# Portfolio Breakdown
Top 10 Bonds (% of asset)
Ratings breakdown (% of asset)	
| China Govt Bond 2.37% 20.01.2027 Uns Cibm | 2.46 |  |
| --- | --- | --- |
|  |  |  |  |  |  |  |  |
| Icbc Ltd 4.2% 24.09.2030 Sub Cibm | 1.60 |  | A |  |  | 70.06 |  |
|  |  |  |  |  |  |  |  |
| Bank Of China 4.2% 21.09.2030 Sub Cibm | 1.60 |  | BBB |  |  | 29.18 |  |
|  |  |  |  |  |  |  |  |
| China Govt Bond 3.01% 13.05.2028 Uns Cibm | 1.59 |  | BB | 0.21 |  |  |  |
|  |  |  |  |  |  |  |  |
| China Dev Bank 3.7% 20.10.2030 Uns Cibm | 1.48 |  | NR (incl. cash & eq.) | 0.55 |  |  |  |
|  |  |  |  |  |  |  |  |
| China Govt Bond 2.8% 24.03.2029 Uns Cibm | 1.44 |  | 0 |  | 10 | 20	30	40	50	60	70	80 |
| China Govt Bond 2.91% 14.10.2028 Uns Cibm | 1.43 |  |  |  |  |  |  |
| Eastern Creation 1% 10.09.2023 'Emtn' Sr | 1.37 |  |  |  |  |  |  |
| China Const Bank 3.48% 14.12.2031 Sub Cibm | 1.34 |  |  |  |  |  |  |
| China Const Bank 3.45% 10.08.2031 Sub Cibm | 1.31 |  |  |  |  |  |  |
| Currency breakdown (% of asset) |  |  |  |  |  |  |  |
| CNY | 84.42 |  |  |  |  |  |  |
| CNH | 15.83 |  |  |  |  |  |  |
| GBP | 0.00 |  |  |  |  |  |  |
| HKD | 0.00 |  |  |  |  |  |  |
| SGD | 0.00 |  |  |  |  |  |  |
| CHF | 0.00 |  |  |  |  |  |  |
| EUR | -0.05 |  |  |  |  |  |  |
| USD | -0.19 |  |  |  |  |  |  |
| Source: Pictet Asset Management |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |
| Portfolio characteristics |  |  |  |  |  |  |  |
| AS AT END OF OCTOBER 2022 (OVER 3 YEARS) |  |  |  |  |  |  |  |
| Average coupon (%) | 3.40 |  |  |  |  |  |  |
| Average bond yield (%) | 2.81 |  |  |  |  |  |  |
| Weighted avg. mod. duration (years) | 4.15 |  |  |  |  |  |  |
| Source: Pictet Asset Management |  |  |  |  |  |  |  |

Translation (ENES, 2022-10-31):
# Desglose de la cartera
Top 10 Bonos (% del activo)
China Govt Bond 2.37% 20.01.2027 Uns Cibm2.46
Icbc Ltd 4.2% 24.09.2030 Sub Cibm1.60
Bank Of China 4.2% 21.09.2030 Sub Cibm1.60
China Govt Bond 3.01% 13.05.2028 Uns Cibm1.59
China Dev Bank 3.7% 20.10.2030 Uns Cibm1.48
Desglose de calificaciones (% del activo)	
A
70.06
BBB 
29.18
BB  
0.21
Sin rating (incl. cash y acciones)  
0.55
|  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| China Govt Bond 2.8% 24.03.2029 Uns Cibm | 1.44 |  | 0 | 10 | 20  30  40 | 50  60  70 | 80 |
| China Govt Bond 2.91% 14.10.2028 Uns Cibm | 1.43 |  |  |  |  |  |  |
| Eastern Creation 1% 10.09.2023 'Emtn' Sr | 1.37 |  |  |  |  |  |  |
| China Const Bank 3.48% 14.12.2031 Sub Cibm | 1.34 |  |  |  |  |  |  |
| China Const Bank 3.45% 10.08.2031 Sub Cibm | 1.31 |  |  |  |  |  |  |
| Distribución por moneda (% del activo) |  |  |  |  |  |  |  |
| CNY | 84.42 |  |  |  |  |  |  |
| CNH | 15.83 |  |  |  |  |  |  |
| GBP | 0.00 |  |  |  |  |  |  |
| HKD | 0.00 |  |  |  |  |  |  |
| SGD | 0.00 |  |  |  |  |  |  |
| CHF | 0.00 |  |  |  |  |  |  |
| EUR | -0.05 |  |  |  |  |  |  |
| USD | -0.19 |  |  |  |  |  |  |
| Fuente: Pictet Asset Management |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |
| Características de la cartera |  |  |  |  |  |  |  |
| A FIN DE OCTUBRE 2022 (EN 3 AÑOS) |  |  |  |  |  |  |  |
| Cupón medio (%) | 3.40 |  |  |  |  |  |  |
| Rendimiento medio del bono (%) | 2.81 |  |  |  |  |  |  |
| Duración mod. med. ponderada (años) | 4.15 |  |  |  |  |  |  |
| Fuente: Pictet Asset Management |  |  |  |  |  |  |  |