# Portfolio Analysis
## Asset Allocation (%)
0	10	20	30	40	50	60	70	80	90	100	110
| Equities | 72.09 | 72.10 | 72.87 | 71.00 | 69.11 | 70.88 | 63.12 | 76.67 | 58.49 | 77.66 | 63.60 | 57.83 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Diversif. | 4.67 | 2.06 | 2.02 | 3.10 | 3.15 | 3.16 | 3.19 | 3.16 | 3.20 | 3.25 | 3.33 | 3.41 |
| Bonds | 13.40 | 12.46 | 14.41 | 14.30 | 17.93 | 17.07 | 15.34 | 19.19 | 19.47 | 17.00 | 16.26 | 16.51 |
| Monetary | 9.84 | 13.37 | 10.69 | 11.60 | 9.81 | 8.89 | 18.34 | 0.98 | 18.84 | 2.10 | 16.80 | 22.26 |

31/03/2021
30/04/2021
31/05/2021
30/06/2021
30/07/2021
31/08/2021
30/09/2021
29/10/2021
30/11/2021
31/12/2021
31/01/2022
28/02/2022
For the Asset allocation, the equities derivatives exposure is included in the equities part . The counterpart of this exposure is included in the monetary part and gives an overall exposure of 100%.

## Currency Breakdown (%)
120
100
80
60
40
20
0
-20
EUR	USD	SEK	NOK	CNY	HKD	Other
| Portfolio | 91.43 | 4.45 | 3.31 | 0.35 | 0.27 | 0.25 | -0.06 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | 100.00 | - | - | - | - | - | - |

Source(s): AXA Investment Managers - GICS as at 28/02/2022
For more information about AXA IM, visit axa-im.com
| Equity : 58% of the overall Portfolio |  |
| --- | --- |
| Sector Breakdown (%) |  |  | Securities Exposure by geographical area (%) |  |
|  | Portfolio |  |  | Portfolio |
| Industrials | 20.47 |  | European Economic Area | 48.85 |
| Financials | 19.59 |  | Others | 5.08 |
| IT | 17.62 |  | North America | 2.44 |
| Cons. disc. | 12.76 |  | Emerging Markets | 0.76 |
| Cons. stap. | 10.65 |  | Japan | 0.59 |
| Materials | 6.69 |  | Asia ex Japan | 0.08 |
| Communication Services | 6.11 |  |
| Health Care | 2.91 |
| Energy | 2.28 |
| Real estate | 1.16 |
| Utilities | -0.26 |
| MarketCap Breakdown (EUR - %) |  |

27
24
21
18
15
12
9
6
3
0	0 To
250mn
250mn To 500mn
500mn To 1bn
1bn To 3bn
3bn To 5bn
5bn To 10bn
10bn To 25bn
25bn To 100bn
100bn To 250bn
More Than 250bn
Port.	0.01	0.02	0.04	2.39	2.08	12.88	10.16	23.53	8.37	3.69
Source(s): AXA Investment Managers - GICS as at 28/02/2022
For more information about AXA IM, visit axa-im.com
| Top 10 Holdings |  |
| --- | --- |
| Equity | Weighting (%) | Sector | Issuer country | Currency |
| Asml Holding NV | 4.06 | IT | European Economic Area | EUR |
| Remy Cointreau SA | 3.04 | Cons. stap. | European Economic Area | EUR |
| AIR LIQUIDE PRIME FIDELITE | 3.01 | Materials | European Economic Area | EUR |
| FinecoBank Banca Fineco SpA | 2.84 | Financials | European Economic Area | EUR |
| Kabel Deutschland Holding AG | 2.18 | Communication Services | European Economic Area | EUR |
| Banco Bilbao Vizcaya Argentaria SA | 1.56 | Financials | European Economic Area | EUR |
| Michelin | 1.52 | Cons. disc. | European Economic Area | EUR |
| Diageo PLC | 1.44 | Cons. stap. | Others | GBP |
| Volvo AB | 1.35 | Industrials | European Economic Area | SEK |
| Kbc Group NV | 1.31 | Financials | European Economic Area | EUR |
| Total (%) | 22.30 |  |  |  |

Fixed Income : 17% of the overall portfolio
| Fund Key Metrics |  |
| --- | --- |
|  | Portfolio |  |  | Portfolio |
| Number of Holdings | 131 | Mod. Duration |  | 3.93 |
| Number of Issuers | 101 | Yield To Worst (%) |  | 2.37 |
| Linear Average Rating | BBB |  |  |  |
| Top 10 Holdings |  |  |  |  |
| Name | Weighting (%) | Issuer country | Modified duration | Contribution |
| Mizuho Financial Group Inc VAR 09/06/2029 | 0.38 | Japan | 6.3 | 0.00 |
| Credit Agricole SA VAR 01/12/2028 | 0.37 | European Economic Area | 4.7 | 0.00 |
| Total SA VAR PERP | 0.32 | European Economic Area | 0.1 | 0.00 |
| UniCredit SpA VAR 01/18/2028 | 0.32 | European Economic Area | 4.7 | 0.00 |
| Nationwide Building Society VAR 03/08/2026 | 0.25 | Others | 2.9 | 0.00 |
| Inmobiliaria Colonial SA 2% 04/17/2026 | 0.25 | European Economic Area | 3.7 | 0.00 |
| Eli Lilly & Co 0.5% 09/14/2033 | 0.24 | North America | 10.8 | 0.00 |
| Pohjola Bank Oyj 0.375% 12/08/2028 | 0.24 | European Economic Area | 6.6 | 0.00 |
| American Tower Corp 0.875% 05/21/2029 | 0.22 | North America | 6.6 | 0.00 |
| Belfius Bank SA/NV 3.125% 05/11/2026 | 0.22 | European Economic Area | 3.8 | 0.00 |
| Total (%) | 2.81 |  |  |  |

Source(s): AXA Investment Managers - GICS as at 28/02/2022
For more information about AXA IM, visit axa-im.com

## Maturity Breakdown (%)
6
4
2
0	0-1 year	1-3 years	3-5 years	5-7 years	7-10 years	10-20 years	+20 years
Portfolio	0.58	3.53	5.00	4.58	2.66	0.67	0.65

## Rating Breakdown (%)
15
12
9
6
3
0	AA	A	BBB	BB	B	CCC	NR
Portfolio	0.10	2.32	11.08	2.30	0.77	0.02	1.08

## Instrument Type Breakdown (%)
10
|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  |  |  |
|  |  |  |
|  |  |  |

8
6
4
2
| 0 | Industrials | Financial | Utility | Not Classified | Quasi & Foreign Government | Sovereign | Securitized |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio | 8.00 | 7.56 | 1.10 | 0.66 | 0.27 | 0.09 | 0.01 |

| Diversification : 3% of the overall portfolio |  |
| --- | --- |
| Top 10 Holdings |
| Equity | Weighting (%) | Issuer country | Currency |
| MIRABAUD - CONVERTIBLE BONDS EUROPE | 1.85 | Others | EUR |
| RIVERSTONE ENERGY LTD | 0.31 | Others | GBP |
| AXA IM WAVE CAT BDS M CAPUSD | 0.00 | Others | USD |
| AXA IM WAVE CAT-MCEURH | 0.00 | Others | EUR |
| Total (%) | 2.16 |  |  |
| Source(s): AXA Investment Managers - GICS as at 28/02/2022 For more information about AXA IM, visit axa-im.com |  |  |  |

Translation (ENFR, 2022-02-28):
# Analyse du portefeuille
## Répartition par classe d'actifs (%)
0	10	20	30	40	50	60	70	80	90	100	110
| Actions | 72.09 | 72.10 | 72.87 | 71.00 | 69.11 | 70.88 | 63.12 | 76.67 | 58.49 | 77.66 | 63.60 | 57.83 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Diversif. | 4.67 | 2.06 | 2.02 | 3.10 | 3.15 | 3.16 | 3.19 | 3.16 | 3.20 | 3.25 | 3.33 | 3.41 |
| Obligations | 13.40 | 12.46 | 14.41 | 14.30 | 17.93 | 17.07 | 15.34 | 19.19 | 19.47 | 17.00 | 16.26 | 16.51 |
| Monétaire | 9.84 | 13.37 | 10.69 | 11.60 | 9.81 | 8.89 | 18.34 | 0.98 | 18.84 | 2.10 | 16.80 | 22.26 |

31/03/2021
30/04/2021
31/05/2021
30/06/2021
30/07/2021
31/08/2021
30/09/2021
29/10/2021
30/11/2021
31/12/2021
31/01/2022
28/02/2022
Pour l'Evolution de la composition, l'exposition des produits de type dérivés actions est incluse dans la partie actions. La contrepartie de cette exposition est incluse dans la partie monétaire et permet d'obtenir une exposition totale à 100%.

## Exposition par devise (%)
120
100
80
60
40
20
0
-20
EUR	USD	SEK	NOK	CNY	HKD	Autres
| Portefeuille | 91.43 | 4.45 | 3.31 | 0.35 | 0.27 | 0.25 | -0.06 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Indice de réference | 100.00 | - | - | - | - | - | - |

Source(s) : AXA Investment Managers - GICS au 28/02/2022
Pour obtenir de plus amples informations sur AXA IM, rendez-vous sur axa-im.com
Actions : 58% du portefeuille global

## Exposition sectorielle (%)

## Exposition Actions par zone géographique (%)
|  | Portefeuille |  |  | Portefeuille |
| --- | --- | --- | --- | --- |
| Industrie | 20.47 |  | Pays membres de la zone EEE | 48.85 |
| Finance | 19.59 |  | Autres | 5.08 |
| Technologie | 17.62 |  | Amérique du Nord | 2.44 |
| Conso. cycl. | 12.76 |  | Marchés émergents | 0.76 |
| Conso. Base | 10.65 |  | Japon | 0.59 |
| Matériaux | 6.69 |  | Asie ex Japon | 0.08 |
| Services de Communication | 6.11 |  |
| Santé | 2.91 |
| Energie | 2.28 |
| Immobilier | 1.16 |
| Serv. aux collect. | -0.26 |

Ventilation par capitalisation boursière (EUR - %)
27
24
21
18
15
12
9
6
3
0	De 0 à
250 mns
De 250 à
500 mns
De 500 mns
à 1 md
De 1 à
3 mds
De 3 à
5 mds
De 5 à
10 mds
De 10 à
25 mds
De 25 à
100 mds
De 100 à
250 mds
Plus de 250 mds
Port.	0.01	0.02	0.04	2.39	2.08	12.88	10.16	23.53	8.37	3.69
Source(s) : AXA Investment Managers - GICS au 28/02/2022
Pour obtenir de plus amples informations sur AXA IM, rendez-vous sur axa-im.com
| 10 principaux titres |  |
| --- | --- |
| Action | Pondération (%) | Secteur | Pays émetteur | Devise |
| Asml Holding NV | 4.06 | Technologie | Pays membres de la zone EEE | EUR |
| Remy Cointreau SA | 3.04 | Conso. Base | Pays membres de la zone EEE | EUR |
| AIR LIQUIDE PRIME FIDELITE | 3.01 | Matériaux | Pays membres de la zone EEE | EUR |
| FinecoBank Banca Fineco SpA | 2.84 | Finance | Pays membres de la zone EEE | EUR |
| Kabel Deutschland Holding AG | 2.18 | Services de Communication | Pays membres de la zone EEE | EUR |
| Banco Bilbao Vizcaya Argentaria SA | 1.56 | Finance | Pays membres de la zone EEE | EUR |
| Michelin | 1.52 | Conso. cycl. | Pays membres de la zone EEE | EUR |
| Diageo PLC | 1.44 | Conso. Base | Autres | GBP |
| Volvo AB | 1.35 | Industrie | Pays membres de la zone EEE | SEK |
| Kbc Group NV | 1.31 | Finance | Pays membres de la zone EEE | EUR |
| Total (%) | 22.30 |  |  |  |

Obligations : 17% du portefeuille global
| Caractéristiques du portefeuille |  |
| --- | --- |
|  | Portefeuille |  |  | Portefeuille |
| Nombre de lignes | 131 | Mod. Duration |  | 3.93 |
| Nombre d'émetteurs | 101 | Yield to worst (%) |  | 2.37 |
| Rating moyen linéaire | BBB |  |  |  |
| 10 principaux titres |  |  |  |  |
| Libellé | Pondération (%) | Pays émetteur | Sensibilité | Contribution |
| Mizuho Financial Group Inc VAR 09/06/2029 | 0.38 | Japon | 6.3 | 0.00 |
| Credit Agricole SA VAR 01/12/2028 | 0.37 | Pays membres de la zone EEE | 4.7 | 0.00 |
| Total SA VAR PERP | 0.32 | Pays membres de la zone EEE | 0.1 | 0.00 |
| UniCredit SpA VAR 01/18/2028 | 0.32 | Pays membres de la zone EEE | 4.7 | 0.00 |
| Nationwide Building Society VAR 03/08/2026 | 0.25 | Autres | 2.9 | 0.00 |
| Inmobiliaria Colonial SA 2% 04/17/2026 | 0.25 | Pays membres de la zone EEE | 3.7 | 0.00 |
| Eli Lilly & Co 0.5% 09/14/2033 | 0.24 | Amérique du Nord | 10.8 | 0.00 |
| Pohjola Bank Oyj 0.375% 12/08/2028 | 0.24 | Pays membres de la zone EEE | 6.6 | 0.00 |
| American Tower Corp 0.875% 05/21/2029 | 0.22 | Amérique du Nord | 6.6 | 0.00 |
| Belfius Bank SA/NV 3.125% 05/11/2026 | 0.22 | Pays membres de la zone EEE | 3.8 | 0.00 |
| Total (%) | 2.81 |  |  |  |

Source(s) : AXA Investment Managers - GICS au 28/02/2022
Pour obtenir de plus amples informations sur AXA IM, rendez-vous sur axa-im.com

## Exposition par maturité (%)
6
4
2
0	0-1 an	1-3 ans	3-5 ans	5-7 ans	7-10 ans	10-20 ans	+ 20 ans
Portefeuille	0.58	3.53	5.00	4.58	2.66	0.67	0.65

## Exposition par rating (%)
15
12
9
6
3
0	AA	A	BBB	BB	B	CCC	NR
Portefeuille	0.10	2.32	11.08	2.30	0.77	0.02	1.08

## Exposition par type d'instrument (%)
10
|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  |  |  |
|  |  |  |
|  |  |  |

8
6
4
2
| 0 | Industrie | Finance | Services aux Collectivités | Hors catégorie | Quasi & Foreign Government | Souverain | Securitized |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille | 8.00 | 7.56 | 1.10 | 0.66 | 0.27 | 0.09 | 0.01 |

| Diversification : 3% du portefeuille global |  |
| --- | --- |
| 10 principaux titres |
| Action	Pondération (%) | Pays émetteur | Devise |
| MIRABAUD - CONVERTIBLE BONDS EUROPE	1.85 | Autres | EUR |
| RIVERSTONE ENERGY LTD	0.31 | Autres | GBP |
| AXA IM WAVE CAT BDS M CAPUSD	0.00 | Autres | USD |
| AXA IM WAVE CAT-MCEURH	0.00 | Autres | EUR |
| Total (%)	2.16 |  |  |
| Source(s) : AXA Investment Managers - GICS au 28/02/2022 Pour obtenir de plus amples informations sur AXA IM, rendez-vous sur axa-im.com |  |  |