# Portfolio Analysis
## Asset Allocation (%)
50
40
30
20
10
0	31/12/2021	31/01/2022	28/02/2022
| Equity (100%<delta<75%) | 17.15 | 6.92 | 9.21 |
| --- | --- | --- | --- |
| Mixed Equity (75%<delta<50%) | 39.30 | 39.07 | 37.90 |
| Mixed Bonds (50%<delta<25%) | 37.43 | 44.91 | 43.01 |
| Bonds ( 25%<delta<0%) | 6.13 | 9.10 | 9.87 |


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

57.50
55.00
52.50
50.00
47.50
45.00
31/03/21 30/04/21
31/05/21
30/06/21
31/07/21
31/08/21
30/09/21
31/10/21
30/11/21
31/12/21
31/01/22
28/02/22

## Sector Breakdown (%)	Securities Exposure by geographical area (%)
80
|  | Portfolio | Benchmark |  |  | Portfolio | Benchmark |
| --- | --- | --- | --- | --- | --- | --- |
| Information Technology | 32.29 | 23.36 |  | United States | 42.18 | 44.83 |
| Consumer Discretionary | 17.10 | 18.79 |  | France | 12.07 | 7.29 |
| Industrials | 14.08 | 9.74 |  | Germany | 5.96 | 6.76 |
| Communication Services | 11.11 | 8.32 |  | Japan | 5.29 | 7.55 |
| Health Care | 8.20 | 8.44 |  | Spain | 4.85 | 2.26 |
| Financials | 4.79 | 4.65 |  | United Kingdom | 4.67 | 4.23 |
| Utilities | 3.99 | 4.15 |  | Italy | 3.99 | 2.14 |
| Materials | 3.69 | 7.97 |  | Cayman Islands | 2.87 | 5.47 |
| Real Estate | 2.06 | 3.67 |  | Netherlands | 2.77 | 2.77 |
| Energy | 1.95 | 1.28 |  | Belgium | 1.83 | 1.40 |
| Consumer Staples | 0.72 | 2.28 |  | South Korea | 1.73 | 1.25 |
| Not classified | 0.00 | 7.34 |  | Singapore | 1.61 | 0.53 |
|  |  |  |  | Other | 10.18 | 13.53 |
| Rating Breakdown (%) |  |  |  |  |  |  |
| 100 |  |  |  |  |  |  |

60
40
20
0	AA	A+	A	A-	BBB+	BBB	BBB-	BB+	BB	BB-	B+	CCC+	NR
Portfolio	0.62	1.08	0.51	2.04	5.37	4.67	7.44	1.62	2.29	0.94	-	-	73.42
Benchmark	0.86	-	1.21	1.74	3.16	2.70	3.99	2.30	-	0.64	1.86	1.08	80.45

## 10 Largest Holdings
Name	Weighting (%)   Currency	Geography
Portfolio	Benchmark	Relative
JPMorgan Chase Bank NA 06/10/2024	1.84	0.27	1.57  EUR	United States STMicroelectronics NV 08/04/2025	1.69	0.50	1.20  USD	Netherlands
Amadeus IT Holding SA 1.5% 04/09...	1.58	0.62	0.96   EUR	Spain
AtoS 11/06/2024	1.57	0.31	1.26   EUR	France
Airbnb Inc 0.01% 03/15/2026	1.56	1.04	0.51  USD	United States Ford Motor Co 03/15/2026	1.55	1.55	0.00  USD	United States Singapore Airlines Ltd 1.625% 12...	1.54	0.38	1.16  SGD	Singapore
America Movil BV 03/02/2024		1.46	 1.38	0.08	EUR	Mexico Spotify USA Inc 0.01% 03/15/2026		1.41		-	1.41	USD	Luxembourg Pioneer Natural Resources Co 0.2...		1.38		-	1.38	USD	United States Total (%)	15.58	6.05
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 (%)
50
40
30
20
10
0	31/12/2021	31/01/2022	28/02/2022
| Aktien (100%<delta<75%) | 17.15 | 6.92 | 9.21 |
| --- | --- | --- | --- |
| aktienähnliche Wertpapiere (75%<delta<50%) | 39.30 | 39.07 | 37.90 |
| rentenähnliche Wertpapiere (50%<delta<25%) | 37.43 | 44.91 | 43.01 |
| Anleihen ( 25%<delta<0%) | 6.13 | 9.10 | 9.87 |


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

57.50
55.00
52.50
50.00
47.50
45.00
31/03/21 30/04/21
31/05/21
30/06/21
31/07/21
31/08/21
30/09/21
31/10/21
30/11/21
31/12/21
31/01/22
28/02/22
| 80 |  |
| --- | --- |
| 60 |
| 40 |
| 20 |
| 0 | AA | A+ | A | A- | BBB+ | BBB | BBB- | BB+ | BB | BB- | B+ | CCC+ | NR |
| Portfolio	0.62 | 1.08 | 0.51 | 2.04 | 5.37 | 4.67 | 7.44 | 1.62 | 2.29 | 0.94 | - | -	73.42 |
| Benchmark	0.86 | - | 1.21 | 1.74 | 3.16 | 2.70 | 3.99 | 2.30 | - | 0.64 | 1.86 | 1.08	80.45 |

Sektorengewichtung (%)	Geographische Ausrichtung (%)
|  | Portfolio | Benchmark |  |  | Portfolio | Benchmark |
| --- | --- | --- | --- | --- | --- | --- |
| Informatik | 32.29 | 23.36 |  | Vereinigten Staaten | 42.18 | 44.83 |
| Dauerh. Konsumg. | 17.10 | 18.79 |  | Frankreich | 12.07 | 7.29 |
| Industrieunternehmen | 14.08 | 9.74 |  | Deutschland | 5.96 | 6.76 |
| Kommunikationsdienste | 11.11 | 8.32 |  | Japan | 5.29 | 7.55 |
| Gesundheit | 8.20 | 8.44 |  | Spanien | 4.85 | 2.26 |
| Finanzen | 4.79 | 4.65 |  | Großbritannien | 4.67 | 4.23 |
| Öffentliche Dienste | 3.99 | 4.15 |  | Italien | 3.99 | 2.14 |
| Werkstoffe | 3.69 | 7.97 |  | Cayman Islands | 2.87 | 5.47 |
| Immobilien | 2.06 | 3.67 |  | Niederlande | 2.77 | 2.77 |
| Energie | 1.95 | 1.28 |  | Belgien | 1.83 | 1.40 |
| Kurzleb. Konsumg. | 0.72 | 2.28 |  | Südkorea | 1.73 | 1.25 |
| Nicht klassifiziert | 0.00 | 7.34 |  | Singapur | 1.61 | 0.53 |
|  |  |  |  | Sonstige | 10.18 | 13.53 |
| Engagement nach Rating (%) |  |  |  |  |  |  |
| 100 |  |  |  |  |  |  |

| Die 10 größten Werte |  |
| --- | --- |
| Name |  |  | Gewichtung (%) | Währung | Land |
|  | Portfolio | Benchmark | Relative |  |  |
| JPMorgan Chase Bank NA 06/10/2024 | 1.84 | 0.27 | 1.57 | EUR | Vereinigten Staaten |
| STMicroelectronics NV 08/04/2025 | 1.69 | 0.50 | 1.20 | USD | Niederlande |
| Amadeus IT Holding SA 1.5% 04/09... | 1.58 | 0.62 | 0.96 | EUR | Spanien |
| AtoS 11/06/2024 | 1.57 | 0.31 | 1.26 | EUR | Frankreich |
| Airbnb Inc 0.01% 03/15/2026 | 1.56 | 1.04 | 0.51 | USD | Vereinigten Staaten |
| Ford Motor Co 03/15/2026 | 1.55 | 1.55 | 0.00 | USD | Vereinigten Staaten |
| Singapore Airlines Ltd 1.625% 12... | 1.54 | 0.38 | 1.16 | SGD | Singapur |
| America Movil BV 03/02/2024 | 1.46 | 1.38 | 0.08 | EUR | Mexiko |
| Spotify USA Inc 0.01% 03/15/2026 | 1.41 | - | 1.41 | USD | Luxemburg |
| Pioneer Natural Resources Co 0.2... | 1.38 | - | 1.38 | USD | Vereinigten Staaten |
| Summe (%) | 15.58 | 6.05 |  |  |  |