# Portfolio Analysis
## Asset Allocation (%)
60
50
40
30
20
10
0	30/07/2021	31/08/2021	30/09/2021
| Equity (100%<delta<75%) | 18.98 | 22.13 | 17.82 |
| --- | --- | --- | --- |
| Mixed Equity (75%<delta<50%) | 50.43 | 41.90 | 40.63 |
| Mixed Bonds (50%<delta<25%) | 25.00 | 28.53 | 31.59 |
| Bonds ( 25%<delta<0%) | 5.59 | 7.45 | 9.96 |


## Historical delta of the fund over 1 year
|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |

63.00
60.00
57.00
54.00
51.00
48.00
30/10/20
30/11/20
31/12/20
31/01/21 28/02/21
31/03/21
30/04/21
31/05/21
30/06/21
31/07/21
31/08/21
30/09/21
| Sector Breakdown (%) |  |  |  | Geographical Breakdown (%) |  |
| --- | --- | --- | --- | --- | --- |
|  | Portfolio | Benchmark |  |  | Portfolio | Benchmark |
| Information Technology | 29.88 | 24.18 |  | United States | 43.24 | 45.37 |
| Consumer Discretionary | 15.84 | 18.57 |  | France | 12.17 | 9.04 |
| Industrials | 15.22 | 8.98 |  | Japan | 5.71 | 5.26 |
| Communication Services | 11.62 | 9.25 |  | Germany | 5.64 | 5.61 |
| Health Care | 11.05 | 10.45 |  | Cayman Islands | 4.91 | 6.26 |
| Financials | 5.66 | 3.52 |  | Spain | 4.10 | 2.91 |
| Materials | 4.16 | 4.22 |  | Italy | 3.44 | 2.48 |
| Utilities | 3.27 | 4.20 |  | Netherlands | 3.21 | 3.59 |
| Real Estate | 1.92 | 4.58 |  | United Kingdom | 2.83 | 4.15 |
| Energy | 1.39 | 1.59 |  | Israel | 1.73 | 1.10 |
| Not classified | 0.00 | 8.74 |  | South Korea | 1.67 | 0.36 |
| Consumer Staples | 0.00 | 1.71 |  | China | 1.60 | 0.72 |
|  |  |  |  | Other | 9.75 | 13.16 |
| Rating breakdown |  |  |  |  |  |  |
| 100 |  |  |  |  |  |  |

80
60
40
20
0	AA	A+	A	A-	BBB+	BBB	BBB-	BB+	BB	BB-	B+	B-	NR
Portfolio	1.47	1.08	-	4.30	3.00	5.76	6.23	1.50	0.94	1.78	-	-	73.94
Benchmark	0.87	-	1.29	2.45	2.99	3.01	5.08	1.80	0.64	0.55	1.84	1.14	78.34

## 10 Largest Holdings
Name	Weighting (%)	Currency	Geography
Portfolio	Benchmark	Relative
JPMorgan Chase Bank NA 06/10/2024	1.60	0.24	1.36	EUR	United States Amadeus IT Holding SA 1.5% 04/09...	1.51	0.55	0.96	EUR	Spain
Singapore Airlines Ltd 1.625% 12...	1.49	0.34	1.15	SGD	Singapore
Meituan Dianping 0.01% 04/27/2027	1.46	0.68	0.78	USD	Cayman Islands
STMicroelectronics NV 08/04/2025	1.35	0.45	0.90	USD	Netherlands Pioneer Natural Resources Co 0.2...	1.35		-	1.35	USD	United States Schneider Electric SE 06/15/2026	1.21	0.42	0.79	EUR	France
Airbnb Inc 0.01% 03/15/2026	1.19	0.95	0.25	USD	United States
SOITEC 10/01/2025	1.18	0.23	0.94	EUR	France
Jazz Investments I Ltd 1.5% 08/1...	1.17	-	1.17	USD	Ireland
Total (%)	13.51	3.87
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 (%)
60
50
40
30
20
10
0	30/07/2021	31/08/2021	30/09/2021
| Aktien (100%<delta<75%) | 18.98 | 22.13 | 17.82 |
| --- | --- | --- | --- |
| aktienähnliche Wertpapiere (75%<delta<50%) | 50.43 | 41.90 | 40.63 |
| rentenähnliche Wertpapiere (50%<delta<25%) | 25.00 | 28.53 | 31.59 |
| Anleihen ( 25%<delta<0%) | 5.59 | 7.45 | 9.96 |


## Historisches Delta des Fonds über 1 Jahr
|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |

63.00
60.00
57.00
54.00
51.00
48.00
30/10/20
30/11/20
31/12/20
31/01/21 28/02/21
31/03/21
30/04/21
31/05/21
30/06/21
31/07/21
31/08/21
30/09/21
| 80 |  |
| --- | --- |
| 60 |
| 40 |
| 20 |
| 0 | AA | A+ | A | A- | BBB+ | BBB | BBB- | BB+ | BB | BB- | B+ | B- | NR |
| Portfolio	1.47 | 1.08 | - | 4.30 | 3.00 | 5.76 | 6.23 | 1.50 | 0.94 | 1.78 | - | -	73.94 |
| Benchmark	0.87 | - | 1.29 | 2.45 | 2.99 | 3.01 | 5.08 | 1.80 | 0.64 | 0.55 | 1.84 | 1.14	78.34 |

Sektorengewichtung (%)	Geographische Ausrichtung (%)
|  | Portfolio | Benchmark |  |  | Portfolio | Benchmark |
| --- | --- | --- | --- | --- | --- | --- |
| Informatik | 29.88 | 24.18 |  | Vereinigten Staaten | 43.24 | 45.37 |
| Dauerh. Konsumg. | 15.84 | 18.57 |  | Frankreich | 12.17 | 9.04 |
| Industrieunternehmen | 15.22 | 8.98 |  | Japan | 5.71 | 5.26 |
| Kommunikationsdienste | 11.62 | 9.25 |  | Deutschland | 5.64 | 5.61 |
| Gesundheit | 11.05 | 10.45 |  | Cayman Islands | 4.91 | 6.26 |
| Finanzen | 5.66 | 3.52 |  | Spanien | 4.10 | 2.91 |
| Werkstoffe | 4.16 | 4.22 |  | Italien | 3.44 | 2.48 |
| Öffentliche Dienste | 3.27 | 4.20 |  | Niederlande | 3.21 | 3.59 |
| Immobilien | 1.92 | 4.58 |  | Großbritannien | 2.83 | 4.15 |
| Energie | 1.39 | 1.59 |  | Israel | 1.73 | 1.10 |
| Nicht klassifiziert | 0.00 | 8.74 |  | Südkorea | 1.67 | 0.36 |
| Kurzleb. Konsumg. | 0.00 | 1.71 |  | China | 1.60 | 0.72 |
|  |  |  |  | Sonstige | 9.75 | 13.16 |
| Engagement nach Rating |  |  |  |  |  |  |
| 100 |  |  |  |  |  |  |

| Die 10 größten Werte |  |
| --- | --- |
| Name |  |  | Gewichtung (%) | Währung | Land |
|  | Portfolio | Benchmark | Relative |  |  |
| JPMorgan Chase Bank NA 06/10/2024 | 1.60 | 0.24 | 1.36 | EUR | Vereinigten Staaten |
| Amadeus IT Holding SA 1.5% 04/09... | 1.51 | 0.55 | 0.96 | EUR | Spanien |
| Singapore Airlines Ltd 1.625% 12... | 1.49 | 0.34 | 1.15 | SGD | Singapur |
| Meituan Dianping 0.01% 04/27/2027 | 1.46 | 0.68 | 0.78 | USD | Cayman Islands |
| STMicroelectronics NV 08/04/2025 | 1.35 | 0.45 | 0.90 | USD | Niederlande |
| Pioneer Natural Resources Co 0.2... | 1.35 | - | 1.35 | USD | Vereinigten Staaten |
| Schneider Electric SE 06/15/2026 | 1.21 | 0.42 | 0.79 | EUR | Frankreich |
| Airbnb Inc 0.01% 03/15/2026 | 1.19 | 0.95 | 0.25 | USD | Vereinigten Staaten |
| SOITEC 10/01/2025 | 1.18 | 0.23 | 0.94 | EUR | Frankreich |
| Jazz Investments I Ltd 1.5% 08/1... | 1.17 | - | 1.17 | USD | Irland |
| Summe (%) | 13.51 | 3.87 |  |  |  |