CLASE REURO

SMALLCAPS

RENTA 4

1

lb_nombre_indice_4EUROSTOXX 50S&P 500IBEX 35Rentabilidad Año

.....................................................................................................................................................................................................................................................................................................................................................................3,85-0,73-7,152015

.....................................................................................................................................................................................................................................................................................................................................................................0,709,54-2,012016

.....................................................................................................................................................................................................................................................................................................................................................................6,4919,427,402017

.....................................................................................................................................................................................................................................................................................................................................................................-14,34-6,24-14,97-21,972018

.....................................................................................................................................................................................................................................................................................................................................................................24,7828,8811,8224,702019

.....................................................................................................................................................................................................................................................................................................................................................................-21,82-9,85-27,51-16,752020

Desde 01/01/2015 hasta 30/04/2020.....................................................................................................................................................................................................................................................................................................................................................................

DiciembreNoviembreOctubreSeptiembreAgostoJulioJunioMayoAbrilMarzoFebreroEnero

...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................2019 2,304,871,212,18-2,831,215,27-9,376,05-1,115,378,40

...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................2020 15,08-21,20-5,27-3,09

...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................IBEX 35 2,02-22,21-6,88-1,90

...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................S&P 500 12,68-12,51-8,41-0,16

...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................EUROSTOXX 50 5,06-16,30-8,55-2,78

2

9,0587,870VALOR LIQUIDATIVO CLASE

30/04/202031/03/2020

2,8%2,2%Tesorería

2,8%2,2%Renta Fija

93,2%98,9%Renta Variable

93,2%98,9%Renta Variable

31/03/20 30/04/20

3

BURSATIL

CAPITAL

/EBITDA

EV

/EBITDA

Neta

Deuda

21E

PER

20E

PER

20E

RPD

% Patr.% RVCambioDivisaDescripción

Renta Variable

5,86,3Alemania

15.229M1,8...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

1,7 -34,6x1,2x0,0x0,0x0,0%77,0EURDelivery Hero SE

551M1,6...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

1,5 16,2x-0,7x30,8x35,8x0,6%35,0EURNexus AG

5.351M1,6...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

1,5 4,2x1,0x12,2x21,7x1,8%45,3EURKION Group AG

3.932M1,2 1,1 6,0x2,2x10,8x14,8x2,2%45,0EURLANXESS AG

4,44,7Austria

2.811M2,6...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

2,5 2,2x-0,7x8,1x8,6x4,7%25,6EUR105522Strabag SE

1.198M2,1 1,9 3,4x1,1x6,5x8,0x5,6%2.442,0GBPRhi Magnesita NV

4,75,0Belgica

1.371M2,7...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

2,5 9,4x3,7x11,9x13,2x1,9%16,6EUROntex Group NV

16.249M2,3 2,2 11,4x-0,2x14,7x17,0x1,6%83,5EURUCB SA

1,11,1Canadá

2.454M1,1 1,1 9,2x0,7x0,0x0,0x0,0%15,8SEKInternational Petroleum Corp/S

1,31,4Dinamarca

24.190M1,4 1,3 4,4x1,2x6,5x9,2x4,0%241,9DKKPandora A/S

31,533,8España

1.452M5,5...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

5,1 25,7x-0,2x24,6x34,6x0,8%25,9EURLaboratorios Farmaceuticos Rov

1.071M4,5...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

4,2 6,5x2,0x9,8x13,0x2,8%31,2EURConstrucciones y Auxiliar de F

858M3,5...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

3,3 5,0x2,1x8,2x9,1x3,2%6,0EURApplus Services SA

2.060M2,1...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

1,9 8,0x1,3x14,9x21,2x1,7%11,8EURAlmirall SA

2.206M1,9...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

1,8 9,5x1,2x15,6x16,5x1,5%81,5EURVidrala SA

2.718M1,9...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

1,8 14,2x0,5x22,3x24,0x2,9%58,5EURViscofan SA

1.012M1,5...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

1,4 8,6x7,1x5,0x7,2x6,1%1,7EURSacyr SA

1.874M1,4...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

1,3 6,3x1,4x10,3x25,1x6,2%6,9EURAcerinox SA

1.995M1,4...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

1,3 10,1x2,5x23,1x31,6x0,4%10,2EURFluidra SA

2.271M1,3...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

1,2 8,7x3,7x8,9x13,0x0,3%17,2EUR312208Masmovil Ibercom SA

2.063M1,2...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

1,1 6,0x2,6x7,2x8,8x4,2%16,0EURCIE Automotive SA

1.140M1,2...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

1,1 11,5x-0,6x14,6x16,3x1,0%4,0EURFaes Farma SA

2.159M1,1...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

1,1 0,3x-6,9x11,3x12,1x6,9%16,3EURLogista - Cia de Distribucion Integral

478M1,0...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

1,0 3,7x-1,0x9,9x10,8x2,6%2,8EURGlobal Dominion Access SA

1.202M0,9...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

0,8 3,6x1,3x8,9x13,3x5,3%2,0EURProsegur Cia de Seguridad SA

9.770M0,8...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

0,8 7,7x1,6x25,9x29,6x0,8%11,2EUREDP Renovaveis SA

2.122M0,8...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

0,7 0,0x0,0x7,3x19,0x1,2%17,7EURGrupo Catalana Occidente SA

962M0,7...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

0,7 4,3x2,3x15,1x0,0x2,0%4,2EURMelia Hotels International SA

1.163M0,6...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

0,5 41,3x7,4x32,9x67,9x0,0%9,3EURSolaria Energia y Medio Ambien

73M0,5 0,5 3,3x2,9x2,3x4,5x0,0%1,0USDAtento SA

16,517,7Francia

6.559M3,0...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

2,8 17,8x7,9x23,3x26,9x1,4%101,5EUROrpea

773M2,3...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

2,1 -10,6x1,7x0,0x0,0x0,0%19,9EURGenfit

1.302M2,3...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

2,1 5,4x0,1x9,4x11,6x2,8%67,3EURTrigano SA

2.501M2,2...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

2,0 5,4x3,1x11,1x15,9x2,9%11,3EURElis SA

11.816M2,0...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

1,8 12,6x2,1x22,6x27,3x1,0%204,5EURTeleperformance

2.221M1,8...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

1,6 5,7x1,2x10,9x14,8x1,8%108,1EURSopra Steria Group

2.767M1,5...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

1,4 19,8x0,0x26,4x26,2x0,0%83,9EURSOITEC

509M1,4...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

1,3 -31,0x24,5x0,0x0,0x0,0%6,5EURInnate Pharma SA

5.678M1,4 1,3 7,4x1,1x9,0x9,6x1,5%67,8EURIpsen SA

4

BURSATIL

CAPITAL

/EBITDA

EV

/EBITDA

Neta

Deuda

21E

PER

20E

PER

20E

RPD

% Patr.% RVCambioDivisaDescripción

Renta Variable

4,34,7Gran Bretaña

4.671M2,7...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

2,5 11,5x1,9x17,1x18,3x2,4%458,2GBPAvast PLC

8.795M1,3...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

1,2 16,2x1,5x31,0x38,6x0,8%474,3GBPRentokil Initial PLC

1.200M0,7 0,6 -15,3x1,1x0,0x0,0x0,0%1.298,0GBPBlue Prism Group plc

2,93,1Holanda

999M1,8...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

1,7 -65,6x-1,2x0,0x0,0x0,0%68,5EURShop Apotheke Europe NV

2.324M1,3 1,2 8,8x5,6x10,9x33,0x0,0%11,1EUROCI NV

3,74,0Italia

735M1,5...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

1,4 7,5x-0,1x15,3x20,8x2,6%12,6EURDatalogic SpA

582M1,3...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

1,2 2,7x0,2x5,9x5,8x5,2%1,8EURMaire Tecnimont SpA

2.894M1,2 1,1 10,4x1,2x16,2x18,9x0,9%26,6EURInterpump Group SpA

2,22,4Luxemburgo

402M1,7...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

1,6 4,3x2,0x3,0x3,8x8,1%18,8EURCorestate Capital Holding SA

1.987M0,7 0,7 6,4x0,4x10,8x19,0x7,4%23,7EURAPERAM SA

5,25,6Portugal

1.279M2,4...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

2,2 11,4x1,2x14,1x16,2x2,9%9,6EURCorticeira Amorim SGPS SA

989M1,9...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

1,7 6,5x2,2x9,6x12,6x5,8%4,8EURAltri SGPS SA

731M1,3 1,2 4,5x3,1x5,7x6,3x5,4%9,0EURSemapa-Sociedade de Investimen

8,38,9Suecia

4.594M2,3...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

2,2 8,7x5,4x7,5x9,7x2,3%48,5SEKAmbea AB

6.467M1,7...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

1,6 55,6x-1,9x33,7x47,0x1,5%247,0SEKMIPS AB

2.876M1,6...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

1,5 12,0x3,3x12,1x13,6x0,0%95,0SEKSdiptech AB

2.807M1,5...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

1,4 7,0x-0,1x11,6x13,0x4,3%145,8SEKKNOW IT AB

19.376M1,0...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

0,9 31,8x-1,1x47,3x59,1x0,7%178,5SEK153230Vitrolife AB

19.448M0,8 0,8 8,5x2,6x13,2x25,8x2,7%65,7SEKDometic Group AB

1,21,3U.S.A.

2.023M1,3...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

1,2 8,9x0,0x17,1x18,7x3,3%47,8USDSensient Technologies Corp

5

% Patr.% RVSector

16,0 %17,2 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

FARMACIA

12,5 %13,4 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

MATERIALES

11,5 %12,4 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

BIENES DE EQUIPO

10,3 %11,0 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

SERVICIOS

9,5 %10,2 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

SOFTWARE

5,3 %5,6 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

TRANSPORTE

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

SERVICIO CONSUMIDO

5,0 %5,3 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

EQUIP. SERV. MED.

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

VENTA AL POR MENOR

2,9 %3,1 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

TELECOMUNICACIONE

12,1 %13,0 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Otros

% Patr.% RVPaís

31,5 %33,8 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

España

16,5 %17,7 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Francia

8,3 %8,9 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Suecia

5,8 %6,3 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Alemania

5,2 %5,6 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Portugal

4,7 %5,0 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Belgica

4,4 %4,7 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Austria

4,3 %4,7 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Gran Bretaña

3,7 %4,0 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Italia

2,9 %3,1 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Holanda

5,8 %6,2 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Otros

%Divisa

80,0 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

EUR

10,1 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

SEK

6,7 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

GBP

1,8 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

USD

1,4 %...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

DKK

6

Valor

...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Genfit

...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Laboratorios Farmaceuticos Rov

...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Altri SGPS SA

...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Elis SA

...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Construcciones y Auxiliar de F

...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................105522Strabag SE

...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Avast PLC

...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Ipsen SA

...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Rhi Magnesita NV

...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Shop Apotheke Europe NV

Valor

...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Corestate Capital Holding SA

...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Prosegur Cia de Seguridad SA

...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Atento SA

...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Grupo Catalana Occidente SA

...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Fraport AG Frankfurt Airport S

...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Direct Line Insurance Group PL

...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................OCI NV

...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Vidrala SA

...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Merlin Properties Socimi SA

...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................EDP Renovaveis SA

Valor

...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Corestate Capital Holding SA

...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Maire Tecnimont SpA

...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................UPM-Kymmene Oyj

...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................KNOW IT AB

...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Prosegur Cia de Seguridad SA

...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Rentokil Initial PLC

EDP Renovaveis SA

31.668,95TOTAL DIVIDENDOS

7

. 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

8

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.