# Geographical Breakdown by Issuer
Portfolio
Portfolio

### Allocation subject to change. Reference in this document to specific securities should not be construed as recommendation to buy or sell these securities.
Sustainability characteristics

### Source: Internal processing of data provided by MSCI ESG Research
| Investment Manager Commentary |
| --- |
| Market Development October saw the equity indices of developed countries recover well, if only partially, with the S&P 500 index gaining 8.1%, the Euro Stoxx 50 index 9.1% and the Nikkei index 8.0%. Only the MSCI Emerging Markets index ended the month in negative territory (-3.1%). |
| Performance and Investment Choices The Tactical Asset Allocation model, which is used to determine the target weighting of equities in the portfolio, advised a less cautious positioning for October, because of the relative improvement in estimates, particularly for the US. As a result, around 6% overall was repurchased in the first few days of the month, bringing the net weight of equities up from 41% to around 47%, buying around 5% of the US (from 18% to 23%) and around 1% (from 1.5% to 2.5%) of Japan. The weights of the Eurozone (12%) and Emerging Markets (3%) remained unchanged. In the middle of the month, an additional increase of about 4% in the overall weight was made, buying about 2% of the Euro area and the US. In terms of strategy, a basket of Euro securities was selected through a relative-value quantitative model with the aim of achieving a better return than the reference index. Its weighting averaged around 44% and was partially hedged by selling futures contracts on the Euro Stoxx 50 index. On the other hand, for the US, Japan and Emerging Markets, no securities were purchased, with derivative contracts being preferred on the S&P 500 Index, the Nikkei Index and the MSCI Emerging Markets Index, respectively. In terms of currencies, a dollar exposure of about 3% and a long yen position of about 3% were maintained. Regarding the bond component (mainly money market instruments "servicing" derivative positions), the primary investment is in Euro Area government bonds with an average maturity of a few months (the portfolio’s duration is approximately one month). The Fund turned in a positive performance, thanks to the performance of equity indices and increased exposure compared to the previous month. The selection of Eurozone equities contributed negatively during the month, but had no impact on the overall result, while currency exposure was generally unchanged. |
| Outlook and Investment Strategy Preliminary estimates for November from the Tactical Asset Allocation model suggest a modest improvement for all markets except for the US. As a result, exposure will probably change very little unless there are elements that would significantly change the scenario projected by the model's estimates. |


### Source: Epsilon SGR S.p.A., the Investment Manager of the Sub-Fund.

### This commentary constitutes opinions that are subject to change. Past performance is no guarantee of future performance.
Entry Charge	-
Exit Charge	-
Ongoing Charge	0.62%
Management Fees	0.50%

## Performance Fee	The performance fees are calculated in accordance with the methodology described in the prospectus using a participation rate of 20.00% of any returns the Net Asset Value per Unit achieves above the highest fund’s year-end Net Asset Value increased by the performance of the Bloomberg Euro Treasury Bills Index® in Euro + 3.60%.
Minimum initial subscription amount	3,000,000 EUR

## Taxes	The tax treatment depends on the individual circumstances of each investor and may be subject to change in the future.
Please refer to your financial and tax advisor.
Management Company	Eurizon Capital S.A.
Investment Manager of the Sub-Fund	Epsilon SGR S.p.A.
Category	EUR FLEXIBLE ALLOCATION - GLOBAL

### The fund is qualified pursuant to Article 8 of Regulation (EU) 2019/2088; see the Sustainability Report for more details.
Access to Fund documents and other information in your country
Before making an investment decision, you must read the Prospectus and KIIDs,as well as the Management Regulations and the last available annual or semi-annual financial report and in particular the risk factors pertaining to an investment in the Sub-Fund and may be obtained at any time, free of charge on the Management Company’s website www.eurizoncapital.com. These documents are available in English (and the KIIDs in an official language of your country of residence) and paper copies may also be obtained from the Management Company upon request.
This document does not constitute any investment, legal or tax advice. Please liaise with your tax and financial advisor to find out whether the Unit is suitable to your personal situation and understand the related risks and tax impacts.
The tax treatment depends on the individual circumstances of each client and may be subject to change in the future. All information contained herein is accurate as at the date of publication and are subject to change.

### The Management Company cannot accept any responsibilities for the inappropriate use of the information contained in this information material.
U.S. Person: The Funds and its Sub-fund are not registered under United States federal securities laws or any other applicable law in the states, territories and possessions of the United States of America. Consequently, they cannot not be marketed directly or indirectly in the United States (including its territories and possessions) and to or for the benefit of residents and citizens of the United States of America and the "U.S. Persons". This document is not intended for use by residents or citizens of the United States of America and U.S. Persons pursuant to Regulation S of the Securities and Exchange Commission under the

### U.S. Securities Act of 1933, as amended (https://www.sec.gov/rules/final/33-7505a.htm).

Translation (ENFR, 2022-10-31):
# Répartition par pays émetteur
Compartim.
Compartim.

## L’allocation est sujette à modification. Toute référence à des titres particuliers dans ce document ne doit pas être considérée comme une recommandation d’achat ou de vente de ces titres.
Caractéristiques de durabilité

## Source : traitement interne d’après les données fournies par MSCI ESG Research

## Source: Epsilon SGR S.p.A., Gestionnaire en Investissements du compartiment.

## Ces observations sont le fruit d'opinions personnelles sujettes à modification. Les performances passées ne sont pas une garantie des performances futures.
Frais d’entrée	-
Frais de sortie	-
Frais courants	0,62%
Commission de gestion	0,50%
Commission de performance	La commission de performance est calculée conformément à la méthode décrite dans le prospectus au moyen d’un taux
de participation de 20,00 % de toute performance de la Valeur nette d’inventaire par Part supérieure à la Valeur nette d’inventaire de fin d’année du fonds la plus élevée, majorée de la performance de l’Indice Bloomberg Euro Treasury Bills
+ 3.60%.
Montant minimum de souscription initiale	3.000.000 EUR
Impôts	Le traitement fiscal dépend des circonstances individuelles de chaque investisseur et peut être sujet à modification.
Veuillez consulter votre conseiller financier ou fiscal.
Société de gestion	Eurizon Capital S.A.
Gestionnaire en Investissements du compartiment. Epsilon SGR S.p.A.
Catégorie	EUR FLEXIBLE ALLOCATION - GLOBAL

## Le fonds est qualifié conformément à l’art. 8 du Règlement (UE) 2019/2088 ; pour plus de détails, voir la Note d’information relative au développement durable.
Obtention des documents du Fonds et autres informations dans votre pays
Avant de prendre une décision d’investissement, vous devez lire le Prospectus, les DICI, le Règlement de gestion ainsi que le dernier rapport financier annuel ou semestriel disponible, en particulier les facteurs de risque relatifs à un investissement dans le Compartiment, qui peuvent être obtenus gratuitement à tout moment sur le site Internet de la Société de gestion : www.eurizoncapital.com. Ces documents sont disponibles en anglais (et les DICI dans la langue officielle de votre pays de résidence) et des exemplaires papier peuvent également être obtenus sur demande auprès de la Société de gestion.
Ce document ne constitue pas une recommandation d’investissement ni des conseils juridiques ou fiscaux. Veuillez contacter votre conseiller fiscal ou financier afin de savoir si l’investissement dans les Parts convient à votre situation personnelle et de comprendre les risques et impacts fiscaux liés.

## Le traitement fiscal dépend des circonstances individuelles de chaque client et peut être sujet à modification.

## Toutes les informations figurant dans le présent document sont exactes à la date de publication et sont susceptibles d’être modifiées.

## La Société de gestion ne peut accepter aucune responsabilité en cas d’utilisation inappropriée des informations figurant dans le présent document d’information.
Personne des États-Unis : Le Fonds et ses Compartiments ne sont pas immatriculés aux États-Unis, en application des lois fédérales sur les valeurs mobilières fédérales américaines ou d’une quelconque autre loi applicable des États, territoires et possessions des États-Unis d’Amérique. Ils ne peuvent donc pas être commercialisés de façon directe ou indirecte aux États-Unis (y compris leurs territoires et possessions) ou à l’intention ou au bénéfice des résidents et des citoyens des États-Unis d’Amérique et de toute « Personne des États-Unis ». Ce document n’a pas vocation à être utilisé par les résidents ou les citoyens des États- Unis d’Amérique ni par les Personnes des États-Unis conformément au Règlement S de la Securities and Exchange Commission en application du Securities Act des États-Unis de 1933 dans sa version modifiée (https://www.sec.gov/rules/final/33-7505a.htm).