# Portfolio analysis
### Sector breakdown
Sector over/underweight
Financials
Industrials
| Oil & Gas | 6.84% | 11.89% |
| --- | --- | --- |
| Health Care | 5.99% | 2.00% |

Consumer Goods
Oil & Gas
Health Care Consumer Services Basic Materials
Telecoms
Not Classified
Utilities
Technology
| -20% | -15% | -10% | -5%	0% | 5% | 10%	15% |
| --- | --- | --- | --- | --- | --- |
| Main stocks |  |  |  |  |  |
| Equity |  | Weighting |  | Sector | Country |
|  | Portfolio | Perf. indicator* | Spread |  |  |
| Cnh Industrial NV | 9.88% | 2.76% | 7.12% | Industrials | Italy |
| FinecoBank Banca Fineco SpA | 8.79% | 1.09% | 7.70% | Financials | Italy |
| UniCredit SpA | 8.02% | 7.48% | 0.54% | Financials | Italy |
| Intesa Sanpaolo SpA | 7.16% | 8.32% | -1.16% | Financials | Italy |
| Eni SpA | 6.84% | 10.77% | -3.93% | Oil & Gas | Italy |
| Prysmian SpA | 5.07% | 1.52% | 3.56% | Industrials | Italy |
| Fiat Chrysler Automobiles NV | 4.57% | 4.32% | 0.25% | Consumer Goods | Italy |
| Davide Campari-Milano SpA | 3.92% | 1.16% | 2.75% | Consumer Goods | Italy |
| Ferrari NV | 3.70% | 3.81% | -0.11% | Consumer Goods | Italy |
| Amplifon SpA | 3.12% | 0.59% | 2.53% | Health Care | Italy |
| Number of Holdings | 38 | 228 |  |  |  |
| Turnover (1 rolling year) | 5.18% |  |  |  |  |
| Active Share | 53.32% |  |  |  |  |
| Cash | 5.04% |  |  |  |  |


### Top 5 overweight	Top 5 underweight
| Portfolio Performance Indicator* Spread |  | Portfolio Performance Indicator* Spread |
| --- | --- | --- |
| FinecoBank Banca Fineco SpA | 8.37% | 1.09% | 7.28% |  | Enel SpA | 0.00% | 8.92% | -8.92% |
| Cnh Industrial NV | 9.40% | 2.76% | 6.65% |  | Assicurazioni Generali SpA | 0.00% | 5.01% | -5.01% |
| Prysmian SpA | 4.83% | 1.52% | 3.31% |  | Eni SpA | 6.51% | 10.77% | -4.26% |
| Davide Campari-Milano SpA | 3.73% | 1.16% | 2.56% |  | Stmicroelectronics NV | 0.00% | 2.99% | -2.99% |
| Amplifon SpA | 2.97% | 0.59% | 2.38% |  | Luxottica Group SpA | 0.00% | 2.39% | -2.39% |

* Performance indicator : Please refer to the Benchmark section in the characteristics/disclaimers part of the document. Source(s): AXA Investment Managers - FTSE - ICB as at 31/08/2018

Translation (ENFR, 2018-08-31):
# Analyse du portefeuille
### Exposition sectorielle
Sur/sous-pondération sectorielle
Sociétés Financières
Industries
Biens de Consommation
Pétrole et Gaz
Santé Services aux
Consommateurs Matériaux de Base
Télécommunications
Non classés
Services aux Collectivités
Technologie
-20%	-15%	-10%	-5%	0%	5%	10%	15%
| Les principales valeurs |  |
| --- | --- |
| Action |  | Pondération |  | Secteur | Pays |
|  | Portefeuille | Indice de perf.* | Ecart |  |  |
| Cnh Industrial NV | 9.88% | 2.76% | 7.12% | Industries | Italie |
| FinecoBank Banca Fineco SpA | 8.79% | 1.09% | 7.70% | Sociétés Financières | Italie |
| UniCredit SpA | 8.02% | 7.48% | 0.54% | Sociétés Financières | Italie |
| Intesa Sanpaolo SpA | 7.16% | 8.32% | -1.16% | Sociétés Financières | Italie |
| Eni SpA | 6.84% | 10.77% | -3.93% | Pétrole et Gaz | Italie |
| Prysmian SpA | 5.07% | 1.52% | 3.56% | Industries | Italie |
| Fiat Chrysler Automobiles NV | 4.57% | 4.32% | 0.25% | Biens de Consommation | Italie |
| Davide Campari-Milano SpA | 3.92% | 1.16% | 2.75% | Biens de Consommation | Italie |
| Ferrari NV | 3.70% | 3.81% | -0.11% | Biens de Consommation | Italie |
| Amplifon SpA | 3.12% | 0.59% | 2.53% | Santé | Italie |
| Nombre de lignes | 38 | 228 |  |  |  |
| Turnover (1 an glissant) | 5.18% |  |  |  |  |
| Active Share | 53.32% |  |  |  |  |
| Cash | 5.04% |  |  |  |  |


### 5 principales surpondérations	5 principales sous-pondérations
| Portefeuille Indicateur de performance* Ecart |  | Portefeuille Indicateur de performance* Ecart |
| --- | --- | --- |
| FinecoBank Banca Fineco | 8.37% | 1.09% | 7.28% |  | Enel SpA | 0.00% | 8.92% | -8.92% |
| SpA |  |  |  |  | Assicurazioni Generali SpA | 0.00% | 5.01% | -5.01% |
| Cnh Industrial NV | 9.40% | 2.76% | 6.65% |  | Eni SpA | 6.51% | 10.77% | -4.26% |
| Prysmian SpA | 4.83% | 1.52% | 3.31% |  | Stmicroelectronics NV | 0.00% | 2.99% | -2.99% |
| Davide Campari-Milano SpA | 3.73% | 1.16% | 2.56% |  | Luxottica Group SpA | 0.00% | 2.39% | -2.39% |
| Amplifon SpA | 2.97% | 0.59% | 2.38% |  |  |  |  |  |

* Indicateur de performance : se référer à la rubrique Indicateur de performance spécifiée en dernière rubrique Source(s) : AXA Investment Managers - FTSE - ICB au 31/08/2018