# Portfolio Analysis
## Asset Allocation (%)
-10	0	10	20	30	40	50	60	70	80	90	100	110
| Equities | 52.79 | 71.41 | 72.40 | 69.70 | 72.13 | 72.09 | 72.10 | 72.87 | 71.00 | 69.11 | 70.88 | 63.12 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Diversif. | 1.97 | 7.01 | 7.00 | 7.32 | 10.09 | 4.67 | 2.06 | 2.02 | 3.10 | 3.15 | 3.16 | 3.19 |
| Bonds | 29.11 | 22.51 | 20.65 | 19.44 | 13.35 | 13.40 | 12.46 | 14.41 | 14.30 | 17.93 | 17.07 | 15.34 |
| Monetary | 16.12 | -0.94 | -0.05 | 3.54 | 4.43 | 9.84 | 13.37 | 10.69 | 11.60 | 9.81 | 8.89 | 18.34 |

30/10/2020
30/11/2020
31/12/2020
29/01/2021
26/02/2021
31/03/2021
30/04/2021
31/05/2021
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 (%)
120
100
80
60
40
20
0
-20
EUR	GBP	JPY	USD	CNY	HKD	Other
| Portfolio | 94.74 | 3.37 | 3.15 | 1.83 | 0.42 | 0.31 | -3.83 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | 100.00 | - | - | - | - | - | - |

Source(s): AXA Investment Managers - GICS as at 30/09/2021
For further information please visit www.axa-im.com
| Equity : 63% of the Overall Portfolio |  |
| --- | --- |
| Sector Breakdown (%) |  |  | Geographical Breakdown (%) |  |
|  | Portfolio |  |  | Portfolio |
| Industrials | 22.12 |  | European Economic Area | 57.58 |
| Financials | 21.42 |  | North America | 2.92 |
| IT | 14.49 |  | Emerging Markets | 1.77 |
| Cons. disc. | 12.43 |  | Japan | 0.74 |
| Cons. stap. | 10.11 |  | Asia ex Japan | 0.10 |
| Communication Services | 6.46 |  |
| Materials | 6.27 |
| Health Care | 3.25 |
| Real estate | 1.78 |
| Energy | 1.64 |
| Utilities | 0.03 |
| MarketCap Breakdown (EUR - %) |  |

30
27
24
21
18
15
12
9
6
3
0	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.	0.01	0.06	1.07	2.81	10.74	10.35	25.30	3.30	7.06
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 |
| Asml Holding NV | 3.32 | IT | European Economic Area | EUR |
| Remy Cointreau SA | 2.74 | Cons. stap. | European Economic Area | EUR |
| AIR LIQUIDE PRIME FIDELITE | 2.61 | Materials | European Economic Area | EUR |
| FinecoBank Banca Fineco SpA | 2.22 | Financials | European Economic Area | EUR |
| Kabel Deutschland Holding AG | 2.14 | Communication Services | European Economic Area | EUR |
| BNP Paribas SA | 1.55 | Financials | European Economic Area | EUR |
| Geberit AG | 1.52 | Industrials | European Economic Area | CHF |
| Kbc Group NV | 1.51 | Financials | European Economic Area | EUR |
| Diageo PLC | 1.49 | Cons. stap. | European Economic Area | GBP |
| Edenred | 1.44 | Industrials | European Economic Area | EUR |
| Total (%) | 20.53 |  |  |  |

Fixed Income : 15% of the Overall Portfolio
| Fund Key Metrics |  |
| --- | --- |
|  | Portfolio |  |  | Portfolio |
| Number of Holdings | 131 | Mod. Duration |  | 4.31 |
| Number of Issuers | 112 | Yield To Worst (%) |  | 1.39 |
| Linear Average Rating | A- |  |  |  |
| Top 10 Holdings |  |  |  |  |
| Name | Weighting (%) | Issuer country | Modified duration | Contribution |
| Mizuho Financial Group Inc VAR 09/06/2029 | 0.38 | Japan | 6.8 | 0.00 |
| Eli Lilly & Co 0.5% 09/14/2033 | 0.24 | North America | 11.3 | 0.00 |
| Pohjola Bank Oyj 0.375% 12/08/2028 | 0.24 | European Economic Area | 7.1 | 0.00 |
| Nationwide Building Society VAR 03/08/2026 | 0.24 | European Economic Area | 3.3 | 0.00 |
| Inmobiliaria Colonial SA 2% 04/17/2026 | 0.24 | European Economic Area | 4.1 | 0.00 |
| American Tower Corp 0.875% 05/21/2029 | 0.23 | North America | 7.1 | 0.00 |
| Belfius Bank SA/NV 3.125% 05/11/2026 | 0.21 | European Economic Area | 4.3 | 0.00 |
| AIB Group PLC VAR 11/17/2027 | 0.20 | European Economic Area | 5.0 | 0.00 |
| Vicinity Centres Trust 1.125% 11/07/2029 | 0.19 | Asia ex Japan | 7.4 | 0.00 |
| Commerzbank AG 0.25% 09/16/2024 | 0.19 | European Economic Area | 2.9 | 0.00 |
| Total (%) | 2.35 |  |  |  |

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

## Maturity Breakdown (%)
5
|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |
|  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |

4
3
2
1
0	0-1 year	1-3 years	3-5 years	5-7 years	7-10 years	10-20 years	+20 years
Portfolio	0.74	2.94	4.38	4.01	2.73	0.91	0.71

## Rating Breakdown (%)
15
12
|  |  |  |
| --- | --- | --- |
|  |  |
|  |  |  |  |  |  |

9
6
3
| 0 | AA | A | BBB | BB | B | NR |
| --- | --- | --- | --- | --- | --- | --- |
| Portfolio | 0.02 | 2.03 | 9.79 | 2.81 | 0.80 | 0.97 |


## Instrument Type Breakdown (%)
10
8
6
4
2
0	Industrials	Financial	Utility	Not Classified	Quasi & Foreign
Government
Portfolio	7.70	6.65	0.98	0.83	0.26
| Diversified |  |
| --- | --- |
| Top 10 Holdings |
| Equity | Weighting (%) | Issuer country | Currency |
| MIRABAUD - CONVERTIBLE BONDS EUROPE | 1.85 | Others | EUR |
| RIVERSTONE ENERGY LTD | 0.23 | Others | GBP |
| AXA IM WAVE CAT BDS M CAPUSD | 0.00 | Others | USD |
| AXA IM WAVE CAT-MCEURH | 0.00 | Others | EUR |
| Total (%) | 4 |  |  |
| 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 (%)
-10	0	10	20	30	40	50	60	70	80	90	100	110
| Aktien | 52.79 | 71.41 | 72.40 | 69.70 | 72.13 | 72.09 | 72.10 | 72.87 | 71.00 | 69.11 | 70.88 | 63.12 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Diversifizierung | 1.97 | 7.01 | 7.00 | 7.32 | 10.09 | 4.67 | 2.06 | 2.02 | 3.10 | 3.15 | 3.16 | 3.19 |
| Anleihen | 29.11 | 22.51 | 20.65 | 19.44 | 13.35 | 13.40 | 12.46 | 14.41 | 14.30 | 17.93 | 17.07 | 15.34 |
| Geldmarkt | 16.12 | -0.94 | -0.05 | 3.54 | 4.43 | 9.84 | 13.37 | 10.69 | 11.60 | 9.81 | 8.89 | 18.34 |

30/10/2020
30/11/2020
31/12/2020
29/01/2021
26/02/2021
31/03/2021
30/04/2021
31/05/2021
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 (%)
120
100
80
60
40
20
0
-20
EUR	GBP	JPY	USD	CNY	HKD	Sonstige
| Portfolio | 94.74 | 3.37 | 3.15 | 1.83 | 0.42 | 0.31 | -3.83 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | 100.00 | - | - | - | - | - | - |

Quellen : AXA Investment Managers - GICS per 30/09/2021
Mehr Information finden Sie unter: www.axa-im.com
| Aktien : 63% of the Overall Portfolio |  |
| --- | --- |
| Sektorengewichtung (%) |  |  | Geographische Ausrichtung (%) |  |
|  | Portfolio |  |  | Portfolio |
| Industrie | 22.12 |  | Europäischer Wirtschaftsraum | 57.58 |
| Finanzen | 21.42 |  | Nordamerika | 2.92 |
| Informatik | 14.49 |  | Aufstrebende Märkte | 1.77 |
| Dauerh. Konsumg. | 12.43 |  | Japan | 0.74 |
| Kurzleb. Konsumg. | 10.11 |  | Asien ex Japan | 0.10 |
| Komm. Dienste | 6.46 |  |
| Werkstoffe | 6.27 |
| Gesundheit | 3.25 |
| Immobilien | 1.78 |
| Energie | 1.64 |
| Öffentl. Dienste | 0.03 |


## Aufgliederung nach Marktkapitalisierung (EUR - %)
30
27
24
21
18
15
12
9
6
3
0	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.
Port.	0.01	0.06	1.07	2.81	10.74	10.35	25.30	3.30	7.06
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 |
| Asml Holding NV | 3.32 | Informatik | Europäischer Wirtschaftsraum | EUR |
| Remy Cointreau SA | 2.74 | Kurzleb. Konsumg. | Europäischer Wirtschaftsraum | EUR |
| AIR LIQUIDE PRIME FIDELITE | 2.61 | Werkstoffe | Europäischer Wirtschaftsraum | EUR |
| FinecoBank Banca Fineco SpA | 2.22 | Finanzen | Europäischer Wirtschaftsraum | EUR |
| Kabel Deutschland Holding AG | 2.14 | Komm. Dienste | Europäischer Wirtschaftsraum | EUR |
| BNP Paribas SA | 1.55 | Finanzen | Europäischer Wirtschaftsraum | EUR |
| Geberit AG | 1.52 | Industrie | Europäischer Wirtschaftsraum | CHF |
| Kbc Group NV | 1.51 | Finanzen | Europäischer Wirtschaftsraum | EUR |
| Diageo PLC | 1.49 | Kurzleb. Konsumg. | Europäischer Wirtschaftsraum | GBP |
| Edenred | 1.44 | Industrie | Europäischer Wirtschaftsraum | EUR |
| Summe (%) | 20.53 |  |  |  |

Anleihen : 15% of the Overall Portfolio

## Fondsindikatoren
Portfolio
Anzahl Positionen	131
Anzahl Emittenten	112
Portfolio
Mod. Duration	4.31
Yield-to-Worst (%)	1.39
| Durchschnittliches Rating (Linear) | A- |  |
| --- | --- | --- |
| Die grössten Werte |  |
| Name | Gewichtung (%) |  | Investiert in | Sensitivität | Beitrag |
| Mizuho Financial Group Inc VAR 09/06/2029 | 0.38 |  | Japan | 6.8 | 0.00 |
| Eli Lilly & Co 0.5% 09/14/2033 | 0.24 |  | Nordamerika | 11.3 | 0.00 |
| Pohjola Bank Oyj 0.375% 12/08/2028 | 0.24 |  | Europäischer Wirtschaftsraum | 7.1 | 0.00 |
| Nationwide Building Society VAR 03/08/2026 | 0.24 |  | Europäischer Wirtschaftsraum | 3.3 | 0.00 |
| Inmobiliaria Colonial SA 2% 04/17/2026 | 0.24 |  | Europäischer Wirtschaftsraum | 4.1 | 0.00 |
| American Tower Corp 0.875% 05/21/2029 | 0.23 |  | Nordamerika | 7.1 | 0.00 |
| Belfius Bank SA/NV 3.125% 05/11/2026 | 0.21 |  | Europäischer Wirtschaftsraum | 4.3 | 0.00 |
| AIB Group PLC VAR 11/17/2027 | 0.20 |  | Europäischer Wirtschaftsraum | 5.0 | 0.00 |
| Vicinity Centres Trust 1.125% 11/07/2029 | 0.19 |  | Asien ex Japan | 7.4 | 0.00 |
| Commerzbank AG 0.25% 09/16/2024 | 0.19 |  | Europäischer Wirtschaftsraum | 2.9 | 0.00 |
| Summe (%) | 2.35 |  |  |  |  |

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

## Engagement nach Laufzeit (%)
5
|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |
|  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |

4
3
2
1
0	0-1 Jahre	1-3 Jahre	3-5 Jahre	5-7 Jahre	7-10 Jahre	10-20 Jahre	+20 Jahre
Portfolio	0.74	2.94	4.38	4.01	2.73	0.91	0.71

## Engagement nach Rating (%)
15
12
|  |  |  |
| --- | --- | --- |
|  |  |
|  |  |  |  |  |  |

9
6
3
| 0 | AA | A | BBB | BB | B | NR |
| --- | --- | --- | --- | --- | --- | --- |
| Portfolio | 0.02 | 2.03 | 9.79 | 2.81 | 0.80 | 0.97 |


## Titelstruktur (%)
10
8
6
4
2
0	Industrie	Finanzen	Versorgungsbetriebe	Ohne Zuordnung	Quasi & Foreign
Government
Portfolio	7.70	6.65	0.98	0.83	0.26
| Diversifizierung |  |
| --- | --- |
| Top 10 Positionen |
| Aktie | Gewichtung (%) | Investiert in | Währung |
| MIRABAUD - CONVERTIBLE BONDS EUROPE | 1.85 | Sonstige | EUR |
| RIVERSTONE ENERGY LTD | 0.23 | Sonstige | GBP |
| AXA IM WAVE CAT BDS M CAPUSD | 0.00 | Sonstige | USD |
| AXA IM WAVE CAT-MCEURH | 0.00 | Sonstige | EUR |
| Summe (%) | 4 |  |  |
| Quellen : AXA Investment Managers - GICS per 30/09/2021 Mehr Information finden Sie unter: www.axa-im.com |  |  |  |