# Performance & Risk
## Performance Evolution (EUR)
EUR

### 619.06
Port.	Bench.
Number of Holdings	53	104
Turnover: Rolling 1Y (%)	22	-
Active Share (%)	33	-

## Fund Profile
ESG Rating
ESG Relative Rating
CO2 Relative rating
29/06/2018
30/06/2019
30/06/2020
30/06/2021
Portfolio* (18.45%)	Benchmark (11.09%)
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,
% of AUM covered by ESG absolute rating: Portfolio = 99.1% Benchmark = 97.1% (not meaningful for coverage below 50%)
| 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 CO2 intensity indicator: Portfolio = 100.0% Benchmark = 98.6% (not meaningful for |
| --- | --- |
| coverage below 50%) |
| Risk Analysis |  |  |  |  |  |
|  | 1Y | 3Y | 5Y | Launch |  |
| Portfolio Volatility* (%) | 12.97 | 16.03 | 14.21 | 14.27 |  |
| Benchmark Volatility (%) | 15.06 | 18.07 | 15.55 | 14.75 |  |
| Relative Risk/Tracking Error  (%) | 3.83 | 3.56 | 2.88 | 2.22 |  |
| Sharpe Ratio | 1.64 | 0.43 | 0.59 | 0.72 |  |
| Information Ratio | -0.35 | 0.86 | 0.86 | 1.04 |  |


## Rolling Performance (%)
|  | 1M | 3M | 6M | YTD | 30/06/2020 30/06/2021 | 30/06/2019 30/06/2020 | 30/06/2018 30/06/2019 | 30/06/2017 30/06/2018 | 30/06/2016 30/06/2017 | Launch |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 1.06 | 10.85 | 7.97 | 7.97 | 20.11 | -1.29 | -0.09 | 12.53 | 6.24 | 189.52 |
| Benchmark | 0.04 | 9.89 | 8.44 | 8.44 | 22.42 | -7.35 | -2.06 | 9.96 | 7.37 | 146.64 |
| Excess Return | 1.02 | 0.96 | -0.47 | -0.47 | -2.32 | 6.06 | 1.97 | 2.57 | -1.13 | 42.88 |

Annual Calendar Performance (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -6.09 | 29.40 | -7.36 | 17.34 | -1.43 | 16.78 | 22.73 | 16.22 | 26.36 | -10.44 |
| Benchmark | -9.97 | 26.41 | -8.36 | 14.52 | -0.32 | 14.75 | 21.99 | 12.21 | 24.94 | -11.56 |
| Excess Return | 3.88 | 2.99 | 1.00 | 2.82 | -1.11 | 2.03 | 0.74 | 4.01 | 1.42 | 1.12 |

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 |  |  |
| Vonovia SE | 9.77	8.66 | 1.12 | Real Estate | Germany |
| Segro PLC | 8.77	5.51 | 3.26 | Real Estate | United Kingdom |
| Warehouses De Pauw Sca | 5.23	1.66 | 3.57 | Real Estate | Belgium |
| Unibail-Rodamco-Westfield | 4.42	3.66 | 0.75 | Real Estate | France |
| Deutsche Wohnen SE | 3.46	6.91 | -3.44 | Real Estate | Germany |
| UNITE Group PLC | 3.41	1.60 | 1.80 | Real Estate | United Kingdom |
| Gecina SA | 3.10	2.58 | 0.52 | Real Estate | France |
| Safestore Holdings Plc | 3.02	0.86 | 2.17 | Real Estate | United Kingdom |
| ICADE | 2.97	0.89 | 2.08 | Real Estate | France |
| LEG Immobilien SE | 2.91	3.30 | -0.39 | Real Estate | Germany |
| Total (%) | 47.06	35.62 |  |  |  |
| Top 5 Overweight (%) |  | Top 5 Underweight | (%) |  |
|  | Port. Bench. Relative |  |  | Port. Bench. Relative |
| Warehouses De Pauw Sca | 5.23 | 1.66 | 3.57 |  | Deutsche Wohnen SE | 3.46 | 6.91 | -3.44 |
| Segro PLC | 8.77 | 5.51 | 3.26 |  | Aroundtown SA | 0.00 | 3.15 | -3.15 |
| Safestore Holdings Plc | 3.02 | 0.86 | 2.17 |  | Land Securities Group PLC | 0.00 | 2.22 | -2.22 |
| ICADE | 2.97 | 0.89 | 2.08 |  | Tritax Big Box REIT Plc | 0.00 | 1.49 | -1.49 |
| UNITE Group PLC | 3.41 | 1.60 | 1.80 |  | Merlin Properties Socimi SA | 0.00 | 1.20 | -1.20 |


## Sector Breakdown (%)
Portfolio	Benchmark

## Active Exposure by Sector (%)
-1	0	1	2
Real Estate	98.14	99.12
Consumer Discretionary	0.23	0.46
Financials	0.00	0.42
Cash	1.63	0.00

## Geographical Breakdown (%)
Portfolio	Benchmark
United Kingdom	27.78	27.12
Germany	20.62	27.83
Sweden	14.45	14.49
France	14.39	10.23
Belgium	12.80	6.64
Switzerland	4.85	6.08
Netherlands	1.29	0.97
Finland	0.97	1.60
Austria	0.94	0.97
Norway	0.28	1.20
Italy	0.00	0.10
Ireland	0.00	0.56
Spain	0.00	2.21
Cash	1.63	0.00

## Active Exposure by Geography (%)
-8	-6	-4	-2	0	2	4	6	8

## MarketCap Breakdown (%)
36
32
28
24
20
16
12
8
4
0	0 To
€250mn
€250mn To
€500mn
€500mn To
€1bn
€1bn To
€3bn
€3bn To
€5bn
€5bn To
€10bn
€10bn To
€25bn
€25bn To
€100bn
Cash
Port.	-	-	2.73	20.47	19.69	33.48	12.23	9.77	1.63
Bench.	0.18	1.78	5.97	18.93	19.91	30.46	12.28	10.50	-

Translation (ENFR, 2021-06-30):
# Performance et risque
## Evolution de la performance (EUR)
Valeur liquidative
Cap.

### 289.52
Actif net du fonds (M)
EUR

### 619.06
Depuis le: 14/10/2009
100% FTSE EPRA NAREIT Europe Capped 10% Total Return Net Hedged EUR
Port.

## Caractéristiques du portefeuille
Indice de réf.
Nombre de lignes	53	104
Turnover: Glissant 1an (%)	22	-
Active Share (%)	33	-

## Profil du portefeuille
Notation ESG
Notation ESG relative
Intensité relative en CO2
29/06/2018
30/06/2019
30/06/2020
30/06/2021
Portefeuille* (18.45%)	Indice de réference (11.09%)
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* (%) | 12.97 | 16.03 | 14.21 | 14.27 |
| Volatilité de l'indice de référence (%) | 15.06 | 18.07 | 15.55 | 14.75 |
| Risque relatif/Tracking Error  (%) | 3.83 | 3.56 | 2.88 | 2.22 |
| Ratio de Sharpe | 1.64 | 0.43 | 0.59 | 0.72 |
| Ratio d'information | -0.35 | 0.86 | 0.86 | 1.04 |

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.
% de l’encours sous gestion couvert par la note ESG absolue : Portefeuille = 99.1% Indice de référence = 97.1% (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 = 100.0% Indice de référence = 98.6% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)

## Performance glissante (%)
|  | 1 mois | 3 mois | 6 mois | YTD | 30/06/2020 30/06/2021 | 30/06/2019 30/06/2020 | 30/06/2018 30/06/2019 | 30/06/2017 30/06/2018 | 30/06/2016 30/06/2017 | Création |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | 1.06 | 10.85 | 7.97 | 7.97 | 20.11 | -1.29 | -0.09 | 12.53 | 6.24 | 189.52 |
| Indice de réference | 0.04 | 9.89 | 8.44 | 8.44 | 22.42 | -7.35 | -2.06 | 9.96 | 7.37 | 146.64 |
| Ecarts | 1.02 | 0.96 | -0.47 | -0.47 | -2.32 | 6.06 | 1.97 | 2.57 | -1.13 | 42.88 |

Performance calendaire annuelle (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | -6.09 | 29.40 | -7.36 | 17.34 | -1.43 | 16.78 | 22.73 | 16.22 | 26.36 | -10.44 |
| Indice de réference | -9.97 | 26.41 | -8.36 | 14.52 | -0.32 | 14.75 | 21.99 | 12.21 | 24.94 | -11.56 |
| Ecarts | 3.88 | 2.99 | 1.00 | 2.82 | -1.11 | 2.03 | 0.74 | 4.01 | 1.42 | 1.12 |

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 |  |  |
| Vonovia SE | 9.77 | 8.66 | 1.12 | Immobilier | Allemagne |
| Segro PLC | 8.77 | 5.51 | 3.26 | Immobilier | Royaume-Uni |
| Warehouses De Pauw Sca | 5.23 | 1.66 | 3.57 | Immobilier | Belgique |
| Unibail-Rodamco-Westfield | 4.42 | 3.66 | 0.75 | Immobilier | France |
| Deutsche Wohnen SE | 3.46 | 6.91 | -3.44 | Immobilier | Allemagne |
| UNITE Group PLC | 3.41 | 1.60 | 1.80 | Immobilier | Royaume-Uni |
| Gecina SA | 3.10 | 2.58 | 0.52 | Immobilier | France |
| Safestore Holdings Plc | 3.02 | 0.86 | 2.17 | Immobilier | Royaume-Uni |
| ICADE | 2.97 | 0.89 | 2.08 | Immobilier | France |
| LEG Immobilien SE | 2.91 | 3.30 | -0.39 | Immobilier | Allemagne |
| Total (%) | 47.06 | 35.62 |  |  |  |


## 5 principales surpondérations (%)	5 principales sous-pondérations (%)
Port. Indice Relative de réf.
Port. Indice Relative de réf.
| Warehouses De Pauw Sca | 5.23 | 1.66 | 3.57 |  | Deutsche Wohnen SE | 3.46 | 6.91 | -3.44 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Segro PLC | 8.77 | 5.51 | 3.26 |  | Aroundtown SA | 0.00 | 3.15 | -3.15 |
| Safestore Holdings Plc | 3.02 | 0.86 | 2.17 |  | Land Securities Group PLC | 0.00 | 2.22 | -2.22 |
| ICADE | 2.97 | 0.89 | 2.08 |  | Tritax Big Box REIT Plc | 0.00 | 1.49 | -1.49 |
| UNITE Group PLC | 3.41 | 1.60 | 1.80 |  | Merlin Properties Socimi SA | 0.00 | 1.20 | -1.20 |


## Exposition sectorielle (%)
Portefeuille	Indice de réference

## Exposition sectorielle active (%)
-1	0	1	2
Immobilier	98.14	99.12
Biens de conso. Cycliques	0.23	0.46
Finance	0.00	0.42
Monétaire	1.63	0.00

## Exposition géographique (%)
Portefeuille	Indice de réference
Royaume-Uni	27.78	27.12
Allemagne	20.62	27.83
Suède	14.45	14.49
France	14.39	10.23
Belgique	12.80	6.64
Suisse	4.85	6.08
Pays-Bas	1.29	0.97
Finlande	0.97	1.60
Autriche	0.94	0.97
Norvège	0.28	1.20
Italie	0.00	0.10
Irlande	0.00	0.56
Espagne	0.00	2.21
Monétaire	1.63	0.00

## Exposition géographique active (%)
-8	-6	-4	-2	0	2	4	6	8

## Ventilation par capitalisation boursière (%)
40
35
30
25
20
15
10
5
De 0 à 250 mns
d’euros
De 250 à
500 mns d’euros
De 500 mns à
1 md d’euros
De 1 à 3 mds
d’euros
De 3 à 5 mds
d’euros
De 5 à 10 mds
d’euros
De 10 à 25 mds
d’euros
De 25 à 100 mds
d’euros
Monétaire
0
| Port. | - | - | 2.73 | 20.47 | 19.69 | 33.48 | 12.23 | 9.77 | 1.63 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Indice de réf. | 0.18 | 1.78 | 5.97 | 18.93 | 19.91 | 30.46 | 12.28 | 10.50 | - |