# Jupiter Global Emerging Markets Corporate Bond
## Review of Portfolio as at 30 September 2020 (continued)
Performance Review (continued)
We benefited from our overall exposure to Asia, led by Malaysia and China. We recently increased our allocation to China, primarily through the real estate and technology sectors. Our exposure to the Chinese real estate sector did detract from relative returns in September, however. During the month, a letter from one of China’s largest property developers, Evergrande, requesting assistance from Guangdong provincial government triggered a selloff across the Chinese real estate sector. In the letter, the company stated that without government support it will face severe debt pressure and its liquidity chain could break. We do not have any exposure to Evergrande, and we have never held its bonds in our portfolio. We believe that Evergrande’s problems are idiosyncratic, and its credit linkage with other developers is low. In our view, the Chinese real estate sector remains attractive, and will continue to be a key beneficiary of the strong rebound in the Chinese economy.
As of the end of September, the fund’s duration is 4.8 years. We reduced duration in early August, prior to the sell-off in US Treasuries, as investors began to price in higher US inflation as one of the implications of the Fed’s policy shift to targeting an average inflation figure. The fund’s average credit rating is now BB, after we cautiously added to the fund’s overall high yield exposure.

## Investment Outlook
In terms of spreads and the significant yield premium offered by EM relative to developed markets, emerging market debt valuations remain attractive, in our view. However, we believe we are likely to see some volatility over the short term, considering the uncertainty around global economic recovery and the political landscape in the US. We continue to believe a focus on fundamentals and differentiation by security and country is key, especially given the current market environment. We are generally constructive on countries that have room to take on higher fiscal deficits and high reserve balances, while we are more defensively positioned towards, or look to completely avoid, countries that are running high debt-to-GDP (Gross Domestic Product) ratios and are particularly vulnerable to currency shocks.

### Alejandro Arevelo
Fund Manager
30 September 2020
1 Duration: A measure of a bond price’s sensitivity to changes in interest rates.
| Jupiter Global Emerging Markets Corporate | Bond |  |
| --- | --- | --- |
| Schedule of Investments as at 30 September 2020 |  |
|  |  | Quantity/ Nominal | Market Value | % of |
| Investments | Currency | Value | USD | Net Assets |
| Transferable securities and money market instruments admitted to an official exchange listing |  |  |  |  |
| Bonds |  |  |  |  |
| Angola |  |  |  |  |
| Angola Government Bond, Reg. S 9.375% 08/05/2048 | USD | 2,000,000 | 1,560,600 | 0.55 |
|  |  |  | 1,560,600 | 0.55 |
| Argentina |  |  |  |  |
| Provincia de Neuquen Argentina, Reg. S 8.625% 12/05/2028 | USD | 2,396,060 | 1,767,094 | 0.62 |
| Provincia del Chubut Argentina, Reg. S 7.75% 26/07/2026 | USD | 625,000 | 348,438 | 0.12 |
| YPF SA, Reg. S 8.5% 28/07/2025 | USD | 1,500,000 | 1,091,726 | 0.38 |
| YPF SA, Reg. S 6.95% 21/07/2027 | USD | 1,112,000 | 774,508 | 0.27 |
|  |  |  | 3,981,766 | 1.39 |
| Austria |  |  |  |  |
| JBS Investments II GmbH, 144A 5.75% 15/01/2028 | USD | 2,568,000 | 2,681,018 | 0.94 |
|  |  |  | 2,681,018 | 0.94 |
| Bermuda |  |  |  |  |
| Inkia Energy Ltd., Reg. S 5.875% 09/11/2027 | USD | 3,500,000 | 3,673,092 | 1.28 |
| Qatar Reinsurance Co. Ltd., Reg. S, FRN 4.95% Perpetual | USD | 2,509,000 | 2,530,628 | 0.89 |
|  |  |  | 6,203,720 | 2.17 |
| Canada |  |  |  |  |
| MEGlobal Canada ULC, Reg. S 5.875% 18/05/2030 | USD | 2,459,000 | 2,891,995 | 1.01 |
|  |  |  | 2,891,995 | 1.01 |
| Cayman Islands |  |  |  |  |
| Alpha Star Holding III Ltd., Reg. S 6.25% 20/04/2022 | USD | 1,500,000 | 1,441,410 | 0.50 |
| CIFI Holdings Group Co. Ltd., Reg. S 6.45% 07/11/2024 | USD | 2,689,000 | 2,769,757 | 0.97 |
| CK Hutchison International 19 Ltd., Reg. S 3.625% 11/04/2029 | USD | 2,100,000 | 2,392,234 | 0.84 |
| Comunicaciones Celulares SA, Reg. S 6.875% 06/02/2024 | USD | 2,000,000 | 2,035,210 | 0.71 |
| Country Garden Holdings Co. Ltd., Reg. S 7.25% 08/04/2026 | USD | 1,500,000 | 1,668,750 | 0.58 |
| Dar Al-Arkan Sukuk Co. Ltd., Reg. S 6.875% 10/04/2022 | USD | 2,600,000 | 2,609,620 | 0.91 |
| DP World Salaam, Reg. S, FRN 6% Perpetual | USD | 2,783,000 | 2,922,150 | 1.02 |
| Greentown China Holdings Ltd., Reg. S 5.65% 13/07/2025 | USD | 2,496,000 | 2,595,992 | 0.91 |
| JD.com, Inc. 4.125% 14/01/2050 | USD | 2,600,000 | 2,872,212 | 1.00 |
| Kaisa Group Holdings Ltd., Reg. S 9.75% 28/09/2023 | USD | 1,400,000 | 1,365,001 | 0.48 |
| Kaisa Group Holdings Ltd., Reg. S 9.375% 30/06/2024 | USD | 1,500,000 | 1,413,776 | 0.49 |
| MAR Sukuk Ltd., Reg. S 2.21% 02/09/2025 | USD | 3,219,000 | 3,228,702 | 1.13 |
| Melco Resorts Finance Ltd., Reg. S 5.25% 26/04/2026 | USD | 1,200,000 | 1,214,058 | 0.43 |
| Melco Resorts Finance Ltd., Reg. S 5.75% 21/07/2028 | USD | 1,400,000 | 1,430,027 | 0.50 |
| Powerlong Real Estate Holdings Ltd., Reg. S 6.95% 23/07/2023 | USD | 1,485,000 | 1,518,399 | 0.53 |
| Powerlong Real Estate Holdings Ltd., Reg. S 6.25% 10/08/2024 | USD | 1,126,000 | 1,117,525 | 0.39 |
| QIB Sukuk Ltd., Reg. S 3.982% 26/03/2024 | USD | 1,834,000 | 1,966,307 | 0.69 |
| Ronshine China Holdings Ltd., Reg. S 8.75% 25/10/2022 | USD | 1,400,000 | 1,434,951 | 0.50 |
| Sands China Ltd. 5.4% 08/08/2028 | USD | 2,300,000 | 2,572,780 | 0.90 |
| Termocandelaria Power Ltd., Reg. S 7.875% 30/01/2029 | USD | 3,057,000 | 3,289,546 | 1.15 |
| Wynn Macau Ltd., Reg. S 5.5% 15/01/2026 | USD | 1,500,000 | 1,472,362 | 0.52 |
| Yuzhou Group Holdings Co. Ltd., Reg. S 8.3% 27/05/2025 | USD | 550,000 | 556,215 | 0.20 |
| Zhenro Properties Group Ltd., Reg. S 7.35% 05/02/2025 | USD | 1,875,000 | 1,825,852 | 0.64 |
|  |  |  | 45,712,836 | 15.99 |
| The accompanying notes form an integral part of these financial statements. |  |  |  |  |

| Jupiter Global Emerging Markets Corporate Bond |  |
| --- | --- |
| Schedule of Investments as at 30 September 2020 (continued) |
|  | Quantity/ Nominal | Market Value | % of |
| Investments	Currency | Value | USD | Net Assets |
| Transferable securities and money market instruments admitted to an official exchange listing |  |  |  |
| Bonds |  |  |  |
| Chile |  |  |  |
| AES Gener SA, Reg. S, FRN 7.125% 26/03/2079	USD | 2,600,000 | 2,667,426 | 0.93 |
|  |  | 2,667,426 | 0.93 |
| Colombia |  |  |  |
| Ecopetrol SA 6.875% 29/04/2030	USD | 2,458,000 | 2,937,924 | 1.03 |
|  |  | 2,937,924 | 1.03 |
| Cyprus |  |  |  |
| MHP SE, Reg. S 7.75% 10/05/2024	USD | 1,700,000 | 1,782,977 | 0.62 |
|  |  | 1,782,977 | 0.62 |
| Georgia |  |  |  |
| Georgia Global Utilities JSC, Reg. S 7.75% 30/07/2025	USD | 2,400,000 | 2,425,882 | 0.85 |
| Georgian Oil & Gas Corp. JSC, Reg. S 6.75% 26/04/2021	USD | 2,100,000 | 2,131,500 | 0.74 |
|  |  | 4,557,382 | 1.59 |
| India |  |  |  |
| Adani Electricity Mumbai Ltd., Reg. S 3.949% 12/02/2030	USD | 1,843,000 | 1,807,719 | 0.63 |
| Adani Ports & Special Economic Zone Ltd., Reg. S 4.2% 04/08/2027	USD | 1,542,000 | 1,559,911 | 0.55 |
| Power Finance Corp. Ltd., Reg. S 3.9% 16/09/2029	USD | 2,500,000 | 2,440,424 | 0.85 |
|  |  | 5,808,054 | 2.03 |
| Indonesia |  |  |  |
| Bank Mandiri Persero Tbk. PT, Reg. S 4.75% 13/05/2025	USD | 1,200,000 | 1,323,070 | 0.46 |
| Tower Bersama Infrastructure Tbk. PT, Reg. S 4.25% 21/01/2025	USD | 3,095,000 | 3,110,601 | 1.09 |
|  |  | 4,433,671 | 1.55 |
| Ireland |  |  |  |
| Alfa Bank AO, Reg. S, FRN 8% Perpetual	USD | 2,700,000 | 2,716,510 | 0.95 |
| Credit Bank of Moscow, Reg. S 5.55% 14/02/2023	USD | 1,000,000 | 1,039,471 | 0.36 |
| Credit Bank of Moscow, Reg. S 4.7% 29/01/2025	USD | 2,150,000 | 2,169,350 | 0.76 |
| Eurotorg LLC, Reg. S 8.75% 30/10/2022	USD | 1,100,000 | 1,106,138 | 0.39 |
|  |  | 7,031,469 | 2.46 |
| Isle of Man |  |  |  |
| Gohl Capital Ltd., Reg. S 4.25% 24/01/2027	USD | 2,100,000 | 2,101,153 | 0.73 |
|  |  | 2,101,153 | 0.73 |
| Israel |  |  |  |
| Leviathan Bond Ltd., Reg. S, 144A 6.125% 30/06/2025	USD | 2,136,486 | 2,211,263 | 0.77 |
|  |  | 2,211,263 | 0.77 |
| Jersey |  |  |  |
| Petropavlovsk 2016 Ltd., Reg. S 8.125% 14/11/2022	USD | 2,000,000 | 2,088,000 | 0.73 |
|  |  | 2,088,000 | 0.73 |
| Kazakhstan |  |  |  |
| KazMunayGas National Co. JSC, Reg. S 5.375% 24/04/2030	USD | 1,200,000 | 1,405,860 | 0.49 |
|  |  | 1,405,860 | 0.49 |
| Luxembourg |  |  |  |
| Altice Financing SA, Reg. S 7.5% 15/05/2026	USD | 1,200,000 | 1,269,504 | 0.44 |
| Kernel Holding SA, Reg. S 8.75% 31/01/2022	USD | 1,700,000 | 1,768,000 | 0.62 |
| Kernel Holding SA, Reg. S 6.5% 17/10/2024	USD | 1,200,000 | 1,204,800 | 0.42 |
| Minerva Luxembourg SA, Reg. S 6.5% 20/09/2026	USD | 1,700,000 | 1,770,142 | 0.62 |
|  |  | 6,012,446 | 2.10 |
| The accompanying notes form an integral part of these financial statements. |  |  |  |

| Jupiter Global Emerging Markets Corporate Bond |  |  |  |
| --- | --- | --- | --- |
| Schedule of Investments as at 30 September 2020 (continued) |  |  |  |
|  | Quantity/ Nominal | Market Value | % of |
| Investments	Currency | Value | USD | Net Assets |
| Transferable securities and money market instruments admitted to an official exchange listing |  |  |  |
| Bonds |  |  |  |
| Mauritius |  |  |  |
| HTA Group Ltd., Reg. S 7% 18/12/2025	USD | 1,500,000 | 1,570,718 | 0.55 |
| HTA Group Ltd., Reg. S 7% 18/12/2025	USD | 1,525,000 | 1,596,896 | 0.56 |
| Network i2i Ltd., Reg. S, FRN 5.65% Perpetual	USD | 1,890,000 | 1,899,450 | 0.66 |
|  |  | 5,067,064 | 1.77 |
| Mexico |  |  |  |
| Cemex SAB de CV, Reg. S 7.75% 16/04/2026	USD | 2,100,000 | 2,221,800 | 0.78 |
| Petroleos Mexicanos, Reg. S 3.125% 27/11/2020	EUR | 900,000 | 1,052,698 | 0.37 |
|  |  | 3,274,498 | 1.15 |
| Netherlands |  |  |  |
| Dtek Renewables Finance BV, Reg. S 8.5% 12/11/2024	EUR | 2,100,000 | 2,164,082 | 0.76 |
| IHS Netherlands Holdco BV, Reg. S 8% 18/09/2027	USD | 1,279,000 | 1,312,574 | 0.46 |
| Listrindo Capital BV, Reg. S 4.95% 14/09/2026	USD | 2,405,000 | 2,410,050 | 0.84 |
| MDGH - GMTN BV, Reg. S 2.875% 21/05/2030	USD | 1,123,000 | 1,207,786 | 0.42 |
| Metinvest BV, Reg. S 7.65% 01/10/2027	USD | 1,970,000 | 1,923,004 | 0.67 |
| Minejesa Capital BV, Reg. S 4.625% 10/08/2030	USD | 2,950,000 | 3,034,252 | 1.06 |
| Petrobras Global Finance BV 5.6% 03/01/2031	USD | 1,500,000 | 1,595,063 | 0.56 |
| Petrobras Global Finance BV 6.75% 03/06/2050	USD | 3,300,000 | 3,532,089 | 1.24 |
| Vivo Energy Investments BV, Reg. S 5.125% 24/09/2027	USD | 2,000,000 | 2,030,720 | 0.71 |
|  |  | 19,209,620 | 6.72 |
| Philippines |  |  |  |
| SMC Global Power Holdings Corp., Reg. S, FRN 5.7% Perpetual	USD | 1,229,000 | 1,172,159 | 0.41 |
| SMC Global Power Holdings Corp., Reg. S, FRN 6.5% Perpetual	USD | 1,000,000 | 991,749 | 0.35 |
|  |  | 2,163,908 | 0.76 |
| Saudi Arabia |  |  |  |
| Saudi Arabian Oil Co., Reg. S 3.5% 16/04/2029	USD | 900,000 | 982,744 | 0.34 |
| Saudi Arabian Oil Co., Reg. S 4.25% 16/04/2039	USD | 1,800,000 | 2,064,518 | 0.72 |
| Saudi Government Bond, Reg. S 3.75% 21/01/2055	USD | 1,800,000 | 1,941,750 | 0.68 |
|  |  | 4,989,012 | 1.74 |
| Singapore |  |  |  |
| BOC Aviation Ltd., Reg. S 3.25% 29/04/2025	USD | 1,289,000 | 1,349,333 | 0.47 |
| United Overseas Bank Ltd., Reg. S, FRN 3.875% Perpetual	USD | 2,300,000 | 2,373,600 | 0.83 |
|  |  | 3,722,933 | 1.30 |
| South Africa |  |  |  |
| Eskom Holdings SOC Ltd., Reg. S 5.75% 26/01/2021	USD | 2,100,000 | 2,055,438 | 0.72 |
| FirstRand Bank Ltd., Reg. S, FRN 6.25% 23/04/2028	USD | 1,400,000 | 1,450,190 | 0.51 |
| Standard Bank Group Ltd., Reg. S, FRN 5.95% 31/05/2029	USD | 1,174,000 | 1,212,431 | 0.42 |
|  |  | 4,718,059 | 1.65 |
| South Korea |  |  |  |
| Woori Bank, Reg. S, FRN 5.25% Perpetual	USD | 2,100,000 | 2,189,388 | 0.77 |
|  |  | 2,189,388 | 0.77 |
| Spain |  |  |  |
| AI Candelaria Spain SLU, 144A 7.5% 15/12/2028	USD | 2,750,000 | 2,974,840 | 1.04 |
|  |  | 2,974,840 | 1.04 |
| The accompanying notes form an integral part of these financial statements. |  |  |  |

| Jupiter Global Emerging Markets Corporate Bond Schedule of Investments as at 30 September 2020 (continued) |  |
| --- | --- |
|  | Quantity/ | Market |  |
|  | Nominal | Value | % of |
| Investments	Currency | Value | USD | Net Assets |
| Transferable securities and money market instruments |  |  |  |
| admitted to an official exchange listing |  |  |  |
| Bonds |  |  |  |
| Turkey |  |  |  |
| Global Liman Isletmeleri A/S, Reg. S 8.125% 14/11/2021	USD | 2,300,000 | 1,589,990 | 0.56 |
| KOC Holding A/S, Reg. S 6.5% 11/03/2025	USD | 2,700,000 | 2,751,791 | 0.96 |
| TC Ziraat Bankasi A/S, Reg. S 5.125% 29/09/2023	USD | 1,600,000 | 1,502,064 | 0.52 |
| Turkiye Sinai Kalkinma Bankasi A/S, Reg. S 6% 23/01/2025	USD | 1,217,000 | 1,134,393 | 0.40 |
|  |  | 6,978,238 | 2.44 |
| United Arab Emirates |  |  |  |
| Acwa Power Management And Investments One Ltd., Reg. S 5.95% 15/12/2039 | USD | 1,800,000 | 2,050,186 | 0.72 |
| Emirate of Dubai United Arab Emirates, Reg. S 3.9% 09/09/2050 | USD | 2,946,000 | 2,752,197 | 0.96 |
| Emirates NBD Bank PJSC, Reg. S, FRN 6.125% Perpetual | USD | 2,800,000 | 2,898,056 | 1.01 |
| Kuwait Projects Co. SPC Ltd., Reg. S 4.229% 29/10/2026 | USD | 2,118,000 | 2,083,487 | 0.73 |
| NBK Tier 1 Financing Ltd., Reg. S, FRN 5.75% Perpetual | USD | 2,300,000 | 2,309,591 | 0.81 |
|  |  |  | 12,093,517 | 4.23 |
| United Kingdom |  |  |  |  |
| NAK Naftogaz Ukraine, Reg. S 7.125% 19/07/2024 | EUR | 1,700,000 | 1,918,384 | 0.67 |
|  |  |  | 1,918,384 | 0.67 |
| United States of America |  |  |  |  |
| Sasol Financing USA LLC 5.875% 27/03/2024 | USD | 3,600,000 | 3,475,800 | 1.22 |
| US Treasury 1.375% 15/08/2050 | USD | 2,200,000 | 2,174,906 | 0.76 |
|  |  |  | 5,650,706 | 1.98 |
| Virgin Islands, British |  |  |  |  |
| Gold Fields Orogen Holdings BVI Ltd., Reg. S 5.125% 15/05/2024 | USD | 1,720,000 | 1,874,946 | 0.65 |
| Huarong Finance 2017 Co. Ltd., Reg. S 4.25% 07/11/2027 | USD | 1,300,000 | 1,394,868 | 0.49 |
| Wanda Properties Overseas Ltd., Reg. S 6.875% 23/07/2023 | USD | 1,500,000 | 1,488,750 | 0.52 |
|  |  |  | 4,758,564 | 1.66 |
| Total Bonds |  |  | 185,778,291 | 64.96 |
| Total Transferable securities and money market instruments admitted to an official exchange listing |  |  | 185,778,291 | 64.96 |
| Transferable securities and money market instruments |  |  |  |  |
| dealt in on another regulated market |  |  |  |  |
| Bonds |  |  |  |  |
| Argentina |  |  |  |  |
| Genneia SA, Reg. S 8.75% 20/01/2022 | USD | 1,429,000 | 1,120,458 | 0.39 |
|  |  |  | 1,120,458 | 0.39 |
| Australia |  |  |  |  |
| Barminco Finance Pty. Ltd., Reg. S 6.625% 15/05/2022 | USD | 2,450,000 | 2,491,956 | 0.87 |
|  |  |  | 2,491,956 | 0.87 |
| Austria |  |  |  |  |
| Suzano Austria GmbH, Reg. S 7% 16/03/2047 | USD | 3,047,000 | 3,584,034 | 1.25 |
|  |  |  | 3,584,034 | 1.25 |

The accompanying notes form an integral part of these financial statements.

Translation (ENFR, 2020-09-30):
# Jupiter Global Emerging Markets Corporate Bond
## Analyse du Portefeuille au 30 septembre 2020

### Performance
| 30 septembre 2019/ |
| --- |
| VNI | 30 septembre 2020 | Date de lancement | % de variation |
| Catégorie A USD Acc | $103,58 | $100,44 | 3,13 |
| Catégorie A USD Q Inc Dist 1 | $107,67 | $100,00 | 10,18 + |
| Catégorie C USD Acc | $104,23 | $100,53 | 3,68 |
| Catégorie D EUR Acc HSC 2 | € 100,44 | €100,00 | 0,44 |
| Catégorie D USD Acc | $105,25 | $101,00 | 4,21 |
| Catégorie I EUR Acc HSC 3 | € 98,36 | €100,00 | (1,64) |
| Catégorie I USD A Inc Dist | $122,14 | $117,17 | 4,24 + |
| Catégorie I USD Acc | $98,57 | $99,96 | 4,24 |
| Catégorie L GBP Acc 4 | $102,59 | $100,00 | 2,59 |
| Catégorie L USD Q Inc Dist | $102,36 | $104,83 | 3,4 + |
| Catégorie N USD Acc | $103,28 | $100,40 | 2,87 |
| Catégorie N USD Q Inc Dist 5 | $107,56 | $100,00 | 10,07 + |

Indice de référence dans la devise de base du Fonds – JPM CEMBI Broad Diversified Index*	4,85
+ Le rendement tient compte des dividendes distribués en cours d’année.
** Voir le KIID de la catégorie d'actions concernée pour en connaître l'indice et la devise.
- Date de lancement le 30 avril 2020.
- Date de lancement le 31 décembre 2019.
- Date de lancement : le 21 février 2020.
- Date de lancement : le 19 novembre 2020.
- Date de lancement : le 30 avril 2020.


## Analyse des marchés
Les obligations des marchés émergents ont gagné du terrain au dernier trimestre 2019, soutenues par l'annonce d'une « phase 1 » d'une entente commerciale entre les États-Unis et la Chine et par des statistiques macroéconomiques plus favorables au plan mondial, notamment sur les marchés développés. Si l'embellie de la dette émergente s'est pour- suivie début 2020, la confiance des investisseurs s'est brutalement effondrée fin février face à la préoccupation grandissante autour de l'éruption de l'épidémie de coronavirus et de son impact sur l'écono- mie mondiale.
Au deuxième trimestre, les obligations émergentes ont enregistré un fort rebond avec un regain d'appétit pour le risque alimenté par une série de facteurs dont la levée des mesures de confinement les plus strictes dans une majeure partie du monde et des plans de relance monétaire et budgétaire sans précédent dans les pays développés et émergents.
La dette émergente s'est maintenue sur une bonne lancée en juillet et août, portée par une relance budgétaire et monétaire coordonnée à l'échelle mondiale et par de bonnes nouvelles du côté de la mise au point de vaccins. Le marché a fait une pause en septembre avec un mou- vement de liquidation en deuxième partie de mois du fait d'un regain d'inquiétude autour de la hausse des contaminations en Europe, du flé- chissement des perspectives économiques américaines en provenance
de la Réserve fédérale américaine (Fed) et de retards dans les mesures de relance budgétaire aux États-Unis. Par ailleurs, en amont des élections américaines et face à la baisse des niveaux de liquidité disponible pen- dant la période de congés en Chine en octobre, le portefeuille a été réajusté et l'appétit pour le risque revu à la baisse en septembre.

## Analyse de performance
Le Jupiter Global Emerging Markets Corporate Bond fund a enregistré une performance inférieure au JPM CEMBI Broad Diversified Index au cours de la période de 12 mois considérée bien qu'il se soit maintenu dans le premier quartile de son groupe de référence depuis son lance- ment (mars 2017).
Avant l'éruption du coronavirus, le fonds avait un positionnement défensif ; nous avons choisi de ne pas nous inscrire dans une course-poursuite de la reprise du marché car nous considérions que certaines valorisations semblaient exagérées et ne reflétaient plus les fondamentaux des entreprises. Puis, lorsque la nouvelle du coronavirus est d'abord arrivée en Chine, nous avons estimé que le marché sous-es- timait son impact global probable sur la croissance économique mon- diale et nous avons donc accru davantage encore le profil défensif du fonds. Ce positionnement nous a permis d'atténuer une partie des retombées potentielles de la crise lorsque nous y sommes entrés.