# Portfolio analysis
### Sector breakdown
36.86%
38.03%
40%
14.83%
30%
13.43%
9.31%
8.55%
7.63%
7.16%
10.31%
8.47%
20%
6.38%
6.08%
3.35%
5.89%
6.56%
5.28%
2.37%
0.97%
0.87%
2.50%
0.59%
4.60%
10%
0%
Financials		Real estate
Health Care
Cons. stap.
Energy	Cons. disc.
Materials	Industrials		Inf. techno.
Telecomm. serv.
Utilities
Portfolio	Benchmark*

### Geographical breakdown
70%
60%
50%
40%
30%
20%
10%
0%
Australia	Hong Kong	Singapore	New Zealand	United States	China
Portfolio	Benchmark*
| Main stocks |  |
| --- | --- |
| Equity |  | Weighting |  | Sector | Issuer country |
|  | Portfolio |  | Benchmark* |  |  |
| CSL Ltd | 6.79% |  | 4.34% | Health Care | Australia |
| AIA Group Ltd | 5.34% |  | 6.07% | Financials | Hong Kong |
| BHP Billiton Ltd | 4.65% |  | 4.50% | Materials | Australia |
| Wesfarmers Ltd | 4.61% |  | 2.46% | Cons. stap. | Australia |
| Westpac Banking Corp | 4.19% |  | 4.10% | Financials | Australia |
| Commonwealth Bank of Australia | 4.07% |  | 5.27% | Financials | Australia |
| Macquarie Group Ltd | 3.66% |  | 1.76% | Financials | Australia |
| Oversea-Chinese Banking Cor... | 3.37% |  | 1.51% | Financials | Singapore |
| United Overseas Bank Ltd | 3.09% |  | 1.54% | Financials | Singapore |
| Woolworths Group Ltd | 2.90% |  | 1.56% | Cons. stap. | Australia |
| Number of Holdings | 135 |  |  |  |  |
| % Cash | 1.30% |  |  |  |  |


### Top 5 overweight	Top 5 underweight
| Overweightings	Portfolio Benchmark* |  | Underweightings	Portfolio Benchmark* |
| --- | --- | --- |
| CSL Ltd | 6.79% | 4.34% |  | Commonwealth Bank of Australia | 4.07% | 5.27% |
| Wesfarmers Ltd | 4.61% | 2.46% |  | National Australia Bank Ltd | 2.00% | 3.25% |
| Macquarie Group Ltd | 3.66% | 1.76% |  | Link REIT | 0.00% | 1.26% |
| Oversea-Chinese Banking Corp Ltd | 3.37% | 1.51% |  | Rio Tinto Ltd | 0.00% | 1.27% |
| United Overseas Bank Ltd | 3.09% | 1.54% |  | CK Hutchison Holdings Ltd | 0.00% | 1.81% |

* 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
### Engagement nach Sektor (% des Portfolios)
36.86%
38.03%
40%
14.83%
30%
13.43%
9.31%
8.55%
7.63%
7.16%
10.31%
8.47%
20%
6.38%
6.08%
3.35%
5.89%
6.56%
5.28%
2.37%
0.97%
0.87%
2.50%
0.59%
4.60%
10%
0%
Finanzen	Immobilien	Gesundheit	Kurzleb.
Konsumg.
Energie		Dauerh. Konsumg.
Werkstoffe	Industrie	Informatik	Telekom	Öffentl.
Dienste
Portfolio	Benchmark*

### Geographische Ausrichtung (% des Portfolios)
70%
60%
50%
40%
30%
20%
10%
0%
Australien	Hong-Kong	Singapur	Neuseeland	Vereinigten Staaten	China
Portfolio	Benchmark*
| Die grössten Werte |  |
| --- | --- |
| Aktie |  | Gewichtung |  | Sektor | Investiert in |
|  | Portfolio |  | Benchmark* |  |  |
| CSL Ltd | 6.79% |  | 4.34% | Gesundheit | Australien |
| AIA Group Ltd | 5.34% |  | 6.07% | Finanzen | Hong-Kong |
| BHP Billiton Ltd | 4.65% |  | 4.50% | Werkstoffe | Australien |
| Wesfarmers Ltd | 4.61% |  | 2.46% | Kurzleb. Konsumg. | Australien |
| Westpac Banking Corp | 4.19% |  | 4.10% | Finanzen | Australien |
| Commonwealth Bank of Australia | 4.07% |  | 5.27% | Finanzen | Australien |
| Macquarie Group Ltd | 3.66% |  | 1.76% | Finanzen | Australien |
| Oversea-Chinese Banking Cor... | 3.37% |  | 1.51% | Finanzen | Singapur |
| United Overseas Bank Ltd | 3.09% |  | 1.54% | Finanzen | Singapur |
| Woolworths Group Ltd | 2.90% |  | 1.56% | Kurzleb. Konsumg. | Australien |
| Anzahl Positionen | 135 |  |  |  |  |
| % Liquide Mittel | 1.30% |  |  |  |  |


### Top 5 übergewichtete Positionen	Top 5 untergewichtete Positionen
| Portfolio Benchmark* |  | Portfolio Benchmark* |
| --- | --- | --- |
| CSL Ltd | 6.79% | 4.34% |  | Commonwealth Bank of Australia | 4.07% | 5.27% |
| Wesfarmers Ltd | 4.61% | 2.46% |  | National Australia Bank Ltd | 2.00% | 3.25% |
| Macquarie Group Ltd | 3.66% | 1.76% |  | Link REIT | 0.00% | 1.26% |
| Oversea-Chinese Banking Corp Ltd | 3.37% | 1.51% |  | Rio Tinto Ltd | 0.00% | 1.27% |
| United Overseas Bank Ltd | 3.09% | 1.54% |  | CK Hutchison Holdings Ltd | 0.00% | 1.81% |

* 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