# Performance & Risk
## Performance Evolution (EUR)
Active Share (%)	77	-

## Fund Profile
ESG Rating
ESG Relative Rating
CO2 Relative rating
% of AUM covered by ESG absolute rating: Portfolio = 99.9% Benchmark = 100.0% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 99.9% Benchmark = 99.6% (not meaningful for coverage below 50%)
For more information about the methodology, please read the section 'ESG Metrics Definition' below

## Fund Manager
Stéphanie FAIBIS
31/01/20	31/07/20	31/01/21	31/07/21	31/01/22	31/07/22 31/01/23
Portfolio* (2.06%)	Benchmark (19.95%)
Laurent RIERA - Co-Manager
Data is rebased to 100 by AXA IM on the graph start date.
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.
| Risk Analysis |  |
| --- | --- |
|  | 1Y | 3Y | 5Y | Launch |
| Portfolio Volatility* (%) | 24.16 | 23.65 | 20.33 | 17.73 |
| Benchmark Volatility (%) | 21.56 | 21.79 | 18.60 | 17.68 |
| Relative Risk/Tracking Error  (%) | 12.42 | 9.43 | 7.52 | 4.16 |
| Sharpe Ratio | -0.25 | 0.08 | 0.08 | 0.24 |
| Information Ratio | -0.43 | -0.48 | -0.44 | -0.10 |


## 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* | 7.77 | 10.28 | -1.51 | 7.77 | 2.06 | 1.76 | -6.69 | 5.88 | 3.30 | 15.83 | -13.92 | 532.08 |
| Benchmark | 9.31 | 14.05 | 9.68 | 9.31 | 19.95 | 25.65 | -0.42 | 19.72 | 0.61 | 16.65 | -10.20 | 825.49 |
| Excess Return | -1.53 | -3.77 | -11.19 | -1.53 | -17.89 | -23.89 | -6.27 | -13.84 | 2.69 | -0.81 | -3.73 | -293.41 |

Annual Calendar Performance (%)
|  | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -24.28 | 19.04 | 1.21 | 26.97 | -15.48 | 10.59 | 2.33 | 13.78 | 0.58 | 22.83 |
| Benchmark | -12.31 | 22.67 | 0.25 | 26.11 | -12.72 | 12.55 | 4.15 | 10.33 | 4.14 | 23.74 |
| Excess Return | -11.98 | -3.64 | 0.96 | 0.86 | -2.76 | -1.96 | -1.82 | 3.45 | -3.57 | -0.92 |

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.
| Top 10 Holdings |  |
| --- | --- |
| Equity |  |  | Weighting (%) | Sector | Geography |
|  | Portfolio | Benchmark | Relative |  |  |
| Asml Holding NV | 7.31 | 4.76 | 2.55 | Technology | Netherlands |
| LVMH Moet Hennessy Louis Vu... | 4.92 | 4.09 | 0.83 | Consumer Discretionary | France |
| Hermes International | 4.85 | 1.18 | 3.66 | Consumer Discretionary | France |
| L'Oreal SA | 4.46 | 1.80 | 2.66 | Consumer Discretionary | France |
| Ferrari NV | 4.21 | 0.53 | 3.68 | Consumer Discretionary | Italy |
| Schneider Electric SE | 4.20 | 1.66 | 2.54 | Industrials | France |
| Pernod Ricard SA | 3.73 | 0.75 | 2.99 | Consumer Staples | France |
| Adyen NV | 3.60 | 0.77 | 2.83 | Technology | Netherlands |
| Sartorius AG | 3.54 | 0.20 | 3.34 | Health Care | Germany |
| Lotus Bakeries NV | 3.38 | 0.05 | 3.33 | Consumer Staples | Belgium |
| Total (%) | 44.20 | 15.79 |  |  |  |

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
| Ferrari NV | 4.21 | 0.53 | 3.68 |  | TotalEnergies SE | 0.00 | 2.92 | -2.92 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Hermes International | 4.85 | 1.18 | 3.66 |  | Linde Plc | 0.00 | 2.92 | -2.92 |
| Sartorius AG | 3.54 | 0.20 | 3.34 |  | SAP SE | 0.00 | 2.17 | -2.17 |
| Lotus Bakeries NV | 3.38 | 0.05 | 3.33 |  | Siemens AG | 0.00 | 2.07 | -2.07 |
| Siemens Healthineers AG | 3.33 | 0.27 | 3.06 |  | Sanofi | 0.00 | 2.02 | -2.02 |
| Sector Breakdown (%) |  |  |  |  | Active Exposure by Sector (%) |  |  |  |

Portfolio	Benchmark
Consumer Discretionary	28.29	17.44
Technology	20.18	12.95
Industrials	14.80	16.26
Health Care	13.54	7.46
Consumer Staples	8.98	5.20
Basic Materials	6.21	8.09
Utilities	4.39	5.36
Energy	1.86	5.29
Telecommunications	1.61	3.72
Financials	0.00	17.00
Real Estate	0.00	1.22
Cash	0.13	0.00
-18	-15	-12	-9	-6	-3	0	3	6	9	12

## Geographical Breakdown (%)
Portfolio	Benchmark
France	32.06	34.30
Germany	19.37	26.92
Netherlands	15.78	12.80
Belgium	10.68	3.02
Italy	6.25	7.87
Spain	5.74	7.25
Sweden	2.95	0.00
Switzerland	2.93	0.00
Denmark	2.26	0.00
Finland	1.86	3.94
Portugal	0.00	0.56
Luxemburg	0.00	0.32
Other	0.00	3.02
Cash	0.13	0.00

## Active Exposure by Geography (%)
-8	-6	-4	-2	0	2	4	6	8
MarketCap Breakdown (EUR - %)
60
50
40
30
20
10
0	1bn To 3bn	3bn To 5bn	5bn To 10bn	10bn To 25bn	25bn To 100bn	100bn To 250bn	More Than 250bn	Cash
Port.	-	3.91	9.64	14.47	48.03	16.63	7.18	0.13
Bench.	0.43	3.67	6.49	17.77	45.44	22.10	4.09	-

Translation (ENFR, 2023-01-31):
# Performance et risque
## Evolution de la performance (EUR)
Notation ESG relative
Intensité relative en CO2
% de l’encours sous gestion couvert par la note ESG absolue : Portefeuille = 99.9% Indice de réf. = 100.0% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)
31/01/20
31/07/20
31/01/21
31/07/21
31/01/22
31/07/22 31/01/23
% de l’encours sous gestion couvert par l’indicateur d’intensité en CO2 : Portefeuille = 99.9% Indice de réf.
= 99.6% (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
Portefeuille* (2.06%)	Indice de réference (19.95%)
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.
Stéphanie FAIBIS
Laurent RIERA - Co-gérant
| Analyse du risque |  |
| --- | --- |
|  | 1 an | 3 ans | 5 ans | Création |
| Volatilité du portefeuille* (%) | 24.16 | 23.65 | 20.33 | 17.73 |
| Volatilité de l'indice de référence (%) | 21.56 | 21.79 | 18.60 | 17.68 |
| Risque relatif/Tracking Error  (%) | 12.42 | 9.43 | 7.52 | 4.16 |
| Ratio de Sharpe | -0.25 | 0.08 | 0.08 | 0.24 |
| Ratio d'information | -0.43 | -0.48 | -0.44 | -0.10 |


## Performance glissante (%)
| 1 mois	3 mois	6 mois	YTD	3 ans	5 ans	31/01/22 | 31/01/21 | 31/01/20 | 31/01/19 | 31/01/18  Création |
| --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  | 31/01/23 | 31/01/22 | 31/01/21 | 31/01/20 | 31/01/19 |  |
| Portefeuille* | 7.77 | 10.28 | -1.51 | 7.77 | 2.06 | 1.76 | -6.69 | 5.88 | 3.30 | 15.83 | -13.92 | 532.08 |
| Indice de référence | 9.31 | 14.05 | 9.68 | 9.31 | 19.95 | 25.65 | -0.42 | 19.72 | 0.61 | 16.65 | -10.20 | 825.49 |
| Ecarts | -1.53 | -3.77 | -11.19 | -1.53 | -17.89 | -23.89 | -6.27 | -13.84 | 2.69 | -0.81 | -3.73 | -293.41 |

Performance calendaire annuelle (%)
|  | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | -24.28 | 19.04 | 1.21 | 26.97 | -15.48 | 10.59 | 2.33 | 13.78 | 0.58 | 22.83 |
| Indice de réference | -12.31 | 22.67 | 0.25 | 26.11 | -12.72 | 12.55 | 4.15 | 10.33 | 4.14 | 23.74 |
| Ecarts | -11.98 | -3.64 | 0.96 | 0.86 | -2.76 | -1.96 | -1.82 | 3.45 | -3.57 | -0.92 |

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.

## 10 principaux titres
Action	Pondération (%)	Secteur	Géographie
|  | Portefeuille | Indice de réference | Relative |  |
| --- | --- | --- | --- | --- |
| Asml Holding NV | 7.31 | 4.76 | 2.55 | Technologie | Pays-Bas |
| LVMH Moet Hennessy Louis Vu... | 4.92 | 4.09 | 0.83 | Consommation non essentielle | France |
| Hermes International | 4.85 | 1.18 | 3.66 | Consommation non essentielle | France |
| L'Oreal SA | 4.46 | 1.80 | 2.66 | Consommation non essentielle | France |
| Ferrari NV | 4.21 | 0.53 | 3.68 | Consommation non essentielle | Italie |
| Schneider Electric SE | 4.20 | 1.66 | 2.54 | Industries | France |
| Pernod Ricard SA | 3.73 | 0.75 | 2.99 | Consommation courante | France |
| Adyen NV | 3.60 | 0.77 | 2.83 | Technologie | Pays-Bas |
| Sartorius AG | 3.54 | 0.20 | 3.34 | Santé | Allemagne |
| Lotus Bakeries NV | 3.38 | 0.05 | 3.33 | Consommation courante | Belgique |
| Total (%) | 44.20 | 15.79 |  |  |  |

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.

## 5 principales surpondérations (%)	5 principales sous-pondérations (%)
Port. Indice Relative de réf.
Port. Indice Relative de réf.
| Ferrari NV | 4.21 | 0.53 | 3.68 |  | TotalEnergies SE | 0.00 | 2.92 | -2.92 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Hermes International | 4.85 | 1.18 | 3.66 |  | Linde Plc | 0.00 | 2.92 | -2.92 |
| Sartorius AG | 3.54 | 0.20 | 3.34 |  | SAP SE | 0.00 | 2.17 | -2.17 |
| Lotus Bakeries NV | 3.38 | 0.05 | 3.33 |  | Siemens AG | 0.00 | 2.07 | -2.07 |
| Siemens Healthineers AG | 3.33 | 0.27 | 3.06 |  | Sanofi | 0.00 | 2.02 | -2.02 |
| Exposition sectorielle (%) |  |  |  |  | Exposition sectorielle active (%) |  |  |  |

Portefeuille  Indice de réference
Consommation non essentielle	28.29	17.44
Technologie	20.18	12.95
Industries	14.80	16.26
Santé	13.54	7.46
Consommation courante	8.98	5.20
Matériaux de Base	6.21	8.09
Services aux Collectivités	4.39	5.36
Énergie	1.86	5.29
Télécommunications	1.61	3.72
Sociétés Financières	0.00	17.00
Immobilier	0.00	1.22
Monétaire	0.13	0.00
-18	-15	-12	-9	-6	-3	0	3	6	9	12

## Exposition géographique (%)
Portefeuille	Indice de réference
France	32.06	34.30
Allemagne	19.37	26.92
Pays-Bas	15.78	12.80
Belgique	10.68	3.02
Italie	6.25	7.87
Espagne	5.74	7.25
Suède	2.95	0.00
Suisse	2.93	0.00
Danemark	2.26	0.00
Finlande	1.86	3.94
Portugal	0.00	0.56
Luxembourg	0.00	0.32
Autres	0.00	3.02
Monétaire	0.13	0.00

## Exposition régionale active (%)
-8	-6	-4	-2	0	2	4	6	8

## Ventilation par capitalisation boursière (EUR - %)
60
50
40
30
20
10
0	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.	-	3.91	9.64	14.47	48.03	16.63	7.18	0.13
Indice de réf.	0.43	3.67	6.49	17.77	45.44	22.10	4.09	-