ITALY’S TOP 100

Posizione Nome del manager

Citywire Ratings Gruppi Fondo gestito

1 Rolf Stout AAA Fortis Investments Fortis L OBAM Equity World Cap

2 Allan Liu AAA Fidelity International Fidelity Funds - South East Asia A

3 Bill Sung AAA Natixis Asset Management Absolute Asia AM Pacific Rim Equities Fd R/C(USD)

4 Graham Birch AAA BlackRock MLIM MLIIF World Gold Fund A2 USD

5 Guy Monson AAA Sarasin Sarasin EquiSar - Global, Sarasin EquiSar - IIID (EUR)

5 Harry Talbot Rice AAA Sarasin Sarasin EquiSar - Global, Sarasin EquiSar - IIID (EUR)

7 Michael R. Mach AAA Eaton Vance Management Eaton Vance Emerald US Value M USD

8 Robert Von Rekowsky AAA Fidelity International Fidelity Funds - Emerging Markets A

9 Clay Hoes AAA American Express Asset Management AmEx Funds Global Energy Equities AU

10 Scott W. Schoelzel* AAA Janus International Janus US Twenty A USD

11 Edouard Carmignac AAA Carmignac Gestion Carmignac Investissement A

12 Evy Hambro AAA BlackRock MLIM MLIIF World Gold Fund A2 USD, MLIIF World Mining Fund A2 USD

13 Joseph Tse AAA Fidelity International Fidelity Funds - Asian Special Sits A

14 François Mouté AA ABN AMRO Asset Management ABN AMRO US Opportunities A USD

15 Neil Rogan AA Gartmore Investment Ltd Gartmore SICAV Global Focus EUR A

16 Gunnar Friede AA DWS Investments DWS Invest Sustainability LC, DWS Invest Global Equities LC

17 Mario Frontini AA Fidelity International Fidelity Funds - European Aggressive A, Fidelity Funds - Italy A

18 Jimmy Burns AA Berenberg Vontobel European Mid & Small Caps Eq A2

18 David Houston AA Berenberg Vontobel European Mid & Small Caps Eq A2

20 Anthony Gifford AA Henderson Global Investors Bipitalia Henderson Valore, Gestielle America, Henderson HF American Equity A2 USD

20 Nicholas Cowley AA Henderson Global Investors Bipitalia Henderson Valore, Gestielle America, Henderson HF American Equity A2 USD

22 John Segner AA Invesco Asset Management Invesco Energy A

23 Yoshito Tsubota AA Callander funds Callander Fund Japan New Growth C1

24 Michael Sieghart AA DWS Investments DWS Invest European Equities LC, DWS Invest European Dividend Plus LC

25 Paul Psaila AA Morgan Stanley AM Morgan Stanley Emer Eur, Mid East&Nth Af Eq A EUR

25 Eric Carlson AA Morgan Stanley AM Morgan Stanley Emer Eur, Mid East&Nth Af Eq A EUR

27 Dieter Küffer AA Sustainable Asset Management SAM Smart Materials Fund B, SAM Sustainable Water B

28 Sean Taylor AA GAM Fund Management Ltd GAM Star International Equity USD Acc

29 John Remmert AA Franklin Templeton Investments Franklin Templeton Global Growth&Value A Acc, Franklin Global Growth A Acc

30 Maria Polycarpou AA Fortis Investments Fortis L Equity Small Caps Europe Cap

31 Hubert Mathet AA Banque Syz OYSTER European Small Cap EUR

32 Bolko Hohaus AA LODH Gestion LODH Invest - Infology P A

32 Eurof Uppington AA LODH Gestion LODH Invest - Infology P A

34 Robin Batchelor AA BlackRock MLIM MLIIF World Energy Fund A2 USD

34 Poppy Allonby AA BlackRock MLIM MLIIF World Energy Fund A2 USD

36 Alex Stanic AA BNY Mellon Asset Management Mellon Global Equity A USD, Mellon Global Intrepid A USD

37 Jason Pidcock AA BNY Mellon Asset Management Mellon Asian Equity A USD

38 Bruce Stout AA Aberdeen Asset Management Aberdeen Global-World Equity A Acc

39 John Pollen AA Pioneer Investments Pioneer Azionario Paesi Emergenti A

40 Shinichi Haneda A AIG Investments AIG Global Funds - AIG Japan New Horizon Y

41 Adrian Bignell A Invesco Asset Management Invesco Pan European Small Cap Equity A

42 Colin Ng A UBAM UBAM South Pacific & Asia Equity A Cap

43 Francesco Conte A JPMorgan AM JPM Europe Recovery A Acc EUR

43 Jim Campbell A JPMorgan AM JPM Europe Recovery A Acc EUR

45 Christopher Smart A Pioneer Investments Pioneer Funds Emerging Markets Equity E

45 Sam Polyak A Pioneer Investments Pioneer Funds Emerging Markets Equity E

47 Geoffrey Paton A Henderson Global Investors Henderson HF Global Technology A2 USD

47 Stuart O’Gorman A Henderson Global Investors Henderson HF Global Technology A2 USD

49 Dennis P. Lynch A Morgan Stanley AM Morgan Stanley Global Equity Growth Fund A USD, Morgan Stanley US Equity Growth A USD

50 Gary Motyl A Franklin Templeton Investments Franklin Templeton Global Growth&Value A Acc

51 Alessandro Pacchiani A Banque Syz OYSTER Italian Value EUR

52 Raphael Kassin A Credit Suisse Asset Management Credit Suisse Bond (Lux) Emerging Markets B

53 Ralf Schreyer A DWS Investments DWS Eurorenta

54 Fausto Artoni A Azimut AZ Fund 1 Italian Trend A AZ FUND, Azimut Trend Italia

55 Bénédicte Mougeot A HSBC Investments HSBC GIF Japanese Equity AD JPY

56 Andrew Holliman A Threadneedle Investments AmEx Funds World Equities AU

57 Mark Haenni A Vontobel Funds Vontobel Swiss Stars Equity A2

58 Brenda Reed A Fidelity International Fidelity Funds - Global Focus A USD

59 Ian Buet A BSI BSI-Multinvest - UK Stocks A

60 Neil Gregson A Credit Suisse Asset Management Credit Suisse Equity (Lux) Infrastructure B, Credit Suisse Equity (Lux) Global Resources B

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ITALY’S TOP 100 FUND MANAGERS

Posizione Nome del manager

Citywire Ratings Gruppi Fondo gestito

61 Federico Trabucco A Monte Paschi Ducato Geo Europa PMI62 Pierre Lamboray A Dexia Asset Management Dexia Equities L Spain C Cap, Dexia Invest Spain Cap63 Simon Chan A BNP Paribas Investment Partners Parvest Asia C64 Hans Hölzl A Union Investment UniAsiaPacific A

65 Pierre Lagrange A GLG Partners GLG European Equity A

66 Richard Skelt A Fidelity International Fidelity Funds - International Fund A, Fidelity Funds - World A

67 Nidhi Mahurkar A Pictet & Cie Pictet F (LUX)-Asian Eq (Ex Japan)-P Cap, Pictet F (LUX)-Emerging Markets-P Cap

68 Abigail McKenna A Morgan Stanley AM Morgan Stanley EM Domestic Debt A USD, Morgan Stanley Emerging Markets Debt A USD

69 Ruchir Sharma A Morgan Stanley AM Morgan Stanley Asian Equity A USD, Morgan Stanley Emerging Markets Equity A USD

70 Thomas de Saint-Seine A Reyl & Cie Reyl (Lux) GF European Equities (EUR) B, Reyl (Lux) GF North American Equities (USD) B

70 Maxime Botti A Reyl & Cie Reyl (Lux) GF European Equities (EUR) B, Reyl (Lux) GF North American Equities (USD) B

70 Andreas Nigg A Vontobel Funds Popso Investment Fd Sicav - USA Equity, Vontobel US Equity A2

73 Luc Varenne A ABN AMRO Asset Management ABN AMRO Europe Convertible Bond A EUR

74 Sylvia Szczepek A DWS Investments DWS Osteuropa, DWS Tuerkei

75 Marvin Schwartz A UBAM UBAM Neuberger Berman US Equity Value A

76 Paola Brunelli** A Credit Suisse Asset Management Credit Suisse Azionario Italia

77 Richard Parower A Seligman Investments Seligman Global Horizon Global Technology A

78 David Watson A ABN AMRO Asset Management ABN AMRO US Equity Growth A USD

79 Kunihiko Sugio A Morgan Stanley AM Morgan Stanley Japanese Value Equity A JPY, Popso Investment Fd Sicav - Japanese Equity

80 Manfred Zourek A Erste Sparinvest ESPA STOCK VIENNA EUR A, ESPA STOCK ISTANBUL EUR A

81 Bertrand De Dinechin A Societe Generale Asset Management SGAM Fund Bonds Euro Aggregate Core Plus AC, SGAM Fund Bonds Absolute Return Interest Rate AC

82 Albert Abehsera A UBAM UBAM IFDC Japan Equity A

83 Sébastien Lagarde A AXA Investment Managers AXA WF Europe MicroCap A Cap

84 Chantal Brennan A AIG Investments AIG Global Funds - AIG Europe Small Companies Y

85 Rajesh Varma A Carmignac Gestion Carmignac Innovation, Carmignac Portfolio Infotech

86 David Bessey A Oppenheim Pramerica WIP Emerging Markets Fixed Income Fund A USD

86 Cathy Hepworth A Oppenheim Pramerica WIP Emerging Markets Fixed Income Fund A USD

88 Gabriel Wallach A Fortis Investments Fortis L Equity World Emerging Cap, Fortis L Equity Resources World Cap

88 Bob Doll A BlackRock MLIM MLIIF US Growth Fund A2 USD, MLIIF US Flexible Equity Fund A2 USD, BSI-Multinvest - US Stocks A

90 Jeremy Lefkowitz A Invesco Asset Management Invesco US Structured Equity A

91 Kun Deng A Lazard Asset Management Lazard Emerging World

92 Felix Meier A Credit Suisse Asset Management Credit Suisse Equity (Lux) Small Cap Germany B

93 Neil Robson A Pioneer Investments Pioneer Funds Global Equity E

94 Paul Wick A Seligman Investments Seligman Global Horizon US Communications & Info A

95 Roger Guy Gartmore Investment Ltd Gartmore SICAV Continental European EUR A

95 Guillaume Rambourg Gartmore Investment Ltd Gartmore SICAV Continental European EUR A

97 Antonio Cavallo*** BNP Paribas Investment Partners BNL Azioni Italia PMI

98 Chris Burling New Star Asset Management New Star GIF Japan Recovery USD

99 Clas G Olsson Invesco Asset Management Invesco European Growth Equity A

99 Jason T Holzer Invesco Asset Management Invesco European Growth Equity A*Scott W. Schoelzel ceased managing this fund 01/01/08**Paola Brunelli ceased managing this fund 14/01/08***Antonio Cavallo ceased managing this fund at the end of December 2007

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ITALY’S TOP 100

www.citywireselector.com

ITALY’S TOP 100 FUND MANAGERS

Citywire Ratings in Italiano: Metodologia

I rating di Citywire sono calcolati mensilmente sulla base della performance triennale dei gestori di fondi comuni in base al rischio nei 36 settori globali Lipper. Un manager viene inserito nella nostra analisi se gestisce un fondo retail in uno di questi settori e ha mantenuto per almeno 30 mesi una performance nei confronti del relativo benchmark. L’analisi è del tutto quantitativa.

Il rating di Citywire è basato sul Manager Ratio (MR), l’equivalente dell’Information Ratio (una misura standard di performance dei fondi comuni in base al rischio). La metodologia tiene in considerazione le intereruzioni di carriera, per consentire una facile individuazione della performance di un manager anche quando si sposta da una società ad un’altra.

L’MR riflette il livello di valore aggiunto, in termini di sovraperformance, che il manager realizza per ciascuna unità di rischio assunta – laddove il rischio è definito come distante dal rendimento dell’indice. È necessario un MR di almeno 0,25 (lo 0,25% della sovraperformance per ogni 1% del Tracking Risk) per avere diritto ad un rating di tipo A. I manager che raggiungono valutazioni maggiori possono rientrare nei rating AA o AAA.

Circa il 10% dei manager considerati raggiunge un rating Citywire (A, AA o AAA), e tra questi l’1% raggiunge il rating AAA.

Ad ogni settore è assegnata una valuta predefinita per ridurre al minimo l’impatto delle oscillazioni valutarie (ad esempio, tutti i fondi investiti negli USA sono considerati in termini di dollaro USA).