# Performance & Risk
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## Performance Evolution (EUR)
130
120
110
100
90
80
Assets Under Management (M)
EUR

### 1 091.60
Mod. Duration	2.54

## Fund Profile
ESG Rating
% of AUM covered by ESG absolute rating: Portfolio = 84.4% (not meaningful for coverage below 50%)
30/09/19
30/03/20
30/09/20
30/03/21
30/09/21
30/03/22 30/09/22
Portfolio* (-1.70%)
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* (%) | 10.98 | 10.61 | 9.26 | 8.31 |
| Sharpe Ratio | -0.99 | 0.06 | 0.11 | 0.64 |


## Rolling Performance (%)
|  | 1M | 3M | 6M | YTD | 3Y | 5Y | 30/09/21 30/09/22 | 30/09/20 30/09/21 | 30/09/19 30/09/20 | 30/09/18 30/09/19 | 30/09/17 30/09/18 | Launch |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -1.82 | 0.85 | -7.83 | -15.08 | -1.70 | -0.47 | -12.02 | 10.17 | 1.42 | 0.20 | 1.06 | 49.79 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 7.08 | 3.48 | 13.42 | -7.11 | 15.37 | 1.16 | 9.42 | 9.03 | - | - |

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.

## Asset Allocation (%)
-10	0	10	20	30	40	50	60	70	80	90	100	110
| Equities | 98.20 | 76.21 | 89.82 | 80.42 | 72.08 | 68.98 | 69.68 | 64.89 | 45.72 | 48.78 | 30.14 | 36.55 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Diversif. | 1.65 | 1.68 | 1.62 | 1.68 | 1.88 | 1.90 | 2.96 | 5.43 | 6.67 | 6.57 | 6.65 | 6.83 |
| Bonds | 0.81 | 0.81 | 0.79 | 0.72 | 0.78 | 4.66 | 4.84 | 4.45 | 4.71 | 3.99 | 7.33 | 9.34 |
| Monetary | -0.65 | 21.30 | 7.78 | 17.19 | 25.26 | 24.47 | 22.52 | 25.23 | 42.90 | 40.65 | 55.88 | 47.29 |

29/10/2021
30/11/2021
31/12/2021
31/01/2022
28/02/2022
31/03/2022
29/04/2022
31/05/2022
30/06/2022
29/07/2022
31/08/2022
30/09/2022
For the Asset allocation, the equities derivatives exposure is included in the equities part . The counterpart of this exposure is included in the monetary part and gives an overall exposure of 100%.

## Currency Breakdown (%)
50
40
30
20
10
0
|  | EUR | USD | HKD | CHF | SEK | CNH | Other |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | Portfolio | 45.38 | 43.19 | 4.98 | 4.03 | 1.86 | 1.56 | -1.00 |

-10
Source(s): AXA Investment Managers - GICS as at 30/09/2022
For more information about AXA IM, visit axa-im.com
| Sector Breakdown (%) |  |  | Geographical Breakdown (%) |  |
| --- | --- | --- | --- | --- |
|  | Portfolio |  |  | Portfolio |
| IT | 27.81 |  | European Economic Area | 9.83 |
| Cons. stap. | 18.55 |  | Others | 7.98 |
| Industrials | 16.17 |  | Emerging Markets | 7.36 |
| Cons. disc. | 11.56 |  | North America | 6.41 |
| Health Care | 11.15 |  | Japan | 6.02 |
| Financials | 10.09 |  | Asia ex Japan | 0.40 |
| Materials | 5.13 |  |
| Communication Services | 3.61 |
| Energy | -0.47 |
| Real estate | -0.72 |
| Not classified | -0.95 |
| Utilities | -1.91 |
| MarketCap Breakdown (EUR - %) |  |

30
27
24
21
18
15
12
9
6
3
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
100bn To 250bn
More Than 250bn
Port.	0.15	0.44	0.06	2.33	3.83	9.49	10.55	27.48	6.83	10.48
Source(s): AXA Investment Managers - GICS as at 30/09/2022
For more information about AXA IM, visit axa-im.com
| Top 10 Holdings |  |
| --- | --- |
| Equity	Weighting (%) | Sector | Issuer country | Currency |
| Prysmian SpA	2.07 | Industrials | European Economic Area | EUR |
| Roche Holding AG	1.82 | Health Care | European Economic Area | CHF |
| Diageo PLC	1.77 | Cons. stap. | Others | GBP |
| Keyence Corp	1.61 | IT | Japan | JPY |
| Inner Mongolia Yili Industrial Group Co Ltd	1.56 | Cons. stap. | Emerging Markets | CNH |
| Nestle SA	1.56 | Cons. stap. | European Economic Area | CHF |
| L'Occitane Ltd	1.28 | Cons. stap. | European Economic Area | HKD |
| Check Point Software Technologies Ltd	1.23 | IT | Emerging Markets | USD |
| MSCI Inc	1.23 | Financials | North America | USD |
| AstraZeneca PLC	1.22 | Health Care | Others | GBP |
| Total (%)	15.34 |  |  |  |
| Fixed Income : 9% of the overall portfolio |  |  |  |
| Fund Key Metrics |  |  |  |  |
|  | Portfolio |  |  | Portfolio |
| Number of Holdings | 42 | Mod. Duration |  | 2.31 |
| Number of Issuers | 30 | Yield To Worst (%) |  | 2.69 |
| Linear Average Rating | A |  |  |  |
| Top 10 Holdings |  |  |  |  |
| Name | Weighting (%) | Issuer country | Modified duration | Contribution |
| FRENCH DISCOUNT T-BILL 0.000% 16/11/2022 | 3.54 | European Economic Area | 0.1 | 0.00 |
| France Government Bond OAT 0.25% 07/25/2024 | 0.55 | European Economic Area | 1.8 | 0.00 |
| German Inflation Linked Bond 0.1% 04/15/2023 | 0.49 | European Economic Area | 0.5 | 0.00 |
| F00008252 IRS USD R V 12MUSCPI | 0.31 |  |  | 0.00 |
| F00008251 IRS USD R F 2.95100 | 0.31 |  |  | 0.00 |
| Spain (Kingdom of) I/L BOND 0.15% 11/30/2023 | 0.27 | European Economic Area | 1.2 | 0.00 |
| HSBC Holdings PLC VAR 11/13/2026 | 0.24 | Others | 3.0 | 0.00 |
| Total SA VAR PERP | 0.18 | European Economic Area | 0.6 | 0.00 |
| ING Groep NV VAR 02/18/2029 | 0.18 | European Economic Area | 5.1 | 0.00 |
| Electricite de France SA 1.875% 10/13/2036 | 0.17 | European Economic Area | 11.1 | 0.00 |
| Total (%) | 6.25 |  |  |  |

Source(s): AXA Investment Managers - GICS as at 30/09/2022
For more information about AXA IM, visit axa-im.com

## Maturity Breakdown (%)
5
4
3
2
1
0	0-1 year	1-3 years	3-5 years	5-7 years	7-10 years	10-20 years	+20 years
Portfolio	4.52	1.92	1.30	1.47	0.37	0.45	0.16

## Rating Breakdown (%)
5
4
3
2
1
0	AAA	AA	A	BBB	BB	B	NR
Portfolio	0.78	0.60	1.02	2.77	0.29	0.12	4.62

## Instrument Type Breakdown (%)
6
4
2
0	Sovereign	Financial	Industrials	Not Classified	Utility	Quasi & Foreign
Government
Portfolio	5.24	1.93	1.25	1.04	0.69	0.04
Diversification : 7% of the overall portfolio
| Equity | Weighting (%) | Issuer country | Currency |
| --- | --- | --- | --- |
| iShares Physical Gold ETC | 4.61 | European Economic Area | USD |
| AXA WF Dynamic Optimal Income | 1.07 | European Economic Area | USD |
| AXA IM WAVe Cat Bonds Fund | 0.73 | Others | USD |
| AXA IM WAVe Cat Bonds Fund | 0.41 | Others | EUR |
| Total (%) | 6.82 |  |  |
| For more information about AXA IM, visit axa-im.com |  |  |  |


## Top 10 Holdings
Source(s): AXA Investment Managers - GICS as at 30/09/2022

Translation (ENFR, 2022-09-30):
# Performance et risque
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## Evolution de la performance (EUR)
130
120
110
100
90
80
Valeur liquidative
Cap.

### 149.79
Actif net du fonds (M)
EUR

### 1 091.60

## Indice de réference
Le fonds n’a pas d’indice de référence.

## Caractéristiques du portefeuille
Port.
Mod. Duration	2.54

## Profil du portefeuille
Notation ESG
% de l’encours sous gestion couvert par la note ESG absolue : Portefeuille = 84.4% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)
30/09/19
30/03/20
30/09/20
30/03/21
30/09/21
30/03/22 30/09/22
Portefeuille* (-1.70%)
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* (%) | 10.98 | 10.61 | 9.26 | 8.31 |
| Ratio de Sharpe | -0.99 | 0.06 | 0.11 | 0.64 |


## Performance glissante (%)
30/09/22
1 mois	3 mois	6 mois	YTD	3 ans	5 ans	30/09/21
30/09/20
30/09/21
30/09/19
30/09/20
30/09/18
30/09/19
30/09/17
30/09/18
Création
Portefeuille*	-1.82	0.85	-7.83	-15.08	-1.70	-0.47	-12.02	10.17	1.42	0.20	1.06	49.79

## Performance calendaire annuelle (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | 7.08 | 3.48 | 13.42 | -7.11 | 15.37 | 1.16 | 9.42 | 9.03 | - | - |

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.

## Répartition par classe d'actifs (%)
-10	0	10	20	30	40	50	60	70	80	90	100	110
| Actions | 98.20 | 76.21 | 89.82 | 80.42 | 72.08 | 68.98 | 69.68 | 64.89 | 45.72 | 48.78 | 30.14 | 36.55 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Diversif. | 1.65 | 1.68 | 1.62 | 1.68 | 1.88 | 1.90 | 2.96 | 5.43 | 6.67 | 6.57 | 6.65 | 6.83 |
| Obligations | 0.81 | 0.81 | 0.79 | 0.72 | 0.78 | 4.66 | 4.84 | 4.45 | 4.71 | 3.99 | 7.33 | 9.34 |
| Monétaire | -0.65 | 21.30 | 7.78 | 17.19 | 25.26 | 24.47 | 22.52 | 25.23 | 42.90 | 40.65 | 55.88 | 47.29 |

29/10/2021
30/11/2021
31/12/2021
31/01/2022
28/02/2022
31/03/2022
29/04/2022
31/05/2022
30/06/2022
29/07/2022
31/08/2022
30/09/2022
Pour l'Evolution de la composition, l'exposition des produits de type dérivés actions est incluse dans la partie actions. La contrepartie de cette exposition est incluse dans la partie monétaire et permet d'obtenir une exposition totale à 100%.

## Exposition par devise (%)
50
40
30
20
10
0
|  | EUR | USD | HKD | CHF | SEK | CNH | Autres |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | Portefeuille | 45.38 | 43.19 | 4.98 | 4.03 | 1.86 | 1.56 | -1.00 |

-10
Source(s) : AXA Investment Managers - GICS au 30/09/2022
Pour obtenir de plus amples informations sur AXA IM, rendez-vous sur axa-im.com

## Exposition sectorielle (%)	Exposition géographique (%)
Portefeuille
Technologie	27.81
Conso. Base	18.55
Industrie	16.17
Conso. cycl.	11.56
Santé	11.15
Finance	10.09
Matériaux	5.13
Services de Communication	3.61
Energie	-0.47
Immobilier	-0.72
Non Classé	-0.95
Serv. aux collect.	-1.91
Portefeuille
Pays membres de la zone EEE	9.83
Autres	7.98
Marchés émergents	7.36
Amérique du Nord	6.41
Japon	6.02
Asie ex Japon	0.40

## Ventilation par capitalisation boursière (EUR - %)
30
27
24
21
18
15
12
9
6
3
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
De 100 à
250 mds
Plus de 250 mds
Port.	0.15	0.44	0.06	2.33	3.83	9.49	10.55	27.48	6.83	10.48
Source(s) : AXA Investment Managers - GICS au 30/09/2022
Pour obtenir de plus amples informations sur AXA IM, rendez-vous sur axa-im.com
| 10 principaux titres |  |
| --- | --- |
| Action | Pondération (%) | Secteur	Pays émetteur | Devise |
| Prysmian SpA | 2.07 | Industrie	Pays membres de la zone EEE | EUR |
| Roche Holding AG | 1.82 | Santé	Pays membres de la zone EEE | CHF |
| Diageo PLC | 1.77 | Conso. Base	Autres | GBP |
| Keyence Corp | 1.61 | Technologie	Japon | JPY |
| Inner Mongolia Yili Industrial Group Co Ltd | 1.56 | Conso. Base	Marchés émergents | CNH |
| Nestle SA | 1.56 | Conso. Base	Pays membres de la zone EEE | CHF |
| L'Occitane Ltd | 1.28 | Conso. Base	Pays membres de la zone EEE | HKD |
| Check Point Software Technologies Ltd | 1.23 | Technologie	Marchés émergents | USD |
| MSCI Inc | 1.23 | Finance	Amérique du Nord | USD |
| AstraZeneca PLC | 1.22 | Santé	Autres | GBP |
| Total (%) | 15.34 |  |  |
| Obligations : 9% du portefeuille Caractéristiques du portefeuille | global |  |  |
|  | Portefeuille |  | Portefeuille |
| Nombre de lignes | 42 | Mod. Duration | 2.31 |
| Nombre d'émetteurs | 30 | Yield to worst (%) | 2.69 |
| Rating moyen linéaire | A |  |  |
| 10 principaux titres |  |  |  |
| Libellé | Pondération (%) | Pays émetteur	Sensibilité | Contribution |
| FRENCH DISCOUNT T-BILL 0.000% 16/11/2022 | 3.54 | Pays membres de la zone EEE	0.1 | 0.00 |
| France Government Bond OAT 0.25% 07/25/2024 | 0.55 | Pays membres de la zone EEE	1.8 | 0.00 |
| German Inflation Linked Bond 0.1% 04/15/2023 | 0.49 | Pays membres de la zone EEE	0.5 | 0.00 |
| F00008252 IRS USD R V 12MUSCPI | 0.31 |  | 0.00 |
| F00008251 IRS USD R F 2.95100 | 0.31 |  | 0.00 |
| Spain (Kingdom of) I/L BOND 0.15% 11/30/2023 | 0.27 | Pays membres de la zone EEE	1.2 | 0.00 |
| HSBC Holdings PLC VAR 11/13/2026 | 0.24 | Autres	3.0 | 0.00 |
| Total SA VAR PERP | 0.18 | Pays membres de la zone EEE	0.6 | 0.00 |
| ING Groep NV VAR 02/18/2029 | 0.18 | Pays membres de la zone EEE	5.1 | 0.00 |
| Electricite de France SA 1.875% 10/13/2036 | 0.17 | Pays membres de la zone EEE	11.1 | 0.00 |
| Total (%) | 6.25 |  |  |

Source(s) : AXA Investment Managers - GICS au 30/09/2022
Pour obtenir de plus amples informations sur AXA IM, rendez-vous sur axa-im.com

## Exposition par maturité (%)
5
4
3
2
1
0	0-1 an	1-3 ans	3-5 ans	5-7 ans	7-10 ans	10-20 ans	+ 20 ans
Portefeuille	4.52	1.92	1.30	1.47	0.37	0.45	0.16

## Exposition par rating (%)
5
4
3
2
1
0	AAA	AA	A	BBB	BB	B	NR
Portefeuille	0.78	0.60	1.02	2.77	0.29	0.12	4.62

## Exposition par type d'instrument (%)
6
4
2
0	Souverain	Finance	Industrie	Hors catégorie	Services aux
Collectivités
Quasi & Foreign Government
Portefeuille	5.24	1.93	1.25	1.04	0.69	0.04
Diversification : 7% du portefeuille global
| Action | Pondération (%) | Pays émetteur | Devise |
| --- | --- | --- | --- |
| iShares Physical Gold ETC | 4.61 | Pays membres de la zone EEE | USD |
| AXA WF Dynamic Optimal Income | 1.07 | Pays membres de la zone EEE | USD |
| AXA IM WAVe Cat Bonds Fund | 0.73 | Autres | USD |
| AXA IM WAVe Cat Bonds Fund | 0.41 | Autres | EUR |
| Total (%) | 6.82 |  |  |


## 10 principaux titres
Source(s) : AXA Investment Managers - GICS au 30/09/2022
Pour obtenir de plus amples informations sur AXA IM, rendez-vous sur axa-im.com