# Portfolio Structure ⁵
Rating Breakdown (%) (weighted by market value) ⁶
Top 10 Holdings (%)
| BBB | 2.2 |  |  |
| --- | --- | --- | --- |
| BB |  | 36.0 |
| B |  |  | 55.9 |
| CCC | 1.1 |  |  |
| Not Rated | 2.6 |  |  |
| Cash | 2.3 |  |  |

| CONNECT FINCO SARL/CONNE 144A FIX 6.750% 01.10.2026 | 2.96 |
| --- | --- |
| DISH DBS CORP 144A FIX 5.250% 01.12.2026 | 2.73 |
| MILLENNIUM ESCROW CORP 144A FIX 6.625% 01.08.2026 | 2.66 |
| VERITAS US INC/BERMUDA L 144A FIX 7.500% 01.09.2025 | 2.42 |
| NEW FORTRESS ENERGY INC 144A FIX 6.750% 15.09.2025 | 2.31 |
| LUMEN TECHNOLOGIES INC 144A FIX 5.125% 15.12.2026 | 2.20 |
| FORTRESS TRANS & INFRAST 144A FIX 6.500% 01.10.2025 | 2.09 |
| EG GLOBAL FINANCE PLC 144A FIX 6.750% 07.02.2025 | 2.05 |
| GLOBAL AIR LEASE CO LTD 144A 15.09.2024 | 2.04 |
| LD HOLDINGS GROUP LLC 144A FIX 6.500% 01.11.2025 | 1.97 |
| Total	23.43 |

Top 10 Industries (%)
0	15	30	45	60
n
Fund
Support-Services	9.7
Cons/Comm/Lease
Financing
INVESTMENTS
Gas Distribution Real estate dev & mgt Oil refining & Marketing
Health services Cable & Satellite TV HEALTH FACILITIES
Media Content
4.1
4.1
5.7
5.2
5.1
7.4
7.1
9.0
8.7
0	3	6	9	12
n
Fund
Key Figures
| Duration to Worst | 2.50 |
| --- | --- |
| Yield to worst (%) ⁷ | 5.43 |
| Current Yield (%) | 5.90 |
| Average nominal return (%) | 5.91 |
| Average Maturity (years) | 3.95 |
| Average rating | B1/B+ |

Fee Structure	Additional Fund Information
| All-in fee in % p.a. ⁸ | currently 0.48 (max. 1.45) |
| --- | --- |
| TER (%) ⁹ | 0.49 |

| Bloomberg Ticker | ALUSWTH LX |
| --- | --- |
| Reuters Ticker | ALLIANZGI01 |

Opportunities
+ Particular yield potential of high-yield bonds
+ Capital gains opportunities on declining market yields
+ Investments especially in the US market
+ Focus on sustainable investments
+ Broad diversification across numerous securities
+ Possible extra returns through single security analysis and active management
+ Potential currency gains with share classes not hedged against investor currency

Translation (ENFR, 2022-01-31):
# Structure du fonds ⁵
par notations financières en % (en fonction de la valeur sur le marché) ⁶
10 principales lignes du fonds (%)
| BBB | 2,2 |  |  |
| --- | --- | --- | --- |
| BB |  | 36,0 |
| B |  |  | 55,9 |
| CCC | 1,1 |  |  |
| Sans notation | 2,6 |  |  |
| Liquidité | 2,3 |  |  |

| CONNECT FINCO SARL/CONNE 144A FIX 6.750% 01.10.2026 | 2,96 |
| --- | --- |
| DISH DBS CORP 144A FIX 5.250% 01.12.2026 | 2,73 |
| MILLENNIUM ESCROW CORP 144A FIX 6.625% 01.08.2026 | 2,66 |
| VERITAS US INC/BERMUDA L 144A FIX 7.500% 01.09.2025 | 2,42 |
| NEW FORTRESS ENERGY INC 144A FIX 6.750% 15.09.2025 | 2,31 |
| LUMEN TECHNOLOGIES INC 144A FIX 5.125% 15.12.2026 | 2,20 |
| FORTRESS TRANS & INFRAST 144A FIX 6.500% 01.10.2025 | 2,09 |
| EG GLOBAL FINANCE PLC 144A FIX 6.750% 07.02.2025 | 2,05 |
| GLOBAL AIR LEASE CO LTD 144A 15.09.2024 | 2,04 |
| LD HOLDINGS GROUP LLC 144A FIX 6.500% 01.11.2025 | 1,97 |
| Total	23,43 |

| 0 | 15 | 30 | 45 | 60 |
| --- | --- | --- | --- | --- |
| n Fonds Top 10 des secteurs en % |  |  |  |  |
| Services d'Assistance Crédit Constr/Comm/-Bail |  |  | 9,7 9,0 |  |
| INVESTMENTS Distribution de Gaz |  | 7,4 | 8,7 |  |
| Promotion et gestion immo |  | 7,1 |  |  |

Raffinage et commercialisation du Services depéStarnotleé
TV par câble et satellite HEALTH FACILITIES
Contenu médiatique
4,1
4,1
5,7
5,2
5,1
0	3	6	9	12
n
Fonds
Chiffres-clé du portefeuille
| Duration au pire (DTW) | 2,50 |
| --- | --- |
| Rendement actuariel le plus défavorable (%) ⁷ | 5,43 |
| Rendement courant (%) | 5,90 |
| Rendement nominal moyen (%) | 5,91 |
| Maturité moyenne (année) | 3,95 |
| Notation moyenne | B1/B+ |

Structure des coûts	Informations complémentaires relatives au fonds
| Commision forfaitaire en % p.a. ⁸ | actuellement 0,48 (max. 1,45) |
| --- | --- |
| TFE en % ⁹ | 0,49 |

| Code Bloomberg | ALUSWTH LX |
| --- | --- |
| Code Reuters | ALLIANZGI01 |

Opportunités
+ Fort potentiel de rendement des obligations high yield
+ Gains en capital possibles sur les rendements des marchés en déclin
+ Investissements en particulier sur le marché américain
+ Large diversification au travers de nombreux titres
+ Le fonds se concentre sur les investissements durables
+ Possibilité de gains supplémentaires grâce à une analyse des titres individuels et à une gestion active
+ Gains de change possibles face à la devise de l'investisseur concernant les catégories d'actions non couvertes