# Portfolio analysis (including derivatives)
54.78%
54.13%
55.39%
38.65%
37.21%
36.82%
50.57%
30.44%

## Asset allocation	Currency exposure
60%
50%
40%
30%
20%
10%
0%
6.57%
8.65%
7.79%
Equity	Bonds	Cash
29/06/2018	31/07/2018	31/08/2018
60%
50%
40%
30%
20%
10%
0%
8.25%
4.16%
3.35%
2.58%
1.03%
USD	EUR	GBP	AUD	JPY	SGD	Other
Portfolio
Breakdown by asset class / region
|  | Equity | Bonds | Cash | Total |
| --- | --- | --- | --- | --- |
| North America | 26.21% | 19.85% | 4.99% | 51.05% |
| Euro Zone | 16.13% | 9.97% | 1.35% | 27.45% |
| Pacific ex-Japan | 6.39% | 2.98% | 0.32% | 9.69% |
| Europe ex Euro Zone | 3.35% | 4.03% | 1.10% | 8.47% |
| Japan | 3.31% |  | 0.03% | 3.34% |
| Total | 55.39% | 36.82% | 7.79% |  |
| Equities |  |  |  |  |
| Main stocks |  |  |  |  |
| Equity | Weighting | Sector | Issuer country | Currency |
| Goodman Group | 3.28% | Real estate | Australia | AUD |
| Leg Immobilien AG | 2.98% | Real estate | Germany | EUR |
| Unibail-Rodamco-Westfield | 2.93% | Real estate | France | EUR |
| Terreis | 2.53% | Real estate | France | EUR |
| American Homes 4 Rent | 2.29% | Real estate | United States | USD |
| Mitsui Fudosan Co Ltd | 2.04% | Real estate | Japan | JPY |
| Prologis Inc | 1.89% | Real estate | United States | USD |
| Boston Properties Inc | 1.85% | Real estate | United States | USD |
| CapitaLand Commercial Trust | 1.58% | Real estate | Singapore | SGD |
| Number of Holdings | 57 |  |  |  |

| Fixed income |  |
| --- | --- |
| Largest holdings (except cash) |  |  |  |  |
| Name | Weighting | Issuer country | Modified duration | Contribution** |
| Grainger PLC 3.375% 04/24/2028 | 1.17% | United Kingdom | 8.1 | 0.10 |
| Digital Euro Finco LLC 2.625% 04/15/2024 | 1.08% | United States | 5.0 | 0.10 |
| Intu Jersey 2 Ltd 2.875% 11/01/2022 | 1.07% | United Kingdom | 3.8 | 0.00 |
| Mirvac Group Finance Ltd 3.625% 03/18/2027 | 0.89% | Australia | 7.0 | 0.10 |
| Vesteda Finance BV 2% 07/10/2026 | 0.80% | Netherlands | 6.9 | 0.10 |
| Kite Realty Group LP 4% 10/01/2026 | 0.76% | United States | 6.5 | 0.00 |
| Liberty Living Finance Plc 2.625% 11/28/2024 | 0.73% | United Kingdom | 5.6 | 0.00 |
| Mid-America Apartments LP 3.6% 06/01/2027 | 0.67% | United States | 7.1 | 0.00 |
| Vicinity Centres Trust 3.375% 04/07/2026 | 0.65% | Australia | 6.4 | 0.00 |
| Societe Fonciere Lyonnaise SA 1.5% 05/29/... | 0.62% | France | 6.1 | 0.00 |
| Sensitivity (Fixed Income) Number of Holdings | 145 |  | 0.3 |  |
| **Contribution to portfolio risk (%) |  |  |  |  |
| Allocation by rating / maturity - Fixed income |  |  |  |  |
| A | BBB | NR | Cash | Total |
| Cash |  |  | 17.47% | 17.47% |
| 0-1 year	0.56% | 1.03% |  |  | 1.59% |
| 1-3 years	0.04% | 1.00% |  |  | 1.03% |
| 3-5 years	1.87% | 11.39% | 2.39% |  | 15.65% |
| 5-7 years	3.29% | 17.23% |  |  | 20.51% |
| 7-10 years	5.91% | 37.39% |  |  | 43.30% |
| 10-20 years | 0.45% |  |  | 0.45% |
| Total	11.66% | 68.48% | 2.39% | 17.47% |  |

Translation (ENFR, 2018-08-31):
# Analyse du portefeuille (y compris produits dérivés)
54.78%
54.13%
55.39%
38.65%
37.21%
36.82%
50.57%
30.44%

## Evolution de la composition	Exposition par devise
60%
50%
40%
30%
20%
10%
0%
6.57%
8.65%
7.79%
Actions	Obligations	Monétaire
29/06/2018	31/07/2018	31/08/2018
60%
50%
40%
30%
20%
10%
0%
8.25%
4.16%
3.35%
2.58%
1.03%
USD	EUR	GBP	AUD	JPY	SGD	Autres
Portefeuille
Exposition par classe d'actif / zone géographique
|  | Actions | Obligations | Monétaire | Total |
| --- | --- | --- | --- | --- |
| Amérique du Nord | 26.21% | 19.85% | 4.99% | 51.05% |
| Zone Euro | 16.13% | 9.97% | 1.35% | 27.45% |
| Pacifique hors Japon | 6.39% | 2.98% | 0.32% | 9.69% |
| Europe hors Euro | 3.35% | 4.03% | 1.10% | 8.47% |
| Japon | 3.31% |  | 0.03% | 3.34% |
| Total | 55.39% | 36.82% | 7.79% |  |
| Poche actions |  |  |  |  |
| Les principales valeurs |  |  |  |  |
| Action | Pondération | Secteur | Pays émetteur | Devise |
| Goodman Group | 3.28% | Immobilier | Australie | AUD |
| Leg Immobilien AG | 2.98% | Immobilier | Allemagne | EUR |
| Unibail-Rodamco-Westfield | 2.93% | Immobilier | France | EUR |
| Terreis | 2.53% | Immobilier | France | EUR |
| American Homes 4 Rent | 2.29% | Immobilier | Etats-Unis | USD |
| Mitsui Fudosan Co Ltd | 2.04% | Immobilier | Japon | JPY |
| Prologis Inc | 1.89% | Immobilier | Etats-Unis | USD |
| Boston Properties Inc | 1.85% | Immobilier | Etats-Unis | USD |
| CapitaLand Commercial Trust | 1.58% | Immobilier | Singapour | SGD |
| Nombre de lignes | 57 |  |  |  |

| Poche obligations |  |
| --- | --- |
| Les principales lignes (hors liquidités) |  |  |  |  |
| Libellé | Pondération | Pays émetteur | Sensibilité | Contribution** |
| Grainger PLC 3.375% 04/24/2028 | 1.17% | Royaume-Uni | 8.1 | 0.10 |
| Digital Euro Finco LLC 2.625% 04/15/2024 | 1.08% | Etats-Unis | 5.0 | 0.10 |
| Intu Jersey 2 Ltd 2.875% 11/01/2022 | 1.07% | Royaume-Uni | 3.8 | 0.00 |
| Mirvac Group Finance Ltd 3.625% 03/18/2027 | 0.89% | Australie | 7.0 | 0.10 |
| Vesteda Finance BV 2% 07/10/2026 | 0.80% | Pays-Bas | 6.9 | 0.10 |
| Kite Realty Group LP 4% 10/01/2026 | 0.76% | Etats-Unis | 6.5 | 0.00 |
| Liberty Living Finance Plc 2.625% 11/28/2024 | 0.73% | Royaume-Uni | 5.6 | 0.00 |
| Mid-America Apartments LP 3.6% 06/01/2027 | 0.67% | Etats-Unis | 7.1 | 0.00 |
| Vicinity Centres Trust 3.375% 04/07/2026 | 0.65% | Australie | 6.4 | 0.00 |
| Societe Fonciere Lyonnaise SA 1.5% 05/29/... | 0.62% | France | 6.1 | 0.00 |
| Sensibilité de la poche TAUX Nombre de lignes | 145 |  | 0.3 |  |
| **Contribution au risque portefeuille (%) |  |  |  |  |
| Exposition rating / échéance - Obligations |  |  |  |  |
| A | BBB | NR | Monétaire | Total |
| Monétaire |  |  | 17.47% | 17.47% |
| 0-1 an	0.56% | 1.03% |  |  | 1.59% |
| 1-3 ans	0.04% | 1.00% |  |  | 1.03% |
| 3-5 ans	1.87% | 11.39% | 2.39% |  | 15.65% |
| 5-7 ans	3.29% | 17.23% |  |  | 20.51% |
| 7-10 ans	5.91% | 37.39% |  |  | 43.30% |
| 10-20 ans | 0.45% |  |  | 0.45% |
| Total	11.66% | 68.48% | 2.39% | 17.47% |  |