# Performance & Risk
## Performance Evolution (EUR)
CO2 Relative rating
% of AUM covered by ESG absolute rating: Portfolio = 98.1% Benchmark = 96.8% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 98.7% Benchmark = 97.9% (not meaningful for coverage below 50%)
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160
140
120
100
80
60
31/12/18
30/06/19
31/12/19
30/06/20
31/12/20
30/06/21 31/12/21
Portfolio* (44.92%)	Benchmark (35.93%)
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, 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* (%) | 12.46 | 17.84 | 15.12 | 14.32 |
| Benchmark Volatility (%) | 12.54 | 19.58 | 16.32 | - |
| Relative Risk/Tracking Error  (%) | 2.31 | 3.72 | 2.96 | - |
| Sharpe Ratio | 1.85 | 0.86 | 0.72 | 0.60 |
| Information Ratio | 1.89 | 1.18 | 1.23 | - |
| Rolling Performance (%) |  |  |  |  |
| 1M	3M	6M	YTD	3Y	5Y	31/12/20	31/12/19	31/12/18	31/12/17	31/12/16	Launch |
|  |  |  |  |  |  |  | 31/12/21 | 31/12/20 | 31/12/19 | 31/12/18 | 31/12/17 |  |
| Portfolio* | 1.55 | 10.34 | 11.10 | 20.73 | 44.92 | 51.89 | 20.73 | -7.99 | 30.47 | -8.27 | 14.26 | 1339.75 |
| Benchmark | 1.98 | 7.99 | 8.08 | 18.49 | 35.93 | 40.14 | 18.49 | -10.74 | 28.52 | -8.40 | 12.55 | - |
| Excess Return | -0.43 | 2.35 | 3.02 | 2.24 | 8.99 | 11.75 | 2.24 | 2.74 | 1.95 | 0.12 | 1.71 | - |


## Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 20.73 | -7.99 | 30.47 | -8.27 | 14.26 | -7.32 | 19.04 | 24.84 | 14.11 | 27.47 |
| Benchmark | 18.49 | -10.74 | 28.52 | -8.40 | 12.55 | -5.29 | 18.14 | 25.35 | 10.79 | 27.08 |
| Excess Return | 2.24 | 2.74 | 1.95 | 0.12 | 1.71 | -2.03 | 0.90 | -0.51 | 3.32 | 0.39 |

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 |  |  |
| Segro PLC | 9.75 | 7.64 | 2.11 | Real Estate | United Kingdom |
| Vonovia SE | 9.42 | 9.54 | -0.12 | Real Estate | Germany |
| Warehouses De Pauw Sca | 4.60 | 2.22 | 2.39 | Real Estate | Belgium |
| LEG Immobilien SE | 4.31 | 3.34 | 0.97 | Real Estate | Germany |
| Unibail-Rodamco-Westfield | 4.08 | 2.36 | 1.72 | Real Estate | France |
| Safestore Holdings Plc | 3.99 | 1.28 | 2.71 | Real Estate | United Kingdom |
| Samhallsbyggnadsbolaget i N... | 3.69 | 2.60 | 1.10 | Real Estate | Sweden |
| UNITE Group PLC | 3.34 | 1.57 | 1.77 | Real Estate | United Kingdom |
| Gecina SA | 2.99 | 2.36 | 0.63 | Real Estate | France |
| British Land Co PLC | 2.86 | 2.18 | 0.68 | Real Estate | United Kingdom |
| Total (%) | 49.04 | 35.09 |  |  |  |


## Top 5 Overweight (%)	Top 5 Underweight (%)
Port. Bench. Relative	Port. Bench. Relative
| Safestore Holdings Plc | 3.99 | 1.28 | 2.71 |  | Land Securities Group PLC | 0.00 | 2.46 | -2.46 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Warehouses De Pauw Sca | 4.60 | 2.22 | 2.39 |  | Aroundtown SA | 0.00 | 2.29 | -2.29 |
| Vib Vermoegen AG | 2.15 | 0.00 | 2.15 |  | Tritax Big Box REIT Plc | 0.00 | 2.06 | -2.06 |
| Segro PLC | 9.75 | 7.64 | 2.11 |  | alstria office REIT-AG | 0.00 | 1.30 | -1.30 |
| UNITE Group PLC | 3.34 | 1.57 | 1.77 |  | Allreal Holding AG | 0.00 | 1.06 | -1.06 |
| Sector Breakdown (%) |  |  |  |  | Active Exposure by Sector (%) |  |  |  |

Portfolio	Benchmark
Real Estate	99.37	99.39
Financials	0.00	0.61
Cash	0.63	0.00
-0.7 -0.6 -0.5 -0.4 -0.3 -0.2 -0.1 0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7

## Geographical Breakdown (%)
Portfolio	Benchmark
United Kingdom	30.73	32.47
Germany	18.96	19.97
Sweden	17.15	17.66
Belgium	12.45	7.96
France	12.38	8.70
Switzerland	3.73	6.56
Finland	1.56	1.75
Netherlands	1.34	0.91
Spain	1.07	2.36
Norway	0.00	0.47
Italy	0.00	0.09
Ireland	0.00	0.60
Austria	0.00	0.51
Cash	0.63	0.00

## Active Exposure by Geography (%)
-3	-2	-1	0	1	2	3	4	5
MarketCap Breakdown (EUR - %)
36
32
28
24
20
16
12
8
4
0	0 To
250mn
250mn To 500mn
500mn To 1bn
1bn To 3bn
3bn To 5bn
5bn To 10bn
10bn To 25bn
25bn To 100bn
Cash
Port.	-	-	1.06	16.55	26.41	31.61	14.31	9.42	0.63
Bench.	0.09	1.85	6.01	16.26	24.65	29.00	12.60	9.54	-

Translation (ENFR, 2021-12-31):
# Performance et risque
## Evolution de la performance (EUR)
Intensité relative en CO2
% de l’encours sous gestion couvert par la note ESG absolue : Portefeuille = 98.1% Indice de référence = 96.8% (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 = 97.9% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)
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160
140
120
100
80
60
31/12/18
30/06/19
31/12/19
30/06/20
31/12/20
30/06/21 31/12/21
Portefeuille* (44.92%)	Indice de réference (35.93%)
Les données sont rebasées à 100 par AXA IM à la date de début du graphique.
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 risque |  |
| --- | --- |
|  | 1 an | 3 ans | 5 ans | Création |
| Volatilité du portefeuille* (%) | 12.46 | 17.84 | 15.12 | 14.32 |
| Volatilité de l'indice de référence (%) | 12.54 | 19.58 | 16.32 | - |
| Risque relatif/Tracking Error  (%) | 2.31 | 3.72 | 2.96 | - |
| Ratio de Sharpe | 1.85 | 0.86 | 0.72 | 0.60 |
| Ratio d'information | 1.89 | 1.18 | 1.23 | - |
| Performance glissante (%) |  |  |  |  |
| 1 mois	3 mois	6 mois	YTD  3 ans  5 ans	31/12/20	31/12/19	31/12/18	31/12/17	31/12/16  Création |
|  |  |  |  |  |  |  | 31/12/21 | 31/12/20 | 31/12/19 | 31/12/18 | 31/12/17 |  |
| Portefeuille* | 1.55 | 10.34 | 11.10 | 20.73 | 44.92 | 51.89 | 20.73 | -7.99 | 30.47 | -8.27 | 14.26 | 1339.75 |
| Indice de réference | 1.98 | 7.99 | 8.08 | 18.49 | 35.93 | 40.14 | 18.49 | -10.74 | 28.52 | -8.40 | 12.55 | - |
| Ecarts | -0.43 | 2.35 | 3.02 | 2.24 | 8.99 | 11.75 | 2.24 | 2.74 | 1.95 | 0.12 | 1.71 | - |


## Performance calendaire annuelle (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | 20.73 | -7.99 | 30.47 | -8.27 | 14.26 | -7.32 | 19.04 | 24.84 | 14.11 | 27.47 |
| Indice de réference | 18.49 | -10.74 | 28.52 | -8.40 | 12.55 | -5.29 | 18.14 | 25.35 | 10.79 | 27.08 |
| Ecarts | 2.24 | 2.74 | 1.95 | 0.12 | 1.71 | -2.03 | 0.90 | -0.51 | 3.32 | 0.39 |

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 |  |  |
| Segro PLC | 9.75 | 7.64 | 2.11 | Immobilier | Royaume-Uni |
| Vonovia SE | 9.42 | 9.54 | -0.12 | Immobilier | Allemagne |
| Warehouses De Pauw Sca | 4.60 | 2.22 | 2.39 | Immobilier | Belgique |
| LEG Immobilien SE | 4.31 | 3.34 | 0.97 | Immobilier | Allemagne |
| Unibail-Rodamco-Westfield | 4.08 | 2.36 | 1.72 | Immobilier | France |
| Safestore Holdings Plc | 3.99 | 1.28 | 2.71 | Immobilier | Royaume-Uni |
| Samhallsbyggnadsbolaget i N... | 3.69 | 2.60 | 1.10 | Immobilier | Suède |
| UNITE Group PLC | 3.34 | 1.57 | 1.77 | Immobilier | Royaume-Uni |
| Gecina SA | 2.99 | 2.36 | 0.63 | Immobilier | France |
| British Land Co PLC | 2.86 | 2.18 | 0.68 | Immobilier | Royaume-Uni |
| Total (%) | 49.04 | 35.09 |  |  |  |


## 5 principales surpondérations (%)	5 principales sous-pondérations (%)
Port. Indice Relative de réf.
Port. Indice Relative de réf.
| Safestore Holdings Plc | 3.99 | 1.28 | 2.71 |  | Land Securities Group PLC | 0.00 | 2.46 | -2.46 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Warehouses De Pauw Sca | 4.60 | 2.22 | 2.39 |  | Aroundtown SA | 0.00 | 2.29 | -2.29 |
| Vib Vermoegen AG | 2.15 | 0.00 | 2.15 |  | Tritax Big Box REIT Plc | 0.00 | 2.06 | -2.06 |
| Segro PLC | 9.75 | 7.64 | 2.11 |  | alstria office REIT-AG | 0.00 | 1.30 | -1.30 |
| UNITE Group PLC | 3.34 | 1.57 | 1.77 |  | Allreal Holding AG | 0.00 | 1.06 | -1.06 |
| Exposition sectorielle (%) |  |  |  |  | Exposition sectorielle active (%) |  |  |  |

Portefeuille	Indice de réference
Immobilier	99.37	99.39
Finance	0.00	0.61
Monétaire	0.63	0.00
-0.7 -0.6 -0.5 -0.4 -0.3 -0.2 -0.1 0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7

## Exposition géographique (%)
Portefeuille	Indice de réference
Royaume-Uni	30.73	32.47
Allemagne	18.96	19.97
Suède	17.15	17.66
Belgique	12.45	7.96
France	12.38	8.70
Suisse	3.73	6.56
Finlande	1.56	1.75
Pays-Bas	1.34	0.91
Espagne	1.07	2.36
Norvège	0.00	0.47
Italie	0.00	0.09
Irlande	0.00	0.60
Autriche	0.00	0.51
Monétaire	0.63	0.00

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

## Ventilation par capitalisation boursière (EUR - %)
36
32
28
24
20
16
12
8
4
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
De 25 à
100 mds
Monétaire
Port.	-	-	1.06	16.55	26.41	31.61	14.31	9.42	0.63
Indice de réf.	0.09	1.85	6.01	16.26	24.65	29.00	12.60	9.54	-