# Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -4.01 | 4.35 | 12.58 | -9.50 | 7.17 | 7.70 | -0.14 | 5.21 | -7.72 | 14.65 |
| Benchmark | -2.82 | 3.50 | 11.66 | -7.04 | 8.21 | 8.32 | 0.74 | 7.09 | -5.58 | 16.82 |
| Excess Return | -1.20 | 0.85 | 0.92 | -2.46 | -1.04 | -0.62 | -0.88 | -1.88 | -2.14 | -2.17 |

Past performance is not a reliable indicator of future results. Performance calculations are net of fees, based on the reinvestment of dividends. The benchmark, when there is one could be calculated on the basis of net or gross dividend. Please refer to the prospectus for more information.
| Portfolio Analysis |  |
| --- | --- |
| Top 10 Holdings |
| Name | Weighting (%) | Issuer country | Mod. Duration | Contribution |
| US Treasury Note 4.375% 10/31/2024 | 3.73 | United States | 1.8 | 0.07 |
| Egypt (Government of) 6.375% 04/11/2031 | 2.07 | Egypt | 5.4 | 0.11 |
| Oman Govt International Bond 6.75% 01/17/2048 | 2.01 | Oman | 10.8 | 0.22 |
| Israel Government Bond - Fixed 0.15% 07/31/2023 | 1.97 | Israel | 0.6 | 0.01 |
| AXA WF Asian High Yield Bonds | 1.85 | France | 1.8 | 0.03 |
| Ecuador (Republic of) 2.5% 07/31/2035 | 1.71 | Ecuador | 6.2 | 0.11 |
| Dominican Republic 4.875% 09/23/2032 | 1.41 | Dominican Republic | 7.1 | 0.10 |
| Angolan Government Intl Bond 8% 11/26/2029 | 1.36 | Angola | 5.1 | 0.07 |
| Ivory Coast (Republic of) 4.875% 01/30/2032 | 1.32 | Ivory Coast | 5.9 | 0.08 |
| Hungary (Republic of) 4.25% 06/16/2031 | 1.28 | Hungary | 6.7 | 0.09 |
| Total (%) | 18.70 |  |  |  |

Translation (ENIT, 2022-11-30):
# Performance annua (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portafoglio* | -4.01 | 4.35 | 12.58 | -9.50 | 7.17 | 7.70 | -0.14 | 5.21 | -7.72 | 14.65 |
| Benchmark | -2.82 | 3.50 | 11.66 | -7.04 | 8.21 | 8.32 | 0.74 | 7.09 | -5.58 | 16.82 |
| Differenze | -1.20 | 0.85 | 0.92 | -2.46 | -1.04 | -0.62 | -0.88 | -1.88 | -2.14 | -2.17 |

Le performance pregresse non costituiscono un indicatore affidabile dei risultati futuri. I calcoli della performance sono al netto di commissioni e si basano sul reinvestimento dei dividendi. Il benchmark, ove presente, può essere calcolato sulla base del dividendo netto o lordo. Si rimanda al prospetto informativo per maggiori informazioni.
| Analisi del portafoglio |  |
| --- | --- |
| Top 10 Holdings |
| Denominazione | Peso (%) | Paese | Mod. Duration | Contributo |
| US Treasury Note 4.375% 10/31/2024 | 3.73 | Stati Uniti | 1.8 | 0.07 |
| Egypt (Government of) 6.375% 04/11/2031 | 2.07 | Egitto | 5.4 | 0.11 |
| Oman Govt International Bond 6.75% 01/17/2048 | 2.01 | Oman | 10.8 | 0.22 |
| Israel Government Bond - Fixed 0.15% 07/31/2023 | 1.97 | Israele | 0.6 | 0.01 |
| AXA WF Asian High Yield Bonds | 1.85 | Francia | 1.8 | 0.03 |
| Ecuador (Republic of) 2.5% 07/31/2035 | 1.71 | Equatore | 6.2 | 0.11 |
| Dominican Republic 4.875% 09/23/2032 | 1.41 | Rep. Dominicana | 7.1 | 0.10 |
| Angolan Government Intl Bond 8% 11/26/2029 | 1.36 | Angola | 5.1 | 0.07 |
| Ivory Coast (Republic of) 4.875% 01/30/2032 | 1.32 | Costa d'Avorio | 5.9 | 0.08 |
| Hungary (Republic of) 4.25% 06/16/2031 | 1.28 | Ungheria | 6.7 | 0.09 |
| Totale (%) | 18.70 |  |  |  |