# Regulatory risk warnings
There is no guarantee that the investment objective of the Fund will be achieved. This unit class is unhedged. Unhedged unit classes are exposed to greater risk and volatility. Please note the fund does have hedged unit classes available.
| Top 10 holdings (%) |  |  | Credit quality (%) |  |
| --- | --- | --- | --- | --- |
|  | Fund |  |  | Fund | Difference |
| Petrobras Global Finance Bv | 1.7 |  | AAA | 1.9 | 1.9 |
| Dell International Llc / Emc Corp | 1.0 |  | BBB | 4.3 | 3.1 |
| Voya Financial Inc | 1.0 |  | BB | 42.3 | -16.7 |
| Post Holdings Inc | 0.9 |  | B | 36.7 | 7.1 |
| Upc Holding Bv | 0.9 |  | CCC and Below | 13.9 | 3.7 |
| Jpmorgan Chase & Co | 0.8 |  | Not Rated | 1.0 | 1.0 |

Ssl Robotics Llc0.8
Centene Corp0.8
Silgan Holdings Inc0.8
Transdigm Inc0.8
Total9.6
No. of holdings346
|  | Fund | Difference |  |  | Fund | Difference |
| --- | --- | --- | --- | --- | --- | --- |
| United States | 71.3 | 17.7 |  | Basic Industry | 11.0 | 1.0 |
| Canada | 4.0 | 1.4 |  | Energy | 9.8 | -3.6 |
| Great Britain | 4.0 | 0.6 |  | Healthcare | 8.8 | 1.9 |
| Germany | 4.0 | 1.3 |  | Capital Goods | 8.6 | 3.1 |
| Netherlands | 3.3 | 1.7 |  | Media | 8.6 | 2.0 |
| Italy | 2.4 | -1.3 |  | Telecommunications | 8.3 | 0.8 |
| Brazil | 1.7 | -2.4 |  | Financial Services | 5.7 | 1.5 |
| Luxembourg | 1.3 | -0.3 |  | Automotive | 5.1 | -0.2 |
| Greece | 1.0 | 0.8 |  | Leisure | 5.0 | 0.1 |
| Switzerland | 1.0 | 0.8 |  | Services | 4.5 | 0.1 |
| United Arab Emirates (The) | 0.8 | 0.5 |  | Retail | 4.2 | 0.2 |
| Sweden | 0.8 | 0.1 |  | Consumer Goods | 3.8 | -0.6 |
| Ireland | 0.6 | 0.0 |  | Technology & Electronics | 3.7 | 0.2 |
| Other | 3.8 | -20.8 |  | Banking | 2.8 | -3.7 |
|  |  |  |  | Real Estate | 2.3 | -3.9 |
|  |  |  |  | Transportation | 2.1 | -0.1 |
|  |  |  |  | Utility | 1.9 | -1.6 |
|  |  |  |  | Insurance | 1.3 | 0.3 |
|  |  |  |  | Asset Backed | 0.7 | 0.7 |
|  |  |  |  | Cash | 1.9 | 1.9 |

Translation (ENIT, 2020-08-31):
# Avvertenze sul rischio
Non è possibile garantire il raggiungimento dell’obiettivo di investimento del Fondo. Questa classe di quote non è coperta. Le classi di quote non coperte sono esposte a un rischio e a una volatilità maggiori. Si precisa che il Fondo dispone di classi di quote con copertura valutaria.
| Le 10 maggiori partecipazioni % |  |  | Qualità creditizia % |  |
| --- | --- | --- | --- | --- |
|  | Fondo |  |  | Fondo | Difference |
| Petrobras Global Finance Bv | 1,7 |  | AAA | 1,9 | 1,9 |
| Dell International Llc / Emc Corp | 1,0 |  | BBB | 4,3 | 3,1 |
| Voya Financial Inc | 1,0 |  | BB | 42,3 | -16,7 |
| Post Holdings Inc | 0,9 |  | B | 36,7 | 7,1 |
| Upc Holding Bv | 0,9 |  | CCC and Below | 13,9 | 3,7 |
| Jpmorgan Chase & Co | 0,8 |  | Not Rated | 1,0 | 1,0 |

Ssl Robotics Llc	0,8
Centene Corp	0,8
Silgan Holdings Inc	0,8
Transdigm Inc	0,8

### Totale	9,6
Numero di titoli346
|  | Fondo | Differenza |  |  | Fondo | Differenza |
| --- | --- | --- | --- | --- | --- | --- |
| Stati Uniti | 71,3 | 17,7 |  | Industrie di base | 11,0 | 1,0 |
| Canada | 4,0 | 1,4 |  | Energia | 9,8 | -3,6 |
| Gran Bretagna | 4,0 | 0,6 |  | Healthcare | 8,8 | 1,9 |
| Germania | 4,0 | 1,3 |  | Beni strumentali | 8,6 | 3,1 |
| Paesi Bassi | 3,3 | 1,7 |  | Media | 8,6 | 2,0 |
| Italia | 2,4 | -1,3 |  | Telecommunications | 8,3 | 0,8 |
| Brasile | 1,7 | -2,4 |  | Financial Services | 5,7 | 1,5 |
| Lussemburgo | 1,3 | -0,3 |  | Automotive | 5,1 | -0,2 |
| Greece | 1,0 | 0,8 |  | Leisure | 5,0 | 0,1 |
| Svizzera | 1,0 | 0,8 |  | Services | 4,5 | 0,1 |
| United Arab Emirates (The) | 0,8 | 0,5 |  | Immobili commerciali | 4,2 | 0,2 |
| Svezia | 0,8 | 0,1 |  | Consumer Goods | 3,8 | -0,6 |
| Irlanda | 0,6 | 0,0 |  | Technology & Electronics | 3,7 | 0,2 |
| Altro | 3,8 | -20,8 |  | Banking | 2,8 | -3,7 |
|  |  |  |  | Real Estate | 2,3 | -3,9 |
|  |  |  |  | Trasporti | 2,1 | -0,1 |
|  |  |  |  | Utility | 1,9 | -1,6 |
|  |  |  |  | Assicurazione | 1,3 | 0,3 |
|  |  |  |  | Asset Backed | 0,7 | 0,7 |
|  |  |  |  | Liquidità | 1,9 | 1,9 |