# Portfolio analysis
25.26%
16.25%
20.31%
24.65%
17.93%
13.38%

## Sector breakdown
28%
24%
20%
16%
12%
8%
4%
0%
| Main stocks |  | Portfolio |  | Benchmark* |  |
| --- | --- | --- | --- | --- | --- |
| Equity |  | Weighting |  |  | Sector | Issuer country |
|  | Portfolio |  | Benchmark* |  |  |  |
| Advantest Corp | 1.60% |  | 0.55% |  | Inf. techno. | Japan |
| Showa Denko KK | 1.46% |  | 0.78% |  | Materials | Japan |
| DIC Corp | 1.44% |  | 0.35% |  | Materials | Japan |
| Haseko Corp | 1.44% |  | 0.45% |  | Cons. disc. | Japan |
| Kyowa Exeo Corp | 1.35% |  | 0.30% |  | Industrials | Japan |
| Heiwa Corp | 1.33% |  | 0.17% |  | Cons. disc. | Japan |
| Invincible Investment Corp | 1.29% |  | 0.32% |  | Real estate | Japan |
| Nippon Suisan Kaisha Ltd | 1.27% |  | 0.20% |  | Cons. stap. | Japan |
| TS Tech Co Ltd | 1.25% |  | 0.20% |  | Cons. disc. | Japan |
| Sumitomo Mitsui Constructio... | 1.21% |  | 0.14% |  | Industrials | Japan |
| Number of Holdings | 202 |  |  |  |  |  |
| % Cash | 1.10% |  |  |  |  |  |

Cons. disc.
Industrials		Inf. techno.
9.70%
9.70%
Real estate
7.42%
10.09%
7.23%
10.12%
Materials	Cons. stap.
Health Care
4.82%
6.65%
4.47%
7.34%
2.08%
0.67%
0.78%
1.06%
0.00%
0.08%
Financials	Energy	Utilities	Telecomm.
serv.

## Top 5 overweight	Top 5 underweight
| Overweightings	Portfolio Benchmark* |  | Underweightings	Portfolio Benchmark* |
| --- | --- | --- |
| DIC Corp | 1.44% | 0.35% |  | TIS Inc | 0.00% | 0.46% |
| Heiwa Corp | 1.33% | 0.17% |  | Square Enix Holdings Co Ltd | 0.00% | 0.50% |
| Nippon Suisan Kaisha Ltd | 1.27% | 0.20% |  | Orix JREIT Inc | 0.00% | 0.51% |
| Sumitomo Mitsui Construction Co Ltd | 1.21% | 0.14% |  | Sojitz Corp | 0.00% | 0.56% |
| Makino Milling Machine Co Ltd | 1.20% | 0.13% |  | Pigeon Corp | 0.00% | 0.72% |

* 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
25.26%
16.25%
20.31%
24.65%
17.93%
13.38%

### Engagement nach Sektor (% des Portfolios)
28%
24%
20%
16%
12%
8%
4%
0%
| Die grössten Werte |  | Portfolio |  | Benchmark* |  |
| --- | --- | --- | --- | --- | --- |
| Aktie |  | Gewichtung |  |  | Sektor | Investiert in |
|  | Portfolio |  | Benchmark* |  |  |  |
| Advantest Corp | 1.60% |  | 0.55% |  | Informatik | Japan |
| Showa Denko KK | 1.46% |  | 0.78% |  | Werkstoffe | Japan |
| DIC Corp | 1.44% |  | 0.35% |  | Werkstoffe | Japan |
| Haseko Corp | 1.44% |  | 0.45% |  | Dauerh. Konsumg. | Japan |
| Kyowa Exeo Corp | 1.35% |  | 0.30% |  | Industrie | Japan |
| Heiwa Corp | 1.33% |  | 0.17% |  | Dauerh. Konsumg. | Japan |
| Invincible Investment Corp | 1.29% |  | 0.32% |  | Immobilien | Japan |
| Nippon Suisan Kaisha Ltd | 1.27% |  | 0.20% |  | Kurzleb. Konsumg. | Japan |
| TS Tech Co Ltd | 1.25% |  | 0.20% |  | Dauerh. Konsumg. | Japan |
| Sumitomo Mitsui Constructio... | 1.21% |  | 0.14% |  | Industrie | Japan |
| Anzahl Positionen | 202 |  |  |  |  |  |
| % Liquide Mittel | 1.10% |  |  |  |  |  |

Dauerh. Konsumg.
9.70%
9.70%
7.42%
10.09%
7.23%
10.12%
Industrie	Informatik	Immobilien	Werkstoffe	Kurzleb.
Konsumg.
4.82%
6.65%
4.47%
7.34%
2.08%
0.67%
0.78%
1.06%
Gesundheit	Finanzen	Energie	Öffentl.
Dienste
0.00%
0.08%
Telekom

### Top 5 übergewichtete Positionen	Top 5 untergewichtete Positionen
| Portfolio Benchmark* |  | Portfolio Benchmark* |
| --- | --- | --- |
| DIC Corp | 1.44% | 0.35% |  | TIS Inc | 0.00% | 0.46% |
| Heiwa Corp | 1.33% | 0.17% |  | Square Enix Holdings Co Ltd | 0.00% | 0.50% |
| Nippon Suisan Kaisha Ltd | 1.27% | 0.20% |  | Orix JREIT Inc | 0.00% | 0.51% |
| Sumitomo Mitsui Construction Co Ltd | 1.21% | 0.14% |  | Sojitz Corp | 0.00% | 0.56% |
| Makino Milling Machine Co Ltd | 1.20% | 0.13% |  | Pigeon Corp | 0.00% | 0.72% |

* 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