# Portfolio Analysis
## Asset Allocation (%)
0	10	20	30	40	50	60	70	80	90	100	110
| Equities | 32.14 | 31.71 | 34.63 | 33.62 | 30.70 | 30.02 | 26.62 | 32.49 | 24.84 | 34.64 | 26.35 | 18.91 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Diversif. | 2.77 | - | - | - | 0.68 | 0.68 | 0.70 | 0.73 | 0.75 | 0.75 | 0.78 | 0.80 |
| Bonds | 48.55 | 47.94 | 48.01 | 46.87 | 47.57 | 48.23 | 48.51 | 49.21 | 51.20 | 49.88 | 49.89 | 53.44 |
| Monetary | 16.54 | 20.35 | 17.37 | 19.51 | 21.05 | 21.07 | 24.16 | 17.57 | 23.21 | 14.72 | 22.98 | 26.85 |

31/03/2021
30/04/2021
28/05/2021
30/06/2021
30/07/2021
31/08/2021
30/09/2021
29/10/2021
30/11/2021
31/12/2021
31/01/2022
28/02/2022
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 | USD | GBP | HKD | SEK | CHF | Other |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio | 80.41 | 8.58 | 3.61 | 3.51 | 1.68 | 0.71 | 1.51 |

Source(s): AXA Investment Managers - GICS as at 28/02/2022
For more information about AXA IM, visit axa-im.com
| Equity : 19% of the overall Portfolio |  |
| --- | --- |
| Sector Breakdown (%) |  |  | Securities Exposure by geographical area (%) |  |
|  | Portfolio |  |  | Portfolio |
| Cons. disc. | 23.80 |  | European Economic Area | 6.64 |
| Financials | 19.16 |  | Emerging Markets | 3.82 |
| Industrials | 18.85 |  | Others | 3.54 |
| IT | 18.61 |  | North America | 2.66 |
| Cons. stap. | 18.25 |  | Japan | 2.01 |
| Communication Services | 3.33 |  | Asia ex Japan | 0.25 |
| Health Care | 2.52 |  |
| Materials | 0.85 |
| Real estate | -0.94 |
| Energy | -1.43 |
| Utilities | -2.98 |
| MarketCap Breakdown (EUR - %) |  |

16
14
12
10
8
6
4
2
0	0 To
250mn
250mn To 500mn
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	0.01	0.07	1.53	2.45	3.09	4.89	13.40	2.27	4.80
Fixed Income : 53% of the overall portfolio

## Fund Key Metrics
Portfolio
Number of Holdings	250
Number of Issuers	156
Linear Average Rating	BBB+
Portfolio
Mod. Duration	2.45
Yield To Worst (%)	1.53
Source(s): AXA Investment Managers - GICS as at 28/02/2022
For more information about AXA IM, visit axa-im.com
| Top 10 Holdings |  |
| --- | --- |
| Name | Weighting (%) | Issuer country | Modified duration | Contribution |
| FRENCH DISCOUNT T-BILL 0.000% 27/04/2022 | 3.00 | European Economic Area | 0.2 | 0.00 |
| France Treasury Bill BTF 04/21/2022 | 3.00 | European Economic Area | 0.1 | 0.00 |
| Schneider Electric SE 0.25% 09/09/2024 | 0.53 | European Economic Area | 2.3 | 0.00 |
| BNP Paribas SA 1.125% 11/22/2023 | 0.51 | European Economic Area | 1.7 | 0.00 |
| Societe Generale SA 1% 04/01/2022 | 0.40 | European Economic Area | 0.1 | 0.00 |
| LVMH Moet Hennessy Louis Vuitton 02/11/2024 | 0.40 | European Economic Area | 1.8 | 0.00 |
| ABN AMRO Bank NV 7.125% 07/06/2022 | 0.39 | European Economic Area | 0.3 | 0.00 |
| Belfius Bank SA/NV 0.75% 09/12/2022 | 0.37 | European Economic Area | 0.5 | 0.00 |
| Adler Real Estate AG 1.5% 04/17/2022 | 0.37 | European Economic Area | 0.0 | 0.00 |
| Merck Financial Services GmbH 0.005% 12/15/2023 | 0.37 | European Economic Area | 1.5 | 0.00 |
| Total (%) | 9.34 |  |  |  |
| 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	11.60	18.30	15.01	6.85	1.19	0.09	0.82

## Rating Breakdown (%)
30
20
10
0	AA	A	BBB	BB	B	CCC	NR
Portfolio	6.62	10.23	25.66	6.24	3.97	0.36	0.75
Source(s): AXA Investment Managers - GICS as at 28/02/2022
For more information about AXA IM, visit axa-im.com

## Instrument Type Breakdown (%)
25
20
15
10
5
0	Industrials	Financial	Sovereign	Utility	Not Classified	Quasi & Foreign
Government
Securitized
Portfolio	23.53	19.07	6.21	4.16	0.45	0.41	0.01
| Diversification : 1% of the overall portfolio |  |
| --- | --- |
| 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 (%) | 0.00 |  |  |

Source(s): AXA Investment Managers - GICS as at 28/02/2022
For more information about AXA IM, visit axa-im.com

Translation (ENDE, 2022-02-28):
# Portfolioanalyse
## Portfolio-Strukterierung (%)
0	10	20	30	40	50	60	70	80	90	100	110
| Aktien | 32.14 | 31.71 | 34.63 | 33.62 | 30.70 | 30.02 | 26.62 | 32.49 | 24.84 | 34.64 | 26.35 | 18.91 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Diversifizierung | 3.41 | 0.64 | 0.64 | 0.67 | 0.68 | 0.68 | 0.70 | 0.73 | 0.75 | 0.75 | 0.78 | 0.80 |
| Anleihen | 47.90 | 47.30 | 47.36 | 46.20 | 47.57 | 48.23 | 48.51 | 49.21 | 51.20 | 49.88 | 49.89 | 53.44 |
| Geldmarkt | 16.54 | 20.35 | 17.37 | 19.51 | 21.05 | 21.07 | 24.16 | 17.57 | 23.21 | 14.72 | 22.98 | 26.85 |

31/03/2021
30/04/2021
28/05/2021
30/06/2021
30/07/2021
31/08/2021
30/09/2021
29/10/2021
30/11/2021
31/12/2021
31/01/2022
28/02/2022
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 | USD | GBP | HKD | SEK | CHF | Sonstige |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio | 80.41 | 8.58 | 3.61 | 3.51 | 1.68 | 0.71 | 1.51 |

Quellen : AXA Investment Managers - GICS per 28/02/2022
Weitere Informationen über AXA IM finden Sie unter axa-im.com
| Aktien : 19% des Gesamtportfolios |  |
| --- | --- |
| Sektorengewichtung (%) |  |  | Geographische Ausrichtung (%) |  |
|  | Portfolio |  |  | Portfolio |
| Dauerh. Konsumg. | 23.80 |  | Europäischer Wirtschaftsraum | 6.64 |
| Finanzen | 19.16 |  | Aufstrebende Märkte | 3.82 |
| Industrie | 18.85 |  | Sonstige | 3.54 |
| Informatik | 18.61 |  | Nordamerika | 2.66 |
| Kurzleb. Konsumg. | 18.25 |  | Japan | 2.01 |
| Komm. Dienste | 3.33 |  | Asien ex Japan | 0.25 |
| Gesundheit | 2.52 |  |
| Werkstoffe | 0.85 |
| Immobilien | -0.94 |
| Energie | -1.43 |
| Öffentl. Dienste | -2.98 |


## Aufgliederung nach Marktkapitalisierung (EUR - %)
16
14
12
10
8
6
4
2
Von 0 bis
250 Moi
Von 250 bis
500 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.
0
Port.	0.15	0.01	0.07	1.53	2.45	3.09	4.89	13.40	2.27	4.80
Quellen : AXA Investment Managers - GICS per 28/02/2022
Weitere Informationen über AXA IM finden Sie unter axa-im.com
| Top 10 Positionen |  |
| --- | --- |
| Aktie | Gewichtung (%) | Kategorie | Investiert in | Währung |
| Nestle SA | 1.36 | Kurzleb. Konsumg. | Europäischer Wirtschaftsraum | CHF |
| STELLANTIS NV | 1.03 | Dauerh. Konsumg. | Europäischer Wirtschaftsraum | EUR |
| Diageo PLC | 0.96 | Kurzleb. Konsumg. | Sonstige | GBP |
| Prysmian SpA | 0.87 | Industrie | Europäischer Wirtschaftsraum | EUR |
| Keyence Corp | 0.84 | Informatik | Japan | JPY |
| Rio Tinto PLC | 0.84 | Werkstoffe | Sonstige | GBP |
| Volvo AB | 0.78 | Industrie | Europäischer Wirtschaftsraum | SEK |
| Moody's Corp | 0.72 | Finanzen | Nordamerika | USD |
| Tencent Holdings Ltd | 0.72 | Komm. Dienste | Aufstrebende Märkte | HKD |
| L'Occitane Ltd | 0.68 | Kurzleb. Konsumg. | Europäischer Wirtschaftsraum | HKD |
| Summe (%) | 8.81 |  |  |  |

Anleihen : 53% des Gesamtportfolios

## Fondsindikatoren
Portfolio
Anzahl Positionen	250
Anzahl Emittenten	156
Portfolio
Mod. Duration	2.45
Yield-to-Worst (%)	1.53
| Durchschnittliches Rating (Linear) | BBB+ |  |
| --- | --- | --- |
| Die grössten Werte |  |
| Name | Gewichtung (%) | Investiert in | Sensitivität | Beitrag |
| FRENCH DISCOUNT T-BILL 0.000% 27/04/2022 | 3.00 | Europäischer Wirtschaftsraum | 0.2 | 0.00 |
| France Treasury Bill BTF 04/21/2022 | 3.00 | Europäischer Wirtschaftsraum | 0.1 | 0.00 |
| Schneider Electric SE 0.25% 09/09/2024 | 0.53 | Europäischer Wirtschaftsraum | 2.3 | 0.00 |
| BNP Paribas SA 1.125% 11/22/2023 | 0.51 | Europäischer Wirtschaftsraum | 1.7 | 0.00 |
| Societe Generale SA 1% 04/01/2022 | 0.40 | Europäischer Wirtschaftsraum | 0.1 | 0.00 |
| LVMH Moet Hennessy Louis Vuitton 02/11/2024 | 0.40 | Europäischer Wirtschaftsraum | 1.8 | 0.00 |
| ABN AMRO Bank NV 7.125% 07/06/2022 | 0.39 | Europäischer Wirtschaftsraum | 0.3 | 0.00 |
| Belfius Bank SA/NV 0.75% 09/12/2022 | 0.37 | Europäischer Wirtschaftsraum | 0.5 | 0.00 |
| Adler Real Estate AG 1.5% 04/17/2022 | 0.37 | Europäischer Wirtschaftsraum | 0.0 | 0.00 |
| Merck Financial Services GmbH 0.005% 12/15/2023 | 0.37 | Europäischer Wirtschaftsraum | 1.5 | 0.00 |
| Summe (%) | 9.34 |  |  |  |

Quellen : AXA Investment Managers - GICS per 28/02/2022
Weitere Informationen über AXA IM finden Sie unter 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	11.60	18.30	15.01	6.85	1.19	0.09	0.82

## Engagement nach Rating (%)
30
20
10
0	AA	A	BBB	BB	B	CCC	NR
Portfolio	6.62	10.23	25.66	6.24	3.97	0.36	0.75

## Titelstruktur (%)
25
20
15
10
5
0	
Industrie	Finanzen	Sovereign	Versorgungsbetriebe	Ohne Zuordnung	Quasi & Foreign
Government
Securitized
Portfolio	23.53	19.07	6.21	4.16	0.45	0.41	0.01
| Diversifizierung : 1% des Gesamtportfolios |  |
| --- | --- |
| 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 (%) | 0.00 |  |  |

Quellen : AXA Investment Managers - GICS per 28/02/2022
Weitere Informationen über AXA IM finden Sie unter axa-im.com