# Performance & Risk
## Performance Evolution (EUR)
Current NAV
Acc.

### 22.35
Assets Under Management (M)
EUR

### 119.54

## Benchmark
Since: 30/09/1999
100% MSCI EMU Total Return Net
The Fund is actively managed with limited deviation expected in term of constitution and performance compared to benchmark.

## Fund Key Metrics
Port.	Bench.
Number of Holdings	47	230
Turnover: Rolling 1Y (%)	135	-
Active Share (%)	63	-

## 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* (10.42%)	Benchmark (11.01%)
Data is rebased to 100 by AXA IM on the graph start date.
| Risk Analysis |  |
| --- | --- |
|  | 1Y | 3Y | 5Y | Launch |
| Portfolio Volatility* (%) | 20.45 | 21.79 | 18.82 | 18.48 |
| Benchmark Volatility (%) | 19.77 | 21.26 | 18.32 | 18.06 |
| Relative Risk/Tracking Error  (%) | 3.02 | 2.31 | 2.42 | 2.95 |
| Sharpe Ratio | -0.14 | 0.21 | 0.15 | 0.15 |
| Information Ratio | 0.57 | 0.29 | -0.42 | 0.28 |

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 = 98.5% Benchmark = 100.0% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 72.1% Benchmark = 78.4% (not meaningful for coverage below 50%)

## 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* | 6.99 | 8.76 | 0.49 | -8.89 | 10.42 | 8.76 | -3.83 | 20.66 | -4.84 | 15.46 | -14.70 | 123.50 |
| Benchmark | 8.55 | 9.56 | 1.35 | -9.37 | 11.01 | 19.08 | -4.75 | 18.69 | -1.80 | 16.71 | -8.10 | 121.34 |
| Excess Return | -1.56 | -0.80 | -0.86 | 0.49 | -0.59 | -10.32 | 0.92 | 1.98 | -3.04 | -1.25 | -6.60 | 2.15 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 24.33 | -4.08 | 25.35 | -19.64 | 13.63 | 5.58 | 9.52 | 4.93 | 29.68 | 19.96 |
| Benchmark | 21.70 | -0.64 | 26.34 | -13.23 | 12.63 | 3.75 | 10.76 | 4.24 | 23.45 | 18.96 |
| Excess Return | 2.63 | -3.44 | -0.99 | -6.41 | 1.00 | 1.83 | -1.24 | 0.69 | 6.23 | 1.00 |

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 |  |  |
| Asml Holding NV | 7.05 | 5.11 | 1.94 | Information Technology | Netherlands |
| LVMH Moet Hennessy Louis Vu... | 4.91 | 4.59 | 0.33 | Consumer Discretionary | France |
| Schneider Electric SE | 4.30 | 1.69 | 2.62 | Industrials | France |
| Iberdrola SA | 4.04 | 1.44 | 2.60 | Utilities | Spain |
| FinecoBank Banca Fineco SpA | 3.67 | 0.21 | 3.46 | Financials | Italy |
| BNP Paribas SA | 3.64 | 1.33 | 2.31 | Financials | France |
| Publicis Groupe SA | 3.60 | 0.32 | 3.28 | Communication Services | France |
| Deutsche Telekom AG | 3.60 | 1.41 | 2.19 | Communication Services | Germany |
| Air Liquide SA | 3.41 | 1.62 | 1.79 | Materials | France |
| Intesa Sanpaolo SpA | 3.39 | 0.79 | 2.60 | Financials | Italy |
| Total (%) | 41.61 | 18.50 |  |  |  |

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
| FinecoBank Banca Fineco SpA | 3.67 | 0.21 | 3.46 |  | TotalEnergies SE | 0.00 | 3.35 | -3.35 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Publicis Groupe SA | 3.60 | 0.32 | 3.28 |  | SAP SE | 0.00 | 2.44 | -2.44 |
| Schneider Electric SE | 4.30 | 1.69 | 2.62 |  | Siemens AG | 0.00 | 2.25 | -2.25 |
| Iberdrola SA | 4.04 | 1.44 | 2.60 |  | Airbus SE | 0.00 | 1.45 | -1.45 |
| Intesa Sanpaolo SpA | 3.39 | 0.79 | 2.60 |  | Bayer AG | 0.00 | 1.22 | -1.22 |
| Sector Breakdown (%) |  |  |  |  | Active Exposure by Sector (%) |  |  |  |

Portfolio	Benchmark
Financials	17.72	15.66
Information Technology	15.24	12.72
Industrials	14.60	15.36
Consumer Discretionary	11.32	15.84
Utilities	9.97	6.38
Communication Services	7.92	4.37
Health Care	7.37	8.32
Materials	6.95	6.45
Consumer Staples	5.37	8.32
Energy	2.01	5.58
Real Estate	0.00	1.01
Cash	1.52	0.00
-5	-4	-3	-2	-1	0	1	2	3	4

## Geographical Breakdown (%)
Portfolio	Benchmark
France	47.34	36.82
Italy	14.74	7.32
Spain	12.24	7.50
Germany	9.75	25.37
Netherlands	8.22	13.57
Finland	2.89	3.15
Belgium	2.29	3.11
Ireland	1.03	1.87
Portugal	0.00	0.69
Austria	0.00	0.59
Cash	1.52	0.00

## Active Exposure by Geography (%)
-18	-15	-12	-9	-6	-3	0	3	6	9	12
MarketCap Breakdown (EUR - %)
52
48
44
40
36
32
28
24
20
16
12
8
4
0	1bn To 3bn	3bn To 5bn	5bn To 10bn	10bn To 25bn	25bn To 100bn	100bn To 250bn	More Than 250bn	Cash
Port.	0.55	4.87	6.92	21.00	47.98	12.25	4.91	1.52
Bench.	0.05	1.30	8.09	20.76	47.70	17.52	4.59	-

Translation (ENFR, 2022-11-30):
# Performance et risque
## Evolution de la performance (EUR)
Turnover: Glissant 1an (%)	135	-
Active Share (%)	63	-

## 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* (10.42%)	Indice de réference (11.01%)
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* (%) | 20.45 | 21.79 | 18.82 | 18.48 |
| Volatilité de l'indice de référence (%) | 19.77 | 21.26 | 18.32 | 18.06 |
| Risque relatif/Tracking Error  (%) | 3.02 | 2.31 | 2.42 | 2.95 |
| Ratio de Sharpe | -0.14 | 0.21 | 0.15 | 0.15 |
| Ratio d'information | 0.57 | 0.29 | -0.42 | 0.28 |

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 = 98.5% Indice de réf. = 100.0% (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 = 72.1% Indice de réf.
= 78.4% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)

## 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* | 6.99 | 8.76 | 0.49 | -8.89 | 10.42 | 8.76 | -3.83 | 20.66 | -4.84 | 15.46 | -14.70 | 123.50 |
| Indice de référence | 8.55 | 9.56 | 1.35 | -9.37 | 11.01 | 19.08 | -4.75 | 18.69 | -1.80 | 16.71 | -8.10 | 121.34 |
| Ecarts | -1.56 | -0.80 | -0.86 | 0.49 | -0.59 | -10.32 | 0.92 | 1.98 | -3.04 | -1.25 | -6.60 | 2.15 |

Performance calendaire annuelle (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | 24.33 | -4.08 | 25.35 | -19.64 | 13.63 | 5.58 | 9.52 | 4.93 | 29.68 | 19.96 |
| Indice de réference | 21.70 | -0.64 | 26.34 | -13.23 | 12.63 | 3.75 | 10.76 | 4.24 | 23.45 | 18.96 |
| Ecarts | 2.63 | -3.44 | -0.99 | -6.41 | 1.00 | 1.83 | -1.24 | 0.69 | 6.23 | 1.00 |

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 |  |  |
| Asml Holding NV | 7.05 | 5.11 | 1.94 | Technologie | Pays-Bas |
| LVMH Moet Hennessy Louis Vu... | 4.91 | 4.59 | 0.33 | Biens de conso. Cycliques | France |
| Schneider Electric SE | 4.30 | 1.69 | 2.62 | Industrie | France |
| Iberdrola SA | 4.04 | 1.44 | 2.60 | Services aux collectivités | Espagne |
| FinecoBank Banca Fineco SpA | 3.67 | 0.21 | 3.46 | Finance | Italie |
| BNP Paribas SA | 3.64 | 1.33 | 2.31 | Finance | France |
| Publicis Groupe SA | 3.60 | 0.32 | 3.28 | Services de Communication | France |
| Deutsche Telekom AG | 3.60 | 1.41 | 2.19 | Services de Communication | Allemagne |
| Air Liquide SA | 3.41 | 1.62 | 1.79 | Matériaux | France |
| Intesa Sanpaolo SpA | 3.39 | 0.79 | 2.60 | Finance | Italie |
| Total (%) | 41.61 | 18.50 |  |  |  |

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.
| FinecoBank Banca Fineco SpA | 3.67 | 0.21 | 3.46 |  | TotalEnergies SE | 0.00 | 3.35 | -3.35 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Publicis Groupe SA | 3.60 | 0.32 | 3.28 |  | SAP SE | 0.00 | 2.44 | -2.44 |
| Schneider Electric SE | 4.30 | 1.69 | 2.62 |  | Siemens AG | 0.00 | 2.25 | -2.25 |
| Iberdrola SA | 4.04 | 1.44 | 2.60 |  | Airbus SE | 0.00 | 1.45 | -1.45 |
| Intesa Sanpaolo SpA | 3.39 | 0.79 | 2.60 |  | Bayer AG | 0.00 | 1.22 | -1.22 |
| Exposition sectorielle (%) |  |  |  |  | Exposition sectorielle active (%) |  |  |  |

Portefeuille	Indice de réference
Finance	17.72	15.66
Technologie	15.24	12.72
Industrie	14.60	15.36
Biens de conso. Cycliques	11.32	15.84
Services aux collectivités	9.97	6.38
Services de Communication	7.92	4.37
Santé	7.37	8.32
Matériaux	6.95	6.45
Biens de conso. de base	5.37	8.32
Energie	2.01	5.58
Immobilier	0.00	1.01
Monétaire	1.52	0.00
-5	-4	-3	-2	-1	0	1	2	3	4

## Exposition géographique (%)
Portefeuille	Indice de réference
France	47.34	36.82
Italie	14.74	7.32
Espagne	12.24	7.50
Allemagne	9.75	25.37
Pays-Bas	8.22	13.57
Finlande	2.89	3.15
Belgique	2.29	3.11
Irlande	1.03	1.87
Portugal	0.00	0.69
Autriche	0.00	0.59
Monétaire	1.52	0.00

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

## Ventilation par capitalisation boursière (EUR - %)
52
48
44
40
36
32
28
24
20
16
12
8
4
0	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.	0.55	4.87	6.92	21.00	47.98	12.25	4.91	1.52
Indice de réf.	0.05	1.30	8.09	20.76	47.70	17.52	4.59	-