We then build one of three type of portfolios, conservative, balanced and growth, each with its own combination of risk and return.

We have developed a high level of expertise in structured products, which are particularly well suited to the current economic environment. More specifically, we will provide our clients with valued-added services, which include :

• the selection of the underlying(s) and of the issuer,
• the provision of advice as regards the structure and the appropriate level of leverage and volatility,
• analytical services, including the calculation of break-evens, risk/return assessments, delta calculations and exposure management.

We offer a complete range of structured products of different strikes and maturities, which are chiefly intended to generate a stable income or coupon in the current low rate environment.

In addition, A. Bertoli S.A. provides treasury management services to small and medium sized enterprises, including cash and FX management.

The starting point of any investment strategy is always a careful examination of a client's individual needs and tolerance for risk. We then build one of three type of portfolios, conservative, balanced and growth, each with its own combination of risk and return.

This type of portfolio focuses on capital preservation and on minimizing volatility; in addition, we seek to generate stable and predictable income to meet an investor's anticipated cash needs. In the current economic context, great care is taken when selecting individual issuers.

This management type seeks to preserve the initial capital, minimising variations in the portfolio's value, and insuring a fixed return. Bonds and money market investments are mostly used for this management style, leading to a low market risk.

A balanced portfolio will typically contain fixed-income instruments (both long- and short-term), stocks and investment funds. The market risk, and the volatility of such a portfolio is medium.

This investment strategy is clearly aimed at capital growth. The portfolio is mostly invested in structured products and may include stocks and funds as well. As a general rule, and in order to diversify risk, we include short-term instruments in the portfolio. The market risk and volatility of this type of portfolio is higher.