# Portfolio analysis
## Sector breakdown
Sector over/underweight
Financials
Health Care
Industrials
Consumer Goods
Technology
Basic Materials
Consumer Services
Telecoms
Utilities
| -2% | -1% | 0% | 1% | 2% |
| --- | --- | --- | --- | --- |
| Main stocks |  |  |  |  |  |
| Equity |  | Weighting |  | Sector | Country |
|  | Portfolio | Perf. indicator* | Spread |  |  |
| Nestle SA | 9.82% | 9.70% | 0.12% | Consumer Goods | Switzerland |
| Novartis AG | 7.71% | 7.38% | 0.33% | Health Care | Switzerland |
| Roche Holding AG | 6.08% | 6.48% | -0.41% | Health Care | Switzerland |
| Swiss Life Holding AG | 5.85% | 3.02% | 2.83% | Financials | Switzerland |
| Lonza Group AG | 4.72% | 0.89% | 3.83% | Health Care | Switzerland |
| Straumann Holding AG | 4.71% | 2.19% | 2.53% | Health Care | Switzerland |
| ABB Ltd | 4.54% | 1.59% | 2.94% | Industrials | Switzerland |
| Cie Financiere Richemont SA | 4.30% | 1.71% | 2.59% | Consumer Goods | Switzerland |
| Schindler Holding AG | 4.25% | 3.46% | 0.79% | Industrials | Switzerland |
| Sika AG | 4.07% | 0.70% | 3.38% | Industrials | Switzerland |
| Number of Holdings | 31 | 100 |  |  |  |
| Turnover (1 rolling year) | 36.92% |  |  |  |  |
| Active Share | 38.56% |  |  |  |  |
| Cash | 3.92% |  |  |  |  |


## Top 5 overweight	Top 5 underweight
| Portfolio Performance Indicator* Spread |  | Portfolio Performance Indicator* Spread |
| --- | --- | --- |
| Lonza Group AG | 4.54% | 0.89% | 3.65% |  | Sonova Holding AG | 0.00% | 2.54% | -2.54% |
| Sika AG | 3.92% | 0.70% | 3.22% |  | Lindt | 1.89% | 4.26% | -2.38% |
| Partners Group Holding AG | 3.49% | 0.66% | 2.83% |  | Vifor Pharma AG | 0.00% | 1.76% | -1.76% |
| ABB Ltd | 4.36% | 1.59% | 2.77% |  | Swatch Group AG | 0.00% | 1.74% | -1.74% |
| Swiss Life Holding AG | 5.63% | 3.02% | 2.60% |  | Swiss Prime Site AG | 0.00% | 1.61% | -1.61% |

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

Translation (ENFR, 2018-08-31):
# Analyse du portefeuille
## Exposition sectorielle
Sociétés Financières	23.73%	21.89%
Santé	23.21%	23.37%
Industries	21.96%	20.97%
Biens de Consommation	18.09%	19.75%
Technologie	6.34%	6.71%
Matériaux de Base	3.04%	3.04%
Services aux Consommateurs	2.73%	2.74%
Télécommunications	0.88%	1.18%
Services aux Collectivités	0.00%	0.34%

## Sur/sous-pondération sectorielle
Sociétés Financières
Santé
Industries
Biens de Consommation
Technologie Matériaux de Base
Services aux
Consommateurs
Télécommunications
Services aux Collectivités
-2%	-1%	0%	1%	2%
| Les principales valeurs |  |
| --- | --- |
| Action |  | Pondération |  | Secteur | Pays |
|  | Portefeuille | Indice de perf.* | Ecart |  |  |
| Nestle SA | 9.82% | 9.70% | 0.12% | Biens de Consommation | Suisse |
| Novartis AG | 7.71% | 7.38% | 0.33% | Santé | Suisse |
| Roche Holding AG | 6.08% | 6.48% | -0.41% | Santé | Suisse |
| Swiss Life Holding AG | 5.85% | 3.02% | 2.83% | Sociétés Financières | Suisse |
| Lonza Group AG | 4.72% | 0.89% | 3.83% | Santé | Suisse |
| Straumann Holding AG | 4.71% | 2.19% | 2.53% | Santé | Suisse |
| ABB Ltd | 4.54% | 1.59% | 2.94% | Industries | Suisse |
| Cie Financiere Richemont SA | 4.30% | 1.71% | 2.59% | Biens de Consommation | Suisse |
| Schindler Holding AG | 4.25% | 3.46% | 0.79% | Industries | Suisse |
| Sika AG | 4.07% | 0.70% | 3.38% | Industries | Suisse |
| Nombre de lignes | 31 | 100 |  |  |  |
| Turnover (1 an glissant) | 36.92% |  |  |  |  |
| Active Share | 38.56% |  |  |  |  |
| Cash | 3.92% |  |  |  |  |


## 5 principales surpondérations	5 principales sous-pondérations
| Portefeuille Indicateur de performance* Ecart |  | Portefeuille Indicateur de performance* Ecart |
| --- | --- | --- |
| Lonza Group AG | 4.54% | 0.89% | 3.65% |  | Sonova Holding AG | 0.00% | 2.54% | -2.54% |
| Sika AG | 3.92% | 0.70% | 3.22% |  | Lindt | 1.89% | 4.26% | -2.38% |
| Partners Group Holding AG | 3.49% | 0.66% | 2.83% |  | Vifor Pharma AG | 0.00% | 1.76% | -1.76% |
| ABB Ltd | 4.36% | 1.59% | 2.77% |  | Swatch Group AG | 0.00% | 1.74% | -1.74% |
| Swiss Life Holding AG | 5.63% | 3.02% | 2.60% |  | Swiss Prime Site AG | 0.00% | 1.61% | -1.61% |

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