# Portfolio Analysis
## Asset Allocation (%)
0	10	20	30	40	50	60	70	80	90	100	110
| Equities | 53.83 | 52.10 | 45.94 | 46.11 | 44.62 | 44.86 | 36.79 | 38.39 | 28.08 | 36.10 | 35.28 | 33.63 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Diversif. | 2.80 | - | - | - | - | - | - | - | - | - | - | - |
| Bonds | 36.74 | 38.23 | 39.74 | 38.02 | 34.60 | 35.24 | 35.46 | 35.65 | 34.72 | 35.06 | 35.01 | 36.43 |
| Monetary | 6.63 | 9.67 | 14.32 | 15.87 | 20.79 | 19.90 | 27.76 | 25.96 | 37.20 | 28.84 | 29.71 | 29.94 |

31/12/2021
31/01/2022
28/02/2022
31/03/2022
29/04/2022
31/05/2022
30/06/2022
29/07/2022
31/08/2022
30/09/2022
31/10/2022
30/11/2022
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
*o1vestraNlAl eVxdpaotseu:r1e5o/0f 61/0200%20.

## Currency Breakdown (%)
| 60 |  |  |  |  |
| --- | --- | --- | --- | --- |
| 50 |  |  |  |
| 40 |  |  |  |
| 30 |  |  |  |
| 20 |  |  |  |
| 10 |  |  |  |  |  |  |  |  |  |
| 0 | EUR |  | USD | GBP | DKK | JPY | ZAR | Other |  |
| Portfolio | 53.37 | 24.44 | 4.26 | 3.75 | 3.22 | 2.22 | 8.74 |

| Equity : 34% of the overall Portfolio |  |
| --- | --- |
| Sector Breakdown (%) |  |  | Geographical Breakdown (%) |  |
|  | Portfolio |  |  | Portfolio |
| Industrials | 38.09 |  | North America | 10.56 |
| Health Care | 21.09 |  | Emerging Markets | 8.00 |
| Materials | 17.70 |  | European Economic Area | 7.93 |
| Utilities | 13.40 |  | Others | 3.77 |
| IT | 8.08 |  | Japan | 1.56 |
| Financials | 7.65 |  | Asia ex Japan | 1.13 |
| Cons. stap. | 4.41 |  |
| Real estate | -0.89 |
| Communication Services | -2.63 |
| Energy | -2.98 |
| Cons. disc. | -3.91 |
| MarketCap Breakdown (EUR - %) |  |

16
14
12
10
8
6
4
2
0	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.	0.09	3.94	5.25	7.02	10.12	13.53	8.50	1.59
Source(s): AXA Investment Managers - GICS as at 30/11/2022
For more information about AXA IM, visit axa-im.com
Equity : 34% of the overall Portfolio 
(Continued)

## Top 10 Holdings
| Equity | Weighting (%) | Sector	Issuer country | Currency |
| --- | --- | --- | --- |
| Xylem Inc | 2.02 | Industrials	North America | USD |
| Hdfc Bank Limited | 1.94 | Financials	Emerging Markets | INR |
| Carrier Global Corp | 1.70 | Industrials	North America | USD |
| Taiwan Semiconductor Manufacturing Co Ltd | 1.59 | IT	Emerging Markets | TWD |
| Verbund AG | 1.43 | Utilities	European Economic Area | EUR |
| Thermo Fisher Scientific Inc | 1.37 | Health Care	North America | USD |
| Veolia Environnement SA | 1.36 | Utilities	European Economic Area | EUR |
| Danaher Corp | 1.32 | Health Care	North America | USD |
| Capitec Bank Holdings Ltd | 1.31 | Financials	Emerging Markets | ZAR |
| Trimble Inc | 1.29 | IT	North America | USD |
| Total (%) | 15.33 |  |  |
| Fixed Income : 36% of the overall Fund Key Metrics | portfolio |  |  |
|  | Portfolio |  | Portfolio |
| Number of Holdings | 180 | Mod. Duration | 6.25 |
| Number of Issuers | 113 | Yield To Worst (%) | 4.35 |
| Linear Average Rating | A- |  |  |
| Top 10 Holdings |  |  |  |
| Name | Weighting (%) | Issuer country	Modified duration | Contribution |
| France Government Bond OAT 1.75% 06/25/2039 | 1.06 | European Economic Area	13.9 | 0.10 |
| Italy (Republic of) 4% 04/30/2035 | 0.51 | European Economic Area	9.5 | 0.00 |
| Cassa Depositi e Prestiti SpA 1% 02/11/2030 | 0.50 | European Economic Area	6.6 | 0.00 |
| Royal Bank of Scotland Group VAR 11/15/2025 | 0.44 | Others	1.9 | 0.00 |
| Nederlandse Waterschapsbank NV 1.5% 06/15/2039 | 0.39 | European Economic Area	14.0 | 0.10 |
| UNEDIC 0.25% 07/16/2035 | 0.39 | European Economic Area	12.0 | 0.00 |
| RATP 0.875% 05/25/2027 | 0.38 | European Economic Area	4.3 | 0.00 |
| Instituto de Credito Oficial 2.65% 01/31/2028 | 0.37 | European Economic Area	4.7 | 0.00 |
| Credit Agricole SA VAR 09/21/2029 | 0.36 | European Economic Area	5.5 | 0.00 |
| France Government Bond OAT 0.1% 07/25/2038 | 0.35 | European Economic Area	15.5 | 0.10 |
| Total (%) | 4.75 |  |  |

Source(s): AXA Investment Managers - GICS as at 30/11/2022
For more information about AXA IM, visit axa-im.com
Fixed Income : 36% of the overall portfolio 
(Continued)

## Maturity Breakdown (%)
10
|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |

8
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 | 0.15 | 5.51 | 8.18 | 5.40 | 7.79 | 5.34 | 3.31 |


## Rating Breakdown (%)
25
20
15
10
5
0
|  | AAA | AA | A | BBB | BB | B | NR |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | Portfolio | 1.88 | 4.96 | 7.53 | 19.45 | 3.49 | 0.18 | -0.03 |

-5

## Instrument Type Breakdown (%)
12
9
6
3
0
|  | Financial | Industrials | Quasi & Foreign Government | Utility | Sovereign | Covered | Securitized | Cash | Not Classified |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | Portfolio | 10.20 | 9.97 | 6.77 | 6.62 | 3.43 | 0.34 | 0.14 | -0.03 | -1.75 |

-3
Source(s): AXA Investment Managers - GICS as at 30/11/2022
For more information about AXA IM, visit axa-im.com

Translation (ENFR, 2022-11-30):
# Analyse du portefeuille
## Répartition par classe d'actifs (%)
0	10	20	30	40	50	60	70	80	90	100	110
| Actions | 53.83 | 52.10 | 45.94 | 46.11 | 44.62 | 44.86 | 36.79 | 38.39 | 28.08 | 36.10 | 35.28 | 33.63 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Diversif. | 2.80 | - | - | - | - | - | - | - | - | - | - | - |
| Obligations | 36.74 | 38.23 | 39.74 | 38.02 | 34.60 | 35.24 | 35.46 | 35.65 | 34.72 | 35.06 | 35.01 | 36.43 |
| Monétaire | 6.63 | 9.67 | 14.32 | 15.87 | 20.79 | 19.90 | 27.76 | 25.96 | 37.20 | 28.84 | 29.71 | 29.94 |

31/12/2021
31/01/2022
28/02/2022
31/03/2022
29/04/2022
31/05/2022
30/06/2022
29/07/2022
31/08/2022
30/09/2022
31/10/2022
30/11/2022
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
*laDpaatertdieemlao1nèérteaiVraeletupr eLriqmueidt adt'oivbete: 1n5ir/0u6n/e2e0x2p0osition totale à 100%.

## Exposition par devise (%)
60
50
40
30
20
10
0	EUR	USD	GBP	DKK	JPY	ZAR	Autres
Portefeuille	53.37	24.44	4.26	3.75	3.22	2.22	8.74
Actions : 34% du portefeuille global

## Exposition sectorielle (%)

## Exposition géographique (%)
Portefeuille
Industrie	38.09
Santé	21.09
Matériaux	17.70
Serv. aux collect.	13.40
Technologie	8.08
Finance	7.65
Conso. Base	4.41
Immobilier	-0.89
Services de Communication	-2.63
Energie	-2.98
Conso. cycl.	-3.91
Portefeuille
Amérique du Nord	10.56
Marchés émergents	8.00
Pays membres de la zone EEE	7.93
Autres	3.77
Japon	1.56
Asie ex Japon	1.13

## Ventilation par capitalisation boursière (EUR - %)
16
14
12
10
8
6
4
2
0	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.	0.09	3.94	5.25	7.02	10.12	13.53	8.50	1.59
Source(s) : AXA Investment Managers - GICS au 30/11/2022
Pour obtenir de plus amples informations sur AXA IM, rendez-vous sur axa-im.com
Actions : 34% du portefeuille global 
(suite)

## 10 principaux titres
| Action | Pondération (%) | Secteur	Pays émetteur | Devise |
| --- | --- | --- | --- |
| Xylem Inc | 2.02 | Industrie	Amérique du Nord | USD |
| Hdfc Bank Limited | 1.94 | Finance	Marchés émergents | INR |
| Carrier Global Corp | 1.70 | Industrie	Amérique du Nord | USD |
| Taiwan Semiconductor Manufacturing Co Ltd | 1.59 | Technologie	Marchés émergents | TWD |
| Verbund AG | 1.43 | Serv. aux collect.	Pays membres de la zone | EEE	EUR |
| Thermo Fisher Scientific Inc | 1.37 | Santé	Amérique du Nord | USD |
| Veolia Environnement SA | 1.36 | Serv. aux collect.	Pays membres de la zone | EEE	EUR |
| Danaher Corp | 1.32 | Santé	Amérique du Nord | USD |
| Capitec Bank Holdings Ltd | 1.31 | Finance	Marchés émergents | ZAR |
| Trimble Inc | 1.29 | Technologie	Amérique du Nord | USD |
| Total (%) | 15.33 |  |  |
| Obligations : 36% du portefeuille Caractéristiques du portefeuille | global |  |  |
|  | Portefeuille |  | Portefeuille |
| Nombre de lignes | 180 | Mod. Duration | 6.25 |
| Nombre d'émetteurs | 113 | Yield to worst (%) | 4.35 |
| Rating moyen linéaire | A- |  |  |
| 10 principaux titres |  |  |  |
| Libellé | Pondération (%) | Pays émetteur	Sensibilité | Contribution |
| France Government Bond OAT 1.75% 06/25/2039 | 1.06 | Pays membres de la zone EEE	13.9 | 0.10 |
| Italy (Republic of) 4% 04/30/2035 | 0.51 | Pays membres de la zone EEE	9.5 | 0.00 |
| Cassa Depositi e Prestiti SpA 1% 02/11/2030 | 0.50 | Pays membres de la zone EEE	6.6 | 0.00 |
| Royal Bank of Scotland Group VAR 11/15/2025 | 0.44 | Autres	1.9 | 0.00 |
| Nederlandse Waterschapsbank NV 1.5% 06/15/2039 | 0.39 | Pays membres de la zone EEE	14.0 | 0.10 |
| UNEDIC 0.25% 07/16/2035 | 0.39 | Pays membres de la zone EEE	12.0 | 0.00 |
| RATP 0.875% 05/25/2027 | 0.38 | Pays membres de la zone EEE	4.3 | 0.00 |
| Instituto de Credito Oficial 2.65% 01/31/2028 | 0.37 | Pays membres de la zone EEE	4.7 | 0.00 |
| Credit Agricole SA VAR 09/21/2029 | 0.36 | Pays membres de la zone EEE	5.5 | 0.00 |
| France Government Bond OAT 0.1% 07/25/2038 | 0.35 | Pays membres de la zone EEE	15.5 | 0.10 |
| Total (%) | 4.75 |  |  |

Source(s) : AXA Investment Managers - GICS au 30/11/2022
Pour obtenir de plus amples informations sur AXA IM, rendez-vous sur axa-im.com
Obligations : 36% du portefeuille global 
(suite)

## Exposition par maturité (%)
10
|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |

8
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 | 0.15 | 5.51 | 8.18 | 5.40 | 7.79 | 5.34 | 3.31 |


## Exposition par rating (%)
25
20
15
10
5
0
|  | AAA | AA | A | BBB | BB | B | NR |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | Portefeuille | 1.88 | 4.96 | 7.53 | 19.45 | 3.49 | 0.18 | -0.03 |

-5

## Exposition par type d'instrument (%)
12
9
6
3
0
|  | Finance | Industrie | Quasi & Foreign Government | Services aux Collectivités | Souverain | Covered | Securitized | Cash | Hors catégorie |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | Portefeuille | 10.20 | 9.97 | 6.77 | 6.62 | 3.43 | 0.34 | 0.14 | -0.03 | -1.75 |

-3
Source(s) : AXA Investment Managers - GICS au 30/11/2022
Pour obtenir de plus amples informations sur AXA IM, rendez-vous sur axa-im.com