# Portfolio analysis
## Fund indicators

## Fund indicators

## Sector breakdown
32.21%
40%
30%
12.07%
20%
6.30%
5.86%
5.43%
4.95%
4.89%
4.07%
3.95%
3.47%
3.05%
2.57%
2.19%
2.10%
2.10%
1.94%
1.48%
1.09%
0.29%
10%
Banking
Energy
Basic Industry
Insurance
Financial Services
Healthcare
Real Estate
Consumer Goods
Telecommunications
Media
Retail
Capital Goods
Automotive
Utility
Technology &
Electronics
Services
Transportation
Leisure
Cash
0%
Portfolio

## Modified duration to worst breakdown
70%
60%

## Years to maturity breakdown
70%
60%
50%	50%
40%	40%
30%	30%
20%
10%
0%
Cash	0-1	1-3	3-5
Portfolio
20%
10%
0%
Cash	0-1 year	1-3 years	3-5 years	5-7 years
Portfolio
Source(s): AXA Investment Managers as at 31/08/2018
| Portfolio analysis |  |
| --- | --- |
| Top 10 holdings |  |  |  |  |  |  |
| Issuer | Coupon rate | Maturity | Sector | Modified duration to worst | Rating | Weight |
| CVS HEALTH CORP | 3.350 | 09/03/21 | Retail | 2.40 | BBB | 1.50% |
| AT&T INC | 3.000 | 30/06/22 | Telecommunications | 3.63 | BBB | 1.39% |
| ANHEUSER-BUSCH INBEV WOR | 3.077 | 12/01/24 | Consumer Goods | 4.95 | BBB | 1.10% |
| MOTIVA ENTERPRISES LLC | 5.750 | 15/01/20 | Energy | 1.33 | BBB | 1.09% |
| GENERAL MOTORS FINL CO | 3.200 | 06/07/21 | Automotive | 2.73 | BBB | 1.08% |
| NOBLE ENERGY INC | 4.150 | 15/12/21 | Energy | 2.86 | BBB | 1.05% |
| FIRST TENNESSEE BANK | 2.950 | 01/12/19 | Banking | 1.23 | BBB | 1.02% |
| OHIO NAT FINANCIAL SRVS | 6.375 | 30/04/20 | Insurance | 1.58 | BBB | 0.99% |
| BANK OF MONTREAL | 3.100 | 13/04/21 | Banking | 2.50 | AA | 0.97% |
| SELECT INCOME REIT | 3.600 | 01/02/20 | Real Estate | 1.39 | BBB | 0.96% |
| Number of Holdings | 190 |  |  |  |  |  |


## Rating breakdown
80%
70%
60%
50%
40%
30%
20%
10%
0%
AA	A	BBB	BB	Cash
Portfolio

## Currency breakdown
110%
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
USD	Cash
Portfolio

## Country Breakdown
76.61%
90%
80%
70%
60%
50%
40%
30%
4.07%
20%
2.47%
2.31%
2.18%
2.14%
1.50%
1.48%
1.25%
1.19%
1.10%
1.08%
1.01%
1.33%
0.29%
10%
United
States
France
Australia
United
Kingdom
Canada
Ireland
Switzerland
New
Zealand
Luxemburg
Netherlands
Belgium
Sweden
Germany
Other
Cash
0%
Portfolio
Source(s): AXA Investment Managers as at 31/08/2018

Translation (ENDE, 2018-08-31):
# Portfolioanalyse
## Merkmale des Portfolios1

## Merkmale des Portfolios1

## Sektorengewichtung (% des Portfolios)
32.21%
40%
30%
12.07%
6.30%
5.86%
20%
5.43%
4.95%
4.89%
4.07%
3.95%
3.47%
3.05%
2.57%
2.19%
2.10%
2.10%
1.94%
1.48%
1.09%
0.29%
10%
Bankgeschäfte
Energie
Basisindustrie
Versicherung
Finanzdienstleistungen
Gesundheitspflege
Regular Pfandbriefe
Verbraucher
Telekommunikation
Media
Einzelhandel
Investitionsgüter
Automobil
Versorgungsbetr.
Technol. und Elektr.
Dienste
Beförderung
Freizeit
Liquide Mittel
0%
Portfolio

## Aufteilung nach Modified Duration to Worst1 (% des Portfolios)
70%
60%
50%
40%

## Engagement nach Laufzeit (% des Portfolios)
70%
60%
50%
40%
30%	30%
20%
10%
0%
Liquide Mittel	0-1	1-3	3-5
Portfolio
20%
10%
0%
Liquide Mittel	0-1 Jahre	1-3 Jahre	3-5 Jahre	5-7 Jahre
Portfolio
Quellen : AXA Investment Managers per 31/08/2018
1Komplexe Begriffe werden in einem Glossar auf unserer Webseite www.axa-im.de > Dokumente erläutert.
| Portfolioanalyse |  |
| --- | --- |
| Die 10 Hauptpositionen |  |  |  |  |  |  |
| Emittent | Ausschüttung | Fälligkeit | Sektor | Modified Duration to Worst | Rating | Gewichtung |
| CVS HEALTH CORP | 3.350 | 09/03/21 | Einzelhandel | 2.40 | BBB | 1.50% |
| AT&T INC | 3.000 | 30/06/22 | Telekommunikation | 3.63 | BBB | 1.39% |
| ANHEUSER-BUSCH INBEV WOR | 3.077 | 12/01/24 | Verbraucher | 4.95 | BBB | 1.10% |
| MOTIVA ENTERPRISES LLC | 5.750 | 15/01/20 | Energie | 1.33 | BBB | 1.09% |
| GENERAL MOTORS FINL CO | 3.200 | 06/07/21 | Automobil | 2.73 | BBB | 1.08% |
| NOBLE ENERGY INC | 4.150 | 15/12/21 | Energie | 2.86 | BBB | 1.05% |
| FIRST TENNESSEE BANK | 2.950 | 01/12/19 | Bankgeschäfte | 1.23 | BBB | 1.02% |
| OHIO NAT FINANCIAL SRVS | 6.375 | 30/04/20 | Versicherung | 1.58 | BBB | 0.99% |
| BANK OF MONTREAL | 3.100 | 13/04/21 | Bankgeschäfte | 2.50 | AA | 0.97% |
| SELECT INCOME REIT | 3.600 | 01/02/20 | Regular Pfandbriefe | 1.39 | BBB | 0.96% |
| Anzahl Positionen | 190 |  |  |  |  |  |


## Engagement nach Rating (% des Portfolios)
80%
70%
60%
50%
40%
30%
20%
10%
0%
AA	A	BBB	BB	Liquide Mittel
Portfolio

## Engagement nach Währung (% des Portfolios)
110%
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
USD	Liquide Mittel
Portfolio

## Länderallokation (% des Portfolios)
76.61%
90%
80%
70%
60%
50%
40%
30%
4.07%
2.47%
2.31%
2.18%
2.14%
1.50%
1.48%
1.25%
1.19%
1.10%
1.08%
1.01%
1.33%
0.29%
20%
10%
Vereinigten
Staaten
Frankreich
Australien
Großbritannien
Kanada
Irland
Schweiz
Neuseeland
Luxemburg
Niederlande
Belgien
Schweden
Deutschland
Sonstige
Liquide Mittel
0%
Portfolio
Quellen : AXA Investment Managers per 31/08/2018