# CUMULATIVE PERFORMANCE
145
130
Growth
115
100
85
Apr 13	Apr 14	Apr 15	Apr 16	Apr 17	Apr 18	Apr 19	Apr 20	Apr 21 Dec 21
Fund	Benchmark
This chart shows how an investment of USD 100 in the fund on its inception date would have performed and compares it against how a hypothetical investment of USD 100 in the Benchmark(s) would have performed.
| CUMULATIVE (%) 1 | 1m | 3m | YTD | 1y | 3y | 5y | SI³ |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | 0.64 | 0.40 | 4.38 | 4.38 | 14.61 | 17.27 | 26.30 |
| Benchmark | 0.64 | 0.75 | 5.20 | 5.20 | 17.86 | 23.26 | 40.62 |
| ANNUALISED (%) 1 |  |  |  | 1y | 3y | 5y | SI³ |
| Fund |  |  |  | 4.38 | 4.65 | 3.24 | 2.72 |
| Benchmark |  |  |  | 5.20 | 5.63 | 4.27 | 4.00 |
| CALENDAR (%) 2 |  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| Fund |  | 6.00 | 2.97 | -0.63 | 7.71 | 1.94 | 4.38 |
| Benchmark |  | 10.16 | 4.12 | 0.44 | 8.64 | 3.12 | 5.20 |

The fund is actively managed, which means that the investments are selected at the discretion of the investment manager. The fund is not constrained by its benchmark, which is used for comparison purposes only.
1
Performance to latest month end. YTD - Year to Date, SI - Since Inception, m – month, y - year. 
2
Performance for the current calendar year is the year to date performance up to the reporting month end. 
3
Performance from 23 April 2013 to latest month end.
| KEY STATISTICS |  |  | TOP 10 S&P SECTORS % (MV) |  |
| --- | --- | --- | --- | --- |
|  | Fund |  |  | Fund |
| Current Portfolio Yield (%) | 4.89 |  | Health Care | 13.79 |
| Weighted Average Yield to Maturity (%) | 5.30 |  | Electronics | 13.36 |
| Duration (years) | 0.33 |  | Business Equipment & Services | 9.49 |
| Number of Investments | 368 |  | Industrial Equipment | 5.97 |
| Number of Issuers | 268 |  | Oil & Gas | 5.22 |
| Average Credit Quality | B |  | Financial Intermediaries | 4.89 |
| Weighted Average Price (USD) | 98.64 |  | Utilities | 4.68 |

Fund performance is representative of the USD A Accumulating Class and has been calculated to account for the deduction of fees. Investors who subscribe in a currency other than the base currency of the fund should note that returns may increase or decrease as a result of currency fluctuations. Fund performance does not take account of any commission or costs incurred by investors when subscribing for or redeeming shares.
Current Portfolio Yield is a market-value weighted average of the current yields of the holdings in the portfolio, calculated as the coupon (base rate plus spread) divided by current price. The calculation does not take into account any fund expenses or sales charges paid, which would reduce the results. The Current Yield for the fund will fluctuate from month to month. The Current Yield should be regarded as an estimate of the fund’s rate of investment income, and it may not equal the realised distribution rate for each share class. You should consult the fund’s prospectus for additional information about the fund’s dividends and distributions policy. Past performance is not a reliable indicator of future results.
Telecommunication4.61
Retailers3.94
Building & Development3.81
Holdings data excludes cash

Translation (ENIT, 2021-12-31):
# RENDIMENTO CUMULATO
145
130
Crescita
115
100
85
apr 13	apr 14	apr 15	apr 16	apr 17	apr 18	apr 19	apr 20	apr 21  dic 21
Fondo	Benchmark
Questo grafico mostra l'andamento di un investimento di USD 100 nel Fondo alla data di lancio rispetto a un ipotetico investimento
| di USD 100 nell'Indice/negli Indici di riferimento. |
| --- |
| CUMULATO (%) 1 | 1 mese | 3 mesi | Da inizio anno | 1 anno | 3 anni | 5 anni | Dal lancio³ |
| Fondo | 0,64 | 0,40 | 4,38 | 4,38 | 14,61 | 17,27 | 26,30 |
| Benchmark | 0,64 | 0,75 | 5,20 | 5,20 | 17,86 | 23,26 | 40,62 |
| ANNUALIZZATO (%) 1 |  |  |  | 1 anno | 3 anni | 5 anni | Dal |
|  |  |  |  |  |  | lancio³ |
| Fondo |  |  | 4,38 | 4,65 | 3,24 | 2,72 |
| Benchmark |  |  | 5,20 | 5,63 | 4,27 | 4,00 |
| ANNO SOLARE (%) 2 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| Fondo | 6,00 | 2,97 | -0,63 | 7,71 | 1,94 | 4,38 |
| Benchmark | 10,16 | 4,12 | 0,44 | 8,64 | 3,12 | 5,20 |

Il Fondo è gestito attivamente e la selezione delle posizioni è a discrezione del gestore. Il Fondo non è vincolato dal Benchmark, utilizzato solo a scopo di confronto della performance.
1
Rendimento fino alla fine del mese più recente.
2
Il rendimento dell'ultimo anno solare è calcolato come il rendimento da inizio anno fino al termine del mese di riferimento.
3
Rendimento da 23 aprile 2013 fino alla fine del mese più recente.
Il rendimento del fondo è rappresentativo della Classe A in USD ad accumulazione ed è stato calcolato con la deduzione delle spese. Gli investitori sottoscriventi quote in valuta diversa dalla valuta di denominazione del comparto potranno verificare aumenti o riduzioni dei rendimenti a causa delle fluttuazioni valutarie. La performance del comparto non tiene conto di alcuna commissione o costi sostenuti dagli investitori quando si sottoscrivono o riscattano azioni. Questi dati si riferiscono al passato.