# Sector allocation (Source: Amundi)
10 %
0 %

### % of assets	% of assets (Index)

### Treasuries	52.19%	45.16%

### Treasuries	52.19%	45.16%

### Government related	8.61%	7.50%
-10 %
AAA	AA	A	BBB	BB	B	Others

### Portfolio Benchmark

### Agencies	4.04%	2.73%

### * Includes Credit Default Swaps
| Local authorities Supranationals | 0.54% 4.02% | 2.58% 2.18% | Historical risk indicators (Source: Amundi)	 |
| --- | --- | --- | --- |
| Financials | 23.53% | 8.93% |  |
| Insurers | 4.72% | 1.08% | Spread Weighted Modified Duration (SWMD) (%, source: Amundi) |

| Banks & building societies | 18.81% | 6.33% |
| --- | --- | --- |
| Specialised financial | - | 0.98% |

15
| Industrials | 8.54% | 10.15% |  |
| --- | --- | --- | --- |
| Pharmaceuticals & biotechnology | 0.27% | 0.70% |
| Telecom. & technology | 2.55% | 2.15% | 10 |
| Media | - | 0.50% |  |
| Transportation | - | 0.71% |  |
| Consumer non-cyclical | 0.00% | 1.54% | 5 |
| Tobacco | - | 0.16% |  |
| Basic materials | - | 0.26% |  |
| Energy | 3.29% | 1.46% |  |
| Automobiles | 2.43% | 0.59% | 0 |
| Consumer staples | - | 0.85% |  |
| Utilities | 1.32% | 1.65% |  |


### Utilities	1.32%	1.65%

### Securitized	0.34%	14.55%

### Covered bonds	-	2.01%

### ABS	0.34%	0.19%

### MBS	-	11.56%

### CMBS	-	0.79%

### Emerging sovereign (local debt)	1.84%	7.32%

### Emerging sovereign (local debt)	1.84%	7.32%
| Emerging sovereign (ext debt) | 2.87% | 1.07% |
| --- | --- | --- |
| Emerging govt. related | 1.15% | 3.26% |
| Emerging govt. related : Utilities | - | 0.04% |
| Emerging govt. related : Industrials | 1.15% | 0.10% |
| Emerging govt. related : Financials | - | 0.02% |


### Emerging sovereign (external debt)	2.87%	1.07%

### Emerging Govt. Related Agencies	-	3.09%

### Swap	-0.17%	-

### Swap	-0.17%	-

### CDS - Broad Market	-11.08%	-

### CDS - High Yield	-11.08%	-
01/2022
02/2022
03/2022
04/2022
05/2022
06/2022
07/2022
08/2022
09/2022
10/2022
11/2022

### Portfolio	Benchmark

## Spread Weighted Modified Duration (SWMD) (%, source: Amundi) **
Treasuries Financials Government related
Industrials
Emerging sovereign (external debt)
Emerging sovereign (local
debt) Utilities
Emerging govt. related
Securitized
Swap CDS - Broad Market
Others
-2	-1	0	1	2	3	4

### ** Includes Credit Default Swaps

### Portfolio
Top 15 issuers (Source: Amundi)	Breakdown by rating & sector (Source: Amundi) **
|  | Sector | % asset * |  |  | Investment grade | Speculative grade |
| --- | --- | --- | --- | --- | --- | --- |
| Germany | Treasuries | 17.02% |  |  | % of assets | % of assets |
| United States of America | Treasuries | 12.28% |  | CDS - Broad Market | - | -11.08% |
| Spain | Treasuries | 8.01% |  | Emerging govt. related | - | 1.15% |
| Belgium | Treasuries | 7.13% |  | Emg sovereign (external) | 1.13% | 1.73% |
| Japan | Treasuries | 3.49% |  | Emg sovereign (local) | 1.00% | 0.84% |
| New Zealand | Treasuries | 2.24% |  | Government related | 8.61% | - |
| Volkswagen Intl Fin NV | Industrials | 2.00% |  | Industrials | 7.71% | 0.83% |
| Intesa SanPaolo Spa | Financials | 1.93% |  | Securitized | 0.34% | - |
| BP CAPITAL MARKETS PLC | Industrials | 1.86% |  | Treasuries | 52.19% | - |
| EUROPEAN UNION | Government related | 1.61% |  | Utilities | 1.25% | 0.07% |
| TOTALENERGIES SE | Industrials | 1.42% |  | Financials | 17.04% | 6.49% |
| UBS GROUP AG | Financials | 1.32% |  | Total | 89.27% | 0.03% |
| Unicredit SPA | Financials | 1.27% |  | ** Includes Credit Default Swaps |  |  |
| Abn Amro Bank NV | Financials | 1.24% |  |  |  |  |
| PETROLEOS MEXICANOS | Emerging govt. related | 1.15% |  |  |  |  |
| * Includes Credit Default Swaps |  |  |  |  |  |  |

Main emerging debt allocation (Top 5, source: Amundi)
|  | % asset |
| --- | --- |
| Mexico | 1.75% |
| China | 1.00% |
| Bahrein | 0.91% |
| Brazil | 0.84% |
| Oman | 0.53% |
| Total | 5.04% |

Top Currency risk allocation (% of assets, source: Amundi)
5 %
2.5 %
0 %
-2.5 %
-5 %
-7.5 %
CHF	NOK	MXN	BRL	KRW	SGD	USD	AUD	NZD	SEK	CNY	PLN	HUF	CAD	TWD	JPY	CNH	ILS	EUR	GBP

### Spread (P - B)

Translation (ENIT, 2022-11-30):
# Ripartizione per Settore (Fonte : Amundi)
10 %
0 %
|  | % dell'attivo | % del peso sul Benchmark |
| --- | --- | --- |
| Governativi | 52,19% | 45,16% |
| Governativi | 52,19% | 45,16% |
| Quasi-Governativi | 8,61% | 7,50% |
| Agenzie | 4,04% | 2,73% |
| Enti locali | 0,54% | 2,58% |
| Sovranazionali | 4,02% | 2,18% |
| Finanziari | 23,53% | 8,93% |
| Assicurazioni | 4,72% | 1,08% |
| Risparmio e prestiti ipotecari | 18,81% | 6,33% |
| Servizi finanziari specializzati | - | 0,98% |
| Industriale | 8,54% | 10,15% |
| Prodotti farmaceutici e biotecnologie | 0,27% | 0,70% |
| Telecomunicazioni e tecnologia | 2,55% | 2,15% |
| Media | - | 0,50% |
| Trasporto | - | 0,71% |
| Consumi non ciclici | 0,00% | 1,54% |
| Tabacco | - | 0,16% |
| Materie prime | - | 0,26% |
| Energia | 3,29% | 1,46% |
| Automobile | 2,43% | 0,59% |
| Consumi ciclici | - | 0,85% |
| Servizi | 1,32% | 1,65% |
| Servizi | 1,32% | 1,65% |
| Garantiti | 0,34% | 14,55% |
| Obbligazioni collateralizzate | - | 2,01% |
| ABS | 0,34% | 0,19% |
| MBS | - | 11,56% |
| CMBS | - | 0,79% |
| Stati emergenti (debito interno) | 1,84% | 7,32% |
| Stati emergenti (debito interno) | 1,84% | 7,32% |
| Stati emergenti (debito esterno) | 2,87% | 1,07% |
| Stati emergenti (debito esterno) | 2,87% | 1,07% |
| Govt. Related emergenti | 1,15% | 3,26% |
| Govt. Related emergenti: Servizi pubblici | - | 0,04% |
| Govt. Related emergenti: Industriali | 1,15% | 0,10% |
| Govt. Related emergenti: Finanziari | - | 0,02% |
| Govt. Related emergenti: Agenzie | - | 3,09% |
| Swap | -0,17% | - |
| Swap | -0,17% | - |
| CDS - Broad | -11,08% | - |
| CDS - High Yield | -11,08% | - |

-10 %
AAA	AA	A	BBB	BB	B	Altri

### Netto % Bench %
- Credit Default Swaps inclusiIndicatori di rischio storico (Fonte : Amundi)	


## Sensibilità ponderata dello Spread (SPS) (%, fonte : Amundi)
15
10
5
01/2022
02/2022
03/2022
04/2022
05/2022
06/2022
07/2022
08/2022
09/2022
10/2022
11/2022
0

### Portafoglio	Benchmark

## Sensibilità ponderata dello Spread (SPS) (%, fonte : Amundi) **
Governativi Finanziari
Quasi-Governativi
Industriale Stati emergenti (debito
esterno) Stati emergenti (debito
interno) Servizi
Govt. Related emergenti
Garantiti Swap
CDS - Broad
Altro
-2	-1	0	1	2	3	4

### ** Credit Default Swaps inclusi

### PTF
Top 15 emittenti (Fonte : Amundi)	Allocazione per rating e tipo di emittente (Fonte : Amundi) **
|  | Settore | % di attivi * |  |  | Categoria di investimento | Categoria speculativa |
| --- | --- | --- | --- | --- | --- | --- |
| Germania | Governativi | 17,02% |  |  | % dell'attivo | % dell'attivo |
| Stati Uniti | Governativi | 12,28% |  | CDS - Broad Market | - | -11,08% |
| Spagna | Governativi | 8,01% |  | Govt. Related emergenti | - | 1,15% |
| Belgio | Governativi | 7,13% |  | Stati emerg. (deb. esterno) | 1,13% | 1,73% |
| Giappone | Governativi | 3,49% |  | Stati emerg. (deb. interno) | 1,00% | 0,84% |
| Nuova Zelanda | Governativi | 2,24% |  | Govt. Related | 8,61% | - |
| Volkswagen Intl Fin NV | Industriale | 2,00% |  | Industriali | 7,71% | 0,83% |
| Intesa SanPaolo Spa | Finanziari | 1,93% |  | Garantiti | 0,34% | - |
| BP CAPITAL MARKETS PLC | Industriale | 1,86% |  | Governativi | 52,19% | - |
| EUROPEAN UNION | Quasi-Governativi | 1,61% |  | Servizi pubblici | 1,25% | 0,07% |
| TOTALENERGIES SE | Industriale | 1,42% |  | Finanziari | 17,04% | 6,49% |
| UBS GROUP AG | Finanziari | 1,32% |  | Totale | 89,27% | 0,03% |
| Unicredit SPA | Finanziari | 1,27% |  | ** Credit Default Swaps inclusi |  |  |
| Abn Amro Bank NV | Finanziari | 1,24% |  |  |  |  |
| PETROLEOS MEXICANOS | Govt. Related emergenti | 1,15% |  |  |  |  |
| * Credit Default Swaps inclusi |  |  |  |  |  |  |

Principali obbligazioni di debito emergente (Fonte : Amundi)
|  | % di attivi |
| --- | --- |
| Messico | 1,75% |
| Cina | 1,00% |
| Bahrain | 0,91% |
| Brasile | 0,84% |
| Oman | 0,53% |
| Totale | 5,04% |

Allocazione del rischio per valuta (Fonte : Amundi)
5 %
2,5 %
0 %
-2,5 %
-5 %
-7,5 %
CHF	NOK	MXN	BRL	KRW	SGD	USD	AUD	NZD	SEK	CNY	PLN	HUF	CAD	TWD	JPY	CNH	ILS	EUR	GBP

### Scostamento (Portafoglio - Benchmark)