# PORTOFOLIO ANALYSIS
#### GLOBAL ANALYSIS
UCIT	
| WAM | 59 |
| --- | --- |
| WAL Regulatory | 124 |
| Agency average LT rating | A- |
| Nb of issuers | 82 |
| Number of lines | 209 |
| Liquidity inf. 7 days | 36.70% |
| Liquidités 24h | 25.50% |


#### MATURITY BREAKDOWN
0-1 month
1-3 months
3-6 months
6-12 months
1-2 years
Cash
0 %	10 %	20 %	30 %	40 %
Portfolio

#### BREAKDOWN BY INSTRUMENT TYPE (AS % OF TOTAL ASSETS)	PORTFOLIO STRUCTURE
36.70
50.24 %
TCN
Liquidities Bond DAT
Putable
36.7
49.51
…
Financials Liquidity Corporates
Sovereigns/Supra/Agencies Others

#### EVOLUTION OF WAL AND WAM (IN DAYS)	BREAKDOWN BY EMISSION RATING
70	130
120
60
WAL
WAM
110
50
100
40
90
AA A BBB+ BBB BBB- BB
09/20
10/20
11/20
12/20
01/21
02/21
03/21
04/21
05/21
06/21
07/21
08/21
09/21
30	80
WAM (59) WAL (put days) (124)
NR
Liquidites
0 %	5 %	10 %	15 %	20 %	25 %	30 %	35 % 40 %
WAL (Weighted Average Life) : credit duration in days
WAM (Weighted Average Maturity) : modified duration in days
Agency Internal
| MAIN POSITIONS IN PORFOLIO |  |
| --- | --- |
|  | Portfolio | Maturity | Country | Instrument Group | Counterparty |
| SOCIETE GENERALE | 6.18% | - | France | - | - |
| BANQUE FED.CREDIT MUTUEL | 4.89% | - | France | Money market | - |
| BPCE SA | 4.70% | - | France | Money market | - |
| UNICREDIT SPA | 4.21% | - | Italy | Money market | - |
| BNP PARIBAS SA | 3.68% | - | France | Money market | - |
| NORDEA BANK ABP | 2.88% | - | Finland | Money market | - |
| INTESA SANPAOLO BANK IRELAND | 2.47% | - | Italy | Money market | - |
| CASSA DEPOSITI E PRESTITI SPA | 2.26% | - | Italy | Money market | - |
| INTESA SANPAOLO BANK LUX SA | 1.81% | - | Luxembourg | Money market | - |
| BRED BANQUE POPULAIRE | 1.76% | - | France | Money market | - |

For reverse repurchase, displayed maturity is of 1 day. It corresponds to the time necessary to settle the transaction
* Counterparty column: information only available for the reverse repurchase
COUNTRY / SECTORS / MATURITIES MATRIX
|  | 0-1 month | 1-3 months | 3-6 months | 6-12 months | 1-2 years | Total |
| --- | --- | --- | --- | --- | --- | --- |
| Euro Zone | 7.54% | 15.23% | 7.60% | 24.36% | 1.12% | 55.86% |
| Belgium | - | - | - | 0.38% | - | 0.38% |
| Financials | - | - | - | 0.38% | - | 0.38% |
| Finland | - | 0.34% | 0.47% | 2.32% | - | 3.13% |
| Financials | - | 0.34% | 0.47% | 2.32% | - | 3.13% |
| France | 5.37% | 9.67% | 2.85% | 13.41% | 0.42% | 31.72% |
| Financials | 3.17% | 8.06% | 1.64% | 12.60% | 0.25% | 25.72% |
| Govies & agencies | 0.84% | 0.53% | - | - | - | 1.37% |
| Corporate | 1.37% | 1.08% | 1.20% | 0.36% | 0.17% | 4.18% |
|  | - | - | - | 0.45% | - | 0.45% |
| Germany | - | - | - | - | 0.40% | 0.40% |
| Corporate | - | - | - | - | 0.40% | 0.40% |
| Ireland | - | - | - | 0.30% | - | 0.30% |
| Financials | - | - | - | 0.30% | - | 0.30% |
| Italy | 1.75% | 2.31% | 3.66% | 2.95% | - | 10.67% |
| Financials | 1.31% | 1.89% | 3.04% | 2.95% | - | 9.20% |
| Govies & agencies | 0.00% | - | - | - | - | 0.00% |
| Corporate | 0.43% | 0.42% | 0.62% | - | - | 1.47% |
| Luxembourg | - | 0.53% | 0.10% | 1.71% | 0.21% | 2.55% |
| Financials | - | 0.53% | 0.10% | 1.71% | - | 2.34% |
| Corporate | - | - | - | - | 0.21% | 0.21% |
| Netherlands | 0.42% | - | 0.10% | 0.34% | 0.08% | 0.95% |
| Financials | - | - | 0.10% | 0.34% | 0.08% | 0.53% |
| Corporate | 0.42% | - | - | - | - | 0.42% |
| Spain | 0.00% | 2.39% | 0.42% | 2.95% | - | 5.76% |
| Financials | - | 1.33% | - | 1.97% | - | 3.31% |
| Govies & agencies | 0.00% | - | - | 0.10% | - | 0.10% |
| Corporate | - | 1.05% | 0.42% | 0.87% | - | 2.35% |
| Rest of the world | 0.63% | 1.52% | 0.58% | 3.10% | 1.61% | 7.45% |
| Canada | - | - | - | - | 0.25% | 0.25% |
| Financials | - | - | - | - | 0.25% | 0.25% |
| China | - | 0.10% | - | - | - | 0.10% |
| Financials | - | 0.10% | - | - | - | 0.10% |
| Japan | - | - | - | 0.40% | 0.59% | 0.99% |
| Corporate | - | - | - | 0.40% | 0.59% | 0.99% |
| Sweden | - | 0.21% | - | 1.05% | 0.34% | 1.61% |
| Financials | - | 0.21% | - | 1.05% | - | 1.26% |
| Corporate | - | - | - | - | 0.34% | 0.34% |
| United Kingdom | - | 0.42% | - | 1.23% | - | 1.65% |
| Financials | - | 0.21% | - | 1.23% | - | 1.44% |
| Corporate | - | 0.21% | - | - | - | 0.21% |

COUNTRY / SECTORS / MATURITIES MATRIX
|  | 0-1 month | 1-3 months | 3-6 months | 6-12 months | 1-2 years | Total |
| --- | --- | --- | --- | --- | --- | --- |
| Rest of the world | 0.63% | 1.52% | 0.58% | 3.10% | 1.61% | 7.45% |
| United States | 0.63% | 0.79% | 0.58% | 0.42% | 0.42% | 2.85% |
| Financials | 0.42% | - | 0.26% | - | - | 0.69% |
| Corporate | 0.21% | 0.79% | 0.32% | 0.42% | 0.42% | 2.16% |
| Cash | 36.70% | - | - | - | - | 36.70% |

Translation (ENFR, 2021-09-30):
# ANALYSE DU PORTEFEUILLE GLOBAL
#### ANALYSE GLOBALE
Portefeuille	
| WAM | 59 |
| --- | --- |
| WAL Réglementaire | 124 |
| Note Moy. Agence LT | A- |
| Nb. Emetteurs en PTF | 82 |
| Nb. Lignes en PTF | 209 |
| Liquidités | 36,70% |
| Liquidités 24h | 25,50% |


#### RÉPARTITION PAR MATURITÉS
0-1 mois
1-3 mois
3-6 mois
6-12 mois
1-2 ans Liquidités
0 %	5 %	10 %	15 %	20 %	25 %	30 %	35 % 40 %
Portefeuille

#### REPARTITION PAR TYPES D'INSTRUMENTS (EN % DE L'ACTIF)	REPARTITION PAR TYPES D'EMETTEURS
36,70
50,24 %
TCN
Liquidités Obligations DAT
Putable
36,7
49,51 %
Finance Liquidités Corporate
Etats et Agences Autres

#### EVOLUTION DE LA WAL ET DE LA WAM (EN JOURS)	REPARTITION DES EMISSIONS PAR NOTATIONS LONG TERME
70	130
120
60
WAL
WAM
110
50
100
40
90
AA A BBB+ BBB BBB- BB
09/20
10/20
11/20
12/20
01/21
02/21
03/21
04/21
05/21
06/21
07/21
08/21
09/21
30	80
WAM (59) WAL (date de put) (124)
NR
Liquidites
0 %	5 %	10 %	15 %	20 %	25 %	30 %	35 % 40 %
WAL (Weighted Average Life) : Durée de vie moyenne pondérée (DVMP) exprimée en nombre de jours
WAM (Weighted Average Maturity) : Maturité moyenne pondérée (MMP) exprimée en nombre de jours
Agence Interne
| PRINCIPALES LIGNES EN PORTEFEUILLE |  |
| --- | --- |
|  | Portefeuille | Maturité | Pays | Groupe d'instrument | Contrepartie |
| SOCIETE GENERALE | 6,18% | - | France | - | - |
| BANQUE FED.CREDIT MUTUEL | 4,89% | - | France | Monétaire | - |
| BPCE SA | 4,70% | - | France | Monétaire | - |
| UNICREDIT SPA | 4,21% | - | Italie | Monétaire | - |
| BNP PARIBAS SA | 3,68% | - | France | Monétaire | - |
| NORDEA BANK ABP | 2,88% | - | Finlande | Monétaire | - |
| INTESA SANPAOLO BANK IRELAND | 2,47% | - | Italie | Monétaire | - |
| CASSA DEPOSITI E PRESTITI SPA | 2,26% | - | Italie | Monétaire | - |
| INTESA SANPAOLO BANK LUX SA | 1,81% | - | Luxembourg | Monétaire | - |
| BRED BANQUE POPULAIRE | 1,76% | - | France | Monétaire | - |

Pour les prises en pension, la maturité affichée correspond au temps nécessaire pour déboucler l'opération
* Colonne contrepartie: information uniquement disponible pour les prises en pension
| MATRICE PAYS / SECTEURS / MATURITES |  |
| --- | --- |
|  | 0-1 mois | 1-3 mois | 3-6 mois | 6-12 mois | 1-2 ans | Total |
| Zone Euro | 7,54% | 15,23% | 7,60% | 24,36% | 1,12% | 55,86% |
| Belgique | - | - | - | 0,38% | - | 0,38% |
| Finance | - | - | - | 0,38% | - | 0,38% |
| Finlande | - | 0,34% | 0,47% | 2,32% | - | 3,13% |
| Finance | - | 0,34% | 0,47% | 2,32% | - | 3,13% |
| France | 5,37% | 9,67% | 2,85% | 13,41% | 0,42% | 31,72% |
| Finance | 3,17% | 8,06% | 1,64% | 12,60% | 0,25% | 25,72% |
| Etats & Agences | 0,84% | 0,53% | - | - | - | 1,37% |
| Corporate | 1,37% | 1,08% | 1,20% | 0,36% | 0,17% | 4,18% |
|  | - | - | - | 0,45% | - | 0,45% |
| Allemagne | - | - | - | - | 0,40% | 0,40% |
| Corporate | - | - | - | - | 0,40% | 0,40% |
| Irlande | - | - | - | 0,30% | - | 0,30% |
| Finance | - | - | - | 0,30% | - | 0,30% |
| Italie | 1,75% | 2,31% | 3,66% | 2,95% | - | 10,67% |
| Finance | 1,31% | 1,89% | 3,04% | 2,95% | - | 9,20% |
| Etats & Agences | 0,00% | - | - | - | - | 0,00% |
| Corporate | 0,43% | 0,42% | 0,62% | - | - | 1,47% |
| Luxembourg | - | 0,53% | 0,10% | 1,71% | 0,21% | 2,55% |
| Finance | - | 0,53% | 0,10% | 1,71% | - | 2,34% |
| Corporate | - | - | - | - | 0,21% | 0,21% |
| Pays-Bas | 0,42% | - | 0,10% | 0,34% | 0,08% | 0,95% |
| Finance | - | - | 0,10% | 0,34% | 0,08% | 0,53% |
| Corporate | 0,42% | - | - | - | - | 0,42% |
| Espagne | 0,00% | 2,39% | 0,42% | 2,95% | - | 5,76% |
| Finance | - | 1,33% | - | 1,97% | - | 3,31% |
| Etats & Agences | 0,00% | - | - | 0,10% | - | 0,10% |
| Corporate | - | 1,05% | 0,42% | 0,87% | - | 2,35% |
| Reste du monde | 0,63% | 1,52% | 0,58% | 3,10% | 1,61% | 7,45% |
| Canada | - | - | - | - | 0,25% | 0,25% |
| Finance | - | - | - | - | 0,25% | 0,25% |
| Chine | - | 0,10% | - | - | - | 0,10% |
| Finance | - | 0,10% | - | - | - | 0,10% |
| Japon | - | - | - | 0,40% | 0,59% | 0,99% |
| Corporate | - | - | - | 0,40% | 0,59% | 0,99% |
| Suède | - | 0,21% | - | 1,05% | 0,34% | 1,61% |
| Finance | - | 0,21% | - | 1,05% | - | 1,26% |
| Corporate | - | - | - | - | 0,34% | 0,34% |
| Royaume-Uni | - | 0,42% | - | 1,23% | - | 1,65% |
| Finance | - | 0,21% | - | 1,23% | - | 1,44% |
| Corporate | - | 0,21% | - | - | - | 0,21% |

| MATRICE PAYS / SECTEURS / MATURITES |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | 0-1 mois | 1-3 mois | 3-6 mois | 6-12 mois | 1-2 ans | Total |
| Reste du monde | 0,63% | 1,52% | 0,58% | 3,10% | 1,61% | 7,45% |
| Etats-Unis | 0,63% | 0,79% | 0,58% | 0,42% | 0,42% | 2,85% |
| Finance | 0,42% | - | 0,26% | - | - | 0,69% |
| Corporate | 0,21% | 0,79% | 0,32% | 0,42% | 0,42% | 2,16% |
| Liquidités | 36,70% | - | - | - | - | 36,70% |