# Sector/Industry Exposure (% TNA)	Market Capitalisation Exposure (% TNA)
| GICS Sector | Fund | Index | Relative |  | EUR | Fund | Index | Relative |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financials | 89.8 | 100.0 | -10.2 |  | >10bn | 85.5 | 92.5 | -7.0 |
| Information Technology | 7.2 | 0.0 | 7.2 |  | 5-10bn | 10.1 | 5.7 | 4.4 |
| Consumer Discretionary | 1.4 | 0.0 | 1.4 |  | 1-5bn | 2.5 | 1.7 | 0.8 |
| Industrials | 0.5 | 0.0 | 0.5 |  | 0-1bn | 0.9 | 0.0 | 0.9 |
|  |  |  |  |  | Total Market Cap Exposure | 99.0 | 99.9 |  |
|  |  |  |  |  | Index / Unclassified | -0.1 | 0.1 |  |
|  |  |  |  |  | Total Equity Exposure | 98.9 | 100.0 |  |

| Total Sector Exposure | 98.9 | 100.0 |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| Other Index / Unclassified | 0.0 | 0.0 |  |  |  |
| Total Equity Exposure | 98.9 | 100.0 |  |  |  |
| Geographic Exposure (% TNA) |  |  |  |  | Regional Exposure (% TNA) |
|  | Fund | Index | Relative |  |  | Fund | Index | Relative |
| United States | 64.7 | 47.7 | 17.0 |  | North America | 64.7 | 55.4 | 9.3 |
| United Kingdom | 8.7 | 4.0 | 4.7 |  | Europe (ex-UK) | 12.3 | 12.6 | -0.4 |
| France | 3.3 | 1.7 | 1.5 |  | Emerging Markets | 10.7 | 16.7 | -6.0 |
| Brazil | 2.9 | 1.2 | 1.7 |  | UK | 8.7 | 4.0 | 4.7 |
| India | 2.7 | 2.8 | -0.1 |  | Asia Pacific (ex-Japan) | 2.6 | 7.6 | -5.0 |
| Sweden | 2.5 | 1.7 | 0.8 |  | Japan | 0.0 | 3.6 | -3.6 |
| Hong Kong | 2.0 | 1.8 | 0.2 |  |  |  |  |  |
| Switzerland | 1.8 | 2.6 | -0.7 |  |  |  |  |  |
| Netherlands | 1.6 | 0.9 | 0.7 |  |  |  |  |  |
| China | 1.5 | 3.1 | -1.6 |  |  |  |  |  |
| Others | 7.3 | 32.5 | -25.2 |  | Total Regional Exposure | 98.9 | 100.0 |  |
| Total Geographic Exposure | 98.9 | 100.0 |  |  | Other Index / Unclassified | 0.0 | 0.0 |  |
| Other Index / Unclassified | 0.0 | 0.0 |  |  | Total Equity Exposure | 98.9 | 100.0 |  |
| Total Equity Exposure | 98.9 | 100.0 |  |  |  |  |  |  |
| Top Positions (% TNA) |  |  |  |  |  |  |  |  |
|  | GICS Sector |  |  | Geographic Location | Fund | Index | Relative |
| JPMORGAN CHASE & CO | Financials |  |  | United States | 5.7 | 4.6 | 1.1 |
| BERKSHIRE HATHAWAY INC DEL | Financials |  |  | United States | 4.9 | 4.7 | 0.2 |
| BANK OF AMERICA CORPORATION | Financials |  |  | United States | 4.6 | 3.2 | 1.3 |
| WELLS FARGO & CO NEW | Financials |  |  | United States | 4.3 | 2.2 | 2.1 |
| GALLAGHER (ARTHUR J.) & CO | Financials |  |  | United States | 3.9 | 0.5 | 3.4 |
| SCHWAB CHARLES CORP | Financials |  |  | United States | 3.7 | 1.4 | 2.3 |
| MORGAN STANLEY | Financials |  |  | United States | 3.1 | 1.3 | 1.7 |
| LPL FINL HLDGS INC | Financials |  |  | United States | 2.9 | 0.3 | 2.7 |
| ARCH CAPITAL GROUP LTD | Financials |  |  | United States | 2.7 | 0.3 | 2.4 |
| EVEREST REINSURANCE GROUP LTD | Financials |  |  | United States | 2.4 | 0.2 | 2.2 |

Top Overweight Positions (% TNA)	Top Underweight Positions (% TNA)
|  | Fund | Index | Relative |  |  | Fund | Index | Relative |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| GALLAGHER (ARTHUR J.) & CO | 3.9 | 0.5 | 3.4 |  | ROYAL BANK OF CANADA | 0.0 | 1.6 | -1.6 |
| LPL FINL HLDGS INC | 2.9 | 0.3 | 2.7 |  | GOLDMAN SACHS GROUP INC (THE) | 0.0 | 1.5 | -1.5 |
| ARCH CAPITAL GROUP LTD | 2.7 | 0.3 | 2.4 |  | TORONTO DOMINION BANK | 0.0 | 1.4 | -1.4 |
| SCHWAB CHARLES CORP | 3.7 | 1.4 | 2.3 |  | COMMONWEALTH BANK AUSTRALIA | 0.0 | 1.4 | -1.4 |
| EVEREST REINSURANCE GROUP LTD | 2.4 | 0.2 | 2.2 |  | BLACKROCK INC | 0.0 | 1.2 | -1.2 |
| WELLS FARGO & CO NEW | 4.3 | 2.2 | 2.1 |  | AMERICAN EXPRESS CO | 0.0 | 1.2 | -1.2 |
| BERKLEY WR CORP | 2.2 | 0.2 | 2.0 |  | CHUBB LTD | 0.0 | 1.1 | -1.1 |
| KINSALE CAPITAL GROUP INC | 1.9 | 0.0 | 1.9 |  | CITIGROUP INC | 0.0 | 1.1 | -1.1 |
| MORGAN STANLEY | 3.1 | 1.3 | 1.7 |  | MARSH & MCLENNAN COS INC | 0.0 | 1.0 | -1.0 |
| JULIUS BAER GROUP LTD | 1.8 | 0.1 | 1.7 |  | PROGRESSIVE CORP OHIO | 0.0 | 0.9 | -0.9 |
| Positions Concentration (% TNA) |
|  | Fund | Index |  |
| Top 10 | 38.1 | 23.5 |  |
| Top 20 | 57.0 | 34.7 |  |
| Top 50 | 88.2 | 54.6 |  |
| Definition of terms: |  |  |  |  |  |  |  |  |

Index: the index used in the positioning tables on this page is the index defined in the Performance Comparator(s) section on page 2 of this factsheet.
Top Positions: those companies in which the largest percentages of the fund’s total net assets are effectively invested. Positions in other funds - including ETFs (Exchange Traded Funds) - can appear in this table, but index derivatives form part of an "Other Index / Unclassified" category which will not appear.
Top Overweight & Underweight Positions: those positions which have the largest active weight relative to the index. Positions in other funds - including ETFs (Exchange Traded Funds) - can appear in this table, but index derivatives form part of an "Other Index / Unclassified" category which will not appear.
Positions Concentration: illustrates the weight of the top 10, 20 and 50 positions in the fund and the weight of the top 10, 20 and 50 positions in the index. It does not attempt to show the coincidence of security ownership between fund and index.
The sector/industry classification used (ie GICS, ICB, TOPIX or IPD) varies by fund. Full descriptions of GICS, ICB, TOPIX and IPD can be found in the glossary. Figures may not always sum to totals due to rounding

Translation (ENES, 2022-10-31):
# Exposición al sector/industria (% TAN)	Riesgo de capitalización del mercado (% TAN)
| Sector GICS | Fondo | Índice | Relativo |  | EUR | Fondo | Índice | Relativo |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Servicios financieros | 89,8 | 100,0 | -10,2 |  | >10 mil millones | 85,5 | 92,5 | -7,0 |
| Tecnología de la información | 7,2 | 0,0 | 7,2 |  | 5-10 mil millones | 10,1 | 5,7 | 4,4 |
| Bienes de consumo discrecional | 1,4 | 0,0 | 1,4 |  | 1-5 mil millones | 2,5 | 1,7 | 0,8 |
| Industrias | 0,5 | 0,0 | 0,5 |  | 0-mil millones | 0,9 | 0,0 | 0,9 |
|  |  |  |  |  | Exposición a capitalización bursátil total | 99,0 | 99,9 |  |
|  |  |  |  |  | Índice / sin clasificar | -0,1 | 0,1 |  |
|  |  |  |  |  | Exposición a renta variable total | 98,9 | 100,0 |  |

| Exposición total del sector | 98,9 | 100,0 |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| Otro índice / sin clasificar | 0,0 | 0,0 |  |  |  |
| Exposición a renta variable total | 98,9 | 100,0 |  |  |  |
| Exposición geográfica (% PN total) |  |  |  |  | Exposición regional (% TAN) |
|  | Fondo | Índice | Relativo |  |  | Fondo | Índice | Relativo |
| Estados Unidos | 64,7 | 47,7 | 17,0 |  | Norteamérica | 64,7 | 55,4 | 9,3 |
| Reino Unido | 8,7 | 4,0 | 4,7 |  | Europa (exc. R. Unido) | 12,3 | 12,6 | -0,4 |
| Francia | 3,3 | 1,7 | 1,5 |  | Mercados Emergentes | 10,7 | 16,7 | -6,0 |
| Brasil | 2,9 | 1,2 | 1,7 |  | Reino Unido | 8,7 | 4,0 | 4,7 |
| India | 2,7 | 2,8 | -0,1 |  | Región de Asia-Pacífico (exc. Japón) | 2,6 | 7,6 | -5,0 |
| Suecia | 2,5 | 1,7 | 0,8 |  | Japón | 0,0 | 3,6 | -3,6 |
| Hong Kong | 2,0 | 1,8 | 0,2 |  |  |  |  |  |
| Suiza | 1,8 | 2,6 | -0,7 |  |  |  |  |  |
| Holanda | 1,6 | 0,9 | 0,7 |  |  |  |  |  |
| China | 1,5 | 3,1 | -1,6 |  |  |  |  |  |
| Otros | 7,3 | 32,5 | -25,2 |  | Exposición regional total | 98,9 | 100,0 |  |
| Exposición geográfica total | 98,9 | 100,0 |  |  | Otro índice / sin clasificar | 0,0 | 0,0 |  |
| Otro índice / sin clasificar | 0,0 | 0,0 |  |  | Exposición a renta variable total | 98,9 | 100,0 |  |
| Exposición a renta variable total | 98,9 | 100,0 |  |  |  |  |  |  |
| Posiciones principales (% TAN) |  |  |  |  |  |  |  |  |
|  | Sector GICS | Zona geográfica | Fondo | Índice | Relativo |
| JPMORGAN CHASE & CO | Servicios financieros | Estados Unidos | 5,7 | 4,6 | 1,1 |
| BERKSHIRE HATHAWAY INC DEL | Servicios financieros | Estados Unidos | 4,9 | 4,7 | 0,2 |
| BANK OF AMERICA CORPORATION | Servicios financieros | Estados Unidos | 4,6 | 3,2 | 1,3 |
| WELLS FARGO & CO NEW | Servicios financieros | Estados Unidos | 4,3 | 2,2 | 2,1 |
| GALLAGHER (ARTHUR J.) & CO | Servicios financieros | Estados Unidos | 3,9 | 0,5 | 3,4 |
| SCHWAB CHARLES CORP | Servicios financieros | Estados Unidos | 3,7 | 1,4 | 2,3 |
| MORGAN STANLEY | Servicios financieros | Estados Unidos | 3,1 | 1,3 | 1,7 |
| LPL FINL HLDGS INC | Servicios financieros | Estados Unidos | 2,9 | 0,3 | 2,7 |
| ARCH CAPITAL GROUP LTD | Servicios financieros | Estados Unidos | 2,7 | 0,3 | 2,4 |
| EVEREST REINSURANCE GROUP LTD | Servicios financieros | Estados Unidos | 2,4 | 0,2 | 2,2 |
| Posiciones sobreponderadas principales (% TAN)	Posiciones infraponderadas principales (% TAN) |
|  | Fondo | Índice | Relativo |  |  | Fondo | Índice | Relativo |
| GALLAGHER (ARTHUR J.) & CO | 3,9 | 0,5 | 3,4 |  | ROYAL BANK OF CANADA | 0,0 | 1,6 | -1,6 |
| LPL FINL HLDGS INC | 2,9 | 0,3 | 2,7 |  | GOLDMAN SACHS GROUP INC (THE) | 0,0 | 1,5 | -1,5 |
| ARCH CAPITAL GROUP LTD | 2,7 | 0,3 | 2,4 |  | TORONTO DOMINION BANK | 0,0 | 1,4 | -1,4 |
| SCHWAB CHARLES CORP | 3,7 | 1,4 | 2,3 |  | COMMONWEALTH BANK AUSTRALIA | 0,0 | 1,4 | -1,4 |
| EVEREST REINSURANCE GROUP LTD | 2,4 | 0,2 | 2,2 |  | BLACKROCK INC | 0,0 | 1,2 | -1,2 |
| WELLS FARGO & CO NEW | 4,3 | 2,2 | 2,1 |  | AMERICAN EXPRESS CO | 0,0 | 1,2 | -1,2 |
| BERKLEY WR CORP | 2,2 | 0,2 | 2,0 |  | CHUBB LTD | 0,0 | 1,1 | -1,1 |
| KINSALE CAPITAL GROUP INC | 1,9 | 0,0 | 1,9 |  | CITIGROUP INC | 0,0 | 1,1 | -1,1 |
| MORGAN STANLEY | 3,1 | 1,3 | 1,7 |  | MARSH & MCLENNAN COS INC | 0,0 | 1,0 | -1,0 |
| JULIUS BAER GROUP LTD | 1,8 | 0,1 | 1,7 |  | PROGRESSIVE CORP OHIO | 0,0 | 0,9 | -0,9 |
| Concentración de posiciones (% TAN) |
|  | Fondo | Índice |  |
| 10 principales | 38,1 | 23,5 |  |
| 20 principales | 57,0 | 34,7 |  |
| 50 principales | 88,2 | 54,6 |  |
| Definición de términos: |  |  |  |  |  |  |  |  |  |  |

Indice: el índice usado en las tablas de posicionamiento de esta página el el que está definido en el Comparador(es) de rendimiento(s) de la página 2 de esta ficha mensual.
Posiciones principales: aquellas empresas en las que están invertidos efectivamente los mayores porcentajes de los activos netos totales del fondo. Es posible que en esta tabla aparezcan posiciones en otros fondos, incluidos ETF (fondos cotizados en bolsa), pero los derivados sobre índices forman parte de la categoría “Otros índices / sin clasificar” que no aparecerá.
Posiciones infraponderadas y sobreponderadas principales: aquellas posiciones que tienen la mayor ponderación activa en relación con el índice. Es posible que en esta tabla aparezcan posiciones en otros fondos, incluidos ETF (fondos cotizados en bolsa), pero los derivados sobre índices forman parte de una categoría “Otros índices / sin clasificar” que no aparecerá.
Concentración de posiciones: ilustra la ponderación de las 10, 20 y 50 posiciones principales del fondo y la ponderación de las 10, 20 y 50 posiciones principales del índice. No pretende mostrar la coincidencia de titularidad de valores entre el fondo y el índice.
La clasificación del sector/industria utilizada (es decir, GICS, ICB, TOPIX o IPD) varía en función del fondo. Pueden consultarse descripciones completas de GICS, ICB, TOPIX e IPD en el glosario. Es posible que las cifras no siempre sumen los totales debido al redondeo.