TNAD Fundo de Investimento em Ações

Investment Objectives

The objective of the FUND is to provide its shareholders with an appreciation of their shares over the medium and long term through an investment policy that is based on fundamental analysis for selecting stocks that are deemed by the ADMINISTRATOR to present good return prospects. The main risk is the variation of stock prices that are negotiated in exchanges or in organized over the counter markets.

Investment Policy

The FUND adopts an investment philosophy that is exclusively based on fundamental analysis, seeking, through an active approach towards the companies, consistent medium and long term results with low volatility and little concern for immediate liquidity.

Prospective Clients

The FUND is destined, exclusively, to qualified investors, a category defined by CVM’s bylaws.

Risk Profile

The risk assessment of the ADMINISTRATOR is present throughout the entire process of investment decisions. The risk of a particular asset is not determined numerically, through the precise definition of the variance of return around the average. It is incorporated throughout the fundamental analysis process. A bottom-up approach is used to evaluate portfolio risk, emphasizing the characteristics of each underlying asset. Additionally, the ADMINISTRATOR also considers issues like the risk of subjacent sectors and its implications on the portfolio’s concentration. Notwithstanding the administrator’s diligence of applying the previous investment policy and risk assessment measures, the fund’s investments will, naturally, be susceptible to market fluctuations and credit risks. For that reason, a partial or full loss of the invested capital is a possibility, as well as the fund presenting a negative net worth. In that last case, the shareholders will not be responsible for additional capital contributions and the FUND will be liquidated following a decision taken as a result of a shareholders’ meeting. The administrator will be responsible for the liquidation of a possible negative net worth. *The Fund initiated its activities on 08/15/2005

Technical Information

Minimum investment: R$ 100,000.00

Minimum Additional Investment and Redemption: R$ 5,000.00

Investment NAV: The subscription will be converted using the NAV of the next business day following the date of the investment (T+1).

Redemption Conditions: The withdrawal will be converted using the share value of the thirtieth business day following the “Withdrawal request” (T+30), or, if the thirtieth day was a non-business day, it will be converted on the next business day following the thirtieth day. The financial settlement of the withdrawal will occur 3 business days after the conversion (T+3).

Lock-up period: None

Management Fee: 1,95% per year

Performance Fee: 15 % of what exceeds IGPM + 6% per year (a more detailed description can be found on the bylaws).

Adjustment of Performance Fee: None

Income Tax: 15% of the nominal gain for Brazilian taxed investors and 10% for foreign investors incorporated in a non-tax heavens

Auditor: KPMG Auditores Independentes

Administrator: Dynamo Administração de Recursos Ltda

Manager: Dynamo Administração de Recursos Ltda

Inception date 15/08/2005

Documents (only in Portuguese)


Política de Voto

Manual de Precificação Bradesco

Demonstração de Desempenho (Anexo IV-Item 3)

Formulário de Informações Complementares