# Portfolio analysis
### Sector breakdown
Sector over/underweight
Financials
Industrials
| Oil & Gas | 6.84% | 11.89% |
| --- | --- | --- |
| Health Care | 5.99% | 2.00% |

Consumer Goods
Oil & Gas
Health Care Consumer Services Basic Materials
Telecoms
Not Classified
Utilities
Technology
| -20% | -15% | -10% | -5%	0% | 5% | 10%	15% |
| --- | --- | --- | --- | --- | --- |
| Main stocks |  |  |  |  |  |
| Equity |  | Weighting |  | Sector | Country |
|  | Portfolio | Perf. indicator* | Spread |  |  |
| Cnh Industrial NV | 9.88% | 2.76% | 7.12% | Industrials | Italy |
| FinecoBank Banca Fineco SpA | 8.79% | 1.09% | 7.70% | Financials | Italy |
| UniCredit SpA | 8.02% | 7.48% | 0.54% | Financials | Italy |
| Intesa Sanpaolo SpA | 7.16% | 8.32% | -1.16% | Financials | Italy |
| Eni SpA | 6.84% | 10.77% | -3.93% | Oil & Gas | Italy |
| Prysmian SpA | 5.07% | 1.52% | 3.56% | Industrials | Italy |
| Fiat Chrysler Automobiles NV | 4.57% | 4.32% | 0.25% | Consumer Goods | Italy |
| Davide Campari-Milano SpA | 3.92% | 1.16% | 2.75% | Consumer Goods | Italy |
| Ferrari NV | 3.70% | 3.81% | -0.11% | Consumer Goods | Italy |
| Amplifon SpA | 3.12% | 0.59% | 2.53% | Health Care | Italy |
| Number of Holdings | 38 | 228 |  |  |  |
| Turnover (1 rolling year) | 5.18% |  |  |  |  |
| Cash | 5.04% |  |  |  |  |


### Top 5 overweight	Top 5 underweight
| Portfolio Performance Indicator* Spread |  | Portfolio Performance Indicator* Spread |
| --- | --- | --- |
| FinecoBank Banca Fineco SpA | 8.37% | 1.09% | 7.28% |  | Enel SpA | 0.00% | 8.92% | -8.92% |
| Cnh Industrial NV | 9.40% | 2.76% | 6.65% |  | Assicurazioni Generali SpA | 0.00% | 5.01% | -5.01% |
| Prysmian SpA | 4.83% | 1.52% | 3.31% |  | Eni SpA | 6.51% | 10.77% | -4.26% |
| Davide Campari-Milano SpA | 3.73% | 1.16% | 2.56% |  | Stmicroelectronics NV | 0.00% | 2.99% | -2.99% |
| Amplifon SpA | 2.97% | 0.59% | 2.38% |  | Luxottica Group SpA | 0.00% | 2.39% | -2.39% |

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

Translation (ENDE, 2018-08-31):
# Portfolioanalyse
### Sektorengewichtung
Sektorüber-/-untergewichtung
Finanz-Dienstleistungen
Industrieunternehmen Verbrauchsgüter Erdöl und Erdgas Gesundheitswesen Verbraucherservice Grundstoffe Telekommunikation Nicht Klassifiziert
Versorger
Technologie
-20%	-15%	-10%	-5%	0%	5%	10%	15%
| Die grössten Werte |  |
| --- | --- |
| Aktie |  | Gewichtung |  | Sektor | Land |
|  | Portfolio | Vergleichsindex* | Spanne |  |  |
| Cnh Industrial NV | 9.40% | 2.76% | 6.65% | Industrieunternehmen | Italien |
| FinecoBank Banca Fineco SpA | 8.37% | 1.09% | 7.28% | Finanz-Dienstleistungen | Italien |
| UniCredit SpA | 7.63% | 7.48% | 0.16% | Finanz-Dienstleistungen | Italien |
| Intesa Sanpaolo SpA | 6.82% | 8.32% | -1.50% | Finanz-Dienstleistungen | Italien |
| Eni SpA | 6.51% | 10.77% | -4.26% | Erdöl und Erdgas | Italien |
| Prysmian SpA | 4.83% | 1.52% | 3.31% | Industrieunternehmen | Italien |
| Fiat Chrysler Automobiles NV | 4.35% | 4.32% | 0.03% | Verbrauchsgüter | Italien |
| Davide Campari-Milano SpA | 3.73% | 1.16% | 2.56% | Verbrauchsgüter | Italien |
| Ferrari NV | 3.52% | 3.81% | -0.29% | Verbrauchsgüter | Italien |
| Amplifon SpA | 2.97% | 0.59% | 2.38% | Gesundheitswesen | Italien |
| Anzahl Positionen | 38 | 228 |  |  |  |
| Umschlagsrate1 | 5.18% |  |  |  |  |
| Aktiver Anteil1 | 53.32% |  |  |  |  |
| Liquide Mittel | 4.79% |  |  |  |  |


### Top 5 übergewichtete Positionen	Top 5 untergewichtete Positionen
| Portfolio Interner Vergleichsindex* Spanne |  | Portfolio Interner Vergleichsindex* Spanne |
| --- | --- | --- |
| FinecoBank Banca Fineco SpA | 8.37% | 1.09% | 7.28% |  | Enel SpA | 0.00% | 8.92% | -8.92% |
| Cnh Industrial NV | 9.40% | 2.76% | 6.65% |  | Assicurazioni Generali SpA | 0.00% | 5.01% | -5.01% |
| Prysmian SpA | 4.83% | 1.52% | 3.31% |  | Eni SpA | 6.51% | 10.77% | -4.26% |
| Davide Campari-Milano SpA | 3.73% | 1.16% | 2.56% |  | Stmicroelectronics NV | 0.00% | 2.99% | -2.99% |
| Amplifon SpA | 2.97% | 0.59% | 2.38% |  | Luxottica Group SpA | 0.00% | 2.39% | -2.39% |

* Interner Vergleichsindex : Wir verweisen auf die Angaben unter der Überschrift Interner Vergleichsindex in den Charakteristika/Disclaimern weiter unten Quellen : AXA Investment Managers - FTSE - ICB per 31/08/2018
1Komplexe Begriffe werden in einem Glossar auf unserer Webseite www.axa-im.de > Dokumente erläutert.