# ASSET ALLOCATION
### MONTHLY MANAGEMENT COMMENT
Volatility returned to the capital markets with the demise of Silicon Valley Bank and the forced merger of Credit Suisse and UBS. This particularly weighed on bank stocks which had benefited from rising interest rates in the months before and on real estate stocks. However, the quick government response to the banking crises in the USA and Switzerland helped to calm the situation so that the stock markets stabilized again by the end of the month. The uncertainty triggered by the banking crisis led to a flight to safe havens in March, with safe government bonds and gold in demand. Due to the increased risks related to the banking crisis, we increased hedges in the middle of the month and divested from the equity position in Bank of America at the end of the month. We took advantage of the strong rise in the gold price to sell part of our holdings. We also adjusted the bond portfolio somewhat more defensively by divesting ourselves of financial, subordinated, and high-yield bonds. In return, we increased the positions in government bonds and near-sovereign issuers, which also increased the duration as a further stabilizing component. We also participated in new issues of defensive borrowers such as Wolters Kluwer and Neste.
| Asset allocation breakdown |
| --- |
|  | Weight % | vs m-1 |

| Equities | 21.09% | 21.07% |
| --- | --- | --- |
| Eurozone | 8.96% | 8.90% |
| North America | 7.30% | 7.49% |
| Rest of Europe | 4.34% | 4.18% |
| Rest of the World | 0.49% | 0.50% |
| Bonds | 66.11% | 71.95% |
| Investment Grade bonds | 35.05% | 42.65% |
| Government Bonds | 15.32% | 11.52% |
| High Yield bonds | 6.88% | 9.13% |
| Covered Bonds | 6.41% | 6.24% |
| Emerging Markets Bonds | 2.46% | 2.42% |
| Xetra Gold | 3.87% | 4.53% |
| Xetra Gold | 3.87% | 4.53% |
| Cash & Others | 8.93% | 2.37% |
|  |  |  |
| Equity net exposure | 18.09% | 19.03% |

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

| Equities | 21.09% | 0.14% | 0.02% |
| --- | --- | --- | --- |
| Bonds | 68.94% | 0.59% | 0.42% |
| Commodities | 4.35% | 5.38% | 0.26% |
| Cash & Currencies | 5.62% | 0.59% | 0.00% |
| TOTAL | 100.00% | 0.71% | 0.71% |

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

| Equities | 21.14% | 5.06% | 1.03% |
| --- | --- | --- | --- |
| Bonds | 70.44% | 0.95% | 0.66% |
| Commodities | 4.49% | 6.78% | 0.35% |
| Cash & Currencies | 3.93% | 1.57% | 0.05% |
| TOTAL | 100.00% | 2.09% | 2.09% |

Subtotal top 5	-	-	3.38	-
| ESG Rating |
| --- |
|  | FUND | ESG investment universe |
|  | Mar 23 | Mar 23 |
| ESG Quality Score | 8.2 | 7.9 |
| MSCI ESG rating | AA | AA |
| ESG coverage** | 94.1% | 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 |
| Axa Sa | Equity | France | 0.73 | AAA |
| Relx Plc | Equity | United Kingdom | 0.71 | AAA |
| Microsoft Corp | Equity | USA | 0.67 | AAA |
| Schneider Electric Se | Equity | France | 0.64 | AAA |
| Dnb Bank Asa E3M 01/2028 | Bond | Norway | 0.63 | AAA |

Translation (ENFR, 2023-03-31):
# ALLOCATION D'ACTIFS
## COMMENTAIRE DE GESTION MENSUEL
La volatilité a fait son retour sur les marchés de capitaux avec la faillite de la Silicon Valley Bank et la fusion forcée de Crédit Suisse et d'UBS. Cet environnement a particulièrement pesé sur les valeurs bancaires, qui avaient bénéficié de la hausse des taux d'intérêt au cours des mois précédents, et sur les actions immobilières. La réaction rapide des gouvernements face aux difficultés rencontrées par certaines banques aux États-Unis et en Suisse a toutefois permis d'apaiser la situation et les marchés boursiers se sont à nouveau stabilisés à la fin du mois. L'incertitude provoquée par la crise bancaire a déclenché une fuite vers les valeurs refuges en mars, les emprunts d'Etat sûrs et l'or étant particulièrement prisés. En raison des risques accrus liés à la crise bancaire, nous avons augmenté les couvertures au milieu du mois et cédé nos actions de Bank of America en fin de période. Nous avons profité de la forte hausse du prix de l'or pour vendre une partie de nos positions. Nous avons également ajusté le portefeuille obligataire pour lui donner une orientation un peu plus défensive en nous séparant des obligations financières, subordonnées et à haut rendement. En contrepartie, nous avons relevé les positions sur les emprunts d'Etat et les émetteurs quasi souverains, ce qui a également eu pour effet d'accroître la duration, élément stabilisateur supplémentaire. Nous avons par ailleurs pris part à de nouvelles émissions, dont celles de Wolters Kluwer et Neste.
| Répartition de l'allocation d'actifs |
| --- |
|  | Poids % | vs m-1 |

| Actions | 21,09% | 21,07% |
| --- | --- | --- |
| Zone euro | 8,96% | 8,90% |
| Amérique du nord | 7,30% | 7,49% |
| Le reste de l'Europe | 4,34% | 4,18% |
| Le reste du monde | 0,49% | 0,50% |
| Obligations | 66,11% | 71,95% |
| Obligations Investment Grade | 35,05% | 42,65% |
| Obligations d'états | 15,32% | 11,52% |
| Obligations High Yield | 6,88% | 9,13% |
| Obligations sécurisées | 6,41% | 6,24% |
| Obligations des pays émergents | 2,46% | 2,42% |
| Xetra Gold | 3,87% | 4,53% |
| Xetra Gold | 3,87% | 4,53% |
| Monétaire & Autres | 8,93% | 2,37% |
|  |  |  |
| Exposition nette d'actions | 18,09% | 19,03% |

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

| Actions | 21,09% | 0,14% | 0,02% |
| --- | --- | --- | --- |
| Obligations | 68,94% | 0,59% | 0,42% |
| Commodities | 4,35% | 5,38% | 0,26% |
| Liquidités & Devises | 5,62% | 0,59% | 0,00% |
| TOTAL | 100,00% | 0,71% | 0,71% |

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

| Actions | 21,14% | 5,06% | 1,03% |
| --- | --- | --- | --- |
| Obligations | 70,44% | 0,95% | 0,66% |
| Commodities | 4,49% | 6,78% | 0,35% |
| Liquidités & Devises | 3,93% | 1,57% | 0,05% |
| TOTAL | 100,00% | 2,09% | 2,09% |

| Notation ESG |
| --- |
|  | FONDS | Univers d'investissement ESG |
|  | mars 23 | mars 23 |


## NOTATION MOYENNE E, S ET G*
Score ESG	8,2	7,9
Notation MSCI ESG	AA	AA
Couverture ESG**	94,1%	98,8%
Univers d'investissement ESG : 100% MSCI ACWI Net Total Return EUR Index
Fonds	Univers d'investissement ESG
Sous-total top 5	-	-	3,38	-
| TOP 5 PAR NOTATION ESG |
| --- |
|  | Classe d'actifs | Pays | Poids dans le fonds (%) | Notation MSCI ESG |
| Axa Sa | Action | France | 0,73 | AAA |
| Relx Plc | Action | Royaume-Uni | 0,71 | AAA |
| Microsoft Corp | Action | USA | 0,67 | AAA |
| Schneider Electric Se | Action | France | 0,64 | AAA |
| Dnb Bank Asa E3M 01/2028 | Obligation | Norvège | 0,63 | AAA |