# Fund Ratings and Awards
## Risks
Market and exchange rate movements can cause the value of an investment to fall as well as rise, and you may get back less than originally invested. Investors should carefully read the Prospectus and the Key Investor Information Document (KIID) before making any investment decision. The fund invests in developing geographical areas and there is a greater risk of volatility due to political and economic change; fees and expenses tend to be higher than in western markets. These markets are typically less liquid, with trading and settlement systems that are generally less reliable than in developed markets, which may result in large price movements or losses to the fund. The fund invests primarily in bonds which have a low rating or are not rated by a credit rating agency including high yield and distressed bonds (i.e. bonds issued by companies and/or governments that are experiencing financial or operational problems or may be in bankruptcy). While such bonds may offer a higher income, the interest paid on them and their capital value is at greater risk of not being repaid, particularly during periods of changing market conditions. Bond values are sensitive to interest rate changes and downgrades by credit agencies. The value of monthly income payments will fluctuate. The fund manager can use derivatives for investment purposes, to take long and short positions based on their view of the market direction, so the fund's performance is unlikely to track the performance of broader bond and equity markets. Taking short positions creates the opportunity for a fund to deliver positive returns in falling markets, but also means that a fund could deliver negative returns in rising markets. The potential loss on a short position is unlimited, because the price of the underlying investment can carry on rising. Investment in financial derivative instruments can introduce leverage risks which can amplify gains or losses in the fund. There is also a risk that counter parties to derivatives may become insolvent, which may cause losses to the fund. In difficult market conditions, reduced liquidity in bond markets may make it harder for the manager to sell assets at the quoted price. This could have a negative impact on the value of your investment. In extreme market conditions, certain assets may become hard to sell in a timely manner or at a fair price. This could affect the Fund's ability to meet investors' redemption requests upon demand. Some share classes charge all of their expenses to capital, which can reduce the potential for capital growth. Please see the Prospectus for information. The KIID and Prospectus are available from Jupiter on request. This fund can invest more than 35% of its value in securities issued or guaranteed by an EEA state. For definitions please see the glossary of this factsheet or at www.jupiteram.com.
Ratings should not be taken as a recommendation. Copyright © 2021 – Morningstar UK Limited. All Rights Reserved.
| Fund Holdings as at 30.09.2021 |  |
| --- | --- |
| Top Ten Holdings (% of net assets) |  |  | Asset Allocation (% of net assets) |  |  | Regional Allocation (%) |  |
| AES Gener Callable 7.125% 26/03/79 | 1.2 |  | Corporate Bond | 87.7 |  | Caribbean & Latin America | 28.1 |
| Braskem Idesa 7.45% 15/11/29 | 1.2 |  | Government Bond 1 | 5.3 |  | Asia Pacific ex Japan | 20.6 |
| Atento Luxco 8% 10/02/26 | 1.2 |  | Convertible Bond | 0.3 |  | Middle East | 16.1 |
| Petroleos Mexicanos 6.5% 13/03/27 | 1.2 |  | Cash | 6.6 |  | Emerging Europe | 14.0 |
| International Airport Finance 12% 15/03/33 | 1.1 |  | Total 2 | 100.0 |  | Africa | 11.4 |


### Digicel Group 8% 01/04/24	1.1

### Egypt (Arab Republic Of) 8.75% 30/09/51	1.1

### Adecoagro 6% 21/09/27	1.1

### Puma International Financing 5% 24/01/26	1.0

### Egypt 0% 18/01/22	1.0

### Total	11.2

### Credit Rating (%)	
| A | 2.7 |
| --- | --- |
| BBB | 16.3 |
| BB | 38.7 |
| B | 30.7 |
| CCC | 3.3 |
| NR | 1.7 |
| Total 1 | 93.4 |

1
Credit ratings are calculated using asset ratings from different ratings agencies.
1
The Government Bond asset class comprises of Government, Sovereign and Quasi Government Bonds. 
2 
The figures may not equal 100% due to rounding.

### Additional Information

### Yield to maturity base
1	

### 5.25%

### Effective Duration (Years)	4.14

### Average credit rating	BB-

### Average term to maturity (Years)	10.52
1
The YTM (Fund Level) is a weighted average YTM of underlying holdings in the portfolio excluding share class level FX forwards.

### Europe ex UK	1.4

### North America	1.1

### UK	0.6

### 93.4

### Cash	6.6

### Total
1	

### 100.0
1
The figures may not equal 100% due to rounding.

Translation (ENFR, 2021-09-30):
# Notations et distinctions du fonds
Les notations ne doivent pas être considérées comme une recommandation. Copyright © 2021 – Morningstar UK Limited. Tous droits réservés.
| Positions du fonds au 30.09.2021 10 principales positions (% de l'actif net) |  |  | Allocation d'actifs (% de l'actif net) |  |  | Allocation régionale (%) |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| AES Gener Callable 7.125% 26/03/79 | 1,2 |  | Obligation d'entreprise | 87,7 |  | Caraïbes et Amérique latine | 28,1 |
| Braskem Idesa 7.45% 15/11/29 | 1,2 |  | Obligation d’État 1 | 5,3 |  | Asie-Pacifique hors Japon | 20,6 |
| Atento Luxco 8% 10/02/26 | 1,2 |  | Obligation convertible | 0,3 |  | Moyen-Orient | 16,1 |
| Petroleos Mexicanos 6.5% 13/03/27 | 1,2 |  | Espèces | 6,6 |  | Europe émergente | 14,0 |
| International Airport Finance 12% 15/03/33 | 1,1 |  | Total 2 | 100,0 |  | Afrique | 11,4 |
| Digicel Group 8% 01/04/24	1,1	 1 La classe d’actifs Obligation d’État se compose	 Europe hors Royaume-Uni	1,4 Egypt (Arab Republic Of) 8.75% 30/09/51	1,1	 d’Obligations d’État, d’Obligations souveraines et de	 Amérique du Nord		1,1 |


### Adecoagro 6% 21/09/27	1,1

### Puma International Financing 5% 24/01/26	1,0
Quasi-obligations d’État.
| Egypt 0% 18/01/22 | 1,0 |  | Espèces | 6,6 |
| --- | --- | --- | --- | --- |
| Total | 11,2 |  | Total 1 | 100,0 |

2
La somme des pondérations peut ne pas être égale à 100 % en raison des règles d’arrondi.

### Royaume-Uni	0,6

### 93,4

### Notation de crédit (%)

### A	2,7

### Informations complémentaires

### Rendement à l’échéance en devise de base
1	

### 5,25% Durée effective (années)		4.14
| BBB | 16,3 |  | Durée restante moyenne jusqu'à l'échéance	10.52 |
| --- | --- | --- | --- |
| BB | 38,7 |  | (années) |


### Notation de crédit moyenne	BB-
1 
La somme des pondérations peut ne pas être égale à 100 % en raison des règles d’arrondi.

### B	30,7

### CCC	3,3

### NR	1,7

### Total1	93,4
1
Les notations de crédit sont calculées en utilisant les notations d’actifs de différentes agences de notation.
1 
L’YTM (au niveau du fonds) est un YTM moyen pondéré des positions sous-jacentes du portefeuille à l’exclusion des marchés de change à terme au niveau des catégories d’actions.