# Portfolio analysis (including derivatives)
61.01%
61.42%
59.98%
36.96%
35.43%
33.24%
98.81%

## Asset allocation	Currency exposure
70%
60%
50%
40%
30%
20%
10%
0%
2.03%
3.15%
6.78%
Equity	Bonds	Cash
31/03/2021	30/04/2021	28/05/2021
120%
90%
60%
30%
0%
-30%
0.90%
0.18%
0.14%
0.07%
0.01%
-0.19%
USD	EUR	GBP	HKD	AUD	CAD	Other
Portfolio
Breakdown by asset class / region
|  | Equity | Bonds | Cash | Total |
| --- | --- | --- | --- | --- |
| North America | 35.22% | 13.46% | 6.03% | 54.72% |
| Euro Zone | 8.32% | 12.37% | 0.71% | 21.40% |
| Pacific ex-Japan | 10.26% | 3.34% | 0.01% | 13.61% |
| Europe ex Euro Zone | 3.63% | 4.07% | 0.01% | 7.71% |
| Japan | 2.55% |  | 0.02% | 2.56% |
| Total | 59.98% | 33.24% | 6.78% |  |

| Equities |  |
| --- | --- |
| Main stocks |  |  |  |  |
| Equity | Weighting | Sector | Issuer country | Currency |
| Prologis Inc | 4.12% | Real estate | United States | USD |
| Equinix Inc | 2.56% | Real estate | United States | USD |
| Welltower Inc | 2.53% | Real estate | United States | USD |
| AvalonBay Communities Inc | 2.31% | Real estate | United States | USD |
| Goodman Group | 2.27% | Real estate | Australia | AUD |
| American Homes 4 Rent | 2.17% | Real estate | United States | USD |
| CapitaLand Ltd | 2.07% | Real estate | Singapore | SGD |
| Xior Student Housing NV | 2.04% | Real estate | Belgium | EUR |
| Invitation Homes Inc | 2.04% | Real estate | United States | USD |
| Number of Holdings | 60 |  |  |  |

| Fixed income |  |
| --- | --- |
| Largest holdings (except cash) |  |  |  |  |
| Name | Weighting | Issuer country | Modified duration | Contribution** |
| Sun Hung Kai Properties 2.875% 01/21/2030 | 1.28% | Hong Kong | 7.6 | 0.10 |
| Vesteda Finance BV 2% 07/10/2026 | 1.16% | Netherlands | 4.6 | 0.10 |
| Sagax AB 2.25% 03/13/2025 | 0.96% | Sweden | 3.4 | 0.00 |
| Alstria Office REIT-AG 1.5% 11/15/2027 | 0.93% | Germany | 5.9 | 0.10 |
| SELP FINANCE Sarl 1.5% 12/20/2026 | 0.90% | Luxemburg | 5.1 | 0.00 |
| UDR Inc 4.4% 01/26/2029 | 0.87% | United States | 6.3 | 0.10 |
| Atrium European Real Estate Ltd 3% 09/11/... | 0.83% | Jersey | 3.8 | 0.00 |
| Physicians Realty LP 4.3% 03/15/2027 | 0.80% | United States | 4.9 | 0.00 |
| Scentre Group Trust 1 / Trust 2 3.625% 01... | 0.79% | Australia | 4.2 | 0.00 |
| SBB Treasury Oyj 1.125% 11/26/2029 | 0.77% | Sweden | 7.8 | 0.10 |
| Sensitivity (Fixed Income) Number of Holdings | 96 |  | 0.5 |  |
| **Contribution to portfolio risk (%) |  |  |  |  |
| Allocation by rating / maturity - Fixed income |  |  |  |  |
| A | BBB | BB | Cash | Total |
| Cash |  |  | 16.93% | 16.93% |
| 0-1 year	0.70% | 0.38% |  |  | 1.08% |
| 1-3 years	0.59% | 5.62% | 1.21% |  | 7.42% |
| 3-5 years	5.84% | 13.96% |  |  | 19.80% |
| 5-7 years	2.50% | 23.61% | 0.62% |  | 26.73% |
| 7-10 years	6.01% | 21.69% |  |  | 27.70% |
| 10-20 years | 0.33% |  |  | 0.33% |
| Total	15.64% | 65.60% | 1.83% | 16.93% |  |

Translation (ENFR, 2021-05-28):
# Analyse du portefeuille (y compris produits dérivés)
61.01%
61.42%
59.98%
36.96%
35.43%
33.24%
98.81%

## Evolution de la composition	Exposition par devise
70%
60%
50%
40%
30%
20%
10%
0%
2.03%
3.15%
6.78%
Actions	Obligations	Monétaire
31/03/2021	30/04/2021	28/05/2021
120%
90%
60%
30%
0%
-30%
0.90%
0.18%
0.14%
0.07%
0.01%
-0.19%
USD	EUR	GBP	HKD	AUD	CAD	Autres
Portefeuille
Exposition par classe d'actif / zone géographique
|  | Actions | Obligations | Monétaire | Total |
| --- | --- | --- | --- | --- |
| Amérique du Nord | 35.22% | 13.46% | 6.03% | 54.72% |
| Zone Euro | 8.32% | 12.37% | 0.71% | 21.40% |
| Pacifique hors Japon | 10.26% | 3.34% | 0.01% | 13.61% |
| Europe hors Euro | 3.63% | 4.07% | 0.01% | 7.71% |
| Japon | 2.55% |  | 0.02% | 2.56% |
| Total | 59.98% | 33.24% | 6.78% |  |

| Poche actions |  |
| --- | --- |
| Les principales valeurs |  |  |  |  |
| Action | Pondération | Secteur | Pays émetteur | Devise |
| Prologis Inc | 4.12% | Immobilier | Etats-Unis | USD |
| Equinix Inc | 2.56% | Immobilier | Etats-Unis | USD |
| Welltower Inc | 2.53% | Immobilier | Etats-Unis | USD |
| AvalonBay Communities Inc | 2.31% | Immobilier | Etats-Unis | USD |
| Goodman Group | 2.27% | Immobilier | Australie | AUD |
| American Homes 4 Rent | 2.17% | Immobilier | Etats-Unis | USD |
| CapitaLand Ltd | 2.07% | Immobilier | Singapour | SGD |
| Xior Student Housing NV | 2.04% | Immobilier | Belgique | EUR |
| Invitation Homes Inc | 2.04% | Immobilier | Etats-Unis | USD |
| Nombre de lignes | 60 |  |  |  |

| Poche obligations |  |
| --- | --- |
| Les principales lignes (hors liquidités) |  |  |  |  |
| Libellé | Pondération | Pays émetteur | Sensibilité | Contribution** |
| Sun Hung Kai Properties 2.875% 01/21/2030 | 1.28% | Hong-Kong | 7.6 | 0.10 |
| Vesteda Finance BV 2% 07/10/2026 | 1.16% | Pays-Bas | 4.6 | 0.10 |
| Sagax AB 2.25% 03/13/2025 | 0.96% | Suède | 3.4 | 0.00 |
| Alstria Office REIT-AG 1.5% 11/15/2027 | 0.93% | Allemagne | 5.9 | 0.10 |
| SELP FINANCE Sarl 1.5% 12/20/2026 | 0.90% | Luxembourg | 5.1 | 0.00 |
| UDR Inc 4.4% 01/26/2029 | 0.87% | Etats-Unis | 6.3 | 0.10 |
| Atrium European Real Estate Ltd 3% 09/11/... | 0.83% | Jersey | 3.8 | 0.00 |
| Physicians Realty LP 4.3% 03/15/2027 | 0.80% | Etats-Unis | 4.9 | 0.00 |
| Scentre Group Trust 1 / Trust 2 3.625% 01... | 0.79% | Australie | 4.2 | 0.00 |
| SBB Treasury Oyj 1.125% 11/26/2029 | 0.77% | Suède | 7.8 | 0.10 |
| Sensibilité de la poche TAUX Nombre de lignes | 96 |  | 0.5 |  |
| **Contribution au risque portefeuille (%) |  |  |  |  |
| Exposition rating / échéance - Obligations |  |  |  |  |
| A | BBB | BB | Monétaire | Total |
| Monétaire |  |  | 16.93% | 16.93% |
| 0-1 an	0.70% | 0.38% |  |  | 1.08% |
| 1-3 ans	0.59% | 5.62% | 1.21% |  | 7.42% |
| 3-5 ans	5.84% | 13.96% |  |  | 19.80% |
| 5-7 ans	2.50% | 23.61% | 0.62% |  | 26.73% |
| 7-10 ans	6.01% | 21.69% |  |  | 27.70% |
| 10-20 ans | 0.33% |  |  | 0.33% |
| Total	15.64% | 65.60% | 1.83% | 16.93% |  |