Financial Portfolios Options

Assets are primarily managed by professional investment managers and held by the depositary, BNP Paribas SA – Italy Branch, a bank that acts as the custodian of the assets and monitors the compliance of management operations. Additionally, a portion of the financial sub-funds’ assets, specifically those related to investments in Alternative Investment Funds (AIFs), is managed directly by Previndai.

The financial sub-funds do not provide guarantees of return or capital protection; they are subject to active management aimed at capturing market opportunities.

A member’s position within these sub-funds is managed through units of equal value: each contribution made on behalf of a member generates a number of units equal to the ratio between the contribution amount and the unit value at the time the funds are allocated to the sub-fund.

The PRUDENTE SUB-FUND has been designed with a medium-term time horizon in mind, specifically for an active contribution period of between 5 and 10 years prior to the request for pension benefits.

The PRUDENTE SUB-FUND features a risk level classified as medium/low. The management approach meets the needs of risk-averse individuals who prioritize capital stability and consistent results, or those who are approaching retirement. This objective is achieved by adopting a market benchmark representative of a diversified range of asset classes.

The risk level of the PRUDENTE SUB-FUND is estimated at 4.8% in terms of volatility (standard deviation of returns). The expected return is estimated at approximately 1.7% in real terms. The probability of achieving a positive real return over a 10-year period is estimated at approximately 90%.

The assets of the PRUDENTE SUB-FUND are primarily invested in financial instruments traded on regulated markets, in accordance with a Strategic Asset Allocation (SAA).

During the sub-fund’s initial launch phase—partly due to the limited initial assets under management—the actual portfolio composition may differ from the strategic allocation, though it will be progressively aligned.

The benchmark and asset classes are as follows:

Mandates currently in operation are:

At present, no AIFs are held in the portfolio.

The BILANCIATO SUB-FUND has been designed with a medium-to-long-term time horizon in mind, specifically an active contribution period of at least 10 years.

The BILANCIATO SUB-FUND features a risk level classified as medium. The objective is to achieve, over a period of at least 10 years, a positive return in real terms with a high degree of probability. This objective is pursued through the adoption of a market benchmark representing a diversified range of asset classes.

The risk level of the BILANCIATO SUB-FUND is estimated at 7.9% in terms of volatility (standard deviation of returns). The expected return is estimated at approximately 3.1% in real terms. The probability of achieving a positive real return over a 10-year period is estimated at approximately 80%.

The assets of the BILANCIATO SUB-FUND are primarily invested in financial instruments traded on regulated markets, in accordance with a strategic asset allocation.

Benchmark and asset classes are as follows:

Mandates currently in operation are:

Alternative Investment Funds are:

The SVILUPPO SUB-FUND has been designed with a medium-to-long-term time horizon in mind, specifically an active contribution period of at least 15 years.

The SVILUPPO SUB-FUND features a risk level classified as medium-high. The objective is to achieve, over a period of at least 15 years, a positive return in real terms with a high degree of probability. This objective is pursued through the adoption of a market benchmark representing a diversified range of asset classes.

The risk level of the SVILUPPO SUB-FUND is estimated at 12.4% in terms of volatility (standard deviation of returns). The expected return is estimated at approximately 4.4% in real terms. The probability of achieving a positive real return over a 15-year period is estimated at approximately 67%.

The assets of the SVILUPPO SUB-FUND are primarily invested in financial instruments traded on regulated markets, in accordance with a strategic asset allocation.

Benchmark and asset classes are as follows:

Alternative Investment Funds are:

The costs of the financial sub-funds are:

• Management cost, comprising fees for the appointed investment managers and the cost of overall advisory services provided by any advisors.
• Depositary service cost (BNP Paribas SA – Italy Branch).
• Costs for other financial management services.