# Portfolio analysis
### Sector breakdown
Pharmaceuticals	27.06%	5.00%
Health Care Equipment	15.28%	1.90%
Managed Health Care	12.32%	1.10%
Life Sciences Tools & Services	7.38%	0.58%
Biotechnology	6.41%	1.87%
Household Products	6.35%	1.04%
Constr. Mach. & Heavy Trucks	4.80%	0.81%
Health Care REITs	3.54%	0.13%
Hotels, Resorts & Cruise Lines	2.87%	0.37%
Specialized Consumer Services	2.56%	0.01%
Personal Products	2.42%	0.83%
Health Care Facilities	2.36%	0.18%
Other	6.63%	86.20%

### Sector over/underweight
Pharmaceuticals Health Care Equipment Managed Health Care
Life Sciences Tools & Services Biotechnology
Household Products
Constr. Mach. & Heavy Trucks Health Care REITs
Hotels, Resorts & Cruise Lines Specialized Consumer Services Personal Products
Health Care Facilities Other
-80%	-60%	-40%	-20%	0%	20%	40%
| Geographical breakdown |  |
| --- | --- |
|  | Portfolio | Perf. indicator* |
| USA | 68.51% | 55.26% |
| United Kingdom | 9.34% | 5.27% |
| Japan | 7.22% | 7.40% |
| Switzerland | 4.67% | 2.56% |
| Germany | 2.48% | 2.95% |
| Netherlands | 2.46% | 1.11% |
| France | 2.19% | 3.42% |
| Belgium | 2.13% | 0.32% |
| Sweden | 1.00% | 0.82% |
| China | 0.00% | 3.43% |
| Canada | 0.00% | 3.00% |
| Australia | 0.00% | 2.12% |
| Other | 0.00% | 12.35% |


### Country over/underweight
USA
United Kingdom Japan Switzerland Germany Netherlands France
Belgium Sweden China Canada Australia Other
-16%	-12%	-8%	-4%	0%	4%	8%	12%	16%
| Main stocks |  |
| --- | --- |
| Equity |  | Weighting |  | Sector | Country |
|  | Portfolio | Perf. indicator* | Spread |  |  |
| UnitedHealth Group Inc | 5.27% | 0.56% | 4.72% | Managed Health Care | USA |
| Allergan plc | 4.22% | 0.14% | 4.09% | Pharmaceuticals | USA |
| Anthem Inc | 4.10% | 0.14% | 3.95% | Managed Health Care | USA |
| GlaxoSmithKline PLC | 4.08% | 0.21% | 3.86% | Pharmaceuticals | United Kingdom |
| Merck & Co Inc | 3.22% | 0.40% | 2.82% | Pharmaceuticals | USA |
| Centene Corp | 2.95% | 0.06% | 2.89% | Managed Health Care | USA |
| Royal Caribbean Cruises Ltd | 2.87% | 0.04% | 2.82% | Hotels, Resorts & Cruise Lines | USA |
| Unicharm Corp | 2.72% | 0.03% | 2.69% | Household Products | Japan |
| Thermo Fisher Scientific Inc | 2.72% | 0.21% | 2.51% | Life Sciences Tools & Services | USA |
| Biogen Inc | 2.68% | 0.16% | 2.52% | Biotechnology | USA |
| Number of Holdings | 57 | 2778 |  |  |  |
| Turnover (1 rolling year) | 13.46% |  |  |  |  |
| Active Share | 95.92% |  |  |  |  |
| Cash | 4.45% |  |  |  |  |

Top 5 overweight	Top 5 underweight
| Portfolio Performance Indicator* Spread |  | Portfolio Performance Indicator* Spread |
| --- | --- | --- |
| UnitedHealth Group Inc | 5.05% | 0.56% | 4.49% |  | Apple Inc | 0.00% | 2.47% | -2.47% |
| Allergan plc | 4.04% | 0.14% | 3.91% |  | Amazon.com Inc | 0.00% | 1.77% | -1.77% |
| Anthem Inc | 3.92% | 0.14% | 3.78% |  | Microsoft Corp | 0.00% | 1.76% | -1.76% |
| GlaxoSmithKline PLC | 3.90% | 0.21% | 3.69% |  | Alphabet Inc | 0.00% | 1.61% | -1.61% |
| Centene Corp | 2.83% | 0.06% | 2.76% |  | Facebook Inc | 0.00% | 0.90% | -0.90% |

Translation (ENDE, 2018-08-31):
# Portfolioanalyse
## Sektorengewichtung
Pharmazeutika	27.06%	5.00%
Gesundheitswesen: Ausstattung	15.28%	1.90%
Private Gesundheitsversorgung	12.32%	1.10%
Biow. Hilfsm. & Dienstl.	7.38%	0.58%
Biotechnologie	6.41%	1.87%
Haushaltsartikel	6.35%	1.04%
Vermögensverw.- & Depotbanken	4.80%	0.81%
Gesundheitswesen REITs	3.54%	0.13%
Hotels, U-Anl. & Kreuzfahrtl.	2.87%	0.37%
Spezialisierte Verbraucherd.	2.56%	0.01%
Körperpflegeprodukte	2.42%	0.83%
Gesundheitswesen: Einricht.	2.36%	0.18%
Sonstige	6.63%	86.20%

## Sektorüber-/-untergewichtung
Pharmazeutika Gesundheitswesen: Ausstattung Private Gesundheitsversorgung Biow. Hilfsm. & Dienstl.
Biotechnologie Haushaltsartikel
Vermögensverw.- & Depotbanken Gesundheitswesen REITs Hotels, U-Anl. & Kreuzfahrtl.
Spezialisierte Verbraucherd. Körperpflegeprodukte Gesundheitswesen: Einricht. Sonstige
-80%	-60%	-40%	-20%	0%	20%	40%
| Ländergewichtung |  |
| --- | --- |
|  | Portfolio | Vergleichsindex* |
| Vereinigten Staaten | 68.51% | 55.26% |
| Großbritannien | 9.34% | 5.27% |
| Japan | 7.22% | 7.40% |
| Schweiz | 4.67% | 2.56% |
| Deutschland | 2.48% | 2.95% |
| Niederlande | 2.46% | 1.11% |
| Frankreich | 2.19% | 3.42% |
| Belgien | 2.13% | 0.32% |
| Schweden | 1.00% | 0.82% |
| China | 0.00% | 3.43% |
| Kanada | 0.00% | 3.00% |
| Australien | 0.00% | 2.12% |
| Sonstige | 0.00% | 12.35% |


## Länderüber-/-untergewichtung
Vereinigten Staaten Großbritannien Japan
Schweiz Deutschland Niederlande Frankreich Belgien Schweden China Kanada Australien Sonstige
-16%	-12%	-8%	-4%	0%	4%	8%	12%	16%
* Interner Vergleichsindex : Wir verweisen auf die Angaben unter der Überschrift Interner Vergleichsindex in den Charakteristika/Disclaimern weiter unten Quellen : AXA Investment Managers - MSCI per 31/08/2018
| Die grössten Werte |  |
| --- | --- |
| Aktie |  | Gewichtung |  | Sektor | Land |
|  | Portfolio | Vergleichsindex* | Spanne |  |  |
| UnitedHealth Group Inc | 5.05% | 0.56% | 4.49% | Private Gesundheitsversorgung | Vereinigten Staaten |
| Allergan plc | 4.04% | 0.14% | 3.91% | Pharmazeutika | Vereinigten Staaten |
| Anthem Inc | 3.92% | 0.14% | 3.78% | Private Gesundheitsversorgung | Vereinigten Staaten |
| GlaxoSmithKline PLC | 3.90% | 0.21% | 3.69% | Pharmazeutika | Großbritannien |
| Merck & Co Inc | 3.08% | 0.40% | 2.68% | Pharmazeutika | Vereinigten Staaten |
| Centene Corp | 2.83% | 0.06% | 2.76% | Private Gesundheitsversorgung | Vereinigten Staaten |
| Royal Caribbean Cruises Ltd | 2.75% | 0.04% | 2.70% | Hotels, U-Anl. & Kreuzfahrtl. | Vereinigten Staaten |
| Unicharm Corp | 2.60% | 0.03% | 2.57% | Haushaltsartikel | Japan |
| Thermo Fisher Scientific Inc | 2.60% | 0.21% | 2.40% | Biow. Hilfsm. & Dienstl. | Vereinigten Staaten |
| Biogen Inc | 2.56% | 0.16% | 2.40% | Biotechnologie | Vereinigten Staaten |
| Anzahl Positionen | 57 | 2778 |  |  |  |
| Umschlagsrate1 | 13.46% |  |  |  |  |
| Aktiver Anteil1 | 95.92% |  |  |  |  |
| Liquide Mittel | 4.26% |  |  |  |  |


## Top 5 übergewichtete Positionen	Top 5 untergewichtete Positionen
| Portfolio Interner Vergleichsindex* Spanne |  | Portfolio Interner Vergleichsindex* Spanne |
| --- | --- | --- |
| UnitedHealth Group Inc | 5.05% | 0.56% | 4.49% |  | Apple Inc | 0.00% | 2.47% | -2.47% |
| Allergan plc | 4.04% | 0.14% | 3.91% |  | Amazon.com Inc | 0.00% | 1.77% | -1.77% |
| Anthem Inc | 3.92% | 0.14% | 3.78% |  | Microsoft Corp | 0.00% | 1.76% | -1.76% |
| GlaxoSmithKline PLC | 3.90% | 0.21% | 3.69% |  | Alphabet Inc | 0.00% | 1.61% | -1.61% |
| Centene Corp | 2.83% | 0.06% | 2.76% |  | Facebook Inc | 0.00% | 0.90% | -0.90% |

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