# Portfolio Exposure & Attribution
## As at 30 September 2021
| Top 10 Equity Positions (%) |  |  | Top 10 Fixed Income Positions (%) |  |
| --- | --- | --- | --- | --- |
| Sampo | 3.5 |  | Rabobank Stichting Ak 6.5% | 2.2 |
| Chubb | 3.1 |  | Jupiter Fund Management 8.875% 07/2030 | 1.6 |
| Riverstone Credit Opportunities | 3.0 |  | Singapore Government 2.75% 07/2023 | 1.5 |
| ING Groep | 2.8 |  | Bayport Management 11.5% 06/2022 | 1.4 |
| JPMorgan | 2.6 |  | Burford Capital Finance 6.125% 08/2025 | 1.4 |
| VPC Specialty Lending | 2.3 |  | Intl Personal Finance Pl 8.75% 06/2022 | 1.3 |
| Arch Capital | 2.3 |  | Tsy Infl Ix N/B 0.125% 04/2026 | 1.2 |
| Personal Group Holdings | 2.3 |  | Intl Personal Finance Pl 9.75% 11/2025 | 1.2 |
| Tufton Oceanic Assets | 2.1 |  | Tsy Infl Ix N/B 2.375% 01/2027 | 1.1 |
| OSB Group | 2.1 |  | Shawbrook Group 9% 10/2030 | 1.1 |
| Total | 26.1 |  | Total | 14.0 |

Performance Attribution - 1 Month (%)

#### Top Contributors
ING Groep	0.20
Tufton Oceanic Assets	0.17
Litigation Capital Management	0.15
Skandinaviska Enskilda Banken	0.11
JPMorgan	0.11
Performance attribution is calculated in GBP.

#### Top Detractors
Arch Capital	-0.13
Chubb	-0.11
Direct Line Insurance	-0.10
Beazley	-0.09
International Personal Finance	-0.09
| Sector Exposure (%) |  |
| --- | --- |
| Banks | 20.8 |
| Insurance | 17.1 |
| High-Yield Bonds | 10.7 |
| Investment Companies | 10.4 |
| Financial Services | 7.8 |
| Investment Grade Bonds | 6.1 |
| Government Bonds | 4.9 |
| Real Estate | 4.9 |
| BDCs | 4.9 |
| Bund Futures | -1.3 |
| Long Gilt Futures | -2.2 |
| Cash | 12.5 |
| Total Number of Positions | 69 |
| Derivatives | 2 |
| Equity | 44 |
| Fixed Income | 23 |


### Market Capitalisation Exposure (%)
Large Cap (>£2.5 bn)	45.2
Mid Cap (£350 m - £2.5 bn)	22.6
Small Cap (<£350 m)	32.2
Geographic Exposure (%)

#### Equity Fixed Income	Total
- UK	25.9	8.6	34.6
- Europe	15.2	2.2	17.4
- North America	18.8	6.4	25.2
- Asia	5.9	2.6	8.5
- Other	0.0	1.8	1.8
- Cash	-	-	12.5Total	65.8	21.7	100.0

Translation (ENFR, 2021-09-30):
# Exposition du portefeuille
Données au 30 septembre 2021
| Rabobank Stichting Ak 6.5%	2,2 |  | Banques | 20,8 |
| --- | --- | --- | --- |
| Jupiter Fund Management 8.875% 07/2030	1,6 |  | Assurance | 17,1 |
|  |  | Oblig. à haut rendement | 10,7 |
| Singapore Government 2.75% 07/2023	1,5 |  | Sociétés de placement | 10,4 |
| Bayport Management 11.5% 06/2022	1,4 |  | Services financiers | 7,8 |


## 10 principales positions en actions (%)

### Sampo	3,5

### Chubb	3,1

### Riverstone Credit Opportunities	3,0

### ING Groep	2,8

## 10 principales positions en obligations (%)
Exposition sectorielle (%)
| JPMorgan | 2,6 | Burford Capital Finance 6.125% 08/2025 | 1,4 | Obligations IG | 6,1 |
| --- | --- | --- | --- | --- | --- |
| VPC Specialty Lending | 2,3 | Intl Personal Finance Pl 8.75% 06/2022 | 1,3 | Obligations gouvernementales | 4,9 |
| Arch Capital | 2,3 | Tsy Infl Ix N/B 0.125% 04/2026 | 1,2 | Immobilier | 4,9 |
| Personal Group Holdings | 2,3 | Intl Personal Finance Pl 9.75% 11/2025 | 1,2 | Développement commercial | 4,9 |
| Tufton Oceanic Assets | 2,1 | Tsy Infl Ix N/B 2.375% 01/2027 | 1,1 | Bund Futures | -1,3 |


### OSB Group	2,1

### Total	26,1

## Geographic Exposure (%)

### Shawbrook Group 9% 10/2030	1,1

### Total	14,0

### Long Gilt futures	-2,2

### Liquidités	12,5

## Nombre total de positions	69

### Dérivés	2

### Actions Obligations	Total
- Royaume-Uni	25,9	8,6	34,6
- Europe	15,2	2,2	17,4
- Amérique du Nord 18,8	6,4	25,2
- Asie	5,9	2,6	8,5
- Autres	0,0	1,8	1,8
- Liquidités	-	-	12,5


### Total	65,8	21,7	100,0

### Actions	44

### Placements à revenu fixe	23

## Exposition par capitalisation boursière (%)

### Grande (>GBP 2,5 Mds)	45,2

### Moyenne (GBP 350 Mns à 2,5 Mds)	22,6

### Petite (< GBP 350 Mns)	32,2

### Note: Les chiffres ayant été arrondis, les totaux peuvent ne pas correspondre.