# Portfolio analysis
- Sector breakdownITConsumer Disc. Health Care Communication Serv.

Financials Industrials
18.7%
16.8%
10.8%
10.0%
5.7%
32.0%
- Top holdings	
- 
- Morningstar Stylebox
- TM1	Apple Inc	5.64%2	Microsoft Corp	5.01%3	Alphabet Inc	3.63%

| 12.33 | 16.73 | 28.98 | Large |
| --- | --- | --- | --- |
| 9.72 | 7.37 | 8.91 | Mid |
| 9.18 | 5.65 | 1.13 | Small |
| Value entiality purposes, 2021 © 2021 herein: (1) is prop | Core the stylebox is pre Morningstar, Inc. rietary to Mornin | Growth ented with a 3-mo All rights reserv star and/or its c | nths lag. Data as d. The informatio ntent providers; ( |

4	Meta Platforms Inc	2.68%
5	NVIDIA Corp	2.37%
6	Applied Materials Inc	2.32%
| Materials | 2.3% | 7 | Goldman Sachs Group Inc/The | 2.16% |
| --- | --- | --- | --- | --- |
| Energy | 2.1% | 8 | Pfizer Inc | 1.95% |
| Consumer Staples | 0.9% | 9 | Dell Technologies Inc | 1.94% |
| Utilities | 0.4% | 10 | Amazon.com Inc | 1.91% |

For confid July 30th, contained
s	of
e	n
g	o	2)
Sources: VIA AM, Bloomberg - asset breakdown and top holdings as at of December 31st 2021.
may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
- Portfolio fundamentals	
- 
- Notes

| Profitability3 | Valuation4 | Earnings Growth* |
| --- | --- | --- |
|  | Accounting | Normalized¹ | Accounting | Normalized¹ |  |
| Fund | 29.6% | 30.1% | 14.8 | 19.3 | 2.2% / 3.3% |
| Synthetic benchmark² | 17.1% | 22.7% | 21.6 | 25.5 | 23.3% / 20.6% |

- Normalized Data aim to reflect the economic reality of corporates on a comparable basis.
- The synthetic benchmark is composed of 1400 US companies making up the fund selection universe, weighted by market cap.
- Accounting profitability is calculated using the RoE/RoEA, while the normalized version uses the RCR (when available).
- Accounting valuation is calculated using the P/E ratio, while the normalized version uses the economic P/E (when available).

*The 1
st 
number corresponds to the expected 12-months earnings growth, the 2
nd 
corresponds to the expected 12-months earnings growth in 12 months.

Translation (ENFR, 2021-12-31):
# Analyse du portefeuille
- 
### Répartition par secteur

| 32.0% | 1 | Apple Inc | 5.64% |
| --- | --- | --- | --- |
|  | 2 | Microsoft Corp | 5.01% |
|  |  |
| 16.8% | 3	Alphabet Inc	3.63% |
| 10.8% | 4 | Meta Platforms Inc | 2.68% |
| 10.0% | 5 | NVIDIA Corp | 2.37% |
| 5.7% | 6 | Applied Materials Inc | 2.32% |
| 2.3% | 7 | Goldman Sachs Group Inc/The | 2.16% |
| 2.1% | 8 | Pfizer Inc | 1.95% |
| 0.9% | 9 | Dell Technologies Inc | 1.94% |
| 0.4% | 10 | Amazon.com Inc | 1.91% |

IT
Biens de conso.
Santé
Serv. communication
Finance Biens et svs. indus.
Matériaux
Energie
Conso. non cyclique
18.7%
- 
### 10 positions principales
- Morningstar Stylebox
- TM

| 12.33 | 16.73 | 28.98 | Large |
| --- | --- | --- | --- |
| 9.72 | 7.37 | 8.91 | Mid |
| 9.18 | 5.65 | 1.13 | Small |
| Value aisons de confidentia onnées au 31 août | Core lité, la répartition M 2021 © 2022 M | Growth orningstar est prés orningstar, Inc. To | ntée avec un trimest us droits réservés. L |

Pour des r	e	re
de délai. D	es
Utilities
Sources : VIA AM, Bloomberg - *répartitions et positions au 31 décembre 2021.
| Rentabilité3 | Evaluation4 | Croissance des BPA* |
| --- | --- | --- |
| Comptable	Normalisée¹ | Comptable	Normalisée¹ |  |
| Fonds | 29.6%	30.1% | 14.8	19.3 | 2.2% / 3.3% |
| Benchmark synthétique² | 17.1%	22.7% | 21.6	25.5 | 23.3% / 20.6% |

- 
### Fondamentaux du portefeuille

*Le 1
er 
nombre correspond à la croissance attendue à 12 mois des BPA, le 2
nd 
à la croissance attendue à 12 mois dans 12 mois