# Portfolio analysis
31.47%
26.53%

## Sector breakdown
35%
30%
25%
20%
15%
10%
5%
0%
Inf. techno.
14.29%
12.92%
Cons. disc.
13.51%
13.79%
11.65%
14.62%
Financials	Health Care
Industrials	Cons. stap.
7.50%
9.60%
5.67%
6.70%
3.69%
5.86%
3.51%
0.00%
3.17%
2.49%
2.24%
2.73%
Energy	Funds	Materials	Real
estate
1.93%
2.83%
1.39%
1.94%
Utilities	Telecomm. serv.
Portfolio	Benchmark*
| Main stocks |  |
| --- | --- |
| Equity |  | Weighting |  | Sector | Issuer country |
|  | Portfolio |  | Benchmark* |  |  |
| Amazon.com Inc | 4.32% |  | 3.30% | Cons. disc. | United States |
| Apple Inc | 3.66% |  | 4.55% | Inf. techno. | United States |
| Microsoft Corp | 2.68% |  | 3.51% | Inf. techno. | United States |
| Johnson & Johnson | 2.51% |  | 1.47% | Health Care | United States |
| JPMorgan Chase & Co | 2.49% |  | 1.59% | Financials | United States |
| Alphabet Inc | 2.22% |  | 3.00% | Inf. techno. | United States |
| NVIDIA Corp | 1.93% |  | 0.69% | Inf. techno. | United States |
| Merck & Co Inc | 1.85% |  | 0.75% | Health Care | United States |
| Medtronic PLC | 1.77% |  | 0.53% | Health Care | United States |
| Adobe Systems Inc | 1.71% |  | 0.53% | Inf. techno. | United States |
| Number of Holdings | 125 |  |  |  |  |
| % Cash | 0.30% |  |  |  |  |


## Top 5 overweight	Top 5 underweight
| Overweightings	Portfolio Benchmark* |  | Underweightings	Portfolio Benchmark* |
| --- | --- | --- |
| Medtronic PLC | 1.77% | 0.53% |  | Apple Inc | 3.66% | 4.55% |
| American Express Co | 1.55% | 0.31% |  | Microsoft Corp | 2.68% | 3.51% |
| Automatic Data Processing Inc | 1.54% | 0.26% |  | Berkshire Hathaway Inc | 0.82% | 1.63% |
| ABIOMED Inc | 1.37% | 0.07% |  | UnitedHealth Group Inc | 0.21% | 1.05% |
| Square Inc | 1.24% | 0.00% |  | Wells Fargo & Co | 0.00% | 1.04% |

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

Translation (ENFR, 2018-08-31):
# Analyse du portefeuille
31.47%
26.53%

## Exposition sectorielle
35%
30%
25%
20%
15%
10%
5%
0%
Technologie	Conso. cycl.
14.29%
12.92%
13.51%
13.79%
11.65%
14.62%
7.50%
9.60%
5.67%
6.70%
Finance	Santé	Industrie	Conso.
Base
3.69%
5.86%
3.51%
0.00%
3.17%
2.49%
2.24%
2.73%
1.93%
2.83%
Energie	Fonds	Matériaux	Immobilier	Serv. aux
collect.
1.39%
1.94%
Télécom.
Portefeuille	Indice de référence*
| Les principales valeurs |  |
| --- | --- |
| Action |  | Pondération | Secteur | Pays émetteur |
|  | Portefeuille | Indice de référence* |  |  |
| Amazon.com Inc | 4.32% | 3.30% | Conso. cycl. | Etats-Unis |
| Apple Inc | 3.66% | 4.55% | Technologie | Etats-Unis |
| Microsoft Corp | 2.68% | 3.51% | Technologie | Etats-Unis |
| Johnson & Johnson | 2.51% | 1.47% | Santé | Etats-Unis |
| JPMorgan Chase & Co | 2.49% | 1.59% | Finance | Etats-Unis |
| Alphabet Inc | 2.22% | 3.00% | Technologie | Etats-Unis |
| NVIDIA Corp | 1.93% | 0.69% | Technologie | Etats-Unis |
| Merck & Co Inc | 1.85% | 0.75% | Santé | Etats-Unis |
| Medtronic PLC | 1.77% | 0.53% | Santé | Etats-Unis |
| Adobe Systems Inc | 1.71% | 0.53% | Technologie | Etats-Unis |
| Nombre de lignes | 125 |  |  |  |
| % Liquidités | 0.30% |  |  |  |


## 5 principales surpondérations	5 principales sous-pondérations
| Surpondérations	Portefeuille Indice de référence* |  | Sous-pondérations	Portefeuille Indice de référence* |
| --- | --- | --- |
| Medtronic PLC | 1.77% | 0.53% |  | Apple Inc | 3.66% | 4.55% |
| American Express Co | 1.55% | 0.31% |  | Microsoft Corp | 2.68% | 3.51% |
| Automatic Data Processing Inc | 1.54% | 0.26% |  | Berkshire Hathaway Inc | 0.82% | 1.63% |
| ABIOMED Inc | 1.37% | 0.07% |  | UnitedHealth Group Inc | 0.21% | 1.05% |
| Square Inc | 1.24% | 0.00% |  | Wells Fargo & Co | 0.00% | 1.04% |

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