Conservative Mutual Funds Assessment 2022 I Yousef Tayyan

Part 1
Conservative Mutual Funds
Assessment

Yousef Tayyan
2022

1
 Conservative Mutual Funds Assessment 2022 I Yousef Tayyan

4th August 2022

Mr. Mohammad Al - Tayyan

Branch Manager
MetLife
Amman, Jordan
Yousef Tayyan
Mobile #: 079 557 0490
Email: tayyantayyan68@gmail.com
Subject: Conservative Mutual Funds Assessment 2022

Dear Sir,

With regards to your kind request to provide a mutual funds assessment that offers investors a good investment opportunity. Hereinafter a full assessment of conservative mutual funds based
on available data on the star morning website, www.starmorning.co.uk, financial times, www.markets.ft.com, and fact sheets that are delivered by your kind self.

 GUARANTEED RETURNED ACCOUNT GRA N/A

 LEGG MASON QS CONSERVATIVE "A" (USD) ACC AAA IE00BQQPSF11
 EMIRATES GLOBAL SUKUK "A" ACC EGB GB00B1224310
 PICTET SHORT TERM MONEY MARKET (USD) "P" ACC LPC LU0128496485
 PINEBRIDGE GLOBAL BOND "A" (USD) ACC GLB IE0031295045

Like all investments in the forex market, mutual funds are exposed to certain fluctuations in price and returns every day which may change the fund performance overview in comparison to an
Index or appropriate Benchmark. Investment funds may also carry certain risks despite the market strategy that is followed. Therefore, I made a comparison for each group separately according
to its market strategy, which allows the investor to be aware of the functioning and risks for better decision-making.

It would be preferable for investors to select long-term investments and seek advice from experts while making investment decisions.

Yours sincerely,

Yousef Tayyan

2
 Conservative Mutual Funds Assessment 2022 I Yousef Tayyan

1 LEGG MASON GLOBAL SOLUTIONS PLC IE00BQQPSF11

Fund details Top Holdings (%)
Investment Objective
The Fund objective is to invest in equity, equity
Company %
LOOMIS SAYLES GLOBAL OPPORTUNISTIC BOND 17.73% ISHARES EURO AGGREGATE BOND ETF 6.76%
related and fixed income investments
FUND
denominated in US dollar by investing in shares
or units of other collective investment schemes, LEGG MASON WESTERN ASSET US CORE BOND 14.17% ISHARES CORE MSCI EUROPE UCITS ETF 6.11%
including other UCITS schemes and UCITS FUND
Equivalent Schemes, and in closed-ended funds. ISHARES US AGGREGATE BOND ETF 11.74% XTRACKERS MSCI JAPAN UCITS ETF 1C 5.35%
LEGG MASON WESTERN ASSET GLOBAL CORE PLUS 10.08% LEGG MASON CLEARBRIDGE US APPRECIATION 5.17%
BOND FUND FUND
LEGG MASON BRANDYWINE GLOBAL FIXED INCOME 6.85% WELLS FARGO EMERGING MARKETS EQUITY FUND 3.95%
FUND
Sectors Weights %
Investment Strategy Conservative
Legal Structure Open-ended (SICAV) Financial Services 3.53% Financial Services 3.53%
Inception Date 24 Feb 2015
Technology 3.03% Technology 3.03%
ISIN IE00BQQPSF11
% of top ten holdings 87.90% Industrials 2.72%
Industrials 2.72%
Fund Size (million) US$ 23.11 Consumer Cyclical 2.63%
Prices as of 31/7/22 US$ 111.29 Healthcare 2.48% Consumer Cyclical 2.63%
Real Estate 2.47% Healthcare 2.48%
Charges Consumer Defensive 2.06%
Real Estate 2.47%
Minimum initial US$ 1,000 Communication Services 1.97%
investment Basic Materials 1.37% Consumer Defensive 2.06%
Ongoing charge 1.68% Other 1.28% Communication Services 1.97%
Management fees 1.00%
Subscription fee up to 5% Basic Materials 1.37%

Other 1.28%
The charges are the fees of fund charges to
investors to cover the costs of running the Fund,
transaction fees and currency exchange
fluctuations. ** Financial times: As of May 31 2022. Sectors weighting is calculated using only long position holdings of the portfolio
MetLife factsheet, sector breakdown is not applicable.

3
 Conservative Mutual Funds Assessment 2022 I Yousef Tayyan

Geographical Breakdown %

Ireland 69.09%
Ireland 69.09%
United States Of America 15.91%
Luxembourg 15.00%

United States Of America 15.91%

Luxembourg 15.00%

Asset allocation %

Fixed income 74.09%

Fixed income 74.09%
Equity 24.16%
Cash 1.75%

Equity 24.16%

Cash 1.75%

Currency Breakdown %

US Dollar 81.75%
US Dollar 81.75%
Euro 12.90%
British Pound 5.35%
Euro 12.90%

British Pound 5.35%

4
 Conservative Mutual Funds Assessment 2022 I Yousef Tayyan

Rolling 12 months performance (%)

1 - Year Price % change
Jul, 2022 111.29 3.18%
Jun, 2022 107.86 -4.76% 3.18%
May, 2022 113.25 0.38%
Apr, 2022 112.82 -5.37%
0.83% 1.05%
March, 2022 119.22 -1.62%
0.38%
Feb, 2022 121.18 -1.74% 0.05%
Aug, 2021 Sep, 2021 Oct, 2021 Nov, 2021 Dec, 2021 Jan, 2022 Feb, 2022 March, Apr, 2022 May, Jun, 2022 Jul, 2022
Jan, 2022 123.32 -2.87%
2022 2022
Dec, 2021 126.97 1.05% -1.62% -1.74% -1.62%
-2.10%
Nov, 2021 125.65 -1.62%
-2.87%
Oct, 2021 127.72 0.83%
Sep, 2021 126.67 -2.10%
-4.76%
Aug, 2021 129.39 0.05%
-5.37%

Cumulative performance (%)

The cumulative performance shows the total 5 years 3 years 1 year 6 months 3 months 1 month
percentage movement in the price of the asset
1.94% 0.79% -3.19% -1.10% 2.83% 4.47%
over a specified period. It can be useful as an
indication as to what the fund has achieved over
a period. 2017 2018 2019 2020 2021 YTD
The schedules show how frequently the fund 1.02% -1.44% 8.32% 5.14% 2.64% -4.14%
changes prices is positive or negative. Each
number is an observation period
Past performance is not indicative of future
performance

5
 Conservative Mutual Funds Assessment 2022 I Yousef Tayyan

2 EMIRATES GLOBAL SUKUK "A" ACC GB00B1224310

Fund details Top 5 Holdings (%)
Investment Objective
Is to invest in Foreign Aggregate Bond, and to
Company %
achieve a higher profit than traditional Shari'a ISDB Trust 2027 3.7%
compliant bank deposits of similar liquidity DP World Salaam Perpetual 3.7%
through the use of collectives investing in such EMG Sukuk Limited 2024 3.6%
instruments,including schemes investing in KSA Sukuk Limited 2031 3.5%
Murabaha, Sukuk and international trade Perusahaan 2050 3.7%
contracts.

Certain share classes of the fund will make income Dividend History 2022 2021 2020 2019 2018 2017 2016
distribution on a semi-annual basis. March 1% 1% 1% 1%
June 1% 1% 1% 1% 2% 2% 2%
December 1% 1% 1% 2% 2% 2%
Sectors Weights %
Investment Strategy Conservative
Fund Inception Date 9 Sep 2014 Basic Materials 1% Government 36%
ISIN GB00B1224310
Consumer, cyclical 1% Financial 21%
# of holdings 62
Fund Size (million) US$ 144.7 Communications 1%
Real Estate 14%
Legal Structure Open-eded Energy 3%
Price as at July N/A Cash 3% Utilities 11%
Consumer, non cyclical 9% Consumer, non cyclical 9%
Charges Utilities 11%
Cash 3%
Minimum initial US$ 10,000 Real Estate 14%
investment Financial 21% Energy 3%
Ongoing charge --
Management fees 1.25% Government 36% Communications 1%
Subscription fee up to 4.00% Consumer, cyclical 1%

The charges are the fees of fund charges to Basic Materials 1%

investors to cover the costs of running the Fund,
transaction fees and currency exchange
fluctuations. ** Emirates NBD Factsheet June 2022

6
 Conservative Mutual Funds Assessment 2022 I Yousef Tayyan

Geographical Breakdown %
All Shari'a compliant products and services are
approved by the Shari'a Supervisory Board of
Emirates NBN Asset Management Ltd.
UAE 30%
Maldives 1% Saudi Arabia 26%
Oman 1% Indonesia 14%
Qatar 1%
Bahrain 7%
Turkey 1%
Kuwait 6%
Cash 3%
Malaysia 6%
Supranational 4%
Supranational 4%
Malaysia 6%
Kuwait 6% Cash 3%
Bahrain 7% Turkey 1%
Indonesia 14% Qatar 1%
Saudi Arabia 26% Oman 1%
UAE 30% Maldives 1%
** Emirates NBD Factsheet June 2022

Asset allocation % Fixed Income, the fund objective is to invest in Foreign Aggregate Bond

Currency Breakdown N/A

7
 Conservative Mutual Funds Assessment 2022 I Yousef Tayyan

Rolling 12 months performance (%)

1 - Year % change
Jun, 2022 -1.61%
May, 2022 -0.72% 0.45%
0.31%
-2.11% 0.11%
Apr, 2022 -0.01%
March, 2022 -1.45% July, Aug, Sep, -0.36%
Oct, Nov, Dec, Jan, Feb, March, Apr, May, Jun,
2021 2021 2021 2021 2021-0.55%2021 2022 2022 2022 2022 2022 2022
Feb, 2022 -1.04% -0.72%
Jan, 2022 -1.29% -1.04%
-1.29%
Dec, 2021 0.11% -1.45%
-1.61%
Nov, 2021 -0.55%
Oct, 2021 -0.01% -2.11%
Sep, 2021 -0.36%
Aug, 2021 0.45%
July, 2021 0.31%

Cumulative performance (%)

The cumulative performance shows the total
1Month 3Months YTD 12Months Since Inception 3Years 5Years
percentage movement in the price of the asset
over a specified period. It can be useful as an Fund USD Base Currency -1.61% -4.38% -7.95% -7.99% 16.63% -0.15% 1.59%
indication as to what the fund has achieved over a
period.
The schedule shows how frequently the fund
changes prices is positive or negative. Each number
is an observation period
Past performance is not indicative of future
performance

8
 Conservative Mutual Funds Assessment 2022 I Yousef Tayyan

3 PICTET LU0128496485
Fund details Top Holdings (%)
Investment Objective
The fund's objective is to offer investors a high
Company %
level of protection and to provide a return in line Royal Bank of Canada 1.968% 2.04% Royal Bank of Canada 2.36% 1.51%
with money market rates and a high level of Bank of Montreal 2.12% 1.97% Japan (Government Of) 0% 1.47%
liquidity. When selecting investments, the fund The Toronto-Dominion Bank 1.994% 1.94% Singapore (Republic of) 0% 1.38%
approach is to increase the weight of securities Canadian Imperial Bank of Commerce 2.3% 1.88 Germany (Federal Republic Of) 0% 1.26%
with low sustainability risks and/or to decrease the Export-Import Bank of Korea 0% 1.51% Bank of Montreal 2.27% 1.20%
weight of securities with high sustainability risks.

Sectors Weights %
Investment Strategy Conservative
Fund Type SICAV Financial (senior) 59.87%
Financial (Covered, secured) 0.33%
Inception Date 26 Aug 1997 Government 12.21%
Sovereign 0.60%
ISIN LU0128496485 Cash 11.45%
% of top ten holdings 16.16% Other 0.67%
Quasi-Sovereign 5.32%
Fund Size (million) US$ 5,306.03 Telecommunication 0.67%
Regionalbanks 4.69%
Prices as of 31/7/22 US$ 143.21 Information Technology 0.90% Consumer Noncyclicals 3.30%
Consumer Noncyclicals 3.30% Information Technology 0.90%
Charges Regionalbanks 4.69% Telecommunication 0.67%
Minimum initial US$ -- Quasi-Sovereign 5.32% Other 0.67%
investment
Cash 11.45% Sovereign 0.60%
Ongoing charge 0.26%
Management fees 1.18% Government 12.21% Financial (secured) 0.33%
Subscription fee up to 5.00% Financial (senior) 59.87%
Starmorning Website – Factsheet 30/6/2022
The charges are the fees of fund charges to
investors to cover the costs of running the Fund,
transaction fees and currency exchange
fluctuations.

9
 Conservative Mutual Funds Assessment 2022 I Yousef Tayyan

Geographical Breakdown %
United Kingdom. 22.84% United Kingdom . 22.84%
Canada 10.66% Canada 10.66%
Korea, Republic. 7.90% Korea, Republic. 7.90%
United States 7.64% United States 7.64%
Switzerland 6.51% Switzerland 6.51%
Finland 4.27%
Finland 4.27%
Singapore 4.18%
Singapore 4.18%
Germany 3.95%
Germany 3.95%
Sweden 3.57%
3.51% Sweden 3.57%
France
France 3.51%

Asset Allocation %
Fixed Income 91.05%
Cash 7.74% Fixed Income 91.05%
Forwards 1.21%

Cash 7.74%

Forwards 1.21%

Currency Breakdown %
US Dollar 100.06%

10
 Conservative Mutual Funds Assessment 2022 I Yousef Tayyan

Rolling 12 months performance (%)

1 - year Price % change

Jul, 2022 143.21 0.13%
0.13%
Jun, 2022 143.02 0.07%
May, 2022 142.92 0.10%
0.10%
Apr, 2022 142.78 0.04%
March, 2022 142.72 0.01% 0.07%
0.06%
Feb, 2022 142.71 -0.02%
0.04%
Jan, 2022 142.74 -0.01%
Dec, 2021 142.75 0.06% 0.01% 0.01%
Nov, 2021 142.67 -0.02% -0.01% -0.01%
Aug, 2021 Sep, 2021 Oct, 2021 Nov, 2021 Dec, 2021 Jan, 2022 Feb, 2022 March, Apr, 2022
-0.01% May, Jun, 2022 Jul, 2022
Oct, 2021 142.7 -0.01% -0.02% -0.02%
2022 2022
Sep, 2021 142.72 -0.01%
Aug, 2021 142.73 0.01%

Cumulative performance (%)

The cumulative performance shows the total 5 years 3 years 1 year 6 months 3 months 1 month
percentage movement in the price of the asset 2.84% 1.88% 14.55% 12.31% 5.85% 2.17%
over a specified period. It can be useful as an
indication as to what the fund has achieved
over a period. 2017 2018 2019 2020 2021 YTD
The schedules show how frequently the fund -7.49% +8.47% -1.63% -2.42% +0.93% +7.60%
changes prices is positive or negative. Each
number is an observation period
Past performance is not indicative of future
performance

11
 Conservative Mutual Funds Assessment 2022 I Yousef Tayyan

4 PINEBRIDGE GLOBAL FUND IE0031295045

Fund details Top Holdings (%)
Investment Objective
The fund's objective is to gain a high level of return from a Company %
combination of current income and capital appreciation by BUONI POLIENNALI DEL TES 6.36% CHINA DEVELOPMENT BANK 4.79%
investing in a portfolio of debt securities denominated in SWEDISH GOVERNMENT 6.36% JAPAN (40 YEAR ISSUE) 4.77%
US Dollars and a range of other currencies including Euro, KINGDOM OF DENMARK 6.08% US TREASURY N/B 4.20%
Australian Dollar, New Zealand Dollar, Canadian Dollar, NORWEGIAN GOVERNMENT 5.52% CANADIAN GOVERNMENT 4.18%
Swiss Franc, Danish Krone, Swedish Krona, Norwegian UNITED KINGDOM GILT 5.08% BUONI POLIENNALI DEL TES 4.00%
Krone, British Sterling, Japanese Yen, Polish Zloty,
Hungarian Forint, South African Rand, Singapore Dollar,
Slovak Koruna and Mexican Peso.
Sectors Weights
Investment Strategy Conservative Fixed Income 97.15%
Inception Date 21 Dec 2001 2.85%
Cash
ISIN IE0031295045
% of top ten holdings 51.34%
Fund size (million) US$ 36.76
Legal Structure Unit Trust
Prices as of 31/7/2022 US$21.36 Fixed Income 97.15%

Charges
Minimum initial investment US$ 1,000
Ongoing charge 1.81% Cash 2.85%
Management fees 1.60%
Subscription fee up to 5.00%

**Charges are the fees that cover the costs of running the
Fund, transactions fees and currency exchange
fluctuations.

12
 Conservative Mutual Funds Assessment 2022 I Yousef Tayyan

Geographical Breakdown %
United States 20.52%
United States 20.52%
Italy 6.89% Italy 6.89%
Sweden 6.36% Sweden 6.36%
Denmark 6.08% Denmark 6.08%
United Kingdom 5.67% United Kingdom 5.67%
Norway 5.52% Norway 5.52%
Japan 4.77% Japan 4.77%
France 4.37%
France 4.37%
Canada 4.29%
Canada 4.29%
Belgium 3.64%
Belgium 3.64%

Asset allocation %
Fixed income 97.15%
Cash 2.85%
Fixed income 97.15%

Cash 2.85%

13
 Conservative Mutual Funds Assessment 2022 I Yousef Tayyan

Currency Breakdown %
Euro 33.44%
Euro 33.44%
US Dollar 18.99%
US Dollar 18.99%
Danish Krone 9.34% Danish Krone 9.34%
British Pound 7.61% British Pound 7.61%
Swedish Krona 6.36% Swedish Krona 6.36%
Canadian Dollar 5.97%
Canadian Dollar 5.97%
Norwegian Krone 5.52%
Norwegian Krone 5.52% Chinese Yuan 4.79%
Chinese Yuan 4.79% Japanese Yen 4.77%
New Zealand Dol 2.97%
Japanese Yen 4.77%
New Zealand Dol 2.97%

Rolling 12 months performance (%)

1 - Year Price % Change
Jul, 2022 21.36 2.05%
2.05%
Jun, 2022 20.93 -1.55%
May, 2022 21.26 -0.89%
Apr, 2022 21.45 -2.90% 0.30%
-0.08% -0.21%
March, 2022 22.09 -2.34% -0.38%
Aug, Sep, 2021 Oct, 2021 Nov, Dec, 2021 Jan, 2022 Feb, 2022 March, Apr, 2022 May, Jun, 2022 Jul, 2022
2021 -0.97% 2021 2022 2022-0.89%
Feb, 2022 22.62 -2.20%
-1.70% -1.55%
Jan, 2022 23.13 -1.70% -2.20% -2.34%
Dec, 2021 23.53 -0.21% -2.90%
Nov, 2021 23.58 0.30%
Oct, 2021 23.51 -0.08%
Sep, 2021 23.53 -0.97%
Aug, 2021 23.76 -0.38%

14
 Conservative Mutual Funds Assessment 2022 I Yousef Tayyan

Cumulative performance (%)

The cumulative performance shows the total percentage 5 years 3 years 1 year 6 months 3 months 1 month
movement in the price of the asset over a specified
1.56% -1.58% 1.39 2.10% 3.56% 3.74%
period. It can be useful as an indication as to what the
fund has achieved over a period.
The schedules show how frequently the fund changes 2017 2018 2019 2020 2021 YTD
prices is positive or negative. Each number is an -7.18% 7.18% 3.54% -0.93% 0.00% -0.78%
observation period
Past performance is not indicative of future performance

Risk comparison (3-Years)

Jenson Alpha
It measures the fund against a market index or benchmark.
Alpha is the difference between the actual fund return that has been 0.41%
achieved and the return predicted by the market line (CAPM). 0.12%
It indicates the excess return of a fund above the expected rate of
return based on its risk- beta. Legg Mason Global Pinebridge Global Emirates Funds Pictet
Solutions PLC Fund Limited
 Positive alpha indicates the fund has performed better than
expected, given its beta and the fund is outperforming the
market
 Conversely, Negative alpha indicates the fund has -1.79%
underperformed for the given risk and the fund fails to generate
returns at the same rate as the broader sector. A fund with a
-2.65%
negative alpha is underperforming

Positive Alpha plots above the market line (between expected The chart shows that Pictet fund has performed better than other funds and has gained excess returns above
return(V) and Beta (H)) expected during the period, while Legg Masson and Pinebridge funds are underperformed.
Negative Alpha (non-zero) plots below the market line.

Fund Name JENSEN ALPHA

Legg Mason Global Solutions PLC -2.65%
Pinebridge Global Fund -1.79%
Emirates Funds Limited 0.12%
Pictet 0.41%

15
 Conservative Mutual Funds Assessment 2022 I Yousef Tayyan

Beta Correlation Coefficient

It shows how volatile a fund's price has been in comparison to the
market index. It indicates how the fund is correlated to market index
0.96
(S&P500) it follows
0.71
Beta Index is always = 1
Beta ranges from -1 to 1
Bf = 1: means that the fund is highly correlated to market index 0.29 0.31
Bf = 0: means that the fund it is not necessary underperforming the
index but it is not correlated to the market index
Bf = -1: means that the fund is inversely correlated to index
Legg Mason Global Emirates Funds Pictet Pinebridge Global
 Beta value less than 1 means that that fund will gain less than the Solutions PLC Limited Fund
market moves high and will fall less when the market falls down
in comparison with the index
The chart shows that Pinebridge is more correlated to the market index.
 Beta value greater than 1 means that the fund will gain more
than the market moves high and will fall more when the market
falls down in comparison with the index

Beta high than 1 is desirable which means that the fund will deliver
better returns than the index
Fund Name Beta
Legg Mason Global Solutions PLC 0.29
Pinebridge Global Fund 0.96
Emirates Funds Limited 0.31
Pictet 0.71

16
 Conservative Mutual Funds Assessment 2022 I Yousef Tayyan

Sharpe Ratio
It measures average return earned in excess of the risk-free rate per 5.6
unit of volatility or total risk
It helps investors understand the return of an investment compared
to its risk
Volatility is a measure of the price fluctuations of an asset or
portfolio.
A high Sharpe ratio is better when compared to similar portfolios or
funds with lower returns
It explains whether a fund excess returns are due to smart
investment decisions taken by investment manager or a result of
-0.73
taking excessive risk
Formula Pinebridge Global Emirates
-0.16Funds Legg Mason
-0.15 Global Pictet
Fund Limited Solutions PLC
Sharpe Ratio = Rp – Rf
σ
Rp = return of portfolio
Rf = risk-free rate
The chart shows that pictect is well-performed and has gained more returns in excess of risk-free rate for each unit of
σp=standard deviation of the portfolio’s excess return
volatility, while other fund's sharpe ratios were negative.

Fund Name Sharpe ratio A negative Sharpe ratio, it either means the risk-free rate is greater than the portfolio’s return, or the portfolio's
Legg Mason Global Solutions PLC -0.15 return is expected to be negative. In either case, a negative Sharpe ratio does not convey any useful meaning.
Pinebridge Global Fund -0.73
Emirates Funds Limited -0.16
Pictet 5.60

17
 Conservative Mutual Funds Assessment 2022 I Yousef Tayyan

Treynor Ratio
It measures average return earned in excess of the risk-free rate per
unit of systematic risk(B)
It helps investors understand the return of an investment compared 0.90%
to its systematic risk
A high positive Treynor Ratio is better. It shows that the
investment has added value in relation to its (scaled-to-market) Legg Mason Global Pinebridge Global Emirates Funds Pictet
risk. Solutions PLC Fund Limited
A negative ratio indicates that the investment has performed
worse than a risk free instrument -1.42%
A high Sharpe ratio is better
Formula
-2.87%
Treynor Ratio = Rp – Rf
Bp -3.90%
Rp = return of portfolio
Rf = risk-free rate
Bp=Beta of the fund

Fund Name Treynor ratio The chart shows that pictect is well-performed has added value , it has gained more returns in excess of risk-free rate
Legg Mason Global Solutions PLC -3.90% for each unit of systematic risk, while other fund's Treynor ratios were negative which indicates that the fund's
returns were worse that risk free instruments.
Pinebridge Global Fund -2.87%
Emirates Funds Limited -1.42%
Pictet 0.90%

18
 Conservative Mutual Funds Assessment 2022 I Yousef Tayyan

Standard deviation (Volatility)

It presents the volatility of the fund from its mean price or average
7.54%
returns.
It is the value by which the returns of the fund indicates that the
return of the fund may go up or down in correlation with its mean or
average returns
It also indicates how large the fund's prices swing around the mean
price 3.77%
2.83%
Note: Total Risk (Volatility) = Systematic risk + nonsystematic risk
The greater the standard deviation of a fund, the greater the variance
between each price and the mean
A lower deviation is better which means that the fund is less volatile 0.11%
and would give returns around its mean price or average return
Pictet Emirates Funds Pinebridge Global Legg Mason Global
Limited Fund Solutions PLC
Fund Name Volatility
Legg Mason Global Solutions PLC 7.54%
The chart shows that Pictet is less volatile from its mean price or average returns, while Legg Mason is highly volatile.
Pinebridge Global Fund 3.77% Low standard deviation is better.
Emirates Funds Limited 2.83%
Pictet 0.11%

19
 Conservative Mutual Funds Assessment 2022 I Yousef Tayyan

ESG Risk
ESG Risk Score allows users to assess the financial materiality of Fund Name Picted Emirates Pinebridge Legg Mason
Environmental, Social and Governance issues.
Environmental 62 51 62 63
It considers Environmental, Social and Governance factors at the Social 60 41 58 55
company and government level that could potentially affect future Governance 69 55 73 65
financial performance.
Average ESG 64 48 65 61
ESG Risk Scores range from 1 to 100, with 1 being a poor score that Peer Ranking 45 N/A 86 32
denotes high ESG risk and 100 an excellent score that means low ESG
risk.

86

73
69
62 62 63 65 64 65
60 58 55 61
55
51 48 45
41
32

Environmental Social Governance Average ESG Peer Ranking

Picted Emirates Pinebridge Legg Mason

ESG risk scores for environmental, social and governance sectors are of medium risk.
Legg mason peer ranking score is a little risky
Pinebridge peer ranking score is low risk

20
 Conservative Mutual Funds Assessment 2022 I Yousef Tayyan

Funds size (million)

Pictet 5,306.03

Emirates Sukuk 144.7

Pinebridge Global Fund 36.6

Legg Mason Global Solutions PLC 23.11

Maximum and Minimum Prices (1-Year)

(Aug 1, 2021 - Jul 31, 2022)

Legg Mason Emirates Sukuk Pictet Pinebridge

Max (USD) 130.20 -- 143.21 23.91
Min (USD) 106.40 -- 142.67 20.50
NAV (USD) 107.52 15.30 143.10 21.02

Top holding
Company Name %
Legg Mason LOOMIS SAYLES GLOBAL OPPORTUNISTIC 17.73%
Emirates Sukuk ISDB Trust 2027 3.7%
Pictet 2DAYNOT USD 6.95%
Pinebridge BUONI POLIENNALI DEL TES 6.36%

21
 Conservative Mutual Funds Assessment 2022 I Yousef Tayyan

Top 3 Asset Allocation 97.15%

91.05%
Equity Fixed Income Cash 74.09%
Legg Mason 24.16% 74.09% 1.75%
24.16%
Emirates Sukuk 1.75% 7.74% 2.85%
Pictet 91.05% 7.74%
Pinebridge 97.15% 2.85% Legg Mason Emirates Sukuk Pictect Pinebridge

Equity Fixed Income Cash

Top currency 81.75%

100.06%

Currency % 33.44%
Legg Mason US Dollar 81.75%
Emirates Sukuk
Pictet US Dollar 100.06% US Dollar US Dollar Euro
Pinebridge Euro 33.44%
Legg Mason Emirates Sukuk Pictet Pinebridge

69.09%
Top Geographic
Country % 30%
Legg Mason Ireland 69.09% 22.84% 20.52%
Emirates Sukuk UAE 30%
Pictet United Kingdom 22.84%
Pinebridge United states of America 20.52% Ireland UAE United Kingdom United states of
America
Legg Mason Emirates Sukuk Pictet Pinebridge

22
 Conservative Mutual Funds Assessment 2022 I Yousef Tayyan

Appendix 1
Fund Name Fund Manager

Legg Mason Global Solutions  Thomas Picciochi

IE00BQQPSF11  Laura Green

EMIRATES GLOBAL SUKUK "A" ACC  Emirates NBD Fund Managers (Jersey) Ltd
GB00B1224310 Angad Rajpal, CF, Lead Manager
assetmanagement@emiratesnbd.com

PICTET SHORT-TERM MONEY  Jean Braun

MARKET (USD) "P" ACC  Philippe Billot
LU0128496485

PINEBRIDGE GLOBAL BOND "A"  Anthony King

(USD) ACC  Anders Faergemann
IE0031295045  Haibo Chen

Appendix 2
SICAV A Société d'investissement à Capital Variable fund, is a publicly-traded open-end investment fund structure offered in Europe. SICAV funds are similar to
open-end mutual funds in the U.S. Shares in the fund are bought and sold based on the fund's current net asset value (NAV).

NAV Net Asset Value is the net value of an investment fund's assets less its liabilities, divided by the number of shares outstanding. NAV is the price at which
the shares of the funds registered with the U.S. Securities and Exchange Commission (SEC) are traded.

Open–ended fund It's a diversified portfolio that consists of an unlimited a number of shares. The fund manager can increase the fund capital and sell shares directly to
investors and redeems them as well. So investors transact their shares with the fund manager and not on a stock exchange. These shares are priced
daily based on their current NAV.

Closed–ended fund It's a mutual fund that issues a fixed number of shares through a single initial public offering (IPO) to raise capital for its initial investments. Its shares
can then be bought and sold on a stock exchange but no new shares will be created and no new money will flow into the fund. Investors trade shares
on a stock market and do not transact with the fund manager. The share can be traded above NAV.

UCITS schemes Undertakings Collective Investment in Transferable Securities (UCITS)

UCITS refers to a regulatory framework that allows for the sale of cross-Europe mutual funds.
UCITS funds are perceived as safe and well-regulated investments and are popular among many investors looking to invest across Europe
23
 Conservative Mutual Funds Assessment 2022 I Yousef Tayyan

24