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

### 8 502.82
Port.	Bench.
Number of Holdings	188	932
Turnover: Rolling 1Y (%)	109	-
Active Share (%)	82	-

## Fund Profile
ESG Rating
ESG Relative Rating
CO2 Relative rating
29/06/2018
30/06/2019
30/06/2020
30/06/2021
Portfolio* (-5.03%)	Benchmark (10.81%)
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 = 72.9% Benchmark = 87.4% (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 = 97.0% Benchmark = 98.2% (not meaningful for |
| --- | --- |
| coverage below 50%) |
| Risk Analysis |  |  |  |  |  |
|  | 1Y | 3Y | 5Y | Launch |  |
| Portfolio Volatility* (%) | 11.99 | 19.04 | 16.28 | 17.62 |  |
| Benchmark Volatility (%) | 11.14 | 18.11 | 15.19 | 17.27 |  |
| Relative Risk/Tracking Error  (%) | 2.84 | 4.18 | 3.73 | 3.99 |  |
| Sharpe Ratio | 1.61 | -0.03 | 0.53 | 0.30 |  |
| Information Ratio | -1.81 | -1.01 | -0.51 | -0.13 |  |


## Rolling Performance (%)
|  | 1M | 3M | 6M | YTD | 30/06/2020 30/06/2021 | 30/06/2019 30/06/2020 | 30/06/2018 30/06/2019 | 30/06/2017 30/06/2018 | 30/06/2016 30/06/2017 | Launch |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 1.83 | -1.90 | 7.02 | 7.02 | 18.39 | -7.12 | -13.63 | 13.34 | 34.25 | 161.98 |
| Benchmark | 2.45 | -0.48 | 10.14 | 10.14 | 24.70 | 1.27 | -12.26 | 12.61 | 32.54 | 252.89 |
| Excess Return | -0.63 | -1.41 | -3.12 | -3.12 | -6.31 | -8.40 | -1.37 | 0.72 | 1.70 | -90.90 |

Annual Calendar Performance (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -9.75 | 18.85 | -19.88 | 29.10 | -0.98 | 16.08 | 11.98 | 46.72 | 17.66 | -8.72 |
| Benchmark | 1.13 | 18.22 | -18.18 | 27.68 | 4.96 | 13.01 | 13.15 | 50.40 | 18.46 | -9.18 |
| Excess Return | -10.88 | 0.63 | -1.70 | 1.42 | -5.94 | 3.08 | -1.17 | -3.68 | -0.80 | 0.46 |

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 |  |  |
| Mitsui OSK Lines Ltd | 1.71 | 0.59 | 1.12 | Industrials | Japan |
| Haseko Corp | 1.42 | 0.40 | 1.02 | Consumer Discretionary | Japan |
| Sumitomo Heavy Industries Ltd | 1.41 | 0.35 | 1.06 | Industrials | Japan |
| Kenedix Retail REIT Corp | 1.38 | 0.16 | 1.21 | Real Estate | Japan |
| en Japan Inc | 1.36 | 0.12 | 1.24 | Industrials | Japan |
| Yokohama Rubber Co Ltd | 1.36 | 0.29 | 1.07 | Consumer Discretionary | Japan |
| Sugi Holdings Co Ltd | 1.35 | 0.29 | 1.06 | Consumer Staples | Japan |
| Ferrotec Holdings Corp | 1.34 | 0.12 | 1.22 | Information Technology | Japan |
| Tokyo Tatemono Co Ltd | 1.31 | 0.30 | 1.01 | Real Estate | Japan |
| Sumitomo Rubber Industries Ltd | 1.29 | 0.27 | 1.02 | Consumer Discretionary | Japan |
| Total (%) | 13.93 | 2.89 |  |  |  |


## Top 5 Overweight (%)	Top 5 Underweight (%)
Port. Bench. Relative	Port. Bench. Relative
| en Japan Inc | 1.36 | 0.12 | 1.24 |  | Food & Life Cos Ltd | 0.00 | 0.54 | -0.54 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Ferrotec Holdings Corp | 1.34 | 0.12 | 1.22 |  | BayCurrent Consulting Inc | 0.00 | 0.54 | -0.54 |
| Kenedix Retail REIT Corp | 1.38 | 0.16 | 1.21 |  | Advance Residence Investment Corp | 0.00 | 0.50 | -0.50 |
| C Uyemura & Co Ltd | 1.18 | 0.00 | 1.18 |  | Asics Corp | 0.00 | 0.44 | -0.44 |
| Kaken Pharmaceutical Co Ltd | 1.28 | 0.14 | 1.13 |  | Showa Denko KK | 0.00 | 0.43 | -0.43 |


## Sector Breakdown (%)
Portfolio	Benchmark

## Active Exposure by Sector (%)
-6	-4	-2	0	2	4	6	8	10
Industrials	28.17	24.63
Consumer Discretionary	24.38	15.83
Information Technology	9.91	12.25
Materials	8.97	10.19
Consumer Staples	7.08	8.50
Real Estate	6.74	11.07
Health Care	5.81	5.65
Financials	3.51	6.27
Communication Services	3.18	2.98
Energy	1.28	0.73
Utilities	0.48	1.89
Cash	0.50	0.00

## MarketCap Breakdown (%)
60
50
40
30
20
10
0	0 To
€250mn
€250mn To
€500mn
€500mn To
€1bn
€1bn To
€3bn
€3bn To
€5bn
€5bn To
€10bn
Cash
Port.	4.98	6.15	33.83	37.76	14.78	2.00	0.50
Bench.	-	6.23	17.95	56.61	18.55	0.66	-

Translation (ENFR, 2021-06-30):
# Performance et risque
## Evolution de la performance (JPY)
Valeur liquidative
Cap.

### 2619.89
Actif net du fonds (M)
JPY

### 8 502.82
Depuis le: 13/07/2017
100% MSCI Japan Small Cap Total Return Net
Port.

## Caractéristiques du portefeuille
Indice de réf.
Nombre de lignes	188	932
Turnover: Glissant 1an (%)	109	-
Active Share (%)	82	-

## Profil du portefeuille
Notation ESG
Notation ESG relative
Intensité relative en CO2
29/06/2018
30/06/2019
30/06/2020
30/06/2021
Portefeuille* (-5.03%)	Indice de réference (10.81%)
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* (%) | 11.99 | 19.04 | 16.28 | 17.62 |
| Volatilité de l'indice de référence (%) | 11.14 | 18.11 | 15.19 | 17.27 |
| Risque relatif/Tracking Error  (%) | 2.84 | 4.18 | 3.73 | 3.99 |
| Ratio de Sharpe | 1.61 | -0.03 | 0.53 | 0.30 |
| Ratio d'information | -1.81 | -1.01 | -0.51 | -0.13 |

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 = 72.9% Indice de référence = 87.4% (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 = 97.0% Indice de référence = 98.2% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)

## Performance glissante (%)
|  | 1 mois | 3 mois | 6 mois | YTD | 30/06/2020 30/06/2021 | 30/06/2019 30/06/2020 | 30/06/2018 30/06/2019 | 30/06/2017 30/06/2018 | 30/06/2016 30/06/2017 | Création |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | 1.83 | -1.90 | 7.02 | 7.02 | 18.39 | -7.12 | -13.63 | 13.34 | 34.25 | 161.98 |
| Indice de réference | 2.45 | -0.48 | 10.14 | 10.14 | 24.70 | 1.27 | -12.26 | 12.61 | 32.54 | 252.89 |
| Ecarts | -0.63 | -1.41 | -3.12 | -3.12 | -6.31 | -8.40 | -1.37 | 0.72 | 1.70 | -90.90 |

Performance calendaire annuelle (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | -9.75 | 18.85 | -19.88 | 29.10 | -0.98 | 16.08 | 11.98 | 46.72 | 17.66 | -8.72 |
| Indice de réference | 1.13 | 18.22 | -18.18 | 27.68 | 4.96 | 13.01 | 13.15 | 50.40 | 18.46 | -9.18 |
| Ecarts | -10.88 | 0.63 | -1.70 | 1.42 | -5.94 | 3.08 | -1.17 | -3.68 | -0.80 | 0.46 |

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 |  |  |
| Mitsui OSK Lines Ltd | 1.71 | 0.59 | 1.12 | Industrie | Japon |
| Haseko Corp | 1.42 | 0.40 | 1.02 | Biens de conso. Cycliques | Japon |
| Sumitomo Heavy Industries Ltd | 1.41 | 0.35 | 1.06 | Industrie | Japon |
| Kenedix Retail REIT Corp | 1.38 | 0.16 | 1.21 | Immobilier | Japon |
| en Japan Inc | 1.36 | 0.12 | 1.24 | Industrie | Japon |
| Yokohama Rubber Co Ltd | 1.36 | 0.29 | 1.07 | Biens de conso. Cycliques | Japon |
| Sugi Holdings Co Ltd | 1.35 | 0.29 | 1.06 | Biens de conso. de base | Japon |
| Ferrotec Holdings Corp | 1.34 | 0.12 | 1.22 | Technologie | Japon |
| Tokyo Tatemono Co Ltd | 1.31 | 0.30 | 1.01 | Immobilier | Japon |
| Sumitomo Rubber Industries Ltd | 1.29 | 0.27 | 1.02 | Biens de conso. Cycliques | Japon |
| Total (%) | 13.93 | 2.89 |  |  |  |


## 5 principales surpondérations (%)	5 principales sous-pondérations (%)
Port. Indice Relative de réf.
Port. Indice Relative de réf.
| en Japan Inc | 1.36 | 0.12 | 1.24 |  | Food & Life Cos Ltd | 0.00 | 0.54 | -0.54 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Ferrotec Holdings Corp | 1.34 | 0.12 | 1.22 |  | BayCurrent Consulting Inc | 0.00 | 0.54 | -0.54 |
| Kenedix Retail REIT Corp | 1.38 | 0.16 | 1.21 |  | Advance Residence Investment Corp | 0.00 | 0.50 | -0.50 |
| C Uyemura & Co Ltd | 1.18 | 0.00 | 1.18 |  | Asics Corp | 0.00 | 0.44 | -0.44 |
| Kaken Pharmaceutical Co Ltd | 1.28 | 0.14 | 1.13 |  | Showa Denko KK | 0.00 | 0.43 | -0.43 |


## Exposition sectorielle (%)
Portefeuille	Indice de réference

## Exposition sectorielle active (%)
-6	-4	-2	0	2	4	6	8	10
Industrie	28.17	24.63
Biens de conso. Cycliques	24.38	15.83
Technologie	9.91	12.25
Matériaux	8.97	10.19
Biens de conso. de base	7.08	8.50
Immobilier	6.74	11.07
Santé	5.81	5.65
Finance	3.51	6.27
Services de Communication	3.18	2.98
Energie	1.28	0.73
Services aux collectivités	0.48	1.89
Monétaire	0.50	0.00

## Ventilation par capitalisation boursière (%)
60
50
40
30
20
10
De 0 à 250 mns
d’euros
De 250 à
500 mns d’euros
De 500 mns à
1 md d’euros
De 1 à 3 mds
d’euros
De 3 à 5 mds
d’euros
De 5 à 10 mds
d’euros
Monétaire
0
| Port. | 4.98 | 6.15 | 33.83 | 37.76 | 14.78 | 2.00 | 0.50 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Indice de réf. | - | 6.23 | 17.95 | 56.61 | 18.55 | 0.66 | - |