bgf european value fund.pdf
TRANSCRIPT
-
7/24/2019 BGF European Value Fund.pdf
1/10
!"# %&'()*+, -+.&*#&,/
"#$%$%' ()*+(,-./0123 4310..56 .78- /012-995-6 "0:01583 ;
-
7/24/2019 BGF European Value Fund.pdf
2/10
"#$%& ' ( )*+,$& -* "&$./$0#12&
31%$/-,4*/1&
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
#5
'1#6*+* -&* $&1-*0&1%*
5$ ()'%@#+$) % /9" 0E(+*)%$ U%'E) "E$? ) 4;85 0E(+*) U%'E) F+$+ F,%,# &%'&+'%,#W
RX 5 ()$?#G)$,# #$ )&&)FF+ ?)''% N)F,#+$) %,,#H%YX 9'# )&&)FF# ?# ()$?#G)$,+ &EGE'%,# ?)''% N)F,#+$) %,,#H%ZX .V)&&)FF+ ?# ()$?#G)$,+ ?)' >+$?+ %,,#H+ (#F*),,+ %' ,%FF+ (#FQ >())
"789:8)';?@=?>A > 0&+& > #11/ = #11* A #11*
'11,#6*44#%# A
#11*
9/1-/ !"##$% '$"()*% +,"$$!% (#"!(!% '+"(-+%
B&12C0#$D !",)-% '#"*++% $#"-#*% !-"-,*% ')"!(#%
9/1-/ E+ B&12C0#$D .*"*-,% .-"--+% ''"*!!% '+")#!% -"*+(%
"789:8)';@?H@>> H@>>?H@>H H@>H?H@>= H@>=?H@>I H@>I?H@>A
9/1-/ ',",*!% .*"!(!% '(",(#% )!"($#% '$"()*%
B&12C0#$D '#"+#!% .-"+(+% ')"$(+% '("#+*% '#"*++%
9/1-/ E+ B&12C0#$D '"-)*% )",**% +"+*$% #"#,(% .-"--+%
-
7/24/2019 BGF European Value Fund.pdf
3/10
!" $%&'()* +%"&*"* ,-*,*$)( ./0'"( &-.1(0( 02% -(.$$'3*"* ( -%"4(3%")( 3%"$(/( % 0'3'/.)(
5%"4(3%")( 3%"$(/( 4( 6789 :'-*,%." ;./'% 9'"4< +$= >%"023.-?
! &-.1(0( %+(4%"@(."* &/( $0*$).3%")( )-. ( -%"4(3%")( 4%/ 1*"4* %4 ( -%"4(3%")( 4%/ >%"023.-?= !"
3%4(. (/ 1*"4* -%./(@@. '". ,%-1*-3."0% 3(&/(*-% -($,%))* ./ >%"023.-?
[J6RS
[J6R
[J6JS
J
J6JS
J6R
J6RS
JR\JZ\RJ
JR\JS\RJ
JR\JI\RJ
JR\J]\RJ
JR\RR\RJ
JR\JR\RR
JR\JZ\RR
JR\JS\RR
JR\JI\RR
JR\J]\RR
JR\RR\RR
JR\JR\RY
JR\JZ\RY
JR\JS\RY
JR\JI\RY
JR\J]\RY
JR\RR\RY
JR\JR\RZ
JR\JZ\RZ
JR\JS\RZ
JR\JI\RZ
JR\J]\RZ
JR\RR\RZ
JR\JR\R^
JR\JZ\R^
JR\JS\R^
JR\JI\R^
JR\J]\R^
JR\RR\R^
JR\JR\RS
5*,/67*,86
/)$&MG%(&Q "+$?+
[J6JZ
[J6JY
[J6JR
J
J6JR
J6JY
J6JZ
J6J^
JR\JZ\RJ
JR\JS\RJ
JR\JI\RJ
JR\J]\RJ
JR\RR\RJ
JR\JR\RR
JR\JZ\RR
JR\JS\RR
JR\JI\RR
JR\J]\RR
JR\RR\RR
JR\JR\RY
JR\JZ\RY
JR\JS\RY
JR\JI\RY
JR\J]\RY
JR\RR\RY
JR\JR\RZ
JR\JZ\RZ
JR\JS\RZ
JR\JI\RZ
JR\J]\RZ
JR\RR\RZ
JR\JR\R^
JR\JZ\R^
JR\JS\R^
JR\JI\R^
JR\J]\R^
JR\RR\R^
JR\JR\RS
5*,/67*,8( 7*,96.*: #(,/( ;9< !*,=>7+'?
-
7/24/2019 BGF European Value Fund.pdf
4/10
A. 3%4%$(3. ."./($( +(%"% -(,-*,*$). ,%- ( -%"4(3%")( 0'3'/.)(
=)' *)(#+?+ *()F+ #$ &+$F#?)(%@#+$)6 +FF)(H#%G+ &M) E$ #$H)F,#G)$,+ $)' >+$?+ M% F+H(%[*)(>+(G%,+ #' P)$&MG%(Q ?# (#>)(#G)$,+O 8+G) F# *E_ $+,%() ?%# N(%># # ()$?#G)$,# G)$F#'#F+$+ G+',+ F#G#'# G% $)' 'E$N+ *)(#+?+ #' >+$?+ A (#EF,+ %? +,,)$)() E$ ()$?#G)$,+&EGE'%,+ &M) )H#?)$@#% +,,#G) &%*%,L ?)# N)F,+(#O
J5 '1#6*+* -* K&$./$0#12&
-PP#%G+ %$%'#@@%,+ '% *)(>+(G%$&) ?)' >+$?+ F)&+$?+ #' &(#,)(#+ ()$?#G)$,+[(#F&M#+6 F#(#*+(,%$+ # (#FE',%,# +,,)$E,#
069&'+ /*..* )*'@('7+,=* +99(.&8*:
/0120 3456785 659:61 ;92< =54< >597 101.?@?95A79BC 6B?D
BL9 7,$/K E#6,& 9,1- *"*'-'')!+, *"*$*-))!$$ '"')!,$+,-' *"***''$((!
B&12C0#$D *"*'*+!+ *"*-$$,$$$# '
-
7/24/2019 BGF European Value Fund.pdf
5/10
MC#$K&N+ O$&P1/$N+ Q&1+&1N+ )) O
) 'KK$#*+#6
)+,$& )+,$& )+,$& )+,$& )+,$& 8#%*/
BL9 7,$/K E#6,& 9,1- *"-'-+ *"*'') *"**'- *"***( *"**'' ''"*-'(
B&12C0#$D *"),)! *"*'*'
9'# #$?# ?# ;M%(* ) ?# 2()`$+( (#>)(#,# %' >+$?+ F+$+ FE*)(#+(# % DE)''# ?)' P)$&MG%(Q ) ?# >%,,+F+$+ E$VE',)(#+() &+$>)(G% &M) A *()>)(#P#') #$H)F,#() $)' *(#G+ *#E,,+F,+ &M) $)' F)&+$?+
069&'+ /*..* )*'@('7+,=* '*.+86;*:
E67CDB18 56606 E67CDB18 F6606 G0H79BHB9@ I1J06A79B0 679B0
*"**)+$# *"*''!('-,+ ))%
.% F+H(%[*)(>+(G%$&) ?)' >+$?+ A &+$>)(G%,% ?%''V#$>+(G%,#+$ (%,#+ *+F#,#H+
25 "&$./$0#12& #%%$*J,%*/1
-,,(%H)(F+ '% *)(>+(G%$&) %,,(#PE,#+$ A *+FF#P#') F&+G*+(() #' ()$?#G)$,+ &+G*')FF#H+ ?# E$>+$?+ #$ F#$N+') &+G*+$)$,# %E,+$+G%G)$,) #?)$,#>#&%P#'# $)' *(+&)FF+ ?# N)F,#+$) ?# E$
*+(,%>+N'#+O - ,%' *(+*+F#,+ A F,%,+ &+F,(E#,+ E$ *+(,%>+N'#+ B/+N)`C &M) %FF+'H) %''% >E$@#+$)?# P)$&MG%(Q *)( &+$F)$,#() 'V%$%'#F# ?)'') F#$N+') &+G*+$)$,# ?)''% *)(>+(G%$&) F&+(*+(%,)O
7+K/+*4*/1& -&6 +&%%/$& RS5 "&+* S ./1-/ "&+*S B/T&P 7 R 8 5 ./1-/UK&+* 7 R 8 5 0&$2#%/UK&+*
9*1#14*#$* )("#* --"#* *"-!$+- *"-+(*,(#+)
31-,+%$*#6* '$")* ,"'* *"'#!)* *"*,!'$'(),
+(G%$&) +,,)$E,% N(%@#) %' &+$,(#PE,+ ?)'') %,,#H#,L ?# F)')&,#+$ )?
%''+&%,#+$O 0V F,%,+ E,#'#@@%,+ #' *+(,%>+N'#+ /+N)` &+G) ,)(G#$) ?# (%>>(+$,+ *)( +,,)$)() #'()$?#G)$,+ %,,(#PE#P#') % %F&E$% ?)'') ?E) &+G*+$)$,#
-
7/24/2019 BGF European Value Fund.pdf
6/10
M&2,$*%P M&6&2%*/1 *")+-(
'++&% '66/2#%*/1 .*"*)**(-+$#
M:))' *")--(
5$ *%(,#&+'%() F+$+ F,%,# #$F)(#,# # F#$N+'# &%'&+'# &M) &+$F)$,+$+ ?# #F+'%() ') *)(>+G%$&)?+HE,) %'') F#$N+') %,,#H#,L ?# F)')&,#+$ )? %''+&%,#+$
5%"4(3%")* *))%"')* &-.@(% .//B.))(+()C 4( $%/%0)(*"M&2,$*%P +&6&2%*/1
8 R./1-/5 ( 8 RJ/T&P5 "&+* 9/1-/ S
*"**)+ --"# *"*#!'
*"**)+ ,"' *"*)-)
*"**)+ (", *"*)*'
*"**)+ #"( *"*)))
*"**)+ $", *"*')+
*"**)+ '-"$ *"*-$'
*"**)+ #") *"*)*,
*"**)+ +"+ *"*'$*
*"**)+ #"' *"*)*!
*"**)+ *"+ *"**'-
*"**)+ * *"*****
+,0 *")+-(
5%"4(3%")* *))%"')* &-.@(% .//B.))(+()C 4( .//*0.)(*"'++&% #66/2#%*/1
"&+* 9/1-/("&+* B/T&P 8 RJ/T&P5
.! *"*'*+!+ .*"*!--,*'+'
+"' *"*'*+!+ *"*+-##'!),
+"+ *"*'*+!+ *"*+#'*(!-,
)", *"*'*+!+ *"*-*!-#+(-
$"$ *"*'*+!+ *"*$!$#!'''
.$"# *"*'*+!+ .*"*+*(')')'
.-"+ *"*'*+!+ .*"*-!,((+##
.'"- *"*'*+!+ .*"*'-(-$+--
.$") *"*'*+!+ .*"*$$-(-'*!
'"$ *"*'*+!+ *"*'$(,'*-+*"$ *"*'*+!+ *"**$))!*'
+,0 .*"*)**(-+$#
-5 )#$D&% %*0*1T
.V%$%'#F# FH+',% &+$F)$,) ?# #$?#H#?E%() '% F,(%,)N#% %,,#H% ?# G%(Q), ,#G#$N ?)' N)F,+()O aE)F,%M% &+G) F&+*+ '% &+G*+F#@#+$) ?)' *+(,%>+N'#+ #$ F#$,+$#% &+$ ') *()H#F#+$# FE''% ,)$?)$@% ?)'G)(&%,+ %''+ F&+*+ ?# F>(E,,%() % *(+*(#+ H%$,%NN#+ &+$,#$E# F*+F,%G)$,# ?# >+$?# $)# ,#,+'#
%''V#$,)($+ ?)' *+(,%>+N'#+ &M) ()%'#@@%$+ *)(>+(G%$&) G#N'#+(#O
-
7/24/2019 BGF European Value Fund.pdf
7/10
!/ &-.1(0* %+(4%"@(. 0*" -.&(*"%+*/% 0%-)%@@. /B.>(/()C 4%/ &%$)*-% 4%/ 1*"4* "%//* $1-')).-% /%
*,,*-)'"()C 4( 3.-?%) )(3("&
:%''V%$%'#F# ?)' G%(Q), ,#G#$N )G)(N) &M) '% ()N()FF#+$) )>>),,E%,% A F#N$#>#&%,#H% #$ DE%$,+
'V1Y
%NN#EF,%,+ A )')H%,+O .% H%(#%P#') bR M% E$ &+)>>#)$,) F#N$#>#&%,#H+6 #$+',() M% E$%*(+P%P#'#,L ?# )((+() ?)' *(#G+ ,#*+ #$>)(#+() %' SK6 %$%'+N%G)$,) %''V#$,)(&),,%O
-
7/24/2019 BGF European Value Fund.pdf
8/10
"#$%& B Y M%P6& '1#6P+*+.% F)&+$?% *%(,) ?)''V)'%P+(%,+ &+$F#F,) $)''% F&)',% ?# #$?# *)( ?#H)(F# ,#*# ?# %FF), &'%FF ?%E,#'#@@%() &+G) >%,,+(# $)''% F,`') %$%'`F#FO9'# #$?# F)')@#+$%,# F+$+W7cd 5$?)b8-8 5$?)b
:-d 5$?)b"2;0 45/ 5$?)b;45 5$?)b34d 5$?)b"12U 9+H,
#5 M%P6& #1#6P+*+ +%$#%&T*2# R1&* Z@ 0&+*[ +, -#%* 0&1+*6*5
In seguito sono indicati gli indici utilizzati ed il rispettivo H%'+() ?# 1eO
9'# #$?# #$?#H#?E%,# F+$+ F#N$#>#&%,#H# #$ DE%$,# *)(G),,+$+ ?# +,,)$)() E$ 1e *%(# %' ]^6RSKO .% *%(,) ()F,%$,))DE#H%')$,) %' S6fSK A %,,(#PE#P#') %''% &%*%,L ?# F)')@#+$) ?)' N)F,+()O
18C.* +,+.C969
;,`') ;)')&,#+$
-
7/24/2019 BGF European Value Fund.pdf
9/10
5' N(%>#&+ FE&&)FF#H+ )H#?)$@#% 'V%,,#H#,L ?# F,`') %$%'`F#F F,(%,)N#&% G)?#% F,+(#&% FH+',% ?%' N)F,+()
J5 M%P6& #1#6P+*+ -*1#0*2# 2/1 $/66*1T \*1-/\ RHI K&$*/-* -* = #11* 2*#+2,1/ +&0K$& +, -#%*
0&1+*6*5
2(%G#,) E$V+*)(%@#+$) ?# (+''#$N g#$?+g A F,%,+ #$?#H#?E%,+ #' P#'%$%G)$,+ ?)' *+(,%>+N'#+$)' ,)G*+O 1#*+(,#%G+ % F)NE#,+ 'V%$%'#F# N(%>#&%W
18C.* D,+.C969 18'+8*B6=+
7cd 5$?)b 8-8 5$?)b :-d 5$?)b "2;0 45/ 5$?)b ;45 5$?)b 34d 5$?)b "12U 9+H,
JK
RJK
YJK
ZJK
^JK
SJK
hJK
IJK
fJK
]JK
RJJK
R Y Z ^ S h I f ] RJ RR RY RZ R^ RS Rh RI Rf R] YJ YR YY YZ Y^7cd 5$?)b 8-8 5$?)b :-d 5$?)b "2;0 45/ 5$?)b ;45 5$?)b 34d 5$?)b "12U 9+H,
-
7/24/2019 BGF European Value Fund.pdf
10/10
5' N(%>#&+ ?#G+F,(% &M) $+$ F+$+ F,%,# &%GP#%G)$,# (#')H%$,# $)' &+(F+ ?)N'# %$$# $)'(#P#'%$%G)$,+ ?)' *+(,%>+N'#+O 5$+',()6 &+G) A *+FF#P#') $+,%()6 #' H%'+() ?# 1e (#F&+$,(%,+6 A&+F,%$,)G)$,) F#N$#>#&%,#H+ ) '% FE% H%(#%$@% F# '#G#,% % DE%,,(+ *E$,# *)(&)$,E%') $)' &+(F+?)N'# %$$#O
]J6JJJK
]R6JJJK
]Y6JJJK
]Z6JJJK
]^6JJJK
]S6JJJK
]h6JJJK
]I6JJJK
R Y Z ^ S h I f ] RJ RR RY RZ R^ RS Rh RI Rf R] YJ YR YY YZ Y^
5 E&+/'(