碳排放管理對於企業股價之影響

摘要

這份報告考慮多項因子，包含ESG評分, E向度分數，S向度分數, G向度分數, 碳排放曝險指數、碳排放管理指數、碳排放綜合分數、碳排放總量等。我們針對各項因子去做單因子分析，並取其中幾項因子與股價報酬做迴歸分析，並且去檢驗此模型，驗證該迴歸分析的有效性，觀察這些因子在迴歸分析下與股價的相關性。

使用套件與資源包概念解說

tidyverse

是一個匯總包，可以從數據探索到數據視覺化，集合了ggplot2、dplyr、stringr、tidyr等安裝包

ggplot2

數據可視化繪圖包。 ggplot2允許用戶在更抽象的層面上增加、刪除或轉換圖表中的元素。 但這種抽象化的代價是執行速度。ggplot2較lattice繪圖包而言更耗時。

dplyr

榮入很多概念與結構化查詢語言（Structured Query Language，SQL）相仿的函數，搭配 %>% 運算子一起使用

datatable

是表格套件的一種，DataTables套件是一種JQuery外掛套件，特別針對table此種資料的呈現方式，內部已實作了各種相關操作的功能，並提供具有彈性的客製化選項，開發人員只需要下載並引用相關函式庫，即可輕鬆實作出功能豐富的table介面。

training與testing

回歸模型當中訓練集與測試集，在完成模型訓練後，為了驗證模型訓練的好不好，需要用一組獨立的測試資料，來做模型的驗證

Regression analysis

迴歸分析主要用在了解兩個或多個變數間是否相關、相關方向與強度，並建立數學模型以便觀察特定變數來預測研究者感興趣的變數。

sapply

以矩陣行是來展現表格，是apply套件的一種

研究主題

碳排放管理對於企業股價之相關性分析

研究動機

近年來，各種以ESG為主題的金融產品如基金、ETF等如雨後春筍般湧出。從一開始作為投資熱潮，到現在偶爾為人所詬病，認為ESG對投資並無助益。

但若從基本面出發對ESG進行探討，為了達到2050年碳中和目標，歐盟已領先全球設立綠色政綱，旗下的三大法規CSRD、TR和SFDR環環相扣，它們將在近三年陸續被落實，互相補足各方的不足部分。CSRD規定企業與金融業必須以透明且統一的標準進行ESG資訊揭露，在SFDR下，金融業需要在進行放貸或設計金融商品時考慮標的物或客戶的永續程度，肩負「讓資金流向永續企業」之責任，這時CSRD所規範的資訊揭露就派上用場，讓企業作為資訊供給者，提供資訊給金融業。當各方都完全服從法規的情況下，整個市場就能達到永續金融目標。

近兩年開始，碳權價格日趨昂貴，在2050碳中和目標下，整體市場將不可避免地邁向零碳經濟，高碳排企業將在這過程中面臨轉型風險，即轉為低碳時可能造成的財務或經營面衝擊。為了評估相關風險，越來越多企業開始發佈TCFD報告書，利用其中所規定的氣候情景分析去衡量轉型風險，國際間也逐漸將TCFD列為法規，包含紐西蘭與英國規定在其國家上市的企業需分別在2023年與2024年發佈TCFD報告書。

除了以上所提到的法規制度，全球正在面臨嚴峻的氣候風險，過去五年美國發生的極端氣候災難事件，已帶來超過6,000億美元的損失，無論是公私部門都明顯感受到氣候風險的壓力、以及改善氣候變遷問題，因此達到2050碳中和目標刻不容緩。

經過以上研究，我們相信在企業所發佈ESG資訊將在近幾年逐漸標準化，比起現今將更能提供投資人有益的資訊。而歐洲作為領先全球制定法規的區域，其企業也將受到規範而必須進行資訊揭露，因此我們希望將樣本池鎖定歐盟企業，且著重於ESG中的碳排放管理指標，期許能夠針對這個課題得出一些新發現。

研究方法

利用MSCI ACWI Index 中的歐盟個股與其碳排管理指標，進行單因子迴歸分析，以探討「碳排管理是否能帶來超額報酬」之課題。由於產業間業務性質差異甚大，因此也會將個股按照產業區分，以達到產業中立之目的。

我們大致上會使用的方法與函式如下：

1.linear regression and random forest，比較這兩個模型的性能與差異，並將數據拆分為訓練/測試這兩個方式以進行建模

2.資料當中的carbon emission VS. total return, correlation chart (using y~x)

3.使用多變數 (use 2y as a try, can switch out Y variable, and/or take out “Industry”)

4.繪圖 map plot

5.使用library、filter、sapply、training、testing、ggplot、datatable等套件

Data 處理

# only using EU countries
esg_eu_df = esg_df %>% filter(ISSUER_CNTRY_DOMICILE %in% c("AT", "BE", "BG", "HR", "CY", "DK", "EE", "FI", "FR", "DE", "GR", "HU", "IE", "IT", "LV", "LT", "LU", "MT", "NL", "PL","PT","RO", "SK", "SI", "ES", "SE"))

# seperate into carb heavt/light and ENERGY data frames
carb_heavy_df = esg_df %>% filter(Industry %in% c("Materials", "Utilities", "Industrial"))
carb_light_df = esg_df %>% 
  filter(!Industry %in% c("Materials", "Utilities", "Energy", "Industrial")) 
energy_df = esg_df %>% filter(Industry %in% c("Energy"))

# chnange "return" variables from character to double
carb_heavy_df[, c(31:33)] <- sapply(carb_heavy_df[, c(31:33)], as.numeric)
carb_light_df[, c(31:33)] <- sapply(carb_light_df[, c(31:33)], as.numeric)
esg_eu_df[, c(31:33)] <- sapply(esg_eu_df[, c(31:33)], as.numeric)
energy_df[, c(31:33)] <- sapply(energy_df[, c(31:33)], as.numeric)

# split the data into train/test for modeling 
set.seed(100)
heavy_split = initial_split(carb_heavy_df, prop = 0.9)
heavy_train = training(heavy_split)
heavy_test = testing(heavy_split)

light_split = initial_split(carb_light_df, prop = 0.9)
light_train = training(light_split)
light_test = testing(light_split)

energy_split = initial_split(energy_df, prop = 0.9)
energy_train = training(energy_split)
energy_test = testing(energy_split)

# carb emission VS. total return, correlation chart (using y~x) 
heavy.graph <- ggplot(carb_heavy_df, aes(x=CARBON_EMISSIONS_SCORE, y=TotalReturn_2y))+
  geom_point() + geom_smooth(method="lm", col="red") + ylim(-10, 1000)+ 
  ggtitle("Correlation of Emission Score to Return - Carbon Heavy Industries") + 
  labs(y = "Total Return Rate - 2 years", x = "Carbon Emission Score",) +
  theme(plot.title = element_text(hjust = 0.5, face = "bold"))

light.graph <- ggplot(carb_light_df, aes(x=CARBON_EMISSIONS_SCORE, y=TotalReturn_2y))+
  geom_point()+ geom_smooth(method="lm", col="red") + ylim(-10, 1000)+ 
  ggtitle("Correlation of Emission Score to Return - Carbon Light Industries") + 
  labs(y = "Total Return Rate - 2 years", x = "Carbon Emission Score",) +
  theme(plot.title = element_text(hjust = 0.5, face = "bold"))

energy.graph <- ggplot(energy_df, aes(x=CARBON_EMISSIONS_SCORE, y=TotalReturn_2y))+
  geom_point()+ geom_smooth(method="lm", col="red") + ylim(-10, 1000)+ 
  ggtitle("Correlation of Emission Score to Return - ENergy") + 
  labs(y = "Total Return Rate - 2 years", x = "Carbon Emission Score",) +
  theme(plot.title = element_text(hjust = 0.5, face = "bold"))

# map plot - below is just to build the map
# if need to change anything, visit the below link:
# https://egallic.fr/en/european-map-using-r/

map_eu = esg_eu_df %>%
  group_by(ISSUER_CNTRY_DOMICILE) %>%
  summarise(avg_score = mean(CARBON_EMISSIONS_SCORE))

map_eu$country = c("Austria","Belgium","Germany","Denmark","Spain","Finland","France","Greece","Hungry", "Ireland","Italy","Luxembourg","Netherlands","Poland","Portugal","Sweden")

world_map <- ne_countries(scale = 50, returnclass = 'sf')
european_union <- c("Austria","Belgium","Bulgaria","Croatia","Cyprus",
                    "Czech Rep.","Denmark","Estonia","Finland","France",
                    "Germany","Greece","Hungary","Ireland","Italy","Latvia",
                    "Lithuania","Luxembourg","Malta","Netherlands","Poland",
                    "Portugal","Romania","Slovakia","Slovenia","Spain",
                    "Sweden","United Kingdom")

european_union_map <- world_map %>% 
  filter(name %in% european_union)

bbox_europe <- st_bbox(c(xmin = -10, ymin = 20, xmax = 50, ymax = 80), crs = st_crs(european_union_map))
european_union_map_cropped <- st_crop(european_union_map, bbox_europe)

map <- european_union_map_cropped %>% 
  left_join(map_eu, by = c("name" = "country"))

map.graph <- ggplot(data = map) +
  geom_sf(mapping = aes(fill = avg_score)) +
  scale_fill_gradient(name = "Carbon Emission Score", high = "#FF0000FF", low = "#FFFF00FF", na.value = "grey50")+ 
  ggtitle("Carbon Emission Score Across EU") + 
  theme(plot.title = element_text(hjust = 0.5, face = "bold"))

#showtable_df = esg_eu_df %>%
#select(TotalReturn_2y, Industry,CARBON_EMISSIONS_SCORE,IVA_COMPANY_RATING, INDUSTRY_ADJUSTED_SCORE,GOVERNANCE_PILLAR_SCORE)

# showing the data frame - important variables 
#datatable(esg_eu_df, options = list(pageLength = 5), width = 500)

#, table.attr = "style = \"color: black;\""
# kable_classic

kable(esg_eu_df, "html", table.attr = "bgcolor = \"color: white;\"") %>%
  kable_styling("striped","condensed") %>%
  scroll_box(width = "100%", height = "300px")

ISSUERID	ISSUER_NAME	ISSUER_TICKER	ISSUER_CUSIP	ISSUER_SEDOL	ISSUER_ISIN	ISSUER_CNTRY_DOMICILE	GICS_SUB_IND	IVA_INDUSTRY	Industry	IVA_COMPANY_RATING	WEIGHTED_AVERAGE_SCORE	INDUSTRY_ADJUSTED_SCORE	ENVIRONMENTAL_PILLAR_SCORE	ENVIRONMENTAL_PILLAR_WEIGHT	ENVIRONMENTAL_PILLAR_QUARTILE	SOCIAL_PILLAR_WEIGHT	SOCIAL_PILLAR_QUARTILE	SOCIAL_PILLAR_SCORE	GOVERNANCE_PILLAR_WEIGHT	GOVERNANCE_PILLAR_QUARTILE	GOVERNANCE_PILLAR_SCORE	CARBON_EMISSIONS_SCORE	CARBON_EMISSIONS_EXP_SCORE	CARBON_EMISSIONS_MGMT_SCORE	CARBON_EMISSIONS_QUARTILE	CARBON_EMISSIONS_WEIGHT	CARBON_EMISSIONS_SCOPE_12_INTEN	CARBON_EMISSIONS_SCOPE_3	CARBON_EMISSIONS_GHG_MITIGATION_SCORE	TotalReturn_2y	TotalReturn_1y	TotalReturn_6m
IID000000002123740	PROXIMUS NV	PROX	74428W108	B00D9P6	BE0003810273	BE	Integrated Telecommunication Services	Telecommunication Services	Communication Services	BBB	5.5	5.40	10.0	5	3	56	4	5.3	39	2	5.2	10.0	2.3	7.0	3	5	4.10	648000	7.00	-1.1664478	-3.9311138	2.4445476
IID000000002123743	BNP PARIBAS SA	BNP	05565A202	7309681	FR0000131104	FR	Diversified Banks	Banks	Financials	AA	5.8	7.90	9.5	13	1	54	1	5.3	33	2	5.1	10.0	0.8	7.0	3	0	3.70	32813	7.00	110.5287433	4.4367898	-5.3926034
IID000000002123746	AXA SA	CS	054536107	7088429	FR0000120628	FR	Multi-line Insurance	Multi-Line Insurance & Brokerage	Financials	AAA	6.8	9.10	9.5	13	1	54	1	7.3	33	4	4.8	10.0	0.7	7.0	3	0	0.50	17460	7.00	99.2112375	22.7397055	11.2670157
IID000000002123849	AMPLIFON S.P.A.	AMP	032112104	B14NJ71	IT0004056880	IT	Health Care Distributors	Health Care Providers & Services	Health Care	AA	6.0	8.10	9.7	5	2	28	1	6.7	67	2	5.4	9.7	1.4	4.7	2	5	6.90	994	7.00	124.0592848	25.8604624	-0.6128953
IID000000002123955	Nokia Oyj	NOKIA	654902204	5902941	FI0009000681	FI	Communications Equipment	Technology Hardware, Storage & Peripherals	Information Technology	AA	5.7	8.57	3.2	16	3	47	2	5.2	37	1	7.4	10.0	1.9	7.0	3	NA	18.60	35595100	7.00	80.6995288	43.9232102	5.0352892
IID000000002123961	Stora Enso Oyj	STERV	86210M106	5072673	FI0009005961	FI	Paper Products	Paper & Forest Products	Materials	AAA	6.1	9.10	5.6	57	2	10	2	6.2	33	1	7.1	7.4	6.6	7.0	2	13	240.80	6310000	7.00	113.0320186	14.0171746	29.0994464
IID000000002124058	Getinge AB	GETI B	37427X104	7698356	SE0000202624	SE	Health Care Equipment	Health Care Equipment & Supplies	Health Care	BBB	5.5	5.50	10.0	5	2	56	3	5.6	39	3	4.7	10.0	2.3	7.2	2	5	4.80	3104	7.00	107.0376302	56.9260732	7.2851451
IID000000002124071	CAPGEMINI SE	CAP	13961R100	4163437	FR0000125338	FR	IT Consulting & Other Services	Software & Services	Information Technology	AA	5.8	7.40	7.0	16	2	47	3	4.6	37	1	6.9	10.0	2.3	6.5	2	5	6.30	126334	7.00	182.6183644	38.5889237	13.3501259
IID000000002124089	CARREFOUR SA	CA	144430204	5641567	FR0000120172	FR	Hypermarkets & Super Centers	Retail - Food & Staples	Consumer Staples	A	4.9	6.20	6.6	12	1	55	3	4.7	33	3	4.6	10.0	2.7	7.0	3	NA	18.80	337200	7.00	44.2401553	32.5969136	27.9387822
IID000000002124154	Hexagon Aktiebolag	HEXA B	428263107	BNZFHC1	SE0015961909	SE	Electronic Equipment & Instruments	Electronic Equipment, Instruments & Components	Information Technology	BBB	4.8	5.50	3.7	17	2	44	1	5.4	39	2	4.6	8.5	2.5	4.0	3	NA	5.20	4522	7.00	132.6568660	15.3488587	-0.8218155
IID000000002124820	L’AIR LIQUIDE SOCIETE ANONYME POUR L’ETUDE ET L’EXPLOITATION DES PROCEDES GEORGES CLAUDE SA	AI	009126202	B1YXBJ7	FR0000120073	FR	Industrial Gases	Specialty Chemicals	Materials	A	5.5	6.50	5.3	62	2	5	1	9.2	33	2	5.3	5.4	8.8	7.2	3	19	1096.00	19449000	9.00	45.4350306	16.0993586	13.4980717
IID000000002125624	CREDIT AGRICOLE SA	ACA	225313105	7262610	FR0000045072	FR	Diversified Banks	Banks	Financials	A	5.5	7.10	8.3	13	1	54	2	4.6	33	1	6.1	10.0	1.0	6.3	3	0	1.00	143006638	7.00	82.6267226	-6.8512680	-7.8862752
IID000000002125650	CRH PUBLIC LIMITED COMPANY	CRH	12626K203	0182704	IE0001827041	IE	Construction Materials	Construction Materials	Materials	AAA	7.0	10.00	7.4	35	1	32	1	6.4	33	1	7.3	5.2	7.1	5.5	2	13	1268.70	10900000	7.00	51.1912533	-5.4211275	-8.3924820
IID000000002125950	Airbus SE	AIR	009279100	4012250	NL0000235190	NL	Aerospace & Defense	Aerospace & Defense	Industrials	BB	3.6	3.00	4.2	13	1	40	4	2.5	47	2	4.5	10.0	2.2	6.3	3	0	12.80	443402000	7.00	111.4176245	9.8984266	-5.3353920
IID000000002126091	EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A.	EUROB	29873D104	BYZ43T4	GRS323003012	GR	Diversified Banks	Banks	Financials	BBB	4.8	5.70	9.0	13	1	54	4	3.9	33	3	4.5	10.0	0.8	7.0	3	0	8.30	NA	7.00	198.4891138	41.6666667	30.3680982
IID000000002126164	ESSILORLUXOTTICA SA	EL	297284200	7212477	FR0000121667	FR	Apparel, Accessories & Luxury Goods	Textiles, Apparel & Luxury Goods	Consumer Discretionary	AA	5.3	8.10	7.4	17	1	41	3	3.6	42	1	6.1	10.0	2.7	6.5	3	0	42.10	194955	7.00	80.2771545	21.0341460	-0.4549264
IID000000002126184	L E Lundbergforetagen Aktiebolag (publ)	LUND B	NA	4538002	SE0000108847	SE	Multi-Sector Holdings	Diversified Financials	Financials	A	4.3	6.90	6.9	5	4	44	1	6.0	51	4	2.5	6.9	3.4	3.3	4	5	17.00	NA	7.00	19.8059716	-0.2439973	-0.4968944
IID000000002126466	COVIVIO SA	COV	22357Q105	7745638	FR0000064578	FR	Office REITs	Real Estate Management & Services	Real Estate	AAA	7.5	10.00	8.1	31	1	25	2	6.6	44	1	7.6	9.8	4.2	7.0	1	NA	4.10	35594	7.00	56.7763945	2.4536035	-2.1697857
IID000000002126486	GECINA SA	GFC	NA	7742468	FR0010040865	FR	Diversified REITs	Real Estate Management & Services	Real Estate	AAA	7.4	10.00	7.8	31	1	25	3	5.6	44	1	8.2	9.2	4.1	6.3	2	NA	17.50	12455	7.00	7.5433603	0.8358516	-0.8933295
IID000000002126836	Iberdrola, S.A.	IBE	450737101	B288C92	ES0144580Y14	ES	Electric Utilities	Utilities	Utilities	AAA	7.6	9.50	9.0	45	1	22	1	8.3	33	2	5.2	10.0	1.4	8.2	2	12	367.00	57851881	10.00	23.2366413	-7.2580474	14.9332997
IID000000002127078	Jeronimo Martins, SGPS, S.A.	JMT	476493101	B1Y1SQ7	PTJMT0AE0001	PT	Food Retail	Retail - Food & Staples	Consumer Staples	A	5.0	6.80	7.0	15	1	52	3	4.4	33	2	5.1	10.0	2.4	7.0	3	NA	45.00	27511251	7.00	44.4336322	53.7828308	25.1728111
IID000000002127163	UNICREDIT, SOCIETA PER AZIONI	UCG	904678406	BYMXPS7	IT0005239360	IT	Diversified Banks	Banks	Financials	A	4.9	6.20	4.6	13	3	54	2	4.8	33	2	5.1	10.0	0.8	7.0	3	0	6.80	2522	7.00	45.6576245	10.8387470	-14.1251307
IID000000002127164	ING Groep N.V.	INGA	456837103	BZ57390	NL0011821202	NL	Diversified Banks	Banks	Financials	AA	6.0	8.40	7.9	13	1	54	2	4.9	33	1	7.0	10.0	0.8	6.3	3	0	0.50	8000	7.00	109.3939532	-5.1567404	-20.9184402
IID000000002127272	KERRY GROUP PUBLIC LIMITED COMPANY	KRZ	492460100	4519579	IE0004906560	IE	Packaged Foods & Meats	Food Products	Consumer Staples	AAA	6.2	10.00	4.5	41	1	26	1	7.0	33	1	7.7	9.3	3.4	5.7	2	NA	87.90	NA	7.00	0.6777391	-5.3792911	-13.6370666
IID000000002127335	KLEPIERRE SA	LI	NA	7582556	FR0000121964	FR	Retail REITs	Real Estate Management & Services	Real Estate	AAA	7.2	10.00	8.4	31	1	25	1	6.7	44	1	6.6	10.0	4.1	8.0	1	NA	42.30	1185162	10.00	76.4967793	24.3978454	24.3507328
IID000000002127394	COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN SCA	ML	59410T106	4588364	FR0000121261	FR	Tires & Rubber	Auto Components	Consumer Discretionary	AAA	6.2	10.00	6.5	24	1	35	1	5.9	41	1	6.2	9.4	3.9	6.3	2	NA	111.50	165810462	7.00	60.3927163	-3.1425309	-7.4171687
IID000000002127907	OMV Aktiengesellschaft	OMV	670875509	4651459	AT0000743059	AT	Integrated Oil & Gas	Integrated Oil & Gas	Energy	AAA	7.0	9.40	6.6	41	1	26	1	8.7	33	2	6.2	6.0	6.9	5.9	2	14	543.20	117700000	7.21	92.6660001	3.5571376	-17.2578185
IID000000002128271	Demant A/S	DEMANT	24803R109	BZ01RF1	DK0060738599	DK	Health Care Equipment	Health Care Equipment & Supplies	Health Care	AA	6.6	8.20	10.0	5	2	56	2	6.4	39	1	6.6	10.0	2.4	6.0	2	5	9.90	NA	6.00	105.3691275	13.8816524	-3.5612985
IID000000002128280	Wolters Kluwer N.V.	WKL	977874205	5671519	NL0000395903	NL	Research & Consulting Services	Professional Services	Industrials	AAA	7.5	10.00	10.0	5	3	51	1	7.4	44	1	7.2	10.0	1.6	6.3	3	5	5.30	27480	7.00	64.9649543	31.4316889	4.7960069
IID000000002128364	POWSZECHNA KASA OSZCZEDNOSCI BANK POLSKI SPOLKA AKCYJNA	PKO	69341F109	B03NGS5	PLPKO0000016	PL	Diversified Banks	Banks	Financials	A	4.9	6.90	5.0	13	3	54	2	5.1	33	3	4.5	9.0	0.8	4.0	3	0	23.60	3536	7.00	79.4594595	22.2460878	-9.2482916
IID000000002128620	RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.	REC	75625L100	B07DRZ5	IT0003828271	IT	Pharmaceuticals	Pharmaceuticals	Health Care	A	4.8	6.90	3.1	9	4	58	3	4.7	33	2	5.6	9.5	2.2	4.7	2	0	25.70	NA	7.00	26.4976094	-0.5542726	-6.6846243
IID000000002129078	SAFRAN SA	SAF	786584102	B058TZ6	FR0000073272	FR	Aerospace & Defense	Aerospace & Defense	Industrials	BBB	4.5	5.00	5.8	13	1	40	2	5.1	47	3	3.7	10.0	2.6	7.0	3	0	20.40	24195000	7.00	60.7481112	-10.0476891	-3.5084563
IID000000002129096	VALEO SE	FR	919134304	BDC5ST8	FR0013176526	FR	Auto Parts & Equipment	Auto Components	Consumer Discretionary	AAA	5.6	9.00	7.6	18	1	41	1	5.1	41	2	5.2	10.0	2.5	6.3	2	NA	47.70	8521000	7.00	20.7808490	-41.5622706	-29.7484277
IID000000002130138	E.ON SE	EOAN	268780103	4942904	DE000ENAG999	DE	Multi-Utilities	Utilities	Utilities	AA	7.1	8.40	7.8	56	2	11	2	6.9	33	2	5.8	10.0	2.5	7.8	2	12	108.00	108210000	10.00	27.3535745	10.8427236	-2.1169916
IID000000002130215	Deutsche Lufthansa Aktiengesellschaft	LHA	251561304	5287488	DE0008232125	DE	Airlines	Airlines	Industrials	A	4.8	6.40	6.4	19	1	48	4	4.2	33	2	4.6	6.4	6.2	5.4	1	19	700.40	3491821	7.00	28.7455399	-5.9997918	18.1628392
IID000000002130820	MTU Aero Engines AG	MTX	62473G102	B09DHL9	DE000A0D9PT0	DE	Aerospace & Defense	Aerospace & Defense	Industrials	AA	5.9	8.50	3.0	13	3	40	2	4.9	47	1	7.5	10.0	2.4	6.3	3	0	16.40	NA	7.00	76.9662242	2.2852235	6.4141414
IID000000002132055	ACCENTURE PUBLIC LIMITED COMPANY	ACN	NA	B4BNMY3	IE00B4BNMY34	IE	IT Consulting & Other Services	Software & Services	Information Technology	AA	5.1	7.60	7.5	16	1	47	4	4.1	37	2	5.3	10.0	1.6	7.2	2	5	5.50	677994	7.00	123.9817397	22.5449625	4.3805012
IID000000002132096	DASSAULT AVIATION SA	AM	NA	BMT9L19	FR0014004L86	FR	Aerospace & Defense	Aerospace & Defense	Industrials	B	3.1	2.00	3.7	13	2	40	4	2.7	47	3	3.3	10.0	2.2	6.0	3	0	11.70	NA	6.00	100.3071094	51.1928468	53.2800000
IID000000002132113	BUREAU VERITAS SA	BVI	12117P109	B28DTJ6	FR0006174348	FR	Research & Consulting Services	Professional Services	Industrials	AA	6.7	8.50	9.8	5	3	51	1	7.0	44	3	6.0	9.8	1.6	4.8	3	5	24.20	39543	7.00	55.6476229	7.3099418	-2.1501320
IID000000002132144	ASSA ABLOY AB	ASSA B	045387107	BYPC1T4	SE0007100581	SE	Building Products	Building Products	Industrials	AA	6.1	7.70	6.6	40	2	25	4	4.0	35	1	6.9	10.0	3.6	7.2	2	15	22.00	NA	7.00	48.2615687	3.0277316	2.1255672
IID000000002132279	Fresenius Medical Care AG & Co. KGaA	FME	358029106	5129074	DE0005785802	DE	Health Care Services	Health Care Providers & Services	Health Care	BBB	4.8	5.30	10.0	5	1	60	3	4.7	35	3	4.4	10.0	2.7	6.3	1	5	35.20	NA	7.00	5.0101695	-1.2773034	0.2640264
IID000000002132929	ASM International N.V.	ASM	NA	5165294	NL0000334118	NL	Semiconductor Equipment	Semiconductors & Semiconductor Equipment	Information Technology	A	6.3	7.00	2.5	15	4	31	1	9.1	54	1	5.7	10.0	2.5	7.0	1	NA	13.00	NA	7.00	305.1967864	30.5341558	1.4045802
IID000000002133302	ORANGE SA	ORA	684060106	5176177	FR0000133308	FR	Integrated Telecommunication Services	Telecommunication Services	Communication Services	AA	5.9	7.60	10.0	5	3	56	3	6.2	39	2	4.8	10.0	2.2	7.2	3	5	24.60	14729	7.00	12.9454761	10.8891961	19.1913647
IID000000002134145	DANSKE BANK A/S	DANSKE	236363206	4588825	DK0010274414	DK	Diversified Banks	Banks	Financials	BBB	5.2	5.70	7.5	13	1	54	4	3.9	33	1	6.5	10.0	0.9	6.3	3	0	0.90	3942	7.00	57.3852525	-3.4593070	8.0563909
IID000000002134176	DCC PUBLIC LIMITED COMPANY	DCC	23308M102	0242493	IE0002424939	IE	Industrial Conglomerates	Industrial Conglomerates	Industrials	AAA	6.0	8.60	2.3	15	4	31	1	5.9	54	1	7.1	10.0	3.9	7.3	2	0	5.20	NA	7.00	30.9369856	-3.0591193	-2.5610718
IID000000002134340	Enagas, S.A.	ENG	29248L104	7383072	ES0130960018	ES	Gas Utilities	Utilities	Utilities	AA	6.4	7.40	7.6	32	2	35	3	5.9	33	2	5.9	7.9	4.4	5.3	3	14	208.50	338100	6.00	32.3734525	19.2226264	8.2276573
IID000000002134407	NIBE Industrier AB	NIBE B	65366E100	BN7BZM3	SE0015988019	SE	Building Products	Building Products	Industrials	AA	5.9	8.10	8.0	40	1	25	4	4.3	35	3	4.7	10.0	3.9	7.0	2	15	9.30	NA	7.00	204.2771604	49.7688884	-4.1951664
IID000000002134430	FAURECIA SE	EO	31209D105	4400446	FR0000121147	FR	Auto Parts & Equipment	Auto Components	Consumer Discretionary	BB	4.4	4.00	5.7	18	2	41	4	3.3	41	2	5.0	10.0	2.6	6.3	2	NA	43.40	24256000	7.00	-5.6184847	-48.6341349	-41.3005709
IID000000002134975	Heineken N.V.	HEIA	423012301	7792559	NL0000009165	NL	Brewers	Beverages	Consumer Staples	AA	5.9	8.10	5.9	39	2	28	1	7.0	33	2	4.8	8.2	3.5	4.7	3	NA	59.30	18107286	7.00	20.7508161	-1.0112344	-4.0345821
IID000000002135027	H & M Hennes & Mauritz AB	HM B	425883105	5687431	SE0000106270	SE	Apparel Retail	Retail - Consumer Discretionary	Consumer Discretionary	AA	6.0	8.50	8.9	14	1	53	2	5.8	33	2	5.1	10.0	2.4	7.0	2	0	26.40	17387000	7.00	6.6831295	-32.8248947	-27.3366595
IID000000002135074	Commerzbank Aktiengesellschaft	CBK	202597605	B3MPHS0	DE000A0D4TQ9	DE	Diversified Banks	Banks	Financials	AA	5.5	8.40	8.2	13	1	54	2	4.6	33	1	6.1	10.0	0.8	6.3	3	0	2.70	43472	7.00	2874.0350877	0.9708738	NA
IID000000002135288	Industria de Diseno Textil, S.A.	ITX	455793109	BP9DL90	ES0148396007	ES	Apparel Retail	Retail - Consumer Discretionary	Consumer Discretionary	AAA	5.9	8.80	8.3	14	1	53	2	6.1	33	3	4.6	10.0	2.3	6.3	2	0	19.60	14888171	7.00	-8.6281617	-28.4934009	-37.5340196
IID000000002135404	NOVO NORDISK A/S	NOVO B	670100205	BHC8X90	DK0060534915	DK	Pharmaceuticals	Pharmaceuticals	Health Care	AAA	6.2	9.20	5.3	9	2	58	1	6.5	33	1	6.0	10.0	2.2	8.0	2	0	4.30	81000	10.00	87.2042521	76.8886971	23.3443657
IID000000002135493	TRYG A/S	TRYG	898455100	BXDZ972	DK0060636678	DK	Property & Casualty Insurance	Property & Casualty Insurance	Financials	AA	5.6	7.30	4.2	20	2	47	2	4.8	33	1	7.5	10.0	0.8	7.0	2	NA	0.50	545	7.00	34.7147959	12.9166962	14.4948866
IID000000002135924	Svenska Cellulosa Aktiebolaget SCA	SCA B	869587600	B1VVGZ5	SE0000112724	SE	Forest Products	Paper & Forest Products	Materials	AAA	7.0	10.00	6.8	48	1	19	1	8.1	33	2	6.7	6.8	7.2	7.0	2	13	133.80	560000	5.00	95.1362393	18.8415268	33.9539978
IID000000002136177	PERNOD RICARD SA	RI	714264306	4682329	FR0000120693	FR	Distillers & Vintners	Beverages	Consumer Staples	AA	6.2	8.40	4.9	39	2	28	1	7.9	33	1	6.3	8.4	3.3	4.7	3	NA	28.20	NA	7.00	60.2256771	25.4258168	5.7567714
IID000000002136356	KERING SA	KER	492089107	5505072	FR0000121485	FR	Apparel, Accessories & Luxury Goods	Textiles, Apparel & Luxury Goods	Consumer Discretionary	AAA	6.4	9.60	8.2	27	1	36	1	5.7	37	1	5.9	10.0	2.8	6.3	3	0	7.50	2095574	7.00	29.9612666	-2.6756260	-7.7574250
IID000000002136771	Raiffeisen Bank International AG	RBI	750732109	B0704T9	AT0000606306	AT	Diversified Banks	Banks	Financials	AA	5.0	7.30	4.1	13	3	54	1	5.4	33	3	4.8	10.0	0.7	7.0	3	0	5.30	30925	7.00	5.2283563	-27.0154127	-41.5854602
IID000000002137084	RENAULT SA	RNO	759673403	4712798	FR0000131906	FR	Automobile Manufacturers	Automobiles	Consumer Discretionary	BBB	4.3	4.90	6.9	30	2	37	2	4.0	33	4	2.4	10.0	2.2	6.3	3	NA	17.90	72234633	7.00	46.3646395	-37.1048472	-22.8469866
IID000000002137304	voestalpine AG	VOE	928578103	4943402	AT0000937503	AT	Steel	Steel	Materials	AA	5.0	7.90	4.4	42	1	25	2	4.8	33	1	6.0	4.9	6.2	4.1	1	14	1001.90	54572232	4.00	47.7997310	-23.4151198	-14.2222222
IID000000002140270	ASSICURAZIONI GENERALI SOCIETA PER AZIONI	G	04545K109	4056719	IT0000062072	IT	Multi-line Insurance	Multi-Line Insurance & Brokerage	Financials	AA	6.4	8.10	7.2	13	2	54	2	6.2	33	2	6.4	10.0	0.7	7.0	3	NA	0.60	25296	7.00	94.0475570	32.4804265	15.6388318
IID000000002140364	BIOMERIEUX SA	BIM	09074E101	BF0LBX7	FR0013280286	FR	Health Care Equipment	Health Care Equipment & Supplies	Health Care	AA	6.6	8.40	10.0	5	2	56	1	7.6	39	3	4.7	10.0	2.3	7.0	2	5	14.70	277100	7.00	-10.0156135	-10.6053180	0.1241979
IID000000002140370	BOUYGUES S.A.	EN	102117108	4002121	FR0000120503	FR	Construction & Engineering	Construction & Engineering	Industrials	AA	6.6	7.90	5.5	17	1	25	1	7.1	58	1	6.7	10.0	2.6	7.0	3	0	51.30	20421700	7.00	43.3451852	-2.8348477	-11.0517435
IID000000002140428	PUMA SE	PUM	74589A101	5064722	DE0006969603	DE	Footwear	Textiles, Apparel & Luxury Goods	Consumer Discretionary	AAA	6.5	9.60	9.1	22	1	45	1	6.2	33	2	5.0	10.0	2.5	7.0	3	0	5.30	211108	7.00	47.2721036	-8.6399621	-20.4601479
IID000000002140440	Volkswagen Aktiengesellschaft	VOW	928662600	5497102	DE0007664005	DE	Automobile Manufacturers	Automobiles	Consumer Discretionary	B	3.3	2.30	5.6	30	3	37	3	3.8	33	4	0.5	10.0	2.1	7.0	3	0	26.20	368936120	7.00	107.8261628	-24.9547211	-15.4076290
IID000000002140445	Fortum Oyj	FORTUM	34959F106	5579550	FI0009007132	FI	Electric Utilities	Utilities	Utilities	BBB	5.1	5.60	5.5	54	3	13	4	3.6	33	2	5.2	6.1	4.9	4.0	4	14	821.10	27836300	7.00	53.8078785	-18.8743767	-33.9619333
IID000000002140458	ADIDAS AG	ADS	00687A107	4031976	DE000A1EWWW0	DE	Apparel, Accessories & Luxury Goods	Textiles, Apparel & Luxury Goods	Consumer Discretionary	AAA	6.1	8.70	7.7	22	1	45	2	5.2	33	1	6.2	10.0	2.3	6.3	3	0	2.60	11636342	7.00	7.1462101	-20.9116525	-21.5911193
IID000000002140460	Deutsche Bank Aktiengesellschaft	DBK	251525AM3	5750355	DE0005140008	DE	Diversified Capital Markets	Investment Banking & Brokerage	Financials	A	5.1	7.10	8.8	15	1	50	1	4.6	35	3	4.1	10.0	1.0	6.3	1	0	6.20	1603304	7.00	105.6091461	12.0958317	6.5740741
IID000000002140464	GEA Group Aktiengesellschaft	G1A	NA	4557104	DE0006602006	DE	Industrial Machinery	Industrial Machinery	Industrials	AA	6.3	8.30	4.8	33	3	20	2	5.7	47	1	7.6	10.0	2.6	7.0	2	0	11.40	3602	7.00	115.0965901	8.7215395	-3.5418821
IID000000002142057	COLOPLAST A/S	COLO B	19624Y200	B8FMRX8	DK0060448595	DK	Health Care Supplies	Health Care Equipment & Supplies	Health Care	AA	6.3	7.90	10.0	5	2	47	1	6.7	48	2	5.6	10.0	2.3	6.5	2	5	13.60	159700	7.00	4.9729210	9.4046199	3.9153772
IID000000002142079	COMPAGNIE DE SAINT-GOBAIN SA	SGO	204280309	7380482	FR0000125007	FR	Building Products	Building Products	Industrials	A	6.1	6.80	6.9	40	2	25	3	5.0	35	1	5.9	10.0	3.3	7.2	2	15	222.90	17400000	7.00	157.3027988	9.7567582	-3.9639002
IID000000002142122	GENMAB A/S	GMAB	372303206	4595739	DK0010272202	DK	Biotechnology	Biotechnology	Health Care	AA	5.6	7.20	4.7	10	4	55	2	4.6	35	1	7.3	7.3	3.0	3.3	2	0	22.20	NA	7.00	79.0773701	18.1121227	-10.5587808
IID000000002142414	Skandinaviska Enskilda Banken AB	SEB A	83051GAM0	4813345	SE0000148884	SE	Diversified Banks	Banks	Financials	AA	5.5	7.90	7.9	13	1	54	3	4.4	33	1	6.3	10.0	0.9	6.3	3	0	0.50	8114	7.00	79.6558223	4.3454217	-10.5730066
IID000000002142489	ELECTRICITE DE FRANCE SA	EDF	285039103	B0NJJ17	FR0010242511	FR	Electric Utilities	Utilities	Utilities	A	6.4	7.00	7.7	45	2	22	1	7.3	33	3	4.1	10.0	1.0	8.2	2	12	331.60	106649250	10.00	35.7621960	-18.6138863	-20.7428863
IID000000002142548	EIFFAGE SA	FGR	282492107	B13X013	FR0000130452	FR	Construction & Engineering	Construction & Engineering	Industrials	AA	5.9	8.30	4.7	17	3	25	2	4.4	58	1	6.9	10.0	2.5	6.3	3	0	31.30	5957965	7.00	56.4872699	9.8444280	6.2685206
IID000000002142979	Grifols, S.A.	GRF	398438408	BYY3DX6	ES0171996087	ES	Biotechnology	Biotechnology	Health Care	BBB	5.0	5.20	8.7	10	1	55	2	4.8	35	3	4.2	10.0	2.9	6.3	1	0	36.60	48961	7.00	-45.2284678	-25.8575485	-22.2274658
IID000000002143159	HERMES INTERNATIONAL S.C.A.	RMS	42751Q105	5253973	FR0000052292	FR	Apparel, Accessories & Luxury Goods	Textiles, Apparel & Luxury Goods	Consumer Discretionary	A	5.3	6.80	5.4	27	2	36	2	4.9	37	2	5.6	10.0	2.7	7.0	3	NA	4.40	486409	7.00	120.5821898	35.6768610	8.2551757
IID000000002144233	Koninklijke DSM N.V.	DSM	780249108	B0HZL93	NL0000009827	NL	Specialty Chemicals	Specialty Chemicals	Materials	AAA	6.7	9.60	7.2	53	1	14	1	5.8	33	1	6.4	10.0	3.7	7.8	1	14	125.00	12000000	7.00	65.9433571	14.1313151	-6.2049062
IID000000002144268	Aktiebolaget SKF	SKF B	784375404	B1Q3J35	SE0000108227	SE	Industrial Machinery	Industrial Machinery	Industrials	AA	5.3	8.00	4.9	33	2	20	4	3.8	47	1	6.2	10.0	2.8	7.0	2	0	56.70	445443	7.00	28.9423991	-35.6299719	-21.3743657
IID000000002144506	VERBUND AG	VER	92336Y107	4661607	AT0000746409	AT	Electric Utilities	Utilities	Utilities	AAA	7.6	9.30	9.2	52	1	15	2	6.0	33	2	5.8	10.0	0.5	7.3	2	7	335.10	358000	10.00	197.5214471	52.7151225	5.8758315
IID000000002144603	Koninklijke Philips N.V.	PHIA	500472303	5986622	NL0000009538	NL	Health Care Equipment	Health Care Equipment & Supplies	Health Care	BB	5.3	4.20	10.0	5	2	56	4	4.7	39	2	5.7	10.0	2.0	7.2	2	5	1.50	500000	7.00	-19.5078674	-42.5643390	-26.5138466
IID000000002144644	Aktiebolaget Volvo	VOLV B	928856301	B1QH830	SE0000115446	SE	Construction Machinery & Heavy Trucks	Construction & Farm Machinery & Heavy Trucks	Industrials	AA	5.7	7.70	5.8	24	2	35	3	5.3	41	1	6.1	10.0	2.5	7.0	3	NA	6.60	52000000	7.00	75.3986518	-12.1644648	-9.2030848
IID000000002144864	Randstad N.V.	RAND	75279Q108	5228658	NL0000379121	NL	Human Resource & Employment Services	Professional Services	Industrials	AA	6.4	8.50	10.0	5	3	51	3	5.4	44	1	7.2	10.0	1.3	6.3	3	5	2.50	3277	7.00	102.9288579	-4.2276042	-1.7801590
IID000000002144871	SOFINA S.A.	SOF	NA	4820301	BE0003717312	BE	Multi-Sector Holdings	Diversified Financials	Financials	BB	4.4	4.10	4.3	5	4	44	4	2.8	51	2	5.8	4.3	4.7	2.0	4	5	34.30	NA	3.00	84.0218515	14.0178098	-4.4006948
IID000000002145132	TELECOM ITALIA SPA	TIT	87927Y102	7634394	IT0003497168	IT	Integrated Telecommunication Services	Telecommunication Services	Communication Services	A	5.8	6.60	10.0	5	3	56	3	5.9	39	2	5.0	10.0	2.2	6.5	3	5	30.50	4424362	7.00	-5.8022011	-25.7399135	-1.2437074
IID000000002145155	TotalEnergies SE	TTE	89151E109	B15C557	FR0000120271	FR	Integrated Oil & Gas	Integrated Oil & Gas	Energy	A	5.8	7.10	6.3	41	1	26	3	6.0	33	2	5.0	8.5	5.8	7.3	1	14	277.20	350000000	7.32	50.5365382	25.2855745	14.7805381
IID000000002145368	Red Electrica Corporacion, S.A.	REE	756568101	BD6FXN3	ES0173093024	ES	Electric Utilities	Utilities	Utilities	AAA	7.7	9.50	9.0	50	1	15	1	8.5	35	2	5.4	10.0	1.2	7.0	2	5	257.80	381347	7.00	29.7685043	31.7846429	8.8717409
IID000000002145442	WENDEL SE	MF	NA	7390113	FR0000121204	FR	Multi-Sector Holdings	Diversified Financials	Financials	AA	5.9	8.30	7.9	5	3	44	1	5.3	51	2	6.2	7.9	4.8	5.7	4	5	34.30	NA	7.00	42.9395224	-11.8700202	-23.4710744
IID000000002145665	SANOFI SA	SAN	80105N105	5671735	FR0000120578	FR	Pharmaceuticals	Pharmaceuticals	Health Care	A	5.1	6.20	6.3	9	1	58	3	4.5	33	1	5.7	10.0	2.2	7.0	2	0	15.40	5555402	7.00	25.9564137	14.0256649	11.9840213
IID000000002147336	Symrise AG	SY1	87155N109	B1JB4K8	DE000SYM9999	DE	Specialty Chemicals	Specialty Chemicals	Materials	A	5.7	7.10	6.2	53	2	14	3	2.7	33	2	6.1	10.0	4.2	8.3	1	14	69.80	1747178	7.00	30.1577861	4.8539101	-3.6725664
IID000000002148742	ALSTOM SA	ALO	021244207	B0DJ8Q5	FR0010220475	FR	Construction Machinery & Heavy Trucks	Construction & Farm Machinery & Heavy Trucks	Industrials	AA	5.7	7.70	7.1	24	1	35	2	6.0	41	2	4.6	9.6	2.1	4.7	3	0	12.40	21782971	7.00	-37.9151414	-50.8348928	-32.9233680
IID000000002148771	Beiersdorf Aktiengesellschaft	BEI	07724U103	5107401	DE0005200000	DE	Personal Products	Household & Personal Products	Consumer Staples	AA	5.7	7.60	6.7	35	1	30	4	3.7	35	1	6.3	10.0	3.5	6.5	2	NA	20.90	1096289	7.00	9.0366779	6.2540646	1.5358362
IID000000002148785	ACCOR SA	AC	00435F309	5852842	FR0000120404	FR	Hotels, Resorts & Cruise Lines	Hotels & Travel	Consumer Discretionary	A	5.4	6.90	6.3	27	2	36	3	4.3	37	1	5.7	8.1	5.4	6.5	1	11	578.83	NA	7.00	21.9440968	-10.5842765	-8.2836523
IID000000002148926	Sampo Oyj	SAMPO	79588J102	5226038	FI0009003305	FI	Multi-line Insurance	Multi-Line Insurance & Brokerage	Financials	AA	6.4	8.40	6.6	13	2	54	2	6.2	33	1	6.8	10.0	0.8	6.3	3	NA	0.40	6925	7.00	88.5408340	19.8556411	1.0933941
IID000000002148930	EDP - Energias de Portugal, S.A.	EDP	268353109	4103596	PTEDP0AM0009	PT	Electric Utilities	Utilities	Utilities	AAA	8.4	10.00	9.5	54	1	13	1	8.4	33	1	6.7	10.0	1.8	8.0	2	14	650.30	11572000	10.00	39.3759284	-5.7369318	-2.5747327
IID000000002148933	Bayerische Motoren Werke Aktiengesellschaft	BMW	072743305	5756029	DE0005190003	DE	Automobile Manufacturers	Automobiles	Consumer Discretionary	A	4.9	7.10	7.1	30	2	37	1	4.3	33	2	3.5	10.0	1.9	6.3	3	0	6.00	65100863	7.00	90.9080879	-9.2990221	-6.2388167
IID000000002148934	Continental Aktiengesellschaft	CON	210771200	4598589	DE0005439004	DE	Auto Parts & Equipment	Auto Components	Consumer Discretionary	BBB	4.8	5.30	6.0	26	1	37	3	3.5	37	2	5.1	10.0	3.0	6.3	2	0	65.00	NA	7.00	25.0771921	-35.8800459	-29.7076526
IID000000002148935	HeidelbergCement AG	HEI	42281P205	5120679	DE0006047004	DE	Construction Materials	Construction Materials	Materials	AA	5.6	8.40	6.5	35	1	32	3	3.4	33	1	6.7	5.6	8.6	6.9	1	13	3516.00	21260000	7.70	39.6179333	-30.8407214	-19.8075132
IID000000002148949	Fastighets AB Balder	BALD B	NA	B0LC9F2	SE0000455057	SE	Real Estate Operating Companies	Real Estate Management & Services	Real Estate	BBB	5.2	5.00	5.3	31	3	25	3	5.6	44	3	4.9	6.7	4.4	4.0	4	NA	14.00	NA	7.00	86.6066066	40.1443392	13.5184509
IID000000002149686	PRYSMIAN S.P.A.	PRY	74440L106	B1W4V69	IT0004176001	IT	Electrical Components & Equipment	Electrical Equipment	Industrials	AA	6.1	7.80	5.1	32	3	24	3	4.6	44	1	7.6	10.0	3.1	6.3	2	0	68.00	NA	7.00	114.8028223	12.4564674	2.6184952
IID000000002150860	DSV A/S	DSV	26251A108	B1WT5G2	DK0060079531	DK	Air Freight & Logistics	Air Freight & Logistics	Industrials	A	5.4	6.80	10.0	15	1	31	4	0.4	54	1	6.9	10.0	3.5	7.8	1	15	9.10	12524000	7.00	115.7847656	4.9245950	-13.9230992
IID000000002150894	Naturgy Energy Group, S.A.	NTGY	63903X103	5650422	ES0116870314	ES	Gas Utilities	Utilities	Utilities	AAA	8.4	10.00	10.0	21	1	29	1	9.0	50	1	7.4	10.0	3.5	6.8	2	21	823.20	123217903	7.00	98.5330425	37.5278832	29.3611579
IID000000002150936	Erste Group Bank AG	EBS	296036304	5289837	AT0000652011	AT	Diversified Banks	Banks	Financials	AA	5.2	8.30	8.6	13	1	54	3	4.2	33	2	5.5	9.7	0.9	4.7	3	0	5.00	NA	7.00	116.7378809	18.4237906	-10.5913889
IID000000002150938	Securitas AB	SECU B	81373F105	5554041	SE0000163594	SE	Security & Alarm Services	Commercial Services & Supplies	Industrials	BBB	5.6	5.70	9.3	5	1	62	4	4.8	33	2	6.5	9.3	1.9	4.3	1	5	11.50	57274	7.00	10.0473216	-25.9442485	-22.4690459
IID000000002151160	ENEL - SPA	ENEL	29265W207	7144569	IT0003128367	IT	Electric Utilities	Utilities	Utilities	AAA	7.2	8.80	9.0	54	1	13	2	6.8	33	3	4.4	10.0	1.3	7.0	2	14	655.80	47701647	7.00	9.6425575	-24.2302495	-7.2524707
IID000000002151173	Investor Aktiebolag	INVE B	NA	BMV7PQ4	SE0015811963	SE	Multi-Sector Holdings	Diversified Financials	Financials	A	5.4	7.00	8.5	5	3	44	1	5.9	51	3	4.7	8.5	4.8	6.3	3	5	0.00	284615	7.00	93.5209998	19.3809689	9.0187664
IID000000002151494	Siemens Gamesa Renewable Energy, S.A.	SGRE	82621P101	B01CP21	ES0143416115	ES	Heavy Electrical Equipment	Electrical Equipment	Industrials	A	5.8	6.30	7.1	36	2	23	3	4.8	41	2	5.1	10.0	1.8	7.0	2	0	2.40	856082	7.00	19.0959306	-50.7704160	-23.9647787
IID000000002151502	Richter Gedeon Vegyeszeti Gyar Nyilvanosan Mukodo Rt.	RICHTER	368467205	BC9ZH86	HU0000123096	HU	Pharmaceuticals	Pharmaceuticals	Health Care	BBB	4.5	4.60	4.2	9	3	58	2	4.9	33	3	3.8	9.0	2.0	4.0	3	0	51.00	NA	7.00	13.2683360	-21.0774040	-18.6512695
IID000000002151773	SOCIETE GENERALE SA	GLE	83364L109	5966516	FR0000130809	FR	Diversified Banks	Banks	Financials	AAA	7.0	10.00	10.0	13	1	54	1	6.7	33	1	6.4	10.0	0.8	7.0	3	0	2.50	81854	7.00	79.8820397	10.1341272	-9.2729970
IID000000002151843	IPSEN SA	IPN	462629205	B0R7JF1	FR0010259150	FR	Pharmaceuticals	Pharmaceuticals	Health Care	A	4.9	6.20	5.0	9	2	58	2	4.8	33	2	5.1	10.0	2.3	6.3	2	0	7.70	31366	7.00	130.9239445	55.3776261	36.0470701
IID000000002152142	AEGON N.V.	AGN	007924103	5927375	NL0000303709	NL	Life & Health Insurance	Life & Health Insurance	Financials	AA	5.9	8.40	8.4	5	1	62	3	4.8	33	1	7.7	10.0	0.8	5.7	4	0	1.20	2139	7.00	148.7438015	21.8086535	9.5596623
IID000000002152716	Swedbank AB	SWED A	870195104	4846523	SE0000242455	SE	Diversified Banks	Banks	Financials	AA	6.3	8.57	9.2	13	1	54	1	5.2	33	1	6.8	10.0	0.8	6.3	3	0	0.80	5683	7.00	52.3890366	3.3427191	-10.0729209
IID000000002152916	NOVOZYMES A/S	NZYM B	670108109	B798FW0	DK0060336014	DK	Specialty Chemicals	Specialty Chemicals	Materials	AAA	6.4	8.60	6.8	53	1	14	1	5.7	33	2	6.0	8.7	6.5	8.2	2	14	110.70	35000	7.00	53.2011769	15.3744846	6.4410833
IID000000002153232	Porsche Automobil Holding SE	PAH3	73328P106	B3KQQB1	US73328P1066	DE	Automobile Manufacturers	Automobiles	Consumer Discretionary	B	3.6	1.43	5.6	30	3	37	3	3.8	33	4	1.6	10.0	2.3	7.0	3	0	26.18	196642951	7.00	162.5140479	-11.2704057	-3.8152610
IID000000002153255	SOLVAY SA	SOLB	834437402	4821100	BE0003470755	BE	Diversified Chemicals	Diversified Chemicals	Materials	AA	5.3	7.20	6.0	53	1	14	1	5.2	33	4	4.2	7.6	6.9	7.5	2	14	865.80	28800000	9.00	47.0378476	-13.1802878	-13.9256445
IID000000002153917	TENARIS S.A.	TEN	88031M109	7538515	LU0156801721	LU	Oil & Gas Equipment & Services	Energy Equipment & Services	Energy	BB	5.4	3.80	6.1	50	4	15	2	6.3	35	3	3.9	5.1	7.6	5.7	4	20	309.70	1300000	5.50	159.3051856	45.8072997	53.3067589
IID000000002153931	THALES SA	HO	883219206	4162791	FR0000121329	FR	Aerospace & Defense	Aerospace & Defense	Industrials	A	4.4	6.00	6.0	13	1	40	1	6.4	47	4	2.2	10.0	2.4	7.0	3	0	9.40	9620	7.00	64.7338656	33.7467136	35.1358896
IID000000002155484	ACS, ACTIVIDADES DE CONSTRUCCION Y SERVICIOS, S.A.	ACS	00089H106	B01FLQ6	ES0167050915	ES	Construction & Engineering	Construction & Engineering	Industrials	A	5.7	5.80	5.8	17	1	25	1	7.1	58	1	5.0	10.0	2.9	6.3	3	0	67.10	1937759	7.00	63.8215289	-9.0714425	7.5301377
IID000000002155677	A.P. MOELLER - MAERSK A/S	MAERSK B	00202F102	4253048	DK0010244508	DK	Marine	Marine Transport	Industrials	AA	6.1	8.40	6.1	47	1	16	1	6.1	37	1	6.2	8.1	7.1	8.2	1	21	624.20	23689000	7.00	286.2918806	53.7821050	31.1710169
IID000000002155810	ASML Holding N.V.	ASML	NA	B929F46	NL0010273215	NL	Semiconductor Equipment	Semiconductors & Semiconductor Equipment	Information Technology	AAA	7.3	10.00	5.1	15	2	31	1	10.0	54	1	6.4	10.0	2.6	7.0	1	NA	8.70	8830000	7.00	163.8717932	15.8732658	-3.3110057
IID000000002156328	AEROPORTS DE PARIS SA	ADP	00786A107	B164FY1	FR0010340141	FR	Airport Services	Transportation Infrastructure	Industrials	A	6.7	7.00	9.7	19	1	37	1	9.5	44	2	3.1	8.1	5.2	6.3	2	0	38.10	2626821	7.00	64.3504532	31.0843373	18.9851269
IID000000002156536	Akzo Nobel N.V.	AKZA	010199503	BJ2KSG2	NL0013267909	NL	Specialty Chemicals	Specialty Chemicals	Materials	AAA	7.4	10.00	8.8	53	1	14	1	5.1	33	1	6.2	10.0	3.6	8.7	1	14	21.60	12600000	8.00	42.6173658	-17.2687697	-15.4359958
IID000000002156720	Alfa Laval AB	ALFA	015393101	7332687	SE0000695876	SE	Industrial Machinery	Industrial Machinery	Industrials	AA	6.1	8.30	4.8	33	3	20	3	5.0	47	1	7.4	10.0	2.7	7.0	2	0	11.40	NA	7.00	95.3502061	24.5541164	0.6809037
IID000000002156841	Allianz SE	ALV	018820100	5231485	DE0008404005	DE	Multi-line Insurance	Multi-Line Insurance & Brokerage	Financials	AAA	7.1	9.80	9.8	13	1	54	1	7.8	33	4	4.8	10.0	0.6	6.3	3	0	1.40	75315	7.00	56.3151987	4.2006289	10.8806964
IID000000002156925	ALPHA SERVICES AND HOLDINGS S.A.	ALPHA	02071M507	BZ1MXR7	GRS015003007	GR	Diversified Banks	Banks	Financials	AA	5.2	7.50	7.3	13	2	54	2	4.6	33	2	5.3	10.0	0.8	5.0	3	0	11.30	548	7.00	79.7101449	15.0990099	0.8130081
IID000000002157093	AMBU A/S	AMBU B	02337W109	BD9G333	DK0060946788	DK	Health Care Equipment	Health Care Equipment & Supplies	Health Care	AA	6.8	7.60	10.0	5	2	56	2	6.3	39	1	7.0	10.0	2.3	6.3	2	5	35.70	NA	7.00	-38.3864420	-66.3759655	-44.6596691
IID000000002157753	ArcelorMittal SA	ARMT34	03938L203	BYPBS67	LU1598757687	LU	Steel	Steel	Materials	BB	3.8	3.40	2.6	40	3	27	3	3.8	33	1	5.4	3.0	8.1	4.1	3	10	2830.90	9600000	4.00	268.0121282	21.5112985	16.2698413
IID000000002157858	ARKEMA SA	AKE	041232109	B0Z5YZ2	FR0010313833	FR	Specialty Chemicals	Diversified Chemicals	Materials	A	5.1	6.40	5.3	53	2	14	3	2.5	33	2	5.9	7.7	6.8	7.5	2	14	349.50	11194000	7.00	83.5568437	6.5180201	-3.5476718
IID000000002158257	Atlas Copco Aktiebolag	ATCO A	049255706	BD97BN2	SE0017486889	SE	Industrial Machinery	Industrial Machinery	Industrials	AA	5.8	7.40	5.4	33	2	20	3	4.5	47	1	6.7	10.0	2.6	6.3	2	0	9.50	124000	7.00	63.0458293	-7.5443315	-6.9001835
IID000000002158653	BASF SE	BAS	055262505	5086577	DE000BASF111	DE	Diversified Chemicals	Diversified Chemicals	Materials	A	5.2	6.00	5.7	53	1	14	3	2.1	33	2	5.9	8.6	6.7	8.3	1	14	239.30	122000000	9.00	41.0695556	-23.5660341	-19.8761610
IID000000002158801	MBANK SPOLKA AKCYJNA	MBK	552750101	4143053	PLBRE0000012	PL	Diversified Banks	Banks	Financials	BBB	4.4	5.40	3.7	13	3	54	4	3.6	33	1	6.2	9.3	0.8	4.3	3	0	4.90	NA	6.00	66.2900188	66.6037736	-15.9447882
IID000000002158978	Banco Bilbao Vizcaya Argentaria, S.A.	BBVA	05946K101	5501906	ES0113211835	ES	Diversified Banks	Banks	Financials	AAA	6.2	10.00	8.7	13	1	54	1	6.5	33	3	4.6	9.7	0.7	4.7	3	0	7.70	11804	7.00	106.9405950	20.3639146	-6.2615537
IID000000002159005	BANCO SANTANDER, S.A.	SAN	05964H105	5705946	ES0113900J37	ES	Diversified Banks	Banks	Financials	AA	5.5	7.60	9.1	13	1	54	2	4.6	33	2	5.4	10.0	0.7	6.8	3	0	3.90	48892	7.00	54.2575689	10.0649843	0.7167402
IID000000002159094	BANK POLSKA KASA OPIEKI - SPOLKA AKCYJNA	PEO	064451206	5473113	PLPEKAO00016	PL	Diversified Banks	Banks	Financials	A	5.0	7.00	3.8	13	3	54	2	5.0	33	2	5.3	8.0	0.7	3.0	4	0	6.00	NA	6.00	115.4412337	62.8622369	4.0552995
IID000000002159108	SANTANDER BANK POLSKA SPOLKA AKCYJNA	SPL	80280M104	7153639	PLBZ00000044	PL	Diversified Banks	Banks	Financials	A	4.9	5.90	6.2	13	2	54	4	4.0	33	1	6.0	7.7	0.8	2.7	4	0	12.60	NA	3.00	85.4680902	43.4344342	-1.2388387
IID000000002159353	Bechtle AG	BC8	07558Q103	5932409	DE0005158703	DE	IT Consulting & Other Services	Software & Services	Information Technology	A	5.0	6.20	4.9	16	4	47	4	3.6	37	1	6.9	9.0	1.6	4.0	2	5	4.60	NA	7.00	37.3341633	-4.9136789	-13.1319986
IID000000002159894	Boliden AB	BOL	09752V102	BL54C29	SE0017768716	SE	Diversified Metals & Mining	Metals and Mining - Non-Precious Metals	Materials	AAA	6.6	10.00	5.5	38	1	29	1	6.7	33	1	7.7	6.9	7.4	7.3	1	7	130.80	NA	7.00	189.8221932	55.1232285	70.5672494
IID000000002159897	BOLLORE SE	BOL	NA	4572709	FR0000039299	FR	Movies & Entertainment	Media & Entertainment	Communication Services	B	3.5	2.30	10.0	5	1	47	3	4.3	48	4	2.1	10.0	2.5	5.8	1	5	11.20	7242202	7.00	102.8750564	17.9307511	-4.3460765
IID000000002160623	CNP ASSURANCES SA	CNP	12620R105	5543986	FR0000120222	FR	Life & Health Insurance	Life & Health Insurance	Financials	AAA	6.3	9.70	8.5	5	1	62	1	6.8	33	3	5.0	10.0	0.6	6.3	4	NA	0.10	38519	7.00	187.3140770	47.8369523	59.4732992
IID000000002161097	Carl Zeiss Meditec AG	AFX	14218T105	5922961	DE0005313704	DE	Health Care Equipment	Health Care Equipment & Supplies	Health Care	AA	6.3	7.60	10.0	5	2	56	1	6.9	39	3	5.1	10.0	2.4	5.7	2	5	17.70	NA	7.00	73.4891401	13.2342207	-8.7063909
IID000000002161102	CARLSBERG A/S	CARL B	142795202	4169219	DK0010181759	DK	Brewers	Beverages	Consumer Staples	AAA	6.2	8.60	6.6	39	1	28	1	7.4	33	2	4.6	9.9	3.4	6.3	2	NA	77.40	NA	7.00	14.2565816	-12.1872380	-17.3516969
IID000000002163116	Caixabank, S.A.	CABK	12803K109	B283W97	ES0140609019	ES	Diversified Banks	Banks	Financials	AA	5.8	7.80	7.4	13	2	54	1	5.9	33	2	5.1	10.0	0.7	7.0	3	0	0.30	12361	7.00	93.4997760	19.4903374	16.7741935
IID000000002163566	Mercedes-Benz Group AG	MBG	233825207	5529027	DE0007100000	DE	Automobile Manufacturers	Automobiles	Consumer Discretionary	A	5.0	6.90	7.3	30	2	37	3	3.8	33	2	4.3	10.0	1.8	7.0	3	0	7.60	98326000	7.00	211.3908180	1.1236890	-1.5295498
IID000000002163686	DASSAULT SYSTEMES SE	DSY	237545108	BM8H5Y5	FR0014003TT8	FR	Application Software	Software & Services	Information Technology	AA	5.9	8.30	7.3	16	2	47	1	6.5	37	3	4.5	10.0	1.5	7.2	2	5	3.70	561226	7.00	70.0922724	19.7534429	-0.1340034
IID000000002163944	Deutsche Boerse Aktiengesellschaft	DB1	251542106	7021963	DE0005810055	DE	Financial Exchanges & Data	Diversified Financials	Financials	AAA	6.4	10.00	10.0	5	1	35	1	5.6	60	1	6.6	10.0	1.3	6.5	2	5	1.50	4510	7.00	39.8172677	16.2544600	14.1856392
IID000000002163947	Deutsche Post AG	DPW	25157Y202	4617859	DE0005552004	DE	Air Freight & Logistics	Air Freight & Logistics	Industrials	A	5.9	6.50	9.2	27	3	40	2	4.3	33	2	5.0	9.2	5.2	7.4	3	27	82.80	20610000	7.00	93.2318555	-3.9062895	-19.5455385
IID000000002163952	Deutsche Telekom AG	DTE	251566105	5842359	DE0005557508	DE	Integrated Telecommunication Services	Telecommunication Services	Communication Services	BBB	5.2	5.10	10.0	5	3	56	4	5.4	39	2	4.4	10.0	2.4	6.5	3	5	40.90	13881000	7.00	58.5176639	1.7107712	-2.4766732
IID000000002164054	DIASORIN S.P.A.	DIA	NA	B234WN9	IT0003492391	IT	Health Care Equipment	Health Care Equipment & Supplies	Health Care	A	5.4	7.10	10.0	5	2	56	2	5.9	39	4	4.1	10.0	2.6	6.0	2	5	10.40	NA	6.00	21.4628878	2.2480245	-18.9837282
IID000000002164704	ENI S.P.A.	ENI	26874R108	7145056	IT0003132476	IT	Integrated Oil & Gas	Integrated Oil & Gas	Energy	A	5.7	5.80	6.0	41	2	26	1	8.1	33	3	3.3	8.1	5.7	6.8	1	14	715.20	185000000	7.26	64.4813632	34.0731512	15.7812228
IID000000002165080	Aktiebolaget Electrolux	ELUX B	010198208	BP81612	SE0016589188	SE	Household Appliances	Household Durables	Consumer Discretionary	AA	5.3	8.30	4.7	15	2	35	3	4.4	50	1	6.1	10.0	2.3	7.0	2	NA	20.20	65820500	7.00	45.8178246	-31.9401951	-19.7282709
IID000000002165146	ELIA GROUP SA	ELI	NA	B09M9F4	BE0003822393	BE	Electric Utilities	Utilities	Utilities	AA	7.0	8.20	7.9	50	1	15	1	7.2	35	2	5.6	9.3	1.2	4.3	2	5	343.10	NA	6.00	58.8971890	49.8365776	33.3976834
IID000000002165151	Elisa Oyj	ELISA	28660R102	5701513	FI0009007884	FI	Integrated Telecommunication Services	Telecommunication Services	Communication Services	AA	6.8	8.54	10.0	5	3	56	3	6.0	39	1	7.6	10.0	2.4	6.3	3	5	26.10	171264	7.00	4.1451426	9.3546338	1.7890421
IID000000002165333	Endesa, Sociedad Anonima	ELE	29258N206	5271782	ES0130670112	ES	Electric Utilities	Utilities	Utilities	AAA	7.2	9.10	7.7	45	2	22	1	7.9	33	2	6.1	10.0	1.7	8.3	2	12	470.10	21737472	8.00	21.1277936	-3.5084271	15.1390920
IID000000002165705	ETABLISSEMENTEN FRANZ COLRUYT NV	COLR	196850101	5806225	BE0974256852	BE	Food Retail	Retail - Food & Staples	Consumer Staples	A	5.0	7.00	6.2	15	1	52	3	4.1	33	1	5.9	10.0	2.7	5.7	3	NA	36.60	NA	7.00	-23.4111588	-23.5567856	-11.3894140
IID000000002165722	EURAZEO SE	RF	NA	7042395	FR0000121121	FR	Multi-Sector Holdings	Diversified Financials	Financials	AA	6.3	8.40	8.8	5	3	44	2	4.7	51	1	7.4	8.8	4.5	6.3	3	5	176.40	2587370	7.00	99.9325811	17.5507224	-4.8567870
IID000000002165914	EXPERIAN PLC	EXPN	30215C101	B19NLV4	GB00B19NLV48	IE	Research & Consulting Services	Professional Services	Industrials	A	6.2	6.70	10.0	5	3	60	3	5.3	35	1	7.3	10.0	1.7	7.2	3	5	4.50	300	7.00	37.1398034	17.2762103	-4.7260919
IID000000002166854	AGEAS SA	AGS	00844W208	B86S2N0	BE0974264930	BE	Multi-line Insurance	Multi-Line Insurance & Brokerage	Financials	A	5.8	7.00	5.9	13	3	54	3	5.1	33	1	6.9	8.3	1.1	3.3	4	NA	1.90	NA	7.00	56.7118247	-6.3632362	10.1393561
IID000000002166989	Fresenius SE & Co. KGaA	FRE	35804M105	4352097	DE0005785604	DE	Health Care Services	Health Care Providers & Services	Health Care	BBB	5.1	5.60	10.0	5	1	60	4	4.5	35	2	5.3	10.0	2.2	6.3	1	5	34.30	NA	7.00	2.7789949	-10.0445778	-18.0611869
IID000000002167265	GN STORE NORD A/S	GN	3621ME105	4501093	DK0010272632	DK	Health Care Equipment	Health Care Equipment & Supplies	Health Care	AA	6.3	8.40	7.9	5	3	56	3	5.6	39	1	7.1	7.9	2.4	3.3	3	5	32.10	NA	7.00	14.4896924	-33.0306114	-25.1130482
IID000000002167383	Galp Energia, SGPS, S.A.	GALP	364097105	B1FW751	PTGAL0AM0009	PT	Integrated Oil & Gas	Integrated Oil & Gas	Energy	AAA	7.9	10.00	7.6	41	1	26	1	9.1	33	1	7.4	8.1	5.9	7.0	1	14	219.00	46930000	7.09	24.6338627	22.6782155	18.3939955
IID000000002167497	ENGIE SA	ENGI	29286D105	B0C2CQ3	FR0010208488	FR	Multi-Utilities	Utilities	Utilities	AA	6.4	7.20	7.8	49	2	18	2	6.9	33	3	4.0	9.7	4.6	7.3	2	10	599.90	134001033	7.00	38.5284981	2.5764559	2.6668961
IID000000002168286	GREEK ORGANISATION OF FOOTBALL PROGNOSTICS S.A.	OPAP	392483103	7107250	GRS419003009	GR	Casinos & Gaming	Casinos & Gaming	Consumer Discretionary	AA	6.7	8.57	5.7	11	3	52	1	7.6	37	1	5.9	5.7	3.3	2.0	4	11	3.60	NA	6.00	124.9374846	16.6030228	-1.1434207
IID000000002168367	GROEP BRUSSEL LAMBERT NV	GBLB	399457100	7097328	BE0003797140	BE	Multi-Sector Holdings	Diversified Financials	Financials	A	5.1	6.20	5.1	5	4	44	1	6.3	51	4	4.0	5.1	3.9	2.0	4	5	24.40	NA	3.00	49.2707098	8.5037925	-0.6544226
IID000000002168368	DANONE SA	BN	23636T100	B1Y9TB3	FR0000120644	FR	Packaged Foods & Meats	Food Products	Consumer Staples	AAA	5.7	9.50	5.6	41	1	26	1	5.9	33	1	5.7	10.0	4.0	7.0	1	NA	53.00	24974316	7.00	-5.3637308	-11.1720655	-13.9046636
IID000000002168371	GETLINK S.E.	GET	37428N105	B292JQ9	FR0010533075	FR	Highways & Railtracks	Transportation Infrastructure	Industrials	A	6.1	6.30	7.0	19	3	37	2	5.2	44	1	6.5	7.1	6.9	7.0	2	0	45.50	NA	7.00	54.7868803	22.9019424	19.1760846
IID000000002168927	Hannover Rueck SE	HNR1	410693105	4511809	DE0008402215	DE	Reinsurance	Multi-Line Insurance & Brokerage	Financials	A	5.8	7.00	4.5	17	4	50	1	6.7	33	3	5.2	10.0	0.7	6.3	3	NA	0.10	1772	7.00	31.8953551	1.6550570	2.0495868
IID000000002169150	Heineken Holding N.V.	HEIO	423008101	B0CCH46	NL0000008977	NL	Brewers	Beverages	Consumer Staples	A	5.5	6.50	6.1	39	2	28	1	6.9	33	3	3.6	10.0	3.4	7.0	2	NA	47.30	NA	7.00	6.7524415	-6.8038328	-5.9523810
IID000000002169173	HELLENIC TELECOMMUNICATIONS ORGANIZATION S.A.	HTO	423325307	5051605	GRS260333000	GR	Integrated Telecommunication Services	Telecommunication Services	Communication Services	BBB	5.1	4.60	10.0	5	3	56	3	5.9	39	3	3.3	10.0	2.0	6.3	3	5	76.50	699444	7.00	74.8290257	28.3016765	3.2308935
IID000000002169220	Henkel AG & Co. KGaA	HEN	42550U109	5002465	DE0006048408	DE	Household Products	Household & Personal Products	Consumer Staples	AA	6.1	7.60	6.1	35	2	30	1	5.8	35	1	6.5	9.5	4.5	7.0	3	NA	22.80	45172000	7.00	-4.4001545	-27.3722368	-18.2128240
IID000000002169765	Husqvarna Aktiebolag	HUSQ B	448103101	B12PJ24	SE0001662230	SE	Agricultural & Farm Machinery	Construction & Farm Machinery & Heavy Trucks	Industrials	AA	5.9	8.50	4.7	24	2	35	2	6.4	41	1	6.2	10.0	2.3	6.3	3	0	16.90	51269	7.00	115.4314916	-20.6414539	-4.2690242
IID000000002170530	Aktiebolaget Industrivarden	INDU A	NA	B1VSK54	SE0000107203	SE	Multi-Sector Holdings	Diversified Financials	Financials	A	4.6	6.20	6.1	5	4	44	4	3.2	51	3	5.7	6.1	4.9	4.0	4	5	0.50	10	7.00	40.9779301	-12.9866468	-1.4194994
IID000000002170550	Infineon Technologies AG	IFX	45662N103	5889505	DE0006231004	DE	Semiconductors	Semiconductors & Semiconductor Equipment	Information Technology	AA	6.8	7.90	5.8	35	2	30	1	7.1	35	1	7.5	8.8	4.5	6.3	2	NA	86.10	742743	7.00	144.2378673	-14.6114826	-10.4521565
IID000000002170625	TRANE TECHNOLOGIES PLC	2IS	NA	BK9ZQ96	IE00BK9ZQ967	IE	Building Products	Building Products	Industrials	AAA	6.8	9.70	7.6	40	1	25	1	7.4	35	2	5.4	10.0	3.7	7.2	2	15	33.10	242205835	7.00	94.7428176	-6.4420324	-11.9638249
IID000000002171092	INTESA SANPAOLO SPA	ISP	46115H107	4076836	IT0000072618	IT	Diversified Banks	Banks	Financials	AAA	5.8	9.50	6.7	13	2	54	1	5.4	33	1	6.1	10.0	0.8	7.0	3	0	0.90	NA	7.00	58.0482169	-2.1710174	-8.7821210
IID000000002171372	Investmentaktiebolaget Latour	LATO B	NA	BZ404X1	SE0010100958	SE	Industrial Conglomerates	Industrial Conglomerates	Industrials	A	4.5	6.00	4.4	17	2	25	3	4.4	58	2	4.6	9.4	3.3	5.7	3	0	31.70	NA	7.00	122.7036562	33.0095570	12.6918757
IID000000002172084	JUMBO S.A.	BELA	48138V105	7243530	GRS282183003	GR	Specialty Stores	Retail - Consumer Discretionary	Consumer Discretionary	BB	4.0	3.90	1.2	12	4	47	3	4.6	41	3	4.1	10.0	2.3	5.7	2	NA	22.60	NA	7.00	27.3019173	-6.2776708	-0.5268282
IID000000002172211	KBC GROEP N.V.	KBC	48241F104	4497749	BE0003565737	BE	Diversified Banks	Banks	Financials	AAA	6.6	10.00	10.0	13	1	54	1	5.3	33	1	7.4	10.0	0.7	8.0	3	0	5.10	18902	10.00	63.4511751	8.7418805	-13.1881459
IID000000002172236	KGHM POLSKA MIEDZ SPOLKA AKCYJNA	KGH	NA	5263251	PLKGHM000017	PL	Copper	Metals and Mining - Non-Precious Metals	Materials	BBB	3.7	4.60	4.3	40	1	27	4	2.8	33	2	3.6	3.9	5.8	2.7	2	9	520.80	1067496	4.00	196.9163616	-8.4299961	10.7623318
IID000000002172628	Kesko Oyj	KESKOB	492531108	4490005	FI0009000202	FI	Food Retail	Retail - Food & Staples	Consumer Staples	AAA	7.3	10.00	7.5	15	1	52	1	6.9	33	1	7.8	10.0	3.1	7.0	3	NA	12.80	7736700	7.00	111.2677818	0.5787310	-15.2777778
IID000000002172765	KINGSPAN GROUP PUBLIC LIMITED COMPANY	KRX	496402108	4491235	IE0004927939	IE	Building Products	Building Products	Industrials	AA	6.0	8.40	7.4	40	1	25	4	3.9	35	2	5.8	10.0	3.3	7.0	2	15	63.90	5043030	7.00	92.1894753	22.6781038	2.9928397
IID000000002172773	Kinnevik AB	KINV B	NA	BNKF607	SE0015810247	SE	Multi-Sector Holdings	Diversified Financials	Financials	AA	6.1	7.90	8.4	5	3	44	2	4.6	51	1	7.2	8.4	4.9	6.3	3	5	0.10	91	7.00	159.5414999	-3.5109443	-19.1836735
IID000000002172927	KONE Oyj	KNEBV	50048H101	B09M9D2	FI0009013403	FI	Industrial Machinery	Industrial Machinery	Industrials	A	5.8	7.10	6.0	33	1	20	1	6.7	47	2	5.3	10.0	2.3	7.0	2	0	11.70	14105500	7.00	-0.2098302	-28.5231658	-17.9847632
IID000000002172935	Koninklijke Ahold Delhaize N.V.	AD	500467501	BD0Q398	NL0011794037	NL	Food Retail	Retail - Food & Staples	Consumer Staples	AA	5.6	8.40	5.9	15	1	52	2	5.0	33	1	6.4	10.0	3.0	7.0	3	NA	37.20	488000	7.00	44.7910220	26.5031302	1.7117904
IID000000002172937	Koninklijke KPN N.V.	KPN	780641205	5956078	NL0000009082	NL	Integrated Telecommunication Services	Telecommunication Services	Communication Services	AAA	7.3	9.80	10.0	5	3	56	2	7.1	39	1	7.3	10.0	2.5	8.2	3	5	2.20	793000	10.00	66.9787475	12.8892148	17.0577281
IID000000002173247	L’OREAL SA	OR	502117203	4057808	FR0000120321	FR	Personal Products	Household & Personal Products	Consumer Staples	AAA	6.6	8.80	7.6	35	1	30	1	6.4	35	2	5.8	10.0	3.0	7.0	2	NA	5.20	11168803	7.00	59.9115368	13.6881182	0.6361499
IID000000002173257	LANXESS Aktiengesellschaft	LXS	516557105	B05M8B7	DE0005470405	DE	Diversified Chemicals	Diversified Chemicals	Materials	AA	5.6	8.00	5.2	53	3	14	2	4.1	33	1	6.8	8.0	7.3	8.3	2	14	389.40	14499000	9.00	18.6334166	-36.7445653	-31.5310676
IID000000002173340	LPP SPOLKA AKCYJNA	LPP	50213U101	7127979	PLLPP0000011	PL	Apparel, Accessories & Luxury Goods	Textiles, Apparel & Luxury Goods	Consumer Discretionary	BBB	4.5	5.50	3.3	22	3	45	2	4.7	33	2	5.2	10.0	2.4	6.0	3	0	66.80	1072661	6.00	139.8784951	45.1000970	-19.7902098
IID000000002173360	LVMH MOET HENNESSY LOUIS VUITTON SE	MC	502441306	4061412	FR0000121014	FR	Apparel, Accessories & Luxury Goods	Textiles, Apparel & Luxury Goods	Consumer Discretionary	A	5.5	6.20	7.2	27	2	36	1	5.5	37	3	4.2	10.0	2.9	6.3	3	NA	5.60	4451210	7.00	104.3577856	14.8412868	3.5297555
IID000000002173667	LEGRAND SA	LR	524671104	B11ZRK9	FR0010307819	FR	Electrical Components & Equipment	Electrical Equipment	Industrials	AA	6.1	7.40	7.4	32	1	24	4	3.5	44	1	6.5	10.0	3.3	7.0	2	0	19.80	3297690	7.00	58.0967610	9.9769681	-5.2019315
IID000000002174156	Lundin Energy AB	LUNE	NA	7187627	SE0000825820	SE	Oil & Gas Exploration & Production	Oil & Gas Exploration & Production	Energy	AA	6.2	7.50	6.0	43	1	24	2	6.9	33	2	5.8	3.9	9.5	6.4	3	19	111.20	20856000	6.12	136.3354382	51.4395072	25.4954853
IID000000002174446	MOL Magyar Olaj- es Gazipari Nyilvanosan Mukodo Reszvenytarsasag	MOL	608464202	BD5ZXH8	HU0000153937	HU	Integrated Oil & Gas	Integrated Oil & Gas	Energy	AA	6.4	7.30	6.2	41	1	26	1	8.1	33	2	5.3	7.7	5.5	6.2	1	14	562.40	54492723	6.57	61.2444147	43.0003284	12.9529684
IID000000002175223	MEDIOBANCA BANCA DI CREDITO FINANZIARIO SOCIETA PER AZIONI	MB	58502K106	4574813	IT0000062957	IT	Diversified Banks	Banks	Financials	A	5.2	7.00	7.1	13	2	54	4	3.9	33	1	6.6	10.0	1.0	6.3	3	0	1.30	1527	7.00	96.2217627	3.7503910	-6.8412049
IID000000002175370	MERCK Kommanditgesellschaft auf Aktien	MRK	589339209	4741844	DE0006599905	DE	Pharmaceuticals	Pharmaceuticals	Health Care	AAA	6.3	9.70	7.3	7	1	60	1	6.9	33	2	5.2	8.3	3.4	4.7	3	0	93.70	308000	7.00	116.0265881	31.7110461	3.7431694
IID000000002176253	Muenchener Rueckversicherungs-Gesellschaft Aktiengesellschaft in Muenchen	MUV2	626188106	5294121	DE0008430026	DE	Reinsurance	Multi-Line Insurance & Brokerage	Financials	AA	6.9	8.40	5.7	17	3	50	1	7.3	33	1	7.0	10.0	0.7	7.0	3	NA	1.20	6890	7.00	51.4422910	-4.3102343	2.4236038
IID000000002177044	Neste Oyj	NESTE	64104Y106	B06YV46	FI0009013296	FI	Oil & Gas Refining & Marketing	Oil & Gas Refining, Marketing, Transportation & Storage	Energy	AAA	7.0	9.80	6.0	48	1	15	1	10.0	37	1	7.0	7.5	6.5	7.0	2	21	193.10	47800000	6.00	50.1003683	-8.9568536	-14.9518413
IID000000002177513	Nordea Bank Abp	NDA FI	65558R109	BYZF9J9	FI4000297767	FI	Diversified Banks	Banks	Financials	AA	5.9	7.20	10.0	13	1	54	3	4.5	33	1	6.5	10.0	0.9	6.3	3	0	1.80	9650	7.00	111.4280383	25.1034807	-4.3105332
IID000000002178258	CD Projekt SA	CDR	125105106	7302215	PLOPTTC00011	PL	Interactive Home Entertainment	Media & Entertainment	Communication Services	A	5.4	6.70	8.3	5	2	51	3	4.6	44	1	6.1	8.3	1.6	3.3	2	5	16.10	NA	7.00	-36.5869703	-8.0644686	-8.3359713
IID000000002178378	Orion Oyj	ORNBV	68628Y104	B17NY40	FI0009014377	FI	Pharmaceuticals	Pharmaceuticals	Health Care	AA	5.8	8.50	3.4	9	3	58	2	5.2	33	1	7.4	10.0	2.3	6.3	2	0	17.40	NA	7.00	21.3494583	23.8453005	25.5577833
IID000000002178411	ORPEA S.A.	ORP	687294108	7339451	FR0000184798	FR	Health Care Facilities	Health Care Providers & Services	Health Care	BBB	5.0	5.30	9.9	5	2	60	4	4.2	35	2	5.6	9.9	3.4	6.3	2	5	33.10	NA	7.00	-55.8751992	-60.6223890	-60.3743208
IID000000002178416	OTP Bank Nyrt.	OTP	67106E101	7320154	HU0000061726	HU	Diversified Banks	Banks	Financials	A	4.6	6.20	5.2	13	2	54	2	4.6	33	3	4.5	9.7	0.6	4.7	3	0	3.10	229	7.00	39.4094495	-9.1165536	-34.9839400
IID000000002178815	FLUTTER ENTERTAINMENT PLC	FLTR	344044102	BWXC0Z1	IE00BWT6H894	IE	Casinos & Gaming	Casinos & Gaming	Consumer Discretionary	AA	6.0	7.70	7.9	11	1	52	1	5.8	37	2	5.8	7.9	3.8	4.7	2	11	1.80	5883	7.00	25.8542703	-42.6356589	-40.0809717
IID000000002179850	POLSKI KONCERN NAFTOWY ORLEN SPOLKA AKCYJNA	PKN	NA	5810066	PLPKN0000018	PL	Oil & Gas Refining & Marketing	Oil & Gas Refining, Marketing, Transportation & Storage	Energy	BBB	4.6	4.90	4.5	48	4	15	1	8.7	37	3	3.2	6.6	6.3	5.9	3	21	729.10	NA	6.07	45.9109577	24.2947932	-6.5174619
IID000000002179851	POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SPOLKA AKCYJNA	PGN	731618104	B0L9113	PLPGNIG00014	PL	Integrated Oil & Gas	Integrated Oil & Gas	Energy	BBB	5.0	5.00	5.6	41	2	26	3	6.0	33	3	3.5	5.6	6.0	4.6	3	14	589.90	NA	7.87	96.0934305	2.6652799	-2.4213836
IID000000002180452	PUBLICIS GROUPE SA	PUB	74463M106	4380429	FR0000130577	FR	Advertising	Media & Entertainment	Communication Services	AA	6.3	7.70	10.0	5	1	47	1	6.6	48	1	5.7	10.0	1.8	7.2	1	5	3.60	140622	7.00	136.3431410	10.2834315	-4.6912729
IID000000002180578	Qiagen N.V.	QGEN	NA	BYXS688	NL0012169213	NL	Life Sciences Tools & Services	Health Care Equipment & Supplies	Health Care	A	6.1	6.30	10.0	5	2	40	2	5.9	55	2	5.8	10.0	2.6	6.0	2	5	13.00	32429	6.00	21.8299354	-0.5883546	-3.8838760
IID000000002180858	RWE Aktiengesellschaft	RWE	74975E303	4768962	DE0007037129	DE	Independent Power Producers & Energy Traders	Utilities	Utilities	A	6.0	6.50	5.7	54	3	13	3	5.7	33	1	6.7	7.2	6.6	6.8	3	14	4358.70	38200000	7.00	84.2802005	18.3745169	28.8881643
IID000000002181048	RATIONAL Aktiengesellschaft	RAA	75410B101	5910609	DE0007010803	DE	Industrial Machinery	Industrial Machinery	Industrials	BBB	5.4	5.10	4.6	33	3	20	4	4.4	47	1	6.3	8.3	2.7	4.0	3	0	4.50	898	7.00	35.6911347	-8.5004419	-21.4285714
IID000000002181281	REMY COINTREAU SA	RCO	759655103	4741714	FR0000130395	FR	Distillers & Vintners	Beverages	Consumer Staples	AA	6.1	8.40	6.0	39	2	28	2	5.9	33	1	6.3	10.0	3.2	7.0	2	NA	6.90	83825	7.00	88.5902206	19.2035168	12.8545564
IID000000002181334	Repsol S.A.	REP	76026T205	5669354	ES0173516115	ES	Integrated Oil & Gas	Integrated Oil & Gas	Energy	A	5.9	6.90	5.7	41	2	26	2	7.5	33	2	5.0	6.7	7.1	6.8	2	14	550.10	157000000	7.78	75.6387357	20.7933763	8.2721658
IID000000002181612	ROCKWOOL A/S	ROCK B	NA	4713490	DK0010219153	DK	Building Products	Building Products	Industrials	AA	6.1	8.40	5.5	40	4	25	2	5.7	35	1	7.1	6.3	7.0	6.3	4	15	543.90	1040000	7.00	93.5587708	-15.5088886	-18.2417582
IID000000002182041	SEB SA	SK	81283P102	4792132	FR0000121709	FR	Household Appliances	Household Durables	Consumer Discretionary	A	5.6	6.90	5.1	15	2	35	3	4.5	50	1	6.4	10.0	2.2	6.3	2	NA	25.60	15801683	7.00	23.1368515	-15.0238490	4.8881524
IID000000002182453	AB Sagax	SAGA A	NA	B9M3PK4	SE0005127818	SE	Real Estate Operating Companies	Real Estate Management & Services	Real Estate	A	6.1	7.10	5.2	31	3	25	1	8.1	44	2	5.7	9.0	4.3	6.3	3	NA	46.40	77	7.00	199.6596385	50.3934808	1.6288952
IID000000002182638	Sandvik Aktiebolag	SAND	800212201	B1VQ252	SE0000667891	SE	Industrial Machinery	Industrial Machinery	Industrials	AA	5.5	7.40	4.9	33	2	20	4	2.8	47	1	7.1	10.0	3.2	6.3	2	0	26.00	NA	7.00	56.9913684	-14.3240400	0.8276900
IID000000002182746	Sartorius AG	SRT	80385Q208	5843307	DE0007165607	DE	Health Care Equipment	Health Care Equipment & Supplies	Health Care	A	5.8	6.60	10.0	5	2	56	3	4.9	39	1	6.5	10.0	2.8	7.0	2	5	15.10	NA	7.00	73.7064603	-8.3980268	-42.3867789
IID000000002182747	SARTORIUS STEDIM BIOTECH S.A.	DIM	80386Y101	BYZ2QP5	FR0013154002	FR	Life Sciences Tools & Services	Health Care Equipment & Supplies	Health Care	BBB	5.1	4.50	10.0	5	2	40	2	6.5	55	4	3.7	10.0	2.6	7.0	2	5	18.50	NA	7.00	110.8286433	6.8801830	-17.8188215
IID000000002182878	SCHNEIDER ELECTRIC SE	SU	80687P106	4834108	FR0000121972	FR	Electrical Components & Equipment	Electrical Equipment	Industrials	AAA	6.6	9.30	8.7	32	1	24	2	5.2	44	1	5.8	10.0	2.4	6.3	2	0	15.10	65701766	7.00	117.6306115	18.0987936	6.7639630
IID000000002183691	Siemens Aktiengesellschaft	SIE	826197501	5727973	DE0007236101	DE	Industrial Conglomerates	Industrial Conglomerates	Industrials	AA	5.4	7.20	7.6	21	1	29	4	3.9	50	2	5.3	10.0	1.6	8.8	2	0	8.20	469271000	7.00	98.6257852	-8.2288828	-6.1628664
IID000000002183971	Skanska AB	SKA B	830561205	7142091	SE0000113250	SE	Construction & Engineering	Construction & Engineering	Industrials	AA	4.9	7.30	5.1	17	2	25	2	6.0	58	2	4.3	10.0	2.8	7.0	3	0	11.80	1035837	7.00	59.5610574	-0.0465204	-0.4959516
IID000000002184086	SMURFIT KAPPA GROUP PUBLIC LIMITED COMPANY	SK3	83272W106	B1RR828	IE00B1RR8406	IE	Paper Packaging	Containers & Packaging	Materials	AA	5.9	8.30	6.2	49	2	18	4	3.2	33	1	6.9	8.1	5.7	6.8	2	16	298.10	454000	9.00	68.7476824	2.0080547	-8.7936866
IID000000002184092	SNAM S.P.A.	SRG	78460A106	7251470	IT0003153415	IT	Gas Utilities	Utilities	Utilities	A	6.4	6.70	8.0	32	1	35	1	7.6	33	3	3.6	9.1	4.4	6.5	2	14	387.40	432000	6.00	49.2522386	15.8534329	11.8225707
IID000000002184192	SODEXO SA	SW	833792104	7062713	FR0000121220	FR	Restaurants	Restaurants	Consumer Discretionary	BBB	4.4	4.60	3.7	18	4	49	3	3.8	33	3	5.6	10.0	4.0	6.5	2	0	5.60	7274648	7.00	28.4837461	-8.0923737	-3.0373367
IID000000002185433	Svenska Handelsbanken AB	SHB A	86959C103	BXDZ9Q1	SE0007100599	SE	Diversified Banks	Banks	Financials	AA	6.2	7.90	10.0	13	1	54	1	5.4	33	2	5.9	10.0	0.8	6.3	3	0	1.00	1346	7.00	24.0847771	0.1569755	-2.7493653
IID000000002185460	Swedish Match AB	SWMA	870309606	BP09MR2	SE0015812219	SE	Tobacco	Tobacco	Consumer Staples	AA	5.8	8.30	4.0	16	2	47	1	5.5	37	1	7.1	10.0	1.9	7.0	3	NA	15.20	183452	7.00	33.2832757	4.5687939	-6.8593955
IID000000002185719	TERNA - RETE ELETTRICA NAZIONALE SOCIETA PER AZIONI	TRN	88088L103	B01BN57	IT0003242622	IT	Electric Utilities	Utilities	Utilities	AA	7.1	8.20	7.8	50	2	15	1	7.8	35	2	5.8	9.3	1.1	4.3	2	5	554.70	623	6.00	55.1526424	26.6793770	26.5476617
IID000000002186408	Tele2 AB	TEL2 B	87952P307	B97C733	SE0005190238	SE	Wireless Telecommunication Services	Telecommunication Services	Communication Services	AAA	8.1	10.00	10.0	5	3	56	1	8.7	39	1	6.8	10.0	2.4	5.8	3	5	3.40	187504	7.00	22.6852046	27.8752460	12.8710818
IID000000002186438	Telefonaktiebolaget LM Ericsson	ERIC B	294821608	5959378	SE0000108656	SE	Communications Equipment	Technology Hardware, Storage & Peripherals	Information Technology	AA	5.0	8.20	4.7	16	1	47	2	4.8	37	2	5.4	10.0	1.7	7.0	3	NA	4.00	34159000	7.00	13.9407297	-23.9762973	-10.7541866
IID000000002186444	Telefonica S.A.	TEF	879382109	5732524	ES0178430E18	ES	Integrated Telecommunication Services	Telecommunication Services	Communication Services	A	5.6	6.30	10.0	5	3	56	3	6.1	39	3	4.3	10.0	2.1	6.5	3	5	30.50	1082541	7.00	28.6024922	23.1884719	12.5265356
IID000000002186456	ORANGE POLSKA SPOLKA AKCYJNA	OPL	NA	5552551	PLTLKPL00017	PL	Integrated Telecommunication Services	Telecommunication Services	Communication Services	A	5.7	6.80	10.0	5	3	56	2	7.2	39	3	3.0	10.0	2.0	7.0	3	5	123.90	200	7.00	36.1518551	20.3661327	-2.5925926
IID000000002186464	TELEPERFORMANCE SE	TEP	87946F100	5999330	FR0000051807	FR	Research & Consulting Services	Software & Services	Industrials	AA	5.5	7.60	10.0	5	1	53	3	4.9	42	2	5.7	10.0	1.5	6.3	2	5	21.40	11642	7.00	92.4424843	11.3845804	2.3345154
IID000000002186484	Telia Company AB	TELIA	87960M205	5978384	SE0000667925	SE	Integrated Telecommunication Services	Telecommunication Services	Communication Services	AAA	7.6	10.00	10.0	5	3	56	1	7.5	39	1	7.5	10.0	2.5	7.2	3	5	17.00	1128620	7.00	18.1997192	5.0462013	8.0920101
IID000000002187710	UCB SA	UCB	903480101	5596991	BE0003739530	BE	Pharmaceuticals	Pharmaceuticals	Health Care	A	5.3	6.90	4.3	9	2	58	3	4.6	33	1	6.8	10.0	2.5	7.0	2	0	5.20	34718	7.00	37.5406990	36.0954667	11.7580379
IID000000002187773	UPM-Kymmene Oyj	UPM	915436208	5051252	FI0009005987	FI	Paper Products	Paper & Forest Products	Materials	AAA	6.6	9.40	6.2	57	1	10	2	6.0	33	1	7.5	7.4	6.1	6.5	2	13	512.50	6160000	6.00	39.7852339	-0.1114371	1.8284659
IID000000002187852	UBISOFT ENTERTAINMENT SA	UBI	90348R102	B1L3CS6	FR0000054470	FR	Interactive Home Entertainment	Media & Entertainment	Communication Services	A	5.3	6.30	9.0	5	2	51	2	5.4	44	2	4.8	9.0	1.4	4.0	2	5	15.50	NA	7.00	-40.6565657	-38.8769890	-23.6721437
IID000000002187911	UMICORE SA	UMI	90420M104	BF44466	BE0974320526	BE	Specialty Chemicals	Specialty Chemicals	Materials	AAA	6.7	9.00	7.0	53	1	14	1	5.3	33	1	6.7	8.7	5.1	6.8	2	14	28.90	NA	7.00	29.4482327	-14.1553609	-20.9003215
IID000000002187936	UNIBAIL-RODAMCO-WESTFIELD SE	URMCY	90459E106	BK8TQ22	US90459E1064	FR	Retail REITs	Real Estate Management & Services	Real Estate	AAA	6.7	9.50	8.6	26	1	37	2	6.4	37	2	5.8	9.0	4.3	6.3	3	0	14.30	2456515	7.00	NA	NA	NA
IID000000002188105	United Internet AG	UTDI	910721109	4354134	DE0005089031	DE	Integrated Telecommunication Services	Telecommunication Services	Communication Services	BBB	5.1	5.10	9.2	5	3	56	4	4.4	39	1	5.7	9.2	2.5	4.7	3	5	2.60	2788	7.00	23.3689649	-7.4174760	-6.1691243
IID000000002188673	VEOLIA ENVIRONNEMENT SA	VIE	92334N103	4031879	FR0000124141	FR	Multi-Utilities	Utilities	Utilities	A	5.7	5.80	6.2	45	3	22	4	3.6	33	1	6.5	7.8	5.4	6.2	3	12	942.70	10800000	7.00	73.9177213	38.7929025	9.4020308
IID000000002188739	VESTAS WIND SYSTEMS A/S	VWS	925458101	BN4MYF5	DK0061539921	DK	Heavy Electrical Equipment	Electrical Equipment	Industrials	AAA	6.3	9.60	6.7	36	2	23	2	5.9	41	1	6.2	10.0	2.0	7.0	2	0	4.00	9790000	7.00	87.5622983	-22.7745220	-19.5205479
IID000000002188881	VINCI SA	DG	927320101	B1XH026	FR0000125486	FR	Construction & Engineering	Construction & Engineering	Industrials	A	4.8	6.00	5.1	13	2	43	4	2.8	44	1	6.6	10.0	2.7	7.0	3	0	41.50	13896662	7.00	45.0157757	6.5463159	3.0650447
IID000000002189030	VIVENDI SE	VIV	92852T201	4834777	FR0000127771	FR	Broadcasting	Media & Entertainment	Communication Services	AA	6.0	7.70	10.0	5	1	47	1	6.2	48	1	5.3	10.0	1.9	6.5	1	5	7.80	132089	7.00	51.1451548	4.5164642	8.9236431
IID000000002189291	Wartsila Oyj Abp	WRT1V	936544105	4525189	FI0009003727	FI	Industrial Machinery	Industrial Machinery	Industrials	AAA	6.3	10.00	7.8	33	1	20	4	3.7	47	1	6.4	10.0	2.1	7.0	2	0	14.70	93810	7.00	41.9441533	-4.5949300	-18.2726644
IID000000002200101	CYFROWY POLSAT SPOLKA AKCYJNA	CPS	232554105	B2QRCM4	PLCFRPT00013	PL	Cable & Satellite	Media & Entertainment	Communication Services	BB	3.4	3.50	8.0	5	3	44	4	2.9	51	3	3.5	8.0	1.6	3.0	3	5	19.00	NA	6.00	25.0186331	-3.4871695	-21.1363636
IID000000002201191	JAMES HARDIE INDUSTRIES PUBLIC LIMITED COMPANY	JHX	47030M106	B3LCV80	US47030M1062	IE	Construction Materials	Construction Materials	Materials	A	4.9	7.10	3.8	39	2	28	3	3.6	33	1	7.4	5.9	6.5	5.4	1	20	192.20	1371706	3.70	164.7690386	-4.4729985	-16.0815429
IID000000002226401	Orsted A/S	ORSTED	68750L102	BYT16L4	DK0060094928	DK	Multi-Utilities	Utilities	Utilities	AAA	8.1	10.00	9.2	54	1	13	1	7.2	33	1	6.7	10.0	1.0	8.3	2	14	238.00	25333000	10.00	32.4430828	-17.1107857	-1.0948055
IID000000002232880	POSTE ITALIANE - SOCIETA PER AZIONI	PST	NA	BYYN701	IT0003796171	IT	Life & Health Insurance	Life & Health Insurance	Financials	A	4.9	6.90	10.0	10	1	57	4	3.9	33	2	5.2	10.0	1.1	7.0	4	10	8.60	169656	7.00	54.2081751	-1.2286582	-11.9609746
IID000000002236453	Knorr-Bremse Aktiengesellschaft	KBX	499180107	BD2P9X9	DE000KBX1006	DE	Construction Machinery & Heavy Trucks	Construction & Farm Machinery & Heavy Trucks	Industrials	A	5.4	6.90	4.3	24	3	35	4	4.2	41	1	7.0	10.0	2.4	7.0	3	NA	7.00	NA	7.00	-10.8096956	-35.5809507	-24.8435139
IID000000002278131	Evonik Industries AG	EVK	300503109	B5ZQ9D3	DE000EVNK013	DE	Specialty Chemicals	Specialty Chemicals	Materials	AA	6.1	7.80	5.8	53	2	14	2	4.6	33	1	7.3	7.3	6.9	7.2	2	14	495.50	23110000	7.00	49.6115883	-13.8547178	-6.4635958
IID000000002279512	POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA	PZU	739379105	B63DG21	PLPZU0000011	PL	Multi-line Insurance	Multi-Line Insurance & Brokerage	Financials	BBB	4.8	4.80	7.9	13	1	54	3	4.6	33	4	3.9	8.3	0.6	3.3	4	NA	1.60	NA	7.00	18.4351258	8.2934669	-8.3152763
IID000000002289941	EDP RENOVAVEIS, S.A.	EDPR	268398104	B39GNW2	ES0127797019	ES	Renewable Electricity	Utilities	Utilities	A	6.4	7.00	9.3	36	1	23	4	4.5	41	3	4.9	10.0	0.0	6.7	2	12	14.60	1289	10.00	124.9336340	25.1474531	7.5576037
IID000000002386894	Reinet Investments S.C.A.	REINI	NA	B3DCZG4	LU0383812293	LU	Asset Management & Custody Banks	Asset Management & Custody Banks	Financials	B	3.8	1.50	6.7	5	4	47	4	2.8	48	3	4.5	6.7	1.2	1.7	4	5	2.00	NA	2.00	46.7654478	23.0942970	22.6993865
IID000000002408558	PGE POLSKA GRUPA ENERGETYCZNA SPOLKA AKCYJNA	PGE	69341U106	B544PW9	PLPGER000010	PL	Electric Utilities	Utilities	Utilities	BB	4.7	3.50	5.5	54	3	13	3	5.8	33	4	2.9	6.4	6.9	6.3	4	14	4910.80	NA	6.00	136.8831169	33.2164768	1.0638298
IID000000002416719	Pandora A/S	PNDORA	698341203	B44XTX8	DK0060252690	DK	Apparel, Accessories & Luxury Goods	Textiles, Apparel & Luxury Goods	Consumer Discretionary	AAA	6.9	9.80	5.6	12	2	49	1	6.5	39	1	7.9	10.0	3.1	6.3	3	0	13.80	255290	7.00	223.7295900	-0.2040184	-15.4941737
IID000000002432356	NXP Semiconductors N.V.	NXPI	NA	B505PN7	NL0009538784	NL	Semiconductors	Semiconductors & Semiconductor Equipment	Information Technology	AA	6.1	8.20	6.8	35	1	30	2	5.8	35	1	5.7	9.8	4.2	7.0	1	NA	103.30	12819	7.00	153.8858413	-9.9005482	-3.3302083
IID000000002576329	CHR. HANSEN HOLDING A/S	CHR	12545M207	B573M11	DK0060227585	DK	Specialty Chemicals	Specialty Chemicals	Materials	AA	6.1	8.00	6.9	40	1	27	2	4.3	33	1	6.5	10.0	3.0	8.3	1	11	42.60	57849	7.00	-0.1887648	-11.6521648	-2.9120678
IID000000002577134	ABN AMRO Bank N.V.	ABN	00080Q105	BYQP136	NL0011540547	NL	Diversified Banks	Banks	Financials	A	4.3	7.00	9.2	13	1	54	4	3.5	33	4	3.5	10.0	0.8	7.0	3	0	0.70	NA	7.00	78.0771074	19.0621820	0.1376226
IID000000002591911	Amadeus IT Group SA	AMS	02263T104	B3MSM28	ES0109067019	ES	Data Processing & Outsourced Services	Software & Services	Information Technology	AA	5.8	7.40	10.0	5	1	53	2	5.6	42	2	5.5	10.0	1.6	6.5	2	5	5.70	2886	7.00	38.6922897	-2.1818182	1.9993106
IID000000002594695	EDENRED SE	EDEN	279655104	B62G1B5	FR0010908533	FR	Data Processing & Outsourced Services	Software & Services	Information Technology	AA	5.8	8.10	10.0	5	1	53	1	6.2	42	3	4.9	10.0	1.5	7.0	2	5	4.10	NA	7.00	32.2130789	2.0179413	-3.5844602
IID000000002596602	Prosus N.V.	PRX	74365P108	BJDS7L3	NL0013654783	NL	Internet & Direct Marketing Retail	Retail - Consumer Discretionary	Consumer Discretionary	AA	5.5	8.00	3.7	12	2	47	1	6.9	41	3	4.5	8.7	2.0	3.7	3	NA	2.60	780987	6.00	-20.4267304	-51.2573715	-28.3289540
IID000000002598678	Ferrovial, S.A.	FER	315437103	B038516	ES0118900010	ES	Construction & Engineering	Construction & Engineering	Industrials	A	4.9	6.00	5.2	17	2	25	1	6.1	58	2	4.3	10.0	2.6	7.0	3	0	112.20	3166770	7.00	21.2097635	9.0538258	-4.1171923
IID000000002629485	APTIV PLC	APTV	03835VAJ5	B783TY6	JE00B783TY65	IE	Auto Parts & Equipment	Auto Components	Consumer Discretionary	AA	5.4	8.30	5.4	18	2	41	2	4.3	41	1	6.5	10.0	2.6	7.0	2	NA	24.70	7298105	7.00	160.6925087	-14.9424471	-21.6044532
IID000000002630755	MONCLER S.P.A.	MONC	60919T100	BGLP232	IT0004965148	IT	Apparel, Accessories & Luxury Goods	Textiles, Apparel & Luxury Goods	Consumer Discretionary	A	5.1	6.60	3.6	27	3	36	3	4.3	37	1	7.1	10.0	3.2	6.3	3	NA	5.40	NA	7.00	57.9519981	2.9389380	-6.3837638
IID000000002632309	JAZZ PHARMACEUTICALS PUBLIC LIMITED COMPANY	JAZZ	NA	B4Q5ZN4	IE00B4Q5ZN47	IE	Pharmaceuticals	Pharmaceuticals	Health Care	A	5.1	6.40	2.4	9	4	58	3	4.5	33	1	6.8	6.4	2.3	1.7	4	0	40.50	NA	2.00	62.6985786	-5.7687651	19.7737940
IID000000002654293	Telefonica Deutschland Holding AG	O2D	87939N102	B7VG6L8	DE000A1J5RX9	DE	Integrated Telecommunication Services	Telecommunication Services	Communication Services	AA	6.5	8.00	10.0	5	3	56	3	6.4	39	1	6.1	10.0	2.5	7.0	3	5	31.60	896	7.00	25.3798395	6.7478212	7.3011734
IID000000002655733	EATON CORPORATION PUBLIC LIMITED COMPANY	ETN	NA	B8KQN82	IE00B8KQN827	IE	Electrical Components & Equipment	Electrical Equipment	Industrials	BBB	5.4	5.60	5.7	32	3	24	3	4.7	44	1	5.5	9.3	2.4	4.7	2	0	54.50	23827216	7.00	117.8387740	10.9495451	1.7352804
IID000000002660896	LEG Immobilien SE	LEG	52490H100	B9G6L89	DE000LEG1110	DE	Real Estate Operating Companies	Real Estate Management & Services	Real Estate	AA	6.5	8.20	3.1	31	4	25	1	9.6	44	1	7.1	6.3	4.4	3.7	4	NA	298.90	NA	6.00	8.5154558	-6.5114022	-16.9682348
IID000000002663837	NN Group N.V.	NN	629334103	BNG8PQ9	NL0010773842	NL	Life & Health Insurance	Life & Health Insurance	Financials	AA	5.4	8.10	4.7	5	4	62	2	5.1	33	1	6.3	10.0	0.7	7.0	4	NA	0.20	8000	7.00	118.9190373	15.8837762	2.0926091
IID000000002667523	FINECOBANK BANCA FINECO S.P.A.	FBK	31788J101	BNGN9Z1	IT0000072170	IT	Diversified Banks	Diversified Financials	Financials	A	4.9	6.60	2.8	5	4	62	3	4.2	33	1	6.5	9.0	0.8	4.0	3	0	1.20	2546	7.00	72.1828363	2.2115812	-7.3489694
IID000000002670264	Vonovia SE	VNA	92887H107	BBJPFY1	DE000A1ML7J1	DE	Real Estate Operating Companies	Real Estate Management & Services	Real Estate	A	5.4	7.10	5.1	22	4	45	3	4.8	33	2	6.3	10.0	2.7	6.3	1	0	223.10	149121	7.00	8.9136018	-17.9778851	-14.4880292
IID000000002670343	KION GROUP AG	KGX	497216101	BB22L96	DE000KGX8881	DE	Construction Machinery & Heavy Trucks	Construction & Farm Machinery & Heavy Trucks	Industrials	A	5.4	6.70	5.4	24	2	35	2	5.5	41	1	5.4	10.0	2.2	7.0	3	NA	18.50	29125	7.00	61.2023131	-29.2979815	-24.0314004
IID000000002672787	FUCHS PETROLUB SE	FPE	35952Q106	BNHRG73	DE000A3E5D56	DE	Commodity Chemicals	Commodity Chemicals	Materials	BBB	4.3	5.10	4.1	56	2	11	3	1.0	33	1	5.6	4.8	5.5	3.3	3	15	237.50	NA	7.00	-6.2524202	-24.4903046	-17.9617834
IID000000002676862	ALLEGION PUBLIC LIMITED COMPANY	ALLE	01748TAB7	BFRT3W7	IE00BFRT3W74	IE	Building Products	Building Products	Industrials	AA	6.0	8.10	6.1	40	3	25	2	5.5	35	1	6.3	8.7	3.3	5.0	2	15	36.60	989	3.00	32.8821484	-13.0701331	-16.5974709
IID000000002683181	AMUNDI SA	AMUN	NA	BYZR014	FR0004125920	FR	Asset Management & Custody Banks	Asset Management & Custody Banks	Financials	AA	5.8	7.50	9.0	5	3	53	1	6.5	42	3	4.4	9.0	1.1	4.0	3	5	0.70	1740	7.00	29.5481972	-8.5960354	-14.1476881
IID000000002687463	WORLDLINE SA	WLN	98161H101	BNFWR44	FR0011981968	FR	Data Processing & Outsourced Services	Software & Services	Information Technology	AA	5.7	8.10	10.0	5	1	60	2	5.6	35	2	5.2	10.0	1.5	8.0	2	5	1.40	450608	10.00	-23.5675571	-45.0069638	-39.7359585
IID000000002704143	Euronext N.V.	ENX	29873W102	BNBNSG0	NL0006294274	NL	Financial Exchanges & Data	Diversified Financials	Financials	A	4.9	6.20	8.7	5	3	35	4	0.9	60	1	6.9	8.7	1.4	3.7	3	5	1.70	16600	6.00	41.9594359	6.2709018	-15.1794872
IID000000002704792	argenx SE	ARGX	04016X101	BNHKYX4	NL0010832176	NL	Biotechnology	Biotechnology	Health Care	A	5.7	6.90	7.1	10	1	55	2	4.4	35	1	7.2	6.7	1.5	1.7	3	0	21.90	NA	2.00	135.4166667	18.6476270	7.6190476
IID000000002705885	SAP SE	SAP	803054204	4846288	DE0007164600	DE	Application Software	Software & Services	Information Technology	AAA	7.8	10.00	7.0	16	2	47	1	8.7	37	1	7.1	10.0	2.5	6.5	2	5	6.60	10061000	7.00	6.3290854	-3.7386187	-13.0225357
IID000000002708013	Cellnex Telecom S.A.	CLNX	15117X105	BX90C05	ES0105066007	ES	Integrated Telecommunication Services	Telecommunication Services	Communication Services	A	6.0	7.10	10.0	5	3	38	4	4.5	57	1	6.7	10.0	2.2	6.3	3	5	96.20	114945	7.00	23.9309577	-0.9965822	-18.4961733
IID000000002709795	Zalando SE	ZAL	98887L105	BQV0SV7	DE000ZAL1111	DE	Internet & Direct Marketing Retail	Retail - Consumer Discretionary	Consumer Discretionary	AA	5.6	8.30	6.2	12	1	47	4	4.2	41	1	7.1	9.3	2.4	4.7	2	NA	7.80	4526111	7.00	34.6604215	-46.1988304	-40.4453651
IID000000002711036	HORIZON THERAPEUTICS PUBLIC LIMITED COMPANY	HZNP	NA	BQPVQZ6	IE00BQPVQZ61	IE	Biotechnology	Biotechnology	Health Care	BBB	4.8	4.50	2.4	10	4	55	3	4.3	35	1	6.3	6.4	2.3	1.7	4	0	44.60	NA	2.00	248.4351714	16.2541436	-4.2413762
IID000000002712413	Stellantis N.V.	STLA	31562QAF4	BMD8KX7	NL00150001Q9	NL	Automobile Manufacturers	Automobiles	Consumer Discretionary	BB	3.9	2.90	4.7	30	4	37	3	3.8	33	2	3.2	10.0	2.3	6.3	3	0	26.90	1237000	7.00	190.2313268	-0.1258110	-9.0238505
IID000000002715781	Lifco AB (publ)	LIFCO B	NA	BL6K7K9	SE0015949201	SE	Industrial Conglomerates	Industrial Conglomerates	Industrials	BBB	4.2	5.60	3.3	21	4	29	4	3.1	50	2	5.2	7.5	2.2	2.7	4	0	9.90	6678	3.00	253.7490648	47.4874581	3.4349506
IID000000002717694	JOHNSON CONTROLS INTERNATIONAL PLC	JCI	478375AV0	BY7QL61	IE00BY7QL619	IE	Building Products	Building Products	Industrials	AAA	6.7	10.00	7.6	40	1	25	1	6.7	35	2	5.6	10.0	3.6	7.5	2	15	39.50	121906000	8.00	171.6856964	11.4058443	-4.0703099
IID000000002721268	EUROFINS SCIENTIFIC SE	ERF	NA	BNDPYV1	FR0014000MR3	LU	Life Sciences Tools & Services	Health Care Equipment & Supplies	Health Care	BBB	5.3	4.50	10.0	5	2	40	4	3.9	55	2	5.9	10.0	1.7	5.7	2	5	7.90	NA	7.00	96.1240310	8.6127685	-15.0831130
IID000000002721923	MEDTRONIC PUBLIC LIMITED COMPANY	MDT	NA	BTN1Y11	IE00BTN1Y115	IE	Health Care Equipment	Health Care Equipment & Supplies	Health Care	BB	5.1	2.90	10.0	5	2	56	4	4.2	39	2	5.8	10.0	2.3	6.5	2	5	9.00	238686	7.00	37.8654817	-4.0453329	-11.7909339
IID000000002723000	Aena SME, S.A.	AENA	00774W103	BVRZ8L1	ES0105046009	ES	Airport Services	Transportation Infrastructure	Industrials	A	5.7	5.90	9.1	19	1	37	1	6.9	44	2	3.2	9.1	4.9	7.0	1	0	18.00	NA	7.00	54.1326531	9.4565217	0.9018036
IID000000002727168	Evolution AB (publ)	EVO	30051E104	BJXSCH4	SE0012673267	SE	Casinos & Gaming	Casinos & Gaming	Consumer Discretionary	A	5.6	6.70	6.4	11	2	52	2	5.7	37	3	5.1	6.4	3.6	3.0	3	11	52.20	NA	6.00	189.6933103	-24.0029607	-30.6419258
IID000000002733462	INFRASTRUTTURE WIRELESS ITALIANE S.P.A.	INW	NA	BZ0P4R4	IT0005090300	IT	Integrated Telecommunication Services	Telecommunication Services	Communication Services	A	5.7	6.30	10.0	5	3	38	2	7.3	57	3	4.2	10.0	2.2	6.3	3	5	210.10	9546	7.00	14.4280415	11.2921527	5.8192796
IID000000002744093	Covestro AG	1COV	22304D207	BYTBWY9	DE0006062144	DE	Specialty Chemicals	Specialty Chemicals	Materials	A	5.1	6.10	5.2	53	2	14	3	2.6	33	2	6.1	7.8	6.7	7.5	2	14	437.40	NA	8.00	80.8830547	-18.1355324	-20.9655172
IID000000002744113	Scout24 SE	G24	81064H105	BYT9340	DE000A12DM80	DE	Interactive Media & Services	Interactive Media & Services	Communication Services	BBB	4.1	5.10	10.0	5	1	53	4	2.1	42	1	5.9	10.0	2.6	7.0	1	5	2.10	NA	7.00	-0.1237699	-20.2998639	-13.0725510
IID000000002745073	Sinch AB (publ)	SINCH	NA	BKP8Q11	SE0016101844	SE	Application Software	Software & Services	Information Technology	AA	5.9	8.10	4.7	16	4	47	2	5.7	37	1	6.6	7.0	1.4	2.0	3	5	7.10	NA	3.00	65.0704225	-57.3112583	-62.3701109
IID000000002747434	STERIS PUBLIC LIMITED COMPANY	STE	NA	BFY8C75	IE00BFY8C754	IE	Health Care Equipment	Health Care Equipment & Supplies	Health Care	AA	6.4	8.20	8.7	5	3	56	1	6.9	39	2	5.5	8.7	2.3	4.0	3	5	63.60	NA	7.00	78.6378049	25.9238056	16.8952472
IID000000002751572	Ferrari N.V.	RACE	NA	BD6G507	NL0011585146	IT	Automobile Manufacturers	Automobiles	Consumer Discretionary	BBB	4.0	5.10	4.1	30	4	37	3	3.8	33	2	4.0	10.0	2.2	7.0	3	NA	20.90	NA	7.00	47.2618482	12.1502800	10.5424200
IID000000002759021	IMCD N.V.	IMCD	44970W103	BNCBD46	NL0010801007	NL	Trading Companies & Distributors	Trading Companies & Distributors	Industrials	AA	5.9	7.40	2.6	19	4	37	3	5.9	44	1	7.3	10.0	1.8	5.7	2	0	19.00	NA	7.00	153.0142812	29.3771292	-5.1329056
IID000000002759409	EQT AB	EQT	NA	BJ7W9K4	SE0012853455	SE	Asset Management & Custody Banks	Asset Management & Custody Banks	Financials	AA	5.9	8.10	9.0	5	3	53	2	5.8	42	2	5.7	9.0	1.1	4.0	3	5	0.50	4008	7.00	239.7788622	31.5956590	1.0941122
IID000000002769077	Uniper SE	UN01	90914C109	BZ6CZ43	DE000UNSE018	DE	Independent Power Producers & Energy Traders	Utilities	Utilities	BBB	4.8	4.60	4.6	54	4	13	1	7.3	33	3	4.3	5.2	6.1	4.3	4	14	691.90	21065065	7.00	18.9319172	-21.4380198	-35.4304636
IID000000002773073	Just Eat Takeaway.com N.V.	TKWY	48214T305	BYQ7HZ6	NL0012015705	NL	Internet & Direct Marketing Retail	Retail - Consumer Discretionary	Consumer Discretionary	A	5.6	6.60	1.5	12	4	47	2	5.5	41	1	6.9	6.7	2.3	2.0	4	NA	7.60	NA	3.00	-55.7354634	-61.9698281	-51.9978149
IID000000002775777	ANHEUSER-BUSCH INBEV SA	ABI	03524A108	BYYHL23	BE0974293251	BE	Brewers	Beverages	Consumer Staples	AA	5.7	7.20	5.8	39	2	28	1	6.4	33	2	4.8	10.0	3.5	7.0	2	NA	83.40	23652933	7.00	38.9168012	1.7708398	11.4282781
IID000000002776560	NEMETSCHEK SE	NEM	64045F109	5633962	DE0006452907	DE	Application Software	Software & Services	Information Technology	BBB	4.6	5.20	4.7	16	4	47	2	5.6	37	4	3.4	7.0	1.4	2.0	3	5	7.10	NA	3.00	105.2482167	56.2218956	-1.7457475
IID000000002781264	Embracer Group AB	EMBRAC B	NA	BMDTR73	SE0016828511	SE	Interactive Home Entertainment	Media & Entertainment	Communication Services	BBB	5.4	5.60	7.7	5	3	51	2	4.9	44	1	5.6	7.7	1.5	2.7	3	5	2.70	1041	3.00	64.1778697	-35.3319756	-3.9215686
IID000000002784170	EXOR N.V.	EXO	NA	BYSLCX9	NL0012059018	NL	Multi-Sector Holdings	Diversified Financials	Financials	BBB	4.8	5.70	9.3	5	2	44	3	4.1	51	3	5.0	9.3	4.7	7.0	2	5	22.90	NA	7.00	62.1869894	-2.9126961	-4.4542205
IID000000002784652	DINO POLSKA SPOLKA AKCYJNA	DNP	25445T106	BD0YVN2	PLDINPL00011	PL	Food Retail	Retail - Food & Staples	Consumer Staples	BB	3.7	3.80	1.4	15	4	52	4	3.6	33	2	5.0	7.7	2.6	3.3	4	NA	48.20	NA	7.00	115.5063291	28.8308740	2.2522523
IID000000002795728	Essity Aktiebolag (publ)	ESSITY A	NA	BF1K7P7	SE0009922164	SE	Household Products	Household & Personal Products	Consumer Staples	AAA	6.2	9.00	6.3	35	2	30	1	6.1	35	1	6.3	8.8	4.5	6.3	3	NA	203.60	NA	7.00	-16.5555938	-15.9344613	-15.0633158
IID000000002817953	Aroundtown SA	AT1	04269K103	BF0CK44	LU1673108939	LU	Real Estate Operating Companies	Real Estate Management & Services	Real Estate	BBB	5.5	5.50	4.8	31	4	25	2	5.9	44	2	5.7	8.6	4.4	6.0	3	NA	9.10	NA	6.00	28.2221794	-14.1382008	-14.4598155
IID000000002820492	HelloFresh SE	HFG	42341P104	BYWH8S0	DE000A161408	DE	Food Retail	Retail - Food & Staples	Consumer Staples	A	4.7	5.90	2.7	15	4	52	3	4.5	33	2	5.8	10.0	2.9	6.3	3	0	4.40	76268	7.00	38.2849426	-36.8485970	-48.6716792
IID000000002832990	Siemens Healthineers AG	SHL	82622J104	BD594Y4	DE000SHL1006	DE	Health Care Equipment	Health Care Equipment & Supplies	Health Care	BB	4.6	3.20	10.0	5	2	56	4	4.3	39	4	4.4	10.0	2.2	7.0	2	5	15.50	3243000	7.00	61.3705206	23.2694729	3.6116597
IID000000002840363	NEXI SPA	NEXI	65343F105	BJ1F880	IT0005366767	IT	Data Processing & Outsourced Services	Software & Services	Information Technology	AA	5.6	7.40	9.0	5	1	58	3	5.0	37	1	5.9	9.0	1.5	4.0	2	5	3.50	1247	7.00	-10.4859335	-29.3642785	-35.4243542
IID000000002844479	Epiroc Aktiebolag	EPI A	29429L105	BMD58R8	SE0015658109	SE	Construction Machinery & Heavy Trucks	Construction & Farm Machinery & Heavy Trucks	Industrials	AA	5.9	8.20	3.6	24	4	35	1	6.9	41	1	6.4	10.0	2.5	6.3	3	NA	7.30	83000	7.00	120.2693045	3.3794561	13.3992902
IID000000002845049	Adyen N.V.	ADYEN	00783V104	BZ1HM42	NL0012969182	NL	Data Processing & Outsourced Services	Software & Services	Information Technology	A	5.0	6.40	7.3	5	2	58	4	3.7	37	1	6.9	7.3	1.6	2.3	3	5	0.60	6064	2.00	144.5255474	-8.7285570	-25.2942391
IID000000002863229	Delivery Hero SE	DHER	24701M103	BZCNB42	DE000A2E4K43	DE	Internet & Direct Marketing Retail	Retail - Consumer Discretionary	Consumer Discretionary	A	5.2	6.30	1.9	12	4	47	2	5.4	41	1	5.8	7.3	2.0	2.3	4	NA	1.40	278361	2.00	-41.6056256	-65.2636166	-63.6147878
IID000000002922669	Brenntag SE	BNR	107180101	BMC0YD2	DE000A3MQCQ5	DE	Trading Companies & Distributors	Trading Companies & Distributors	Industrials	AA	5.9	8.00	3.1	19	4	37	3	6.6	44	1	6.6	10.0	1.8	6.3	2	0	17.20	18923226	7.00	NA	NA	NA
IID000000005008748	LA FRANCAISE DES JEUX SA	FDJ	NA	BG0SC10	FR0013451333	FR	Casinos & Gaming	Casinos & Gaming	Consumer Discretionary	A	5.7	6.30	9.5	13	1	43	4	4.8	44	2	5.4	9.5	3.8	6.3	1	13	2.50	NA	7.00	68.7309687	-5.2699653	-20.3014184
IID000000005016074	Aon plc	AON	00185AAK0	BLP1HW5	IE00BLP1HW54	IE	Insurance Brokers	Multi-Line Insurance & Brokerage	Financials	BB	4.5	4.10	7.1	5	2	51	4	3.5	44	3	5.3	10.0	1.2	6.3	3	NA	6.30	NA	7.00	115.4926816	41.5253341	12.2546414
IID000000005019092	JDE Peet’s N.V.	JDEP	47216Q103	BMC4ZZ3	NL0014332678	NL	Packaged Foods & Meats	Beverages	Consumer Staples	BBB	4.8	5.30	2.2	26	4	41	3	5.1	33	1	6.4	8.9	3.8	5.7	3	NA	87.90	NA	7.00	-25.8158183	-14.7832990	4.3174916
IID000000005021676	Davide Campari-Milano N.V.	CPR	23857X103	BMQ5W17	NL0015435975	IT	Distillers & Vintners	Beverages	Consumer Staples	A	5.3	7.00	3.6	39	3	28	1	7.4	33	2	5.5	10.0	3.2	7.0	2	NA	39.30	NA	7.00	70.0482700	11.0348008	-12.7685950
IID000000005023968	Siemens Energy AG	ENR	82621A104	BMTVQK9	DE000ENER6Y0	DE	Heavy Electrical Equipment	Electrical Equipment	Industrials	BBB	4.9	5.60	6.7	36	2	23	4	2.2	41	2	4.9	10.0	2.2	7.0	2	0	8.30	1373924000	7.00	-1.8075824	-33.0334026	-8.2932110
IID000000005027892	Allegro.eu SA	AL0	NA	BMBQDF6	LU2237380790	LU	Internet & Direct Marketing Retail	Retail - Consumer Discretionary	Consumer Discretionary	A	5.9	7.10	3.4	12	3	47	1	6.3	41	1	6.2	8.7	2.0	3.7	3	NA	7.90	3045	6.00	-49.1857143	-36.5501249	-38.7674299
IID000000005035561	InPost S.A.	INPST	45784C100	BN4N9C0	LU2290522684	LU	Air Freight & Logistics	Air Freight & Logistics	Industrials	BBB	4.5	4.30	6.2	17	4	44	3	2.8	39	1	5.6	6.2	4.1	3.3	4	17	60.10	NA	7.00	-68.7228497	-61.9148373	-58.8159588
IID000000005042647	SEAGATE TECHNOLOGY HOLDINGS PUBLIC LIMITED COMPANY	STX	NA	BKVD2N4	IE00BKVD2N49	IE	Technology Hardware, Storage & Peripherals	Technology Hardware, Storage & Peripherals	Information Technology	A	5.3	7.00	3.6	24	3	43	2	5.2	33	1	6.5	10.0	2.3	6.3	3	NA	113.30	8670300	7.00	102.7148388	18.0037462	7.9997249
IID000000005053470	Universal Music Group NV	UMG	91377B109	BNZGVV1	NL0015000IY2	NL	Movies & Entertainment	Media & Entertainment	Communication Services	A	4.9	6.00	6.3	5	4	47	3	4.2	48	1	5.5	6.3	2.4	1.7	4	5	31.20	NA	2.00	-2.8322570	-2.8322570	0.9691720
IID000000005074126	Daimler Truck Holding AG	DTG	23384L101	BP6VLQ4	DE000DTR0CK8	DE	Construction Machinery & Heavy Trucks	Construction & Farm Machinery & Heavy Trucks	Industrials	BBB	4.4	4.60	4.1	24	3	35	4	3.0	41	1	5.9	10.0	1.9	5.7	3	NA	25.50	NA	7.00	-15.2644836	-15.2644836	-15.2644836

分析與結果

一、相關係數熱力圖

knitr::include_graphics("data/pic1.png")

對於歐洲企業來説，對E向度曝險程度最高的產業來説，ESG總分、E向度、碳排放這些ESG因子與股價呈現正相關。

解讀：為因為歐洲法規變得嚴格，各家企業的ESG資訊有了透明度和一致性以後，開始成為投資人評斷標的的因素之一。

knitr::include_graphics("data/pic2.png")

能源產業中，碳排曝險分數與報酬率呈現正相關，而碳排總分與報酬率呈現負相關。

解讀：近兩年油價上漲，加上對石油需求提升，能源產業透過提高產能（碳排增加），達到獲利成長。

二、迴歸分析

將各產業劃分為低碳排產業和高碳排產業

# showing plots
heavy.graph

# showing plots
light.graph

# showing plots
energy.graph

三、歐盟碳排放分數分佈圖

map.graph

#######
# linear regression 
#######
# use 2y as a try, can switch out Y variable, and/or take out "Industry"

lr_heavy = lm(TotalReturn_2y ~ IVA_COMPANY_RATING + INDUSTRY_ADJUSTED_SCORE + GOVERNANCE_PILLAR_SCORE + CARBON_EMISSIONS_SCORE + Industry, data = heavy_train)

lr_light = lm(TotalReturn_2y ~ IVA_COMPANY_RATING + INDUSTRY_ADJUSTED_SCORE + GOVERNANCE_PILLAR_SCORE + CARBON_EMISSIONS_SCORE + Industry, data = light_train, na.action=na.omit)

lr_energy = lm(TotalReturn_2y ~ IVA_COMPANY_RATING + INDUSTRY_ADJUSTED_SCORE + GOVERNANCE_PILLAR_SCORE + CARBON_EMISSIONS_SCORE, data = energy_train)

#######
# random forest
#######

forest_heavy = randomForest(TotalReturn_2y ~ IVA_COMPANY_RATING + INDUSTRY_ADJUSTED_SCORE + GOVERNANCE_PILLAR_SCORE + CARBON_EMISSIONS_SCORE + Industry, data = heavy_train, control = rpart.control(cp = 0.002, minsplit=30), importance = TRUE)

forest_light = randomForest(TotalReturn_2y ~ IVA_COMPANY_RATING + INDUSTRY_ADJUSTED_SCORE + GOVERNANCE_PILLAR_SCORE + CARBON_EMISSIONS_SCORE + Industry, data = light_train, control = rpart.control(cp = 0.002, minsplit=30), importance = TRUE, na.action=na.omit)

forest_energy = randomForest(TotalReturn_2y ~ IVA_COMPANY_RATING + INDUSTRY_ADJUSTED_SCORE + GOVERNANCE_PILLAR_SCORE + CARBON_EMISSIONS_SCORE , data = energy_train, control = rpart.control(cp = 0.002, minsplit=30), importance = TRUE, na.action=na.omit)

# predict the yhat by using the "unused" test set 
p_heavy<- predict(lr_heavy, heavy_test)
p_light<- predict(lr_light, light_test)
p_energy<- predict(lr_energy, energy_test)

# Compute errors: difference between predicted and actual test set 
error_heavy <- p_heavy - heavy_test[["TotalReturn_2y"]]
error_light <- p_light - light_test[["TotalReturn_2y"]]
error_energy <- p_energy - light_test[["TotalReturn_2y"]]

# Calculate RMSE
rmse_lm_h =sqrt(mean(error_heavy^2))
rmse_lm_l =sqrt(mean(error_light^2))
rmse_lm_e =sqrt(mean(error_energy^2))

rmse_forest_h = rmse(forest_heavy, heavy_test) 
rmse_forest_l = rmse(forest_light, light_test) 
rmse_forest_e = rmse(forest_energy, energy_test) 

Model Results

1. Linear Model Result

# these are report of linear models
summary(lr_heavy)

## 
## Call:
## lm(formula = TotalReturn_2y ~ IVA_COMPANY_RATING + INDUSTRY_ADJUSTED_SCORE + 
##     GOVERNANCE_PILLAR_SCORE + CARBON_EMISSIONS_SCORE + Industry, 
##     data = heavy_train)
## 
## Residuals:
##     Min      1Q  Median      3Q     Max 
## -200.24  -80.03  -40.72   23.05 2158.64 
## 
## Coefficients:
##                         Estimate Std. Error t value Pr(>|t|)
## (Intercept)              203.983    164.637   1.239    0.216
## IVA_COMPANY_RATINGAA     -38.246     48.960  -0.781    0.435
## IVA_COMPANY_RATINGAAA    -37.942     86.234  -0.440    0.660
## IVA_COMPANY_RATINGB      -10.864    116.596  -0.093    0.926
## IVA_COMPANY_RATINGBB     -26.480     82.212  -0.322    0.748
## IVA_COMPANY_RATINGBBB     40.578     51.434   0.789    0.431
## IVA_COMPANY_RATINGCCC    -93.234    156.541  -0.596    0.552
## INDUSTRY_ADJUSTED_SCORE  -12.174     26.694  -0.456    0.649
## GOVERNANCE_PILLAR_SCORE    1.949      9.090   0.214    0.830
## CARBON_EMISSIONS_SCORE     1.258      5.951   0.211    0.833
## IndustryUtilities        -38.547     25.098  -1.536    0.126
## 
## Residual standard error: 192.8 on 330 degrees of freedom
## Multiple R-squared:  0.05417,    Adjusted R-squared:  0.02551 
## F-statistic:  1.89 on 10 and 330 DF,  p-value: 0.04565

summary(lr_light)

## 
## Call:
## lm(formula = TotalReturn_2y ~ IVA_COMPANY_RATING + INDUSTRY_ADJUSTED_SCORE + 
##     GOVERNANCE_PILLAR_SCORE + CARBON_EMISSIONS_SCORE + Industry, 
##     data = light_train, na.action = na.omit)
## 
## Residuals:
##     Min      1Q  Median      3Q     Max 
## -202.70  -58.84  -19.51   25.84 2897.19 
## 
## Coefficients:
##                                Estimate Std. Error t value Pr(>|t|)    
## (Intercept)                     53.1243    58.5521   0.907 0.364357    
## IVA_COMPANY_RATINGAA            -5.4488    15.5294  -0.351 0.725721    
## IVA_COMPANY_RATINGAAA          -13.0431    29.8172  -0.437 0.661843    
## IVA_COMPANY_RATINGB              8.2091    38.2268   0.215 0.829987    
## IVA_COMPANY_RATINGBB            -3.4726    26.6378  -0.130 0.896293    
## IVA_COMPANY_RATINGBBB            5.4837    15.8433   0.346 0.729290    
## IVA_COMPANY_RATINGCCC           43.1886    53.8123   0.803 0.422313    
## INDUSTRY_ADJUSTED_SCORE          3.2569     8.3788   0.389 0.697537    
## GOVERNANCE_PILLAR_SCORE          0.1116     2.9888   0.037 0.970212    
## CARBON_EMISSIONS_SCORE          -2.0703     2.3839  -0.868 0.385245    
## IndustryConsumer Discretionary  25.9206    15.5077   1.671 0.094785 .  
## IndustryConsumer Staples       -26.2199    16.1823  -1.620 0.105328    
## IndustryFinancials              27.9983    14.5376   1.926 0.054255 .  
## IndustryHealth Care              9.6746    15.8912   0.609 0.542722    
## IndustryIndustrials             50.6109    14.8053   3.418 0.000642 ***
## IndustryInformation Technology  38.1272    15.0654   2.531 0.011457 *  
## IndustryReal Estate             -7.9411    18.1915  -0.437 0.662500    
## ---
## Signif. codes:  0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
## 
## Residual standard error: 151 on 2008 degrees of freedom
##   (7 observations deleted due to missingness)
## Multiple R-squared:  0.02727,    Adjusted R-squared:  0.01952 
## F-statistic: 3.519 on 16 and 2008 DF,  p-value: 2.707e-06

summary(lr_energy)

## 
## Call:
## lm(formula = TotalReturn_2y ~ IVA_COMPANY_RATING + INDUSTRY_ADJUSTED_SCORE + 
##     GOVERNANCE_PILLAR_SCORE + CARBON_EMISSIONS_SCORE, data = energy_train)
## 
## Residuals:
##     Min      1Q  Median      3Q     Max 
## -229.65  -81.62  -17.03   50.98  580.56 
## 
## Coefficients:
##                         Estimate Std. Error t value Pr(>|t|)   
## (Intercept)              791.393    276.150   2.866  0.00545 **
## IVA_COMPANY_RATINGAA      83.823     77.293   1.084  0.28177   
## IVA_COMPANY_RATINGAAA    148.773    152.625   0.975  0.33294   
## IVA_COMPANY_RATINGB     -412.300    181.904  -2.267  0.02642 * 
## IVA_COMPANY_RATINGBB    -337.876    138.621  -2.437  0.01726 * 
## IVA_COMPANY_RATINGBBB   -174.707     76.008  -2.299  0.02444 * 
## IVA_COMPANY_RATINGCCC   -605.997    279.870  -2.165  0.03368 * 
## INDUSTRY_ADJUSTED_SCORE  -85.820     45.210  -1.898  0.06168 . 
## GOVERNANCE_PILLAR_SCORE   24.529     13.930   1.761  0.08250 . 
## CARBON_EMISSIONS_SCORE   -26.018      9.242  -2.815  0.00629 **
## ---
## Signif. codes:  0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
## 
## Residual standard error: 138.5 on 72 degrees of freedom
## Multiple R-squared:  0.272,  Adjusted R-squared:  0.181 
## F-statistic: 2.989 on 9 and 72 DF,  p-value: 0.004419

從以上結果得知，碳排放分數只在能源行業顯著並係數為負，這不符合我們的初步預期。 但觀察市場現況，我們認為這是合理的。因近兩年以來油價高漲且需求上升，能源產業在期間不斷提高產能，取得大幅獲利的同時，碳排放總量也提升。

同樣的假設也可以應用在高碳排產業上，因為它們的碳排放得分係數也是負值。 碳排放分數的係數僅在低碳排工業中為正，符合我們的初步預期。

2. Random Forest Result

# report of random forest model
print(forest_heavy)

## 
## Call:
##  randomForest(formula = TotalReturn_2y ~ IVA_COMPANY_RATING +      INDUSTRY_ADJUSTED_SCORE + GOVERNANCE_PILLAR_SCORE + CARBON_EMISSIONS_SCORE +      Industry, data = heavy_train, control = rpart.control(cp = 0.002,      minsplit = 30), importance = TRUE) 
##                Type of random forest: regression
##                      Number of trees: 500
## No. of variables tried at each split: 1
## 
##           Mean of squared residuals: 39464.82
##                     % Var explained: -3.8

print(forest_light)

## 
## Call:
##  randomForest(formula = TotalReturn_2y ~ IVA_COMPANY_RATING +      INDUSTRY_ADJUSTED_SCORE + GOVERNANCE_PILLAR_SCORE + CARBON_EMISSIONS_SCORE +      Industry, data = light_train, control = rpart.control(cp = 0.002,      minsplit = 30), importance = TRUE, na.action = na.omit) 
##                Type of random forest: regression
##                      Number of trees: 500
## No. of variables tried at each split: 1
## 
##           Mean of squared residuals: 23621.1
##                     % Var explained: -1.62

print(forest_energy)

## 
## Call:
##  randomForest(formula = TotalReturn_2y ~ IVA_COMPANY_RATING +      INDUSTRY_ADJUSTED_SCORE + GOVERNANCE_PILLAR_SCORE + CARBON_EMISSIONS_SCORE,      data = energy_train, control = rpart.control(cp = 0.002,          minsplit = 30), importance = TRUE, na.action = na.omit) 
##                Type of random forest: regression
##                      Number of trees: 500
## No. of variables tried at each split: 1
## 
##           Mean of squared residuals: 18245.62
##                     % Var explained: 21.08

vi = varImpPlot(forest_energy, type=1, main = "Random Forest Variable Importance: Energy")

這個區塊使用隨機森林的模型，我們可以從這個變量重要性圖片，從中知道每個變量的重要性，像是碳排放得分是所有“得分”中第二重要的變量。

# lower RMSE means better moedle performance 
rmse_lm_h

## [1] 120.13

rmse_lm_l

## [1] 118.7333

rmse_lm_e

## [1] 204.0956

rmse_forest_h

## [1] 129.6973

rmse_forest_l

## [1] 116.8229

rmse_forest_e

## [1] 144.7815

這張圖片，我們可以根據它們的均方根誤差 (rmse) 來查看模型的性能，均方根誤差是一種常用的測量數值之間差異的量度 數字越小，模型的性能就越好。

Wrap up

我們可以發現使用隨機森林的模型，性能相較於其他模型還要好。 最後，每個模型都有自己的優點和缺點，都是為了幫助我們了解碳排放分數如何影響總回報，使用模型來查看哪些變量更重要，然後使用線性回歸中的變量，查看它對我們的 Y 變量的實際係數之影響。

結論

目前雖然國際間尚未有完整的ESG資訊揭露法規法案，但我們可以從以上結果分析得出，在法規逐步落實的地區（歐洲），ESG評等、碳排放分數與股價呈現正相關，可以間接説明ESG已經開始成為投資決策中重要的一環。

另外，我們發現碳排放指數與股價係數之間有較為明顯的相關性，與輕碳排產業呈現正向關係、與高碳排產業呈現負向關係。可解讀為近一兩年來，油價高漲且對處於製造業循環上升段，對能源、工業、原物料的需求提升，促使這些高碳排產業擴張業務，進而帶動營收成長，因此造成碳排放分數越低（碳排量越高及管理能力越低），股價表現越好的情況。

總結而言，我們可以推測，在法規逐步落實的地區，ESG評等與股價開始有正相關的趨勢。可持續觀察近年這些ESG因子是不是變得更有效，以及企業在面對價格變高的碳費用時是否會面臨成本衝擊，有無辦法把這些費用轉嫁出去，畢竟在成本上升的過程中，獲利將可能被侵蝕，進而影響股價表現。

附錄

我們在測試資料的過程中，偶然發現中國企業的股價與ESG相關因子呈現明顯的負相關。

knitr::include_graphics("data/pic1.png")

對中國企業來説，ESG分數、E向度分數、G向度分數、S向度分數、碳排放分數皆與近兩年、一年、半年的累積報酬率呈現明顯負相關。（即分數越糟糕，股價表現越好） 解讀：中國股票主要是政策導向概念股，股價波動會被政府政策牽動，且ESG資訊相對於歐洲、美國等國家不透明。

四個問題

(1) Where you get your project ideas?

ESG是近幾年的熱門主題，但「ESG選股」是否真的有效是還需要被檢驗的。我們觀察到近三年，歐盟將會陸續制定相關法規，强迫企業進行ESG資訊揭露，因此我們推測「ESG資訊揭露」這件事，將會在近幾年逐步變得透明化且標準化，並逐漸成為選股新趨勢。同時碳市場價格高漲，勢必為企業帶來轉型風險，例如營運成本提升，進而侵蝕獲利等。 因此，我們希望可以針對相關議題探討，期待可以找出一些新發現。

(2) What R techniques have been used?

graphical techniques、Quantitative techniques

(3) How many new packages and functions are used?

tidyverse、readxl、caret、rpart.plot、rsample、randomForest、modelr、corrplot、sf、rnaturalearth、rnaturalearthdata、DT、glmnet、ggplot2、dplyr 、datatable、training與testing、Regression analysis、apply

(4) What is the most difficult part of your analysis?

ESG議題雖然被討論了很多年，但實際上目前尚未完全受法規管制，國際之間也缺乏通用的揭露標準，步伐最快的歐洲也只會在2024年才會完整落實法規。在這樣的情況下，要想得到各家企業「透明且標準化的ESG資訊」仍有一段很長的距離。而我們處在這個變革的開端，就算是資料庫裏的raw data也是相當雜亂，無論是想要去收集資料，或是考量用何種因子才能取得有效的實證結果，都相當困難，我們能做的就只有透過現在的市場趨勢去預測未來。