# Portfolio analysis
21.13%
13.44%
18.73%
13.79%
14.81%
16.91%
12.07%
13.95%
11.70%

### Sector breakdown
24%
20%
16%
12%
8%
4%
0%
Cons. disc.
Inf. techno.
10.31%
Industrials		Real estate
10.62%
7.20%
7.30%
6.14%
Financials	Materials	Health Care
Portfolio	Benchmark*
4.80%
4.44%
3.22%
4.69%
Energy	Cons. stap.
1.20%
2.64%
0.09%
0.82%
Utilities	Telecomm. serv.

### Geographical breakdown
70%
60%
50%
40%
30%
20%
10%
0%
North America	Europe	Japan	Pacific ex-Japan	Emerging Markets
Portfolio	Benchmark*
| Main stocks |  |
| --- | --- |
| Equity |  | Weighting |  | Sector | Issuer country |
|  | Portfolio |  | Benchmark* |  |  |
| ON Semiconductor Corp | 0.75% |  | - | Inf. techno. | North America |
| Asr Nederland NV | 0.71% |  | 0.11% | Financials | Europe |
| Huntsman Corp | 0.70% |  | 0.10% | Materials | North America |
| Ralph Lauren Corp | 0.69% |  | - | Cons. disc. | North America |
| HD Supply Holdings Inc | 0.69% |  | - | Industrials | North America |
| Leidos Holdings Inc | 0.68% |  | - | Inf. techno. | North America |
| Western Union Co | 0.66% |  | - | Inf. techno. | North America |
| Conduent Inc | 0.65% |  | 0.06% | Inf. techno. | North America |
| Baloise Holding AG | 0.61% |  | - | Financials | Europe |
| Arkema SA | 0.60% |  | - | Materials | Europe |
| Number of Holdings | 517 |  |  |  |  |
| % Cash | 0.20% |  |  |  |  |


### Top 5 overweight	Top 5 underweight
| Overweightings	Portfolio Benchmark* |  | Underweightings	Portfolio Benchmark* |
| --- | --- | --- |
| ON Semiconductor Corp | 0.75% | 0.00% |  | NRG Energy Inc | 0.00% | 0.16% |
| Ralph Lauren Corp | 0.69% | 0.00% |  | Burlington Stores Inc | 0.00% | 0.17% |
| HD Supply Holdings Inc | 0.69% | 0.00% |  | PTC Inc | 0.00% | 0.18% |
| Leidos Holdings Inc | 0.68% | 0.00% |  | DexCom Inc | 0.00% | 0.19% |
| Western Union Co | 0.66% | 0.00% |  | WellCare Health Plans Inc | 0.00% | 0.22% |

* 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
21.13%
13.44%
18.73%
13.79%
14.81%
16.91%
12.07%
13.95%
11.70%

### Engagement nach Sektor (% des Portfolios)
24%
20%
16%
12%
8%
4%
0%
Dauerh. Konsumg.
10.31%
10.62%
7.20%
7.30%
6.14%
4.80%
4.44%
3.22%
4.69%
Informatik	Industrie	Immobilien	Finanzen	Werkstoffe	Gesundheit	Energie	Kurzleb.
Konsumg.
Portfolio	Benchmark*
Öffentl. Dienste
1.20%
2.64%
0.09%
0.82%
Telekom

### Geographische Ausrichtung (% des Portfolios)
70%
60%
50%
40%
30%
20%
10%
0%
| Nordamerika |  | Europa | Japan |  | Pazifik (ohne Japan) | Emerging Markets |
| --- | --- | --- | --- | --- | --- | --- |
|  |  | Portfolio |  | Benchmark* |  |  |
| Die grössten Werte |  |  |  |  |  |  |
| Aktie |  | Gewichtung |  |  | Sektor | Investiert in |
|  | Portfolio |  | Benchmark* |  |  |  |
| ON Semiconductor Corp | 0.75% |  | - |  | Informatik | Nordamerika |
| Asr Nederland NV | 0.71% |  | 0.11% |  | Finanzen | Europa |
| Huntsman Corp | 0.70% |  | 0.10% |  | Werkstoffe | Nordamerika |
| Ralph Lauren Corp | 0.69% |  | - |  | Dauerh. Konsumg. | Nordamerika |
| HD Supply Holdings Inc | 0.69% |  | - |  | Industrie | Nordamerika |
| Leidos Holdings Inc | 0.68% |  | - |  | Informatik | Nordamerika |
| Western Union Co | 0.66% |  | - |  | Informatik | Nordamerika |
| Conduent Inc | 0.65% |  | 0.06% |  | Informatik | Nordamerika |
| Baloise Holding AG | 0.61% |  | - |  | Finanzen | Europa |
| Arkema SA | 0.60% |  | - |  | Werkstoffe | Europa |
| Anzahl Positionen | 517 |  |  |  |  |  |
| % Liquide Mittel | 0.20% |  |  |  |  |  |


### Top 5 übergewichtete Positionen	Top 5 untergewichtete Positionen
| Portfolio Benchmark* |  | Portfolio Benchmark* |
| --- | --- | --- |
| ON Semiconductor Corp | 0.75% | 0.00% |  | NRG Energy Inc | 0.00% | 0.16% |
| Ralph Lauren Corp | 0.69% | 0.00% |  | Burlington Stores Inc | 0.00% | 0.17% |
| HD Supply Holdings Inc | 0.69% | 0.00% |  | PTC Inc | 0.00% | 0.18% |
| Leidos Holdings Inc | 0.68% | 0.00% |  | DexCom Inc | 0.00% | 0.19% |
| Western Union Co | 0.66% | 0.00% |  | WellCare Health Plans Inc | 0.00% | 0.22% |

* 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