# Performance & Risk
## Performance Evolution (EUR)
Fund Profile
ESG Rating
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175
150
125
100
75
50
31/01/20
31/07/20
31/01/21
31/07/21
31/01/22
31/07/22 31/01/23
ESG Relative Rating
CO2 Relative rating
% of AUM covered by ESG absolute rating: Portfolio =
Portfolio* (26.95%)	Benchmark (24.40%)
Data is rebased to 100 by AXA IM on the graph start date.
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.

## Risk Analysis
1Y	3Y	5Y	Launch
Portfolio Volatility* (%)	23.82	24.31	22.58	21.09
95.9% Benchmark = 99.9% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 93.7% Benchmark = 99.6% (not meaningful for coverage below 50%)
For more information about the methodology, please read the section 'ESG Metrics Definition' below

## Fund Manager
| Benchmark Volatility (%) | 14.99 | 18.02 | 16.02 | 14.85 |  |
| --- | --- | --- | --- | --- | --- |
| Relative Risk/Tracking Error  (%) | 12.44 | 11.46 | 10.56 | 10.11 | Jeremy GLEESON - Co-Manager |
| Sharpe Ratio | -0.49 | 0.42 | 0.45 | 0.60 |  |
| Information Ratio | -0.53 | 0.23 | 0.14 | 0.38 |  |

Tom RILEY

## Rolling Performance (%)
|  | 1M | 3M | 6M | YTD | 3Y | 5Y | 31/01/22 31/01/23 | 31/01/21 31/01/22 | 31/01/20 31/01/21 | 31/01/19 31/01/20 | 31/01/18 31/01/19 | Launch |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 10.66 | 5.23 | -4.93 | 10.66 | 26.95 | 47.36 | -13.09 | 6.54 | 37.10 | 25.76 | -7.70 | 82.96 |
| Benchmark | 5.31 | 0.96 | -3.81 | 5.31 | 24.40 | 50.12 | -5.03 | 22.72 | 6.74 | 20.15 | 0.44 | 65.11 |
| Excess Return | 5.35 | 4.27 | -1.12 | 5.35 | 2.55 | -2.76 | -8.06 | -16.17 | 30.36 | 5.61 | -8.14 | 17.85 |

Annual Calendar Performance (%)
|  | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -31.74 | 26.09 | 32.04 | 39.06 | -11.94 | - | - | - | - | - |
| Benchmark | -13.38 | 28.96 | 5.89 | 29.86 | -5.50 | - | - | - | - | - |
| Excess Return | -18.36 | -2.86 | 26.15 | 9.20 | -6.45 | - | - | - | - | - |

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 |  |  |
| Keyence Corp | 3.72 | 0.15 | 3.58 | Information Technology | Japan |
| Siemens AG | 3.52 | 0.20 | 3.33 | Industrials | Germany |
| Intuitive Surgical Inc | 3.48 | 0.15 | 3.34 | Health Care | USA |
| DexCom Inc | 3.31 | 0.07 | 3.24 | Health Care | USA |
| QUALCOMM Inc | 3.20 | 0.25 | 2.95 | Information Technology | USA |
| Silicon Laboratories Inc | 2.92 | - | 2.92 | Information Technology | USA |
| FANUC Corp | 2.91 | 0.06 | 2.85 | Industrials | Japan |
| Thermo Fisher Scientific Inc | 2.91 | 0.37 | 2.53 | Health Care | USA |
| Cadence Design Systems Inc | 2.84 | 0.08 | 2.76 | Information Technology | USA |
| NVIDIA Corp | 2.71 | 0.81 | 1.90 | Information Technology | USA |
| Total (%) | 31.53 | 2.13 |  |  |  |

Companies shown are for illustrative purposes only at the date of this report and may no longer be in the portfolio later. It should not be considered a recommendation to purchase or sell any security.

## Top 5 Overweight (%)	Top 5 Underweight (%)
Port. Bench. Relative	Port. Bench. Relative
| Keyence Corp | 3.72 | 0.15 | 3.58 |  | Microsoft Corp | 0.00 | 2.92 | -2.92 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Intuitive Surgical Inc | 3.48 | 0.15 | 3.34 |  | Apple Inc | 1.96 | 3.85 | -1.89 |
| Siemens AG | 3.52 | 0.20 | 3.33 |  | Exxon Mobil Corp | 0.00 | 0.80 | -0.80 |
| DexCom Inc | 3.31 | 0.07 | 3.24 |  | UnitedHealth Group Inc | 0.00 | 0.78 | -0.78 |
| QUALCOMM Inc | 3.20 | 0.25 | 2.95 |  | Johnson & Johnson | 0.00 | 0.71 | -0.71 |
| Sector Breakdown (%) |  |  |  |  | Active Exposure by Sector (%) |  |  |  |

Portfolio	Benchmark
Information Technology	51.22	20.59
Industrials	21.66	9.99
Health Care	16.04	12.46
Consumer Discretionary	5.05	11.11
Communication Services	2.26	7.14
Consumer Staples	0.68	7.36
Real Estate	0.00	2.63
Utilities	0.00	2.96
Materials	0.00	5.11
Financials	0.00	15.30
Energy	0.00	5.37
Cash	3.10	0.00
-20	-15	-10	-5	0	5	10	15	20	25	30	35

## Geographical Breakdown (%)
Portfolio	Benchmark
USA	65.64	60.02
Japan	16.52	5.51
Germany	6.93	2.17
Taiwan	2.42	1.63
France	2.37	3.11
Iceland	1.03	0.00
Norway	0.94	0.18
United Kingdom	0.68	3.84
Israel	0.37	0.18
South Africa	0.00	0.41
Turkey	0.00	0.06
Thailand	0.00	0.24
Other	0.00	22.65
Cash	3.10	0.00

## Active Exposure by Geography (%)
-24	-20	-16	-12	-8	-4	0	4	8	12
MarketCap Breakdown (USD - %)
40
30
20
10
0	500mn To
1bn
1bn To 3bn
3bn To 5bn
5bn To 10bn
10bn To 25bn
25bn To 100bn
100bn To 250bn
More Than 250bn
Cash
Port.	-	3.42	7.08	12.06	14.20	31.36	16.48	12.31	3.10
Bench.	-	0.19	1.08	4.74	14.45	33.66	20.26	25.62	-

Translation (ENFR, 2023-01-31):
# Performance et risque
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## Evolution de la performance (EUR)
175
150
125
100
75
50
Actif net du fonds (M)
USD
1 286.79

## Caractéristiques du portefeuille
Indice de réf.
Port.
Nombre de lignes	52 2882 Turnover: Glissant 1an (%)	14	- Active Share (%)	90	-

## Profil du portefeuille
Notation ESG
Notation ESG relative
Intensité relative en CO2
31/01/20
31/07/20
31/01/21
31/07/21
31/01/22
31/07/22 31/01/23
Portefeuille* (26.95%)	Indice de réference (24.40%)
Les données sont rebasées à 100 par AXA IM à la date de début du graphique.
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 risque |  |
| --- | --- |
|  | 1 an | 3 ans | 5 ans | Création |
| Volatilité du portefeuille* (%) | 23.82 | 24.31 | 22.58 | 21.09 |
| Volatilité de l'indice de référence (%) | 14.99 | 18.02 | 16.02 | 14.85 |
| Risque relatif/Tracking Error  (%) | 12.44 | 11.46 | 10.56 | 10.11 |
| Ratio de Sharpe | -0.49 | 0.42 | 0.45 | 0.60 |
| Ratio d'information | -0.53 | 0.23 | 0.14 | 0.38 |

% de l’encours sous gestion couvert par la note ESG absolue : Portefeuille = 95.9% Indice de réf. = 99.9% (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 = 93.7% Indice de réf.
= 99.6% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)
Pour de plus amples informations à propos de la méthodologie, veuillez lire la section « Définition des indicateurs ESG » ci-dessous

## Gérant
Tom RILEY
Jeremy GLEESON - Co-gérant

## Performance glissante (%)
|  | 1 mois | 3 mois | 6 mois | YTD | 3 ans | 5 ans | 31/01/22 31/01/23 | 31/01/21 31/01/22 | 31/01/20 31/01/21 | 31/01/19 31/01/20 | 31/01/18 31/01/19 | Création |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | 10.66 | 5.23 | -4.93 | 10.66 | 26.95 | 47.36 | -13.09 | 6.54 | 37.10 | 25.76 | -7.70 | 82.96 |
| Indice de référence | 5.31 | 0.96 | -3.81 | 5.31 | 24.40 | 50.12 | -5.03 | 22.72 | 6.74 | 20.15 | 0.44 | 65.11 |
| Ecarts | 5.35 | 4.27 | -1.12 | 5.35 | 2.55 | -2.76 | -8.06 | -16.17 | 30.36 | 5.61 | -8.14 | 17.85 |

Performance calendaire annuelle (%)
|  | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | -31.74 | 26.09 | 32.04 | 39.06 | -11.94 | - | - | - | - | - |
| Indice de réference | -13.38 | 28.96 | 5.89 | 29.86 | -5.50 | - | - | - | - | - |
| Ecarts | -18.36 | -2.86 | 26.15 | 9.20 | -6.45 | - | - | - | - | - |

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 |  |  |
| Keyence Corp | 3.72 | 0.15 | 3.58 | Technologie | Japon |
| Siemens AG | 3.52 | 0.20 | 3.33 | Industrie | Allemagne |
| Intuitive Surgical Inc | 3.48 | 0.15 | 3.34 | Santé | Etats-Unis |
| DexCom Inc | 3.31 | 0.07 | 3.24 | Santé | Etats-Unis |
| QUALCOMM Inc | 3.20 | 0.25 | 2.95 | Technologie | Etats-Unis |
| Silicon Laboratories Inc | 2.92 | - | 2.92 | Technologie | Etats-Unis |
| FANUC Corp | 2.91 | 0.06 | 2.85 | Industrie | Japon |
| Thermo Fisher Scientific Inc | 2.91 | 0.37 | 2.53 | Santé | Etats-Unis |
| Cadence Design Systems Inc | 2.84 | 0.08 | 2.76 | Technologie | Etats-Unis |
| NVIDIA Corp | 2.71 | 0.81 | 1.90 | Technologie | Etats-Unis |
| Total (%) | 31.53 | 2.13 |  |  |  |

Les informations sur cette société sont données à titre illustratif uniquement, sont valables à la date du reporting et ne constituent pas une recommandation à l’achat ou à la vente. Il est possible que cette entreprise ne soit plus présente en portefeuille à une date ultérieure.

## 5 principales surpondérations (%)	5 principales sous-pondérations (%)
Port. Indice Relative de réf.
Port. Indice Relative de réf.
| Keyence Corp | 3.72 | 0.15 | 3.58 |  | Microsoft Corp | 0.00 | 2.92 | -2.92 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Intuitive Surgical Inc | 3.48 | 0.15 | 3.34 |  | Apple Inc | 1.96 | 3.85 | -1.89 |
| Siemens AG | 3.52 | 0.20 | 3.33 |  | Exxon Mobil Corp | 0.00 | 0.80 | -0.80 |
| DexCom Inc | 3.31 | 0.07 | 3.24 |  | UnitedHealth Group Inc | 0.00 | 0.78 | -0.78 |
| QUALCOMM Inc | 3.20 | 0.25 | 2.95 |  | Johnson & Johnson | 0.00 | 0.71 | -0.71 |
| Exposition sectorielle (%) |  |  |  |  | Exposition sectorielle active (%) |  |  |  |

Portefeuille	Indice de réference
Technologie	51.22	20.59
Industrie	21.66	9.99
Santé	16.04	12.46
Biens de conso. Cycliques	5.05	11.11
Services de Communication	2.26	7.14
Biens de conso. de base	0.68	7.36
Immobilier	0.00	2.63
Services aux collectivités	0.00	2.96
Matériaux	0.00	5.11
Finance	0.00	15.30
Energie	0.00	5.37
Monétaire	3.10	0.00
-20	-15	-10	-5	0	5	10	15	20	25	30	35

## Exposition géographique (%)
Portefeuille	Indice de réference
Etats-Unis	65.64	60.02
Japon	16.52	5.51
Allemagne	6.93	2.17
Taiwan	2.42	1.63
France	2.37	3.11
Islande	1.03	0.00
Norvège	0.94	0.18
Royaume-Uni	0.68	3.84
Israel	0.37	0.18
Afrique du Sud	0.00	0.41
Turquie	0.00	0.06
Thailande	0.00	0.24
Autres	0.00	22.65
Monétaire	3.10	0.00

## Exposition régionale active (%)
-24	-20	-16	-12	-8	-4	0	4	8	12

## Ventilation par capitalisation boursière (USD - %)
40
30
20
10
0	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
De 25 à
100 mds
De 100 à
250 mds
Plus de 250 mds
Monétaire
Port.	-	3.42	7.08	12.06	14.20	31.36	16.48	12.31	3.10
Indice de réf.	-	0.19	1.08	4.74	14.45	33.66	20.26	25.62	-