OVHaiLLM/Flipper huggingface dataset:
# Asset breakdown by rating bucket
In % of total economic exposure
Benchmark 
Portfolio Benchmark	
Portfolio 

Translation (ENES, 2022-11-30):
# Desglose de activos por grupo de calificación
|  | Cartera | Indice de referencia |  |  | Cartera  Indice de referencia  | Cartera | Indice de referencia |
| --- | --- | --- | --- | --- | --- | --- | --- |
| AAA | 1.15 | - |  |  |  | Financiero | 38.83 | 43.92 |
| AA | 0.46 | 6.08 |  |  |  | TMT | 15.53 | 6.02 |
|  |  |  |  |  |  |  |  |  |
| A | 13.88 | 25.01 |  |  |  | Inmobiliario | 8.19 | 6.27 |
|  |  |  |  |  |  |  |  |  |
| BBB | 42.33 | 29.87 |  |  |  | Industrial | 6.21 | 8.92 |
|  |  |  |  |  |  |  |  |  |
| BB | 24.25 | 17.18 |  |  |  | Metales/minería | 6.00 | 1.06 |
|  |  |  |  |  |  |  |  |  |
| B | 13.34 | 12.37 |  |  |  | Petróleo y gas | 5.46 | 12.29 |
| CCC & Por debajo | 3.37 | 6.97 |  |  |  | Servicios públicos | 5.31 | 8.46 |
|  |  |  |  |  |  |  |  |  |
| Sin calificación | 0.83 | 2.52 |  |  |  | Soberano | 3.77 | - |
|  |  |  |  |  |  |  |  |  |
| Efectivo y |  |  |  |  |  | Consumidor | 3.75 | 9.42 |


## En % de la exposición económica total
# Performance overview - yearly
since 01.01.2013, in %
|  | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio net | 12.13 | 3.84 | 2.88 | 0.55 | 5.62 | -2.90 | 13.25 | 22.73 | -1.08 | -14.61 |
| Benchmark | 13.03 | 4.73 | 3.83 | 1.59 | 6.00 | -3.01 | 13.10 | 22.84 | -1.11 | -14.55 |
| Relative net | -0.90 | -0.89 | -0.95 | -1.04 | -0.38 | 0.11 | 0.15 | -0.12 | 0.03 | -0.06 |

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, 2022-11-30):
# Resumen de rendimiento – anual
## desde 01.01.2013, en %
|  | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cartera neta | 12.13 | 3.84 | 2.88 | 0.55 | 5.62 | -2.90 | 13.25 | 22.73 | -1.08 | -14.61 |
| Indice de referencia | 13.03 | 4.73 | 3.83 | 1.59 | 6.00 | -3.01 | 13.10 | 22.84 | -1.11 | -14.55 |
| Relativo neto | -0.90 | -0.89 | -0.95 | -1.04 | -0.38 | 0.11 | 0.15 | -0.12 | 0.03 | -0.06 |
# Risk overview - ex post
since 01.06.2012, 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 | -0.91 | -14.81 | 2.08 | 2.50 | 4.40 |  | Portfolio volatility | 11.00 | 11.50 | 9.64 | 7.52 |
| Benchmark | 3.49 | 0.24 | -15.27 | 2.00 | 2.46 | 4.83 |  | Benchmark volatility | 11.37 | 11.86 | 9.86 | 7.71 |
| Relative net | -1.04 | -1.15 | 0.46 | 0.07 | 0.04 | -0.43 |  | Tracking error | 1.72 | 1.25 | 1.02 | 0.85 |

Translation (ENES, 2022-11-30):
# Resumen de riesgos – ex post
## desde 01.06.2012, 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

## 11.00	11.50	9.64	7.52

## 	ocartera	

## Cartera neta	2.45	-0.91	-14.81	2.08	2.50	4.40

## Volatilidad del índice

## 11.37	11.86	9.86	7.71

## Indice de

## 3.49	0.24	-15.27	2.00	2.46	4.83

## de referencia	

## referencia	

## Relativo neto	-1.04	-1.15	0.46	0.07	0.04	-0.43

## Error de desviación	1.72	1.25	1.02	0.85
# Asset breakdown by regions
In % of total economic exposure
in %	
Portfolio 
| Latin America | 100.03 |  |  |
| --- | --- | --- | --- |
| Africa | 0.56 |  |
| Europe | 0.09 |  |
| Cash | -0.67 |  |

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

## en %	
Cartera 
| Latinoamérica | 100.03 |  |  |
| --- | --- | --- | --- |
| África | 0.56 |  |
| Europa | 0.09 |  |
| Liquidez | -0.67 |  |
# Key risk figures
Portfolio
Modified duration	3.91
Yield to maturity / Yield to worst	5.41% / 5.42% Average maturity in years		5.58
Linear weighted average credit rating	BB+
Number of securities	254

Translation (ENES, 2022-10-31):
# Datos clave de riesgo
Cartera
Duración modificada	3.91
Rentabilidad al vencimiento / Peor rendimiento
5.41% / 5.42%
Calificación crediticia media ponderada lineal	BB+
Número de valores	254
posible
Vencimiento medio, en años	5.58
# Key risk figures
Portfolio	Benchmark
Delta	43.6%	39.8%
Bond Floor	88.9%	85.4%
Number of securities	96	81
Linear weighted average credit rating	BBB+	BBB+
Modified duration	2.56	2.85
Current yield	0.43%	0.69%
Past performance does not predict future returns. Neither simulated nor historical performance is a reliable indicator for current or future performance.

Translation (ENES, 2022-10-31):
# Datos clave de riesgo
| Delta | 43.6% | 39.8% |
| --- | --- | --- |
| Bond Floor | 88.9% | 85.4% |
| Número de valores | 96 | 81 |


## 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 01.01.2019, in %
Annualized risk, in %
|  | 1 months | 3 months | 1 year | 3 years | 5 years | ITD |  |  | 1 year | 3 years | 5 years | ITD |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio net | 2.76 | -1.65 | -8.84 | 3.01 | n/a | 4.70 |  | Portfolio volatility | 10.58 | 9.35 | n/a | 8.49 |
| Benchmark | 2.69 | -1.38 | -8.41 | 2.53 | n/a | 4.31 |  | Benchmark volatility | 9.76 | 9.27 | n/a | 8.40 |
| Relative net | 0.08 | -0.27 | -0.43 | 0.48 | n/a | 0.40 |  | Tracking error | 1.31 | 1.43 | n/a | 1.29 |

Translation (ENES, 2022-10-31):
# Resumen de riesgos – ex post
## desde 01.01.2019, 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

## 10.58	9.35	sin datos	8.49

## 	ocartera	

## Cartera neta	2.76	-1.65	-8.84	3.01  sin datos	4.70

## Volatilidad del índice

## 9.76	9.27	sin datos	8.40

## Indice de

## 2.69	-1.38	-8.41	2.53  sin datos	4.31

## de referencia	

## referencia	

## Relativo neto	0.08	-0.27	-0.43	0.48 sin datos	0.40

## Error de desviación	1.31	1.43	sin datos	1.29
# Asset breakdown by ESG rating
In % of total economic exposure. Fund performance against benchmark. Source: MSCI ESG rating
|  | Portfolio | Benchmark |  | Portfolio  Benchmark  |  |  | Portfolio | Benchmark |  |  |  |  | Portfolio  Benchmark  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Positive | 32.38 | 36.47 |  |  |  | AAA | 8.64 | 10.29 |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Neutral | 58.24 | 55.27 |  |  |  | AA | 25.23 | 26.18 |  |  |  |  |  |
| Negative | 1.44 | 4.28 |  |  |  | A | 35.57 | 32.81 |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  | BBB | 18.65 | 18.58 |  |  |  |  |  |
| Note: Exposure to fixed income investments represents 92.06% of portfolio weight. For	BB	6.60	6.97 further information on the fixed income ESG Signal, please refer to the glossary.	 B	1.44	2.27 CCC	-	2.00 Not ratable	2.87	- No data coverage	1.00	0.88 |  |  |  |  |  |

Note: For further information on MSCI’s ESG rating methodology and the difference between categories "not ratable" and “no data coverage”, please refer to the glossary.

Translation (ENES, 2022-10-31):
# Desglose de activos por Calificación ESG
## En % de la exposición económica total. Rendimiento del fondo frente al índice de referencia. Fuente: Calificación MSCI ESG
|  | Cartera | Indice de referencia |  | Cartera  Indice de referencia  |  |  | Cartera | Indice de referencia |  |  |  | Cartera  Indice de referencia  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Positivo | 32.38 | 36.47 |  |  |  | AAA | 8.64 | 10.29 |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |
| Neutral | 58.24 | 55.27 |  |  |  | AA | 25.23 | 26.18 |  |  |  |  |
| Negativo | 1.44 | 4.28 |  |  |  | A | 35.57 | 32.81 |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  | BBB | 18.65 | 18.58 |  |  |  |  |
| Nota: La exposición a inversiones en renta fija representa el 92.06% del peso de la cartera.	BB	6.60	6.97 Para obtener más información sobre la señal ESG para renta fija, consulte el glosario.	 B	1.44	2.27 CCC	-	2.00 No evaluable	2.87	- Sin cobertura de	1.00	0.88 datos |  |  |  |  |


## Nota: Para obtener más información sobre la metodología de calificación ESG de MSCI y la diferencia entre las categorías «No evaluable» y «Sin cobertura de datos», consulte el glosario.
# Top 10 positions - ESG Characteristics
In terms of the fund’s total economic exposure. Data points do not necessarily represent all ESG considerations within the investment process or are in some cases provided for transparency reasons although they are not considered in the investment decision-making process. Source: MSCI

## Carbon
| Instrument Name | Weight in portfolio | GICS sector | MSCI ESG Rating | Controversy flag | Environmental score | Social score	Governance	intensity score (tCO2e / $M sales) |
| --- | --- | --- | --- | --- | --- | --- |
| ACUITY BRANDS INC | 3.97% | Industrials | n.a. | n.a. | - | -	-	- |
| FIRST SOLAR INC | 3.97% | Information Technology | n.a. | n.a. | - | -	-	- |
| ALFEN NV | 3.43% | Industrials | n.a. | n.a. | - | -	-	- |
| NVENT ELECTRIC PLC | 3.40% | Industrials | n.a. | n.a. | - | -	-	- |
| SUNPOWER CORP | 3.32% | Industrials | n.a. | n.a. | - | -	-	- |
| NIBE INDUSTRIER CLASS B | 3.27% | Industrials | n.a. | n.a. | - | -	-	- |
| LITTELFUSE INC | 3.21% | Information Technology | n.a. | n.a. | - | -	-	- |
| ECOLAB INC | 2.89% | Materials | n.a. | n.a. | - | -	-	- |


## INSTALLED BUILDING PRODUCTS INC

## 2.86%	Consumer Discretionary	n.a.	n.a.	-	-	-	-

## INGEVITY CORP	2.83%	Materials	n.a.	n.a.	-	-	-	- Note: For further information on the methodology for the above listed ESG data points, please refer to the glossary.

Translation (ENES, 2022-09-30):
# 10 posiciones principales - Características de ESG
En términos de la exposición económica total del fondo. Los datos no representan necesariamente todas las consideraciones relativas a ESG dentro del proceso de inversión o, en algunos casos, se proporcionan por motivos de transparencia, aunque no se tienen en cuenta en el proceso de toma de decisiones de inversión. Fuente: MSCI
| Nombre del instrumento	Ponderación en	Sector GICS	Calificación	Clasificación cartera	MSCI ESG	controvertida | Puntuación	de carbono edioambienta	Puntuación Puntuación de	(tCO2e / l	social	gobernanza	ventas en millones |
| --- | --- |
| USD) |
| ACUITY BRANDS INC | 3.97% | Industrial | n.a. | n.a. | -	-	-	- |
| FIRST SOLAR INC | 3.97% | Tecnologías de la información | n.a. | n.a. | -	-	-	- |
| ALFEN NV | 3.43% | Industrial | n.a. | n.a. | -	-	-	- |
| NVENT ELECTRIC PLC | 3.40% | Industrial | n.a. | n.a. | -	-	-	- |
| SUNPOWER CORP | 3.32% | Industrial | n.a. | n.a. | -	-	-	- |
| NIBE INDUSTRIER CLASS B | 3.27% | Industrial | n.a. | n.a. | -	-	-	- |
| LITTELFUSE INC | 3.21% | Tecnologías de la información | n.a. | n.a. | -	-	-	- |
| ECOLAB INC | 2.89% | Materiales | n.a. | n.a. | -	-	-	- |
| INSTALLED BUILDING PRODUCTS INC | 2.86% | Consumo discrecional | n.a. | n.a. | -	-	-	- |
| INGEVITY CORP | 2.83% | Materiales | n.a. | n.a. | -	-	-	- |


## Intensidad

## m

## Nota: Para obtener más información sobre la metodología para los datos ESG indicados anteriormente, consulte el glosario.
3 
Si la moneda de un producto financiero y/o sus costes son diferentes a las de su moneda de referencia, la rentabilidad y el coste pueden aumentar o disminuir como consecuencia de las fluctuaciones cambiarias.
# Asset breakdown by combined rating
In % of total economic exposure
| A+	0.90 |  |
| --- | --- |
| A	1.08 |  |
| A-	0.28 |  |
| BBB+	0.98 |  |
| BBB	4.76 |  |  |
| BBB-	17.10 |  |  |
| BB+	27.80 |  |  |
| BB	15.65 |  |  |
| BB-	12.67 |  |  |
| B+	7.23 |  |  |
| B	3.20 |  |  |
| B-	2.06 |  |  |
| CCC+	0.80 |  |
| Cash & FX	3.19 |  |  |
| Swap	2.29 |  |  |

in %	
Portfolio 

Translation (ENES, 2022-09-30):
# Desglose de activos por calificación combinada
## En % de la exposición económica total
| A+	0.90 |  |
| --- | --- |
| A	1.08 |  |
| A-	0.28 |  |
| BBB+	0.98 |  |
| BBB	4.76 |  |  |
| BBB-	17.10 |  |  |
| BB+	27.80 |  |  |
| BB	15.65 |  |  |
| BB-	12.67 |  |  |
| B+	7.23 |  |  |
| B	3.20 |  |  |
| B-	2.06 |  |  |
| CCC+	0.80 |  |
| Efectivo y divisas	3.19 |  |  |
| Swap	2.29 |  |  |


## en %	
Cartera 
# Key risk figures
Portfolio
Modified duration	2.91
Yield to worst	3.23%
Average maturity in years	4.85
Linear weighted average credit rating	BBB+
| Performance overview - yearly |  |
| --- | --- |
| Last 10 years since 01.04.2009, in % |
| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
| Portfolio net	2.84 | -1.65 | -1.46 | 5.98 | 0.66 | -2.48 | 4.24 | 5.36 | -0.28 | -15.22 |
| Benchmark	-1.16 | 7.24 | 0.32 | 4.46 | 1.79 | 0.63 | 0.61 | 0.56 | 0.44 | 0.43 |
| Relative net	4.00 | -8.89 | -1.78 | 1.52 | -1.13 | -3.12 | 3.63 | 4.80 | -0.72 | -15.65 |

Translation (ENES, 2022-09-30):
# Datos clave de riesgo
## Cartera

## Duración modificada	2.91

## Yield to worst	3.23%

## Vencimiento medio, en años	4.85

## Calificación crediticia media ponderada lineal	BBB+
| Resumen de rendimiento – anual |  |
| --- | --- |
| Últimos 10 años desde 01.04.2009, en % |
| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
| Cartera neta	2.84 | -1.65 | -1.46 | 5.98 | 0.66 | -2.48 | 4.24 | 5.36 | -0.28 | -15.22 |
| Indice de referencia	-1.16 | 7.24 | 0.32 | 4.46 | 1.79 | 0.63 | 0.61 | 0.56 | 0.44 | 0.43 |
| Relativo neto	4.00 | -8.89 | -1.78 | 1.52 | -1.13 | -3.12 | 3.63 | 4.80 | -0.72 | -15.65 |
# Investment Policy
The fund assets are invested in companies which offer impactful solutions with the potential to generate positive impact towards tackling environmental challenges. The investable universe is broken down into four sub-groups: sustainable infrastructure, resources, waste mitigation and carbon reduction technologies. The investment objective is long-term capital appreciation from actively managed exposure to this emerging secular market potential for solution oriented companies.
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
Los activos del fondo se invierten en empresas que ofrecen soluciones de impacto con potencial de generar un efecto positivo de cara a la solución de problemas medioambientales. El universo de inversión se divide en cuatro subgrupos: infraestructura sostenible, recursos, mitigación de residuos y tecnologías de reducción del carbono.El objetivo de inversión es la revalorización del capital a largo plazo desde la exposición gestionada de forma activa hasta este emergente potencial de mercado secular para empresas orientadas a la generación de soluciones.

## 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 risk country
In % of total economic exposure
in %	
Portfolio 
| United States	33.53 |  |  |
| --- | --- | --- |
| United Kingdom	9.34 |  |  |
| Netherlands	7.71 |  |  |
| Japan	6.05 |  |  |
| Denmark	5.82 |  |  |
| Finland	5.32 |  |  |
| Sweden	5.07 |  |  |
| Taiwan (China)	4.37 |  |  |
| Canada	3.31 |  |  |
| France	2.87 |  |  |
| Others	16.59 |  |  |

in %	
Portfolio 
| USD	34.42 |  |  |
| --- | --- | --- |
| EUR	20.57 |  |  |
| GBP	9.45 |  |  |
| DKK	7.96 |  |  |
| JPY	6.13 |  |  |
| SEK	5.08 |  |  |
| TWD	4.37 |  |  |
| CAD	3.42 |  |  |
| ILS	2.87 |  |  |
| Others	5.74 |  |  |

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

## en %	
Cartera 
| Estados Unidos	33.53 |  |  |
| --- | --- | --- |
| Reino Unido	9.34 |  |  |
| Países Bajos	7.71 |  |  |
| Japón	6.05 |  |  |
| Dinamarca	5.82 |  |  |
| Finlandia	5.32 |  |  |
| Suecia	5.07 |  |  |
| Taiwán (China)	4.37 |  |  |
| Canadá	3.31 |  |  |
| Francia	2.87 |  |  |
| Otros	16.59 |  |  |


## en %	
Cartera 
| USD	34.42 |  |  |
| --- | --- | --- |
| EUR	20.57 |  |  |
| GBP	9.45 |  |  |
| DKK	7.96 |  |  |
| JPY	6.13 |  |  |
| SEK	5.08 |  |  |
| TWD	4.37 |  |  |
| CAD	3.42 |  |  |
| ILS	2.87 |  |  |
| Otros	5.74 |  |  |

2 
El perfil de riesgo y beneficio del fondo muestra las variaciones de valor que habría sufrido una inversión en este fondo durante los últimos cinco años, para lo cual se utilizan datos de rendimiento simulados si faltara el historial. La calificación de riesgo del fondo puede cambiar en el futuro. Tenga en cuenta que, por regla general, a mayor ganancia posible mayor pérdida posible. La categoría más baja de riesgo no significa que el fondo esté libre de riesgo.
# Performance overview - yearly
## Last 10 years since 01.10.2009, in %
|  | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio net | 17.98 | 7.21 | 8.71 | 0.00 | 6.65 | -10.22 | 24.85 | -8.67 | 16.61 | -13.41 |
| Benchmark | 19.82 | 6.84 | 8.23 | 2.56 | 10.25 | -10.57 | 26.04 | -3.32 | 25.13 | -17.38 |
| Relative net | -1.85 | 0.37 | 0.48 | -2.56 | -3.59 | 0.36 | -1.19 | -5.35 | -8.52 | 3.97 |

Translation (ENES, 2022-09-30):
# Resumen de rendimiento – anual
## Últimos 10 años desde 01.10.2009, en %
|  | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cartera neta | 17.98 | 7.21 | 8.71 | 0.00 | 6.65 | -10.22 | 24.85 | -8.67 | 16.61 | -13.41 |
| Indice de referencia | 19.82 | 6.84 | 8.23 | 2.56 | 10.25 | -10.57 | 26.04 | -3.32 | 25.13 | -17.38 |
| Relativo neto | -1.85 | 0.37 | 0.48 | -2.56 | -3.59 | 0.36 | -1.19 | -5.35 | -8.52 | 3.97 |
# Asset breakdown by risk country
## In % of total economic exposure

## in %	
Portfolio 
| United States | 67.98 |  |  |
| --- | --- | --- | --- |
| Israel | 7.51 |  |  |
| United Kingdom | 6.54 |  |  |
| Ireland | 5.39 |  |  |
| Luxembourg | 2.37 |  |
| Sweden | 2.25 |  |
| Australia | 2.07 |  |
| Spain | 1.19 |  |
| Switzerland | 1.15 |  |
| Germany | 0.57 |  |
| Other | 2.97 |  |


## IT security	22.1%

## Health care protection	21.0%

## Environmental security	21.0%

## Crime prevention	19.0%

## Transportation safety	15.8%

## Cash/Cash Equivalents

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

## en %	
Cartera 
| Estados Unidos | 67.98 |  |  |
| --- | --- | --- | --- |
| Israel | 7.51 |  |  |
| Reino Unido | 6.54 |  |  |
| Irlanda | 5.39 |  |  |
| Luxemburgo | 2.37 |  |
| Suecia | 2.25 |  |
| Australia | 2.07 |  |
| España | 1.19 |  |
| Suiza | 1.15 |  |
| Alemania | 0.57 |  |
| Otros | 2.97 |  |


## Seguridad informática	22.1%

## Protección sanitaria	21.0%

## Seguridad medioambiental Prevención de la delincuencia Seguridad en el transporte

## Efectivo/equivalentes de efectivo
# Key risk figures
Portfolio	Benchmark
Modified duration	1.65	1.75
Yield to Maturity / Yield to Worst	8.10% / 8.10%	8.24% / 8.24%
Average maturity in years	1.87	1.99
Linear weighted average credit rating	BB+	BBB-
Number of securities	113	444
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):
# Datos clave de riesgo
## Cartera	Indice de

## 	referencia

## Duración modificada	1.65	1.75

## Rentabilidad al vencimiento / Peor rendimiento

## 8.10% / 8.10%	8.24% / 8.24%

## referencia

## Calificación crediticia media ponderada lineal	BB+	BBB-

## Número de valores	113	444

## posible

## Vencimiento medio, en años	1.87	1.99
1 
Si la moneda de un producto financiero y/o sus costes son diferentes a las de su moneda de referencia, la rentabilidad y el coste pueden aumentar o disminuir como consecuencia de las fluctuaciones cambiarias.
# Risks
CoCos represent an attractive investment, provided the associated risks are properly assessed. However, investors must be prepared and be in a position to accept substantial losses. (see Page 7 for full details).
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):
# Riesgos
Los «CoCo» representan una atractiva inversión siempre y cuando se evalúen adecuadamente los riesgos asociados. Sin embargo, los inversores deben estar dispuestos y estar en condiciones de aceptar pérdidas importantes. (Véase la página 7 para más detalles).

## 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 risk country
## In % of total economic exposure

## in %	
Portfolio 
| United States | 51.30 |  |  |
| --- | --- | --- | --- |
| Japan | 9.38 |  |  |
| Netherlands | 8.73 |  |  |
| Switzerland | 7.80 |  |  |
| Germany | 4.05 |  |  |
| Norway | 3.49 |  |  |
| Canada | 2.65 |  |  |
| Sweden | 2.46 |  |  |
| Iceland | 2.03 |  |
| Finland | 1.93 |  |
| Other | 6.18 |  |  |


## Improving Productivity	54.6%

## Performing dirty, dangerous, and dull tasks

## Improving Quality of Life

## Cash/Cash Equivalents

## 29.8%

## 13.4%

## 2.1%

## Others	0.1%

Translation (ENES, 2022-10-31):
# Desglose de activos por riesgo país
## En % de la exposición económica total

## en %	
Cartera 
| Estados Unidos | 51.30 |  |  |
| --- | --- | --- | --- |
| Japón | 9.38 |  |  |
| Países Bajos | 8.73 |  |  |
| Suiza | 7.80 |  |  |
| Alemania | 4.05 |  |  |
| Noruega | 3.49 |  |  |
| Canadá | 2.65 |  |  |
| Suecia | 2.46 |  |  |
| Islandia | 2.03 |  |
| Finlandia | 1.93 |  |
| Otros | 6.18 |  |  |


## Otros	0.1%
# Asset breakdown by regions
In % of total economic exposure
in %	
Portfolio 
| Latin America	41.23 |  |  |
| --- | --- | --- |
| Asia	24.37 |  |  |
| Middle East	20.77 |  |  |
| Africa	7.30 |  |  |
| Europe	5.09 |  |  |
| North America	4.19 |  |  |
| Cash	-2.95 |  |

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

## en %	
Cartera 
| Latinoamérica	41.23 |  |  |
| --- | --- | --- |
| Asia	24.37 |  |  |
| Oriente Medio	20.77 |  |  |
| África	7.30 |  |  |
| Europa	5.09 |  |  |
| Norteamérica	4.19 |  |  |
| Liquidez	-2.95 |  |
# 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 | 2.33 | -0.67 | -12.41 | -2.91 | -1.81 | -0.81 |  | Portfolio volatility | 8.93 | 7.07 | 5.54 | 4.81 |
| Benchmark | 0.12 | 0.32 | 0.63 | 0.39 | 0.33 | 0.61 |  | Benchmark volatility | 0.13 | 0.09 | 0.07 | 1.69 |
| Relative net | 2.21 | -0.99 | -13.04 | -3.30 | -2.14 | -1.42 |  | Tracking error | 8.87 | 7.06 | 5.53 | 4.87 |

Translation (ENES, 2022-11-30):
# 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

## 8.93	7.07	5.54	4.81

## 	ocartera	

## Cartera neta	2.33	-0.67	-12.41	-2.91	-1.81	-0.81

## Volatilidad del índice

## 0.13	0.09	0.07	1.69

## Indice de

## 0.12	0.32	0.63	0.39	0.33	0.61

## de referencia	

## referencia	

## Relativo neto	2.21	-0.99	-13.04	-3.30	-2.14	-1.42

## Error de desviación	8.87	7.06	5.53	4.87
# Asset breakdown by Sector
In % of total economic exposure
in %	
Portfolio 
| Government	34.59 |  |  |
| --- | --- | --- |
| Corporate	20.92 |  |  |
| Convertibles	16.68 |  |  |
| High Yield	16.21 |  |  |
| Emerging Markets	7.76 |  |  |
| Cash	2.59 |  |  |
| Others	1.26 |  |

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

## en %	
Cartera 