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MINISTERUL EDUCAIEI AL REPUBLICII MOLDOVA

INSTITUTUL INTERNAIONAL DE MANAGEMENT ,,IMI- NOVA

REFERAT

TEMA: ,,Investiiile de Portofoliu

Autor: Cojocaru Ion, r!"#"

$r!, con%! un&'!, I! Luc(&an

C(&)&n*u- +"

1.1. Investiiile: concept, clasificare.

In'./t&0&&1. con/t&tu&. a1ocar.a 231a/ar.a4 r&/cant* a 'a1or&1or 5n o6&.ct. a1.

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act&'&t*0&& $. antr.3r.nor&at /au a1. a1tor t&3ur& $. act&'&t*0& cu /co3u1 $. a o60&n.

3ro%&t /au .%.ct /oc&a1!

In'./t&0&a r.3r.7&nt* cr.ar.a 3ro%&tu1u& 3r&n ut&1&7ar.a ca3&ta1u1u& )& 3r./u3un. o

r.nun0ar. 1a o /at&/%ac0&. &8.$&at* )& /&ur*, 5n /c(&86u1 un.& /3.ran0., a1 c*r.& /u3ort

51 con/t&tu&. r./ur/.1. &n'./t&t.! O6&.ct.1. 5n car. /. &n'./t.)t. 3ot %&: 8&j1oac. 6*n.)t&, %on$ur&%&9., %on$ur& c&rcu1ant., 3*8nt, (rt&& $. 'a1oar., ;no4 3&a0a a1tor o6&.ct. a1. &n'./t&0&&1or r.a1.:

o3.r. $. art*=

8.ta1. 3r.0&oa/.!

II! P&a0a $. o6&.ct. a1. &n'./t&0&&1or %&nanc&ar.:"4 3&a0a $. ca3&ta1:

ac0&un&=

o61&a0&un&=

o30&un&=

%utur./ .tc!

+4 3&a0a 8on.tar*:

$.3o7&t.=

cr.$&t.=1

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'a1ut.!

III! P&a0a $. o6&.ct. a1. &n'./t&0&&1or &no'a0&ona1.:

"4 3&a0a &n'./t&0&&1or cu caract.r &nt.1.ctua1:

1&c.n0.=

;no! Du3* 8o$u1 $. 3art&c&3ar.:

In'./t&0&& $&r.ct. @ 8o$ $. a1ocar. a 8&j1oac.1or car. acor$* &n'./t&toru1u& $r.3tu1 $.

3ro3r&.tat. a/u3ra (rt&.& $. 'a1oar. /au a &8o6&1u1u&! Sco3u1 ac./tora ./t. con$uc.r.a,

a$8&n&/trar.a $&r.ct* a o6&.ctu1u& 5n car. /-a &n'./t&t= 3oat. %& .%.ctuat* 3r&n

3rocurar.a act&'.1or r.a1. /au, 5n un.1. ca7ur&, 3r&n 3rocurar.a unu& 3ac(.t $. ac0&un& a1 un.&

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/oc&.t*0&, car. ar 3.r8&t. ./t&onar.a .%.ct&'* a ac./t.&a 2"-> $&n 'o1u8u1 tuturor ac0&un&1or

/&831. .8&/.4!

In'./t&0&& &n$&r.ct. 2$. 3orto%o1&u4 @ 3rocurar.a (rt&&1or $. 'a1oar. /au a a1tor act&'. cu /co3u1

$. a o60&n. 6.n.%&c&u /u6 %or8* $. $o6n7& 2$&'&$.n$.4, 3r.cu8 )& 5n ur8a cr.)t.r&& 3r.0u1u& $.

3&a0* a1 (rt&&1or $. 'a1oar., n.a'n$ ca /co3 a$8&n&/trar.a $&r.ct* a o6&.ctu1u& &n'./t&0&.&!

In'./t&0&&1. &n$&r.ct. 3r./u3un o a1ocar. $. 8&j1oac. 5ntr-un 3orto%o1&u, 5ntr-un ru3 $.

act&'. %&nanc&ar. /au r.a1.! D. .9.831u, 3ot %& 3rocurat. ac0&un&1. unu& %on$ 8utua1 car.

3r./u3un. un /.t $&'.r/&%&cat $. (rt&& $. 'a1oar., .8&/ $. $&%.r&t. /oc&.t*0&!

#! Du3* r&/cu1 3. car. 51 co83ort*:

ar./&'.=

con/.r'atoar.=

8.$&&!

! Du3* %or8a $. 3ro3r&.tat.:

3r&'at.=

$. /tat=

/tr*&n.=

8&9t.!

! Du3* /ur/.1. $. %&nan0ar.:/ur/. 3ro3r&&=

/ur/. 583ru8utat.

O3.ra0&un&1. &n'./t&0&ona1. 3r./u3un act&'&t*0& $. 31a/ar. a act&'.1or, a 8&j1oac.1or 6*n.)t&,

3r.cu8 )& a a1tor r.7.r'. a1. &n'./t&tor&1or 5n (rt&& $. 'a1oar., &8o6&1., %on$ur& /tatutar. a1.

5ntr.3r&n$.r&1or, 8.ta1. 3r.0&oa/., co1.c0&& $. art*, r.a1&7at. cu /co3u1 $. a /. o60&n. un '.n&t /u6

%or8* $. $o6n7&, $&'&$.n$., $&%.r.n0. $. cur/ .tc!

O3.ra0&un&1. &n'./t&0&ona1. 3r.'*$ anu8&t. %unc0&&, $&ntr. car. 3r&nc&3a1.1./unt:

"4 .9t&n$.r.a )& $&'.r/&%&car.a 6a7.& $. '.n&tur& a &n'./t&toru1u&=

+4 8.n0&n.r.a )& con/o1&$ar.a /ta6&1&t*0&& %&nanc&ar.=

>4 r.$uc.r.a r&/cu1u& tota1!

1.2. Portofoliul de investiii: concept, tipuri, principii de formare!

Act&'&tat.a &n'./t&0&ona1* a &n'./t&toru1u& 0&n. $. %or8ar.a 3orto%o1&u1u&

&n'./t&0&ona1, car. 3oat. &nc1u$. $&'.r/. t&3ur& $. &n'./t&0&&!

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Porto%o1&u1 $. &n'./t&0&& r.3r.7&nt* tota1&tat.a o6&.ct.1or &n'./t&0&ona1. r.a1. )& %&nanc&ar.

2ru3ur& $. act&'., cu8 ar %& ac0&un&1. )& o61&a0&un&1. .tc!4, $.0&nut. $. c*tr. &n'./t&tor 5n /co3u1

r.a1&7*r&& act&'&t*0&& &n'./t&0&ona1. 5n cor./3un$.r. cu /trat.&a &n'./t&0&ona1* /ta6&1&t*!

?n 3r.7.ntu1 8anua1, 'a %& r.%1.ctat*, 5n 8o$ co831.9, $oar ./t&un.a

3orto%o1&u1u& $. 'a1or& 8o6&1&ar.!G./t&un.a 3orto%o1&u1u& &n'./t&0&ona1 $. 'a1or& 8o6&1&ar. cu3r&n$. tota1&tat.a 3r&nc&3&&1or,

8.to$.1or )& &n/tru8.nt.1or $. r.nta6&1&7ar. a ac./tor act&'. %&nanc&ar., $. tr.c.r. $.

1a /tructur& a1. 3orto%o1&u1u& 8a& 3u0&n .%&c&.nt. 1a /tructur& )& o3.ra0&un& ct 8a& .%&c&.nt.

Co83o7&0&a 3orto%o1&u1u& ./t. o r.7u1tant* a 3o7&0&.& %&r8.& %a0* $. r&/c, $. ant&c&3a0&&1.

.'o1u0&.& '.n&tur&1or a%.r.nt. t&t1ur&1or 2car. /unt con$&0&onat. $. .'o1u0&a rat.& $o6n7&& 3.

3&a0a %&nanc&ar*4, $. /&tua0&a %&/ca1&t*0&& )& n.c./&tat.a $. 1&c(&$&t*0& &8.$&at.!

P.r%or8an0.1. unu& 3orto%o1&u /. $.t.r8&n* 3r&n co83arar.a ran$a8.ntu1u& o60&nut curata ran$a8.ntu1u& $. 3. 3&a0a %&nanc&ar*!

Porto%o1&u1 &n'./t&0&ona1 /. %or8.a7* 5n cor./3un$.r. cu ur8*toar.1.

3r&nc&3&& .n.ra1.:

"! Pr&nc&3&u1 a/&ur*r&& r.a1&7*r&& /trat.&.& &n'./t&0&ona1.! Con%or8 ac./tu& 3r&nc&3&u, %or8ar.a

3orto%o1&u1u& &n'./t&0&ona1 tr.6u&. /* cor./3un$* o6&.ct&'.1or /trat.&.& &n'./t&0&ona1.!

+! Pr&nc&3&u1 a/&ur*r&& cor./3un$.r&& 3orto%o1&u1u& r./ur/.1or &n'./t&0&ona1.! Ac./t 3r&nc&3&u

3r./u3un. 1&8&tar.a o6&.ct.1or &n'./t&0&ona1. /.1.ctat. 5n cor./3un$.r. cu r./ur/.1. .9&/t.nt.!>! Pr&nc&3&u1 o3t&8&7*r&& cor.1a0&.& $&ntr. r.nta6&1&tat. )& r&/c! Pr./u3un. r./3.ctar.a anu8&tor

3ro3or0&& 5ntr. r.nta6&1&tat. )& r&/c 5n cor./3un$.r. cu /trat.&a &n'./t&0&ona1*! R.a1&7ar.a

3r&nc&3&u1u& /. a/&ur* 3r&n 8.to$a $&'.r/&%&c*r&& o6&.ct.1or &n'./t&0&ona1.!

#! Pr&nc&3&u1 o3t&8&7*r&& ra3ortu1u& $&ntr. r.nta6&1&tat. )& 1&c(&$&tat.! Con%or8 /trat.&.&

&n'./t&0&ona1. acc.3tat. tr.6u&. /* %&. a/&urat* cor./3un$.r.a $&ntr. r.nta6&1&tat. )& 1&c(&$&tat.!

! Pr&nc&3&u1 a/&ur*r&& ./t&un&& 3orto%o1&u1u&!

S. ar. 5n '.$.r. a/&urar.a cor./3un$.r&& o6&.ct.1or &n'./t&0&ona1. a1.

3ot.n0&a1u1u& $. ca$r. .9&/t.nt, 3r.cu8 )& 3o/&6&1&t*0&1. $. r.a1&7ar. a r.&n'./t&r&&

o3.rat&'. a r./ur/.1or!

Porto%o1&&1. $. &n'./t&0&& 3ot %& $. $&'.r/. t&3ur&:

"! Porto%o1&u1 $. &n'./t&0&& a1 unu& &n'./t&tor /. 3oat. con/t&tu& $&n ct.'a

3orto%o1&& &n$.3.n$.nt., car. /. $.o/.6./c 5n %unc0&. $. o6&.ct.1. &n'./t&0&ona1.:

3orto%o1&u1 $. &n'./t&0&& r.a1. 2ca3&ta1.4=

3orto%o1&u1 $. &n'./t&0&& %&nanc&ar.=

3orto%o1&u1 $. 8&j1oac. c&rcu1ant.=

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3orto%o1&u1 a1tor &n'./t&0&& %&nanc&ar. 2$.3o7&t. 6ancar.4!

+! ?n %unc0&. $. 3r.%.r&n0.1. &n'./t&toru1u&, .9&/t* 8a& 8u1t. t&3ur& $. 3orto%o1&&:

3orto%o1&u1 $. cr.)t.r. @ 3r./u3un. 31a/ar.a ca3&ta1u1u& 5n t&t1ur& cu )an/. 8ar& $. c)t&, $ar )&

cu un ra$ r&$&cat $. r&/c=

3orto%o1&u1 cu /.cur&tat. 8a9&8* @ '&7.a7*, 5n /3.c&a1, 3rot.jar.a ca3&ta1u1u&,

a/&urn$u-& un ran$a8.nt cor./3un7*tor! P.ntru 3*/trar.a 3ut.r&& $. cu83*rar. a

ca3&ta1u1u&, $&'.r/&%&car.a 3orto%o1&u1u& /. .%.ctu.a7* a/t%.1 5nct /* /. .'&t. 3&.r$.r&1.

5n/.8nat., /* %&. co83.n/at. 3&.r$.r&1. .'.ntua1. $. 1a un.1. t&t1ur& cu c)t&ur&1. $. 1a a1t.

t&t1ur&=

3orto%o1&u1 cu ran$a8.nt /ta6&1 @ ar. ca /co3 3r&or&tar o60&n.r.a unor '.n&tur& r.u1at., )& nu

&83ort* att 8*r&8.a '.n&tur&1or, ct .1&8&nar.a r&/cur&1or=

3orto%o1&u1 3ru$.nt @ ur8*r.)t. 'a1or&%&car.a ca3&ta1u1u& 5n con$&0&&1. 3rot.j*r&& 583otr&'a

unu& r&/c .9c./&'! Un a/.8.n.a 3orto%o1&u r.a1&7.a7* o 586&nar. 5ntr. t&t1ur&1. cu '.n&tur&

r.u1at. )& c.1. car. a/&ur* o cr.)t.r. 8ar. a '.n&tur&1or, 3r.cu8 )& 5ntr. t&t1ur&1. cu

/ca$.n0* 1un* )& c.1. cu /ca$.n0* /curt*=

3orto%o1&u1 c1a/&c @ ar. ca /co3 o60&n.r.a unor '.n&tur& 3./t. 8.$&., acc.3tn$, totu)&, un

anu8&t ra$ $. r&/c=

3orto%o1&u1 o%.n/&' @ ar. ca /co3 o60&n.r.a unor '.n&tur& ct 8a& 8ar&, %*r* a 0&n. /.a8a,

3ract&c, $. ra$u1 $. r&/c=

3orto%o1&u1 /3.cu1at&' @ ur8*r.)t. o60&n.r.a unor '.n&tur& ra3&$., acc.3tn$ un ra$ $.

r&/c r&$&cat! Ca )& 3orto%o1&&1. o%.n/&'., )& ac./t t&3 $. 3orto%o1&& ./t. %oart. 8o6&1, c*utn$ /* /.

a$a3t.7. ct 8a& r.3.$. c.r&n0.1or /c(&86*toar. a1. 3&.0.&=

3orto%o1&u1 /3.c&a1&7at @ ar. ca /co3 at&n.r.a unor o6&.ct&'. /3.c&%&c )& /. %or8.a7* 5n 6a7a

unor cr&t.r&& /3.c&a1., 3r.cu8: a3art.n.n0a 1a o oar.car. ra8ur* a .cono8&.&, 3rocurar.a unu&

/&nur t&3 $. (rt&& $. 'a1oar. .tc!

>! ?n %unc0&. $. ra$u1 $. at&n.r. a o6&.ct&'.1or ur8*r&t. $. &n'./t&tor,

$&/t&n.8:

3orto%o1&u1 .c(&1&6rat, car. cor./3un$. 5ntoc8a& /trat.&.& &n'./t&0&ona1. a &n'./t&toru1u&=

3orto%o1&u1 n..c(&1&6rat, car. nu cor./3un$. 3ar0&a1 /au tota1 o6&.ct&'.1or &n'./t&toru1u&!

P.ntru /.1.ctar.a (rt&&1or $. 'a1oar., car. ur8.a7* /* %&. &nc1u/.

5n3orto%o1&u1 $. &n'./t&0&&, tr.6u&. /* /. 0&n* cont $. ur8*tor&& %actor&:

'.n&tu1 /contat, car., 3r&n ./.n0*, r.3r.7&nt* o r.8un.rar. 3.ntru .%ortu1 &n'./t&0&ona1 $.3u/=

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r&/cu1 &n'./t&0&ona1, a$&c* ra$u1 $. &nc.rt&tu$&n. a1 r.7u1tat.1or %&nanc&ar. a1. &n'./t&0&&1or

%*cut. 5n 'a1or&1. 8o6&1&ar.= 5n c.1. 8a& %r.c'.nt. ca7ur&, /. ar. 5n '.$.r. 3ro6a6&1&tat.a

/u3ort*r&& unor 3&.r$.r& $. c*tr. &n'./t&tor=

caract.r&/t&c&1. %&/ca1., car. &au 5n ca1cu1 con/.c&n0.1. %&/ca1. a1. tran7ac0&&1or cu 'a1or&

8o6&1&ar.=

3art&cu1ar&t*0&1. t.(n&c. a1. tran7ac0&&1or cu 'a1or& 8o6&1&ar. .tc!

Vor6&n$ $./3r. /c(.8.1. &n'./t&0&ona1., a$&c* $./3r. 8o$u1 $. .%.ctuar. a &n'./t&0&&1or $.

3orto%o1&u, 5n .n.ra1, .9&/t* o /.r&. $. 'ar&ant.:

&n'./t&r.a 8&j1oac.1or 6*n.)t& 5n (rt&& $. 'a1oar. )& 8.n0&n.r.a ac./tora 5n 3orto%o1&u 3n* 1a

/ca$.n0*=

/3.cu1a0&& cu /ca$.n0a /curt*=

&n'./t&0&& $. 3orto%o1&u cu a$8&n&/trar. 3a/&'*=

&n'./t&0&& $. 3orto%o1&u cu a$8&n&/trar. act&'*!

1.. Procesul de formare a portofoliului investiional

Proc./u1 &n'./t&0&ona1 3r./u3un. 1uar.a $.c&7&.& $. c*tr. &n'./t&tor cu 3r&'&r. 1a (rt&&1. $.

'a1oar., 5n car. 'or %& &n'./t&0& 6an&& /*&, 'o1u8.1. )& t.r8.n.1. $. &n'./t&r.! Ac.a/t* 3roc.$ur*

3r.'.$. c&nc& .ta3.:

"! A1..r.a )& .1a6orar.a 3o1&t&c&& &n'./t&0&ona1. 2&n'./t8.nt 3o1&c4 @ &nc1u$.

$.t.r8&nar.a o6&.ct&'u1u& &n'./t&toru1u& )& a 'o1u8u1u& 8&j1oac.1or, car. ur8.a7* /* %&.

&n'./t&t. 2D.oar.c. &n'./t&0&&1. ra0&ona1. 3r./u3un o 1.*tur* $&r.ct* 5ntr. r&/c )&

3ro%&ta6&1&tat., nu /. r.co8an$* /* /. /ta6&1.a/c* o6&.ct&'. 3r&'&n$ o60&n.r.a /u3ra3ro%&tur&1or,

3.ntru c* o a/t%.1 $. t.n$&n0*, ur8at* $. r&/cur& 8ajor., 3oat. /* $uc* 1a 3&.r$.r& 8ar&!

O6&.ct&'.1. &n'./t&tor&1or tr.6u&. %or8u1at. 5n %unc0&. $. 3ro%&ta6&1&tat., $ar )& $. r&/c!4!

+! Ana1&7a 3&.0.& (rt&&1or $. 'a1oar. 2/.cur&t ana1/&/4 &nc1u$. /tu$&.r.a unor t&3ur& 2/au ru3ur&4

$. (rt&& $. 'a1oar., cu /co3u1 $. a $.3&/ta ac.1. (rt&& $. 'a1oar., car. nu /unt cor.ct .'a1uat. $.

3&a0*! E9&/t* 8a& 8u1t. 8.to$. $. ana1&7* a 3&.0.&, $ar toat. /unt or&.ntat. 3. $ou* $&r.c0&& $.

6a7*: ana1&7a t.(n&c* )& ana1&7a %un$a8.nta1*! La a6or$ar.a ac./tora, n. 'o8 conc.ntra a/u3ra

unor ac0&un& /&831., $. .9.831u:

ana1&7a t.(n&ca 2t.c(n&ca1 ana1&/&/4, 5n %or8a /a c.a 8a& /&831*, 3r./u3un. /tu$&u1 conjunctur&&

3&.0.& )& $&na8&ca cur/ur&1or t&t1ur&1or $. 'a1oar., cu /co3u1 $. a 3rono7a $&na8&ca cur/ur&1or

anu8&t.& /oc&.t*0&! In&0&a1, /. c.rc.t.a7* cur/ur&1. $&n 3.r&oa$a 3r.c.$.nt*, /ta6&1&n$u-/. a/t%.1,

t.n$&n0.1. /au c&c1ur&1. car. /. r.3.t* 5n $&na8&ca cur/ur&1or! Porn&n$ $. 1a 3r./u3un.r.a c*

tr.n$ur&1. 'a1or&c. 3ot /* /. r.3.t. 3.r&o$&c, /. /ta6&1./c t.n$&n0., car. au %o/t r.1.'at. ant.r&or, 5n

/3.ran0a /ta6&1&r&& un.& 3rono7. /u%&c&.nt $. .9act. a $&na8&c&& cur/ur&1or ac0&un&1or 5n cau7*!

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ana1&7a %un$a8.nta1* 2%un$a8.nta1 ana1&/&/4 3orn.)t. $. 1a con/&$.r.nt.1. 3otr&'&t c*rora

'a1oar.a &ntr&n/.c* a or&c*ru& act&' %&nanc&ar ./t. .a1* cu 'a1oar.a 3r.7.nt* a %1u9ur&1or $.

nu8.rar, car. /. /cont.a7* a %& .n.rat. $. c*tr. ac./t act&' 5n '&&tor! R./3.ct&', ana1&/tu1

%&nanc&ar 2%un$a8.nta1&/t4 /. 'a 3r.ocu3a $. $.t.r8&nar.a 3.r&oa$.& 5n car. /. 'or o60&n.

'.n&tur&1., $. 8*r&8.a %1u9ur&1or )& $. ca1cu1ar.a 'a1or&& actua1. a ac./tora, %o1o/&n$ rata

r./3.ct&'* a $&/contu1u&4! ?n ur8a ana1&7.& .%.ctuat., /. 'a .1a6ora /trat.&a &n'./t&0&ona1*, car.

&nc1u$. $.t.r8&nar.a act&'.1or concr.t., c. 'or con/t&tu& o6&.ctu1 &n'./t&0&.&, a 3ro3or0&&1or!

$. $&/tr&6u&r. a ca3&ta1u1u& &n'./t&t 5ntr. act&'., 3r.cu8 )& a 8o$u1u& $. .%.ctuar. a &n'./t&0&.&!

>! For8ar.a 3orto%o1&u1u& $. 'a1or& 8o6&1&ar. 23orto%o1&o con/truct&on4 &nc1u$. 3rocurar.a

n.8&j1oc&t* a act&'.1or concr.t., c. con/t&tu&. o6&.ctu1 &n'./t&0&.&, 5n cor./3un$.r. cu

/trat.&a &n'./t&0&ona1* acc.3tat*!

#! R.'&7u&r.a 3orto%o1&u1u& $. 'a1or& 8o6&1&ar. 23orto%o1&o r.'&/&on4! Eta3a $at* 0&n. $. r.3.tar.a3.r&o$&c* a c.1or tr.& .ta3. 3r.c.$.nt.! S. )t&. c*, 3./t. un t&83 oar.car., conjunctura 3&.0.&,

3r.cu8 )& o6&.ct&'.1. &n'./t&tor&1or /. 3ot /c(&86a, &ar, ca ur8ar. a ac./tu& %a3t, 3orto%o1&&1.

cur.nt. /-ar 3ut.a /* nu 8a& %&. o3t&8.!

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3.r&o$&c* att a 3ro%&tu1u& o60&nut, ct )& a &n$&cator&1or r&/cu1u&, ut&1&7n$u-/. &n$&c&&-/tan$ar$,

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7

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9/9

Bibliografie:

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#! Du8&tr./cu Ht.%an I!-Tratat de Moneta(Tehnica schimbului monetar),Bucur.)t&, "#J!

8

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