# Portfolio Analysis
## Asset Allocation (%)
0	10	20	30	40	50	60	70	80	90	100	110
| Equities | 60.06 | 45.62 | 38.34 | 28.55 | 32.67 | 28.13 | 27.18 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Diversif. | 4.34 | 4.50 | 5.24 | 5.17 | 5.16 | 4.97 | 5.26 |
| Bonds | 23.12 | 24.23 | 16.58 | 14.27 | 15.00 | 15.02 | 15.13 |
| Monetary | 12.48 | 25.65 | 39.84 | 52.01 | 47.17 | 51.87 | 52.43 |

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 overall exposure of 100%.

## Currency Breakdown (%)
120
100
80
60
40
20
0
-20
USD	CAD	CHF	JPY	SGD	CNY	Other
Portfolio	109.49	1.97	1.89	0.25	-	-0.02	-13.59
Equity : 27% of the overall Portfolio
| Top 10 Holdings |  |
| --- | --- |
| Equity | Weighting (%) | Sector | Issuer country | Currency |
| Roche Holding AG | 1.88 | Health Care | European Economic Area | CHF |
| UnitedHealth Group Inc | 1.23 | Health Care | North America | USD |
| Marathon Petroleum Corp | 1.09 | Energy | North America | USD |
| Yamana Gold Inc | 1.07 | Materials | North America | CAD |
| MasterCard Inc | 1.04 | IT | North America | USD |
| Johnson & Johnson | 1.02 | Health Care | North America | USD |
| Apple Inc | 0.99 | IT | North America | USD |
| AstraZeneca PLC | 0.97 | Health Care | Others | GBP |
| Alphabet Inc | 0.95 | Communication Services | North America | USD |
| Endeavour Mining PLC | 0.93 | Materials | Others | USD |
| Total (%) | 11.17 |  |  |  |

Fixed Income : 15% of the overall portfolio

## Fund Key Metrics
Portfolio
Number of Holdings	5
Number of Issuers	2
Linear Average Rating	-
Portfolio
Mod. Duration	-
Yield To Worst (%)	-
Source(s): AXA Investment Managers - GICS as at 30/11/2022
For more information about AXA IM, visit axa-im.com
Fixed Income : 15% of the overall portfolio 
(Continued)

## Top 10 Holdings
| Name | Weighting (%) | Issuer country | Modified duration | Contribution |
| --- | --- | --- | --- | --- |
| US Treasury Note 1.75% 03/15/2025 | 6.63 | North America | 2.2 | 0.10 |
| US Treasury Note 1.5% 02/29/2024 | 4.45 | North America | 1.2 | 0.10 |
| German Inflation Linked Bond 0.1% 04/15/2026 | 0.73 | European Economic Area | 3.4 | 0.00 |
| France Government Bond OAT 1.85% 07/25/2027 | 0.56 | European Economic Area | 4.5 | 0.00 |
| US Treasury Note 2.25% 03/31/2024 | 0.54 | North America | 1.3 | 0.00 |
| France Government Bond OAT 0.25% 07/25/2024 | 0.35 | European Economic Area | 1.7 | 0.00 |
| UK Gilt Inflation Linked 0.125% 03/22/2026 | 0.34 | Others | 3.3 | 0.00 |
| US Treasury Inflation Idx Bonds 0.125% 04/15/2027 | 0.22 | North America | 4.3 | 0.00 |
| UK Gilt Inflation Linked 0.125% 03/22/2024 | 0.15 | Others | 1.3 | 0.00 |
| US Treasury Inflation Idx Bonds 0.625% 07/15/2032 | 0.14 | North America | 9.3 | 0.00 |
| Total (%) | 14.09 |  |  |  |

Diversification : 5% of the overall portfolio

## Top 10 Holdings
| Equity | Weighting (%) | Issuer country | Currency |
| --- | --- | --- | --- |
| iShares Physical Gold ETC | 5.26 | European Economic Area | USD |
| Total (%) | 5.26 |  |  |

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 | 60.06 | 45.62 | 38.34 | 28.55 | 32.67 | 28.13 | 27.18 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Diversif. | 4.34 | 4.50 | 5.24 | 5.17 | 5.16 | 4.97 | 5.26 |
| Obligations | 23.12 | 24.23 | 16.58 | 14.27 | 15.00 | 15.02 | 15.13 |
| Monétaire | 12.48 | 25.65 | 39.84 | 52.01 | 47.17 | 51.87 | 52.43 |

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 la partie monétaire et permet d'obtenir une exposition totale à 100%.

## Exposition par devise (%)
120
100
80
60
40
20
0
-20
USD	CAD	CHF	JPY	SGD	CNY	Autres
Portefeuille	109.49	1.97	1.89	0.25	-	-0.02	-13.59
Actions : 27% du portefeuille global
| 10 principaux titres |  |
| --- | --- |
| Action | Pondération (%) | Secteur | Pays émetteur | Devise |
| Roche Holding AG | 1.88 | Santé | Pays membres de la zone EEE | CHF |
| UnitedHealth Group Inc | 1.23 | Santé | Amérique du Nord | USD |
| Marathon Petroleum Corp | 1.09 | Energie | Amérique du Nord | USD |
| Yamana Gold Inc | 1.07 | Matériaux | Amérique du Nord | CAD |
| MasterCard Inc | 1.04 | Technologie | Amérique du Nord | USD |
| Johnson & Johnson | 1.02 | Santé | Amérique du Nord | USD |
| Apple Inc | 0.99 | Technologie | Amérique du Nord | USD |
| AstraZeneca PLC | 0.97 | Santé | Autres | GBP |
| Alphabet Inc | 0.95 | Services de Communication | Amérique du Nord | USD |
| Endeavour Mining PLC | 0.93 | Matériaux | Autres | USD |
| Total (%) | 11.17 |  |  |  |

Obligations : 15% du portefeuille global

## Caractéristiques du portefeuille
Portefeuille
Nombre de lignes	5
Nombre d'émetteurs	2
Rating moyen linéaire	-
Portefeuille
Mod. Duration	-
Yield to worst (%)	-
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 : 15% du portefeuille global 
(suite)

## 10 principaux titres
| Libellé	Pondération (%) | Pays émetteur | Sensibilité | Contribution |
| --- | --- | --- | --- |
| US Treasury Note 1.75% 03/15/2025	6.63 | Amérique du Nord | 2.2 | 0.10 |
| US Treasury Note 1.5% 02/29/2024	4.45 | Amérique du Nord | 1.2 | 0.10 |
| German Inflation Linked Bond 0.1% 04/15/2026	0.73 | Pays membres de la zone EEE | 3.4 | 0.00 |
| France Government Bond OAT 1.85% 07/25/2027	0.56 | Pays membres de la zone EEE | 4.5 | 0.00 |
| US Treasury Note 2.25% 03/31/2024	0.54 | Amérique du Nord | 1.3 | 0.00 |
| France Government Bond OAT 0.25% 07/25/2024	0.35 | Pays membres de la zone EEE | 1.7 | 0.00 |
| UK Gilt Inflation Linked 0.125% 03/22/2026	0.34 | Autres | 3.3 | 0.00 |
| US Treasury Inflation Idx Bonds 0.125% 04/15/2027	0.22 | Amérique du Nord | 4.3 | 0.00 |
| UK Gilt Inflation Linked 0.125% 03/22/2024	0.15 | Autres | 1.3 | 0.00 |
| US Treasury Inflation Idx Bonds 0.625% 07/15/2032	0.14 | Amérique du Nord | 9.3 | 0.00 |
| Total (%)	14.09 |  |  |  |
| Diversification : 5% du portefeuille global 10 principaux titres |  |  |  |
| Action	Pondération (%) | Pays émetteur |  | Devise |
| iShares Physical Gold ETC	5.26 | Pays membres de la zone EEE |  | USD |
| Total (%)	5.26 |  |  |  |

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