# Portfolio Exposure & Attribution
## As at 30 July 2021
| Top 10 Equity Positions (%) |  |  | Top 10 Fixed Income Positions (%) |  |
| --- | --- | --- | --- | --- |
| Sampo | 3.6 |  | Rabobank Stichting Ak 6.5% | 2.2 |
| Riverstone Credit Opportunities | 3.1 |  | MS Float 04/30/32 | 1.7 |
| Chubb | 3.1 |  | Jupiter Fund Management 8.875% 07/2030 | 1.6 |
| JPMorgan | 3.0 |  | Singapore Government 2.75% 07/2023 | 1.4 |
| ING Groep | 2.4 |  | Bayport Management 11.5% 06/2022 | 1.4 |
| VPC Specialty Lending | 2.4 |  | Burford Capital Finance 6.125% 08/2025 | 1.3 |
| Arch Capital | 2.3 |  | Intl Personal Finance Pl 8.75% 06/2022 | 1.3 |
| Personal Group Holdings | 2.3 |  | Tsy Infl Ix N/B 0.125% 04/2026 | 1.2 |
| OSB Group | 2.1 |  | Intl Personal Finance Pl 9.75% 11/2025 | 1.2 |
| Allianz | 2.0 |  | Borealis Finance Llc 7.5% 11/2022 | 1.2 |
| Total | 26.3 |  | Total | 14.5 |

Performance Attribution - 1 Month (%)

#### Top Contributors
Blackstone	0.28
International Personal Finance	0.19
Chubb	0.16
Sampo	0.15
VPC Specialty Lending	0.13
Performance attribution is calculated in GBP.

#### Top Detractors
Litigation Capital Management	-0.25
Bank of America	-0.12
ING Groep	-0.10
JPMorgan	-0.08
Toronto-Dominion	-0.08
| Sector Exposure (%) |  |
| --- | --- |
| Banks | 22.2 |
| Insurance | 17.4 |
| High-Yield Bonds | 11.6 |
| Investment Companies | 11.2 |
| Investment Grade Bonds | 9.3 |
| Financial Services | 7.6 |
| BDCs | 4.9 |
| Government Bonds | 4.8 |
| Real Estate | 3.4 |
| Bund Futures | -1.3 |
| Long Gilt Futures | -2.2 |
| Cash | 7.4 |
| Total Number of Positions | 75 |
| Derivatives | 2 |
| Equity | 44 |
| Fixed Income | 29 |


### Market Capitalisation Exposure (%)
Large Cap (>£2.5 billion)	47.7
Mid Cap (£350 million - £2.5 billion)	19.3
Small Cap (<£350 million)	32.9

### Geographic Exposure (%)

#### Equity	Hybrid	Fixed Income	Total
- UK	13.7	12.8	9.0	35.5
- Europe	13.3	0.8	2.6	16.7
- North America	15.6	4.9	9.9	30.4
- Asia	4.7	1.0	2.5	8.3
- Other	0.0	0.0	1.7	1.7
- Cash	-	-	-	7.4Total	47.3	19.6	25.8

Translation (ENFR, 2021-07-30):
# Exposition du portefeuille
Données au 30 juillet 2021
| Rabobank Stichting Ak 6.5%	2,2 |  | Banques | 22,2 |
| --- | --- | --- | --- |
| MS Float 04/30/32	1,7 |  | Assurance | 17,4 |
|  |  | Oblig. à haut rendement | 11,6 |
| Jupiter Fund Management 8.875% 07/2030	1,6 |  | Sociétés de placement | 11,2 |
| Singapore Government 2.75% 07/2023	1,4 |  | Obligations IG | 9,3 |


## 10 principales positions en actions (%)

### Sampo	3,6

### Riverstone Credit Opportunities	3,1

### Chubb	3,1

### JPMorgan	3,0

## 10 principales positions en obligations (%)
Exposition sectorielle (%)
| ING Groep | 2,4 | Bayport Management 11.5% 06/2022 | 1,4 | Services financiers | 7,6 |
| --- | --- | --- | --- | --- | --- |
| VPC Specialty Lending | 2,4 | Burford Capital Finance 6.125% 08/2025 | 1,3 | Développement commercial | 4,9 |
| Arch Capital | 2,3 | Intl Personal Finance Pl 8.75% 06/2022 | 1,3 | Obligations gouvernementales | 4,8 |
| Personal Group Holdings | 2,3 | Tsy Infl Ix N/B 0.125% 04/2026 | 1,2 | Immobilier | 3,4 |
| OSB Group | 2,1 | Intl Personal Finance Pl 9.75% 11/2025 | 1,2 | Bund Futures | -1,3 |


### Allianz	2,0

### Total	26,3

## Geographic Exposure (%)

### Borealis Finance Llc 7.5% 11/2022	1,2

### Total	14,5

### Long Gilt futures	-2,2

### Liquidités	7,4

## Nombre total de positions	75

### Dérivés	2

### Actions	Hybride	Obligations	Total
- Royaume-Uni	13,7	12,8	9,0	35,5
- Europe	13,3	0,8	2,6	16,7
- Amérique du Nord 15,6	4,9	9,9	30,4
- Asie	4,7	1,0	2,5	8,3
- Autres	0,0	0,0	1,7	1,7
- Liquidités		-		-		-	7,4 Total	47,3	19,6	25,8Actions	44Placements à revenu fixe	29


## Exposition par capitalisation boursière (%)

### Grande (>GBP 2,5 Mds)	47,7

### Moyenne (GBP 350 Mns à 2,5 Mds)	19,3

### Petite (< GBP 350 Mns)	32,9

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