# Portfolio analysis
### Sector breakdown
Sector over/underweight
Inf. techno. Financials Cons. disc. Cons. stap.
Industrials Materials Energy Real estate
Health Care
Utilities
Telecomm. serv.
-4%	-2%	0%	2%	4%	6%	8%
| Geographical breakdown |  |
| --- | --- |
|  | Portfolio | Perf. indicator* |
| China | 32.39% | 30.94% |
| India | 20.13% | 9.32% |
| Mexico | 7.79% | 3.11% |
| Taiwan | 6.33% | 12.25% |
| Hong Kong | 5.18% | 0.00% |
| South Korea | 4.46% | 14.76% |
| Brazil | 4.14% | 5.79% |
| Indonesia | 4.05% | 1.99% |
| USA | 3.69% | 0.00% |
| South Africa | 3.17% | 6.26% |
| Thailand | 2.68% | 2.41% |
| Russia | 2.32% | 3.38% |
| Other | 3.67% | 9.78% |


### Country over/underweight
China India Mexico Taiwan Hong Kong
South Korea Brazil Indonesia USA
South Africa Thailand Russia Other
-15%  -12%	-9%	-6%	-3%	0%	3%	6%	9%	12%  15%
| Main stocks |  |
| --- | --- |
| Equity |  | Weighting |  | Sector | Country |  |
|  | Portfolio | Perf. indicator* | Spread |  |  |  |
| Tencent Holdings Ltd | 7.79% | 4.76% | 3.03% | Inf. techno. | China |  |
| Taiwan Semiconductor Manufa... | 6.33% | 3.96% | 2.37% | Inf. techno. | Taiwan |  |
| Alibaba Group Holding Ltd | 5.41% | 3.90% | 1.50% | Inf. techno. | China |  |
| Samsung Electronics Co Ltd | 4.46% | 4.63% | -0.17% | Inf. techno. | South Korea |  |
| CNOOC Ltd | 4.28% | 0.61% | 3.67% | Energy | China |  |
| Mexichem SAB de CV | 2.58% | 0.07% | 2.51% | Materials | Mexico |  |
| Fleury SA | 2.50% | - | 2.50% | Health Care | Brazil |  |
| Baidu Inc | 2.41% | 1.21% | 1.21% | Inf. techno. | China |  |
| HDFC Bank Ltd | 2.20% | - | 2.20% | Financials | India |  |
| China Construction Bank Corp | 2.18% | 1.64% | 0.53% | Financials | China |  |
| Number of Holdings | 55 | 1136 |  |  |  |  |
| Turnover (1 rolling year) | 39.74% |  |  |  |  |  |
| Active Share | 73.69% |  |  |  |  |  |
| Cash | 5.09% |  |  |  |  |  |
| Top 5 overweight |  |  | Top 5 underweight |  |  |  |
| Portfolio Performance Indicator* Spread | Portfolio Performance Indicator* Spread |  |

CNOOC Ltd	4.07%	0.61%	3.46%
Tencent Holdings Ltd	7.42%	4.76%	2.65%
Naspers Ltd	0.00%	1.89%	-1.89%
China Mobile Ltd	0.00%	1.11%	-1.11%
Mexichem SAB de CV	2.46%	0.07%	2.39%
Fleury SA	2.38%	0.00%	2.38%
Industrial & Commercial Bank of China Ltd
0.00%	0.99%	-0.99%
HDFC Bank Ltd	2.09%	0.00%	2.09%
Reliance Industries Ltd	0.00%	0.96%	-0.96%
SK Hynix Inc	0.00%	0.84%	-0.84%

Translation (ENDE, 2018-08-31):
# Portfolioanalyse
### Sektorengewichtung
Sektorüber-/-untergewichtung
Informatik Finanzen
Dauerh. Konsumg. Kurzleb. Konsumg.
Industrie Werkstoffe Energie Immobilien Gesundheit
Öffentl. Dienste
Telekom
-4%	-2%	0%	2%	4%	6%	8%
| Ländergewichtung |  |
| --- | --- |
|  | Portfolio | Vergleichsindex* |
| China | 32.39% | 30.94% |
| Indien | 20.13% | 9.32% |
| Mexiko | 7.79% | 3.11% |
| Taiwan | 6.33% | 12.25% |
| Hong-Kong | 5.18% | 0.00% |
| Südkorea | 4.46% | 14.76% |
| Brasilien | 4.14% | 5.79% |
| Indonesien | 4.05% | 1.99% |
| Vereinigten Staaten | 3.69% | 0.00% |
| Südafrika | 3.17% | 6.26% |
| Thailand | 2.68% | 2.41% |
| Russland | 2.32% | 3.38% |
| Sonstige | 3.67% | 9.78% |


### Länderüber-/-untergewichtung
China Indien Mexiko Taiwan Hong-Kong Südkorea Brasilien Indonesien
Vereinigten Staaten Südafrika
Thailand Russland Sonstige
-12%	-9%	-6%	-3%	0%	3%	6%	9%	12%
* Interner Vergleichsindex : Wir verweisen auf die Angaben unter der Überschrift Interner Vergleichsindex in den Charakteristika/Disclaimern weiter unten Quellen : AXA Investment Managers - GICS - MSCI per 31/08/2018
| Die grössten Werte |  |
| --- | --- |
| Aktie |  | Gewichtung |  | Sektor | Land |
|  | Portfolio | Vergleichsindex* | Spanne |  |  |
| Tencent Holdings Ltd | 7.42% | 4.76% | 2.65% | Informatik | China |
| Taiwan Semiconductor Manufa... | 6.02% | 3.96% | 2.06% | Informatik | Taiwan |
| Alibaba Group Holding Ltd | 5.15% | 3.90% | 1.24% | Informatik | China |
| Samsung Electronics Co Ltd | 4.24% | 4.63% | -0.39% | Informatik | Südkorea |
| CNOOC Ltd | 4.07% | 0.61% | 3.46% | Energie | China |
| Mexichem SAB de CV | 2.46% | 0.07% | 2.39% | Werkstoffe | Mexiko |
| Fleury SA | 2.38% | - | 2.38% | Gesundheit | Brasilien |
| Baidu Inc | 2.30% | 1.21% | 1.09% | Informatik | China |
| HDFC Bank Ltd | 2.09% | - | 2.09% | Finanzen | Indien |
| China Construction Bank Corp | 2.07% | 1.64% | 0.43% | Finanzen | China |
| Anzahl Positionen | 55 | 1136 |  |  |  |
| Umschlagsrate1 | 39.74% |  |  |  |  |
| Aktiver Anteil1 | 73.69% |  |  |  |  |
| Liquide Mittel | 4.84% |  |  |  |  |


### Top 5 übergewichtete Positionen	Top 5 untergewichtete Positionen
| Portfolio Interner Vergleichsindex* Spanne |  | Portfolio Interner Vergleichsindex* Spanne |
| --- | --- | --- |
| CNOOC Ltd | 4.07% | 0.61% | 3.46% |  | Naspers Ltd | 0.00% | 1.89% | -1.89% |
| Tencent Holdings Ltd | 7.42% | 4.76% | 2.65% |  | China Mobile Ltd | 0.00% | 1.11% | -1.11% |
| Mexichem SAB de CV | 2.46% | 0.07% | 2.39% |  | Industrial & Commercial Bank of | 0.00% | 0.99% | -0.99% |
| Fleury SA | 2.38% | 0.00% | 2.38% |  | China Ltd |  |  |  |
| HDFC Bank Ltd | 2.09% | 0.00% | 2.09% |  | Reliance Industries Ltd | 0.00% | 0.96% | -0.96% |
|  |  |  |  |  | SK Hynix Inc | 0.00% | 0.84% | -0.84% |

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