# Portfolio analysis
## Sector breakdown	
|  | Portfolio | Perf. indicator* |
| --- | --- | --- |
| Industrials | 24.82% | 21.09% |
| Financials | 21.34% | 27.60% |

Consumer Goods	13.04%	8.41%
Consumer Services	9.01%	11.70%
Basic Materials	8.56%	4.94%
Health Care	7.53%	13.33%
Technology	5.97%	4.00%
Telecommunications	5.81%	3.73%
Oil & Gas	3.92%	3.75%
Utilities	0.00%	1.44%

## Sector over/underweight
Industrials Financials Consumer Goods Consumer Services Basic Materials Health Care Technology Telecoms
Oil & Gas
Utilities
-8%	-6%	-4%	-2%	0%	2%	4%	6%

## Geographical breakdown	 Country over/underweight
United Kingdom
United Kingdom	25.28%	26.16%
| Germany | 22.05% | 11.27% |
| --- | --- | --- |
| Sweden | 12.75% | 9.14% |
| France | 9.41% | 13.04% |
| Switzerland | 7.56% | 6.80% |
| Italy | 5.49% | 4.94% |
| Ireland | 5.08% | 1.19% |
| Netherlands | 4.80% | 4.60% |
| Norway | 3.77% | 3.25% |
| Finland | 2.82% | 3.38% |
| Denmark | 1.00% | 6.58% |
| Spain | 0.00% | 3.58% |
| Belgium | 0.00% | 3.06% |
| Austria | 0.00% | 1.13% |

Czech Republic	0.00%	1.10%
Luxemburg	0.00%	0.44%
Portugal	0.00%	0.36%
Germany Sweden France Switzerland Italy Ireland
Netherlands Norway Finland Denmark Spain Belgium Austria
Czech Republic Luxemburg Portugal
-9%	-6%	-3%	0%	3%	6%	9%	12%	15%
| Main stocks |  |
| --- | --- |
| Equity |  | Weighting |  | Sector | Country |
|  | Portfolio | Perf. indicator* | Spread |  |  |
| Edenred | 4.53% | - | 4.53% | Industrials | France |
| Imcd NV | 3.64% | 0.60% | 3.04% | Basic Materials | Netherlands |
| Sixt SE | 3.45% | - | 3.45% | Consumer Services | Germany |
| Croda International PLC | 2.99% | - | 2.99% | Basic Materials | United Kingdom |
| Tele2 AB | 2.99% | 0.66% | 2.33% | Telecoms | Sweden |
| XING SE | 2.87% | - | 2.87% | Technology | Germany |
| Hiscox Ltd | 2.86% | - | 2.86% | Financials | United Kingdom |
| DNA Oyj | 2.82% | - | 2.82% | Telecoms | Finland |
| Avanza Bank Holding AB | 2.80% | - | 2.80% | Financials | Sweden |
| Jenoptik AG | 2.70% | - | 2.70% | Industrials | USA |
| Number of Holdings | 53 | 200 |  |  |  |
| Turnover (1 rolling year) | 30.59% |  |  |  |  |
| Active Share | 94.11% |  |  |  |  |
| Cash | 3.98% |  |  |  |  |
| Top 5 overweight |  |  | Top 5 underweight |  |  |
| Portfolio Performance Indicator* Spread |  | Portfolio Performance Indicator* Spread |  |
| Edenred | 4.35% | 0.00% | 4.35% |  | GN Store Nord | 0.00% | 1.06% | -1.06% |  |
| Sixt SE | 3.32% | 0.00% | 3.32% |  | Aroundtown SA | 0.00% | 0.91% | -0.91% |  |
| Imcd NV | 3.50% | 0.60% | 2.90% |  | Ambu | 0.00% | 0.86% | -0.86% |  |
| Croda International PLC | 2.88% | 0.00% | 2.88% |  | Phoenix Group Holdings | 0.00% | 0.81% | -0.81% |  |
| XING SE | 2.76% | 0.00% | 2.76% |  | NMC Health PLC | 0.00% | 0.79% | -0.79% |  |
| 5 best contributors |  |  |  |  | 5 worst contributors |  |  |  |  |
| Name |  | Weight | Contribution |  | Name |  | Weight | Contribution |  |
| XING SE | 2.57% | 0.37% |  | AURELIUS Equity Opportunities SE & Co KGaA | 1.90% | -0.37% |  |
| Swedish Orphan Biovitrum AB | 1.54% | 0.26% |  | UDG Healthcare PLC | 2.48% | -0.34% |  |
| Sartorius AG | 2.07% | 0.25% |  | Hugo Boss AG | 2.54% | -0.28% |  |
| Evotec AG | 0.98% | 0.21% |  | Aryzta AG | 0.42% | -0.27% |  |
| DNA Oyj | 2.57% | 0.21% |  | Credito Emiliano SpA | 1.69% | -0.27% |  |
| Market capitalisation exposure |  |  |  |  |  |  |  |

37.54%
48%
44%
40%
36%
32%
28%
24%
10.63%
20%
16%
12%
8%
4%
0%
0.00%
19.98%
<1 Bn€	1 Bn€ -
3 Bn€
26.27%
3 Bn€ -
5 Bn€
23.22%
30.30%
5 Bn€ -
10 Bn€
2.34%
7.45%
>10
Bn€
42.26%
Portfolio	Benchmark*

Translation (ENDE, 2018-08-31):
# Portfolioanalyse
Sektorengewichtung	
|  | Portfolio | Vergleichsindex* |
| --- | --- | --- |
| Industrieunternehmen | 24.82% | 21.09% |
| Finanz-Dienstleistungen | 21.34% | 27.60% |

Verbrauchsgüter	13.04%	8.41%
Verbraucherservice	9.01%	11.70%
Grundstoffe	8.56%	4.94%
Gesundheitswesen	7.53%	13.33%
Technologie	5.97%	4.00%
Telekommunikation	5.81%	3.73%
Erdöl und Erdgas	3.92%	3.75%
Versorger	0.00%	1.44%

## Sektorüber-/-untergewichtung
Industrieunternehmen Finanz-Dienstleistungen Verbrauchsgüter Verbraucherservice Grundstoffe Gesundheitswesen Technologie Telekommunikation Erdöl und Erdgas
Versorger
-8%	-6%	-4%	-2%	0%	2%	4%	6%

## Ländergewichtung	 Länderüber-/-untergewichtung
Großbritannien
Großbritannien	25.28%	26.16%
| Deutschland | 22.05% | 11.27% |
| --- | --- | --- |
| Schweden | 12.75% | 9.14% |
| Frankreich | 9.41% | 13.04% |
| Schweiz | 7.56% | 6.80% |
| Italien | 5.49% | 4.94% |
| Irland | 5.08% | 1.19% |
| Niederlande | 4.80% | 4.60% |
| Norwegen | 3.77% | 3.25% |
| Finnland | 2.82% | 3.38% |
| Dänemark | 1.00% | 6.58% |
| Spanien | 0.00% | 3.58% |
| Belgien | 0.00% | 3.06% |
| Österreich | 0.00% | 1.13% |

Tschechische Republik	0.00%	1.10%
Luxemburg	0.00%	0.44%
Portugal	0.00%	0.36%
Deutschland Schweden Frankreich Schweiz Italien
Irland Niederlande Norwegen Finnland Dänemark Spanien Belgien Österreich
Tschechische Republik Luxemburg
Portugal
-9%	-6%	-3%	0%	3%	6%	9%	12%	15%
* Interner Vergleichsindex : Wir verweisen auf die Angaben unter der Überschrift Interner Vergleichsindex in den Charakteristika/Disclaimern weiter unten Quellen : AXA Investment Managers - ICB per 31/08/2018
| Die grössten Werte |  |
| --- | --- |
| Aktie |  | Gewichtung |  | Sektor | Land |
|  | Portfolio | Vergleichsindex* | Spanne |  |  |
| Edenred | 4.35% | - | 4.35% | Industrieunternehmen | Frankreich |
| Imcd NV | 3.50% | 0.60% | 2.90% | Grundstoffe | Niederlande |
| Sixt SE | 3.32% | - | 3.32% | Verbraucherservice | Deutschland |
| Croda International PLC | 2.88% | - | 2.88% | Grundstoffe | Großbritannien |
| Tele2 AB | 2.87% | 0.66% | 2.22% | Telekommunikation | Schweden |
| XING SE | 2.76% | - | 2.76% | Technologie | Deutschland |
| Hiscox Ltd | 2.75% | - | 2.75% | Finanz-Dienstleistungen | Großbritannien |
| DNA Oyj | 2.71% | - | 2.71% | Telekommunikation | Finnland |
| Avanza Bank Holding AB | 2.69% | - | 2.69% | Finanz-Dienstleistungen | Schweden |
| Jenoptik AG | 2.60% | - | 2.60% | Industrieunternehmen | Vereinigten Staaten |
| Anzahl Positionen | 53 | 200 |  |  |  |
| Umschlagsrate1 | 30.59% |  |  |  |  |
| Aktiver Anteil1 | 94.11% |  |  |  |  |
| Liquide Mittel | 3.83% |  |  |  |  |

Top 5 übergewichtete Positionen	Top 5 untergewichtete Positionen
Die 5 besten Beiträge	Die 5 schlechtesten Beiträge
| Name | Gewichtung | Beitrag |  | Name | Gewichtung | Beitrag |
| --- | --- | --- | --- | --- | --- | --- |
| XING SE | 2.57% | 0.37% |  | AURELIUS Equity Opportunities SE & Co KGaA | 1.90% | -0.37% |
| Swedish Orphan Biovitrum AB | 1.54% | 0.26% |  | UDG Healthcare PLC | 2.48% | -0.34% |
| Sartorius AG | 2.07% | 0.25% |  | Hugo Boss AG | 2.54% | -0.28% |
| Evotec AG | 0.98% | 0.21% |  | Aryzta AG | 0.42% | -0.27% |
| DNA Oyj | 2.57% | 0.21% |  | Credito Emiliano SpA | 1.69% | -0.27% |

37.54%
26.27%
42.26%
23.22%
30.30%
Engagement in den Marktkapitalisierungen (% des Portfolios)
48%
44%
40%
36%
32%
28%
24%
10.63%
20%
16%
12%
8%
4%
0%
0.00%
19.98%
<1 Bn€	1 Bn€ -
3 Bn€
3 Bn€ -
5 Bn€
5 Bn€ -
10 Bn€
2.34%
7.45%
>10
Bn€
Portfolio	Benchmark*
* Interner Vergleichsindex : Wir verweisen auf die Angaben unter der Überschrift Interner Vergleichsindex in den Charakteristika/Disclaimern weiter unten Quellen : AXA Investment Managers - ICB per 31/08/2018
1Komplexe Begriffe werden in einem Glossar auf unserer Webseite www.axa-im.de > Dokumente erläutert.