# Performance & Risk
## Performance Evolution (EUR)
% of AUM covered by ESG absolute rating: Portfolio = 83.8% (not meaningful for coverage below 50%)
|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
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105
102
99
96
93
90
29/11/19
30/05/20
30/11/20
30/05/21
30/11/21
30/05/22 30/11/22
Portfolio* (-6.56%)
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.
| Risk Analysis |  |
| --- | --- |
|  | 1Y | 3Y | 5Y | Launch |
| Portfolio Volatility* (%) | 5.49 | 5.33 | 4.52 | 6.16 |
| Sharpe Ratio | -0.92 | -0.12 | 0.02 | 0.32 |
| Rolling Performance (%) |  |  |  |  |
|  | 1M | 3M | 6M | YTD | 3Y | 5Y | 30/11/21 30/11/22 | 30/11/20 30/11/21 | 30/11/19 30/11/20 | 30/11/18 30/11/19 | 30/11/17 30/11/18 | Launch |
| Portfolio* | -0.17 | -2.40 | -4.36 | -7.36 | -6.56 | -7.21 | -6.38 | 0.32 | -0.50 | 1.92 | -2.57 | 23.58 |
| Annual Calendar Performance (%) |
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| Portfolio* | -0.34 | 0.30 | 4.31 | -3.90 | 5.21 | 6.28 | -1.52 | 5.28 | 2.00 | 9.88 |

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.

## Asset Allocation (%)
0	10	20	30	40	50	60	70	80	90	100	110
| Equities | 34.64 | 26.35 | 18.91 | 18.53 | 18.90 | 16.84 | 13.53 | 13.94 | 13.36 | 15.13 | 11.87 | 10.11 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Diversif. | 0.75 | 0.78 | 0.80 | 0.81 | 2.84 | 5.26 | 6.54 | 7.51 | 7.57 | 7.83 | 7.77 | 9.02 |
| Bonds | 49.88 | 49.89 | 53.44 | 54.79 | 45.68 | 43.08 | 44.15 | 43.54 | 42.76 | 45.41 | 48.44 | 42.11 |
| Monetary | 14.72 | 22.98 | 26.85 | 25.87 | 32.57 | 34.83 | 35.78 | 35.01 | 36.31 | 31.64 | 31.92 | 38.76 |

31/12/2021
31/01/2022
28/02/2022
31/03/2022
29/04/2022
31/05/2022
30/06/2022
29/07/2022
31/08/2022
30/09/2022
31/10/2022
30/11/2022
For the Asset allocation, the equities derivatives exposure is included in the equities part . The counterpart of this exposure is included in the monetary part and gives an overall exposure of 100%.

## Currency Breakdown (%)
70
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60
50
40
30
20
10
0
|  | EUR | USD | CHF | JPY | GBP | SEK | Other |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | Portfolio | 61.66 | 31.89 | 2.68 | 2.30 | 2.08 | 1.79 | -2.39 |

-10
Source(s): AXA Investment Managers - GICS as at 30/11/2022
For more information about AXA IM, visit axa-im.com
| Sector Breakdown (%) |  |  | Geographical Breakdown (%) |  |
| --- | --- | --- | --- | --- |
|  | Portfolio |  |  | Portfolio |
| Industrials | 34.11 |  | Others | 5.50 |
| IT | 23.63 |  | Japan | 3.28 |
| Cons. stap. | 22.30 |  | Emerging Markets | 0.66 |
| Health Care | 18.03 |  | North America | 0.49 |
| Financials | 11.83 |  | European Economic Area | -0.50 |
| Materials | 5.34 |  |
| Energy | 3.98 |
| Cons. disc. | 1.46 |
| Communication Services | -2.39 |
| Real estate | -2.61 |
| Utilities | -5.32 |
| Not classified | -10.34 |
| MarketCap Breakdown (EUR - %) |  |

16
14
12
10
8
6
4
2
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
100bn To 250bn
More Than 250bn
Port.	0.17	0.06	0.23	0.58	2.44	3.08	4.59	14.45	4.97	5.37
Source(s): AXA Investment Managers - GICS as at 30/11/2022
For more information about AXA IM, visit axa-im.com
| Top 10 Holdings |  |
| --- | --- |
| Equity | Weighting (%) | Sector | Issuer country | Currency |
| Nestle SA | 6.12 | Cons. stap. | European Economic Area | CHF |
| Prysmian SpA | 4.47 | Industrials | European Economic Area | EUR |
| Keyence Corp | 3.89 | IT | Japan | JPY |
| Rio Tinto PLC | 3.58 | Materials | Others | GBP |
| Volvo AB | 3.58 | Industrials | European Economic Area | SEK |
| Diageo PLC | 3.37 | Cons. stap. | Others | GBP |
| Moody's Corp | 3.34 | Financials | North America | USD |
| STELLANTIS NV | 2.98 | Cons. disc. | European Economic Area | EUR |
| L'Occitane Ltd | 2.72 | Cons. stap. | European Economic Area | HKD |
| Roche Holding AG | 2.68 | Health Care | European Economic Area | CHF |
| Total (%) | 36.73 |  |  |  |

Fixed Income : 42% of the overall portfolio
| Fund Key Metrics |  |
| --- | --- |
|  | Portfolio |  |  | Portfolio |
| Number of Holdings | 262 | Mod. Duration |  | 1.87 |
| Number of Issuers | 157 | Yield To Worst (%) |  | 4.34 |
| Linear Average Rating | BBB+ |  |  |  |
| Top 10 Holdings |  |  |  |  |
| Name | Weighting (%) | Issuer country | Modified duration | Contribution |
| German Inflation Linked Bond 0.1% 04/15/2026 | 5.10 | European Economic Area | 3.4 | 0.20 |
| France Government Bond OAT 1.85% 07/25/2027 | 3.87 | European Economic Area | 4.5 | 0.20 |
| Intesa Sanpaolo SpA 5.02% 06/26/2024 | 3.04 | European Economic Area | 1.4 | 0.00 |
| BWAY Holding Co 5.5% 04/15/2024 | 2.96 | North America | 0.1 | 0.00 |
| Netflix Inc 5.875% 02/15/2025 | 2.90 | North America | 2.0 | 0.10 |
| Uber Technologies Inc 7.5% 05/15/2025 | 2.89 | North America | 0.1 | 0.00 |
| France Government Bond OAT 0.25% 07/25/2024 | 2.43 | European Economic Area | 1.7 | 0.00 |
| UK Gilt Inflation Linked 0.125% 03/22/2026 | 2.35 | Others | 3.3 | 0.10 |
| BNP Paribas SA 1.125% 11/22/2023 | 2.24 | European Economic Area | 0.9 | 0.00 |
| LVMH Moet Hennessy Louis Vuitton 02/11/2024 | 1.77 | European Economic Area | 1.0 | 0.00 |
| Total (%) | 29.55 |  |  |  |

Source(s): AXA Investment Managers - GICS as at 30/11/2022
For more information about AXA IM, visit axa-im.com

## Maturity Breakdown (%)
30
20
10
0
| -10 | 0-1 year | 1-3 years | 3-5 years | 5-7 years | 7-10 years | 10-20 years | +20 years |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio | 6.53 | 18.89 | 17.29 | -8.03 | 0.87 | 0.69 | 1.05 |


## Rating Breakdown (%)
30
20
10
| 0 | AAA | AA | A | BBB | BB | B | CCC | NR |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio | 1.90 | 3.93 | 11.56 | 24.92 | 4.79 | 1.83 | - | 0.83 |


## Instrument Type Breakdown (%)
30
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20
10
0
-10
-20
Industrials	Financial	Sovereign	Utility	Quasi & Foreign
Government
Not Classified
Portfolio	19.80	18.81	5.63	4.60	0.15	-11.71
Diversification : 9% of the overall portfolio
| Equity | Weighting (%) | Issuer country | Currency |
| --- | --- | --- | --- |
| iShares Physical Gold ETC | 4.84 | European Economic Area | USD |
| AXA WF Dynamic Optimal Income | 2.14 | European Economic Area | USD |
| AXA IM WAVe Cat Bonds Fund | 0.60 | Others | EUR |
| AXA IM WAVe Cat Bonds Fund | 0.31 | Others | USD |
| Total (%) | 7.89 |  |  |
| For more information about AXA IM, visit axa-im.com |  |  |  |


## Top 10 Holdings
Source(s): AXA Investment Managers - GICS as at 30/11/2022

Translation (ENFR, 2022-11-30):
# Performance et risque
## Evolution de la performance (EUR)
% de l’encours sous gestion couvert par la note ESG absolue : Portefeuille = 83.8% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)
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105
102
99
96
93
90
29/11/19
30/05/20
30/11/20
30/05/21
30/11/21
30/05/22 30/11/22
Portefeuille* (-6.56%)
Les données sont rebasées à 100 par AXA IM à la date de début du graphique.
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 risque |  |
| --- | --- |
|  | 1 an | 3 ans | 5 ans | Création |
| Volatilité du portefeuille* (%) | 5.49 | 5.33 | 4.52 | 6.16 |
| Ratio de Sharpe | -0.92 | -0.12 | 0.02 | 0.32 |
| Performance glissante (%) |  |  |  |  |

30/11/22
1 mois	3 mois	6 mois	YTD	3 ans	5 ans	30/11/21
30/11/20
30/11/21
30/11/19
30/11/20
30/11/18
30/11/19
30/11/17
30/11/18
Création
Portefeuille*	-0.17	-2.40	-4.36	-7.36	-6.56	-7.21	-6.38	0.32	-0.50	1.92	-2.57	23.58

## Performance calendaire annuelle (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | -0.34 | 0.30 | 4.31 | -3.90 | 5.21 | 6.28 | -1.52 | 5.28 | 2.00 | 9.88 |

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.

## Répartition par classe d'actifs (%)
0	10	20	30	40	50	60	70	80	90	100	110
| Actions | 34.64 | 26.35 | 18.91 | 18.53 | 18.90 | 16.84 | 13.53 | 13.94 | 13.36 | 15.13 | 11.87 | 10.11 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Diversif. | 0.75 | 0.78 | 0.80 | 0.81 | 2.84 | 5.26 | 6.54 | 7.51 | 7.57 | 7.83 | 7.77 | 9.02 |
| Obligations | 49.88 | 49.89 | 53.44 | 54.79 | 45.68 | 43.08 | 44.15 | 43.54 | 42.76 | 45.41 | 48.44 | 42.11 |
| Monétaire | 14.72 | 22.98 | 26.85 | 25.87 | 32.57 | 34.83 | 35.78 | 35.01 | 36.31 | 31.64 | 31.92 | 38.76 |

31/12/2021
31/01/2022
28/02/2022
31/03/2022
29/04/2022
31/05/2022
30/06/2022
29/07/2022
31/08/2022
30/09/2022
31/10/2022
30/11/2022
Pour l'Evolution de la composition, l'exposition des produits de type dérivés actions est incluse dans la partie actions. La contrepartie de cette exposition est incluse dans la partie monétaire et permet d'obtenir une exposition totale à 100%.

## Exposition par devise (%)
70
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60
50
40
30
20
10
0
|  | EUR | USD | CHF | JPY | GBP | SEK | Autres |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | Portefeuille | 61.66 | 31.89 | 2.68 | 2.30 | 2.08 | 1.79 | -2.39 |

-10
Source(s) : AXA Investment Managers - GICS au 30/11/2022
Pour obtenir de plus amples informations sur AXA IM, rendez-vous sur axa-im.com
| Exposition sectorielle (%) |  |  | Exposition géographique (%) |  |
| --- | --- | --- | --- | --- |
|  | Portefeuille |  |  | Portefeuille |
| Industrie | 34.11 |  | Autres | 5.50 |
| Technologie | 23.63 |  | Japon | 3.28 |
| Conso. Base | 22.30 |  | Marchés émergents | 0.66 |
| Santé | 18.03 |  | Amérique du Nord | 0.49 |
| Finance | 11.83 |  | Pays membres de la zone EEE | -0.50 |
| Matériaux | 5.34 |  |
| Energie | 3.98 |
| Conso. cycl. | 1.46 |
| Services de Communication | -2.39 |
| Immobilier | -2.61 |
| Serv. aux collect. | -5.32 |
| Non Classé | -10.34 |


## Ventilation par capitalisation boursière (EUR - %)
16
14
12
10
8
6
4
2
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
De 100 à
250 mds
Plus de 250 mds
Port.	0.17	0.06	0.23	0.58	2.44	3.08	4.59	14.45	4.97	5.37
Source(s) : AXA Investment Managers - GICS au 30/11/2022
Pour obtenir de plus amples informations sur AXA IM, rendez-vous sur axa-im.com
| 10 principaux titres |  |
| --- | --- |
| Action | Pondération (%) | Secteur | Pays émetteur | Devise |
| Nestle SA | 6.12 | Conso. Base | Pays membres de la zone EEE | CHF |
| Prysmian SpA | 4.47 | Industrie | Pays membres de la zone EEE | EUR |
| Keyence Corp | 3.89 | Technologie | Japon | JPY |
| Rio Tinto PLC | 3.58 | Matériaux | Autres | GBP |
| Volvo AB | 3.58 | Industrie | Pays membres de la zone EEE | SEK |
| Diageo PLC | 3.37 | Conso. Base | Autres | GBP |
| Moody's Corp | 3.34 | Finance | Amérique du Nord | USD |
| STELLANTIS NV | 2.98 | Conso. cycl. | Pays membres de la zone EEE | EUR |
| L'Occitane Ltd | 2.72 | Conso. Base | Pays membres de la zone EEE | HKD |
| Roche Holding AG | 2.68 | Santé | Pays membres de la zone EEE | CHF |
| Total (%) | 36.73 |  |  |  |

Obligations : 42% du portefeuille global
| Caractéristiques du portefeuille |  |
| --- | --- |
|  | Portefeuille |  |  | Portefeuille |
| Nombre de lignes | 262 | Mod. Duration |  | 1.87 |
| Nombre d'émetteurs | 157 | Yield to worst (%) |  | 4.34 |
| Rating moyen linéaire | BBB+ |  |  |  |
| 10 principaux titres |  |  |  |  |
| Libellé | Pondération (%) | Pays émetteur | Sensibilité | Contribution |
| German Inflation Linked Bond 0.1% 04/15/2026 | 5.10 | Pays membres de la zone EEE | 3.4 | 0.20 |
| France Government Bond OAT 1.85% 07/25/2027 | 3.87 | Pays membres de la zone EEE | 4.5 | 0.20 |
| Intesa Sanpaolo SpA 5.02% 06/26/2024 | 3.04 | Pays membres de la zone EEE | 1.4 | 0.00 |
| BWAY Holding Co 5.5% 04/15/2024 | 2.96 | Amérique du Nord | 0.1 | 0.00 |
| Netflix Inc 5.875% 02/15/2025 | 2.90 | Amérique du Nord | 2.0 | 0.10 |
| Uber Technologies Inc 7.5% 05/15/2025 | 2.89 | Amérique du Nord | 0.1 | 0.00 |
| France Government Bond OAT 0.25% 07/25/2024 | 2.43 | Pays membres de la zone EEE | 1.7 | 0.00 |
| UK Gilt Inflation Linked 0.125% 03/22/2026 | 2.35 | Autres | 3.3 | 0.10 |
| BNP Paribas SA 1.125% 11/22/2023 | 2.24 | Pays membres de la zone EEE | 0.9 | 0.00 |
| LVMH Moet Hennessy Louis Vuitton 02/11/2024 | 1.77 | Pays membres de la zone EEE | 1.0 | 0.00 |
| Total (%) | 29.55 |  |  |  |

Source(s) : AXA Investment Managers - GICS au 30/11/2022
Pour obtenir de plus amples informations sur AXA IM, rendez-vous sur axa-im.com

## Exposition par maturité (%)
30
20
10
0
| -10 | 0-1 an | 1-3 ans | 3-5 ans | 5-7 ans | 7-10 ans | 10-20 ans | + 20 ans |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille | 6.53 | 18.89 | 17.29 | -8.03 | 0.87 | 0.69 | 1.05 |


## Exposition par rating (%)
30
20
10
| 0 | AAA | AA | A | BBB | BB | B | CCC | NR |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille | 1.90 | 3.93 | 11.56 | 24.92 | 4.79 | 1.83 | - | 0.83 |


## Exposition par type d'instrument (%)
30
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20
10
0
-10
-20
Industrie	Finance	Souverain	Services aux
Collectivités
Quasi & Foreign Government
Hors catégorie
Portefeuille	19.80	18.81	5.63	4.60	0.15	-11.71
Diversification : 9% du portefeuille global
| Action | Pondération (%) | Pays émetteur | Devise |
| --- | --- | --- | --- |
| iShares Physical Gold ETC | 4.84 | Pays membres de la zone EEE | USD |
| AXA WF Dynamic Optimal Income | 2.14 | Pays membres de la zone EEE | USD |
| AXA IM WAVe Cat Bonds Fund | 0.60 | Autres | EUR |
| AXA IM WAVe Cat Bonds Fund | 0.31 | Autres | USD |
| Total (%) | 7.89 |  |  |


## 10 principaux titres
Source(s) : AXA Investment Managers - GICS au 30/11/2022
Pour obtenir de plus amples informations sur AXA IM, rendez-vous sur axa-im.com