Seven years (and one investment cycle) later

Marketing communication for professional investors in Italy.
Before making any investment decision, please read the Prospectus and related KIDs.

Giordano Lombardo, Founder, CEO and Co-CIO Plenisfer Investments SGR

1. Performances 2025
2. The regime shift in the global context and the main macro risk not priced by markets
3. Artificial Intelligence: investing with moderate skepticism
4. The current opportunity set: an invested but diversified portfolio
5. Seven years (and one investment cycle) later

With the end of 2025, the sixth year since the foundation of Plenisfer and the launch of the first fund in May 2020 has come to a close. In terms of results, we can state that, to date, we have honored the commitments made to our investors[1]:

• Multi-strategy fund Destination Value Total Return (USD share class) delivered a performance of 25.0% in 2025, and an annualized return of 9.3% since launch. The Euro Hedged share class rose by 16.8% in 2025.
• Destination Dynamic Income fund, launched in 2023, delivered a performance of 4.4% in euro terms in 2025 and an annualized return of 6.7% since launch.
• Destinazione Rendimento fund, launched in 2021, delivered a performance of 5.8% in euro terms in 2025 and an annualized return of 2.8% since launch.
• Destination Capital fund, launched in January 2024, delivered a performance of 38.8% in 2025 (USD share class) and an annualized return of 24.9% since launch. The Euro Hedged share class rose by 30.5% in 2025.

Past performance is not indicative of future results.

All of our funds have therefore delivered positive results since 2020, in line with or above their respective investment objectives:

• Destination Value: preservation and growth of capital across the cycle, with contained volatility.
• Destination Dynamic Income and Destinazione Rendimento: solid income generation in a historically challenging environment for bond markets.
• Destination Capital: capital growth over time with a benchmark-unconstrained approach.

However, it is not only performance results that make us proud. We believe that the Plenisfer project, understood as an innovative model of active, liquid and benchmark-unconstrained management, has stood the test of reality over the past five and a half years. This period has been characterized by alternating bull and bear markets, significant currency movements and a broad upheaval in the global economic and geopolitical landscape. For this reason, we believe that this management model is today more distinctive and relevant than ever.

The particularly positive performance delivered in 2025 was driven primarily by the following factors:

• The strong underweight position in the United States dollar, which depreciated not only against the euro but against all major international currencies (multi-strategy fund).
• Exposure to gold, which was the best-performing asset class in annual terms (plus 60% compared with 20% for global equities): multi-strategy fund and equity fund.
• The underweight position in United States equities and the overweight position in European equities and emerging markets, across all funds.
• Equity and fixed income stock selection across all funds.

Therefore, beyond performance itself, it is important to emphasize how this performance was achieved, particularly in 2025. In the case of the multi-strategy fund, this was accomplished through a diversified portfolio that includes gold, international equities and bonds, small capitalization stocks, emerging markets and commodities, all asset classes for which market consensus was not particularly favorable. We did not need to rely on the so-called Magnificent Seven or on the performance of the United States equity market, which we significantly outperformed even with the multi-strategy fund, with lower volatility and better diversification.

Market narrative during the first part of last year focused primarily on the end of so-called American exceptionalism, and in the second part on the boom in investments related to Artificial Intelligence. We believe, however, that the most important development of the year was the loss of value of the United States dollar against all other currencies, with the exception of the yen, and especially against gold.

Despite the strong focus on Artificial Intelligence-related equities and United States technology stocks more broadly, divestment from United States assets and United States dollar-denominated assets by international investors continued. The United States equity market underperformed relative to the major global equity markets. As a result of the depreciation of the United States currency, the return on ten-year United States government bonds was 9% in United States dollar terms but -4%in euro terms.

We believe that these trends may also continue in 2026, for reasons that will be discussed later.

The performance of United States equities reflected both multiple expansion and earnings per share growth, which amounted to 12% in United States dollar terms for the year. The United States equity market index remains highly concentrated in terms of constituent market capitalization, with the so-called Magnificent Seven representing approximately one third of the total.

As we have stated repeatedly, this reduces the diversification benefit of a “passive” or index-based equity exposure through the Standard and Poor’s 500 Index or even the MSCI World Index. In other words, such exposure today represents an “active” bet on the main United States large-cap technology stocks.

The regime shift in the global context and the main macro risk not priced by markets

In 2025, the Trump-driven “revolution” in global trade and the disruption of traditional geopolitical alliances accelerated the transition toward a regime shift in the global macroeconomic and geopolitical context.

This regime shift coincided with the beginning of the current decade. As we have written on multiple occasions, we have entered a new macroeconomic environment that is profoundly different from the one prevailing over the previous three decades. The powerful monetary and fiscal stimulus actions following the pandemic, tensions in commodity markets arising from the war in Ukraine, and most recently the policies implemented by the Trump administration, have shaped an entirely new scenario.

This scenario makes it highly unlikely that inflation and interest rates will return to the levels of the so-called previous “new normal.”

The combination of these changes has almost certainly brought an end to the previous regime of low inflation, low interest rates and global growth driven by the United States.

As we often say, our role as asset managers is not to make macroeconomic forecasts, but to seek to understand which “macro” factors are priced or not priced by financial markets and to adjust portfolios accordingly.

Today, we believe that the main macroeconomic risk not priced by markets is a return of inflation to structurally higher levels than those currently observed. This may be driven by rising protectionism and de-globalization; by population aging and its impact on labor markets; and by political pressure to redistribute the share of national income allocated to labor after decades of decline.

In addition, fiscal and monetary policies in major economies in the United States, Europe and Asia are reinforcing inflationary dynamics in the short term, as they are all moving in the direction of greater reflation.

Expansionary fiscal policies aimed at stimulating consumption growth and corporate investment are typically accompanied by restrictive monetary policies designed to contain inflationary pressures. This does not appear to be the scenario we are facing today, where expansionary fiscal policies are accompanied by monetary policies that are themselves expected to be strongly expansionary in the United States, or at most neutral in Europe and China.

Artificial Intelligence: investing with moderate skepticism

What could act in the opposite direction relative to the inflationary dynamics described above? The main deflationary effect could be generated by productivity gains resulting from the Artificial Intelligence revolution.

The Artificial Intelligence theme has dominated market attention since the launch of ChatGPT toward the end of 2022. From November 2022, the United States equity market experienced an increase of 30 trillion United States dollars in market capitalization, the fastest and largest creation of wealth in history.

Over the past three years, equity markets have generously rewarded announcements of investments related to Artificial Intelligence. In the final months of 2025, however, the phase of heightened excitement moderated and doubts emerged regarding the future returns of these massive spending plans. The debate on this topic is nonetheless still ongoing. We believe that the current phase may still represent the early stage of the formation of a “bubble” that could continue for some time.

The main concerns related to capital expenditure in Artificial Intelligence are threefold: its absolute size; the use of leverage to finance it; and the presence of circular financing structures. On all three points, there are strong arguments both in favor and against.

To those who point out that the absolute size of the announced spending has no historical precedent, the response is that it merely reflects a structural increase in the share of technology investment relative to total investment, a trend already in place before the start of this cycle.

To those who are concerned about the increasing use of debt to finance Artificial Intelligence spending, such as in the case of Oracle, it should be noted that the total volume of newly announced debt issuance remains modest relative to existing corporate debt outstanding. In addition, for most hyperscalers, capital expenditure remains below normal operating cash flow generation.

Finally, to the accusation of “circular financing” among many companies linked to Artificial Intelligence, for example Nvidia investing in OpenAI, one of its largest customers, while OpenAI invests in Advanced Micro Devices, one of Nvidia competitors, the response is that this is not merely a hall of mirrors. These investments represent a mix of vendor financing and vertical integration, justified from an industrial perspective by the need to achieve technological supremacy, in a winner-takes-all environment.

Another concern among investors relates to the accelerated technological obsolescence of chips used for Artificial Intelligence, which may not be adequately accounted for by market participants. If the depreciation period applied is longer than the effective useful life, profits related to Artificial Intelligence are artificially inflated. The response to this objection is that, going forward, chip growth will be driven primarily by demand for inference rather than by demand for model training. For inference, it is not essential to have the most advanced and sophisticated chip models. In addition, a faster product cycle would also imply that productivity gains are achieved more rapidly.

Since it is not possible, in our view, to reach a definitive conclusion as to whether a bubble is present, we believe that a stance of moderate skepticism, as proposed by Howard Marks[2] in a note published last December (“Is it a bubble?”), represents the most appropriate approach: “Since no one can say definitively whether this is a bubble, I would advise that no one should go all in without acknowledging that they face the risk of ruin if things go badly. But by the same token, no one should stay all out and risk missing out on one of the great technological steps forward”.

The approach we have adopted in our portfolios is a selective one, focused on “enablers,” on indirect beneficiaries of Artificial Intelligence investment, the providers of “picks and shovels,” and on the strong demand for energy generated by this trend, namely energy stocks and providers of transmission infrastructure.

The current opportunity set: an invested but diversified portfolio

The key elements of the current environment are as follows:

• From a macroeconomic perspective, the monetary and fiscal reflation policies in place during 2025 are expected to continue in the United States, Europe and Asia, despite the fact that the risks of rising inflation are far from eliminated.
• From a geopolitical perspective, the risks of armed conflicts based on the unilateral exercise of power by major powers remain elevated relative to multilateral cooperation.
• From a technological perspective, the race to invest in Artificial Intelligence continues, but with increasing investor scrutiny regarding winners and losers.
• The depreciation of the United States dollar against precious metals and major currencies is also continuing, as a result of fiscal and trade policies implemented by the United States.

This is the current state of the opportunity set across the main asset classes:

• Equity valuations and credit spreads are very stretched.
• The most attractive equity markets in valuation terms are emerging markets, Europe and the United Kingdom.
• Government bond yields remain at risk due to excessive fiscal deficits, particularly in the United States but also in other countries such as France and the United Kingdom.
• Risks persist in private equity and private credit, with potential consequences for listed securities markets in the event that holders of private assets are forced to reduce overall portfolio risk by selling liquid components.

The first decision to be made with regard to portfolio strategy is therefore the overall level of risk. Here, a couple of historical examples may be helpful.

The first example is the formation of the Internet bubble in the late 1990s, when investors overestimated data traffic growth and returns for companies involved in the telecommunications, media and technology boom. United States equity indices reached all-time highs in valuation terms, even though many companies in the sector had clearly unsustainable business models.

With the benefit of hindsight, was it possible to construct portfolios that were “robust” with respect to the formation of the bubble? Valuations of United States large capitalization stocks were extremely expensive, but there were much more attractive opportunities across a range of other asset classes, including emerging market equities and bonds, as well as international small capitalization stocks. In addition, Treasury Inflation-Protected Securities offered real yields of 4% at the time.

In short, it was not necessary to reduce overall exposure to risky assets. It was possible to construct a well-diversified portfolio of equities and corporate bonds valued at reasonable prices, without making any forecast regarding the timing of the bubble burst, but simply accepting, for a period of time, a higher tracking error relative to indices.

If we move to the second example, the Global Financial Crisis of 2008, the situation was different. Without entering into the specific causes of the crisis, the opportunity set for investors at that time was entirely different from that of the late nineteen nineties. Not only United States equities, but global equities across large and small capitalization segments, and especially most of the corporate bond market, were significantly overvalued.

In other words, prospective returns were largely unfavorable, with the sole exception of cash and government bonds. The only choice that would have “saved” portfolios from the effects of the crisis would have been a decisive de-risking of the entire portfolio, with a drastic reduction of all risky assets, both equities and credit.

This brings us to the current moment. We are convinced that the opportunity set today is much more similar to that of 1999 than to that of 2008. Valuations of the United States equity market in terms of the CAPE (cyclically adjusted price earnings) ratio are above the level of 2021 and approximately 10% below the peak of 2000.

On the other hand, attractive opportunities can be found in emerging markets, both equities and bonds, in international small capitalization stocks, and also in large capitalization stocks when looking outside the United States. By contrast, valuations in credit markets, both investment grade and high yield, are much less favorable.

This does not mean that the fundamental technology environment is comparable to that of the late nineteen nineties. There are similarities, but also significant differences. However, we believe that the opportunity set is very similar in the two cases and that portfolio construction can benefit from broad diversification across international assets, while maintaining an overall level of risk that is not excessively low.

Indeed, in the event of an excessive reduction in overall risk, there is a risk of constructing a portfolio with an expected return that is too low.

From the outset, we have argued that risk is not only portfolio volatility, but also the probability of failing to achieve objectives over time. Today, this definition appears even more relevant. Volatility is a parameter that we intend to respect. The true risk is failing to meet objectives.

In an environment characterized by higher capital intensity, record levels of debt and more compressed expected returns, an allocation error, excessive leverage or passive adherence to dominant trends can have long-lasting negative consequences.

Seven years (and one investment cycle) later

Seven years have passed since we asked ourselves a simple but decisive question: does it make sense to create a new asset management company in a mature, crowded and under pressure industry?

The answer at the time, shared with the co-founders of Plenisfer, was a clear position. Yes, it made sense, but only on one condition: we had to build an alternative that was profoundly different from standardized models oriented toward simple benchmark replication, which had come to dominate the industry over time.

We had a clear ambition: to return to the roots of professional practice. Not to chase a reference index, but to invest with freedom of judgment, analytical rigor and direct responsibility. Not to focus on the short term, but to work toward achieving specific objectives, building real and sustainable value over time for all investors.

Today, looking back at the path taken and the results achieved, we are aware that we have charted a distinctive course. The story of Plenisfer is not only the story of an investment company. It is the story of those who believe that rules can be questioned, that innovation can emerge even in traditional sectors, and that, over the long term, discipline, consistency and independence generate value.

I look with pride at a company that is growing steadily and at a team that has successfully completed the first five-year management cycle, as I reflect on the question asked seven years ago. Not only does the answer remain unchanged, but I am convinced that it has become even more relevant in a world that is changing even faster than it was then.

Keynes emphasized that the true risk for an investor is not ignorance, but the illusion of knowledge. In markets, this illusion is often fueled by models that work very well as long as the world remains static.

Today, as seven years ago, we believe that in a world that is changing ever more rapidly, what has worked well for forty years may no longer work.

This conviction led us to rethink the approach to asset management and to create a small “pirate ship,” solid and flexible in navigating market storms, agile and quick to change direction when needed, and capable of choosing alternative, and often contrarian, routes compared with those of large ocean liners.

The results achieved so far, both in terms of performance and company growth and the trust placed in us by investors, confirm that the different approach we strongly pursued is solid. Not as the outcome of a single insight, but as the result of a coherent process applied over time, even across very different market environments.

These results are not, in our view, an endpoint. On the contrary, they represent responsibility. The responsibility to remain faithful to the principles declared at the founding of Plenisfer, adapting them to a changing world. The responsibility to continue investing as if the capital were our own, because in part it is. And finally, the responsibility is to maintain an open, honest and long-term dialogue with those who have chosen to accompany us.

On these foundations, we face the next management cycle. With respect for risk, ambition in results and the same conviction that guided us seven years ago: investing is not about following the world as it is, but about questioning it every day, relying on solid processes and having the courage to be different. Investing is not about eliminating uncertainty, but about consciously choosing how to address it.

[1] Source: Plenisfer Investments SGR. Data as of 31/12/2025. 

[2] Source: Howard Marks, “Is It a Bubble?”, Oaktree Capital Management, investor memo, December 2025.

***

Disclaimer

Marketing communication for professional investors in Italy. Please refer to the Prospectus and KID before making any final investment decisions. All market data is sourced from Bloomberg.

Destination Value Total Return ("DVTR") -Investment Objective and Policy: The objective of this Fund is to achieve a higher risk-adjusted total return over the market cycle. To achieve the Fund's objectives, it is essential to realize long-term capital appreciation and underlying income through a long-term orientation on valuation and market cycles. Benchmark: SOFR Index. The Fund is actively managed and uses the Benchmark to calculate the performance-related fee. The Fund does not use the Benchmark for investment purposes.

Destination Dynamic Income Total Return ("DDITR") - Investment Objective and Policy: The Fund aims to achieve attractive risk-adjusted total return through capital appreciation and income generation over the medium term. The Portfolio is actively managed and does not make investments in relation to any benchmark; this means that individual positions are actively selected based on specific research and evaluations. Although it is actively managed and does not use a benchmark for portfolio allocation, the Portfolio refers to the €STR Index for performance fee calculation purposes.

Destination Capital Total Return ("DCTR") - Investment Objective and Policy: The Portfolio aims to achieve an attractive total return in terms of risk through long-term capital appreciation with some income generation, focusing on long-term valuation and market cycles. The Fund is actively managed and does not make investments in relation to any benchmark; this means that individual positions are actively selected based on specific research and evaluations. Although it is actively managed and does not use a benchmark for portfolio allocation, the Portfolio refers to the MSCI ACWI Net Total Return USD Index for performance fee calculation purposes.

Destinazione Rendimento Total Return ("DRTR") – Investment Objective and Policy: The Fund aims to achieve positive returns over the medium term through investment in fixed income instruments, following an active management strategy without any benchmark constraints. The Portfolio is actively managed and does not make investments in relation to any benchmark; this means that individual positions are actively selected based on specific research and evaluations. Although it is actively managed and does not use a benchmark for portfolio allocation, the Portfolio refers to a maximum ex-ante annualized volatility limit of 9.00% as a risk measure for management purposes.

There is no guarantee that an investment objective will be met or that there will be a return on capital. The sub-fund does not benefit from any guarantees to protect capital.

Synthetic Risk Indicator DVTR and DDITR (Classes R EUR Acc): 3 (medium-low risk) 

Synthetic Risk Indicator DCTR (Class I USD Acc) and DRTR (Class HD): 4 (medium risk) 

The Risk Indicator may vary by Fund and share class, please refer to the relevant Prospectus and PRIIP KID for more details. For SRI classification of other share classes available in your country, please get in touch with your financial advisor.

Main risks of the Funds: interest rate risk, credit risk, emerging market risk (including China). There is no predetermined limit to exposure to emerging markets. Therefore, emerging market risk could be high at times, frontier market risk, foreign exchange risk, volatility risk, liquidity risk, derivatives risk, short exposure risk, distressed debt securities risk, securitized debt risk, contingent capital securities risk ("CoCos"), Equity risk, Commodity risk, Securities under Rule 144A / Regulation S. Capital loss risks: these funds are not guaranteed products. You may not receive part or all of the initial amount invested. Considering the investment strategies that characterize the Funds, the expected level of leverage may vary up to 350%, excluding the total net value of the portfolio. The use of leverage can increase the risk of potential losses. This is not an exhaustive list of risks, please refer to the relevant Prospectus and PRIIP KID for more details. Other risks may occur. 

(DVTR) Costs: Class R, Share: X EUR Accumulation (ISIN: LU2185978587, registered in Italy). One-time costs on entry or exit: Entry costs: 5% of the amount you pay when you subscribe to this investment. This is the maximum you will be charged. Exit costs: 0% we do not charge an exit fee for this product. Underwriting costs are calculated based on NAV. Ongoing costs recorded each year: Management fees and other administrative costs: 1.6% per year (including management fee: 1.25%). This is an estimate based on last year's actual costs. Transaction costs: 0.3% per year of the value of your investment. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. Incidental charges incurred under certain conditions: Performance Fee: 0.00% The redemption fee is calculated based on the mechanism of the "High Water Mark with Performance-Related Fee Benchmark," with a Performance-Related Fee Rate of 15.00% per annum of the positive return achieved above the "SOFR Index" (the Performance-Related Fee Benchmark). The current amount will vary according to the performance of your investment.

(DDITR) Costs: Class R, Share: X EUR Accumulation (ISIN: LU2597958268, registered in, Italy). One-time costs on entry or exit: Underwriting costs: 4%, of the amount you pay when you subscribe to this investment. This is the maximum you will be charged Exit costs: 0%, we do not charge any exit fees for this product. Underwriting costs are calculated based on NAV. Ongoing costs recorded each year: Management fee and other administrative or operating costs: 1.3% (including management fee: max 1.10% per year) of investment value per year. This is an estimate based on the last year's actual costs. Transaction costs: 0.4% of the value of the investment per year. This is an estimate of the costs incurred in buying and selling the underlying investments for the product. Ancillary charges incurred under certain conditions: Performance fee: 0.00%. The performance fee is calculated according to the "High Water Mark with performance fee benchmark" mechanism with a performance fee rate of 15.00% per annum of the positive return above the €STR Index (the performance fee benchmark).

(DCTR) Costs: Class I, Share: X USD Accumulation (ISIN: LU2717270206, registered in Italy). One-time costs on entry or exit: Underwriting costs: 0%, we do not charge any underwriting fees for this product. This is the maximum you will be charged Exit costs: 0%, we do not charge any exit fees for this product. Underwriting costs are calculated based on NAV. Ongoing costs recorded each year: Management fee and other administrative or operating costs: 1.10% (including management fee: max 0.75% per year) of investment value per year. This is an estimate based on the last year's actual costs. Transaction costs: 0.1% of the value of the investment per year. This is an estimate of the costs incurred in buying and selling the underlying investments for the product. Ancillary charges incurred under certain conditions: Performance fee: 0.00%. The performance fee is calculated according to the "High Water Mark with performance fee benchmark" mechanism with a performance fee rate of 15.00% per annum of the positive return above the MSCI ACWI Net Total Return USD Index (the performance fee benchmark). The actual amount will vary according to the performance of your investment.

(DCTR) Costs: Class I, Share: X USD Accumulation (ISIN: LU2717270206, registered in Italy). One-time costs on entry or exit: Underwriting costs: 0%, we do not charge any underwriting fees for this product. This is the maximum you will be charged Exit costs: 0%, we do not charge any exit fees for this product. Underwriting costs are calculated based on NAV. Ongoing costs recorded each year: Management fee and other administrative or operating costs: 1.10% (including management fee: max 0.75% per year) of investment value per year. This is an estimate based on the last year's actual costs. Transaction costs: 0.12% of the value of the investment per year. This is an estimate of the costs incurred in buying and selling the underlying investments for the product. Ancillary charges incurred under certain conditions: Performance fee: 0.00%. The performance fee is calculated according to the "High Water Mark with performance fee benchmark" mechanism with a performance fee rate of 15.00% per annum of the positive return above the MSCI ACWI Net Total Return USD Index (the performance fee benchmark). The actual amount will vary according to the performance of your investment.

Performance and management fees are calculated and, where applicable, accrued separately for each share class within a sub-fund on each valuation day.

Reference currencies of the sub-funds: USD (Destination Value Total Return and Destination Capital Total Return) and EUR (Destination Dynamic Income Total Return). When the Fund/Action reference currency is different from yours, returns and costs may increase or decrease due to currency and exchange rate fluctuations.

Costs may increase or decrease depending on currency fluctuations and exchange rates. This is not an exhaustive list of costs. Other costs apply and vary depending on the share class. Before making any investment decision, please read the Prospectus and the Key Information Document (KID), especially the sections on risks and costs. The documents are available at the following web pages: 

• https://www.plenisfer.com/it/en/professional/fund-page/plenisfer-investments-sicav-destination-value-total-return-rx-eur-accumulation-or-lu2185978587-distr-LU2185978587 
• https://www.plenisfer.com/it/en/professional/fund-page/plenisfer-investments-sicav-destination-dynamic-income-total-return-rx-eur-accumulation-or-lu2597958268-acc-LU2597958268 
• https://www.plenisfer.com/it/en/professional/fund-page/plenisfer-investments-sicav-destination-capital-total-return-ix-usd-accumulation-or-lu2717270206-distr-LU2717270206
• https://www.plenisfer.com/it/en/professional/fund-page/destinazione-rendimento-hd-or-it0005441701-acc-IT0005441701

Recommended holding period: 5 years (DVTR), 4 years (DDITR), 5 years (DCTR), 5 years (DRTR).

SFDR Classification: The Funds promote, among other characteristics, environmental or social characteristics according to Article 8 of Regulation (EU) 2019/2088 on Sustainability Reporting in the Financial Services Sector ("SFDR"). The Funds are not an Article 9 according to SFDR (does not have sustainable investment as an objective). For all information on SFDR (Sustainable Finance Disclosure), please refer to Annex B of the Prospectus ("pre-contract document"). Before making an investment decision, please also consider all ESG features or objectives, approach, binding elements and methodological limitations contained in the SFDR Pre-contractual Disclosure, as well as the Summary of Product Disclosure on the website, available in English or in an official language of your country of residence, in the "Sustainability Disclosure" section of the website: https://www.generali-investments.lu/it/en/institutional/sustainability-related-disclosure.

Important Information 

This marketing communication relates to Plenisfer Investments SICAV, an investment company with variable capital (SICAV) under the Luxembourg law of December 17, 2010, qualified as an undertaking for collective investment in transferable securities (UCITS), and its Funds, "Destination Value Total Return (“DVTR”)”, "Destination Dynamic Income Total Return (“DDITR”)”, and "Destination Capital Total Return ("DCTR")," collectively referred to as "the Funds.” and the Italian fund Destinazione Rendimento (“DRTR”). This marketing communication is intended for professional investors in Italy, where the Funds is registered, and is not intended for retail investors or U.S. persons as defined in Regulation S of the United States Securities Act of 1933, as amended. 

This document is co-issued by Generali Asset Management S.p.A. Asset Management Company, Generali Investments Luxembourg S.A. and Plenisfer Investments SGR S.p.A. ("Plenisfer Investments"). Plenisfer Investments is authorized as a SICAV - UCITS management company in Italy, regulated by the Bank of Italy - Via Niccolò Machiavelli 4, Trieste, 34132, Italy - CM: 15404 - LEI: 984500E9CB9BBCE3E272.

The Fund Management Company of Destinazione Rendimento is Plenisfer Investments SGR S.p.A.

The Fund Management Company of Plenisfer Investment SICAV is Generali Investments Luxembourg S.A., a public limited company (société anonyme) under Luxembourg law, authorized as a UCITS Management Company and Alternative Investment Fund Manager (AIFM) in Luxembourg, regulated by the Commission de Surveillance du Secteur Financier (CSSF) - CSSF Code: S00000988 LEI: 222100FSOH054LBKJL62. 

Generali Asset Management S.p.A is an Italian asset management company regulated by the Bank of Italy and appointed to act as a commercial promoter of the Funds in the EU/EEA countries where the Funds are registered for distribution (Via Niccolò Machiavelli 4, Trieste, 34132, Italy - C.M.n.15376 - LEI: 549300LKCLUOHU2BK025).

Before making any investment decision, please read the Key Information Document (KID), the Prospectus and Annex B of the Prospectus ("pre-contractual document"). The KIDs are available in one of the official languages of the EU/EEA country where the funds are registered for distribution, and the Prospectus is available in English (not French), as are the annual and semi-annual reports at www.generali-investments.lu or upon request free of charge to Generali Investments Luxembourg S.A., 4 Rue Jean Monnet, L-2180 Luxembourg, Grand Duchy of Luxembourg, e-mail address: GILfundInfo@generali-invest.com. The Management Companies may decide to terminate the agreements entered into for the marketing of the Funds. For a summary of your rights as an investor in connection with an individual complaint or collective action for a financial product dispute at the European level and at the level of your country of residence in the EU, please refer to the following link https://www.generali-investments.lu/lu/en/institutional/about-us-sfdr. The summary is available in English or an authorized language in your country of residence. A summary of the SFDR information (in English or an authorized language) on the product is available on the Funds page of the website in the "Sustainability Information" section

This marketing communication is not intended to provide investment, tax, accounting, professional or legal advice and does not constitute an offer to buy or sell the Funds or any other security that may be presented. Any opinions or forecasts provided are current as of the date specified, may change without notice, may not occur, and do not constitute a recommendation or offer of any investment. Past or target performance does not predict future returns. There is no guarantee that positive forecasts will be achieved in the future. The value of an investment and any income from it may rise or fall, and you may not recover the full amount originally invested. Future performance is subject to taxation, which depends on each investor's personal circumstances and may change in the future.

Please get in touch with your tax advisor to understand the impact of taxes on your returns. The existence of a registration or approval does not imply that a regulatory authority has determined that these products are suitable for investors. It is recommended that you carefully consider the terms of your investment and obtain professional, legal, financial and tax advice where necessary before making a decision to invest in a Fund. 

Generali Investments is a brand name of Generali Asset Management S.p.A Asset Management Company, Generali Insurance Asset Management S.p.A. Asset Management Company, Generali Investments Luxembourg S.A. and Generali Investments Holding S.p.A. - Sources (unless otherwise stated): Plenisfer Investments and Generali Asset Management S.p.A Asset Management Company.

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