# Fund grading
4 Star Overall Morningstar Rating™ as of 31 August 2022
★★★★
Performance data above is shown from 30 November 2009 rather than actual date of inception of unit class, as the investment strategy of the Fund changed materially on that date.
Performance data above is shown from 30 November 2009 rather than actual date of inception of unit class.
Source: Fund Administrator: BNY Mellon Fund Services (Ireland) DAC since February 2011, performance data prior to this date is sourced from PGI and/or its affiliates; and the Index.
| Fund analysis |  |
| --- | --- |
|  | Fund | Index |
| Average Credit Quality | B+ | B+ |
| Current Yield | 6.0 | 6.2 |

Data: From December 2018, the performance data shown is based upon the Fund's Net Asset Value (NAV) prices of the last Irish business day of the month. For Funds not open for dealing on this day this will be an indicative NAV. The performance data shown is net of fees and other charges but excludes any potential entry/exit charges- as such the return an investor receives may be lower. Prior to December 2018, the performance data shown is based upon the Fund's month-
Yield to Worst	8.58.6
Yield to Maturity	8.48.5
Option Adjusted Duration (Years)	4.14.1
Any yields quoted on the fact sheet are calculated at portfolio level gross of tax and expenses.
| Top 10 holdings (%) |  |  | Credit quality (%) |  |
| --- | --- | --- | --- | --- |
|  | Fund |  |  | Fund | Difference |
| Srm Escrow Issuer Llc | 0.9 |  | AAA | 3.0 | 3.0 |
| Chs/Community Health Systems Inc | 0.8 |  | BBB | 2.8 | 2.5 |
| Consolidated Energy Finance Sa | 0.8 |  | BB | 39.8 | -18.1 |
| Aethon United Br Lp / Aethon United Finance Corp | 0.8 |  | B | 42.4 | 10.2 |
| Aryzta Ag | 0.8 |  | CCC and Below | 9.6 | -0.1 |
| Fertitta Entertainment Llc / Fertitta Entertainment | 0.8 |  | Not Rated | 2.5 | 2.5 |

Finance Co Inc
Ladder Capital Finance Holdings Lllp / Ladder Capital Finance Corp
0.8
Credit Quality refers to the credit ratings for the underlying securities in the Fund as rated by Standard & Poor's or Moody's Investors Service, and typically range from AAA/Aaa (highest) to C/D (lowest). If Moody's and S&P assign different ratings, the higher rating is used. Ratings methodologies and individual ratings can change over time. Credit
International Game Technology Plc0.8
Southwestern Energy Co0.7
Watco Cos Llc / Watco Finance Corp0.7
Total7.7
Quality: AAA includes cash.
No. of holdings306

Translation (ENFR, 2022-08-31):
# Classement du fonds
| ★ | ★ | ★ | ★ | Srm Escrow Issuer Llc | Fonds 0,9 |  | AAA | Fonds 3,0 | Difference 3,0 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  | Chs/Community Health Systems Inc | 0,8 |  | BBB | 2,8 | 2,5 |
|  |  |  |  | Consolidated Energy Finance Sa | 0,8 |  | BB | 39,8 | -18,1 |
|  |  |  |  | Aethon United Br Lp / Aethon United Finance Corp | 0,8 |  | B | 42,4 | 10,2 |
|  |  |  |  | Aryzta Ag | 0,8 |  | CCC and Below | 9,6 | -0,1 |
|  |  |  |  | Fertitta Entertainment Llc / Fertitta Entertainment | 0,8 |  | Not Rated | 2,5 | 2,5 |
|  | Finance Co Inc		 La qualité de crédit désigne la note de crédit attribuée aux titres sous-jacents qui  Ladder Capital Finance Holdings Lllp / Ladder Capital	0,8	 composent le fonds par les agences Standard & Poor's ou Moody's Investors Service et  Finance Corp		 qui oscille généralement entre AAA/Aaa (la plus haute) et C/D (la plus basse). Si Moody's and S&P attribue des notes différentes, c’est la note la plus élevée qui prévaudra. Les International Game Technology Plc	0,8	 méthodes de notation et les notes individuelles peuvent évoluer au fil du temps. Qualité Southwestern Energy Co	0,7	 du crédit : AAA comprend les liquidités. Watco Cos Llc / Watco Finance Corp	0,7 Total	7,7 Nombre de positions dans le portefeuille306 Répartition par pays (%)	Répartition par secteurs (%) |
|  | Fonds | Différence |  |  | Fonds | Différence |
| États-Unis | 70,1 | 14,6 |  | Energie | 12,7 | -1,2 |
| Canada | 4,8 | 1,9 |  | Biens d'équipement | 8,5 | 3,0 |
| Grande-Bretagne | 4,4 | 0,3 |  | Leisure | 7,7 | 1,9 |
| Pays-Bas | 3,5 | 2,1 |  | Industrie de base | 7,6 | -0,4 |
| Allemagne | 3,2 | 0,1 |  | Healthcare | 7,3 | -0,1 |
| Italie | 2,3 | -1,4 |  | Media | 7,0 | 1,1 |
| Luxembourg | 1,9 | 0,5 |  | Telecommunications | 6,5 | -1,2 |
| Suisse | 1,7 | 1,4 |  | Services | 5,7 | 0,3 |
| France | 1,4 | -2,3 |  | Détail | 5,2 | 0,5 |
| Danemark | 1,3 | 1,3 |  | Financial Services | 5,2 | 0,3 |
| Espagne | 0,7 | -1,4 |  | Automotive | 5,1 | 0,1 |
| Zambia | 0,6 | 0,4 |  | Consumer Goods | 4,9 | 1,6 |
| Irlande | 0,5 | 0,2 |  | Technology & Electronics | 4,3 | 0,6 |
| Autre | 3,5 | -17,7 |  | Real Estate | 3,0 | -1,4 |
|  |  |  |  | Transport | 2,7 | -0,4 |
|  |  |  |  | Service public | 1,4 | -3,2 |
|  |  |  |  | Sociétes Financiéres | 1,2 | -4,3 |
|  |  |  |  | Assurance | 0,5 | -0,7 |
|  |  |  |  | Asset Backed | 0,2 | 0,2 |
|  |  |  |  | Liquidités | 3,0 | 3,0 |

4 Star Overall Morningstar Rating™ as of 31 August 2022
Tous les rendements indiqués sur la fiche d’information sont calculés au niveau du portefeuille, avant impôts et dépenses.