# Portfolio analysis
23.84%
19.31%
17.40%
16.55%
14.25%
12.66%
12.74%

### Sector breakdown
28%
24%
20%
16%
12%
8%
4%
0%
Inf. techno.
Financials	Cons. disc.
9.21%
11.21%
8.40%
Industrials	Health Care
Cons. stap.
6.95%
8.06%
5.04%
6.38%
4.50%
0.00%
4.32%
4.66%
2.69%
2.57%
Energy	Funds	Materials	Telecomm.
serv.
Real estate
2.41%
2.94%
1.00%
2.92%
Utilities
Portfolio	Benchmark*

### Geographical breakdown
North America	Europe	Japan	Pacific ex-Japan
| Main stocks |  | Portfolio |  | Benchmark* |  |
| --- | --- | --- | --- | --- | --- |
| Equity |  | Weighting |  |  | Sector | Issuer country |
|  | Portfolio |  | Benchmark* |  |  |  |
| Amazon.com Inc | 2.70% |  | 1.99% |  | Cons. disc. | North America |
| Apple Inc | 2.26% |  | 2.78% |  | Inf. techno. | North America |
| Microsoft Corp | 1.42% |  | 1.97% |  | Inf. techno. | North America |
| Johnson & Johnson | 1.42% |  | 0.87% |  | Health Care | North America |
| JPMorgan Chase & Co | 1.37% |  | 0.94% |  | Financials | North America |
| NVIDIA Corp | 1.30% |  | 0.39% |  | Inf. techno. | North America |
| Merck & Co Inc | 1.26% |  | 0.44% |  | Health Care | North America |
| Alphabet Inc | 1.25% |  | 1.81% |  | Inf. techno. | North America |
| Verizon Communications Inc | 1.22% |  | 0.54% |  | Telecomm. serv. | North America |
| Adobe Systems Inc | 1.15% |  | 0.31% |  | Inf. techno. | North America |
| Number of Holdings | 271 |  |  |  |  |  |
| % Cash | 0.49% |  |  |  |  |  |


### Top 5 overweight	Top 5 underweight
| Overweightings	Portfolio Benchmark* |  | Underweightings	Portfolio Benchmark* |
| --- | --- | --- |
| NVIDIA Corp | 1.30% | 0.39% |  | Apple Inc | 2.26% | 2.78% |
| Merck & Co Inc | 1.26% | 0.44% |  | Microsoft Corp | 1.42% | 1.97% |
| Adobe Systems Inc | 1.15% | 0.31% |  | Alphabet Inc | 1.25% | 1.81% |
| Automatic Data Processing Inc | 1.02% | 0.16% |  | Berkshire Hathaway Inc | 0.16% | 0.64% |
| Square Inc | 0.84% | 0.06% |  | Wells Fargo & Co | 0.00% | 0.66% |

* Benchmark : Please refer to the Benchmark section in the characteristics/disclaimers part of the document.
Source(s): AXA Investment Managers - GICS - MSCI as at 31/08/2018

Translation (ENDE, 2018-08-31):
# Portfolioanalyse
23.84%
19.31%
17.40%
16.55%
14.25%
12.66%
12.74%

### Engagement nach Sektor (% des Portfolios)
28%
24%
20%
16%
12%
8%
4%
0%
Informatik	Finanzen	Dauerh.
Konsumg.
9.21%
11.21%
8.40%
6.95%
8.06%
Industrie	Gesundheit	Kurzleb.
Konsumg.
5.04%
6.38%
4.50%
0.00%
4.32%
4.66%
2.69%
2.57%
2.41%
2.94%
1.00%
2.92%
Energie	Fonds	Werkstoffe	Telekom	Immobilien	Öffentl.
Dienste
Portfolio	Benchmark*

### Geographische Ausrichtung (% des Portfolios)
Nordamerika	Europa	Japan	Pazifik (ohne Japan)
| Die grössten Werte |  | Portfolio |  | Benchmark* |  |
| --- | --- | --- | --- | --- | --- |
| Aktie |  | Gewichtung |  |  | Sektor | Investiert in |
|  | Portfolio |  | Benchmark* |  |  |  |
| Amazon.com Inc | 2.70% |  | 1.99% |  | Dauerh. Konsumg. | Nordamerika |
| Apple Inc | 2.26% |  | 2.78% |  | Informatik | Nordamerika |
| Microsoft Corp | 1.42% |  | 1.97% |  | Informatik | Nordamerika |
| Johnson & Johnson | 1.42% |  | 0.87% |  | Gesundheit | Nordamerika |
| JPMorgan Chase & Co | 1.37% |  | 0.94% |  | Finanzen | Nordamerika |
| NVIDIA Corp | 1.30% |  | 0.39% |  | Informatik | Nordamerika |
| Merck & Co Inc | 1.26% |  | 0.44% |  | Gesundheit | Nordamerika |
| Alphabet Inc | 1.25% |  | 1.81% |  | Informatik | Nordamerika |
| Verizon Communications Inc | 1.22% |  | 0.54% |  | Telekom | Nordamerika |
| Adobe Systems Inc | 1.15% |  | 0.31% |  | Informatik | Nordamerika |
| Anzahl Positionen | 271 |  |  |  |  |  |
| % Liquide Mittel | 0.49% |  |  |  |  |  |


### Top 5 übergewichtete Positionen	Top 5 untergewichtete Positionen
| Portfolio Benchmark* |  | Portfolio Benchmark* |
| --- | --- | --- |
| NVIDIA Corp | 1.30% | 0.39% |  | Apple Inc | 2.26% | 2.78% |
| Merck & Co Inc | 1.26% | 0.44% |  | Microsoft Corp | 1.42% | 1.97% |
| Adobe Systems Inc | 1.15% | 0.31% |  | Alphabet Inc | 1.25% | 1.81% |
| Automatic Data Processing Inc | 1.02% | 0.16% |  | Berkshire Hathaway Inc | 0.16% | 0.64% |
| Square Inc | 0.84% | 0.06% |  | Wells Fargo & Co | 0.00% | 0.66% |

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