# Portfolio Analysis
## Asset Allocation (%)
0	10	20	30	40	50	60	70	80	90	100	110
| Equities | 10.87 | 34.03 | 34.64 | 33.54 | 33.65 | 32.14 | 31.71 | 34.63 | 33.62 | 30.70 | 30.02 | 26.62 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Diversif. | 0.62 | 3.02 | 2.99 | 3.05 | 6.30 | 3.41 | 0.64 | 0.64 | 0.67 | 0.68 | 0.68 | 0.70 |
| Bonds | 59.22 | 56.69 | 52.40 | 52.41 | 49.42 | 47.90 | 47.30 | 47.36 | 46.20 | 47.57 | 48.23 | 48.51 |
| Monetary | 29.29 | 6.26 | 9.98 | 11.00 | 10.64 | 16.54 | 20.35 | 17.37 | 19.51 | 21.05 | 21.07 | 24.16 |

30/10/2020
30/11/2020
31/12/2020
29/01/2021
26/02/2021
31/03/2021
30/04/2021
28/05/2021
30/06/2021
30/07/2021
31/08/2021
30/09/2021
For the Asset allocation, the equities derivatives exposure is included in the equities part . The counterpart of this exposure is included in the monetary part and gives an overall exposure of 100%.

## Currency Breakdown (%)
100
80
60
40
20
0
|  | EUR | JPY | GBP | USD | CNH | CNY | Other |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | Portfolio | 90.83 | 3.55 | 3.29 | 2.25 | 0.99 | 0.56 | -1.47 |  |
| Equity : 27% of the Overall Portfolio Sector Breakdown (%) |  |  | Geographical Breakdown (%) |  |
|  | Portfolio |  |  | Portfolio |
| Financials | 29.83 |  | European Economic Area | 15.98 |
| Industrials | 23.32 |  | Emerging Markets | 4.99 |
| IT | 16.32 |  | North America | 3.03 |
| Cons. stap. | 15.21 |  | Japan | 2.53 |
| Cons. disc. | 13.89 |  | Asia ex Japan | 0.19 |
| Communication Services | 2.45 |  |
| Health Care | 1.58 |
| Materials | 0.36 |
| Real estate | -0.11 |
| Energy | -0.84 |
| Utilities | -2.01 |
| MarketCap Breakdown (EUR - %) |  |

-20
18
16
14
12
10
8
6
4
2
0	0 To
250mn
500mn To 1bn
1bn To 3bn
3bn To 5bn
5bn To 10bn
10bn To 25bn
25bn To 100bn
100bn To 250bn
More Than 250bn
Port.	0.15	0.08	2.22	1.72	4.27	6.70	16.58	2.53	4.99
Source(s): AXA Investment Managers - GICS as at 30/09/2021
For further information please visit www.axa-im.com
| Top 10 Holdings |  |
| --- | --- |
| Equity | Weighting (%) | Sector | Issuer country | Currency |
| Nestle SA | 1.69 | Cons. stap. | European Economic Area | CHF |
| Prysmian SpA | 1.26 | Industrials | European Economic Area | EUR |
| Keyence Corp | 1.04 | IT | Japan | JPY |
| Diageo PLC | 1.01 | Cons. stap. | European Economic Area | GBP |
| BNP Paribas SA | 0.94 | Financials | European Economic Area | EUR |
| Carrier Global Corp | 0.89 | Industrials | North America | USD |
| Volvo AB | 0.80 | Industrials | European Economic Area | SEK |
| Capgemini SE | 0.79 | IT | European Economic Area | EUR |
| Tencent Holdings Ltd | 0.70 | Communication Services | Emerging Markets | HKD |
| Moody's Corp | 0.66 | Financials | North America | USD |
| Total (%) | 9.77 |  |  |  |

Fixed Income : 49% of the Overall Portfolio
| Fund Key Metrics |  |
| --- | --- |
|  | Portfolio |  |  | Portfolio |
| Number of Holdings | 284 | Mod. Duration |  | 3.54 |
| Number of Issuers | 173 | Yield To Worst (%) |  | 0.69 |
| Linear Average Rating | BBB |  |  |  |
| Top 10 Holdings |  |  |  |  |
| Name | Weighting (%) | Issuer country | Modified duration | Contribution |
| Italy (Republic of) 0.35% 11/01/2021 | 1.55 | European Economic Area | 0.1 | 0.00 |
| Schneider Electric SE 0.25% 09/09/2024 | 0.49 | European Economic Area | 2.7 | 0.00 |
| Rabobank 3.875% 07/25/2023 | 0.49 | European Economic Area | 1.8 | 0.00 |
| BNP Paribas SA 1.125% 11/22/2023 | 0.47 | European Economic Area | 2.1 | 0.00 |
| UBS AG/London 0.25% 01/10/2022 | 0.43 | European Economic Area | 0.2 | 0.00 |
| Societe Generale SA 1% 04/01/2022 | 0.37 | European Economic Area | 0.5 | 0.00 |
| LVMH Moet Hennessy Louis Vuitton 02/11/2024 | 0.37 | European Economic Area | 2.2 | 0.00 |
| ABN AMRO Bank NV 7.125% 07/06/2022 | 0.36 | European Economic Area | 0.8 | 0.00 |
| Banco Santander SA 3.25% 04/04/2026 | 0.35 | European Economic Area | 4.2 | 0.00 |
| Verizon Communications Inc 1.875% 10/26/2029 | 0.34 | North America | 7.4 | 0.00 |
| Total (%) | 5.22 |  |  |  |

Source(s): AXA Investment Managers - GICS as at 30/09/2021
For further information please visit www.axa-im.com

## Maturity Breakdown (%)
20
16
12
8
4
0	0-1 year	1-3 years	3-5 years	5-7 years	7-10 years	10-20 years	+20 years
Portfolio	6.12	15.68	12.24	8.81	3.46	1.65	1.23

## Rating Breakdown (%)
40
|  |  |  |
| --- | --- | --- |
|  |  |
|  |  |  |  |

30
20
10
0	AA	A	BBB	BB	B	CCC	NR
Portfolio	0.64	10.36	29.87	5.19	2.28	0.22	0.62

## Instrument Type Breakdown (%)
25
20
15
10
5
0	Industrials	Financial	Utility	Sovereign	Not Classified	Quasi & Foreign
Government
Portfolio	22.33	18.89	5.27	1.74	0.57	0.39
| Diversified |  |
| --- | --- |
| Top 10 Holdings |
| Equity | Weighting (%) | Issuer country | Currency |
| AXA IM WAVE CAT BDS M CAPUSD | 0.00 | Others | USD |
| AXA IM WAVE CAT-MCEURH | 0.00 | Others | EUR |
| Total (%) | 2 |  |  |

Source(s): AXA Investment Managers - GICS as at 30/09/2021
For further information please visit www.axa-im.com

Translation (ENDE, 2021-09-30):
# Portfolioanalyse
## Portfolio-Strukterierung (%)
0	10	20	30	40	50	60	70	80	90	100	110
| Aktien | 10.87 | 34.03 | 34.64 | 33.54 | 33.65 | 32.14 | 31.71 | 34.63 | 33.62 | 30.70 | 30.02 | 26.62 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Diversifizierung | 0.62 | 3.02 | 2.99 | 3.05 | 6.30 | 3.41 | 0.64 | 0.64 | 0.67 | 0.68 | 0.68 | 0.70 |
| Anleihen | 59.22 | 56.69 | 52.40 | 52.41 | 49.42 | 47.90 | 47.30 | 47.36 | 46.20 | 47.57 | 48.23 | 48.51 |
| Geldmarkt | 29.29 | 6.26 | 9.98 | 11.00 | 10.64 | 16.54 | 20.35 | 17.37 | 19.51 | 21.05 | 21.07 | 24.16 |

30/10/2020
30/11/2020
31/12/2020
29/01/2021
26/02/2021
31/03/2021
30/04/2021
28/05/2021
30/06/2021
30/07/2021
31/08/2021
30/09/2021
Im Bereich 'Anlagenaufteilung' sind Aktienderivate im Aktienanteil berücksichtigt. Der Gegenpart dazu ist im Geldmarktanteil berücksichtigt, so dass die Aufteilung insgesamt 100% ergibt.

## Engagement nach Währung (%)
100
80
60
40
20
0
|  | EUR | JPY | GBP | USD | CNH | CNY | Sonstige |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | Portfolio | 90.83 | 3.55 | 3.29 | 2.25 | 0.99 | 0.56 | -1.47 |

-20
Quellen : AXA Investment Managers - GICS per 30/09/2021
Mehr Information finden Sie unter: www.axa-im.com
| Aktien : 27% of the Overall Portfolio |  |
| --- | --- |
| Sektorengewichtung (%) |  |  | Geographische Ausrichtung (%) |  |
|  | Portfolio |  |  | Portfolio |
| Finanzen | 29.83 |  | Europäischer Wirtschaftsraum | 15.98 |
| Industrie | 23.32 |  | Aufstrebende Märkte | 4.99 |
| Informatik | 16.32 |  | Nordamerika | 3.03 |
| Kurzleb. Konsumg. | 15.21 |  | Japan | 2.53 |
| Dauerh. Konsumg. | 13.89 |  | Asien ex Japan | 0.19 |
| Komm. Dienste | 2.45 |  |
| Gesundheit | 1.58 |
| Werkstoffe | 0.36 |
| Immobilien | -0.11 |
| Energie | -0.84 |
| Öffentl. Dienste | -2.01 |


## Aufgliederung nach Marktkapitalisierung (EUR - %)
18
16
14
12
10
8
6
4
2
0	Von 0 bis
250 Moi
Von 500 Mio
bis 1 Mrd
Von 1 bis 3 Mrd
Von 3 bis 5 Mrd
Von 5 bis 10 Mrd
Von 10 bis
25 Mrd
Von 25 bis
100 Mrd
Von 100 bis
250 Mrd
Mehr als 250 Mrd.
Port.	0.15	0.08	2.22	1.72	4.27	6.70	16.58	2.53	4.99
Quellen : AXA Investment Managers - GICS per 30/09/2021
Mehr Information finden Sie unter: www.axa-im.com
| Top 10 Positionen |  |
| --- | --- |
| Aktie | Gewichtung (%) | Kategorie | Investiert in | Währung |
| Nestle SA | 1.69 | Kurzleb. Konsumg. | Europäischer Wirtschaftsraum | CHF |
| Prysmian SpA | 1.26 | Industrie | Europäischer Wirtschaftsraum | EUR |
| Keyence Corp | 1.04 | Informatik | Japan | JPY |
| Diageo PLC | 1.01 | Kurzleb. Konsumg. | Europäischer Wirtschaftsraum | GBP |
| BNP Paribas SA | 0.94 | Finanzen | Europäischer Wirtschaftsraum | EUR |
| Carrier Global Corp | 0.89 | Industrie | Nordamerika | USD |
| Volvo AB | 0.80 | Industrie | Europäischer Wirtschaftsraum | SEK |
| Capgemini SE | 0.79 | Informatik | Europäischer Wirtschaftsraum | EUR |
| Tencent Holdings Ltd | 0.70 | Komm. Dienste | Aufstrebende Märkte | HKD |
| Moody's Corp | 0.66 | Finanzen | Nordamerika | USD |
| Summe (%) | 9.77 |  |  |  |

Anleihen : 49% of the Overall Portfolio

## Fondsindikatoren
Portfolio
Anzahl Positionen	284
Anzahl Emittenten	173
Portfolio
Mod. Duration	3.54
Yield-to-Worst (%)	0.69
| Durchschnittliches Rating (Linear) | BBB |  |
| --- | --- | --- |
| Die grössten Werte |  |
| Name | Gewichtung (%) | Investiert in | Sensitivität | Beitrag |
| Italy (Republic of) 0.35% 11/01/2021 | 1.55 | Europäischer Wirtschaftsraum | 0.1 | 0.00 |
| Schneider Electric SE 0.25% 09/09/2024 | 0.49 | Europäischer Wirtschaftsraum | 2.7 | 0.00 |
| Rabobank 3.875% 07/25/2023 | 0.49 | Europäischer Wirtschaftsraum | 1.8 | 0.00 |
| BNP Paribas SA 1.125% 11/22/2023 | 0.47 | Europäischer Wirtschaftsraum | 2.1 | 0.00 |
| UBS AG/London 0.25% 01/10/2022 | 0.43 | Europäischer Wirtschaftsraum | 0.2 | 0.00 |
| Societe Generale SA 1% 04/01/2022 | 0.37 | Europäischer Wirtschaftsraum | 0.5 | 0.00 |
| LVMH Moet Hennessy Louis Vuitton 02/11/2024 | 0.37 | Europäischer Wirtschaftsraum | 2.2 | 0.00 |
| ABN AMRO Bank NV 7.125% 07/06/2022 | 0.36 | Europäischer Wirtschaftsraum | 0.8 | 0.00 |
| Banco Santander SA 3.25% 04/04/2026 | 0.35 | Europäischer Wirtschaftsraum | 4.2 | 0.00 |
| Verizon Communications Inc 1.875% 10/26/2029 | 0.34 | Nordamerika | 7.4 | 0.00 |
| Summe (%) | 5.22 |  |  |  |

Quellen : AXA Investment Managers - GICS per 30/09/2021
Mehr Information finden Sie unter: www.axa-im.com

## Engagement nach Laufzeit (%)
20
16
12
8
4
0	0-1 Jahre	1-3 Jahre	3-5 Jahre	5-7 Jahre	7-10 Jahre	10-20 Jahre	+20 Jahre
Portfolio	6.12	15.68	12.24	8.81	3.46	1.65	1.23

## Engagement nach Rating (%)
40
|  |  |  |
| --- | --- | --- |
|  |  |
|  |  |  |  |

30
20
10
0	AA	A	BBB	BB	B	CCC	NR
Portfolio	0.64	10.36	29.87	5.19	2.28	0.22	0.62

## Titelstruktur (%)
25
20
15
10
5
0	Industrie	Finanzen	Versorgungsbetriebe	Sovereign	Ohne Zuordnung	Quasi & Foreign
Government
Portfolio	22.33	18.89	5.27	1.74	0.57	0.39
| Diversifizierung |  |
| --- | --- |
| Top 10 Positionen |
| Aktie | Gewichtung (%) | Investiert in | Währung |
| AXA IM WAVE CAT BDS M CAPUSD | 0.00 | Sonstige | USD |
| AXA IM WAVE CAT-MCEURH | 0.00 | Sonstige | EUR |
| Summe (%) | 2 |  |  |

Quellen : AXA Investment Managers - GICS per 30/09/2021
Mehr Information finden Sie unter: www.axa-im.com