Listed Index Fund ToPIX Ex-Financials · TSE:1586
Listed Index Fund ToPIX Ex-Financials — Amova Asset Management — Debt Investor Presentation (December 2025)
31 slides from Listed Index Fund ToPIX Ex-Financials's debt investor presentation, December 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 December 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 Global markets entered Q4-2025 with lingering policy uncertainty, but the quarter ultimately reinforced the year’s dominant theme: persistent economic resilience despite clear labour-market softening. Incoming data pointed to strong above-trend global GDP growth, supported by robust US
Slide 5: Performance
Performance Q4 2025 Net Performance Returns (Class A USD) % 14% 12.62% 12.90% 12.61% 12.90% 12% The fund underperformed the benchmark by 12 bps, 10% posting a return of 0.41% 8% 7.11% 6.89% in Q4 2025 versus the benchmark, which 6% returned 0.53% over the 4% same period. 1.61% 2% 0.54% 0.65% 0.41% 0
Slide 6: Performance Review
Performance Review Over the quarter, the fund achieved a 0.50% return, marginally trailing its benchmark's 0.52%, resulting in a -0.02% underperformance attributed to a challenging interest rate environment and varied sector and currency fluctuations. Managing yield curve positions proved difficult,
Slide 7: Best/Worst Performers
Best/Worst Performers US dollar denominated Best Instruments by Security Selection Contribution Instr OAS change Bucket OAS change Instrument Bucket Outperf (%) Port wt (%) Benchmark wt (%) Active wt (%) (bps) (bps) BTPS 1 ½ 04/30/45 Treasury -18.01 -11.17 0.03 2.19 0.30 1.89 SPGB 1 07/30/42 Treasur
Slide 8: Investment Activity
Investment Activity Demand for green bonds was stable in the year 2025, while Euro denominated issuance was stronger than US dollar ones. Bond supply weakened as market volatility also impacted the green bond market. In addition, green bonds outperformed other labels, such as social bonds, in terms
Slide 9: Outlook
Outlook A Divergent Global Landscape Fosters Opportunity for Green Bonds The global backdrop for 2026 presents a landscape defined by divergence, uncertainty, and opportunity, all of which shape a constructive outlook for green bonds. While global growth is slowing, recession risk remains low and in
Slide 10: Outlook (Continued)
Outlook (Continued) Emerging Markets Present Attractive Prospects for Sustainable Bonds Meanwhile, emerging markets continue to offer attractive opportunities, supported by credible central banks, normalized yield curves and potential tailwinds from a weaker dollar. Latin America and selected Asian
Slide 11: Key Investment Activity Purchases/Sales
Key Investment Activity Purchases/Sales Switch - Bought SW 5.185 01/15/36 and Sold SW 0 ½ 09/22/29 We switched our existing position in SW 5.185 01/15/36 into the newly issued SW 0 ½ 09/22/29 to add duration to the fund but also due to attractive pricing/pickup from the existing position in SW. Our
Slide 12: Positioning
Positioning Fund Characteristics Fund Benchmark Number of Bonds 59 3105 Yield to Maturity (Gross) 3.85% 3.58% Modified Duration (Years) 7.39 5.93 Bloomberg Composite Rating AA-/A+ AA-/A+ % invested in Green Bonds 87.05 56.93 % invested in Sustainable Bonds 10.02 17.58 % invested in Social Bonds 1.92
Slide 13: 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 7.39 3.85 68 AA-/A+ Benchmark 5.93 3.58 58 AA-/A+ Bond category composition Key Rate Composition 100% 100% 100% 100% 4.1% 6.6% 12.7% 27
Slide 14: Smurfit Westrock – Case Study
Smurfit Westrock – Case Study Smurfit Westrock has developed a Green Finance Framework to reflect the nature of the Company’s business model Smurfit Westrock is the world’s second largest manufacturer of containerboard and it aims to become the global leader in sustainable packaging. Fundamental ana
Slide 15: Smurfit Westrock – Case Study: The dynamic credit model in action
Smurfit Westrock – Case Study The dynamic credit model in action Smurfit Westrock is the world’s second largest manufacturer of containerboard and it aims to become the global leader in sustainable packaging. Business Risk Maturity/Position Key Risks Security/Cap structure In-house Research (fundame
Slide 16: 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 17: ESG Characteristics – Issuer Example
ESG Characteristics – Issuer Example Assessment summary Issuer Bond Issuer P3 Group S.ar.l. Name PTHREE 0 04/02/33 Sector Financial Bond type Green Bond Industry Real Estate Issuance date 06/10/2025 MSCI ESG Rating n/a Maturity date 02/04/2033 MSCI Rating trend n/a Currency EUR UNGC status Pass Cont
Slide 18: 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 19: Engagement Update
Engagement Update Company Country Date Type Description Email sent to encourage company to have its climate targets certified by Science- Based Target initiative (SBTi), in line with peers. The company advised that they 16/11/2023 1-to-1 intended to submit to SBTi in the coming weeks. Confirmed as p
Slide 20: Engagement Update
Engagement Update Company Country Date Type Description Monitor controversy from a subsidiary’s allegedly financing activity linked to KfW DE 26/03/2025 Letter deforestation. KfW’s response was satisfactory and we have therefore closed the engagement Letter following alleged controversy raised by MS
Slide 21: Issuers ESG Overview
Issuers ESG Overview As of 30th September 2025 Strong issuer quality *MSCI ESG Manager MSCI Issuer ESG Ratings (%) Sector breakdown 40% 35% Industrials Other 4% 30% 6% 25% 20% Utilities 15% 11% Government 10% 44% 5% 0% AAA AA A BBB BB B CCC CC C D N/A Portfolio Weight Benchmark Weight Financials 35%
Slide 22: Bonds allocation breakdown
Bonds allocation breakdown Proceeds allocated toward environmental projects Bond Categories Projects Financed* Bond Categories (% portfolio) Green buildings 25.2% 10.0% 1.0% 1.9% Clean transportation 22.2% Renewable energy 20.5% Water and wastewater 13.2% 87.0% Energy efficiency 7.9% Green Social Su
Slide 23: Impact Metrics
Impact Metrics The environmental impact of investing a million Euro in the portfolio Impact per EUR Metric Impact equivalences for each EUR million invested 1m Invested Annual GHG emissions 462.211 Annual emissions of 346 new cars in EU reduced/avoided (tCO2-e) Annual renewable energy Annual electri
Slide 24: 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) 49.7% 41.9% 31.2% 25.9% 9.8% 8.6% 7.6% 6.2% 4.4% 4.8% 3.2% 4.1% 3.4% 2.1% 3.0% 2.0% 1.9% Source: LuxSE LGX DataHub as at 31 December 2025 Confidential – Not for redistributi
Slide 25: 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 26: 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 27: 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 28: 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 29: 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 30: 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 Amova AM. S&P®, S&P 500®, iBoxx®, iTraxx® and CDX® are registered trademarks of S&P Global, Inc
Slide 31: Amova Asset Management
AamMOova Asset Management
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