# Portfolio analysis
### Sector breakdown
Portfolio	Perf. indicator*

### Sector over/underweight
Real estate	99.80%	99.66%
Utilities	0.19%	0.00%
Information Technology	0.01%	0.00%
Health Care	0.00%	0.16%
Consumer Discretionary	0.00%	0.09%
Financials	0.00%	0.09%
Real estate
Utilities
Inf. techno.
Health Care
Cons. disc.
Financials
-1%	0%	1%
| Geographical breakdown |  |
| --- | --- |
|  | Portfolio | Perf. indicator* |
| USA | 53.42% | 53.58% |
| Japan | 9.66% | 10.41% |
| Hong Kong | 6.72% | 7.70% |
| Germany | 6.59% | 4.96% |
| Australia | 5.33% | 4.74% |
| France | 4.40% | 3.55% |
| United Kingdom | 3.96% | 4.86% |
| Singapore | 3.33% | 2.33% |
| Canada | 3.11% | 2.78% |
| Belgium | 1.84% | 0.67% |
| Switzerland | 0.60% | 0.96% |
| Netherlands | 0.58% | 0.32% |
| Other | 0.44% | 3.13% |


### Country over/underweight
USA
Japan Hong Kong Germany Australia France
United Kingdom Singapore Canada Belgium Switzerland Netherlands Other
-3%	-2%	-1%	0%	1%	2%
| Main stocks |  |
| --- | --- |
| Equity |  | Weighting |  | Sector | Country |
|  | Portfolio | Perf. indicator* | Spread |  |  |
| Prologis Inc | 4.25% | 2.82% | 1.43% | Real estate | USA |
| Link REIT | 4.18% | 1.44% | 2.74% | Real estate | Hong Kong |
| AvalonBay Communities Inc | 4.10% | 1.70% | 2.41% | Real estate | USA |
| American Homes 4 Rent | 3.81% | 0.40% | 3.41% | Real estate | USA |
| Welltower Inc | 3.77% | 1.67% | 2.11% | Real estate | USA |
| Goodman Group | 3.46% | 0.92% | 2.54% | Real estate | Australia |
| Mitsui Fudosan Co Ltd | 3.16% | 1.46% | 1.70% | Real estate | Japan |
| Boston Properties Inc | 3.07% | 1.35% | 1.72% | Real estate | USA |
| Simon Property Group Inc | 2.91% | 3.79% | -0.88% | Real estate | USA |
| Extra Space Storage Inc | 2.81% | 0.75% | 2.05% | Real estate | USA |
| Number of Holdings | 74 | 334 |  |  |  |
| Turnover (1 rolling year) | 28.36% |  |  |  |  |
| Active Share | 66.61% |  |  |  |  |
| Cash | 2.86% |  |  |  |  |

Top 5 overweight	Top 5 underweight
| Portfolio Performance Indicator* Spread |  | Portfolio Performance Indicator* Spread |
| --- | --- | --- |
| American Homes 4 Rent | 3.71% | 0.40% | 3.30% |  | Vonovia SE | 0.00% | 1.77% | -1.77% |
| Link REIT | 4.06% | 1.44% | 2.63% |  | Equity Residential | 0.00% | 1.63% | -1.63% |
| Goodman Group | 3.36% | 0.92% | 2.44% |  | Ventas Inc | 0.00% | 1.43% | -1.43% |
| AvalonBay Communities Inc | 3.99% | 1.70% | 2.29% |  | Public Storage | 0.74% | 2.12% | -1.38% |
| Allied Properties Real Estate | 2.31% | 0.21% | 2.10% |  | CK Asset Holdings Ltd | 0.00% | 1.29% | -1.29% |
| Investment Trust |  |  |  |  |  |  |  |  |

Translation (ENDE, 2018-08-31):
# Portfolioanalyse
### Sektorengewichtung

#### Portfolio	Vergleichsindex*

### Sektorüber-/-untergewichtung

#### Immobilien	99.80%	99.66%

#### Öffentliche Dienste	0.19%	0.00%

#### Informatik	0.01%	0.00%

#### Gesundheit	0.00%	0.16%

#### Dauerh. Konsumg.	0.00%	0.09%

#### Finanzen	0.00%	0.09%
Immobilien
Öffentl. Dienste
Informatik
Gesundheit
Dauerh. Konsumg.
Finanzen
-1%	0%	1%
| Ländergewichtung |  |
| --- | --- |
|  | Portfolio | Vergleichsindex* |
| Vereinigten Staaten | 53.42% | 53.58% |
| Japan | 9.66% | 10.41% |
| Hong-Kong | 6.72% | 7.70% |
| Deutschland | 6.59% | 4.96% |
| Australien | 5.33% | 4.74% |
| Frankreich | 4.40% | 3.55% |
| Großbritannien | 3.96% | 4.86% |
| Singapur | 3.33% | 2.33% |
| Kanada | 3.11% | 2.78% |
| Belgien | 1.84% | 0.67% |
| Schweiz | 0.60% | 0.96% |
| Niederlande | 0.58% | 0.32% |
| Sonstige | 0.44% | 3.13% |


### Länderüber-/-untergewichtung
Vereinigten Staaten Japan
Hong-Kong Deutschland Australien Frankreich Großbritannien Singapur Kanada Belgien Schweiz Niederlande Sonstige
-3%	-2%	-1%	0%	1%	2%
* Interner Vergleichsindex : Wir verweisen auf die Angaben unter der Überschrift Interner Vergleichsindex in den Charakteristika/Disclaimern weiter unten Quellen : AXA Investment Managers - FTSE - GICS per 31/08/2018
| Die grössten Werte |  |
| --- | --- |
| Aktie |  | Gewichtung |  | Sektor | Land |
|  | Portfolio | Vergleichsindex* | Spanne |  |  |
| Prologis Inc | 4.13% | 2.82% | 1.31% | Immobilien | Vereinigten Staaten |
| Link REIT | 4.06% | 1.44% | 2.63% | Immobilien | Hong-Kong |
| AvalonBay Communities Inc | 3.99% | 1.70% | 2.29% | Immobilien | Vereinigten Staaten |
| American Homes 4 Rent | 3.71% | 0.40% | 3.30% | Immobilien | Vereinigten Staaten |
| Welltower Inc | 3.67% | 1.67% | 2.00% | Immobilien | Vereinigten Staaten |
| Goodman Group | 3.36% | 0.92% | 2.44% | Immobilien | Australien |
| Mitsui Fudosan Co Ltd | 3.07% | 1.46% | 1.62% | Immobilien | Japan |
| Boston Properties Inc | 2.99% | 1.35% | 1.64% | Immobilien | Vereinigten Staaten |
| Simon Property Group Inc | 2.83% | 3.79% | -0.96% | Immobilien | Vereinigten Staaten |
| Extra Space Storage Inc | 2.73% | 0.75% | 1.98% | Immobilien | Vereinigten Staaten |
| Anzahl Positionen | 74 | 334 |  |  |  |
| Umschlagsrate1 | 28.36% |  |  |  |  |
| Aktiver Anteil1 | 66.61% |  |  |  |  |
| Liquide Mittel | 2.79% |  |  |  |  |


### Top 5 übergewichtete Positionen	Top 5 untergewichtete Positionen
| Portfolio Interner Vergleichsindex* Spanne |  | Portfolio Interner Vergleichsindex* Spanne |
| --- | --- | --- |
| American Homes 4 Rent | 3.71% | 0.40% | 3.30% |  | Vonovia SE | 0.00% | 1.77% | -1.77% |
| Link REIT | 4.06% | 1.44% | 2.63% |  | Equity Residential | 0.00% | 1.63% | -1.63% |
| Goodman Group | 3.36% | 0.92% | 2.44% |  | Ventas Inc | 0.00% | 1.43% | -1.43% |
| AvalonBay Communities Inc | 3.99% | 1.70% | 2.29% |  | Public Storage | 0.74% | 2.12% | -1.38% |
| Allied Properties Real Estate | 2.31% | 0.21% | 2.10% |  | CK Asset Holdings Ltd | 0.00% | 1.29% | -1.29% |
| Investment Trust |  |  |  |  |  |  |  |  |

* Interner Vergleichsindex : Wir verweisen auf die Angaben unter der Überschrift Interner Vergleichsindex in den Charakteristika/Disclaimern weiter unten Quellen : AXA Investment Managers - FTSE - GICS per 31/08/2018

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