# Risk/ Return Ratios
|  | 3 Years |
| --- | --- |
| Alpha (%) | 0.11 |
| Beta | 1.11 |
| Coefficient of correlation | 0.95 |
| Information ratio | 0.11 |
| Sharpe ratio ⁶ | 1.26 |
| Treynor ratio | 3.45 |
| Tracking error (%) | 1.03 |
| Volatility (%) ⁷ | 3.05 |

Portfolio Structure ⁸
| EUR |  |
| --- | --- |
| GBP |  | 16.1 |
| DKK | 1.3 |  |
| SEK | 1.2 |  |
| NOK | 0.6 |  |

Currency Breakdown (%) (incl. FX derivatives)
80.7
| FRANCE (GOVT OF) FIX 0.500% 25.05.2029 | 3.85 |
| --- | --- |
| FRANCE (GOVT OF) FIX 0.500% 25.05.2026 | 3.39 |
| BONOS Y OBLIG DEL ESTADO FIX 4.650% 30.07.2025 | 3.22 |
| BUONI POLIENNALI DEL TES FIX 2.200% 01.06.2027 | 2.68 |
| BUONI POLIENNALI DEL TES FIX 4.750% 01.08.2023 | 2.18 |
| UNITED KINGDOM GILT FIX 2.750% 07.09.2024 | 2.17 |
| BUONI POLIENNALI DEL TES FIX 2.500% 01.12.2024 | 2.16 |
| FRANCE (GOVT OF) FIX 0.750% 25.11.2028 | 1.97 |
| BONOS Y OBLIG DEL ESTADO FIX 1.400% 30.07.2028 | 1.92 |
| UNITED KINGDOM GILT FIX 2.000% 07.09.2025 | 1.90 |
| Total	25.44 |

Top 10 Holdings (%)
0	20	40	60	80	100
n
Fund
Issuer/type of issue Breakdown (%) (weighted by market value)
Country/Location Breakdown (%) (weighted by market value)
|  |  | 84.4 |  | Italy |  |  |  | 24.8 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 13.0 |  | 100.0 | France |  |  | 18.8 |  |
| 0.0 |  |  |  | Spain |  | 16.0 |  |  |
| 1.1 0.0 0.6 |  |  |  | Germany United Kingdom |  | 13.7 |  |  |
| 0.0 |  |  |  | Switzerland, Scandinavia | 4.7 |  |  |  |
| 0.7 0.0 |  |  |  | Netherl., Belg., Austria | 3.5 |  |  |  |

Governments Corporate Covered bonds Emerging Markets
|  | 0.1 |  |  |  |  | Portugal |  | 1.2 |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0.0 |  |  |  |  | Ireland |  | 0.5 |  |  |
|  |  |  |  |  |  | Latvia |  | 0.1 |  |  |
|  |  |  |  |  |  | Emerging Markets |  | 0.6 |  |  |
|  |  |  |  |  |  | Developed ex Europe |  | 2.6 |  |  |
|  |  |  |  |  |  | Lux., Offshore Domiciles |  | 0.3 |  |  |
|  |  |  |  |  |  | Supranational |  | 0.7 |  |  |
|  |  |  |  |  |  | Cash, Other, NA |  | 0.3 |  |  |
| 0 |  | 25 | 50 | 75 | 100 |  |  |  | 10 | 20 |

Others Cash
12.4
n
Fund 
n
Benchmark
0	30
n
Fund
Key Figures
| Effective Duration (%) | 4.61 |
| --- | --- |
| Average nominal return (%) | 1.87 |
| Yield to worst (%) ⁹ | -0.05 |
| Average rating | A |

Fee Structure	Additional Fund Information
| All-in fee in % p.a. ¹⁰ | currently 0.50 (max. 0.94) |
| --- | --- |
| TER (%) ¹¹ | 0.51 |

| Bloomberg Ticker | ALLEURR GR |
| --- | --- |
| Reuters Ticker | ALLIANZGI01 |

Opportunities
+ Interest income on bonds, capital gains opportunities on declining interest rates
+ High-grade bonds tend to be exceptionally stable in value
+ Currency gains on Europe-wide investments possible
+ Focus on sustainable investments
+ Broad diversification across numerous securities
+ Possible extra returns through single security analysis and active management

Translation (ENFR, 2021-09-30):
# Ratios risque / bénéfice
|  | 3 ans |
| --- | --- |
| Alpha (%) | 0,11 |
| Beta | 1,11 |
| Coefficient de corrélation | 0,95 |
| Ratio d'information | 0,11 |
| Ratio de Sharpe ⁶ | 1,26 |
| Ratio de Treynor | 3,45 |
| Tracking error (%) | 1,03 |
| Volatilité (%) ⁷ | 3,05 |

Structure du fonds ⁸
| EUR |  |
| --- | --- |
| GBP |  | 16,1 |
| DKK | 1,3 |  |
| SEK | 1,2 |  |
| NOK | 0,6 |  |

Répartition par devise en % (dérivés de change inclus)
80,7
| FRANCE (GOVT OF) FIX 0.500% 25.05.2029 | 3,85 |
| --- | --- |
| FRANCE (GOVT OF) FIX 0.500% 25.05.2026 | 3,39 |
| BONOS Y OBLIG DEL ESTADO FIX 4.650% 30.07.2025 | 3,22 |
| BUONI POLIENNALI DEL TES FIX 2.200% 01.06.2027 | 2,68 |
| BUONI POLIENNALI DEL TES FIX 4.750% 01.08.2023 | 2,18 |
| UNITED KINGDOM GILT FIX 2.750% 07.09.2024 | 2,17 |
| BUONI POLIENNALI DEL TES FIX 2.500% 01.12.2024 | 2,16 |
| FRANCE (GOVT OF) FIX 0.750% 25.11.2028 | 1,97 |
| BONOS Y OBLIG DEL ESTADO FIX 1.400% 30.07.2028 | 1,92 |
| UNITED KINGDOM GILT FIX 2.000% 07.09.2025 | 1,90 |
| Total	25,44 |

10 principales lignes du fonds (%)
0	20	40	60	80	100
n
Fonds
par émetteur/genre d’emprunt en % (en fonction de la valeur sur le marché)
|  |  | 84,4 |  | Italie |  |  |  | 24,8 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 13,0 |  | 100,0 | France |  |  | 18,8 |  |
| 0,0 |  |  |  | Espagne |  | 16,0 |  |  |
| 1,1 0,0 0,6 |  |  |  | Allemagne Royaume-Uni |  | 13,7 |  |  |
| 0,0 |  |  |  | Suisse, Scandinavie | 4,7 |  |  |  |
| 0,7 0,0 |  |  |  | PB., Belg., Autriche | 3,5 |  |  |  |

Emprunts d'Etat Emprunts d'entreprises obligations foncières Marchés émergents
|  | 0,1 |  |  |  |  | Portugal |  | 1,2 |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0,0 |  |  |  |  | Irlande |  | 0,5 |  |  |
|  |  |  |  |  |  | Lettonie |  | 0,1 |  |  |
|  |  |  |  |  |  | Marchés émergents |  | 0,6 |  |  |
|  |  |  |  |  |  | ex-Europe développés |  | 2,6 |  |  |
|  |  |  |  |  |  | Lux., Rés. offshores |  | 0,3 |  |  |
|  |  |  |  |  |  | Supranational |  | 0,7 |  |  |
|  |  |  |  |  |  | Liqu., Autres, Non dispo. |  | 0,3 |  |  |
| 0 |  | 25 | 50 | 75 | 100 |  |  |  | 10 | 20 |

Autres Liquidité
par pays/répartition géographique en % (en fonction de la valeur sur le marché)
12,4
n
Fonds 
n
Indice de référence
0	30
n
Fonds
Chiffres-clé du portefeuille
| Maturité effective (%) | 4,61 |
| --- | --- |
| Rendement nominal moyen (%) | 1,87 |
| Rendement actuariel le plus défavorable (%) ⁹ | -0,05 |
| Rating moyen | A |

Structure des coûts	Informations complémentaires relatives au fonds
| Commision forfaitaire en % p.a. ¹⁰ | actuellement 0,50 (max. 0,94) |
| --- | --- |
| TFE en % ¹¹ | 0,51 |

| Code Bloomberg | ALLEURR GR |
| --- | --- |
| Code Reuters | ALLIANZGI01 |

Opportunités
+ Paiement courant des intérêts sur les obligations, possibilité de plus- values en cas de baisse des taux
+ Stabilité particulière de la valeur des obligations très solvables
+ Gains de change possibles dans le cadre d'investissements à l'échelle européenne
+ Large 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