# Performance & Risk
## Performance Evolution (EUR)
CO2 Relative rating
% of AUM covered by ESG absolute rating: Portfolio = 99.6% Benchmark = 96.6% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 95.2% Benchmark = 97.8% (not meaningful for coverage below 50%)
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180
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
Portfolio* (29.02%)	Benchmark (42.77%)
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* (%) | 17.61 | 19.20 | 16.58 | 19.45 |
| Benchmark Volatility (%) | 14.23 | 19.52 | 16.71 | 17.61 |
| Relative Risk/Tracking Error  (%) | 6.78 | 6.44 | 5.46 | 8.66 |
| Sharpe Ratio | 0.53 | 0.58 | 0.52 | 0.49 |
| Information Ratio | -0.69 | -0.26 | -0.21 | 0.32 |
| Rolling Performance (%) |  |  |  |  |
| 1M	3M	6M	YTD	3Y	5Y	31/01/21	31/01/20	31/01/19	31/01/18	31/01/17	Launch |
|  |  |  |  |  |  |  | 31/01/22 | 31/01/21 | 31/01/20 | 31/01/19 | 31/01/18 |  |
| Portfolio* | -11.74 | -11.55 | -6.66 | -11.74 | 29.02 | 36.38 | 7.00 | 2.07 | 18.14 | -7.86 | 14.73 | 688.99 |
| Benchmark | -7.27 | -6.99 | -4.86 | -7.27 | 42.77 | 57.64 | 13.68 | 7.17 | 17.19 | -7.81 | 19.76 | 554.19 |
| Excess Return | -4.47 | -4.57 | -1.80 | -4.47 | -13.75 | -21.26 | -6.68 | -5.10 | 0.95 | -0.06 | -5.04 | 134.80 |


## Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 19.39 | 4.22 | 26.05 | -12.93 | 14.04 | -3.54 | 32.75 | 8.43 | 27.65 | 25.40 |
| Benchmark | 22.85 | 4.78 | 29.09 | -12.88 | 18.10 | 0.52 | 15.68 | 4.93 | 26.73 | 23.47 |
| Excess Return | -3.46 | -0.56 | -3.04 | -0.05 | -4.06 | -4.06 | 17.07 | 3.50 | 0.92 | 1.93 |

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 |  |  |
| Bankinter SA | 2.79 | 0.48 | 2.30 | Financials | Spain |
| Emmi AG | 2.69 | - | 2.69 | Consumer Staples | Switzerland |
| ID Logistics Group | 2.67 | - | 2.67 | Industrials | France |
| Siegfried Holding AG | 2.51 | 0.46 | 2.06 | Health Care | Switzerland |
| Imcd NV | 2.36 | - | 2.36 | Basic Materials | Netherlands |
| Great Portland Estates PLC | 2.35 | - | 2.35 | Basic Materials | United Kingdom |
| FinecoBank Banca Fineco SpA | 2.32 | - | 2.32 | Financials | Italy |
| Virbac SA | 2.31 | - | 2.31 | Health Care | France |
| Technip Energies NV | 2.21 | - | 2.21 | Energy | France |
| Lotus Bakeries NV | 2.19 | - | 2.19 | Consumer Staples | Belgium |
| Total (%) | 24.39 | 0.94 |  |  |  |


## Top 5 Overweight (%)	Top 5 Underweight (%)
Port. Bench. Relative	Port. Bench. Relative
| Emmi AG | 2.69 | 0.00 | 2.69 |  | Jeronimo Martins SGPS SA | 0.00 | 0.86 | -0.86 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| ID Logistics Group | 2.67 | 0.00 | 2.67 |  | Tritax Big Box REIT Plc | 0.00 | 0.77 | -0.77 |
| Imcd NV | 2.36 | 0.00 | 2.36 |  | Georg Fischer AG | 0.00 | 0.77 | -0.77 |
| Great Portland Estates PLC | 2.36 | 0.00 | 2.36 |  | Bank Polska Kasa Opieki SA | 0.00 | 0.76 | -0.76 |
| FinecoBank Banca Fineco SpA | 2.33 | 0.00 | 2.33 |  | SCOR SE | 0.00 | 0.75 | -0.75 |
| Sector Breakdown (%) |  |  |  |  | Active Exposure by Sector (%) |  |  |  |

Portfolio	Benchmark
Industrials	16.15	22.46
Financials	15.68	16.29
Consumer Discretionary	13.45	16.46
Technology	11.69	7.15
Real Estate	10.78	9.93
Health Care	10.38	7.32
Basic Materials	7.93	4.25
Consumer Staples	7.22	7.21
Energy	2.94	2.37
Utilities	1.99	4.23
Telecommunications	0.00	2.32
Cash	1.78	0.00
-7	-6	-5	-4	-3	-2	-1	0	1	2	3	4	5

## Equity exposure by geographical area (%)
Portfolio	Benchmark
United Kingdom	29.73	26.16
France	19.03	11.61
Sweden	10.98	13.54
Switzerland	9.22	7.11
Netherlands	8.15	1.85
Germany	7.86	6.20
Belgium	3.75	3.47
Italy	3.36	5.70
Spain	2.79	2.83
Ireland	1.36	1.15
Denmark	1.24	3.73
Norway	0.74	4.44
Other	0.00	12.21
Cash	1.78	0.00

## Active Exposure by Geography (%)
-14	-12	-10	-8	-6	-4	-2	0	2	4	6	8
MarketCap Breakdown (EUR - %)
48
44
40
36
32
28
24
20
16
12
8
4
0	250mn To 500mn	500mn To 1bn	1bn To 3bn	3bn To 5bn	5bn To 10bn	10bn To 25bn	100bn To 250bn	Cash
Port.	0.31	4.06	31.46	22.98	32.31	7.09	-	1.78
Bench.	-	-	3.60	41.61	42.73	11.61	0.45	-

Translation (ENFR, 2022-01-31):
# Performance et risque
## Evolution de la performance (EUR)
Intensité relative en CO2
% de l’encours sous gestion couvert par la note ESG absolue : Portefeuille = 99.6% Indice de référence = 96.6% (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 = 95.2% Indice de référence = 97.8% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)
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180
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
Portefeuille* (29.02%)	Indice de réference (42.77%)
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* (%) | 17.61 | 19.20 | 16.58 | 19.45 |
| Volatilité de l'indice de référence (%) | 14.23 | 19.52 | 16.71 | 17.61 |
| Risque relatif/Tracking Error  (%) | 6.78 | 6.44 | 5.46 | 8.66 |
| Ratio de Sharpe | 0.53 | 0.58 | 0.52 | 0.49 |
| Ratio d'information | -0.69 | -0.26 | -0.21 | 0.32 |
| Performance glissante (%) |  |  |  |  |
| 1 mois	3 mois	6 mois	YTD	3 ans	5 ans	31/01/21	31/01/20	31/01/19	31/01/18	31/01/17  Création |
|  |  |  |  |  |  |  | 31/01/22 | 31/01/21 | 31/01/20 | 31/01/19 | 31/01/18 |  |
| Portefeuille* | -11.74 | -11.55 | -6.66 | -11.74 | 29.02 | 36.38 | 7.00 | 2.07 | 18.14 | -7.86 | 14.73 | 688.99 |
| Indice de réference | -7.27 | -6.99 | -4.86 | -7.27 | 42.77 | 57.64 | 13.68 | 7.17 | 17.19 | -7.81 | 19.76 | 554.19 |
| Ecarts | -4.47 | -4.57 | -1.80 | -4.47 | -13.75 | -21.26 | -6.68 | -5.10 | 0.95 | -0.06 | -5.04 | 134.80 |


## Performance calendaire annuelle (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | 19.39 | 4.22 | 26.05 | -12.93 | 14.04 | -3.54 | 32.75 | 8.43 | 27.65 | 25.40 |
| Indice de réference | 22.85 | 4.78 | 29.09 | -12.88 | 18.10 | 0.52 | 15.68 | 4.93 | 26.73 | 23.47 |
| Ecarts | -3.46 | -0.56 | -3.04 | -0.05 | -4.06 | -4.06 | 17.07 | 3.50 | 0.92 | 1.93 |

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 |  |  |
| Bankinter SA | 2.79 | 0.48 | 2.30 | Sociétés Financières | Espagne |
| Emmi AG | 2.69 | - | 2.69 | Consommation courante | Suisse |
| ID Logistics Group | 2.67 | - | 2.67 | Industries | France |
| Siegfried Holding AG | 2.51 | 0.46 | 2.06 | Santé | Suisse |
| Imcd NV | 2.36 | - | 2.36 | Matériaux de Base | Pays-Bas |
| Great Portland Estates PLC | 2.35 | - | 2.35 | Matériaux de Base | Royaume-Uni |
| FinecoBank Banca Fineco SpA | 2.32 | - | 2.32 | Sociétés Financières | Italie |
| Virbac SA | 2.31 | - | 2.31 | Santé | France |
| Technip Energies NV | 2.21 | - | 2.21 | Énergie | France |
| Lotus Bakeries NV | 2.19 | - | 2.19 | Consommation courante | Belgique |
| Total (%) | 24.39 | 0.94 |  |  |  |


## 5 principales surpondérations (%)	5 principales sous-pondérations (%)
Port. Indice Relative de réf.
Port. Indice Relative de réf.
| Emmi AG | 2.69 | 0.00 | 2.69 |  | Jeronimo Martins SGPS SA | 0.00 | 0.86 | -0.86 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| ID Logistics Group | 2.67 | 0.00 | 2.67 |  | Tritax Big Box REIT Plc | 0.00 | 0.77 | -0.77 |
| Imcd NV | 2.36 | 0.00 | 2.36 |  | Georg Fischer AG | 0.00 | 0.77 | -0.77 |
| Great Portland Estates PLC | 2.36 | 0.00 | 2.36 |  | Bank Polska Kasa Opieki SA | 0.00 | 0.76 | -0.76 |
| FinecoBank Banca Fineco SpA | 2.33 | 0.00 | 2.33 |  | SCOR SE | 0.00 | 0.75 | -0.75 |
| Exposition sectorielle (%) |  |  |  |  | Exposition sectorielle active (%) |  |  |  |

Portefeuille  Indice de réference
Industries	16.15	22.46
Sociétés Financières	15.68	16.29
Consommation non essentielle	13.45	16.46
Technologie	11.69	7.15
Immobilier	10.78	9.93
Santé	10.38	7.32
Matériaux de Base	7.93	4.25
Consommation courante	7.22	7.21
Énergie	2.94	2.37
Services aux Collectivités	1.99	4.23
Télécommunications	0.00	2.32
Monétaire	1.78	0.00
-7	-6	-5	-4	-3	-2	-1	0	1	2	3	4	5

## Exposition Actions par zone géographique (%)
Portefeuille	Indice de réference
Royaume-Uni	29.73	26.16
France	19.03	11.61
Suède	10.98	13.54
Suisse	9.22	7.11
Pays-Bas	8.15	1.85
Allemagne	7.86	6.20
Belgique	3.75	3.47
Italie	3.36	5.70
Espagne	2.79	2.83
Irlande	1.36	1.15
Danemark	1.24	3.73
Norvège	0.74	4.44
Autres	0.00	12.21
Monétaire	1.78	0.00

## Exposition régionale active (%)
-14	-12	-10	-8	-6	-4	-2	0	2	4	6	8

## Ventilation par capitalisation boursière (EUR - %)
48
44
40
36
32
28
24
20
16
12
8
4
0	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 100 à
250 mds
Monétaire
Port.	0.31	4.06	31.46	22.98	32.31	7.09	-	1.78
Indice de réf.	-	-	3.60	41.61	42.73	11.61	0.45	-