# SUMUS FUND
## – SUMUS - Strategic Fund

#### Financial Statements as at 30/09/21
Statement of net assets as at 30/09/21
Expressed in EUR
| Assets |  | 77,064,133.52 |
| --- | --- | --- |
| Securities portfolio at market value | Note 1a | 67,379,973.24 |
| Cost price |  | 66,790,813.94 |
| Unrealised profit on the securities portfolio |  | 589,159.30 |
| Cash at banks and liquidities |  | 9,149,254.08 |
| Interest receivable |  | 232,679.48 |
| Receivable on securities |  | 20,093.97 |
| Subscriptions receivable |  | 30,020.88 |
| Dividends receivable |  | 2,515.82 |
| Unrealised net appreciation on forward foreign exchange contracts | Note 1e | 249,596.05 |
| Liabilities |  | 388,059.39 |
| Options sold at market value |  | 1,859.22 |
| Options sold at cost |  | 9,584.66 |
| Unrealised net depreciation on financial futures contracts | Note 1e | 187,045.70 |
| Taxes and expenses payable |  | 199,154.47 |
| Net asset value |  | 76,676,074.13 |

Changes in number of shares outstanding from 01/10/20 to 30/09/21
|  | Shares outstanding as at 01/10/20 | Shares issued | Shares redeemed | Shares outstanding as at 30/09/21 |
| --- | --- | --- | --- | --- |
| Premium EUR - Capitalisation | 23,064.007 | 1,710.000 | 1,925.333 | 22,848.674 |
| Premium CHF -H- Capitalisation | 6,208.341 | 8,513.708 | 769.469 | 13,952.580 |
| Premium USD -H- Capitalisation | 93.804 | 238.000 | 0.000 | 331.804 |
| All EUR - Capitalisation | 13,995.080 | 2,732.321 | 9,483.082 | 7,244.319 |
| All CHF -H- Capitalisation | 2,244.786 | 90.000 | 599.000 | 1,735.786 |
| All USD -H- Capitalisation | 219.000 | 10,690.633 | 424.000 | 10,485.633 |
| Large EUR - Capitalisation | 7,532.208 | 1,851.066 | 869.083 | 8,514.191 |
| Large CHF -H- Capitalisation | 4,583.574 | 25.000 | 2,683.094 | 1,925.480 |
| Large USD -H- Capitalisation | 170.000 | 0.000 | 100.000 | 70.000 |
| Class Q - Capitalisation | 182,954.000 | 17,114.000 | 12,564.000 | 187,504.000 |

| Year ending as at: | 30/09/21 | 30/09/20 | 30/09/19 |
| --- | --- | --- | --- |
| EUR | 76,676,074.13 | 64,636,777.86 | 70,746,232.46 |

Key figures
Total Net Assets
| Premium EUR - Capitalisation Number of shares |  | 22,848.674 | 23,064.007 | 7,653.328 |
| --- | --- | --- | --- | --- |
| Net asset value per share | EUR | 1,101.47 | 1,020.07 | 1,022.35 |
| Premium CHF -H- Capitalisation Number of shares |  | 13,952.580 | 6,208.341 | 1,329.446 |
| Net asset value per share | CHF | 1,077.59 | 1,000.63 | 1,006.38 |
| Premium USD -H- Capitalisation Number of shares |  | 331.804 | 93.804 | 331.490 |
| Net asset value per share | USD | 1,173.67 | 1,080.07 | 1,064.54 |
| All EUR - Capitalisation Number of shares |  | 7,244.319 | 13,995.080 | 13,860.325 |
| Net asset value per share | EUR | 1,211.91 | 1,134.48 | 1,150.97 |
| All CHF -H- Capitalisation Number of shares |  | 1,735.786 | 2,244.786 | 2,706.174 |
| Net asset value per share | CHF | 1,104.43 | 1,036.79 | 1,054.63 |
| All USD -H- Capitalisation Number of shares |  | 10,485.633 | 219.000 | 234.000 |
| Net asset value per share | USD | 1,121.34 | 1,038.31 | 1,034.13 |
| Large EUR - Capitalisation Number of shares |  | 8,514.191 | 7,532.208 | 22,821.071 |
| Net asset value per share | EUR | 1,423.57 | 1,325.75 | 1,337.08 |
| Large CHF -H- Capitalisation Number of shares |  | 1,925.480 | 4,583.574 | 8,375.908 |
| Net asset value per share | CHF | 1,237.87 | 1,153.85 | 1,166.03 |
| Large USD -H- Capitalisation Number of shares |  | 70.000 | 170.000 | 170.000 |
| Net asset value per share | USD | 1,140.37 | 1,055.17 | 1,045.29 |
| Class Q - Capitalisation Number of shares |  | 187,504.000 | 182,954.000 | 266,089.000 |
| Net asset value per share | EUR | 11.59 | 10.81 | 10.92 |

Quantity	Denomination	Quotation
currency
Transferable securities admitted to an official stock exchange listing and/or dealt in
Market value
% of net assets
on another regulated market	
37,361,303.06	48.73
| Bonds |  | 7,561,515.70 | 9.86 |
| --- | --- | --- | --- |
|  | Euro | 5,722,299.50 | 7.46 |
| 500,000.00 ACCOR SA 1.25 17-24 25/01A | EUR | 521,955.00 | 0.68 |
| 500,000.00 AT&T INC 2.875 20-XX 01/05A | EUR | 507,087.50 | 0.66 |
| 500,000.00 CK HUTCHISON FINANCE 0.875 16-24 03/10A | EUR | 512,810.00 | 0.67 |
| 250,000.00 FCC AQUALIA	1.413 17-22 08/06A | EUR | 251,593.75 | 0.33 |
| 200,000.00 ING GROUP NV 0.75 17-22 09/03A | EUR | 201,058.00 | 0.26 |
| 1,000,000.00 ITALY 1.35 19-30 01/04S | EUR | 1,055,160.00 | 1.38 |
| 500,000.00 ITALY 2.25 16-36 01/09S | EUR | 567,645.00 | 0.74 |
| 200,000.00 MORGAN STANLEY 0.406 21-27 30/04A | EUR | 201,229.00 | 0.26 |
| 500,000.00 ROMANIA 1.3750 20-29 02/12A | EUR | 492,002.50 | 0.64 |
| 600,000.00 TELECOM ITALIA 4.00 19-24 11/04A | EUR | 641,700.00 | 0.84 |
| 750,000.00 THYSSENKRUPP AG 2.875 19-24 22/02A | EUR | 770,058.75 | 1.00 |
| Swiss Franc |  | 246,313.94 | 0.32 |
| 1,000,000.00 KLM	5.25 85-XX 12/02A | CHF | 246,313.94 | 0.32 |
| Us Dollar |  | 1,592,902.26 | 2.08 |
| 1,000,000.00 BARCLAYS BANK	7.625 12-22 21/11S | USD | 926,657.75 | 1.21 |
| 233,324.00 EMIRAT AIRLINES	4.50 13-25 28/02S | USD | 206,619.42 | 0.27 |
| 500,000.00 NBM US HOLDINGS INC 7.00 19-26 14/05S | USD | 459,625.09 | 0.60 |
| Floating rate bonds |  | 11,917,988.12 | 15.55 |
| Euro |  | 10,008,294.00 | 13.06 |
| 600,000.00 ASSICURAZ GENERALI FL.R 15-47 27/10A | EUR | 739,614.00 | 0.96 |
| 300,000.00 ASSICURAZ GENERALI FL.R 14-XX 21/11A | EUR | 337,578.00 | 0.44 |
| 200,000.00 BANCO BILBAO	FL.R 20-XX 15/01Q | EUR | 228,514.00 | 0.30 |
| 500,000.00 BANCO SANTANDER SA FL.R 17-XX XX/XXQ | EUR | 479,812.50 | 0.63 |
| 1,000,000.00 ENERGIAS DE PORTUGAL FL.R 19-79 30/04A | EUR | 1,086,750.00 | 1.42 |
| 200,000.00 INFINEON TECHNOLOGIES FL.R 19-XX 01/04A | EUR | 221,397.00 | 0.29 |
| 1,000,000.00 LLOYDS BANKING GROUP FL.R 17-24 21/06Q | EUR | 1,015,685.00 | 1.32 |
| 200,000.00 RCI BANQUE SA FL.R 17-22 14/03Q | EUR | 200,460.00 | 0.26 |
| 1,600,000.00 SANTANDER UK GROUP FL.R 17-23 18/05Q | EUR | 1,606,312.00 | 2.09 |
| 700,000.00 SOCIETE GENERALE SA 0.5 21-29 12/01A | EUR | 689,220.00 | 0.90 |
| 400,000.00 SOLVAY SA	FL.R 18-XX 04/03A | EUR | 427,654.00 | 0.56 |
| 600,000.00 TELEFONICA EUROPE BV FL.R 17-XX 07/06M | EUR | 613,092.00 | 0.80 |
| 200,000.00 TELEFONICA EUROPE BV FL.R 19-XX 14/03A | EUR | 217,180.00 | 0.28 |
| 200,000.00 TELEFONICA EUROPE BV FL.R 19-XX 24/09A | EUR | 206,168.00 | 0.27 |
| 500,000.00 UNIQA INSURANCE GROUP FL.R 15-46 27/07A | EUR | 621,147.50 | 0.81 |
| 200,000.00 VEOLIA ENVIRONNEMENT FL.R 20-XX 20/04A | EUR | 203,444.00 | 0.27 |
| 600,000.00 VODAFONE GROUP FL.R 18-78 03/10A | EUR | 679,344.00 | 0.89 |
| 400,000.00 VOLKSWAGEN INTL FIN FL.R 13-XX 04/09A | EUR | 434,922.00 | 0.57 |
| Us Dollar |  | 1,909,694.12 | 2.49 |
| 1,000,000.00 EDF FL.R 14-XX 22/01S | USD | 922,244.27 | 1.20 |
| 1,000,000.00 ENEL SPA FL.R 13-73 24/09S | USD | 987,449.85 | 1.29 |
| Investment funds (UCI)	 4,266,415.57 | 5.56 |
| Euro |  | 2,981,880.00 | 3.88 |
| 50,000.00 ISHARES PHYSICAL GOLD ETC | EUR | 1,481,000.00 | 1.93 |
| 75,000.00 ISHARES PHYSICAL PLATINUM ETC | EUR | 915,600.00 | 1.19 |
| 32,000.00 ISHS PHY MET (COMDTY SILVER) | EUR | 585,280.00 | 0.76 |
| Us Dollar |  | 1,284,535.57 | 1.68 |
| 400,000.00 ETFS COMMODITY SEC.DOW JONES AIG COCOA | USD | 953,621.81 | 1.25 |
| 18,000.00 ISHS PHY MET (COMDTY SILVER) | USD | 330,913.76 | 0.43 |
| Shares |  | 12,861,708.67 | 16.78 |
| Euro	 6,571,163.88 | 8.58 |
| 15,000.00 ACCOR SA | EUR | 464,250.00 | 0.61 |
| 7,000.00 AGEAS NOM | EUR | 299,740.00 | 0.39 |
| 25,000.00 ALPHA SERVICES AND HOLDINGS S.A | EUR | 27,375.00 | 0.04 |
| 6,000.00 ANHEUSER-BUSCH INBEV | EUR | 294,870.00 | 0.38 |
| 40,000.00 ANIMA HOLDING | EUR | 165,400.00 | 0.22 |
| 40,000.00 BANCO SANTANDER SA REG SHS | EUR | 125,460.00 | 0.16 |
| 4,000.00 BMW AG | EUR | 331,040.00 | 0.43 |
| 11,000.00 BOUYGUES SA | EUR | 394,900.00 | 0.52 |
| 23,000.00 FENIX ENTERTAINMENT S.P.A-SH | EUR | 146,050.00 | 0.19 |
| 2,700.00 FIELMANN AG | EUR | 155,655.00 | 0.20 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| 9,000.00 INFINEON TECHNOLOGIES REG SHS | EUR | 319,725.00 | 0.42 |
| --- | --- | --- | --- |
| 300,000.00 INTESA SANPAOLO | EUR | 736,050.00 | 0.96 |
| 12,971.00 NATL BANK GREECE -REGISTERED SHS | EUR | 31,389.82 | 0.04 |
| 15,000.00 ORANGE | EUR | 139,968.00 | 0.18 |
| 26,388.00 REPSOL SA | EUR | 298,131.62 | 0.39 |
| 6,000.00 SIEMENS ENERGY - REGISTERED SHS | EUR | 139,380.00 | 0.18 |
| 14,000.00 SOCIETE GENERALE SA | EUR | 380,730.00 | 0.50 |
| 10,000.00 SPIE SA | EUR | 196,600.00 | 0.26 |
| 45,520.00 TELEFONICA SA | EUR | 184,219.44 | 0.24 |
| 6,000.00 UBISOFT ENTERTAINMENT | EUR | 311,280.00 | 0.41 |
| 19,000.00 VALEO SA | EUR | 460,750.00 | 0.60 |
| 5,000.00 VOLKSWAGEN AG VORZ.AKT | EUR | 968,200.00 | 1.26 |
| Pound Sterling |  | 448,164.74 | 0.58 |
| 340,000.00 VODAFONE GROUP PLC | GBP | 448,164.74 | 0.58 |
| Swiss Franc |  | 1,554,093.05 | 2.03 |
| 946.00 HBM HEALTHCARE | CHF | 297,511.79 | 0.39 |
| 8,000.00 HOLCIM LTD | CHF | 334,030.15 | 0.44 |
| 5,500.00 SWISS RE REGS | CHF | 407,705.12 | 0.53 |
| 1,000.00 SWISSQUOTE GROUP HOLDING | CHF | 160,022.20 | 0.21 |
| 1,000.00 ZURICH INSURANCE GROUP NAMEN AKT | CHF | 354,823.79 | 0.46 |
| Us Dollar |  | 4,288,287.00 | 5.59 |
| 200.00 ALPHABET INC -C- | USD | 459,952.54 | 0.60 |
| 130.00 AMAZON.COM INC | USD | 368,484.58 | 0.48 |
| 11,000.00 AT&T INC | USD | 256,361.36 | 0.33 |
| 7,000.00 CITIGROUP INC | USD | 423,883.69 | 0.55 |
| 5,500.00 CVS HEALTH | USD | 402,717.98 | 0.53 |
| 800.00 GOLDMAN SACHS GROUP INC | USD | 260,946.55 | 0.34 |
| 4,000.00 JPMORGAN CHASE CO | USD | 564,959.66 | 0.74 |
| 1,000.00 MICROSOFT CORP | USD | 243,254.67 | 0.32 |
| 13,000.00 PING AN INSURANCE-H-ADR | USD | 154,010.10 | 0.20 |
| 670.00 SAMSUNG ELEC GDR REP.0.5 VGT HS -144A- | USD | 903,296.09 | 1.17 |
| 1,600.00 VERTEX PHARMACEUTICALS INC | USD | 250,419.78 | 0.33 |
| Structured products |  | 753,675.00 | 0.98 |
| Euro |  | 753,675.00 | 0.98 |
| 750,000.00 MORGAN STANLEY	0.00  21-22 14/02U | EUR | 753,675.00 | 0.98 |
| Other transferable securities |  | 4,714,542.81 | 6.15 |
| Shares |  | 1,241,947.23 | 1.62 |
| Euro |  | 1,241,947.23 | 1.62 |
| 190,191.00 AMA CORPORATION PLC REGISTERED SHS | EUR | 1,241,947.23 | 1.62 |
| Structured products |  | 3,201,923.68 | 4.18 |
| Euro |  | 2,195,287.50 | 2.87 |
| 1,275,000.00 BNP PARIBAS	19-22 08/08U | EUR | 1,199,647.50 | 1.57 |
| 1,000,000.00 MAREX FINANCIAL LTD 0.0 21-22 25/02U | EUR | 995,640.00 | 1.30 |
| Us Dollar |  | 1,006,636.18 | 1.31 |
| 14,500.00 BANQUE CANTONALE D'ARG 0 20-49 31/01U | USD | 1,006,636.18 | 1.31 |
| Warrants, Rights |  | 270,671.90 | 0.35 |
| Us Dollar |  | 270,671.90 | 0.35 |
| 2,800.00 BANQUE CANTONALE VAUDOISE XX.XX.XX WAR | USD | 270,671.90 | 0.35 |
| Shares/Units of UCITS/UCIS | 25,304,127.37 | 33.00 |
| Shares/Units in investment funds | 25,304,127.37 | 33.00 |
| Euro | 22,823,212.45 | 29.76 |
| 148,698.89 BMO SUSTAINABLE OPP EUROPEAN EQTY FD FC | EUR | 1,915,241.64 | 2.50 |
| 800,000.00 ISHARES CORP BOND SRI 0 3YR UCITS ETF EU | EUR | 4,007,040.00 | 5.23 |
| 140,000.00 ISHARES FALLEN ANGELS HY CORP BD UCITS D | EUR | 780,640.00 | 1.02 |
| 50,000.00 ISHARES II PLC GLOBAL CLEAN ENERGY UCIT | EUR | 535,300.00 | 0.70 |
| 80,000.00 ISHARES II PLC S&P GLOBAL CLEAN ENERGY | EUR | 854,720.00 | 1.11 |
| 33,000.00 L&G BATT VAL | EUR | 521,598.00 | 0.68 |
| 30,000.00 L&G CYBER SEC - ACC SHS USD | EUR | 650,850.00 | 0.85 |
| 2,000.00 M UNI LUX LYXOR ETF MSCI WLD HC TR-C- | EUR | 807,740.00 | 1.05 |
| 20,000.00 MULS LYXOR MSCI BRAZIL UCITS ETF ACC | EUR | 307,360.00 | 0.40 |
| 15,498.70 NEW MILLENNIUM AUGUSTUM CORP BD -I- | EUR | 3,871,884.23 | 5.05 |
| 3,000.00 QUAERO CAPITAL ACCESSIBLE CLEAN C EN BC | EUR | 532,110.00 | 0.69 |
| 284,695.75 SUMUS HYBRID BONDS FUND PREMIUM EUR | EUR | 2,960,835.84 | 3.86 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| 1,373.17 SUMUS-CROSSOVER BONDS FUND CLASS PREMIUM | EUR | 1,534,352.69 | 2.00 |
| --- | --- | --- | --- |
| 15,446.40 TIKEHAU SHORT DURATION I-ACC-EUR | EUR | 2,001,390.05 | 2.61 |
| 45,000.00 VANECK VECTORS VIDEO GAMING AND ESPORTS | EUR | 1,542,150.00 | 2.01 |
| Us Dollar |  | 2,480,914.92 | 3.24 |
| 19,800.00 FIRST TRUST GLOBAL FUNDS PLC FIRST TRU | USD | 539,398.16 | 0.70 |
| 11,000.00 SPDR SP US DI ETF USD | USD | 624,246.08 | 0.81 |
| 10,162.77 SUSTAINABLE CONV GBL N USD | USD | 1,317,270.68 | 1.73 |

Total securities portfolio	
67,379,973.24	87.88
|  | Geographical breakdown |  |
| --- | --- | --- |
| Breakdown per country |  | % of net assets |
| Luxembourg |  | 19.89 |
| Ireland |  | 17.43 |
| United Kingdom |  | 9.01 |
| Italy |  | 7.03 |
| France |  | 6.39 |
| United States of America |  | 5.74 |
| The Netherlands |  | 5.05 |
| Germany |  | 3.77 |
| Switzerland |  | 3.69 |
| Spain |  | 2.05 |
| Portugal |  | 1.42 |
| Belgium |  | 1.33 |
| Jersey Island |  | 1.24 |
| South Korea |  | 1.17 |
| Austria |  | 0.81 |
| Cayman Islands |  | 0.67 |
| Romania |  | 0.64 |
| United Arab Emirates |  | 0.27 |
| China |  | 0.20 |
| Greece |  | 0.08 |
|  |  | 87.88 |


#### Economical breakdown

##### Breakdown per sector	% of net assets
Unit trusts	37.32
Banks and credit institutions	11.46
Holding and finance companies	8.90
Communications	5.07
Utilities	4.51
Insurance	3.40
Countries and central government	2.77
Road vehicles	2.28
Electronics and semiconductors	1.88
Office supplies and computing	1.62
Internet and Internet services	1.33
Hotels and restaurants	1.29
Building materials and trade	1.22
Coal mining and steel industry	1.00
Retail trade, department stores	0.68
Transportation	0.59
Chemicals	0.56
Pharmaceuticals and cosmetics	0.53
Petroleum	0.39
Tobacco and alcoholic drinks	0.38
Biotechnology	0.33
Graphic art and publishing	0.19
Machine and apparatus construction	0.18
87.88
Statement of Operations and Changes in Net Assets from 01/10/20 to 30/09/21
Expressed in EUR
| Income |  | 849,447.48 |
| --- | --- | --- |
| Net dividends |  | 260,987.99 |
| Net interest on bonds |  | 587,655.86 |
| Other financial income |  | 803.63 |
| Expenses |  | 1,137,785.76 |
| Management fees | Note 4 | 444,486.76 |
| Depositary fees |  | 715.70 |
| Taxe d'abonnement | Note 3 | 20,360.39 |
| Administrative fees |  | 100,694.04 |
| Performance fees | Note 5 | 317,542.73 |
| Hedging fees |  | 18,019.54 |
| Professional fees |  | 31,609.34 |
| Bank interest on overdrafts |  | 27,349.84 |
| Legal fees |  | 10,628.40 |
| Transaction fees | Note 7 | 76,556.89 |
| Other expenses | Note 8 | 89,822.13 |
| Net loss from investments |  | -288,338.28 |
| Net realised profit / loss on: - sales of investment securities | Note 1b | 3,005,165.23 |
| - options | Note 1b | 14,290.00 |
| - forward foreign exchange contracts | Note 1b | 164,503.93 |
| - financial futures | Note 1b | 297,448.18 |
| - foreign exchange | Note 1b | -533,260.32 |
| Net realised profit |  | 2,659,808.74 |
| Movement in net unrealised appreciation / depreciation on: - investment securities | Note 1e | 2,516,417.35 |
| - options | Note 1e | 7,725.44 |
| - forward foreign exchange contracts | Note 1e | 160,988.08 |
| - financial futures contracts | Note 1e | -186,845.70 |
| Increase in net assets as a result of operations |  | 5,158,093.91 |
| Subscription capitalisation shares |  | 26,492,983.26 |
| Redemption capitalisation shares |  | -19,611,780.90 |
| Increase in net assets |  | 12,039,296.27 |
| Net assets at the beginning of the year |  | 64,636,777.86 |
| Net assets at the end of the year |  | 76,676,074.13 |

The accompanying notes form an integral part of these financial statements

Translation (ENIT, 2021-09-30):
# SUMUS FUND
## Combinato

#### Prospetti finanziari al 30/09/21
Stato patrimoniale al 30/09/21
Valori espressi in EUR
| Attivo |  | 171,371,212.57 |
| --- | --- | --- |
| Portafoglio titoli a prezzo di mercato | Nota 1a | 154,552,620.23 |
| Prezzo d'acquisto |  | 151,973,738.33 |
| Plusvalenze latenti sul portafoglio titoli |  | 2,578,881.90 |
| Depositi bancari a vista e liquidità |  | 11,616,610.55 |
| Interessi maturati |  | 1,314,479.01 |
| Crediti verso broker per vendita titoli |  | 20,093.97 |
| Sottoscrizioni da regolare |  | 30,020.88 |
| Dividendi da incassare |  | 2,598.20 |
| Plusvalenze non realizzate su future su cambi | Nota 1e | 249,596.05 |
| Crediti verso cambio corto termine |  | 3,585,193.67 |
| Passivo |  | 6,214,923.39 |
| Opzioni vendute a prezzo di mercato |  | 1,859.22 |
| Opzioni vendute a prezzo d'acquisto |  | 9,584.66 |
| Debiti bancari a vista |  | 395,181.02 |
| Debiti verso broker per acquisto titoli |  | 167,502.20 |
| Rimborsi chiesti e non regolati |  | 488,839.28 |
| Minusvalenze non realizzate su future su cambi | Nota 1e | 923,754.79 |
| Minusvalenze non realizzate su future | Nota 1e | 187,045.70 |
| Debiti verso cambio corto termine |  | 3,587,339.61 |
| Altre voci del passivo |  | 463,401.58 |
| Valore netto d'inventario |  | 165,156,289.18 |

Conto economico e variazioni patrimoniali dal 01/10/20 al 30/09/21
Valori espressi in EUR
| Proventi |  | 4,828,064.40 |
| --- | --- | --- |
| Dividendi netti |  | 414,102.00 |
| Cedole nette da obbligazzioni |  | 4,412,957.30 |
| Interessi bancari su conti correnti |  | 136.33 |
| Altri proventi finanziari |  | 868.77 |
| Spese |  | 3,107,766.08 |
| Commissioni di gestione | Nota 4 | 887,573.59 |
| Commissioni della banca depositaria |  | 715.70 |
| Tassa d'abbonamento | Nota 3 | 68,908.16 |
| Spese amministrative |  | 234,868.56 |
| Commissioni di performance | Nota 5 | 1,344,929.62 |
| Commissioni di copertura |  | 65,115.81 |
| Onorari professionali |  | 68,577.49 |
| Interessi bancari su conti correnti |  | 30,962.67 |
| Spese legali |  | 53,639.39 |
| Spese di transazioni | Nota 7 | 112,902.10 |
| Altre spese | Nota 8 | 239,572.99 |
| Reddito netto da investimenti |  | 1,720,298.32 |
| Utile netto realizzato / perdita netta realizzata su: - negoziazione di titoli | Nota 1b | 11,890,099.83 |
| - opzioni | Nota 1b | 14,290.00 |
| - future su cambi | Nota 1b | 33,460.76 |
| - future | Nota 1b | 297,448.18 |
| - cambi | Nota 1b | -1,106,565.43 |
| Utile netto realizzato |  | 12,849,031.66 |
| Variazioni nette delle plusvalenze / minusvalenze latenti su: - investimenti | Nota 1e | 1,637,944.72 |
| - opzioni | Nota 1e | 7,725.44 |
| - future su cambi | Nota 1e | -296,912.81 |
| - future | Nota 1e | -186,845.70 |
| Aumento del patrimonio netto da operazioni di mercato |  | 14,010,943.31 |
| Sottoscrizione di azioni a capitalizzazione |  | 59,846,495.63 |
| Riscatto di azioni a capitalizzazione |  | -71,973,422.09 |
| Aumento del patrimonio netto | 1,884,016.85 |
| Rivalutazione del bilancio iniziale | 738,126.52 |
| Patrimonio netto all'inizio dell'anno | 162,534,145.81 |
| Patrimonio netto a fine dell'anno | 165,156,289.18 |