OVHaiLLM/Flipper huggingface dataset:
# Risk overview - ex post
since 01.03.2015, in %
Annualized risk, in %
|  | 1 months | 3 months | 1 year | 3 years | 5 years | ITD |  |  | 1 year | 3 years | 5 years | ITD |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio net | 2.45 | -2.61 | -11.31 | 0.44 | -0.34 | 1.00 |  | Portfolio volatility | 10.47 | 9.42 | 7.84 | 7.18 |
| Benchmark | 2.38 | -2.20 | -10.11 | 1.12 | 0.43 | 2.09 |  | Benchmark volatility | 9.70 | 9.30 | 7.69 | 7.08 |
| Relative net | 0.07 | -0.41 | -1.20 | -0.68 | -0.77 | -1.08 |  | Tracking error | 1.23 | 1.29 | 1.12 | 1.02 |

Translation (ENES, 2022-10-31):
# Resumen de riesgos – ex post
## desde 01.03.2015, en %

## Riesgo anualizado, en %

## 	periodo	

## Desde el

## 1 año	3 años	5 años	Desde el

## 	lanzamiento

## 1 meses  3 meses	1 año	3 años	5 años lanzamient

## Volatilidad de la

## 10.47	9.42	7.84	7.18

## 	ocartera	

## Cartera neta	2.45	-2.61	-11.31	0.44	-0.34	1.00

## Volatilidad del índice

## 9.70	9.30	7.69	7.08

## Indice de

## 2.38	-2.20	-10.11	1.12	0.43	2.09

## de referencia	

## referencia	

## Relativo neto	0.07	-0.41	-1.20	-0.68	-0.77	-1.08

## Error de desviación	1.23	1.29	1.12	1.02
# Asset breakdown by MSCI country
## In % of total economic exposure
Benchmark 

## Portfolio Benchmark	
Portfolio 
| United Kingdom | 99.90 | 100.00 |  |
| --- | --- | --- | --- |
| Ireland | 0.01 | - |  |
| Spain | 0.00 | - |  |
| Canada | 0.00 | - |  |
| Others | 0.09 | - |  |

Translation (ENES, 2022-09-30):
# Desglose de activos por País MSCI
## En % de la exposición económica total

## Cartera		Indice de referencia
Cartera 
Indice de referencia 
| Reino Unido | 99.90 | 100.00 |  |
| --- | --- | --- | --- |
| Irlanda | 0.01 | - |  |
| España | 0.00 | - |  |
| Canadá | 0.00 | - |  |
| Otros | 0.09 | - |  |
# Asset breakdown by market capitalization
## In % of total economic exposure
Benchmark 

## Portfolio Benchmark	
Portfolio 
|  | 30B-50B | 17.23 | 17.24 |
| --- | --- | --- | --- |
| 50B-100B | 16.80 | 16.76 |
| >100B | 29.10 | 29.11 |
|  |  | Others | 0.09 | - |

Translation (ENES, 2022-09-30):
# Desglose de activos por capitalización de mercado
## En % de la exposición económica total

## Cartera	Indice de
Cartera 

## referencia
Indice de referencia 

## referencia
Indice de referencia 
# Investment Policy
Credit Suisse (Lux) Fund is an actively managed UCITS fund that invests in a diversified portfolio of catastrophe bonds (“CAT Bonds”). CAT Bonds are financial securities that transfer insurance risk to the capital markets. The investor in such securities receives a coupon made up of a floating money market component and an insurance premium. The premium compensates the investor for bearing the risk of a partial or total capital loss resulting from the occurrence of extraordinary predefined events such as an earthquake or a hurricane. Risk management is performed by fund managers at the portfolio level, alongside independent teams who monitor and manage investment as well as operational risk. The fund’s long-only strategy has been in place since February 2016. Financial derivative instruments are used for hedging purposes only. The fund does not invest in instruments linked to life settlements. The Performance between 16.02.2016 to 18.01.2021 is derived from the historical performance of Lombard Odier Funds – CAT Bonds, a UCITS, which has been merged into the Fund as of 18.01.2021 (the “Merger”). The investment policy has not undergone any material change as a result of the Merger.
Past performance does not predict future returns. Neither simulated nor historical performance is a reliable indicator for current or future performance.

Translation (ENES, 2022-09-30):
# Política de inversión
Credit Suisse (Lux) Fund es un fondo OICVM de gestión activa que invierte en una cartera diversificada de bonos de catástrofes. Los bonos de catástrofes son valores financieros que transfieren el riesgo de los seguros a los mercados de capitales. El inversor que adquiere estos valores recibe un cupón formado por un componente variable del mercado monetario y una prima de seguro. La prima compensa al inversor por asumir el riesgo de una pérdida parcial o total de capital como resultado de eventos extraordinarios previamente definidos, tales como un terremoto o un huracán. Los gestores del fondo llevan a cabo la gestión de riesgos a nivel de cartera en colaboración con equipos independientes que supervisan y gestionan tanto la inversión como el riesgo operativo. La estrategia long-only del fondo lleva usándose desde febrero de 2016. Los instrumentos financieros derivados se utilizan exclusivamente con fines de cobertura. El fondo no invierte en instrumentos relacionados con seguros de vida. El rendimiento correspondiente al periodo comprendido entre el 16.02.2016 y el 18.01.2021 se deriva del rendimiento histórico de Lombard Odier Funds – CAT Bonds, un OICVM que se incorporó al fondo el 18.01.2021 (la «fusión»). La política de inversión no ha sufrido cambios sustanciales como resultado de la fusión
El rendimiento pasado no predice beneficios futuros. Ni la rentabilidad simulada ni la histórica son indicadores fiables de la rentabilidad actual o futura.
# Risk overview - ex post
in %
Annualized risk, in %
1 year	3 years	5 years
Portfolio net	-6.18	-5.45	-5.17	0.38	-0.29	Portfolio volatility	6.34	4.12	3.54
1 
If the currency of a financial product and/or its costs is different from your reference currency, the return and cost may increase or decrease as a result of currency fluctuations.

Translation (ENES, 2022-09-30):
# Resumen de riesgos – ex post
en %
Riesgo anualizado, en %
1 meses	3 meses	1 año	3 años	5 años
Cartera neta	-6.18	-5.45	-5.17	0.38	-0.29
Volatilidad de la
1 año	3 años	5 años
6.34	4.12	3.54
cartera
# Risk overview - ex post
## since 01.05.2018, in %

## Annualized risk, in %
|  | 1 months | 3 months | 1 year | 3 years | 5 years | ITD |  |  | 1 year | 3 years | 5 years | ITD |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio net | 3.63 | -15.27 | -26.63 | 8.63 | n/a | 6.31 |  | Portfolio volatility | 22.91 | 23.28 | n/a | 22.26 |
| Benchmark | 6.08 | -6.00 | -10.16 | 14.01 | n/a | 7.18 |  | Benchmark volatility | 23.56 | 20.12 | n/a | 21.50 |
| Relative net | -2.46 | -9.27 | -16.47 | -5.38 | n/a | -0.87 |  | Tracking error | 7.00 | 8.59 | n/a | 8.19 |

Translation (ENES, 2022-11-30):
# Resumen de riesgos – ex post
## desde 01.05.2018, en %

## Riesgo anualizado, en %

## 	periodo	

## Desde el

## 1 año	3 años	5 años	Desde el

## 	lanzamiento

## 1 meses  3 meses	1 año	3 años	5 años lanzamient

## Volatilidad de la

## 22.91	23.28	sin datos	22.26

## 	ocartera	

## Cartera neta	3.63	-15.27	-26.63	8.63  sin datos	6.31

## Volatilidad del índice

## 23.56	20.12	sin datos	21.50

## Indice de

## 6.08	-6.00	-10.16	14.01  sin datos	7.18

## de referencia	

## referencia	

## Relativo neto	-2.46	-9.27	-16.47	-5.38 sin datos	-0.87

## Error de desviación	7.00	8.59	sin datos	8.19
# Asset breakdown by JPM CEMBI sector
## In % of total economic exposure
Benchmark 

## Portfolio Benchmark	
Portfolio 
| AA | 7.44 | 7.42 |  |
| --- | --- | --- | --- |
| A | 16.19 | 15.98 |  |
| BBB | 27.35 | 27.78 |  |
| BB | 21.02 | 20.94 |  |
| B | 21.46 | 21.23 |  |
| CCC | 2.85 | 2.64 |  |
| CC | 2.84 | 2.82 |  |
| C | 0.02 | 0.02 |  |
| D | 0.94 | 1.01 |  |
| Others | -0.12 | 0.17 |  |

| Sovereign | 80.34 | 79.73 |  |
| --- | --- | --- | --- |
| Quasi-Sovereign | 19.38 | 19.74 |  |
| Oil & Gas | 0.26 | 0.23 |  |
| Financials | 0.11 | 0.10 |  |
| Transport | 0.09 | 0.08 |  |
| Infrastructure | 0.06 | 0.05 |  |
| Metals & Mining | 0.04 | 0.04 |  |
| Utilities | 0.02 | 0.02 |  |
| Cash and Cash Equivalents | -0.30 | - |  |
| Others | 0.00 | - |  |

Translation (ENES, 2022-09-30):
# Desglose de activos por Sector JPM CEMBI
## En % de la exposición económica total
| AA | 7.44 | 7.42 |  |
| --- | --- | --- | --- |
| A | 16.19 | 15.98 |  |
| BBB | 27.35 | 27.78 |  |
| BB | 21.02 | 20.94 |  |
| B | 21.46 | 21.23 |  |
| CCC | 2.85 | 2.64 |  |
| CC | 2.84 | 2.82 |  |
| C | 0.02 | 0.02 |  |
| D | 0.94 | 1.01 |  |
| Otros | -0.12 | 0.17 |  |

| Soberano | 80.34 | 79.73 |  |
| --- | --- | --- | --- |
| Cuasi-soberano | 19.38 | 19.74 |  |
| Petróleo y gas | 0.26 | 0.23 |  |
| Financiero | 0.11 | 0.10 |  |
| Transporte | 0.09 | 0.08 |  |
| Infraestructura | 0.06 | 0.05 |  |
| Metales/minería | 0.04 | 0.04 |  |
| Servicios públicos | 0.02 | 0.02 |  |
| Efectivo y equivalentes de efectivo | -0.30 | - |  |
| Otros | 0.00 | - |  |
# Asset breakdown by risk country
## In % of total economic exposure

## in %	
Portfolio 
| United States | 50.53 |  |  |
| --- | --- | --- | --- |
| Switzerland | 10.52 |  |  |
| Germany | 7.45 |  |  |
| United Kingdom | 6.85 |  |  |
| France | 3.99 |  |  |
| Canada | 3.42 |  |  |
| Singapore | 3.18 |  |  |
| Japan | 3.14 |  |  |
| Finland | 1.74 |  |
| FX | 1.60 |  |
| Others | 7.57 |  |  |

Translation (ENES, 2022-11-30):
# Desglose de activos por riesgo país
## En % de la exposición económica total

## en %	
Cartera 
| Estados Unidos | 50.53 |  |  |
| --- | --- | --- | --- |
| Suiza | 10.52 |  |  |
| Alemania | 7.45 |  |  |
| Reino Unido | 6.85 |  |  |
| Francia | 3.99 |  |  |
| Canadá | 3.42 |  |  |
| Singapur | 3.18 |  |  |
| Japón | 3.14 |  |  |
| Finlandia | 1.74 |  |
| Divisas | 1.60 |  |
| Otros | 7.57 |  |  |
# Asset breakdown by risk currency (before hedging)
## In % of total economic exposure

## in %	
Portfolio 
| <5B	3.86 |  |  |
| --- | --- | --- |
| 5B-10B	4.66 |  |  |
| 10B-20B	3.28 |  |  |
| 20B-30B	5.40 |  |  |
| 30B-50B	11.81 |  |  |
| 50B-100B	18.65 |  |  |
| >100B	50.27 |  |  |
| Others	2.07 |  |


## in %	
Portfolio 
| USD	51.46 |  |  |
| --- | --- | --- |
| EUR	18.60 |  |  |
| CHF	10.66 |  |  |
| GBP	6.99 |  |  |
| CAD	3.49 |  |  |
| JPY	3.32 |  |  |
| SGD	3.24 |  |  |
| SEK	0.99 |  |
| NOK	0.64 |  |
| Others	0.61 |  |

Translation (ENES, 2022-11-30):
# Desglose de activos por riesgo cambiario (antes de cobertura)
## En % de la exposición económica total

## en %	
Cartera 
| USD	51.46 |  |  |
| --- | --- | --- |
| EUR	18.60 |  |  |
| CHF	10.66 |  |  |
| GBP	6.99 |  |  |
| CAD	3.49 |  |  |
| JPY	3.32 |  |  |
| SGD	3.24 |  |  |
| SEK	0.99 |  |
| NOK	0.64 |  |
| Otros	0.61 |  |
# Asset breakdown by risk country
In % of total economic exposure
in %	
Portfolio 
| United States	33.05 |  |  |
| --- | --- | --- |
| United Kingdom	9.21 |  |  |
| Netherlands	7.60 |  |  |
| Japan	5.96 |  |  |
| Denmark	5.74 |  |  |
| Finland	5.25 |  |  |
| Sweden	5.00 |  |  |
| Taiwan (China)	4.31 |  |  |
| Canada	3.26 |  |  |
| France	2.83 |  |  |
| Others	17.79 |  |  |

in %	
Portfolio 
| USD | 34.48 |  |  |
| --- | --- | --- | --- |
| EUR | 20.53 |  |  |
| GBP | 9.45 |  |  |
| DKK | 7.96 |  |  |
| JPY | 6.13 |  |  |
| SEK | 5.08 |  |  |
| TWD | 4.37 |  |  |
| CAD | 3.42 |  |  |
| ILS | 2.87 |  |  |
| Others | 5.71 |  |  |

Translation (ENES, 2022-11-30):
# Desglose de activos por riesgo país
## En % de la exposición económica total

## en %	
Cartera 
| Estados Unidos	33.05 |  |  |
| --- | --- | --- |
| Reino Unido	9.21 |  |  |
| Países Bajos	7.60 |  |  |
| Japón	5.96 |  |  |
| Dinamarca	5.74 |  |  |
| Finlandia	5.25 |  |  |
| Suecia	5.00 |  |  |
| Taiwán (China)	4.31 |  |  |
| Canadá	3.26 |  |  |
| Francia	2.83 |  |  |
| Otros	17.79 |  |  |


## en %	
Cartera 
| USD | 34.48 |  |  |
| --- | --- | --- | --- |
| EUR | 20.53 |  |  |
| GBP | 9.45 |  |  |
| DKK | 7.96 |  |  |
| JPY | 6.13 |  |  |
| SEK | 5.08 |  |  |
| TWD | 4.37 |  |  |
| CAD | 3.42 |  |  |
| ILS | 2.87 |  |  |
| Otros | 5.71 |  |  |
# Investment Policy
The focus is on well managed companies with sound balance sheets and relatively stable earnings and cash flows. These companies can afford to pay an attractive and potentially growing dividend on a sustained basis. Following an active investment approach, the fund targets long-term capital appreciation while maintaining appropriate diversification of risk.

## Past performance does not predict future returns. Neither simulated nor historical performance is a reliable indicator for current or future performance.

Translation (ENES, 2022-11-30):
# Política de inversión
El enfoque se centra en empresas bien gestionadas con balances sólidos y beneficios y flujos de caja relativamente estables. Estas empresas pueden permitirse pagar de forma duradera un dividendo atractivo y potencialmente creciente. El fondo sigue un enfoque de inversión activo y tiene como objetivo la revalorización del capital a largo plazo manteniendo a la vez una adecuada diversificación del riesgo.

## El rendimiento pasado no predice beneficios futuros. Ni la rentabilidad simulada ni la histórica son indicadores fiables de la rentabilidad actual o futura.
# Risk overview - ex post
since 01.03.2015
Annualized risk, in %
|  | 1 months | 3 months | 1 year | 3 years | 5 years | ITD |  |  | 1 year | 3 years | 5 years | ITD |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio net | -4.62 | -0.74 | -12.40 | -0.27 | -0.24 | 0.69 |  | Portfolio volatility | 10.10 | 9.32 | 7.87 | 7.17 |
| Benchmark | -4.51 | -0.72 | -11.32 | 0.37 | 0.52 | 1.80 |  | Benchmark volatility | 9.29 | 9.21 | 7.72 | 7.07 |
| Relative net | -0.10 | -0.03 | -1.08 | -0.64 | -0.76 | -1.10 |  | Tracking error | 1.25 | 1.29 | 1.12 | 1.03 |

Translation (ENES, 2022-09-30):
# Resumen de riesgos – ex post
## desde 01.03.2015

## Riesgo anualizado, en %

## 	periodo	

## Desde el

## 1 año	3 años	5 años	Desde el

## 	lanzamiento

## 1 meses  3 meses	1 año	3 años	5 años lanzamient

## Volatilidad de la

## 10.10	9.32	7.87	7.17

## 	ocartera	

## Cartera neta	-4.62	-0.74	-12.40	-0.27	-0.24	0.69

## Volatilidad del índice

## 9.29	9.21	7.72	7.07

## Indice de

## -4.51	-0.72	-11.32	0.37	0.52	1.80

## de referencia	

## referencia	

## Relativo neto	-0.10	-0.03	-1.08	-0.64	-0.76	-1.10

## Error de desviación	1.25	1.29	1.12	1.03
# Key risk figures
Portfolio	Benchmark
Portfolio	Benchmark
Modified duration	4.71	4.87
Yield to maturity	5.87%	5.94%
Yield to worst	5.87%	5.98%
Average maturity in years	6.00	7.06
Linear weighted average credit rating	BBB+	BBB+
Number of securities	181	1194
| Performance overview - yearly |  |
| --- | --- |
| since 01.04.2015, in % |
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
| Portfolio net | -2.88 | 7.05 | 6.23 | -1.60 | 13.40 | 7.72 | -1.16 | -15.90 |
| Benchmark | -2.21 | 5.84 | 6.27 | -0.59 | 12.64 | 7.45 | 0.08 | -14.97 |
| Relative net | -0.67 | 1.21 | -0.04 | -1.01 | 0.76 | 0.27 | -1.24 | -0.93 |

Translation (ENES, 2022-11-30):
# Datos clave de riesgo
## Cartera	Indice de

## Cartera	Indice de

## 	referencia

## Duración modificada	4.71	4.87

## Rentabilidad al vencimiento	5.87%	5.94%

## Peor rendimiento posible	5.87%	5.98%

## Vencimiento medio, en años	6.00	7.06

## 	referencia

## Calificación crediticia media ponderada lineal	BBB+	BBB+

## Número de valores	181	1194
| Resumen de rendimiento – anual |  |
| --- | --- |
| desde 01.04.2015, en % |
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
| Cartera neta | -2.88 | 7.05 | 6.23 | -1.60 | 13.40 | 7.72 | -1.16 | -15.90 |
| Indice de referencia | -2.21 | 5.84 | 6.27 | -0.59 | 12.64 | 7.45 | 0.08 | -14.97 |
| Relativo neto | -0.67 | 1.21 | -0.04 | -1.01 | 0.76 | 0.27 | -1.24 | -0.93 |
# Asset breakdown by regions
In % of total economic exposure
Benchmark 
Portfolio Benchmark	
Portfolio 

Translation (ENES, 2022-11-30):
# Desglose de activos por regiones
## En % de la exposición económica total
|  | Cartera | Indice de referencia |
| --- | --- | --- |
| Asia | 38.34 | 55.10 |
| Oriente Medio | 27.97 | 23.78 |
| Latinoamérica | 26.02 | 17.83 |
| África | 4.61 | 3.20 |
| Europa | 1.69 | 0.10 |
| Liquidez | 1.37 | - |
| Otros | 0.00 | - |
# Asset breakdown by JPM sector
In % of total economic exposure
Benchmark 
Portfolio Benchmark	
Portfolio 
| AAA | - | 0.23 |  |
| --- | --- | --- | --- |
| AA+ | - | 0.17 |  |
| AA | 2.22 | 1.74 |  |
| AA- | 4.69 | 8.94 |  |  |
|  |
| A+ | 5.73 | 6.75 |  |
| A | 13.53 | 12.09 |  |
| A- | 10.19 | 14.05 |  |
| BBB+ | 9.55 | 13.07 |  |
| BBB | 19.44 | 17.70 |  |
| BBB- | 33.28 | 25.27 |  |
| HY & NR | 1.37 | - |  |

Translation (ENES, 2022-11-30):
# Desglose de activos por Sector JPM
## En % de la exposición económica total

## Cartera  Indice de

## referencia
Cartera 
Indice de referencia 
Cartera 
Indice de referencia 
Cartera 
Indice de referencia 
| AAA | - | 0.23 |  |
| --- | --- | --- | --- |
| AA+ | - | 0.17 |  |
| AA | 2.22 | 1.74 |  |
| AA- | 4.69 | 8.94 |  |  |
|  |
| A+ | 5.73 | 6.75 |  |
| A | 13.53 | 12.09 |  |
| A- | 10.19 | 14.05 |  |
| BBB+ | 9.55 | 13.07 |  |
| BBB | 19.44 | 17.70 |  |
| BBB- | 33.28 | 25.27 |  |
| HY & NR | 1.37 | - |  |
# Performance overview - yearly
since 01.12.2013, in %
|  | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio net | 0.30 | 4.86 | 2.14 | 2.98 | 5.88 | -5.92 | 6.96 | 9.91 | 2.82 | -13.95 |
| Benchmark | 0.12 | 6.97 | 3.75 | 5.79 | 6.63 | -4.09 | 8.14 | 10.05 | 3.65 | -12.58 |
| Relative net | 0.17 | -2.11 | -1.61 | -2.81 | -0.74 | -1.83 | -1.18 | -0.14 | -0.83 | -1.37 |

1 
If the currency of a financial product and/or its costs is different from your reference currency, the return and cost may increase or decrease as a result of currency fluctuations.

Translation (ENES, 2022-09-30):
# Resumen de rendimiento – anual
## desde 01.12.2013, en %
|  | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cartera neta | 0.30 | 4.86 | 2.14 | 2.98 | 5.88 | -5.92 | 6.96 | 9.91 | 2.82 | -13.95 |
| Indice de referencia | 0.12 | 6.97 | 3.75 | 5.79 | 6.63 | -4.09 | 8.14 | 10.05 | 3.65 | -12.58 |
| Relativo neto | 0.17 | -2.11 | -1.61 | -2.81 | -0.74 | -1.83 | -1.18 | -0.14 | -0.83 | -1.37 |
# Asset breakdown by rating bucket
## In % of total economic exposure

## in %	
Portfolio 
| AA	4.35 |  |  |
| --- | --- | --- |
| A	23.11 |  |  |
| BBB	38.73 |  |  |
| BB	18.02 |  |  |
| B	7.27 |  |  |
| CCC	3.79 |  |  |
| CC	1.33 |  |
| C	1.09 |  |
| D	2.14 |  |
| Cash & FX	-0.80 |  |
| Others	1.00 |  |


## °: Swaps

Translation (ENES, 2022-09-30):
# Desglose de activos por grupo de calificación
## En % de la exposición económica total

## en %	
Cartera 
| AA	4.35 |  |  |
| --- | --- | --- |
| A	23.11 |  |  |
| BBB	38.73 |  |  |
| BB	18.02 |  |  |
| B	7.27 |  |  |
| CCC	3.79 |  |  |
| CC	1.33 |  |
| C	1.09 |  |
| D	2.14 |  |
| Efectivo y divisas	-0.80 |  |
| Otros	1.00 |  |


## °: Permutas
# Investment Policy
The fund is managed with an indexed method and is distinguished by broad diversification, low tracking errors, and low-cost management. The investment objective is to replicate the reference index as closely as possible and to minimize performance deviations from the benchmark.The Government Bond–Emerging Market Index is the accepted industry standard to track performance in local emerging markets. The unique diversification scheme ensures that weights among the index countries are more evenly distributed by reducing the weight of large countries and redistributing the excess to the smaller weighted countries.

## Past performance does not predict future returns. Neither simulated nor historical performance is a reliable indicator for current or future performance.

Translation (ENES, 2022-09-30):
# Política de inversión
El fondo se gestiona con un método indexado y destaca por su amplia diversificación, sus bajos niveles de tracking error y su gestión de bajo coste. El objetivo de inversión es reproducir el índice de referencia en la mayor medida posible y minimizar las desviaciones del rendimiento frente al benchmark. El Government Bond–Emerging Market Index es el estándar aceptado por el sector para realizar un seguimiento del rendimiento en los mercados emergentes locales. El plan de diversificación singular garantiza una distribución más equitativa de las ponderaciones entre los países que componen el índice, reduciendo el peso de los países grandes y redistribuyendo el excedente a los países con menor peso.

## El rendimiento pasado no predice beneficios futuros. Ni la rentabilidad simulada ni la histórica son indicadores fiables de la rentabilidad actual o futura.
# Asset breakdown by JPM CEMBI sector
## In % of total economic exposure
Benchmark 

## Portfolio Benchmark	
Portfolio 
| AA | 5.01 | 5.26 |  |
| --- | --- | --- | --- |
| A | 18.74 | 18.72 |  |
| BBB | 48.30 | 47.69 |  |
| BB | 24.41 | 24.51 |  |
| B | 2.65 | 2.79 |  |
| Cash & FX | 0.32 | - |  |
| Others | 0.56 | 1.04 |  |

Translation (ENES, 2022-09-30):
# Desglose de activos por Sector JPM CEMBI
## En % de la exposición económica total

## Cartera		Indice de referencia
Cartera 
Indice de referencia 
| Soberano | 99.68 | 100.00 |  |
| --- | --- | --- | --- |
| Efectivo y equivalentes de efectivo | 0.32 | - |  |
| Otros | 0.00 | - |  |
# Asset breakdown by FTSE sector
## In % of total economic exposure
Benchmark 

## Portfolio Benchmark	
Portfolio 
| AAA | 24.47 | 24.67 |  |
| --- | --- | --- | --- |
| AA+ | 4.99 | 5.04 |  |
| AA | 25.29 | 25.50 |  |
| AA- | 5.61 | 5.62 |  |
| A+ | 1.88 | 1.91 |  |
| BBB+ | 15.25 | 14.97 |  |
| BBB- | 22.45 | 22.29 |  |
| Others | 0.05 | - |  |

| Non-Corporate | 86.71 | 86.39 |  |
| --- | --- | --- | --- |
| Other Finance | 0.13 | 0.11 |  |
| Others | 13.16 | 13.49 |  |

Translation (ENES, 2022-11-30):
# Desglose de activos por Sector FTSE
## En % de la exposición económica total

## Cartera	Indice de
Cartera 

## referencia
Indice de referencia 

## referencia
Indice de referencia 
| AAA | 24.47 | 24.67 |  |
| --- | --- | --- | --- |
| AA+ | 4.99 | 5.04 |  |
| AA | 25.29 | 25.50 |  |
| AA- | 5.61 | 5.62 |  |
| A+ | 1.88 | 1.91 |  |
| BBB+ | 15.25 | 14.97 |  |
| BBB- | 22.45 | 22.29 |  |
| Otros | 0.05 | - |  |

| No corporativo | 86.71 | 86.39 |  |
| --- | --- | --- | --- |
| Otra financiación | 0.13 | 0.11 |  |
| Otros | 13.16 | 13.49 |  |
# Key risk figures
## Portfolio

## Modified duration	2.45

## Yield to maturity / Yield to worst	12.62% / 14.00% Average maturity in years		10.11

## Linear weighted average credit rating	B-

## Number of securities	83

Translation (ENES, 2022-10-31):
# Datos clave de riesgo
## Cartera

## Duración modificada	2.45

## Rentabilidad al vencimiento / Peor rendimiento

## 12.62% / 14.00%

## Calificación crediticia media ponderada lineal	B-

## Número de valores	83

## posible

## Vencimiento medio, en años	10.11
# Risk overview - ex post
since 01.07.2014, in %
Annualized risk, in %
|  | 1 months | 3 months | 1 year | 3 years | 5 years | ITD |  |  | 1 year | 3 years | 5 years | ITD |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio net | 2.03 | -1.86 | -16.97 | 0.27 | 0.16 | 0.54 |  | Portfolio volatility | 10.89 | 11.57 | 9.69 | 8.12 |
| Benchmark | 3.09 | -0.75 | -17.14 | 0.51 | 0.37 | 1.10 |  | Benchmark volatility | 11.19 | 11.88 | 9.87 | 8.32 |
| Relative net | -1.07 | -1.11 | 0.18 | -0.24 | -0.21 | -0.56 |  | Tracking error | 1.69 | 1.18 | 0.98 | 0.87 |

Translation (ENES, 2022-11-30):
# Resumen de riesgos – ex post
## desde 01.07.2014, en %

## Riesgo anualizado, en %

## 	periodo	

## Desde el

## 1 año	3 años	5 años	Desde el

## 	lanzamiento

## 1 meses  3 meses	1 año	3 años	5 años lanzamient

## Volatilidad de la

## 10.89	11.57	9.69	8.12

## 	ocartera	

## Cartera neta	2.03	-1.86	-16.97	0.27	0.16	0.54

## Volatilidad del índice

## 11.19	11.88	9.87	8.32

## Indice de

## 3.09	-0.75	-17.14	0.51	0.37	1.10

## de referencia	

## referencia	

## Relativo neto	-1.07	-1.11	0.18	-0.24	-0.21	-0.56

## Error de desviación	1.69	1.18	0.98	0.87
# Asset breakdown by regions
In % of total economic exposure
Benchmark 
Portfolio Benchmark	
Portfolio 

Translation (ENES, 2022-11-30):
# Desglose de activos por regiones
## En % de la exposición económica total

## Cartera		Indice de referencia
Cartera 
Indice de referencia 
| Europa | 5.54 | 9.33 |
| --- | --- | --- |
| Norteamérica | 1.15 | - |
| Liquidez | 0.38 | - |

| Sudáfrica | 6.04 | 0.99 |
| --- | --- | --- |
| Catar | 6.03 | 6.16 |
| Indonesia | 6.01 | 4.07 |
| Perú | 5.99 | 1.06 |
| India | 5.83 | 4.65 |
| Omán | 5.14 | 0.88 |