the caravaggio fund

Placement of the Caravaggio Fund closed on 22 December 2003. The initial unit share value was 2,500 euros and the subscribed capital amounted to 120,560,000 euros.

The maturity is 8 years, considerably shorter than the other Funds present in Italy today, and the minimum target performance is 7%. Since 16 May 2005, the Fund has traded on the Italian Stock Exchange in Class 2 of the MTA segment.

The results of the Fund, since its establishment, are set out in the following table.

  Value of Fund N° of shares Unit Value 6 month Var. % Annual Var. %
Start up 120,560,000 48,224 2,500.000 - -
30 June 2004 120,581,087 48,224 2,500.440 n.s.  
31 December 2004 130,885,716 48,224 2,714.120   8.56
30 June 2005 134,998,997 48,224 2,799.415 3.14  
31 December 2005 139,501,172 48,224 2,892.775   6.58
30 June 2006 142,315,382 48,224 2,951.132 2.02  
31 December 2006 151,448,010 48,224 3,140.511   8.56
30 June 2007
156,034,690
48,224
3,235.623
3.03
  
31 December 2007 158,317,953 48,224 3,282.970   4.54
30 June 2008 162,950,471 48,224 3,379.033 2.93   
31 December 2008 159,709,758 48,224 3,311.831   0.88
30 June 2009 154,874,638 48,224 3,211.586 -3.03  
31 December 2009 153.137.281 48.224 3.175,541 -4,12%

Since December 31st 2008, the share value of the Caravaggio Fund has decreased by 4.12% to €3,175.541 against total assets worth over € 334 million. Since inception the fund’s performance has exceeded 27% equivalent to a +4.11% compound annual return.