7	
◄ Lower risk	Higher risk ►
(typically lower reward)	(typically higher reward)
Historical Performance (%)
180
indexed to 100
160
140
120
100
80
Fund	Reference index
2015	2016	2017	2018	2019	2020	2021	2022
09.21
09.20
09.19
09.18
09.17
year
3 yrs
5 yrs
since
  - 08.22  - 08.21  - 08.20  - 08.19  - 08.18   1 m  to date  2021  2020  2019   p.a.   p.a. inceptionFund	  -19.5  18.7  -0.6		9.9  -2.9	1.9  -17.4	6.9	2.2  14.2  -1.7	0.3 41.8Ref. index    -18.1	5.0	3.5   12.6    -5.6    -0.3   -15.4    -3.3	5.1   14.1    -3.8    -1.1   14.7
Past Performance is not a guide to current or future performance. Performance data do not take account of the entry / exit commissions and costs incurred, and reflect gross distributions reinvested. Performance of a fund can rise or fall, i.a. as a result of currency fluctuations. The investment policy was changed as at 15.02.2022.
Major positions (%)
Geographical breakdown (%)
Fund  Ref. index
RIO SMART LIGHTING SARL 12.25% 09/20/2032	3.7
9.5% Bnco Act Fideic 18.12.2032 Reg-S Senior	3.3
8.85% Mongolian Mtg 08.02.2024 Reg-S Senior	3.1
7.125% Tajikistan 14.09.2027 Reg-S Senior	2.9
8.375% Papua New Guinea 04.10.2028 Reg-S Senior	2.7
6.927% Avenir II 19.02.2027 Reg-S Senior	2.5
Government Of Grenada 7% 05/12/2030	2.5
Banque Ouest Africaine D 4.7% 10/22/2031	1.9
Ivory Coast 6.875% 10/17/2040	1.9
Pakistan Water & Power 7.5% 06/04/2031	1.8
Total	26.3
Mexico Brazil China
Supranational
Tunisia Bahamas Mongolia Argentina Colombia Others
0	20	40	60	80
Currency breakdown, before hedging (%)
Currency breakdown, after hedging (%)
Fund  Ref. index	Fund  Ref. index
USD EUR BRL MXN CHF JPY GBP COP UYU KZT
0	20	40	60	80
68.2
.7
USD IDR THB MXN BRL ZAR COP PLN HUF CLP
Others
0	20	40	60	80
66.4
66.7
Contribution to modified duration (years), by maturity
Credit ratings breakdown (%)
Fund  Ref. index	Fund  Ref. index
0	1	2	3
0-6m 
0.0
0	10	20	30	40

Translation (ENIT, 2022-08-31):
7	
◄ Rischio minore	Rischio maggiore ►
(proventi tipicamente inferiori)	(proventi tipicamente superior)
Performance storiche (%)
180
indicizzato a 100
160
140
120
100
80
Fondo	Indice di riferimento
2015	2016	2017	2018	2019	2020	2021	2022
09.21
09.20
09.19
09.18
09.17
da iniz.
3 anni
5 anni
dall'
  - 08.22  - 08.21  - 08.20  - 08.19  - 08.18   1 m  anno  2021  2020  2019   p.a.   p.a.  inizio
Fondo	   -19.5   18.7   -0.6	9.9   -2.9	1.9   -17.4	6.9	2.2   14.2   -1.7	0.3   41.8
Indice di rif.    -18.1	5.0	3.5   12.6   -5.6   -0.3   -15.4   -3.3	5.1   14.1   -3.8   -1.1   14.7
I rendimenti passati non sono indicativi di quelli futuri. I dati della performance non tengono conto delle commissioni e delle spese applicate all'emissione e al riscatto delle quote. I ren- dimenti si intendono al lordo di oneri fiscali. Il rendimento del fondo puo' essere il risultato di fluttuazioni valutarie in aumento o in diminuzione. Strategia d'investimento modificata al 15.02.2022.
Maggiori posizioni (%)
Ripartizione geografica (%)
Fondo  Indice di rif.
RIO SMART LIGHTING SARL 12.25% 09/20/2032	3.7
9.5% Bnco Act Fideic 18.12.2032 Reg-S Senior	3.3
8.85% Mongolian Mtg 08.02.2024 Reg-S Senior	3.1
7.125% Tajikistan 14.09.2027 Reg-S Senior	2.9
8.375% Papua New Guinea 04.10.2028 Reg-S Senior	2.7
6.927% Avenir II 19.02.2027 Reg-S Senior	2.5
Government Of Grenada 7% 05/12/2030	2.5
Banque Ouest Africaine D 4.7% 10/22/2031	1.9
Ivory Coast 6.875% 10/17/2040	1.9
Pakistan Water & Power 7.5% 06/04/2031	1.8
Totale	26.3
Messico Brasile Cina
Sovranazionale
Tunisia Bahamas Mongolia Argentina Colombia
Altri
0	20	40	60	80
Ripartizione per valuta, prima dell' hedging (%)
Ripartizione per valuta, dopo hedging (%)
Fondo  Indice di rif.	Fondo  Indice di rif.
USD EUR BRL MXN CHF JPY GBP COP UYU KZT
0	20	40	60	80
68.2
.7
USD IDR THB MXN BRL ZAR COP PLN HUF CLP
Altri
0	20	40	60	80
66.4
66.7
Contributo alla modified duration (anni), per scadenza	Ripartizione per rating creditizio (%)
Fondo  Indice di rif.	Fondo  Indice di rif.
0	1	2	3
0-6m 
0.0
0	10	20	30	40