# Performance & Risk
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## Performance Evolution (EUR)
160
140
120
100
80
60
Current NAV
Acc.

### 278.09
Assets Under Management (M)
USD

### 368.17
The Fund is actively managed with deviation expected in term of constitution and performance compared to benchmark that is likely to be significant.

## Fund Key Metrics
Port.	Bench.
Number of Holdings	56	2892
Turnover: Rolling 1Y (%)	11	-
Active Share (%)	85	-

## Fund Profile
ESG Rating
ESG Relative Rating
CO2 Relative rating
29/11/19
30/05/20
30/11/20
30/05/21
30/11/21
30/05/22 30/11/22
Portfolio* (23.22%)	Benchmark (29.82%)
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.
% of AUM covered by ESG absolute rating: Portfolio = 93.3% Benchmark = 100.0% (not meaningful for coverage below 50%)
| Risk Analysis |  |  |  |  | = 67.6% Benchmark = 76.9% (not meaningful for |
| --- | --- | --- | --- | --- | --- |
|  |  |  |  |  | coverage below 50%) |
|  | 1Y | 3Y | 5Y | Launch |  |
| Portfolio Volatility* (%) | 21.29 | 17.46 | 16.51 | 14.06 |  |
| Benchmark Volatility (%) | 17.91 | 17.09 | 15.40 | 13.10 |  |
| Relative Risk/Tracking Error  (%) | 5.55 | 6.62 | 6.15 | 4.82 |  |
| Sharpe Ratio | -0.55 | 0.47 | 0.66 | 0.86 |  |
| Information Ratio | -1.55 | -0.16 | 0.18 | 0.27 |  |

% of AUM covered by CO2 intensity indicator: Portfolio

## 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* | 1.26 | -2.46 | -0.23 | -14.88 | 23.22 | 59.45 | -12.67 | 17.06 | 20.54 | 23.46 | 4.81 | 178.09 |
| Benchmark | 3.43 | 0.90 | 1.43 | -6.54 | 29.82 | 58.03 | -3.38 | 26.75 | 6.01 | 16.73 | 4.28 | 167.74 |
| Excess Return | -2.17 | -3.36 | -1.66 | -8.34 | -6.60 | 1.42 | -9.29 | -9.69 | 14.53 | 6.73 | 0.53 | 10.35 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 17.73 | 21.13 | 36.95 | -3.87 | 11.52 | 5.11 | 9.15 | 23.26 | - | - |
| Benchmark | 28.96 | 5.89 | 29.86 | -5.50 | 8.89 | 10.82 | 8.97 | 19.30 | - | - |
| Excess Return | -11.22 | 15.24 | 7.09 | 1.63 | 2.62 | -5.72 | 0.18 | 3.96 | - | - |

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 |  |  |
| Alphabet Inc | 4.88 | 2.01 | 2.87 | Communication Services | USA |
| UnitedHealth Group Inc | 3.32 | 0.88 | 2.44 | Health Care | USA |
| Waste Connections Inc | 2.72 | 0.06 | 2.66 | Industrials | USA |
| Fiserv Inc | 2.64 | 0.11 | 2.53 | Information Technology | USA |
| TE Connectivity Ltd | 2.64 | 0.07 | 2.57 | Information Technology | USA |
| Apple Inc | 2.42 | 4.09 | -1.66 | Information Technology | USA |
| National Grid PLC | 2.34 | 0.08 | 2.27 | Utilities | United Kingdom |
| NextEra Energy Inc | 2.34 | 0.28 | 2.05 | Utilities | USA |
| Microsoft Corp | 2.29 | 3.09 | -0.80 | Information Technology | USA |
| QUALCOMM Inc | 2.27 | 0.24 | 2.03 | Information Technology | USA |
| Total (%) | 27.87 | 10.91 |  |  |  |

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
| Alphabet Inc | 4.88 | 2.01 | 2.87 |  | Apple Inc | 2.42 | 4.09 | -1.66 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Waste Connections Inc | 2.72 | 0.06 | 2.66 |  | Tesla Inc | 0.00 | 0.88 | -0.88 |
| TE Connectivity Ltd | 2.64 | 0.07 | 2.57 |  | Microsoft Corp | 2.29 | 3.09 | -0.80 |
| Fiserv Inc | 2.64 | 0.11 | 2.53 |  | Exxon Mobil Corp | 0.00 | 0.80 | -0.80 |
| UnitedHealth Group Inc | 3.32 | 0.88 | 2.44 |  | Johnson & Johnson | 0.00 | 0.80 | -0.80 |
| Sector Breakdown (%) |  |  |  |  | Active Exposure by Sector (%) |  |  |  |

Portfolio	Benchmark
Information Technology	32.31	20.79
Health Care	19.87	13.02
Industrials	9.15	9.96
Financials	7.66	14.92
Consumer Discretionary	5.99	10.77
Utilities	5.94	3.03
Communication Services	5.86	6.87
Consumer Staples	5.02	7.57
Real Estate	1.46	2.58
Materials	0.00	4.91
Energy	0.00	5.57
Cash	6.75	0.00
-8	-6	-4	-2	0	2	4	6	8	10	12

## Geographical Breakdown (%)
Portfolio	Benchmark
USA	68.55	61.65
United Kingdom	6.20	3.80
Japan	3.19	5.32
India	3.09	1.61
Germany	2.70	1.99
Taiwan	1.86	1.57
Ireland	1.83	0.15
Hong Kong	1.78	0.69
Spain	1.26	0.59
Switzerland	1.01	2.49
Argentina	0.96	0.00
Netherlands	0.82	1.06
Other	0.00	19.08
Cash	6.75	0.00

## Active Exposure by Geography (%)
-21	-18	-15	-12	-9	-6	-3	0	3	6	9
MarketCap Breakdown (USD - %)
39
36
33
30
27
24
21
18
15
12
9
6
3
0	0 To
250mn
500mn To 1bn
1bn To 3bn
3bn To 5bn
5bn To 10bn
10bn To 25bn
25bn To 100bn
100bn To 250bn
More Than 250bn
Cash
Port.	0.02	0.32	3.61	2.40	5.36	7.47	35.71	19.40	18.96	6.75
Bench.	-	-	0.27	1.42	5.11	14.28	32.85	20.04	26.03	-

Translation (ENFR, 2022-11-30):
# Performance et risque
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## Evolution de la performance (EUR)
160
140
120
100
80
60
Turnover: Glissant 1an (%)	11	-
Active Share (%)	85	-

## Profil du portefeuille
Notation ESG
Notation ESG relative
29/11/19
30/05/20
30/11/20
30/05/21
30/11/21
30/05/22 30/11/22
Intensité relative en CO2
Portefeuille* (23.22%)	Indice de réference (29.82%)
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.

## Analyse du risque
% de l’encours sous gestion couvert par la note ESG absolue : Portefeuille = 93.3% Indice de réf. = 100.0% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)
| Volatilité du portefeuille* (%) | 1 an 21.29 | 3 ans 17.46 | 5 ans 16.51 | Création 14.06 | d’intensité en CO2 : Portefeuille = 67.6% Indice de réf. = 76.9% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%) |
| --- | --- | --- | --- | --- | --- |
| Volatilité de l'indice de référence (%) | 17.91 | 17.09 | 15.40 | 13.10 |  |
| Risque relatif/Tracking Error  (%) | 5.55 | 6.62 | 6.15 | 4.82 |  |
| Ratio de Sharpe | -0.55 | 0.47 | 0.66 | 0.86 |  |
| Ratio d'information | -1.55 | -0.16 | 0.18 | 0.27 |  |

% de l’encours sous gestion couvert par l’indicateur

## 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* | 1.26 | -2.46 | -0.23 | -14.88 | 23.22 | 59.45 | -12.67 | 17.06 | 20.54 | 23.46 | 4.81 | 178.09 |
| Indice de référence | 3.43 | 0.90 | 1.43 | -6.54 | 29.82 | 58.03 | -3.38 | 26.75 | 6.01 | 16.73 | 4.28 | 167.74 |
| Ecarts | -2.17 | -3.36 | -1.66 | -8.34 | -6.60 | 1.42 | -9.29 | -9.69 | 14.53 | 6.73 | 0.53 | 10.35 |

Performance calendaire annuelle (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | 17.73 | 21.13 | 36.95 | -3.87 | 11.52 | 5.11 | 9.15 | 23.26 | - | - |
| Indice de réference | 28.96 | 5.89 | 29.86 | -5.50 | 8.89 | 10.82 | 8.97 | 19.30 | - | - |
| Ecarts | -11.22 | 15.24 | 7.09 | 1.63 | 2.62 | -5.72 | 0.18 | 3.96 | - | - |

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 |  |  |
| Alphabet Inc	4.88 | 2.01 | 2.87 | Services de Communication | Etats-Unis |
| UnitedHealth Group Inc	3.32 | 0.88 | 2.44 | Santé | Etats-Unis |
| Waste Connections Inc	2.72 | 0.06 | 2.66 | Industrie | Etats-Unis |
| Fiserv Inc	2.64 | 0.11 | 2.53 | Technologie | Etats-Unis |
| TE Connectivity Ltd	2.64 | 0.07 | 2.57 | Technologie | Etats-Unis |
| Apple Inc	2.42 | 4.09 | -1.66 | Technologie | Etats-Unis |
| National Grid PLC	2.34 | 0.08 | 2.27 | Services aux collectivités | Royaume-Uni |
| NextEra Energy Inc	2.34 | 0.28 | 2.05 | Services aux collectivités | Etats-Unis |
| Microsoft Corp	2.29 | 3.09 | -0.80 | Technologie | Etats-Unis |
| QUALCOMM Inc	2.27 | 0.24 | 2.03 | Technologie | Etats-Unis |
| Total (%)	27.87 | 10.91 |  |  |  |

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.
| Alphabet Inc | 4.88 | 2.01 | 2.87 |  | Apple Inc | 2.42 | 4.09 | -1.66 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Waste Connections Inc | 2.72 | 0.06 | 2.66 |  | Tesla Inc | 0.00 | 0.88 | -0.88 |
| TE Connectivity Ltd | 2.64 | 0.07 | 2.57 |  | Microsoft Corp | 2.29 | 3.09 | -0.80 |
| Fiserv Inc | 2.64 | 0.11 | 2.53 |  | Exxon Mobil Corp | 0.00 | 0.80 | -0.80 |
| UnitedHealth Group Inc | 3.32 | 0.88 | 2.44 |  | Johnson & Johnson | 0.00 | 0.80 | -0.80 |
| Exposition sectorielle (%) |  |  |  |  | Exposition sectorielle active (%) |  |  |  |

Portefeuille	Indice de réference
Technologie	32.31	20.79
Santé	19.87	13.02
Industrie	9.15	9.96
Finance	7.66	14.92
Biens de conso. Cycliques	5.99	10.77
Services aux collectivités	5.94	3.03
Services de Communication	5.86	6.87
Biens de conso. de base	5.02	7.57
Immobilier	1.46	2.58
Matériaux	0.00	4.91
Energie	0.00	5.57
Monétaire	6.75	0.00
-8	-6	-4	-2	0	2	4	6	8	10	12

## Exposition géographique (%)
Portefeuille	Indice de réference
Etats-Unis	68.55	61.65
Royaume-Uni	6.20	3.80
Japon	3.19	5.32
Inde	3.09	1.61
Allemagne	2.70	1.99
Taiwan	1.86	1.57
Irlande	1.83	0.15
Hong-Kong	1.78	0.69
Espagne	1.26	0.59
Suisse	1.01	2.49
Argentine	0.96	0.00
Pays-Bas	0.82	1.06
Autres	0.00	19.08
Monétaire	6.75	0.00

## Exposition régionale active (%)
-21	-18	-15	-12	-9	-6	-3	0	3	6	9

## Ventilation par capitalisation boursière (USD - %)
39
36
33
30
27
24
21
18
15
12
9
6
3
0	De 0 à
250 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
Monétaire
Port.	0.02	0.32	3.61	2.40	5.36	7.47	35.71	19.40	18.96	6.75
Indice de réf.	-	-	0.27	1.42	5.11	14.28	32.85	20.04	26.03	-