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kgocqgoc g zb}yecg` meca toqn qnbo} i`obcqy, gca
qnoy ngy mbiekb zg}qoir`g}` gzzg}bcq oc }bibcqnoyqe} yocib qnb cgciog` yi}bt tgy qodnqbcba#
Gy g `bcab} qngq }bxobty bgin igyb ocaoxoarg``,
tb g}b gm`b qe ab`oxb} g zb}yecg` yb}xoib qe bgin
gca bxb} ecb eh er} i`obcqy# Tb ngxb g`tgy
bkzngyoyba qnb okze}qgcib eh qnoy, ceq ec` qe er}
iryqekb}y, mrq qe er} yqghh# Iryqekb} ygqoyhgiqoec
aeby ceq lryq }bhb} qe qnb wrg`oq eh qnb z}eariq,
mrq g`ye qe qnb b~zb}obcib oc giwro}ocd oq gca
tngq he``ety# H}ek qnb h}ecq aee} eh gc ehib
qe qnb ab`oxb} eh g yb}xoib, qnb}b cbbay qe mb
iecyoyqbci# Qnb}b cbbay qe mb g z}ehbyyoecg` gca
h}obca` gqkeyznb}b gy tb`` gy i`g}oq, q}gcyzg}bci
gca gyyoyqgcib + oq oy zg}gkercq qngq iryqekb}y g}boc gc bcxo}eckbcq tnoin tb`iekby ceq ec` qnbo}
q}gab, mrq qnbo} eg`q gca yrzze}q#
Kgc mryocbyyby ngxb hg``bc yne}q mbigryb qnb
hgo`ba qe gzz}biogqb qngq qnb igcceq yokz`
ehhb} g z}eariq gca bxb}qnocd to`` mb ykeeqn
ygo`ocd, mrq }gqnb} qngq qnb kryq ehhb} g yb}xoib
qe iekz`okbcq qngq z}eariq# Ce mryocbyy ngy g
}odnq qe iryqekb}y, qnb g}b g z}oxo`bdb qngq kryq
mb bg}cba gca inb}oynba# Oc gc mryocbyy, qnb}b
ngy qe mb g ie``biqoxb bhhe}q gca gc rcab}yqgcaocd
eh tngq oq kbgcy qe z}exoab g ir`qr}b eh yb}xoib
b~ib``bcib, gca qnoy kryq mb gq qnb he}bh}ecq eh
bxb}meay kocay, gca gq bxb} yqbz eh qnb tg#
Yekbqokby, qnoy oycq gc bgy qgyf# Oq qgfby ke}b
qngc g irz eh iehhbb gca g coib yko`b ec }bibzqoec
qe iekzb` iryqekb}y qe }bqr}c# Ngxocd ygoa qngq,
oq oy g deea yqg}q gca }bkbkmb} + oh er aecq qgfb
ig}b eh er} iryqekb}y, yekbecb b`yb to``#
8/9/2019 Portfolio | August 2010
13/92Grdryq =:7:
MRYOCBYY CBTY OC M]OBH
Emyb}xb}
=:7:CBT_
E]FQOKBYCBTYYB]XOIB
]bocxbcqocd ZnecbQzocd, GdgocYtzb oy qnb `gqbyq ocxbcqoec tnoin `eefy ybq qe ingcdb qnb tg tb t}oqb kbyygdby ec
er} znecby gca eqnb} iekkrcoigqoec abxoiby, }bze}qy Lbccg Teqngk#
I`ohh Fryn`b} oy qnb ocxbcqe}
eh z}baoiqoxb te}ay qzba ec
ib``znecby gca ie+abxb`ezb} eh
Ytzb, g cbt yyqbk he} qerin
yi}bbc znecby#
8/9/2019 Portfolio | August 2010
14/92Ze}qhe`oe
= Emyb}xb}
Ytzb }b`oby ec hocdb} kexbkbcq gca
kgfby ryb eh qnb hr`` wtb}q fbmeg}a# Ryba
ie}}biq`, oq d}bgq` oci}bgyby qzocd yzbba#
Fryn`b} gca noy qbgk te}fba he} ybxbc
bg}y ec Ytzb# Noy ho}yq yehqtg}b he} kemo`b
znecby, Q?, tgy g nrdb yriibyy#
8/9/2019 Portfolio | August 2010
15/92Grdryq =:7:
Emyb}xb}
KEYQ ]B@OGM@B IG]Y HE] =:7:
Xbnoi`b Z}em`bky zb} 7:: xbnoi`by
Ze}yinb 77:
@ocie`c 771
Mroif 772
@b~ry 772
Kb}ir} 7=7
Qeeqg 7=>
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He}a 717
Kb}ibaby+Mbc| 71=
Gir}g 719
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.gy eh Lrcb 7/
He}a H+Yb}oby Zoifrz Q}rif 7?9,>19
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In}y`b} Qetc ( Iercq} Kocoxgc 27,91=
Fog Ye}bcqe YRX 1=,74:
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8/9/2019 Portfolio | August 2010
16/92Ze}qhe`oe
1 Emyb}xb}
Q+Kemo`b RYG,
g yrmyoaog}
eh qnb `g}dbyq
qb`biekkrcoigqoecy
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abioaba qe oclbiq
h}byn oabgy ocqe qnb
iekzgc oc qnb
hgib eh gdd}byyoxb
aekbyqoi iekzbqoqe}y#
Oc g yngfb+rz eh
qez iekzgc }gcfy,
Zno`ozz Nrkk
}bz`giba `ecd+qokb
inobh ]emb}q Aeqyec
gy IBE+abyodcgqb# Nrkk tgy qnb Ingo}kgc eh qnb Meg}a
eh Ao}biqe}y eh Q+Kemo`b I|bin ]bzrm`oi, gca }byzecyom`b
toqnoc qnb Abrqyinb Qb`bfek D}erz he} Yg`by gca Yb}xoibyoc Br}ezb, gy tb`` gy qnb kgcgdbkbcq eh cgqoecg` iekzgcoby
oc Gryq}og, I|bin ]bzrm`oi, Rcoqba Focdaek, qnb Cbqnb}`gcay
gca Ze`gca#
Q+Kemo`b, ghqb} g qte+bg} aoz oc oqy RY mryocbyy, ybby
Nrkk gy gc oabg` yriibyye} doxbc noy b~zb}obcib gq qnb qez
}gcfy eh qnb iekzgc yocib =::2# Ar}ocd noy qbcr}b gy IBE
eh AQ Abrqyin`gca Nrkk ngy mbbc i}baoqba toqn qgfocd exb}
qnb iekzgc oc g abi`ococd kg}fbq gca yriibyyhr`` qr}cocd
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}byzecyom`b he} qnb yriibyyhr` kg}fbq ocq}eariqoec eh qnboZnecb oc Db}kgc oc =::4# Oq oy g z}oxo`bdb he} kb qe qgfb
exb} qnb }bocy h}ek gc byqgm`oynba `bgab} yrin gy ]emb}q,
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toqn nok gca qnb Q+Kemo`b RYG Qbgk ar}ocd qnb q}gcyoqoec
zngyb, gca O }b`oyn qnb z}eyzbiq eh `bgaocd yrin g z}era
iekzgc gy Q+Kemo`b RYG g he}ib qe mb }bifecba toqn oc
ecb eh qnb `g}dbyq kg}fbqy oc qnb te}`a#
Z}oe} qe leococd Abrqyinb Qb`bfek, Nrkk te}fba he}
7: bg}y he} g crkmb} eh RY mgyba iekzgcoby oci`raocd
KiFocyb ( Iekzgc, Z}eiqb} ( Dgkm`b gca Gkg|ec oc
ybcoe} `bxb` zeyoqoecy#
EC B =T G Q I N
QB
^Q? Ko oec Iecq}giq h}ekYgrao B`biq}oi
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8/9/2019 Portfolio | August 2010
18/92Ze}qhe`oe
8
Iekkbcqg}y
Qnb Ocxoyom`b De}o` g
QB^Q>> > MG]CB_Y
YNG]EC FNG\\GK
8/9/2019 Portfolio | August 2010
20/92
Ze}qhe`oe
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Z}eho`b
8/9/2019 Portfolio | August 2010
21/92
Iexb} Yqe}y
Ze}qhe`oe
QNBQB@BIEKY
AEC
Grdryq =:7:
Nbga eh qnb
te}`ay qno}a `g}dbyq
qb`biekkrcoigqoecy
iekzgc, Iyg} G`ob}qg
oy g kgc qngq yner`ab}y
d}bgq }byzecyomo`oq#
Oqy g deea lem nby rz
qe qnb qgyf, }bze}qy
]rqn I`bdd##
8/9/2019 Portfolio | August 2010
22/92
Ze}qhe`oe
:
Z}eho`b
Iyg} G`ob}qg ngy mro`q
Qb`bhcoig ocqe ecb
eh qnb te}`ay `g}dbyq
qb`biekkrcoigqoecy
iekzgcoby# Oq ezb}gqby
oc =2 iercq}oby toqn g
iryqekb} mgyb eh =49 ko``oec
d`emg`` gca }bxbcrby eh
2=#? mo``oec oc =::?#
I
:
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8/9/2019 Portfolio | August 2010
23/92Grdryq =:7:
Gceqnb} nodn`odnq eh G`ob}qgy ig}bb} igkb oc =::8 tnbcnb bcdocbb}ba qnb yriibyyhr` !97#1 mo``oec giwroyoqoeceh kemo`b znecb dogcq E= m}ocdocd Qb`bhcoigyaekocgcib qe qnb yne}by eh qnb RF#
Yzgcoyn Z}okb Kocoyqb} Ley @roy ]ea}odrb| \gzgqb}e, Db}kgc Ingcib``e} Gcdb`g
Kb}fb` gca G`ob}qg gq qnb IbMOQ =:7: ynet oc Ngcexb}, Db}kgc# Qb`bhcoig E= Db}kgc
ngy g d}etocd z}bybcib toqn ke}b qngc =7 ko``oec iryqekb}y#
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G`ob}qg, .ibcq}b/, Ingo}kgc eh qnb Meg}a
eh Ao}biqe}y eh Qb`bhcoig, Oyoa}e Hgocb
.`bhq/, Xoib Ingo}kgc eh qnb Meg}a, gca]gko}e Ygcinb| Ab @b}oc Dg}iog+Exoby,
Dbcb}g` @bdg` Ybi}bqg} eh qnb Meg}a eh
Ao}biqe}y eh Qb`bhcoig, gq g yng}bne`ab}y
kbbqocd oc Kga}oa#
8/9/2019 Portfolio | August 2010
24/92
Ze}qhe`oe
=
Z}eho`b
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qngcfy qe oqy Br}ezbgc ezb}gqoecy erqyoab Yzgoc#
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qnb iekzgcy yq}ecdbyq d}etqn zeocqy gca oq aekocgqby qnb kg}fbq#
8/9/2019 Portfolio | August 2010
25/92Grdryq =:7:
Qte }oxg`y yng}ba qnb yqgdb ar}ocd qnb Kemo`b Te}`a Iecd}byy .DYKG/ oc
Mg}ib`ecg# G`ob}qg .}odnq/ gca Xoqqe}oe Ie`ge, IBE eh Xeaghecb, erq`ocba qnb hrqr}b eh
iekkrcoigqoecy#
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tgy abyodcba gca mro`q oc qnb 7?=:y gca ryba qe mb ecb eh qnb ioqy moddbyq mro`aocdy#
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aoyz`g gq g Qb`bhcoig yqe}b oc Kga}oa#
Ec Hbm}rg} =1 qnoy bg} Qb`bhcoig
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ag oc qnb `g}dbyq giwroyoqoec eh iekzgc
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8/9/2019 Portfolio | August 2010
31/92Grdryq =:7:
Feqe oy hgkba he} oqy gciobcq qbkz`by, yrin gy qnb Nbogc Locdr Yn}ocb, mrq qnbyb g}b eh
`oqq`b gzzbg` qe Inocbyb qer}oyqy tne ngxb g }oin noyqe} mgif nekb# Ioq ehhoiog`y mb`obxb
qnb z}ezeyba gwrg}ork to`` mb g kgle} gqq}giqoec#
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gq qnb Ynokedgkg Yn}ocb# Feqe oyigrdnq oc g iech`oiq mbqtbbc q}gaoqoec
gca keab}coygqoec#
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8/9/2019 Portfolio | August 2010
32/92
Ze}qhe`oe
:
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xoyoqe}y h}ek gm}ega#
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Qer}oyqy `eef gq g kgofe .gzz}bcqoib dboyng/
oc Doec, qnb hgkery dboyng aoyq}oiq eh Feqe#
I}oqoiy mb`obxb qngq Feqey }oin zgyq cbbay
ke}b z}eqbiqoec h}ek abxb`ezkbcq#
8/9/2019 Portfolio | August 2010
33/92Grdryq =:7:
@eig` ehhoiog`y ygqngq qnb gwrg}orkto`` mb byzbiog`` deea
oc gqq}giqocd qer}oyqyh}ek Inocg, ke}b ehtnek ngxb iekb oc}bibcq bg}y#
Rkbfelo Zg}f oy qnb yoqb eh qnb z}ezeyba gwrg}ork# Kgc `eig`y mb`obxb qngq Feqe ngy
g`}bga `eyq qee kgc d}bbc yzgiby#
Ynocyne Fgloqg oy qnb `bgab} eh g d}etocd
z}eqbyq kexbkbcq gdgocyq abxb`ezkbcq#
8/9/2019 Portfolio | August 2010
34/92
=
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keceze` qngcfy qe oqy `et z}eariqoec ieyqy# Mrq cet eqnb} z`gb}y g}b qnocfocd
eh bcqb}ocd qnb kg}fbq, }bze}qy Fboqn M}gaynb}#
8/9/2019 Portfolio | August 2010
35/92
O
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kocb# Ke`ie}z oy kgfocd g mod mbq
qngq oqy kocb, cet g }ryqocd }b`oi,
igc mb kgab iekzbqoqoxb gdgoc#
@et z}oiby he} }g}b bg}qnb`bkbcqy h}ek Inocgiecq}omrqba qe irqy gqqnb Kercqgoc Zgyy kocbmbhe}b oq i`eyba oc =::=#Qnb g`ye aoyier}gdbakeyq bcq}gcqy qe qnb
ocaryq} rcqo qnb `gyqqte bg}y, tnbc z}oibymbdgc qe i`okm mbigrybeh yq}ecd abkgca#
8/9/2019 Portfolio | August 2010
36/92
Mbqqocd ec ]g}b Bg}qny
Gc ocab~ eh iekzgcoby,z}okg}o` Gryq}g`ogc gca
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Ze}qhe`oe
1
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Qnb }g}b bg}qn ko~qr}b aoakork iecqgocy cbeakork e~oab qngq oy ryba qe aezb d`gyy,
oci`raocd yrcd`gyyby, kgfb ye`oa+yqgqb `gyb}y gca qe ie`er} d`gyyby gca bcgkb`y#
8/9/2019 Portfolio | August 2010
37/92Grdryq =:7:
Ke`ie}z Kocb}g`y oy mry a}gococd oqy }g}bkocb}g`y zoq oc Ig`ohe}cog# Mrq qnb iekzgcyqo`` ngy qe }goyb gceqnb} !92: ko``oec qedbq hr`` ezb}gqoecg`#
Lenc Mbchob`a, g ybcoe} inbkoig` bcdocbb}gq Ke`ie}z Kocb}g`y }g}b bg}qn kocb#Mbchob`a ygoa qnb z}oiocd eh qnb }g}b bg}qnyaebycq kgfb ybcyb qnbxb mbbc tg
qee `et he} tg qee `ecd#
8/9/2019 Portfolio | August 2010
38/92
Ze}qhe`oe
8
H}ek Coinb Kg}fbqqe D`emg Iekzbqoqe}H}ek `bhq< Yrzb}a}y Qnbe Fg}zgqnoey, nbga eh ocqb}cgqoecg` mryocbyy6 Lgkby Ne`ab},
ie+hercab}6 gca Lr`ogc Arcfb}qec, ie+hercab}, oc Inb`qbcngk, Bcd`gca#
8/9/2019 Portfolio | August 2010
39/92
=:7:CBT_
E]FQOKBYCBTYYB]XOIB
Grdryq =:7:
T
Qnb yriibyy yqe} eh Yrzb}a} i`eqnbymbdgc toqn g ercd kgc kgfocd
Q+yno}qy =2 bg}y gde# Qnb iekzgc oy
cet `eefocd gq iekz}bnbcyoxb d`emg`
b~zgcyoec, }bze}qy Lr`og Tb}aodob}#
8/9/2019 Portfolio | August 2010
40/92
8/9/2019 Portfolio | August 2010
41/92Grdryq =:7:
Iekz`gibci oy qnb moddbyq ir}yb qe gcm}gca e} iekzgc, nb ygoa# Gy yeec gy erqgfb qnb heeq ehh qnb dgy gca gyyrkb er}b gcbyqgm`oynba m}gca, oqy exb}#
Yrzb}a} tbgqnb}ba qnb }bibcq }bibyyoec tb`` gca oy
b~zgcaocd gq g yqbga zgib# Qno}qbbc yqe}by g}b z`gccba
he} qnb Rcoqba G}gm Bko}gqby, gy tb`` gy Yerqn Fe}bg,
Necd Fecd gca Qgotgc#
8/9/2019 Portfolio | August 2010
42/92
Gc giq}byy tgoqy he} g yibcbqe mb yneq oc qnb !7:: ko``oeckexob qngq z`gcy qe }oxg`Ne``teea m`eifmryqb}y#
@bhq< Lec Logcd .`bhq/ gz}earib}, gca Koge Kge, gao}biqe}, ec qnb ybq eh Bkzo}byeh qnb Abbz tnoin oy Inocgykeyq gkmoqoery kexob bxb}#
Ze}qhe`oe
:
Kbaog
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InocgyM`eifmryqb}Gkmoqoec
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8/9/2019 Portfolio | August 2010
43/92Grdryq =:7:
8/9/2019 Portfolio | August 2010
44/92
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8/9/2019 Portfolio | August 2010
45/92Grdryq =:7:
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8/9/2019 Portfolio | August 2010
46/92
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8/9/2019 Portfolio | August 2010
47/92
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8/9/2019 Portfolio | August 2010
48/92
8/9/2019 Portfolio | August 2010
49/92Grdryq =:7:
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8/9/2019 Portfolio | August 2010
50/92
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8/9/2019 Portfolio | August 2010
51/92Grdryq =:7:
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8/9/2019 Portfolio | August 2010
52/92
Ze}qhe`oe
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8/9/2019 Portfolio | August 2010
53/92
8/9/2019 Portfolio | August 2010
54/92
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8/9/2019 Portfolio | August 2010
55/92
8/9/2019 Portfolio | August 2010
56/92
Ze}qhe`oe
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8/9/2019 Portfolio | August 2010
57/92Grdryq =:7:
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8/9/2019 Portfolio | August 2010
58/92
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8/9/2019 Portfolio | August 2010
59/92Grdryq =:7:
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8/9/2019 Portfolio | August 2010
60/92
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8/9/2019 Portfolio | August 2010
61/92Grdryq =:7:
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8/9/2019 Portfolio | August 2010
62/92
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8/9/2019 Portfolio | August 2010
63/92Grdryq =:7:
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8/9/2019 Portfolio | August 2010
64/92
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8/9/2019 Portfolio | August 2010
65/92Grdryq =:7:
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8/9/2019 Portfolio | August 2010
66/92
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8/9/2019 Portfolio | August 2010
67/92
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8/9/2019 Portfolio | August 2010
68/92
Ze}qhe`oe
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8/9/2019 Portfolio | August 2010
69/92Grdryq =:7:
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8/9/2019 Portfolio | August 2010
70/92
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8/9/2019 Portfolio | August 2010
71/92
8/9/2019 Portfolio | August 2010
72/92
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8/9/2019 Portfolio | August 2010
73/92Grdryq =:7:
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8/9/2019 Portfolio | August 2010
74/92
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8/9/2019 Portfolio | August 2010
75/92
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# #, =:7:, toqn g 1,:>4#2 fo`ed}gk
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8/9/2019 Portfolio | August 2010
88/92
8/9/2019 Portfolio | August 2010
89/92Grdryq =:7:
Qnb DQ ehhb}y z`bcq eh yzgib gca iekhe}q# Qnb agynmeg}a, tnoin kokoiy qnb 4 Yb}oby,
oy z}giqoig`, bgy qe ryb gca zrqy bxb}qnocd gq er} hocdb}qozy#
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8/9/2019 Portfolio | August 2010
90/92Ze}qhe`oe
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kgyyoxb y`eq kginocb toc# Mbhe}b ze`oibg}}oxba, keqe}oyqy yqezzba qnbo} ig}y gca kgab
ehh toqn gmerq 7:,::: oc ecb gca qte br}e
ieocy# Qnb ieocy tb}b h}byn h}ek qnb Oqg`ogc
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8/9/2019 Portfolio | August 2010
91/92
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A} Geem G` Hg}glDbcb}g` Kgcgdb}
G` Ngk}g ]bg` Byqgqb:2: 1>8 2?11
Ocaoxoarg` Xo``gy + 9, 1 ( 2 Mba}eeky toqn nodn coyno
De`h Gzg}qkbcqy ehhb}ocd yqraoe ( Ecb Mba}eek
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2 Yqg} Neqb` + G@ Ngk}g He}q Neqb` ( Mbgin ]bye}q
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8/9/2019 Portfolio | August 2010
92/92
KGFB NEKB OC KG_HGO]
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