# Portfolio Structure ⁶
Duration Breakdown (%) (weighted by market value)
Top 10 Holdings (%)
0 - 1 Year
1 - 3 Years
3 - 5 Years
5 - 7 Years
7 - 10 Years
> 10 Years
1.8
0.3
1.4
0.0
0.1
14.3
11.4
11.2
30.8
| TELEFONICA EUROPE BV PERP FIX TO FLOAT 4.375% 14.03.2198 | 1.43 |
| --- | --- |
| FORD MOTOR CREDIT CO LLC EMTN FIX 3.250% 15.09.2025 | 1.24 |
| TELECOM ITALIA SPA EMTN FIX 4.000% 11.04.2024 | 1.14 |
| LORCA TELECOM BONDCO REGS FIX 4.000% 18.09.2027 | 1.06 |
| ILIAD HOLDING SAS REGS FIX 5.125% 15.10.2026 | 1.01 |
| ALTICE FRANCE SA REGS FIX 5.875% 01.02.2027 | 0.92 |
| UNITED GROUP BV REGS FIX 3.125% 15.02.2026 | 0.89 |
| EIRCOM FINANCE DAC FIX 3.500% 15.05.2026 | 0.85 |
| ZIGGO BOND CO BV REGS FIX 3.375% 28.02.2030 | 0.81 |
| ORANO SA EMTN FIX 3.375% 23.04.2026 | 0.80 |
| Total	10.15 |

43.4
43.2
42.1
0	10	20	30	40	50
n
Fund 
n
Benchmark
Rating Breakdown (%) (weighted by market value) ⁷
Country/Location Breakdown (%) (weighted by market value)
| BBB BB | 1.2 1.0 |  |  | 56.3 | 72.7 | France Spain Italy |  | 12.5 11.6 | 19.1 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| B |  |  | 30.8 24.9 |  |  | Netherl., Belg., Austria |  | 9.4 |  |
| < B Others | 0.8 1.4 0.4 0.0 |  |  |  |  | Germany United Kingdom Switzerland, Scandinavia | 3.6 3.5 | 8.2 |  |
| Cash | 0.0 | 10.5 |  |  |  | Ireland | 1.4 |  |  |
|  | Portugal | 1.3 |  |  |
| Eastern Europe Developed | 0.6 |  |  |
| Emerging Markets Developed ex Europe Lux., Offshore Domiciles Cash, Other, NA | 2.6 2.9 | 13.0 10.4 |  |

0	20	40	60	80
n
Fund 
n
Benchmark
0	5	10	15	20
n
Fund

Translation (ENES, 2022-09-30):
# Composición de la cartera ⁷
Desglose por duración en % (ponderado según el valor de mercado)
Mayores 10 posiciones en %
0 - 1 Año
1 - 3 Años
3 - 5 Años
5 - 7 Años
7 - 10 Años
> 10 Años
1,8
0,3
1,4
0,0
0,1
14,3
11,4
11,2
30,8
| TELEFONICA EUROPE BV PERP FIX TO FLOAT 4.375% 14.03.2198 | 1,43 |
| --- | --- |
| FORD MOTOR CREDIT CO LLC EMTN FIX 3.250% 15.09.2025 | 1,24 |
| TELECOM ITALIA SPA EMTN FIX 4.000% 11.04.2024 | 1,14 |
| LORCA TELECOM BONDCO REGS FIX 4.000% 18.09.2027 | 1,06 |
| ILIAD HOLDING SAS REGS FIX 5.125% 15.10.2026 | 1,01 |
| ALTICE FRANCE SA REGS FIX 5.875% 01.02.2027 | 0,92 |
| UNITED GROUP BV REGS FIX 3.125% 15.02.2026 | 0,89 |
| EIRCOM FINANCE DAC FIX 3.500% 15.05.2026 | 0,85 |
| ZIGGO BOND CO BV REGS FIX 3.375% 28.02.2030 | 0,81 |
| ORANO SA EMTN FIX 3.375% 23.04.2026 | 0,80 |
| Total	10,15 |

43,4
43,2
42,1
0	10	20	30	40	50
n
Fondo  
n
Índice de ref.
según el nivel de solvencia en % (ponderado según el valor de mercado) ⁸
por países/localidades en % (ponderado según el valor de mercado)
| BBB BB | 1,2 1,0 |  |  | 56,3 | 72,7 | Francia España Italia |  | 12,5 11,6 | 19,1 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| B |  |  | 30,8 24,9 |  |  | Holanda, Bélgica, Austria |  | 9,4 |  |
| < B Otros | 0,8 1,4 0,4 0,0 |  |  |  |  | Alemania Reino Unido Suiza, Escandinavia | 3,6 3,5 | 8,2 |  |
| Liquidez | 0,0 | 10,5 |  |  |  | Irlanda | 1,4 |  |  |
|  | Portugal | 1,3 |  |  |
| Europa del Este Des. | 0,6 |  |  |
| Mercados Emergentes Desarrollados ex Europa Lux., domic. extraterrit. Efectivo, Otro, N/D | 2,6 2,9 | 13,0 10,4 |  |

0	20	40	60	80
n
Fondo  
n
Índice de ref.
0	5	10	15	20
n
Fondo