# Performance & Risk
## Performance Evolution (EUR)

## Fund Profile
ESG Rating
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160
140
120
100
80
60
31/01/19
31/07/19
31/01/20
31/07/20
31/01/21
31/07/21 31/01/22
ESG Relative Rating
CO2 Relative rating
Portfolio* (31.74%)	Benchmark (44.66%)
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
% of AUM covered by ESG absolute rating: Portfolio = 89.2% Benchmark = 98.2% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 89.7% Benchmark = 98.4% (not meaningful for
| basis of net or gross dividend. Please refer to the Risk Analysis | prospectus for more information. |  |  | coverage below 50%) |
| --- | --- | --- | --- | --- |
|  | 1Y | 3Y | 5Y | Launch |  |
| Portfolio Volatility* (%) | 15.77 | 21.47 | 19.81 | 20.12 |  |
| Benchmark Volatility (%) | 15.83 | 22.68 | 20.46 | 19.92 |  |
| Relative Risk/Tracking Error  (%) | 4.16 | 6.04 | 5.63 | 5.82 |  |
| Sharpe Ratio | 1.27 | 0.59 | 0.48 | 0.28 |  |
| Information Ratio | -1.72 | -0.11 | 0.02 | 0.98 |  |


## Rolling Performance (%)
|  | 1M | 3M | 6M | YTD | 3Y | 5Y | 31/01/21 31/01/22 | 31/01/20 31/01/21 | 31/01/19 31/01/20 | 31/01/18 31/01/19 | 31/01/17 31/01/18 | Launch |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -4.53 | -4.49 | -0.22 | -4.53 | 31.74 | 36.95 | 17.05 | 0.62 | 11.86 | -20.04 | 30.02 | 99.67 |
| Benchmark | -2.17 | -0.25 | 6.15 | -2.17 | 44.66 | 54.69 | 27.24 | -5.43 | 20.22 | -15.90 | 27.16 | 16.01 |
| Excess Return | -2.35 | -4.23 | -6.37 | -2.35 | -12.92 | -17.74 | -10.19 | 6.05 | -8.36 | -4.14 | 2.86 | 83.66 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 19.50 | -0.13 | 24.19 | -19.09 | 18.51 | -13.91 | 25.44 | -1.75 | 27.57 | 23.30 |
| Benchmark | 26.82 | -4.04 | 31.15 | -16.60 | 15.55 | -9.90 | 15.38 | -0.33 | 17.63 | 8.36 |
| Excess Return | -7.32 | 3.91 | -6.96 | -2.49 | 2.96 | -4.01 | 10.05 | -1.43 | 9.94 | 14.94 |

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 |  |  |
| Intesa Sanpaolo SpA | 9.94 | 8.92 | 1.02 | Financials | Italy |
| Enel SpA | 8.58 | 10.81 | -2.23 | Utilities | Italy |
| STELLANTIS NV | 7.32 | 7.04 | 0.28 | Consumer Discretionary | Italy |
| FinecoBank Banca Fineco SpA | 6.38 | 1.85 | 4.53 | Financials | Italy |
| Terna - Rete Elettrica Nazi... | 4.99 | 2.01 | 2.99 | Utilities | Italy |
| Stmicroelectronics NV | 4.86 | 5.49 | -0.63 | Technology | France |
| Cnh Industrial NV | 4.60 | 2.69 | 1.91 | Industrials | Italy |
| ERG SpA | 4.30 | 0.35 | 3.96 | Utilities | Italy |
| Prysmian SpA | 4.27 | 1.61 | 2.67 | Industrials | Italy |
| Nexi SpA | 4.08 | 1.56 | 2.52 | Industrials | Italy |
| Total (%) | 59.33 | 42.32 |  |  |  |


## Top 5 Overweight (%)	Top 5 Underweight (%)
Port. Bench. Relative	Port. Bench. Relative
| FinecoBank Banca Fineco SpA | 6.38 | 1.85 | 4.53 |  | Eni SpA | 0.00 | 6.76 | -6.76 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| ERG SpA | 4.30 | 0.35 | 3.96 |  | UniCredit SpA | 0.00 | 6.14 | -6.14 |
| Terna - Rete Elettrica Nazionale | 4.99 | 2.01 | 2.99 |  | Ferrari NV | 0.00 | 5.06 | -5.06 |
| Prysmian SpA | 4.27 | 1.61 | 2.67 |  | Assicurazioni Generali SpA | 0.00 | 4.68 | -4.68 |
| Nexi SpA | 4.08 | 1.56 | 2.52 |  | Moncler SpA | 0.00 | 2.48 | -2.48 |


## Sector Breakdown (%)
Portfolio	Benchmark

## Active Exposure by Sector (%)
-12	-10	-8	-6	-4	-2	0	2	4	6	8	10
Financials	28.07	31.14
Industrials	20.03	11.48
Utilities	19.02	15.70
Consumer Discretionary	12.11	18.18
Technology	8.52	6.79
Health Care	5.69	2.92
Telecommunications	2.67	1.72
Consumer Staples	1.79	1.45
Energy	0.00	10.27
Real Estate	0.00	0.12
Basic Materials	0.00	0.23
Cash	2.10	0.00
MarketCap Breakdown (EUR - %)
60
55
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45
40
35
30
25
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15
10
5
0	0 To
250mn
250mn To 500mn
500mn To 1bn
1bn To 3bn
3bn To 5bn
5bn To 10bn
10bn To 25bn
25bn To 100bn
Cash
Port.	5.87	0.61	3.92	6.49	11.73	19.10	19.50	30.69	2.10
Bench.	0.60	0.78	1.58	5.12	6.43	10.45	20.15	54.89	-

Translation (ENFR, 2022-01-31):
# Performance et risque
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## Evolution de la performance (EUR)
160
140
120
100
80
60
Valeur liquidative
Cap.

### 220.06
Actif net du fonds (M)
EUR

### 347.92

## Indice de réference
Depuis le: 01/11/2018
100% FTSE Italia All-Share NT
Port.

## Caractéristiques du portefeuille
Indice de réf.
Nombre de lignes	42	221
Turnover: Glissant 1an (%)	11	-
Active Share (%)	51	-

## Profil du portefeuille
Notation ESG
Notation ESG relative
Intensité relative en CO2
31/01/19
31/07/19
31/01/20
31/07/20
31/01/21
31/07/21 31/01/22
Portefeuille* (31.74%)	Indice de réference (44.66%)
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* (%) | 15.77 | 21.47 | 19.81 | 20.12 |
| Volatilité de l'indice de référence (%) | 15.83 | 22.68 | 20.46 | 19.92 |
| Risque relatif/Tracking Error  (%) | 4.16 | 6.04 | 5.63 | 5.82 |
| Ratio de Sharpe | 1.27 | 0.59 | 0.48 | 0.28 |
| Ratio d'information | -1.72 | -0.11 | 0.02 | 0.98 |

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.
% de l’encours sous gestion couvert par la note ESG absolue : Portefeuille = 89.2% Indice de référence = 98.2% (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 = 89.7% Indice de référence = 98.4% (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 | 31/01/21 31/01/22 | 31/01/20 31/01/21 | 31/01/19 31/01/20 | 31/01/18 31/01/19 | 31/01/17 31/01/18 | Création |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | -4.53 | -4.49 | -0.22 | -4.53 | 31.74 | 36.95 | 17.05 | 0.62 | 11.86 | -20.04 | 30.02 | 99.67 |
| Indice de réference | -2.17 | -0.25 | 6.15 | -2.17 | 44.66 | 54.69 | 27.24 | -5.43 | 20.22 | -15.90 | 27.16 | 16.01 |
| Ecarts | -2.35 | -4.23 | -6.37 | -2.35 | -12.92 | -17.74 | -10.19 | 6.05 | -8.36 | -4.14 | 2.86 | 83.66 |

Performance calendaire annuelle (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | 19.50 | -0.13 | 24.19 | -19.09 | 18.51 | -13.91 | 25.44 | -1.75 | 27.57 | 23.30 |
| Indice de réference | 26.82 | -4.04 | 31.15 | -16.60 | 15.55 | -9.90 | 15.38 | -0.33 | 17.63 | 8.36 |
| Ecarts | -7.32 | 3.91 | -6.96 | -2.49 | 2.96 | -4.01 | 10.05 | -1.43 | 9.94 | 14.94 |

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 |  |  |
| Intesa Sanpaolo SpA	9.94 | 8.92 | 1.02 | Sociétés Financières | Italie |
| Enel SpA	8.58 | 10.81 | -2.23 | Services aux Collectivités | Italie |
| STELLANTIS NV	7.32 | 7.04 | 0.28 | Consommation non essentielle | Italie |
| FinecoBank Banca Fineco SpA	6.38 | 1.85 | 4.53 | Sociétés Financières | Italie |
| Terna - Rete Elettrica Nazi...	4.99 | 2.01 | 2.99 | Services aux Collectivités | Italie |
| Stmicroelectronics NV	4.86 | 5.49 | -0.63 | Technologie | France |
| Cnh Industrial NV	4.60 | 2.69 | 1.91 | Industries | Italie |
| ERG SpA	4.30 | 0.35 | 3.96 | Services aux Collectivités | Italie |
| Prysmian SpA	4.27 | 1.61 | 2.67 | Industries | Italie |
| Nexi SpA	4.08 | 1.56 | 2.52 | Industries | Italie |
| Total (%)	59.33 | 42.32 |  |  |  |


## 5 principales surpondérations (%)	5 principales sous-pondérations (%)
Port. Indice Relative de réf.
Port. Indice Relative de réf.
| FinecoBank Banca Fineco SpA | 6.38 | 1.85 | 4.53 |  | Eni SpA | 0.00 | 6.76 | -6.76 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| ERG SpA | 4.30 | 0.35 | 3.96 |  | UniCredit SpA | 0.00 | 6.14 | -6.14 |
| Terna - Rete Elettrica Nazionale | 4.99 | 2.01 | 2.99 |  | Ferrari NV | 0.00 | 5.06 | -5.06 |
| Prysmian SpA | 4.27 | 1.61 | 2.67 |  | Assicurazioni Generali SpA | 0.00 | 4.68 | -4.68 |
| Nexi SpA | 4.08 | 1.56 | 2.52 |  | Moncler SpA | 0.00 | 2.48 | -2.48 |


## Exposition sectorielle (%)
Portefeuille  Indice de réference

## Exposition sectorielle active (%)
-12	-10	-8	-6	-4	-2	0	2	4	6	8	10
Sociétés Financières	28.07	31.14
Industries	20.03	11.48
Services aux Collectivités	19.02	15.70
Consommation non essentielle	12.11	18.18
Technologie	8.52	6.79
Santé	5.69	2.92
Télécommunications	2.67	1.72
Consommation courante	1.79	1.45
Énergie	0.00	10.27
Immobilier	0.00	0.12
Matériaux de Base	0.00	0.23
Monétaire	2.10	0.00

## Ventilation par capitalisation boursière (EUR - %)
60
55
50
45
40
35
30
25
20
15
10
5
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
De 25 à
100 mds
Monétaire
Port.	5.87	0.61	3.92	6.49	11.73	19.10	19.50	30.69	2.10
Indice de réf.	0.60	0.78	1.58	5.12	6.43	10.45	20.15	54.89	-