# Portfolio analysis
### Sector breakdown	
|  | Portfolio | Perf. indicator* |
| --- | --- | --- |
| Financials | 24.31% | 13.02% |
| Consumer Discretionary | 21.29% | 13.57% |
| Information Technology | 15.78% | 15.78% |
| Industrials | 15.66% | 17.81% |
| Health Care | 8.91% | 11.35% |
| Energy | 6.05% | 4.25% |
| Consumer Staples | 3.56% | 3.95% |
| Materials | 3.39% | 7.51% |
| Real estate | 1.04% | 9.08% |
| Utilities | 0.00% | 2.99% |
| Telecommunication Services | 0.00% | 0.70% |

Sector over/underweight
Financials Cons. disc. Inf. techno. Industrials Health Care Energy Cons. stap. Materials Real estate Utilities
Telecomm. serv.
-12%	-9%	-6%	-3%	0%	3%	6%	9%	12%  15%

### Geographical breakdown	 Country over/underweight
USA
Japan France Germany
United Kingdom Canada
Italy Brazil Peru Mexico
Netherlands Sweden Switzerland Indonesia Luxemburg China Australia Other
-12%  -10%	-8%	-6%	-4%	-2%	0%	2%	4%	6%
| Main stocks |  |
| --- | --- |
| Equity |  | Weighting |  | Sector | Country |
|  | Portfolio | Perf. indicator* | Spread |  |  |
| Bright Horizons Family Solu... | 3.78% | 0.08% | 3.70% | Cons. disc. | USA |
| Edenred | 3.63% | 0.10% | 3.54% | Industrials | France |
| Quebecor Inc | 3.56% | - | 3.56% | Cons. disc. | Canada |
| XING SE | 3.35% | 0.01% | 3.34% | Inf. techno. | Germany |
| Samsonite International SA | 3.12% | 0.07% | 3.05% | Cons. disc. | USA |
| Blackbaud Inc | 3.09% | 0.06% | 3.03% | Inf. techno. | USA |
| Fox Factory Holding Corp | 3.09% | 0.03% | 3.06% | Cons. disc. | USA |
| Kemper Corp | 2.85% | 0.06% | 2.79% | Financials | USA |
| ICON PLC | 2.69% | - | 2.69% | Health Care | USA |
| Blackline Inc | 2.67% | 0.02% | 2.65% | Inf. techno. | USA |
| Number of Holdings | 49 | 8177 |  |  |  |
| Turnover (1 rolling year) | 19.10% |  |  |  |  |
| Active Share | 98.44% |  |  |  |  |
| Cash | 4.84% |  |  |  |  |


### Top 5 overweight	Top 5 underweight
| Portfolio Performance Indicator* Spread |  | Portfolio Performance Indicator* Spread |
| --- | --- | --- |
| Bright Horizons Family Solutions | 3.60% | 0.08% | 3.52% |  | Square Inc | 0.00% | 0.29% | -0.29% |
| Inc |  |  |  |  | Wirecard AG | 0.00% | 0.29% | -0.29% |
| Quebecor Inc | 3.40% | 0.00% | 3.40% |  | Splunk Inc | 0.00% | 0.21% | -0.21% |
| Edenred | 3.47% | 0.10% | 3.37% |  | ABIOMED Inc | 0.00% | 0.20% | -0.20% |
| XING SE | 3.19% | 0.01% | 3.18% |  | SVB Financial Group | 0.00% | 0.19% | -0.19% |
| Fox Factory Holding Corp | 2.94% | 0.03% | 2.92% |  |  |  |  |  |
| 5 best contributors |  |  |  |  | 5 worst contributors |  |  |  |
| Name |  | Weight | Contribution |  | Name |  | Weight | Contribution |
| Fox Factory Holding Corp | 2.87% | 0.77% |  | Anicom Holdings Inc | 2.10% | -0.48% |
| Blackline Inc | 2.33% | 0.49% |  | Fleury SA | 2.23% | -0.31% |
| XING SE | 3.01% | 0.43% |  | AURELIUS Equity Opportunities SE & Co KGaA | 1.41% | -0.28% |
| Bright Horizons Family Solutions Inc | 3.58% | 0.41% |  | Beacon Roofing Supply Inc | 2.18% | -0.25% |
| HealthEquity Inc | 1.80% | 0.41% |  | Ciputra Development Tbk PT | 1.12% | -0.20% |
| Market capitalisation exposure |  |  |  |  |  |  |

33.76%
40%
27.34%
36%
32%
18.63%
28%
24%
10.72%
20%
16%
12%
8%
4%
0%
<1 Bn€	1 Bn€ -
3 Bn€
20.02%
3 Bn€ -
5 Bn€
25.87%
20.86%
5 Bn€ -
10 Bn€
0.00%
6.73%
>10
Bn€
36.08%
Portfolio	Benchmark*

Translation (ENDE, 2018-08-31):
# Portfolioanalyse
Sektorengewichtung	
|  | Portfolio | Vergleichsindex* |
| --- | --- | --- |
| Finanzen | 24.31% | 13.02% |
| Dauerh. Konsumg. | 21.29% | 13.57% |
| Informatik | 15.78% | 15.78% |
| Industrieunternehmen | 15.66% | 17.81% |
| Gesundheit | 8.91% | 11.35% |
| Energie | 6.05% | 4.25% |
| Kurzleb. Konsumg. | 3.56% | 3.95% |
| Werkstoffe | 3.39% | 7.51% |
| Immobilien | 1.04% | 9.08% |
| Öffentliche Dienste | 0.00% | 2.99% |
| Telekommunikation | 0.00% | 0.70% |


## Sektorüber-/-untergewichtung
Finanzen
Dauerh. Konsumg. Informatik Industrie Gesundheit Energie
Kurzleb. Konsumg. Werkstoffe Immobilien Öffentl. Dienste Telekom
-12%  -9%	-6%	-3%	0%	3%	6%	9%	12%  15%

## Ländergewichtung	 Länderüber-/-untergewichtung
Vereinigten Staaten Japan
Frankreich Deutschland Großbritannien Kanada
Italien Brasilien Peru Mexiko Niederlande Schweden Schweiz Indonesien Luxemburg China Australien Sonstige
-15%	-12%	-9%	-6%	-3%	0%	3%	6%
* Interner Vergleichsindex : Wir verweisen auf die Angaben unter der Überschrift Interner Vergleichsindex in den Charakteristika/Disclaimern weiter unten Quellen : AXA Investment Managers - GICS per 31/08/2018
| Die grössten Werte |  |
| --- | --- |
| Aktie |  | Gewichtung |  | Sektor | Land |
|  | Portfolio | Vergleichsindex* | Spanne |  |  |
| Bright Horizons Family Solu... | 3.60% | 0.08% | 3.52% | Dauerh. Konsumg. | Vereinigten Staaten |
| Edenred | 3.47% | 0.10% | 3.37% | Industrie | Frankreich |
| Quebecor Inc | 3.40% | - | 3.40% | Dauerh. Konsumg. | Kanada |
| XING SE | 3.19% | 0.01% | 3.18% | Informatik | Deutschland |
| Samsonite International SA | 2.97% | 0.07% | 2.91% | Dauerh. Konsumg. | Vereinigten Staaten |
| Blackbaud Inc | 2.95% | 0.06% | 2.89% | Informatik | Vereinigten Staaten |
| Fox Factory Holding Corp | 2.94% | 0.03% | 2.92% | Dauerh. Konsumg. | Vereinigten Staaten |
| Kemper Corp | 2.72% | 0.06% | 2.66% | Finanzen | Vereinigten Staaten |
| ICON PLC | 2.57% | - | 2.57% | Gesundheit | Vereinigten Staaten |
| Blackline Inc | 2.55% | 0.02% | 2.53% | Informatik | Vereinigten Staaten |
| Anzahl Positionen | 49 | 8177 |  |  |  |
| Umschlagsrate1 | 19.10% |  |  |  |  |
| Aktiver Anteil1 | 98.44% |  |  |  |  |
| Liquide Mittel | 4.62% |  |  |  |  |

Top 5 übergewichtete Positionen	Top 5 untergewichtete Positionen
Die 5 besten Beiträge	Die 5 schlechtesten Beiträge
| Name | Gewichtung | Beitrag |  | Name | Gewichtung | Beitrag |
| --- | --- | --- | --- | --- | --- | --- |
| Fox Factory Holding Corp | 2.87% | 0.77% |  | Anicom Holdings Inc | 2.10% | -0.48% |
| Blackline Inc | 2.33% | 0.49% |  | Fleury SA | 2.23% | -0.31% |
| XING SE | 3.01% | 0.43% |  | AURELIUS Equity Opportunities SE & Co KGaA | 1.41% | -0.28% |
| Bright Horizons Family Solutions Inc | 3.58% | 0.41% |  | Beacon Roofing Supply Inc | 2.18% | -0.25% |
| HealthEquity Inc | 1.80% | 0.41% |  | Ciputra Development Tbk PT | 1.12% | -0.20% |

27.34%
33.76%
36.08%
20.02%
25.87%
20.86%
Engagement in den Marktkapitalisierungen (% des Portfolios)
40%
36%
32%
18.63%
28%
24%
10.72%
20%
16%
12%
8%
4%
0%
<1 Bn€	1 Bn€ -
3 Bn€
3 Bn€ -
5 Bn€
5 Bn€ -
10 Bn€
0.00%
6.73%
>10
Bn€
Portfolio	Benchmark*
* Interner Vergleichsindex : Wir verweisen auf die Angaben unter der Überschrift Interner Vergleichsindex in den Charakteristika/Disclaimern weiter unten Quellen : AXA Investment Managers - GICS per 31/08/2018
1Komplexe Begriffe werden in einem Glossar auf unserer Webseite www.axa-im.de > Dokumente erläutert.