# Portfolio analysis
Sector breakdown
Sector over/underweight
Real estate
Cons. disc.
Utilities
-2%	-1%	0%	1%
| Geographical breakdown |  |
| --- | --- |
|  | Portfolio | Perf. indicator* |
| Germany | 27.36% | 27.52% |
| United Kingdom | 26.89% | 26.94% |
| France | 23.66% | 18.54% |
| Sweden | 6.73% | 8.75% |
| Belgium | 5.32% | 3.74% |
| Switzerland | 4.27% | 5.32% |
| Netherlands | 2.41% | 1.78% |
| Spain | 2.11% | 3.31% |
| Norway | 1.14% | 0.59% |
| Ireland | 0.10% | 1.13% |
| Austria | 0.00% | 0.95% |
| Finland | 0.00% | 0.94% |
| Italy | 0.00% | 0.47% |

Country over/underweight
Germany United Kingdom France
Sweden Belgium Switzerland Netherlands Spain Norway Ireland Austria Finland
Italy
-3%	-2%	-1%	0%	1%	2%	3%	4%	5%	6%
| Main stocks |  |
| --- | --- |
| Equity |  | Weighting |  | Sector | Country |
|  | Portfolio | Perf. indicator* | Spread |  |  |
| Unibail-Rodamco-Westfield | 8.03% | 9.43% | -1.40% | Real estate | France |
| Leg Immobilien AG | 6.95% | 2.88% | 4.07% | Real estate | Germany |
| Deutsche Wohnen SE | 6.81% | 6.70% | 0.11% | Real estate | Germany |
| Vonovia SE | 6.57% | 9.80% | -3.23% | Real estate | Germany |
| Segro PLC | 4.81% | 3.21% | 1.60% | Real estate | United Kingdom |
| Klepierre SA | 4.10% | 2.68% | 1.42% | Real estate | France |
| ADO Properties SA | 3.97% | 0.70% | 3.27% | Real estate | Germany |
| Land Securities Group PLC | 3.93% | 3.16% | 0.77% | Real estate | United Kingdom |
| Warehouses De Pauw CVA | 3.52% | 0.89% | 2.64% | Real estate | Belgium |
| Gecina SA | 3.34% | 3.31% | 0.02% | Real estate | France |
| Number of Holdings | 48 | 104 |  |  |  |
| Turnover (1 rolling year) | 18.77% |  |  |  |  |
| Active Share | 37.91% |  |  |  |  |
| Cash | 1.41% |  |  |  |  |

Top 5 overweight	Top 5 underweight
| Portfolio Performance Indicator* Spread |  | Portfolio Performance Indicator* Spread |
| --- | --- | --- |
| Leg Immobilien AG | 6.85% | 2.88% | 3.97% |  | Vonovia SE | 6.48% | 9.80% | -3.32% |
| ADO Properties SA | 3.92% | 0.70% | 3.22% |  | British Land Co PLC | 0.55% | 3.02% | -2.46% |
| Wihlborgs Fastigheter AB | 3.19% | 0.60% | 2.59% |  | Aroundtown SA | 0.00% | 2.08% | -2.08% |
| Warehouses De Pauw CVA | 3.47% | 0.89% | 2.59% |  | Merlin Properties Socimi SA | 0.00% | 1.74% | -1.74% |
| Terreis | 2.55% | 0.00% | 2.55% |  | Unibail-Rodamco-Westfield | 7.92% | 9.43% | -1.51% |

Translation (ENES, 2018-08-31):
# Análisis de la cartera
### Exposición sectorial
Sobre/infraponderacion por sectores
Inmobiliario
Cons. Disc.
Servicios Públicos
-2%	-1%	0%	1%
| Distribución geográfica |  |
| --- | --- |
|  | Cartera | Índice de rentab* |
| Alemania | 27.36% | 27.52% |
| Reino Unido | 26.89% | 26.94% |
| Francia | 23.66% | 18.54% |
| Suecia | 6.73% | 8.75% |
| Bélgica | 5.32% | 3.74% |
| Suiza | 4.27% | 5.32% |
| Países Bajos | 2.41% | 1.78% |
| España | 2.11% | 3.31% |
| Noruega | 1.14% | 0.59% |
| Irlanda | 0.10% | 1.13% |
| Austria | 0.00% | 0.95% |
| Finlandia | 0.00% | 0.94% |
| Italia | 0.00% | 0.47% |


### Sobre/infraponderación por países
Alemania Reino Unido Francia Suecia Bélgica Suiza
Países Bajos España Noruega Irlanda Austria Finlandia Italia
-3%	-2%	-1%	0%	1%	2%	3%	4%	5%	6%
| Valores principales |  |
| --- | --- |
| Compañía |  | Ponderación |  |  | Sector | País |  |
|  | Cartera | Índice de rentab* |  | Diferencia |  |  |  |
| Unibail-Rodamco-Westfield | 8.03% | 9.43% |  | -1.40% | Inmobiliario | Francia |  |
| Leg Immobilien AG | 6.95% | 2.88% |  | 4.07% | Inmobiliario | Alemania |  |
| Deutsche Wohnen SE | 6.81% | 6.70% |  | 0.11% | Inmobiliario | Alemania |  |
| Vonovia SE | 6.57% | 9.80% |  | -3.23% | Inmobiliario | Alemania |  |
| Segro PLC | 4.81% | 3.21% |  | 1.60% | Inmobiliario | Reino Unido |  |
| Klepierre SA | 4.10% | 2.68% |  | 1.42% | Inmobiliario | Francia |  |
| ADO Properties SA | 3.97% | 0.70% |  | 3.27% | Inmobiliario | Alemania |  |
| Land Securities Group PLC | 3.93% | 3.16% |  | 0.77% | Inmobiliario | Reino Unido |  |
| Warehouses De Pauw CVA | 3.52% | 0.89% |  | 2.64% | Inmobiliario | Bélgica |  |
| Gecina SA | 3.34% | 3.31% |  | 0.02% | Inmobiliario | Francia |  |
| Número de líneas | 48 | 104 |  |  |  |  |  |
| Rotacion annual | 18.77% |  |  |  |  |  |  |
| Active share | 37.91% |  |  |  |  |  |  |
| Liquidez | 1.41% |  |  |  |  |  |  |
| Top 5 sobreponderaciones |  |  |  | Top 5 infraponderaciones |  |  |  |
| Cartera Indicador de rentabilidad* Diferencia |  | Cartera Indicador de rentabilidad* Diferencia |  |
| Leg Immobilien AG | 6.85% | 2.88% | 3.97% |  | Vonovia SE | 6.48% | 9.80% | -3.32% |  |
| ADO Properties SA | 3.92% | 0.70% | 3.22% |  | British Land Co PLC | 0.55% | 3.02% | -2.46% |  |
| Wihlborgs Fastigheter AB | 3.19% | 0.60% | 2.59% |  | Aroundtown SA | 0.00% | 2.08% | -2.08% |  |
| Warehouses De Pauw CVA | 3.47% | 0.89% | 2.59% |  | Merlin Properties Socimi SA | 0.00% | 1.74% | -1.74% |  |
| Terreis | 2.55% | 0.00% | 2.55% |  | Unibail-Rodamco-Westfield | 7.92% | 9.43% | -1.51% |  |