The rise in long-term interest rates has been used to increase the weighting of bonds in the portfolio to 47% (see my article 15 June in "Market analysis"). 40% are government bonds, 7% corporate bonds.

 

The breakdown by currency and issuer country is as follows (base 100):

 

The bond portfolio has an average maturity of 6.5 years, an average yield-to-maturity of 3.82% and a modified duration of 5.518.