# Returns
## Performance evolution (rebased to 100) from 13/12/2012 to 30/09/2021*
175

## Risk analysis (rolling)

### 1 year  3 years  5 years
150
125

### Portfolio volatility	3.21%	8.91%	7.24%

### Benchmark volatility	2.05%	6.57%	5.33%

### Volatility is a statistical indicator that measures an asset’s variations around its average value. For example, market variations of +/- 1.5% per day correspond to a volatility of 25% per year.

## Sub-Fund Statistics
|  | Portfolio | Benchmark |
| --- | --- | --- |
| 100 | Yield | 4.84% | 3.62% |
|  | Modified duration ¹ Average rating ³ | 3.24 BB | 4.45 BBB- |

03/13
09/13
03/14
09/14
03/15
09/15
03/16
09/16
03/17
09/17
03/18
09/18
03/19
75

### Portfolio (112.23)	Benchmark (152.19)

### ¹ Modified duration (in points) estimates a bond portfolio’s percentage price change for 1% change in yield
09/21

### ³ Based on Cash Bonds,CDS and TRS but excludes other types of derivatives. Median Rating calculated of the three agencies: Fitch, Moody's and Standard & Poor's.
09/19
03/20
09/20
03/21
| Top 10 issuers |  |
| --- | --- |
| COUNTRY GARDEN HOLDINGS CO LTD | 2.30% |
| PETROLEOS MEXICANOS | 2.17% |
| MILLICOM INTL CELLULAR | 2.04% |
| PETROBRAS GLOBAL FINANCE BV | 1.88% |
| YPF SA | 1.69% |
| MHP LUX SA | 1.28% |
| AHLI BANK QSC | 1.21% |
| TEVA PHARMA FIN NLD II BV | 1.14% |
| AFRICAN EXPORT-IMPORT BANK | 1.14% |
| AKBANK TAS | 1.12% |


### A : Since the beginning of this period, the sub-fund is allowed to use interest rate and credit derivatives within the framework of hedging and arbitrage strategies.

### B : Since the beginning of this period, the sub-fund is allowed to invest in bonds denominated in USD, EUR, GBP and JPY.
Cumulative Returns *
|  | YTD | 1 month | 3 months | 1 year | 3 years | 5 years | Since |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Since | 31/12/2020 | 31/08/2021 | 30/06/2021 | 30/09/2020 | 28/09/2018 | 30/09/2016 | 13/12/2012 |
| Portfolio | -1.65% | -1.22% | -0.60% | 3.00% | 8.70% | 5.14% | 12.23% |
| Benchmark | 1.53% | -0.67% | 0.25% | 6.03% | 22.96% | 28.89% | 52.19% |
| Spread | -3.19% | -0.55% | -0.85% | -3.04% | -14.26% | -23.75% | -39.96% |

Calendar year performance *
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio | 3.39% | 9.30% | -8.33% | 5.95% | 6.90% | -0.89% | 0.36% | -3.01% | - | - |
| Benchmark | 7.13% | 13.09% | -1.65% | 7.96% | 9.65% | 1.30% | 4.96% | -0.60% | - | - |
| Spread | -3.74% | -3.79% | -6.69% | -2.01% | -2.75% | -2.18% | -4.60% | -2.42% | - | - |

Translation (ENFR, 2021-09-30):
# Performances
## Evolution de la performance (base 100) *
175

## Indicateur(s) glissant(s)

### 1 an	3 ans	5 ans
150
125

### Volatilité du portefeuille	3,21%  8,91%  7,24%

### Volatilité de l'indice	2,05%  6,57%  5,33%
La volatilité est un indicateur statistique qui mesure l’amplitude des variations d’un actif autour de sa moyenne. Exemple : des variations de +/- 1,5% par jour sur les marchés correspondent à une volatilité de 25% par an.

## Indicateurs
100
03/13
09/13
03/14
09/14
03/15
09/15
09/19
03/20
09/20
03/21
09/21
75
03/16
09/16
03/17
09/17
03/18
09/18
03/19

### Portefeuille (112,23)	Indice (152,19)

### Portefeuille	Indice

### Taux de rendement	4,84%	3,62%

### Sensibilité ¹	3,24	4,45

### Note moyenne ³	BB	BBB-

### ¹ La sensibilité (en points) représente le changement en pourcentage du prix pour une évolution de 1% du taux de référence

### ³ Basée sur les obligations, les TRS et les CDS mais tout autre dérivé exclu. Rating médian calculé des trois agences de notation de crédit: Fitch, Moody's et Standard & Poor's.

### A : Depuis le début de cette période, le Compartiment est autorisé à employer des taux d'intérêt et des dérivés de crédit dans le cadre des stratégies de couverture et d'arbitrage.

### B : Depuis le début de cette période, le Compartiment est autorisé à investir dans des obligations libellées en USD, EUR, GBP et JPY.
Performances glissantes *
|  | Depuis le | 1 mois | 3 mois | 1 an | 3 ans | 5 ans | Depuis le | YPF SA | 1,69% |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Depuis le | 31/12/2020 | 31/08/2021 | 30/06/2021 | 30/09/2020 | 28/09/2018 | 30/09/2016 | 13/12/2012 | MHP LUX SA | 1,28% |
| Portefeuille | -1,65% | -1,22% | -0,60% | 3,00% | 8,70% | 5,14% | 12,23% | AHLI BANK QSC | 1,21% |
| Indice | 1,53% | -0,67% | 0,25% | 6,03% | 22,96% | 28,89% | 52,19% | TEVA PHARMA FIN NLD II BV | 1,14% |
| Ecart | -3,19% | -0,55% | -0,85% | -3,04% | -14,26% | -23,75% | -39,96% | AFRICAN EXPORT-IMPORT BANK | 1,14% |
|  |  |  |  |  |  |  |  | AKBANK TAS | 1,12% |
| Performances calendaires * |  |
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |  |
| Portefeuille | 3,39% | 9,30% | -8,33% | 5,95% | 6,90% | -0,89% | 0,36% | -3,01% | - | - |  |
| Indice | 7,13% | 13,09% | -1,65% | 7,96% | 9,65% | 1,30% | 4,96% | -0,60% | - | - |  |
| Ecart | -3,74% | -3,79% | -6,69% | -2,01% | -2,75% | -2,18% | -4,60% | -2,42% | - | - |  |