# ASSET ALLOCATION
### MONTHLY MANAGEMENT COMMENT
The stock markets remained on a recovery course in November. The European stock markets, with a high proportion of value stocks, benefited more than the USA, where the technology sector, which dominates the indices, continued to suffer from declining profits and the necessary reduction of overcapacities from the Corona boom. Much attention was paid to the first slight decline in inflation figures in both the USA and the Eurozone, triggered primarily by falling energy prices. In this environment, yields on long-term bonds also fell below those of their short-term equivalents in Germany. The portfolio continues to exhibit a neutral positioning. We increased the position in Total Energies in exchange for reducing exposures to Amphenol and Schneider Electric. We took advantage of higher yield levels in the bond market to add to positions such as General Mills, ASFINAG and Becton Dickinson. The duration of the bond portfolio remains at 3.5 years.
| Asset allocation breakdown |
| --- |
|  | Weight % | vs m-1 |

| Equities | 53.53% | 53.17% |
| --- | --- | --- |
| North America | 20.57% | 21.37% |
| Rest of Europe | 15.77% | 15.21% |
| Eurozone | 14.88% | 14.40% |
| Rest of the World | 2.31% | 2.19% |
| Bonds | 42.84% | 41.73% |
| Investment Grade bonds | 37.10% | 36.30% |
| High Yield bonds | 2.61% | 2.59% |
| Covered Bonds | 1.45% | 1.47% |
| Emerging Markets Bonds | 0.88% | 0.88% |
| Government Bonds | 0.79% | 0.50% |
| Cash & Others | 3.62% | 5.10% |
|  |  |  |
| Equity net exposure | 51.86% | 51.45% |

| Monthly contribution by asset class |
| --- |
|  | Average weight (%) | Performance (%) | Contribution (%) |
|  | FUND | FUND | FUND |

| Equities | 51.26% | 2.45% | 1.25% |
| --- | --- | --- | --- |
| Bonds | 42.06% | 1.77% | 0.74% |
| Cash & Others | 6.68% | -0.61% | -0.05% |
| TOTAL | 100.00% | 1.95% | 1.95% |

| Year-to-date contribution by asset class |
| --- |
|  | Average weight (%) | Performance (%) | Contribution (%) |
|  | FUND | FUND | FUND |

| Equities | 50.38% | -11.01% | -5.62% |
| --- | --- | --- | --- |
| Bonds | 41.11% | -8.25% | -3.40% |
| Cash & Others | 8.51% | 0.81% | 0.09% |
| TOTAL | 100.00% | -8.93% | -8.93% |

Subtotal top 5	-	-	6.31	-
| ESG Rating |
| --- |
|  | FUND | ESG investment universe |
|  | Nov 22 | Nov 22 |
| ESG Quality Score | 9.6 | 8.1 |
| MSCI ESG rating | AAA | AA |
| ESG coverage** | 99.2% | 98.5% |
| ESG investment universe : 100% MSCI ACWI Net Total Return EUR Index |

| TOP 5 ESG rank |
| --- |
|  | Asset class | Country | Weight in the fund (%) | MSCI ESG rating |
| Zurich Insurance Group Ag | Equity | Switzerland | 1.39 | AAA |
| Wolters Kluwer | Equity | Netherlands | 1.28 | AAA |
| Deutsche Boerse Ag | Equity | Germany | 1.25 | AAA |
| Novo Nordisk A/S-B | Equity | Denmark | 1.23 | AAA |
| Axa Sa | Equity | France | 1.16 | AAA |

Translation (ENFR, 2022-11-30):
# ALLOCATION D'ACTIFS
## COMMENTAIRE DE GESTION MENSUEL
Les marchés boursiers sont restés sur les rails de la reprise en novembre. Les marchés actions européens, qui détiennent une forte proportion d'actions « value », ont davantage tiré leur épingle du jeu que les Etats-Unis, où le secteur technologique, qui domine les indices, a continué de pâtir de la baisse des bénéfices et de la nécessaire réduction des capacités excédentaires à la suite de la crise du coronavirus. La première légère baisse des chiffres de l'inflation aux Etats-Unis et dans la zone euro, déclenchée principalement par la baisse des prix de l'énergie, s'est trouvée au centre de toutes les attentions. Dans ce contexte, les rendements des obligations à long terme sont également tombés en deçà de ceux de leurs équivalents à court terme en Allemagne. Le portefeuille conserve un positionnement neutre. Nous avons renforcé la position sur Total Energies et réduit nos expositions à Amphenol et Schneider Electric. Nous avons profité de la hausse des rendements sur le marché obligataire pour renforcer des positions telles que General Mills, ASFINAG et Becton Dickinson. La duration du portefeuille obligataire est maintenue à 3,5 ans.
| Répartition de l'allocation d'actifs |
| --- |
|  | Poids % | vs m-1 |

| Actions | 53,53% | 53,17% |
| --- | --- | --- |
| Amérique du Nord | 20,57% | 21,37% |
| Le reste de l'Europe | 15,77% | 15,21% |
| Zone euro | 14,88% | 14,40% |
| Le reste du Monde | 2,31% | 2,19% |
| Obligations | 42,84% | 41,73% |
| Obligations Investment Grade | 37,10% | 36,30% |
| Obligations High Yield | 2,61% | 2,59% |
| Obligations sécurisées | 1,45% | 1,47% |
| Obligations des pays émergents | 0,88% | 0,88% |
| Obligations d'états | 0,79% | 0,50% |
| Monétaire & Autres | 3,62% | 5,10% |
|  |  |  |
| Exposition nette d'actions | 51,86% | 51,45% |

| Contribution mensuelle par classe d'actifs |
| --- |
|  | Poids moyen (%) | Performance (%) | Contribution (%) |
|  | FONDS | FONDS | FONDS |

| Actions | 51,26% | 2,45% | 1,25% |
| --- | --- | --- | --- |
| Obligations | 42,06% | 1,77% | 0,74% |
| Monétaire & Autres | 6,68% | -0,61% | -0,05% |
| TOTAL | 100,00% | 1,95% | 1,95% |

| Contribution YTD par classe d'actifs |
| --- |
|  | Poids moyen (%) | Performance (%) | Contribution (%) |
|  | FONDS | FONDS | FONDS |

| Actions | 50,38% | -11,01% | -5,62% |
| --- | --- | --- | --- |
| Obligations | 41,11% | -8,25% | -3,40% |
| Monétaire & Autres | 8,51% | 0,81% | 0,09% |
| TOTAL | 100,00% | -8,93% | -8,93% |

| Notation ESG |
| --- |
|  | FONDS | Univers d'investissement ESG |
|  | nov. 22 | nov. 22 |


## NOTATION MOYENNE E, S ET G*
Score ESG	9,6	8,1
Notation MSCI ESG	AAA	AA
Couverture ESG**	99,2%	98,5%
Univers d'investissement ESG : 100% MSCI ACWI Net Total Return EUR Index
Fonds	Univers d'investissement ESG
Sous-total top 5	-	-	6,31	-
| TOP 5 PAR NOTATION ESG |
| --- |
|  | Classe d'actifs | Pays | Poids dans le fonds (%) | Notation MSCI ESG |
| Zurich Insurance Group Ag | Action | Suisse | 1,39 | AAA |
| Wolters Kluwer | Action | Pays-Bas | 1,28 | AAA |
| Deutsche Boerse Ag | Action | Allemagne | 1,25 | AAA |
| Novo Nordisk A/S-B | Action | Danemark | 1,23 | AAA |
| Axa Sa | Action | France | 1,16 | AAA |