# Performance & Risk
## Performance Evolution (EUR)
Number of Holdings	87	2165
Turnover: Rolling 1Y (%)	135	-
Active Share (%)	70	-

## Fund Profile
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130
120
110
100
90
80
70
29/11/19
30/05/20
30/11/20
30/05/21
30/11/21
30/05/22 30/11/22
ESG Rating
ESG Relative Rating
CO2 Relative rating
Portfolio* (-6.24%)	Benchmark (4.35%)
Data is rebased to 100 by AXA IM on the graph start date.
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.
% of AUM covered by ESG absolute rating: Portfolio = 96.4% Benchmark = 97.2% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
| Risk Analysis |  |  |  |  | = 85.1% Benchmark = 92.9% (not meaningful for coverage below 50%) |
| --- | --- | --- | --- | --- | --- |
|  | 1Y | 3Y | 5Y | Launch |  |
| Portfolio Volatility* (%) | 15.59 | 15.76 | 14.38 | 15.34 |  |
| Benchmark Volatility (%) | 14.75 | 15.24 | 13.82 | 15.15 |  |
| Relative Risk/Tracking Error  (%) | 3.92 | 2.48 | 2.51 | 3.11 |  |
| Sharpe Ratio | -0.56 | -0.02 | 0.05 | 0.10 |  |
| Information Ratio | -0.68 | -0.83 | -0.87 | -0.21 |  |

Performance & Risk 
(Continued)

## Rolling Performance (%)
|  | 1M | 3M | 6M | YTD | 3Y | 5Y | 30/11/21 30/11/22 | 30/11/20 30/11/21 | 30/11/19 30/11/20 | 30/11/18 30/11/19 | 30/11/17 30/11/18 | Launch |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 6.23 | -1.88 | -1.33 | -11.57 | -6.24 | -5.24 | -10.31 | 9.16 | -4.23 | 8.99 | -7.27 | 30.82 |
| Benchmark | 6.83 | -0.96 | 0.65 | -7.54 | 4.35 | 13.75 | -6.32 | 9.16 | 2.04 | 10.88 | -1.68 | 101.56 |
| Excess Return | -0.61 | -0.92 | -1.99 | -4.03 | -10.58 | -18.99 | -3.99 | 0.00 | -6.27 | -1.90 | -5.58 | -70.73 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 8.43 | -3.44 | 21.42 | -15.62 | 12.11 | 4.25 | 26.18 | 8.38 | 17.71 | 2.26 |
| Benchmark | 9.38 | 2.86 | 21.68 | -10.29 | 10.81 | 6.94 | 23.32 | 9.84 | 20.97 | 5.87 |
| Excess Return | -0.95 | -6.31 | -0.26 | -5.33 | 1.30 | -2.69 | 2.87 | -1.46 | -3.26 | -3.60 |

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 |  |  |
| Toyota Motor Corp | 3.05 | 3.85 | -0.79 | Consumer Discretionary | Japan |
| Sony Group Corp | 2.76 | 2.78 | -0.01 | Consumer Discretionary | Japan |
| Omron Corp | 2.37 | 0.23 | 2.14 | Information Technology | Japan |
| Ibiden Co Ltd | 2.29 | 0.11 | 2.18 | Information Technology | Japan |
| Sompo Holdings Inc | 2.29 | 0.36 | 1.93 | Financials | Japan |
| Nintendo Co Ltd | 2.23 | 1.30 | 0.93 | Communication Services | Japan |
| Sysmex Corp | 2.02 | 0.25 | 1.77 | Health Care | Japan |
| FUJIFILM Holdings Corp | 2.01 | 0.49 | 1.52 | Information Technology | Japan |
| Fujitsu Ltd | 1.92 | 0.65 | 1.28 | Information Technology | Japan |
| Komatsu Ltd | 1.75 | 0.52 | 1.23 | Industrials | Japan |
| Total (%) | 22.70 | 10.53 |  |  |  |

Companies shown are for illustrative purposes only at the date of this report and may no longer be in the portfolio later. It should not be considered a recommendation to purchase or sell any security.
Portfolio Analysis 
(Continued)

## Top 5 Overweight (%)

## Top 5 Underweight (%)
Port. Bench. Relative	Port. Bench. Relative
| Ibiden Co Ltd | 2.29 | 0.11 | 2.18 |  | Nippon Telegraph & Telephone Corp | 0.00 | 1.71 | -1.71 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Omron Corp | 2.37 | 0.23 | 2.14 |  | Takeda Pharmaceutical Co Ltd | 0.00 | 1.25 | -1.25 |
| Sompo Holdings Inc | 2.29 | 0.36 | 1.93 |  | Sumitomo Mitsui Financial Group Inc | 0.00 | 1.17 | -1.17 |
| Sysmex Corp | 2.02 | 0.25 | 1.77 |  | KDDI Corp | 0.00 | 1.11 | -1.11 |
| FUJIFILM Holdings Corp | 2.01 | 0.49 | 1.52 |  | Mitsubishi Corp | 0.00 | 1.06 | -1.06 |
| Sector Breakdown (%) |  |  |  |  | Active Exposure by Sector (%) |  |  |  |

Portfolio	Benchmark
Industrials	27.19	23.84
Information Technology	24.68	13.23
Health Care	10.85	9.18
Consumer Discretionary	10.27	18.01
Communication Services	7.38	8.13
Materials	6.85	5.56
Financials	6.72	10.36
Energy	1.22	0.88
Consumer Staples	1.21	7.43
Utilities	1.09	1.25
Real Estate	1.02	2.14
Cash	1.51	0.00
-8	-6	-4	-2	0	2	4	6	8	10	12
MarketCap Breakdown (JPY - %)
44
40
36
32
28
24
20
16
12
8
4
0	0 To 30bn	30bn To 65bn
65bn To 150bn
150bn To 400bn
400bn To 650bn
650bn To 1500bn
1500bn To 3000bn
3000bn To 13000bn
13000bn To 33000bn
Cash
Port.	1.30	2.46	9.59	20.14	5.68	13.96	16.41	25.87	3.05	1.51
Bench.	1.41	2.22	3.95	8.94	5.43	14.96	18.59	38.94	5.56	-

Translation (ENFR, 2022-11-30):
# Performance et risque
## Evolution de la performance (EUR)
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130
120
110
100
90
80
70
Valeur liquidative
Cap.

### 8.87
Actif net du fonds (M)
JPY

### 20 082.93

## Indice de réference
Depuis le: 05/10/2001
100% TOPIX Total Return Net
Le fonds est géré de manière active avec une déviation qui devrait être limitée en termes de constitution et performance comparée à l’indice de référence.
Port.

## Caractéristiques du portefeuille
Indice de réf.
Nombre de lignes	87 2165 Turnover: Glissant 1an (%)   135	- Active Share (%)	70	-

## Profil du portefeuille
Notation ESG
Notation ESG relative
29/11/19
30/05/20
30/11/20
30/05/21
30/11/21
30/05/22 30/11/22
Intensité relative en CO2
Portefeuille* (-6.24%)	Indice de réference (4.35%)
Les données sont rebasées à 100 par AXA IM à la date de début du graphique.
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
- an	3 ans	5 ans	Création% de l’encours sous gestion couvert par la note ESG absolue : Portefeuille = 96.4% Indice de réf. = 97.2% (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 = 85.1% Indice de réf.

| Volatilité du portefeuille* (%) | 15.59 | 15.76 | 14.38 | 15.34 | = 92.9% (n'est pas significatif lor couverture est inférieur à 50%) |
| --- | --- | --- | --- | --- | --- |
| Volatilité de l'indice de référence (%) | 14.75 | 15.24 | 13.82 | 15.15 |  |
| Risque relatif/Tracking Error  (%) | 3.92 | 2.48 | 2.51 | 3.11 |  |
| Ratio de Sharpe | -0.56 | -0.02 | 0.05 | 0.10 |  |
| Ratio d'information | -0.68 | -0.83 | -0.87 | -0.21 |  |

sque le taux de
Performance et risque 
(suite)

## Performance glissante (%)
|  | 1 mois | 3 mois | 6 mois | YTD | 3 ans | 5 ans | 30/11/21 30/11/22 | 30/11/20 30/11/21 | 30/11/19 30/11/20 | 30/11/18 30/11/19 | 30/11/17 30/11/18 | Création |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | 6.23 | -1.88 | -1.33 | -11.57 | -6.24 | -5.24 | -10.31 | 9.16 | -4.23 | 8.99 | -7.27 | 30.82 |
| Indice de référence | 6.83 | -0.96 | 0.65 | -7.54 | 4.35 | 13.75 | -6.32 | 9.16 | 2.04 | 10.88 | -1.68 | 101.56 |
| Ecarts | -0.61 | -0.92 | -1.99 | -4.03 | -10.58 | -18.99 | -3.99 | 0.00 | -6.27 | -1.90 | -5.58 | -70.73 |

Performance calendaire annuelle (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | 8.43 | -3.44 | 21.42 | -15.62 | 12.11 | 4.25 | 26.18 | 8.38 | 17.71 | 2.26 |
| Indice de réference | 9.38 | 2.86 | 21.68 | -10.29 | 10.81 | 6.94 | 23.32 | 9.84 | 20.97 | 5.87 |
| Ecarts | -0.95 | -6.31 | -0.26 | -5.33 | 1.30 | -2.69 | 2.87 | -1.46 | -3.26 | -3.60 |

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 |  |  |
| Toyota Motor Corp	3.05 | 3.85 | -0.79 | Biens de conso. Cycliques | Japon |
| Sony Group Corp	2.76 | 2.78 | -0.01 | Biens de conso. Cycliques | Japon |
| Omron Corp	2.37 | 0.23 | 2.14 | Technologie | Japon |
| Ibiden Co Ltd	2.29 | 0.11 | 2.18 | Technologie | Japon |
| Sompo Holdings Inc	2.29 | 0.36 | 1.93 | Finance | Japon |
| Nintendo Co Ltd	2.23 | 1.30 | 0.93 | Services de Communication | Japon |
| Sysmex Corp	2.02 | 0.25 | 1.77 | Santé | Japon |
| FUJIFILM Holdings Corp	2.01 | 0.49 | 1.52 | Technologie | Japon |
| Fujitsu Ltd	1.92 | 0.65 | 1.28 | Technologie | Japon |
| Komatsu Ltd	1.75 | 0.52 | 1.23 | Industrie | Japon |
| Total (%)	22.70 | 10.53 |  |  |  |

Les informations sur cette société sont données à titre illustratif uniquement, sont valables à la date du reporting et ne constituent pas une recommandation à l’achat ou à la vente. Il est possible que cette entreprise ne soit plus présente en portefeuille à une date ultérieure.
Analyse du portefeuille 
(suite)

## 5 principales surpondérations (%)

## 5 principales sous-pondérations (%)
Port. Indice Relative de réf.
Port. Indice Relative de réf.
| Ibiden Co Ltd | 2.29 | 0.11 | 2.18 |  | Nippon Telegraph & Telephone Corp | 0.00 | 1.71 | -1.71 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Omron Corp | 2.37 | 0.23 | 2.14 |  | Takeda Pharmaceutical Co Ltd | 0.00 | 1.25 | -1.25 |
| Sompo Holdings Inc | 2.29 | 0.36 | 1.93 |  | Sumitomo Mitsui Financial Group Inc | 0.00 | 1.17 | -1.17 |
| Sysmex Corp | 2.02 | 0.25 | 1.77 |  | KDDI Corp | 0.00 | 1.11 | -1.11 |
| FUJIFILM Holdings Corp | 2.01 | 0.49 | 1.52 |  | Mitsubishi Corp | 0.00 | 1.06 | -1.06 |
| Exposition sectorielle (%) |  |  |  |  | Exposition sectorielle active (%) |  |  |  |

Portefeuille	Indice de réference
Industrie	27.19	23.84
Technologie	24.68	13.23
Santé	10.85	9.18
Biens de conso. Cycliques	10.27	18.01
Services de Communication	7.38	8.13
Matériaux	6.85	5.56
Finance	6.72	10.36
Energie	1.22	0.88
Biens de conso. de base	1.21	7.43
Services aux collectivités	1.09	1.25
Immobilier	1.02	2.14
Monétaire	1.51	0.00
-8	-6	-4	-2	0	2	4	6	8	10	12

## Ventilation par capitalisation boursière (JPY - %)
44
40
36
32
28
24
20
16
12
8
4
0	De 0 à 30
mds
De 30 à 65
mds
De 65 à
150 mds
De 150 à
400 mds
De 400 à
650 mds
De 650 à
1500 mds
De 1500 à
3000 mds
De 3000 à
13000 mds
De 13000 à
33000 mds
Monétaire
Port.	1.30	2.46	9.59	20.14	5.68	13.96	16.41	25.87	3.05	1.51
Indice de réf.	1.41	2.22	3.95	8.94	5.43	14.96	18.59	38.94	5.56	-