OVHaiLLM/Flipper huggingface dataset:
| Security Name | Weight (in %) | Sector | Country | Instrument Type | Rating |
| --- | --- | --- | --- | --- | --- |
| Bundesrepublik Deutschland B 2% 15-08-2023 | 4.68 | Government | Germany | Bond | AAA |
| Global Switch Holdings Ltd 1.5% 31-01-2024 | 1.98 | Communications | United Kingdom | Bond | BBB |
| Brussels Airport Co SA 2.5% 19-06-2024 | 1.96 | Industrial | Belgium | Bond | BBB |
| Credit Suisse AG/London 2.125% 31-05-2024 | 1.94 | Financial | Switzerland | Bond | A |
| Teollisuuden Voima Oyj 2% 08-05-2024 | 1.78 | Utilities | Finland | Bond | BB |
| RCI Banque SA 4.125% 01-12-2025 | 1.51 | Consumer, Cyclical | France | Bond | BBB |
| CEZ AS 4.875% 16-04-2025 | 1.04 | Utilities | Czech Republic | Bond | A |
| Volkswagen International Fin 4.125% 15-11-2025 | 1.03 | Consumer, Cyclical | Germany | Bond | BBB |
| Autostrade per l'Italia SpA 4.375% 16-09-2025 | 1.02 | Consumer, Non-Cyclical | Italy | Bond | BBB |
| Crelan SA 5.375% 31-10-2025 | 1.02 | Financial | Belgium | Bond | BBB |
| Bacardi Ltd 2.75% 03-07-2023 | 1.01 | Consumer, Non-Cyclical | Bermuda | Bond | BBB |
| Unicaja Banco SA 4.500% MULTI 30-06-2025 | 1.01 | Financial | Spain | Bond | NR |
| Elering AS 0.875% 03-05-2023 | 1.01 | Utilities | Estonia | Bond | A |
| ASTM SpA 3.375% 13-02-2024 | 1.01 | Consumer, Non-Cyclical | Italy | Bond | BBB |
| Ryanair DAC 2.875% 15-09-2025 | 1.00 | Consumer, Cyclical | Ireland | Bond | BBB |

Translation (ENES, 2022-11-30):
| Nombre del Valor | Peso (en %) | Sector | País | Tipo de instrumento | Calificaci ón Crediticia |
| --- | --- | --- | --- | --- | --- |
| Bundesrepublik Deutschland B 2% 15-08-2023 | 4,68 | Gobierno | Alemania | Renta fija | AAA |
| Global Switch Holdings Ltd 1.5% 31-01-2024 | 1,98 | Comunicaciones | Reino Unido | Renta fija | BBB |
| Brussels Airport Co SA 2.5% 19-06-2024 | 1,96 | Industrial | Bélgica | Renta fija | BBB |
| Credit Suisse AG/London 2.125% 31-05-2024 | 1,94 | Servicios Financieros | Suiza | Renta fija | A |
| Teollisuuden Voima Oyj 2% 08-05-2024 | 1,78 | Suministros | Finlandia | Renta fija | BB |
| RCI Banque SA 4.125% 01-12-2025 | 1,51 | Consumo, cíclico | Francia | Renta fija | BBB |
| CEZ AS 4.875% 16-04-2025 | 1,04 | Suministros | República Checa | Renta fija | A |
| Volkswagen International Fin 4.125% 15-11-2025 | 1,03 | Consumo, cíclico | Alemania | Renta fija | BBB |
| Autostrade per l'Italia SpA 4.375% 16-09-2025 | 1,02 | Consumo, no cíclico | Italia | Renta fija | BBB |
| Crelan SA 5.375% 31-10-2025 | 1,02 | Servicios Financieros | Bélgica | Renta fija | BBB |
| Bacardi Ltd 2.75% 03-07-2023 | 1,01 | Consumo, no cíclico | Bermudas | Renta fija | BBB |
| Unicaja Banco SA 4.500% MULTI 30-06-2025 | 1,01 | Servicios Financieros | España | Renta fija | NR |
| Elering AS 0.875% 03-05-2023 | 1,01 | Suministros | Estonia | Renta fija | A |
| ASTM SpA 3.375% 13-02-2024 | 1,01 | Consumo, no cíclico | Italia | Renta fija | BBB |
| Ryanair DAC 2.875% 15-09-2025 | 1,00 | Consumo, cíclico | Irlanda | Renta fija | BBB |
| Security Name | Weight (in %) | Sector | Country | Instrument Type | Rating |
| --- | --- | --- | --- | --- | --- |
| European Bank for Reconstruc 2% 21-01-2025 | 10.41 | Government | Supranational | Bond | AAA |
| Asian Development Bank 2.45% 24-01-2027 | 3.77 | Government | Supranational | Bond | AAA |
| European Investment Bank 2.7% 22-04-2024 | 3.24 | Government | Supranational | Bond | AAA |
| Morocco Government Internati 3.5% 19-06-2024 | 2.47 | Government | Morocco | Bond | BB |
| Asian Development Bank 2.5% 15-02-2027 | 2.20 | Government | Supranational | Bond | AAA |
| Brazil Notas do Tesouro Naci 10% 01-01-2023 | 2.16 | Government | Brazil | Bond | BB |
| Philippine Government Intern 5% 13-01-2037 | 2.13 | Government | Philippines | Bond | BBB |
| International Bank for Recon 5% 22-01-2026 | 2.04 | Government | Supranational | Bond | AAA |
| Republic of South Africa Gov 10.5% 21-12-2026 | 2.03 | Government | South Africa | Bond | BB |
| Malaysia Government Bond 3.733% 15-06-2028 | 1.82 | Government | Malaysia | Bond | A |
| Mexican Bonos 8.5% 31-05-2029 | 1.82 | Government | Mexico | Bond | BBB |
| Republic of Poland Governmen 2.75% 25-10-2029 | 1.74 | Government | Poland | Bond | A |
| International Bank for Recon 5.75% 14-01-2028 | 1.72 | Government | Supranational | Bond | AAA |
| Malaysia Government Bond 4.127% 15-04-2032 | 1.67 | Government | Malaysia | Bond | A |
| Uruguay Government Internati 4.375% 23-01-2031 | 1.65 | Government | Uruguay | Bond | BBB |

Translation (ENES, 2022-09-30):
| Nombre del Valor | Peso (en %) | Sector | País | Tipo de instrumento | Calificaci ón Crediticia |
| --- | --- | --- | --- | --- | --- |
| European Bank for Reconstruc 2% 21-01-2025 | 10,41 | Gobierno | Supranacional | Renta fija | AAA |
| Asian Development Bank 2.45% 24-01-2027 | 3,77 | Gobierno | Supranacional | Renta fija | AAA |
| European Investment Bank 2.7% 22-04-2024 | 3,24 | Gobierno | Supranacional | Renta fija | AAA |
| Morocco Government Internati 3.5% 19-06-2024 | 2,47 | Gobierno | Marruecos | Renta fija | BB |
| Asian Development Bank 2.5% 15-02-2027 | 2,20 | Gobierno | Supranacional | Renta fija | AAA |
| Brazil Notas do Tesouro Naci 10% 01-01-2023 | 2,16 | Gobierno | Brasil | Renta fija | BB |
| Philippine Government Intern 5% 13-01-2037 | 2,13 | Gobierno | Filipinas | Renta fija | BBB |
| International Bank for Recon 5% 22-01-2026 | 2,04 | Gobierno | Supranacional | Renta fija | AAA |
| Republic of South Africa Gov 10.5% 21-12-2026 | 2,03 | Gobierno | Sudáfrica | Renta fija | BB |
| Malaysia Government Bond 3.733% 15-06-2028 | 1,82 | Gobierno | Malasia | Renta fija | A |
| Mexican Bonos 8.5% 31-05-2029 | 1,82 | Gobierno | México | Renta fija | BBB |
| Republic of Poland Governmen 2.75% 25-10-2029 | 1,74 | Gobierno | Polonia | Renta fija | A |
| International Bank for Recon 5.75% 14-01-2028 | 1,72 | Gobierno | Supranacional | Renta fija | AAA |
| Malaysia Government Bond 4.127% 15-04-2032 | 1,67 | Gobierno | Malasia | Renta fija | A |
| Uruguay Government Internati 4.375% 23-01-2031 | 1,65 | Gobierno | Uruguay | Renta fija | BBB |
# Weighted average carbon intensity
Fund	Benchmark
(In Tons of CO2 equivalent per dollar millions of sales). Source: Data sourced from MSCI Inc. for equities and ISS Ethix for fixed Income. For sovereigns (countries) turnovers is replaced by GDP. Please note that only scope 1 & 2 are taken into consideration, excluding scope 3. The carbon intensity of our fund might therefore appear higher than the benchmark.

Translation (ENES, 2023-01-31):
# Media ponderada de la intensidad de carbono
Fondo	Índice
(En toneladas de CO2 equivalentes por cada millón de dólares en ventas). Fuente: Datos obtenidos de MSCI Inc. para acciones e ISS Ethix para bonos. Para los soberanos (países), el volumen de ventas se reemplaza por el PIB. Tenga en cuenta que se excluye el alcance 3 y solo se tienen en cuenta los alcances 1 y 2, . Por lo tanto, la intensidad de carbono de nuestro fondo puede parecer más alta que el índice de referencia.
| Security Name | Weight (in %) | Sector | Country | Instrument Type | Rating |
| --- | --- | --- | --- | --- | --- |
| US 5YR NOTE (CBT) 12/2022 | 24.21 | Government | United States | Future | AAA |
| US 2YR NOTE (CBT) 12/2022 | 20.67 | Government | United States | Future | AA |
| FX forward JPY | 12.85 |  |  | FX forward |  |
| US 10YR NOTE (CBT)12/2022 | 8.14 | Government | United States | Future | AAA |
| Alphabet | 4.08 | Communication Services | United States | Equity |  |
| Johnson & Johnson | 3.11 | Health Care | United States | Equity |  |
| Coca-Cola | 2.87 | Consumer Staples | United States | Equity |  |
| Novo Nordisk B | 2.76 | Health Care | Denmark | Equity |  |
| Microsoft | 2.45 | Information Technology | United States | Equity |  |
| Cigna | 2.01 | Health Care | United States | Equity |  |
| Bristol-Myers Squibb | 1.81 | Health Care | United States | Equity |  |
| CVS Health | 1.80 | Health Care | United States | Equity |  |
| PepsiCo | 1.70 | Consumer Staples | United States | Equity |  |
| Elevance Health | 1.68 | Health Care | United States | Equity |  |
| Automatic Data Processing | 1.66 | Information Technology | United States | Equity |  |

Translation (ENES, 2022-09-30):
| Nombre del Valor | Peso (en %) | Sector | País | Tipo de instrumento | Calificaci ón Crediticia |
| --- | --- | --- | --- | --- | --- |
| US 5YR NOTE (CBT) 12/2022 | 24,21 | Gobierno | Estados Unidos | Futuro | AAA |
| US 2YR NOTE (CBT) 12/2022 | 20,67 | Gobierno | Estados Unidos | Futuro | AA |
| FX forward JPY | 12,85 |  |  | Forward de divisas |  |
| US 10YR NOTE (CBT)12/2022 | 8,14 | Gobierno | Estados Unidos | Futuro | AAA |
| Alphabet | 4,08 | Servicios de Telecomunicaciones | Estados Unidos | Renta variable |  |
| Johnson & Johnson | 3,11 | Salud | Estados Unidos | Renta variable |  |
| Coca-Cola | 2,87 | Productos de primera necesidad | Estados Unidos | Renta variable |  |
| Novo Nordisk B | 2,76 | Salud | Dinamarca | Renta variable |  |
| Microsoft | 2,45 | Tecnologías de la Información | Estados Unidos | Renta variable |  |
| Cigna | 2,01 | Salud | Estados Unidos | Renta variable |  |
| Bristol-Myers Squibb | 1,81 | Salud | Estados Unidos | Renta variable |  |
| CVS Health | 1,80 | Salud | Estados Unidos | Renta variable |  |
| PepsiCo | 1,70 | Productos de primera necesidad | Estados Unidos | Renta variable |  |
| Elevance Health | 1,68 | Salud | Estados Unidos | Renta variable |  |
| Automatic Data Processing | 1,66 | Tecnologías de la Información | Estados Unidos | Renta variable |  |
| Security Name | Weight (in %) | Sector | Country | Instrument Type | Rating |
| --- | --- | --- | --- | --- | --- |
| Jyske Realkredit A/S 1% 10-01-2050 SDO E | 8.44 | Financial | Denmark | Bond | AAA |
| Realkredit Danmark 1% 10-01-2050 SDRO S | 7.66 | Financial | Denmark | Bond | AAA |
| Jyske Realkredit A/S 1% 10-01-2053 SDO E | 7.04 | Financial | Denmark | Bond | AAA |
| Nordea Kredit 1% 10-01-2050 SDRO 2 | 4.66 | Financial | Denmark | Bond | AAA |
| DLR Kredit 1% 10-01-2022 SDO A B | 4.63 | Financial | Denmark | Bond | AAA |
| Nykredit Realkredit 4% 10-01-2053 IO SDO E | 3.99 | Financial | Denmark | Bond | AAA |
| Nordea Kredit 1.5% 10-01-2053 SDRO 2 | 3.31 | Financial | Denmark | Bond | AAA |
| DNB Boligkreditt AS 0.625% 14-01-2026 | 3.20 | Financial | Norway | Bond | AAA |
| Nykredit Realkredit 4% 10-01-2053 SDO E | 3.19 | Financial | Denmark | Bond | AAA |
| Nykredit Realkredit 2% 01-01-2025 SDO A H | 2.83 | Financial | Denmark | Bond | AAA |
| Realkredit Danmark 4% 10-01-2053 IO SDRO S | 2.80 | Financial | Denmark | Bond | AAA |
| Nykredit Realkredit 1.5% 10-01-2053 IO SDO E | 2.64 | Financial | Denmark | Bond | AAA |
| Nykredit Realkredit 0.5% 10-01-2053 SDO E | 2.30 | Financial | Denmark | Bond | AAA |
| Nordea Kredit 2% 10-01-2047 SDRO 2 | 2.25 | Financial | Denmark | Bond | AAA |
| Realkredit Danmark 1% 10-01-2053 SDRO S | 2.19 | Financial | Denmark | Bond | AAA |

Translation (ENES, 2022-09-30):
| Nombre del Valor | Peso (en %) | Sector | País | Tipo de instrumento | Calificaci ón Crediticia |
| --- | --- | --- | --- | --- | --- |
| Jyske Realkredit A/S 1% 10-01-2050 SDO E | 8,44 | Servicios Financieros | Dinamarca | Renta fija | AAA |
| Realkredit Danmark 1% 10-01-2050 SDRO S | 7,66 | Servicios Financieros | Dinamarca | Renta fija | AAA |
| Jyske Realkredit A/S 1% 10-01-2053 SDO E | 7,04 | Servicios Financieros | Dinamarca | Renta fija | AAA |
| Nordea Kredit 1% 10-01-2050 SDRO 2 | 4,66 | Servicios Financieros | Dinamarca | Renta fija | AAA |
| DLR Kredit 1% 10-01-2022 SDO A B | 4,63 | Servicios Financieros | Dinamarca | Renta fija | AAA |
| Nykredit Realkredit 4% 10-01-2053 IO SDO E | 3,99 | Servicios Financieros | Dinamarca | Renta fija | AAA |
| Nordea Kredit 1.5% 10-01-2053 SDRO 2 | 3,31 | Servicios Financieros | Dinamarca | Renta fija | AAA |
| DNB Boligkreditt AS 0.625% 14-01-2026 | 3,20 | Servicios Financieros | Noruega | Renta fija | AAA |
| Nykredit Realkredit 4% 10-01-2053 SDO E | 3,19 | Servicios Financieros | Dinamarca | Renta fija | AAA |
| Nykredit Realkredit 2% 01-01-2025 SDO A H | 2,83 | Servicios Financieros | Dinamarca | Renta fija | AAA |
| Realkredit Danmark 4% 10-01-2053 IO SDRO S | 2,80 | Servicios Financieros | Dinamarca | Renta fija | AAA |
| Nykredit Realkredit 1.5% 10-01-2053 IO SDO E | 2,64 | Servicios Financieros | Dinamarca | Renta fija | AAA |
| Nykredit Realkredit 0.5% 10-01-2053 SDO E | 2,30 | Servicios Financieros | Dinamarca | Renta fija | AAA |
| Nordea Kredit 2% 10-01-2047 SDRO 2 | 2,25 | Servicios Financieros | Dinamarca | Renta fija | AAA |
| Realkredit Danmark 1% 10-01-2053 SDRO S | 2,19 | Servicios Financieros | Dinamarca | Renta fija | AAA |
| Security Name | Weight (in %) | Sector | Country | Instrument Type | Rating |
| --- | --- | --- | --- | --- | --- |
| Dufry One BV 2% 15-02-2027 | 1.80 | Consumer, Cyclical | Switzerland | Bond | B |
| Ontex Group NV 3.5% 15-07-2026 | 1.77 | Consumer, Non-Cyclical | Belgium | Bond | B |
| Selecta Group BV 01-04-2026 | 1.74 | Industrial | Switzerland | Bond | CCC |
| Utmost Group PLC 6.125% MULTI Perp FC2028 | 1.67 | Financial | United Kingdom | Bond | NR |
| PetSmart Inc / PetSmart Fina 7.75% 15-02-2029 | 1.60 | Consumer, Cyclical | United States | Bond | CCC |
| DKT Finance ApS 7% 17-06-2023 | 1.57 | Communications | Denmark | Bond | CCC |
| Veritas US Inc / Veritas Ber 7.5% 01-09-2025 | 1.54 | Technology | United States | Bond | B |
| Ahlstrom-Munksjo Holding 3 O 3.625% 04-02-2028 | 1.53 | Basic Materials | Finland | Bond | B |
| Guala Closures SpA 3.25% 15-06-2028 | 1.53 | Industrial | Italy | Bond | B |
| Ctec II GmbH 5.25% 15-02-2030 | 1.48 | Industrial | Germany | Bond | CCC |
| Motion Bondco DAC 4.5% 15-11-2027 | 1.44 | Consumer, Cyclical | United Kingdom | Bond | CCC |
| Nidda Healthcare Holding Gmb 3.5% 30-09-2024 | 1.42 | Consumer, Non-Cyclical | Germany | Bond | B |
| Grupo Antolin-Irausa SA 3.5% 30-04-2028 | 1.42 | Consumer, Cyclical | Spain | Bond | B |
| Credit Suisse Group AG 6.375% MULTI Perp FC2026 | 1.42 | Financial | Switzerland | Bond | B |
| Allied Universal Holdco LLC/ 3.625% 01-06-2028 | 1.34 | Consumer, Non-Cyclical | United States | Bond | B |

Translation (ENES, 2022-10-31):
| Nombre del Valor | Peso (en %) | Sector | País | Tipo de instrumento | Calificaci ón Crediticia |
| --- | --- | --- | --- | --- | --- |
| Dufry One BV 2% 15-02-2027 | 1,80 | Consumo, cíclico | Suiza | Renta fija | B |
| Ontex Group NV 3.5% 15-07-2026 | 1,77 | Consumo, no cíclico | Bélgica | Renta fija | B |
| Selecta Group BV 01-04-2026 | 1,74 | Industrial | Suiza | Renta fija | CCC |
| Utmost Group PLC 6.125% MULTI Perp FC2028 | 1,67 | Servicios Financieros | Reino Unido | Renta fija | NR |
| PetSmart Inc / PetSmart Fina 7.75% 15-02-2029 | 1,60 | Consumo, cíclico | Estados Unidos | Renta fija | CCC |
| DKT Finance ApS 7% 17-06-2023 | 1,57 | Comunicaciones | Dinamarca | Renta fija | CCC |
| Veritas US Inc / Veritas Ber 7.5% 01-09-2025 | 1,54 | Tecnología | Estados Unidos | Renta fija | B |
| Ahlstrom-Munksjo Holding 3 O 3.625% 04-02-2028 | 1,53 | MATERIALES BASICOS | Finlandia | Renta fija | B |
| Guala Closures SpA 3.25% 15-06-2028 | 1,53 | Industrial | Italia | Renta fija | B |
| Ctec II GmbH 5.25% 15-02-2030 | 1,48 | Industrial | Alemania | Renta fija | CCC |
| Motion Bondco DAC 4.5% 15-11-2027 | 1,44 | Consumo, cíclico | Reino Unido | Renta fija | CCC |
| Nidda Healthcare Holding Gmb 3.5% 30-09-2024 | 1,42 | Consumo, no cíclico | Alemania | Renta fija | B |
| Grupo Antolin-Irausa SA 3.5% 30-04-2028 | 1,42 | Consumo, cíclico | España | Renta fija | B |
| Credit Suisse Group AG 6.375% MULTI Perp FC2026 | 1,42 | Servicios Financieros | Suiza | Renta fija | B |
| Allied Universal Holdco LLC/ 3.625% 01-06-2028 | 1,34 | Consumo, no cíclico | Estados Unidos | Renta fija | B |
|  | Fund |  | Benchmark |
| --- | --- | --- | --- |
| Performance | Cumulative | Annualised | Cumulative | Annualised |
| Year To Date | -10.33 |  | 10.89 |  |
| 1 month | 3.10 |  | -4.15 |  |
| 3 months | -4.19 |  | -2.73 |  |
| 1 year | -9.42 | -9.42 | 11.18 | 11.18 |
| 3 years | -14.72 | -5.17 | 8.44 | 2.74 |
| 5 years | 2.72 | 0.54 | 21.92 | 4.04 |
| Since Launch | 1.34 | 0.26 | 20.62 | 3.80 |

Translation (ENES, 2022-11-30):
|  | Fondo |  | Índice |  |
| --- | --- | --- | --- | --- |
| Rendimiento | Acumulativo | Anualizada | Acumulativo | Anualizada |
| Año actual | -10,33 |  | 10,89 |  |
| 1 mes | 3,10 |  | -4,15 |  |
| 3 meses | -4,19 |  | -2,73 |  |
| 1 año | -9,42 | -9,42 | 11,18 | 11,18 |
| 3 años | -14,72 | -5,17 | 8,44 | 2,74 |
| 5 años | 2,72 | 0,54 | 21,92 | 4,04 |
| Desde el lanzamiento | 1,34 | 0,26 | 20,62 | 3,80 |
| Security Name | Weight (in %) | Sector | Country | Instrument Type | Rating |
| --- | --- | --- | --- | --- | --- |
| SoftBank Group Corp 5% 15-04-2028 | 2.31 | Communications | Japan | Bond | BB |
| Altice France SA/France 3.375% 15-01-2028 | 2.25 | Communications | France | Bond | B |
| Iliad Holding SASU 5.625% 15-10-2028 | 1.95 | Communications | France | Bond | B |
| Grifols Escrow Issuer SA 3.875% 15-10-2028 | 1.89 | Consumer, Non-Cyclical | Spain | Bond | B |
| Vmed O2 UK Financing I PLC 4% 31-01-2029 | 1.85 | Communications | United Kingdom | Bond | BB |
| Virgin Media Vendor Financin 4.875% 15-07-2028 | 1.76 | Communications | United Kingdom | Bond | B |
| Bellis Acquisition Co PLC 3.25% 16-02-2026 | 1.49 | Consumer, Non-Cyclical | United Kingdom | Bond | BB |
| Electricite de France 3.375% MULTI Perp FC2030 | 1.46 | Utilities | France | Bond | B |
| Athora Netherlands NV 2.250% MULTI 15-07-2031 | 1.42 | Financial | Netherlands | Bond | NR |
| Banco de Credito Social 5.250% MULTI 27-11-2031 | 1.38 | Financial | Spain | Bond | B |
| Teva Pharmaceutical Finance 1.625% 15-10-2028 | 1.29 | Consumer, Non-Cyclical | Israel | Bond | BB |
| Ibercaja Banco SA 2.750% MULTI 23-07-2030 | 1.27 | Financial | Spain | Bond | BB |
| Cellnex Finance Co SA 1.25% 15-01-2029 | 1.21 | Industrial | Spain | Bond | BB |
| Allwyn International AS 3.875% 15-02-2027 | 1.21 | Consumer, Cyclical | Czech Republic | Bond | BB |
| Belden Inc 3.375% 15-07-2027 | 1.16 | Industrial | United States | Bond | BB |

Translation (ENES, 2022-11-30):
| Nombre del Valor | Peso (en %) | Sector | País | Tipo de instrumento | Calificaci ón Crediticia |
| --- | --- | --- | --- | --- | --- |
| SoftBank Group Corp 5% 15-04-2028 | 2,31 | Comunicaciones | Japón | Renta fija | BB |
| Altice France SA/France 3.375% 15-01-2028 | 2,25 | Comunicaciones | Francia | Renta fija | B |
| Iliad Holding SASU 5.625% 15-10-2028 | 1,95 | Comunicaciones | Francia | Renta fija | B |
| Grifols Escrow Issuer SA 3.875% 15-10-2028 | 1,89 | Consumo, no cíclico | España | Renta fija | B |
| Vmed O2 UK Financing I PLC 4% 31-01-2029 | 1,85 | Comunicaciones | Reino Unido | Renta fija | BB |
| Virgin Media Vendor Financin 4.875% 15-07-2028 | 1,76 | Comunicaciones | Reino Unido | Renta fija | B |
| Bellis Acquisition Co PLC 3.25% 16-02-2026 | 1,49 | Consumo, no cíclico | Reino Unido | Renta fija | BB |
| Electricite de France 3.375% MULTI Perp FC2030 | 1,46 | Suministros | Francia | Renta fija | B |
| Athora Netherlands NV 2.250% MULTI 15-07-2031 | 1,42 | Servicios Financieros | Países Bajos | Renta fija | NR |
| Banco de Credito Social 5.250% MULTI 27-11-2031 | 1,38 | Servicios Financieros | España | Renta fija | B |
| Teva Pharmaceutical Finance 1.625% 15-10-2028 | 1,29 | Consumo, no cíclico | Israel | Renta fija | BB |
| Ibercaja Banco SA 2.750% MULTI 23-07-2030 | 1,27 | Servicios Financieros | España | Renta fija | BB |
| Cellnex Finance Co SA 1.25% 15-01-2029 | 1,21 | Industrial | España | Renta fija | BB |
| Allwyn International AS 3.875% 15-02-2027 | 1,21 | Consumo, cíclico | República Checa | Renta fija | BB |
| Belden Inc 3.375% 15-07-2027 | 1,16 | Industrial | Estados Unidos | Renta fija | BB |
| Security Name | Weight (in %) | Sector | Country | Instrument Type | Rating |
| --- | --- | --- | --- | --- | --- |
| US 5YR NOTE (CBT) 3/2023 | 28.77 | Government | United States | Future | AAA |
| FX forward JPY | 10.99 |  |  | FX forward |  |
| US 2YR NOTE (CBT) 3/2023 | 8.75 | Government | United States | Future | AAA |
| US 10YR NOTE (CBT)3/2023 | 8.30 | Government | United States | Future | AA |
| Microsoft | 4.94 | Information Technology | United States | Equity |  |
| Alphabet | 3.75 | Communication Services | United States | Equity |  |
| Novo Nordisk B | 3.12 | Health Care | Denmark | Equity |  |
| Coca-Cola | 2.55 | Consumer Staples | United States | Equity |  |
| Johnson & Johnson | 2.37 | Health Care | United States | Equity |  |
| Visa | 2.34 | Information Technology | United States | Equity |  |
| Cigna | 1.64 | Health Care | United States | Equity |  |
| Mondelez International | 1.60 | Consumer Staples | United States | Equity |  |
| Elevance Health | 1.59 | Health Care | United States | Equity |  |
| Cisco Systems | 1.58 | Information Technology | United States | Equity |  |
| Mastercard | 1.57 | Information Technology | United States | Equity |  |

Translation (ENES, 2023-01-31):
| Nombre del Valor | Peso (en %) | Sector | País | Tipo de instrumento | Calificaci ón Crediticia |
| --- | --- | --- | --- | --- | --- |
| US 5YR NOTE (CBT) 3/2023 | 28,77 | Gobierno | Estados Unidos | Futuro | AAA |
| FX forward JPY | 10,99 |  |  | Forward de divisas |  |
| US 2YR NOTE (CBT) 3/2023 | 8,75 | Gobierno | Estados Unidos | Futuro | AAA |
| US 10YR NOTE (CBT)3/2023 | 8,30 | Gobierno | Estados Unidos | Futuro | AA |
| Microsoft | 4,94 | Tecnologías de la Información | Estados Unidos | Renta variable |  |
| Alphabet | 3,75 | Servicios de Telecomunicaciones | Estados Unidos | Renta variable |  |
| Novo Nordisk B | 3,12 | Salud | Dinamarca | Renta variable |  |
| Coca-Cola | 2,55 | Productos de primera necesidad | Estados Unidos | Renta variable |  |
| Johnson & Johnson | 2,37 | Salud | Estados Unidos | Renta variable |  |
| Visa | 2,34 | Tecnologías de la Información | Estados Unidos | Renta variable |  |
| Cigna | 1,64 | Salud | Estados Unidos | Renta variable |  |
| Mondelez International | 1,60 | Productos de primera necesidad | Estados Unidos | Renta variable |  |
| Elevance Health | 1,59 | Salud | Estados Unidos | Renta variable |  |
| Cisco Systems | 1,58 | Tecnologías de la Información | Estados Unidos | Renta variable |  |
| Mastercard | 1,57 | Tecnologías de la Información | Estados Unidos | Renta variable |  |
# Investment strategy
The fund seeks to achieve attractive risk-adjusted return by identifying target bonds through eliminating uncompensated risk. The fund manager rigorously screens the investment universe for risk in order to quantify upside potential using bond analysis, not equity-style analysis. By targeting the sweet spot for risk compensation, the managers goal is to eliminate rather than to include bonds. The underlying belief is that to deliver attractive returns it is more important to recognise which bonds not to include in the portfolio, than to focus on the ones that should be selected. Actively managed.
Benchmark used for performance comparison only. Risk characteristics of the fund’s portfolio may bear some resemblance to those of the benchmark.

Translation (ENES, 2023-01-31):
# Estrategia de inversión
El objetivo del fondo es conseguir la mejor rentabilidad ajustada al riesgo, mediante la identificación de títulos de renta fija aplicando una estrategia capaz de eliminar aquellos títulos que no pueden compensar su riesgo intrínseco. El gestor de la cartera filtra rigurosamente el universo de inversión aplicando un análisis propio a los títulos de renta fija con el objetivo de detectar los riesgos y cuantificar el potencial de revalorización de los mismos. En la búsqueda del punto de equilibrio en materia de compensación de riesgos, el gestor se focaliza en descartar títulos del universo de inversión en lugar de incluirlos. Se gestiona activamente. El índice de referencia se usa exclusivamente a efectos de comparación de la rentabilidad. Las características de riesgo de la cartera del fondo podrán guardar cierta semejanza con las del índice de referencia.