# Rating allocation
The fund has roughly 60% invested in AAA/AA bonds, mainly comprising US Treasuries, Austrian and German government bonds. The average rating of the fund remained better than that of the index: AA1/AA2 compared to AA2/AA3. The fund kept its conservative stance in corporate and emerging credit markets, and added to the underweight by buying some additional protection in CDS indices, while adding euro swap spreads. Furthermore, even though corporate spreads widened further, we think risks are tilted to even wider spreads, as economic fundamentals deteriorate, while central banks keep tightening policy. Overall exposure to HY remains low at just below 2%.
Sector allocation	Deviation index
| Treasuries | 68.7% |
| --- | --- |
| Financials | 11.1% |
| Industrials | 6.0% |
| Agencies | 3.1% |
| Supranational | 2.8% |
| Utilities | 1.5% |
| Covered | 0.4% |
| Local Authorities | 0.2% |
| Cash and other instruments | 6.2% |

|  | -1.2% |
| --- | --- |
|  | -0.6% |
|  | -10.0% |
|  | 2.3% |
|  | 2.8% |
|  | 0.1% |
|  | 0.3% |
|  | 0.1% |
|  |  | 6.2% |

1
Currency allocation	Deviation index
| Euro |  | 103.2% |
| --- | --- | --- |
| Pound Sterling | -1.8% |
| U.S. Dollar | -0.6% |
| Thailand Baht | 0.6% |
| Japanese Yen | 0.6% |
| Indonesian Rupiah | -0.5% |
| Korean Won | -0.4% |
| Mexico New Peso | -0.4% |
| Singapore Dollar | -0.4% |
| Malaysian Ringgit | -0.4% |
| Romanian New Leu | 0.3% |
| Chinese Renminbi (Yuan) | -0.2% |
| Other | 0.1% |

|  | 3.2% |
| --- | --- |
|  | -1.8% |
|  | -0.6% |
|  | 0.6% |
|  | 0.6% |
|  | -0.5% |
|  | -0.4% |
|  | -0.4% |
|  | -0.4% |
|  | -0.4% |
|  | 0.3% |
|  | -0.2% |
|  | 0.1% |

Duration allocation	Deviation index
| U.S. Dollar | 2.2 |
| --- | --- |
| Euro | 1.8 |
| Pound Sterling | 0.7 |
| Chinese Renminbi (Yuan) | 0.5 |
| Danish Kroner | 0.3 |
| Swedish Kroner | 0.2 |
| Japanese Yen | 0.1 |
| Korean Won | 0.1 |
| Thailand Baht | 0.0 |
| Indonesian Rupiah | 0.0 |
| Other | 0.0 |

|  | 0.1 |
| --- | --- |
|  | -0.2 |
|  | 0.0 |
|  | 0.2 |
|  |  | 0.3 |
|  | 0.2 |
|  | -0.8 |
|  | 0.1 |
|  | -0.1 |
|  | -0.1 |
|  | -0.2 |

Rating allocation	Deviation index

Translation (ENFR, 2022-09-30):
# Allocation par notation
Près de 60 % du fonds est investi dans des obligations AAA/AA, surtout des bons du Trésor américain et des obligations d'État autrichiennes et allemandes. La notation moyenne du fonds est restée supérieure à celle de l'indice : AA1/AA2 par rapport à AA2/AA3. Le fonds a gardé sa position prudente sur la dette privée et le crédit émergent, et a renforcé sa sous-pondération en achetant plus de protection dans les indices de CDS, tout en ajoutant des spreads de swaps en EUR. Par ailleurs, même si les spreads de la dette privée se sont encore élargis, nous pensons que les risques sont orientés sur un élargissement supplémentaire en raison de la dégradation des fondamentaux et du maintien du durcissement monétaire par les banques centrales. L'exposition globale au High Yield reste faible à un peu moins de 2 %.
Allocation sectorielle	Deviation index
| Trésors | 68,7% |
| --- | --- |
| Finance | 11,1% |
| Industrie | 6,0% |
| Agences | 3,1% |
| Supranational | 2,8% |
| Services aux Collectivités | 1,5% |
| Obligations Couvertes | 0,4% |
| Autorites Locales | 0,2% |
| Liquidités et autres instruments | 6,2% |

|  | -1,2% |
| --- | --- |
|  | -0,6% |
|  | -10,0% |
|  | 2,3% |
|  | 2,8% |
|  | 0,1% |
|  | 0,3% |
|  | 0,1% |
|  |  | 6,2% |

Allocation en devises	Deviation index
| Euro |  | 103,2% |
| --- | --- | --- |
| Livre Sterling | -1,8% |
| Dollar Américain | -0,6% |
| Thailand Baht | 0,6% |
| Japanese Yen | 0,6% |
| Rupiah | -0,5% |
| Won Sud-Coréen | -0,4% |
| Mexico New Peso | -0,4% |
| Dollar de Singapour | -0,4% |
| Ringgit | -0,4% |
| Romanian New Leu | 0,3% |
| Yuan | -0,2% |
| Autres | 0,1% |

|  | 3,2% |
| --- | --- |
|  | -1,8% |
|  | -0,6% |
|  | 0,6% |
|  | 0,6% |
|  | -0,5% |
|  | -0,4% |
|  | -0,4% |
|  | -0,4% |
|  | -0,4% |
|  | 0,3% |
|  | -0,2% |
|  | 0,1% |

1
Allocation par duration	Deviation index
| Dollar Américain | 2,2 |
| --- | --- |
| Euro | 1,8 |
| Livre Sterling | 0,7 |
| Yuan | 0,5 |
| Danish Kroner | 0,3 |
| Couronne Suédoise | 0,2 |
| Japanese Yen | 0,1 |
| Won Sud-Coréen | 0,1 |
| Thailand Baht | 0,0 |
| Rupiah | 0,0 |
| Autres | 0,0 |

|  | 0,1 |
| --- | --- |
|  | -0,2 |
|  | 0,0 |
|  | 0,2 |
|  |  | 0,3 |
|  | 0,2 |
|  |  | -0,8 |
|  |  |
|  | 0,1 |
|  | -0,1 |
|  | -0,1 |
|  | -0,2 |

Allocation par notation	Deviation index