/(,1
,167,78,$)81'$d®2(67$7$/'($7(1d®2(63(&,$/,=$'$(06$Ó'('(&85,7,%$)($(6&85,7,%$
$/7(5$$/(,081,&,3$/1'('(-81+2'(('É2875$63529,'È1&,$6
$&Ç0$5$081,&,3$/'(&85,7,%$&$3,7$/'2(67$'2'23$5$1ÉDSURYRXHHX3UHIHLWR0XQLFLSDO
VDQFLRQRDVHJXLQWHOHL
$UW)LFDR3RGHU([HFXWLYRDXWRUL]DGRDLQVWLWXLU)XQGDomR(VWDWDOGH$WHQomR(VSHFLDOL]DGDHP
6D~GHGH&XULWLED)($(6&85,7,%$HQWLGDGHFRPSHUVRQDOLGDGHMXUtGLFDGHGLUHLWRSULYDGRVHP
ILQVOXFUDWLYRVGHLQWHUHVVHHGHXWLOLGDGHS~EOLFDVFRPDXWRQRPLDJHUHQFLDOSDWULPRQLDO
RUoDPHQWiULDHILQDQFHLUDVXMHLWDDRUHJLPHMXUtGLFRSUySULRGDVHQWLGDGHVSULYDGDVVHPILQV
OXFUDWLYRVGHEHQHILFrQFLDVRFLDOTXDQWRDRVGLUHLWRVHREULJDo}HVFLYLVFRPHUFLDLVWUDEDOKLVWDV
WULEXWiULRVHILVFDLVREVHUYDGDVDVUHJUDVGHVWDOHL
$)XQGDomR(VWDWDOGH$WHQomR(VSHFLDOL]DGDHP6D~GHGH&XULWLEDWHUiVHGHHIRURQDFLGDGH
GH&XULWLED&DSLWDOGR(VWDGRGR3DUDQiHVHXSUD]RGHGXUDomRVHUiLQGHWHUPLQDGR
$)XQGDomR(VWDWDOGH$WHQomR(VSHFLDOL]DGDHP6D~GHGH&XULWLEDLQWHJUDUiD$GPLQLVWUDomR
3~EOLFDLQGLUHWDGR0XQLFtSLRGH&XULWLEDHYLQFXODUVHij6HFUHWDULD0XQLFLSDOGD6D~GHSDUD
HIHLWRGHVXSHUYLVmRGHVXDVILQDOLGDGHV
$UW$)XQGDomR(VWDWDOGH$WHQomR(VSHFLDOL]DGDHP6D~GHGH&XULWLEDWHUiSRUILQDOLGDGH
GHVHQYROYHUHH[HFXWDUDo}HVHVHUYLoRVGHVD~GHDPEXODWRULDOHVSHFLDOL]DGRKRVSLWDODUVHUYLoRGH
DSRLRGLDJQyVWLFRHQVLQRHSHVTXLVDHGXFDomRSHUPDQHQWHQRkPELWRGR6LVWHPDÓQLFRGH6D~GH686
GR0XQLFtSLRGH&XULWLED
$VDo}HVHRVVHUYLoRVGHVD~GHPHQFLRQDGRVQRFDSXWVHUmRGHVHQYROYLGRVGHPDQHLUDVLVWrPLFD
HLQWHJUDUmRXPDUHGHUHJLRQDOL]DGDHKLHUDUTXL]DGDHPQtYHOGHFRPSOH[LGDGHFUHVFHQWHGR686GR
0XQLFtSLRGH&XULWLEDGDTXDOD)XQGDomR(VWDWDOGH$WHQomR(VSHFLDOL]DGDHP6D~GHGH&XULWLEDp
SDUWHLQWHJUDQWHGHYHQGRREVHUYDUWRGRVVHXVSULQFtSLRVHGLUHWUL]HVHPHVSHFLDODILVFDOL]DomR
HRDFRPSDQKDPHQWRSHOR&RQVHOKR0XQLFLSDOGH6D~GH
eYHGDGRj)XQGDomR(VWDWDOGH$WHQomR(VSHFLDOL]DGDHP6D~GHGH&XULWLEDGHVHQYROYHU
DWLYLGDGHVGHVD~GHTXHH[LMDPSRGHUGHDXWRULGDGHGR0XQLFtSLR
$UW$FRQVWLWXLomRGD)XQGDomR(VWDWDOGH$WHQomR(VSHFLDOL]DGDHP6D~GHGH&XULWLEDVHUi
ODYUDGDSRUHVFULWXUDS~EOLFDGHDFRUGRFRPRGLVSRVWRQR&yGLJR&LYLOHHIHWLYDUVHiFRPR
UHJLVWURGHVHXVDWRVFRQVWLWXWLYRVQRFRPSHWHQWH&DUWyULRGH5HJLVWUR&LYLOGDV3HVVRDV-XUtGLFDV
GH&XULWLEDHSDUDRVHIHLWRVQRWDULDLVHRXWURVD)XQGDomR(VWDWDOGH$WHQomR(VSHFLDOL]DGDHP
6D~GHGH&XULWLEDVHUHJHUiSRUVHXHVWDWXWRVRFLDODSURYDGRHPUHXQLmRGHVXDLQVWLWXLomR
&$3Ì78/2,,
'23$75,0Ñ1,2('$65(&(,7$6
$UW2SDWULP{QLRGD)XQGDomR(VWDWDOGH$WHQomR(VSHFLDOL]DGDHP6D~GHGH&XULWLEDVHUi
FRQVWLWXtGRSHORVEHQVPyYHLVHLPyYHLVTXHDGTXLULURVTXHOKHIRUHPWUDQVIHULGRVRXGRDGRVSHOR
0XQLFtSLRGH&XULWLEDRXSRURXWUDVSHVVRDVMXUtGLFDVGHGLUHLWRS~EOLFRRXSULYDGRHSRUSHVVRDV
ItVLFDV
)LFDR3RGHU([HFXWLYR0XQLFLSDODXWRUL]DGRDGRDUEHQVPyYHLVHRLPyYHOFRQVWLWXtGRSHOR
/RWH4$$GD3ODQWD9LODGDV,QG~VWULDV,,VLWXDGRQR%DLUURGR3LQKHLULQKRQDFLGDGHGH
&XULWLED0DWUtFXODQGR5HJLVWURGH,PyYHLVGD&LUFXQVFULomRGH&XULWLEDFRP
EHQIHLWRULDFRQVWLWXtGDSHORHGLItFLRGHQRPLQDGR+RVSLWDOGR,GRVR=LOGD$UQVORFDOL]DGRQD5XD
/RWKDULR%RXWLQVQEHPFRPROKHWUDQVIHULUSRUFHVVmRGHXVRRXWURVEHQVQHFHVViULRVjVVXDV
ILQDOLGDGHV
6yVHUiDGPLWLGDGRDomRj)XQGDomR(VWDWDOGH$WHQomR(VSHFLDOL]DGDHP6D~GHGH&XULWLEDGH
EHQVOLYUHVHGHVHPEDUDoDGRV
1RFDVRGHH[WLQomRGD)XQGDomR(VWDWDOGH$WHQomR(VSHFLDOL]DGDHP6D~GHGH&XULWLEDTXH
VRPHQWHVHGDUiSRUOHLPXQLFLSDOWRGRVRVVHXVEHQVPyYHLVHLPyYHLVLQGHSHQGHQWHPHQWHGHVXD
IRUPDGHDTXLVLomRVHSRUGRDomRFRPSUDRXRXWUDIRUPDGHWUDQVSDVVHGDSURSULHGDGHVHUmR
LQFRUSRUDGRVDRSDWULP{QLRGR0XQLFtSLRGHYHQGRR&RQVHOKR&XUDGRUVHUHXQLUHPVHomR
H[WUDRUGLQiULDSDUDWUDWDUGRLQYHQWiULRGHVVHVEHQV
$UW&RQVWLWXHPUHFHLWDVGD)XQGDomR(VWDWDOGH$WHQomR(VSHFLDOL]DGDHP6D~GHGH&XULWLED
,RVUHFXUVRVSURYHQLHQWHVGRFRQWUDWRGHJHVWmRHQWUHD)XQGDomR(VWDWDOGH$WHQomR
(VSHFLDOL]DGDHP6D~GHGH&XULWLEDHD6HFUHWDULD0XQLFLSDOGD6D~GH
,,RVUHFXUVRVRULXQGRVGHFRQYrQLRVDFRUGRVRXFRQWUDWRVFHOHEUDGRVFRPD$GPLQLVWUDomR
3~EOLFDHFRPHQWLGDGHVQDFLRQDLVHLQWHUQDFLRQDLVS~EOLFDVRXSULYDGDVUHVSHLWDGRRGLVSRVWRQR
GHVWHDUWLJR
,,,DVGRDo}HVOHJDGRVHRXWURVUHFXUVRVTXHOKHIRUHPGHVWLQDGRVSRUSHVVRDVItVLFDVRX
MXUtGLFDVGHGLUHLWRS~EOLFRRXSULYDGR
,9DVUHVXOWDQWHVGDDOLHQDomRGHEHQVQmRHVVHQFLDLVjVXDILQDOLGDGHDXWRUL]DGDSHOR&RQVHOKR
&XUDGRUREVHUYDGRRGLVSRVWRQRHVWDWXWR
9DVUHVXOWDQWHVGHDSOLFDo}HVILQDQFHLUDVQDIRUPDGDOHJLVODomRYLJHQWHH
9,UHFHLWDVGHTXDOTXHUQDWXUH]DSURYHQLHQWHVGRH[HUFtFLRGHVXDVDWLYLGDGHV
$VUHFHLWDVGHFRUUHQWHVGDVDo}HVGHDVVLVWrQFLDjVD~GHRXGHTXDOTXHURXWURVHUYLoRSUySULR
jVVXDVILQDOLGDGHVHVWDWXWiULDVPHGLDQWHFRQWUDWRGHJHVWmRFRPHQWHVS~EOLFRVVHUmR
FRQVLGHUDGDVFRPRUHFHLWDSUySULDGD)XQGDomR(VWDWDOGH$WHQomR(VSHFLDOL]DGDHP6D~GHGH
&XULWLED
2VVHUYLoRVGHVD~GHFRQVLGHUDGRVFRPRGHDFHVVRXQLYHUVDOHJUDWXLWRVVHUmRSUHVWDGRVFRP
H[FOXVLYLGDGHDR3RGHU3~EOLFRQRkPELWRGR6LVWHPDÓQLFRGH6D~GHPHGLDQWHFRQWUDWRGHJHVWmRRV
TXDLVVHUmRFRORFDGRVjGLVSRVLomRGDSRSXODomRILFDQGRYHGDGDj)XQGDomR(VWDWDOGH$WHQomR
(VSHFLDOL]DGDHP6D~GHGH&XULWLEDDDVVXQomRGHFRPSURPLVVRVFRPWHUFHLURVTXHYLROHPRV
SULQFtSLRVGR6LVWHPDÓQLFRGH6D~GHHPHVSHFLDORVGDJUDWXLGDGHGDDVVLVWrQFLDjVD~GHGR
FLGDGmRHLJXDOGDGHGHDWHQGLPHQWRYHGDGRTXDOTXHUWLSRGHVHJPHQWDomRGRDWHQGLPHQWR
$)XQGDomR(VWDWDOGH$WHQomR(VSHFLDOL]DGDHP6D~GHGH&XULWLEDHVWDUiVXMHLWDjVUHJUDV
JHUDLVHVWDEHOHFLGDVSDUDDVOLFLWDo}HVHFRQWUDWRVIL[DGDVSHOD/HL)HGHUDOQGHGH
MXQKRGHHPRGLILFDo}HVSRVWHULRUHVSRGHQGRHODERUDUUHJXODPHQWRSUySULRQRVWHUPRVGRDUW
GDFLWDGDOHLTXHGHYHUiVHUDSURYDGRSHOR&RQVHOKR&XUDGRU
&$3Ì78/2,,,
'$',5(d®2($'0,1,675$d®2
$UW$)XQGDomR(VWDWDOGH$WHQomR(VSHFLDOL]DGDHP6D~GHGH&XULWLEDWHUiRVVHJXLQWHVyUJmRV
GHGLUHomRVXSHULRUHGHDGPLQLVWUDomRUHVSHFWLYDPHQWH
,&RQVHOKR&XUDGRUH
,,'LUHWRULD([HFXWLYD
3DUiJUDIRÓQLFR$)XQGDomR(VWDWDOGH$WHQomR(VSHFLDOL]DGDHP6D~GHGH&XULWLEDFRQWDUi
WDPEpPFRPXPVHWRUGHFRQWUROHLQWHUQRFXMDDWXDomRVHUiSUHYLVWDHPVHXHVWDWXWR
$UW2&RQVHOKR&XUDGRUpRyUJmRVXSHULRUGHGLUHomRFRQWUROHHILVFDOL]DomRH
FRQVWLWXLUVHiSRUQRYHPHPEURVWLWXODUHVVHQGR
,R6HFUHWiULR0XQLFLSDOGD6D~GHFRPRPHPEURQDWR
,,GRLVPHPEURVLQGLFDGRVSHOR3UHIHLWR0XQLFLSDO
,,,GRLVPHPEURVLQGLFDGRVSHOR6HFUHWiULR0XQLFLSDOGD6D~GH
,9XPPHPEURUHSUHVHQWDQGRRVWUDEDOKDGRUHVGHVD~GHGD)XQGDomRGH$WHQomR(VSHFLDOL]DGDHP
6D~GHGH&XULWLED
9XPPHPEURUHSUHVHQWDQWHGH6RFLHGDGH&LHQWtILFDGDÉUHDGD6D~GH
9,GRLVPHPEURVUHSUHVHQWDQWHVGRVXVXiULRVGR686LQGLFDGRVSHOR&RQVHOKR0XQLFLSDOGH
6D~GHTXHQmRVHMDPPHPEURVGRPHVPR
2&RQVHOKR&XUDGRUVHUiSUHVLGLGRSHOR6HFUHWiULR0XQLFLSDOGD6D~GH
2SUD]RGHLQYHVWLGXUDGRV&RQVHOKHLURVpGHGRLVDQRVIDFXOWDGDDUHFRQGXomR
$FDGDPHPEURWLWXODUFRUUHVSRQGHUiXPVXSOHQWHLQGLFDGRSHORPHVPRSURFHVVRSUHYLVWRQR
FDSXW
2PHPEURGR&RQVHOKR&XUDGRUTXHSHUGHUDFRQGLomRTXHHQVHMRXDVXDQRPHDomRSDUDR&RQVHOKR
SHUGHUiRVHXPDQGDWRLPHGLDWDPHQWHGHYHQGRVHUQRPHDGRQDIRUPDGHVWDOHLHGRHVWDWXWRQRYR
PHPEURSDUDFRPSOHWDURPDQGDWR
eREULJDWyULDDSDUWLFLSDomRGD'LUHWRULD([HFXWLYDQDVUHXQL}HVGR&RQVHOKR&XUDGRUVHP
GLUHLWRDYRWRDQmRVHUTXDQGRQmRKRXYHUFRQYRFDomR
2VPHPEURVGR&RQVHOKR&XUDGRUH[HUFHUmRVXDVDWULEXLo}HVGHIRUPDQmRUHPXQHUDGD
(QTXDQWRQmRIRUFRQVWLWXtGRRTXDGURIXQFLRQDOGD)XQGDomR(VWDWDOGH$WHQomR(VSHFLDOL]DGD
HP6D~GHGH&XULWLEDFXMDUHSUHVHQWDomRQR&RQVHOKR&XUDGRUHVWiSUHYLVWDQRLQFLVR,9GHVWH
DUWLJRWRGDVDVGHOLEHUDo}HVLQFOXVLYHDLQVWLWXLomRHUHIRUPDGRHVWDWXWRVHUmRWRPDGDVSHORV
GHPDLVPHPEURVGR&RQVHOKR&XUDGRU
(PFDVRVGHIDOHFLPHQWRUHQ~QFLDGHVWLWXLomRRXLQFRPSDWLELOLGDGHGHXPPHPEURWLWXODUR
&RQVHOKR&XUDGRUHPSRVVDUiRVXSOHQWHHVROLFLWDUiDVXEVWLWXLomRQRSUD]RPi[LPRGHWULQWD
GLDV
$UW2&RQVHOKR&XUDGRUFRQWDUiFRPXPDDVVHVVRULDSDUDDX[LOLDUQDVDWLYLGDGHVGHILVFDOL]DomR
FRQWiELOHILQDQFHLUDGD)XQGDomR(VWDWDOGH$WHQomR(VSHFLDOL]DGDHP6D~GHGH&XULWLEDHPLWLQGR
DQiOLVHVHSDUHFHUHVSDUDR&RQVHOKR&XUDGRU
3DUiJUDIRÓQLFR2VPHPEURVDVVHVVRUHVGHYHUmRSRVVXLUFDSDFLGDGHHQRWyULRFRQKHFLPHQWRGDiUHD
HFRQ{PLFRILQDQFHLUDRXFRQWiELOHVXDVIXQo}HVVmRFRQVLGHUDGDVGHFRQILDQoDGR&RQVHOKR&XUDGRU
SRGHQGRDLQGDVHUHPFRQWUDWDGRVSURILVVLRQDLVSRUSUD]RGHWHUPLQDGR
$UW$'LUHWRULD([HFXWLYDyUJmRGHGLUHomRVXERUGLQDGDDR&RQVHOKR&XUDGRUHDGPLQLVWUDomR
VXSHULRUGD)XQGDomR(VWDWDOGH$WHQomR(VSHFLDOL]DGDHP6D~GHGH&XULWLEDpFRQVWLWXtGDGRV
VHJXLQWHVPHPEURV
,XP'LUHWRU*HUDO
,,XP'LUHWRU$GPLQLVWUDWLYR)LQDQFHLUR
,,,XP'LUHWRUGH$WHQomRj6D~GH
2'LUHWRU*HUDOVHUiQRPHDGRSHOR3UHIHLWR0XQLFLSDOPHGLDQWHLQGLFDomRGR6HFUHWiULR
0XQLFLSDOGD6D~GH
2VGHPDLV'LUHWRUHVVHUmRLQGLFDGRVSHOR'LUHWRU*HUDOHDSURYDGRVSHOR&RQVHOKR&XUDGRU
GHQWUHSURILVVLRQDLVGHQRWyULRFRQKHFLPHQWRHH[SHULrQFLDQDiUHDGHDWXDomRGD)XQGDomR(VWDWDO
GH$WHQomR(VSHFLDOL]DGDHP6D~GHGH&XULWLED
$'LUHWRULD([HFXWLYDVHUiGHOLYUHDGPLVVmRHGHPLVVmRSHODVUHVSHFWLYDVDXWRULGDGHVTXHRV
QRPHDUHP
$'LUHWRULD([HFXWLYDFRQWDUiFRPDVVHVVRUHVHDVVLVWHQWHVGHOLYUHDGPLVVmRHGHPLVVmR
$'LUHWRULD([HFXWLYDVHUiUHVSRQViYHOSHORVDWRVSUDWLFDGRVHPGHVFRQIRUPLGDGHFRPDOHL
FRPRHVWDWXWRGD)XQGDomR(VWDWDOGH$WHQomR(VSHFLDOL]DGDHP6D~GHGH&XULWLEDFRPRFRQWUDWRGH
JHVWmRHFRPDVGLUHWUL]HVLQVWLWXFLRQDLVHPDQDGDVSHOR&RQVHOKR&XUDGRU
$PDQXWHQomRGHTXDOTXHUPHPEURGD'LUHWRULD([HFXWLYDILFDYLQFXODGDREULJDWyULDH
FRPSURYDGDPHQWHjDYDOLDomRGHVHXGHVHPSHQKRIUHQWHjJHVWmRGD)XQGDomR(VWDWDOGH$WHQomR
(VSHFLDOL]DGDHP6D~GHGH&XULWLEDSULQFLSDOPHQWHQRWRFDQWHDRFXPSULPHQWRGDVPHWDVTXDOLWDWLYDV
HTXDQWLWDWLYDVSUHYLVWDVQRVFRQWUDWRVGHJHVWmRFRQIRUPHSUHYLVWRQRHVWDWXWRHHPDWRVGR
&RQVHOKR&XUDGRU
2'LUHWRU*HUDOGHILQLUiGHQWUHRVPHPEURVGD'LUHWRULD([HFXWLYDTXHPRVXEVWLWXLUiHPVXDV
IDOWDVHLPSHGLPHQWRV
$UW2'LUHWRU*HUDOUHSUHVHQWDUiD)XQGDomR(VWDWDOGH$WHQomR(VSHFLDOL]DGDHP6D~GHGH
&XULWLEDHPMXt]RRXIRUDGHODDWLYDRXSDVVLYDPHQWHSRGHQGRFRQVWLWXLUPDQGDWiULRVRXGHOHJDU
FRPSHWrQFLDSHUPLWLQGRVHIRURFDVRDVXEGHOHJDomRjVDXWRULGDGHVVXERUGLQDGDV
$UW2HVWDWXWRGD)XQGDomR(VWDWDOGH$WHQomR(VSHFLDOL]DGDHP6D~GHGH&XULWLEDGLVSRUi
VREUHVXDHVWUXWXUDFRPSHWrQFLDVGRVVHXVyUJmRVDVDWULEXLo}HVGRVVHXVGLULJHQWHVVXEVWLWXLomR
GRVPHPEURVDSHULRGLFLGDGHGDVUHXQL}HVGR&RQVHOKR&XUDGRUHGHPDLVDVSHFWRVRUJDQL]DFLRQDLVGD
)XQGDomR(VWDWDOGH$WHQomR(VSHFLDOL]DGDHP6D~GHGH&XULWLED
$UW2HVWDWXWRGD)XQGDomR(VWDWDOGH$WHQomR(VSHFLDOL]DGDHP6D~GHGH&XULWLEDVHUi
DSURYDGRSHOR&RQVHOKR&XUDGRUGHYHQGRDVDOWHUDo}HVVHUUHJLVWUDGDVQRFDUWyULRFRPSHWHQWHQmR
VHQGRREMHWRGHDOWHUDomRDVILQDOLGDGHVGD)XQGDomR(VWDWDOGH$WHQomR(VSHFLDOL]DGDHP6D~GHGH
&XULWLED
&$3Ì78/2,9
'25(*,0('((035(*2('23(662$/
$UW2UHJLPHMXUtGLFRGHSHVVRDOGD)XQGDomR(VWDWDOGH$WHQomR(VSHFLDOL]DGDHP6D~GHGH
&XULWLEDVHUiRGD&RQVROLGDomRGDV/HLVGR7UDEDOKRHUHVSHFWLYDOHJLVODomRFRPSOHPHQWDU
$FRQWUDWDomRGHSHVVRDOGRTXDGURSHUPDQHQWHGD)XQGDomR(VWDWDOGH$WHQomR(VSHFLDOL]DGDHP
6D~GHGH&XULWLEDIDUVHiSRUPHLRGHSURFHVVRVHOHWLYRS~EOLFR
2TXDGURGHSHVVRDODVHUDSURYDGRSHOR&RQVHOKR&XUDGRUGHILQLUiDHVWUXWXUDGHHPSUHJRVH
IXQo}HVRVUHTXLVLWRVGHDGPLVVmRDUHPXQHUDomRDRUJDQL]DomRGDVFDUUHLUDVVHJXQGRDIRUPDomR
SURILVVLRQDORXDVDWULEXLo}HVIXQFLRQDLV
$UHVFLVmRGRFRQWUDWRGHWUDEDOKRGRSHVVRDOGD)XQGDomR(VWDWDOGH$WHQomR(VSHFLDOL]DGDHP
6D~GHGH&XULWLEDDGPLWLGRSRUSURFHVVRVHOHWLYRS~EOLFRSRGHUiRFRUUHUSRUDWRXQLODWHUDOHP
TXDOTXHUKLSyWHVHPRWLYDGR
$)XQGDomR(VWDWDOGH$WHQomR(VSHFLDOL]DGDHP6D~GHGH&XULWLEDRUJDQL]DUiRVHXTXDGURGH
SHVVRDOHVHXSODQRGHFDUUHLUDGHDFRUGRFRPDSROtWLFDLQWHUQDGHGHVHQYROYLPHQWRGHSHVVRDO
2&RQVHOKR&XUDGRUGHFLGLUiVREUHRTXDGURGHSHVVRDOHRSODQRGHFDUUHLUDHGHILQLUiD
SROtWLFDGHDYDOLDomRHGHVHQYROYLPHQWRGRVHPSUHJDGRV
2SURFHVVRVHOHWLYRS~EOLFRVHUiUHDOL]DGRSDUDSUHHQFKLPHQWRGHSRVWRVGHWUDEDOKRGRTXDGUR
GHSHVVRDOVHPSUHGHDFRUGRFRPDVGLVSRQLELOLGDGHVILQDQFHLUDVHDVYDJDVGHILQLGDVSHOR&RQVHOKR
&XUDGRU
3RGHUiVHUDGRWDGDDDQiOLVHGHFXUUtFXORSDUDRVFDVRVGHFRQWUDWDomRSRUSUD]RGHWHUPLQDGR
SDUDDWHQGHUDQHFHVVLGDGHWHPSRUiULDGD)XQGDomR
$UW2VDWRVGR&RQVHOKR&XUDGRUTXHJHUDUHPDXPHQWRVGDGHVSHVDGHSHVVRDOGHYHUmRHVWDU
LQGLFDGRVSUHYLDPHQWHQRRUoDPHQWRDQXDOGD)XQGDomR(VWDWDOGH$WHQomR(VSHFLDOL]DGDHP6D~GHGH
&XULWLEDHFRQVLGHUDGRVQR&RQWUDWRGH*HVWmR
&$3Ì78/29
'2&2175$72'(*(67®2
$UW2FRQWUDWRGHJHVWmRVHUiILUPDGRHQWUHD)XQGDomR(VWDWDOGH$WHQomR(VSHFLDOL]DGDHP
6D~GHGH&XULWLEDHR0XQLFtSLRGH&XULWLEDSHOD6HFUHWDULD0XQLFLSDOGD6D~GHFRPDILQDOLGDGH
GHGHILQLUDVPHWDVSOXULDQXDLVHDQXDLVGD)XQGDomR(VWDWDOGH$WHQomR(VSHFLDOL]DGDHP6D~GHGH
&XULWLEDREVHUYDGRRGLVSRVWRQRGRDUWGHVWDOHL
$UW2&RQWUDWRGH*HVWmRGHYHUiGHILQLUDVDWULEXLo}HVUHVSRQVDELOLGDGHVREULJDo}HV
LQFOXVLYHDVRUoDPHQWiULDVHILQDQFHLUDVWDQWRGD)XQGDomR(VWDWDOGH$WHQomR(VSHFLDOL]DGDHP
6D~GHGH&XULWLEDFRPRRVHQFDUJRVGD6HFUHWDULD0XQLFLSDOGD6D~GHHGHYHUiFRQWHUGHQWUHRXWUDV
FOiXVXODVTXHGLVSRQKDPVREUH
,DWHQGLPHQWRLJXDOLWiULRHHTXkQLPHDRVFLGDGmRVGHIRUPDVHPSUHJUDWXLWD
,,DGRomRGHSUiWLFDVGHSODQHMDPHQWRVLVWHPiWLFRGDVDo}HVGD)XQGDomR(VWDWDOGH$WHQomR
(VSHFLDOL]DGDHP6D~GHGH&XULWLEDPHGLDQWHLQVWUXPHQWRVGHSURJUDPDomRRUoDPHQWDomR
DFRPSDQKDPHQWRHDYDOLDomRGHVXDVDWLYLGDGHVGHDFRUGRFRPDVPHWDVSDFWXDGDV
,,,REULJDWRULHGDGHGHDSUHVHQWDomRj6HFUHWDULD0XQLFLSDOGD6D~GHGHUHODWyULRVDQXDLVGH
GHPRQVWUDo}HVILQDQFHLUDVHODERUDGDVHPFRQIRUPLGDGHFRPRVSULQFtSLRVIXQGDPHQWDLVGH
FRQWDELOLGDGHHGRUHODWyULRGHH[HFXomRGRFRQWUDWRGHJHVWmR
,9REULJDWRULHGDGHGHHVSHFLILFDURSODQRRSHUDWLYRDQXDOSURSRVWRSHOD)XQGDomR(VWDWDOGH
$WHQomR(VSHFLDOL]DGDHP6D~GHGH&XULWLEDHVWLSXODUDVPHWDVDVHUHPDWLQJLGDVRVUHVSHFWLYRV
SUD]RVGHH[HFXomREHPFRPRRVFULWpULRVGHDYDOLDomRGHGHVHPSHQKRPHGLDQWHLQGLFDGRUHVGH
H[FHOrQFLDGRVVHUYLoRVHSURGXWLYLGDGHGHQWUHRXWURV
9HVWLPDWLYDGRVUHFXUVRVHFURQRJUDPDGHGHVHPEROVRGRVUHFXUVRVILQDQFHLURVQHFHVViULRVj
H[HFXomRGRVVHUYLoRVSDFWXDGRVREVHUYDQGRRFXPSULPHQWRGDVPHWDVGXUDQWHDYLJrQFLDGRFRQWUDWR
9,SHQDOLGDGHVDSOLFiYHLVDRVFRQWUDWDGRVHPFDVRGHGHVFXPSULPHQWRLQMXVWLILFDGRGHPHWDVH
REULJDo}HVSDFWXDGDV
9,,SUHVWDomRGHVHUYLoRVDVVLVWHQFLDLVTXHGHYHUiREVHUYDURRUGHQDPHQWRGRDFHVVRSHOR
VLVWHPDGHUHJXODomRGR0XQLFtSLRDWHQGHQGRjVQHFHVVLGDGHVGHVD~GH
9,,,FRQGLo}HVSDUDUHYLVmRUHQRYDomRHSURUURJDomRGRFRQWUDWRGHJHVWmR
$UW2FRQWUDWRGHJHVWmRWHUiYLJrQFLDGHQRPi[LPRFLQFRDQRVSRGHQGRVHUUHQRYDGR
DSyVHVVHSHUtRGRREVHUYDGRRDUWGHVWDOHL
$UW$6HFUHWDULD0XQLFLSDOGD6D~GHDYDOLDUiWULPHVWUDOPHQWHRFXPSULPHQWRGDVPHWDVGR
FRQWUDWRGHJHVWmRHUHDOL]DUiSHUPDQHQWHPRQLWRUDPHQWRGDH[HFXomRGRFRQWUDWR
$UW$)XQGDomR(VWDWDOGH$WHQomR(VSHFLDOL]DGDHP6D~GHGH&XULWLEDDSUHVHQWDUij6HFUHWDULD
0XQLFLSDOGD6D~GHDRWpUPLQRGHFDGDH[HUFtFLRILQDQFHLURUHODWyULRSHUWLQHQWHjH[HFXomRGR
FRQWUDWRTXHGHYHUiVHUHQFDPLQKDGRDR&RQVHOKR0XQLFLSDOGH6D~GHFDEHQGRj6HFUHWDULD0XQLFLSDO
GD6D~GHHPLWLUUHODWyULRVGHDYDOLDomRGRFXPSULPHQWRGDVPHWDVDFRUGDGDV
$UW&DEHUij)XQGDomR(VWDWDOGH$WHQomR(VSHFLDOL]DGDHP6D~GHGH&XULWLEDSURPRYHUDDPSOD
GLYXOJDomRSRUPHLRVItVLFRVHHOHWU{QLFRVGRVUHODWyULRVVREUHDH[HFXomRGRVFRQWUDWRVGH
JHVWmRFRQWHPSODQGRRVGHPRQVWUDWLYRVRUoDPHQWiULRVHILQDQFHLURVEHPFRPRGRVSDUHFHUHVGDV
LQVWkQFLDVGD6HFUHWDULD0XQLFLSDOGD6D~GHFRPSHWHQWHVSHORDFRPSDQKDPHQWRHDYDOLDomRGHYHQGR
VHUHQFDPLQKDGRFySLDDR&RQVHOKR0XQLFLSDOGH6D~GH
&$3Ì78/29,
'$),6&$/,=$d®2('2&21752/(
$UW$)XQGDomR(VWDWDOGH$WHQomR(VSHFLDOL]DGDHP6D~GHGH&XULWLEDVHVXMHLWDUijVQRUPDV
GHILVFDOL]DomRHFRQWUROHSUHYLVWRVHPVHXHVWDWXWRHjVXSHUYLVmRGD6HFUHWDULD0XQLFLSDOGD
6D~GHSDUDHIHLWRGHFXPSULPHQWRGHVHXVREMHWLYRVHVWDWXWiULRVKDUPRQL]DomRGHVXDDWXDomRFRPD
SROtWLFDPXQLFLSDOGHVD~GHHREWHQomRGHHILFLrQFLDDGPLQLVWUDWLYD
$UW$)XQGDomR(VWDWDOGH$WHQomR(VSHFLDOL]DGDHP6D~GHGH&XULWLEDGHYHUiVXEPHWHUVXDV
FRQWDVUHODWLYDVDFDGDH[HUFtFLRILVFDOjDSUHFLDomRGRVyUJmRVGHFRQWUROHLQWHUQRGR0XQLFtSLR
GH&XULWLEDDR&RQVHOKR0XQLFLSDOGH6D~GHHDR7ULEXQDOGH&RQWDVGR(VWDGR
&$3Ì78/29,,
'$65(63216$%,/,'$'(6'26',5,*(17(6
$UW&RQVWLWXLUHVSRQVDELOLGDGHGRVPHPEURVGR&RQVHOKR&XUDGRUHGD'LUHWRULD([HFXWLYDR
ILHOFXPSULPHQWRGDVFOiXVXODVGRFRQWUDWRGHJHVWmRHVSHFLDOPHQWHQRTXHVHUHIHUHDRSODQR
RSHUDWLYR
2GHVFXPSULPHQWRWRWDORXSDUFLDOGDVFOiXVXODVREMHWLYRVHUHVSRQVDELOLGDGHVGRVGLULJHQWHV
HVWDEHOHFLGDVQRFRQWUDWRDVVLPFRPRDUHLWHUDGDLQVXILFLrQFLDGHGHVHPSHQKRGD)XQGDomR(VWDWDO
GH$WHQomR(VSHFLDOL]DGDHP6D~GHGH&XULWLEDPRWLYDUiDGHPLVVmRGRVPHPEURVGD'LUHomR([HFXWLYD
FRQIRUPHGLVSRVWRQRHVWDWXWR
2VPHPEURVGR&RQVHOKR&XUDGRUQRVFDVRVHPTXHKRXYHULQGtFLRVGHGHVFXPSULPHQWRWRWDORX
SDUFLDOGDVPHWDVHREULJDo}HVSDFWXDGDVQRFRQWUDWRGHJHVWmRRXGHLQVXILFLrQFLDGHGHVHPSHQKRGD
HQWLGDGHGHYHUmROHYDURDVVXQWRjFRQVLGHUDomRGD6HFUHWDULD0XQLFLSDOGH6D~GHSDUDDGRomRRX
LQGLFDomRGDVPHGLGDVDGPLQLVWUDWLYDVFDEtYHLVSUHYLVWDVQHVWDOHLQRHVWDWXWRHQRFRQWUDWRGH
JHVWmR
$UW2VPHPEURVGR&RQVHOKR&XUDGRUHGD'LUHWRULD([HFXWLYDUHVSRQGHPDGPLQLVWUDWLYDH
FLYLOPHQWHSHORVSUHMXt]RVTXHFDXVDUHPjHQWLGDGHTXDQGRSURFHGHUHP
,GHQWURGHVXDVDWULEXLo}HVRXSRGHUHVFRPFXOSDRXGRORH
,,FRPYLRODomRGDOHLGRHVWDWXWRHGRFRQWUDWRGHJHVWmR
2VGLULJHQWHVQmRVmRUHVSRQViYHLVSRUDWRVLOtFLWRVGHRXWURVDGPLQLVWUDGRUHVVDOYRVHFRP
HOHVIRUHPFRQLYHQWHVVHQHJOLJHQFLDUHPQDILVFDOL]DomRRXVHGHWDLVDWRVWHQGRFRQKHFLPHQWR
GHL[DUHPGHDJLUSDUDLPSHGLUDVXDSUiWLFD
([LPHVHGHUHVSRQVDELOLGDGHRGLULJHQWHTXHIDoDFRQVLJQDUVXDGLYHUJrQFLDHPDWDGHUHXQLmR
GR&RQVHOKR&XUDGRURXGD'LUHWRULD([HFXWLYD
&$3Ì78/29,,,
'$6&2035$6('26&2175$726
$UW$)XQGDomR(VWDWDOGH$WHQomR(VSHFLDOL]DGDHP6D~GHGH&XULWLEDQRVWHUPRVGRDUW
GD/HLQGHGHMXQKRGHHGLWDUiUHJXODPHQWRSUySULRTXHHVWDEHOHoDSURFHGLPHQWRV
GLIHUHQFLDGRVSDUDOLFLWDo}HVHFRQWUDWRVGHYHQGRREVHUYDUVHXVSULQFtSLRVEDVHVHGLUHWUL]HVH
QRUPDVJHUDLV
3DUiJUDIRÓQLFR2UHJXODPHQWRDTXHVHUHIHUHHVWHDUWLJRVXMHLWRjDSURYDomRGR&RQVHOKR
&XUDGRUGHYHUiVHUSXEOLFDGRSRUH[WUDWRQDLPSUHQVDRILFLDO
&$3Ì78/2,;
(16,123(648,6$($9$/,$d®2'(7(&12/2*,$6
$UW$)XQGDomR(VWDWDOGH$WHQomR(VSHFLDOL]DGDHP6D~GHGH&XULWLEDSRGHUiGHVHQYROYHU
DWLYLGDGHVGHHQVLQRSHVTXLVDHDYDOLDomRGHWHFQRORJLDVGHVD~GHSRGHQGRFDSWDUUHFXUVRV
ILQDQFHLURVSDUDIRPHQWRHGHVHQYROYLPHQWRGHSHVTXLVDVHGDHGXFDomRSHUPDQHQWHHPVD~GHMXQWRDR
3RGHU3~EOLFRHjLQLFLDWLYDSULYDGDPHGLDQWHDSURYDomRGR&RQVHOKR&XUDGRU
&$3Ì78/2;
',6326,d¯(6*(5$,6(75$16,7Ð5,$6
$UW2VVHUYLoRVGHVD~GHSUHVWDGRVGLUHWDPHQWHSHOD6HFUHWDULD0XQLFLSDOGD6D~GHTXH
SDVVDUHPDVHUH[HFXWDGRVSHOD)XQGDomR(VWDWDOGH$WHQomR(VSHFLDOL]DGDHP6D~GHGH&XULWLED
GHYHUmRVHUWUDQVIHULGRVPHGLDQWH'HFUHWRGR3UHIHLWR0XQLFLSDO
3DUiJUDIRÓQLFR2VVHUYLGRUHVHVWDWXWiULRVGD$GPLQLVWUDomRGLUHWDDXWDUTXLDVHIXQGDo}HVGH
GLUHLWRS~EOLFRGR0XQLFtSLRTXHHVWLYHUHPORWDGRVQRVVHUYLoRVWUDQVIHULGRVSRGHUmRVHUIRUPDOPHQWH
FHGLGRVSDUDD)XQGDomR(VWDWDOGH$WHQomR(VSHFLDOL]DGDHP6D~GHGH&XULWLEDFRPPDQXWHQomRGR
YHQFLPHQWREiVLFRDGLFLRQDOSRUWHPSRGHVHUYLoRJUDWLILFDomRGHUHVSRQVDELOLGDGHWpFQLFD
JUDWLILFDomRHVSHFLDOGH0pGLFRHJUDWLILFDo}HVTXHSRUGHFUHWRIRUHPFRQVLGHUDGDVFRPSDWtYHLVFRP
RH[HUFtFLRIXQFLRQDOQD)XQGDomRILFDQGRDLQGDJDUDQWLGDDWUDMHWyULDGHFDUUHLUDSUHYLVWDHPVHX
UHJLPHMXUtGLFR
$UW$)XQGDomR(VWDWDOGH$WHQomR(VSHFLDOL]DGDHP6D~GHGH&XULWLEDSRGHUiVROLFLWDUD
FHVVmRGHVHUYLGRUHVRXHPSUHJDGRVGHyUJmRVHHQWLGDGHVLQWHJUDQWHVGD$GPLQLVWUDomR3~EOLFD
IHGHUDOHVWDGXDORXPXQLFLSDOGLUHWDRXLQGLUHWDTXDLVTXHUTXHVHMDPDVDWLYLGDGHVDVHUHP
H[HUFLGDV
3DUiJUDIRÓQLFR2VVHUYLGRUHVHVWDWXWiULRVGD$GPLQLVWUDomRGLUHWDDXWDUTXLDVHIXQGDo}HVGH
GLUHLWRS~EOLFRGR0XQLFtSLRTXHYLHUHPDVHUFHGLGRVSDUDD)XQGDomRFRQIRUPHFDSXWGHVWHDUWLJR
IDUmRMXVjPDQXWHQomRGRYHQFLPHQWREiVLFRDGLFLRQDOSRUWHPSRGHVHUYLoRJUDWLILFDomRGH
UHVSRQVDELOLGDGHWpFQLFDJUDWLILFDomRHVSHFLDOGH0pGLFRHJUDWLILFDo}HVTXHSRUGHFUHWRIRUHP
FRQVLGHUDGDVFRPSDWtYHLVFRPRH[HUFtFLRIXQFLRQDOQD)XQGDomRILFDQGRDLQGDJDUDQWLGDD
WUDMHWyULDGHFDUUHLUDSUHYLVWDHPVHXUHJLPHMXUtGLFR
$UW1DVKLSyWHVHVGRVSDUiJUDIRV~QLFRVGRVDUWVHGHVWDOHLDFHVVmRIXQFLRQDOVH
GDUiFRP{QXVSDUDR0XQLFtSLRPHGLDQWHUHVVDUFLPHQWRSHOD)XQGDomR
$UW$)XQGDomR(VWDWDOGH$WHQomR(VSHFLDOL]DGDHP6D~GHGH&XULWLEDSRGHUiSDJDUYDQWDJHP
SHFXQLiULDDRVHUYLGRURXHPSUHJDGRS~EOLFRDHODFHGLGRTXHQmRVHLQFRUSRUDUijVXDUHPXQHUDomR
GHRULJHPSDUDTXDOTXHUHIHLWRQHPSURGX]LUiHIHLWRVGHLQFRUSRUDomRHPSURYHQWRVRXSHQV}HV
$UW)LFDR3RGHU([HFXWLYRDXWRUL]DGRDGRDUj)XQGDomR(VWDWDOGH$WHQomR(VSHFLDOL]DGDHP
6D~GHGH&XULWLEDEHQVPyYHLVYDORUHVILQDQFHLURVUHPDQHMDUWUDQVSRUWUDQVIHULURXXWLOL]DU
PHGLDQWHLQYHQWiULRRDFHUYRWpFQLFRHSDWULPRQLDOGR0XQLFtSLRSDUDD)XQGDomR(VWDWDOGH$WHQomR
(VSHFLDOL]DGDHP6D~GHGH&XULWLEDQHFHVViULRVDRGHVHQYROYLPHQWRGHVXDVILQDOLGDGHV
3DUiJUDIRÓQLFR20XQLFtSLRSHORVVHXVyUJmRVFRPSHWHQWHVGHYHUiSURPRYHURLQYHQWiULRGH
WRGRVRVEHQVS~EOLFRVTXHVHUmRLQFRUSRUDGRVDRSDWULP{QLRGD)XQGDomR(VWDWDOGH$WHQomR
(VSHFLDOL]DGDHP6D~GHGH&XULWLEDSRUTXDOTXHUGDVIRUPDVGHWUDQVPLVVmRGHSURSULHGDGHRXSRVVH
DGPLWLGDOHJDOPHQWHFRQIRUPHSUHYLVWRQRFDSXWGHVWHDUWLJR
$UW(QTXDQWRQmRIRUILUPDGRRSULPHLURFRQWUDWRGHJHVWmRHQWUHD)XQGDomR(VWDWDOGH
$WHQomR(VSHFLDOL]DGDHP6D~GHGH&XULWLEDHD6HFUHWDULD0XQLFLSDOGD6D~GHILFDR3RGHU
([HFXWLYRDXWRUL]DGRDGHILQLUGRWDomRRUoDPHQWiULDSDUDRFXVWHLRGHVXDVGHVSHVDVPHQVDLV
PHGLDQWHSODQRGHDSOLFDomRQmRFDUDFWHUL]DQGRHVVDH[FHomRUHODomRGHGHSHQGrQFLDRUoDPHQWiULDGD
)XQGDomR(VWDWDOGH$WHQomR(VSHFLDOL]DGDHP6D~GHGH&XULWLEDHPUHODomRDR0XQLFtSLR
3DUiJUDIRÓQLFR)LFDHVWLSXODGRRSUD]RPi[LPRGHFHQWRHRLWHQWDGLDVSDUDDFHOHEUDomR
GRSULPHLURFRQWUDWRGHJHVWmR
$UW$)XQGDomR(VWDWDOGH$WHQomR(VSHFLDOL]DGDHP6D~GHGH&XULWLEDQmRpGHSHQGHQWHGR
RUoDPHQWRPXQLFLSDOGHYHQGRDSURYDUVHXSUySULRRUoDPHQWRGHDFRUGRFRPRVFRQWUDWRVTXHILUPDU
HPHVSHFLDOFRPD6HFUHWDULD0XQLFLSDOGD6D~GH
3DUiJUDIRÓQLFR$/HLGH'LUHWUL]HV2UoDPHQWiULDV0XQLFLSDOGHYHUiGLVSRUDQXDOPHQWHVREUHD
IRUPDGHDSUHVHQWDomRGRFRQWUDWRGHJHVWmRGHTXHWUDWDHVWDOHLQD/HL2UoDPHQWiULD$QXDOHD
RUJDQL]DomRGDVLQIRUPDo}HVUHODWLYDVDRFRQWUDWRGHJHVWmRTXHGHYHUmRFRPSRUDVLQIRUPDo}HV
FRPSOHPHQWDUHVjOHLRUoDPHQWiULDDQXDO
$UW$FRQWDELOLGDGHGD)XQGDomR(VWDWDOGH$WHQomR(VSHFLDOL]DGDHP6D~GHGH&XULWLED
VXEPHWHVHjVUHJUDVHVWDEHOHFLGDVSDUDDVHPSUHVDVHVWDWDLVQRTXHFRXEHU
$UW$LQVWDODomRGD)XQGDomR(VWDWDOGH$WHQomR(VSHFLDOL]DGDHP6D~GHGH&XULWLEDHRLQtFLR
GRH[HUFtFLRGHVXDVFRPSHWrQFLDVGDUVHmRDSDUWLUGRUHJLVWURQR&DUWyULRFRPSHWHQWHGD
HVFULWXUDS~EOLFDGHVXDFRQVWLWXLomR
3DUiJUDIRÓQLFR26HFUHWiULR0XQLFLSDOGD6D~GHDGRWDUiDVPHGLGDVQHFHVViULDVSDUDDLQVWLWXLomR
GD)XQGDomR(VWDWDOGH$WHQomR(VSHFLDOL]DGDHP6D~GHGH&XULWLEDQRSUD]RPi[LPRGHFHQWRH
YLQWHGLDV
$UW2GRDUWGD/HL0XQLFLSDOQGHGHMXQKRGHSDVVDDYLJRUDU
DFUHVFLGRGHLQFLVR9FRPDVHJXLQWHUHGDomR
9)XQGDo}HV(VWDWDLVVRERUHJLPHGHGLUHLWRSULYDGR$&
$UW2LQFLVR,,GRDUWGD/HL0XQLFLSDOQGHGHMXQKRGHSDVVDDYLJRUDU
DFUHVFLGRGHDOtQHDGFRPDVHJXLQWHUHGDomR
G)XQGDo}HV(VWDWDLVVRERUHJLPHGHGLUHLWRSULYDGR
)XQGDomR(VWDWDOGH$WHQomR(VSHFLDOL]DGDHP6D~GHGH&XULWLED)($(6&85,7,%$$&
$UW(VWDOHLHQWUDHPYLJRUQDGDWDGHVXDSXEOLFDomR
3$/É&,2'(0$5d2HPGHGH]HPEURGH
/XFLDQR'XFFL
35()(,72081,&,3$/
Download
