# Performance & Risk
## Performance Evolution (EUR)

## Fund Profile
ESG Rating
ESG Relative Rating
CO2 Relative rating
31/05/2018
31/05/2019
31/05/2020
31/05/2021
Portfolio* (28.56%)	Benchmark (23.35%)
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
% of AUM covered by ESG absolute rating: Portfolio = 99.3% Benchmark = 99.8% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 97.6% Benchmark = 98.0% (not meaningful for
| basis of net or gross dividend. Please refer to the Risk Analysis | prospectus for more information. |  |  | coverage below 50%) |
| --- | --- | --- | --- | --- |
|  | 1Y | 3Y | 5Y | Launch |  |
| Portfolio Volatility* (%) | 15.98 | 17.37 | 14.72 | 13.59 |  |
| Benchmark Volatility (%) | 16.61 | 16.93 | 14.19 | 14.26 |  |
| Relative Risk/Tracking Error  (%) | 2.80 | 3.03 | 2.60 | 3.08 |  |
| Sharpe Ratio | 1.95 | 0.57 | 0.65 | 0.73 |  |
| Information Ratio | 0.60 | 0.77 | 0.64 | 0.53 |  |


## Rolling Performance (%)
|  | 1M | 3M | 6M | YTD | 31/05/2020 31/05/2021 | 31/05/2019 31/05/2020 | 31/05/2018 31/05/2019 | 31/05/2017 31/05/2018 | 31/05/2016 31/05/2017 | Launch |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 3.25 | 12.83 | 16.72 | 14.85 | 30.34 | 1.71 | -3.03 | 0.95 | 15.45 | 209.52 |
| Benchmark | 2.56 | 11.45 | 16.11 | 13.43 | 29.67 | -4.24 | -0.66 | 0.99 | 15.83 | 180.26 |
| Excess Return | 0.69 | 1.38 | 0.61 | 1.42 | 0.68 | 5.95 | -2.36 | -0.04 | -0.37 | 29.26 |

Annual Calendar Performance (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -0.10 | 30.98 | -13.81 | 10.47 | 0.58 | 7.88 | 5.25 | 17.20 | 17.30 | -4.11 |
| Benchmark | -3.32 | 26.05 | -10.57 | 10.24 | 2.58 | 8.22 | 6.84 | 19.82 | 17.29 | -8.08 |
| Excess Return | 3.22 | 4.93 | -3.24 | 0.23 | -2.00 | -0.34 | -1.59 | -2.62 | 0.01 | 3.97 |

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 | 4.49 | 2.53 | 1.96 | Information Technology | Netherlands |
| Nestle SA | 4.26 | 3.20 | 1.06 | Consumer Staples | Switzerland |
| BNP Paribas SA | 3.93 | 0.69 | 3.23 | Financials | France |
| AstraZeneca PLC | 3.91 | 1.36 | 2.56 | Health Care | United Kingdom |
| Intesa Sanpaolo SpA | 3.30 | 0.44 | 2.86 | Financials | Italy |
| Deutsche Post AG | 3.08 | 0.61 | 2.46 | Industrials | Germany |
| Allianz SE | 3.03 | 0.98 | 2.05 | Financials | Germany |
| STELLANTIS NV | 2.86 | 0.36 | 2.49 | Consumer Discretionary | Italy |
| BP PLC | 2.85 | 0.80 | 2.05 | Energy | United Kingdom |
| Sanofi | 2.71 | 1.09 | 1.62 | Health Care | France |
| Total (%) | 34.41 | 12.06 |  |  |  |


## Top 5 Overweight (%)	Top 5 Underweight (%)
Port. Bench. Relative	Port. Bench. Relative
| BNP Paribas SA | 3.93 | 0.69 | 3.23 |  | Novartis AG | 0.00 | 1.76 | -1.76 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Intesa Sanpaolo SpA | 3.30 | 0.44 | 2.86 |  | Royal Dutch Shell PLC | 0.00 | 1.32 | -1.32 |
| AstraZeneca PLC | 3.91 | 1.36 | 2.56 |  | SAP SE | 0.00 | 1.31 | -1.31 |
| STELLANTIS NV | 2.86 | 0.36 | 2.49 |  | HSBC Holdings PLC | 0.00 | 1.19 | -1.19 |
| Deutsche Post AG | 3.08 | 0.61 | 2.46 |  | Siemens AG | 0.00 | 1.12 | -1.12 |


## Sector Breakdown (%)
Portfolio	Benchmark

## Active Exposure by Sector (%)
-4	-3	-2	-1	0	1	2	3	4	5
Financials	17.55	16.35
Health Care	13.66	13.45
Industrials	12.76	14.77
Consumer Staples	12.27	12.79
Information Technology	10.05	8.06
Communication Services	8.93	3.93
Consumer Discretionary	8.25	12.25
Materials	6.14	8.32
Utilities	5.45	4.39
Energy	2.85	4.34
Real Estate	0.00	1.34
Cash	2.11	0.00

## Geographical Breakdown (%)
Portfolio	Benchmark
France	24.04	18.00
United Kingdom	18.78	22.58
Switzerland	12.78	14.69
Germany	9.56	14.65
Italy	8.26	3.91
Netherlands	7.32	6.62
Sweden	4.19	5.90
Spain	4.09	3.97
Denmark	2.45	3.89
Portugal	1.90	0.31
Finland	1.70	1.61
Belgium	1.50	1.48
Other	1.30	2.39
Cash	2.11	0.00

## Active Exposure by Geography (%)
-6	-5	-4	-3	-2	-1	0	1	2	3	4	5	6	7

## MarketCap Breakdown (%)
50
45
40
35
30
25
20
15
10
5
0	0 To
€250mn
€3bn To
€5bn
€5bn To
€10bn
€10bn To
€25bn
€25bn To
€100bn
€100bn To
€250bn
More Than
€250bn
Cash
Port.	-	-	9.33	17.67	47.34	16.94	6.61	2.11
Bench.	0.04	0.13	7.16	21.58	45.12	20.77	5.20	-

Translation (ENFR, 2021-05-31):
# Performance et risque
## Evolution de la performance (EUR)
Valeur liquidative
Cap.

### 309.12
Actif net du fonds (M)
EUR

### 881.90
Depuis le: 15/10/2008
100% MSCI Europe Total Return Net
Port.

## Caractéristiques du portefeuille
Indice de réf.
Nombre de lignes	50	434
Turnover: Glissant 1an (%)	34	-
Active Share (%)	69	-

## Profil du portefeuille
Notation ESG
Notation ESG relative
Intensité relative en CO2
31/05/2018
31/05/2019
31/05/2020
31/05/2021
Portefeuille* (28.56%)	Indice de réference (23.35%)
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* (%) | 15.98 | 17.37 | 14.72 | 13.59 |
| Volatilité de l'indice de référence (%) | 16.61 | 16.93 | 14.19 | 14.26 |
| Risque relatif/Tracking Error  (%) | 2.80 | 3.03 | 2.60 | 3.08 |
| Ratio de Sharpe | 1.95 | 0.57 | 0.65 | 0.73 |
| Ratio d'information | 0.60 | 0.77 | 0.64 | 0.53 |

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 = 99.3% Indice de référence = 99.8% (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 = 97.6% Indice de référence = 98.0% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)

## Performance glissante (%)
|  | 1 mois | 3 mois | 6 mois | YTD | 31/05/2020 31/05/2021 | 31/05/2019 31/05/2020 | 31/05/2018 31/05/2019 | 31/05/2017 31/05/2018 | 31/05/2016 31/05/2017 | Création |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | 3.25 | 12.83 | 16.72 | 14.85 | 30.34 | 1.71 | -3.03 | 0.95 | 15.45 | 209.52 |
| Indice de réference | 2.56 | 11.45 | 16.11 | 13.43 | 29.67 | -4.24 | -0.66 | 0.99 | 15.83 | 180.26 |
| Ecarts | 0.69 | 1.38 | 0.61 | 1.42 | 0.68 | 5.95 | -2.36 | -0.04 | -0.37 | 29.26 |

Performance calendaire annuelle (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | -0.10 | 30.98 | -13.81 | 10.47 | 0.58 | 7.88 | 5.25 | 17.20 | 17.30 | -4.11 |
| Indice de réference | -3.32 | 26.05 | -10.57 | 10.24 | 2.58 | 8.22 | 6.84 | 19.82 | 17.29 | -8.08 |
| Ecarts | 3.22 | 4.93 | -3.24 | 0.23 | -2.00 | -0.34 | -1.59 | -2.62 | 0.01 | 3.97 |

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	4.49 | 2.53 | 1.96 | Technologie | Pays-Bas |
| Nestle SA	4.26 | 3.20 | 1.06 | Biens de conso. de base | Suisse |
| BNP Paribas SA	3.93 | 0.69 | 3.23 | Finance | France |
| AstraZeneca PLC	3.91 | 1.36 | 2.56 | Santé | Royaume-Uni |
| Intesa Sanpaolo SpA	3.30 | 0.44 | 2.86 | Finance | Italie |
| Deutsche Post AG	3.08 | 0.61 | 2.46 | Industrie | Allemagne |
| Allianz SE	3.03 | 0.98 | 2.05 | Finance | Allemagne |
| STELLANTIS NV	2.86 | 0.36 | 2.49 | Biens de conso. Cycliques | Italie |
| BP PLC	2.85 | 0.80 | 2.05 | Energie | Royaume-Uni |
| Sanofi	2.71 | 1.09 | 1.62 | Santé | France |
| Total (%)	34.41 | 12.06 |  |  |  |


## 5 principales surpondérations (%)	5 principales sous-pondérations (%)
Port. Indice Relative de réf.
Port. Indice Relative de réf.
| BNP Paribas SA | 3.93 | 0.69 | 3.23 |  | Novartis AG | 0.00 | 1.76 | -1.76 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Intesa Sanpaolo SpA | 3.30 | 0.44 | 2.86 |  | Royal Dutch Shell PLC | 0.00 | 1.32 | -1.32 |
| AstraZeneca PLC | 3.91 | 1.36 | 2.56 |  | SAP SE | 0.00 | 1.31 | -1.31 |
| STELLANTIS NV | 2.86 | 0.36 | 2.49 |  | HSBC Holdings PLC | 0.00 | 1.19 | -1.19 |
| Deutsche Post AG | 3.08 | 0.61 | 2.46 |  | Siemens AG | 0.00 | 1.12 | -1.12 |


## Exposition sectorielle (%)
Portefeuille	Indice de réference

## Exposition sectorielle active (%)
-4	-3	-2	-1	0	1	2	3	4	5
Finance	17.55	16.35
Santé	13.66	13.45
Industrie	12.76	14.77
Biens de conso. de base	12.27	12.79
Technologie	10.05	8.06
Services de Communication	8.93	3.93
Biens de conso. Cycliques	8.25	12.25
Matériaux	6.14	8.32
Services aux collectivités	5.45	4.39
Energie	2.85	4.34
Immobilier	0.00	1.34
Monétaire	2.11	0.00

## Exposition géographique (%)
Portefeuille	Indice de réference
France	24.04	18.00
Royaume-Uni	18.78	22.58
Suisse	12.78	14.69
Allemagne	9.56	14.65
Italie	8.26	3.91
Pays-Bas	7.32	6.62
Suède	4.19	5.90
Espagne	4.09	3.97
Danemark	2.45	3.89
Portugal	1.90	0.31
Finlande	1.70	1.61
Belgique	1.50	1.48
Autres	1.30	2.39
Monétaire	2.11	0.00

## Exposition géographique active (%)
-6	-5	-4	-3	-2	-1	0	1	2	3	4	5	6	7

## Ventilation par capitalisation boursière (%)
50
40
30
20
10
De 0 à 250 mns
d’euros
De 3 à 5 mds
d’euros
De 5 à 10 mds
d’euros
De 10 à 25 mds
d’euros
De 25 à 100 mds
d’euros
De 100 à
250 mds d’euros
Plus de 250 mds
d’euros
Monétaire
0
| Port. | - | - | 9.33 | 17.67 | 47.34 | 16.94 | 6.61 | 2.11 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Indice de réf. | 0.04 | 0.13 | 7.16 | 21.58 | 45.12 | 20.77 | 5.20 | - |