# Portfolio analysis
Sector breakdown
Sector over/underweight
Inf. techno. Cons. disc. Industrials Financials
Health Care Real estate Energy Materials Cons. stap.
Utilities
Telecomm. serv.
-4%	-3%	-2%	-1%	0%	1%	2%	3%	4%	5%	6%
| Geographical breakdown |  |
| --- | --- |
|  | Portfolio | Perf. indicator* |
| United Kingdom | 32.39% | 35.83% |
| Germany | 21.16% | 10.23% |
| France | 18.73% | 10.22% |
| Sweden | 10.00% | 14.23% |
| Italy | 4.57% | 4.60% |
| Belgium | 4.42% | 2.83% |
| Norway | 3.19% | 6.00% |
| Ireland | 2.22% | 0.60% |
| Netherlands | 1.95% | 1.55% |
| Greece | 0.76% | 0.00% |
| Finland | 0.60% | 3.57% |
| Switzerland | 0.00% | 4.44% |
| Other | 0.00% | 5.91% |

Country over/underweight
United Kingdom Germany France
Sweden Italy Belgium Norway Ireland Netherlands Greece Finland Switzerland Other
-6%	-4%	-2%	0%	2%	4%	6%	8%	10%	12%
| Main stocks |  |
| --- | --- |
| Equity |  | Weighting |  | Sector | Country |
|  | Portfolio | Perf. indicator* | Spread |  |  |
| Patrizia Immobilien AG | 2.34% | - | 2.34% | Real estate | Germany |
| Xior Student Housing NV | 1.93% | 0.31% | 1.62% | Real estate | Belgium |
| On the Beach Group PLC | 1.89% | - | 1.89% | Cons. disc. | United Kingdom |
| Prima Industrie SpA | 1.76% | - | 1.76% | Industrials | Italy |
| Focusrite PLC | 1.75% | 0.11% | 1.64% | Cons. disc. | United Kingdom |
| ESI Group | 1.68% | 0.12% | 1.56% | Inf. techno. | France |
| Future PLC | 1.66% | 0.28% | 1.38% | Cons. disc. | United Kingdom |
| Dr Hoenle AG | 1.60% | - | 1.60% | Industrials | Germany |
| Stemmer Imaging AG | 1.58% | 0.14% | 1.45% | Inf. techno. | Germany |
| Groupe Open | 1.49% | 0.14% | 1.35% | Inf. techno. | France |
| Number of Holdings | 109 | 1424 |  |  |  |
| Turnover (1 rolling year) | 57.66% |  |  |  |  |
| Active Share | 93.32% |  |  |  |  |
| Cash | 6.46% |  |  |  |  |

Top 5 overweight	Top 5 underweight
| Portfolio Performance Indicator* Spread |  | Portfolio Performance Indicator* Spread |
| --- | --- | --- |
| Patrizia Immobilien AG | 2.20% | 0.00% | 2.20% |  | Diversified Gas & Oil PLC | 0.00% | 0.48% | -0.48% |
| On the Beach Group PLC | 1.77% | 0.00% | 1.77% |  | Karo Pharma AB | 0.00% | 0.42% | -0.42% |
| Prima Industrie SpA | 1.65% | 0.00% | 1.65% |  | Cellavision AB | 0.00% | 0.37% | -0.37% |
| Focusrite PLC | 1.64% | 0.11% | 1.53% |  | Draper Esprit PLC | 0.00% | 0.36% | -0.36% |
| Xior Student Housing NV | 1.81% | 0.31% | 1.50% |  | SDL PLC | 0.00% | 0.36% | -0.36% |

Translation (ENFR, 2018-08-31):
# Analyse du portefeuille
### Exposition sectorielle
Sur/sous-pondération sectorielle
Technologie Conso. cycl. Industrie Finance
Santé Immobilier Energie Matériaux Conso. Base
Serv. aux collect.
Télécom.
-4%	-3%	-2%	-1%	0%	1%	2%	3%	4%	5%	6%
| Exposition géographique |  |
| --- | --- |
|  | Portefeuille | Indice de perf.* |
| Royaume-Uni | 32.39% | 35.83% |
| Allemagne | 21.16% | 10.23% |
| France | 18.73% | 10.22% |
| Suède | 10.00% | 14.23% |
| Italie | 4.57% | 4.60% |
| Belgique | 4.42% | 2.83% |
| Norvège | 3.19% | 6.00% |
| Irlande | 2.22% | 0.60% |
| Pays-Bas | 1.95% | 1.55% |
| Grèce | 0.76% | 0.00% |
| Finlande | 0.60% | 3.57% |
| Suisse | 0.00% | 4.44% |
| Autres | 0.00% | 5.91% |


### Sur/sous-pondération pays
Royaume-Uni Allemagne France Suède
Italie Belgique Norvège Irlande Pays-Bas Grèce Finlande Suisse Autres
-6%	-4%	-2%	0%	2%	4%	6%	8%	10%	12%
| Les principales valeurs |  |
| --- | --- |
| Action |  | Pondération |  | Secteur | Pays |
|  | Portefeuille | Indice de perf.* | Ecart |  |  |
| Patrizia Immobilien AG | 2.34% | - | 2.34% | Immobilier | Allemagne |
| Xior Student Housing NV | 1.93% | 0.31% | 1.62% | Immobilier | Belgique |
| On the Beach Group PLC | 1.89% | - | 1.89% | Conso. cycl. | Royaume-Uni |
| Prima Industrie SpA | 1.76% | - | 1.76% | Industrie | Italie |
| Focusrite PLC | 1.75% | 0.11% | 1.64% | Conso. cycl. | Royaume-Uni |
| ESI Group | 1.68% | 0.12% | 1.56% | Technologie | France |
| Future PLC | 1.66% | 0.28% | 1.38% | Conso. cycl. | Royaume-Uni |
| Dr Hoenle AG | 1.60% | - | 1.60% | Industrie | Allemagne |
| Stemmer Imaging AG | 1.58% | 0.14% | 1.45% | Technologie | Allemagne |
| Groupe Open | 1.49% | 0.14% | 1.35% | Technologie | France |
| Nombre de lignes | 109 | 1424 |  |  |  |
| Turnover (1 an glissant) | 57.66% |  |  |  |  |
| Active Share | 93.32% |  |  |  |  |
| Cash | 6.46% |  |  |  |  |

5 principales surpondérations	5 principales sous-pondérations
| Portefeuille Indicateur de performance* Ecart |  | Portefeuille Indicateur de performance* Ecart |
| --- | --- | --- |
| Patrizia Immobilien AG | 2.20% | 0.00% | 2.20% |  | Diversified Gas & Oil PLC | 0.00% | 0.48% | -0.48% |
| On the Beach Group PLC | 1.77% | 0.00% | 1.77% |  | Karo Pharma AB | 0.00% | 0.42% | -0.42% |
| Prima Industrie SpA | 1.65% | 0.00% | 1.65% |  | Cellavision AB | 0.00% | 0.37% | -0.37% |
| Focusrite PLC | 1.64% | 0.11% | 1.53% |  | Draper Esprit PLC | 0.00% | 0.36% | -0.36% |
| Xior Student Housing NV | 1.81% | 0.31% | 1.50% |  | SDL PLC | 0.00% | 0.36% | -0.36% |