# Performance & Risk
## Performance Evolution (EUR)
Assets Under Management (M)
| Fund Key Metrics |  |
| --- | --- |
|  | Port. | Bench. |
| Number of Holdings | 59 | 571 |
| Turnover: Rolling 1Y (%) | 17 | - |
| Active Share (%) | 69 | - |
| Fund Profile |  |  |
| ESG Rating |  |  |
| ESG Relative Rating |  |  |
| CO2 Relative rating |  |  |

GBP

### 323.43
31/01/20
31/07/20
31/01/21
31/07/21
31/01/22
31/07/22 31/01/23
% of AUM covered by ESG absolute rating: Portfolio =
Portfolio* (-11.24%)	Benchmark (10.21%)
Data is rebased to 100 by AXA IM on the graph start date.
| Risk Analysis |  |
| --- | --- |
|  | 1Y | 3Y | 5Y | Launch |
| Portfolio Volatility* (%) | 19.82 | 22.51 | 19.33 | 18.09 |
| Benchmark Volatility (%) | 17.11 | 19.59 | 17.08 | 15.38 |
| Relative Risk/Tracking Error  (%) | 5.63 | 7.91 | 7.08 | 7.20 |
| Sharpe Ratio | -0.69 | -0.09 | 0.12 | 0.22 |
| Information Ratio | -2.33 | -0.69 | -0.29 | -0.20 |

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.
91.2% Benchmark = 93.0% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 91.3% Benchmark = 92.6% (not meaningful for coverage below 50%)
For more information about the methodology, please read the section 'ESG Metrics Definition' below
Fund Manager 
Christopher ST. JOHN Nigel YATES - Co-Manager
Performance & Risk 
(Continued)

## 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* | 3.98 | 5.06 | -8.24 | 3.98 | -11.24 | 1.44 | -14.96 | 14.62 | -8.94 | 22.43 | -6.65 | 14.64 |
| Benchmark | 5.11 | 7.40 | 0.01 | 5.11 | 10.21 | 22.23 | -0.36 | 25.89 | -12.15 | 14.83 | -3.42 | 41.91 |
| Excess Return | -1.12 | -2.34 | -8.24 | -1.12 | -21.45 | -20.79 | -14.60 | -11.28 | 3.20 | 7.59 | -3.23 | -27.27 |

Annual Calendar Performance (%)
|  | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -23.20 | 20.87 | -10.03 | 36.25 | -14.39 | 12.28 | - | - | - | - |
| Benchmark | -5.05 | 26.15 | -14.63 | 26.22 | -10.47 | 8.76 | - | - | - | - |
| Excess Return | -18.15 | -5.27 | 4.60 | 10.02 | -3.92 | 3.52 | - | - | - | - |

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 |  |  |
| Shell PLC | 4.15 | 7.03 | -2.88 | Energy | United Kingdom |
| AstraZeneca PLC | 4.06 | 6.53 | -2.46 | Health Care | United Kingdom |
| Diageo PLC | 3.94 | 3.31 | 0.62 | Consumer Staples | United Kingdom |
| BP PLC | 3.70 | 3.65 | 0.05 | Energy | United Kingdom |
| Reckitt Benckiser Group PLC | 3.56 | 1.72 | 1.84 | Consumer Staples | United Kingdom |
| GlaxoSmithKline PLC | 3.23 | 2.37 | 0.86 | Health Care | United Kingdom |
| Experian PLC | 3.23 | 1.13 | 2.10 | Industrials | United Kingdom |
| Prudential PLC | 3.19 | 1.54 | 1.65 | Financials | United Kingdom |
| London Stock Exchange Group... | 3.07 | 1.13 | 1.94 | Financials | United Kingdom |
| Lloyds Banking Group PLC | 2.68 | 1.47 | 1.21 | Financials | United Kingdom |
| Total (%) | 34.82 | 29.90 |  |  |  |

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.
Portfolio Analysis 
(Continued)

## Top 5 Overweight (%)

## Top 5 Underweight (%)
Port. Bench. Relative	Port. Bench. Relative
| Dunelm Group PLC | 2.23 | 0.05 | 2.18 |  | HSBC Holdings PLC | 0.00 | 5.01 | -5.01 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Experian PLC | 3.23 | 1.13 | 2.10 |  | Unilever PLC | 0.00 | 4.35 | -4.35 |
| Weir Group PLC | 2.27 | 0.19 | 2.08 |  | Glencore PLC | 0.00 | 2.90 | -2.90 |
| 4imprint Group PLC | 2.07 | 0.05 | 2.02 |  | British American Tobacco PLC | 0.00 | 2.89 | -2.89 |
| Chemring Group PLC | 2.03 | 0.03 | 1.99 |  | Shell PLC | 4.15 | 7.03 | -2.88 |
| Sector Breakdown (%) |  |  |  |  | Active Exposure by Sector (%) |  |  |  |

Portfolio	Benchmark
Industrials	24.34	11.08
Financials	19.52	23.23
Energy	10.43	11.05
Technology	10.10	1.06
Health Care	9.44	10.74
Consumer Discretionary	8.13	11.12
Consumer Staples	8.10	15.20
Real Estate	3.50	2.65
Basic Materials	2.50	8.93
Telecommunications	1.70	1.52
Utilities	0.00	3.41
Cash	2.23	0.00
-8	-6	-4	-2	0	2	4	6	8	10	12	14
MarketCap Breakdown (GBP - %)
90
80
70
60
50
40
30
20
10
| 0 | FTSE 100 | FTSE 250 | FTSE SmallCap | FTSE AIM | Cash |
| --- | --- | --- | --- | --- | --- |
| Port. | 56.21 | 32.58 | 1.15 | 7.82 | 2.23 |
| Bench. | 83.77 | 13.85 | 2.38 | - | - |

Translation (ENFR, 2023-01-31):
# Performance et risque
## Evolution de la performance (EUR)
Valeur liquidative
Cap.

### 114.64
Actif net du fonds (M)
GBP

### 323.43

## Indice de réference
Depuis le: 02/03/2016
100% FTSE All Share Total Return Gross
Le fonds est géré de manière active avec une déviation qui pourra être importante en termes de constitution et performance comparée à l’indice de référence.
Port.

## Caractéristiques du portefeuille
Indice de réf.
Nombre de lignes	59	571
Turnover: Glissant 1an (%)	17	-
Active Share (%)	69	-

## 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* (-11.24%)	Indice de réference (10.21%)
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* (%) | 19.82 | 22.51 | 19.33 | 18.09 |
| Volatilité de l'indice de référence (%) | 17.11 | 19.59 | 17.08 | 15.38 |
| Risque relatif/Tracking Error  (%) | 5.63 | 7.91 | 7.08 | 7.20 |
| Ratio de Sharpe | -0.69 | -0.09 | 0.12 | 0.22 |
| Ratio d'information | -2.33 | -0.69 | -0.29 | -0.20 |

% de l’encours sous gestion couvert par la note ESG absolue : Portefeuille = 91.2% Indice de réf. = 93.0% (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 = 91.3% Indice de réf.
= 92.6% (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
Christopher ST. JOHN Nigel YATES - Co-gérant
Performance et risque 
(suite)

## 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* | 3.98 | 5.06 | -8.24 | 3.98 | -11.24 | 1.44 | -14.96 | 14.62 | -8.94 | 22.43 | -6.65 | 14.64 |
| Indice de référence | 5.11 | 7.40 | 0.01 | 5.11 | 10.21 | 22.23 | -0.36 | 25.89 | -12.15 | 14.83 | -3.42 | 41.91 |
| Ecarts | -1.12 | -2.34 | -8.24 | -1.12 | -21.45 | -20.79 | -14.60 | -11.28 | 3.20 | 7.59 | -3.23 | -27.27 |

Performance calendaire annuelle (%)
|  | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | -23.20 | 20.87 | -10.03 | 36.25 | -14.39 | 12.28 | - | - | - | - |
| Indice de réference | -5.05 | 26.15 | -14.63 | 26.22 | -10.47 | 8.76 | - | - | - | - |
| Ecarts | -18.15 | -5.27 | 4.60 | 10.02 | -3.92 | 3.52 | - | - | - | - |

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 |  |  |
| Shell PLC | 4.15 | 7.03 | -2.88 | Énergie | Royaume-Uni |
| AstraZeneca PLC | 4.06 | 6.53 | -2.46 | Santé | Royaume-Uni |
| Diageo PLC | 3.94 | 3.31 | 0.62 | Consommation courante | Royaume-Uni |
| BP PLC | 3.70 | 3.65 | 0.05 | Énergie | Royaume-Uni |
| Reckitt Benckiser Group PLC | 3.56 | 1.72 | 1.84 | Consommation courante | Royaume-Uni |
| GlaxoSmithKline PLC | 3.23 | 2.37 | 0.86 | Santé | Royaume-Uni |
| Experian PLC | 3.23 | 1.13 | 2.10 | Industries | Royaume-Uni |
| Prudential PLC | 3.19 | 1.54 | 1.65 | Sociétés Financières | Royaume-Uni |
| London Stock Exchange Group... | 3.07 | 1.13 | 1.94 | Sociétés Financières | Royaume-Uni |
| Lloyds Banking Group PLC | 2.68 | 1.47 | 1.21 | Sociétés Financières | Royaume-Uni |
| Total (%) | 34.82 | 29.90 |  |  |  |

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.
Analyse du portefeuille 
(suite)

## 5 principales surpondérations (%)

## 5 principales sous-pondérations (%)
Port. Indice Relative de réf.
Port. Indice Relative de réf.
| Dunelm Group PLC | 2.23 | 0.05 | 2.18 |  | HSBC Holdings PLC | 0.00 | 5.01 | -5.01 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Experian PLC | 3.23 | 1.13 | 2.10 |  | Unilever PLC | 0.00 | 4.35 | -4.35 |
| Weir Group PLC | 2.27 | 0.19 | 2.08 |  | Glencore PLC | 0.00 | 2.90 | -2.90 |
| 4imprint Group PLC | 2.07 | 0.05 | 2.02 |  | British American Tobacco PLC | 0.00 | 2.89 | -2.89 |
| Chemring Group PLC | 2.03 | 0.03 | 1.99 |  | Shell PLC | 4.15 | 7.03 | -2.88 |
| Exposition sectorielle (%) |  |  |  |  | Exposition sectorielle active (%) |  |  |  |

Portefeuille  Indice de réference
Industries	24.34	11.08
Sociétés Financières	19.52	23.23
Énergie	10.43	11.05
Technologie	10.10	1.06
Santé	9.44	10.74
Consommation non essentielle	8.13	11.12
Consommation courante	8.10	15.20
Immobilier	3.50	2.65
Matériaux de Base	2.50	8.93
Télécommunications	1.70	1.52
Services aux Collectivités	0.00	3.41
Monétaire	2.23	0.00
-8	-6	-4	-2	0	2	4	6	8	10	12	14

## Ventilation par capitalisation boursière (GBP - %)
90
80
70
60
50
40
30
20
10
0	FTSE 100	FTSE 250	FTSE SmallCap	FTSE AIM	Monétaire
Port.	56.21	32.58	1.15	7.82	2.23
Indice de réf.	83.77	13.85	2.38	-	-