# Performance contribution (Source: Fund Admin)
|  | Performance |
| --- | --- |
| YTD 2022 | 6.30% |
| November 2022 | -0.60% |
| October 2022 | 0.07% |
| September 2022 | 0.79% |
| 2021 | -3.50% |
| 2020 | 23.19% |
| 2019 | -9.44% |
| 2018 | 5.09% |
| 2017 | -17.31% |
| 2016 | -0.80% |
| 2015 | -1.95% |
| 2014 | -2.69% |

|  | 1 yr Implied volatility | Gross Performance Contribution |
| --- | --- | --- |
| Start | End | Average Vega | Engine 1 : Directionnal ¹ | Engine 2 : Vol of vol ² | Engine 3: Geo ³ |
| YTD 2022 | 19.00% | 21.60%	0.57% | 1.48% | 6.07% | 0.19% |
| Nov-2022 | 23.40% | 21.60% | 0.48% | -0.86% | 0.30% | 0.03% |
| Oct-2022 | 24.90% | 23.40% | 0.17% | -0.26% | 0.32% | 0.00% |
| Sep-2022 | 23.00% | 24.90% | 0.40% | 0.76% | 0.06% | 0.12% |
| 2021 | 19.70% | 19.00% | 1.12% | -0.78% | -2.31% | 0.20% |
| 2020 | 15.20% | 19.70% | 0.89% | 4.01% | 27.80% | -0.54% |
| 2019 | 19.30% | 15.20% | 2.05% | -8.41% | -0.49% | -0.39% |
| 2018 | 14.80% | 19.30% | 2.18% | 9.81% | -1.33% | -1.16% |
| 2017 | 18.20% | 14.80% | 2.03% | -6.90% | -9.69% | 0.09% |
| 2016 | 19.10% | 18.20% | 1.15% | -1.04% | 0.60% | 0.67% |
| 2015 | 19.10% | 19.10% | 1.35% | 0.78% | -1.98% | 0.17% |
| 2014 | 17.40% | 19.10% | 1.59% | 3.15% | -5.50% | 0.85% |
| 2013 | 20.20% | 17.40% | 1.24% | -3.40% | -6.89% | -1.01% |
| 2012 | 24.70% | 20.20% | 1.01% | -2.10% | -2.01% | 0.74% |
| 2011 | 22.10% | 24.70% | 0.52% | -0.06% | 4.85% | 1.64% |
| 2010 | 23.50% | 22.10% | 0.47% | 1.05% | 4.51% | 0.19% |
| 2009 | 36.90% | 23.50% | -0.13% | 2.80% | 5.07% | 1.33% |
| 2008 | 21.70% | 36.90% | 0.50% | 2.05% | 19.20% | 5.36% |


## Breakdown by instrument type (Source: Amundi)

### ¹ Directional 1: Calculated monthly as follows: (Implied Volatility End – Implied Volatility Start ) * Average Vega

### ² Vol of Vol 2: Calculated monthly as follows: Gross Return – Other Engines. Includes replication and carry costs.

### ³ Geo 3 : Calculated monthly separately against a weighted-average using internal model
60 %
40 %
20 %
0 %
Repo
Treasury Bills
Fixed Rate Treasury Bond
Options
Commercial Papers
Mutual funds
Cash
Certificate of Deposit
Forex
-20 %

### Portfolio

### NEU CP : Negotiable EUropean Commercial Paper

Translation (ENIT, 2022-11-30):
# Contributo alla performance (Fonte : Fund Admin)
|  | Performance |
| --- | --- |
| YTD 2022 | 6,30% |
| Novembre 2022 | -0,60% |
| Ottobre 2022 | 0,07% |
| Settembre 2022 | 0,79% |
| 2021 | -3,50% |
| 2020 | 23,19% |
| 2019 | -9,44% |
| 2018 | 5,09% |
| 2017 | -17,31% |
| 2016 | -0,80% |
| 2015 | -1,95% |
| 2014 | -2,69% |

|  | Volatilità implicita | Contributo di Performance lorda |
| --- | --- | --- |
| Inizio | Finale | Vega medio | Motore 1 : Direzionale ¹ | Motore 2 : Vol della vol ² | Motore 3 : Repartizione ³ |
| YTD 2022 | 19,00% | 21,60% | 0,57% | 1,48% | 6,07% | 0,19% |
| Nov-2022 | 23,40% | 21,60% | 0,48% | -0,86% | 0,30% | 0,03% |
| Oct-2022 | 24,90% | 23,40% | 0,17% | -0,26% | 0,32% | 0,00% |
| Sep-2022 | 23,00% | 24,90% | 0,40% | 0,76% | 0,06% | 0,12% |
| 2021 | 19,70% | 19,00% | 1,12% | -0,78% | -2,31% | 0,20% |
| 2020 | 15,20% | 19,70% | 0,89% | 4,01% | 27,80% | -0,54% |
| 2019 | 19,30% | 15,20% | 2,05% | -8,41% | -0,49% | -0,39% |
| 2018 | 14,80% | 19,30% | 2,18% | 9,81% | -1,33% | -1,16% |
| 2017 | 18,20% | 14,80% | 2,03% | -6,90% | -9,69% | 0,09% |
| 2016 | 19,10% | 18,20% | 1,15% | -1,04% | 0,60% | 0,67% |
| 2015 | 19,10% | 19,10% | 1,35% | 0,78% | -1,98% | 0,17% |
| 2014 | 17,40% | 19,10% | 1,59% | 3,15% | -5,50% | 0,85% |
| 2013 | 20,20% | 17,40% | 1,24% | -3,40% | -6,89% | -1,01% |
| 2012 | 24,70% | 20,20% | 1,01% | -2,10% | -2,01% | 0,74% |
| 2011 | 22,10% | 24,70% | 0,52% | -0,06% | 4,85% | 1,64% |
| 2010 | 23,50% | 22,10% | 0,47% | 1,05% | 4,51% | 0,19% |
| 2009 | 36,90% | 23,50% | -0,13% | 2,80% | 5,07% | 1,33% |
| 2008 | 21,70% | 36,90% | 0,50% | 2,05% | 19,20% | 5,36% |

Ripartizione per Tipologia di strumenti (Fonte : Amundi)

## ¹ Direzionale 1: Calcolata mensilmente nel seguente modo: (Fine volatilità implicita – Inizio volatilità implicita ) * Vega medio

## ² Volatilità della volatilità 2: Calcolata mensilmente nel seguente modo: Rendimento lordo – Altri Motori. Comprende i costi di replicazione e di carry.

## ³ Geo 3: Calcolata ogni mese separatamente, rispetto ad una media ponderata con l’ausilio di un modello interno
60 %
40 %
20 %
0 %
Repo
Buoni del Tesoro
BON DU TRESOR A
TAUX FIXE (BTF)
Opzioni
COMM PAPER REG
Fondi obbligazionari
Liquidità
NEU CP
Valute
-20 %

## Lordo %

## NEU CP: Negotiable EUropean Commercial Paper. Titolo di credito che rappresenta una fonte di finanziamento a breve termine per le imprese.