# Performance & Risk
## Performance Evolution (JPY)
Number of Holdings	64	843
Turnover: Rolling 1Y (%)	145	-
Active Share (%)	94	-

## Fund Profile
ESG Rating
ESG Relative Rating
29/11/19
30/05/20
30/11/20
30/05/21
30/11/21
30/05/22 30/11/22
CO2 Relative rating
Portfolio* (0.44%)	Benchmark (15.43%)
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 = 80.4% Benchmark = 99.9% (not meaningful for coverage below 50%)
| Risk Analysis |  |  |  |  | % of AUM covered by CO2 intensity indicator: Portfolio = 56.6% Benchmark = 82.7% (not meaningful for |
| --- | --- | --- | --- | --- | --- |
|  |  |  |  |  | coverage below 50%) |
|  | 1Y | 3Y | 5Y | Launch |  |
| Portfolio Volatility* (%) | 16.31 | 17.03 | 16.19 | 17.30 |  |
| Benchmark Volatility (%) | 14.39 | 15.25 | 15.26 | 16.92 |  |
| Relative Risk/Tracking Error  (%) | 7.05 | 3.88 | 3.77 | 3.93 |  |
| Sharpe Ratio | 0.48 | 0.07 | 0.01 | 0.29 |  |
| Information Ratio | 0.11 | -0.97 | -0.64 | -0.12 |  |

Performance & Risk 
(Continued)

## 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* | 3.74 | 1.33 | 6.74 | 2.65 | 0.44 | -4.47 | 6.79 | 5.81 | -11.11 | 3.71 | -8.29 | 167.65 |
| Benchmark | 3.78 | 1.61 | 7.30 | 3.72 | 15.43 | 13.04 | 7.07 | 9.02 | -1.12 | 3.49 | -5.37 | 262.22 |
| Excess Return | -0.04 | -0.27 | -0.56 | -1.08 | -14.98 | -17.51 | -0.28 | -3.21 | -9.99 | 0.22 | -2.92 | -94.58 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 6.51 | -9.75 | 18.85 | -19.88 | 29.10 | -0.98 | 16.08 | 11.98 | 46.72 | 17.66 |
| Benchmark | 9.00 | 1.13 | 18.22 | -18.18 | 27.68 | 4.96 | 13.01 | 13.15 | 50.40 | 18.46 |
| Excess Return | -2.48 | -10.88 | 0.63 | -1.70 | 1.42 | -5.94 | 3.08 | -1.17 | -3.68 | -0.80 |

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 |  |  |
| Uzabase Inc | 2.70 | - | 2.70 | Financials | Japan |
| Lasertec Corp | 2.33 | - | 2.33 | Information Technology | Japan |
| Change Inc | 2.30 | 0.08 | 2.23 | Information Technology | Japan |
| SHIFT Inc | 2.12 | 0.35 | 1.78 | Information Technology | Japan |
| Kanamic Network Co Ltd | 2.08 | - | 2.08 | Health Care | Japan |
| Kureha Corp | 1.98 | 0.15 | 1.83 | Materials | Japan |
| Kaga Electronics Co Ltd | 1.94 | 0.07 | 1.88 | Information Technology | Japan |
| Nissha Co Ltd | 1.91 | 0.06 | 1.85 | Information Technology | Japan |
| Ibiden Co Ltd | 1.91 | - | 1.91 | Information Technology | Japan |
| eRex Co Ltd | 1.77 | 0.07 | 1.70 | Utilities | Japan |
| Total (%) | 21.03 | 0.77 |  |  |  |

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.
Portfolio Analysis 
(Continued)

## Top 5 Overweight (%)

## Top 5 Underweight (%)
Port. Bench. Relative	Port. Bench. Relative
| Uzabase Inc | 2.70 | 0.00 | 2.70 |  | MatsukiyoCocokara & Co | 0.00 | 0.59 | -0.59 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Lasertec Corp | 2.33 | 0.00 | 2.33 |  | BayCurrent Consulting Inc | 0.00 | 0.57 | -0.57 |
| Change Inc | 2.30 | 0.08 | 2.23 |  | Sojitz Corp | 0.00 | 0.56 | -0.56 |
| Kanamic Network Co Ltd | 2.08 | 0.00 | 2.08 |  | IHI Corp | 0.00 | 0.50 | -0.50 |
| Ibiden Co Ltd | 1.91 | 0.00 | 1.91 |  | Toyo Suisan Kaisha Ltd | 0.00 | 0.49 | -0.49 |
| Sector Breakdown (%) |  |  |  |  | Active Exposure by Sector (%) |  |  |  |

Portfolio	Benchmark
Information Technology	27.73	10.66
Health Care	17.98	5.90
Industrials	13.53	24.31
Materials	9.68	9.91
Consumer Discretionary	7.96	16.74
Financials	5.41	6.80
Communication Services	5.29	2.14
Real Estate	4.44	10.83
Utilities	3.17	2.17
Consumer Staples	1.35	9.72
Energy	0.00	0.83
Cash	3.46	0.00
-12	-9	-6	-3	0	3	6	9	12	15	18
MarketCap Breakdown (JPY - %)
60
55
50
45
40
35
30
25
20
15
10
5
0	0 To 30bn	30bn To 65bn	65bn To 150bn	150bn To 400bn	400bn To 650bn	650bn To 1500bn	1500bn To 3000bn	Cash
Port.	18.10	9.86	27.42	35.23	1.91	1.70	2.33	3.46
Bench.	0.04	3.68	21.56	53.45	19.92	1.36	-	-

Translation (ENFR, 2022-11-30):
# Performance et risque
## Evolution de la performance (JPY)
Actif net du fonds (M)
JPY

### 6 923.02
l’indice de référence.
Port.

## Caractéristiques du portefeuille
Indice de réf.
Nombre de lignes	64	843
Turnover: Glissant 1an (%)	145	-
Active Share (%)	94	-

## 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
Portefeuille* (0.44%)	Indice de réference (15.43%)
Les données sont rebasées à 100 par AXA IM à la date de début du graphique.
| Analyse du risque |  |
| --- | --- |
|  | 1 an | 3 ans | 5 ans | Création |
| Volatilité du portefeuille* (%) | 16.31 | 17.03 | 16.19 | 17.30 |
| Volatilité de l'indice de référence (%) | 14.39 | 15.25 | 15.26 | 16.92 |
| Risque relatif/Tracking Error  (%) | 7.05 | 3.88 | 3.77 | 3.93 |
| Ratio de Sharpe | 0.48 | 0.07 | 0.01 | 0.29 |
| Ratio d'information | 0.11 | -0.97 | -0.64 | -0.12 |

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.
Intensité relative en CO2
% de l’encours sous gestion couvert par la note ESG absolue : Portefeuille = 80.4% Indice de réf. = 99.9% (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 = 56.6% Indice de réf.
= 82.7% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)
Performance et risque 
(suite)

## 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* | 3.74 | 1.33 | 6.74 | 2.65 | 0.44 | -4.47 | 6.79 | 5.81 | -11.11 | 3.71 | -8.29 | 167.65 |
| Indice de référence | 3.78 | 1.61 | 7.30 | 3.72 | 15.43 | 13.04 | 7.07 | 9.02 | -1.12 | 3.49 | -5.37 | 262.22 |
| Ecarts | -0.04 | -0.27 | -0.56 | -1.08 | -14.98 | -17.51 | -0.28 | -3.21 | -9.99 | 0.22 | -2.92 | -94.58 |

Performance calendaire annuelle (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | 6.51 | -9.75 | 18.85 | -19.88 | 29.10 | -0.98 | 16.08 | 11.98 | 46.72 | 17.66 |
| Indice de réference | 9.00 | 1.13 | 18.22 | -18.18 | 27.68 | 4.96 | 13.01 | 13.15 | 50.40 | 18.46 |
| Ecarts | -2.48 | -10.88 | 0.63 | -1.70 | 1.42 | -5.94 | 3.08 | -1.17 | -3.68 | -0.80 |

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 |  |  |
| Uzabase Inc	2.70 | - | 2.70 | Finance | Japon |
| Lasertec Corp	2.33 | - | 2.33 | Technologie | Japon |
| Change Inc	2.30 | 0.08 | 2.23 | Technologie | Japon |
| SHIFT Inc	2.12 | 0.35 | 1.78 | Technologie | Japon |
| Kanamic Network Co Ltd	2.08 | - | 2.08 | Santé | Japon |
| Kureha Corp	1.98 | 0.15 | 1.83 | Matériaux | Japon |
| Kaga Electronics Co Ltd	1.94 | 0.07 | 1.88 | Technologie | Japon |
| Nissha Co Ltd	1.91 | 0.06 | 1.85 | Technologie | Japon |
| Ibiden Co Ltd	1.91 | - | 1.91 | Technologie | Japon |
| eRex Co Ltd	1.77 | 0.07 | 1.70 | Services aux collectivités | Japon |
| Total (%)	21.03 | 0.77 |  |  |  |

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.
Analyse du portefeuille 
(suite)

## 5 principales surpondérations (%)

## 5 principales sous-pondérations (%)
Port. Indice Relative de réf.
Port. Indice Relative de réf.
| Uzabase Inc | 2.70 | 0.00 | 2.70 |  | MatsukiyoCocokara & Co | 0.00 | 0.59 | -0.59 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Lasertec Corp | 2.33 | 0.00 | 2.33 |  | BayCurrent Consulting Inc | 0.00 | 0.57 | -0.57 |
| Change Inc | 2.30 | 0.08 | 2.23 |  | Sojitz Corp | 0.00 | 0.56 | -0.56 |
| Kanamic Network Co Ltd | 2.08 | 0.00 | 2.08 |  | IHI Corp | 0.00 | 0.50 | -0.50 |
| Ibiden Co Ltd | 1.91 | 0.00 | 1.91 |  | Toyo Suisan Kaisha Ltd | 0.00 | 0.49 | -0.49 |
| Exposition sectorielle (%) |  |  |  |  | Exposition sectorielle active (%) |  |  |  |

Portefeuille	Indice de réference
Technologie	27.73	10.66
Santé	17.98	5.90
Industrie	13.53	24.31
Matériaux	9.68	9.91
Biens de conso. Cycliques	7.96	16.74
Finance	5.41	6.80
Services de Communication	5.29	2.14
Immobilier	4.44	10.83
Services aux collectivités	3.17	2.17
Biens de conso. de base	1.35	9.72
Energie	0.00	0.83
Monétaire	3.46	0.00
-12	-9	-6	-3	0	3	6	9	12	15	18

## Ventilation par capitalisation boursière (JPY - %)
60
55
50
45
40
35
30
25
20
15
10
5
0	De 0 à 30
mds
De 30 à 65
mds
De 65 à
150 mds
De 150 à
400 mds
De 400 à
650 mds
De 650 à
1500 mds
De 1500 à
3000 mds
Monétaire
Port.	18.10	9.86	27.42	35.23	1.91	1.70	2.33	3.46
Indice de réf.	0.04	3.68	21.56	53.45	19.92	1.36	-	-