# Portfolio analysis
## Fund indicators

## Fund indicators

## Sector breakdown
14.80%
18%
10.24%
9.33%
8.55%
15%
7.99%
7.19%
6.59%
6.27%
6.02%
5.65%
12%
5.44%
3.13%
4.18%
9%
1.41%
1.14%
0.97%
0.65%
0.45%
6%
3%
Media
Healthcare
Telecommunications
Leisure
Capital Goods
Basic Industry
Energy
Services
Consumer Goods
Financial Services
Technology &
Electronics
Retail
Automotive
Real Estate
Utility
Transportation
Banking
Cash
0%
Portfolio

## Modified duration to worst breakdown
70%

## Years to maturity breakdown
70%
60%	60%
50%	50%
40%	40%
30%	30%
20%
10%
0%
Cash	0-1	1-3	3-5
Portfolio
20%
10%
0%
Cash	0-1 year	1-3 years	3-5 years	5-7 years
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 |
| APX GROUP INC | 8.875 | 01/12/22 | Services | 1.19 | B | 1.54% |
| PARK AEROSPACE HOLDINGS | 3.625 | 15/03/21 | Financial Services | 2.41 | BB | 1.43% |
| TRANSDIGM INC | 6.000 | 15/07/22 | Capital Goods | 1.79 | B | 1.28% |
| LIFEPOINT HEALTH INC | 5.500 | 01/12/21 | Healthcare | 1.21 | BB | 1.27% |
| JBS INVESTMENTS GMBH | 7.750 | 28/10/20 | Consumer Goods | 1.10 | B | 1.27% |
| FIRST DATA CORPORATION | 7.000 | 01/12/23 | Technology & Electronics | 0.25 | B | 1.26% |
| SPECTRUM BRANDS HOLDINGS | 7.750 | 15/01/22 | Consumer Goods | 0.37 | B | 1.23% |
| DAVITA INC | 5.750 | 15/08/22 | Healthcare | 1.87 | B | 1.23% |
| DELL INT LLC / EMC CORP | 5.875 | 15/06/21 | Technology & Electronics | 0.78 | BB | 1.21% |
| SCIENTIFIC GAMES INTERNA | 10.000 | 01/12/22 | Leisure | 0.25 | CCC | 1.19% |
| Number of Holdings | 205 |  |  |  |  |  |

46.02%

## Rating breakdown
40.93%
50%
45%
40%
35%
30%
25%
20%
6.21%
4.18%
15%
1.37%
1.30%
10%
5%
0%
BBB	BB	B	CCC	NR	Cash
Portfolio

## Currency breakdown
110%
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
USD	Cash
Portfolio

## Country Breakdown
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
United States	Ireland	Canada	Arab Emirates	Other	Cash
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
14.80%
16%
10.24%
14%
9.33%
8.55%
7.99%
12%
7.19%
6.59%
6.27%
6.02%
5.65%
10%
5.44%
4.18%
8%
3.13%
6%
1.41%
1.14%
0.97%
0.65%
0.45%
4%
2%
Media
Cuidado
médico
Telecom.
Ocio
B. Equip
Ind. básica
Energía
Servicios
Consumo
Servicios
financieros
Tecnolog. &
electrónica
Comercio
minorista
Automoción
Bienes
inmuebles
Deuda
pública
Transporte
Finanzas
Liquidez
0%
Cartera

## Composición de la Duración modificada to worst
70%

## Exposición por vencimiento
70%
60%	60%
50%	50%
40%	40%
30%	30%
20%
10%
0%
Liquidez	0-1	1-3	3-5
Cartera
20%
10%
0%
Liquidez	0-1 año	1-3 años	3-5 años	5-7 años
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 |
| APX GROUP INC | 8.875 | 01/12/22 | Servicios | 1.19 | B | 1.54% |
|  |  |  | Servicios |  |  |  |
| PARK AEROSPACE HOLDINGS | 3.625 | 15/03/21 | financieros | 2.41 | BB | 1.43% |
| TRANSDIGM INC | 6.000 | 15/07/22 | B. Equip | 1.79 | B | 1.28% |
| LIFEPOINT HEALTH INC | 5.500 | 01/12/21 | Cuidado médico | 1.21 | BB | 1.27% |
| JBS INVESTMENTS GMBH | 7.750 | 28/10/20 | Consumo | 1.10 | B | 1.27% |
|  |  |  | Tecnolog. & |  |  |  |
| FIRST DATA CORPORATION | 7.000 | 01/12/23 | electrónica | 0.25 | B | 1.26% |
| SPECTRUM BRANDS HOLDINGS | 7.750 | 15/01/22 | Consumo | 0.37 | B | 1.23% |
| DAVITA INC | 5.750 | 15/08/22 | Cuidado médico | 1.87 | B | 1.23% |
|  |  |  | Tecnolog. & |  |  |  |
| DELL INT LLC / EMC CORP | 5.875 | 15/06/21 | electrónica | 0.78 | BB | 1.21% |
| SCIENTIFIC GAMES INTERNA | 10.000 | 01/12/22 | Ocio | 0.25 | CCC | 1.19% |
| Número de líneas | 205 |  |  |  |  |  |

46.02%

## Exposición por calificación
40.93%
50%
45%
40%
35%
30%
25%
20%
6.21%
4.18%
15%
1.37%
1.30%
10%
5%
0%
BBB	BB	B	CCC	NR	Liquidez
Cartera

## Exposición por divisa
110%
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
USD	Liquidez
Cartera

## Exposición por país
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Estados Unidos	Irlanda	Canadá	Emiratos Arabes	Otros	Liquidez
Cartera
Fuente(s) : AXA Investment Managers a 31/08/2018