# Portfolio analysis
### Sector breakdown
Sector over/underweight
Inf. techno. Health Care Industrials Financials
Cons. disc. Utilities Cons. stap. Materials Real estate
Energy
Telecomm. serv.
-9%	-6%	-3%	0%	3%	6%	9%	12%	15%	18%
| Geographical breakdown |  |
| --- | --- |
|  | Portfolio | Perf. indicator* |
| USA | 55.28% | 55.26% |
| Japan | 11.07% | 7.40% |
| China | 5.44% | 3.43% |
| Germany | 4.66% | 2.95% |
| France | 4.39% | 3.42% |
| Taiwan | 3.54% | 1.36% |
| United Kingdom | 3.37% | 5.27% |
| Ireland | 2.76% | 0.17% |
| Hong Kong | 2.61% | 1.09% |
| Belgium | 1.92% | 0.32% |
| Philippines | 1.39% | 0.12% |
| India | 1.30% | 1.03% |
| Other | 2.27% | 18.19% |


### Country over/underweight
USA
Japan China Germany France Taiwan
United Kingdom Ireland
Hong Kong Belgium Philippines India Other
-18%	-15%	-12%	-9%	-6%	-3%	0%	3%	6%
| Main stocks |  |
| --- | --- |
| Equity |  | Weighting |  | Sector | Country |  |
|  | Portfolio | Perf. indicator* | Spread |  |  |  |
| Alphabet Inc | 4.45% | 1.61% | 2.84% | Inf. techno. | USA |  |
| Taiwan Semiconductor Manufa... | 3.54% | 0.44% | 3.10% | Inf. techno. | Taiwan |  |
| Visa Inc | 2.94% | 0.57% | 2.38% | Inf. techno. | USA |  |
| Microsoft Corp | 2.85% | 1.76% | 1.10% | Inf. techno. | USA |  |
| Amazon.com Inc | 2.83% | 1.77% | 1.06% | Cons. disc. | USA |  |
| Facebook Inc | 2.74% | 0.90% | 1.84% | Inf. techno. | USA |  |
| AIA Group Ltd | 2.61% | 0.22% | 2.39% | Financials | Hong Kong |  |
| Adobe Systems Inc | 2.43% | 0.28% | 2.16% | Inf. techno. | USA |  |
| Apple Inc | 2.30% | 2.47% | -0.17% | Inf. techno. | USA |  |
| Thermo Fisher Scientific Inc | 2.29% | 0.21% | 2.09% | Health Care | USA |  |
| Number of Holdings | 57 | 2778 |  |  |  |  |
| Turnover (1 rolling year) | 79.23% |  |  |  |  |  |
| Active Share | 85.02% |  |  |  |  |  |
| Cash | 2.14% |  |  |  |  |  |
| Top 5 overweight |  |  | Top 5 underweight |  |  |  |
| Portfolio Performance Indicator* Spread | Portfolio Performance Indicator* Spread |  |
| Taiwan Semiconductor | 3.46% | 0.44% | 3.02% |  | JPMorgan Chase & Co | 0.00% | 0.84% | -0.84% |  |
| Manufacturing Co Ltd |  |  |  |  | Exxon Mobil Corp | 0.00% | 0.73% | -0.73% |  |
| Alphabet Inc | 4.36% | 1.61% | 2.75% |  | Bank of America Corp | 0.00% | 0.64% | -0.64% |  |
| AIA Group Ltd | 2.56% | 0.22% | 2.33% |  | Wells Fargo & Co | 0.00% | 0.58% | -0.58% |  |
| Visa Inc | 2.88% | 0.57% | 2.32% |  | Royal Dutch Shell PLC | 0.00% | 0.58% | -0.58% |  |
| DexCom Inc | 2.19% | 0.00% | 2.19% |  |  |  |  |  |  |

Translation (ENES, 2018-08-31):
# Análisis de la cartera
### Exposición sectorial
Sobre/infraponderacion por sectores
Info. Tecno. Aten. Sanit. Industria Finanzas
Cons. Disc. Servicios Públicos Cons. Básico Materiales Inmobiliario
Energía
Telecomunicaciones
-9%	-6%	-3%	0%	3%	6%	9%	12%	15%	18%
| Distribución geográfica |  |
| --- | --- |
|  | Cartera | Índice de rentab* |
| Estados Unidos | 55.28% | 55.26% |
| Japón | 11.07% | 7.40% |
| China | 5.44% | 3.43% |
| Alemania | 4.66% | 2.95% |
| Francia | 4.39% | 3.42% |
| Taiwán | 3.54% | 1.36% |
| Reino Unido | 3.37% | 5.27% |
| Irlanda | 2.76% | 0.17% |
| Hong-Kong | 2.61% | 1.09% |
| Bélgica | 1.92% | 0.32% |
| Filipinas | 1.39% | 0.12% |
| India | 1.30% | 1.03% |
| Otros | 2.27% | 18.19% |


### Sobre/infraponderación por países
Estados Unidos Japón
China Alemania Francia Taiwán Reino Unido Irlanda Hong-Kong Bélgica Filipinas India
Otros
-18%	-15%	-12%	-9%	-6%	-3%	0%	3%	6%
| Valores principales |  |
| --- | --- |
| Compañía |  | Ponderación |  | Sector | País |
|  | Cartera | Índice de rentab* | Diferencia |  |  |
| Alphabet Inc | 4.45% | 1.61% | 2.84% | Info. Tecno. | Estados Unidos |
| Taiwan Semiconductor Manufa... | 3.54% | 0.44% | 3.10% | Info. Tecno. | Taiwán |
| Visa Inc | 2.94% | 0.57% | 2.38% | Info. Tecno. | Estados Unidos |
| Microsoft Corp | 2.85% | 1.76% | 1.10% | Info. Tecno. | Estados Unidos |
| Amazon.com Inc | 2.83% | 1.77% | 1.06% | Cons. Disc. | Estados Unidos |
| Facebook Inc | 2.74% | 0.90% | 1.84% | Info. Tecno. | Estados Unidos |
| AIA Group Ltd | 2.61% | 0.22% | 2.39% | Finanzas | Hong-Kong |
| Adobe Systems Inc | 2.43% | 0.28% | 2.16% | Info. Tecno. | Estados Unidos |
| Apple Inc | 2.30% | 2.47% | -0.17% | Info. Tecno. | Estados Unidos |
| Thermo Fisher Scientific Inc | 2.29% | 0.21% | 2.09% | Aten. Sanit. | Estados Unidos |
| Número de líneas | 57 | 2778 |  |  |  |
| Rotacion annual | 79.23% |  |  |  |  |
| Active share | 85.02% |  |  |  |  |
| Liquidez | 2.14% |  |  |  |  |

Top 5 sobreponderaciones	Top 5 infraponderaciones
| Cartera Indicador de rentabilidad* Diferencia |  | Cartera Indicador de rentabilidad* Diferencia |
| --- | --- | --- |
| Taiwan Semiconductor | 3.46% | 0.44% | 3.02% |  | JPMorgan Chase & Co | 0.00% | 0.84% | -0.84% |
| Manufacturing Co Ltd |  |  |  |  | Exxon Mobil Corp | 0.00% | 0.73% | -0.73% |
| Alphabet Inc | 4.36% | 1.61% | 2.75% |  | Bank of America Corp | 0.00% | 0.64% | -0.64% |
| AIA Group Ltd | 2.56% | 0.22% | 2.33% |  | Wells Fargo & Co | 0.00% | 0.58% | -0.58% |
| Visa Inc | 2.88% | 0.57% | 2.32% |  | Royal Dutch Shell PLC | 0.00% | 0.58% | -0.58% |
| DexCom Inc | 2.19% | 0.00% | 2.19% |  |  |  |  |  |