# Portfolio analysis
## Sector breakdown
Sector over/underweight
Industrials Financials Consumer Goods Basic Materials Consumer Services Health Care
Oil & Gas Technology Utilities
Telecoms
-5%  -4%  -3%  -2%  -1%	0%	1%	2%	3%	4%	5%
| Geographical breakdown |  |
| --- | --- |
|  | Portfolio | Perf. indicator* |
| France | 33.21% | 12.41% |
| United Kingdom | 20.46% | 28.13% |
| Germany | 9.33% | 11.50% |
| Netherlands | 7.74% | 4.18% |
| Belgium | 7.00% | 3.38% |
| Denmark | 4.45% | 5.58% |
| Spain | 3.68% | 4.17% |
| Italy | 3.27% | 4.74% |
| Switzerland | 2.63% | 7.63% |
| Finland | 2.06% | 3.52% |
| Portugal | 1.95% | 0.97% |
| Norway | 1.49% | 2.67% |
| Other | 2.74% | 11.12% |


## Country over/underweight
France
United Kingdom Germany Netherlands Belgium Denmark
Spain Italy
Switzerland Finland Portugal Norway Other
-12%	-8%	-4%	0%	4%	8%	12%  16%  20%  24%

## Average ESG score
10
8
6
4
2
0
AXA IM Human Capital score	Environment score	Governance score
Portfolio	Performance Indicator*
Coverage of the portfolio as a value: Human Capital rating 100.0%, Environnement rating 100.0%, Governance rating 100.0% Coverage of the performance indicator as a value: Human Capital rating 96.0%, Environnement rating 99.0%, Governance rating 99.0%
The Human Capital score is calculated on a scale of 0 to 10, and based on three criteria: Career management, Working conditions and Employment growth.

## Breakdown of Human Capital score
10
8
6
4
2
0
Career management score	Working Conditions score	Employment growth score
Portfolio	Performance Indicator*
| Main stocks |  |
| --- | --- |
| Equity |  | Weighting |  | Sector | Country | AXA IM Human Capital score |
|  | Portfolio | Perf. indicator* | Spread |  |  | Portfolio |
| BioMerieux | 2.43% | 0.28% | 2.14% | Health Care | France | 6.2 |
| Informa PLC | 2.31% | 0.42% | 1.89% | Consumer Services | United Kingdom | 3.6 |
| Mtu Aero Engines AG | 2.29% | 0.38% | 1.90% | Industrials | Germany | 4.6 |
| SEB SA | 2.22% | 0.35% | 1.88% | Consumer Goods | France | 6.7 |
| Novozymes | 2.17% | 0.40% | 1.77% | Health Care | Denmark | 5.6 |
| DCC PLC | 2.10% | 0.28% | 1.83% | Industrials | United Kingdom | 3.9 |
| Umicore SA | 2.10% | 0.39% | 1.71% | Basic Materials | Belgium | 6.6 |
| Chr Hansen Holding | 2.07% | 0.33% | 1.74% | Health Care | Denmark | 4.9 |
| Symrise AG | 2.02% | 0.38% | 1.64% | Basic Materials | Germany | 6.5 |
| Heineken Holding NV | 2.01% | 0.32% | 1.69% | Consumer Goods | Netherlands | 4.6 |
| Number of Holdings | 60 | 400 |  |  |  |  |
| Turnover (1 rolling year) | 24.98% |  |  |  |  |  |
| Active Share | 85.90% |  |  |  |  |  |
| % Cash | 4.92% |  |  |  |  |  |

Top 5 overweight	Top 5 underweight
| Portfolio Performance Indicator* Spread |  | Portfolio Performance Indicator* Spread |
| --- | --- | --- |
| BioMerieux | 2.43% | 0.28% | 2.14% |  | GN Store Nord | 0.00% | 0.53% | -0.53% |
| Mtu Aero Engines AG | 2.29% | 0.38% | 1.90% |  | Sartorius AG | 0.00% | 0.47% | -0.47% |
| Informa PLC | 2.31% | 0.42% | 1.89% |  | Aroundtown SA | 0.00% | 0.45% | -0.45% |
| SEB SA | 2.22% | 0.35% | 1.88% |  | Carlsberg | 0.00% | 0.43% | -0.43% |
| DCC PLC | 2.10% | 0.28% | 1.83% |  | Ambu | 0.00% | 0.43% | -0.43% |

Translation (ENES, 2018-08-31):
# Análisis de la cartera
## Exposición sectorial
Sobre/infraponderacion por sectores
Productos Industriales Servicios Financieros Bienes de Consumo Materias Básicas Servicios al Consumidor Atención de la Salud Petróleo y Gas Tecnología
Servicios Públicos
Telecomunicaciones
-6%	-4%	-2%	0%	2%	4%	6%
| Distribución geográfica |  |
| --- | --- |
|  | Cartera | Índice de rentab* |
| Francia | 33.21% | 12.41% |
| Reino Unido | 20.46% | 28.13% |
| Alemania | 9.33% | 11.50% |
| Países Bajos | 7.74% | 4.18% |
| Bélgica | 7.00% | 3.38% |
| Dinamarca | 4.45% | 5.58% |
| España | 3.68% | 4.17% |
| Italia | 3.27% | 4.74% |
| Suiza | 2.63% | 7.63% |
| Finlandia | 2.06% | 3.52% |
| Portugal | 1.95% | 0.97% |
| Noruega | 1.49% | 2.67% |
| Otros | 2.74% | 11.12% |


## Sobre/infraponderación por países
Francia Reino Unido Alemania Países Bajos Bélgica Dinamarca España  Italia
Suiza Finlandia Portugal Noruega Otros
-12%	-8%	-4%	0%	4%	8%	12%	16%	20%	24%

## Puntuación MSG media
10
8
6
4
2
0
Puntuacion de AXA IM del Capital Humano	Medioambiental	Gobierno Corporativo
Cartera	Indicador de rentabilidad*
Cobertura de la cartera: 100.0% puntuación Capital humano, 100.0% puntuación Medioambiental, 100.0% puntuación Gobernanza
Cobertura del indicador de rentabilidad: 96.0% puntuación Capital humano, 99.0% puntuación Medioambiental, 99.0% puntuación Gobierno Corporativo
La puntuación de Capital Humano se calcula sobre una escala de 0 a 10, y con tres criterios: Gestión de equipos, Condiciones laborales y Crecimiento del empleo.

## Desglose de la puntuación del Capital Humano
10
8
6
4
2
0
Gestión de equipos	Condiciones laborales	Crecimiento del empleo
Cartera	Indicador de rentabilidad*
Valores principales
| Compañía |  | Ponderación |  | Sector | País | Puntuacion de AXA IM del Capital Humano |
| --- | --- | --- | --- | --- | --- | --- |
| Cartera | Índice de rentab* | Diferencia | Cartera |

| BioMerieux | 2.43% | 0.28% | 2.14% | Atención de la Salud | Francia | 6.2 |
| --- | --- | --- | --- | --- | --- | --- |
| Informa PLC | 2.31% | 0.42% | 1.89% | Servicios al Consumidor | Reino Unido | 3.6 |
| Mtu Aero Engines AG | 2.29% | 0.38% | 1.90% | Productos Industriales | Alemania | 4.6 |
| SEB SA | 2.22% | 0.35% | 1.88% | Bienes de Consumo | Francia | 6.7 |
| Novozymes | 2.17% | 0.40% | 1.77% | Atención de la Salud | Dinamarca | 5.6 |
| DCC PLC | 2.10% | 0.28% | 1.83% | Productos Industriales | Reino Unido | 3.9 |
| Umicore SA | 2.10% | 0.39% | 1.71% | Materias Básicas | Bélgica | 6.6 |
| Chr Hansen Holding | 2.07% | 0.33% | 1.74% | Atención de la Salud | Dinamarca | 4.9 |
| Symrise AG | 2.02% | 0.38% | 1.64% | Materias Básicas | Alemania | 6.5 |
| Heineken Holding NV | 2.01% | 0.32% | 1.69% | Bienes de Consumo | Países Bajos | 4.6 |
| Número de líneas | 60 | 400 |  |  |  |  |
| Rotacion annual | 24.98% |  |  |  |  |  |
| Active share | 85.90% |  |  |  |  |  |
| % Liquidez | 4.92% |  |  |  |  |  |

Top 5 sobreponderaciones	Top 5 infraponderaciones
| Cartera Indicador de rentabilidad* Diferencia |  | Cartera Indicador de rentabilidad* Diferencia |
| --- | --- | --- |
| BioMerieux | 2.43% | 0.28% | 2.14% |  | GN Store Nord | 0.00% | 0.53% | -0.53% |
| Mtu Aero Engines AG | 2.29% | 0.38% | 1.90% |  | Sartorius AG | 0.00% | 0.47% | -0.47% |
| Informa PLC | 2.31% | 0.42% | 1.89% |  | Aroundtown SA | 0.00% | 0.45% | -0.45% |
| SEB SA | 2.22% | 0.35% | 1.88% |  | Carlsberg | 0.00% | 0.43% | -0.43% |
| DCC PLC | 2.10% | 0.28% | 1.83% |  | Ambu | 0.00% | 0.43% | -0.43% |