# Analyse du portefeuille
## Exposition sectorielle
Industries	18.19%	16.12%
Sociétés Financières	17.60%	20.39%
Biens de Consommation	17.20%	17.81%
Technologie	15.38%	8.79%
Services aux Consommateurs	8.65%	6.18%
Matériaux de Base	7.76%	7.82%
Santé	5.76%	8.24%
Pétrole et Gaz	5.68%	5.93%
Télécommunications	3.77%	3.34%
Services aux Collectivités	0.00%	5.38%

## Sur/sous-pondération sectorielle
Industries
Sociétés Financières Biens de Consommation
Technologie
Services aux Consommateurs
Matériaux de Base Santé
Pétrole et Gaz
Télécommunications
Services aux Collectivités
-6%	-4%	-2%	0%	2%	4%	6%	8%

## Exposition géographique
Sur/sous-pondération pays
France Allemagne Pays-Bas Italie
Espagne Belgique Finlande Irlande Autriche
Luxembourg
Portugal
-6%	-4%	-2%	0%	2%	4%	6%	8%	10%  12%  14%
| Les principales valeurs |  |
| --- | --- |
| Action |  | Pondération |  | Secteur | Pays |
|  | Portefeuille | Indice de perf.* | Ecart |  |  |
| Asml Holding NV | 6.77% | 1.80% | 4.98% | Technologie | Pays-Bas |
| TOTAL SA | 5.68% | 3.40% | 2.29% | Pétrole et Gaz | France |
| BNP Paribas SA | 4.66% | 1.38% | 3.27% | Sociétés Financières | France |
| L'Oreal SA | 4.60% | 1.21% | 3.40% | Biens de Consommation | France |
| Schneider Electric SE | 4.39% | 0.90% | 3.49% | Industries | France |
| Allianz SE | 4.21% | 1.92% | 2.29% | Sociétés Financières | Allemagne |
| BASF SE | 4.01% | 1.74% | 2.28% | Matériaux de Base | Allemagne |
| LVMH Moet Hennessy Louis Vu... | 3.88% | 1.93% | 1.95% | Biens de Consommation | France |
| Linde AG | 3.75% | 0.79% | 2.95% | Matériaux de Base | Allemagne |
| Fresenius SE & Co KGaA | 3.62% | 0.64% | 2.98% | Santé | Allemagne |
| Nombre de lignes | 34 | 302 |  |  |  |
| Turnover (1 an glissant) | 79.03% |  |  |  |  |
| Active Share | 73.71% |  |  |  |  |
| Cash | 1.74% |  |  |  |  |

5 principales surpondérations	5 principales sous-pondérations
| Portefeuille Indicateur de performance* Ecart |  | Portefeuille Indicateur de performance* Ecart |
| --- | --- | --- |
| Asml Holding NV | 6.66% | 1.80% | 4.86% |  | SAP SE | 0.00% | 2.65% | -2.65% |
| Schneider Electric SE | 4.32% | 0.90% | 3.42% |  | Siemens AG | 0.00% | 2.26% | -2.26% |
| L'Oreal SA | 4.52% | 1.21% | 3.32% |  | Sanofi | 0.00% | 1.98% | -1.98% |
| BNP Paribas SA | 4.58% | 1.38% | 3.20% |  | Unilever N.V. | 0.00% | 1.78% | -1.78% |
| ALD SA | 3.01% | 0.00% | 3.01% |  | Bayer AG | 0.00% | 1.78% | -1.78% |

Translation (FRES, 2018-08-31):
# Análisis de la cartera
## Exposición sectorial
Cartera	Índice de rentab*

## Sobre/infraponderacion por sectores
Productos
Productos Industriales	18.19%	16.12%
Servicios Financieros	17.60%	20.39%
Bienes de Consumo	17.20%	17.81%
Tecnología	15.38%	8.79%
Servicios al Consumidor	8.65%	6.18%
Materias Básicas	7.76%	7.82%
Atención de la Salud	5.76%	8.24%
Petróleo y Gas	5.68%	5.93%
Telecomunicaciones	3.77%	3.34%
Servicios Públicos	0.00%	5.38%
Industriales Servicios Financieros
Bienes de Consumo
Tecnología
Servicios al Consumidor
Materias Básicas
Atención de la Salud
Petróleo y Gas
Telecomunicaciones
Servicios Públicos
-6%	-4%	-2%	0%	2%	4%	6%	8%

## Distribución geográfica
Sobre/infraponderación por países
Francia Alemania Países Bajos Italia
España Bélgica Finlandia Irlanda Austria
Luxemburgo
Portugal
-6%	-4%	-2%	0%	2%	4%	6%	8%	10%  12%  14%
| Valores principales |  |
| --- | --- |
| Compañía |  | Ponderación |  | Sector | País |
|  | Cartera | Índice de rentab* | Diferencia |  |  |
| Asml Holding NV | 6.77% | 1.80% | 4.98% | Tecnología | Países Bajos |
| TOTAL SA | 5.68% | 3.40% | 2.29% | Petróleo y Gas | Francia |
| BNP Paribas SA | 4.66% | 1.38% | 3.27% | Servicios Financieros | Francia |
| L'Oreal SA | 4.60% | 1.21% | 3.40% | Bienes de Consumo | Francia |
| Schneider Electric SE | 4.39% | 0.90% | 3.49% | Productos Industriales | Francia |
| Allianz SE | 4.21% | 1.92% | 2.29% | Servicios Financieros | Alemania |
| BASF SE | 4.01% | 1.74% | 2.28% | Materias Básicas | Alemania |
| LVMH Moet Hennessy Louis Vu... | 3.88% | 1.93% | 1.95% | Bienes de Consumo | Francia |
| Linde AG | 3.75% | 0.79% | 2.95% | Materias Básicas | Alemania |
| Fresenius SE & Co KGaA | 3.62% | 0.64% | 2.98% | Atención de la Salud | Alemania |
| Número de líneas | 34 | 302 |  |  |  |
| Rotacion annual | 79.03% |  |  |  |  |
| Active share | 73.71% |  |  |  |  |
| Liquidez | 1.74% |  |  |  |  |

Top 5 sobreponderaciones	Top 5 infraponderaciones
| Cartera Indicador de rentabilidad* Diferencia |  | Cartera Indicador de rentabilidad* Diferencia |
| --- | --- | --- |
| Asml Holding NV | 6.66% | 1.80% | 4.86% |  | SAP SE | 0.00% | 2.65% | -2.65% |
| Schneider Electric SE | 4.32% | 0.90% | 3.42% |  | Siemens AG | 0.00% | 2.26% | -2.26% |
| L'Oreal SA | 4.52% | 1.21% | 3.32% |  | Sanofi | 0.00% | 1.98% | -1.98% |
| BNP Paribas SA | 4.58% | 1.38% | 3.20% |  | Unilever N.V. | 0.00% | 1.78% | -1.78% |
| ALD SA | 3.01% | 0.00% | 3.01% |  | Bayer AG | 0.00% | 1.78% | -1.78% |