# Currency Risk Exposure*
Portfolio	Benchmark
| CNY | 97.51% | 100.00% |
| --- | --- | --- |
| HKD | 4.79% | 0.00% |
| CNH | -1.91% | 0.00% |
| USD | -4.31% | 0.00% |


### *The figure refers only to classes not covered by exchange rate risk.

### 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 In November, China took significant steps to address the two biggest hurdles to the economy this year – the property market and Covid policy. The government released a comprehensive series of policy support measures to ensure the solvency of major developers and the completion of ongoing housing projects. At the same time, the People's Bank of China (PBOC) has extended credit to real estate companies. After years of stringent lockdowns and testing protocol, public and official support for China's Covid- zero policies waned in November. The government reduced quarantine protocols for close contacts and travellers, and relaxed policies even more following a wave of protests. |
| Performance and Investment Choices In November, Eurizon Fund – Equity China A underperformed the benchmark. In November, the China-A market was one of the better markets globally. The rally over the month was primarily driven by government policies supporting the completion of property construction projects. As a result, the real estate sector was up close to 25% for the month of November alone and underweight in real estate was a detractor. It is important to note that this is not a restart of the property market in China as it was once know. These policies were aimed at the semi-built project and projects where families had put down deposits already. It seems clear that Beijing does not want these families left out in the cold as a result of a change in overall policy on property in China. New housing starts were down 37.8% for the first ten months of 2022. More than 40% of China’s top 50 developers have already defaulted on a corporate bond. The real estate rally spread into the Financial sector, which was up 14% in November. The extension of the credit to the banking sector is a "short-term gain, long-term pain" for financials given the potential credit risks on top of the compressed net-interest margin. The underweight in Materials also detracted from our performance as construction materials rallied along with property-related businesses. Overall, the rebounds from the bottom for the real estate sector are sentiment-driven without strong fundamental support. |
| Outlook and Investment Strategy Despite the positive news out of the sector in November, we remain cautious on real estate as part of our long-term strategy. Housing completions continue to hang over property developers, and the fruits of the support policies introduced over the last month will not ripen in the near future. Beijing has begun a course of considerable structural reform in real estate. There is a consistent disincentive to use residential real estate for investment purpose and there is a desire for local municipalities to earn revenue from recurring property taxes as opposed to one-off land sale revenue. Furthermore, the extension of credit to developers in November may burden the financial sector in the future if property companies cannot repay the loans. We believe that a meaningful portion of real estate loans being assumed by the banking sector will turn out to be troublesome in the years to come. We expect relations between the US and China to continue to thaw after President Xi and Biden met in Bali in November.US Secretary of State Antony Blinken will visit China sometime in early 2023, Biden said after the talks, to conduct follow-up discussions. We expect this to send a positive message to investors and boost regional sentiment. From reopening efforts to a somewhat revived property sector, November gave investors many reasons to be optimistic about Chinese equities. In the months ahead, we expect momentum to continue to build. Given the low valuation for China A-shares and the potential of reopening across the country, the China A-shares market has upside potential that we anticipate will grow. Near term we are concerned with headline risk from news-flow on daily new Covid cases which we expect to rise, peak and then fade in the coming months. |


### Source: Eurizon Capital Asia Ltd, the Investment Manager of the Sub-Fund.

### This commentary constitutes opinions that are subject to change. Past performance is no guarantee of future performance.
| Fund Overview |
| --- |
| Legal Status | Fonds Commun de Placement (FCP)/UCITS |
| Home jurisdiction of the Fund | Luxemburg |
| ISIN Code | LU1531399464 |
| Class Unit Inception Date | 11/21/2017 |
| Valuation | Daily |
| Bloomberg Code | EURECAZ LX |

Entry Charge	-
Exit Charge	-
Ongoing Charge	0.87%
Management Fees	0.70%

## Performance Fee	The performance fees are calculated in accordance with the methodology described in the prospectus using a participation rate of 20.00% of the positive difference between any returns the Fund achieves above the highest NetAsset Value per Unit reached at the end of the five previous calendar years starting from the one recorded at the end of the year 2018 and the MSCI China A Index® (Net Total Return) per year.
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	Eurizon Capital Asia Ltd
Category	CHINA EQUITY - A SHARES

### The fund is qualified pursuant to Article 8 of Regulation (EU) 2019/2088; see the Sustainability Report for more details.

### The Sub-Fund is not an Index-tracking UCITS and then does not intend to passively replicate, track or leverage the performance of a Benchmark through synthetic or physical replication.
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 (ENES, 2022-11-30):
# Exposición al riesgo de divisas*
|  | Subfondo | Índice de ref. |
| --- | --- | --- |
| CNY | 97,51% | 100,00% |
| HKD | 4,79% | 0,00% |
| CNH | -1,91% | 0,00% |
| USD | -4,31% | 0,00% |


### *La cifra se refiere únicamente a las clases no cubiertas por el riesgo de tipo de cambio.

### Asignación sujeta a cambios. Las referencias a valores específicos en este documento no se deben interpretar como una recomendación de compra o venta de dichos valores.
Características de sostenibilidad

### Fuente: Informe interno a partir de datos proporcionados por MSCI ESG Research.
| Características generales |
| --- |
| Estructura jurídica | Fonds Commun de Placement (FCP)/OICVM |
| Jurisdicción de origen del Fondo | Luxemburgo |
| ISIN | LU1531399464 |
| Fecha de lanzamiento de la clase | 21/11/2017 |
| Valoración | Diaria |
| Bloomberg Ticker | EURECAZ LX |

Gastos de entrada	-
Gastos de salida	-
Gastos corrientes	0,87%
Comisión de gestión	0,70%

## Comisión de rentabilidad	Las comisiones de rentabilidad se calculan conforme a la metodología descrita en el folleto utilizando una tasa de
participación del 20,00% de la diferencia positiva entre cualquier rentabilidad obtenida por el fondo por encima del valor liquidativo por participación más alto alcanzado al cierre de los cinco últimos años naturales a contar desde aquella registrada al cierre del ejercicio 2018 más la rentabilidad del Benchmark anual.
Importe mínimo de suscripción inicial	3.000.000 EUR

## Impuestos	El tratamiento fiscal depende de las circunstancias individuales de cada inversor y podrá estar sujeto a cambios en el futuro. Consulte a su asesor financiero y fiscal.
Sociedad gestora	Eurizon Capital S.A.
Gestora de Inversiones del Compartimento.	Eurizon Capital Asia Ltd
Categoría	CHINA EQUITY - A SHARES

### El fondo se rige por el artículo 8 del Reglamento (UE) 2019/2088. Para obtener información detallada, consulte el informe sobre sostenibilidad.
El Compartimento no constituye un OICVM referenciados a índices y, por lo tanto, no pretende replicar, referenciar ni apalancar de forma pasiva la rentabilidad de un índice de referencia mediante réplicas físicas o sintéticas.
Acceso a documentos y otra información del Fondo en su país
Antes de tomar cualquier decisión de inversión, deberá leer el Folleto, los DDFI, el Reglamento de Gestión, el informe financiero anual o semestral más actual que haya disponible y, en particular, los factores de riesgo relativos a la inversión correspondiente en el Subfondo, que podrá obtener en cualquier momento y de forma gratuita en el sitio web de la Sociedad Gestora: www.eurizoncapital.com. Estos documentos están disponibles en inglés (los DDFI también están disponibles en el idioma oficial de su país de residencia), y podrá obtener copias impresas de los mismos previa solicitud a la Sociedad Gestora.
Este documento no constituye ningún asesoramiento legal, fiscal ni de inversión. Póngase en contacto con su asesor fiscal y financiero para saber si la Participación es la apropiada para su situación personal, así como para comprender las repercusiones fiscales y los riesgos relacionados con la misma.
El tratamiento fiscal depende de las circunstancias individuales de cada cliente y podrá estar sujeto a cambios en el futuro. Toda la información contenida en el presente documento es exacta en la fecha de publicación y está sujeta a cambios.

### La Sociedad Gestora no puede aceptar ninguna responsabilidad por el uso inadecuado de la información contenida en el presente documento informativo.
Persona estadounidense: Los Fondos y sus Compartimentos no están registrados de conformidad con las leyes federales de valores de los Estados Unidos ni con ninguna otra ley aplicable en los estados, territorios y posesiones de los Estados Unidos de América.
En consecuencia, no pueden comercializarse, directa ni indirectamente, en los Estados Unidos (incluidos sus territorios y posesiones) para los residentes y ciudadanos de los Estados Unidos de América ni las “personas estadounidenses"". El uso de este documento no está previsto para residentes o ciudadanos de los Estados Unidos de América ni personas estadounidenses de conformidad con la Regulación S de la Securities and Exchange Commission de conformidad con la Ley de Valores de 1933 de los Estados Unidos, en su forma enmendada (https://www.sec.gov/rules/final/33-7505a.htm).