# Performance & Risk
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## Performance Evolution (USD)
160
140
120
100
80
60
Number of Holdings	63	10455
Turnover: Rolling 1Y (%)	30	-
Active Share (%)	98	-

## Fund Profile
ESG Rating
ESG Relative Rating
29/11/19
30/05/20
30/11/20
30/05/21
30/11/21
30/05/22 30/11/22
CO2 Relative rating
Portfolio* (-3.23%)	Benchmark (16.06%)
Data is rebased to 100 by AXA IM on the graph start date.
| Risk Analysis |  |
| --- | --- |
|  | 1Y | 3Y | 5Y | Launch |
| Portfolio Volatility* (%) | 30.93 | 24.95 | 21.36 | 16.89 |
| Benchmark Volatility (%) | 24.92 | 24.11 | 20.90 | 16.64 |
| Relative Risk/Tracking Error  (%) | 9.98 | 9.45 | 7.91 | 6.59 |
| Sharpe Ratio | -0.84 | -0.02 | 0.00 | 0.38 |
| Information Ratio | -1.23 | -0.53 | -0.33 | -0.03 |

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 = 99.4% Benchmark = 89.4% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 35.9% Benchmark = 49.7% (not meaningful for coverage below 50%)

## 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* | 8.26 | 5.97 | -0.12 | -26.35 | -3.23 | 0.57 | -25.86 | 12.88 | 15.63 | 6.16 | -2.09 | 80.21 |
| Benchmark | 6.78 | 2.63 | -2.33 | -15.79 | 16.06 | 21.08 | -12.75 | 18.59 | 12.17 | 9.74 | -4.94 | 105.39 |
| Excess Return | 1.48 | 3.34 | 2.21 | -10.56 | -19.29 | -20.50 | -13.12 | -5.70 | 3.46 | -3.59 | 2.85 | -25.18 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 6.02 | 20.66 | 18.90 | -11.27 | 30.51 | -0.19 | 7.98 | 3.22 | - | - |
| Benchmark | 14.94 | 15.68 | 24.66 | -14.72 | 23.77 | 10.78 | -0.64 | 1.45 | - | - |
| Excess Return | -8.91 | 4.98 | -5.76 | 3.45 | 6.75 | -10.97 | 8.62 | 1.77 | - | - |

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 |  |  |
| Gsi Group Inc | 3.40 | 0.06 | 3.35 | Information Technology | USA |
| Switch Inc | 3.27 | 0.05 | 3.22 | Information Technology | USA |
| MGP Ingredients Inc | 3.07 | 0.02 | 3.05 | Consumer Staples | USA |
| Edenred | 2.95 | - | 2.95 | Industrials | France |
| Tetra Tech Inc | 2.95 | 0.08 | 2.86 | Industrials | USA |
| ICON PLC | 2.90 | - | 2.90 | Health Care | USA |
| Badger Meter Inc | 2.76 | 0.03 | 2.73 | Information Technology | USA |
| Nihon M&A Center Holdings Inc | 2.41 | - | 2.41 | Industrials | Japan |
| CyberArk Software Ltd | 2.33 | - | 2.33 | Information Technology | Israel |
| BTRS Holdings Inc | 2.28 | 0.01 | 2.28 | Information Technology | USA |
| Total (%) | 28.33 | 0.25 |  |  |  |

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
| Gsi Group Inc | 3.40 | 0.06 | 3.35 |  | Horizon Therapeutics Plc | 0.00 | 0.23 | -0.23 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Switch Inc | 3.27 | 0.05 | 3.22 |  | Steel Dynamics Inc | 0.00 | 0.18 | -0.18 |
| MGP Ingredients Inc | 3.07 | 0.02 | 3.05 |  | ABIOMED Inc | 0.00 | 0.17 | -0.17 |
| Edenred | 2.95 | 0.00 | 2.95 |  | First Solar Inc | 0.00 | 0.17 | -0.17 |
| ICON PLC | 2.90 | 0.00 | 2.90 |  | Targa Resources Corp | 0.00 | 0.17 | -0.17 |
| Sector Breakdown (%) |  |  |  |  | Active Exposure by Sector (%) |  |  |  |

Portfolio	Benchmark
Information Technology	30.73	12.75
Industrials	19.35	17.73
Consumer Discretionary	12.53	12.92
Health Care	11.60	10.96
Financials	8.73	13.70
Consumer Staples	4.60	4.67
Communication Services	4.55	3.43
Real Estate	3.03	8.06
Materials	1.04	8.50
Not classified	0.00	0.00
Utilities	0.00	2.68
Energy	0.00	4.59
Cash	3.83	0.00
-9	-6	-3	0	3	6	9	12	15	18	21

## Geographical Breakdown (%)
Portfolio	Benchmark
USA	58.52	60.37
Japan	7.46	6.72
France	5.79	2.01
Italy	4.89	0.74
United Kingdom	4.71	3.71
Australia	3.91	1.94
Israel	2.33	0.29
Netherlands	1.93	0.90
Luxemburg	1.53	0.05
Canada	1.52	3.21
Norway	1.28	0.34
Peru	1.05	0.04
Other	1.26	19.69
Cash	3.83	0.00

## Active Exposure by Geography (%)
-21	-18	-15	-12	-9	-6	-3	0	3	6
MarketCap Breakdown (USD - %)
36
33
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	Cash
Port.	-	1.00	3.40	28.09	32.90	20.78	10.00	3.83
Bench.	2.28	4.76	10.07	28.56	16.56	23.26	14.52	-

Translation (ENFR, 2022-11-30):
# Performance et risque
Valeur liquidative
Cap.

### 180.21
Actif net du fonds (M)
USD

### 293.30

## Indice de réference
Depuis le: 07/01/2013
100% S&P Global Small Cap 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	63	10455
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160
140
120
100
80
60
29/11/19
30/05/20
30/11/20
30/05/21
30/11/21
30/05/22 30/11/22

## Profil du portefeuille
Notation ESG
Notation ESG relative
Portefeuille* (-3.23%)	Indice de réference (16.06%)
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* (%) | 30.93 | 24.95 | 21.36 | 16.89 |
| Volatilité de l'indice de référence (%) | 24.92 | 24.11 | 20.90 | 16.64 |
| Risque relatif/Tracking Error  (%) | 9.98 | 9.45 | 7.91 | 6.59 |
| Ratio de Sharpe | -0.84 | -0.02 | 0.00 | 0.38 |
| Ratio d'information | -1.23 | -0.53 | -0.33 | -0.03 |

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.
Intensité relative en CO2
% de l’encours sous gestion couvert par la note ESG absolue : Portefeuille = 99.4% Indice de réf. = 89.4% (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 = 35.9% Indice de réf.
= 49.7% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)
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* | 8.26 | 5.97 | -0.12 | -26.35 | -3.23 | 0.57 | -25.86 | 12.88 | 15.63 | 6.16 | -2.09 | 80.21 |
| Indice de référence | 6.78 | 2.63 | -2.33 | -15.79 | 16.06 | 21.08 | -12.75 | 18.59 | 12.17 | 9.74 | -4.94 | 105.39 |
| Ecarts | 1.48 | 3.34 | 2.21 | -10.56 | -19.29 | -20.50 | -13.12 | -5.70 | 3.46 | -3.59 | 2.85 | -25.18 |

Performance calendaire annuelle (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | 6.02 | 20.66 | 18.90 | -11.27 | 30.51 | -0.19 | 7.98 | 3.22 | - | - |
| Indice de réference | 14.94 | 15.68 | 24.66 | -14.72 | 23.77 | 10.78 | -0.64 | 1.45 | - | - |
| Ecarts | -8.91 | 4.98 | -5.76 | 3.45 | 6.75 | -10.97 | 8.62 | 1.77 | - | - |

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 |  |  |
| Gsi Group Inc | 3.40 | 0.06 | 3.35 | Technologie | Etats-Unis |
| Switch Inc | 3.27 | 0.05 | 3.22 | Technologie | Etats-Unis |
| MGP Ingredients Inc | 3.07 | 0.02 | 3.05 | Biens de conso. de base | Etats-Unis |
| Edenred | 2.95 | - | 2.95 | Industrie | France |
| Tetra Tech Inc | 2.95 | 0.08 | 2.86 | Industrie | Etats-Unis |
| ICON PLC | 2.90 | - | 2.90 | Santé | Etats-Unis |
| Badger Meter Inc | 2.76 | 0.03 | 2.73 | Technologie | Etats-Unis |
| Nihon M&A Center Holdings Inc | 2.41 | - | 2.41 | Industrie | Japon |
| CyberArk Software Ltd | 2.33 | - | 2.33 | Technologie | Israel |
| BTRS Holdings Inc | 2.28 | 0.01 | 2.28 | Technologie | Etats-Unis |
| Total (%) | 28.33 | 0.25 |  |  |  |

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.
| Gsi Group Inc | 3.40 | 0.06 | 3.35 |  | Horizon Therapeutics Plc | 0.00 | 0.23 | -0.23 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Switch Inc | 3.27 | 0.05 | 3.22 |  | Steel Dynamics Inc | 0.00 | 0.18 | -0.18 |
| MGP Ingredients Inc | 3.07 | 0.02 | 3.05 |  | ABIOMED Inc | 0.00 | 0.17 | -0.17 |
| Edenred | 2.95 | 0.00 | 2.95 |  | First Solar Inc | 0.00 | 0.17 | -0.17 |
| ICON PLC | 2.90 | 0.00 | 2.90 |  | Targa Resources Corp | 0.00 | 0.17 | -0.17 |
| Exposition sectorielle (%) |  |  |  |  | Exposition sectorielle active (%) |  |  |  |

Portefeuille	Indice de réference
Technologie	30.73	12.75
Industrie	19.35	17.73
Biens de conso. Cycliques	12.53	12.92
Santé	11.60	10.96
Finance	8.73	13.70
Biens de conso. de base	4.60	4.67
Services de Communication	4.55	3.43
Immobilier	3.03	8.06
Matériaux	1.04	8.50
Non Classés	0.00	0.00
Services aux collectivités	0.00	2.68
Energie	0.00	4.59
Monétaire	3.83	0.00
-9	-6	-3	0	3	6	9	12	15	18	21

## Exposition géographique (%)
Portefeuille	Indice de réference
Etats-Unis	58.52	60.37
Japon	7.46	6.72
France	5.79	2.01
Italie	4.89	0.74
Royaume-Uni	4.71	3.71
Australie	3.91	1.94
Israel	2.33	0.29
Pays-Bas	1.93	0.90
Luxembourg	1.53	0.05
Canada	1.52	3.21
Norvège	1.28	0.34
Perou	1.05	0.04
Autres	1.26	19.69
Monétaire	3.83	0.00

## Exposition régionale active (%)
-21	-18	-15	-12	-9	-6	-3	0	3	6
Analyse du portefeuille 
(suite)

## Ventilation par capitalisation boursière (USD - %)
36
33
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
Monétaire
Port.	-	1.00	3.40	28.09	32.90	20.78	10.00	3.83
Indice de réf.	2.28	4.76	10.07	28.56	16.56	23.26	14.52	-