7	
◄ Lower risk	Higher risk ►
(typically lower reward)	(typically higher reward)
Historical Performance (%)
180
Fund	Reference index
indexed to 100
160
140
120
100
2014	2015	2016	2017	2018	2019	2020	2021	2022
02.21
02.20
02.19
02.18
02.17
year
3 yrs
5 yrs
since
  - 01.22  - 01.21  - 01.20  - 01.19  - 01.18   1 m  to date  2021  2020  2019   p.a.   p.a. inceptionFund		6.4  -9.2  15.7	4.9  -0.6  -1.7  -1.7	8.6  -6.9  16.9	3.8	3.1 64.9Ref. index 	4.5   -6.5   15.8	8.6    -5.8    -1.4    -1.4	5.7   -3.4   17.2	4.2	3.0   62.8
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.
Major positions (%)
Geographical breakdown (%)
Fund  Ref. index
0% Ukraine 31.05.2040 FRN Reg-S Senior	3.0
8.95% Bahamas 15.10.2032	2.7
5.625% United Mex States 19.03.2114 Reg-S Senior	2.6
4% Gov of Sharjah 28.07.2050 Reg-S Senior	2.5
8.875% Egypt 29.05.2050 Reg-S Senior	2.4
6.625% Cote d'Ivoire 22.03.2048 Reg-S Senior	2.0
2.875% Romania 13.04.2042	2.0
8.375% Papua New Guinea 04.10.2028 Reg-S Senior	1.9
6.75% PEMEX 21.09.2047 Senior	1.8
0.5% Ecuador 31.07.2040 FRN Reg-S Senior	1.8
Total	22.7
Mexico Ukraine Egypt
United Arab Emirates
Colombia Bahamas Ivory Coast
China Romania Others
0	20	40	60	80
Currency breakdown, before hedging (%)
Currency breakdown, after hedging (%)
Fund  Ref. index	Fund  Ref. index
USD EUR GBP BRL CZK JPY COP MXN IDR KZT
Others
0	20	40	60	80	100
-25	0	25	50	75	100
USD BRL KZT GBP ZAR RUB THB PLN COP SGD
Others
Contribution to modified duration (years), by maturity
Credit ratings breakdown (%)
Fund  Ref. index	Fund  Ref. index
0-6m
6m-2Y
0	1	2	3	4	5
AAA AA
0	10	20	30	40
0.3
4.6
2Y-5Y
5Y-10Y
10Y-30Y
30Y+
4.5
A BBB BB B
CCC
CC 
0.1
3.5
3.0
7.2
9.4
14.4
15.6 18.1
22.2
24.3
31.9
33.7

Translation (ENIT, 2022-01-31):
7	
◄ Rischio minore	Rischio maggiore ►
(proventi tipicamente inferiori)	(proventi tipicamente superior)
Performance storiche (%)
180
Fondo	Indice di riferimento
indicizzato a 100
160
140
120
100
2014	2015	2016	2017	2018	2019	2020	2021	2022
02.21
02.20
02.19
02.18
02.17
da iniz.
3 anni
5 anni
dall'
  - 01.22  - 01.21  - 01.20  - 01.19  - 01.18	1 m	anno	2021	2020	2019	p.a.	p.a.	inizio
Fondo		6.4	-9.2	15.7	4.9	-0.6	-1.7	-1.7	8.6	-6.9	16.9	3.8	3.1	64.9
Indice di rif.		4.5	-6.5	15.8	8.6	-5.8	-1.4	-1.4	5.7	-3.4	17.2	4.2	3.0	62.8
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 rendi- menti si intendono al lordo di oneri fiscali. Il rendimento del fondo puo' essere il risultato di fluttuazioni valutarie in aumento o in diminuzione.
Maggiori posizioni (%)
Ripartizione geografica (%)
Fondo  Indice di rif.
0% Ukraine 31.05.2040 FRN Reg-S Senior	3.0
8.95% Bahamas 15.10.2032	2.7
5.625% United Mex States 19.03.2114 Reg-S Senior	2.6
4% Gov of Sharjah 28.07.2050 Reg-S Senior	2.5
8.875% Egypt 29.05.2050 Reg-S Senior	2.4
6.625% Cote d'Ivoire 22.03.2048 Reg-S Senior	2.0
2.875% Romania 13.04.2042	2.0
8.375% Papua New Guinea 04.10.2028 Reg-S Senior	1.9
6.75% PEMEX 21.09.2047 Senior	1.8
0.5% Ecuador 31.07.2040 FRN Reg-S Senior	1.8
Totale	22.7
Messico Ucraina Egypt
Emirati Arabi Uniti
Colombia Bahamas Coata d'Avorio
Cina Romania
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 GBP BRL CZK JPY COP MXN IDR KZT
Altri
0	20	40	60	80	100
-25	0	25	50	75	100
USD BRL KZT GBP ZAR RUB THB PLN COP SGD
Altri
Contributo alla modified duration (anni), per scadenza	Ripartizione per rating creditizio (%)
Fondo  Indice di rif.	Fondo  Indice di rif.
0-6m
6m-2Y
0	1	2	3	4	5
AAA AA
0	10	20	30	40
0.3
4.6
2Y-5Y
5Y-10Y
10Y-30Y
30Y+
4.5
A BBB BB B
CCC
CC 
0.1
3.5
3.0
7.2
9.4
14.4
15.6 18.1
22.2
24.3
31.9
33.7