# Portfolio analysis
31.46%
25.66%
25.49%
25.59%

### Sector breakdown
35%
30%
25%
20%
15%
10%
5%
0%
Inf. techno.
8.62%
5.00%
7.97%
6.39%
6.20%
7.56%
Financials	Energy	Industrials	Cons.
disc.
5.12%
5.52%
Cons. stap.
4.62%
4.52%
Health Care
4.36%
7.15%
4.15%
6.13%
Materials		Real estate
2.00%
3.00%
0.00%
3.49%
Utilities	Telecomm. serv.
Portfolio	Benchmark*

### Geographical breakdown
27.47%
21.93%
20.05%
17.66%
15.50%
15.49%
30%
11.30%
12.26%
8.61%
9.56%
13.62%
7.33%
20%
2.72%
2.22%
2.00%
3.19%
1.60%
0.97%
1.35%
2.29%
0.09%
1.84%
0.08%
0.57%
0.00%
0.06%
0.00%
0.25%
10%
0%
China	Australia	Taiwan	India	South
Korea
Hong Kong
Thailand	Singapore  Philippines  Malaysia	Indonesia	New
Zealand
Pakistan	Canada
Portfolio	Benchmark*
| Main stocks |  |
| --- | --- |
| Equity |  | Weighting |  | Sector | Issuer country |
|  | Portfolio |  | Benchmark* |  |  |
| Tencent Holdings Ltd | 4.95% |  | 4.40% | Inf. techno. | China |
| Alibaba Group Holding Ltd | 4.21% |  | 3.60% | Inf. techno. | China |
| China Construction Bank Corp | 3.25% |  | 1.52% | Financials | China |
| CSL Ltd | 3.25% |  | 1.32% | Health Care | Australia |
| Samsung Electronics Co Ltd | 2.75% |  | 4.28% | Inf. techno. | South Korea |
| SK Hynix Inc | 2.72% |  | 0.77% | Inf. techno. | South Korea |
| Wesfarmers Ltd | 2.49% |  | 0.75% | Cons. stap. | Australia |
| Macquarie Group Ltd | 2.45% |  | 0.54% | Financials | Australia |
| Infosys Ltd | 2.27% |  | 0.63% | Inf. techno. | India |
| Taiwan Semiconductor Manufa... | 2.18% |  | 3.66% | Inf. techno. | Taiwan |
| Number of Holdings | 168 |  |  |  |  |
| % Cash | 0.45% |  |  |  |  |


### Top 5 overweight	Top 5 underweight
| Overweightings	Portfolio Benchmark* |  | Underweightings	Portfolio Benchmark* |
| --- | --- | --- |
| China Construction Bank Corp | 3.25% | 1.52% |  | Samsung Electronics Co Ltd | 2.75% | 4.28% |
| CSL Ltd | 3.25% | 1.32% |  | Taiwan Semiconductor Manufacturing Co Ltd | 2.18% | 3.66% |
| SK Hynix Inc | 2.72% | 0.77% |  | AIA Group Ltd | 0.40% | 1.85% |
| Wesfarmers Ltd | 2.49% | 0.75% |  | Industrial & Commercial Bank of China Ltd | 0.00% | 0.92% |
| Macquarie Group Ltd | 2.45% | 0.54% |  | China Mobile Ltd | 0.00% | 1.03% |

* 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
31.46%
25.66%
25.49%
25.59%

### Engagement nach Sektor (% des Portfolios)
35%
30%
25%
20%
15%
10%
5%
0%
8.62%
5.00%
7.97%
6.39%
6.20%
7.56%
5.12%
5.52%
Informatik	Finanzen	Energie	Industrie	Dauerh.
Konsumg.
Kurzleb. Konsumg.
4.62%
4.52%
4.36%
7.15%
4.15%
6.13%
2.00%
3.00%
Gesundheit	Werkstoffe	Immobilien	Öffentl.
Dienste
0.00%
3.49%
Telekom
Portfolio	Benchmark*

### Geographische Ausrichtung (% des Portfolios)
27.47%
21.93%
20.05%
17.66%
15.50%
11.30%
12.26%
13.62%
15.49%
30%
8.61%
9.56%
7.33%
2.72%
2.22%
2.00%
3.19%
1.60%
0.97%
1.35%
2.29%
1.84%
0.57%
20%
0.09%
0.08%
0.00%
0.06%
0.00%
0.25%
10%
China
Australien
Taiwan
Indien
Südkorea
Hong-Kong
Thailand
Singapur
Philippinen
Malaysia
Indonesien
Neuseeland
Pakistan
Kanada
0%
Portfolio	Benchmark*
| Die grössten Werte |  |
| --- | --- |
| Aktie |  | Gewichtung |  | Sektor | Investiert in |
|  | Portfolio |  | Benchmark* |  |  |
| Tencent Holdings Ltd | 4.95% |  | 4.40% | Informatik | China |
| Alibaba Group Holding Ltd | 4.21% |  | 3.60% | Informatik | China |
| China Construction Bank Corp | 3.25% |  | 1.52% | Finanzen | China |
| CSL Ltd | 3.25% |  | 1.32% | Gesundheit | Australien |
| Samsung Electronics Co Ltd | 2.75% |  | 4.28% | Informatik | Südkorea |
| SK Hynix Inc | 2.72% |  | 0.77% | Informatik | Südkorea |
| Wesfarmers Ltd | 2.49% |  | 0.75% | Kurzleb. Konsumg. | Australien |
| Macquarie Group Ltd | 2.45% |  | 0.54% | Finanzen | Australien |
| Infosys Ltd | 2.27% |  | 0.63% | Informatik | Indien |
| Taiwan Semiconductor Manufa... | 2.18% |  | 3.66% | Informatik | Taiwan |
| Anzahl Positionen | 168 |  |  |  |  |
| % Liquide Mittel | 0.45% |  |  |  |  |


### Top 5 übergewichtete Positionen	Top 5 untergewichtete Positionen
| Portfolio Benchmark* |  | Portfolio Benchmark* |
| --- | --- | --- |
| China Construction Bank Corp | 3.25% | 1.52% |  | Samsung Electronics Co Ltd | 2.75% | 4.28% |
| CSL Ltd | 3.25% | 1.32% |  | Taiwan Semiconductor Manufacturing Co Ltd | 2.18% | 3.66% |
| SK Hynix Inc | 2.72% | 0.77% |  | AIA Group Ltd | 0.40% | 1.85% |
| Wesfarmers Ltd | 2.49% | 0.75% |  | Industrial & Commercial Bank of China Ltd | 0.00% | 0.92% |
| Macquarie Group Ltd | 2.45% | 0.54% |  | China Mobile Ltd | 0.00% | 1.03% |

* 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