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GHSHUWRHH[HFXWDXPPRYLPHQWRUHWRGHFLPDSDUDEDL[RSURFXUDQGRLPLWDURPRYLPHQWRGR
URORGHWLQWDQDFRQIHFomRGDOHWUD2YtGHRWHPUXtGRVGHUXDQDIRUPDGHVRPGHIXQGR
)LJXUD9tGHR
2YtGHRWHPSRVLFLRQDPHQWRFHQWUDOL]DGRHRFXSDDSDUWHLQIHULRUGROD\RXWVREUHSRQGR
SDUWHGRPHQX(VWHGHWLSRGLDJUDPDomRFDUDFWHUL]DXPDIDOWDGHUHVSHLWRFRPDLQWHUDomRGR
XVXiULRSRLVRSRVLFLRQDPHQWRGRYtGHRDWUDSDOKDDFRPXQLFDomR&DUDFWHUtVWLFDHVWiSUHVHQWH
QRFRPSRUWDPHQWRGDVSLFKDo}HVREVHUYDGDV2YtGHRWHPDVREUHSRVLomRGHOHWUDVGHSLFKDomR
FRPSRVWDVFRPOHWUDVDOHDWyULDVIRUPDQGRXPDPiVFDUDSDUDLQVHUomRGDLPDJHPHPPRYLPHQ
WRQRIXQGRTXHpDLPDJHPGHXPDSDUHGHFRPSLFKDo}HVQXPDFDSWDomRWUrPXODHGRRXWUR
ODGRGHXPDUXDIDWRHVVHTXHSHUPLWHUHWUDWDUDSDVVDJHPGHXPFDUURQHVVHPHLRWHPSR2
YtGHRWHPUXtGRVGHUXDQDIRUPDGHVRPGHIXQGR
)LJXUD9tGHR
2YtGHRpIRUPDGRSRUGRLVYtGHRVTXHUHSHWHPDPHVPDLPDJHPHPPRYLPHQWRHPERUD
HPPiVFDUDVGLIHUHQWHV8PID]XVRGHXPDPiVFDUDUHWDQJXODUHPWDPDQKRPHQRUHRRXWUR
XWLOL]DXPDPiVFDUDIRUPDGDSHODUHSHWLomRGDIUDVH³RSL[RHFRD´FRPVREUHSRVLomRGRVFD
UDFWHUHVIRUPDQGRXPDLPDJHPVy2VYtGHRVWrPSRVLFLRQDPHQWRORFDOL]DGRHPJUDQGHSDUWH
QR FDQWR VXSHULRU GLUHLWR GR OD\RXW$ LPDJHP HP PRYLPHQWR FRPHoD FRP R FORVH GH XPD
SLFKDomR H H[HFXWD XP PRYLPHQWR GH DIDVWDPHQWR SHUPLWLQGR XPD PHOKRU REVHUYDomR GRV
JUD¿VPRV2YtGHRWHPUXtGRVGHUXDQDIRUPDGHVRPGHIXQGR
)LJXUD9tGHR
2YtGHRpIRUPDGRSRUWUrVYtGHRVTXHUHSHWHPDPHVPDLPDJHPHPPRYLPHQWRHPERUD
HPPiVFDUDVGLIHUHQWHV8PID]XVRGHXPDPiVFDUDUHWDQJXODUHPWDPDQKRPHQRUHRRXWUR
DPHVPDPiVFDUDUHWDQJXODUHPWDPDQKRPDLRUHRWHUFHLURXWLOL]DXPDPiVFDUDIRUPDGDSHOD
IUDVH³SL[RORJRH[LVWR´JUDIDGDFRPDWLSRJUD¿D$GUHQDOLQDVS2VYtGHRVWrPSRVLFLRQDPHQ
WRRFXSDQGRRODGRVXSHULRUHVTXHUGRHLQIHULRUGLUHLWRGROD\RXW$LPDJHPHPPRYLPHQWR
FRPHoDFRPRFORVHGHXPDSLFKDomRHH[HFXWDXPPRYLPHQWRLPLWDQGRXPDSHVVRDDQGDQGR
DRODGRGHXPDSDUHGHFRPPXLWDVSLFKDo}HVWHQGRXPHQTXDGUDPHQWRRQGHpSULYLOHJLDGRD
SHUVSHFWLYDGDSDUHGH2YtGHRWHPUXtGRGHGHVORFDPHQWRGHFDUURFRPRVRPGHIXQGR
)LJXUD9tGHR
2YtGHRpIRUPDGRSRUGRLVYtGHRVTXHUHSHWHPDPHVPDLPDJHPHPPRYLPHQWRHPERUD
HPPiVFDUDVGLIHUHQWHV8PID]XVRGHXPDPiVFDUDUHWDQJXODUHPWDPDQKRPHQRUHRRXWUR
XWLOL]DXPDPiVFDUDFRPSRVWDFRPOHWUDVGHSLFKDomRDOHDWyULDVHVREUHSRVWDVIRUPDQGRXPD
PiVFDUDSDUDLQVHUomRGDLPDJHPHPPRYLPHQWR2VYtGHRVWrPSRVLFLRQDPHQWRFHQWUDOL]DGR
HQRFDQWRVXSHULRUGLUHLWRGROD\RXW$LPDJHPHPPRYLPHQWRpXPSDQRUDPDVREUHXPDSD
UHGHFRPDOJXPDVSLFKDo}HV2YtGHRWHPUXtGRVGHUXDFRPRVRPGHIXQGR
%RWmRSURMHWR
2ERWmRSURMHWRSRVVXLHIHLWRGHPRXVHRYHUSRUWDQWRQRPRPHQWRTXHRXVXiULRUHSRXVDUR
PRXVHVREUHHOHLUiDSDUHFHUDSDODYUDSURMHWRVREUHSRQGRRXWURVLWHQVGRPHQX$RFOLFDUQR
ERWmRVHUiH[HFXWDGDDDomRVROLFLWDQGRXPDSiJLQDFRPXPWH[WRTXHID]XVRGDWLSRJUD¿D
GLJLWDO$GUHQDOLQDVSGHVFUHYHQGRRSURMHWRHPSRUWXJXrVHLQJOrVFUpGLWRVHPDLOSDUDFRQWD
WRHERWmRIHFKDU(VWDSiJLQDpDEHUWDHPXPQtYHODFLPDGDVRXWUDVSiJLQDVHODSRVVXLIXQGR
EUDQFRFRPFLQTXHQWDSRUFHQWRGHWUDQVSDUrQFLDRTXHSHUPLWHDOHLWXUDGRWH[WRHDRPHVPR
WHPSR FRPS}HP XP IXQGR GLQkPLFR TXH p IRUPDGR D SDUWLU GDV LQWHUDo}HV UDQG{PLFDV GR
XVXiULR
)LJXUD3iJLQDSURMHWR
'RLVERW}HVTXHWURFDPIRWRHVRPRXHVFROKDGHFRPELQDo}HVSUpSURJUDPDGDV
2VGRLVERW}HVORFDOL]DGRVQRODGRHVTXHUGRHGLUHLWRGRPHQXWrPDo}HVSDUHFLGDVHUHVSHF
WLYDPHQWHVXEERW}HVHHPEDL[R$PERVSRVVXHPHPVXDIXQomRPRXVHRYHURDSD
UHFLPHQWRGRWH[WR³WURFDIRWRHVRP´VREUHSRQGRRPHQX(RERWmRSULQFLSDOSRVVXLVRPGH
EDUXOKRGHVSUD\FKDFRDOKDQGRHRVVXEERW}HVEDUXOKRGH]XQLGRGHVSUD\$RFOLFDUQRERWmR
SULQFLSDOpH[FXWDGDDDomRUDQG{PLFDTXHLUiVROLFLWDUXPGRVWUrVDUTXLYRVGLVSRQtYHLV/HP
EUDQGRTXHHVWHVWUrVDUTXLYRVGLVSRQtYHLVHPFDGDERWmRHGLIHUHQWHVHQWUHVLWDPEpPSRVVXHP
Do}HVUDQG{PLFDV3RUWDQWRDDomRGHVVHVERW}HVIRUPDPGXDVDo}HVUDQG{PLFDVVLPXOWkQHDV
2VVXEERW}HVHGRODGRHVTXHUGRHGLUHLWRFKDPDPDVSiJLQDVFRUUHVSRQGHQWHVHVHUmR
H[SOLFDGRVDSDUWLUGHVVDVGHQRPLQDo}HV
3iJLQDHVTXHUGD
$SiJLQDRFXSDDSDUWHHVTXHUGDGRZHEVLWHHpIRUPDGDSHODDQLPDomRGHVHWHIRWRVUHSHWLGDV
HPIUDPHVHPVHTXrQFLDFRPYHORFLGDGHGHIUDPHVSRUVHJXQGReFDUUHJDGRMXQWRDXP
VRPGHIXQGRHGLWDGRFRPVREUHSRVLomRGDVIUDVHVGHXPSLFKDGRUFRPHQWDQGRVREUHRDWRGH
SLFKDU³REDUDWRGRVFDUDDLy´³FRQKHFLPHQWR´³FKHJiQDKXPLOGDGH´³HLVVRDHy´WRGRV
RVVRQVHPORRSIRUDPFDSWXUDGRVGHXPWUHFKRGRGYGHVFULWXUDXUEDQDYROXPHGRSLFKDGRU
7+23URYDYHOPHQWHGHYLGRDRFDUiWHULQIRUPDOHFRQWUDOHLGRDWRGHSLFKDURGYGQmRSRVVXL
WRGRVRVFUpGLWRV
)LJXUD3iJLQDHVTXHUGDFRPDORFDOL]DomRGRFDUUHJDPHQWRGDSiJLQDHPLQLDWXUDGDVRXWUDVIRWRVTXHID]HPSDUWH
GDDQLPDomR
3iJLQDHVTXHUGD
$SiJLQDRFXSDDSDUWHHVTXHUGDGRZHEVLWHHpIRUPDGDSHODDQLPDomRGHTXDWURIRWRVFRP
WHPSRVGLIHUHQWHVHDOHDWyULRV2VRPGHIXQGRHPORRSUHSHWHDVIUDVHV³YDLPDOXFRYDLPDOX
FR´³GHPRU{GHPRU{´³YDLYDLYDL´³¿UPH]D¿UPH]D´HEDUXOKRGHVSUD\)D]HQGRDVVLP
XPDDOXVmRDRDWRGHSLFKDU1HVWDSiJLQDKiVRPHQWHXPDIRWRTXHPRVWUDXPDSDUHGHSLFKD
GDDVRXWUDVTXDWURIRWRVIRUDPFDSWDGDVGHYtGHRVGHSLFKDGRUHVQRDWRGDSLFKDomRUHWLUDGRV
GRGYGHVFULWXUDXUEDQDYROGRSLFKDGRU7+2
)LJXUD3iJLQDHVTXHUGDFRPDORFDOL]DomRGRFDUUHJDPHQWRGDSiJLQDHPLQLDWXUDGDVRXWUDVIRWRVTXHID]HPSDUWH
GDDQLPDomR
3iJLQDHVTXHUGD
$SiJLQDRFXSDDSDUWHHVTXHUGDGRZHEVLWHHpIRUPDGDSHORFDUUHJDPHQWRGHXPDGDVQRYH
IRWRVTXHSHUWHFHPDSiJLQDHVVDVIRWRVVmRHVFROKLGDVDOHDWRULDPHQWHXWLOL]DQGRXPPRGRGH
DomRUDQG{PLFD(VWDSiJLQDQmRSRVVXLVRP
)LJXUD3iJLQDHVTXHUGDFRPDORFDOL]DomRGRFDUUHJDPHQWRGDSiJLQDHPLQLDWXUDGDVRXWUDVIRWRVTXHID]HPSDUWH
GDDomRUDQG{PLFD
3iJLQDGLUHLWD
$SiJLQDRFXSDDSDUWHGLUHLWDGRZHEVLWHHpIRUPDGDSHODDQLPDomRGHTXDWURIRWRVFRPWHP
SRVGLIHUHQWHVHDOHDWyULRV2VRPGHIXQGRpXPDEDWLGDGHUDSLQVWUXPHQWDOHPORRSHWHPR
LQWXLWRGHIRUPDUDEDVHSDUDRVGHPDLVVRQVGRVLWH
)LJXUD3iJLQDGLUHLWDFRPDORFDOL]DomRGRFDUUHJDPHQWRGDSiJLQDHPLQLDWXUDGDVRXWUDVIRWRVTXHID]HPSDUWHGD
DQLPDomR
3iJLQDGLUHLWD
$SiJLQDRFXSDDSDUWHGLUHLWRGRZHEVLWHHpIRUPDGDSHORFDUUHJDPHQWRGHXPDGDVVHWHIRWRV
TXHSHUWHFHPDSiJLQDHVVDVIRWRVVmRHVFROKLGDVDOHDWRULDPHQWHXWLOL]DQGRXPPRGRGHDomR
UDQG{PLFD2VRPGHIXQGRpXPDEDWLGDGHUDSLQVWUXPHQWDOHPORRSIRUPDQGRDEDVHSDUDRV
GHPDLVVRQVGRVLWH
)LJXUD3iJLQDGLUHLWDFRPDORFDOL]DomRGRFDUUHJDPHQWRGDSiJLQDHPLQLDWXUDGDVRXWUDVIRWRVTXHID]HPSDUWHGD
DomRUDQG{PLFD
3iJLQDGLUHLWD
$SiJLQDRFXSDDSDUWHGLUHLWDGRZHEVLWHHpIRUPDGDSHORFDUUHJDPHQWRGHXPDGDVGH]IRWRV
TXHSHUWHFHPDSiJLQDHVVDVIRWRVVmRHVFROKLGDVDOHDWRULDPHQWHXWLOL]DQGRXPPRGRGHDomR
UDQG{PLFD(VWDSiJLQDQmRSRVVXLVRP
)LJXUD3iJLQDGLUHLWDFRPDORFDOL]DomRGRFDUUHJDPHQWRGDSiJLQDHPLQLDWXUDGDVRXWUDVIRWRVTXHID]HPSDUWHGD
DomRUDQG{PLFD
'RLVERW}HVTXHIRUPDPSDODYUDVDSDUWLUGHIRWRVUHFRUWDGDV
2VXOWLPRVERW}HVWDQWRGRODGRHVTXHUGRFRPRRGLUHLWRWrPFRPRDomRFDUUHJDPHQWRGHXPD
GDVQRYHIRWRVTXHSHUWHFHPDSiJLQDHVVDVIRWRVVmRHVFROKLGDVDOHDWRULDPHQWHXWLOL]DQGRXP
PRGRGHDomRUDQG{PLFD$VIRWRVVmRUHFRUWDGDVSURFXUDQGRGDUPDUJHPSDUDTXHRXVXiULR
FRPELQHRODGRHVTXHUGRFRPRGLUHLWRIRUPDQGRSDODYUDV2FRQIURQWRGDVIRWRVGHGLIHUHQWHV
OXJDUHVHHVWLORVGHOHWUDVIRUoDRXVXiULRDWHQWDUHQWHQGHUDVSDOYUDVTXHQRUPDOPHQWHTXDQGR
VmRREVHUYDGDVQDSDUHGHQmRVHSUHRFXSDPHPOHU$VSiJLQDVQmRSRVVXHPVRP
)LJXUD$¿JXUDPRVWUDFRPELQDo}HVSRVVtYHLVSHORFDUUHJDPHQWRGDVGXDVSiJLQDV$VIRWRVORFDOL]DGDVGRODGR
HVTXHUGRSHUWHQFHPDSiJLQDGRODGRHVTXHUGRHGRODGRGLUHLWRSHUWHQFHPDSiJLQDGRODGRGLUHLWR
)LJXUD$¿JXUDPRVWUDFRPELQDo}HVSRVVtYHLVSHORFDUUHJDPHQWRGDVGXDVSiJLQDV$VIRWRVORFDOL]DGDVGRODGR
HVTXHUGRSHUWHQFHPDSiJLQDGRODGRHVTXHUGRHGRODGRGLUHLWRSHUWHQFHPDSiJLQDGRODGRGLUHLWR
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