# 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 (ENDE, 2018-08-31):
# Portfolioanalyse
## Merkmale des Portfolios1

## Merkmale des Portfolios1

## Sektorengewichtung (% des Portfolios)
14.80%
10.24%
18%
9.33%
8.55%
7.99%
15%
7.19%
6.59%
6.27%
6.02%
5.65%
5.44%
12%
3.13%
4.18%
9%
1.41%
1.14%
0.97%
0.65%
0.45%
6%
3%
Media
Gesundheitspflege
Telekommunikation
Freizeit
Investitionsgüter
Basisindustrie
Energie
Dienste
Verbraucher
Finanzdienstleistungen
Technol. und Elektr.
Einzelhandel
Automobil
Regular Pfandbriefe
Versorgungsbetr.
Beförderung
Bankgeschäfte
Liquide Mittel
0%
Portfolio

## Aufteilung nach Modified Duration to Worst1 (% des Portfolios)
70%
60%
50%
40%
30%

## Engagement nach Laufzeit (% des Portfolios)
70%
60%
50%
40%
30%
20%
10%
0%
Liquide Mittel	0-1	1-3	3-5
Portfolio
20%
10%
0%
Liquide Mittel	0-1 Jahre	1-3 Jahre	3-5 Jahre	5-7 Jahre
Portfolio
Quellen : AXA Investment Managers per 31/08/2018
1Komplexe Begriffe werden in einem Glossar auf unserer Webseite www.axa-im.de > Dokumente erläutert.
| Portfolioanalyse |  |
| --- | --- |
| Die 10 Hauptpositionen |  |  |  |  |  |  |
| Emittent | Ausschüttung | Fälligkeit | Sektor | Modified Duration to Worst | Rating | Gewichtung |
| APX GROUP INC | 8.875 | 01/12/22 | Dienste | 1.19 | B | 1.54% |
| PARK AEROSPACE HOLDINGS | 3.625 | 15/03/21 | inanzdienstleistunge | 2.41 | BB | 1.43% |
| TRANSDIGM INC | 6.000 | 15/07/22 | Investitionsgüter | 1.79 | B | 1.28% |
| LIFEPOINT HEALTH INC | 5.500 | 01/12/21 | Gesundheitspflege | 1.21 | BB | 1.27% |
| JBS INVESTMENTS GMBH | 7.750 | 28/10/20 | Verbraucher | 1.10 | B | 1.27% |
| FIRST DATA CORPORATION | 7.000 | 01/12/23 | Technol. und Elektr. | 0.25 | B | 1.26% |
| SPECTRUM BRANDS HOLDINGS | 7.750 | 15/01/22 | Verbraucher | 0.37 | B | 1.23% |
| DAVITA INC | 5.750 | 15/08/22 | Gesundheitspflege | 1.87 | B | 1.23% |
| DELL INT LLC / EMC CORP | 5.875 | 15/06/21 | Technol. und Elektr. | 0.78 | BB | 1.21% |
| SCIENTIFIC GAMES INTERNA | 10.000 | 01/12/22 | Freizeit | 0.25 | CCC | 1.19% |
| Anzahl Positionen | 205 |  |  |  |  |  |

46.02%

## Engagement nach Rating (% des Portfolios)
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	Liquide
Mittel
Portfolio

## Engagement nach Währung (% des Portfolios)
110%
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
USD	Liquide Mittel
Portfolio

## Länderallokation (% des Portfolios)
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Vereinigten Staaten	Irland	Kanada	Arabische Emirate	Sonstige	Liquide Mittel
Portfolio
Quellen : AXA Investment Managers per 31/08/2018