# Portfolio analysis
20.56%
19.49%
18.44%
22.30%
16.12%
12.51%
11.56%

## Sector breakdown
24%
20%
16%
12%
8%
4%
0%
| Main stocks |  | Portfolio |  | Benchmark* |  |
| --- | --- | --- | --- | --- | --- |
| Equity |  | Weighting |  |  | Sector | Issuer country |
|  | Portfolio |  | Benchmark* |  |  |  |
| Toyota Motor Corp | 4.52% |  | 3.40% |  | Cons. disc. | Japan |
| KDDI Corp | 2.11% |  | 1.03% |  | Telecomm. serv. | Japan |
| Sony Corp | 2.03% |  | 1.72% |  | Cons. disc. | Japan |
| Mitsubishi Corp | 1.99% |  | 0.88% |  | Industrials | Japan |
| Canon Inc | 1.93% |  | 0.77% |  | Inf. techno. | Japan |
| Central Japan Railway Co | 1.89% |  | 0.81% |  | Industrials | Japan |
| Astellas Pharma Inc | 1.84% |  | 0.75% |  | Health Care | Japan |
| Takeda Pharmaceutical Co Ltd | 1.83% |  | 0.69% |  | Health Care | Japan |
| Hitachi Ltd | 1.83% |  | 0.70% |  | Inf. techno. | Japan |
| ITOCHU Corp | 1.75% |  | 0.57% |  | Industrials | Japan |
| Number of Holdings | 199 |  |  |  |  |  |
| % Cash | 0.58% |  |  |  |  |  |

Cons. disc.
Industrials		Inf. techno.
10.78%
8.84%
Cons. stap.
9.88%
8.52%
6.90%
5.42%
2.86%
Financials	Materials		Real estate
4.92%
7.47%
Health Care
Telecomm. serv.
4.38%
5.13%
0.96%
1.19%
0.01%
1.74%
Energy	Utilities

## Top 5 overweight	Top 5 underweight
| Overweightings	Portfolio Benchmark* |  | Underweightings	Portfolio Benchmark* |
| --- | --- | --- |
| Canon Inc | 1.93% | 0.77% |  | Keyence Corp | 0.45% | 1.25% |
| ITOCHU Corp | 1.75% | 0.57% |  | Nintendo Co Ltd | 0.19% | 1.00% |
| ORIX Corp | 1.62% | 0.47% |  | Recruit Holdings Co Ltd | 0.17% | 1.01% |
| Rohm Co Ltd | 1.35% | 0.18% |  | Nidec Corp | 0.00% | 0.78% |
| Aisin Seiki Co Ltd | 1.32% | 0.17% |  | Kao Corp | 0.00% | 0.86% |

* Benchmark : Please refer to the Benchmark section in the characteristics/disclaimers part of the document.
Source(s): AXA Investment Managers - GICS as at 31/08/2018

Translation (ENDE, 2018-08-31):
# Portfolioanalyse
20.56%
19.49%
18.44%
22.30%
16.12%
12.51%
11.56%

## Engagement nach Sektor (% des Portfolios)
24%
20%
16%
12%
8%
4%
0%
| Die grössten Werte |  | Portfolio |  | Benchmark* |  |
| --- | --- | --- | --- | --- | --- |
| Aktie |  | Gewichtung |  |  | Sektor | Investiert in |
|  | Portfolio |  | Benchmark* |  |  |  |
| Toyota Motor Corp | 4.52% |  | 3.40% |  | Dauerh. Konsumg. | Japan |
| KDDI Corp | 2.11% |  | 1.03% |  | Telekom | Japan |
| Sony Corp | 2.03% |  | 1.72% |  | Dauerh. Konsumg. | Japan |
| Mitsubishi Corp | 1.99% |  | 0.88% |  | Industrie | Japan |
| Canon Inc | 1.93% |  | 0.77% |  | Informatik | Japan |
| Central Japan Railway Co | 1.89% |  | 0.81% |  | Industrie | Japan |
| Astellas Pharma Inc | 1.84% |  | 0.75% |  | Gesundheit | Japan |
| Takeda Pharmaceutical Co Ltd | 1.83% |  | 0.69% |  | Gesundheit | Japan |
| Hitachi Ltd | 1.83% |  | 0.70% |  | Informatik | Japan |
| ITOCHU Corp | 1.75% |  | 0.57% |  | Industrie | Japan |
| Anzahl Positionen | 199 |  |  |  |  |  |
| % Liquide Mittel | 0.58% |  |  |  |  |  |

Dauerh. Konsumg.
10.78%
8.84%
Industrie	Informatik	Kurzleb.
Konsumg.
9.88%
8.52%
6.90%
5.42%
2.86%
4.92%
7.47%
4.38%
5.13%
0.96%
1.19%
0.01%
1.74%
Finanzen	Werkstoffe	Immobilien	Gesundheit	Telekom	Energie	Öffentl.
Dienste

## Top 5 übergewichtete Positionen	Top 5 untergewichtete Positionen
| Portfolio Benchmark* |  | Portfolio Benchmark* |
| --- | --- | --- |
| Canon Inc | 1.93% | 0.77% |  | Keyence Corp | 0.45% | 1.25% |
| ITOCHU Corp | 1.75% | 0.57% |  | Nintendo Co Ltd | 0.19% | 1.00% |
| ORIX Corp | 1.62% | 0.47% |  | Recruit Holdings Co Ltd | 0.17% | 1.01% |
| Rohm Co Ltd | 1.35% | 0.18% |  | Nidec Corp | 0.00% | 0.78% |
| Aisin Seiki Co Ltd | 1.32% | 0.17% |  | Kao Corp | 0.00% | 0.86% |

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