# Performance & Risk
## Performance Evolution (JPY)
JPY

### 6 855.01
Port.	Bench.
Number of Holdings	160	843
Turnover: Rolling 1Y (%)	71	-
Active Share (%)	80	-

## 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* (10.40%)	Benchmark (29.11%)
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 = 93.1% Benchmark = 99.4% (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 = 98.7% Benchmark = 98.8% (not meaningful for |
| --- | --- |
| coverage below 50%) |
| Risk Analysis |  |  |  |  |  |
|  | 1Y | 3Y | 5Y | Launch |  |
| Portfolio Volatility* (%) | 16.99 | 17.29 | 16.25 | 17.31 |  |
| Benchmark Volatility (%) | 16.29 | 15.51 | 15.29 | 17.03 |  |
| Relative Risk/Tracking Error  (%) | 2.79 | 3.87 | 3.76 | 3.80 |  |
| Sharpe Ratio | 0.03 | 0.30 | 0.13 | 0.34 |  |
| Information Ratio | 0.22 | -0.98 | -0.57 | -0.05 |  |


## 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* | 1.69 | 5.15 | 4.09 | 0.82 | 10.40 | 2.05 | -1.29 | 15.80 | -3.41 | -15.22 | 9.02 | 168.54 |
| Benchmark | 1.71 | 5.61 | 6.14 | 2.08 | 29.11 | 23.03 | -0.26 | 22.31 | 5.82 | -12.07 | 8.37 | 295.00 |
| Excess Return | -0.02 | -0.46 | -2.05 | -1.26 | -18.70 | -20.98 | -1.03 | -6.52 | -9.24 | -3.15 | 0.66 | -126.46 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 5.77 | -10.40 | 18.01 | -20.44 | 28.22 | -1.66 | 15.25 | 11.20 | 45.70 | 16.84 |
| Benchmark | 9.00 | 1.13 | 18.22 | -18.18 | 27.68 | 4.96 | 13.01 | 13.15 | 50.40 | 18.46 |
| Excess Return | -3.23 | -11.52 | -0.21 | -2.26 | 0.54 | -6.62 | 2.24 | -1.95 | -4.70 | -1.62 |

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 |  |  |
| NGK Spark Plug Co Ltd | 1.68 | 0.42 | 1.25 | Consumer Discretionary | Japan |
| Sumitomo Forestry Co Ltd | 1.55 | 0.32 | 1.23 | Consumer Discretionary | Japan |
| Japan Prime Realty Investme... | 1.49 | 0.34 | 1.15 | Real Estate | Japan |
| Amada Co Ltd | 1.48 | 0.36 | 1.12 | Industrials | Japan |
| Yamada Holdings Co Ltd | 1.44 | 0.34 | 1.10 | Consumer Discretionary | Japan |
| Sumitomo Heavy Industries Ltd | 1.41 | 0.31 | 1.10 | Industrials | Japan |
| Teijin Ltd | 1.38 | 0.25 | 1.13 | Materials | Japan |
| Kuraray Co Ltd | 1.35 | 0.33 | 1.02 | Materials | Japan |
| Kenedix Retail REIT Corp | 1.34 | 0.16 | 1.18 | Real Estate | Japan |
| Sanwa Holdings Corp | 1.34 | 0.25 | 1.09 | Industrials | Japan |
| Total (%) | 14.45 | 3.08 |  |  |  |


## Top 5 Overweight (%)	Top 5 Underweight (%)
Port. Bench. Relative	Port. Bench. Relative
| NGK Spark Plug Co Ltd | 1.68 | 0.42 | 1.25 |  | MatsukiyoCocokara & Co | 0.00 | 0.57 | -0.57 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sumitomo Forestry Co Ltd | 1.55 | 0.32 | 1.23 |  | Sojitz Corp | 0.00 | 0.54 | -0.54 |
| Kenedix Retail REIT Corp | 1.34 | 0.16 | 1.18 |  | BayCurrent Consulting Inc | 0.00 | 0.53 | -0.53 |
| DTS Corp | 1.31 | 0.13 | 1.18 |  | Toyo Suisan Kaisha Ltd | 0.00 | 0.49 | -0.49 |
| Japan Prime Realty Investment Corp | 1.49 | 0.34 | 1.15 |  | Orix JREIT Inc | 0.00 | 0.48 | -0.48 |


## Sector Breakdown (%)
Portfolio	Benchmark

## Active Exposure by Sector (%)
-6	-4	-2	0	2	4	6	8	10
Consumer Discretionary	24.77	16.43
Industrials	22.77	24.21
Information Technology	16.24	10.55
Materials	10.76	10.06
Real Estate	7.55	11.11
Consumer Staples	6.67	9.74
Health Care	3.85	5.98
Communication Services	3.28	2.15
Financials	1.52	6.58
Energy	1.12	0.83
Utilities	0.58	2.37
Cash	0.90	0.00
MarketCap Breakdown (JPY - %)
60
55
50
45
40
35
30
25
20
15
10
5
0	0 To 30bn	30bn To 65bn	65bn To 150bn	150bn To 400bn	400bn To 650bn	650bn To 1500bn	Cash
Port.	3.63	7.96	33.42	37.12	16.42	0.54	0.90
Bench.	0.03	3.98	21.11	53.43	19.19	2.27	-

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

### 2 685.46
Actif net du fonds (M)
JPY

### 6 855.01
Depuis le: 13/07/2017
100% MSCI Japan Small Cap Total Return Net
Port.

## Caractéristiques du portefeuille
Indice de réf.
Nombre de lignes	160	843
Turnover: Glissant 1an (%)	71	-
Active Share (%)	80	-

## 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* (10.40%)	Indice de réference (29.11%)
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* (%) | 16.99 | 17.29 | 16.25 | 17.31 |
| Volatilité de l'indice de référence (%) | 16.29 | 15.51 | 15.29 | 17.03 |
| Risque relatif/Tracking Error  (%) | 2.79 | 3.87 | 3.76 | 3.80 |
| Ratio de Sharpe | 0.03 | 0.30 | 0.13 | 0.34 |
| Ratio d'information | 0.22 | -0.98 | -0.57 | -0.05 |

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 = 93.1% Indice de référence = 99.4% (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 = 98.7% Indice de référence = 98.8% (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* | 1.69 | 5.15 | 4.09 | 0.82 | 10.40 | 2.05 | -1.29 | 15.80 | -3.41 | -15.22 | 9.02 | 168.54 |
| Indice de référence | 1.71 | 5.61 | 6.14 | 2.08 | 29.11 | 23.03 | -0.26 | 22.31 | 5.82 | -12.07 | 8.37 | 295.00 |
| Ecarts | -0.02 | -0.46 | -2.05 | -1.26 | -18.70 | -20.98 | -1.03 | -6.52 | -9.24 | -3.15 | 0.66 | -126.46 |

Performance calendaire annuelle (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | 5.77 | -10.40 | 18.01 | -20.44 | 28.22 | -1.66 | 15.25 | 11.20 | 45.70 | 16.84 |
| Indice de réference | 9.00 | 1.13 | 18.22 | -18.18 | 27.68 | 4.96 | 13.01 | 13.15 | 50.40 | 18.46 |
| Ecarts | -3.23 | -11.52 | -0.21 | -2.26 | 0.54 | -6.62 | 2.24 | -1.95 | -4.70 | -1.62 |

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 |  |  |
| NGK Spark Plug Co Ltd | 1.68 | 0.42 | 1.25 | Biens de conso. Cycliques | Japon |
| Sumitomo Forestry Co Ltd | 1.55 | 0.32 | 1.23 | Biens de conso. Cycliques | Japon |
| Japan Prime Realty Investme... | 1.49 | 0.34 | 1.15 | Immobilier | Japon |
| Amada Co Ltd | 1.48 | 0.36 | 1.12 | Industrie | Japon |
| Yamada Holdings Co Ltd | 1.44 | 0.34 | 1.10 | Biens de conso. Cycliques | Japon |
| Sumitomo Heavy Industries Ltd | 1.41 | 0.31 | 1.10 | Industrie | Japon |
| Teijin Ltd | 1.38 | 0.25 | 1.13 | Matériaux | Japon |
| Kuraray Co Ltd | 1.35 | 0.33 | 1.02 | Matériaux | Japon |
| Kenedix Retail REIT Corp | 1.34 | 0.16 | 1.18 | Immobilier | Japon |
| Sanwa Holdings Corp | 1.34 | 0.25 | 1.09 | Industrie | Japon |
| Total (%) | 14.45 | 3.08 |  |  |  |


## 5 principales surpondérations (%)	5 principales sous-pondérations (%)
Port. Indice Relative de réf.
Port. Indice Relative de réf.
| NGK Spark Plug Co Ltd | 1.68 | 0.42 | 1.25 |  | MatsukiyoCocokara & Co | 0.00 | 0.57 | -0.57 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sumitomo Forestry Co Ltd | 1.55 | 0.32 | 1.23 |  | Sojitz Corp | 0.00 | 0.54 | -0.54 |
| Kenedix Retail REIT Corp | 1.34 | 0.16 | 1.18 |  | BayCurrent Consulting Inc | 0.00 | 0.53 | -0.53 |
| DTS Corp | 1.31 | 0.13 | 1.18 |  | Toyo Suisan Kaisha Ltd | 0.00 | 0.49 | -0.49 |
| Japan Prime Realty Investment Corp | 1.49 | 0.34 | 1.15 |  | Orix JREIT Inc | 0.00 | 0.48 | -0.48 |


## Exposition sectorielle (%)
Portefeuille	Indice de réference

## Exposition sectorielle active (%)
-6	-4	-2	0	2	4	6	8	10
Biens de conso. Cycliques	24.77	16.43
Industrie	22.77	24.21
Technologie	16.24	10.55
Matériaux	10.76	10.06
Immobilier	7.55	11.11
Biens de conso. de base	6.67	9.74
Santé	3.85	5.98
Services de Communication	3.28	2.15
Finance	1.52	6.58
Energie	1.12	0.83
Services aux collectivités	0.58	2.37
Monétaire	0.90	0.00

## Ventilation par capitalisation boursière (JPY - %)
60
55
50
45
40
35
30
25
20
15
10
5
0	De 0 à 30 mds	De 30 à 65 mds	De 65 à 150 mds	De 150 à 400 mds	De 400 à 650 mds	De 650 à 1500 mds	Monétaire
Port.	3.63	7.96	33.42	37.12	16.42	0.54	0.90
Indice de réf.	0.03	3.98	21.11	53.43	19.19	2.27	-