# Portfolio analysis
## Sector breakdown	
|  | Portfolio | Perf. indicator* |
| --- | --- | --- |
| Industrials | 24.82% | 21.09% |
| Financials | 21.34% | 27.60% |

Consumer Goods	13.04%	8.41%
Consumer Services	9.01%	11.70%
Basic Materials	8.56%	4.94%
Health Care	7.53%	13.33%
Technology	5.97%	4.00%
Telecommunications	5.81%	3.73%
Oil & Gas	3.92%	3.75%
Utilities	0.00%	1.44%

## Sector over/underweight
Industrials Financials Consumer Goods Consumer Services Basic Materials Health Care Technology Telecoms
Oil & Gas
Utilities
-8%	-6%	-4%	-2%	0%	2%	4%	6%

## Geographical breakdown	 Country over/underweight
United Kingdom
United Kingdom	25.28%	26.16%
| Germany | 22.05% | 11.27% |
| --- | --- | --- |
| Sweden | 12.75% | 9.14% |
| France | 9.41% | 13.04% |
| Switzerland | 7.56% | 6.80% |
| Italy | 5.49% | 4.94% |
| Ireland | 5.08% | 1.19% |
| Netherlands | 4.80% | 4.60% |
| Norway | 3.77% | 3.25% |
| Finland | 2.82% | 3.38% |
| Denmark | 1.00% | 6.58% |
| Spain | 0.00% | 3.58% |
| Belgium | 0.00% | 3.06% |
| Austria | 0.00% | 1.13% |

Czech Republic	0.00%	1.10%
Luxemburg	0.00%	0.44%
Portugal	0.00%	0.36%
Germany Sweden France Switzerland Italy Ireland
Netherlands Norway Finland Denmark Spain Belgium Austria
Czech Republic Luxemburg Portugal
-9%	-6%	-3%	0%	3%	6%	9%	12%	15%
| Main stocks |  |
| --- | --- |
| Equity |  | Weighting |  | Sector | Country |
|  | Portfolio | Perf. indicator* | Spread |  |  |
| Edenred | 4.53% | - | 4.53% | Industrials | France |
| Imcd NV | 3.64% | 0.60% | 3.04% | Basic Materials | Netherlands |
| Sixt SE | 3.45% | - | 3.45% | Consumer Services | Germany |
| Croda International PLC | 2.99% | - | 2.99% | Basic Materials | United Kingdom |
| Tele2 AB | 2.99% | 0.66% | 2.33% | Telecoms | Sweden |
| XING SE | 2.87% | - | 2.87% | Technology | Germany |
| Hiscox Ltd | 2.86% | - | 2.86% | Financials | United Kingdom |
| DNA Oyj | 2.82% | - | 2.82% | Telecoms | Finland |
| Avanza Bank Holding AB | 2.80% | - | 2.80% | Financials | Sweden |
| Jenoptik AG | 2.70% | - | 2.70% | Industrials | USA |
| Number of Holdings | 53 | 200 |  |  |  |
| Turnover (1 rolling year) | 30.59% |  |  |  |  |
| Active Share | 94.11% |  |  |  |  |
| Cash | 3.98% |  |  |  |  |
| Top 5 overweight |  |  | Top 5 underweight |  |  |
| Portfolio Performance Indicator* Spread |  | Portfolio Performance Indicator* Spread |  |
| Edenred | 4.35% | 0.00% | 4.35% |  | GN Store Nord | 0.00% | 1.06% | -1.06% |  |
| Sixt SE | 3.32% | 0.00% | 3.32% |  | Aroundtown SA | 0.00% | 0.91% | -0.91% |  |
| Imcd NV | 3.50% | 0.60% | 2.90% |  | Ambu | 0.00% | 0.86% | -0.86% |  |
| Croda International PLC | 2.88% | 0.00% | 2.88% |  | Phoenix Group Holdings | 0.00% | 0.81% | -0.81% |  |
| XING SE | 2.76% | 0.00% | 2.76% |  | NMC Health PLC | 0.00% | 0.79% | -0.79% |  |
| 5 best contributors |  |  |  |  | 5 worst contributors |  |  |  |  |
| Name |  | Weight | Contribution |  | Name |  | Weight | Contribution |  |
| XING SE | 2.57% | 0.37% |  | AURELIUS Equity Opportunities SE & Co KGaA | 1.90% | -0.37% |  |
| Swedish Orphan Biovitrum AB | 1.54% | 0.26% |  | UDG Healthcare PLC | 2.48% | -0.34% |  |
| Sartorius AG | 2.07% | 0.25% |  | Hugo Boss AG | 2.54% | -0.28% |  |
| Evotec AG | 0.98% | 0.21% |  | Aryzta AG | 0.42% | -0.27% |  |
| DNA Oyj | 2.57% | 0.21% |  | Credito Emiliano SpA | 1.69% | -0.27% |  |
| Market capitalisation exposure |  |  |  |  |  |  |  |

37.54%
48%
44%
40%
36%
32%
28%
24%
10.63%
20%
16%
12%
8%
4%
0%
0.00%
19.98%
<1 Bn€	1 Bn€ -
3 Bn€
26.27%
3 Bn€ -
5 Bn€
23.22%
30.30%
5 Bn€ -
10 Bn€
2.34%
7.45%
>10
Bn€
42.26%
Portfolio	Benchmark*

Translation (ENFR, 2018-08-31):
# Analyse du portefeuille
## Exposition sectorielle	
|  | Portefeuille | Indice de perf.* |
| --- | --- | --- |
| Industries | 24.82% | 21.09% |
| Sociétés Financières | 21.34% | 27.60% |

Biens de Consommation	13.04%	8.41%
Services aux Consommateurs	9.01%	11.70%
Matériaux de Base	8.56%	4.94%
Santé	7.53%	13.33%
Technologie	5.97%	4.00%
Télécommunications	5.81%	3.73%
Pétrole et Gaz	3.92%	3.75%
Services aux Collectivités	0.00%	1.44%

## Sur/sous-pondération sectorielle
Industries
Sociétés Financières Biens de Consommation
Services aux Consommateurs Matériaux de Base
Santé Technologie
Télécommunications Pétrole et Gaz
Services aux Collectivités
-8%	-6%	-4%	-2%	0%	2%	4%	6%
| Portefeuille	Indice de perf.* |
| --- |
| Royaume-Uni | 25.28% | 26.16% |
| Allemagne | 22.05% | 11.27% |
| Suède | 12.75% | 9.14% |
| France | 9.41% | 13.04% |
| Suisse | 7.56% | 6.80% |
| Italie | 5.49% | 4.94% |
| Irlande | 5.08% | 1.19% |
| Pays-Bas | 4.80% | 4.60% |
| Norvège | 3.77% | 3.25% |
| Finlande | 2.82% | 3.38% |
| Danemark | 1.00% | 6.58% |
| Espagne | 0.00% | 3.58% |
| Belgique | 0.00% | 3.06% |
| Autriche | 0.00% | 1.13% |


## Exposition géographique	 Sur/sous-pondération pays
Royaume-Uni Allemagne Suède France Suisse
Italie Irlande Pays-Bas Norvège Finlande Danemark Espagne Belgique Autriche
Rep Tcheque Luxembourg Portugal
Rep Tcheque	0.00%	1.10%
Luxembourg	0.00%	0.44%
Portugal	0.00%	0.36%
-6%	-4%	-2%	0%	2%	4%	6%	8%	10%	12%
| Les principales valeurs |  |
| --- | --- |
| Action |  | Pondération |  | Secteur | Pays |
|  | Portefeuille | Indice de perf.* | Ecart |  |  |
| Edenred | 4.53% | - | 4.53% | Industries | France |
| Imcd NV | 3.64% | 0.60% | 3.04% | Matériaux de Base | Pays-Bas |
| Sixt SE | 3.45% | - | 3.45% | Services aux Consommateurs | Allemagne |
| Croda International PLC | 2.99% | - | 2.99% | Matériaux de Base | Royaume-Uni |
| Tele2 AB | 2.99% | 0.66% | 2.33% | Télécommunications | Suède |
| XING SE | 2.87% | - | 2.87% | Technologie | Allemagne |
| Hiscox Ltd | 2.86% | - | 2.86% | Sociétés Financières | Royaume-Uni |
| DNA Oyj | 2.82% | - | 2.82% | Télécommunications | Finlande |
| Avanza Bank Holding AB | 2.80% | - | 2.80% | Sociétés Financières | Suède |
| Jenoptik AG | 2.70% | - | 2.70% | Industries | Etats-Unis |
| Nombre de lignes | 53 | 200 |  |  |  |
| Turnover (1 an glissant) | 30.59% |  |  |  |  |
| Active Share | 94.11% |  |  |  |  |
| Cash | 3.98% |  |  |  |  |


## 5 principales surpondérations	5 principales sous-pondérations
| Portefeuille Indicateur de performance* Ecart |  | Portefeuille Indicateur de performance* Ecart |
| --- | --- | --- |
| Edenred | 4.35% | 0.00% | 4.35% |  | GN Store Nord | 0.00% | 1.06% | -1.06% |
| Sixt SE | 3.32% | 0.00% | 3.32% |  | Aroundtown SA | 0.00% | 0.91% | -0.91% |
| Imcd NV | 3.50% | 0.60% | 2.90% |  | Ambu | 0.00% | 0.86% | -0.86% |
| Croda International PLC | 2.88% | 0.00% | 2.88% |  | Phoenix Group Holdings | 0.00% | 0.81% | -0.81% |
| XING SE | 2.76% | 0.00% | 2.76% |  | NMC Health PLC | 0.00% | 0.79% | -0.79% |
| 5 meilleures contributions |  |  |  | 5 moins bonnes contributions |  |  |
| Libellé | Poids | Contribution |  | Libellé | Poids | Contribution |
| XING SE | 2.57% | 0.37% |  | AURELIUS Equity Opportunities SE & Co KGaA | 1.90% | -0.37% |
| Swedish Orphan Biovitrum AB | 1.54% | 0.26% |  | UDG Healthcare PLC | 2.48% | -0.34% |
| Sartorius AG | 2.07% | 0.25% |  | Hugo Boss AG | 2.54% | -0.28% |
| Evotec AG | 0.98% | 0.21% |  | Aryzta AG | 0.42% | -0.27% |
| DNA Oyj | 2.57% | 0.21% |  | Credito Emiliano SpA | 1.69% | -0.27% |
| Exposition en termes de capitalisation boursière |  |  |  |  |  |  |

37.54%
48%
44%
40%
36%
32%
28%
24%
10.63%
20%
16%
12%
8%
4%
0%
0.00%
19.98%
<1 Bn€	1 Bn€ -
3 Bn€
26.27%
3 Bn€ -
5 Bn€
23.22%
30.30%
5 Bn€ -
10 Bn€
2.34%
7.45%
>10
Bn€
42.26%
Portefeuille	Indice de référence*