# Performance & Risk
## Performance Evolution (EUR)
|  | Record Date | Ex-Date | Dividend per Share | 12 month Yield (%) |
| --- | --- | --- | --- | --- |
| Dec 2018 | 27/12/2018 | 28/12/2018 | 1.31 | 0.85 |
| Dec 2019 | 27/12/2019 | 30/12/2019 | 2.02 | 1.04 |
| Dec 2022 | 29/12/2022 | 30/12/2022 | 1.29 | 0.77 |

ESG Relative Rating
CO2 Relative rating
% of AUM covered by ESG absolute rating: Portfolio = 99.6% Benchmark = 99.6% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 98.5% Benchmark = 98.7% (not meaningful for coverage below 50%)
For more information about the methodology, please read the section 'ESG Metrics Definition' below

## Fund Manager
Françoise CESPEDES
31/01/20
31/07/20
31/01/21
31/07/21
31/01/22
31/07/22 31/01/23
Portfolio* (-7.84%)	Benchmark (6.88%)
Caroline MOLEUX - Co-Manager
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.
| Risk Analysis |  |
| --- | --- |
|  | 1Y | 3Y | 5Y | Launch |
| Portfolio Volatility* (%) | 23.64 | 22.49 | 19.09 | 18.35 |
| Benchmark Volatility (%) | 22.70 | 23.47 | 19.72 | 18.36 |
| Relative Risk/Tracking Error  (%) | 5.38 | 6.41 | 5.70 | 5.50 |
| Sharpe Ratio | -0.68 | -0.06 | 0.09 | 0.34 |
| Information Ratio | -0.68 | -0.59 | -0.24 | 0.17 |


## Rolling Performance (%)
|  | 1M | 3M | 6M | YTD | 3Y | 5Y | 31/01/22 31/01/23 | 31/01/21 31/01/22 | 31/01/20 31/01/21 | 31/01/19 31/01/20 | 31/01/18 31/01/19 | Launch |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 7.29 | 10.20 | -5.92 | 7.29 | -7.84 | 1.88 | -16.88 | 7.80 | 2.86 | 19.00 | -7.11 | 297.45 |
| Benchmark | 7.03 | 11.90 | -1.75 | 7.03 | 6.88 | 15.47 | -12.27 | 13.68 | 7.17 | 17.19 | -7.81 | 311.88 |
| Excess Return | 0.27 | -1.70 | -4.17 | 0.27 | -14.72 | -13.60 | -4.61 | -5.88 | -4.31 | 1.81 | 0.70 | -14.43 |

Annual Calendar Performance (%)
|  | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -31.58 | 20.26 | 5.06 | 27.09 | -12.27 | 14.87 | -2.87 | 33.81 | 8.27 | 27.21 |
| Benchmark | -23.99 | 22.85 | 4.78 | 29.09 | -12.88 | 18.10 | 0.52 | 15.68 | 4.93 | 26.73 |
| Excess Return | -7.59 | -2.59 | 0.28 | -2.00 | 0.61 | -3.23 | -3.39 | 18.13 | 3.33 | 0.48 |

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.
| Top 10 Holdings |  |
| --- | --- |
| Equity |  |  | Weighting (%) | Sector | Geography |
|  | Portfolio | Benchmark | Relative |  |  |
| Technip Energies NV | 3.27 | - | 3.27 | Energy | France |
| Emmi AG | 2.73 | - | 2.73 | Consumer Staples | Switzerland |
| Siegfried Holding AG | 2.60 | 0.49 | 2.10 | Health Care | Switzerland |
| Hiscox Ltd | 2.54 | - | 2.54 | Financials | United Kingdom |
| SSP Group Plc | 2.51 | - | 2.51 | Consumer Discretionary | United Kingdom |
| FinecoBank Banca Fineco SpA | 2.41 | - | 2.41 | Financials | Italy |
| Arcadis NV | 2.26 | 0.51 | 1.75 | Industrials | Netherlands |
| Infrastrutture Wireless Ita... | 2.25 | 0.62 | 1.64 | Telecommunications | Italy |
| Intertek Group PLC | 2.25 | - | 2.25 | Industrials | United Kingdom |
| Hill & Smith PLC | 2.21 | - | 2.21 | Basic Materials | United Kingdom |
| Total (%) | 25.02 | 1.62 |  |  |  |

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
| Technip Energies NV | 3.27 | 0.00 | 3.27 |  | Intl Consolidated Airline | 0.00 | 0.83 | -0.83 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Emmi AG | 2.73 | 0.00 | 2.73 |  | Just Eat Takeaway.com NV | 0.00 | 0.78 | -0.78 |
| Hiscox Ltd | 2.54 | 0.00 | 2.54 |  | AIB Group PLC | 0.00 | 0.77 | -0.77 |
| SSP Group Plc | 2.51 | 0.00 | 2.51 |  | IMI PLC | 0.00 | 0.75 | -0.75 |
| FinecoBank Banca Fineco SpA | 2.41 | 0.00 | 2.41 |  | Securitas AB | 0.00 | 0.74 | -0.74 |
| Sector Breakdown (%) |  |  |  |  | Active Exposure by Sector (%) |  |  |  |

Portfolio	Benchmark
Industrials	19.33	22.54
Financials	14.60	17.02
Technology	11.67	8.04
Consumer Discretionary	8.83	13.28
Health Care	8.82	7.19
Real Estate	8.44	8.94
Consumer Staples	8.09	7.83
Basic Materials	6.92	5.82
Energy	4.97	2.13
Utilities	3.02	3.41
Telecommunications	2.25	3.80
Cash	3.06	0.00
-5	-4	-3	-2	-1	0	1	2	3	4

## Geographical Breakdown (%)
Portfolio	Benchmark
United Kingdom	25.40	23.60
France	20.31	12.24
Netherlands	10.79	2.72
Italy	9.77	5.10
Germany	7.74	10.62
Switzerland	6.94	6.57
Sweden	4.66	14.85
Belgium	3.93	3.65
Ireland	2.09	1.16
Denmark	1.92	5.70
Norway	1.71	4.12
Spain	1.67	3.03
Other	0.00	6.63
Cash	3.06	0.00

## Active Exposure by Geography (%)
-12	-10	-8	-6	-4	-2	0	2	4	6	8	10
MarketCap Breakdown (EUR - %)
50
40
30
20
10
0	250mn To 500mn	500mn To 1bn	1bn To 3bn	3bn To 5bn	5bn To 10bn	10bn To 25bn	100bn To 250bn	Cash
Port.	1.36	6.33	34.74	27.72	22.88	3.90	-	3.06
Bench.	-	-	23.87	47.43	21.23	6.85	0.62	-

Translation (ENFR, 2023-01-31):
# Performance et risque
## Evolution de la performance (EUR)
Notation ESG relative
Intensité relative en CO2
% de l’encours sous gestion couvert par la note ESG absolue : Portefeuille = 99.6% Indice de réf. = 99.6% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)
31/01/20
31/07/20
31/01/21
31/07/21
31/01/22
31/07/22 31/01/23
% de l’encours sous gestion couvert par l’indicateur d’intensité en CO2 : Portefeuille = 98.5% Indice de réf.
= 98.7% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)
Pour de plus amples informations à propos de la méthodologie, veuillez lire la section « Définition des indicateurs ESG » ci-dessous

## Gérant
Portefeuille* (-7.84%)	Indice de réference (6.88%)
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.
Françoise CESPEDES Caroline MOLEUX - Co-gérant
| Analyse du risque |  |
| --- | --- |
|  | 1 an | 3 ans | 5 ans | Création |
| Volatilité du portefeuille* (%) | 23.64 | 22.49 | 19.09 | 18.35 |
| Volatilité de l'indice de référence (%) | 22.70 | 23.47 | 19.72 | 18.36 |
| Risque relatif/Tracking Error  (%) | 5.38 | 6.41 | 5.70 | 5.50 |
| Ratio de Sharpe | -0.68 | -0.06 | 0.09 | 0.34 |
| Ratio d'information | -0.68 | -0.59 | -0.24 | 0.17 |


## Performance glissante (%)
| 1 mois	3 mois	6 mois  YTD	3 ans	5 ans	31/01/22 | 31/01/21 | 31/01/20 | 31/01/19 | 31/01/18  Création |
| --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  | 31/01/23 | 31/01/22 | 31/01/21 | 31/01/20 | 31/01/19 |  |
| Portefeuille* | 7.29 | 10.20 | -5.92 | 7.29 | -7.84 | 1.88 | -16.88 | 7.80 | 2.86 | 19.00 | -7.11 | 297.45 |
| Indice de référence | 7.03 | 11.90 | -1.75 | 7.03 | 6.88 | 15.47 | -12.27 | 13.68 | 7.17 | 17.19 | -7.81 | 311.88 |
| Ecarts | 0.27 | -1.70 | -4.17 | 0.27 | -14.72 | -13.60 | -4.61 | -5.88 | -4.31 | 1.81 | 0.70 | -14.43 |

Performance calendaire annuelle (%)
|  | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | -31.58 | 20.26 | 5.06 | 27.09 | -12.27 | 14.87 | -2.87 | 33.81 | 8.27 | 27.21 |
| Indice de réference | -23.99 | 22.85 | 4.78 | 29.09 | -12.88 | 18.10 | 0.52 | 15.68 | 4.93 | 26.73 |
| Ecarts | -7.59 | -2.59 | 0.28 | -2.00 | 0.61 | -3.23 | -3.39 | 18.13 | 3.33 | 0.48 |

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.
| 10 principaux titres |  |
| --- | --- |
| Action |  | Pondération (%) | Secteur | Géographie |
|  | Portefeuille | Indice de réference	Relative |  |  |
| Technip Energies NV | 3.27 | -	3.27 | Énergie | France |
| Emmi AG | 2.73 | -	2.73 | Consommation courante | Suisse |
| Siegfried Holding AG | 2.60 | 0.49	2.10 | Santé | Suisse |
| Hiscox Ltd | 2.54 | -	2.54 | Sociétés Financières | Royaume-Uni |
| SSP Group Plc | 2.51 | -	2.51 | Consommation non essentielle | Royaume-Uni |
| FinecoBank Banca Fineco SpA | 2.41 | -	2.41 | Sociétés Financières | Italie |
| Arcadis NV | 2.26 | 0.51	1.75 | Industries | Pays-Bas |
| Infrastrutture Wireless Ita... | 2.25 | 0.62	1.64 | Télécommunications | Italie |
| Intertek Group PLC | 2.25 | -	2.25 | Industries | Royaume-Uni |
| Hill & Smith PLC | 2.21 | -	2.21 | Matériaux de Base | Royaume-Uni |
| Total (%) | 25.02 | 1.62 |  |  |

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.
| Technip Energies NV | 3.27 | 0.00 | 3.27 |  | Intl Consolidated Airline | 0.00 | 0.83 | -0.83 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Emmi AG | 2.73 | 0.00 | 2.73 |  | Just Eat Takeaway.com NV | 0.00 | 0.78 | -0.78 |
| Hiscox Ltd | 2.54 | 0.00 | 2.54 |  | AIB Group PLC | 0.00 | 0.77 | -0.77 |
| SSP Group Plc | 2.51 | 0.00 | 2.51 |  | IMI PLC | 0.00 | 0.75 | -0.75 |
| FinecoBank Banca Fineco SpA | 2.41 | 0.00 | 2.41 |  | Securitas AB | 0.00 | 0.74 | -0.74 |
| Exposition sectorielle (%) |  |  |  |  | Exposition sectorielle active (%) |  |  |  |

Portefeuille  Indice de réference
Industries	19.33	22.54
Sociétés Financières	14.60	17.02
Technologie	11.67	8.04
Consommation non essentielle	8.83	13.28
Santé	8.82	7.19
Immobilier	8.44	8.94
Consommation courante	8.09	7.83
Matériaux de Base	6.92	5.82
Énergie	4.97	2.13
Services aux Collectivités	3.02	3.41
Télécommunications	2.25	3.80
Monétaire	3.06	0.00
-5	-4	-3	-2	-1	0	1	2	3	4

## Exposition géographique (%)
Portefeuille	Indice de réference
Royaume-Uni	25.40	23.60
France	20.31	12.24
Pays-Bas	10.79	2.72
Italie	9.77	5.10
Allemagne	7.74	10.62
Suisse	6.94	6.57
Suède	4.66	14.85
Belgique	3.93	3.65
Irlande	2.09	1.16
Danemark	1.92	5.70
Norvège	1.71	4.12
Espagne	1.67	3.03
Autres	0.00	6.63
Monétaire	3.06	0.00

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

## Ventilation par capitalisation boursière (EUR - %)
50
40
30
20
10
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.	1.36	6.33	34.74	27.72	22.88	3.90	-	3.06
Indice de réf.	-	-	23.87	47.43	21.23	6.85	0.62	-