# Performance & Risk
## Performance Evolution (EUR)
EUR
507.55
Port.
Mod. Duration	2.16

## Fund Profile
ESG Rating
% of AUM covered by ESG absolute rating: Portfolio = 92.1% (not meaningful for coverage below 50%)
29/11/19
30/05/20
30/11/20
30/05/21
30/11/21
30/05/22 30/11/22
Portfolio* (2.72%)	Benchmark (5.10%)
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* (%) | 13.38 | 10.97 | 9.36 | 7.79 |
| Benchmark Volatility (%) | 0.09 | 0.12 | 0.09 | 0.41 |
| Relative Risk/Tracking Error  (%) | 13.38 | 10.97 | 9.36 | 7.86 |
| Sharpe Ratio | -0.52 | 0.17 | 0.22 | 0.35 |
| Information Ratio | -0.68 | -0.02 | 0.01 | 0.10 |


## 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* | 1.96 | 1.46 | -2.86 | -9.57 | 2.72 | 5.78 | -7.71 | 9.37 | 1.77 | 7.23 | -3.96 | 54.32 |
| Benchmark | 0.28 | 0.71 | 1.14 | 1.78 | 5.10 | 8.57 | 1.91 | 1.55 | 1.56 | 1.62 | 1.65 | 50.92 |
| Excess Return | 1.68 | 0.75 | -4.01 | -11.35 | -2.38 | -2.79 | -9.62 | 7.82 | 0.21 | 5.61 | -5.61 | 3.40 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 8.85 | 3.22 | 12.37 | -7.58 | 7.47 | 2.37 | 5.81 | 4.06 | 9.28 | 8.36 |
| Benchmark | 1.54 | 1.55 | 1.62 | 1.66 | 1.65 | 1.69 | 1.91 | 2.12 | 2.11 | 2.27 |
| Excess Return | 7.31 | 1.67 | 10.75 | -9.24 | 5.82 | 0.67 | 3.90 | 1.94 | 7.17 | 6.09 |

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 | 77.66 | 63.60 | 57.83 | 55.66 | 55.37 | 54.43 | 44.82 | 44.39 | 30.99 | 36.85 | 34.26 | 33.69 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Diversif. | 3.25 | 3.33 | 3.41 | 3.42 | 5.13 | 5.10 | 5.27 | 3.40 | 3.52 | 3.64 | 3.32 | 3.20 |
| Bonds | 17.00 | 16.26 | 16.51 | 18.68 | 18.90 | 18.97 | 19.55 | 19.33 | 19.53 | 22.15 | 24.51 | 26.63 |
| Monetary | 2.10 | 16.80 | 22.26 | 22.23 | 20.59 | 21.50 | 30.37 | 32.88 | 45.97 | 37.36 | 37.91 | 36.49 |

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 (%)
120
100
80
60
40
20
0
EUR	USD	SEK	CHF	JPY	GBP	Other
| Portfolio | 84.86 | 9.50 | 2.50 | 1.11 | 0.48 | 0.43 | 1.11 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | 100.00 | - | - | - | - | - | - |

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 | 25.32 |  | European Economic Area | 22.95 |
| IT | 18.49 |  | Others | 6.44 |
| Financials | 14.68 |  | North America | 3.61 |
| Cons. stap. | 11.91 |  | Japan | 0.68 |
| Health Care | 10.72 |  | Emerging Markets | 0.32 |
| Materials | 9.62 |  | Asia ex Japan | 0.08 |
| Communication Services | 5.96 |  |
| Cons. disc. | 3.07 |
| Energy | 2.77 |
| Real estate | 0.77 |
| Utilities | -1.29 |
| Not classified | -2.04 |
| MarketCap Breakdown (EUR - %) |  |

27
24
21
18
15
12
9
6
3
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
Port.	0.10	1.43	2.72	10.97	10.30	21.75	12.65	4.84
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 |
| AIR LIQUIDE PRIME FIDELITE | 3.67 | Materials | European Economic Area | EUR |
| Remy Cointreau SA | 2.94 | Cons. stap. | European Economic Area | EUR |
| FinecoBank Banca Fineco SpA | 2.93 | Financials | European Economic Area | EUR |
| Asml Holding NV | 2.43 | IT | European Economic Area | EUR |
| Roche Holding AG | 1.92 | Health Care | European Economic Area | CHF |
| Kabel Deutschland Holding AG | 1.88 | Communication Services | European Economic Area | EUR |
| Edenred | 1.68 | Industrials | European Economic Area | EUR |
| AstraZeneca PLC | 1.47 | Health Care | Others | GBP |
| AIR LIQUIDE(L ) | 1.40 | Materials | European Economic Area | EUR |
| Volvo AB | 1.40 | Industrials | European Economic Area | SEK |
| Total (%) | 21.72 |  |  |  |

Fixed Income : 27% of the overall portfolio
| Fund Key Metrics |  |
| --- | --- |
|  | Portfolio |  |  | Portfolio |
| Number of Holdings | 168 | Mod. Duration |  | 3.57 |
| Number of Issuers | 122 | Yield To Worst (%) |  | 4.70 |
| Linear Average Rating | BBB+ |  |  |  |
| Top 10 Holdings |  |  |  |  |
| Name | Weighting (%) | Issuer country | Modified duration | Contribution |
| German Inflation Linked Bond 0.1% 04/15/2026 | 0.84 | European Economic Area | 3.4 | 0.00 |
| France Government Bond OAT 1.85% 07/25/2027 | 0.64 | European Economic Area | 4.5 | 0.00 |
| France Government Bond OAT 0.25% 07/25/2024 | 0.40 | European Economic Area | 1.7 | 0.00 |
| Credit Agricole SA VAR 01/12/2028 | 0.40 | European Economic Area | 3.9 | 0.00 |
| Total SA VAR PERP | 0.40 | European Economic Area | 0.4 | 0.00 |
| Mizuho Financial Group Inc VAR 09/06/2029 | 0.39 | Japan | 5.5 | 0.00 |
| UK Gilt Inflation Linked 0.125% 03/22/2026 | 0.39 | Others | 3.3 | 0.00 |
| Total SA VAR PERP | 0.35 | European Economic Area | 3.8 | 0.00 |
| UniCredit SpA VAR 01/18/2028 | 0.34 | European Economic Area | 3.9 | 0.00 |
| Becton Dickinson Euro Finance 1.21% 06/04/2026 | 0.28 | North America | 3.1 | 0.00 |
| Total (%) | 4.41 |  |  |  |

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

## Maturity Breakdown (%)
10
8
6
4
2
0	0-1 year	1-3 years	3-5 years	5-7 years	7-10 years	10-20 years	+20 years
Portfolio	1.64	7.11	8.52	5.76	2.50	1.54	0.84

## Rating Breakdown (%)
15
12
9
6
3
0	AAA	AA	A	BBB	BB	B	CCC	NR
Portfolio	0.63	1.33	5.18	14.28	3.51	1.54	0.05	1.38

## Instrument Type Breakdown (%)
15
12
9
6
3
0	Industrials	Financial	Utility	Sovereign	Not Classified	Quasi & Foreign
Government
Portfolio	11.73	10.48	2.37	1.96	1.31	0.05
Diversification : 3% of the overall portfolio
Top 10 Holdings
| Equity | Weighting (%) | Issuer country | Currency |
| --- | --- | --- | --- |
| AXA WF Dynamic Optimal Income | 1.69 | European Economic Area | USD |
| AXA IM WAVe Cat Bonds Fund | 0.87 | Others | USD |
| AXA IM WAVe Cat Bonds Fund | 0.64 | Others | EUR |
| Total (%) | 3.20 |  |  |
| Source(s): AXA Investment Managers - GICS as at 30/11/2022 For more information about AXA IM, visit axa-im.com |  |  |  |

Translation (ENFR, 2022-11-30):
# Performance et risque
## Evolution de la performance (EUR)
Valeur liquidative
Cap.

### 154.32
Actif net du fonds (M)
EUR

### 507.55

## Indice de réference
Depuis le: 01/01/2022
100% (€STR + 8.5 bps) capitalized + 200bps non capi

## Caractéristiques du portefeuille
Port.
Mod. Duration	2.16

## Profil du portefeuille
Notation ESG
% de l’encours sous gestion couvert par la note ESG absolue : Portefeuille = 92.1% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)
29/11/19
30/05/20
30/11/20
30/05/21
30/11/21
30/05/22 30/11/22
Portefeuille* (2.72%)	Indice de réference (5.10%)
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* (%) | 13.38 | 10.97 | 9.36 | 7.79 |
| Volatilité de l'indice de référence (%) | 0.09 | 0.12 | 0.09 | 0.41 |
| Risque relatif/Tracking Error  (%) | 13.38 | 10.97 | 9.36 | 7.86 |
| Ratio de Sharpe | -0.52 | 0.17 | 0.22 | 0.35 |
| Ratio d'information | -0.68 | -0.02 | 0.01 | 0.10 |


## Performance glissante (%)
|  | 1 mois | 3 mois | 6 mois | YTD | 3 ans | 5 ans | 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 | Création |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | 1.96 | 1.46 | -2.86 | -9.57 | 2.72 | 5.78 | -7.71 | 9.37 | 1.77 | 7.23 | -3.96 | 54.32 |
| Indice de référence | 0.28 | 0.71 | 1.14 | 1.78 | 5.10 | 8.57 | 1.91 | 1.55 | 1.56 | 1.62 | 1.65 | 50.92 |
| Ecarts | 1.68 | 0.75 | -4.01 | -11.35 | -2.38 | -2.79 | -9.62 | 7.82 | 0.21 | 5.61 | -5.61 | 3.40 |

Performance calendaire annuelle (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | 8.85 | 3.22 | 12.37 | -7.58 | 7.47 | 2.37 | 5.81 | 4.06 | 9.28 | 8.36 |
| Indice de réference | 1.54 | 1.55 | 1.62 | 1.66 | 1.65 | 1.69 | 1.91 | 2.12 | 2.11 | 2.27 |
| Ecarts | 7.31 | 1.67 | 10.75 | -9.24 | 5.82 | 0.67 | 3.90 | 1.94 | 7.17 | 6.09 |

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 | 77.66 | 63.60 | 57.83 | 55.66 | 55.37 | 54.43 | 44.82 | 44.39 | 30.99 | 36.85 | 34.26 | 33.69 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Diversif. | 3.25 | 3.33 | 3.41 | 3.42 | 5.13 | 5.10 | 5.27 | 3.40 | 3.52 | 3.64 | 3.32 | 3.20 |
| Obligations | 17.00 | 16.26 | 16.51 | 18.68 | 18.90 | 18.97 | 19.55 | 19.33 | 19.53 | 22.15 | 24.51 | 26.63 |
| Monétaire | 2.10 | 16.80 | 22.26 | 22.23 | 20.59 | 21.50 | 30.37 | 32.88 | 45.97 | 37.36 | 37.91 | 36.49 |

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 (%)
120
100
80
60
40
20
0
EUR	USD	SEK	CHF	JPY	GBP	Autres
| Portefeuille | 84.86 | 9.50 | 2.50 | 1.11 | 0.48 | 0.43 | 1.11 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Indice de réference | 100.00 | - | - | - | - | - | - |

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
Industrie	25.32
Technologie	18.49
Finance	14.68
Conso. Base	11.91
Santé	10.72
Matériaux	9.62
Services de Communication	5.96
Conso. cycl.	3.07
Energie	2.77
Immobilier	0.77
Serv. aux collect.	-1.29
Non Classé	-2.04
Portefeuille
Pays membres de la zone EEE	22.95
Autres	6.44
Amérique du Nord	3.61
Japon	0.68
Marchés émergents	0.32
Asie ex Japon	0.08

## Ventilation par capitalisation boursière (EUR - %)
27
24
21
18
15
12
9
6
3
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
Port.	0.10	1.43	2.72	10.97	10.30	21.75	12.65	4.84
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 |
| AIR LIQUIDE PRIME FIDELITE | 3.67 | Matériaux | Pays membres de la zone EEE | EUR |
| Remy Cointreau SA | 2.94 | Conso. Base | Pays membres de la zone EEE | EUR |
| FinecoBank Banca Fineco SpA | 2.93 | Finance | Pays membres de la zone EEE | EUR |
| Asml Holding NV | 2.43 | Technologie | Pays membres de la zone EEE | EUR |
| Roche Holding AG | 1.92 | Santé | Pays membres de la zone EEE | CHF |
| Kabel Deutschland Holding AG | 1.88 | Services de Communication | Pays membres de la zone EEE | EUR |
| Edenred | 1.68 | Industrie | Pays membres de la zone EEE | EUR |
| AstraZeneca PLC | 1.47 | Santé | Autres | GBP |
| AIR LIQUIDE(L ) | 1.40 | Matériaux | Pays membres de la zone EEE | EUR |
| Volvo AB | 1.40 | Industrie | Pays membres de la zone EEE | SEK |
| Total (%) | 21.72 |  |  |  |

Obligations : 27% du portefeuille global
| Caractéristiques du portefeuille |  |
| --- | --- |
|  | Portefeuille |  |  | Portefeuille |
| Nombre de lignes | 168 | Mod. Duration |  | 3.57 |
| Nombre d'émetteurs | 122 | Yield to worst (%) |  | 4.70 |
| Rating moyen linéaire | BBB+ |  |  |  |
| 10 principaux titres |  |  |  |  |
| Libellé | Pondération (%) | Pays émetteur | Sensibilité | Contribution |
| German Inflation Linked Bond 0.1% 04/15/2026 | 0.84 | Pays membres de la zone EEE | 3.4 | 0.00 |
| France Government Bond OAT 1.85% 07/25/2027 | 0.64 | Pays membres de la zone EEE | 4.5 | 0.00 |
| France Government Bond OAT 0.25% 07/25/2024 | 0.40 | Pays membres de la zone EEE | 1.7 | 0.00 |
| Credit Agricole SA VAR 01/12/2028 | 0.40 | Pays membres de la zone EEE | 3.9 | 0.00 |
| Total SA VAR PERP | 0.40 | Pays membres de la zone EEE | 0.4 | 0.00 |
| Mizuho Financial Group Inc VAR 09/06/2029 | 0.39 | Japon | 5.5 | 0.00 |
| UK Gilt Inflation Linked 0.125% 03/22/2026 | 0.39 | Autres | 3.3 | 0.00 |
| Total SA VAR PERP | 0.35 | Pays membres de la zone EEE | 3.8 | 0.00 |
| UniCredit SpA VAR 01/18/2028 | 0.34 | Pays membres de la zone EEE | 3.9 | 0.00 |
| Becton Dickinson Euro Finance 1.21% 06/04/2026 | 0.28 | Amérique du Nord | 3.1 | 0.00 |
| Total (%) | 4.41 |  |  |  |

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 (%)
10
8
6
4
2
0	0-1 an	1-3 ans	3-5 ans	5-7 ans	7-10 ans	10-20 ans	+ 20 ans
Portefeuille	1.64	7.11	8.52	5.76	2.50	1.54	0.84

## Exposition par rating (%)
15
12
9
6
3
0	AAA	AA	A	BBB	BB	B	CCC	NR
Portefeuille	0.63	1.33	5.18	14.28	3.51	1.54	0.05	1.38

## Exposition par type d'instrument (%)
15
12
9
6
3
0	Industrie	Finance	Services aux Collectivités
Souverain	Hors catégorie	Quasi & Foreign
Government
Portefeuille	11.73	10.48	2.37	1.96	1.31	0.05
Diversification : 3% du portefeuille global

## 10 principaux titres
| Action | Pondération (%) | Pays émetteur | Devise |
| --- | --- | --- | --- |
| AXA WF Dynamic Optimal Income | 1.69 | Pays membres de la zone EEE | USD |
| AXA IM WAVe Cat Bonds Fund | 0.87 | Autres | USD |
| AXA IM WAVe Cat Bonds Fund | 0.64 | Autres | EUR |
| Total (%) | 3.20 |  |  |

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