AMUNDI/CPR Invest

Podsklad vlaga najmanj 67 % sredstev v obveznice z naložbenim razredom, ki jih izdajo ali zanje jamčijo vlade OECD ali nadnacionalni subjekti (vsaj 60 % sredstev) ali pa jih izdajo pravni subjekti. Za te naložbe ni valutnih omejitev. Podsklad uporablja izvedene finančne instrumente za zmanjšanje različnih tveganj, za učinkovito upravljanje portfelja in kot način za večjo izpostavljenost (dolgoročno ali kratkoročno) do različnih sredstev, trgov ali drugih naložbenih priložnosti (vključno z izvedenimi finančnimi instrumenti, ki se osredotočajo na kredite, obrestne mere in tujo valuto). Podsklad lahko uporablja kreditne izvedene finančne instrumente (do 40 % neto sredstev). Referenčno merilo: Podsklad se aktivno upravlja s sklicevanjem na J.P. Morgan Government Bond Global All Maturities Unhedged in USD Index in si prizadeva preseči njegovo uspešnost. Podsklad je v glavnem izpostavljen izdajateljem referenčnega merila, vendar je upravljanje podsklada diskrecijsko in bo izpostavljen izdajateljem, ki niso vključeni v referenčno merilo. Podsklad spremlja izpostavljenost tveganju glede na referenčno merilo, vendar se pričakuje, da bo obseg odstopanja od referenčnega merila pomemben. Postopek upravljanja: Podsklad vključuje dejavnike trajnosti v svoj naložbeni proces, kot je podrobneje opisano v razdelku »Trajnostne naložbe« prospekta. Naložbena ekipa analizira obrestno mero in gospodarske trende (od zgoraj navzdol), da prepozna strategije, za katere je verjetno, da bodo ponudile najboljše tveganjem prilagojene donose. Naložbena ekipa uporablja široko paleto strateških in taktičnih pozicij, vključno z arbitražo med kreditnimi, obrestnimi in valutnimi trgi, pri sestavljanju zelo raznolikega portfelja The sub-fund invests at least 67% of its assets in investment-grade bonds issued or guaranteed by OECD governments or transnational entities (at least 60% of assets) or issued by legal entities. There are no currency restrictions for these investments. The Sub-Fund uses derivative financial instruments to reduce various risks, for efficient portfolio management and as a way to gain greater exposure (long-term or short-term) to various assets, markets or other investment opportunities (including derivatives focusing on credit, interest rates and foreign currency). The sub-fund may use credit derivatives (up to 40% of net assets). Benchmark: The sub-fund is actively managed with reference to J.P. Morgan Government Bond Global All Maturities Unhedged and USD Index and aims to outperform it. The sub-fund is mainly exposed to the issuers of the benchmark, but the management of the sub-fund is discretionary and will be exposed to issuers not included in the benchmark. The sub-fund monitors risk exposure against a benchmark, but the extent of deviation from the benchmark is expected to be significant. Management Process: The Sub-Fund incorporates sustainability factors into its investment process, as described in more detail in the "Sustainable Investments" section of the Prospectus. The investment team analyzes interest rate and economic trends (from top to bottom) to identify strategies that are likely to offer the best risk-adjusted returns. The investment team uses a wide range of strategic and tactical positions, including arbitrage between credit, interest and currency markets, in building a highly diversified portfolio.