# Sector Positioning
Security Holdings (excl. Derivatives)
Contribution to Duration Times Spread (incl. Derivatives)
|  | Fund | Index | Relative | Fund | Index | Relative |
| --- | --- | --- | --- | --- | --- | --- |
| Treasury | 35.89 | 56.10 | -20.20 | -4 | 317 | -321 |
| Quasi / Sov / Supra / Agncy | 5.06 | 18.01 | -12.96 | 80 | 125 | -45 |
| Agency Mortgages | 0.00 | 0.00 | 0.00 | 0 | 0 | 0 |
| Banks & Brokers | 12.94 | 6.56 | 6.38 | 267 | 54 | 213 |
| Insurance | 9.43 | 0.96 | 8.46 | 276 | 13 | 262 |
| Property | 3.26 | 0.53 | 2.73 | 48 | 8 | 40 |
| Other Financials | 0.00 | 0.67 | -0.67 | 0 | 11 | -11 |
| Basic Industry | 7.05 | 0.57 | 6.48 | 95 | 4 | 90 |
| Capital Goods | 4.57 | 0.93 | 3.64 | 115 | 7 | 108 |
| Consumer Cyclical | 2.96 | 1.61 | 1.35 | 77 | 12 | 65 |
| Consumer Non Cyclical | 1.74 | 2.76 | -1.02 | 47 | 23 | 25 |
| Energy | 0.00 | 0.79 | -0.79 | 0 | 8 | -8 |
| Transportation | 0.00 | 0.66 | -0.66 | 0 | 6 | -6 |
| Technology | 0.00 | 0.60 | -0.60 | 0 | 4 | -4 |
| Communications | 1.79 | 1.36 | 0.43 | 31 | 13 | 18 |
| Industrial Other | 0.00 | 0.07 | -0.07 | 0 | 1 | -1 |
| Utility | 4.64 | 1.48 | 3.16 | 71 | 14 | 57 |
| Covered | 0.00 | 6.31 | -6.31 | 0 | 28 | -28 |
| Non Agency | 0.00 | 0.00 | 0.00 | 0 | 0 | 0 |
| ABS / MBS | 0.00 | 0.01 | -0.01 | 0 | 0 | 0 |
| Unclassified | 0.00 | 0.00 | 0.00 | 0 | 0 | 0 |
| Index Credit Default Swaps | 0.00 | 0.00 | 0.00 | -132 | 0 | -132 |
| Interest Rate Derivatives | 0.00 | 0.00 | 0.00 | 0 | 0 | 0 |
| FX / Derivative P&L | 0.40 | 0.00 | 0.40 | 194 | 0 | 194 |
| Cash | 10.26 | 0.00 | 10.26 | 0 | 0 | 0 |
| Rounding adjustment | 0.01 | 0.02 | - | -1 | -1 | 0 |
| Total | 100.00 | 100.00 | - | 1164 | 647 | 516 |

Security Holdings as a percent of total net assets. Contribution to duration-times-spread (DTS) in the appropriate unit of measure. DTS includes the effect of derivatives. ‘FX / Derivative P&L’ includes collateral balances with counterparties arising from derivatives used in the fund (this can lead to a negative balance).

Translation (ENES, 2022-11-30):
# Posicionamiento sectorial
Participaciones en valores (excl. derivados)
Aportación al período de duración diferencial (incl. derivados)
|  | Fondo | Índice | Relativo | Fondo | Índice | Relativo |
| --- | --- | --- | --- | --- | --- | --- |
| Tesoro | 35,89 | 56,10 | -20,20 | -4 | 317 | -321 |
| Cuasi / Sob / Supra / Ag. | 5,06 | 18,01 | -12,96 | 80 | 125 | -45 |
| Hipotecas respaldadas por agencias | 0,00 | 0,00 | 0,00 | 0 | 0 | 0 |
| Bancos y brokers | 12,94 | 6,56 | 6,38 | 267 | 54 | 213 |
| Asegurador | 9,43 | 0,96 | 8,46 | 276 | 13 | 262 |
| Inmobiliario | 3,26 | 0,53 | 2,73 | 48 | 8 | 40 |
| Otros Financieros | 0,00 | 0,67 | -0,67 | 0 | 11 | -11 |
| Industria básica | 7,05 | 0,57 | 6,48 | 95 | 4 | 90 |
| Equipos de capital | 4,57 | 0,93 | 3,64 | 115 | 7 | 108 |
| Bienes de consumo cíclico | 2,96 | 1,61 | 1,35 | 77 | 12 | 65 |
| Consumo no cíclico | 1,74 | 2,76 | -1,02 | 47 | 23 | 25 |
| Energía | 0,00 | 0,79 | -0,79 | 0 | 8 | -8 |
| Transporte | 0,00 | 0,66 | -0,66 | 0 | 6 | -6 |
| Tecnología | 0,00 | 0,60 | -0,60 | 0 | 4 | -4 |
| Comunicaciones | 1,79 | 1,36 | 0,43 | 31 | 13 | 18 |
| Industriales otros | 0,00 | 0,07 | -0,07 | 0 | 1 | -1 |
| Bien público | 4,64 | 1,48 | 3,16 | 71 | 14 | 57 |
| Cubierta | 0,00 | 6,31 | -6,31 | 0 | 28 | -28 |
| Titulizaciones privadas | 0,00 | 0,00 | 0,00 | 0 | 0 | 0 |
| ABS / MBS | 0,00 | 0,01 | -0,01 | 0 | 0 | 0 |
| Sin clasificar | 0,00 | 0,00 | 0,00 | 0 | 0 | 0 |
| Indice de CDS | 0,00 | 0,00 | 0,00 | -132 | 0 | -132 |
| Derivados de tipos de interés | 0,00 | 0,00 | 0,00 | 0 | 0 | 0 |
| FX/PyG Derivados | 0,40 | 0,00 | 0,40 | 194 | 0 | 194 |
| Efectivo | 10,26 | 0,00 | 10,26 | 0 | 0 | 0 |
| Ajuste de redondeo | 0,01 | 0,02 | - | -1 | -1 | 0 |
| TOTAL | 100,00 | 100,00 | - | 1164 | 647 | 516 |

Participaciones en valores como porcentaje de los activos netos totales. Aportación al periodo de duración del diferencial (DTS) en la unidad de medida adecuada. El DTS incluye el efecto de los derivados. "FX / PyG Derivados" incluye saldos de garantías con contrapartes procedentes de derivados utilizados en el fondo (esto podría desembocar en un saldo negativo).