# Performance & Risk
## Performance Evolution (EUR)

## Fund Profile
ESG Rating
ESG Relative Rating
CO2 Relative rating
% of AUM covered by ESG absolute rating: Portfolio = 98.6% Benchmark = 99.7% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 98.0% Benchmark = 99.3% (not meaningful for coverage below 50%)
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180
160
140
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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* (57.44%)	Benchmark (55.09%)
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* (%) | 12.01 | 17.02 | 15.12 | 16.63 |
| Benchmark Volatility (%) | 11.88 | 18.78 | 16.23 | - |
| Relative Risk/Tracking Error  (%) | 1.83 | 3.08 | 2.59 | - |
| Sharpe Ratio | 2.15 | 1.09 | 0.74 | 0.28 |
| Information Ratio | 1.69 | 0.86 | 0.83 | - |
| 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* | 5.10 | 6.01 | 6.64 | 23.58 | 57.44 | 53.92 | 23.58 | 0.82 | 26.37 | -11.01 | 9.85 | 117.44 |
| Benchmark | 4.93 | 5.81 | 6.46 | 22.67 | 55.09 | 52.34 | 22.67 | 0.25 | 26.11 | -12.72 | 12.55 | - |
| Excess Return | 0.17 | 0.20 | 0.18 | 0.90 | 2.35 | 1.57 | 0.90 | 0.57 | 0.25 | 1.72 | -2.70 | - |


## Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 23.58 | 0.82 | 26.37 | -11.01 | 9.85 | 4.97 | 10.05 | -0.58 | 18.73 | 22.46 |
| Benchmark | 22.67 | 0.25 | 26.11 | -12.72 | 12.55 | 4.15 | 10.33 | 4.14 | 23.74 | 19.34 |
| Excess Return | 0.90 | 0.57 | 0.25 | 1.72 | -2.70 | 0.82 | -0.28 | -4.72 | -5.01 | 3.12 |

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 |  |  |
| Asml Holding NV | 7.95 | 5.29 | 2.65 | Technology | Netherlands |
| Linde Plc | 4.07 | 2.83 | 1.23 | Basic Materials | Germany |
| Allianz SE | 4.03 | 1.54 | 2.50 | Financials | Germany |
| BNP Paribas SA | 3.93 | 1.27 | 2.66 | Financials | France |
| Schneider Electric SE | 3.75 | 1.78 | 1.97 | Industrials | France |
| Siemens AG | 3.59 | 2.08 | 1.51 | Industrials | Germany |
| L'Oreal SA | 3.54 | 1.83 | 1.71 | Consumer Discretionary | France |
| Kering SA | 3.47 | 0.93 | 2.53 | Consumer Discretionary | France |
| Iberdrola SA | 3.30 | 1.10 | 2.20 | Utilities | Spain |
| SAP SE | 2.65 | 2.47 | 0.18 | Technology | Germany |
| Total (%) | 40.26 | 21.11 |  |  |  |


## Top 5 Overweight (%)	Top 5 Underweight (%)
Port. Bench. Relative	Port. Bench. Relative
| BNP Paribas SA | 3.93 | 1.27 | 2.66 |  | LVMH Moet Hennessy Louis Vuitton SE | 0.00 | 3.47 | -3.47 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Asml Holding NV | 7.95 | 5.29 | 2.65 |  | TotalEnergies SE | 0.00 | 2.13 | -2.13 |
| Kering SA | 3.47 | 0.93 | 2.53 |  | Sanofi | 0.00 | 1.84 | -1.84 |
| Allianz SE | 4.03 | 1.54 | 2.50 |  | Air Liquide SA | 0.00 | 1.32 | -1.32 |
| Iberdrola SA | 3.30 | 1.10 | 2.20 |  | Airbus SE | 0.00 | 1.18 | -1.18 |
| Sector Breakdown (%) |  |  |  |  | Active Exposure by Sector (%) |  |  |  |

Portfolio	Benchmark
Industrials	20.97	17.52
Consumer Discretionary	16.81	17.21
Financials	15.49	15.16
Technology	14.12	13.60
Health Care	7.22	8.01
Consumer Staples	7.20	5.52
Basic Materials	7.18	7.97
Utilities	5.77	5.58
Energy	2.03	4.20
Telecommunications	1.79	3.42
Real Estate	0.00	1.80
Cash	1.43	0.00
-3	-2	-1	0	1	2	3	4

## Geographical Breakdown (%)
Portfolio	Benchmark
France	34.70	32.64
Germany	20.44	27.49
Spain	11.90	6.62
Netherlands	11.71	14.20
Italy	6.94	7.96
Belgium	5.28	3.00
Ireland	3.15	2.24
Finland	2.37	4.15
Austria	1.50	0.80
Portugal	0.57	0.53
Luxemburg	0.00	0.37
Cash	1.43	0.00

## Active Exposure by Geography (%)
-8	-6	-4	-2	0	2	4	6
MarketCap Breakdown (EUR - %)
60
50
40
30
20
10
0	1bn To
3bn
3bn To 5bn
5bn To 10bn
10bn To 25bn
25bn To 100bn
100bn To 250bn
More Than 250bn
Cash
Port.	-	-	3.79	16.74	56.26	13.84	7.95	1.43
Bench.	0.18	2.05	7.24	19.65	45.29	16.83	8.76	-

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 = 98.6% Indice de référence = 99.7% (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 = 98.0% Indice de référence = 99.3% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)
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31/12/18
30/06/19
31/12/19
30/06/20
31/12/20
30/06/21 31/12/21
Portefeuille* (57.44%)	Indice de réference (55.09%)
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* (%) | 12.01 | 17.02 | 15.12 | 16.63 |
| Volatilité de l'indice de référence (%) | 11.88 | 18.78 | 16.23 | - |
| Risque relatif/Tracking Error  (%) | 1.83 | 3.08 | 2.59 | - |
| Ratio de Sharpe | 2.15 | 1.09 | 0.74 | 0.28 |
| Ratio d'information | 1.69 | 0.86 | 0.83 | - |
| 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* | 5.10 | 6.01 | 6.64 | 23.58 | 57.44 | 53.92 | 23.58 | 0.82 | 26.37 | -11.01 | 9.85 | 117.44 |
| Indice de réference | 4.93 | 5.81 | 6.46 | 22.67 | 55.09 | 52.34 | 22.67 | 0.25 | 26.11 | -12.72 | 12.55 | - |
| Ecarts | 0.17 | 0.20 | 0.18 | 0.90 | 2.35 | 1.57 | 0.90 | 0.57 | 0.25 | 1.72 | -2.70 | - |


## Performance calendaire annuelle (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | 23.58 | 0.82 | 26.37 | -11.01 | 9.85 | 4.97 | 10.05 | -0.58 | 18.73 | 22.46 |
| Indice de réference | 22.67 | 0.25 | 26.11 | -12.72 | 12.55 | 4.15 | 10.33 | 4.14 | 23.74 | 19.34 |
| Ecarts | 0.90 | 0.57 | 0.25 | 1.72 | -2.70 | 0.82 | -0.28 | -4.72 | -5.01 | 3.12 |

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 |  |  |
| Asml Holding NV	7.95 | 5.29 | 2.65 | Technologie | Pays-Bas |
| Linde Plc	4.07 | 2.83 | 1.23 | Matériaux de Base | Allemagne |
| Allianz SE	4.03 | 1.54 | 2.50 | Sociétés Financières | Allemagne |
| BNP Paribas SA	3.93 | 1.27 | 2.66 | Sociétés Financières | France |
| Schneider Electric SE	3.75 | 1.78 | 1.97 | Industries | France |
| Siemens AG	3.59 | 2.08 | 1.51 | Industries | Allemagne |
| L'Oreal SA	3.54 | 1.83 | 1.71 | Consommation non essentielle | France |
| Kering SA	3.47 | 0.93 | 2.53 | Consommation non essentielle | France |
| Iberdrola SA	3.30 | 1.10 | 2.20 | Services aux Collectivités | Espagne |
| SAP SE	2.65 | 2.47 | 0.18 | Technologie | Allemagne |
| Total (%)	40.26 | 21.11 |  |  |  |


## 5 principales surpondérations (%)	5 principales sous-pondérations (%)
Port. Indice Relative de réf.
Port. Indice Relative de réf.
| BNP Paribas SA | 3.93 | 1.27 | 2.66 |  | LVMH Moet Hennessy Louis Vuitton SE | 0.00 | 3.47 | -3.47 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Asml Holding NV | 7.95 | 5.29 | 2.65 |  | TotalEnergies SE | 0.00 | 2.13 | -2.13 |
| Kering SA | 3.47 | 0.93 | 2.53 |  | Sanofi | 0.00 | 1.84 | -1.84 |
| Allianz SE | 4.03 | 1.54 | 2.50 |  | Air Liquide SA | 0.00 | 1.32 | -1.32 |
| Iberdrola SA | 3.30 | 1.10 | 2.20 |  | Airbus SE | 0.00 | 1.18 | -1.18 |
| Exposition sectorielle (%) |  |  |  |  | Exposition sectorielle active (%) |  |  |  |

Portefeuille  Indice de réference
Industries	20.97	17.52
Consommation non essentielle	16.81	17.21
Sociétés Financières	15.49	15.16
Technologie	14.12	13.60
Santé	7.22	8.01
Consommation courante	7.20	5.52
Matériaux de Base	7.18	7.97
Services aux Collectivités	5.77	5.58
Énergie	2.03	4.20
Télécommunications	1.79	3.42
Immobilier	0.00	1.80
Monétaire	1.43	0.00
-3	-2	-1	0	1	2	3	4

## Exposition géographique (%)
Portefeuille	Indice de réference
France	34.70	32.64
Allemagne	20.44	27.49
Espagne	11.90	6.62
Pays-Bas	11.71	14.20
Italie	6.94	7.96
Belgique	5.28	3.00
Irlande	3.15	2.24
Finlande	2.37	4.15
Autriche	1.50	0.80
Portugal	0.57	0.53
Luxembourg	0.00	0.37
Monétaire	1.43	0.00

## Exposition régionale active (%)
-8	-6	-4	-2	0	2	4	6

## Ventilation par capitalisation boursière (EUR - %)
60
50
40
30
20
10
0	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.	-	-	3.79	16.74	56.26	13.84	7.95	1.43
Indice de réf.	0.18	2.05	7.24	19.65	45.29	16.83	8.76	-