# Portfolio analysis
Sector breakdown
Sector over/underweight
Financials
Industrials
| Technology | 14.99% | 8.79% |
| --- | --- | --- |
| Consumer Services | 9.05% | 6.18% |

Consumer Goods
Technology
Consumer Services Basic Materials
Oil & Gas
Telecoms
Health Care
Utilities
-6%	-4%	-2%	0%	2%	4%	6%	8%
| Geographical breakdown |  |
| --- | --- |
|  | Portfolio | Perf. indicator* |
| France | 43.26% | 33.69% |
| Germany | 19.59% | 28.95% |
| Italy | 13.19% | 7.30% |
| Netherlands | 8.94% | 10.35% |
| Belgium | 5.85% | 3.38% |
| Spain | 5.04% | 8.92% |
| United Kingdom | 4.12% | 0.00% |
| Finland | 0.00% | 3.60% |
| Ireland | 0.00% | 1.93% |
| Austria | 0.00% | 0.73% |
| Luxemburg | 0.00% | 0.61% |
| Portugal | 0.00% | 0.53% |

Country over/underweight
France Germany Italy Netherlands Belgium Spain
United Kingdom Finland
Ireland Austria Luxemburg Portugal
-12%	-9%	-6%	-3%	0%	3%	6%	9%	12%
| Main stocks |  |
| --- | --- |
| Equity |  | Weighting |  | Sector | Country |
|  | Portfolio | Perf. indicator* | Spread |  |  |
| Asml Holding NV | 4.57% | 1.80% | 2.77% | Technology | Netherlands |
| Linde AG | 4.55% | 0.79% | 3.75% | Basic Materials | Germany |
| Royal Dutch Shell PLC | 4.12% | - | 4.12% | Oil & Gas | United Kingdom |
| Dassault Systemes SE | 4.11% | 0.46% | 3.65% | Technology | France |
| BNP Paribas SA | 4.07% | 1.38% | 2.69% | Financials | France |
| Allianz SE | 3.89% | 1.92% | 1.98% | Financials | Germany |
| FinecoBank Banca Fineco SpA | 3.43% | 0.10% | 3.33% | Financials | Italy |
| Cnh Industrial NV | 2.95% | 0.24% | 2.71% | Industrials | Italy |
| Deutsche Post AG | 2.84% | 0.73% | 2.11% | Industrials | Germany |
| LVMH Moet Hennessy Louis Vu... | 2.82% | 1.93% | 0.89% | Consumer Goods | France |
| Number of Holdings | 45 | 302 |  |  |  |
| Turnover (1 rolling year) | 14.28% |  |  |  |  |
| Active Share | 71.32% |  |  |  |  |
| Cash | 1.28% |  |  |  |  |

Top 5 overweight	Top 5 underweight
| Portfolio Performance Indicator* Spread |  | Portfolio Performance Indicator* Spread |
| --- | --- | --- |
| Royal Dutch Shell PLC | 4.07% | 0.00% | 4.07% |  | TOTAL SA | 0.00% | 3.40% | -3.40% |
| Linde AG | 4.49% | 0.79% | 3.69% |  | SAP SE | 0.00% | 2.65% | -2.65% |
| Dassault Systemes SE | 4.06% | 0.46% | 3.60% |  | Siemens AG | 0.00% | 2.26% | -2.26% |
| FinecoBank Banca Fineco SpA | 3.38% | 0.10% | 3.29% |  | Sanofi | 0.00% | 1.98% | -1.98% |
| Asml Holding NV | 4.51% | 1.80% | 2.71% |  | Unilever N.V. | 0.00% | 1.78% | -1.78% |

Translation (ENDE, 2018-08-31):
# Portfolioanalyse
## Sektorengewichtung
Sektorüber-/-untergewichtung
Finanz-Dienstleistungen
Industrieunternehmen Verbrauchsgüter Technologie Verbraucherservice Grundstoffe
Erdöl und Erdgas Telekommunikation
Gesundheitswesen
Versorger
-6%	-4%	-2%	0%	2%	4%	6%	8%
| Ländergewichtung |  |
| --- | --- |
|  | Portfolio | Vergleichsindex* |
| Frankreich | 43.26% | 33.69% |
| Deutschland | 19.59% | 28.95% |
| Italien | 13.19% | 7.30% |
| Niederlande | 8.94% | 10.35% |
| Belgien | 5.85% | 3.38% |
| Spanien | 5.04% | 8.92% |
| Großbritannien | 4.12% | 0.00% |
| Finnland | 0.00% | 3.60% |
| Irland | 0.00% | 1.93% |
| Österreich | 0.00% | 0.73% |
| Luxemburg | 0.00% | 0.61% |
| Portugal | 0.00% | 0.53% |


## Länderüber-/-untergewichtung
Frankreich Deutschland Italien Niederlande Belgien Spanien Großbritannien Finnland
Irland Österreich Luxemburg Portugal
-12%	-9%	-6%	-3%	0%	3%	6%	9%	12%
* Interner Vergleichsindex : Wir verweisen auf die Angaben unter der Überschrift Interner Vergleichsindex in den Charakteristika/Disclaimern weiter unten Quellen : AXA Investment Managers - ICB per 31/08/2018
| Die grössten Werte |  |
| --- | --- |
| Aktie |  | Gewichtung |  | Sektor | Land |
|  | Portfolio | Vergleichsindex* | Spanne |  |  |
| Asml Holding NV | 4.51% | 1.80% | 2.71% | Technologie | Niederlande |
| Linde AG | 4.49% | 0.79% | 3.69% | Grundstoffe | Deutschland |
| Royal Dutch Shell PLC | 4.07% | - | 4.07% | Erdöl und Erdgas | Großbritannien |
| Dassault Systemes SE | 4.06% | 0.46% | 3.60% | Technologie | Frankreich |
| BNP Paribas SA | 4.02% | 1.38% | 2.64% | Finanz-Dienstleistungen | Frankreich |
| Allianz SE | 3.84% | 1.92% | 1.93% | Finanz-Dienstleistungen | Deutschland |
| FinecoBank Banca Fineco SpA | 3.38% | 0.10% | 3.29% | Finanz-Dienstleistungen | Italien |
| Cnh Industrial NV | 2.92% | 0.24% | 2.67% | Industrieunternehmen | Italien |
| Deutsche Post AG | 2.80% | 0.73% | 2.07% | Industrieunternehmen | Deutschland |
| LVMH Moet Hennessy Louis Vu... | 2.78% | 1.93% | 0.85% | Verbrauchsgüter | Frankreich |
| Anzahl Positionen | 45 | 302 |  |  |  |
| Umschlagsrate1 | 14.28% |  |  |  |  |
| Aktiver Anteil1 | 71.32% |  |  |  |  |
| Liquide Mittel | 1.26% |  |  |  |  |


## Top 5 übergewichtete Positionen	Top 5 untergewichtete Positionen
| Portfolio Interner Vergleichsindex* Spanne |  | Portfolio Interner Vergleichsindex* Spanne |
| --- | --- | --- |
| Royal Dutch Shell PLC | 4.07% | 0.00% | 4.07% |  | TOTAL SA | 0.00% | 3.40% | -3.40% |
| Linde AG | 4.49% | 0.79% | 3.69% |  | SAP SE | 0.00% | 2.65% | -2.65% |
| Dassault Systemes SE | 4.06% | 0.46% | 3.60% |  | Siemens AG | 0.00% | 2.26% | -2.26% |
| FinecoBank Banca Fineco SpA | 3.38% | 0.10% | 3.29% |  | Sanofi | 0.00% | 1.98% | -1.98% |
| Asml Holding NV | 4.51% | 1.80% | 2.71% |  | Unilever N.V. | 0.00% | 1.78% | -1.78% |

* Interner Vergleichsindex : Wir verweisen auf die Angaben unter der Überschrift Interner Vergleichsindex in den Charakteristika/Disclaimern weiter unten Quellen : AXA Investment Managers - ICB per 31/08/2018
1Komplexe Begriffe werden in einem Glossar auf unserer Webseite www.axa-im.de > Dokumente erläutert.