREDQFRHGHSRVLWD5HPQRWDVFRPPDOFKHLURHPROKDGDV
,,,t8PFOLHQWHQRYRUHDOL]DVHLVVDTXHVGH5PLO
(VWhFRUUHWRRTXHVHDzUPDHP

D ,DSHQDV
E ,,DSHQDV
F ,H,,,DSHQDV
G ,,,H,,,

$SRVWLOD
6LPXODGRVSDUDR&3$

60
 >@ &HUWR GLD R &RQVHOKR GH 6HJXUDQkD GDV 1DkqHV 8QLGDV VROLFLWD D
LQGLVSRQLELOLGDGHGHDWLYRVGHXPFOLHQWHGDLQVWLWXLkjRzQDQFHLUDGDTXDOYRFmWUDEDOKD
'LDQWHGHVWDVLWXDkjRDLQVWLWXLkjRzQDQFHLUDGHYHULD

D %ORTXHDUDFRQWDLPHGLDWDPHQWHHSRVWHULRUPHQWHFRPXQLFDUDR%$&(1&90
0LQLVWrULRGD-XVWLqDHDR&2$)
E &RPXQLFDULPHGLDWDPHQWHDR%$&(1&900LQLVWrULRGD-XVWLqDHDR&2$)H
SRVWHULRUPHQWHID]HUDREORTXHLRGDFRQWD
F &RPXQLFDULPHGLDWDPHQWHDR&2$)HFDVRRPHVPRVROLFLWHEORTXHDUDFRQWD
G &RPXQLFDUDRFOLHQWHHVROLFLWDUDGRFXPHQWDqpRSDUDTXHVHMDHQYLDGDDR&618
HDR&2$)

 >@ 1LFROH l DVVHVVRUD GH LQYHVWLPHQWRV H HVWh YLQFXODGD D XPD FRUUHWRUD


&790 &HUWRGLDVHXFOLHQWHVROLFLWDDFRPSUDGHDkqHVGHXPDGHWHUPLQDGDFRPSDQKLD
SRLVFRPRHOHlGLUHWRUGHVWDHPSUHVDHOHFRPHQWDTXHREDODQkRLUhYLUPXLWRPHOKRUGR
TXHRHVSHUDGR$VVLPDQWHVGHH[HFXWDUDFRPSUDGRVHXFOLHQWH1LFROHVHDQWHFLSDH
UHDOL]DDFRPSUDGHVVDVPHVPDVDkqHVSDUDVLSDUDDPLJRVHSDUDVHXVIDPLOLDUHV'LDQWH
GHVVDVLQIRUPDkqHVSRGHPRVDzUPDUTXH1LFROHHRFOLHQWHSUDWLFDUDPUHVSHFWLYDPHQWH

D )URQWUXQQLQJH)URQWUXQQLQJ
E )URQWUXQQLQJH,QVLGHUWUDGLQJ
F ,QVLGHUWUDGLQJH)URQWUXQQLQJ
G ,QVLGHUWUDGLQJH,QVLGHUWUDGLQJ

>@8PRSHUDGRUUHFHEHXPDRUGHPGHVHXFOLHQWHSDUDYHQGHU5PLOKqHVGH
DkqHVGDHPSUHVD$6DEHQGRTXHDVDkqHVGDHPSUHVD$FDLUjRSRUFDXVDGHVVDRUGHPR
RSHUDGRUGHFLGHYHQGHUDVDkqHVTXHHOHSRVVXLQDSHVVRDInVLFDDQWHVGHH[HFXWDUD
RSHUDkjRGRFOLHQWH(VWHDWRlFKDPDGRGH

D ,QVLGHULQIRUPDWLRQ
E ,QVLGHU7UDGLQJ
F )URQW5XQQLQJ
G 3XPSDQG'XPS

>@6HJXQGRR&RGLJR$1%,0$GH'LVWULEXLkjRGH3URGXWRVGH,QYHVWLPHQWRDV
LQVWLWXLkqHVSDUWLFLSDQWHVGHYHUjRGLVSRQLELOL]DULQIRUPDkqHVGRVIXQGRVGHLQYHVWLPHQWRV
DXWRUUHJXODGRVSHOD$1%,0$FRQVWLWXnGRVVREDIRUPDGH

D IXQGRUHVHUYDGRGHVWLQDGRDXPJUXSRGHWHUPLQDGRGHLQYHVWLGRUHVTXH
WHQKDPHVWUHVLYtQFXORIDPLOLDUVRFLHWnULRRXTXHSRVVXHPPHVPRJUXSR
HFRQvPLFR
E IXQGRH[FOXVLYRGHVWLQDGRH[FOXVLYDPHQWHDXPxQLFRLQYHVWLGRUSUR}VVLRQDO
FRQIRUPHFODVVL}FDGRQDFRPLVVpRGHYDORUHVPRELOLnULRV &90 
F FRQGRPtQLRIHFKDGRFXMDGLVWULEXLqpRGHFRWDVLQGHSHQGHGHSUrYLRUHVLVWRQD
&RPLVVpRGH9DORUHVPRELOLnULRV &90 
G FRQGvPLQRDEHUWRFXMDGLVWULEXLqpRGHFRWDVLQGHSHQGHGHSUrYLRUHJLVWURQD
&RPLVVpRGH9DORUHVPRELOLnULRV &90 

$SRVWLOD
6LPXODGRVSDUDR&3$

61
 >@ 6HJXQGR R FoGLJR GH DXWRUUHJXODkjR GD $1%,0$ R VHUYLkR GH 3ULYDWH
FRPSUHHQGHLQYHVWLGRUHVTXHWHQKDPFDSDFLGDGHzQDQFHLUDLQGLYLGXDORXFROHWLYDPHQWH
GHQRPnQLPR

D 5
E 5
F 5
G 5

>@6HJXQGRR&oGLJR$QELPDGH'LVWULEXLkjRGH3URGXWRVGH,QYHVWLPHQWRVVjR
FRQVLGHUDGRVSURGXWRVGHLQYHVWLPHQWRVRV
,t&HUWLzFDGRVGH'HSoVLWREDQFhULR &'%V
,,t7nWXORVGHFDSLWDOL]DkjR
,,,t%UD]LOLDQ'HSRVLWDU\5HFHLSWV %'5
(VWhFRUUHWRRTXHVHDzUPDHP

D ,DSHQDV
E ,,H,,,DSHQDV
F ,H,,,DSHQDV
G ,,,H,,,

 >@ 6HJXQGR D 5HVROXkjR Qc  GD &90 R SURzVVLRQDO GH GLVWULEXLkjR GHYH
YHULzFDUVHRVSURGXWRVVHUYLkRVHRSHUDkqHVRIHUWDGDVDRVFOLHQWHVVjRDGHTXDGRVDVXD
VLWXDkjRzQDQFHLUD1HVVHFDVRHOHSUHFLVDDQDOLVDUHQWUHRXWURVDVSHFWRV

D 3HUtRGRHPTXHRFOLHQWHGHVHMDPDQWHURVLQYHVWLPHQWRV
E 3UHIHUsQFLDVGHFODUDGDVGRFOLHQWHTXDQWRmDVVXQqpRGHULVFRV
F )LQDOLGDGHVGRVLQYHVWLPHQWR
G 2YDORUHRVDWLYRVTXHPFRPSwHPRSDWULPvQLRGRFOLHQWH

>@8PFOLHQWHREVHUYDDVVHJXLQWHVOiPLQDVGHGRLVIXQGRVGHLQYHVWLPHQWRV


D ([FHVVRGHFRQ}DQqD
E (IHLWR0DQDGD
F 5HSUHVHQWDWLYLGDGH
G 'LVSRQLELOLGDGH

$SRVWLOD
6LPXODGRVSDUDR&3$

62
>@6HJXQGRD7HRULDGH)LQDQkDV&RPSRUWDPHQWDLVDHVWUDWlJLDDGRWDGDSHORV
LQYHVWLGRUHVDRWRPDUHPRSULPHLURSUHkRGHFRPSUDGHXPDDkjRFRPRUHIHUmQFLDHD
SDUWLU GHVVH SUHkR HVWLPDU R GHVHPSHQKR IXWXUR GHVVD DkjR l XPD FRQVHTXmQFLD GD
DSOLFDkjRGDKHXUnVWLFDGHQRPLQDGD

D DYHUVpRDRULVFR
E GLVSRQLELOLGDGH
F DQFRUDJHP
G UHSUHVHQWDWLYLGDGH

>@1RUHJLPHGHFDSLWDOL]DkjRVLPSOHV

D RVMXURVVpRLQFRUSRUDGRVDRFDSLWDODR}PGHLQWHUYDORV}[RV
E RFDSLWDOQpRLQFRUSRUDRVMXURVDR}QDOGHFDGDSHUtRGR}QDQFHLUR
F RVMXURVVpRFRPSRVWRVDWRGRLQVWDQWHHQpRDLQWHUYDORV}[RV
G RVMXURVVpRSDJRVDR}QDOGHFDGDSHUtRGR}QDQFHLUR

 >@ &RQVLGHUH GRLV WnWXORV FRP RV PHVPRV SUD]RV GH YHQFLPHQWRV H WD[D GH
UHPXQHUDkjR GLIHULQGR DSHQDV TXDQWR DR UHJLPH GH FDSLWDOL]DkjR GH WD[D GH
UHPXQHUDkjR (P UHODkjR DR UHVJDWH GHVVHV WnWXORV l FRUUHWR DzUPDU TXH

D RVWtWXORVWHUpRDPHVPDUHQWDELOLGDGHLQGHSHQGHQWHGRPRPHQWRHPTXH
IRUHPUHVJDWDGRV
E VHRVWtWXORVIRUDPUHVJDWDGRVDQWHVGHFRPSOHWDGRRSULPHLURSHUtRGRGH
FDSLWDOL]DqpRHQWpRRWtWXORFRPFDSLWDOL]DqpRFRPSRVWDWHUnPDLRU
UHQWDELOLGDGH
F VHRVWtWXORVIRUDPUHVJDWDGRVGHSRLVGHFRPSOHWDGRRSULPHLURSHUtRGRGH
FDSLWDOL]DqpRHQWpRRWtWXORFRPFDSLWDOL]DqpRVLPSOHVWHUnPDLRUUHQWDELOLGDGH
G VHRVWtWXORVIRUDPUHVJDWDGRVDQWHVGHFRPSOHWDGRRSULPHLURSHUtRGRGH
FDSLWDOL]DqpRHQWpRRWtWXORFRPFDSLWDOL]DqpRVLPSOHVWHUnPDLRUUHQWDELOLGDGH

>@8PLQYHVWLGRUUHDOL]DXPDDSOLFDkjRQXPIXQGRGHLQYHVWLPHQWRHREWlP
UHQGLPHQWRQRPLQDOOnTXLGR GHVFRQWDGRRLPSRVWRGHUHQGD GHQRSHUnRGR1HVVH
PHVPRLQWHUYDORGHWHPSRR,3&$ fQGLFH1DFLRQDOGH3UHkRVDR&RQVXPLGRU$PSOR IRL
GH(QWjRHVVHLQYHVWLGRUFRPHVWDDSOLFDkjR
,t2EWHYHXPJDQKRUHDOQRSHUnRGR
,,t3HUGHXSRGHUGHFRPSUD
$VDzUPDkqHV,H,,VjRUHVSHFWLYDPHQWH

D IDOVDHYHUGDGHLUD
E YHUGDGHLUDHYHUGDGHLUD
F YHUGDGHLUDHIDOVD
G IDOVDHIDOVD

>@3RGHPRVDzUPDUTXHRYDORUSUHVHQWHGHXP{X[RGHFDL[Dl

D 3URSRUFLRQDODVXDWD[DGHGHVFRQWR
E 3URSRUFLRQDODRSUD]R
F ,QYHUVDPHQWHSURSRUFLRQDODVXDWD[DGHGHVFRQWR
G ,QYHUVDPHQWHSURSRUFLRQDODR~X[RGHFDL[D

$SRVWLOD
6LPXODGRVSDUDR&3$

63
>@6HXFOLHQWHWHYHSHUGDVHPRSHUDkqHVGRWLSRGD\WUDGHFRPDkqHV1HVVH
FDVRDFRPSHQVDkjRGHVVHSUHMXn]RSDUDFDOFXODURLPSRVWRGHUHQGDSRGHVHUIHLWR"

D 6LPGHVGHTXHFRPRSHUDqwHVVRPHQWHUHDOL]DGDVFRPGD\WUDGH
E 6LPSRGHQGRVHUFRPSHQVDGDFRPRSHUDqwHVGD\WUDGHHWDPErPRSHUDqwHV
QpRGD\WUDGH
F 1pRSRGHPVHUFRPSHQVDGDV
G 6LPSRGHPVHUFRPSHQVDGDVFRPTXDOTXHUJDQKRQRPHUFDGR}QDQFHLUR

>@2VMXURVVREUHRFDSLWDOSUoSULRFRUUHVSRQGHP

D DRVUHVXOWDGRVGHFDSWDqwHVREWLGDVSHODFRPSDQKLDDWD[DVLQIHULRUHVmVGR
PHUFDGR
E DRVUHVXOWDGRVGHFDSWDqwHVREWLGDVSHODFRPSDQKLDDWD[DVVXSHULRUHVmVGR
PHUFDGR
F mGLVWULEXLqpRDRVDFLRQLVWDVGHUHFXUVRVSURYHQLHQWHVGHOXFURVUHWLGRVHP
H[HUFtFLRVDQWHULRUHV
G mUHPXQHUDqpRGLVWULEXtGDDRVDFLRQLVWDVHFUHGRUHVGDFRPSDQKLD

>@$DQhOLVHWlFQLFDQRPHUFDGRDFLRQhULRlDTXHODTXH

D 3URMHWDDJHUDqpRGHFDL[DGDFRPSDQKLD
E 3URFXUDSRUSDGUwHVQRFRPSRUWDPHQWRGRVSUHqRVTXHRFRUUHUDPQRSDVVDGRH
SRVVDPRFRUUHUQRYDPHQWH
F 8WLOL]DPxOWLSORVSDUDLGHQWL}FDUDDqpRUHODWLYDPHQWHPDLVEDUDWD
G )D]XPDHVWLPDWLYDGHGLYLGHQGRVIXWXURVSDUDFDOFXODURSUHqRMXVWRGDDqpR
KRMH

>@'HDFRUGRFRPDWDEHODDEDL[RGHFRPSUDHYHQGDGHDkqHVUHDOL]DGDVSRUXP
LQYHVWLGRUSHVVRDInVLFDWHPRV


D (OHHVWnLVHQWRGHLPSRVWRGHUHQGDGHYLGRDREDL[RYDORUGHFRPSUDGDV
DqwHV
E (OHHVWnLVHQWRGHLPSRVWRGHUHQGDGHYLGRDREDL[RYDORUGHDOLHQDqpRGDV
DqwHV
F 'HYHUnUHFROKHULPSRVWRGHUHQGDDXPDDOtTXRWDGH
G 'HYHUnUHFROKHULPSRVWRGHUHQGDDXPDDOtTXRWDGH

$SRVWLOD
6LPXODGRVSDUDR&3$

64
>@'HDFRUGRFRPDVUHJUDVGRVVHJPHQWRVHVSHFLDLVGHOLVWDJHPGD%SDUD
XPDHPSUHVDOLVWDUVXDVDkqHVQR1RYR0HUFDGRVHX&RQVHOKRGH$GPLQLVWUDkjRGHYHVHU
IRUPDGRSRUQRPnQLPR

D PHPEURV
E PHPEURVFRPPDQGDWRXQL}FDGRGHDWrDQRV
F PHPEURVGRVTXDLVSHORPHQRVRXRTXHIRUPDLRUGHYHPVHU
LQGHSHQGHQWHVFRPPDQGDWRXQL}FDGRGHDWrDQRV
G PHPEURVGRVTXDLVSHORPHQRVGHYHPVHULQGHSHQGHQWHVHFRP
PDQGDWRXQL}FDGRGHDWrDQRV

>@2GLUHLWRGHYHQGDGHXPDFLRQLVWDPLQRULWhULRGHYHQGHUVXDVDkqHVSHOR
YDORUPnQLPRGRYDORUTXHRDFLRQLVWDFRQWURODGRUYHQGHXVXDVDkqHVFRPGLUHLWRD
YRWRlDGHzQLkjRGH

D %RRNEXLOGLQJ
E %HVW(|RUV 0HOKRUHV(VIRUqRV
F 6SOLW 'HVGREUDPHQWR
G 7DJ$ORQJ

>@8PLQYHVWLGRUFRPSURXXPD'HEmQWXUHFRPYHQFLPHQWRHP-DQHLURGHH
DUHYHQGHXGLDVDSoVDGDWDGDFRPSUD(OHWHYHXPUHQGLPHQWRWRWDOGH5
&RPUHODkjRDWULEXWDkjRDQDOLVHDVDzUPDkqHVDEDL[R
,t2LQYHVWLGRUlUHVSRQVhYHOSHORUHFROKLPHQWRGRLPSRVWRGHUHQGDDWUDYlVGD'$5)
,,t$EDVHGHFhOFXORSDUDDFREUDQkDGR,5VHUhRUHQGLPHQWRGDRSHUDkjR
,,,t$DOnTXRWDGH,5LQFLGHQWHVHUhGH
(VWhFRUUHWRRTXHVHDzUPDHP

D ,DSHQDV
E ,,DSHQDV
F ,,,DSHQDV
G ,,,H,,,

>@8PH[SRUWDGRUFRPRLQWXLWRGHSURWHkjR KHGJH FRQWUDWRXXPDRSHUDkjR


GH VZDS FRP RV VHJXLQWHV LQGH[DGRUHV &XSRP &DPELDO H 3UHz[DGR 'HVWD IRUPD
SRGHPRV DzUPDU TXH R H[SRUWDGRU zFDUh

D $WLYRHPGuODUHSDVVLYRHPWD[DSUH}[DGD
E $WLYRHPGuODUHDWLYRHPWD[DSUH}[DGD
F 3DVVLYRHPGuODUHSDVVLYRHPWD[DSUH}[DGD
G 3DVVLYRHPGuODUHDWLYRHPWD[DSUH}[DGD

>@$/HWUD)LQDQFHLUDGR7HVRXURt/)7lXPWnWXORLQGH[DGR

D mWD[D6(/,&HQHJRFLDGRDRSDUFRPnJLRRXGHVnJLR
E mWD[D',HQHJRFLDGRDRSDUDSHQDV
F mWD[D6(/,&HQHJRFLDGRDRSDUDSHQDV
G mWD[D',HQHJRFLDGRDRSDUFRPnJLRRXGHVnJLR

$SRVWLOD
6LPXODGRVSDUDR&3$

65
>@2%DQFR&HQWUDOGR%UDVLO %$&(1 lXPDHQWLGDGHVXSHUYLVRUDRQGHVXDV
DWULEXLkqHVJHUDOPHQWHHVWjRDVVRFLDGDVDRREMHWLYRGHDVVHJXUDUDHVWDELOLGDGHGRSRGHU
GHFRPSUDGDPRHGDQDFLRQDO$OlPGLVVRR%DFHQWDPElPDWXD

D )LVFDOL]DQGRRVPHUFDGRVGHGHULYDWLYRVQD%
E )LVFDOL]DQGRHVXSHUYLVLRQDQGRDVHQWLGDGHVDEHUWDVGHSUHYLGsQFLD
FRPSOHPHQWDU
F 3URWHJHQGRRVLQYHVWLGRUHVGRPHUFDGRGHFDSLWDLV
G 3URYHQGRVHUYLqRVGHOLTXLGDqpRRSHUDQGRR6LVWHPDGH7UDQVIHUsQFLDGH
5HVHUYDV 675 HR6LVWHPD(VSHFLDOGH/LTXLGDqpRHGH&XVWuGLD 6HOLF 

>@6jRIXQkqHVGR6HOLF
,t&XVWRGLDURVWnWXORVSrEOLFRVIHGHUDLV
,,t&XVWRGLDURSHUDkqHVFRPSURPLVVDGDVODVWUHDGDVHPWnWXORVSrEOLFRVHSULYDGRV
,,,t/LTXLGDUDVRSHUDkqHVGRPHUFDGRLQWHUzQDQFHLUR
(VWhFRUUHWRRTXHVHDzUPDHP

D ,DSHQDV
E ,H,,DSHQDV
F ,,H,,,DSHQDV
G ,,,H,,,

>@$VGHEmQWXUHVDSUHVHQWDPXPDKLHUDUTXLDHPVXDVJDUDQWLDVRIHUHFLGDVHP
VXDHPLVVjRHGDPHQRUJDUDQWLDSDUDDPDLRUVjRDVJDUDQWLDV

D 6XERUGLQDGD~XWXDQWHTXLURJUDInULDHUHDO
E 5HDO~XWXDQWHTXLURJUDInULDHVXERUGLQDGD
F 6XERUGLQDGDTXLURJUDInULD~XWXDQWHHUHDO
G 5HDOTXLURJUDInULD~XWXDQWHHVXERUGLQDGD

>@$UHPXQHUDkjRGRVGHSoVLWRVGHSRXSDQkDlFDOFXODGDVREUH

D RPHQRUVDOGRGHFDGDSHUtRGRGHUHQGLPHQWR
E RPDLRUVDOGRGHFDGDSHUtRGRGHUHQGLPHQWR
F DPrGLDGRVVDOGRVGHFDGDSHUtRGRGHUHQGLPHQWR
G DVRPDWRWDOGHWRGDVDVDSOLFDqwHVGRSHUtRGRGHUHQGLPHQWR

>@(PUHODkjRDR$GPLQLVWUDGRU)LGXFLhULRDQDOLVHDVDzUPDWLYDVDEDL[R
,t(PFRQMXQWRFRPRJHVWRUWHPDIXQkjRGHFRQVWLWXLkjRGRIXQGRGHLQYHVWLPHQWR
,,t'HYHVXSHUYLVLRQDUGLOLJHQWHPHQWHDJHVWjRGHULVFRVLPSOHPHQWDGDSHORJHVWRUGH
UHFXUVRV
,,,teUHVSRQVhYHOSHODHODERUDkjRGRVGRFXPHQWRVDRVFRWLVWDVFRPRSRUH[HPSORR
H[WUDWRGHFRQWDHDOiPLQDGHLQIRUPDkqHVEhVLFDV
(VWhFRUUHWRRTXHVHDzUPDHP

D ,DSHQDV
E ,H,,DSHQDV
F ,,H,,,DSHQDV
G ,,,H,,,

$SRVWLOD
6LPXODGRVSDUDR&3$

66
>@8PSRVVnYHOLQYHVWLGRULQIRUPDTXHHUDFRWLVWDGHXPDFODVVH5HQGD)L[D
5HIHUHQFLDGRDR,*30GHXP)XQGRGH,QYHVWLPHQWRHTXHXPPmVGHVLJQLzFDWLYDVDOWDV
GR nQGLFH H GD WD[D GH MXURV VXD DSOLFDkjR LQFRUUHX HP UHQWDELOLGDGH QHJDWLYD 8P
SURzVVLRQDOGHYHLQIRUPhORGHTXHHVVHWLSRGHHYHQWR

D SRGHRFRUUHUSRLVRVWtWXORVDWUHODGRVDtQGLFHVGHSUHqRWDPErPVRIUHPR
LPSDFWRGDVWD[DVGHMXURV
E QpRSRGHRFRUUHUSRLVFODVVHVDWUHODGDVDtQGLFHVGHSUHqRVGHYHUH~HWLUD
WRWDOLGDGHGDYDULDqpRGHVVHVtQGLFHV
F QpRSRGHRFRUUHUSRLVDVFODVVHVGHIXQGRVVpRPDUFDGRVDPHUFDGR
G SRGHRFRUUHUSRLVQHPVHPSUHDVFODVVHVGRVIXQGRVFRQVHJXHPUH~HWLUR
PRYLPHQWRGRPHUFDGRFRPDPHVPDUDSLGH]HPTXHRVtQGLFHVVpR
GLYXOJDGRV

>@2SHUFHQWXDOPnQLPRGHDWLYRVHPXPDFDUWHLUDUHODFLRQDGRVGLUHWDPHQWH
FRPRIDWRUGHULVFRGRVIXQGRVGHUHQGDz[D

D 
E 
F 
G 

>@(PUHODkjRDRVOLPLWHVGHFRQFHQWUDkjRSRUHPLVVRUDFODVVHGHXPIXQGRGH
LQYHVWLPHQWRUHQGDz[DSRGHUhDSOLFDURSHUFHQWXDOPh[LPRGRVHXSDWULPpQLROnTXLGRHP
WnWXORVGHLQVWLWXLkqHVzQDQFHLUDVHHPWnWXORVGHFRPSDQKLDVDEHUWDVUHVSHFWLYDPHQWH

D H
E H
F H
G H

 >@ (P UHODkjR DRV ),'&V  )XQGRV GH ,QYHVWLPHQWR HP 'LUHLWRV &UHGLWoULRV 
SRGHPRVDzUPDUTXH

D SHUPLWHDHPLVVpRGHWUsVWLSRVGHFRWDVVsQLRUVXERUGLQDGDHRUGLQnULD
E GHYHDSOLFDUH[FOXVLYDPHQWHHPGLUHLWRVFUHGLWuULRV
F DSOLFDqpRPtQLPDGH5
G QpRSRVVXHPH[LJsQFLDGHDSOLFDqpRGHYDORUPtQLPR

$SRVWLOD
6LPXODGRVSDUDR&3$

67
>@(PUHODkjRDRVnQGLFHVGD%lLQFRUUHWRDzUPDUTXH

D 2VtQGLFHVDPSORV ,ERYHVSD,%U;,%U;H,%U$ VpRFRPSRVWRV
H[FOXVLYDPHQWHSRUDqwHVXQLWVGHDqwHVH%'5{V
E 2VtQGLFHV,%U;H,%U;VHGLIHUHPH[FOXVLYDPHQWHHPVXDPHWRGRORJLD
SHODTXDQWLGDGHGHDWLYRVTXHFRPSwHDFDUWHLUDYLGHTXHR,%U;rR
LQGLFDGRUGRGHVHPSHQKRPrGLRGDVFRWDqwHVGRVDWLYRVHQTXDQWRTXHR
,%U;rRGRVDWLYRV
F 2,ERYHVSDrRSULQFLSDOtQGLFHGDEROVDEUDVLOHLUDHVHXREMHWLYRrVHUR
LQGLFDGRUGRGHVHPSHQKRPrGLRGDVFRWDqwHVGRVDWLYRVGHPDLRU
QHJRFLDELOLGDGHHUHSUHVHQWDWLYLGDGHGRPHUFDGRGHDqwHVEUDVLOHLUR
FRQVLGHUDQGRTXHQpRKnDSRUWHVDGLFLRQDLVQHPUHVJDWHVSRVWHULRUHVHQRTXDO
WRGRVRVGLYLGHQGRVVpRUHLQYHVWLGRV
G $VDqwHVFRQVLGHUDGDVFRPR3HQQ\6WRFNVQpRVpRHOHJtYHLVSDUDDFRPSRVLqpR
GDFDUWHLUDVGRVtQGLFHVDPSORV

>@(PUHODkjRDRV(7)GHUHQGDYDULhYHO DkqHV QHJRFLDGRVQD%



D iLVHQWRSDUDSHVVRDItVLFDSDUDDOLHQDqwHVGHDWr5
E 2LQYHVWLGRUrRUHVSRQVnYHOSHORUHFROKLPHQWRGR,5YLD'$5)DWrRxOWLPRGLD
GRPsVVHJXLQWH
F $LQVWLWXLqpR}QDQFHLUDrDUHVSRQVnYHOSHORUHFROKLPHQWRWRWDOGR,5VHQGRHOH
QDIRQWH
G 2,5rFREUDGRWDQWRQRUHVJDWHTXDQWRQRVPHVHVGHPDLRHQRYHPEUR
DWUDYrVGRFKDPDGRFRPHFRWDV

>@$VSHUGDVDSXUDGDVQRUHVJDWHGHFRWDVGHIXQGRVGHLQYHVWLPHQWRSRGHP
VHU FRPSHQVDGDV UHVVDOYDGDV VLWXDkqHV HVSHFLDLV QR PHVPR RX HP RXWUR IXQGR GH
LQYHVWLPHQWRDGPLQLVWUDGR

D 3RUTXDOTXHUSHVVRDMXUtGLFD
E 3HODPHVPDSHVVRDMXUtGLFD
F 3RUTXDOTXHUDVVRFLDGRm$1%,0$
G 3UHMXt]RHPIXQGRVGHLQYHVWLPHQWRVQpRSRGHPVHUFRPSHQVDGRV

>@8PIXQGRGHLQYHVWLPHQWRSRVVXLDVHJXLQWHFRPSRVLkjR


D (VWDUpRLVHQWRVGDFREUDQqDGH,2)VRPHQWHSDUDUHVJDWHVVXSHULRUHVDGLDV
E (VWpRLVHQWRVGDFREUDQqDGH,2)LQGHSHQGHQWHPHQWHGDGDWDGRUHVJDWH
F 'HYHUpRUHFROKHU,2)FRQIRUPHWDEHODGHDOtTXRWDUHJUHVVLYD
G 'HYHUpRUHFROKHU,2)FRQIRUPHWDEHODGHDOtTXRWDSURJUHVVLYD

$SRVWLOD
6LPXODGRVSDUDR&3$

68
>@$UHVSHLWRGDVUHJUDVSDUDDSUHkDPHQWRGHDWLYRVFRQWLGDVQR&oGLJR$QELPD
GH$GPLQLVWUDkjRGH5HFXUVRVGH7HUFHLURVlFRUUHWRDzUPDUTXH

D 2*HVWRUGH5HFXUVRVrRUHVSRQVnYHOSHORDSUHqDPHQWRGRVDWLYRV}QDQFHLURV
LQWHJUDQWHVGDVFDUWHLUDVGHLQYHVWLPHQWRVGRVIXQGRV
E 1pRrSHUPLWLGDDFRQWUDWDqpRGHWHUFHLURVSDUDUHDOL]DURDSUHqDPHQWRGH
DWLYRVPHVPRTXHGHYLGDPHQWHTXDOL}FDGRVSDUDGHVHPSHQKDUHVVDDWLYLGDGH
F iIRUWHPHQWHUHFRPHQGnYHOHPERUDQpRREULJDWuULRDFRQVWLWXLqpRGHFRPLWs
RXRUJDQLVPRTXHWHQKDFRPRREMHWLYRGLVFXWLURVDVVXQWRVUHIHUHQWHVDR
DSUHqDPHQWRGHDWLYRV}QDQFHLURVGDVFDUWHLUDVGRVIXQGRVGHLQYHVWLPHQWR
G (PFDVRGHH[FHSFLRQDOLGDGHrSHUPLWLGDDDGRqpRGHPrWRGRDOWHUQDWLYRQpR
SUHYLVWRQR0DQXDOGH$SUHqDPHQWRGHVGHTXHSUHYLDPHQWHmXWLOL]DqpRGHVVH
PrWRGRVHMDPPDQWLGRVUHJLVWURVHMXVWL}FDWLYDVTXHIXQGDPHQWHPHVVD
H[FHSFLRQDOLGDGH

>@'HDFRUGRFRPR&oGLJR$QELPDGH$GPLQLVWUDkjRGH5HFXUVRVGH7HUFHLURV
lIXQkjRGRJHVWRUGHUHFXUVRVD

D 6XSHUYLVpRGRVWHUFHLURVFRQWUDWDGRV
E *HVWpRGHULVFRGHOLTXLGH]GDFDUWHLUDGRVYHtFXORVGHLQYHVWLPHQWR
F 6XSHUYLVpRGRVOLPLWHVGHLQYHVWLPHQWRGDVFDUWHLUDVGRVIXQGRV
G (ODERUDqpRGHWRGRVRVGRFXPHQWRVUHODFLRQDGRVDRVIXQGRV

>@&oGLJR$1%,0$GH5HJXODkjRH0HOKRUHV3UhWLFDVSDUD$GPLQLVWUDkjRGH
5HFXUVRVGH7HUFHLURVQjRVHDSOLFDD

D &OXEHVGH,QYHVWLPHQWR
E ),3
F )XQGRVIHFKDGRV
G )XQGRVH[FOXVLYRV

 >@ 2 WLSR GH HVWUXWXUD zQDQFHLUD TXH l GHVWLQDGR D XP JUXSR GHWHUPLQDGR GH
LQYHVWLGRUHV TXH WHQKDP HQWUH VL YnQFXOR IDPLOLDU VRFLHWhULR RX TXH SHUWHQkDP D XP
PHVPR &RQJORPHUDGR RX *UXSR (FRQpPLFR RX TXH SRU HVFULWR GHWHUPLQHP HVVD
FRQGLkjRlR D 

D &DUWHLUD$GPLQLVWUDGD
E &OXEHGH,QYHVWLPHQWRV
F )XQGR([FOXVLYR
G )XQGR5HVHUYDGR

>@$WD[DGHFDUUHJDPHQWRQR9*%/SRGHLQFLGLUVREUHRYDORU

D 'DFRQWULEXLqpRDSHQDV
E 'DFRQWULEXLqpRGDSRUWDELOLGDGHGRUHVJDWHGHSHQGHQGRGRUHJXODPHQWRGR
SODQR
F 'DFRQWULEXLqpRGRUHVJDWHGREHQHItFLRGHSHQGHQGRGRUHJXODPHQWRGR
SODQR
G 'DFRQWULEXLqpRGDSRUWDELOLGDGHGRUHVJDWHGREHQHItFLRGHSHQGHQGRGR
UHJXODPHQWRGRSODQR

$SRVWLOD
6LPXODGRVSDUDR&3$

69
>@6HXFOLHQWHSRVVXLXPSODQRGHSUHYLGmQFLDGRWLSR3*%/SURJUHVVLYRHTXHU
PLJUDUSDUDXPSODQR9*%/FRPDOnTXRWDUHJUHVVLYDDWUDYlVGHXPDSRUWDELOLGDGH1HVVH
FDVR

D $SRUWDELOLGDGHSRGHVHUUHDOL]DGDSRUrPWHUnFREUDQqDGH,PSRVWRGH5HQGD
QRPRPHQWRGDUHDOL]DqpRGDWUDQVIHUsQFLD
E $SRUWDELOLGDGHSRGHVHUUHDOL]DGDHQpRKDYHUnFREUDQqDGH,PSRVWRGH5HQGD
SRLVQpRVHFRQ}JXUDFRPRXPUHVJDWH
F $SRUWDELOLGDGHDSHQDVSRGHULDVHUUHDOL]DGDVHRSODQRDWXDOIRVVHFRPR
UHJLPHGHWULEXWDqpRUHJUHVVLYR
G $SRUWDELOLGDGHQpRSRGHVHUUHDOL]DGD

 >@ *XLOKHUPH l WLWXODU GH XP SODQR 9*%/ H GHFLGH FRQYHUWHU R VHX VDOGR
DFXPXODGRHPXPEHQHInFLRGHUHQGDPHQVDOSRUSUD]RFHUWRQRYDORUGH5SRU
 PHVHV $SoV  PHVHV GHVWD FRQYHUVjR *XLOKHUPH YHP D IDOHFHU 'HVWD IRUPD
SRGHPRVDzUPDUTXHHVWDUHQGD

D 6HUnSDJDDREHQH}FLnULRLQGLFDGRSRUPDLVPHVHV
E 6HUnSDJDDREHQH}FLnULRHVFROKLGRSHORSDUWLFLSDQWHSRUPDLVPHVHV
F 6HUnSDJDDREHQH}FLnULRLQGLFDGRDSHQDVVHRPHVPRVHHQTXDGUDUFRPR
KHUGHLUROHJDOSHORSUD]RGHPDLVPHVHV
G 1pRVHUnGLUHFLRQDGDSDUDQLQJXrPSRLVQDPRGDOLGDGH9*%/FRPR
IDOHFLPHQWRGREHQH}FLnULRH[WLQJXHVHRFRPSURPLVVRGDUHQGDSHOD
VHJXUDGRUD

>@8PH[HFXWLYRGHXPDHPSUHVDHPVHXSODQHMDPHQWRWULEXWhULRSUHWHQGH
PD[LPL]DUDVGHGXkqHVQRVHX,PSRVWRGH5HQGDHIHWXDQGRDSRUWHVHPVHXSODQRGH
SUHYLGmQFLD FRPSOHPHQWDU GR WLSR 3ODQR *HUDGRU GH %HQHInFLR /LYUH  3*%/  2 OLPLWH
SHUFHQWXDOPh[LPRGDVFRQWULEXLkqHVHP3*%/SDUDGHGXkjRQRIRUPXOhULRFRPSOHWRGD
'HFODUDkjR$QXDOGH$MXVWHGR,PSRVWRGH5HQGDGD3HVVRD)nVLFDlGH

D GRUHQGLPHQWREUXWRDQXDOWULEXWnYHO
E GRWRWDOGRVUHQGLPHQWRVUHFHELGRVHPGHWHUPLQDGRDQR
F GRUHQGLPHQWREUXWRDQXDOWULEXWnYHO
G GRWRWDOGRVUHQGLPHQWRVUHFHELGRVHPGHWHUPLQDGRDQR

>@$SULQFLSDOGLIHUHQkDHQWUHXPSODQRGHSUHYLGmQFLDFRPSOHPHQWDUGRWLSR
3ODQR*HUDGRUGH%HQHInFLR/LYUH 3*%/ HXPSODQRGHSUHYLGmQFLDFRPSOHPHQWDUGRWLSR
9LGD*HUDGRUGH%HQHInFLR/LYUH 9*%/ lDGHTXHQRPRPHQWRGRUHVJDWHRXSDJDPHQWR
GHUHQGDR,PSRVWRGH5HQGDLQFLGLUhVREUH

D RVUHQGLPHQWRVWDQWRQR3*%/TXDQWRQR9*%/
E RYDORUWRWDOQR3*%/HRVUHQGLPHQWRVQR9*%/
F RYDORUWRWDOWDQWRQR3*%/TXDQWRQR9*%/
G RYDORUWRWDOQR9*%/HRVUHQGLPHQWRVQR3*%/

$SRVWLOD
6LPXODGRVSDUDR&3$

70
 >@ 1XPD GLVWULEXLkjR QRUPDO D SUREDELOLGDGH GH TXH R YDORU REVHUYDGR GD
YDULhYHODOHDWoULDHVWHMDQRLQWHUYDORFRPSUHHQGLGRHQWUH 0t['3 H 0[
'3 RQGH0 PlGLDH'3 GHVYLRSDGUjRlDSUR[LPDGDPHQWH

D 
E 
F 
G 

>@2OLPLWHGHFRQFHQWUDkjRSRUHPLVVRUGHGR3DWULPpQLR/nTXLGRTXDQGR
R HPLVVRU IRU LQVWLWXLkjR zQDQFHLUD DXWRUL]DGD D IXQFLRQDU SHOR %DQFR &HQWUDO GR %UDVLO
TXHH[LVWHQRV)XQGRVGH,QYHVWLPHQWRVLPSRVWRSHOD&90YLVDUHGX]LUTXDOWLSRGH
ULVFR

D 0HUFDGR
E &UrGLWR
F 2SHUDFLRQDO
G /LTXLGH]

>@8PFOLHQWHDGTXLULXXPLPoYHOSRU5QRDQRSDVVDGRVHQGRTXH
HOHHVWhDYDOLDGRDWXDOPHQWHHP5(OHFRORFDRLPoYHODYHQGDHUHFHEHXPD
rQLFD SURSRVWD GH FRPSUD SRU 5  'LDQWH GLVWR SRGHPRV DzUPDU TXH R ULVFR
TXHRFOLHQWHHVWhLQFRUUHQGRlRGH

D &UrGLWR
E /LTXLGH]
F 0HUFDGR
G ,Q~DqpR

>@2VDWLYRVFRPEDL[DOLTXLGH]

D SRVVXHPPHQRUSUREDELOLGDGHGHWHUHPDOWRUHWRUQR}QDQFHLUR
E WsPSHTXHQDGLIHUHQqDHQWUHRPHOKRUSUHqRGHFRPSUDHRPHOKRUSUHqRGH
YHQGD
F QHFHVVLWDPGHXPWHPSRPDLRUSDUDVHUHPWUDQVIRUPDGRVHPGLQKHLUR
G QHFHVVLWDPGHXPFDSLWDOPDLRUSDUDVHUHPDGTXLULGRV

>@8PWnWXORSUHz[DGRFRPPDWXULGDGHGHDQRVSDJDFXSRPVHPHVWUDOGH
HRSULQFLSDOQRVHXYHQFLPHQWR3RGHPRVDzUPDUTXHDGXUDWLRQGH0DFDXOD\GHVWHWnWXOR
l

D ,JXDODDQRV
E 8PSRXFRLQIHULRUDDQRV
F ,JXDODDQRV
G 8PSRXFRLQIHULRUDDQRV

$SRVWLOD
6LPXODGRVSDUDR&3$

71
>@2ULVFRGHPHUFDGRGHXPDFDUWHLUDSRGHVHUHVWLPDGR

D GRGHVYLRSDGUpRGHVHXVUHWRUQRVGLnULRV
E GDPrGLDGRVUHWRUQRVGHVHXVDWLYRV
F GDHVSHUDQqDGRVUHWRUQRVGHVHXVDWLYRV
G GDPRGDGHVHXVUHWRUQRVGLnULRV

>@&RQVLGHUDQGRDWDEHODDEDL[RSRGHPRVDzUPDUTXHRIXQGR$


D 3RVVXLPDLRUULVFRHPDLRUSUR[LPLGDGHDREHQFKPDUNTXHRIXQGR%
E 3RVVXLPDLRUULVFRHPHQRUSUR[LPLGDGHDREHQFKPDUNTXHRIXQGR%
F 3RVVXLPHQRUULVFRHPDLRUSUR[LPLGDGHDREHQFKPDUNTXHRIXQGR%
G 3RVVXLPHQRUULVFRHPHQRUSUR[LPLGDGHDREHQFKPDUNTXHRIXQGR%

>@$YDOLHDVDzUPDWLYDVDUHVSHLWRGRnQGLFHGH7UH\QRU
,t2DWLYRlPDLVDWUDHQWHTXDQWRPDLRUIRURnQGLFH
,, t e XPD PHGLGD DSURSULDGD VH R IXQGR GH LQYHVWLPHQWRV IRU VXzFLHQWHPHQWH
GLYHUVLzFDGR
,,,teXPDPHGLGDGHUHWRUQRH[FHGHQWHGHXPDWLYRVHPHOKDQWHDRfQGLFH6KDUSHFRPD
GLIHUHQkDTXHXWLOL]DRGHVYLRSDGUjRFRPRPHGLGDGHULVFR
(VWhFRUUHWRRTXHVHDzUPDHP

D ,DSHQDV
E ,H,,DSHQDV
F ,,H,,,DSHQDV
G ,,,H,,,

$SRVWLOD
6LPXODGRVSDUDR&3$

72
*DEDULWR
&3$6,08/$'2 
% & $ & & $ $ $ % ' % % $ % $ $ %

' % ' % ' & % ' & ' & $ % ' $ % '

& % % ' & & ' ' & % $ % & ' % & &

% ' % & % $ ' & $

&3$6,08/$'2 
$ $ & % % % & % $ ' $ % % % % ' '

& $ & & & % % $ $ $ ' % % % & $ %

& % $ ' & ' % & $ $ % ' $ & & ' &

' & ' % & % ' ' '

&3$6,08/$'2 
& % % % ' % ' & % & & ' ' $ & ' '

$ $ & ' & & $ ' $ % ' ' ' $ $ ' '

% $ ' $ & & $ & % % ' ' $ & ' ' %

% % % % ' ' ' & $

&3$6,08/$'2 
$ % & $ & $ & ' & % % & % $ & % '

% & ' ' % ' $ % & ' % % ' % $ $ '

$ & & & $ ' ' & $ $ ' ' $ $ ' $ '

' ' & ' $ $ & ' &

&3$6,08/$'2 
& & % ' & & & & $ ' & ' % & ' & &

% ' $ & $ & % & & ' % ' $ ' $ & $

' $ & & ' $ % % % ' % $ ' $ ' $ &

% & % % & ' $ $ %

$SRVWLOD
6LPXODGRVSDUDR&3$

73

También podría gustarte