# Unaudited Information
- 
## Global Exposure

Risk management
Risk management in accordance with the commitment approach and the value-at-risk approach is applied pursuant to the applicable laws and regulatory provisions.
Leverage
Leverage is defined pursuant to the applicable ESMA directives as the total of the notional values of the derivatives used by the respective subfund. According to this definition, leverage may result in artificially increased leverage amounts, as some derivatives that can be used for hedging purposes may be included in the calculation. Conse- quently, this information does not necessarily reflect the precise actual leverage risk that the investor is exposed to.
| Subfunds | Global risk | Model | Min | Max | Avg | Leverage | Reference |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | calculation | used | VaR (%) | VaR (%) | VaR (%) | as at | portfolio |

method	consumption consumption consumption	(%)	(benchmark)
– Corporate Bond EUR	Commitment approach
The reference
portfolio reflects the properties of a broadly diversified portfolio of
international debt
- Global Bond	Relative VaR approach Historical VaR	18.6%	71.5%	55.9%	74.6%	instruments.
- High Grade Bond CHF	Commitment approach
- High Grade Bond EUR	Commitment approach
- High Grade Bond GBP	Commitment approach
- High Grade Bond USD	Commitment approach
- High Grade Long Term Bond CHF	Commitment approach
- High Grade Long Term Bond EUR	Commitment approach
- High Grade Long Term Bond GBP	Commitment approach
- High Grade Long Term Bond USD	Commitment approach
- US Corporate Bond Sustainable USD Commitment approach
- US Treasury Bond USD	Commitment approach
- World Bank Bond USD	Commitment approach
- World Bank Long Term Bond USD	Commitment approachFocused SICAVAnnual Report as of 31 October 2019

Translation (ENDE, 2019-10-31):
# Ungeprüfle Informationen
- 
## Gesamtengagement

Risikomanagement
Das Risikomanagement gemäss dem Commitment-Ansatz und dem Value-at-Risk-Ansatz erfolgt gemäss den anwendbaren Gesetzen und regulatorischen Vorschriften.
Hebelwirkung
Die Hebelwirkung wird gemäss den geltenden ESMA-Richtlinien als Gesamtbetrag der Nominalwerte der Derivative definiert, die vom jeweiligen Subfonds verwendet werden. Gemäss dieser Definition kann die Hebelwirkung zu einer künstlich erhöhten Fremdkapitalquote führen, da bestimmte Derivate, die zu Absicherungszwecken eingesetzt werden können, unter Umständen in die Berechnung einfliessen. Daher spiegeln diese Informationen nicht notwen- digerweise das genaue tatsächliche Risiko der Hebelwirkung wider, dem der Anleger ausgesetzt ist.
Subfonds		Berechnungs- Verwendetes		Min		Max		Avg Durchschmitt-			Bezugs- methode für das	Modell		VaR (%)	VaR (%)	VaR (%)	licher Hebel		portfolio globale Risiko		Auslastung Auslastung Auslastung		(%)	(Benchmark)
- Corporate Bond EUR	Commitment-AnsatzDas Referenzportfolio reflektiert die Eigenschaften eines breit gefächerten Portfolios bestehend aus weltweiten Schuldverschrei-
- Global Bond	Relativer VaR-Ansatz Historical VaR	18.6%	71.5%	55.9%	74.6%	bungen.
- High Grade Bond CHF	Commitment-Ansatz
- High Grade Bond EUR	Commitment-Ansatz
- High Grade Bond GBP	Commitment-Ansatz
- High Grade Bond USD	Commitment-Ansatz
- High Grade Long Term Bond CHF	Commitment-Ansatz
- High Grade Long Term Bond EUR	Commitment-Ansatz
- High Grade Long Term Bond GBP	Commitment-Ansatz
- High Grade Long Term Bond USD	Commitment-Ansatz
- US Corporate Bond Sustainable USD  Commitment-Ansatz
- US Treasury Bond USD	Commitment-Ansatz
- World Bank Bond USD	Commitment-Ansatz
- World Bank Long Term Bond USD	Commitment-AnsatzFocused SICAV Jahresbericht per 31. Oktober 2019