# ASSET ALLOCATION
### MONTHLY MANAGEMENT COMMENT
The capital markets were in crisis mode in September. Over the course of the month, the Dax reached its lowest level since November 2020. The ECB's less aggressive monetary policy compared to the Fed, as well as higher recession risks in Europe, contributed to the euro exchange rate falling to a 20-year low. The British pound also came under pressure following the announcement of tax cuts and spending to cap energy prices. Significantly falling sentiment indicators such as the Ifo index reflected expectations of a recession. In view of the negative market sentiment and in anticipation of a possible counter-reaction in the short term, we liquidated part of our futures on the Eurostoxx 50 and the S&P 500, which increased the net equity exposure. To generate additional income, we disposed of short-dated put options on Nvidia and Deutsche Post. A new addition to the portfolio was the share of Vinci, a French infrastructure group which, according to our analysis, should suffer less from inflation in the medium term due to regular income from the concessions business. Following the jump in yields at the short end, we acquired a short-dated German government bond for the first time in a long time.
| Asset allocation breakdown |
| --- |
|  | Weight % | vs m-1 |

| Equities | 68.21% | 67.67% |
| --- | --- | --- |
| North America | 24.45% | 24.40% |
| Eurozone | 21.77% | 20.06% |
| Rest of Europe | 16.31% | 17.14% |
| Rest of the World | 5.68% | 6.07% |
| Bonds | 21.75% | 20.24% |
| Investment Grade bonds | 17.66% | 16.29% |
| High Yield bonds | 2.59% | 2.51% |
| Emerging Markets Bonds | 1.50% | 1.44% |
| Cash & Others | 10.05% | 12.09% |
|  |  |  |
| Equity net exposure | 59.72% | 55.94% |

| Monthly contribution by asset class |
| --- |
|  | Average weight (%) | Performance (%) | Contribution (%) |
|  | FUND | FUND | FUND |

| Equities | 55.79% | -8.31% | -4.73% |
| --- | --- | --- | --- |
| Bonds | 20.82% | -2.43% | -0.51% |
| Cash & Others | 23.39% | 0.30% | 0.06% |
| TOTAL | 100.00% | -5.18% | -5.18% |

| Year-to-date contribution by asset class |
| --- |
|  | Average weight (%) | Performance (%) | Contribution (%) |
|  | FUND | FUND | FUND |

| Equities | 58.12% | -18.24% | -11.81% |
| --- | --- | --- | --- |
| Bonds | 19.66% | -9.68% | -1.86% |
| Cash & Others | 22.22% | 1.02% | 0.23% |
| TOTAL | 100.00% | -13.44% | -13.44% |

Subtotal top 5	-	-	9.00	-
| ESG Rating |
| --- |
|  | FUND | ESG investment universe |
|  | Sep 22 | Sep 22 |
| ESG Quality Score | 9.0 | 8.6 |
| MSCI ESG rating | AAA | AA |
| ESG coverage** | 98.3% | 98.8% |
| ESG investment universe : 100% MSCI ACWI Net Total Return EUR Index |

| TOP 5 ESG rank |
| --- |
|  | Asset class | Country | Weight in the fund (%) | MSCI ESG rating |
| Allianz Se-Reg | Equity | Germany | 3.34 | AAA |
| Schneider Electric Se | Equity | France | 1.76 | AAA |
| Adobe Inc | Equity | USA | 1.41 | AAA |
| Microsoft Corp | Equity | USA | 1.30 | AAA |
| Axa Sa | Equity | France | 1.20 | AAA |

Translation (ENFR, 2022-09-30):
# ALLOCATION D'ACTIFS
## COMMENTAIRE DE GESTION MENSUEL
Les marchés financiers étaient en situation de crise en septembre. Durant le mois, le DAX a atteint son niveau le plus bas depuis novembre 2020. La politique monétaire de la BCE, moins agressive que celle de la Fed, ainsi que les risques de récession plus élevés en Europe, ont contribué à faire chuter le taux de change de l'euro à son plus bas depuis 20 ans. La livre sterling a également été mise sous pression après l'annonce de réductions d'impôts et de nouvelles dépenses visant à plafonner les prix de l'énergie. La forte chute des indicateurs de confiance tel que l'indice IFO a reflété les anticipations de récession. Compte tenu du pessimisme du marché et en prévision d'une éventuelle réaction à court terme, nous avons liquidé une partie de nos futures sur l'Eurostoxx 50 et le S&P 500, ce qui a augmenté l'exposition nette aux actions. Pour générer des revenus supplémentaires, nous avons cédé des options de vente d'échéance courte sur Nvidia et Deutsche Post. Nous avons initié une position sur l'action du groupe d'infrastructure français Vinci qui devrait, selon nous, mieux supporter l'inflation à moyen terme grâce aux revenus réguliers de ses concessions. Suite au bond des rendements à court terme, nous avons acquis une obligation d'Etat allemande d'échéance courte pour la première fois depuis longtemps.
| Répartition de l'allocation d'actifs |
| --- |
|  | Poids % | vs m-1 |

| Actions | 68,21% | 67,67% |
| --- | --- | --- |
| Amérique du Nord | 24,45% | 24,40% |
| Zone euro | 21,77% | 20,06% |
| Le reste de l'Europe | 16,31% | 17,14% |
| Le reste du Monde | 5,68% | 6,07% |
| Obligations | 21,75% | 20,24% |
| Obligations Investment Grade | 17,66% | 16,29% |
| Obligations High Yield | 2,59% | 2,51% |
| Obligations des pays émergents | 1,50% | 1,44% |
| Monétaire & Autres | 10,05% | 12,09% |
|  |  |  |
| Exposition nette d'actions | 59,72% | 55,94% |

| Contribution mensuelle par classe d'actifs |
| --- |
|  | Poids moyen (%) | Performance (%) | Contribution (%) |
|  | FONDS | FONDS | FONDS |

| Actions | 55,79% | -8,31% | -4,73% |
| --- | --- | --- | --- |
| Obligations | 20,82% | -2,43% | -0,51% |
| Monétaire & Autres | 23,39% | 0,30% | 0,06% |
| TOTAL | 100,00% | -5,18% | -5,18% |

| Contribution YTD par classe d'actifs |
| --- |
|  | Poids moyen (%) | Performance (%) | Contribution (%) |
|  | FONDS | FONDS | FONDS |

| Actions | 58,12% | -18,24% | -11,81% |
| --- | --- | --- | --- |
| Obligations | 19,66% | -9,68% | -1,86% |
| Monétaire & Autres | 22,22% | 1,02% | 0,23% |
| TOTAL | 100,00% | -13,44% | -13,44% |

| Notation ESG |
| --- |
|  | FONDS | Univers d'investissement ESG |
|  | sept. 22 | sept. 22 |


## NOTATION MOYENNE E, S ET G*
Score ESG	9,0	8,6
Notation MSCI ESG	AAA	AA
Couverture ESG**	98,3%	98,8%
Univers d'investissement ESG : 100% MSCI ACWI Net Total Return EUR Index
Fonds	Univers d'investissement ESG
Sous-total top 5	-	-	9,00	-
| TOP 5 PAR NOTATION ESG |
| --- |
|  | Classe d'actifs | Pays | Poids dans le fonds (%) | Notation MSCI ESG |
| Allianz Se-Reg | Action | Allemagne | 3,34 | AAA |
| Schneider Electric Se | Action | France | 1,76 | AAA |
| Adobe Inc | Action | USA | 1,41 | AAA |
| Microsoft Corp | Action | USA | 1,30 | AAA |
| Axa Sa | Action | France | 1,20 | AAA |