Capital
allocation

Capital allocation

Wars and conflict always have an impact. Russia’s invasion of Ukraine is no different, highlighting the fragility of our globally interdependent food and energy systems. Initially it led to a knee-jerk reaction to meet Europe’s short-term fossil-fuel energy needs, and the ensuing ramifications helped create the environment for excess returns for the oil and gas sector.

As the year progressed, there was a growing focus on ensuring energy security was also in line with the low-carbon transition. Initially this was evidenced via policy announcements such as the €210 billion⁴ Repower EU, which was later dwarfed by the USA’s $500 billion⁵ Inflation Reduction Act (IRA). The IRA was designed to improve the USA’s competitiveness within the green energy transition, a race which is being won by China. The EU is also considering how it can strengthen its own competitive positioning. Both Repower EU and the IRA should positively influence the climate mitigation pillar of our Climate Transition Global Credit Fund.

In addition to solutions to minimising climate change, the fund also identifies solutions that will help us adapt to the consequences of climate change. At 1.1°C above pre-industrial temperatures, we are already seeing the physical impacts of climate change writ large; from the devastating floods in Pakistan to the steadily increasing frequency of billion-dollar disasters and extreme weather events that have disrupted industry around the world.

Today, however, there is a significant gap between investment in adaptation and what is needed.⁶ But as extremes continue to manifest, we believe there will be a growing focus on adaptation.

In addition to solutions to help prevent catastrophic climate change and enable our adaptation to the changes to come, the response to climate change is a systemic one. This means entire systems, from food production to measures of economic growth, must change to facilitate the transition to a lower carbon, yet warmer, future.

Whilst attention has historically focused on the failure of governments to align national emissions projections with what is need for a 1.5°C pathway, there is now increasing scrutiny on the transition plans of all actors within the global economy, from the overreliance of carbon offsets to meet national⁷ and corporate targets to the misalignment of business models with a 1.5°C pathway. This is why our proprietary transition-risk (T-Risk) model assesses if company’s risk management plans are commensurate with the levels of climate risk exposure and ambition to have 90 per cent of portfolio holdings having a near term SBT by 2030. We believe near-term SBTs will ensure management teams focus on achieving actual emissions reduction throughout a company’s value chain, during the next five to ten years.

⁴European Commission, ⁵ McKinsey & Company, ⁶UNEP,⁷ Land Gap

Investment process

Our Climate Transition Global Credit Fund uses an active, fundamental, research-driven approach to capture opportunities arising from the transition to a warmer, low-carbon future. The fund’s key performance driver will be bottom-up bond selection, which leverages the combined connected analytical resources of our ESG and credit investment teams. The starting point is the Global Investment Grade Credit universe which comprises over 2,200 issuers.

Source: Aviva Investors as of March 31, 2023* Overlap between solution providers and transition-orientated.

Avoid significant harm

We have baseline exclusions that extend across our business, as exclusions specific to the Sustainable Outcomes Range and those exclusively for the Climate Transition Global Credit Fund. The baseline exclusions are:

Controversial weapons and civilian firearms
Fossil fuels
Tobacco
UN Global Compact violations

Our fund-specific fossil-fuel screen is more stringent than the firm wide fossil-fuel screen, excluding companies with any revenue or volumetric exposure to coal or unconventional oil and gas; companies generating ten per cent or more of revenues or volumetric exposure of more than 1,000 MMBOE reserves; and those with 15 per or more of their revenue from gas-fired generation. In addition, the screen also covers companies in the oil and gas value chain generating 75 per cent or more of their revenues from oil and gas exposure. From 2025, the screens will become increasingly strict year-on-year so that by 2040 there will be a zero-tolerance approach.

To aid our efforts to support real world transition, we maintain a maximum 10 per cent of portfolio for exceptions to the Fossil fuel exclusions – this allows us to look past a purely exclusionary approach to invest in companies who are actively decarbonising their operations or value chains.

Climate Transition overlay

We then look to identify two groups of companies – solutions companies and transition leaders (note, there can be overlap between the two).

a) Transition Companies

All companies must transition their business models, across their value chains, to be resilient for a warmer, lower-carbon future. Our T-Risk model combines a top-down sub-industry climate risk exposure assessment with a bottom-up company risk management assessment.

Step 1: Top-down climate risk assessment

Recognising climate risks vary between and within sectors, the T-Risk model works at a sub-industry classification level. There are 159 sub-industries identified by the Global Industry Classification System; by working at this level of granularity, the model can pick up on the different decarbonisation or physical risks a sub-industry is exposed to. We then categorise this risk as high, medium or low.

Step 2: Bottom-up risk management assessment

Companies are then assessed on their approach to climate risk management. We use CDP’s climate score output from its annual climate risk assessment questionnaire, issued on behalf of investors to over 10,000 companies each year. This provides a standardised, regular and scalable risk assessment, with companies assessed on factors such as:

Governance
Strategy
Risk assessment
Risk management
Targets
Disclosure
Public policy position

Step 3: Combining top-down with bottom up

We then combine the sub-industry score with the CDP climate score, with only companies whose climate risk management score being commensurate to the level of climate risk exposure of the sub-industry being suitable for our investment universe. In other words, a company in a high-risk sub-industry needs to achieve an A - or above score to be included in the investable universe.

b) Solution companies

We look for companies that generate over 20 per cent of their revenues from solutions that will help society mitigate the impacts of climate change (i.e., through reducing emissions) or adapt to the consequences of climate change. The table below shows the themes under which we classify different climate solutions.

Mitigation	Adaptation
Sustainable transport	Forestry & agriculture
Energy efficiency	Extinction
Renewable energy	Urban areas
Low carbon energy	Water
Electricity infrastructure	Health
Forestry & agriculture	Oceans
	Weather

Security Description	Environmental Impact Solutions - Max. % of Rev.(Wt Avg-PORT Delta NMV)	Company has SBTI approved Emission Target	PAI 02: Carbon Emissions Intensity (EVIC EUR Scope 1,2&3)	PAI 03: Carbon Emissions Intensity (Sales in EUR Scope 1,2&3)	PAI 05: Non Renewables Consumption	PAI 06: Energy Consumption Intensity (EUR)
ABBVIE INC	0.00		Neutral	Neutral	Neutral	Neutral
ACE INA HOLDINGS INC	0.00		Neutral	Neutral	Neutral	No data
AIA GROUP LTD 144A	0.00		Neutral	Neutral	Neutral	No data
AIR LIQUIDE FINANCE SA 144A	0.33	Yes	Neutral	Amber	Neutral	Amber
AIRBUS SE MTN RegS	0.00		Neutral	Neutral	Neutral	Neutral
ALIAXIS FINANCE SA RegS	15.39
AMAZON.COM INC	5.97		Neutral	Neutral	Neutral	Neutral
AMPRION GMBH RegS
ANHEUSER-BUSCH COMPANIES	0.00	Yes	Neutral	Neutral	No data	No data
APPLE INC	0.00	Yes	Neutral	Neutral	Neutral	Neutral
APTIV PLC	21.00		Neutral	Neutral	Neutral	Neutral
AT&T INC	0.00	Yes	Neutral	Neutral	Neutral	No data
AUSTRALIA AND NEW ZEALAND BANKING MTN RegS	0.00		Neutral	Neutral	Neutral	No data
BANCO SANTANDER SA	0.00		Neutral	Neutral	Neutral	No data
BANK OF AMERICA CORP	0.00		Neutral	Neutral	Neutral	No data
BARCLAYS PLC	0.00		Neutral	Neutral	Neutral	No data
BARCLAYS PLC RegS	0.00		Neutral	Neutral	Neutral	No data
BAXTER INTERNATIONAL INC	0.00		Neutral	Neutral	Neutral	Neutral
BELL CANADA INC	0.00	Yes	Neutral	Neutral	Neutral	No data
BNP PARIBAS SA MTN RegS	0.00		Neutral	Neutral	Neutral	No data
BRAMBLES USA INC 144A	0.00	Yes	Neutral	Neutral	Neutral	Neutral
CANADIAN PACIFIC RAILWAY COMPANY	0.00	Yes	Neutral	Amber	Neutral	Neutral
CAPITAL ONE FINANCIAL CORPORATION	0.00		Amber	Neutral	Neutral	No data
CIGNA CORP	0.00		Neutral	Neutral	Neutral	No data
CITIGROUP INC	0.00		Neutral	Neutral	Neutral	No data
COMMONWEALTH BANK OF AUSTRALIA (LO 144A	0.00		Neutral	Neutral	Neutral	No data
CREDIT AGRICOLE SA RegS	0.00		Neutral	Neutral	Neutral	No data
CREDIT SUISSE GROUP AG RegS	0.00		Neutral	Amber	Neutral	No data
DANFOSS FINANCE II BV MTN RegS
DANSKE BANK A/S MTN RegS	0.00		Neutral	Neutral	Neutral	No data
EATON CORPORATION	4.16	Yes	Neutral	Neutral	Neutral	Neutral
ENEL SPA RegS	12.45	Yes	Neutral	Neutral	Neutral	Neutral
ENERGIAS DE PORTUGAL SA RegS	38.69	Yes	Neutral	Neutral	Neutral	Neutral
GENERAL MOTORS FINANCIAL CO INC RegS	8.22	Yes	Neutral	Neutral	Neutral	Neutral
GOLDMAN SACHS GROUP INC/THE	0.00		Neutral	Neutral	Neutral	No data
GRAINGER PLC RegS	0.00		Neutral	Neutral	Neutral	Neutral
HOME DEPOT INC	0.00		Neutral	Neutral	Neutral	Neutral
HSBC HOLDINGS PLC	0.00		Neutral	Neutral	Neutral	No data
IBERDROLA INTERNATIONAL BV RegS	20.36	Yes	Neutral	Neutral	Neutral	Neutral
ING GROEP NV	0.00		Neutral	Amber	Neutral	No data
INTERNATIONAL FLAVORS & FRAGRANCES 144A	0.00	Yes	Neutral	Neutral	Neutral	Neutral
INTESA SANPAOLO SPA MTN 144A	0.00		Neutral	Neutral	Neutral	No data
ITC HOLDINGS CORP 144A	0.00		Neutral	Neutral	Neutral	Neutral
KANSAS CITY SOUTHERN
KLA CORP	0.00		Neutral	Neutral	Neutral	Neutral
LEGAL & GENERAL GROUP PLC RegS	0.00		Neutral	Neutral	Neutral	No data
LG CHEM LTD 144A	21.65		Neutral	Neutral	Neutral	Neutral
LLOYDS BANKING GROUP PLC	0.00		Neutral	Neutral	Neutral	No data
MEDTRONIC GLOBAL HOLDINGS SCA	0.00		Neutral	Neutral	Neutral	Neutral
METROPOLITAN LIFE GLOBAL FUNDING I 144A	0.00		No data	Neutral	Neutral	No data
MICRON TECHNOLOGY INC	0.00		Neutral	Neutral	Neutral	Neutral
MICROSOFT CORPORATION	21.72	Yes	Neutral	Amber	Neutral	No data
MONDI FINANCE PLC MTN RegS	0.00	Yes	Neutral	Neutral	Neutral	Amber
MORGAN STANLEY	0.00		Neutral	Neutral	Neutral	Low Population
MYLAN INC	0.00		Neutral	Neutral	Neutral	Neutral
NATWEST GROUP PLC MTN RegS	0.00		Neutral	Neutral	Neutral	No data
NBCUNIVERSAL MEDIA LLC	0.00	Yes	Neutral	Neutral	Neutral	No data
NEWCREST FINANCE PTY LTD 144A	0.00		Neutral	Neutral	Neutral	Neutral
NXP BV	0.48		Neutral	Neutral	Neutral	Neutral
PROLOGIS EURO FINANCE LLC	16.67	Yes	Neutral	No data	Neutral	Neutral
PRUDENTIAL PLC RegS	0.00		Neutral	Neutral	Neutral	No data
RAYTHEON TECH CORP	0.67		Neutral	Neutral	Neutral	Neutral
REPUBLIC SERVICES INC	12.08	Yes	Neutral	No data	Neutral	Neutral
ROYAL BANK OF CANADA	0.00		Neutral	Neutral	Neutral	No data
ROYAL BANK OF SCOTLAND GROUP PLC RegS	0.00		Neutral	Neutral	Neutral	No data
SALESFORCE.COM INC.	17.02	Yes	Neutral	Neutral	Neutral	No data
SELP FINANCE SARL MTN RegS
SEVERN TRENT UTILITIES FINANCE PLC MTN RegS	14.05	Yes	Neutral	Neutral	Neutral	Neutral
T-MOBILE USA INC	0.00	Yes	Neutral	Neutral	Neutral	No data
TELEFONICA EUROPE BV RegS	2.83	Yes	Neutral	Neutral	Neutral	No data
TESCO CORPORATE TREASURY SERVICES MTN RegS	0.00	Yes	Neutral	No data	Neutral	Neutral
TREASURY BOND
TREASURY BOND (OLD)
TREASURY NOTE
UBS GROUP AG 144A	0.00		Neutral	Amber	Neutral	No data
UNION PACIFIC CORPORATION	0.00	Yes	Neutral	Amber	Neutral	Neutral
UNITEDHEALTH GROUP INC	0.00		Neutral	Neutral	Neutral	No data
US TREASURY NOTE
VERIZON COMMUNICATIONS INC	0.00	Yes	Neutral	Neutral	Neutral	No data
VMWARE INC	40.85	Yes	Neutral	Neutral	Neutral	No data
VODAFONE GROUP PLC	1.90	Yes	Neutral	Neutral	Neutral	No data
VOLKSWAGEN FINANCIAL SERVICES AG MTN RegS	4.19	Yes	Neutral	Neutral	Neutral	Neutral
VOLVO CAR AB RegS	23.80	Yes	Neutral	Neutral	Neutral	Neutral
WASTE CONNECTIONS INC	4.95		Neutral	Amber	No data	Neutral
WRKCO INC	5.03	Yes	Amber	Amber	Neutral	Amber
XYLEM INC (INDIANA)	48.03		Neutral	Neutral	Neutral	Neutral

As at date - 31/12/2022

The following sample metrics are used as indicators of whether a company is positively aligned to the objectives of the fund, they are not necessarily used as an input into the decision making process to invest in the company. Principle Adverse Impact (PAI) data follows Aviva Investor’s proprietary PAI framework which is used to identify companies we deem as failing our Do No Significant Harm tests or thresholds.

Source: The Aviva Investor PAI framework is based on a Red, Amber, Green (RAG) output, with “Reds” designating that a company is breaching our Do No Significant Harm test and therefore is ineligible for inclusion in this fund.

Holdings classification

Portfolio KPIs

Scroll to view full table

2022 Data Summary table		CTGC		Bloomberg Global Aggregate Corporate Index
2022 Data Summary table		Dec-21	Dec-22	Dec-21	Dec-22
Fossil Fuels Reserves	Percentage weight of companies with fossil fuel reserves	6.3	0	7.0	6.2
Carbon emissions⁸	Weighted average carbon intensity (tCO₂e/M$ Sales)	63.1	107.3	154.2	213.7
Carbon emissions⁸	Carbon footprints (tCO₂e/$m invested)	52.6	71.1	100.7	152.4
Sustainable activities	Percentage weight of companies offering clean technology solutions	36.14	22.9	38.19	24.2
Climate Governance	Percentage of companies with a CDP score >B	68.8	76.2	52.6	35.8
Climate Governance	Percentage of companies with SBTi⁹ ambitions	32	56.2	26	33.4

CTGC Source: Aladdin and MSCI as at date - 31/12/2022.

⁸Based on 99.7% coverage for the CTGC portfolio and 99.9% coverage for MSCI ACWI.
⁹Science Based Targets initiative, includes either set or commitment to set targets validated by the Science Based Targets initiative.
¹⁰2021 data has been updated due to increased data coverage in the MSCI tool used.

Principal Adverse Impacts

Security Description

PAI 02: Carbon Emissions Intensity (EVIC in EUR Scope 1, 2 & 3)

PAI 03: Carbon Emissions Intensity (Sales in EUR Scope 1, 2 & 3)

PAI 04: Fossil Fuel (Strong Screen)

PAI 05: PCT Non Renewable Consumption

PAI 06: Energy Consumption Intensity (EUR)

PAI 07: Biodiversity Controversy

PAI 08: Water Efficiency

PAI 09: Hazardous Waste

PAI 10: Overall Flag

PAI 11: Mech UN Global Compact

PAI 12: Gender Pay Gap Ratio

PAI 13: Male \ Female Board Ratio

ABBVIE INC

Neutral

No data

Low Population

Amber

No data

Neutral

ACE INA HOLDINGS INC

Neutral

No data

Neutral

No data

Neutral

No data

Neutral

AIA GROUP LTD 144A

Neutral

No data

Neutral

No data

Neutral

No data

Amber

AIR LIQUIDE FINANCE SA 144A

Neutral

Amber

Neutral

Amber

Neutral

No data

Amber

Neutral

No data

Neutral

AIRBUS SE MTN RegS

Neutral

No data

Amber

Neutral

Low Population

Neutral

ALIAXIS FINANCE SA RegS

AMAZON.COM INC

Neutral

No data

Amber

Neutral

AMPRION GMBH RegS

ANHEUSER-BUSCH COMPANIES

Neutral

No data

Amber

No data

Neutral

APPLE INC

Neutral

No data

Neutral

Amber

No data

Neutral

APTIV PLC

Neutral

No data

Neutral

Amber

No data

Neutral

AT&T INC

Neutral

No data

Neutral

No data

Neutral

Amber

Neutral

No data

Amber

AUSTRALIA AND NEW ZEALAND BANKING MTN RegS

Neutral

No data

Neutral

No data

Amber

Neutral

Low Population

Neutral

BANCO SANTANDER SA

Neutral

No data

Neutral

No data

Amber

Neutral

BANCO SANTANDER SA MTN RegS

Neutral

No data

Neutral

No data

Amber

Neutral

BANK OF AMERICA CORP

Neutral

No data

Neutral

No data

Amber

Neutral

Amber

Neutral

BANK OF AMERICA CORP MTN

Neutral

No data

Neutral

No data

Amber

Neutral

Amber

Neutral

BARCLAYS PLC

Neutral

No data

Neutral

No data

Amber

Neutral

BARCLAYS PLC RegS

Neutral

No data

Neutral

No data

Amber

Neutral

BARCLAYS PLC MTN RegS

Neutral

No data

Neutral

No data

Amber

Neutral

BAXTER INTERNATIONAL INC

Neutral

Low Population

Neutral

Amber

Neutral

BELL CANADA INC

Neutral

No data

Neutral

No data

Neutral

Amber

Neutral

No data

Neutral

BELL CANADA INC MTN

Neutral

No data

Neutral

No data

Neutral

Amber

Neutral

No data

Neutral

BNP PARIBAS SA MTN RegS

Neutral

No data

Neutral

No data

Amber

Neutral

No data

Neutral

BRAMBLES USA INC 144A

Neutral

No data

Low Population

Neutral

No data

Neutral

CANADIAN PACIFIC RAILWAY COMPANY

Neutral

Amber

Neutral

No data

Low Population

Amber

No data

Neutral

CAPITAL ONE FINANCIAL CORPORATION

Amber

Neutral

No data

Neutral

No data

Amber

No data

Neutral

CIGNA CORP

Neutral

No data

Neutral

No data

Amber

Neutral

CITIGROUP INC

Neutral

No data

Neutral

No data

Amber

Neutral

No data

Neutral

COMMONWEALTH BANK OF AUSTRALIA (LO 144A

Neutral

No data

Neutral

No data

Amber

Neutral

No data

Neutral

CREDIT AGRICOLE SA RegS

Neutral

No data

Neutral

No data

Amber

Neutral

No data

Neutral

CREDIT AGRICOLE SA MTN RegS

Neutral

No data

Neutral

No data

Amber

Neutral

No data

Neutral

CREDIT SUISSE GROUP AG RegS

Neutral

Amber

Neutral

No data

Neutral

No data

Amber

Neutral

No data

Neutral

DANFOSS FINANCE II BV MTN RegS

DANSKE BANK A/S MTN RegS

Neutral

No data

Neutral

No data

Amber

Neutral

No data

Neutral

EATON CORPORATION

Neutral

No data

Neutral

No data

Neutral

ENEL FINANCE INTERNATIONAL NV MTN RegS

Neutral

No data

Neutral

Amber

Neutral

Low Population

Neutral

ENEL SPA RegS

Neutral

Fossil Fuel (Strong Screen)

Neutral

No data

Neutral

Amber

Neutral

Low Population

Neutral

ENERGIAS DE PORTUGAL SA RegS

Neutral

Fossil Fuel (Strong Screen)

Neutral

No data

Neutral

Low Population

Neutral

GENERAL MOTORS FINANCIAL CO INC RegS

Neutral

No data

Neutral

Amber

Neutral

No data

Neutral

GOLDMAN SACHS GROUP INC/THE

Neutral

No data

Neutral

No data

Amber

Neutral

GRAINGER PLC RegS

Neutral

No data

Neutral

Amber

No data

Neutral

HOME DEPOT INC

Neutral

No data

Neutral

Amber

No data

Neutral

HSBC HOLDINGS PLC

Neutral

No data

Neutral

No data

Amber

Neutral

Amber

Neutral

IBERDROLA FINANZAS SAU RegS

Neutral

No data

Neutral

Amber

Neutral

No data

Neutral

IBERDROLA INTERNATIONAL BV RegS

Neutral

No data

Neutral

Amber

Neutral

No data

Neutral

ING GROEP NV

Neutral

Amber

Neutral

No data

Neutral

No data

Amber

Neutral

No data

Neutral

ING GROEP NV RegS

Neutral

Amber

Neutral

No data

Neutral

No data

Amber

Neutral

No data

Neutral

INTERNATIONAL FLAVORS & FRAGRANCES 144A

Neutral

No data

Neutral

INTESA SANPAOLO SPA MTN 144A

Neutral

No data

Neutral

No data

Neutral

Amber

Neutral

Low Population

Neutral

ITC HOLDINGS CORP 144A

Neutral

No data

Neutral

Amber

No data

Neutral

KANSAS CITY SOUTHERN

KLA CORP

Neutral

No data

Neutral

Amber

No data

Neutral

LEGAL & GENERAL GROUP PLC RegS

Neutral

No data

Neutral

No data

Neutral

LG CHEM LTD 144A

Neutral

No data

Neutral

Amber

Neutral

No data

Neutral

LLOYDS BANKING GROUP PLC

Neutral

No data

Neutral

No data

Amber

Neutral

Amber

Neutral

LLOYDS BANKING GROUP PLC MTN RegS

Neutral

No data

Neutral

No data

Amber

Neutral

Amber

Neutral

MEDTRONIC GLOBAL HOLDINGS SCA

Neutral

No data

Amber

No data

Neutral

METROPOLITAN LIFE GLOBAL FUNDING I 144A

No data

Neutral

No data

Neutral

No data

Neutral

Amber

No data

Neutral

MICRON TECHNOLOGY INC

Neutral

No data

Neutral

Amber

No data

Neutral

MICROSOFT CORPORATION

Neutral

Amber

Neutral

No data

Neutral

Low Population

Amber

Neutral

MONDI FINANCE PLC MTN RegS

Neutral

Amber

Neutral

No data

Low Population

Neutral

MORGAN STANLEY

Neutral

Low Population

Neutral

No data

Amber

No data

Neutral

MORGAN STANLEY MTN

Neutral

Low Population

Neutral

No data

Amber

No data

Neutral

MYLAN INC

Neutral

No data

Neutral

Amber

Neutral

No data

Neutral

NATWEST GROUP PLC MTN RegS

Neutral

No data

Neutral

No data

Amber

Neutral

Amber

Neutral

NATWEST MARKETS PLC MTN RegS

Neutral

No data

Neutral

No data

Amber

Neutral

Amber

Neutral

NBCUNIVERSAL MEDIA LLC

Neutral

No data

Neutral

No data

Amber

No data

Neutral

NEWCREST FINANCE PTY LTD 144A

Neutral

No data

Neutral

Amber

Low Population

Neutral

NXP BV

Neutral

Low Population

Neutral

No data

Neutral

PROLOGIS EURO FINANCE LLC

Neutral

No data

Neutral

No data

Neutral

Amber

No data

Neutral

PRUDENTIAL PLC RegS

Neutral

No data

Neutral

No data

Neutral

Amber

Neutral

PRUDENTIAL PLC MTN RegS

Neutral

No data

Neutral

No data

Neutral

Amber

Neutral

RAYTHEON TECH CORP

Neutral

No data

Amber

Neutral

REPUBLIC SERVICES INC

Neutral

No data

Neutral

No data

Neutral

Amber

No data

Neutral

ROYAL BANK OF CANADA

Neutral

No data

Neutral

No data

Amber

No data

Neutral

ROYAL BANK OF SCOTLAND GROUP PLC RegS

Neutral

No data

Neutral

No data

Amber

Neutral

Amber

Neutral

SALESFORCE.COM INC.

Neutral

No data

Neutral

No data

Neutral

No data

Neutral

SELP FINANCE SARL MTN RegS

SEVERN TRENT UTILITIES FINANCE PLC MTN RegS

Neutral

No data

Amber

Neutral

T-MOBILE USA INC

Neutral

No data

Neutral

No data

Neutral

Amber

No data

Neutral

TELEFONICA EUROPE BV RegS

Neutral

No data

Neutral

No data

Neutral

Amber

Neutral

TESCO CORPORATE TREASURY SERVICES MTN RegS

Neutral

No data

Neutral

No data

Amber

Neutral

TREASURY BOND

TREASURY BOND (OLD)

TREASURY NOTE

UBS GROUP AG 144A

Neutral

Amber

Neutral

No data

Neutral

No data

Amber

Neutral

No data

Neutral

UNION PACIFIC CORPORATION

Neutral

Amber

Neutral

No data

Amber

No data

Neutral

UNITEDHEALTH GROUP INC

Neutral

No data

Neutral

No data

Amber

No data

Neutral

UNITEDHEALTH GROUP INCORPORATED

Neutral

No data

Neutral

No data

Amber

No data

Neutral

US TREASURY NOTE

VERIZON COMMUNICATIONS INC

Neutral

No data

Neutral

No data

Neutral

Amber

Neutral

No data

Neutral

VMWARE INC

Neutral

No data

Neutral

No data

Neutral

No data

Neutral

VODAFONE GROUP PLC

Neutral

No data

Neutral

No data

Amber

Neutral

VODAFONE INTERNATIONAL FINANCING D MTN RegS

VOLKSWAGEN FINANCIAL SERVICES AG MTN RegS

Neutral

No data

Neutral

Amber

Neutral

No data

Neutral

VOLVO CAR AB RegS

Neutral

No data

Neutral

Amber

No data

Neutral

WASTE CONNECTIONS INC

Neutral

Amber

No data

Neutral

No data

Neutral

Amber

No data

Neutral

WRKCO INC

Amber

Neutral

Amber

Neutral

Low Population

No data

Neutral

Amber

No data

Neutral

XYLEM INC (INDIANA)

Neutral

No data

Neutral

As at date - 31/12/2022