# 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 | 0.71% |  |  |  |  |

Top 5 overweight	Top 5 underweight
| Portfolio Performance Indicator* Spread |  | Portfolio Performance Indicator* Spread |
| --- | --- | --- |
| Leg Immobilien AG | 6.90% | 2.88% | 4.02% |  | Vonovia SE | 6.52% | 9.80% | -3.27% |
| ADO Properties SA | 3.94% | 0.70% | 3.24% |  | British Land Co PLC | 0.56% | 3.02% | -2.46% |
| Wihlborgs Fastigheter AB | 3.21% | 0.60% | 2.62% |  | Aroundtown SA | 0.00% | 2.08% | -2.08% |
| Warehouses De Pauw CVA | 3.50% | 0.89% | 2.61% |  | Merlin Properties Socimi SA | 0.00% | 1.74% | -1.74% |
| Terreis | 2.57% | 0.00% | 2.57% |  | Unibail-Rodamco-Westfield | 7.98% | 9.43% | -1.45% |

Translation (ENDE, 2018-08-31):
# Portfolioanalyse
### Sektorengewichtung
Sektorüber-/-untergewichtung
Immobilien
Dauerh. Konsumg.
Öffentl. Dienste
-2%	-1%	0%	1%
| Ländergewichtung |  |
| --- | --- |
|  | Portfolio | Vergleichsindex* |
| Deutschland | 27.36% | 27.52% |
| Großbritannien | 26.89% | 26.94% |
| Frankreich | 23.66% | 18.54% |
| Schweden | 6.73% | 8.75% |
| Belgien | 5.32% | 3.74% |
| Schweiz | 4.27% | 5.32% |
| Niederlande | 2.41% | 1.78% |
| Spanien | 2.11% | 3.31% |
| Norwegen | 1.14% | 0.59% |
| Irland | 0.10% | 1.13% |
| Österreich | 0.00% | 0.95% |
| Finnland | 0.00% | 0.94% |
| Italien | 0.00% | 0.47% |


### Länderüber-/-untergewichtung
Deutschland Großbritannien Frankreich Schweden Belgien Schweiz Niederlande Spanien Norwegen Irland Österreich Finnland Italien
-3%	-2%	-1%	0%	1%	2%	3%	4%	5%	6%
* Interner Vergleichsindex : Wir verweisen auf die Angaben unter der Überschrift Interner Vergleichsindex in den Charakteristika/Disclaimern weiter unten Quellen : AXA Investment Managers - FTSE - GICS per 31/08/2018
| Die grössten Werte |  |
| --- | --- |
| Aktie |  | Gewichtung |  | Sektor | Land |
|  | Portfolio | Vergleichsindex* | Spanne |  |  |
| Unibail-Rodamco-Westfield | 7.98% | 9.43% | -1.45% | Immobilien | Frankreich |
| Leg Immobilien AG | 6.90% | 2.88% | 4.02% | Immobilien | Deutschland |
| Deutsche Wohnen SE | 6.77% | 6.70% | 0.07% | Immobilien | Deutschland |
| Vonovia SE | 6.52% | 9.80% | -3.27% | Immobilien | Deutschland |
| Segro PLC | 4.78% | 3.21% | 1.56% | Immobilien | Großbritannien |
| Klepierre SA | 4.07% | 2.68% | 1.39% | Immobilien | Frankreich |
| ADO Properties SA | 3.94% | 0.70% | 3.24% | Immobilien | Deutschland |
| Land Securities Group PLC | 3.91% | 3.16% | 0.74% | Immobilien | Großbritannien |
| Warehouses De Pauw CVA | 3.50% | 0.89% | 2.61% | Immobilien | Belgien |
| Gecina SA | 3.31% | 3.31% | 0.00% | Immobilien | Frankreich |
| Anzahl Positionen | 48 | 104 |  |  |  |
| Umschlagsrate1 | 18.77% |  |  |  |  |
| Aktiver Anteil1 | 37.91% |  |  |  |  |
| Liquide Mittel | 0.70% |  |  |  |  |


### Top 5 übergewichtete Positionen	Top 5 untergewichtete Positionen
| Portfolio Interner Vergleichsindex* Spanne |  | Portfolio Interner Vergleichsindex* Spanne |
| --- | --- | --- |
| Leg Immobilien AG | 6.90% | 2.88% | 4.02% |  | Vonovia SE | 6.52% | 9.80% | -3.27% |
| ADO Properties SA | 3.94% | 0.70% | 3.24% |  | British Land Co PLC | 0.56% | 3.02% | -2.46% |
| Wihlborgs Fastigheter AB | 3.21% | 0.60% | 2.62% |  | Aroundtown SA | 0.00% | 2.08% | -2.08% |
| Warehouses De Pauw CVA | 3.50% | 0.89% | 2.61% |  | Merlin Properties Socimi SA | 0.00% | 1.74% | -1.74% |
| Terreis | 2.57% | 0.00% | 2.57% |  | Unibail-Rodamco-Westfield | 7.98% | 9.43% | -1.45% |

* Interner Vergleichsindex : Wir verweisen auf die Angaben unter der Überschrift Interner Vergleichsindex in den Charakteristika/Disclaimern weiter unten Quellen : AXA Investment Managers - FTSE - GICS per 31/08/2018

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