# Portfolio analysis
Sector breakdown
Sector over/underweight
Financials Industrials Inf. techno. Cons. disc.
Health Care Cons. stap. Energy Materials Telecomm. serv.
Utilities
Real estate
-6%	-4%	-2%	0%	2%	4%	6%	8%
| Geographical breakdown |  |
| --- | --- |
|  | Portfolio | Perf. indicator* |
| United Kingdom | 22.77% | 27.13% |
| France | 22.37% | 17.58% |
| Germany | 13.25% | 15.18% |
| Switzerland | 11.92% | 13.15% |
| Netherlands | 7.32% | 5.73% |
| Italy | 6.38% | 3.57% |
| Belgium | 5.39% | 1.66% |
| Spain | 5.37% | 4.69% |
| Sweden | 2.64% | 4.21% |
| Denmark | 1.90% | 2.76% |
| Ireland | 0.68% | 0.86% |
| Finland | 0.00% | 1.69% |
| Other | 0.00% | 1.80% |

Country over/underweight
United Kingdom France Germany Switzerland Netherlands Italy
Belgium Spain Sweden Denmark Ireland Finland Other
-5%	-4%	-3%	-2%	-1%	0%	1%	2%	3%	4%	5%
| Main stocks |  |
| --- | --- |
| Equity |  | Weighting |  | Sector | Country |
|  | Portfolio | Perf. indicator* | Spread |  |  |
| Royal Dutch Shell PLC | 4.70% | 3.00% | 1.70% | Energy | United Kingdom |
| Asml Holding NV | 4.15% | 0.92% | 3.23% | Inf. techno. | Netherlands |
| BP PLC | 4.14% | 1.56% | 2.58% | Energy | United Kingdom |
| Novartis AG | 4.10% | 2.03% | 2.07% | Health Care | Switzerland |
| Dassault Systemes SE | 3.85% | 0.23% | 3.61% | Inf. techno. | France |
| BNP Paribas SA | 3.50% | 0.73% | 2.77% | Financials | France |
| LVMH Moet Hennessy Louis Vu... | 3.48% | 1.08% | 2.40% | Cons. disc. | France |
| Linde AG | 3.37% | 0.47% | 2.90% | Materials | Germany |
| Nestle SA | 3.26% | 2.88% | 0.38% | Cons. stap. | Switzerland |
| Ashtead Group PLC | 2.96% | 0.17% | 2.80% | Industrials | United Kingdom |
| Number of Holdings | 48 | 446 |  |  |  |
| Turnover (1 rolling year) | 25.83% |  |  |  |  |
| Active Share | 73.55% |  |  |  |  |
| Cash | 1.16% |  |  |  |  |

Top 5 overweight	Top 5 underweight
| Portfolio Performance Indicator* Spread |  | Portfolio Performance Indicator* Spread |
| --- | --- | --- |
| Dassault Systemes SE | 3.80% | 0.23% | 3.57% |  | Roche Holding AG | 0.00% | 1.92% | -1.92% |
| Asml Holding NV | 4.10% | 0.92% | 3.18% |  | HSBC Holdings PLC | 0.00% | 1.91% | -1.91% |
| Linde AG | 3.33% | 0.47% | 2.86% |  | Unilever N.V. | 0.00% | 1.75% | -1.75% |
| Ashtead Group PLC | 2.93% | 0.17% | 2.76% |  | TOTAL SA | 0.00% | 1.66% | -1.66% |
| BNP Paribas SA | 3.46% | 0.73% | 2.73% |  | SAP SE | 0.00% | 1.30% | -1.30% |

Translation (ENDE, 2018-08-31):
# Portfolioanalyse
### Sektorengewichtung
Sektorüber-/-untergewichtung
Finanzen Industrie Informatik
Dauerh. Konsumg.
Gesundheit Kurzleb. Konsumg. Energie Werkstoffe Telekom
Öffentl. Dienste
Immobilien
-6%	-4%	-2%	0%	2%	4%	6%	8%
| Ländergewichtung |  |
| --- | --- |
|  | Portfolio | Vergleichsindex* |
| Großbritannien | 22.77% | 27.13% |
| Frankreich | 22.37% | 17.58% |
| Deutschland | 13.25% | 15.18% |
| Schweiz | 11.92% | 13.15% |
| Niederlande | 7.32% | 5.73% |
| Italien | 6.38% | 3.57% |
| Belgien | 5.39% | 1.66% |
| Spanien | 5.37% | 4.69% |
| Schweden | 2.64% | 4.21% |
| Dänemark | 1.90% | 2.76% |
| Irland | 0.68% | 0.86% |
| Finnland | 0.00% | 1.69% |
| Sonstige | 0.00% | 1.80% |


### Länderüber-/-untergewichtung
Großbritannien Frankreich Deutschland Schweiz Niederlande Italien
Belgien Spanien Schweden Dänemark Irland Finnland Sonstige
-5%	-4%	-3%	-2%	-1%	0%	1%	2%	3%	4%	5%
* Interner Vergleichsindex : Wir verweisen auf die Angaben unter der Überschrift Interner Vergleichsindex in den Charakteristika/Disclaimern weiter unten Quellen : AXA Investment Managers - GICS - MSCI per 31/08/2018
| Die grössten Werte |  |
| --- | --- |
| Aktie |  | Gewichtung |  | Sektor | Land |
|  | Portfolio | Vergleichsindex* | Spanne |  |  |
| Royal Dutch Shell PLC | 4.65% | 3.00% | 1.65% | Energie | Großbritannien |
| Asml Holding NV | 4.10% | 0.92% | 3.18% | Informatik | Niederlande |
| BP PLC | 4.09% | 1.56% | 2.53% | Energie | Großbritannien |
| Novartis AG | 4.05% | 2.03% | 2.02% | Gesundheit | Schweiz |
| Dassault Systemes SE | 3.80% | 0.23% | 3.57% | Informatik | Frankreich |
| BNP Paribas SA | 3.46% | 0.73% | 2.73% | Finanzen | Frankreich |
| LVMH Moet Hennessy Louis Vu... | 3.44% | 1.08% | 2.36% | Dauerh. Konsumg. | Frankreich |
| Linde AG | 3.33% | 0.47% | 2.86% | Werkstoffe | Deutschland |
| Nestle SA | 3.22% | 2.88% | 0.34% | Kurzleb. Konsumg. | Schweiz |
| Ashtead Group PLC | 2.93% | 0.17% | 2.76% | Industrie | Großbritannien |
| Anzahl Positionen | 48 | 446 |  |  |  |
| Umschlagsrate1 | 25.83% |  |  |  |  |
| Aktiver Anteil1 | 73.55% |  |  |  |  |
| Liquide Mittel | 1.14% |  |  |  |  |


### Top 5 übergewichtete Positionen	Top 5 untergewichtete Positionen
| Portfolio Interner Vergleichsindex* Spanne |  | Portfolio Interner Vergleichsindex* Spanne |
| --- | --- | --- |
| Dassault Systemes SE | 3.80% | 0.23% | 3.57% |  | Roche Holding AG | 0.00% | 1.92% | -1.92% |
| Asml Holding NV | 4.10% | 0.92% | 3.18% |  | HSBC Holdings PLC | 0.00% | 1.91% | -1.91% |
| Linde AG | 3.33% | 0.47% | 2.86% |  | Unilever N.V. | 0.00% | 1.75% | -1.75% |
| Ashtead Group PLC | 2.93% | 0.17% | 2.76% |  | TOTAL SA | 0.00% | 1.66% | -1.66% |
| BNP Paribas SA | 3.46% | 0.73% | 2.73% |  | SAP SE | 0.00% | 1.30% | -1.30% |

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