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FRQWUD QyV GHYHUtDPRV YHQGHU 8P ERP WUDGHU HVWDEHOHFHUi R
SRWHQFLDOGDUHFRPSHQVDHGHILQLUiRULVFRDFHLWiYHODQWHVGHDEULUVXD
SRVLomR3DUWHGDDFHLWDomRGRULVFRHQYROYHDSRVVLELOLGDGHHPHVPR
D SUREDELOLGDGH GH TXH R PHUFDGR FDLUi DQWHV GH VXELU 6HULD GH XP
RWLPLVPR H[WUHPR GD QRVVD SDUWH HVSHUDU TXH FDGD RSHUDomR VH
WRUQDVVH LPHGLDWDPHQWH OXFUDWLYD 1mR D UHJUD VREUH FRUWDU DV SHUGDV
UHIHUHVH DWp R SRQWR HP TXH HVWH ULVFR DFHLWiYHO p H[FHGLGR TXH p
TXDQGRRPHUFDGRHVWiQRVGL]HQGRTXHQRVVDDQiOLVHRULJLQDOIRLIDOKD
0HVPR DSyV HVWHV QtYHLV GH HVWRSH SUHYLDPHQWH GHILQLGRV WHUHP VLGR
H[FHGLGRV H WHU VLGR HVWRSDGR DLQGD ILFD XPD VHQVDomR GH YROWD
$LQGD TXH R PHUFDGR WHQKD GDGR D VXD GHFLVmR QmR JRVWDPRV GH
DFHLWDUTXHQRVVDVHVSHUDQoDVHFHUWH]DVQmRPDLVVHUHDOL]DUmR(PWDLV
FLUFXQVWkQFLDVD WHQWDomRpTXHEUDUDDXWRLPSRVWDGLVFLSOLQDHYROWDU
SDUD R PHUFDGR )UHTHQWHPHQWH LVWR p IHLWR QXP QtYHO PDLV DOWR GR

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TXHDTXHOHHPTXHRFRUUHXDOLTXLGDomR3UHoRVDVFHQGHQWHVOHPEUH
VH JHUDP FRQILDQoD (QWUHWDQWR PLQKD H[SHULrQFLD WHP VLGR TXH VH
XPHVWRSHFXLGDGRVDPHQWHEHPHVFROKLGRIRLDWLQJLGRUDUDPHQWHYDOH
D SHQD YROWDU 1D PDLRULD GDV YH]HV WHULD VLGR PDLV OXFUDWLYR UHYHUWHU
SDUD R RXWUR ODGR YHQGD  PDV PXLWR SRXFDV SHVVRDV SRVVXHP
DJLOLGDGHPHQWDOSDUDID]HULVWR

&RUWDU DV SHUGDV p XPD WpFQLFD IXQGDPHQWDOPHQWH LPSRUWDQWH QD
DGPLQLVWUDomR GRV VHXV UHFXUVRV SRUTXH OKH DMXGD D SURWHJHU VHX
FDSLWDOHSRUWDQWRFDSDFLWDRDOXWDURXWURGLD

'HL[DU RV OXFURV FRUUHUHP UHDOPHQWH HQYROYH R PHVPR SULQFtSLR GH
FRUWDU DV SHUGDV 4XDQGR R PHUFDGR H[FHGH R VHX SRQWR GH
LQWHUUXSomR SDUD EDL[R VHX HVWRSH  HVWi DGYHUWLQGRR TXH FRPHWHX
XPHUUR3RURXWURODGR WDQWRTXDQWRD WHQGrQFLDJHUDOPRYLPHQWDVH
D VHX IDYRU R PHUFDGR HVWi OKH GDQGR XP YRWR GH FRQILDQoD GH
PRGRTXHGHYHUiFRQWLQXDUFRPDSRVLomRHGHL[DUVHXOXFURFUHVFHU
+iXPGLWDGRIDPRVRTXHGL]´DWHQGrQFLDpVXDDPLJDµ&RPHIHLWR
LVWR p XPD RXWUD PDQHLUD GH QRV GL]HU SDUD GHL[DU TXH QRVVRV OXFURV
FUHVoDP 7HQGrQFLDV XPD YH] HP DQGDPHQWR WrP R KiELWR GH
SHUSHWXDUVH PDV QLQJXpP VREUH D WHUUD SRGH SURJQRVWLFDU VXD
PDJQLWXGH RX GXUDomR LQGHSHQGHQWH GR TXH SRVVD OHU QDV
´QHZVOHWWHUVµ H QD PtGLD 7DQWR TXDQWR VXD DQiOLVH RX PHWRGRORJLD
LQGLTXH TXH D WHQGrQFLD FRQWLQXD D PRYHUVH D VHX IDYRU YRFr WHP
SRXFDViUHDVSDUDYHQGHUDPHQRVTXHVHMDSDUDUHDOL]DUDOJXPOXFUR
SDUFLDO 2V PHUFDGRV JDVWDP PXLWR WHPSR LQGR H YLQGR VHP VDLU GR
OXJDUQXPDFRQJHVWmRHPJHUDOFRQIXVD IUXVWUDQWHHSRXFROXFUDWLYD
SDUD SHUPLWLUTXH R WUDGHUVHGr DROX[RGHVDLUIRUDSUHPDWXUDPHQWH
GHXPDWHQGrQFLDHPPRYLPHQWR

2 SUREOHPD p TXH PXLWDV SHVVRDV TXDQGR WrP XP OXFUR TXHUHP
UHDOL]iORDJRUDHSURQWR$OyJLFDEDVHLDVHQDWHRULDGHTXHpPHOKRU
ID]HU FDL[D DJRUD GH RXWUR PRGR R OXFUR LUi HPERUD &HUWDPHQWH p
YHUGDGH TXH YRFr QXQFD TXHEUDUi SRU UHDOL]DU OXFUR
,QIRUWXQDGDPHQWH FDGD WUDGHU RX LQYHVWLGRU QmR SRGH HYLWDU SRVLo}HV
SHUGLGDV8PDVLWXDomRGHOXFUROtTXLGRSRVLWLYRVySRGHVHUDWLQJLGDVH
DV RSHUDo}HV OXFUDWLYDV VREUHSXMDUHP DV QHJDWLYDV H XVXDOPHQWH
SRXFDVRSHUDo}HVDOWDPHQWHOXFUDWLYDVPDQWrPDSRVLomRGRVWUDGHUV
(QWUHWDQWRUHDOL]DQGROXFURPXLWRFHGRJHUDOPHQWHOLPLWDVHXSRWHQFLDO
GH JDQKR e LQWHUHVVDQWH FRPR PXLWDV SHVVRDV VmR DYHVVDV DR ULVFR
TXDQGR HVWmR JDQKDQGR H R SURFXUDP TXDQGR HVWmR SHUGHQGR (ODV
SUHIHUHP XP JDQKR SHTXHQR PDV FHUWR H UHOXWDP HP SDUWLFLSDU GH
XPD DSRVWD HVSHUWD FRP PDLRU SRWHQFLDO GH JDQKR 3RU RXWUR ODGR
HODV HVWmR PDLV GLVSRVWDV D H[SRU VHX FDSLWDO  DR ULVFR GH XPD JUDQGH
SHUGDLQFHUWDGRTXHDXPSHTXHQRJDQKRFHUWR


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)DoD1XPHURVDV3HTXHQDV$SRVWDV6REUH,GpLDVGH%DL[R
5LVFR

'HVGHTXHXPDDOWDSURSRUomRGHVXDVRSHUDo}HVLQHYLWDYHOPHQWHQmR
VHUmR SURYHLWRVDV p XPD ViELD SROtWLFD ID]HU SHTXHQDV DSRVWDV GH
PRGR TXH XPD SDUFHOD VXEVWDQFLDO GR VHX FDSLWDO QmR ILTXH H[SRVWD
HP Vy XPD RSHUDomR &RPR XPD UHJUD JHUDO QmR p DFRQVHOKiYHO
DUULVFDU PDLV GR TXH  GR VHX FDSLWDO GLVSRQtYHO HP XPD ~QLFD
RSHUDomR ,VWR YDL FRQWUD D WHQGrQFLD QDWXUDO GH PXLWRV GH QyV 1D
QRVVD EXVFD SRU JUDQGHV H UiSLGRV OXFURV SDUHFH PDLV IiFLO H PDLV
OyJLFR FRORFDU WRGR QRVVR GLQKHLUR VREUH XP FDYDOR 7DPEpP p
LPSRUWDQWH HVWDU FHUWR TXH TXDOTXHU RSHUDomR RX LQYHVWLPHQWR TXH
YRFr IDoD VHMD FXLGDGRVDPHQWH SHQVDGR QXP  DPELHQWH GH SRXFR
ULVFR2SRWHQFLDOGDUHFRPSHQVDHVWLPDGDGHYHUiVHUPXLWRPDLRU DR
PHQRV GRTXHRULVFRPi[LPRDFHLWiYHO

2OKH3DUD%DL[R1mR3DUD&LPD

$PDLRULDGDVSHVVRDVHQWUDQXPDRSHUDomRDSDUWLUGRFiOFXORGHXP
OXFURSURYiYHOHFULDVXDVH[SHFWDWLYDV DSDUWLUGHVWDVXSRVLomR &RPR
UHVXOWDGR HODV HVWmR SUHSDUDQGR SDUD VL XPD VLWXDomR GH SURYiYHO
GHVDSRQWDPHQWR $ TXHVWmR D VH SHUJXQWDU DQWHV GH LQLFLDU XPD
RSHUDomRp´2TXHGHSRGHDFRQWHFHUGHSLRU"µ2OKDQGRSDUDEDL[R
H QmR SDUD FLPD YRFr HVWi VH GLULJLQGR SDUD R TXH GHYH VHU VHX
REMHWLYRQ~PHURXPSUHVHUYDUVHXFDSLWDO6HYRFrHURGLUDEDVHGRVHX
FDSLWDO HQWmR YRFr QmR GHL[DUi QDGD SDUD TXH SRVVD FUHVFHU 4XDVH
WRGRV RV WUDGHUV SHUGHP QD PHVPD UHODomR FRP TXH JDQKDP 2V
YHQFHGRUHVVmRRVTXHID]HPPDLVRSHUDo}HVYHQFHGRUDVPDVRPDLV
LPSRUWDQWH p SHUGHU PHQRV QDV PDOVXFHGLGDV 2OKDQGR SDUD EDL[R
HOHV HVWmR VHP G~YLGD HVWLPDQGR RQGH GHYHULDP LQWHUURPSHU VXDV
SHUGDVjIUHQWHGRWHPSR6HRSRWHQFLDOGDPDUJHPGHHUURSURYDUVHU
PXLWRJUDQGHVLPSOHVPHQWHQmRID]HPDRSHUDomR

 1XQFD 2SHUH RX ,QYLVWD 0DLV 'R 4XH 3RVVD 3HUGHU
5D]RDYHOPHQWH

(P TXDOTXHU PRPHQWR HP TXH FRORFD VHX FDSLWDO HP ULVFR YRFr QmR
SRGHVHGDUDROX[RGHSHUGHUSRLVYRFrHVWDUijPHUFrGRPHUFDGR
6HX QtYHO GH HVWUHVVH HVWDUi PXLWR DOWR H YRFr SHUGHUi WRGD
REMHWLYLGDGH$VGHFLV}HVVHUmRHPRFLRQDLVSRUTXHHVWDUiIRFDGRVREUH
JDQKRV PRQHWiULRV H DV GRORURVDV FRQVHTrQFLDV SVLFROyJLFDV GH XP
SUHMXt]RHQmRVHEDVHDQGRHPIDWRVFRPRQDUHDOLGDGHHOHVVmR

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1mR(QIUHQWHD7HQGrQFLD

([LVWH XPD Pi[LPD TXH GL] ´8PD FRUGD SDUD FLPD OHYDQWD TXDOTXHU
QDYLRµ (P OLQJXDJHP GR PHUFDGR VLJQLILFD TXH p PHOKRU HVWDU
RSHUDQGRQDGLUHomRGRPHUFDGRVHRPHUFDGRVREHWUD]HQGRFRPR
HIHLWR R FUHVFLPHQWR GH WRGDV DV SRVLo}HV FRPSUDGDV (VWDU YHQGLGR
QXP PHUFDGR GH DOWD HQWUHWDQWR HQJORED XP ULVFR FRQVLGHUiYHO SRU
GHILQLomRDQmRVHUTXHYRFrVHMDiJLOGHPDLVSDUDUHDOL]DUVHXVOXFURV
QRPRPHQWRFHUWRXPSUHMXt]RVHUiFHUWDPHQWHLPLQHQWH

2 RSRVWR VHUi YHUGDGHLUR SDUD XP PHUFDGR TXH FDL TXDQGR DV
UHDo}HV VmR HVSRUDGLFDPHQWH LPSUHYLVtYHLV H WHQHEURVDV 6H YRFr
HVWXGDUDJUDQGHPDLRULDGRVUHVXOWDGRVGHJUDQGHSDUWHGRVLVWHPDGH
RSHUDomRYHUiTXHLQHYLWDYHOPHQWHRVUHVXOWDGRVDGYrPGHSRVLo}HV
TXH VmR PRQWDGDV QD GLUHomR RSRVWD GD WHQGrQFLD SULQFLSDO
2EYLDPHQWH YRFr QHP VHPSUH WHUi XPD RSLQLmR ILUPH D UHVSHLWR GD
GLUHomRSULPiULDPDVTXDQGRYRFrDWLYHUHVWDUiPXLWRPDLVVHQVtYHOD
QmRRSHUDUFRQWUDHOD

6HPSUHTXHSRVVtYHO2SHUH0HUFDGRV/tTXLGRV

*HUDOPHQWH YRFr GHYHUi RSHUDU VRPHQWH PHUFDGRV OtTXLGRV RX VHMD
DTXHOHV HP TXH D GLIHUHQoD HQWUH SUHoR GH FRPSUD H YHQGD VHMD
EDVWDQWH SUy[LPR 2SHUDU HP PHUFDGRV HVWUHLWRV RX LOtTXLGRV VLJQLILFD
TXH DOpP GR SDJDPHQWR GH FRPLVV}HV D FRUUHWRUHV YRFr WDPEpP
HVWi SDJDQGR GH DOJXPD IRUPD RV FXVWRV GHVWHV ´VSUHDGVµ PXLWR
ODUJRV 9RFr SRGHUi SHQVDU TXH LVWR SRGHUi VHU VXSHUDGR DWUDYpV GH
XPD HVSHUD SDFLHQWH SDUD FRPSUD D XP GHWHUPLQDGR SUHoR HP
FRQWUDSDUWLGDjFRORFDomRGHRUGHQVDSUHoRGHPHUFDGR

1XQFDVH&RORTXH'LDQWHGHXPD&KDPDGDGH0DUJHP

(VWD UHJUD PXLWR LPSRUWDQWH VH DSOLFD VRPHQWH DRV RSHUDGRUHV
DODYDQFDGRV &KDPDGDV GH PDUJHP DFRQWHFHP SRU GRLV PRWLYRV
3ULPHLUR R PHUFDGR HVWi FRQWUD YRFr RX VHMD YRFr VH HQFRQWUD FRP
LQVXILFLrQFLDGHIXQGRVQDVXDFRQWD6HJXQGRDFKDPDGDGHPDUJHP
GR DWLYR TXH YRFr WHP HP VXD SRVLomR DFRQWHFHX SRUTXH HOD
VLPSOHVPHQWHIRLHOHYDGDSRUQRYDVUHJUDV1RPRPHQWRGHFKDPDGD
SHOR VHX FRUUHWRU WHUi GXDV DOWHUQDWLYDV SULPHLUD  UHJXODUL]DU FRP
UHFXUVRV R QtYHO GH VXDV JDUDQWLDV VHJXQGR  UHGX]LU D VXD FKDPDGD
SHODOLTXLGDomRGHSDUWHRXGHVXDSRVLomRWRWDO3DUDWRPDUDGHFLVmR
FRUUHWD YRFr GHYHUi H[DPLQDU D VLWXDomR GH VXDV FRQWDV QHVWH
PRPHQWRGHVFRQIRUWiYHO(PTXDOTXHUXPDGDVVLWXDo}HVRHIHLWRVHUi
XP LQFUHPHQWR HPRFLRQDO GR VHX FRPSURPHWLPHQWR H SRU
FRQVHJXLQWH XPD VLWXDomR LQGHVHMDGD (P VLWXDo}HV GH GHVFRQIRUWR
FRPRQHVWHFDVRDPHOKRUFRLVDDID]HUpVHUHWLUDUFRPSOHWDPHQWHGR

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PHUFDGR SRU XP SHUtRGR GH IRUPD TXH DV VXDV RQGDV HPRFLRQDLV VH
DFDOPHPHDREMHWLYLGDGHVHMDUHVWDEHOHFLGD

 4XDQGR )RU &RORFDU XP (VWRSH 8WLOL]H D /yJLFD 1mR D
&RQYHQLrQFLD

2SHUDGRUHV JHUDOPHQWH VHJXHP D GLVFLSOLQD GH SUpGHWHUPLQDUHP R
QtYHO GH SHUGD H ULVFR SHOD FRORFDomR GH XP HVWRSH OLJHLUDPHQWH
DEDL[R GDTXHOH SRQWR 6H HVWH SRQWR IRL GHWHUPLQDGR DWUDYpV GH XPD
UD]mR WpFQLFD RX DQiOLVH IXQGDPHQWDOLVWD LVWR UHSUHVHQWD XP PpWRGR
LQWHOLJHQWHGHRSHUDomR(QWUHWDQWRVHLQLFLDUXPDRSHUDomRHPEDVHV
GH TXH YRFr QmR SRGH SHUGHU SRU H[HPSOR PDLV GR TXH  H
FRORFDVHXHVWRSHQROLPLWHTXHUHSUHVHQWHHVWHYDORUDVVXDVFKDQFHV
GH REWHU XPD RSHUDomR JDQKDGRUD VHUmR GUDVWLFDPHQWH UHGX]LGDV
1HVWH PRPHQWR YRFr QmR HVWi WRPDQGR GHFLV}HV EDVHDGDV HP
PRYLPHQWR GH SUHoRV RQGH R PHUFDGR WHP D RSRUWXQLGDGH GH OKH
PRVWUDU TXH HVWi HUUDGR &RQWUDULDPHQWH YRFr HVWi DUELWUDQGR XP
SRQWREDVHDGRQRVHXMXOJDPHQWRGHTXDQWRYRFrSRGHYLUDSHUGHU

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