# Performance & Risk
## Performance Evolution (EUR)
USD
326.20
Port.	Bench.
Number of Holdings	50	9222
Turnover: Rolling 1Y (%)	35	-
Active Share (%)	98	-

## Fund Profile
ESG Rating
ESG Relative Rating
CO2 Relative rating
31/05/2018
31/05/2019
31/05/2020
28/05/2021
Portfolio* (15.99%)	Benchmark (37.26%)
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 = 98.0% Benchmark = 84.1% (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 = 93.0% Benchmark = 95.4% (not meaningful for |
| --- | --- |
| coverage below 50%) |
| Risk Analysis |  |  |  |  |  |
|  | 1Y | 3Y | 5Y | Launch |  |
| Portfolio Volatility* (%) | 18.68 | 21.68 | 17.42 | 17.29 |  |
| Benchmark Volatility (%) | 18.69 | 22.88 | 18.20 | 18.05 |  |
| Relative Risk/Tracking Error  (%) | 8.04 | 6.78 | 6.28 | 6.23 |  |
| Sharpe Ratio | 1.83 | 0.31 | 0.58 | 0.60 |  |
| Information Ratio | -2.74 | -0.71 | -0.55 | -0.55 |  |


## 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* | -0.26 | -1.58 | 6.60 | -0.39 | 32.52 | -6.89 | -5.99 | 12.86 | 15.20 | 54.50 |
| Benchmark | 1.14 | 7.18 | 22.00 | 14.13 | 56.00 | -3.46 | -8.86 | 16.31 | 16.93 | 92.23 |
| Excess Return | -1.40 | -8.76 | -15.41 | -14.52 | -23.48 | -3.43 | 2.87 | -3.45 | -1.73 | -37.73 |

Annual Calendar Performance (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 17.61 | 15.29 | -13.94 | 27.73 | - | - | - | - | - | - |
| Benchmark | 15.68 | 24.66 | -14.72 | 23.77 | - | - | - | - | - | - |
| Excess Return | 1.92 | -9.37 | 0.78 | 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 |  |  |
| ICON PLC | 3.41 | - | 3.41 | Health Care | USA |
| Edenred | 2.97 | 0.11 | 2.86 | Information Technology | France |
| Quebecor Inc | 2.92 | - | 2.92 | Communication Services | Canada |
| Exponent Inc | 2.88 | 0.04 | 2.84 | Industrials | USA |
| Gsi Group Inc | 2.85 | 0.04 | 2.81 | Information Technology | USA |
| Cerence Inc | 2.63 | 0.03 | 2.60 | Information Technology | USA |
| Badger Meter Inc | 2.57 | 0.02 | 2.55 | Information Technology | USA |
| Li Ning Co Ltd | 2.54 | - | 2.54 | Consumer Discretionary | China |
| Pool Corp | 2.38 | 0.14 | 2.23 | Consumer Discretionary | USA |
| Zur Rose Group AG | 2.33 | 0.03 | 2.30 | Consumer Staples | Switzerland |
| Total (%) | 27.48 | 0.42 |  |  |  |


## Top 5 Overweight (%)	Top 5 Underweight (%)
Port. Bench. Relative	Port. Bench. Relative
| ICON PLC | 3.41 | 0.00 | 3.41 |  | Zebra Technologies Corp | 0.00 | 0.22 | -0.22 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Quebecor Inc | 2.92 | 0.00 | 2.92 |  | Carnival Corp | 0.00 | 0.19 | -0.19 |
| Edenred | 2.97 | 0.11 | 2.86 |  | Caesars Entertainment Inc | 0.00 | 0.18 | -0.18 |
| Exponent Inc | 2.88 | 0.04 | 2.84 |  | Teradyne Inc | 0.00 | 0.18 | -0.18 |
| Gsi Group Inc | 2.85 | 0.04 | 2.81 |  | HubSpot Inc | 0.00 | 0.18 | -0.18 |


## Sector Breakdown (%)
Portfolio	Benchmark

## Active Exposure by Sector (%)
-9	-6	-3	0	3	6	9	12	15	18
Information Technology	30.35	13.86
Consumer Discretionary	20.44	13.98
Industrials	15.39	17.72
Financials	9.35	12.71
Health Care	8.44	12.38
Communication Services	6.31	3.44
Real Estate	2.40	8.40
Consumer Staples	2.33	4.00
Materials	2.16	7.86
Not classified	0.00	0.05
Utilities	0.00	2.82
Energy	0.00	2.79
Cash	2.84	0.00

## Geographical Breakdown (%)
Portfolio	Benchmark
USA	50.59	57.09
Japan	9.10	6.21
France	7.19	2.62
Switzerland	4.07	2.68
United Kingdom	4.00	4.19
China	3.59	2.99
Australia	3.55	2.27
Netherlands	3.43	1.26
Germany	3.24	2.63
Canada	2.92	3.05
Italy	2.04	0.70
Spain	1.92	0.57
Other	1.51	13.75
Cash	2.84	0.00

## Active Exposure by Geography (%)
-14	-12	-10	-8	-6	-4	-2	0	2	4	6

## MarketCap Breakdown (%)
32
28
24
20
16
12
8
4
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
Cash
0
| Port. | - | 1.51 | 3.03 | 22.67 | 29.27 | 30.39 | 10.29 | - | - | - | 2.84 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Bench. | 1.53 | 4.51 | 9.29 | 28.33 | 17.71 | 23.62 | 14.94 | 0.02 | 0.01 | 0.05 | - |

Translation (ENFR, 2021-05-28):
# Performance et risque
## Evolution de la performance (EUR)
Valeur liquidative
Cap.

### 154.5
Actif net du fonds (M)
USD

### 326.20
Depuis le: 07/01/2013
100% S&P Global Small Cap Total Return Net
Port.

## Caractéristiques du portefeuille
Indice de réf.
Nombre de lignes	50 9222 Turnover: Glissant 1an (%)	35	- Active Share (%)	98	-

## Profil du portefeuille
Notation ESG
Notation ESG relative
Intensité relative en CO2
31/05/2018
31/05/2019
31/05/2020
28/05/2021
Portefeuille* (15.99%)	Indice de réference (37.26%)
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* (%) | 18.68 | 21.68 | 17.42 | 17.29 |
| Volatilité de l'indice de référence (%) | 18.69 | 22.88 | 18.20 | 18.05 |
| Risque relatif/Tracking Error  (%) | 8.04 | 6.78 | 6.28 | 6.23 |
| Ratio de Sharpe | 1.83 | 0.31 | 0.58 | 0.60 |
| Ratio d'information | -2.74 | -0.71 | -0.55 | -0.55 |

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 = 98.0% Indice de référence = 84.1% (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 = 93.0% Indice de référence = 95.4% (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* | -0.26 | -1.58 | 6.60 | -0.39 | 32.52 | -6.89 | -5.99 | 12.86 | 15.20 | 54.50 |
| Indice de réference | 1.14 | 7.18 | 22.00 | 14.13 | 56.00 | -3.46 | -8.86 | 16.31 | 16.93 | 92.23 |
| Ecarts | -1.40 | -8.76 | -15.41 | -14.52 | -23.48 | -3.43 | 2.87 | -3.45 | -1.73 | -37.73 |

Performance calendaire annuelle (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | 17.61 | 15.29 | -13.94 | 27.73 | - | - | - | - | - | - |
| Indice de réference | 15.68 | 24.66 | -14.72 | 23.77 | - | - | - | - | - | - |
| Ecarts | 1.92 | -9.37 | 0.78 | 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 |  |  |
| ICON PLC	3.41 | - | 3.41 | Santé | Etats-Unis |
| Edenred	2.97 | 0.11 | 2.86 | Technologie | France |
| Quebecor Inc	2.92 | - | 2.92 | Services de Communication | Canada |
| Exponent Inc	2.88 | 0.04 | 2.84 | Industrie | Etats-Unis |
| Gsi Group Inc	2.85 | 0.04 | 2.81 | Technologie | Etats-Unis |
| Cerence Inc	2.63 | 0.03 | 2.60 | Technologie | Etats-Unis |
| Badger Meter Inc	2.57 | 0.02 | 2.55 | Technologie | Etats-Unis |
| Li Ning Co Ltd	2.54 | - | 2.54 | Biens de conso. Cycliques | Chine |
| Pool Corp	2.38 | 0.14 | 2.23 | Biens de conso. Cycliques | Etats-Unis |
| Zur Rose Group AG	2.33 | 0.03 | 2.30 | Biens de conso. de base | Suisse |
| Total (%)	27.48 | 0.42 |  |  |  |


## 5 principales surpondérations (%)	5 principales sous-pondérations (%)
Port. Indice Relative de réf.
Port. Indice Relative de réf.
| ICON PLC | 3.41 | 0.00 | 3.41 |  | Zebra Technologies Corp | 0.00 | 0.22 | -0.22 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Quebecor Inc | 2.92 | 0.00 | 2.92 |  | Carnival Corp | 0.00 | 0.19 | -0.19 |
| Edenred | 2.97 | 0.11 | 2.86 |  | Caesars Entertainment Inc | 0.00 | 0.18 | -0.18 |
| Exponent Inc | 2.88 | 0.04 | 2.84 |  | Teradyne Inc | 0.00 | 0.18 | -0.18 |
| Gsi Group Inc | 2.85 | 0.04 | 2.81 |  | HubSpot Inc | 0.00 | 0.18 | -0.18 |


## Exposition sectorielle (%)
Portefeuille	Indice de réference

## Exposition sectorielle active (%)
-9	-6	-3	0	3	6	9	12	15	18
Technologie	30.35	13.86
Biens de conso. Cycliques	20.44	13.98
Industrie	15.39	17.72
Finance	9.35	12.71
Santé	8.44	12.38
Services de Communication	6.31	3.44
Immobilier	2.40	8.40
Biens de conso. de base	2.33	4.00
Matériaux	2.16	7.86
Non Classés	0.00	0.05
Services aux collectivités	0.00	2.82
Energie	0.00	2.79
Monétaire	2.84	0.00

## Exposition géographique (%)
Portefeuille	Indice de réference
Etats-Unis	50.59	57.09
Japon	9.10	6.21
France	7.19	2.62
Suisse	4.07	2.68
Royaume-Uni	4.00	4.19
Chine	3.59	2.99
Australie	3.55	2.27
Pays-Bas	3.43	1.26
Allemagne	3.24	2.63
Canada	2.92	3.05
Italie	2.04	0.70
Espagne	1.92	0.57
Autres	1.51	13.75
Monétaire	2.84	0.00

## Exposition géographique active (%)
-14	-12	-10	-8	-6	-4	-2	0	2	4	6

## Ventilation par capitalisation boursière (%)
32
28
24
20
16
12
8
4
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
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. | - | 1.51 | 3.03 | 22.67 | 29.27 | 30.39 | 10.29 | - | - | - | 2.84 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Indice de réf. | 1.53 | 4.51 | 9.29 | 28.33 | 17.71 | 23.62 | 14.94 | 0.02 | 0.01 | 0.05 | - |