# Sector allocation
|  | % of assets * | % of assets (Index) |
| --- | --- | --- |
| CDS - Broad Market | -4.11% | - |
| CDS - High Yield | -4.11% | - |
| Treasuries | 2.09% | - |
| Treasuries | 2.09% | - |
| Emerging govt. related | 0.42% | 1.23% |
| Emerging govt. related : Financials | - | 0.05% |
| Emerging Govt. Related Agencies | 0.42% | 0.23% |
| Emerging govt. related : Utilities | - | 0.26% |
| Emerging govt. related : Industrials | - | 0.69% |
| Utilities | 3.58% | 6.49% |
| Utilities | 3.58% | 6.49% |
| Financials | 45.10% | 36.80% |
| Insurers | 7.79% | 5.36% |
| Real estate | 8.22% | 6.14% |
| Banks & building societies | 29.09% | 25.30% |
| Industrials | 31.42% | 54.98% |
| Tobacco | - | 1.00% |
| Basic materials | 1.98% | 1.34% |
| Chemicals | 0.26% | 1.65% |
| Media | 1.76% | 2.74% |
| Transportation | 0.25% | 3.10% |
| Automobiles | 6.94% | 3.37% |
| Consumer staples | 0.74% | 4.05% |
| Pharmaceuticals & biotechnology | 1.38% | 4.20% |
| Capital goods | 0.54% | 4.49% |
| Consumer non-cyclical | 1.20% | 7.91% |
| Energy | 7.32% | 8.58% |
| Telecom. & technology | 9.06% | 12.57% |


## % of assets **
Financials	%
Industrials Utilities Treasuries
Emerging govt. related CDS - Broad Market
Others
-10 %	0 %	10 %	20 %	30 %	40 % 50 %

### Portfolio

### ** Includes Credit Default Swaps

## Spread Modified Duration **
Financials Industrials

#### * Includes Credit Default Swaps
Utilities Treasuries
Emerging govt. related
CDS - Broad Market
Others
-1	0	1	2	3	4	5	6
|  |  | Portfolio |
| --- | --- | --- |
| ** Includes Credit Default Swaps |  |
| Top 15 issuers |  |  |  |  |
|  | Sector | % asset * |  |  |
| Bank of America Corp | Financials | 3.32% |  |  |
| Unicredit SPA | Financials | 2.53% |  |  |
| VERIZON COMMUNICATIONS INC | Industrials | 2.50% |  |  |
| United States of America | Treasuries | 2.09% |  |  |
| Volkswagen Intl Fin NV | Industrials | 1.91% |  |  |
| DELL INTERNATIONAL LLC/EMC COR | Industrials | 1.75% |  |  |
| NATWEST GROUP PLC | Financials | 1.72% |  |  |
| SIMON PROPERTY GROUP LP | Financials | 1.64% |  |  |
| SOCIETE GENERALE | Financials | 1.53% |  |  |
| CHARTER COMM OPT LLC/CAP | Industrials | 1.41% |  |  |
| JPMORGAN CHASE & CO | Financials | 1.41% |  |  |
| BP CAPITAL MARKETS PLC | Industrials | 1.37% |  |  |
| AT&T Inc | Industrials | 1.35% |  |  |
| General Motors Financial CO IN | Industrials | 1.34% |  |  |
| ING Groep NV | Financials | 1.26% |  |  |
| * Includes Credit Default Swaps |  |  |  |  |

Translation (ENFR, 2021-12-31):
# Allocation sectorielle
|  | % d'actif * | % d'actifs (indice) |
| --- | --- | --- |
| CDS - Broad Market | -4,11% | - |
| CDS - High Yield | -4,11% | - |
| Emprunts d'Etats | 2,09% | - |
| Emprunts d'Etats | 2,09% | - |
| Quasi-Etats émergents | 0,42% | 1,23% |
| Quasi-Etats émergents: Finance | - | 0,05% |
| Quasi-Etats émergents: Agences | 0,42% | 0,23% |
| Quasi-Etats émergents: Sces publics | - | 0,26% |
| Quasi-Etats émergents: Industrie | - | 0,69% |
| Services publics | 3,58% | 6,49% |
| Services publics | 3,58% | 6,49% |
| Finance | 45,10% | 36,80% |
| Assurance | 7,79% | 5,36% |
| Immobilier | 8,22% | 6,14% |
| Epargne et prêts hypothécaires | 29,09% | 25,30% |
| Industrie | 31,42% | 54,98% |
| Tabac | - | 1,00% |
| Matériaux de base | 1,98% | 1,34% |
| Chimie | 0,26% | 1,65% |
| Médias | 1,76% | 2,74% |
| Transports | 0,25% | 3,10% |
| Automobile | 6,94% | 3,37% |
| Consommation cyclique | 0,74% | 4,05% |
| Produits pharma. et biotech. | 1,38% | 4,20% |
| Biens d'équipement | 0,54% | 4,49% |
| Consommation non-cyclique | 1,20% | 7,91% |
| Énergie | 7,32% | 8,58% |
| Télécom. et technologie | 9,06% | 12,57% |


## En pourcentage d'actif **
Finance	%
Industrie Services publics Emprunts d'Etats Quasi-Etats émergents CDS - Broad Market
Autres
-10 %	0 %	10 %	20 %	30 %	40 % 50 %

### Portefeuille

### ** Dérivés de credit inclus

## Spread Modified Duration **
Finance
Industrie

### * Dérivés de credit inclus
Services publics
Emprunts d'Etats Quasi-Etats émergents CDS - Broad Market
Autres
-1	0	1	2	3	4	5	6
|  |  | Portefeuille |
| --- | --- | --- |
| ** Dérivés de credit inclus |  |
| Top 15 émetteurs |  |  |  |  |
|  | Secteur | % d'actif * |  |  |
| Bank of America Corp | Finance | 3,32% |  |  |
| Unicredit SPA | Finance | 2,53% |  |  |
| VERIZON COMMUNICATIONS INC | Industrie | 2,50% |  |  |
| Etats-Unis | Emprunts d'Etats | 2,09% |  |  |
| Volkswagen Intl Fin NV | Industrie | 1,91% |  |  |
| DELL INTERNATIONAL LLC/EMC COR | Industrie | 1,75% |  |  |
| NATWEST GROUP PLC | Finance | 1,72% |  |  |
| SIMON PROPERTY GROUP LP | Finance | 1,64% |  |  |
| SOCIETE GENERALE | Finance | 1,53% |  |  |
| CHARTER COMM OPT LLC/CAP | Industrie | 1,41% |  |  |
| JPMORGAN CHASE & CO | Finance | 1,41% |  |  |
| BP CAPITAL MARKETS PLC | Industrie | 1,37% |  |  |
| AT&T Inc | Industrie | 1,35% |  |  |
| GENERAL MOTORS FINANCIAL CO IN | Industrie | 1,34% |  |  |
| ING Groep NV | Finance | 1,26% |  |  |
| * Dérivés de credit inclus |  |  |  |  |