# Portfolio analysis
## Sector breakdown
Sector over/underweight
Industrials
Financials
| Technology | 15.38% | 8.79% |
| --- | --- | --- |
| Consumer Services | 8.65% | 6.18% |

Consumer Goods
Technology
Consumer Services Basic Materials Health Care
Oil & Gas
Telecoms
Utilities
-6%	-4%	-2%	0%	2%	4%	6%	8%

## Geographical breakdown
France	46.03%	33.69%
Germany	24.03%	28.95%
Netherlands	12.00%	10.35%
Italy	6.68%	7.30%
Spain	5.92%	8.92%
Belgium	5.34%	3.38%
Finland	0.00%	3.60%
Ireland	0.00%	1.93%
Austria	0.00%	0.73%
Luxemburg	0.00%	0.61%
Portugal	0.00%	0.53%

## Country over/underweight
France Germany Netherlands Italy
Spain Belgium Finland Ireland Austria Luxemburg
Portugal
-6%	-4%	-2%	0%	2%	4%	6%	8%	10%  12%  14%
| Main stocks |  |
| --- | --- |
| Equity |  | Weighting |  | Sector | Country |
|  | Portfolio | Perf. indicator* | Spread |  |  |
| Asml Holding NV | 6.77% | 1.80% | 4.98% | Technology | Netherlands |
| TOTAL SA | 5.68% | 3.40% | 2.29% | Oil & Gas | France |
| BNP Paribas SA | 4.66% | 1.38% | 3.27% | Financials | France |
| L'Oreal SA | 4.60% | 1.21% | 3.40% | Consumer Goods | France |
| Schneider Electric SE | 4.39% | 0.90% | 3.49% | Industrials | France |
| Allianz SE | 4.21% | 1.92% | 2.29% | Financials | Germany |
| BASF SE | 4.01% | 1.74% | 2.28% | Basic Materials | Germany |
| LVMH Moet Hennessy Louis Vu... | 3.88% | 1.93% | 1.95% | Consumer Goods | France |
| Linde AG | 3.75% | 0.79% | 2.95% | Basic Materials | Germany |
| Fresenius SE & Co KGaA | 3.62% | 0.64% | 2.98% | Health Care | Germany |
| Number of Holdings | 34 | 302 |  |  |  |
| Turnover (1 rolling year) | 79.03% |  |  |  |  |
| Active Share | 73.71% |  |  |  |  |
| Cash | 1.74% |  |  |  |  |

Top 5 overweight	Top 5 underweight
| Portfolio Performance Indicator* Spread |  | Portfolio Performance Indicator* Spread |
| --- | --- | --- |
| Asml Holding NV | 6.66% | 1.80% | 4.86% |  | SAP SE | 0.00% | 2.65% | -2.65% |
| Schneider Electric SE | 4.32% | 0.90% | 3.42% |  | Siemens AG | 0.00% | 2.26% | -2.26% |
| L'Oreal SA | 4.52% | 1.21% | 3.32% |  | Sanofi | 0.00% | 1.98% | -1.98% |
| BNP Paribas SA | 4.58% | 1.38% | 3.20% |  | Unilever N.V. | 0.00% | 1.78% | -1.78% |
| ALD SA | 3.01% | 0.00% | 3.01% |  | Bayer AG | 0.00% | 1.78% | -1.78% |

Translation (ENDE, 2018-08-31):
# Portfolioanalyse
## Sektorengewichtung
Sektorüber-/-untergewichtung
Industrieunternehmen
Finanz-Dienstleistungen Verbrauchsgüter Technologie Verbraucherservice Grundstoffe Gesundheitswesen Erdöl und Erdgas
Telekommunikation
Versorger
-6%	-4%	-2%	0%	2%	4%	6%	8%

## Ländergewichtung
Länderüber-/-untergewichtung
Frankreich Deutschland Niederlande Italien
Spanien Belgien Finnland Irland Österreich
Luxemburg
Portugal
-6%	-4%	-2%	0%	2%	4%	6%	8%	10%  12%  14%
* 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 |  |  |
| Asml Holding NV | 6.66% | 1.80% | 4.86% | Technologie | Niederlande |
| TOTAL SA | 5.59% | 3.40% | 2.19% | Erdöl und Erdgas | Frankreich |
| BNP Paribas SA | 4.58% | 1.38% | 3.20% | Finanz-Dienstleistungen | Frankreich |
| L'Oreal SA | 4.52% | 1.21% | 3.32% | Verbrauchsgüter | Frankreich |
| Schneider Electric SE | 4.32% | 0.90% | 3.42% | Industrieunternehmen | Frankreich |
| Allianz SE | 4.14% | 1.92% | 2.22% | Finanz-Dienstleistungen | Deutschland |
| BASF SE | 3.95% | 1.74% | 2.21% | Grundstoffe | Deutschland |
| LVMH Moet Hennessy Louis Vu... | 3.81% | 1.93% | 1.89% | Verbrauchsgüter | Frankreich |
| Linde AG | 3.68% | 0.79% | 2.89% | Grundstoffe | Deutschland |
| Fresenius SE & Co KGaA | 3.56% | 0.64% | 2.92% | Gesundheitswesen | Deutschland |
| Anzahl Positionen | 34 | 302 |  |  |  |
| Umschlagsrate1 | 79.03% |  |  |  |  |
| Aktiver Anteil1 | 73.71% |  |  |  |  |
| Liquide Mittel | 1.71% |  |  |  |  |


## Top 5 übergewichtete Positionen	Top 5 untergewichtete Positionen
| Portfolio Interner Vergleichsindex* Spanne |  | Portfolio Interner Vergleichsindex* Spanne |
| --- | --- | --- |
| Asml Holding NV | 6.66% | 1.80% | 4.86% |  | SAP SE | 0.00% | 2.65% | -2.65% |
| Schneider Electric SE | 4.32% | 0.90% | 3.42% |  | Siemens AG | 0.00% | 2.26% | -2.26% |
| L'Oreal SA | 4.52% | 1.21% | 3.32% |  | Sanofi | 0.00% | 1.98% | -1.98% |
| BNP Paribas SA | 4.58% | 1.38% | 3.20% |  | Unilever N.V. | 0.00% | 1.78% | -1.78% |
| ALD SA | 3.01% | 0.00% | 3.01% |  | Bayer AG | 0.00% | 1.78% | -1.78% |

* 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.