# Performance & Risk
## Performance Evolution (EUR)
Fund Profile
ESG Rating
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175
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125
100
75
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30/12/19
30/06/20
30/12/20
30/06/21
30/12/21
30/06/22 30/12/22
ESG Relative Rating
CO2 Relative rating
% of AUM covered by ESG absolute rating: Portfolio =
Portfolio* (17.06%)	Benchmark (18.28%)
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.
95.3% Benchmark = 99.8% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 93.6% Benchmark = 99.6% (not meaningful for coverage below 50%)
| Risk Analysis |  |
| --- | --- |
|  | 1Y | 3Y | 5Y | Launch |
| Portfolio Volatility* (%) | 23.51 | 23.62 | 22.20 | 20.66 |
| Benchmark Volatility (%) | 14.73 | 17.82 | 15.90 | 14.71 |
| Relative Risk/Tracking Error  (%) | 12.83 | 11.05 | 10.35 | 9.91 |
| Sharpe Ratio | -1.29 | 0.27 | 0.40 | 0.55 |
| Information Ratio | -1.34 | 0.04 | 0.09 | 0.35 |


## Rolling Performance (%)
|  | 1M | 3M | 6M | YTD | 3Y | 5Y | 31/12/21 31/12/22 | 31/12/20 31/12/21 | 31/12/19 31/12/20 | 31/12/18 31/12/19 | 31/12/17 31/12/18 | Launch |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -10.26 | -0.09 | 1.20 | -31.06 | 17.06 | 46.21 | -31.06 | 27.35 | 33.34 | 40.44 | -11.07 | 80.50 |
| Benchmark | -7.32 | 0.75 | 0.19 | -13.38 | 18.28 | 45.16 | -13.38 | 28.96 | 5.89 | 29.86 | -5.50 | 56.13 |
| Excess Return | -2.94 | -0.84 | 1.01 | -17.68 | -1.22 | 1.06 | -17.68 | -1.61 | 27.45 | 10.58 | -5.57 | 24.37 |

Annual Calendar Performance (%)
|  | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -31.06 | 27.35 | 33.34 | 40.44 | -11.07 | 25.66 | - | - | - | - |
| Benchmark | -13.38 | 28.96 | 5.89 | 29.86 | -5.50 | 8.89 | - | - | - | - |
| Excess Return | -17.68 | -1.61 | 27.45 | 10.58 | -5.57 | 16.77 | - | - | - | - |

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 |  |  |
| Intuitive Surgical Inc | 4.23 | 0.17 | 4.06 | Health Care | USA |
| DexCom Inc | 3.94 | 0.08 | 3.86 | Health Care | USA |
| Keyence Corp | 3.54 | 0.13 | 3.41 | Information Technology | Japan |
| Siemens AG | 3.53 | 0.19 | 3.34 | Industrials | Germany |
| Thermo Fisher Scientific Inc | 3.16 | 0.38 | 2.77 | Health Care | USA |
| QUALCOMM Inc | 2.97 | 0.22 | 2.75 | Information Technology | USA |
| Silicon Laboratories Inc | 2.84 | - | 2.84 | Information Technology | USA |
| Cadence Design Systems Inc | 2.81 | 0.08 | 2.73 | Information Technology | USA |
| FANUC Corp | 2.78 | 0.05 | 2.73 | Industrials | Japan |
| Alphabet Inc | 2.70 | 1.82 | 0.89 | Communication Services | USA |
| Total (%) | 32.51 | 3.12 |  |  |  |

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.

## Top 5 Overweight (%)	Top 5 Underweight (%)
Port. Bench. Relative	Port. Bench. Relative
| Intuitive Surgical Inc | 4.23 | 0.17 | 4.06 |  | Microsoft Corp | 0.00 | 3.02 | -3.02 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| DexCom Inc | 3.94 | 0.08 | 3.86 |  | Apple Inc | 1.98 | 3.71 | -1.73 |
| Keyence Corp | 3.54 | 0.13 | 3.41 |  | UnitedHealth Group Inc | 0.00 | 0.88 | -0.88 |
| Siemens AG | 3.53 | 0.19 | 3.34 |  | Johnson & Johnson | 0.00 | 0.83 | -0.83 |
| Silicon Laboratories Inc | 2.84 | 0.00 | 2.84 |  | Exxon Mobil Corp | 0.00 | 0.82 | -0.82 |


## Sector Breakdown (%)
Portfolio	Benchmark

## Active Exposure by Sector (%)
-20	-15	-10	-5	0	5	10	15	20	25	30
Information Technology	49.01	19.97
Industrials	20.71	10.16
Health Care	18.59	13.37
Consumer Discretionary	4.57	10.43
Communication Services	2.70	6.77
Consumer Staples	0.72	7.78
Real Estate	0.00	2.59
Utilities	0.00	3.18
Materials	0.00	4.98
Financials	0.00	15.19
Energy	0.00	5.59
Cash	3.69	0.00

## Geographical Breakdown (%)
Portfolio	Benchmark
USA	66.37	60.37
Japan	15.84	5.56
Germany	6.63	2.06
France	2.31	3.00
Taiwan	2.18	1.55
Iceland	1.04	0.00
Norway	0.84	0.20
United Kingdom	0.72	3.87
Israel	0.37	0.18
South Africa	0.00	0.41
Turkey	0.00	0.08
Thailand	0.00	0.25
Other	0.00	22.47
Cash	3.69	0.00

## Active Exposure by Geography (%)
-24	-20	-16	-12	-8	-4	0	4	8	12
MarketCap Breakdown (USD - %)
39
36
33
30
27
24
21
18
15
12
9
6
3
0	1bn To 3bn	3bn To 5bn	5bn To 10bn	10bn To 25bn	25bn To 100bn	100bn To 250bn	More Than 250bn	Cash
Port.	6.38	8.73	9.45	11.39	35.79	12.77	11.79	3.69
Bench.	0.25	1.39	5.43	14.68	32.87	20.19	25.20	-

Translation (ENFR, 2022-12-30):
# Performance et risque
## Evolution de la performance (EUR)
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200
175
150
125
100
75
50
Valeur liquidative
Cap.
180.5
Actif net du fonds (M)
USD
1 144.03

## Indice de réference
Depuis le: 19/12/2016
100% MSCI AC World Total Return Net
Le fonds est géré de manière active avec une déviation qui pourra être importante en termes de constitution et performance comparée à l’indice de référence.
Port.

## Caractéristiques du portefeuille
Indice de réf.
Nombre de lignes	53 2885 Turnover: Glissant 1an (%)	13	- Active Share (%)	90	-

## Profil du portefeuille
Notation ESG
Notation ESG relative
Intensité relative en CO2
30/12/19
30/06/20
30/12/20
30/06/21
30/12/21
30/06/22 30/12/22
Portefeuille* (17.06%)	Indice de réference (18.28%)
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
1 an	3 ans	5 ans	Création
Volatilité du portefeuille* (%)	23.51	23.62	22.20	20.66
Volatilité de l'indice de référence (%)	14.73	17.82	15.90	14.71
Risque relatif/Tracking Error 
(%)	
12.83	11.05	10.35	9.91
Ratio de Sharpe	-1.29	0.27	0.40	0.55
Ratio d'information	-1.34	0.04	0.09	0.35
% de l’encours sous gestion couvert par la note ESG absolue : Portefeuille = 95.3% Indice de réf. = 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 = 93.6% Indice de réf.
= 99.6% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)

## Performance glissante (%)
|  | 1 mois | 3 mois | 6 mois | YTD | 3 ans | 5 ans | 31/12/21 31/12/22 | 31/12/20 31/12/21 | 31/12/19 31/12/20 | 31/12/18 31/12/19 | 31/12/17 31/12/18 | Création |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | -10.26 | -0.09 | 1.20 | -31.06 | 17.06 | 46.21 | -31.06 | 27.35 | 33.34 | 40.44 | -11.07 | 80.50 |
| Indice de référence | -7.32 | 0.75 | 0.19 | -13.38 | 18.28 | 45.16 | -13.38 | 28.96 | 5.89 | 29.86 | -5.50 | 56.13 |
| Ecarts | -2.94 | -0.84 | 1.01 | -17.68 | -1.22 | 1.06 | -17.68 | -1.61 | 27.45 | 10.58 | -5.57 | 24.37 |

Performance calendaire annuelle (%)
|  | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | -31.06 | 27.35 | 33.34 | 40.44 | -11.07 | 25.66 | - | - | - | - |
| Indice de réference | -13.38 | 28.96 | 5.89 | 29.86 | -5.50 | 8.89 | - | - | - | - |
| Ecarts | -17.68 | -1.61 | 27.45 | 10.58 | -5.57 | 16.77 | - | - | - | - |

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 |  |  |
| Intuitive Surgical Inc	4.23 | 0.17 | 4.06 | Santé | Etats-Unis |
| DexCom Inc	3.94 | 0.08 | 3.86 | Santé | Etats-Unis |
| Keyence Corp	3.54 | 0.13 | 3.41 | Technologie | Japon |
| Siemens AG	3.53 | 0.19 | 3.34 | Industrie | Allemagne |
| Thermo Fisher Scientific Inc	3.16 | 0.38 | 2.77 | Santé | Etats-Unis |
| QUALCOMM Inc	2.97 | 0.22 | 2.75 | Technologie | Etats-Unis |
| Silicon Laboratories Inc	2.84 | - | 2.84 | Technologie | Etats-Unis |
| Cadence Design Systems Inc	2.81 | 0.08 | 2.73 | Technologie | Etats-Unis |
| FANUC Corp	2.78 | 0.05 | 2.73 | Industrie | Japon |
| Alphabet Inc	2.70 | 1.82 | 0.89 | Services de Communication | Etats-Unis |
| Total (%)	32.51 | 3.12 |  |  |  |

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.

## 5 principales surpondérations (%)	5 principales sous-pondérations (%)
Port. Indice Relative de réf.
Port. Indice Relative de réf.
| Intuitive Surgical Inc | 4.23 | 0.17 | 4.06 |  | Microsoft Corp | 0.00 | 3.02 | -3.02 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| DexCom Inc | 3.94 | 0.08 | 3.86 |  | Apple Inc | 1.98 | 3.71 | -1.73 |
| Keyence Corp | 3.54 | 0.13 | 3.41 |  | UnitedHealth Group Inc | 0.00 | 0.88 | -0.88 |
| Siemens AG | 3.53 | 0.19 | 3.34 |  | Johnson & Johnson | 0.00 | 0.83 | -0.83 |
| Silicon Laboratories Inc | 2.84 | 0.00 | 2.84 |  | Exxon Mobil Corp | 0.00 | 0.82 | -0.82 |

Analyse du portefeuille 
(suite)

## Exposition sectorielle (%)
Portefeuille	Indice de réference
Technologie	49.01	19.97
Industrie	20.71	10.16
Santé	18.59	13.37
Biens de conso. Cycliques	4.57	10.43
Services de Communication	2.70	6.77
Biens de conso. de base	0.72	7.78
Immobilier	0.00	2.59
Services aux collectivités	0.00	3.18
Matériaux	0.00	4.98
Finance	0.00	15.19
Energie	0.00	5.59
Monétaire	3.69	0.00

## Exposition sectorielle active (%)
-20	-15	-10	-5	0	5	10	15	20	25	30

## Exposition géographique (%)
Portefeuille	Indice de réference
Etats-Unis	66.37	60.37
Japon	15.84	5.56
Allemagne	6.63	2.06
France	2.31	3.00
Taiwan	2.18	1.55
Islande	1.04	0.00
Norvège	0.84	0.20
Royaume-Uni	0.72	3.87
Israel	0.37	0.18
Afrique du Sud	0.00	0.41
Turquie	0.00	0.08
Thailande	0.00	0.25
Autres	0.00	22.47
Monétaire	3.69	0.00

## Exposition régionale active (%)
-24	-20	-16	-12	-8	-4	0	4	8	12
Analyse du portefeuille 
(suite)

## Ventilation par capitalisation boursière (USD - %)
39
36
33
30
27
24
21
18
15
12
9
6
3
0	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	Monétaire
Port.	6.38	8.73	9.45	11.39	35.79	12.77	11.79	3.69
Indice de réf.	0.25	1.39	5.43	14.68	32.87	20.19	25.20	-