# Portfolio analysis
18.99%
17.57%
15.17%
14.98%
13.64%
13.85%
13.50%
10.29%
10.09%

### Sector breakdown
21%
18%
15%
12%
9%
6%
3%
0%
Financials	Industrials	Cons. disc.
9.65%
Inf. techno.
Cons. stap.
9.83%
8.99%
6.27%
5.99%
5.99%
8.25%
Materials	Energy	Health Care
2.19%
3.46%
Telecomm. serv.
2.07%
5.14%
2.05%
2.01%
Utilities		Real estate
Portfolio	Benchmark*

### Geographical breakdown
31.95%
34.09%
29.94%
29.42%
40%
12.32%
11.12%
11.11%
30%
9.09%
5.28%
4.17%
6.91%
20%
3.21%
2.52%
3.27%
1.65%
0.71%
0.69%
1.66%
0.37%
0.51%
10%
0%
France	Germany	Spain	Netherlands	Belgium	Italy	Finland	Austria	Ireland	Portugal
Portfolio	Benchmark*
| Main stocks |  |
| --- | --- |
| Equity |  | Weighting |  | Sector | Issuer country |
|  | Portfolio |  | Benchmark* |  |  |
| Siemens AG | 3.56% |  | 2.12% | Industrials | Germany |
| BASF SE | 3.24% |  | 1.82% | Materials | Germany |
| Unilever N.V. | 2.89% |  | 1.90% | Cons. stap. | Netherlands |
| L'Oreal SA | 2.74% |  | 1.29% | Cons. stap. | France |
| Danone SA | 2.53% |  | 1.02% | Cons. stap. | France |
| TOTAL SA | 2.49% |  | 3.22% | Energy | France |
| AXA SA | 2.40% |  | 1.05% | Financials | France |
| SAP SE | 2.37% |  | 2.53% | Inf. techno. | Germany |
| Kering SA | 2.24% |  | 0.88% | Cons. disc. | France |
| Telefonica SA | 2.19% |  | 0.81% | Telecomm. serv. | Spain |
| Number of Holdings | 91 |  |  |  |  |
| % Cash | 0.20% |  |  |  |  |


### Top 5 overweight	Top 5 underweight
| Overweightings	Portfolio Benchmark* |  | Underweightings	Portfolio Benchmark* |
| --- | --- | --- |
| L'Oreal SA | 2.74% | 1.29% |  | Bayer AG | 0.50% | 1.79% |
| Danone SA | 2.53% | 1.02% |  | Allianz SE | 0.49% | 2.00% |
| Koninklijke Ahold Delhaize NV | 2.09% | 0.65% |  | Sanofi | 0.44% | 2.06% |
| Wirecard AG | 2.05% | 0.56% |  | Asml Holding NV | 0.21% | 1.79% |
| Repsol SA | 2.00% | 0.56% |  | Anheuser-Busch InBev SA | 0.00% | 1.52% |

* 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
18.99%
17.57%
15.17%
14.98%
13.64%
13.85%
13.50%
10.29%
10.09%

### Engagement nach Sektor (% des Portfolios)
21%
18%
15%
12%
9%
6%
3%
0%
9.65%
Finanzen	Industrie	Dauerh.
Konsumg.
Informatik		Kurzleb. Konsumg.
9.83%
8.99%
6.27%
5.99%
5.99%
8.25%
2.19%
3.46%
2.07%
5.14%
Werkstoffe	Energie	Gesundheit	Telekom	Öffentl.
Dienste
2.05%
2.01%
Immobilien
Portfolio	Benchmark*

### Geographische Ausrichtung (% des Portfolios)
31.95%
34.09%
29.94%
29.42%
40%
12.32%
11.12%
11.11%
30%
9.09%
5.28%
4.17%
6.91%
20%
3.21%
2.52%
3.27%
1.65%
0.71%
0.69%
1.66%
0.37%
0.51%
10%
0%
Frankreich	Deutschland	Spanien	Niederlande	Belgien	Italien	Finnland	Österreich	Irland	Portugal
Portfolio	Benchmark*
| Die grössten Werte |  |
| --- | --- |
| Aktie |  | Gewichtung |  | Sektor | Investiert in |
|  | Portfolio |  | Benchmark* |  |  |
| Siemens AG | 3.56% |  | 2.12% | Industrie | Deutschland |
| BASF SE | 3.24% |  | 1.82% | Werkstoffe | Deutschland |
| Unilever N.V. | 2.89% |  | 1.90% | Kurzleb. Konsumg. | Niederlande |
| L'Oreal SA | 2.74% |  | 1.29% | Kurzleb. Konsumg. | Frankreich |
| Danone SA | 2.53% |  | 1.02% | Kurzleb. Konsumg. | Frankreich |
| TOTAL SA | 2.49% |  | 3.22% | Energie | Frankreich |
| AXA SA | 2.40% |  | 1.05% | Finanzen | Frankreich |
| SAP SE | 2.37% |  | 2.53% | Informatik | Deutschland |
| Kering SA | 2.24% |  | 0.88% | Dauerh. Konsumg. | Frankreich |
| Telefonica SA | 2.19% |  | 0.81% | Telekom | Spanien |
| Anzahl Positionen | 91 |  |  |  |  |
| % Liquide Mittel | 0.20% |  |  |  |  |

| Top 5 übergewichtete Positionen |  |  |  | Top 5 untergewichtete Positionen |  |
| --- | --- | --- | --- | --- | --- |
|  | Portfolio | Benchmark* |  |  | Portfolio | Benchmark* |
| L'Oreal SA | 2.74% | 1.29% |  | Bayer AG | 0.50% | 1.79% |
| Danone SA | 2.53% | 1.02% |  | Allianz SE | 0.49% | 2.00% |
| Koninklijke Ahold Delhaize NV | 2.09% | 0.65% |  | Sanofi | 0.44% | 2.06% |
| Wirecard AG | 2.05% | 0.56% |  | Asml Holding NV | 0.21% | 1.79% |
| Repsol SA | 2.00% | 0.56% |  | Anheuser-Busch InBev SA | 0.00% | 1.52% |

* 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