Listed Index Fund ToPIX Ex-Financials · TSE:1586
Listed Index Fund ToPIX Ex-Financials — Amova Asset Management — Debt Investor Presentation (September 2025)
33 slides from Listed Index Fund ToPIX Ex-Financials's debt investor presentation, September 2025
Slide 1: Amova Global Green Bond Fund
This is a marketing communication For professional investors only Amova Global Green Bond Fund Global Fixed Income Team September 2025 Confidential – Not for redistribution
Slide 2: Key Facts
Key Facts Benchmark: iBoxx Global Green, Social & Sustainability Bonds Index Structure: UCITS Qualifying sub Fund of Luxembourg SICAV Fund Inception Date: Class A USD – 25th February 2010 Class A GBP – 22nd March 2010 Portfolio Manager: Steven Williams SFDR Classification: Article 9 Confidential – N
Slide 3: Table of Contents
Table of Contents Section 1: Market Review Section 2: Performance Review Section 3: Investment Activity & Outlook Section 4: Fund Positioning Section 5: Case Study Section 6: ESG Profile Confidential – Not for redistribution. This material must be read in conjunction with the ‘Important Information’
Slide 4: Market Review
Market Review Tariffs remained a dominant theme in Q3. Initially set to resume on July 9 following the April Liberation Day announcement, implementation was delayed to August 1. President Trump issued country-specific tariff notices, with the EU and Japan ultimately facing a 15% rate—higher than the
Slide 5: Performance
Performance Q3 2025 Net Performance Returns (Class A USD) % 14% 12.16% 12.31% 12% The fund outperperformed the benchmark by 1 bps, 10% 8.68% 8.99% posting a return of 0.68% 8% in Q3 2025 versus the 5.82% benchmark, which 6% 5.21% returned 0.67% over the 4% same period. 1.60% 2% 0.82% 0.73% 0.68% 0.6
Slide 6: Performance Review
Performance Review The fund outperformed the benchmark by 1bp in 3Q2025, posting a net return of 0.68% versus the benchmark, which returned 0.67% over the same period (Class A USD). The portfolio's outperformance was driven by strong security selection, particularly in corporate and supranational bo
Slide 7: Best/Worst Performers
Best/Worst Performers US dollar denominated Best Instruments by Security Selection Contribution Instruments Bucket Instr OAS Bucket OAS Outperf (%) Portfolio Benchmark Active weight change (bps) change (bps) Weight (%) weight (%) (%) SPGB 1 07/30/42 Treasury -10.68 1.56 0.04 3.17 0.40 2.77 CHILE 0.8
Slide 8: Investment Activity
Investment Activity During the fourth quarter of 2023, the Fund strategically pivoted to include credit investment, marking a significant shift in our investment approach. This change aligns our operations more closely with the iBoxx Global Green, Social & Sustainable Bond Index, which we will now b
Slide 9: Outlook
Outlook One big beautiful bill Act In the US, President Trump, who declared a 'national energy emergency' on his inauguration day, is very much considered a climate sceptic. On July 4, 2025, President Donald Trump signed the "One Big Beautiful Bill Act," which significantly rolls back key provisions
Slide 10: Outlook (Continued)
Outlook (Continued) European countries are evolving their views on regulation. Political shifts in the US have sparked debate within the EU about the complexity and cost of sustainability regulations. Countries like France, Germany, and Denmark are concerned that extensive ESG reporting requirements
Slide 11: Key Investment Activity Purchases/Sales
Key Investment Activity Purchases/Sales Bought SAUR 3 7/8 01/31/31to replace SUEZFP 5 11/03/32 We switched our existing position in SUEZFP into the newly issued SAUR 31s due to attractive pricing/pickup and saw an opportunity to get exposure into an integrated water and wastewater treatment and dist
Slide 12: Key Investment Activity Purchases/Sales
Key Investment Activity Purchases/Sales Bought MUNRE 5 ⅞ 05/23/42 Sold RABOBK 1.106 02/24/27 The fund switched into MUNRE from RABOBK because the pick-up in spread was attractive, it helped extend duration (RABOBK had a first-call date of Feb-26, MUNRE had a first-call in Nov-31), and it provided fo
Slide 13: Positioning
Positioning Fund Characteristics Fund Benchmark Number of Bonds 59 2997 Yield to Maturity (Gross) 3.79% 3.51% Modified Duration (Years) 7.64 6.01 Bloomberg Composite Rating AA-/A+ AA-/A+ % invested in Green Bonds 87.15 57.00 % invested in Sustainable Bonds 9.96 17.38 % invested in Social Bonds 1.92
Slide 14: Global Green Bond Strategy Key statistics
Global Green Bond Strategy Key statistics Option Adjusted Duration Local Yield to Worst Option Adjusted Spread Bloomberg Composite Rating Global Green Bond Strategy 7.64 3.79 72 AA-/A+ Benchmark 6.01 3.51 59 AA-/A+ Credit rating composition Bond category composition FX composition Key Rate Compositi
Slide 15: E.ON – Case Study
E.ON – Case Study E.ON has developed a Green Bond Framework under which it issues Green bonds to fund the transition process. E.ON is one of the largest pan-European integrated utility and energy retailers, and is building out the necessary infrastructure to facilitate the EU energy transition. Fund
Slide 16: E.ON – Case Study: The dynamic credit model in action
E.ON – Case Study The dynamic credit model in action E.ON is one of the largest pan-European integrated utility and energy retailers, and is building out the necessary infrastructure to facilitate the EU energy transition. Business Risk Maturity/Position Key Risks Security/Cap structure In-house Res
Slide 17: Xylem – Case Study
Xylem – Case Study Xylem has developed a Green Finance Framework under focussing on three SDGs Xylem Inc. is a global water technology provider. It works with public utilities, residential, commercial, agricultural as well as industrial settings Fundamental analysis of Xylem’s sustainability and str
Slide 18: Xylem – Case Study: The dynamic credit model in action
Xylem – Case Study The dynamic credit model in action Xylem Inc. is a global water technology provider. It works with public utilities, residential, commercial, agricultural as well as industrial settings Business Risk Maturity/Position Key Risks Security/Cap structure In-house Research (fundamental
Slide 19: ESG Characteristics
ESG Characteristics Minimum safeguard and qualitative assessment for all the bonds in the portfolio Portfolio ESG characteristics Sustainability review process 90% of portfolio allocated towards Issuer Bond environmental projects Issuer ESG profile Framework and Bond-specific Allocation and Second-P
Slide 20: ESG Characteristics – Issuer Example
ESG Characteristics – Issuer Example Assessment summary Issuer Bond Issuer IBERDROLA FINANZAS SOCIEDAD ANONIMA Name IBESM 1.575 PERP Sector Utilities Bond type Green Bond Industry Electric Issuance date 16/11/2021 MSCI ESG Rating AAA Maturity date #N/A Field Not Applicable MSCI Rating trend 0 Coupon
Slide 21: Stewardship – Review Outcomes & Engagement Examples
Stewardship – Review Outcomes & Engagement Examples Examples of Bonds not included in the portfolio & Engagement activity carried out as result of review flags Major Concern Enhance Due diligence - Engagement Issuer: Vonovia Sector: Real Estate. SYSCO Corporation Review : Enhance Due diligence Bond
Slide 22: Engagement Update
Engagement Update Company Country Date Type Description Email sent to encourage company to have its climate targets certified by Science- 16/11/2023 1-to-1 Based Target initiative (SBTi), in line with peers. Vonovia DE Query about impact report publication - confirmed by Vonovia by email. 05/12/2023
Slide 23: Issuers ESG Overview
Issuers ESG Overview As of 30th September 2025 Strong issuer quality *MSCI ESG Manager MSCI Issuer ESG Ratings (%) Sector breakdown 40% Others 35% 5% 30% Industrials 4% 25% Utilities 11% 20% Government 45% 15% 10% Financials 5% 35% 0% AAA AA A BBB BB B CCC CC C D N/A GGBF Benchmark Highest rated iss
Slide 24: Bonds breakdown
Bonds breakdown Proceeds allocated toward environmental projects Bond Categories* Projects Financed** 9.96% 0.98% 1.92% Others Green 25.0% Transport 16.3% Buildings 16.0% Renewable Electricity and Heat Production 11.4% 87.15% Water 11.1% Green Social Sustainability Other Undisclosed/Not disbursed pr
Slide 25: Impact Metrics
Impact Metrics Metric per USD 10m Invested Impact Unit Energy produced by renewable energy projects 17.4 GWh Total area covered for green buildings 418 m2 Calculated avoided emissions -1,405 tCO2e Disclosed avoided emissions -1,570 tCO2e Equivalent to……. 3.6 million 3,253 1.6 million 1,409 miles dri
Slide 26: Global Green Bond Fund – Contribution to SDGs
Global Green Bond Fund – Contribution to SDGs Portfolio alignment with SDGs Bonds contribution to the UN SDGs (% of portfolio) * 75% 61% 58% 49% 43% 38% 38% 37% 14% 12% 4% 5% 4% 3% 1% 1% 0% *Source: Bloomberg as at 30 September 2025 Bloomberg definition: Specifies the United Nations Sustainable Deve
Slide 27: Risk information
Risk information Class A (UCITS KIIDS) Synthetic Risk & Reward Indicator SRRI) Class A (PRIIPS KIDS) Summary Risk Indicator (SRI) Besides the risks included in the risk indicator, other risks may affect the fund performance: Lower liquidity risk - Lower liquidity means there are insufficient buyers
Slide 28: Risk information
Risk information Operational risk – due to issues such as natural disasters, technical problems and fraud. Emerging markets risk - Emerging markets may be exposed to political, fiscal and institutional instability that creates risks associated dealing, settlement, accounting, ownership, custody as w
Slide 29: Important Information
Important Information General Important Information This document (the "Document") is prepared by Amova Asset Management Co., Ltd. and/or its affiliates (hereinafter referred to as the “Group”) and is for distribution only under such circumstances as may be permitted by applicable laws. This Documen
Slide 30: Important Information
Important Information Fund Important Information For the purposes of this Document, the “Fund" means the fund referred to at the top of the first page. The Fund is a sub-fund of an investment company with variable capital (SICAV) of Luxembourg law, approved and supervised by CSSF. The Fund is an Und
Slide 31: Important Information
Important Information FACILITIES FOR INVESTORS RESIDENT IN A MEMBER STATE OF THE EUROPEAN UNION (EU) OR THE EUROPEAN ECONOMIC AREA (EEA) IN WHICH THE FUND IS MARKETED Subscription, redemption and/or switch orders can be made through (i) your bank, financial intermediary or distributor, (ii) the Admi
Slide 32: Important Information
Important Information IBOXX: The Iboxx Global Green,Social & Sustainability Bond Index (the “Index”) is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”), and has been licensed for use by Nikko AM. S&P®, S&P 500®, iBoxx®, iTraxx® and CDX® are registered trademarks of S&P Global, Inc
Slide 33: Amova Asset Management
AamMOova Asset Management
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