&$378/2

75$%$-2'(&$032

-XDQ6HEDVWL£Q)HUQ£QGH]3UDGRV
$QWRQLR-5RMDV7HMDGD

(OWUDEDMRGHFDPSR

(O WUDEDMR GH FDPSR LPSOLFD SRQHU HQ SU£FWLFD WRGD OD WHRU¯D GHVDUUROODGD KDVWD
DKRUD([LVWHQWUHVIRUPDVSULQFLSDOHVGHGHVDUUROODUHOWUDEDMRGHFDPSRHQIXQFLµQGH
FµPR VH KD SODQLILFDGR OD LQYHVWLJDFLµQ PHGLDQWH HQFXHVWDV +DJXH \ -DFNVRQ 
7HQHPRVSXHVHOWUDEDMRGHFDPSRFHQWUDGRHQHQWUHYLVWDVSHUVRQDOHVHOOOHYDGRDFDER
PHGLDQWHHQWUHYLVWDVWHOHIµQLFDV\SRU¼OWLPRHOWUDEDMRGHFDPSRFRQHQFXHVWDVSRU
FRUUHR
3DUDTXHHOWUDEDMRGHFDPSROOHJXHDEXHQILQKD\TXHSODQLILFDUOR&RPRFXDOTXLHU
RWURSDVRGHODLQYHVWLJDFLµQORVGHWDOOHVP£VSHTXH³RVWLHQHQTXHHVWDUDEVROXWDPHQWH
RUJDQL]DGRV \ SUHSDUDGRV GH DQWHPDQR (V HO PRPHQWR GH ODV UHXQLRQHV \ GH DFODUDU
GXGDV HV OD KRUD SDUD HO FRQRFLPLHQWR D IRQGR SRU SDUWH GH ORV HQFXHVWDGRUHV GH ORV
REMHWLYRVGHODHQFXHVWDGHVXFXHVWLRQDULR\GHODIRUPDGHDGPLQLVWUDUOR$V¯H[LVWHQ
FXHVWLRQHV TXH KD\ TXH FXLGDU PXFKR SRUTXH GH HOODV GHSHQGHU£ HO «[LWR GH OD
LQYHVWLJDFLµQ(QWUHHOODVFDEHGHVWDFDUODVVLJXLHQWHV

6HOHFFLµQ\IRUPDFLµQGHHQFXHVWDGRUHV

(O GLVH³R GH XQ EXHQ PXHVWUHR \ GH XQ HVSO«QGLGR FXHVWLRQDULR FRQ H[FHOHQWHV
IXQGDPHQWRVWHµULFRVWURSH]DU£FRQLQQXPHUDEOHVSUREOHPDVVLORVTXHORYDQDOOHYDUD
HIHFWRKDQVLGRPDOHVFRJLGRV\GHILFLHQWHPHQWHSUHSDUDGRV6LQGXGDHVHQHOWUDEDMR
GHFDPSRGRQGHHOSURWDJRQLVPRSULQFLSDOSDVDDPDQRVGHORVHQFXHVWDGRUHV
&RQUHVSHFWRDODVHOHFFLµQGHHQFXHVWDGRUHVGLUHPRVTXHHQSULQFLSLRSXHGHYDOHU
FXDOTXLHUSHUVRQDFRQXQQLYHOFXOWXUDOPHGLRFRQͤGRQGHJHQWHVͥ1RHOOH3DUD
VHJXLUFRQ1RHOOHGLUHPRVTXHODVFDUDFWHU¯VWLFDVGHOHQFXHVWDGRULGHDOVHU¯DQDGHP£V
GHO GRQ GH JHQWHV OD PHWLFXORVLGDG HO LQWHU«V SRU ODV SHUVRQDV \ OD FDSDFLGDG GH


UHVLVWHQFLDPRUDOVHUHILHUHDUHVLVWHQFLDDODIUXVWUDFLµQ͟IUHQWHDODVPXFKDVQHJDWLYDV
TXHVRSRUWDU£SRUSDUWHGHORVHQFXHVWDGRV͟\WDPEL«QDODKRQHVWLGDG͟SDUDQRUHOOHQDU
HLQYHQWDUORVGDWRVSRUVXFXHQWD͟
&RQUHVSHFWRDOQ¼PHURGHHQFXHVWDGRUHVLGµQHRVSDUDDERUGDUHOWUDEDMRGHFDPSR
WHQHPRV TXH GHFLU TXH HV SUHIHULEOH FRQWDU FRQ PXFKRV HQFXHVWDGRUHV \ FRQ SRFDV
HQFXHVWDVDFRQWDUFRQPXFKDVHQFXHVWDV\FRQSRFRVHQFXHVWDGRUHV(VWRHVDV¯SRUTXH
VL FDGD HQFXHVWDGRU VH HQFDUJD GH XQ Q¼PHUR SHTXH³R GH HQFXHVWDV HO WUDEDMR GH
FDPSRVHUHDOL]DU£HQPHQRUWLHPSRDGHP£VHQFDVRGHIDOODUHOHQFXHVWDGRUVRQSRFDV
ODV HQFXHVWDV TXH KDEU£ TXH FRQVLGHUDU 3DUD HYLWDU HVWDV S«UGLGDV VH VXHOH SODQLILFDU
HQWUHXQ\XQP£VGHHQFXHVWDVGHODVQHFHVDULDV+DJXH\-DFNVRQ
/R TXH V¯ HV IXQGDPHQWDO HV TXH HVWRV HQFXHVWDGRUHV WHQJDQ IRUPDFLµQ JHQHUDO
VREUHORTXHVXSRQHXQDLQYHVWLJDFLµQPHGLDQWHHQFXHVWDV\IRUPDFLµQHVSHF¯ILFDVREUH
ODLQYHVWLJDFLµQFRQFUHWDHQODTXHSDUWLFLSHQ+D\TXHSHQVDUTXHWRGRVHOORVGHEHU£Q
VHJXLU ODV LQVWUXFFLRQHV GH OD LQYHVWLJDFLµQ VHOHFFLµQ GHO HQFXHVWDGR JX¯D GH OD
HQWUHYLVWD LQVWUXFFLRQHV GHO FXHVWLRQDULR HWF GH IRUPD PHWLFXORVD SDUD DVHJXUDU OD
XQLIRUPLGDGHQODUHFRJLGDGHGDWRV

&RRUGLQDFLµQVHJXLPLHQWR\FRQWUROGHOWUDEDMRGHFDPSR

'HVGH HO PRPHQWR HQ TXH ORV HQFXHVWDGRUHV FRPLHQ]DQ D OOHYDU D FDER VXV
DFWLYLGDGHV VDOLU D OD FDOOH D HQFXHVWDU OODPDU SRU WHO«IRQR HWF GHEHQ SHUFLELU OD
VHQVDFLµQ GH TXH VRQ DFRPSD³DGRV \ RULHQWDGRV SRU ORV FRRUGLQDGRUHV GH WUDEDMR GH
FDPSR (O SDSHO GHO FRRUGLQDGRU GH FDPSR R VXSHUYLVRU HV QHFHVDULR HQ ODV
LQYHVWLJDFLRQHVSRUHQFXHVWDVHVSHFLDOPHQWHFXDQGR«VWDVWLHQHQXQPDUFDGRFDU£FWHU
FLHQW¯ILFR H LPSOLFDQ D PXFKR SHUVRQDO /D WDUHD GH ORV FRRUGLQDGRUHV GHO WUDEDMR GH
FDPSRVXSHUYLVRUHVMHIHVGH]RQDHWFFRQVLVWHHQFRPSUREDUTXHHOWUDEDMRGHFDPSR
VHUHDOL]DVHJ¼QORSODQLILFDGR3DUDHOOR0DQ]DQR\RWURV

͠ &RRUGLQDQ \ UHSDUWHQ HO WUDEDMR \ SRVWHULRUPHQWH VH HQFDUJDQ GH UHFRJHU ORV
UHVXOWDGRVREWHQLGRVHQHOWUDEDMRGHFDPSR
͠ $FRPSD³DQ D DOJXQRV HQFXHVWDGRUHV HQ DOJXQD RFDVLµQ GXUDQWH OD UXWD \ HQ
FLHUWDVHQWUHYLVWDVHQHOFDVRGHHQFXHVWDVSHUVRQDOHV3HUPLWHFRPSUREDUTXH
HOHQFXHVWDGRUVDEHWUD]DUODUXWD\UHDOL]DUODHQWUHYLVWDGHIRUPDFRUUHFWD
͠ 5HYLVDQORVFXHVWLRQDULRVSDUDREVHUYDUTXHWRGDVODVSUHJXQWDVHVW£QFRPSOHWDV
TXH VH KDQ UHVSHWDGR ODV SUHJXQWDV ILOWUR TXH VH KDQ HVFULWR ORV GDWRV \
UHVSXHVWDVFRQOHWUDLQWHOLJLEOHTXHQRKD\DPXFKRVͤQRVDEHQRFRQWHVWDͥTXH
VHKD\DQFXPSOLGRODVFXRWDVHWF


 ͠ 5HDOL]DQ FRPSUREDFLRQHV DOHDWRULDV GH ODV HQFXHVWDV \D HQWUHJDGDV 7UDV XQD
VHOHFFLµQ DOHDWRULD GH DOJXQDV GLUHFFLRQHV R WHO«IRQRV GH ODV HQFXHVWDV HO
FRRUGLQDGRU UHYLVLWD R OODPD SRU WHO«IRQR DO HQFXHVWDGR FRPSUREDQGR VL OD
HQWUHYLVWD VH UHDOL]µ \ HQ TX« FRQGLFLRQHV $GHP£V VH XWLOL]DQ SDUD FRPSOHWDU
GDWRVRUHVROYHUSUREOHPDVTXHVHSODQWHHQHQDOJXQDVUHVSXHVWDVTXHQRTXHGHQ
FODUDVHQORVFXHVWLRQDULRV

7DQWR HQFXHVWDGRUHV FRPR FRRUGLQDGRUHV GHEHQ HVWDU HQ FRQWLQXD FRPXQLFDFLµQ

5HVXOWDFRQYHQLHQWHGLVSRQHUGHXQKRUDULRGHWUDEDMRSUHHVWDEOHFLGRGHXQWHO«IRQRR
GLUHFFLµQ \ XQD SHUVRQD GH FRQWDFWR SRU VL ORV HQFXHVWDGRUHV VH HQFXHQWUDQ HQ
GLILFXOWDGHV R WLHQHQ DOJ¼Q SUREOHPD TXH UHVROYHU $VLPLVPR \ VREUH WRGR FXDQGR HO
WUDEDMRGHFDPSRVHSURORQJDGXUDQWHPXFKRVG¯DVHVGHJUDQXWLOLGDGODFRQYRFDWRULD
GH XQD VHULH GH UHXQLRQHV SHULµGLFDV HQWUH ORV HQFXHVWDGRUHV \ ORV FRRUGLQDGRUHV GH
FDPSR
3RU¼OWLPRVLHPSUHHV¼WLOUHDOL]DUXQDHYDOXDFLµQILQDOGHOWUDEDMRGHFDPSRQR\D
VµORSHQVDQGRHQODFDOLGDGGHORVGDWRVUHFRJLGRVVLQRHQDTXHOORVDVSHFWRVTXHGHEHQ
PHMRUDUVHHQHOIXWXUR

0DWHULDOSDUDUHDOL]DUHOWUDEDMRGHFDPSR

$FRQWLQXDFLµQYDPRVDHQXPHUDUWRGRVORVPDWHULDOHVQHFHVDULRVSDUDOOHYDUDFDER
HOWUDEDMRGHFDPSRHVGHFLUWRGRORTXHXQHQFXHVWDGRUGHEHWHQHUDQWHVGHHPSH]DU
VX WDUHD (Q HVWH FDVR GHWDOODPRV ORV PDWHULDOHV QHFHVDULRV SDUD HIHFWXDU XQD
LQYHVWLJDFLµQ PHGLDQWH HQFXHVWDV SHUVRQDOHV 1R FDEH GXGD GH TXH VL OR TXH HVWDPRV
UHDOL]DQGRHVXQDLQYHVWLJDFLµQGHHQFXHVWDVWHOHIµQLFDVPXFKRGHORVPDWHULDOHVTXH
VHFLWDQVREUDQ\ORLPSUHVFLQGLEOHHVWHQHUXQDJX¯DGHWHO«IRQRVDFWXDOL]DGDGHOD]RQD
GHOHVWXGLR

0DQXDORQRUPDVSDUDHQFXHVWDGRUHV

(Q HO PDQXDO GHO HQFXHVWDGRU VH GHEH UHFRJHU WRGD OD LQIRUPDFLµQ QHFHVDULD SDUD
UHDOL]DU FRQ «[LWR WRGR HO WUDEDMR GH FDPSR (Q HVWH PDQXDO R QRUPDV SDUD
HQFXHVWDGRUHVVHGHEHQUHFRJHUDOPHQRVORVVLJXLHQWHVDVSHFWRV

͠ 2EMHWLYRV GHO HVWXGLR 6H GHEH UHVSRQGHU D ODV SUHJXQWDV ͤTXL«Q KDFH HO
HVWXGLR"ͥͤVREUHTX«WUDWD"ͥͤSDUDTX«"ͥ
͠ ,QVWUXFFLRQHVSDUDODVHOHFFLµQGHOHQFXHVWDGR'HSHQGLHQGRGHOWLSRGHPXHVWUHR


 TXHHVWHPRVOOHYDQGRDFDERHVWDVLQVWUXFFLRQHVVHUHIHULU£QDFµPRREWHQHUOD
XQLGDGPXHVWUDOTXHQHFHVLWDPRV
͠ 7DEOD GH Q¼PHURV DOHDWRULRV &RPR VH KD YLVWR DQWHULRUPHQWH ODV WDEODV GH
Q¼PHURVDOHDWRULRVQRVYDQDD\XGDUDWRPDUGHFLVLRQHVFXDQGRHVWHPRVHQHO
SURFHVRGHVHOHFFLµQGHOHQFXHVWDGR3DUDHOORORLGHDOHVTXHFDGDHQFXHVWDGRU
WHQJDXQDRYDULDVWDEODV9«DVHHOFDS¯WXOR SDUD SURIXQGL]DU P£V VREUH HVWH
SXQWR\SDUDWHQHUXQHMHPSORGHWDEOD
͠ *X¯D GH OD HQWUHYLVWD /D JX¯D GH OD HQWUHYLVWD HV XQ GRFXPHQWR HQ IRUPD GH
HVTXHPD TXH SHUPLWH DO HQFXHVWDGRU FRQGXFLU FRQ «[LWR HO LQLFLR GH OD PLVPD
+DUYDWRSRXORV/LYDQ\6DUQLQ1RVSURSRUFLRQDXQDIRUPDGHSURFHGHU
GHVGHHOPRPHQWRHQTXHKHPRVVHOHFFLRQDGRXQDYLYLHQGDFRQFUHWD\WRPDPRV
HOSULPHUFRQWDFWRFRQDOJXLHQKDVWDHOPRPHQWRGHILQDOL]DUODHQWUHYLVWDSDUD
SURVHJXLUGHQXHYRHOWUDEDMR0DQ]DQR\RWURV9«DVHHOFDS¯WXORSDUD
SURIXQGL]DUP£VVREUHHVWHSXQWR\SDUDWHQHUXQHMHPSORGHWDEOD
͠ 1RUPDV SDUD OD DSOLFDFLµQ GHO FXHVWLRQDULR 6XHOHQ FRQVLVWLU HQ XQDV QRUPDV
JHQHUDOHV GH FXPSOLPHQWDFLµQ TXH VHUYLU¯DQ SDUD FXDOTXLHU HVWXGLR Y«DVH
DQH[R  \ XQDV QRUPDV HVSHF¯ILFDV GHO HVWXGLR FRQFUHWR TXH VH OOHYD D FDER
(VWDVQRUPDVHVSHF¯ILFDVQRVLQIRUPDQGHTX«SUHJXQWDVVRQILOWURVDELHUWDVRHQ
FX£OHVPRVWUDUHPRVWDUMHWDVVLODVKD\\HQJHQHUDOFXDTXLHUFRQVLGHUDFLµQGH
LPSRUWDQFLDSDUDODEXHQDPDUFKDGHODDSOLFDFLµQGHOFXHVWLRQDULR
͠ 2WURV(QDOJXQRVFDVRVWDPEL«QVHSURSRUFLRQDQRWURVPDWHULDOHVFRPRSXHGHQ
VHU XQ OLVWDGR GH ͤSUHJXQWDV FRPXQHV TXH KDFHQ ORV HQFXHVWDGRVͥ͢ \ FµPR
UHVROYHUODVDV¯FRPRDOJXQRVͤFRQVHMRVSU£FWLFRVͥ

8QHMHPSORGHHVWHWLSRGHPDQXDOHVHVHOSXEOLFDGRSRU0DQ]DQR\RWURV

&XHVWLRQDULR

&RPR VH KD GLFKR HQ HO FDS¯WXOR GHGLFDGR D «O RFXSD XQD SDUWH FHQWUDO HQ OD
LQYHVWLJDFLµQ PHGLDQWH HQFXHVWDV (Q HO DQH[R  VH RIUHFH FRPR HMHPSOR SDUWH GH XQ
FXHVWLRQDULRTXHVLUYLµDXQJUXSRGHLQYHVWLJDGRUHVGHODV8QLYHUVLGDGHVGH*UDQDGD\
6HYLOODSDUDUHDOL]DUXQHVWXGLRPHGLDQWHHQFXHVWDVREUHͤ/DSUHYDOHQFLDGHORVMXHJRV
GHD]DUHQOD&RPXQLGDG$QGDOX]Dͥ)$-(5
(VDFRQVHMDEOHOOHYDUP£VFXHVWLRQDULRVGHORVQHFHVDULRVSDUDFXEULUODVHQFXHVWDV
\DTXHQRHVVRUSUHQGHQWHTXHDOJXQDSHUVRQDGHMHXQFXHVWLRQDULRDODPLWDGORTXH
KDFHTXHHVHFXHVWLRQDULRVHDLQVHUYLEOH


&DUQ«RDFUHGLWDFLµQFRPRHQFXHVWDGRU

(OFDUQ«RDFUHGLWDFLµQGHOHQFXHVWDGRUHVODFDUWDGHSUHVHQWDFLµQPHGLDQWHODTXH
HOHQWUHYLVWDGRUVHGDDFRQRFHUDOHQWUHYLVWDGRGDQGRIHGHORULJHQ\SURFHGHQFLDGHO
HVWXGLR'HHVWHPDQHUDHOHQFXHVWDGRSXHGHFRQWDFWDUVLORGHVHDFRQHOUHVSRQVDEOH
GHOHVWXGLR\H[SRQHUOHREVHUYDFLRQHVRGLILFXOWDGHVHQHOGHVDUUROORGHODHQWUHYLVWD
/DVILJXUDV\SUHVHQWDQGRVPRGHORVGHFDUQ«VDGDSWDGRVGH0DQ]DQR\RWURV


),*85$0RGHORGHDFUHGLWDFLµQ


 ),*85$0RGHORGHDFUHGLWDFLµQ

7DUMHWDGHDJUDGHFLPLHQWR\RGHODHPSUHVD

(VWD WDUMHWD ILJXUD  FRQVLVWH HQ XQD SHTXH³D WDUMHWD GH FDUWXOLQD HQ OD TXH VH
DJUDGHFH OD SDUWLFLSDFLµQ GH ORV HQFXHVWDGRV HQ HO HVWXGLR D³DGLHQGR GLUHFFLµQ \
WHO«IRQRSDUDTXHSXHGDQUHDOL]DUODVFRQVXOWDVTXHFRQVLGHUHQRSRUWXQDV(VWDWDUMHWD
GH IRUPD VLPLODU D OD FUHGHQFLDO WLHQH XQDV IXQFLRQHV PX\ LPSRUWDQWHV HQWUH ODV TXH
SRGHPRVFLWDU0DQ]DQR\RWURV

͠ 3URSRUFLRQDXQDLPDJHQVHULDGHORTXHHVXQDLQYHVWLJDFLµQPHGLDQWHHQFXHVWD
͠ *HQHUD XQ FOLPD GH FRODERUDFLµQ SDUD HO IXWXUR KDFLD HVWH WLSR GH
LQYHVWLJDFLRQHV
͠ 'DSXEOLFLGDGDODLQVWLWXFLµQTXHUHDOL]DHOHVWXGLR


 8QHMHPSORSRGU¯DVHU

),*85$0RGHORGHWDUMHWDGHDJUDGHFLPLHQWR

+RMDGHUHVXOWDGRVRGHLQFLGHQFLDV

/DV KRMDV GH UHVXOWDGRV R GH LQFLGHQFLDV UHFRJHQ FDGD XQR GH ORV LQWHQWRV TXH KD
OOHYDGR D FDER HO HQFXHVWDGRU HQ OD E¼VTXHGD GH HQWUHYLVWDGRV \ FX£OHV KDQ VLGR ODV
GLVWLQWDVVLWXDFLRQHVHLQFLGHQFLDVDFRQWHFLGDVHQODVWHQWDWLYDV
$GHP£VODVKRMDVGHUHVXOWDGRVFRQWLHQHQLQIRUPDFLµQFRPSOHPHQWDULDUHODWLYDDO
HQFXHVWDGRU Q¼PHUR R QRPEUH OD SREODFLµQ GLVWULWR VHFFLµQ \ SXQWR GH PXHVWUHR
LQIRUPDFLµQQHFHVDULDSDUDLGHQWLILFDU\DQDOL]DUSRVWHULRUPHQWHODVWDVDVGHUHVSXHVWD
SRUHQFXHVWDGRUSRU]RQDHWF
/RVHQFXHVWDGRUHVWHQGU£QUHSURGXFFLRQHVVXILFLHQWHVGHODVKRMDVUHVXOWDGRVSDUD
UHDOL]DUVXWDUHD
(QHODQH[RVHSUHVHQWDXQDKRMDGHUHVXOWDGRV͟RLQFLGHQFLDV͟0DQ]DQR\RWURV


)LFKDGHFDPSR

/DV ILFKDV GH FDPSR UHFRJHQ ODV FXRWDV R HVWUDWRV RUJDQL]DGDV QRUPDOPHQWH SRU
VH[R \ HGDG SDUD TXH HO HQFXHVWDGRU YD\D DQRWDQGR ODV HQFXHVWDV UHDOL]DGDV \ VHSD
WDPEL«QFX£OHVOHUHVWDQSDUDDFDEDUFDGDXQRGHORVHVWUDWRVYHUDQH[R(QORVGRV
HMHPSORVSURSXHVWRVVHPXHVWUDQODVGLVWLQWDVFRQILJXUDFLRQHVTXHSXHGHQDGRSWDUODV
KRMDVGHHVWUDWRVRFXRWDVYHUFXDGURV\


 &8$'52(MHPSORGHKRMDGHFXRWDV

&8$'52(MHPSORGHKRMDGHFXRWDV

$GHP£V ODV ILFKDV GH FDPSR FRQWLHQHQ LQIRUPDFLµQ UHIHUHQWH DO HQFXHVWDGRU
Q¼PHURRQRPEUHODSREODFLµQ\£UHDDODTXHVHWLHQHTXHFLUFXQVFULELUPXQLFLSLR
GLVWULWREDUULR\VHFFLµQͬ\SRU¼OWLPRODFODYHRHOQ¼PHURGHYLYLHQGDVDFRQWDUSDUD
UHDOL]DUORVLQWHQWRVGHHOHFFLµQGHHQFXHVWDGRV0DQ]DQR\RWURV

3XQWRGHLQLFLRGHODUXWD

(O SXQWR GH LQLFLR GH UXWD FRPR VX QRPEUH LQGLFD HV XQD FDOOH FRQFUHWD GRQGH
FRPLHQ]DODUXWDGHFDGDHQFXHVWDGRU(VWHSXQWRGHLQLFLRGHUXWDSXHGHSUHVHQWDUVH
GH YDULDV IRUPDV (QWUH ODV P£V XWLOL]DGDV HVW£Q ODV VLJXLHQWHV  OLVWDGR GH FDOOHV GHO
PXQLFLSLRGRQGHGHEHQUHDOL]DUVHODVHQFXHVWDV\XQSODQRGRQGHVHVH³DODODFDOOH
FRPRSXQWRGHLQLFLR
(QHOFDVRGHOOLVWDGRGHFDOOHV«VWHVXHOHVHUXQFDOOHMHURGHXQPXQLFLSLRGLVWULWRR
VHFFLµQVHJ¼QVHDODXQLGDGGHPXHVWUHRVHOHFFLRQDGDJHQHUDOPHQWHWRPDQGRFRPR
IXHQWHHO,QVWLWXWR1DFLRQDOGH(VWDG¯VWLFD(QHVWRVOLVWDGRVDSDUHFHQHOQRPEUHGHOD
Y¯DWLSRGHY¯DFDOOHSOD]DFDUUHWHUDHWFWLSRGH]RQDXUEDQDGLVHPLQDGDHWF\ORV
Q¼PHURV GH OD Y¯D TXH HVW£Q LQFOXLGRV HQ HVD VHFFLµQ DGHP£V GH OD VHFFLµQ GLVWULWR
PXQLFLSLR\SURYLQFLDDOTXHSHUWHQHFH7HQHPRVXQHMHPSORHQHOFXDGUR


 &8$'52(MHPSORGH&DOOHMHUR

8QPDWHULDOLPSUHVFLQGLEOHVREUHWRGRFXDQGRHVWHPRVKDEODQGRGHHQFXHVWDGRUHV
TXH QR FRQRFHQ HO PXQLFLSLR GRQGH YDQ D UHDOL]DU VX WUDEDMR \ QR GLVSRQHPRV GHO
OLVWDGR GH FDOOHV HV XQ SODQR (Q HO SODQR VH SRGU£ GHOLPLWDU OD ]RQD R £UHD TXH HVW«
GHVLJQDGDSDUDFDGDHQFXHVWDGRU\HOSXQWRGHPXHVWUHRRGHLQLFLRGHODUXWDDOHDWRULD
ILJXUD

),*85$(MHPSORGHSODQRSDUWHGHOFDVFRGHOPXQLFLSLRGH$OPHU¯D

7HO«IRQRGHFRQWDFWR

(O FRRUGLQDGRU GH FDPSR GHEH IDFLOLWDU DOJ¼Q WHO«IRQR GH FRQWDFWR \ KRUDULR GH
OODPDGDVSUHIHUHQWHPHQWHFRQXQDWDUMHWDSDUDUHVROYHUFXDOTXLHUGXGDTXHDSDUH]FD
GXUDQWHHOWUDEDMRGHORVHQFXHVWDGRUHV

&XDGHUQRGHQRWDV


 (OHQFXHVWDGRUWLHQHTXHGLVSRQHUGHWRGRDTXHOPDWHULDOIXQJLEOHTXHOHSXHGDVHU
QHFHVDULRFDUSHWDIROLRVRFXDGHUQRGHQRWDVERO¯JUDIRVFOLSVJUDSDVͬ'HKHFKRHV
PX\DFRQVHMDEOHTXHHOHQFXHVWDGRUDQRWHWRGDVDTXHOODVFXHVWLRQHVTXHFUHDRSRUWXQDV
SDUD OD PHMRUD GH OD LQYHVWLJDFLµQ VLWXDFLRQHV SUREOHP£WLFDV VLQFHULGDG GH ORV
HQFXHVWDGRUHV SUREOHPDV GH DFFHVR D YLYLHQGDV ]RQDV GH GLI¯FLO DFFHVR R
SUREOHP£WLFDVHWF

$QH[R1RUPDVSDUDODDSOLFDFLµQGHOFXHVWLRQDULR
)XHQWH,(6$͟,QVWLWXWRGH(VWXGLRV6RFLDOHV$YDQ]DGRVGH$QGDOXF¯D͟

 (QWRGDVODVHQFXHVWDVVHGHEHU£UHOOHQDUHOQ¼PHURGHHQWUHYLVWDGRU
 /DVHQWUHYLVWDVVHKDQGHUHDOL]DUVLQODSUHVHQFLDGHWHUFHUDVSHUVRQDV
 6HGHEHUHFRUGDUDORVHQWUHYLVWDGRVTXHODLQIRUPDFLµQREWHQLGDPHGLDQWHHQFXHVWD
HVW£ SURWHJLGD SRU OD /H\  TXH UHJXOD HO VHFUHWR HVWDG¯VWLFR QR SXGL«QGRVH
WUDWDU QL GLIXQGLU P£V TXH GH IRUPD QXP«ULFD \ DJUHJDGD SDUD JDUDQWL]DU HO
DQRQLPDWR
 6HGHEHUHVSHWDUHORUGHQGHODVSUHJXQWDV
 6HGHEHOHHUODVSUHJXQWDVVLQKDFHUQLQJ¼QWLSRGHFRPHQWDULRRVXJHUHQFLD
 6H GHEHQ PRVWUDU ODV FRUUHVSRQGLHQWHV WDUMHWDV FXDQGR DV¯ OR LQGLTXHQ ODV
LQVWUXFFLRQHVGHODVSUHJXQWDVGHOFXHVWLRQDULR
 6HGHEHSUHVWDUHVSHFLDODWHQFLµQDOWLSRGHSUHJXQWDV

 3UHJXQWDV ILOWUR 6RQ DTXHOODV D WUDY«V GH ODV FXDOHV VH GHWHUPLQD R QR OD
UHDOL]DFLµQGHRWUDVSUHJXQWDVSRVWHULRUHV
 3UHJXQWDV DELHUWDV 6RQ DTXHOODV HQ ODV TXH HO HQWUHYLVWDGR PDQLILHVWD VX
RSLQLµQGHIRUPDOLEUH\HVSRQW£QHDGHEL«QGRVHWRPDUQRWDGHVXUHVSXHVWDGH
IRUPDOLWHUDO7UDQVFULELUFRQFRQFUHFLµQ\FODULGDGHYLWDQGRUHVSXHVWDVYDJDV
RDPELJXDV
 +D\ TXH WHQHU HVSHFLDO FXLGDGR GH QR KDFHU QLQJXQD VXJHUHQFLD HQ DTXHOODV
SUHJXQWDVTXHOOHYDQODLQVWUXFFLµQQROHHU

 7RGDV ODV SUHJXQWDV GHEHQ UHFRJHU DOJXQD FRQWHVWDFLµQ R HQ VX FDVR HO 1& SHUR
QXQFDGHEHQTXHGDUVLQUHOOHQDU
 /RV GDWRV D UHOOHQDU SRU HO HQWUHYLVWDGRU GHEHU£Q YHQLU FRUUHFWD \ FRPSOHWDPHQWH
FXPSOLPHQWDGRVDVLPLVPRHOFXDGURGHLQFLGHQFLDVUHFRJHU£HOQ¼PHURGHRUGHQ
\WRGRVORVFRQWDFWRVUHDOL]DGRVKDVWDVXFRQVHFXFLµQ


 6HGHEHDQRWDUODIHFKDG¯DKRUD\GXUDFLµQGHODHQWUHYLVWD

 /D YDORUDFLµQ GH OD HQWUHYLVWD SRU SDUWH GH ORV HQFXHVWDGRUHV VH GHEHU£ KDFHU FRQ
VLQFHULGDG6HWUDWDGHUHFRJHUODLPSUHVLµQVXEMHWLYDGHOHQWUHYLVWDGRU(VWDRSLQLµQ
QRWHQGU£QLQJ¼QHIHFWRQLVREUHODVUHVSXHVWDVREWHQLGDVQLVREUHODDFHSWDFLµQGHO
WUDEDMR

$QH[R&XHVWLRQDULR
%/248(,

ͤ3U£FWLFDPHQWH WRGR HO PXQGR KD MXJDGR D DOJ¼Q MXHJR GH D]DU 3DUD HPSH]DU QRV
JXVWDU¯DVDEHUDOJXQDVFRVDVFRPRDTX«VXHOHMXJDUFX£QWDVYHFHVORKDFHFX£QWRVXHOH
JDVWDUVH HWF /H YR\ D LU GLFLHQGR GLIHUHQWHV MXHJRV \ OH KDU« DOJXQDV SUHJXQWDV VREUH
FDGDXQR3LHQVHGXUDQWHXQRVVHJXQGRVDQWHVGHFRQWHVWDUͥ





$QH[R+RMDGHUHVXOWDGRV
+2-$'(5(68/7$'26

1r'((1&8(67$'25BBBBBBBBBBBBBB
32%/$&,•1$/0(5$
',675,72
6(&&,•1
38172'(08(675(2
5(68/7$'26

 1RVHSXGRDFFHGHUDODYLYLHQGDVHOHFFLRQDGD
 1RDEULHURQODSXHUWDGHODYLYLHQGDVHOHFFLRQDGD


  $EULHURQSHURQRSDUWLFLSDURQ
 $EULHURQSHURQRKDE¯DQDGLHFRQHOSHUILO
 $EULHURQKDE¯DDOJXLHQFRQHOSHUILOSHURHVWDEDIXHUD
 (QWUHYLVWDLQFRPSOHWD
 (QWUHYLVWDFRPSOHWD

$QH[R)LFKDGHFDPSR
),&+$'(&$032

1r'((1&8(67$'25
32%/$&,•1$/0(5$
',675,72
6(&&,•1
38172'(08(675(2
&/$9(3$5$/$6(/(&&,•1'(9,9,(1'$

7$%/$'(&827$6