# Portfolio analysis
24.12%
22.35%
17.47%
13.79%
14.49%
14.57%

### Sector breakdown
28%
24%
20%
16%
12%
8%
4%
0%
Industrials	Cons. disc.
11.67%
10.34%
Financials		Inf. techno.
8.13%
9.74%
Real estate
7.14%
7.34%
5.72%
5.18%
Materials	Cons. stap.
5.45%
8.96%
Health Care
4.39%
3.58%
1.42%
2.33%
0.00%
1.82%
Energy	Utilities	Telecomm. serv.
Portfolio	Benchmark*

### Geographical breakdown
28.61%
31.95%
12.82%
11.13%
10.43%
10.66%
40%
9.53%
8.22%
6.35%
3.43%
4.92%
2.63%
4.62%
6.53%
4.12%
4.73%
3.73%
3.19%
3.36%
3.20%
3.30%
4.64%
3.25%
6.30%
1.28%
0.67%
0.94%
1.82%
0.46%
1.57%
0.69%
0.94%
20%
United
Kingdom
Sweden
Switzerland
Germany
Denmark
Finland
France
Netherlands
Norway
Belgium
Spain
Italy
Portugal
Austria
Ireland
Other
0%
| Main stocks |  | Portfolio |  | Benchmark* |  |
| --- | --- | --- | --- | --- | --- |
| Equity |  | Weighting |  |  | Sector | Issuer country |
|  | Portfolio |  | Benchmark* |  |  |  |
| Castellum AB | 1.26% |  | 0.35% |  | Real estate | Sweden |
| Georg Fischer AG | 1.25% |  | 0.38% |  | Industrials | Switzerland |
| Asr Nederland NV | 1.25% |  | 0.49% |  | Financials | Netherlands |
| Royal Unibrew | 1.20% |  | 0.32% |  | Cons. stap. | Denmark |
| Hays PLC | 1.17% |  | 0.26% |  | Industrials | United Kingdom |
| Helvetia Holding AG | 1.15% |  | 0.29% |  | Financials | Switzerland |
| Swedish Orphan Biovitrum AB | 1.11% |  | 0.37% |  | Health Care | Sweden |
| Britvic PLC | 1.10% |  | 0.20% |  | Cons. stap. | United Kingdom |
| GN Store Nord | 1.08% |  | 0.51% |  | Health Care | Denmark |
| Inchcape PLC | 1.06% |  | 0.26% |  | Cons. disc. | United Kingdom |
| Number of Holdings | 197 |  |  |  |  |  |
| % Cash | -0.22% |  |  |  |  |  |


### Top 5 overweight	Top 5 underweight
| Overweightings	Portfolio Benchmark* |  | Underweightings	Portfolio Benchmark* |
| --- | --- | --- |
| Castellum AB | 1.26% | 0.35% |  | Halma PLC | 0.00% | 0.50% |
| Georg Fischer AG | 1.25% | 0.38% |  | Kingspan Group PLC | 0.00% | 0.52% |
| Royal Unibrew | 1.20% | 0.32% |  | Leg Immobilien AG | 0.00% | 0.54% |
| Hays PLC | 1.17% | 0.26% |  | Rentokil Initial PLC | 0.00% | 0.55% |
| Britvic PLC | 1.10% | 0.20% |  | DS Smith PLC | 0.00% | 0.61% |

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

Translation (ENFR, 2018-08-31):
# Analyse du portefeuille
24.12%
22.35%
17.47%
13.79%
14.49%
14.57%

### Exposition sectorielle
28%
24%
20%
16%
12%
8%
4%
0%
Industrie	Conso. cycl.
11.67%
10.34%
8.13%
9.74%
7.14%
7.34%
5.72%
5.18%
Finance	Technologie	Immobilier	Matériaux	Conso.
Base
Portefeuille	Indice de référence*
Santé	Energie	Serv. aux collect.
5.45%
8.96%
4.39%
3.58%
1.42%
2.33%
0.00%
1.82%
Télécom.

### Exposition géographique
28.61%
31.95%
12.82%
11.13%
10.43%
10.66%
40%
9.53%
8.22%
6.35%
3.43%
4.92%
2.63%
4.62%
6.53%
4.12%
4.73%
3.73%
3.19%
3.36%
3.20%
3.30%
4.64%
3.25%
6.30%
1.28%
0.67%
0.94%
1.82%
0.46%
1.57%
0.69%
0.94%
20%
Royaume-Uni
Suède
Suisse
Allemagne
Danemark
Finlande
France
Pays-Bas
Norvège
Belgique
Espagne
Italie
Portugal
Autriche
Irlande
Autres
0%
Portefeuille	Indice de référence*

### Les principales valeurs
Castellum AB	1.26%	0.35%		Immobilier			 Suède Georg Fischer AG	1.25%	0.38%			Industrie			Suisse Asr Nederland NV	1.25%	0.49%				Finance		 Pays-Bas Royal Unibrew	1.20%	0.32%	Conso. Base		Danemark Hays PLC	1.17%	0.26%			Industrie	Royaume-Uni Helvetia Holding AG	1.15%	0.29%				Finance			Suisse Swedish Orphan Biovitrum AB	1.11%	0.37%					Santé			 Suède Britvic PLC	1.10%	0.20%	Conso. Base	Royaume-Uni GN Store Nord              1.08%             0.51%             Santé            Danemark Inchcape PLC               1.06%             0.26%           Conso. cycl.          Royaume-Uni Nombre de lignes           197
% Liquidités	-0.22%

### 5 principales surpondérations	5 principales sous-pondérations
| Surpondérations	Portefeuille Indice de référence* |  | Sous-pondérations	Portefeuille Indice de référence* |
| --- | --- | --- |
| Castellum AB | 1.26% | 0.35% |  | Halma PLC | 0.00% | 0.50% |
| Georg Fischer AG | 1.25% | 0.38% |  | Kingspan Group PLC | 0.00% | 0.52% |
| Royal Unibrew | 1.20% | 0.32% |  | Leg Immobilien AG | 0.00% | 0.54% |
| Hays PLC | 1.17% | 0.26% |  | Rentokil Initial PLC | 0.00% | 0.55% |
| Britvic PLC | 1.10% | 0.20% |  | DS Smith PLC | 0.00% | 0.61% |

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