# Performance & Risk
## Performance Evolution (USD)
Assets Under Management (M)
| Fund Key Metrics |  |
| --- | --- |
|  | Port. | Bench. |
| Number of Holdings | 68 | 503 |
| Turnover: Rolling 1Y (%) | 25 | - |
| Active Share (%) | 68 | - |
| Fund Profile |  |  |
| ESG Rating |  |  |
| ESG Relative Rating |  |  |
| CO2 Relative rating |  |  |

USD

### 169.43
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200
175
150
125
100
75
50
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* (36.79%)	Benchmark (30.76%)
Data is rebased to 100 by AXA IM on the graph start date.
| Risk Analysis |  |
| --- | --- |
|  | 1Y | 3Y | 5Y | Launch |
| Portfolio Volatility* (%) | 24.12 | 22.86 | 20.57 | 16.38 |
| Benchmark Volatility (%) | 20.48 | 21.39 | 19.07 | 15.04 |
| Relative Risk/Tracking Error  (%) | 6.69 | 6.04 | 5.22 | 4.72 |
| Sharpe Ratio | -0.50 | 0.48 | 0.56 | 0.78 |
| Information Ratio | -0.23 | 0.42 | 0.43 | -0.09 |

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.
95.7% Benchmark = 100.0% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 95.7% 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
Stephen KELLY
David SHAW - 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* | 8.93 | 6.58 | 0.75 | 8.93 | 36.79 | 78.27 | -10.91 | 15.16 | 33.33 | 25.50 | 3.85 | 256.75 |
| Benchmark | 6.25 | 5.62 | -0.70 | 6.25 | 30.76 | 67.69 | -8.67 | 22.77 | 16.62 | 27.94 | 0.24 | 301.68 |
| Excess Return | 2.68 | 0.97 | 1.45 | 2.68 | 6.03 | 10.58 | -2.24 | -7.61 | 16.71 | -2.44 | 3.61 | -44.93 |

Annual Calendar Performance (%)
|  | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -25.33 | 25.41 | 37.31 | 35.82 | -0.03 | 29.78 | -2.03 | 4.48 | 9.90 | 31.48 |
| Benchmark | -18.51 | 28.16 | 20.48 | 36.39 | -1.51 | 30.21 | 7.08 | 5.67 | 13.05 | 33.48 |
| Excess Return | -6.81 | -2.75 | 16.83 | -0.57 | 1.48 | -0.44 | -9.10 | -1.19 | -3.15 | -2.00 |

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 |  |  |
| Apple Inc | 6.81 | 6.32 | 0.48 | Information Technology | USA |
| Microsoft Corp | 5.36 | 5.42 | -0.05 | Information Technology | USA |
| Alphabet Inc | 3.10 | 3.28 | -0.18 | Communication Services | USA |
| Amazon.com Inc | 2.69 | 2.68 | 0.00 | Consumer Discretionary | USA |
| NVIDIA Corp | 2.06 | 1.43 | 0.64 | Information Technology | USA |
| UnitedHealth Group Inc | 1.81 | 1.37 | 0.44 | Health Care | USA |
| Tesla Inc | 1.78 | 1.36 | 0.42 | Consumer Discretionary | USA |
| Equinix Inc | 1.71 | 0.20 | 1.51 | Real Estate | USA |
| Starbucks Corp | 1.68 | 0.37 | 1.32 | Consumer Discretionary | USA |
| Freshpet Inc | 1.68 | - | 1.68 | Consumer Staples | USA |
| Total (%) | 28.70 | 22.43 |  |  |  |

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
| Freshpet Inc | 1.68 | 0.00 | 1.68 |  | Berkshire Hathaway Inc | 0.00 | 1.65 | -1.65 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Planet Fitness Inc | 1.55 | 0.00 | 1.55 |  | Exxon Mobil Corp | 0.00 | 1.40 | -1.40 |
| Chipotle Mexican Grill Inc | 1.65 | 0.13 | 1.52 |  | Johnson & Johnson | 0.00 | 1.25 | -1.25 |
| Equinix Inc | 1.71 | 0.20 | 1.51 |  | JPMorgan Chase & Co | 0.00 | 1.20 | -1.20 |
| Gsi Group Inc | 1.48 | 0.00 | 1.48 |  | Procter & Gamble Co | 0.00 | 0.99 | -0.99 |
| Sector Breakdown (%) |  |  |  |  | Active Exposure by Sector (%) |  |  |  |

Portfolio	Benchmark
Information Technology	29.93	26.49
Consumer Discretionary	16.51	10.61
Health Care	15.14	14.66
Consumer Staples	7.17	6.71
Financials	6.87	11.72
Industrials	6.64	8.38
Communication Services	5.12	7.83
Energy	3.74	5.06
Real Estate	3.25	2.79
Materials	1.34	2.81
Utilities	0.00	2.94
Cash	4.27	0.00
-5	-4	-3	-2	-1	0	1	2	3	4	5	6
MarketCap Breakdown (USD - %)
44
40
36
32
28
24
20
16
12
8
4
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.	0.48	1.73	6.36	5.97	8.96	33.70	11.49	27.04	4.27
Bench.	-	-	-	0.87	8.78	28.62	23.39	38.35	-

Translation (ENFR, 2023-01-31):
# Performance et risque
## Evolution de la performance (USD)
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200
175
150
125
100
75
50
Actif net du fonds (M)
USD

### 169.43

## Caractéristiques du portefeuille
Indice de réf.
Port.
Nombre de lignes	68	503
Turnover: Glissant 1an (%)	25	-
Active Share (%)	68	-

## 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* (36.79%)	Indice de réference (30.76%)
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* (%) | 24.12 | 22.86 | 20.57 | 16.38 |
| Volatilité de l'indice de référence (%) | 20.48 | 21.39 | 19.07 | 15.04 |
| Risque relatif/Tracking Error  (%) | 6.69 | 6.04 | 5.22 | 4.72 |
| Ratio de Sharpe | -0.50 | 0.48 | 0.56 | 0.78 |
| Ratio d'information | -0.23 | 0.42 | 0.43 | -0.09 |

% de l’encours sous gestion couvert par la note ESG absolue : Portefeuille = 95.7% Indice de réf. = 100.0% (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 = 95.7% 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
Stephen KELLY
David SHAW - 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* | 8.93 | 6.58 | 0.75 | 8.93 | 36.79 | 78.27 | -10.91 | 15.16 | 33.33 | 25.50 | 3.85 | 256.75 |
| Indice de référence | 6.25 | 5.62 | -0.70 | 6.25 | 30.76 | 67.69 | -8.67 | 22.77 | 16.62 | 27.94 | 0.24 | 301.68 |
| Ecarts | 2.68 | 0.97 | 1.45 | 2.68 | 6.03 | 10.58 | -2.24 | -7.61 | 16.71 | -2.44 | 3.61 | -44.93 |

Performance calendaire annuelle (%)
|  | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | -25.33 | 25.41 | 37.31 | 35.82 | -0.03 | 29.78 | -2.03 | 4.48 | 9.90 | 31.48 |
| Indice de réference | -18.51 | 28.16 | 20.48 | 36.39 | -1.51 | 30.21 | 7.08 | 5.67 | 13.05 | 33.48 |
| Ecarts | -6.81 | -2.75 | 16.83 | -0.57 | 1.48 | -0.44 | -9.10 | -1.19 | -3.15 | -2.00 |

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 |  |  |
| Apple Inc	6.81 | 6.32 | 0.48 | Technologie | Etats-Unis |
| Microsoft Corp	5.36 | 5.42 | -0.05 | Technologie | Etats-Unis |
| Alphabet Inc	3.10 | 3.28 | -0.18 | Services de Communication | Etats-Unis |
| Amazon.com Inc	2.69 | 2.68 | 0.00 | Biens de conso. Cycliques | Etats-Unis |
| NVIDIA Corp	2.06 | 1.43 | 0.64 | Technologie | Etats-Unis |
| UnitedHealth Group Inc	1.81 | 1.37 | 0.44 | Santé | Etats-Unis |
| Tesla Inc	1.78 | 1.36 | 0.42 | Biens de conso. Cycliques | Etats-Unis |
| Equinix Inc	1.71 | 0.20 | 1.51 | Immobilier | Etats-Unis |
| Starbucks Corp	1.68 | 0.37 | 1.32 | Biens de conso. Cycliques | Etats-Unis |
| Freshpet Inc	1.68 | - | 1.68 | Biens de conso. de base | Etats-Unis |
| Total (%)	28.70 | 22.43 |  |  |  |

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.
| Freshpet Inc | 1.68 | 0.00 | 1.68 |  | Berkshire Hathaway Inc | 0.00 | 1.65 | -1.65 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Planet Fitness Inc | 1.55 | 0.00 | 1.55 |  | Exxon Mobil Corp | 0.00 | 1.40 | -1.40 |
| Chipotle Mexican Grill Inc | 1.65 | 0.13 | 1.52 |  | Johnson & Johnson | 0.00 | 1.25 | -1.25 |
| Equinix Inc | 1.71 | 0.20 | 1.51 |  | JPMorgan Chase & Co | 0.00 | 1.20 | -1.20 |
| Gsi Group Inc | 1.48 | 0.00 | 1.48 |  | Procter & Gamble Co | 0.00 | 0.99 | -0.99 |
| Exposition sectorielle (%) |  |  |  |  | Exposition sectorielle active (%) |  |  |  |

Portefeuille	Indice de réference
Technologie	29.93	26.49
Biens de conso. Cycliques	16.51	10.61
Santé	15.14	14.66
Biens de conso. de base	7.17	6.71
Finance	6.87	11.72
Industrie	6.64	8.38
Services de Communication	5.12	7.83
Energie	3.74	5.06
Immobilier	3.25	2.79
Matériaux	1.34	2.81
Services aux collectivités	0.00	2.94
Monétaire	4.27	0.00
-5	-4	-3	-2	-1	0	1	2	3	4	5	6

## Ventilation par capitalisation boursière (USD - %)
44
40
36
32
28
24
20
16
12
8
4
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 250 mds
Monétaire
Port.	0.48	1.73	6.36	5.97	8.96	33.70	11.49	27.04	4.27
Indice de réf.	-	-	-	0.87	8.78	28.62	23.39	38.35	-