# Performance & Risk
## Performance Evolution (EUR)
EUR

### 439.61
Port.	Bench.
Number of Holdings	52	107
Turnover: Rolling 1Y (%)	37	-
Active Share (%)	35	-

## Fund Profile
ESG Rating
ESG Relative Rating
CO2 Relative rating
30/08/19
29/02/20
31/08/20
28/02/21
31/08/21
28/02/22 31/08/22
Portfolio* (-10.96%)	Benchmark (-12.38%)
Data is rebased to 100 by AXA IM on the graph start date.
Past performance is not a reliable indicator of future results. Performance calculations are net of fees,
% of AUM covered by ESG absolute rating: Portfolio = 98.2% Benchmark = 97.2% (not meaningful for coverage below 50%)
| based on the reinvestment of dividends. The benchmark, when there is one could be calculated on the basis of net or gross dividend. Please refer to the prospectus for more information. | % of AUM covered by CO2 intensity indicator: Portfolio = 98.2% Benchmark = 96.5% (not meaningful for |
| --- | --- |
| coverage below 50%) |
| Risk Analysis |  |  |  |  |  |
|  | 1Y | 3Y | 5Y | Launch |  |
| Portfolio Volatility* (%) | 24.58 | 21.88 | 18.46 | 14.79 |  |
| Benchmark Volatility (%) | 24.33 | 23.43 | 19.53 | - |  |
| Relative Risk/Tracking Error  (%) | 2.42 | 3.69 | 3.02 | - |  |
| Sharpe Ratio | -1.00 | -0.04 | 0.15 | 0.60 |  |
| Information Ratio | 1.11 | 0.80 | 0.98 | - |  |


## Rolling Performance (%)
|  | 1M | 3M | 6M | YTD | 3Y | 5Y | 31/08/21 31/08/22 | 31/08/20 31/08/21 | 31/08/19 31/08/20 | 31/08/18 31/08/19 | 31/08/17 31/08/18 | Launch |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -10.65 | -14.67 | -21.91 | -27.91 | -10.96 | -0.72 | -27.26 | 26.01 | -2.86 | 1.03 | 10.36 | 817.87 |
| Benchmark | -10.73 | -15.56 | -22.58 | -27.26 | -12.38 | -2.94 | -28.12 | 32.92 | -8.29 | -0.02 | 10.80 | - |
| Excess Return | 0.08 | 0.89 | 0.67 | -0.66 | 1.43 | 2.22 | 0.86 | -6.90 | 5.43 | 1.05 | -0.44 | - |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 19.82 | -8.69 | 29.48 | -8.97 | 13.39 | -8.02 | 18.16 | 23.89 | 13.27 | 26.52 |
| Benchmark | 18.49 | -10.74 | 28.52 | -8.40 | 12.55 | -5.29 | 18.14 | 25.35 | 10.79 | 27.08 |
| Excess Return | 1.33 | 2.05 | 0.96 | -0.57 | 0.85 | -2.72 | 0.02 | -1.47 | 2.48 | -0.57 |

Past performance is not a reliable indicator of future results. Performance calculations are net of fees, based on the reinvestment of dividends. The benchmark, when there is one could be calculated on the basis of net or gross dividend. Please refer to the prospectus for more information.
| Portfolio Analysis |  |
| --- | --- |
| Top 10 Holdings |
| Equity |  |  | Weighting (%) | Sector | Geography |
|  | Portfolio | Benchmark | Relative |  |  |
| Vonovia SE | 7.00 | 9.19 | -2.19 | Real Estate | Germany |
| Segro PLC | 6.34 | 6.66 | -0.31 | Real Estate | United Kingdom |
| British Land Co PLC | 4.97 | 2.34 | 2.63 | Real Estate | United Kingdom |
| Psp Swiss Property AG | 4.83 | 2.47 | 2.37 | Real Estate | Switzerland |
| LEG Immobilien SE | 4.57 | 2.79 | 1.78 | Real Estate | Germany |
| Safestore Holdings Plc | 4.40 | 1.33 | 3.07 | Real Estate | United Kingdom |
| Aedifica SA | 4.04 | 1.88 | 2.16 | Real Estate | Belgium |
| UNITE Group PLC | 3.95 | 1.97 | 1.98 | Real Estate | United Kingdom |
| Cofinimmo SA | 3.51 | 1.63 | 1.88 | Real Estate | Belgium |
| Land Securities Group PLC | 3.26 | 2.73 | 0.54 | Real Estate | United Kingdom |
| Total (%) | 46.89 | 32.99 |  |  |  |


## Top 5 Overweight (%)	Top 5 Underweight (%)
Port. Bench. Relative	Port. Bench. Relative
| Safestore Holdings Plc | 4.40 | 1.33 | 3.07 |  | Vonovia SE | 7.00 | 9.19 | -2.19 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| British Land Co PLC | 4.97 | 2.34 | 2.63 |  | Swiss Prime Site AG | 1.26 | 3.31 | -2.05 |
| Psp Swiss Property AG | 4.83 | 2.47 | 2.37 |  | Aroundtown SA | 0.00 | 1.68 | -1.68 |
| Aedifica SA | 4.04 | 1.88 | 2.16 |  | LXI REIT plc | 0.00 | 1.31 | -1.31 |
| UNITE Group PLC | 3.95 | 1.97 | 1.98 |  | Unibail-Rodamco-Westfield | 1.46 | 2.69 | -1.22 |


## Sector Breakdown (%)
Portfolio	Benchmark

## Active Exposure by Sector (%)
-2	-1	0	1	2
Real Estate	98.23	99.39
Financials	0.00	0.61
Cash	1.77	0.00

## Geographical Breakdown (%)
Portfolio	Benchmark
United Kingdom	35.41	35.57
Germany	14.00	16.05
Belgium	13.01	8.93
France	12.87	9.83
Sweden	9.45	13.76
Switzerland	7.60	8.53
Finland	2.62	1.92
Spain	2.20	2.70
Netherlands	1.08	1.28
Norway	0.00	0.36
Italy	0.00	0.11
Ireland	0.00	0.29
Austria	0.00	0.67
Cash	1.77	0.00

## Active Exposure by Geography (%)
-5	-4	-3	-2	-1	0	1	2	3	4	5
MarketCap Breakdown (EUR - %)
39
36
33
30
27
24
21
18
15
12
9
6
3
0	0 To 250mn	250mn To 500mn	500mn To 1bn	1bn To 3bn	3bn To 5bn	5bn To 10bn	10bn To 25bn	Cash
Port.	-	-	2.49	25.02	21.10	36.27	13.35	1.77
Bench.	0.13	1.90	6.37	22.42	20.34	32.99	15.85	-

Translation (ENFR, 2022-08-31):
# Performance et risque
## Evolution de la performance (EUR)
Valeur liquidative
Cap.

### 187.77
Actif net du fonds (M)
EUR

### 439.61
Depuis le: 01/01/2009
100% FTSE EPRA Nareit Developed Europe Capped 10% Total Return
Port.

## Caractéristiques du portefeuille
Indice de réf.
Nombre de lignes	52	107
Turnover: Glissant 1an (%)	37	-
Active Share (%)	35	-

## Profil du portefeuille
Notation ESG
Notation ESG relative
Intensité relative en CO2
30/08/19
29/02/20
31/08/20
28/02/21
31/08/21
28/02/22 31/08/22
Portefeuille* (-10.96%)	Indice de réference (-12.38%)
Les données sont rebasées à 100 par AXA IM à la date de début du graphique.
| Analyse du risque |  |
| --- | --- |
|  | 1 an | 3 ans | 5 ans | Création |
| Volatilité du portefeuille* (%) | 24.58 | 21.88 | 18.46 | 14.79 |
| Volatilité de l'indice de référence (%) | 24.33 | 23.43 | 19.53 | - |
| Risque relatif/Tracking Error  (%) | 2.42 | 3.69 | 3.02 | - |
| Ratio de Sharpe | -1.00 | -0.04 | 0.15 | 0.60 |
| Ratio d'information | 1.11 | 0.80 | 0.98 | - |

Les performances passées ne préjugent pas des résultats futurs. Les calculs de performances sont nets de frais et réalisés coupons réinvestis. L’indice de référence, le cas échéant, pourrait être calculé sur la base des coupons nets ou bruts. Veuillez consulter le prospectus pour obtenir plus d’informations.
% de l’encours sous gestion couvert par la note ESG absolue : Portefeuille = 98.2% Indice de référence = 97.2% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)
% de l’encours sous gestion couvert par l’indicateur d’intensité en CO2 : Portefeuille = 98.2% Indice de référence = 96.5% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)

## Performance glissante (%)
|  | 1 mois | 3 mois | 6 mois | YTD | 3 ans | 5 ans | 31/08/21 31/08/22 | 31/08/20 31/08/21 | 31/08/19 31/08/20 | 31/08/18 31/08/19 | 31/08/17 31/08/18 | Création |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | -10.65 | -14.67 | -21.91 | -27.91 | -10.96 | -0.72 | -27.26 | 26.01 | -2.86 | 1.03 | 10.36 | 817.87 |
| Indice de référence | -10.73 | -15.56 | -22.58 | -27.26 | -12.38 | -2.94 | -28.12 | 32.92 | -8.29 | -0.02 | 10.80 | - |
| Ecarts | 0.08 | 0.89 | 0.67 | -0.66 | 1.43 | 2.22 | 0.86 | -6.90 | 5.43 | 1.05 | -0.44 | - |

Performance calendaire annuelle (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | 19.82 | -8.69 | 29.48 | -8.97 | 13.39 | -8.02 | 18.16 | 23.89 | 13.27 | 26.52 |
| Indice de réference | 18.49 | -10.74 | 28.52 | -8.40 | 12.55 | -5.29 | 18.14 | 25.35 | 10.79 | 27.08 |
| Ecarts | 1.33 | 2.05 | 0.96 | -0.57 | 0.85 | -2.72 | 0.02 | -1.47 | 2.48 | -0.57 |

Les performances passées ne préjugent pas des résultats futurs. Les calculs de performances sont nets de frais et réalisés coupons réinvestis. L’indice de référence, le cas échéant, pourrait être calculé sur la base des coupons nets ou bruts. Veuillez consulter le prospectus pour obtenir plus d’informations.
| Analyse du portefeuille |  |
| --- | --- |
| 10 principaux titres |
| Action |  |  | Pondération (%) | Secteur | Géographie |
|  | Portefeuille | Indice de réference | Relative |  |  |
| Vonovia SE | 7.00 | 9.19 | -2.19 | Immobilier | Allemagne |
| Segro PLC | 6.34 | 6.66 | -0.31 | Immobilier | Royaume-Uni |
| British Land Co PLC | 4.97 | 2.34 | 2.63 | Immobilier | Royaume-Uni |
| Psp Swiss Property AG | 4.83 | 2.47 | 2.37 | Immobilier | Suisse |
| LEG Immobilien SE | 4.57 | 2.79 | 1.78 | Immobilier | Allemagne |
| Safestore Holdings Plc | 4.40 | 1.33 | 3.07 | Immobilier | Royaume-Uni |
| Aedifica SA | 4.04 | 1.88 | 2.16 | Immobilier | Belgique |
| UNITE Group PLC | 3.95 | 1.97 | 1.98 | Immobilier | Royaume-Uni |
| Cofinimmo SA | 3.51 | 1.63 | 1.88 | Immobilier | Belgique |
| Land Securities Group PLC | 3.26 | 2.73 | 0.54 | Immobilier | Royaume-Uni |
| Total (%) | 46.89 | 32.99 |  |  |  |


## 5 principales surpondérations (%)	5 principales sous-pondérations (%)
Port. Indice Relative de réf.
Port. Indice Relative de réf.
| Safestore Holdings Plc | 4.40 | 1.33 | 3.07 |  | Vonovia SE | 7.00 | 9.19 | -2.19 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| British Land Co PLC | 4.97 | 2.34 | 2.63 |  | Swiss Prime Site AG | 1.26 | 3.31 | -2.05 |
| Psp Swiss Property AG | 4.83 | 2.47 | 2.37 |  | Aroundtown SA | 0.00 | 1.68 | -1.68 |
| Aedifica SA | 4.04 | 1.88 | 2.16 |  | LXI REIT plc | 0.00 | 1.31 | -1.31 |
| UNITE Group PLC | 3.95 | 1.97 | 1.98 |  | Unibail-Rodamco-Westfield | 1.46 | 2.69 | -1.22 |


## Exposition sectorielle (%)
Portefeuille	Indice de réference
Immobilier	98.23	99.39
Finance	0.00	0.61
Monétaire	1.77	0.00

## Exposition sectorielle active (%)
-2	-1	0	1	2

## Exposition géographique (%)
Portefeuille	Indice de réference
Royaume-Uni	35.41	35.57
Allemagne	14.00	16.05
Belgique	13.01	8.93
France	12.87	9.83
Suède	9.45	13.76
Suisse	7.60	8.53
Finlande	2.62	1.92
Espagne	2.20	2.70
Pays-Bas	1.08	1.28
Norvège	0.00	0.36
Italie	0.00	0.11
Irlande	0.00	0.29
Autriche	0.00	0.67
Monétaire	1.77	0.00

## Exposition régionale active (%)
-5	-4	-3	-2	-1	0	1	2	3	4	5

## Ventilation par capitalisation boursière (EUR - %)
39
36
33
30
27
24
21
18
15
12
9
6
3
0	De 0 à
250 mns
De 250 à
500 mns
De 500 mns
à 1 md
De 1 à
3 mds
De 3 à
5 mds
De 5 à
10 mds
De 10 à
25 mds
Monétaire
Port.	-	-	2.49	25.02	21.10	36.27	13.35	1.77
Indice de réf.	0.13	1.90	6.37	22.42	20.34	32.99	15.85	-