# Portfolio securities
- The Fund invests at least two-thirds of its assets in bonds which are issued by companies with their registered office in, and/or government related bodies domiciled in an Emerging Market country and denominated in the currency of that country as at the date of investment.
- The bonds will be of any credit quality. The Fund may invest up to 50% of its assets in Sub- Investment Grade bonds.

Performance
Oct 18
Dec 18
Feb 19
Apr 19
Jun 19
Aug 19
Oct 19
Dec 19
Feb 20
Apr 20
Jun 20
Aug 20
Oct 20
Dec 20
Feb 21
Apr 21
Jun 21
Aug 21
Oct 21
Dec 21
Sep 22
Cumulative and annualised performance
| 1 month | 6 months | Year to date | 1 year | 3 years (p.a.) | 5 years (p.a.) | 10 | years (p.a.) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Fund (net) (%) | -4.82 | -13.69 | -19.90 | -21.61 | -8.91 | n/a | n/a |
| Benchmark (%) | -2.03 | -4.69 | -12.68 | -14.45 | -4.99 | n/a | n/a |

Discrete annual returns - year to 30/9
|  | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund (net) (%) | -21.61 | 2.53 | -5.98 | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Benchmark (%) | -14.45 | -2.56 | 2.89 | n/a | n/a | n/a | n/a | n/a | n/a | n/a |

Performance Data: Share Class X Acc Hedged EUR
Benchmark history: Benchmark – JP Morgan GBI-EM Global Diversified Index (NAV Hedged to EUR)
Source: Lipper, JP Morgan, Russell Mellon. Basis: Total Return, NAV to NAV, net of annual charges, gross Income reinvested, (EUR).
Costs may increase or decrease as a result of currency and exchange rate fluctuations. This may impact what you might get back.“Fund (Net)” refers to the actual unit price performance of the shareclass shown; “Fund(Gross)” adds back charges such as the annual management charge to present performance on the same basis as the Benchmark / Benchmark / portfolio constraining benchmark. All return data includes investment management fees, operational charges and expenses, and assumes the reinvestment of all distributions. The returns provided do not reflect the initial sales charge and, if included, the performance shown would be lower.This Base Currency Exposure shareclass does not have a benchmark with the equivalent level of currency hedging to the shareclass. Please see the factsheet of the primary shareclass for the performance relative to benchmark.
Past performance does not predict future returns.
- The fund invests in emerging market equities and / or bonds. Investing in emerging markets involves a greater risk of loss than investing in more developed markets due to, among other factors, greater political, tax, economic, foreign exchange, liquidity and regulatory risks.
- The fund invests in high yielding bondswhich carry a greater risk of default than those with lower yields.
- Convertible securities are investments that can be changed into another form upon certain triggers. As such, they can exhibit credit, equity and fixed interest risk. Contingent convertible securities (CoCos) are similar to convertible securities but have additional triggers which mean that they are more vulnerable to losses and volatile price movements and hence become less liquid.
- The fund invests in mortgage and asset-backed securities (which may include collateralised loan, debt or mortgage obligations (respectively CLOs, CDOs or CMOs)). These are subject to prepayment and extension risk and additional liquidity and default risk compared to other credit securities.
- The use of derivatives carries the riskof reduced liquidity, substantial loss and increased volatility in adverse market conditions, such as a failureamongst market participants. The use of derivatives may result in the fund being leveraged (where market exposure and thus the potential for loss by the fund exceeds the amount it has invested) and in these market conditions the effect of leverage will be to magnify losses.

Risk stats
Beta
^	
1.09
Fund Volatility
^	
12.79
Information Ratio
^	
0.27
R-Squared
^	
0.97
Sharpe Ratio
^	
-0.41
Tracking Error
^	
2.47
Effective duration (years)4.11
Source : abrdn. ^ Three year annualised.
Derivative usage
- The Fund may use investment techniques (including Derivatives) to seek to protect and enhance the value of the Fund and to manage the Fund's risks. Derivatives, such as futures, options and swaps, are linked to the rise and fall of other assets. In other words, they 'derive' their price from another asset. They can generate returns when share prices and/or indices fall.

Translation (ENES, 2022-09-30):
# Valores en cartera
- El fondo invierte al menos dos tercios de sus activos en bonos emitidos por empresas con domicilio social en un país de mercado emergente, y/u organismos relacionados con gobiernos domiciliados en un país de mercado emergente, y denominados en la moneda de dicho país a la fecha de la inversión.
- Los bonos serán de cualquier calidad crediticia. El fondo podrá invertir hasta el 50% de sus activosen bonos sin grado de inversión.

Rentabilidad
oct 18
dic 18
feb 19
abr 19
jun 19
ago 19
oct 19
dic 19
feb 20
abr 20
jun 20
ago 20
oct 20
dic 20
feb 21
abr 21
jun 21
ago 21
oct 21
dic 21
sep 22
Rentabilidad acumulada y anualizada
| 1 mes | 6 meses | Desde comienzo de año | 1 año | 3 años (anual) | 5 años (anual) | 10 años (anual) |
| --- | --- | --- | --- | --- | --- | --- |
| Fondo (neto) (%) | -4,82 | -13,69 | -19,90 | -21,61 | -8,91 | n/a | n/a |
| Índice de referencia (%) | -2,03 | -4,69 | -12,68 | -14,45 | -4,99 | n/a | n/a |

Rentabilidades anuales discretas - en el año hasta 30/9
|  | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo (neto) (%) | -21,61 | 2,53 | -5,98 | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Índice de referencia (%) | -14,45 | -2,56 | 2,89 | n/a | n/a | n/a | n/a | n/a | n/a | n/a |

Datos de rentabilidad: Share Class X Acc Hedged EUR
Historial de Índice de referencia: Índice de referencia – JP Morgan GBI-EM Global Diversified Index (NAV Hedged to EUR) Fuente: Lipper, JP Morgan, Russell Mellon. Base: Rentabilidad total, valor liquidativo al inicio y al final, neto de comisiones anuales, reinversión de ingresos brutos, (EUR).
El coste puede subir o bajar a consecuencia de las fluctuaciones de los tipos de cambio y las divisas. Esto puede afectar a lo que podría recibir.“Fondo (neto)” se refiere a la rentabilidad real del precio por unidad de la clase de participaciones mostrada; “Fondo (bruto)” añade gastos, tales como la comisión de gestión anual, para presentar la rentabilidad sobre la misma base que el objetivo de rentabilidad / comparador de rentabilidades / índice de referencia que limita la cartera. Todos los datos
de rentabilidad incluyen comisiones de gestión de inversiones, al igual que comisiones y gastos operativos, y presuponen la reinversión de todas las distribuciones. Las rentabilidades indicadas no reflejan la comisión de venta inicial y, si se incluyera, la rentabilidad mostrada sería más baja.Esta clase de participación con exposición a la divisa base no tiene ningún índice de referencia con un nivel de cobertura de divisas equivalente al de la clase de participación. Puede consultar la rentabilidad en relación con el índice de referencia en la ficha técnica de la clase primaria.
Las rentabilidades pueden cambiar debido a las fluctuaciones del mercado de divisas.
La rentabilidad pasada no es orientativa de rendimientos futuros.