# Analyse du portefeuille
19.23%
18.85%
14.59%
13.29%
13.90%
10.69%
11.37%
13.58%
10.29%
13.11%

### Exposition sectorielle
21%
18%
15%
12%
9%
6%
3%
0%
Finance	Industrie	Conso. cycl.
Conso. Base
8.63%
8.28%
8.08%
8.16%
7.63%
5.79%
3.30%
3.19%
1.90%
3.61%
Santé	Matériaux	Energie	Technologie	Télécom.	Serv. aux
collect.
1.08%
1.44%
Immobilier
Portefeuille	Indicateur de performance*

### Exposition géographique
24.98%
24.76%
18.08%
15.05%
16.00%
17.36%
11.54%
13.87%
7.54%
7.55%
30%
6.38%
4.69%
4.88%
4.21%
2.48%
2.76%
2.27%
3.40%
2.01%
1.66%
1.17%
1.16%
1.11%
0.37%
0.81%
1.69%
0.39%
0.86%
0.19%
0.26%
0.16%
0.34%
20%
10%
Royaume-Uni
Allemagne
France
Suisse
Pays-Bas
Espagne
Suède
Danemark
Italie
Belgique
Norvège
Autriche
Finlande
Irlande
Portugal
Luxembourg
0%
Portefeuille	Indicateur de performance*

### Les principales valeurs
| Action	Pondération	Secteur	Pays émetteur |
| --- |
|  | Portefeuille | Indicateur de performance* |  |  |
| Roche Holding AG | 3.01% | 1.92% | Santé | Suisse |
| Royal Dutch Shell PLC | 2.51% | 3.00% | Energie | Royaume-Uni |
| Nestle SA | 2.32% | 2.88% | Conso. Base | Suisse |
| Diageo PLC | 2.04% | 0.95% | Conso. Base | Royaume-Uni |
| Siemens AG | 2.02% | 1.10% | Industrie | Allemagne |
| BASF SE | 1.94% | 0.94% | Matériaux | Allemagne |
| Unilever N.V. | 1.93% | 1.75% | Conso. Base | Pays-Bas |
| HSBC Holdings PLC | 1.73% | 1.91% | Finance | Royaume-Uni |
| Zurich Insurance Group AG | 1.44% | 0.51% | Finance | Suisse |
| SAP SE | 1.38% | 1.30% | Technologie | Allemagne |
| Nombre de lignes | 192 |  |  |  |
| % Liquidités | 0.77% |  |  |  |

5 principales surpondérations	5 principales sous-pondérations
| Surpondérations	Portefeuille Indicateur de performance* |  | Sous-pondérations	Portefeuille Indicateur de performance* |
| --- | --- | --- |
| Roche Holding AG | 3.01% | 1.92% |  | Royal Dutch Shell PLC | 2.51% | 3.00% |
| Diageo PLC | 2.04% | 0.95% |  | Nestle SA | 2.32% | 2.88% |
| BASF SE | 1.94% | 0.94% |  | Cie Financiere Richemont SA | 0.00% | 0.51% |
| Zurich Insurance Group AG | 1.44% | 0.51% |  | British American Tobacco PLC | 0.00% | 1.22% |
| Wirecard AG | 1.25% | 0.29% |  | Novartis AG | 0.00% | 2.03% |

* Indicateur de performance : se référer à la rubrique Indicateur de performance spécifiée en dernière rubrique
Source(s) : AXA Investment Managers - GICS - MSCI au 31/08/2018

Translation (FRES, 2018-08-31):
# Análisis de la cartera
### Exposición sectorial
19.23%
18.85%
14.59%
13.29%
13.90%
13.58%
13.11%
40%
10.69%
11.37%
10.29%
8.63%
8.28%
8.08%
8.16%
7.63%
5.79%
3.30%
3.19%
1.90%
3.61%
1.08%
1.44%
20%
Finanzas
Industria
Cons. Disc.
Cons. Básico
Aten. Sanit.
Materiales
Energía
Info. Tecno.
Telecomunicaciones
Servicios Públicos
Inmobiliario
0%
Cartera	Indicador de rentabilidad*

### Exposición geográfica
24.98%
24.76%
18.08%
15.05%
16.00%
17.36%
11.54%
13.87%
40%
7.54%
7.55%
6.38%
4.69%
4.88%
4.21%
2.48%
2.76%
2.27%
3.40%
2.01%
1.66%
1.17%
1.16%
1.11%
0.37%
0.81%
1.69%
0.39%
0.86%
0.19%
0.26%
0.16%
0.34%
20%
Reino Unido
Alemania
Francia
Suiza
Países
Bajos
España
Suecia
Dinamarca
Italia
Bélgica
Noruega
Austria
Finlandia
Irlanda
Portugal
Luxemburgo
0%
Cartera	Indicador de rentabilidad*

### Valores principales
| Compañía	Ponderación	Sector	País emisor |
| --- |
|  | Cartera | Indicador de rentabilidad* |  |  |
| Roche Holding AG | 3.01% | 1.92% | Aten. Sanit. | Suiza |
| Royal Dutch Shell PLC | 2.51% | 3.00% | Energía | Reino Unido |
| Nestle SA | 2.32% | 2.88% | Cons. Básico | Suiza |
| Diageo PLC | 2.04% | 0.95% | Cons. Básico | Reino Unido |
| Siemens AG | 2.02% | 1.10% | Industria | Alemania |
| BASF SE | 1.94% | 0.94% | Materiales | Alemania |
| Unilever N.V. | 1.93% | 1.75% | Cons. Básico | Países Bajos |
| HSBC Holdings PLC | 1.73% | 1.91% | Finanzas | Reino Unido |
| Zurich Insurance Group AG | 1.44% | 0.51% | Finanzas | Suiza |
| SAP SE | 1.38% | 1.30% | Info. Tecno. | Alemania |
| Número de líneas | 192 |  |  |  |
| % Liquidez | 0.77% |  |  |  |

| Top 5 sobreponderaciones |  |  |  | Top 5 infraponderaciones |  |
| --- | --- | --- | --- | --- | --- |
| Sobreponderaciones | Cartera Indicador | de rentabilidad* |  | Infraponderaciones | Cartera Indicador | de rentabilidad* |
| Roche Holding AG | 3.01% | 1.92% |  | Royal Dutch Shell PLC | 2.51% | 3.00% |
| Diageo PLC | 2.04% | 0.95% |  | Nestle SA | 2.32% | 2.88% |
| BASF SE | 1.94% | 0.94% |  | Cie Financiere Richemont SA | 0.00% | 0.51% |
| Zurich Insurance Group AG | 1.44% | 0.51% |  | British American Tobacco PLC | 0.00% | 1.22% |
| Wirecard AG | 1.25% | 0.29% |  | Novartis AG | 0.00% | 2.03% |

* Indicador de rentabilidad : Consulte por favor la sección del Indicador de rentabilidad, en la parte del documento de características/aviso legal
Fuente(s) : AXA Investment Managers - GICS - MSCI a 31/08/2018