7	
◄ Lower risk	Higher risk ►
(typically lower reward)	(typically higher reward)
Historical Performance (%)
180
indexed to 100
160
140
120
100
80
Fund	Reference index
2015	2016	2017	2018	2019	2020	2021	2022
02.21
02.20
02.19
02.18
02.17
year
3 yrs
5 yrs
since
  - 01.22  - 01.21  - 01.20  - 01.19  - 01.18   1 m  to date  2021  2020  2019   p.a.   p.a. inceptionFund		5.1	1.4	9.5  -1.4  18.3  -1.3  -1.3	6.9	2.2  14.2	5.3	6.4 69.5Ref. index    -4.0	3.7	9.8    -1.9   11.8    -1.5    -1.5    -3.3	5.1   14.1	3.0	3.7   33.4
Past Performance is not a guide to current or future performance. Performance data do not take account of the entry / exit commissions and costs incurred, and reflect gross distributions reinvested. Performance of a fund can rise or fall, i.a. as a result of currency fluctuations.
Major positions (%)
Geographical breakdown (%)
Fund  Ref. index
6.927% Avenir II 19.02.2027 Reg-S Senior	3.6
0% Ukraine 31.05.2040 FRN Reg-S Senior	3.2
RIO SMART LIGHTING SARL 12.25% 09/20/2032	2.9
6.625% Cote d'Ivoire 22.03.2048 Reg-S Senior	2.7
9.5% Bnco Act Fideic 18.12.2032 Reg-S Senior	2.7
2.875% Romania 13.04.2042	2.5
8.95% Bahamas 15.10.2032 Senior	2.5
6.625% Poinsettia Fin 17.06.2031 Reg-S Senior	2.4
REPUBLIC OF COLOMBIA 5.2% 05/15/2049	2.3
8.85% Mongolian Mtg 08.02.2024 Reg-S Senior	2.3
Total	27.1
Mexico Colombia
China Ukraine Brazil Argentina Bahamas Egypt Tunisia Others
0	20	40	60	80
Currency breakdown, before hedging (%)
Currency breakdown, after hedging (%)
Fund  Ref. index	Fund  Ref. index
USD
0	20	40	60	80
69.6
USD
0	20	40	60	80
63.2
66.7
EUR BRL MXN GBP JPY COP UYU KZT
BRL RUB IDR THB ZAR MXN PLN COP CLP
Others
2.9 7.4
2.2 4.9
3.9
3.3
3.9
3.0
3.8
2.9
2.6
3.2
2.3
2.4
2.0
1.4
1.5
0.7
4.5
Contribution to modified duration (years), by maturity
Credit ratings breakdown (%)
Fund  Ref. index	Fund  Ref. index
0-6m
6m-2Y
2Y-5Y
5Y-10Y
10Y-30Y
30Y+
0	1	2	3
2.6
0	10	20	30	40

Translation (ENIT, 2022-01-31):
7	
◄ Rischio minore	Rischio maggiore ►
(proventi tipicamente inferiori)	(proventi tipicamente superior)
Performance storiche (%)
180
indicizzato a 100
160
140
120
100
80
Fondo	Indice di riferimento
2015	2016	2017	2018	2019	2020	2021	2022
02.21
02.20
02.19
02.18
02.17
da iniz.
3 anni
5 anni
dall'
  - 01.22  - 01.21  - 01.20  - 01.19  - 01.18	1 m	anno	2021	2020	2019	p.a.	p.a.	inizio
Fondo		5.1	1.4	9.5	-1.4	18.3	-1.3	-1.3	6.9	2.2	14.2	5.3	6.4	69.5
Indice di rif.		-4.0	3.7	9.8	-1.9	11.8	-1.5	-1.5	-3.3	5.1	14.1	3.0	3.7	33.4
I rendimenti passati non sono indicativi di quelli futuri. I dati della performance non tengono conto delle commissioni e delle spese applicate all'emissione e al riscatto delle quote. I rendi- menti si intendono al lordo di oneri fiscali. Il rendimento del fondo puo' essere il risultato di fluttuazioni valutarie in aumento o in diminuzione.
Maggiori posizioni (%)
Ripartizione geografica (%)
Fondo  Indice di rif.
6.927% Avenir II 19.02.2027 Reg-S Senior	3.6
0% Ukraine 31.05.2040 FRN Reg-S Senior	3.2
RIO SMART LIGHTING SARL 12.25% 09/20/2032	2.9
6.625% Cote d'Ivoire 22.03.2048 Reg-S Senior	2.7
9.5% Bnco Act Fideic 18.12.2032 Reg-S Senior	2.7
2.875% Romania 13.04.2042	2.5
8.95% Bahamas 15.10.2032 Senior	2.5
6.625% Poinsettia Fin 17.06.2031 Reg-S Senior	2.4
REPUBLIC OF COLOMBIA 5.2% 05/15/2049	2.3
8.85% Mongolian Mtg 08.02.2024 Reg-S Senior	2.3
Totale	27.1
Messico Colombia
Cina Ucraina Brasile Argentina Bahamas Egypt Tunisia Altri
0	20	40	60	80
Ripartizione per valuta, prima dell' hedging (%)
Ripartizione per valuta, dopo hedging (%)
Fondo  Indice di rif.	Fondo  Indice di rif.
USD
0	20	40	60	80
69.6
USD
0	20	40	60	80
63.2
66.7
EUR BRL MXN GBP JPY COP UYU KZT
BRL RUB IDR THB ZAR MXN PLN COP CLP
Altri
2.9 7.4
2.2 4.9
3.9
3.3
3.9
3.0
3.8
2.9
2.6
3.2
2.3
2.4
2.0
1.4
1.5
0.7
4.5
Contributo alla modified duration (anni), per scadenza	Ripartizione per rating creditizio (%)
Fondo  Indice di rif.	Fondo  Indice di rif.
0-6m
6m-2Y
2Y-5Y
5Y-10Y
10Y-30Y
30Y+
0	1	2	3
2.6
0	10	20	30	40