# Performance & Risk
## Performance Evolution (JPY)
Assets Under Management (M)
| Fund Key Metrics |  |
| --- | --- |
|  | Port. | Bench. |
| Number of Holdings | 71 | 2165 |
| Turnover: Rolling 1Y (%) | 124 | - |
| Active Share (%) | 72 | - |
| Fund Profile |  |  |
| ESG Rating |  |  |
| ESG Relative Rating |  |  |
| CO2 Relative rating |  |  |

JPY

### 16 518.18
31/01/20
31/07/20
31/01/21
31/07/21
31/01/22
31/07/22 31/01/23
% of AUM covered by ESG absolute rating: Portfolio =
Portfolio* (11.37%)	Benchmark (24.64%)
Data is rebased to 100 by AXA IM on the graph start date.
| Risk Analysis |  |
| --- | --- |
|  | 1Y | 3Y | 5Y | Launch |
| Portfolio Volatility* (%) | 16.39 | 16.30 | 15.84 | 17.35 |
| Benchmark Volatility (%) | 15.47 | 15.49 | 15.27 | 17.10 |
| Relative Risk/Tracking Error  (%) | 4.15 | 2.59 | 2.62 | 3.86 |
| Sharpe Ratio | 0.19 | 0.28 | 0.06 | 0.10 |
| Information Ratio | -0.85 | -1.19 | -0.99 | -0.20 |

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.
96.0% Benchmark = 97.2% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 97.4% Benchmark = 99.8% (not meaningful for coverage below 50%)
For more information about the methodology, please read the section 'ESG Metrics Definition' below

## Fund Manager
Chisako HARDIE
John Paul TEMPERLEY - Co-Manager
Performance & Risk 
(Continued)

## Rolling Performance (%)
|  | 1M | 3M | 6M | YTD | 3Y | 5Y | 31/01/22 31/01/23 | 31/01/21 31/01/22 | 31/01/20 31/01/21 | 31/01/19 31/01/20 | 31/01/18 31/01/19 | Launch |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 4.59 | 1.84 | -0.18 | 4.59 | 11.37 | 0.38 | 2.22 | 4.31 | 4.45 | 8.93 | -17.26 | 32.05 |
| Benchmark | 4.42 | 4.21 | 2.93 | 4.42 | 24.64 | 18.93 | 6.59 | 6.70 | 9.59 | 9.75 | -13.06 | 87.63 |
| Excess Return | 0.17 | -2.37 | -3.11 | 0.17 | -13.27 | -18.55 | -4.37 | -2.39 | -5.14 | -0.83 | -4.20 | -55.58 |

Annual Calendar Performance (%)
|  | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -8.35 | 12.16 | 1.12 | 18.23 | -20.77 | 24.07 | -1.75 | 15.22 | 9.19 | 50.81 |
| Benchmark | -2.86 | 12.38 | 6.99 | 17.67 | -16.26 | 21.84 | -0.02 | 11.73 | 9.93 | 54.20 |
| Excess Return | -5.49 | -0.22 | -5.88 | 0.56 | -4.52 | 2.24 | -1.73 | 3.49 | -0.74 | -3.38 |

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 | 3.50 | 3.67 | -0.16 | Consumer Discretionary | Japan |
| Sony Group Corp | 3.46 | 2.88 | 0.57 | Consumer Discretionary | Japan |
| Omron Corp | 3.05 | 0.24 | 2.81 | Information Technology | Japan |
| Nintendo Co Ltd | 2.59 | 1.25 | 1.34 | Communication Services | Japan |
| Fujitsu Ltd | 2.58 | 0.66 | 1.92 | Information Technology | Japan |
| Sompo Holdings Inc | 2.56 | 0.33 | 2.23 | Financials | Japan |
| Ibiden Co Ltd | 2.53 | 0.10 | 2.42 | Information Technology | Japan |
| Sysmex Corp | 2.52 | 0.26 | 2.26 | Health Care | Japan |
| Mitsubishi UFJ Financial Gr... | 2.40 | 2.10 | 0.30 | Financials | Japan |
| FUJIFILM Holdings Corp | 2.29 | 0.46 | 1.82 | Information Technology | Japan |
| Total (%) | 27.47 | 11.96 |  |  |  |

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
| Omron Corp | 3.05 | 0.24 | 2.81 |  | Nippon Telegraph & Telephone Corp | 0.00 | 1.76 | -1.76 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Ibiden Co Ltd | 2.53 | 0.10 | 2.42 |  | Sumitomo Mitsui Financial Group Inc | 0.00 | 1.43 | -1.43 |
| Sysmex Corp | 2.52 | 0.26 | 2.26 |  | Takeda Pharmaceutical Co Ltd | 0.00 | 1.28 | -1.28 |
| Sompo Holdings Inc | 2.56 | 0.33 | 2.23 |  | SoftBank Group Corp | 0.00 | 1.25 | -1.25 |
| Fujitsu Ltd | 2.58 | 0.66 | 1.92 |  | Shin-Etsu Chemical Co Ltd | 0.00 | 1.14 | -1.14 |
| Sector Breakdown (%) |  |  |  |  | Active Exposure by Sector (%) |  |  |  |

Portfolio	Benchmark
Industrials	28.85	23.53
Information Technology	22.58	13.12
Consumer Discretionary	11.77	17.78
Financials	8.35	11.51
Health Care	8.04	8.61
Materials	6.74	5.74
Communication Services	6.32	8.17
Consumer Staples	1.44	7.47
Utilities	1.25	1.29
Real Estate	1.15	1.91
Energy	0.95	0.87
Cash	2.56	0.00
-8	-6	-4	-2	0	2	4	6	8	10
MarketCap Breakdown (JPY - %)
39
36
33
30
27
24
21
18
15
12
9
6
3
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.	-	3.28	8.84	14.82	2.17	16.51	18.19	24.91	8.72	2.56
Bench.	1.33	2.13	4.17	8.76	6.11	13.87	17.68	35.56	10.40	-

Translation (ENFR, 2023-01-31):
# Performance et risque
## Evolution de la performance (JPY)
Valeur liquidative
Cap.

### 1 320.55
Actif net du fonds (M)
JPY

### 16 518.18

## Indice de réference
Depuis le: 30/09/1999
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	71 2165 Turnover: Glissant 1an (%)   124	- Active Share (%)	72	-

## Profil du portefeuille
Notation ESG
Notation ESG relative
Intensité relative en CO2
31/01/20
31/07/20
31/01/21
31/07/21
31/01/22
31/07/22 31/01/23
Portefeuille* (11.37%)	Indice de réference (24.64%)
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* (%) | 16.39 | 16.30 | 15.84 | 17.35 |
| Volatilité de l'indice de référence (%) | 15.47 | 15.49 | 15.27 | 17.10 |
| Risque relatif/Tracking Error  (%) | 4.15 | 2.59 | 2.62 | 3.86 |
| Ratio de Sharpe | 0.19 | 0.28 | 0.06 | 0.10 |
| Ratio d'information | -0.85 | -1.19 | -0.99 | -0.20 |

% de l’encours sous gestion couvert par la note ESG absolue : Portefeuille = 96.0% 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 = 97.4% Indice de réf.
= 99.8% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)
Pour de plus amples informations à propos de la méthodologie, veuillez lire la section « Définition des indicateurs ESG » ci-dessous

## Gérant
Chisako HARDIE
John Paul TEMPERLEY - Co-gérant
Performance et risque 
(suite)

## Performance glissante (%)
|  | 1 mois | 3 mois | 6 mois | YTD | 3 ans | 5 ans | 31/01/22 31/01/23 | 31/01/21 31/01/22 | 31/01/20 31/01/21 | 31/01/19 31/01/20 | 31/01/18 31/01/19 | Création |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | 4.59 | 1.84 | -0.18 | 4.59 | 11.37 | 0.38 | 2.22 | 4.31 | 4.45 | 8.93 | -17.26 | 32.05 |
| Indice de référence | 4.42 | 4.21 | 2.93 | 4.42 | 24.64 | 18.93 | 6.59 | 6.70 | 9.59 | 9.75 | -13.06 | 87.63 |
| Ecarts | 0.17 | -2.37 | -3.11 | 0.17 | -13.27 | -18.55 | -4.37 | -2.39 | -5.14 | -0.83 | -4.20 | -55.58 |

Performance calendaire annuelle (%)
|  | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | -8.35 | 12.16 | 1.12 | 18.23 | -20.77 | 24.07 | -1.75 | 15.22 | 9.19 | 50.81 |
| Indice de réference | -2.86 | 12.38 | 6.99 | 17.67 | -16.26 | 21.84 | -0.02 | 11.73 | 9.93 | 54.20 |
| Ecarts | -5.49 | -0.22 | -5.88 | 0.56 | -4.52 | 2.24 | -1.73 | 3.49 | -0.74 | -3.38 |

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	3.50 | 3.67 | -0.16 | Biens de conso. Cycliques | Japon |
| Sony Group Corp	3.46 | 2.88 | 0.57 | Biens de conso. Cycliques | Japon |
| Omron Corp	3.05 | 0.24 | 2.81 | Technologie | Japon |
| Nintendo Co Ltd	2.59 | 1.25 | 1.34 | Services de Communication | Japon |
| Fujitsu Ltd	2.58 | 0.66 | 1.92 | Technologie | Japon |
| Sompo Holdings Inc	2.56 | 0.33 | 2.23 | Finance | Japon |
| Ibiden Co Ltd	2.53 | 0.10 | 2.42 | Technologie | Japon |
| Sysmex Corp	2.52 | 0.26 | 2.26 | Santé | Japon |
| Mitsubishi UFJ Financial Gr...	2.40 | 2.10 | 0.30 | Finance | Japon |
| FUJIFILM Holdings Corp	2.29 | 0.46 | 1.82 | Technologie | Japon |
| Total (%)	27.47 | 11.96 |  |  |  |

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.
| Omron Corp | 3.05 | 0.24 | 2.81 |  | Nippon Telegraph & Telephone Corp | 0.00 | 1.76 | -1.76 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Ibiden Co Ltd | 2.53 | 0.10 | 2.42 |  | Sumitomo Mitsui Financial Group Inc | 0.00 | 1.43 | -1.43 |
| Sysmex Corp | 2.52 | 0.26 | 2.26 |  | Takeda Pharmaceutical Co Ltd | 0.00 | 1.28 | -1.28 |
| Sompo Holdings Inc | 2.56 | 0.33 | 2.23 |  | SoftBank Group Corp | 0.00 | 1.25 | -1.25 |
| Fujitsu Ltd | 2.58 | 0.66 | 1.92 |  | Shin-Etsu Chemical Co Ltd | 0.00 | 1.14 | -1.14 |
| Exposition sectorielle (%) |  |  |  |  | Exposition sectorielle active (%) |  |  |  |

Portefeuille	Indice de réference
Industrie	28.85	23.53
Technologie	22.58	13.12
Biens de conso. Cycliques	11.77	17.78
Finance	8.35	11.51
Santé	8.04	8.61
Matériaux	6.74	5.74
Services de Communication	6.32	8.17
Biens de conso. de base	1.44	7.47
Services aux collectivités	1.25	1.29
Immobilier	1.15	1.91
Energie	0.95	0.87
Monétaire	2.56	0.00
-8	-6	-4	-2	0	2	4	6	8	10

## Ventilation par capitalisation boursière (JPY - %)
39
36
33
30
27
24
21
18
15
12
9
6
3
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.	-	3.28	8.84	14.82	2.17	16.51	18.19	24.91	8.72	2.56
Indice de réf.	1.33	2.13	4.17	8.76	6.11	13.87	17.68	35.56	10.40	-