PEGASUSCLASE R

RENTA 4

1

lb_nombre_indice_4S&P 500IBEX 35EUROSTOXX 50Rentabilidad Año

.....................................................................................................................................................................................................................................................................................................................................................................11,43,71,22,62014

.....................................................................................................................................................................................................................................................................................................................................................................-0,7-7,23,80,82015

.....................................................................................................................................................................................................................................................................................................................................................................9,5-2,00,73,92016

.....................................................................................................................................................................................................................................................................................................................................................................19,47,46,52,02017

.....................................................................................................................................................................................................................................................................................................................................................................-6,2-15,0-14,3-5,32018

.....................................................................................................................................................................................................................................................................................................................................................................18,78,318,93,92019

Desde 01/01/2014 hasta 30/09/2019.....................................................................................................................................................................................................................................................................................................................................................................

DiciembreNoviembreOctubreSeptiembreAgostoJulioJunioMayoAbrilMarzoFebreroEnero

...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................2017 -0,0-0,10,80,20,0-0,2-0,00,10,10,60,30,2

...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................2018 -0,8-2,8-1,7-0,4-0,10,4-0,1-0,50,10,30,10,2

...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................2019 0,5-0,2-0,10,5-0,3-0,20,82,01,3

...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................EUROSTOXX 50 4,2-1,2-0,25,9-5,24,91,64,45,3

...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................IBEX 35 4,9-1,8-2,52,2-5,93,6-0,42,46,1

...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................S&P 500 1,7-1,81,35,9-6,63,91,83,07,9

2

355.773.742364.477.894TOTAL PATRIMONIO CLASE

15,44515,424VALOR LIQUIDATIVO CLASE

30/09/201931/08/2019

25,1%21,1% 105.220.34390.257.064......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Tesorería

43,6%41,4% 182.853.057177.417.392......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Renta Fija Menos 1 Año

30,1%36,0% 126.284.412154.112.376......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Renta Fija Mas 1 Año

0,2%0,2% 949.645941.069......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Fondos Renta Fija

-9,6%-9,6% -40.077.500-41.193.000Futuros Renta Fija

89,5%89,1% 375.229.958381.534.901Renta Fija

2,0%1,9% 8.198.0857.987.290......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Renta Variable

-3,0%-2,9% -12.670.633-12.297.058Futuros Renta Variable

-1,1%-1,0% -4.472.549-4.309.768Renta Variable

3,2%6,1% 13.413.33626.228.119Divisas

3,2%6,1% 13.413.33626.228.119Otros

Aviso: Total Patrimonio no es igual al total de la cartera.

31/08/19 30/09/19

3

BURSATIL

CAPITAL

/EBITDA

EV

/EBITDA

Neta

Deuda

20E

PER

19E

PER

19E

RPD

% Patr.% RV% P/GValoraciónPrec. MedioCambioTítulosDivisaDescripción

Renta Variable

0,420,41.677.770,032.000,0Alemania

60.327M11,0...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

0,2905.660 8,0x3,1x8,6x9,7x4,4%7,160,464,714.000EURBayer AG

23.901M9,4 0,2772.110 6,3x2,8x12,0x12,8x1,9%-9,147,242,918.000EURFresenius SE & Co KGaA

0,315,61.276.800,02.400.000,0España

331M15,6 0,31.276.800 13,2x11,3x0,0x0,0x0,0%-50,31,10,52.400.000EURDistribuidora Internacional de

1,051,44.213.125,031.500,0Francia

18.507M51,4 1,04.213.125 17,0x9,5x10,9x11,1x8,1%9,5122,1133,831.500EURUnibail-Rodamco-Westfield (AMSERDAM)

0,212,61.030.389,850.000,0Gran Bretaña

17.395M12,6...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

0,21.030.390 7,2x2,8x6,5x6,7x11,3%-3,41.885,71.828,250.000GBPImperial Brands PLC

% Patr.ValoraciónCambioTítulosDivisaDescripción

Futuros

...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................3,213.413.3361,1108USDFU. EURO FX 125000 161219

...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................-3,0-12.670.6332.978,5-94USDFU. MINI S&P 500 STOCK INDEX 50 201219

...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................-9,6-40.077.500174,3-230EURFU. BUND 1000 061219

% RF% P/GPrec. Medio % Patr.ValoraciónCambioTítulosDivisaDescripción

Fondos Renta Fija

100,0...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

0,2949.646 20,994,394,111.000USDiShares Emerging Asia Local Go

4

Próx. CallTir Actual% Patrim. TIR VtoImporteCosteDivisaValor

7,2 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

30.034.426 27/11/190,000,0030.024.300EURDEP.BCO.SABADELL 0.04% VTO.27/11/2019

5,4 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

22.448.792 27/01/200,702,2422.338.380EURXS1984568615 PAGARE FCC 27/01/2020 0.95%

4,3 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

18.055.918 24/04/200,431,2217.976.659EURXS1989276271PAGARE ACCIONA 24/04/2020

3,6 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

14.988.734 12/11/190,640,9714.982.960EUR XS2052301491 ECP SACYR 12/11/2019

3,1 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

13.200.698 11/10/190,201,4013.000.000EURANASM 1.55 10/11/19

2,5 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

10.499.902 09/10/190,041,2410.496.818EURECP CAF 09/10/2019

2,5 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

10.434.833 01/05/200,732,629.967.176EURGRFSM 3.2 05/01/25

2,4 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

9.999.176 16/10/190,190,659.997.140EURECP CAF VTO.16/10/2019

2,1 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

8.699.790 10/10/190,091,768.695.837EURPAGARE EUROPAC VTO.10/10/2019

1,2 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

5.102.376 31/10/19649,0518,076.616.139EUROHLSM 5 1/2 03/15/23

1,2 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

4.999.586 28/10/190,110,334.998.730EURDE000A2YYS61 ECP THYSSENKRUPP 28/10/19

1,2 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

4.956.760 10/07/201,131,394.946.818EURES0505287203 PAG. AEDAS 10/07/2020

1,0 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

4.098.371 28/10/190,525,094.084.411EURXS1984570355 PAGARE FCC 28/10/2019 0.75%

0,9 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

3.899.962 04/10/190,090,743.899.684EURECP THYSSENKRUPP 04/10/2019

0,8 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

3.497.665 28/11/190,411,013.494.301EURXS2035399323 PAG. FCC 28/11/19

0,8 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

3.466.662 25/09/200,981,023.465.140EURES0505287237 PAG. AEDAS VTO. 25/09/2020

0,8 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

3.313.662 30/12/19164,771,783.188.742EURNTGYSM Float PERP

0,7 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

2.998.444 11/12/190,260,412.997.600EURES0583746013 ECP VIDRALA VTO.11/12/2019

0,5 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

2.195.467 24/01/200,651,142.192.092EURES0505287211 PAG. AEDAS 24/01/2020

0,5 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

1.999.950 24/10/190,040,491.999.363EURXS2034655725 pag. CIE AUTO VTO. 24/10/19

0,4 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

1.699.879 09/10/190,290,861.699.639EUR XS2026689500CIE AUTOMOTIVE VTO 09/10/19

0,3 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

1.198.823 09/08/200,9218,111.043.928EUR55658BBVASM Float 08/09/21

0,1 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

589.966 31/10/19614,3421,80795.591EUROHLSM 4 3/4 03/15/22

0,1 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

473.213 15/04/200,303,48448.060EUROCINV 5 04/15/23

3,2 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

13.551.694 18/02/220,800,8013.914.142GBPEIB Float 02/18/22

2,5 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

10.285.925 28/01/2121,0917,709.891.480EURDIASM 1 04/28/21

2,4 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

9.958.468 11/01/220,390,1710.004.700EURLPTY 0 01/11/22

1,2 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

4.834.584 14/04/214,854,825.047.058COPCOLOM 7 3/4 04/14/21

1,1 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

4.811.550 18/01/210,380,334.775.088EURLPTY 0 01/18/21

1,1 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

4.669.704 16/05/212,832,244.425.413USDCVX 0 05/16/21

1,0 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

4.250.844 09/06/226,796,683.788.016MXNMBONO 6 1/2 06/09/22

0,7 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

2.809.532 28/06/21-0,03-0,042.804.172EURSAFFP Float 06/28/21

2,2 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

9.100.110 24/06/245,646,209.016.604GBPSANUK 6 3/4 PERP

1,7 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

7.096.205 31/10/19-0,773,757.052.615EURDUFNSW 4 1/2 08/01/23

1,7 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

7.034.598 06/01/2325,4823,608.194.352EURDIASM 0 7/8 04/06/23

1,2 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

4.883.377 24/09/234,215,064.597.930EURBBVASM 5 7/8 PERP

0,9 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

3.788.742 29/11/233,022,973.712.412USDGS Float 11/29/23

0,1 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

212.506 19/09/234,695,59203.694EURBKIASM 6 3/8 PERP

3,9 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

16.516.299 03/08/271,551,9415.999.198EURCLNXSM 0 08/03/27

3,8 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

16.106.899 01/02/262,212,9015.200.000EURIDRSM 2.9 02/01/26

1,1 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

4.463.458 30/10/252,372,424.260.062USDMCD 3.7 01/30/26

0,5 %1.909.918 01/02/213,583,901.612.223USDTMUS 4 1/2 02/01/26

15,913,2073,8309.137.469307.848.669

5

Tir Actual% Patr. TIR VtoImporte% RFPlazo

43,6 %59,1 % 182.853.057 € 23,431,90...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Hasta 1 año

13,2 %17,8 % 55.172.301 € 5,424,68...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Hasta 3 años

7,7 %10,4 % 32.115.538 € 8,048,91...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Hasta 5 años

9,3 %12,6 % 38.996.574 € 2,012,49Más de 5 años

15,913,2073,8 309.137.470

Valoración %Divisa

84,9 %262.568.415 €...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

EUR

7,3 %22.651.804 €...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

GBP

4,8 %14.831.822 €...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

USD

1,6 %4.834.585 €...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

COP

1,4 %4.250.844 €...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

MXN

6

% Patr.Valoración % RVSector

4.213.125 € 1,0 %51,4 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

BIENES INMOIBILIARIO

2.307.190 € 0,6 %28,1 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

ALIM. BEB. Y TABACO

905.660 € 0,2 %11,0 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

PTOS FARMACEUTIC

772.110 € 0,2 %9,4 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

EQUIP. SERV. MED.

% Patr.Valoración % RVPaís

1,0 %51,4 %4.213.125 €...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Francia

0,4 %20,5 %1.677.770 €...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Alemania

0,3 %15,6 %1.276.800 €...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

España

0,2 %12,6 %1.030.390 €...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Gran Bretaña

Valoración %Divisa

87,4 %7.167.695 €...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

EUR

12,6 %1.030.390 €...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

GBP

7

-4.472.549 €/-1,07%Exposición Bolsa15,44 €Valor liquidativo de la Clase355.773.742 €

31/08/19 A 30/09/19

Patrimonio de la Clase

Plusvalía Latente PlusvalíaPlusvalía Realizada RetencionesDivid./Cupón

...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

8.548 €0 €0 €8.548 €0 €...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Divisas

8.576 €0 €0 €0 €8.576 €...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Fondos Renta Fija

466.900 €0 €0 €466.900 €0 €...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Futuros Renta Fija

-216.726 €0 €0 €-216.726 €0 €...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Futuros Renta Variable

-169 €0 €-169 €0 €0 €...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Otros

175.197 €0 €459.371 €338.487 €-622.661 €...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Renta Fija

562.278 €0 €0 €95.873 €466.405 €...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Renta Variable

Valor Títulos

31/08/19 A 30/09/19

Plusvalía Latente PlusvalíaPlusvalía Realizada Divid./Cupón

...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Divisas

FUTUROS Y OPCIONES 8.548,41108 0,008.548,410,00

98.984,370,00 98.984,370,000...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................FU. EURO FX 125000 160919

-90.435,960,00 -90.435,960,00108FU. EURO FX 125000 161219

Fondos Renta Fija

ETF 8.576,0611.000 0,000,008.576,06

0,008.576,06 8.576,060,0011.000iShares Emerging Asia Local Go

Futuros Renta Fija

FUTUROS Y OPCIONES 466.900,00-230 0,00466.900,000,00

-110.400,000,00 -110.400,000,000...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................FU. BUND 1000 060919

577.300,000,00 577.300,000,00-230...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................FU. BUND 1000 061219

Futuros Renta Variable

FUTUROS Y OPCIONES -216.726,31-94 0,00-216.726,310,00

-343.077,350,00 -343.077,350,000...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................FU. MINI S&P 500 STOCK INDEX 50 200919

126.351,040,00 126.351,040,00-94FU. MINI S&P 500 STOCK INDEX 50 201219

Otros

NO INFORMADO -169,070 -169,070,000,00

0,000,00 -169,07-169,070MARGENES DE FUTUROS EUR

Renta Fija

COMUNICACIONES 252.354,202.160 0,00-2.951,01255.305,21

0,00246.114,67 246.114,670,00160...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................CLNXSM 0 08/03/27

-2.951,010,00 -2.951,010,000...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................MMBFP 2 3/4 04/13/23

0,009.190,54 9.190,540,002.000TMUS 4 1/2 02/01/26

CONSUMO CICLICO 183.980,4531.900 0,00162.528,4621.451,99

528,300,00 528,300,000............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... ES0505223083 ECP GESTAMP VTO.30/09/2019

0,00-80,00 -80,000,0017............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... XS2026689500CIE AUTOMOTIVE VTO 09/10/19

0,0015.579,01 15.579,010,006.863...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................DUFNSW 4 1/2 08/01/23

8

Valor Títulos

31/08/19 A 30/09/19

Plusvalía Latente PlusvalíaPlusvalía Realizada Divid./Cupón

...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Renta Fija

CONSUMO CICLICO 183.980,4531.900 0,00162.528,4621.451,99

0,00699,56 699,560,0010.500...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ECP CAF 09/10/2019

0,00-540,49 -540,490,0010.000...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ECP CAF VTO.16/10/2019

140.846,450,00 140.846,450,000...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................GESTSM 3 1/4 04/30/26

0,005.640,61 5.640,610,004.500...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................MCD 3.7 01/30/26

21.153,710,00 21.153,710,000...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................VW 4 5/8 PERP

0,00153,30 153,300,0020XS2034655725 pag. CIE AUTO VTO. 24/10/19

CONSUMO NO CICLICO -1.098.324,9023.141 0,000,00-1.098.324,90

0,00-775.257,29 -775.257,290,00141...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................DIASM 0 7/8 04/06/23

0,00-295.234,27 -295.234,270,0013.000...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................DIASM 1 04/28/21

0,00-27.833,34 -27.833,340,0010.000GRFSM 3.2 05/01/25

ENERGIA 51.232,945.000 0,000,0051.232,94

0,0051.232,94 51.232,940,005.000CVX 0 05/16/21

FINANCIERO 567.632,4430.034.301 217.824,34177.707,40172.100,70

0,00308,40 308,400,0012...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................55658BBVASM Float 08/09/21

172.882,63-28.555,24 211.889,9067.562,5123...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................BBVASM 5 7/8 PERP

0,001.815,10 5.028,803.213,701...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................BKIASM 6 3/8 PERP

4.824,770,00 4.824,770,000...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................BKIASM 9 11/16/26

0,00991,50 991,500,0030.024.300...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................DEP.BCO.SABADELL 0.04% VTO.27/11/2019

0,004.895,16 4.895,160,0050...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ES0505287203 PAG. AEDAS 10/07/2020

0,00875,25 875,250,0022...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ES0505287211 PAG. AEDAS 24/01/2020

0,001.522,04 1.522,040,0035...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ES0505287237 PAG. AEDAS VTO. 25/09/2020

0,0047.112,95 47.112,950,002.000...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................GS Float 11/29/23

0,00-32.326,66 -32.326,660,00100...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................LPTY 0 01/11/22

0,0040.620,00 40.620,000,0048...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................LPTY 0 01/18/21

0,00134.842,20 281.890,33147.048,137.710SANUK 6 3/4 PERP

GOBIERNO 387.530,96929.000 0,000,00387.530,96

0,00258,36 258,360,0017.000...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................COLOM 7 3/4 04/14/21

0,00243.933,06 243.933,060,0012.000...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................EIB Float 02/18/22

0,00143.339,54 143.339,540,00900.000MBONO 6 1/2 06/09/22

INDUSTRIAL -245.464,138.730.953 226.689,351.183,50-473.336,98

0,005.747,33 5.747,330,0015.000............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... XS2052301491 ECP SACYR 12/11/2019

0,0012.336,64 12.336,640,00130...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ANASM 1.55 10/11/19

0,00-753,07 -753,070,003.000...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ES0583746013 ECP VIDRALA VTO.11/12/2019

-110,83-32.457,23 -12.174,7320.393,33854...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................OHLSM 4 3/4 03/15/22

-1.672,60-479.095,40 -275.595,40205.172,607.400...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................OHLSM 5 1/2 03/15/23

0,00933,49 933,490,008.700.000...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................PAGARE EUROPAC VTO.10/10/2019

0,00-1.139,29 -15,871.123,4228...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................SAFFP Float 06/28/21

0,009.782,61 9.782,610,00225...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................XS1984568615 PAGARE FCC 27/01/2020 0.95%

0,001.889,91 1.889,910,004.100...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................XS1984570355 PAGARE FCC 28/10/2019 0.75%

0,008.237,77 8.237,770,00181...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................XS1989276271PAGARE ACCIONA 24/04/2020

2.784,550,00 2.784,550,000...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................XS2010690688 PAGARE ECP SACYR 10/09/2019

182,380,00 182,380,000...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................XS2015292399 ECP FCC 18/09/2019

0,001.180,26 1.180,260,0035XS2035399323 PAG. FCC 28/11/19

MATERIALES BÁSICOS 2.014,74530 0,0018,811.995,93

0,00678,70 678,700,0050...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................DE000A2YYS61 ECP THYSSENKRUPP 28/10/19

0,00277,94 277,940,0039...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ECP THYSSENKRUPP 04/10/2019

18,810,00 18,810,000...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ECP THYSSENKRUPP 03/09/2019

0,001.039,29 1.039,290,00441OCINV 5 04/15/23

9

Valor Títulos

31/08/19 A 30/09/19

Plusvalía Latente PlusvalíaPlusvalía Realizada Divid./Cupón

...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Renta Fija

TECNOLOGÍA 116.501,34152 0,000,00116.501,34

0,00116.501,34 116.501,340,00152IDRSM 2.9 02/01/26

UTILITIES -42.260,8494 14.857,740,00-57.118,58

0,00-57.118,58 -42.260,8414.857,7494NTGYSM Float PERP

Renta Variable

CONSUMO NO CICLICO 4.929,762.482.000 0,000,004.929,76

0,00-37.100,00 -37.100,000,0014.000...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Bayer AG

0,00100.800,00 100.800,000,002.400.000...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Distribuidora Internacional de

0,00-22.770,00 -22.770,000,0018.000...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Fresenius SE & Co KGaA

0,00-36.000,24 -36.000,240,0050.000Imperial Brands PLC

ENERGIA 95.872,930 0,0095.872,930,00

95.872,930,00 95.872,930,000Repsol SA

FINANCIERO 461.475,0031.500 0,000,00461.475,00

0,00461.475,00 461.475,000,0031.500...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Unibail-Rodamco-Westfield (AMSERDAM)

10

Valor Dividendos Plusvalía

577.300,000,00...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................FU. BUND 1000 061219

461.475,000,00

...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Unibail-Rodamco-Westfield (AMSERDAM)

281.890,33147.048,13...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................SANUK 6 3/4 PERP

246.114,670,00...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................CLNXSM 0 08/03/27

243.933,060,00...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................EIB Float 02/18/22

211.889,9067.562,51...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................BBVASM 5 7/8 PERP

143.339,540,00...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................MBONO 6 1/2 06/09/22

140.846,450,00...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................GESTSM 3 1/4 04/30/26

126.351,040,00

...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

FU. MINI S&P 500 STOCK INDEX 50 201219

116.501,340,00...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................IDRSM 2.9 02/01/26

Valor Dividendos Plusvalía

-775.257,290,00...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................DIASM 0 7/8 04/06/23

-343.077,350,00

...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

FU. MINI S&P 500 STOCK INDEX 50 200919

-295.234,270,00...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................DIASM 1 04/28/21

-275.595,40205.172,60...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................OHLSM 5 1/2 03/15/23

-110.400,000,00...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................FU. BUND 1000 060919

-90.435,960,00...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................FU. EURO FX 125000 161219

-42.260,8414.857,74...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................NTGYSM Float PERP

-37.100,000,00...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Bayer AG

-36.000,240,00...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Imperial Brands PLC

-32.326,660,00...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................LPTY 0 01/11/22

Valor Títulos Cupones

205.172,607.400...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................OHLSM 5 1/2 03/15/23

147.048,137.710...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................SANUK 6 3/4 PERP

67.562,5123...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................BBVASM 5 7/8 PERP

20.393,33854...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................OHLSM 4 3/4 03/15/22

14.857,7494...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................NTGYSM Float PERP

3.213,701...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................BKIASM 6 3/8 PERP

1.123,4228SAFFP Float 06/28/21

459.371,4TOTAL XXX

11

ValorOperación TítulosFecha Precio

Divisas

1,1050Venta11/09/2019...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

FU. EURO FX 125000 160919

1,1050Venta11/09/2019...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

FU. EURO FX 125000 160919

1,1050Venta11/09/2019...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

FU. EURO FX 125000 160919

1,1016Venta11/09/2019...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

FU. EURO FX 125000 160919

1,1050Venta11/09/2019...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

FU. EURO FX 125000 160919

1,125Venta13/09/2019...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

FU. EURO FX 125000 161219

1,127Venta13/09/2019...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

FU. EURO FX 125000 161219

1,1229Venta13/09/2019...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

FU. EURO FX 125000 161219

1,121Venta13/09/2019...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

FU. EURO FX 125000 161219

1,1221Venta13/09/2019...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

FU. EURO FX 125000 161219

1,1245Venta13/09/2019...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

FU. EURO FX 125000 161219

1,1150Compra11/09/2019...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

FU. EURO FX 125000 161219

1,1150Compra11/09/2019...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

FU. EURO FX 125000 161219

1,1150Compra11/09/2019...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

FU. EURO FX 125000 161219

1,1116Compra11/09/2019...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

FU. EURO FX 125000 161219

1,1150Compra11/09/2019 FU. EURO FX 125000 161219

Futuros Renta Fija

179,5880Compra03/09/2019...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

FU. BUND 1000 060919

179,58150Compra03/09/2019...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

FU. BUND 1000 060919

176,7680Venta03/09/2019...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

FU. BUND 1000 061219

176,76150Venta03/09/2019 FU. BUND 1000 061219

Futuros Renta Variable

3.005,4094Compra18/09/2019...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

FU. MINI S&P 500 STOCK INDEX 50 200919

3.007,8094Venta18/09/2019 FU. MINI S&P 500 STOCK INDEX 50 201219

Renta Fija

99,8915.000Compra09/09/2019 XS2052301491 ECP SACYR 12/11/2019

106,5025Venta13/09/2019...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

BBVASM 5 7/8 PERP

117,2225Venta13/09/2019 BKIASM 9 11/16/26

99,9939Compra05/09/2019...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

ECP THYSSENKRUPP 04/10/2019

99,0035Compra26/09/2019...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

ES0505287237 PAG. AEDAS VTO. 25/09/2020

99,973.000Compra09/09/2019 ES0583746013 ECP VIDRALA VTO.11/12/2019

100,7010.900Venta13/09/2019...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

GESTSM 3 1/4 04/30/26

106,006Venta09/09/2019...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

MMBFP 2 3/4 04/13/23

111,0520Venta13/09/2019 VW 4 5/8 PERP

Renta Variable

1.880,0010.000Compra26/09/2019...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Imperial Brands PLC

1.880,0010.000Compra26/09/2019...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Imperial Brands PLC

1.875,7210.000Compra26/09/2019...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Imperial Brands PLC

1.869,9010.000Compra26/09/2019...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Imperial Brands PLC

1.868,8310.000Compra26/09/2019...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Imperial Brands PLC

14,227.307Venta26/09/2019...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Repsol SA

14,2114.476Venta26/09/2019...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Repsol SA

14,1915.776Venta26/09/2019...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Repsol SA

14,1962.441Venta26/09/2019...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Repsol SA

12

. Renta 4 Bolsa, premiado por Morningstar como mejor fondo de RV España en 2017.

. Renta 4 Acciones PP, premiado por Morningstar como mejor plan de pensiones de RV Europa en 2017.

. Renta 4 Renta Fija PP, premiado por Morningstar como mejor plan de pensiones de RF Euro en 2017.· Renta 4 Valor Relativo, premiado por Rankia como el mejor Fondo de Gestión Alternativa del año 2016.· Renta 4 Bolsa, premiado por Expansión-Allfunds como mejor Fondo de Bolsa Española del año 2016 en la categoría especial de BME· Renta 4 Pegasus: premiado por Expansión-Allfunds como mejor Fondo Multiactivo/ Conservador del año 2016.· Renta 4 Monetario: Mejor Fondo Renta Fija / Monetarios-- Premio Expansión 2015.· Naranja Renta Fija Corto Plazo PP: mejor Plan de Pensiones de RF corto Plazo a 5 años -- MorningStar 2014· Naranja Renta Fija Corto Plazo PP: mejor Plan de Pensiones de RF corto Plazo a 5 años -- MorningStar 2013· Renta 4 Pegasus FI: Mejor fondo de Absolute Return Eur medium a 3 y 5 años -- Lipper funds Award 2013.· Renta 4 Pegasus FI: Mejor Multiactivo Retorno Absoluto -- Expansión 2012· Mejor Gestora de Pensiones de Renta Variable -- Expansión 2011.· Renta 4 Latinoamérica FI: Mejor Fondo de Latinoamérica -- Bolsas y Mercados Españoles 2011· Fondcoyuntura: Mejor Fondo categoría Mixta Agresivo -- MorningStar 2009· Renta 4 Europa del Este FI: Mejor evolución -- MorningStar 2008· Alhambra FI: Mejor Fondo Mixto Conservador zona Euro 3 años -- Lipper Funds Awards 2008· Renta 4 Latinoamérica FI: Base Latibex al mejor fondo de Renta Variable por rentabilidad acumulada -- Bolsas y mercados españoles 2007· Mejores Planes de Pensiones RV 3 y 5 años -- Expansión / Standard & Poor's 2007· Mejores Planes de Pensiones RV 3 y 5 años -- Expansión / Standard & Poor's 2006· Fondcoyuntura FI: Primer Premio a 3 años en la categoría Mixto Flexible Global -- Expansión / Stándar & Poor's 2007· Fondcoyuntura FI: Primer Premio a 5 años en la categoría Mixto Flexible Global -- Expansión / Stándar & Poor's 2007· GESDINCO: Mejor fondo a 10 años en la categoría Euro Flexible Global -- Cinco Días 2007· Mejor Gestora de Activos -- Revista Dinero 2006· Mejor Gestora de Pensiones de Renta Variable - Morning / Intereconomía 2004· Mejores Planes de Pensiones RV a 5 años -- Expansión/ Standard & Poor's 2004· Mejor Gestora de Fondos de RF - Revista Inversión 2003· Mejores Planes de Pensiones RV -- MorningStar/Intereconomia 2003· Mejor Gestora Global - lipper / Reuters 2001· Premio Salmón -- Expansión / Standard & Poor's 2000· Premio Salmón -- Expansión / Standard & Poor's 1999· Mejor Gestora Independiente -- Revista Inversión 1997

13

El presente documento no constituye una recomendación individualizada de inversión o de asesoramiento financiero personalizado. Ha sido elaborado con independencia de las circunstancias y objetivos financieros particulares de laspersonas que lo reciben. El inversor que tenga acceso al presente documento debe ser consciente de que la IIC a la que hace referencia puede no ser adecuado para sus objetivos específicos de inversión, su posición financiera o su perfilde riesgo, ya que no han sido tomados en cuenta para la elaboración del presente documento, por lo que Ud. debe leer atentamente toda la documentación legal que la Sociedad Gestora y/o del Comercializador ponga a su disposición enel momento de suscribir dichas participaciones y si lo estima oportuno procurándose el asesoramiento específico y especializado que pueda ser necesario. Las decisiones de inversión siempre deben basarse en el folleto de ventacompleto o simplificado, complementado en cada caso por el informe anual auditado más reciente y, además, el último informe semestral en caso de que este sea más reciente que el último informe anual, que en conjunto constituyen laúnica base vinculante para la compra de participaciones del fondo de inversión.

Las opiniones expresadas en el presente informe podrán ser modificadas sin previo aviso. Rentabilidades pasadas no garantizan rentabilidades futuras. Este fondo de inversión tiene una vocación inversora global por lo que con caráctermeramente enunciativo y no limitativo, los partícipes que lo suscriban asumen un riesgo de mercado (fundamentalmente derivado de las variaciones en el precio de los activos de renta variable. El mercado de renta variable presenta, concarácter general una alta volatilidad lo que determina que el precio de los activos de renta variable pueda oscilar de forma significativa), riesgo por inversión en países emergentes, riesgo de liquidez, riesgo de crédito, riesgos porinversión en instrumentos financieros derivados negociados y no negociados en mercados organizados de derivados.