# Risk/ Return Ratios
|  | 3 Years |  | 5 Years |
| --- | --- | --- | --- |
| Alpha (%) | 0.85 |  | 0.27 |
| Beta | 1.02 |  | 0.99 |
| Coefficient of correlation | 0.92 |  | 0.93 |
| Information ratio | 0.41 |  | 0.15 |
| Sharpe ratio ⁷ | 1.04 |  | 0.40 |
| Treynor ratio | 5.45 |  | 1.99 |
| Tracking error (%) | 2.08 |  | 1.82 |
| Volatility (%) ⁸ | 5.34 |  | 4.95 |

Portfolio Structure ⁹ ˡ ¹⁰
Currency Breakdown (%) (incl. FX derivatives)
41.3
| CHINA DEVELOPMENT BANK 1605 FIX 3.800% 25.01.2036 | 1.71 |
| --- | --- |
| US TREASURY N/B FIX 0.375% 31.01.2026 | 1.18 |
| US TREASURY N/B FIX 2.750% 15.08.2042 | 0.87 |
| US TREASURY N/B FIX 2.500% 15.02.2046 | 0.84 |
| JAPAN (30 YEAR ISSUE) 36 FIX 2.000% 20.03.2042 | 0.80 |
| UNITED KINGDOM GILT FIX 3.500% 22.01.2045 | 0.80 |
| AGRICUL DEV BANK CHINA 2004 FIX 2.960% 17.04.2030 | 0.79 |
| US TREASURY N/B FIX 2.500% 15.02.2045 | 0.75 |
| US TREASURY N/B FIX 0.500% 31.03.2025 | 0.68 |
| UNITED KINGDOM GILT FIX 3.250% 22.01.2044 | 0.63 |
| Total	9.05 |

Top 10 Holdings (%)
| USD |  |
| --- | --- |
| EUR |  |  |  | 23.7 |
| JPY |  |  | 12.9 |  |
| CNY |  | 8.5 |  |  |
| GBP | 4.7 |  |  |  |
| CAD | 2.7 |  |  |  |
| AUD | 1.6 |  |  |  |
| KRW | 1.1 |  |  |  |
| NOK | 0.7 |  |  |  |
| Others | 2.7 |  |  |  |

0	10	20	30	40	50
n
Fund
Issuer/type of issue Breakdown (%) (weighted by duration)
Country/Location Breakdown (%) (weighted by market value)
| Governments Corporate |  |  | 16.5 | 28.1 | 54.7 | 67.4 | USA Japan United Kingdom |  |  | 8.6 |  | 21.8 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Emerging Markets | 9.1 |  | 13.1 |  |  |  | France Italy |  | 4.7 | 7.3 |  |  |
| Securitized Covered bonds | 3.0 0.4 1.2 1.3 |  |  |  |  |  | Netherl., Belg., Austria Germany Switzerland, Scandinavia |  | 4.2 3.9 |  |  |  |
| Others | 0.0 5.4 |  |  |  |  |  | Spain Ireland | 0.3 | 3.3 |  |  |  |
|  | Lithuania | 0.1 |  |  |  |  |
| Portugal | 0.6 |  |  |  |  |
| Greece, Cyprus | 0.1 |  |  |  |  |
| Austral., Can., N.Zeald. |  |  | 8.5 |  |  |
| Emerging Markets |  |  |  | 16.5 |  |
| Other Developed |  | 5.2 |  |  |  |
| Cash, Other, NA |  | 3.1 |  |  |  |

7.7
4.0
0	15	30	45	60	75
n
Fund 
n
Benchmark
0	10	20	30
n
Fund
Key Figures
| Effective Duration (%) | 7.18 |
| --- | --- |
| Average nominal return (%) | 2.72 |
| Yield to worst (%) ¹¹ | 1.37 |
| Average rating | A |

Fee Structure ¹²	Additional Fund Information
| All-in fee in % p.a. ¹³ | currently 0.58 (max. 0.65) |
| --- | --- |
| TER (%) ¹⁴ | 0.60 |

| Bloomberg Ticker | DITRENP GR |
| --- | --- |
| Reuters Ticker | ALLIANZGI01 |

Opportunities
+ Interest income on bonds, capital gains opportunities on declining market yields
+ Above-average yield potential of bonds from non-governmental issuers
+ Currency gains against investor currency possible
+ Focus on sustainable investments
+ Broad diversification across numerous securities
+ Potential additional returns from single security analysis and active management

Translation (ENFR, 2021-09-30):
# Ratios risque / bénéfice
|  | 3 ans |  | 5 ans |
| --- | --- | --- | --- |
| Alpha (%) | 0,85 |  | 0,27 |
| Beta | 1,02 |  | 0,99 |
| Coefficient de corrélation | 0,92 |  | 0,93 |
| Ratio d'information | 0,41 |  | 0,15 |
| Ratio de Sharpe ⁷ | 1,04 |  | 0,40 |
| Ratio de Treynor | 5,45 |  | 1,99 |
| Tracking error (%) | 2,08 |  | 1,82 |
| Volatilité (%) ⁸ | 5,34 |  | 4,95 |

Structure du fonds ⁹ ˡ ¹⁰
Répartition par devise en % (dérivés de change inclus)
41,3
| CHINA DEVELOPMENT BANK 1605 FIX 3.800% 25.01.2036 | 1,71 |
| --- | --- |
| US TREASURY N/B FIX 0.375% 31.01.2026 | 1,18 |
| US TREASURY N/B FIX 2.750% 15.08.2042 | 0,87 |
| US TREASURY N/B FIX 2.500% 15.02.2046 | 0,84 |
| JAPAN (30 YEAR ISSUE) 36 FIX 2.000% 20.03.2042 | 0,80 |
| UNITED KINGDOM GILT FIX 3.500% 22.01.2045 | 0,80 |
| AGRICUL DEV BANK CHINA 2004 FIX 2.960% 17.04.2030 | 0,79 |
| US TREASURY N/B FIX 2.500% 15.02.2045 | 0,75 |
| US TREASURY N/B FIX 0.500% 31.03.2025 | 0,68 |
| UNITED KINGDOM GILT FIX 3.250% 22.01.2044 | 0,63 |
| Total	9,05 |

10 principales lignes du fonds (%)
| USD |  |
| --- | --- |
| EUR |  |  |  | 23,7 |
| JPY |  |  | 12,9 |  |
| CNY |  | 8,5 |  |  |
| GBP | 4,7 |  |  |  |
| CAD | 2,7 |  |  |  |
| AUD | 1,6 |  |  |  |
| KRW | 1,1 |  |  |  |
| NOK | 0,7 |  |  |  |
| Autres | 2,7 |  |  |  |

0	10	20	30	40	50
n
Fonds
par émetteur/genre d’emprunt en % (exprimé en fonction de la duration)
par pays/répartition géographique en % (en fonction de la valeur sur le marché)
| Emprunts d'Etat Emprunts d'entreprises |  |  | 16,5 | 28,1 | 54,7 | 67,4 | Etats-Unis Japon Royaume-Uni |  |  | 8,6 |  | 21,8 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Marchés émergents | 9,1 |  | 13,1 |  |  |  | France Italie |  | 4,7 | 7,3 |  |  |
| Emprunts assortis de sûretés obligations foncières | 3,0 0,4 1,2 1,3 |  |  |  |  |  | PB., Belg., Autriche Allemagne Suisse, Scandinavie |  | 4,2 3,9 |  |  |  |
| Autres | 0,0 5,4 |  |  |  |  |  | Espagne Irlande | 0,3 | 3,3 |  |  |  |
|  | Lituanie | 0,1 |  |  |  |  |
| Portugal | 0,6 |  |  |  |  |
| Grèce, Chypre | 0,1 |  |  |  |  |
| Austr., Can., Nvelle Zél. |  |  | 8,5 |  |  |
| Marchés émergents |  |  |  | 16,5 |  |
| Autres développés |  | 5,2 |  |  |  |
| Liqu., Autres, Non dispo. |  | 3,1 |  |  |  |

7,7
4,0
0	15	30	45	60	75
n
Fonds 
n
Indice de référence
0	10	20	30
n
Fonds
Chiffres-clé du portefeuille
| Maturité effective (%) | 7,18 |
| --- | --- |
| Rendement nominal moyen (%) | 2,72 |
| Rendement actuariel le plus défavorable (%) ¹¹ | 1,37 |
| Rating moyen | A |

Structure des coûts ¹²	Informations complémentaires relatives au fonds
| Commision forfaitaire en % p.a. ¹³ | actuellement 0,58 (max. 0,65) |
| --- | --- |
| TFE en % ¹⁴ | 0,60 |

| Code Bloomberg | DITRENP GR |
| --- | --- |
| Code Reuters | ALLIANZGI01 |

Opportunités
+ Paiement courant des intérêts sur les obligations, possibilité de plus- values en cas de baisse des taux
+ Potentiel de rendement supplémentaire des obligations d'émetteurs non gouvernementaux
+ Gains de change possibles face à la devise des investisseurs
+ Forte diversification avec de nombreux titres individuels
+ Le fonds se concentre sur les investissements durables
+ Possibilité de gains supplémentaires grâce à une analyse de chaque valeur et à une gestion active