# Portfolio analysis
## Fund indicators

## Fund indicators

## Breakdown of Redex futures exposure
0%
-20%
-40%
-60%
-80%
-100%
-120%
USD
Portfolio

## Sector breakdown
31.12%
40%
30%
8.50%
20%
6.45%
5.94%
5.30%
5.23%
4.41%
4.19%
4.14%
4.00%
3.54%
2.80%
2.65%
2.57%
2.55%
1.75%
1.42%
1.38%
2.05%
10%
Banking
Energy
Healthcare
Insurance
Retail
Financial Services
Real Estate
Basic Industry
Technology &
Electronics
Consumer Goods
Telecommunications
Media
Services
Utility
Capital Goods
Leisure
Automotive
Transportation
Cash
0%
Portfolio
19.22%
34.26%
24.41%
18.66%
30.69%
21.42%
23.18%

## Modified duration to worst breakdown	Years to maturity breakdown
36%
32%
28%
24%
20%
16%
12%
8%
4%
0%
Cash	0-1	1-3	3-5	5-7	7-10	10-20
Portfolio
36%
32%
28%
24%
20%
16%
12%
8%
4%
0%
2.05%
5.67%
14.17%
0.22%
2.05%
0.35%
Cash	0-1
year
1-3
years
3-5
years
Portfolio
5-7
years
7-10
years
3.65%
10-20
years
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 |
| AT&T INC | 4.300 | 15/02/30 | Telecommunications | 9.09 | BBB | 1.33% |
| VERIZON COMMUNICATIONS | 5.150 | 15/09/23 | Telecommunications | 4.43 | BBB | 1.31% |
| CVS HEALTH CORP | 4.100 | 25/03/25 | Retail | 5.59 | BBB | 1.07% |
| ANHEUSER-BUSCH INBEV FIN | 3.650 | 01/02/26 | Consumer Goods | 6.53 | BBB | 1.02% |
| GOLDMAN SACHS GROUP INC | 2.908 | 05/06/23 | Banking | 3.56 | A | 1.01% |
| JPMORGAN CHASE & CO | 2.950 | 01/10/26 | Banking | 7.12 | A | 1.00% |
| REGIONS FINANCIAL CORP | 3.800 | 14/08/23 | Banking | 4.48 | BBB | 0.94% |
| CITIGROUP INC | 3.142 | 24/01/23 | Banking | 3.24 | A | 0.92% |
| DELL INT LLC / EMC CORP | 5.450 | 15/06/23 | Technology & Electronics | 4.12 | BBB | 0.91% |
| BB&T CORPORATION | 2.450 | 15/01/20 | Banking | 1.35 | A | 0.90% |
| Number of Holdings | 219 |  |  |  |  |  |


## Rating breakdown
61.35%
70%
60%
50%
22.84%
40%
30%
8.15%
5.16%
2.05%
20%
0.44%
10%
0%
AAA	AA	A	BBB	BB	Cash
Portfolio

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

## Country Breakdown
78.91%
90%
80%
70%
60%
50%
40%
30%
20%
3.03%
2.78%
2.43%
1.65%
1.53%
1.45%
1.42%
1.28%
1.20%
2.26%
2.05%
10%
0%
United States
Canada		United Kingdom
France	Netherlands	Australia	Belgium	Ireland	New
Zealand
Portfolio
Sweden	Other	Cash
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

## Desglose de la exposición a futuros
0%
-20%
-40%
-60%
-80%
-100%
-120%
USD
Cartera

## Exposición sectorial
31.12%
36%
32%
28%
24%
20%
8.50%
16%
6.45%
5.94%
5.30%
5.23%
4.41%
4.19%
4.14%
4.00%
3.54%
2.80%
2.65%
12%
2.57%
2.55%
1.75%
1.42%
1.38%
2.05%
8%
4%
Finanzas
Energía
Cuidado
médico
Seguros
Comercio
minorista
Servicios
financieros
Bienes
inmuebles
Ind. básica
Tecnolog. &
electrónica
Consumo
Telecom.
Media
Servicios
Deuda
pública
B. Equip
Ocio
Automoción
Transporte
Liquidez
0%
Cartera
19.22%
34.26%
24.41%
18.66%
30.69%
21.42%
23.18%

## Composición de la Duración modificada to worst	Exposición por vencimiento
36%
32%
28%
24%
20%
16%
12%
8%
4%
0%
Liquidez	0-1	1-3	3-5	5-7	7-10	10-20
Cartera
36%
32%
28%
24%
20%
16%
12%
8%
4%
0%
2.05%
5.67%
14.17%
0.22%
2.05%
0.35%
Liquidez	0-1 año	1-3
años
3-5
años
Cartera
5-7
años
7-10
años
3.65%
10-20
años
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 |
| AT&T INC | 4.300 | 15/02/30 | Telecom. | 9.09 | BBB | 1.33% |
| VERIZON COMMUNICATIONS | 5.150 | 15/09/23 | Telecom. | 4.43 | BBB | 1.31% |
| CVS HEALTH CORP | 4.100 | 25/03/25 | Comercio minorista | 5.59 | BBB | 1.07% |
| ANHEUSER-BUSCH INBEV FIN | 3.650 | 01/02/26 | Consumo | 6.53 | BBB | 1.02% |
| GOLDMAN SACHS GROUP INC | 2.908 | 05/06/23 | Finanzas | 3.56 | A | 1.01% |
| JPMORGAN CHASE & CO | 2.950 | 01/10/26 | Finanzas | 7.12 | A | 1.00% |
| REGIONS FINANCIAL CORP | 3.800 | 14/08/23 | Finanzas | 4.48 | BBB | 0.94% |
| CITIGROUP INC | 3.142 | 24/01/23 | Finanzas | 3.24 | A | 0.92% |
|  |  |  | Tecnolog. & |  |  |  |
| DELL INT LLC / EMC CORP | 5.450 | 15/06/23 | electrónica | 4.12 | BBB | 0.91% |
| BB&T CORPORATION | 2.450 | 15/01/20 | Finanzas | 1.35 | A | 0.90% |
| Número de líneas | 219 |  |  |  |  |  |


## Exposición por calificación
61.35%
70%
60%
50%
22.84%
40%
30%
8.15%
5.16%
2.05%
20%
0.44%
10%
0%
AAA	AA	A	BBB	BB	Liquidez
Cartera

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

## Exposición por país
78.91%
90%
80%
70%
60%
50%
40%
30%
20%
3.03%
2.78%
2.43%
1.65%
1.53%
1.45%
1.42%
1.28%
1.20%
2.26%
2.05%
10%
0%
Estados Unidos
Canadá	Reino Unido
Francia	Países Bajos
Australia	Bélgica	Irlanda	Nueva
Zelanda
Cartera
Suecia	Otros	Liquidez
Fuente(s) : AXA Investment Managers a 31/08/2018