# Performance & Risk
## Performance Evolution (USD)
Fund Profile
ESG Rating
ESG Relative Rating
CO2 Relative rating
28/11/19
30/03/20
30/09/20
30/03/21
30/09/21
% of AUM covered by ESG absolute rating: Portfolio = 91.9% Benchmark = 94.1% (not meaningful for
Portfolio* (39.29%)	Benchmark (27.32%)
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.
coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 99.8% Benchmark = 95.7% (not meaningful for coverage below 50%)
| Risk Analysis |  |
| --- | --- |
|  | 1Y | 3Y | 5Y | Launch |
| Portfolio Volatility* (%) | 24.99 | - | - | 20.80 |
| Benchmark Volatility (%) | 22.59 | - | - | 19.52 |
| Relative Risk/Tracking Error  (%) | 7.27 | - | - | 5.46 |
| Sharpe Ratio | 0.12 | - | - | 0.98 |
| Information Ratio | 0.26 | - | - | 1.29 |


## Rolling Performance (%)
|  | 1M | 3M | 6M | YTD | 3Y	5Y | 30/09/20 30/09/21 | 30/09/19 30/09/20 | 30/09/18 30/09/19 | 30/09/17 30/09/18 | 30/09/16 30/09/17 | Launch |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -3.15 | -13.19 | -8.24 | -10.73 | -	- | 2.09 | - | - | - | - | 39.29 |
| Benchmark | -2.71 | -13.34 | -9.30 | -10.65 | -	- | 1.30 | - | - | - | - | 27.32 |
| Excess Return | -0.44 | 0.15 | 1.06 | -0.08 | -	- | 0.79 | - | - | - | - | 11.97 |

Annual Calendar Performance (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 48.00 | - | - | - | - | - | - | - | - | - |
| Benchmark | 33.41 | - | - | - | - | - | - | - | - | - |
| Excess Return | 14.59 | - | - | - | - | - | - | - | - | - |

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 |  |  |
| China Longyuan Power Group ... | 5.40 | 0.19 | 5.21 | Utilities | China |
| Han's Laser Technology Indu... | 4.72 | - | 4.72 | Industrials | China |
| Yunnan Energy New Material ... | 4.66 | 0.26 | 4.40 | Materials | China |
| Xinyi Solar Holdings Ltd | 4.20 | 0.23 | 3.97 | Information Technology | China |
| Tencent Holdings Ltd | 4.00 | 7.80 | -3.80 | Communication Services | China |
| Alibaba Group Holding Ltd | 3.86 | 6.34 | -2.48 | Consumer Discretionary | China |
| China Merchants Bank Co Ltd | 3.63 | 1.82 | 1.82 | Financials | China |
| Shenzhou International Grou... | 3.40 | 0.40 | 2.99 | Consumer Discretionary | China |
| Xinjiang Goldwind Science &... | 3.15 | 0.10 | 3.05 | Industrials | China |
| Yum China Holdings Inc | 2.91 | 0.56 | 2.35 | Consumer Discretionary | China |
| Total (%) | 39.92 | 17.69 |  |  |  |


## Top 5 Overweight (%)	Top 5 Underweight (%)
Port. Bench. Relative	Port. Bench. Relative
| China Longyuan Power Group Corp Ltd | 5.40 | 0.19 | 5.21 |  | Tencent Holdings Ltd | 4.00 | 7.80 | -3.80 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Han's Laser Technology Industry ... | 4.72 | 0.00 | 4.72 |  | Meituan | 0.00 | 2.92 | -2.92 |
| Yunnan Energy New Material Co Ltd | 4.66 | 0.26 | 4.40 |  | Alibaba Group Holding Ltd | 3.86 | 6.34 | -2.48 |
| Xinyi Solar Holdings Ltd | 4.20 | 0.23 | 3.97 |  | Kweichow Moutai Co Ltd | 0.00 | 2.44 | -2.44 |
| Xinjiang Goldwind Science & Tech... | 3.15 | 0.10 | 3.05 |  | China Construction Bank Corp | 0.00 | 1.64 | -1.64 |


## Sector Breakdown (%)
Portfolio	Benchmark

## Active Exposure by Sector (%)
-8	-6	-4	-2	0	2	4	6	8
Consumer Discretionary	19.17	22.11
Industrials	16.27	9.13
Health Care	14.42	9.23
Communication Services	11.71	11.36
Information Technology	9.82	9.38
Financials	8.90	15.33
Consumer Staples	8.17	9.07
Materials	5.69	6.40
Utilities	5.40	2.69
Real Estate	1.60	3.48
Energy	0.00	1.82
Cash	-1.16	0.00

## Geographical Breakdown (%)
Portfolio	Benchmark
China	94.40	100.00
Hong Kong	4.77	0.00
Taiwan	2.00	0.00
Cash	-1.16	0.00

## Active Exposure by Geography (%)
-6	-5	-4	-3	-2	-1	0	1	2	3	4	5
MarketCap Breakdown (USD - %)
40
35
30
25
20
15
10
5
0
|  | 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 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | Port. | 2.00 | 3.85 | 3.98 | 9.79 | 23.48 | 36.32 | 13.89 | 7.86 | -1.16 |
|  | Bench. | 0.01 | 1.46 | 5.06 | 11.82 | 20.87 | 27.74 | 16.46 | 16.58 | - |

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Translation (ENFR, 2021-09-30):
# Performance et risque
## Evolution de la performance (USD)
Valeur liquidative
Cap.

### 139.29
Actif net du fonds (M)
USD

### 54.89
Depuis le: 28/11/2019
100% MSCI China All Share NR Index
Port.

## Caractéristiques du portefeuille
Indice de réf.
Nombre de lignes	50	798
Active Share (%)	76	-

## Profil du portefeuille
Notation ESG
Notation ESG relative
Intensité relative en CO2
28/11/19
30/03/20
30/09/20
30/03/21
30/09/21
% de l’encours sous gestion couvert par la note ESG
Portefeuille* (39.29%)	Indice de réference (27.32%)
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* (%) | 24.99 | - | - | 20.80 |
| Volatilité de l'indice de référence (%) | 22.59 | - | - | 19.52 |
| Risque relatif/Tracking Error  (%) | 7.27 | - | - | 5.46 |
| Ratio de Sharpe | 0.12 | - | - | 0.98 |
| Ratio d'information | 0.26 | - | - | 1.29 |

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.
absolue : Portefeuille = 91.9% Indice de référence = 94.1% (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 = 99.8% Indice de référence = 95.7% (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 | 30/09/20 30/09/21 | 30/09/19 30/09/20 | 30/09/18 30/09/19 | 30/09/17 30/09/18 | 30/09/16 30/09/17 | Création |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | -3.15 | -13.19 | -8.24 | -10.73 | -	- | 2.09 | - | - | - | - | 39.29 |
| Indice de réference | -2.71 | -13.34 | -9.30 | -10.65 | -	- | 1.30 | - | - | - | - | 27.32 |
| Ecarts | -0.44 | 0.15 | 1.06 | -0.08 | -	- | 0.79 | - | - | - | - | 11.97 |

Performance calendaire annuelle (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | 48.00 | - | - | - | - | - | - | - | - | - |
| Indice de réference | 33.41 | - | - | - | - | - | - | - | - | - |
| Ecarts | 14.59 | - | - | - | - | - | - | - | - | - |

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 |  |  |
| China Longyuan Power Group ... | 5.40 | 0.19 | 5.21 | Services aux collectivités | Chine |
| Han's Laser Technology Indu... | 4.72 | - | 4.72 | Industrie | Chine |
| Yunnan Energy New Material ... | 4.66 | 0.26 | 4.40 | Matériaux | Chine |
| Xinyi Solar Holdings Ltd | 4.20 | 0.23 | 3.97 | Technologie | Chine |
| Tencent Holdings Ltd | 4.00 | 7.80 | -3.80 | Services de Communication | Chine |
| Alibaba Group Holding Ltd | 3.86 | 6.34 | -2.48 | Biens de conso. Cycliques | Chine |
| China Merchants Bank Co Ltd | 3.63 | 1.82 | 1.82 | Finance | Chine |
| Shenzhou International Grou... | 3.40 | 0.40 | 2.99 | Biens de conso. Cycliques | Chine |
| Xinjiang Goldwind Science &... | 3.15 | 0.10 | 3.05 | Industrie | Chine |
| Yum China Holdings Inc | 2.91 | 0.56 | 2.35 | Biens de conso. Cycliques | Chine |
| Total (%) | 39.92 | 17.69 |  |  |  |


## 5 principales surpondérations (%)	5 principales sous-pondérations (%)
Port. Indice Relative de réf.
Port. Indice Relative de réf.
| China Longyuan Power Group Corp Ltd | 5.40 | 0.19 | 5.21 |  | Tencent Holdings Ltd | 4.00 | 7.80 | -3.80 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Han's Laser Technology Industry ... | 4.72 | 0.00 | 4.72 |  | Meituan | 0.00 | 2.92 | -2.92 |
| Yunnan Energy New Material Co Ltd | 4.66 | 0.26 | 4.40 |  | Alibaba Group Holding Ltd | 3.86 | 6.34 | -2.48 |
| Xinyi Solar Holdings Ltd | 4.20 | 0.23 | 3.97 |  | Kweichow Moutai Co Ltd | 0.00 | 2.44 | -2.44 |
| Xinjiang Goldwind Science & Tech... | 3.15 | 0.10 | 3.05 |  | China Construction Bank Corp | 0.00 | 1.64 | -1.64 |


## Exposition sectorielle (%)
Portefeuille	Indice de réference

## Exposition sectorielle active (%)
-8	-6	-4	-2	0	2	4	6	8
Biens de conso. Cycliques	19.17	22.11
Industrie	16.27	9.13
Santé	14.42	9.23
Services de Communication	11.71	11.36
Technologie	9.82	9.38
Finance	8.90	15.33
Biens de conso. de base	8.17	9.07
Matériaux	5.69	6.40
Services aux collectivités	5.40	2.69
Immobilier	1.60	3.48
Energie	0.00	1.82
Monétaire	-1.16	0.00

## Exposition géographique (%)
Portefeuille	Indice de réference
Chine	94.40	100.00
Hong-Kong	4.77	0.00
Taiwan	2.00	0.00
Monétaire	-1.16	0.00

## Exposition géographique active (%)
-6	-5	-4	-3	-2	-1	0	1	2	3	4	5

## Ventilation par capitalisation boursière (USD - %)
40
35
30
25
20
15
10
5
0
|  | 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	Monétaire 250 mds |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | Port. | 2.00 | 3.85 | 3.98 | 9.79 | 23.48 | 36.32 | 13.89 | 7.86	-1.16 |
|  | Indice de réf. | 0.01 | 1.46 | 5.06 | 11.82 | 20.87 | 27.74 | 16.46 | 16.58	- |

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