# Performance & Risk
## Performance Evolution (EUR)
% of AUM covered by ESG absolute rating: Portfolio = 95.3% Benchmark = 98.8% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 97.4% Benchmark = 99.0% (not meaningful for coverage below 50%)
For more information about the methodology, please read the section 'ESG Metrics Definition' below

## Fund Manager
Salma BAHO
31/01/20
31/07/20
31/01/21
31/07/21
31/01/22
31/07/22 31/01/23
Frédéric TEMPEL - Co-Manager
Portfolio* (0.39%)	Benchmark (-5.25%)
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* (%) | 17.53 | 20.50 | 17.57 | 17.21 |
| Benchmark Volatility (%) | 16.85 | 21.93 | 18.54 | 17.71 |
| Relative Risk/Tracking Error  (%) | 2.14 | 3.78 | 3.13 | 3.26 |
| Sharpe Ratio | -0.59 | 0.07 | 0.39 | 0.25 |
| Information Ratio | 0.16 | 0.81 | 0.76 | 0.23 |


## 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* | 7.67 | 3.90 | -11.60 | 7.67 | 0.39 | 30.64 | -11.28 | 32.79 | -14.78 | 16.81 | 11.40 | 83.64 |
| Benchmark | 7.09 | 2.90 | -10.47 | 7.09 | -5.25 | 23.57 | -10.60 | 29.85 | -18.39 | 14.81 | 13.59 | 94.38 |
| Excess Return | 0.57 | 1.00 | -1.14 | 0.57 | 5.65 | 7.07 | -0.68 | 2.94 | 3.60 | 2.00 | -2.20 | -10.74 |

Annual Calendar Performance (%)
|  | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -21.22 | 37.86 | -11.65 | 25.65 | -2.20 | -1.34 | 4.72 | 11.01 | 26.71 | 2.62 |
| Benchmark | -20.18 | 35.67 | -16.55 | 24.15 | -0.87 | -3.06 | 7.18 | 10.51 | 30.98 | -0.81 |
| Excess Return | -1.04 | 2.19 | 4.91 | 1.49 | -1.32 | 1.73 | -2.46 | 0.50 | -4.28 | 3.43 |

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 |  |  |
| Prologis Inc | 9.58 | 7.12 | 2.46 | Real Estate | USA |
| Equinix Inc | 4.62 | 4.08 | 0.54 | Real Estate | USA |
| AvalonBay Communities Inc | 4.15 | 1.48 | 2.67 | Real Estate | USA |
| Alexandria Real Estate Equi... | 3.63 | 1.56 | 2.08 | Real Estate | USA |
| Link REIT | 3.59 | 1.01 | 2.58 | Real Estate | Hong Kong |
| American Homes 4 Rent | 3.57 | 0.63 | 2.94 | Real Estate | USA |
| Goodman Group | 3.09 | - | 3.09 | Real Estate | Australia |
| Welltower Inc | 2.97 | 2.12 | 0.85 | Real Estate | USA |
| Healthpeak Properties Inc | 2.89 | 0.89 | 2.00 | Real Estate | USA |
| Capitaland Investment Ltd | 2.79 | 0.46 | 2.33 | Real Estate | Singapore |
| Total (%) | 40.89 | 19.33 |  |  |  |

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
| Goodman Group | 3.09 | 0.00 | 3.09 |  | Public Storage | 0.00 | 2.84 | -2.84 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| American Homes 4 Rent | 3.57 | 0.63 | 2.94 |  | VICI Properties Inc | 0.00 | 1.96 | -1.96 |
| AvalonBay Communities Inc | 4.15 | 1.48 | 2.67 |  | Digital Realty Trust Inc | 0.53 | 1.96 | -1.44 |
| Link REIT | 3.59 | 1.01 | 2.58 |  | Equity Residential | 0.00 | 1.41 | -1.41 |
| Prologis Inc | 9.58 | 7.12 | 2.46 |  | Ventas Inc | 0.00 | 1.24 | -1.24 |
| Sector Breakdown (%) |  |  |  |  | Active Exposure by Sector (%) |  |  |  |

Portfolio	Benchmark
Real Estate	97.70	99.11
Information Technology	0.52	0.00
Health Care	0.00	0.10
Financials	0.00	0.06
Consumer Discretionary	0.00	0.73
Cash	1.78	0.00
-2	-1	0	1	2

## Geographical Breakdown (%)
Portfolio	Benchmark
USA	60.45	62.02
Australia	6.30	3.77
Hong Kong	5.71	4.82
Japan	5.62	9.99
Singapore	5.49	3.66
United Kingdom	5.05	4.11
France	3.25	1.45
Germany	2.86	1.91
Canada	1.74	2.91
Switzerland	0.73	1.07
Sweden	0.63	1.72
Finland	0.40	0.21
Other	0.00	2.35
Cash	1.78	0.00

## Active Exposure by Geography (%)
-5	-4	-3	-2	-1	0	1	2	3
MarketCap Breakdown (EUR - %)
40
30
20
10
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.	-	0.66	1.41	8.73	6.39	21.33	36.51	23.19	1.78
Bench.	0.03	0.70	2.33	15.77	8.52	19.45	26.88	26.34	-

Translation (ENFR, 2023-01-31):
# Performance et risque
## Evolution de la performance (EUR)
Intensité relative en CO2
% de l’encours sous gestion couvert par la note ESG absolue : Portefeuille = 95.3% Indice de réf. = 98.8% (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 = 97.4% Indice de réf.
= 99.0% (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
Pour de plus amples informations à propos de la méthodologie, veuillez lire la section « Définition des indicateurs ESG » ci-dessous

## Gérant
Salma BAHO
Portefeuille* (0.39%)	Indice de réference (-5.25%)
Frédéric TEMPEL - Co-gérant
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 |  |
| --- | --- |
|  | 1 an | 3 ans | 5 ans | Création |
| Volatilité du portefeuille* (%) | 17.53 | 20.50 | 17.57 | 17.21 |
| Volatilité de l'indice de référence (%) | 16.85 | 21.93 | 18.54 | 17.71 |
| Risque relatif/Tracking Error  (%) | 2.14 | 3.78 | 3.13 | 3.26 |
| Ratio de Sharpe | -0.59 | 0.07 | 0.39 | 0.25 |
| Ratio d'information | 0.16 | 0.81 | 0.76 | 0.23 |


## 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* | 7.67 | 3.90 | -11.60 | 7.67 | 0.39 | 30.64 | -11.28 | 32.79 | -14.78 | 16.81 | 11.40 | 83.64 |
| Indice de référence | 7.09 | 2.90 | -10.47 | 7.09 | -5.25 | 23.57 | -10.60 | 29.85 | -18.39 | 14.81 | 13.59 | 94.38 |
| Ecarts | 0.57 | 1.00 | -1.14 | 0.57 | 5.65 | 7.07 | -0.68 | 2.94 | 3.60 | 2.00 | -2.20 | -10.74 |

Performance calendaire annuelle (%)
|  | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | -21.22 | 37.86 | -11.65 | 25.65 | -2.20 | -1.34 | 4.72 | 11.01 | 26.71 | 2.62 |
| Indice de réference | -20.18 | 35.67 | -16.55 | 24.15 | -0.87 | -3.06 | 7.18 | 10.51 | 30.98 | -0.81 |
| Ecarts | -1.04 | 2.19 | 4.91 | 1.49 | -1.32 | 1.73 | -2.46 | 0.50 | -4.28 | 3.43 |

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 |  |  |
| Prologis Inc | 9.58 | 7.12 | 2.46 | Immobilier | Etats-Unis |
| Equinix Inc | 4.62 | 4.08 | 0.54 | Immobilier | Etats-Unis |
| AvalonBay Communities Inc | 4.15 | 1.48 | 2.67 | Immobilier | Etats-Unis |
| Alexandria Real Estate Equi... | 3.63 | 1.56 | 2.08 | Immobilier | Etats-Unis |
| Link REIT | 3.59 | 1.01 | 2.58 | Immobilier | Hong-Kong |
| American Homes 4 Rent | 3.57 | 0.63 | 2.94 | Immobilier | Etats-Unis |
| Goodman Group | 3.09 | - | 3.09 | Immobilier | Australie |
| Welltower Inc | 2.97 | 2.12 | 0.85 | Immobilier | Etats-Unis |
| Healthpeak Properties Inc | 2.89 | 0.89 | 2.00 | Immobilier | Etats-Unis |
| Capitaland Investment Ltd | 2.79 | 0.46 | 2.33 | Immobilier | Singapour |
| Total (%) | 40.89 | 19.33 |  |  |  |

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.
| Goodman Group | 3.09 | 0.00 | 3.09 |  | Public Storage | 0.00 | 2.84 | -2.84 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| American Homes 4 Rent | 3.57 | 0.63 | 2.94 |  | VICI Properties Inc | 0.00 | 1.96 | -1.96 |
| AvalonBay Communities Inc | 4.15 | 1.48 | 2.67 |  | Digital Realty Trust Inc | 0.53 | 1.96 | -1.44 |
| Link REIT | 3.59 | 1.01 | 2.58 |  | Equity Residential | 0.00 | 1.41 | -1.41 |
| Prologis Inc | 9.58 | 7.12 | 2.46 |  | Ventas Inc | 0.00 | 1.24 | -1.24 |
| Exposition sectorielle (%) |  |  |  |  | Exposition sectorielle active (%) |  |  |  |

Portefeuille	Indice de réference
Immobilier	97.70	99.11
Technologie	0.52	0.00
Santé	0.00	0.10
Finance	0.00	0.06
Biens de conso. Cycliques	0.00	0.73
Monétaire	1.78	0.00
-2	-1	0	1	2

## Exposition géographique (%)
Portefeuille	Indice de réference
Etats-Unis	60.45	62.02
Australie	6.30	3.77
Hong-Kong	5.71	4.82
Japon	5.62	9.99
Singapour	5.49	3.66
Royaume-Uni	5.05	4.11
France	3.25	1.45
Allemagne	2.86	1.91
Canada	1.74	2.91
Suisse	0.73	1.07
Suède	0.63	1.72
Finlande	0.40	0.21
Autres	0.00	2.35
Monétaire	1.78	0.00

## Exposition régionale active (%)
-5	-4	-3	-2	-1	0	1	2	3

## Ventilation par capitalisation boursière (EUR - %)
40
30
20
10
0	De 0 à
250 mns
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 25 à
100 mds
Monétaire
Port.	-	0.66	1.41	8.73	6.39	21.33	36.51	23.19	1.78
Indice de réf.	0.03	0.70	2.33	15.77	8.52	19.45	26.88	26.34	-