# Portfolio securities
- The Fund can invest up to 50% in Sub-Investment Grade bonds.
- In the last 12 months of the Fund's lifetime, it will no longer be restricted to investing at least two-thirds of its assets in bonds. Instead, the Fund will be managed so that its investments willhave one year or less to run to maturity, in order to match its Maturity Date. This means that it can invest in short term instruments (such as money market instruments), cash and cash equivalent instruments issued by companies and governments directly or indirectly through the use of investment funds.

Performance
Oct 19
Dec 19
Feb 20
Apr 20
Jun 20
Aug 20
Oct 20
Dec 20
Feb 21
Apr 21
Jun 21
Aug 21
Oct 21
Dec 21
Feb 22
Apr 22
Jun 22
Aug 22
Oct 22
Nov 22
Cumulative and annualised performance
| 1 month | 6 months | Year to date | 1 year | 3 years (p.a.) | 5 years (p.a.) | 10 | years (p.a.) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Fund (net) (%) | 1.46 | -0.17 | -12.40 | -12.49 | -2.82 | n/a | n/a |

Discrete annual returns - year to 30/11
Performance Data: Share Class A Acc USD
Source: Lipper. Basis: Total Return, NAV to NAV, net of annual charges, gross Income reinvested, (USD).
Costs may increase or decrease as a result of currency and exchange rate fluctuations. This may impact what you might get back.“Fund (Net)” refers to the actual unit price performance of the shareclass shown; “Fund(Gross)” adds back charges such as the annual management charge to present performance on the same basis as the Benchmark / Benchmark / portfolio constraining benchmark. All return data includes investment management fees, operational charges and expenses, and assumes the reinvestment of all distributions. The returns provided do not reflect the initial sales charge and, if included, the performance shown would be lower.
Past performance does not predict future returns.
Investors should note that, relative to the expectations of the Autorité des Marchés Financiers, this [UCITS] presents disproportionate communication on the consideration of non-financial criteria in its investment policy.
- The fund invests in high yielding bonds which carry a greater risk of default than those with lower yields.
- The fund invests in mortgage and asset- backed securities (which may include collateralised loan, debt or mortgage obligations (respectively CLOs, CDOs or CMOs)). These are subject to prepayment and extension risk and additional liquidity and default risk compared to other credit securities.
- Convertible securities are investmentsthat can be changed into another form upon certain triggers. As such, they can exhibit credit, equity and fixed interest risk. Contingent convertible securities (CoCos) are similar to convertible securities but have additional triggers which mean that they are more vulnerable to losses and volatile price movements and hence become less liquid.
- The fund is not a guaranteed fund andreturns can be negative. Furthermore, the fund is intended to be held to the Maturity Date. Investors who do not hold their Shares to the Maturity Date may suffer significant losses.
- The level of income from the fund cannotbe guaranteed and the fund may not be able to return capital.
- The fund invests in bonds which make income and capital payments earlier or later than the Maturity Date. The impact of reinvesting payments received or selling these securities is uncertain.
- The fund may invest in bonds withspecific characteristics which are expected to generate higher returns but may carry higher risk. These include callable, convertible, CoCos, asset backed and mortgage backed bonds.

Risk stats
Fund Volatility
^	
10.13
Sharpe Ratio
^	
-0.34
Effective duration (years)0.80
Derivative usage
- Derivatives will only be used for hedging or to provide exposures that could be achieved through investment in the assets in which the Fund is primarily invested. Usage of derivatives is monitored to ensure that the Fund is not exposed to excessive or unintended risks.

Translation (ENIT, 2022-11-30):
# Titoli in portafoglio
- Il fondo può investire fino al 50% in obbligazioni di qualità sub-investment grade.
- Durante gli ultimi 12 mesi di durata del fondo, la limitazione per cui lo stesso deve investire almeno due terzi degli asset in obbligazioni non sarà più efficace. In questo periodo, invece, il Fondo sarà gestito in modo che gli investimenti di cui si compone raggiungano la scadenza entro un anno o meno, in modo da allinearsi alla data di scadenza del fondo stesso. Ciò comporta che il fondo potrà investire in strumenti a breve termine (comegli strumenti del mercato monetario), liquidità e mezzi equivalenti emessi da società e Stati direttamente o indirettamente, tramite l’utilizzo di fondi di investimento.

Performance
ott 19
dic 19
feb 20
apr 20
giu 20
ago 20
ott 20
dic 20
feb 21
apr 21
giu 21
ago 21
ott 21
dic 21
feb 22
apr 22
giu 22
ago 22
ott 22
nov 22
Performance cumulativa e annualizzata
| 1 mese | 6 mesi | Da inizio anno | 1 anno | 3 anni (annuo) | 5 anni (p.a.) | 10 anni (annuo) |
| --- | --- | --- | --- | --- | --- | --- |
| Fondo (netto) (%) | 1,46 | -0,17 | -12,40 | -12,49 | -2,82 | n/a | n/a |

Rendimenti annuali discrezionali - da inizio anno a 30/11
Dati sulla performance: Azioni Class A Acc USD
Fonte: Lipper. Base: Rendimento totale, NAV/NAV, al netto delle commissioni annuali, reddito lordo reinvestito, (USD).
I costi possono aumentare o diminuire in conseguenza delle oscillazioni valutarie e dei tassi di cambio. Ciò potrebbe avere un impatto su ciò che il cliente ottiene in cambio.“Fondo (netto)” si riferisce alla performance effettiva del prezzo unitario della classe di azioni mostrata; “Fondo (lordo)” aggiunge le commissioni di ritorno, come la commissione di gestione annuale, per presentare la performance sulla stessa base dell’obiettivo di performance / del comparatore di performance / dell’indice di riferimento vincolante del portafoglio. Tutti i dati sul rendimento comprendono le commissioni di gestione degli investimenti, gli oneri operativi e le spese e presuppongono il reinvestimento di tutte le distribuzioni. I rendimenti indicati non includono la commissione iniziale di vendita che, se fosse inclusa, ridurrebbe la performance mostrata.
Le performance passate non prevedono rendimenti futuri.