# Portfolio analysis
Sector breakdown
Sector over/underweight
Financials Cons. stap. Industrials Inf. techno.
Cons. disc. Energy Health Care Materials
Telecomm. serv.
Utilities
Real estate
-4%	-2%	0%	2%	4%	6%	8%
| Geographical breakdown |  |
| --- | --- |
|  | Portfolio | Perf. indicator* |
| France | 27.71% | 17.58% |
| United Kingdom | 22.87% | 27.13% |
| Germany | 20.74% | 15.18% |
| Netherlands | 12.09% | 5.73% |
| Belgium | 5.94% | 1.66% |
| Ireland | 3.92% | 0.86% |
| Spain | 2.99% | 4.69% |
| Austria | 1.95% | 0.37% |
| Italy | 0.93% | 3.57% |
| Switzerland | 0.86% | 13.15% |
| Sweden | 0.00% | 4.21% |
| Denmark | 0.00% | 2.76% |
| Other | 0.00% | 3.12% |

Country over/underweight
France
United Kingdom Germany Netherlands Belgium
Ireland Spain Austria Italy Switzerland Sweden Denmark Other
-15%  -12%	-9%	-6%	-3%	0%	3%	6%	9%	12%
| Main stocks |  |
| --- | --- |
| Equity |  | Weighting |  | Sector | Country |
|  | Portfolio | Perf. indicator* | Spread |  |  |
| Royal Dutch Shell PLC | 6.00% | 3.00% | 3.00% | Energy | United Kingdom |
| BNP Paribas SA | 5.60% | 0.73% | 4.87% | Financials | France |
| Linde AG | 5.29% | 0.47% | 4.82% | Materials | Germany |
| Deutsche Post AG | 4.94% | 0.39% | 4.54% | Industrials | Germany |
| SAP SE | 4.72% | 1.30% | 3.41% | Inf. techno. | Germany |
| BP PLC | 4.46% | 1.56% | 2.90% | Energy | United Kingdom |
| Anheuser-Busch InBev SA | 4.36% | 0.79% | 3.58% | Cons. stap. | Belgium |
| Kerry Group PLC | 3.92% | 0.20% | 3.72% | Cons. stap. | Ireland |
| Koninklijke Dsm NV | 3.89% | 0.21% | 3.68% | Materials | Netherlands |
| Ing Groep NV | 3.67% | 0.58% | 3.09% | Financials | Netherlands |
| Number of Holdings | 33 | 446 |  |  |  |
| Turnover (1 rolling year) | 88.04% |  |  |  |  |
| Active Share | 78.83% |  |  |  |  |
| Cash | 6.27% |  |  |  |  |

Top 5 overweight	Top 5 underweight
| Portfolio Performance Indicator* Spread |  | Portfolio Performance Indicator* Spread |
| --- | --- | --- |
| BNP Paribas SA | 5.27% | 0.73% | 4.54% |  | Nestle SA | 0.00% | 2.88% | -2.88% |
| Linde AG | 4.97% | 0.47% | 4.51% |  | Novartis AG | 0.00% | 2.03% | -2.03% |
| Deutsche Post AG | 4.65% | 0.39% | 4.25% |  | Roche Holding AG | 0.00% | 1.92% | -1.92% |
| Kerry Group PLC | 3.69% | 0.20% | 3.49% |  | HSBC Holdings PLC | 0.00% | 1.91% | -1.91% |
| Koninklijke Dsm NV | 3.66% | 0.21% | 3.45% |  | TOTAL SA | 0.00% | 1.66% | -1.66% |

Translation (ENDE, 2018-08-31):
# Portfolioanalyse
### Sektorengewichtung
Sektorüber-/-untergewichtung
Finanzen
Kurzleb. Konsumg. Industrie Informatik
Dauerh. Konsumg. Energie Gesundheit Werkstoffe Telekom
Öffentl. Dienste
Immobilien
-4%	-2%	0%	2%	4%	6%	8%
| Ländergewichtung |  |
| --- | --- |
|  | Portfolio | Vergleichsindex* |
| Frankreich | 27.71% | 17.58% |
| Großbritannien | 22.87% | 27.13% |
| Deutschland | 20.74% | 15.18% |
| Niederlande | 12.09% | 5.73% |
| Belgien | 5.94% | 1.66% |
| Irland | 3.92% | 0.86% |
| Spanien | 2.99% | 4.69% |
| Österreich | 1.95% | 0.37% |
| Italien | 0.93% | 3.57% |
| Schweiz | 0.86% | 13.15% |
| Schweden | 0.00% | 4.21% |
| Dänemark | 0.00% | 2.76% |
| Sonstige | 0.00% | 3.12% |


### Länderüber-/-untergewichtung
Frankreich Großbritannien Deutschland Niederlande Belgien
Irland Spanien Österreich Italien Schweiz Schweden Dänemark Sonstige
-15%  -12%	-9%	-6%	-3%	0%	3%	6%	9%	12%
* 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 | 5.65% | 3.00% | 2.65% | Energie | Großbritannien |
| BNP Paribas SA | 5.27% | 0.73% | 4.54% | Finanzen | Frankreich |
| Linde AG | 4.97% | 0.47% | 4.51% | Werkstoffe | Deutschland |
| Deutsche Post AG | 4.65% | 0.39% | 4.25% | Industrie | Deutschland |
| SAP SE | 4.44% | 1.30% | 3.14% | Informatik | Deutschland |
| BP PLC | 4.19% | 1.56% | 2.64% | Energie | Großbritannien |
| Anheuser-Busch InBev SA | 4.10% | 0.79% | 3.32% | Kurzleb. Konsumg. | Belgien |
| Kerry Group PLC | 3.69% | 0.20% | 3.49% | Kurzleb. Konsumg. | Irland |
| Koninklijke Dsm NV | 3.66% | 0.21% | 3.45% | Werkstoffe | Niederlande |
| Ing Groep NV | 3.45% | 0.58% | 2.87% | Finanzen | Niederlande |
| Anzahl Positionen | 33 | 446 |  |  |  |
| Umschlagsrate1 | 88.04% |  |  |  |  |
| Aktiver Anteil1 | 78.83% |  |  |  |  |
| Liquide Mittel | 5.90% |  |  |  |  |


### Top 5 übergewichtete Positionen	Top 5 untergewichtete Positionen
| Portfolio Interner Vergleichsindex* Spanne |  | Portfolio Interner Vergleichsindex* Spanne |
| --- | --- | --- |
| BNP Paribas SA | 5.27% | 0.73% | 4.54% |  | Nestle SA | 0.00% | 2.88% | -2.88% |
| Linde AG | 4.97% | 0.47% | 4.51% |  | Novartis AG | 0.00% | 2.03% | -2.03% |
| Deutsche Post AG | 4.65% | 0.39% | 4.25% |  | Roche Holding AG | 0.00% | 1.92% | -1.92% |
| Kerry Group PLC | 3.69% | 0.20% | 3.49% |  | HSBC Holdings PLC | 0.00% | 1.91% | -1.91% |
| Koninklijke Dsm NV | 3.66% | 0.21% | 3.45% |  | TOTAL SA | 0.00% | 1.66% | -1.66% |

* 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.