# Ostrum Euro High Income Fund
All-in-Fee
Max. Sales Charge
Max. Redemption Charge Minimum Investment
NAV (31/01/2022)
Last dividend as of 03/01/2022
MANAGEMENT

## PORTFOLIO ANALYSIS AS OF 31/01/2022

#### Fixed-rate bonds	71.0

#### Adjustable-rate bonds	17.5

#### Money Market Funds	7.1

#### Bonds Mutual Funds	2.3

#### Cash	1.4

#### Convertible bonds	0.6
|  | Off-balance sheet |  |  | BB+ | 27.4 | 35.3 | Management Company |
| --- | --- | --- | --- | --- | --- | --- | --- |
| IRS single currency |  | -1.1 |  | BB | 18.5 | 23.2 | NATIXIS INVESTMENT MANAGERS S.A. |
| Bond futures |  | -5.0 |  | BB- | 15.5 | 14.2 | Investment Manager |
| Total |  | -6.1 |  | B+ | 11.0 | 10.0 | OSTRUM ASSET MANAGEMENT |

Total	100.0

#### Modified Duration	3.5	3.7

#### Average Coupon	1.3	1.9

#### Yield to Maturity	2.9	1.9

##### BBB-	1.4	0.0
|  | B- | 4.0 | 5.7 |
| --- | --- | --- | --- |
| TOP 10 HOLDINGS | Fund % | CCC+ | 4.8 | 0.0 |
| SNFF 2.625% 02-29 | 2.8 |  | 0.8 | 0.0 |
| DUFNSW 3.375% 04-28 | 2.5 | Mutual Funds | 2.3 | 0.0 |
| HEIBOS TR | 2.4 | Cash & cash equivalent | 8.6 | 0.0 |


##### in % of AuM

##### O.ST.GL.H.I H-IC EUR	2.3

##### EDPPL TR 03-82	2.2

##### ATOSTR 1.875% 11-25	2.1

##### TELEFO TR	2.0

##### SBBBSS TR	2.0

##### VMED 5.250% 05-29	1.8

##### ZFFNGR 3.750% 09-28	1.7

#### Total	21.9
|  |
| --- |
| BREAKDOWN BY	Fund Index Fund Index MATURITY	 %	 Duration |
| <1 Y | 20.5 | 20.6 | 0.5 | 0.5 |
| 1-3 Y | 33.2 | 37.6 | 1.5 | 1.2 |
| 3-5 Y | 19.1 | 24.6 | 0.8 | 0.9 |
| 5-7 Y | 13.4 | 11.9 | 0.7 | 0.6 |
| 7-10 Y | 3.3 | 4.2 | -0.2 | 0.3 |
| 10-15 Y | 1.9 | 0.9 | 0.2 | 0.1 |
| >15 Y | 0.0 | 0.2 |  | 0.0 |
| Cash & cash equivalent | 8.6 | 0.0 | 0.0 |  |


#### Total number of holdings in portfolio	93

##### B	5.7	11.6
A responsible (1) European institutional investment management leader (2), Ostrum Asset Management supports its clients in their liability-driven investments, offering both asset management solutions and investment services.
- Ostrum AM was one of the first French asset manager signatories to the PRI in 2008. More details; www.unpri.org
- IPE Top 500 Asset Managers 2020 ranked Ostrum AM as the 77th largest asset manager, as at 12/31/2019. Any reference to a ranking, a rating or an award provides no guarantee for future performance.

Ostrum Asset Management, a subsidiary of Natixis Investment Managers S.A., is a French asset manager authorized by the Autorité des Marchés Financiers (Agreement No. GP90009) and licensed to provide investment management services in the EU.
Headquarters	Paris
Founded	1984

##### CCC
Credit Quality reflects the average credit rating assigned to individual holdings of the fund among Moody's, S&P's and Fitch Ratings
France	23.8	15.1
Germany	11.0	13.1
Spain	9.4	10.0
United States	7.8	11.3
Sweden	7.5	3.9
Italy	6.8	16.3
Portfolio Managers
Erwan Guilloux, FRM: began investment career in 2005;joined Ostrum Asset Management in 2015; has co-managed the Fund since 2015; EDHEC Business School.
Emilie Huot started her career in finance in 2003, joining Ostrum AM in 2012; Emilie graduated with a Master's Degree in Banking and Finance from University Paris I - Panthéon-Sorbonne.
Julien Petit : started his career in finance in 2001. He joined Ostrum AM in 2017 ; he holds a Master's degree in Finance & Management from IAE AIX (Aix Marseille Graduate School of Management), and a Master's degree in Finance from University of Paris IX-Dauphine (Paris).
US $ 508.2 / € 438.8
(30/09/2021)
Assets Under Management (Billion)
| Netherlands | 3.0 | 4.5 |
| --- | --- | --- |
| Switzerland | 2.5 | 1.1 |
| Japan | 2.4 | 1.8 |
| Luxembourg	2.3	3.2 Portugal	2.2	1.5 Belgium	1.8	0.9 South Africa	1.6	0.2 Poland	1.0	0.7 Ireland	0.6	1.0 Greece	0.0	1.2 |

United Kingdom	5.4	6.1
| Mexico | 0.0 | 2.2 |
| --- | --- | --- |
| Russia | 0.0 | 0.5 |
| Czech Republic	0.0	0.5 Israel	0.0	1.6 Finland	0.0	1.4 Mutual Funds	2.3	0.0 Other countries	0.0	2.0 Cash & cash equivalent	8.6	0.0 |
| in % of AuM |
| BREAKDOWN BY TYPE OF ISSUER | Fund | % | Index | Fund Duration | Index |
| Government related | 0.6 |  | 2.3 | -0.4 | 0.1 |
| Corporates | 88.5 |  | 97.5 | 3.9 | 3.6 |
| Cyclical | 45.8 |  | 45.2 | 2.1 | 1.6 |
| Defensive | 31.6 |  | 33.3 | 1.5 | 1.4 |
| Financial | 11.1 |  | 19.0 | 0.4 | 0.6 |
| Securitized | 0.0 |  | 0.2 |  | 0.0 |
| Mutual Funds | 2.3 |  | 0.0 | 0.0 |  |
| Cash & cash equivalent | 8.6 |  | 0.0 | 0.0 |  |


##### Source: Natixis Investment Managers International unless otherwise indicated

##### BCLASS Nomenclature Bond futures are embedded in government bonds

##### Due to active management, portfolio characteristics are subject to change. References to specific securities or industries should not be considered a recommendation.

Translation (ENES, 2022-01-31):
# Ostrum Euro High Income Fund
## ANÁLISIS DE LA CARTERA DE 31/01/2022
| ASIGNACIÓN DE ACTIVOS | Fondo % |
| --- | --- |
| Bonos a tipo fijo | 71,0 |
| Bonos a tipo revisable | 17,5 |
| OIC monetarios | 7,1 |
| OIC de renta fija | 2,3 |

Efectivo	1,4
CARACTERISTICAS	Fondo	Indice Duración modificada		3,5		3,7
Cupón medio	1,3	1,9
Rentabilidad al vencimiento	2,9	1,9
| Bonos convertibles | 0,6 | CALIDAD CREDITICIA | Fondo % | Indice % |
| --- | --- | --- | --- | --- |
| Total | 100,0 | BBB- | 1,4 | 0,0 |
| fuera de balance	 BB+	27,4	35,3 |

| Swaps de tipos monodivisa | -1,1 |  | BB | 18,5 | 23,2 | NATIXIS INVESTMENT MANAGERS S.A. |
| --- | --- | --- | --- | --- | --- | --- |
| Futuros sobre bonos | -5,0 |  | BB- | 15,5 | 14,2 | Equipo gestor |
| Total | -6,1 |  | B+ | 11,0 | 10,0 | OSTRUM ASSET MANAGEMENT |

|  | B- | 4,0 | 5,7 |
| --- | --- | --- | --- |
| 10 PRIMERAS POSICIONES | Fondo % | CCC+ | 4,8 | 0,0 |
| SNFF 2.625% 02-29 | 2,8 |  | 0,8 | 0,0 |
| DUFNSW 3.375% 04-28 | 2,5 | OIC | 2,3 | 0,0 |
| HEIBOS TR | 2,4 | Tesorería | 8,6 | 0,0 |


#### en % del patrimonio neto

#### O.ST.GL.H.I H-IC EUR	2,3

#### EDPPL TR 03-82	2,2
| ATOSTR 1.875% 11-25 |  | 2,1 |
| --- | --- | --- |
| TELEFO TR |  | 2,0 |
| SBBBSS TR |  | 2,0 |
| VMED 5.250% 05-29 |  | 1,8 |

US $ 508.2 / € 438.8
(30/09/2021)
Activos gestionados (mil mill.)
| Total | 21,9 |  | Alemania | 11,0 | 13,1 |
| --- | --- | --- | --- | --- | --- |
| Número de líneas en cartera | 93 |  | España | 9,4 | 10,0 |
| ASIGNACIÓN POR	Fondo Indice Fondo Indice	Estados Unidos	7,8	11,3 TRAMO DE	 %	 Sensibilidad	 Suecia	7,5	3,9 |
| VENCIMIENTO <1 año	20,5 20,6 1-3 años	33,2 37,6 3-5 años	19,1 24,6 5-7 años	13,4 11,9 | 0,5	0,5 1,5	1,2 0,8	0,9 0,7	0,6 |  | Italia Reino Unido Países Bajos Suiza Japón Luxemburgo Portugal | 6,8 5,4 3,0 2,5 2,4 2,3 2,2 | 16,3 6,1 4,5 1,1 1,8 3,2 1,5 |

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  |  |  |  |  |
|  |  |  |  |  |
| 7-10 años | 3,3 | 4,2 | -0,2 | 0,3 |
| 10-15 años | 1,9 | 0,9 | 0,2 | 0,1 |
| >15 años | 0,0 | 0,2 |  | 0,0 |
| Tesorería | 8,6 | 0,0 | 0,0 |  |


#### ZFFNGR 3.750% 09-28	1,7

#### B	5,7	11,6
Ostrum Asset Management ofrece una gama eficaz en la gestión de renta fija, renta variable y de seguros, así como estrategias alternativas. Ostrum Asset Management, experto desde hace más de 30 años en la gestión activa fundamental, responde a las expectativas de los clientes en todo el mundo.
Ostrum Asset Management, filial de Natixis Investment Managers, es un gestor de activos francés autorizado por la Autorité des Marchés Financiers (n.º de autorización GP90009) y provisto de licencia para prestar servicios de gestión de inversiones en la UE.
Oficinas centrales	París
Fundada	1984

#### CCC
La calidad crediticia refleja la calificación crediticia promedio asignada a las tenencias individuales del fondo entre las calificaciones Moody’s, S&P’s and
Fitch Ratings
Francia	23,8	15,1
Gestores del Fondo
Erwan Guilloux (FRM): titulado por la EDHEC (París), comenzó su carrera en el sector de la inversión en 2005. Se incorporó a Ostrum Asset Management en 2015 y dirige el Fondo de manera conjunta desde ese mismo año.
Emilie Huot comenzó su carrera en las finanzas en 2003 y se incorporó a Ostrum AM en 2012; es titular de un Máster en Banca y Finanzas por la Universidad París I - Panthéon-Sorbonne.
Julien Petit comenzó su carrera en las finanzas en 2001 y se incorporó a Ostrum AM en 2017; es titular de un Máster en Finanzas y Gestión por la IAE AIX (Aix Marseille Graduate School of Management) y en Finanzas por la Universidad París IX-Dauphine (París).
| Bélgica | 1,8 | 0,9 |
| --- | --- | --- |
| Sudáfrica | 1,6 | 0,2 |
| Polonia | 1,0 | 0,7 |
| Irlanda	0,6	1,0 Grecia	0,0	1,2 México	0,0	2,2 Rusia	0,0	0,5 République Tchèque	0,0	0,5 Israel	0,0	1,6 Finlande	0,0	1,4 OIC	2,3	0,0 Otros países	0,0	2,0 Tesorería	8,6	0,0 |


#### en % del patrimonio neto
| ASIGNACIÓN SECTORIAL | Fondo | % | Índice | Fondo	Índice Sensibilidad |
| --- | --- | --- | --- | --- |
| Bonos del Estado | 0,6 |  | 2,3 | -0,4 | 0,1 |
| Bonos de empresa | 88,5 |  | 97,5 | 3,9 | 3,6 |
| Cíclicos | 45,8 |  | 45,2 | 2,1 | 1,6 |
| Defensivos | 31,6 |  | 33,3 | 1,5 | 1,4 |
| Financieros | 11,1 |  | 19,0 | 0,4 | 0,6 |
| Bonos garantizados | 0,0 |  | 0,2 |  | 0,0 |
| OIC | 2,3 |  | 0,0 | 0,0 |  |
| Tesorería | 8,6 |  | 0,0 | 0,0 |  |


#### Nomenclatura BCLASS Los futuros de los bonos están integrados en los bonos del gobierno
INFORMACIÓN
Consultas sobre el folleto

#### Correo electrónico  ClientServicing_Requirements@natixis.com

#### Fuente : Natixis Investment Managers International a menos que se indique lo contrario

#### Debido a la gestión activa, las características de la cartera están sujetas a cambio. Las referencias a valores o sectores específicos no deben considerarse como una recomendación.