# Country allocation
| United States |  | 45.9% |
| --- | --- | --- |
|  |
| Germany | 5.5% |
| France | 5.3% |
| Italy | 3.3% |
| Netherlands | 3.2% |
| United Kingdom | 3.0% |
| Canada | 2.3% |
| India | 1.6% |
| Spain | 1.4% |
| Belgium | 1.4% |
| Austria | 1.3% |
| Other | 12.3% |
| Cash and other instruments | 13.4% |

Country risk analysis is incorporated in our proprietary credit research, but we do not implement any specific top-down country policy in the portfolio. We have a slight preference for Europe versus the United States based on valuations.
Sector allocation	Deviation index
|  | -0.2% |
| --- | --- |
|  |  | 5.1% |
|  | 2.0% |
|  |  | 6.7% |
|  | -9.8% |
|  | 2.3% |
|  | 0.0% |
|  | -0.4% |
|  | 1.3% |
|  | -9.0% |
|  | -0.5% |
|  | -10.8% |
|  |  | 13.4% |

Currency denomination allocation	Deviation index
| U.S. Dollar | 56.4% | -21.5% |
| --- | --- | --- |
| Euro |  | 28.9% |  | 8.9% |
|  |
| Pound Sterling | 1.3% | -0.8% |

Duration allocation	Deviation index
|  | -0.3 |
| --- | --- |
|  | -0.1 |
|  | -0.1 |

Rating allocation	Deviation index
| A | 0.4% |
| --- | --- |
| BAA | 10.0% |
| BA | 54.5% |
| B | 15.9% |
| CAA | 5.5% |
| CA | 0.1% |
| C |  |
| NR | 0.3% |
| Cash and other instruments | 13.4% |

|  | 0.4% |
| --- | --- |
|  |  | 10.0% |
|  | -1.0% |
|  | -17.8% |
|  | -3.9% |
|  | -0.4% |
|  | -0.1% |
|  | -0.6% |
|  |  | 13.4% |

Country allocation	Deviation index
|  | -16.8% |
| --- | --- |
|  | 2.2% |
|  | 2.0% |
|  | -0.9% |
|  | 2.0% |
|  | -1.3% |
|  | -0.2% |
|  | 0.9% |
|  | -0.9% |
|  | 1.1% |
|  | 1.2% |
|  | -2.8% |
|  |  | 13.4% |
|  |

Translation (ENFR, 2022-09-30):
# Allocation géographique
L'analyse des risques par pays est intégrée à nos recherches internes sur les crédits, mais nous n'appliquons aucune politique géographique « top-down » spécifique au sein du portefeuille. Nous préférons légèrement l'Europe aux États-Unis en raison des valorisations.
Allocation sectorielle	Deviation index
|  | -0,2% |
| --- | --- |
|  |  | 5,1% |
|  | 2,0% |
|  |  | 6,7% |
|  | -9,8% |
|  | 2,3% |
|  | 0,0% |
|  | -0,4% |
|  | 1,3% |
|  | -9,0% |
|  | -0,5% |
|  | -10,8% |
|  |  | 13,4% |

Allocation en devises	Deviation index
| Dollar Américain | 56,4% | -21,5% |
| --- | --- | --- |
| Euro |  | 28,9% |  | 8,9% |
|  |
| Livre Sterling | 1,3% | -0,8% |

Allocation par duration	Deviation index
|  | -0,3 |
| --- | --- |
|  | -0,1 |
|  | -0,1 |

Allocation par notation	Deviation index
| A | 0,4% |
| --- | --- |
| BAA | 10,0% |
| BA | 54,5% |
| B | 15,9% |
| CAA | 5,5% |
| CA | 0,1% |
| C |  |
| NR | 0,3% |
| Liquidités et autres instruments | 13,4% |

|  | 0,4% |
| --- | --- |
|  |  | 10,0% |
|  |
|  | -1,0% |
|  | -17,8% |
|  | -3,9% |
|  | -0,4% |
|  | -0,1% |
|  | -0,6% |
|  |  | 13,4% |

Allocation géographique	Deviation index
| Amerique |  | 45,9% |
| --- | --- | --- |
|  |
| Allemagne | 5,5% |
| France | 5,3% |
| Italie | 3,3% |
| Pays-Bas | 3,2% |
| Royaume-Uni | 3,0% |
| Canada | 2,3% |
| Inde | 1,6% |
| Espagne | 1,4% |
| Belgique | 1,4% |
| Autriche | 1,3% |
| Autres | 12,3% |
| Liquidités et autres instruments | 13,4% |

|  | -16,8% |
| --- | --- |
|  | 2,2% |
|  | 2,0% |
|  | -0,9% |
|  | 2,0% |
|  | -1,3% |
|  | -0,2% |
|  | 0,9% |
|  | -0,9% |
|  | 1,1% |
|  | 1,2% |
|  | -2,8% |
|  |  | 13,4% |
|  |

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