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Performance assets

At 31 December 2016, the market value of the equity portfolio was EUR 12.9 billion (excluding overlay).

The weighting of performance assets was raised to a little over 51% in 2016. A 1% increase in the high yield corporate bond weighting offset the 1% decrease in the equity weighting.

The 2% reduction in the emerging market equity weighting resulted solely from the reclassifica- tion of ADECE (developed market equities exposed to emerging market growth) equity mandates from emerging to developed countries.

At a regional level, the further increase in the weighting of eurozone investments to 50% in 2016, compared with 46% in 2013, was partly due to European equity investments managed against optimised indices being redirected to eurozone equities to improve currency risk man- agement, and partly to the decision to close passive management mandates for European equities, as well as ADECE Europe and World mandates in order to activate two mandates managed against optimised indices in the euro- zone. The ongoing selection of funds dedicated to lending to the economy has also been increas- ing investments in the eurozone since 2014, especially in France.

Performance assets

EQUITIES 38.9%

European equities 21.2% Non-European equities 13.4% Equities hedged with options 4.3%

HIGH YIELD CORPORATE BONDS 3.2%

EMERGING MARKET BONDS 5.6%

NON-LISTED ASSETS 3.4%

Private debt 1.8% Private equity 1.4% Infrastructures and Real estate 0.2%

TOTAL 51.1%

Changes in the geographical breakdown of equity mandates

42%

44%

46%

48%

50%

52%

54%

56%

2013 2014 2015 2016

Euro Ex eurozone