# Portfolio analysis
20.01%
18.85%
16.17%
13.29%
12.42%
13.58%
10.60%
10.69%
13.11%

### Sector breakdown
24%
20%
16%
12%
8%
4%
0%
Financials	Industrials	Cons. stap.
Cons. disc.
8.76%
8.28%
8.23%
Materials	Health Care
8.13%
5.79%
Inf. techno.
7.83%
8.16%
3.14%
3.19%
Energy	Telecomm. serv.
3.10%
3.61%
1.62%
1.44%
Utilities		Real estate
Portfolio	Benchmark*

### Geographical breakdown
23.43%
24.76%
15.58%
17.36%
14.70%
15.05%
11.23%
13.87%
40%
7.75%
4.69%
7.40%
7.55%
7.18%
4.21%
3.21%
2.76%
2.69%
1.66%
2.46%
3.40%
1.79%
1.69%
1.59%
0.37%
0.99%
1.16%
0.00%
0.26%
0.00%
0.34%
0.00%
0.86%
20%
United
Kingdom
France
Germany
Switzerland
Spain
Netherlands
Sweden
Denmark
Belgium
Italy
Finland
Austria
Norway
Portugal
Luxemburg
Ireland
0%
| Main stocks |  | Portfolio |  | Benchmark* |  |
| --- | --- | --- | --- | --- | --- |
| Equity |  | Weighting |  |  | Sector | Issuer country |
|  | Portfolio |  | Benchmark* |  |  |  |
| Roche Holding AG | 3.28% |  | 1.92% |  | Health Care | Switzerland |
| Siemens AG | 2.51% |  | 1.10% |  | Industrials | Germany |
| BASF SE | 2.35% |  | 0.94% |  | Materials | Germany |
| Diageo PLC | 2.30% |  | 0.95% |  | Cons. stap. | United Kingdom |
| Unilever N.V. | 2.26% |  | 1.75% |  | Cons. stap. | Netherlands |
| L'Oreal SA | 2.05% |  | 0.67% |  | Cons. stap. | France |
| Danone SA | 1.97% |  | 0.52% |  | Cons. stap. | France |
| Zurich Insurance Group AG | 1.92% |  | 0.51% |  | Financials | Switzerland |
| AXA SA | 1.90% |  | 0.54% |  | Financials | France |
| Novo Nordisk | 1.89% |  | 0.95% |  | Health Care | Denmark |
| Number of Holdings | 125 |  |  |  |  |  |
| % Cash | 0.64% |  |  |  |  |  |


### Top 5 overweight	Top 5 underweight
| Overweightings	Portfolio Benchmark* |  | Underweightings	Portfolio Benchmark* |
| --- | --- | --- |
| BASF SE | 2.35% | 0.94% |  | Royal Dutch Shell PLC | 1.58% | 3.00% |
| Danone SA | 1.97% | 0.52% |  | Nestle SA | 1.27% | 2.88% |
| Zurich Insurance Group AG | 1.92% | 0.51% |  | TOTAL SA | 0.20% | 1.66% |
| Wirecard AG | 1.74% | 0.29% |  | British American Tobacco PLC | 0.00% | 1.22% |
| Deutsche Boerse AG | 1.71% | 0.29% |  | Novartis AG | 0.00% | 2.03% |

* 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
20.01%
18.85%
16.17%
13.29%
12.42%
13.58%
10.60%
10.69%
13.11%

### Engagement nach Sektor (% des Portfolios)
24%
20%
16%
12%
8%
4%
0%
Finanzen	Industrie	Kurzleb.
Konsumg.
Dauerh. Konsumg.
8.76%
8.28%
8.23%
8.13%
5.79%
7.83%
8.16%
3.14%
3.19%
3.10%
3.61%
Werkstoffe	Gesundheit	Informatik	Energie	Telekom	Öffentl.
Dienste
Portfolio	Benchmark*
1.62%
1.44%
Immobilien

### Geographische Ausrichtung (% des Portfolios)
23.43%
24.76%
15.58%
17.36%
14.70%
15.05%
11.23%
13.87%
40%
7.75%
4.69%
7.40%
7.55%
7.18%
4.21%
3.21%
2.76%
2.69%
1.66%
2.46%
3.40%
1.79%
1.69%
1.59%
0.37%
0.99%
1.16%
0.00%
0.26%
0.00%
0.34%
0.00%
0.86%
20%
Großbritannien
Frankreich
Deutschland
Schweiz
Spanien
Niederlande
Schweden
Dänemark
Belgien
Italien
Finnland
Österreich
Norwegen
Portugal
Luxemburg
Irland
0%
| Die grössten Werte |  | Portfolio |  | Benchmark* |  |
| --- | --- | --- | --- | --- | --- |
| Aktie |  | Gewichtung |  |  | Sektor | Investiert in |
|  | Portfolio |  | Benchmark* |  |  |  |
| Roche Holding AG | 3.28% |  | 1.92% |  | Gesundheit | Schweiz |
| Siemens AG | 2.51% |  | 1.10% |  | Industrie | Deutschland |
| BASF SE | 2.35% |  | 0.94% |  | Werkstoffe | Deutschland |
| Diageo PLC | 2.30% |  | 0.95% |  | Kurzleb. Konsumg. | Großbritannien |
| Unilever N.V. | 2.26% |  | 1.75% |  | Kurzleb. Konsumg. | Niederlande |
| L'Oreal SA | 2.05% |  | 0.67% |  | Kurzleb. Konsumg. | Frankreich |
| Danone SA | 1.97% |  | 0.52% |  | Kurzleb. Konsumg. | Frankreich |
| Zurich Insurance Group AG | 1.92% |  | 0.51% |  | Finanzen | Schweiz |
| AXA SA | 1.90% |  | 0.54% |  | Finanzen | Frankreich |
| Novo Nordisk | 1.89% |  | 0.95% |  | Gesundheit | Dänemark |
| Anzahl Positionen | 125 |  |  |  |  |  |
| % Liquide Mittel | 0.64% |  |  |  |  |  |


### Top 5 übergewichtete Positionen	Top 5 untergewichtete Positionen
| Portfolio Benchmark* |  | Portfolio Benchmark* |
| --- | --- | --- |
| BASF SE | 2.35% | 0.94% |  | Royal Dutch Shell PLC | 1.58% | 3.00% |
| Danone SA | 1.97% | 0.52% |  | Nestle SA | 1.27% | 2.88% |
| Zurich Insurance Group AG | 1.92% | 0.51% |  | TOTAL SA | 0.20% | 1.66% |
| Wirecard AG | 1.74% | 0.29% |  | British American Tobacco PLC | 0.00% | 1.22% |
| Deutsche Boerse AG | 1.71% | 0.29% |  | Novartis AG | 0.00% | 2.03% |

* 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