# Portfolio analysis
## Fund indicators

## Fund indicators

## Sector breakdown
10.01%
9.12%
8.78%
12%
7.67%
7.57%
7.00%
6.70%
6.50%
5.91%
10%
5.26%
5.24%
4.99%
3.74%
8%
3.55%
2.88%
6%
1.71%
1.00%
0.96%
0.88%
0.53%
0.00%
4%
2%
Basic Industry
Retail
Telecommunications
Media
Services
Capital Goods
Financial Services
Leisure
Utility
Healthcare
Automotive
Transportation
Banking
Energy
Technology &
Electronics
Real Estate
Sovereign
Consumer Goods
ABS
Not Classified
Cash
0%
Portfolio
47.19%
31.92%
14.08%

## Modified duration to worst breakdown	Years to maturity breakdown
50%
40%
30%
5.91%
20%
10%
Cash
Undetermined
0%
60%
48.60%
50%
25.90%
40%
10.24%
30%
5.91%
9.35%
0.00%
20%
0.00%
10%
0-1
1-3
3-5
5-7
Cash
0-1 year
1-3 years
3-5 years
5-7 years
Undetermined
0%
0.89%
Portfolio	Portfolio
Source(s): AXA Investment Managers as at 31/08/2018
| Portfolio analysis |  |
| --- | --- |
| Top 10 holdings |  |  |  |  |  |  |
| Issuer | Coupon rate | Maturity | Sector | Modified duration to worst | Rating | Weight |
| ZIGGO BOND CO | 7.125 | 15/05/24 | Media | 0.70 | B | 1.58% |
| BARCLAYS BANK PLC | 10.000 | 21/05/21 | Banking | 2.48 | BB | 1.52% |
| EIRCOM FINANCE DAC | 4.500 | 31/05/22 | Telecommunications | 0.75 | B | 1.51% |
| ARDAGH PKG FIN/HLDGS USA | 6.750 | 15/05/24 | Capital Goods | 0.70 | B | 1.51% |
| LINCOLN FINANCE LTD | 6.875 | 15/04/21 | Financial Services | 0.62 | B | 1.45% |
| IPD 3 BV | 4.500 | 15/07/22 | Technology & Electronics | 2.76 | B | 1.42% |
| TELECOM ITALIA SPA | 6.375 | 24/06/19 | Telecommunications | 0.81 | BB | 1.40% |
| THAMES WATER KEMBLE FINA | 7.750 | 01/04/19 | Utility | 0.57 | B | 1.40% |
| QUINTILES IMS INC | 3.500 | 15/10/24 | Healthcare | 2.99 | BB | 1.37% |
| JAGUAR LAND ROVER AUTOMO | 2.750 | 24/01/21 | Automotive | 2.37 | BB | 1.36% |
| Number of Holdings | 141 |  |  |  |  |  |

49.67%

## Rating breakdown
55%
50%
33.99%
45%
40%
35%
30%
25%
20%
5.09%
4.08%
5.91%
15%
1.27%
10%
5%
0%
BBB	BB	B	CCC	NR	Cash
Portfolio

## Currency breakdown
70%
60%
50%
40%
30%
20%
10%
0%
EUR	GBP	Other	Cash
Portfolio

## Country Breakdown
28.73%
33%
30%
27%
24%
21%
11.35%
18%
15%
7.42%
6.67%
5.97%
5.96%
5.88%
5.91%
12%
3.79%
3.49%
2.32%
2.07%
4.49%
9%
1.96%
1.47%
1.44%
1.07%
6%
3%
United
Kingdom
Luxemburg
Netherlands
Italy
France
United
States
Germany
Ireland
Sweden
Spain
Belgium
Greece
Mexico
Russia
South Africa
Other
Cash
0%
Portfolio
Source(s): AXA Investment Managers as at 31/08/2018

Translation (ENES, 2018-08-31):
# Análisis de la cartera
## Características de la cartera

## Características de la cartera

## Exposición sectorial
10.01%
12%
9.12%
8.78%
7.67%
7.57%
10%
7.00%
6.70%
6.50%
5.26%
5.91%
8%
5.24%
4.99%
3.74%
3.55%
6%
2.88%
1.71%
4%
1.00%
0.96%
0.88%
0.53%
Sin 0.00%
2%
Ind. básica
Comercio
minorista
Telecom.
Media
Servicios
B. Equip
Servicios
financieros
Ocio
Deuda
pública
Cuidado
médico
Automoción
Transporte
Finanzas
Energía
Tecnolog. &
electrónica
Bienes
inmuebles
Gobiernos
Consumo
ABS
clasificar
Liquidez
0%
Cartera
47.19%
31.92%
14.08%

## Composición de la Duración modificada to worst	Exposición por vencimiento
50%
40%
30%
5.91%
20%
10%
Determinado
0%
60%
48.60%
50%
25.90%
40%
10.24%
30%
0.00%
5.91%
9.35%
0.00%
20%
10%
No
Liquidez
0-1 año
1-3 años
3-5 años
5-7 años
No
Determinado
0%
0.89%
Liquidez
0-1
1-3
3-5
5-7
Cartera	Cartera
Fuente(s) : AXA Investment Managers a 31/08/2018
| Análisis de la cartera |  |
| --- | --- |
| Las 10 posiciones principales |  |  |  |  |  |  |
| Emisor | Dividendo | Maturity | Sector | Modified duration to worst | Rating | Peso |
| ZIGGO BOND CO | 7.125 | 15/05/24 | Media | 0.70 | B | 1.58% |
| BARCLAYS BANK PLC | 10.000 | 21/05/21 | Finanzas | 2.48 | BB | 1.52% |
| EIRCOM FINANCE DAC | 4.500 | 31/05/22 | Telecom. | 0.75 | B | 1.51% |
| ARDAGH PKG FIN/HLDGS USA | 6.750 | 15/05/24 | B. Equip | 0.70 | B | 1.51% |
|  |  |  | Servicios |  |  |  |
| LINCOLN FINANCE LTD | 6.875 | 15/04/21 | financieros | 0.62 | B | 1.45% |
|  |  |  | Tecnolog. & |  |  |  |
| IPD 3 BV | 4.500 | 15/07/22 | electrónica | 2.76 | B | 1.42% |
| TELECOM ITALIA SPA | 6.375 | 24/06/19 | Telecom. | 0.81 | BB | 1.40% |
| THAMES WATER KEMBLE FINA | 7.750 | 01/04/19 | Deuda pública | 0.57 | B | 1.40% |
| QUINTILES IMS INC | 3.500 | 15/10/24 | Cuidado médico | 2.99 | BB | 1.37% |
| JAGUAR LAND ROVER AUTOMO | 2.750 | 24/01/21 | Automoción | 2.37 | BB | 1.36% |
| Número de líneas | 141 |  |  |  |  |  |

49.67%

## Exposición por calificación
55%
50%
33.99%
45%
40%
35%
30%
25%
20%
5.09%
4.08%
5.91%
15%
1.27%
10%
5%
0%
BBB	BB	B	CCC	NR	Liquidez
Cartera

## Exposición por divisa
70%
60%
50%
40%
30%
20%
10%
0%
EUR	GBP	Otros	Liquidez
Cartera

## Exposición por país
28.73%
33%
30%
27%
24%
21%
11.35%
18%
15%
7.42%
6.67%
5.97%
5.96%
5.88%
5.91%
12%
3.79%
3.49%
2.32%
2.07%
4.49%
9%
1.96%
1.47%
1.44%
1.07%
6%
3%
Reino Unido
Luxemburgo
Países
Bajos
Italia
Francia
Estados
Unidos
Alemania
Irlanda
Suecia
España
Bélgica
Grecia
México
Rusia
Sudáfrica
Otros
Liquidez
0%
Cartera
Fuente(s) : AXA Investment Managers a 31/08/2018