# Portfolio analysis
## Sector breakdown
Portfolio	Perf. indicator*

## Sector over/underweight
Technology	35.82%	35.11%
Health Care	20.35%	13.50%
Consumer Discretionary	17.57%	19.00%
Financial Services	10.85%	12.09%
Energy	5.75%	0.87%
Producer Durables	5.41%	12.82%
Materials & Processing	2.77%	2.03%
Consumer Staples	1.48%	4.44%
Utilities	0.00%	0.15%
Technology
Health Care
Consumer Discretionary
Financial Services
Energy
Producer Durables
Materials & Processing
Consumer Staples
Utilities
-8%	-6%	-4%	-2%	0%	2%	4%	6%	8%
| Main stocks |  |
| --- | --- |
| Equity |  | Weighting |  | Sector | Country |
|  | Portfolio | Perf. indicator* | Spread |  |  |
| Apple Inc | 7.52% | 8.09% | -0.56% | Technology | USA |
| Microsoft Corp | 6.02% | 5.82% | 0.20% | Technology | USA |
| Alphabet Inc | 5.98% | 5.34% | 0.64% | Technology | USA |
| Amazon.com Inc | 5.23% | 5.91% | -0.68% | Consumer Discretionary | USA |
| Facebook Inc | 2.83% | 3.02% | -0.19% | Technology | USA |
| Visa Inc | 2.59% | 1.90% | 0.69% | Financial Services | USA |
| UnitedHealth Group Inc | 2.06% | 1.85% | 0.21% | Health Care | USA |
| salesforce.com inc | 1.67% | 0.78% | 0.89% | Technology | USA |
| DexCom Inc | 1.64% | 0.09% | 1.54% | Health Care | USA |
| Royal Caribbean Cruises Ltd | 1.59% | - | 1.59% | Consumer Discretionary | USA |
| Number of Holdings | 66 | 542 |  |  |  |
| Turnover (1 rolling year) | 32.44% |  |  |  |  |
| Active Share | 58.12% |  |  |  |  |
| Cash | 1.95% |  |  |  |  |


## Top 5 overweight	Top 5 underweight
| Portfolio Performance Indicator* Spread |  | Portfolio Performance Indicator* Spread |
| --- | --- | --- |
| Royal Caribbean Cruises Ltd | 1.56% | 0.00% | 1.56% |  | Home Depot Inc | 0.00% | 1.67% | -1.67% |
| DexCom Inc | 1.60% | 0.09% | 1.51% |  | MasterCard Inc | 0.00% | 1.43% | -1.43% |
| Danaher Corp | 1.51% | 0.00% | 1.51% |  | Boeing Co | 0.00% | 1.36% | -1.36% |
| QUALCOMM Inc | 1.49% | 0.00% | 1.49% |  | NVIDIA Corp | 0.00% | 1.18% | -1.18% |
| Ultimate Software Group Inc | 1.55% | 0.07% | 1.49% |  | AbbVie Inc | 0.00% | 1.10% | -1.10% |

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

Translation (ENFR, 2018-08-31):
# Analyse du portefeuille
## Exposition sectorielle
Portefeuille	Indice de perf.*

## Sur/sous-pondération sectorielle
Technologie	35.82%	35.11%
Santé	20.35%	13.50%
Biens de conso. Cycliques	17.57%	19.00%
Services financiers	10.85%	12.09%
Energie	5.75%	0.87%
Production de biens durables	5.41%	12.82%
Matériaux	2.77%	2.03%
Biens de conso. de base	1.48%	4.44%
Services aux collectivités	0.00%	0.15%
Technologie Santé
Conso. cycl.
Services financiers
Energie
Production de biens durables
Matériaux
Conso. Base
Serv. aux collect.
| -8% | -6% | -4% | -2% | 0% | 2% | 4%	6%	8% |
| --- | --- | --- | --- | --- | --- | --- |
| Les principales valeurs |  |  |  |  |  |
| Action |  | Pondération |  | Secteur | Pays |
|  | Portefeuille | Indice de perf.* | Ecart |  |  |
| Apple Inc | 7.52% | 8.09% | -0.56% | Technologie | Etats-Unis |
| Microsoft Corp | 6.02% | 5.82% | 0.20% | Technologie | Etats-Unis |
| Alphabet Inc | 5.98% | 5.34% | 0.64% | Technologie | Etats-Unis |
| Amazon.com Inc | 5.23% | 5.91% | -0.68% | Conso. cycl. | Etats-Unis |
| Facebook Inc | 2.83% | 3.02% | -0.19% | Technologie | Etats-Unis |
| Visa Inc | 2.59% | 1.90% | 0.69% | Services financiers | Etats-Unis |
| UnitedHealth Group Inc | 2.06% | 1.85% | 0.21% | Santé | Etats-Unis |
| salesforce.com inc | 1.67% | 0.78% | 0.89% | Technologie | Etats-Unis |
| DexCom Inc | 1.64% | 0.09% | 1.54% | Santé | Etats-Unis |
| Royal Caribbean Cruises Ltd | 1.59% | - | 1.59% | Conso. cycl. | Etats-Unis |
| Nombre de lignes | 66 | 542 |  |  |  |
| Turnover (1 an glissant) | 32.44% |  |  |  |  |
| Active Share | 58.12% |  |  |  |  |
| Cash | 1.95% |  |  |  |  |


## 5 principales surpondérations	5 principales sous-pondérations
| Portefeuille Indicateur de performance* Ecart |  | Portefeuille Indicateur de performance* Ecart |
| --- | --- | --- |
| Royal Caribbean Cruises | 1.56% | 0.00% | 1.56% |  | Home Depot Inc | 0.00% | 1.67% | -1.67% |
| Ltd |  |  |  |  | MasterCard Inc | 0.00% | 1.43% | -1.43% |
| DexCom Inc | 1.60% | 0.09% | 1.51% |  | Boeing Co | 0.00% | 1.36% | -1.36% |
| Danaher Corp | 1.51% | 0.00% | 1.51% |  | NVIDIA Corp | 0.00% | 1.18% | -1.18% |
| QUALCOMM Inc | 1.49% | 0.00% | 1.49% |  | AbbVie Inc | 0.00% | 1.10% | -1.10% |
| Ultimate Software Group Inc | 1.55% | 0.07% | 1.49% |  |  |  |  |  |

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