# Portfolio Analysis
## Asset Allocation (%)
50
40
30
20
10
0	29/10/2021	30/11/2021	31/12/2021
| Equity (100%<delta<75%) | 22.09 | 18.25 | 17.15 |
| --- | --- | --- | --- |
| Mixed Equity (75%<delta<50%) | 40.85 | 43.50 | 39.30 |
| Mixed Bonds (50%<delta<25%) | 30.01 | 30.58 | 37.43 |
| Bonds ( 25%<delta<0%) | 7.05 | 7.66 | 6.13 |


## Historical delta of the fund over 1 year
|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |

60.00
57.50
55.00
52.50
50.00
47.50
29/01/21
28/02/21
31/03/21
30/04/21
31/05/21
30/06/21
31/07/21
31/08/21
30/09/21
31/10/21
30/11/21
31/12/21
| Sector Breakdown (%) |  |  |  | Geographical Breakdown (%) |  |
| --- | --- | --- | --- | --- | --- |
|  | Portfolio | Benchmark |  |  | Portfolio | Benchmark |
| Information Technology | 33.26 | 24.37 |  | United States | 43.14 | 45.71 |
| Consumer Discretionary | 16.86 | 16.27 |  | France | 11.80 | 7.56 |
| Industrials | 14.90 | 8.81 |  | Germany | 6.18 | 6.28 |
| Communication Services | 12.01 | 10.59 |  | Japan | 5.28 | 6.55 |
| Health Care | 8.75 | 8.97 |  | Spain | 4.78 | 2.99 |
| Utilities | 4.14 | 4.16 |  | Italy | 4.27 | 2.43 |
| Materials | 3.51 | 6.76 |  | Cayman Islands | 3.90 | 5.67 |
| Financials | 2.95 | 4.20 |  | Netherlands | 3.07 | 3.10 |
| Real Estate | 2.06 | 4.53 |  | United Kingdom | 2.94 | 3.61 |
| Energy | 1.14 | 1.38 |  | South Korea | 2.00 | 1.21 |
| Consumer Staples | 0.41 | 1.96 |  | China | 1.74 | 0.72 |
| Not classified | 0.00 | 7.99 |  | Singapore | 1.50 | 0.48 |
|  |  |  |  | Other | 9.40 | 13.70 |
| Rating Breakdown (%) |  |  |  |  |  |  |
| 100 |  |  |  |  |  |  |

80
60
40
20
0	AA	A+	A	A-	BBB+	BBB	BBB-	BB+	BB	BB-	B+	CCC+	NR
Portfolio	0.61	1.03	-	2.19	3.48	6.19	6.82	1.23	2.28	0.85	-	-	75.34
Benchmark	0.88	-	1.35	1.87	3.14	3.19	4.69	2.23	0.60	0.56	1.77	1.00	78.73

## 10 Largest Holdings
Name	Weighting (%)	Currency	Geography
Portfolio	Benchmark	Relative
JPMorgan Chase Bank NA 06/10/2024	1.77	0.26	1.51	EUR	United States STMicroelectronics NV 08/04/2025	1.50	0.49	1.01	USD	Netherlands
Amadeus IT Holding SA 1.5% 04/09...	1.48	0.57	0.91	EUR	Spain
Airbnb Inc 0.01% 03/15/2026	1.48	0.98	0.50	USD	United States
Singapore Airlines Ltd 1.625% 12...	1.41	0.34	1.07	SGD	Singapore
Cellnex Telecom SAU 0.5% 07/05/2028	1.40	0.65	0.76	EUR	Spain
Schneider Electric SE 06/15/2026	1.36	0.47	0.90	EUR	France Spotify USA Inc 0.01% 03/15/2026	1.36		-	1.36	USD	Luxemburg
Meituan Dianping 0.01% 04/27/2027	1.36	0.70	0.66	USD	Cayman Islands
Sea Ltd 0.25% 09/15/2026	1.33	1.32	0.01	USD	Cayman Islands
Total (%)	14.45	5.78
Source(s): AXA Investment Managers - GICS as at 31/12/2021
For more information about AXA IM, visit axa-im.com

Translation (ENFR, 2021-12-31):
# Analyse du portefeuille
## Répartition par classe d'actifs (%)
50
40
30
20
10
0	29/10/2021	30/11/2021	31/12/2021
| Action (100%<delta<75%) | 22.09 | 18.25 | 17.15 |
| --- | --- | --- | --- |
| Mixte Action (75%<delta<50%) | 40.85 | 43.50 | 39.30 |
| Mixte Obligataire (50%<delta<25%) | 30.01 | 30.58 | 37.43 |
| Obligataire ( 25%<delta<0%) | 7.05 | 7.66 | 6.13 |


## Historique du delta du fonds sur 1 an glissant
|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |

60.00
57.50
55.00
52.50
50.00
47.50
29/01/21
28/02/21
31/03/21
30/04/21
31/05/21
30/06/21
31/07/21
31/08/21
30/09/21
31/10/21
30/11/21
31/12/21
|  | Portefeuille | Indice de réference |  |  | Portefeuille | Indice de réference |
| --- | --- | --- | --- | --- | --- | --- |
| Technologie | 33.26 | 24.37 |  | Etats-Unis | 43.14 | 45.71 |
| Biens de conso. Cycliques | 16.86 | 16.27 |  | France | 11.80 | 7.56 |
| Industrie | 14.90 | 8.81 |  | Allemagne | 6.18 | 6.28 |
| Services de Communication | 12.01 | 10.59 |  | Japon | 5.28 | 6.55 |
| Santé | 8.75 | 8.97 |  | Espagne | 4.78 | 2.99 |
| Services aux collectivités | 4.14 | 4.16 |  | Italie | 4.27 | 2.43 |
| Matériaux | 3.51 | 6.76 |  | Iles Caïmans | 3.90 | 5.67 |
| Finance | 2.95 | 4.20 |  | Pays-Bas | 3.07 | 3.10 |
| Immobilier | 2.06 | 4.53 |  | Royaume-Uni | 2.94 | 3.61 |
| Energie | 1.14 | 1.38 |  | Corée du sud | 2.00 | 1.21 |
| Biens de conso. de base | 0.41 | 1.96 |  | Chine | 1.74 | 0.72 |
| Non Classés | 0.00 | 7.99 |  | Singapour | 1.50 | 0.48 |
|  |  |  |  | Autres | 9.40 | 13.70 |
| Exposition par rating (%) |  |  |  |  |  |  |
| 100 |  |  |  |  |  |  |


## Exposition sectorielle (%)	Exposition géographique (%)
| 80 |  |
| --- | --- |
| 60 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 40 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 20 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 0 | AA | A+ | A | A- | BBB+ | BBB | BBB- | BB+ | BB | BB- | B+ | CCC+ | NR |  |
| Portefeuille	0.61 | 1.03 | - | 2.19 | 3.48 | 6.19 | 6.82 | 1.23 | 2.28 | 0.85 | - | -	75.34 |
| Benchmark	0.88 | - | 1.35 | 1.87 | 3.14 | 3.19 | 4.69 | 2.23 | 0.60 | 0.56 | 1.77 | 1.00	78.73 |
| Les 10 principales lignes |  |  |  |  |  |
| Libellé |  |  | Pondération (%) | Devise | Géographie |
|  | Portefeuille | Benchmark | Relative |  |  |
| JPMorgan Chase Bank NA 06/10/2024 | 1.77 | 0.26 | 1.51 | EUR | Etats-Unis |
| STMicroelectronics NV 08/04/2025 | 1.50 | 0.49 | 1.01 | USD | Pays-Bas |
| Amadeus IT Holding SA 1.5% 04/09... | 1.48 | 0.57 | 0.91 | EUR | Espagne |
| Airbnb Inc 0.01% 03/15/2026 | 1.48 | 0.98 | 0.50 | USD | Etats-Unis |
| Singapore Airlines Ltd 1.625% 12... | 1.41 | 0.34 | 1.07 | SGD | Singapour |
| Cellnex Telecom SAU 0.5% 07/05/2028 | 1.40 | 0.65 | 0.76 | EUR | Espagne |
| Schneider Electric SE 06/15/2026 | 1.36 | 0.47 | 0.90 | EUR | France |
| Spotify USA Inc 0.01% 03/15/2026 | 1.36 | - | 1.36 | USD | Luxembourg |
| Meituan Dianping 0.01% 04/27/2027 | 1.36 | 0.70 | 0.66 | USD | Iles Caïmans |
| Sea Ltd 0.25% 09/15/2026 | 1.33 | 1.32 | 0.01 | USD | Iles Caïmans |
| Total (%) | 14.45 | 5.78 |  |  |  |

Source(s) : AXA Investment Managers - GICS au 31/12/2021
Pour obtenir de plus amples informations sur AXA IM, rendez-vous sur axa-im.com