# Portfolio analysis
### Asset allocation
35%
30%
25%
20%
15%
10%
5%
0%
| 29/06/18 |  | 31/07/18 |  | 31/08/18 |
| --- | --- | --- | --- | --- |
| Equity (100%<delta<75%) | Mixed Equity (75%<delta<50%) |  | Mixed Bonds (50%<delta<25%) | Bonds ( 25%<delta<0%) |


### Historical delta and modified duration of the fund
1.79
1.78
1.77
1.76
1.75
1.74
29/06/18
31/07/18
31/08/18
1.73
48.90%
48.60%
48.30%
48.00%
47.70%
47.40%
Modified duration	Delta
23.24%
14.30%
12.57%
11.47%
6.74%
4.89%
4.30%
22.50%

### Geographical Exposure on Equity	Sector exposure on equity
30%
20%
10%
United
States
Kingdom
Islands
0%
40%
37.91%
11.65%
10.29%
8.94%
7.09%
6.55%
11.71%
30%
5.85%
20%
10%
Not
classified
Inf.
techno.
Cons.
disc.
Telecomm.
serv.
Financials
Energy
Industrials
Other
0%
Japan
France
Germany
United
Cayman
Netherlands
Other
Portfolio	Portfolio

### Exposure by S&P rating
70%
60%
50%
40%
30%
20%
10%
0%
AA	A	BBB	BB	B	NR
Portfolio
| 10 Largest Holdings |  |
| --- | --- |
| Name | Currency | Country | Weighting |
| Telecom Italia SpA 1.125% 0... | EUR | Italy | 2.40% |
| America Movil SAB de CV 05/... | EUR | Mexico | 2.18% |
| Illumina Inc 06/15/2019 | USD | United States | 2.03% |
| Sony Corp 09/30/2022 | JPY | Japan | 1.85% |
| Total SA 0.5% 12/02/2022 | USD | France | 1.79% |
| Suzuki Motor Corp 03/31/2021 | JPY | Japan | 1.68% |
| Weibo Corp 1.25% 11/15/2022 | USD | Cayman Islands | 1.64% |
| ams AG 03/05/2025 | EUR | Austria | 1.62% |
| Sika AG | CHF | Switzerland | 1.56% |
| Advantest Corp 03/14/2019 | JPY | Japan | 1.54% |
| Number of Holdings |  |  | 89 |

Translation (ENFR, 2018-08-31):
# Analyse du portefeuille
## Evolution de la composition
35%
30%
25%
20%
15%
10%
5%
0%
| 29/06/18 |  | 31/07/18 | 31/08/18 |
| --- | --- | --- | --- |
| Action (100%<delta<75%) | Mixte Action (75%<delta<50%) | Mixte Obligataire (50%<delta<25%) | Obligataire ( 25%<delta<0%) |


## Historique des sensibilités taux et actions
1.79
1.78
1.77
1.76
1.75
1.74
29/06/18
31/07/18
31/08/18
1.73
48.90%
48.60%
48.30%
48.00%
47.70%
47.40%
Sensibilité	Delta
23.24%
14.30%
12.57%
11.47%
6.74%
4.89%
4.30%
22.50%

## Exposition geographique des actions sous-jacentes	Exposition sectorielle des actions sous-jacentes
30%
20%
10%
Etats-Unis
Caïmans
0%
40%
37.91%
11.65%
10.29%
8.94%
7.09%
6.55%
5.85%
11.71%
30%
20%
10%
Non Classé
Technologie
Conso.
cycl.
Télécom.
Finance
Energie
Industrie
Autres
0%
Japon
France
Allemagne
Royaume-Uni
Iles
Pays-Bas
Autres
Portefeuille	Portefeuille

## Exposition par rating S&P
70%
60%
50%
40%
30%
20%
10%
0%
AA	A	BBB	BB	B	NR
Portefeuille
| Les 10 principales lignes |  |
| --- | --- |
| Libellé | Devise | Pays | Pondération |
| Telecom Italia SpA 1.125% 0... | EUR | Italie | 2.40% |
| America Movil SAB de CV 05/... | EUR | Mexique | 2.18% |
| Illumina Inc 06/15/2019 | USD | Etats-Unis | 2.03% |
| Sony Corp 09/30/2022 | JPY | Japon | 1.85% |
| Total SA 0.5% 12/02/2022 | USD | France | 1.79% |
| Suzuki Motor Corp 03/31/2021 | JPY | Japon | 1.68% |
| Weibo Corp 1.25% 11/15/2022 | USD | Iles Caïmans | 1.64% |
| ams AG 03/05/2025 | EUR | Autriche | 1.62% |
| Sika AG | CHF | Suisse | 1.56% |
| Advantest Corp 03/14/2019 | JPY | Japon | 1.54% |
| Nombre de lignes |  |  | 89 |