# Equity Exposure (% TNA)	Equity Exposure: monthly history (% TNA)
Net Equity
...which is made up of Long Equity
Short Equity Other
Gross Equity (before aggregation)
Exposure (% TNA)
3.3
109.5
-106.2
0.0
215.7
Gross Equity (after aggregation)	215.7
Definition of terms:
Long	Short	Net	Gross Equity (after
aggregation)
Long Equity exposure: long positions are created through purchases of company shares or derivatives. They profit from share price increases and suffer losses if prices fall. Long Equity exposure is the total of the fund’s long positions after aggregation.
Short Equity exposure: short positions are created through derivatives. They can allow the fund to profit from a fall in the price of an underlying share (although fund returns will be hurt if the price of the underlying share rises). Short Equity exposure is the total of the fund’s short positions after aggregation.
Net Equity exposure: the percentage of the fund invested in the equity market. It is the difference between the long and the short exposures. For example, if the fund is 120% long and 25% short, the fund is 95% net invested.
Other: the value of any non-equity investments (excluding cash funds) expressed as a percentage of fund TNA.
Gross Equity exposure: this is shown before and after the aggregation of investments linked to a particular issuing company or basket security. Any difference between the two figures shows the fund is holding long and short exposure for the same company or basket security.
% TNA: Data is presented as a percentage of TNA, which stands for Total Net Assets (the value of all the fund’s assets after the deduction of any liabilities).
Sector/Industry Exposure (% TNA)	Market Capitalisation Exposure (% TNA)
| GICS Sector | Long | Short | Net |  | USD | Long | Short | Net |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Information Technology | 16.4 | -7.3 | 9.2 |  | >10bn | 64.5 | -67.5 | -3.0 |
| Utilities | 4.2 | -2.2 | 2.0 |  | 5-10bn | 16.3 | -12.5 | 3.8 |
| Health Care | 6.8 | -5.6 | 1.2 |  | 1-5bn | 26.6 | -20.0 | 6.6 |
| Industrials | 17.6 | -16.6 | 1.0 |  | 0-1bn | 2.1 | -4.0 | -1.9 |
| Consumer Discretionary | 14.4 | -13.8 | 0.6 |  | Total Market Cap Exposure | 109.5 | -104.0 | 5.5 |
| Financials | 26.7 | -27.1 | -0.4 |  | Index / Unclassified | 0.0 | -2.2 | -2.2 |
| Energy | 4.4 | -5.2 | -0.8 |  | Total Equity Exposure | 109.5 | -106.2 | 3.3 |
| Real Estate | 4.1 | -5.4 | -1.3 |  |
| Communication Services | 5.6 | -7.8 | -2.2 |
| Consumer Staples | 3.2 | -5.8 | -2.6 |
| Materials | 6.1 | -9.5 | -3.4 |
| Total Sector Exposure | 109.5 | -106.2 | 3.3 |
| Other Index / Unclassified | 0.0 | 0.0 | 0.0 |
| Total Equity Exposure | 109.5 | -106.2 | 3.3 |

Geographic Exposure (% TNA)	Regional Exposure (% TNA)
|  | Long | Short | Net |  |  | Long | Short | Net |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Canada | 5.1 | -1.6 | 3.5 |  | UK | 11.2 | -7.8 | 3.4 |
| United Kingdom | 11.2 | -7.8 | 3.4 |  | Emerging Markets | 12.0 | -10.3 | 1.6 |
| Brazil | 1.9 | 0.0 | 1.9 |  | North America | 37.8 | -36.3 | 1.5 |
| Sweden | 5.0 | -3.5 | 1.5 |  | Japan | 11.7 | -12.2 | -0.4 |
| Netherlands | 4.0 | -2.5 | 1.5 |  | Europe (ex-UK) | 28.4 | -29.3 | -0.9 |
| Italy | 1.2 | 0.0 | 1.2 |  | Asia Pacific (ex-Japan) | 8.4 | -10.3 | -1.9 |
| Finland | 1.8 | -0.6 | 1.2 |  |  |  |  |  |
| Austria | 0.9 | 0.0 | 0.9 |  |  |  |  |  |
| Spain | 3.3 | -2.8 | 0.5 |  |  |  |  |  |
| China | 6.4 | -6.0 | 0.3 |  |  |  |  |  |
| Others | 68.7 | -81.4 | -12.7 |  | Total Regional Exposure | 109.5 | -106.2 | 3.3 |
| Total Geographic Exposure | 109.5 | -106.2 | 3.3 |  | Other Index / Unclassified | 0.0 | 0.0 | 0.0 |
| Other Index / Unclassified | 0.0 | 0.0 | 0.0 |  | Total Equity Exposure | 109.5 | -106.2 | 3.3 |
| Total Equity Exposure | 109.5 | -106.2 | 3.3 |  |  |  |  |  |

Top Net Long Positions (% TNA)
NN GROUP NV COTERRA ENERGY INC
EQUITABLE HOLDINGS INC EQUITY RESIDENTIAL JPMORGAN CHASE & CO HANNOVER RUECK SA SPECTRIS PLC
WELLS FARGO & CO NEW HOLCIM LTD
MACQUARIE GROUP LTD
GICS Sector
Financials Energy Financials Real Estate Financials Financials
Information Technology Financials
Materials Financials
Geographic Location
Netherlands USA
USA USA USA
Germany United Kingdom USA
Switzerland Australia
Fund
2.4
2.3
2.3
2.3
2.2
2.2
2.1
2.0
2.0
2.0
Definition of terms:*Figures may not always sum to totals due to rounding
Top Net Long Positions: those companies in which the largest percentages of the fund’s total net assets are effectively invested. Positions in other funds - including ETFs (Exchange Traded Funds) - can appear in this table, but index derivatives form part of an "Other Index / Unclassified" category which will not appear.
The sector/industry classification used (ie GICS, ICB, TOPIX or IPD) varies by fund. Full descriptions of GICS, ICB, TOPIX and IPD can be found in the glossary. Figures may not always sum to totals due to rounding

Translation (ENFR, 2022-01-31):
# Exposition géographique (% de la VL totale)	Exposition Régionale (% actif net)
|  | Long | Court | Net |  |  | Long | Court | Net |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Canada | 5,1 | -1,6 | 3,5 |  | Royaume-Uni | 11,2 | -7,8 | 3,4 |
| Royaume-Uni | 11,2 | -7,8 | 3,4 |  | Marchés émergents | 12,0 | -10,3 | 1,6 |
| Brésil | 1,9 | 0,0 | 1,9 |  | Amérique du Nord | 37,8 | -36,3 | 1,5 |
| Suède | 5,0 | -3,5 | 1,5 |  | Japon | 11,7 | -12,2 | -0,4 |
| Pays-Bas | 4,0 | -2,5 | 1,5 |  | Europe (hors-RU) | 28,4 | -29,3 | -0,9 |
| Italie | 1,2 | 0,0 | 1,2 |  | Asie Pacifique (hors-Japon) | 8,4 | -10,3 | -1,9 |
| Finlande | 1,8 | -0,6 | 1,2 |  |  |  |  |  |
| Autriche | 0,9 | 0,0 | 0,9 |  |  |  |  |  |
| Espagne | 3,3 | -2,8 | 0,5 |  |  |  |  |  |
| Chine | 6,4 | -6,0 | 0,3 |  |  |  |  |  |
| Autres | 68,7 | -81,4 | -12,7 |  | Exposition Totale Région | 109,5 | -106,2 | 3,3 |
| Exposition géographique totale | 109,5 | -106,2 | 3,3 |  | Autre Indice/Non classé | 0,0 | 0,0 | 0,0 |
| Autre Indice/Non classé | 0,0 | 0,0 | 0,0 |  | Exposition Totale Actions | 109,5 | -106,2 | 3,3 |
| Exposition Totale Actions | 109,5 | -106,2 | 3,3 |  |  |  |  |  |

Principales positions nettes longues (% actif net)

### NN GROUP NV COTERRA ENERGY INC

### EQUITABLE HOLDINGS INC EQUITY RESIDENTIAL JPMORGAN CHASE & CO HANNOVER RUECK SA SPECTRIS PLC

### WELLS FARGO & CO NEW HOLCIM LTD

### MACQUARIE GROUP LTD

### Secteur GICS

### Services financiers Énergie

### Services financiers Immobilier Services financiers Services financiers

### Technologie de l’information Services financiers Matériaux

### Services financiers

### Zone géographique

### Pays-Bas États-Unis États-Unis États-Unis États-Unis Allemagne Royaume-Uni États-Unis Suisse Australie

### Fonds

### 2,4

### 2,3

### 2,3

### 2,3

### 2,2

### 2,2

### 2,1

### 2,0

### 2,0

### 2,0
Définition des termes :*Les chiffres ayant été arrondis, les sommes peuvent ne pas toujours correspondre aux totaux indiqués.
Principales Positions longues nettes : sociétés dans lesquelles l'actif net total du fonds est le plus investi en pourcentage. Les positions dans d'autres fonds - notamment des ETF (Exchange Traded Funds) - peuvent apparaître dans ce tableau mais, le cas échéant, les dérivés indiciels font partie d'une catégorie « Autre Indice/Hors classement » qui n'apparaît pas ici.

### Le classement secteur/industrie utilisé (GICS, ICB, TOPIX ou IPD) varie en fonction du fonds. La description complète des classements GICS, ICB, TOPIX et IPD est présentée dans le glossaire.

### Les chiffres ayant été arrondis, les sommes peuvent ne pas toujours correspondre aux totaux indiqués.