# Performance & Risk
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## Performance Evolution (EUR)
160
140
120
100
80
60
1 707.74
Number of Holdings	333	1507
Turnover: Rolling 1Y (%)	36	-
Active Share (%)	53	-

## 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* (15.86%)	Benchmark (24.32%)
Data is rebased to 100 by AXA IM on the graph start date.
| Risk Analysis |  |
| --- | --- |
|  | 1Y | 3Y | 5Y | Launch |
| Portfolio Volatility* (%) | 20.03 | 18.58 | 15.98 | 15.27 |
| Benchmark Volatility (%) | 23.56 | 20.56 | 17.96 | 17.16 |
| Relative Risk/Tracking Error  (%) | 5.25 | 3.72 | 3.61 | 3.46 |
| Sharpe Ratio | -0.45 | 0.31 | 0.38 | 0.47 |
| Information Ratio | 0.30 | -0.54 | -0.42 | -0.45 |

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 = 98.3% Benchmark = 100.0% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 83.5% Benchmark = 79.2% (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* | 6.38 | 3.79 | -1.55 | -14.73 | 15.86 | 29.66 | -9.74 | 19.12 | 7.76 | 12.17 | -0.23 | 42.02 |
| Benchmark | 6.95 | 3.98 | -1.77 | -14.51 | 24.32 | 42.58 | -10.86 | 21.78 | 14.52 | 14.53 | 0.14 | 57.86 |
| Excess Return | -0.57 | -0.18 | 0.22 | -0.22 | -8.46 | -12.91 | 1.11 | -2.65 | -6.76 | -2.36 | -0.37 | -15.84 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 22.35 | 8.87 | 23.56 | -8.00 | - | - | - | - | - | - |
| Benchmark | 21.82 | 15.90 | 27.67 | -8.71 | - | - | - | - | - | - |
| Excess Return | 0.53 | -7.03 | -4.11 | 0.71 | - | - | - | - | - | - |

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 |  |  |
| Apple Inc | 4.32 | 4.58 | -0.26 | Information Technology | United States |
| Microsoft Corp | 3.29 | 3.47 | -0.18 | Information Technology | United States |
| Alphabet Inc | 1.76 | 2.26 | -0.50 | Communication Services | United States |
| Berkshire Hathaway Inc | 1.44 | 0.78 | 0.66 | Financials | United States |
| Procter & Gamble Co | 1.22 | 0.68 | 0.53 | Consumer Staples | United States |
| Coca-Cola Co | 1.11 | 0.50 | 0.61 | Consumer Staples | United States |
| PepsiCo Inc | 1.09 | 0.49 | 0.60 | Consumer Staples | United States |
| UnitedHealth Group Inc | 0.96 | 0.98 | -0.02 | Health Care | United States |
| Amazon.com Inc | 0.96 | 1.69 | -0.73 | Consumer Discretionary | United States |
| Home Depot Inc | 0.92 | 0.64 | 0.29 | Consumer Discretionary | United States |
| Total (%) | 17.06 | 16.09 |  |  |  |

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
| 3M Co | 0.83 | 0.13 | 0.70 |  | Exxon Mobil Corp | 0.00 | 0.90 | -0.90 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Berkshire Hathaway Inc | 1.44 | 0.78 | 0.66 |  | Johnson & Johnson | 0.00 | 0.90 | -0.90 |
| Norfolk Southern Corp | 0.77 | 0.12 | 0.65 |  | NVIDIA Corp | 0.00 | 0.81 | -0.81 |
| Travelers Cos Inc | 0.73 | 0.09 | 0.64 |  | Amazon.com Inc | 0.96 | 1.69 | -0.73 |
| Coca-Cola Co | 1.11 | 0.50 | 0.61 |  | Chevron Corp | 0.00 | 0.65 | -0.65 |
| Sector Breakdown (%) |  |  |  |  | Active Exposure by Sector (%) |  |  |  |

Portfolio	Benchmark
Financials	20.38	14.03
Information Technology	18.10	20.94
Industrials	15.50	10.44
Consumer Staples	13.56	7.72
Health Care	12.65	14.13
Consumer Discretionary	5.20	10.46
Communication Services	5.12	6.58
Materials	3.53	4.40
Real Estate	2.87	2.65
Utilities	1.83	3.03
Energy	0.41	5.62
Cash	0.85	0.00
-6	-5	-4	-3	-2	-1	0	1	2	3	4	5	6	7

## Geographical Breakdown (%)
Portfolio	Benchmark
United States	71.44	68.60
Canada	5.54	3.47
Japan	4.77	5.97
Switzerland	3.32	2.92
Germany	2.30	2.21
Netherlands	1.80	1.41
United Kingdom	1.73	4.19
Australia	1.14	2.18
Sweden	1.10	0.85
France	0.97	3.19
Norway	0.88	0.22
Italy	0.74	0.56
Other	3.40	4.23
Cash	0.85	0.00

## Active Exposure by Geography (%)
-3	-2	-1	0	1	2	3
MarketCap Breakdown (USD - %)
48
44
40
36
32
28
24
20
16
12
8
4
0	0 To
250mn
1bn To 3bn
3bn To 5bn
5bn To 10bn
10bn To 25bn
25bn To 100bn
100bn To 250bn
More Than 250bn
Cash
Port.	0.17	-	0.29	3.17	15.31	42.18	17.91	20.11	0.85
Bench.	-	0.04	0.85	4.52	14.03	34.23	21.40	24.94	-

Translation (ENFR, 2022-11-30):
# Performance et risque
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## Evolution de la performance (EUR)
160
140
120
100
80
60
Turnover: Glissant 1an (%)	36	-
Active Share (%)	53	-

## Profil du portefeuille
Notation ESG
Notation ESG relative
Intensité relative en CO2
29/11/19	30/05/20	30/11/20
30/05/21
30/11/21
30/05/22 30/11/22
Portefeuille* (15.86%)	Indice de réference (24.32%)
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* (%) | 20.03 | 18.58 | 15.98 | 15.27 |
| Volatilité de l'indice de référence (%) | 23.56 | 20.56 | 17.96 | 17.16 |
| Risque relatif/Tracking Error  (%) | 5.25 | 3.72 | 3.61 | 3.46 |
| Ratio de Sharpe | -0.45 | 0.31 | 0.38 | 0.47 |
| Ratio d'information | 0.30 | -0.54 | -0.42 | -0.45 |

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 = 98.3% 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 = 83.5% Indice de réf.
= 79.2% (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* | 6.38 | 3.79 | -1.55 | -14.73 | 15.86 | 29.66 | -9.74 | 19.12 | 7.76 | 12.17 | -0.23 | 42.02 |
| Indice de référence | 6.95 | 3.98 | -1.77 | -14.51 | 24.32 | 42.58 | -10.86 | 21.78 | 14.52 | 14.53 | 0.14 | 57.86 |
| Ecarts | -0.57 | -0.18 | 0.22 | -0.22 | -8.46 | -12.91 | 1.11 | -2.65 | -6.76 | -2.36 | -0.37 | -15.84 |

Performance calendaire annuelle (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | 22.35 | 8.87 | 23.56 | -8.00 | - | - | - | - | - | - |
| Indice de réference | 21.82 | 15.90 | 27.67 | -8.71 | - | - | - | - | - | - |
| Ecarts | 0.53 | -7.03 | -4.11 | 0.71 | - | - | - | - | - | - |

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 |  |  |
| Apple Inc	4.32 | 4.58 | -0.26 | Technologie | Etats-Unis |
| Microsoft Corp	3.29 | 3.47 | -0.18 | Technologie | Etats-Unis |
| Alphabet Inc	1.76 | 2.26 | -0.50 | Services de Communication | Etats-Unis |
| Berkshire Hathaway Inc	1.44 | 0.78 | 0.66 | Finance | Etats-Unis |
| Procter & Gamble Co	1.22 | 0.68 | 0.53 | Biens de conso. de base | Etats-Unis |
| Coca-Cola Co	1.11 | 0.50 | 0.61 | Biens de conso. de base | Etats-Unis |
| PepsiCo Inc	1.09 | 0.49 | 0.60 | Biens de conso. de base | Etats-Unis |
| UnitedHealth Group Inc	0.96 | 0.98 | -0.02 | Santé | Etats-Unis |
| Amazon.com Inc	0.96 | 1.69 | -0.73 | Biens de conso. Cycliques | Etats-Unis |
| Home Depot Inc	0.92 | 0.64 | 0.29 | Biens de conso. Cycliques | Etats-Unis |
| Total (%)	17.06 | 16.09 |  |  |  |

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.
| 3M Co | 0.83 | 0.13 | 0.70 |  | Exxon Mobil Corp | 0.00 | 0.90 | -0.90 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Berkshire Hathaway Inc | 1.44 | 0.78 | 0.66 |  | Johnson & Johnson | 0.00 | 0.90 | -0.90 |
| Norfolk Southern Corp | 0.77 | 0.12 | 0.65 |  | NVIDIA Corp | 0.00 | 0.81 | -0.81 |
| Travelers Cos Inc | 0.73 | 0.09 | 0.64 |  | Amazon.com Inc | 0.96 | 1.69 | -0.73 |
| Coca-Cola Co | 1.11 | 0.50 | 0.61 |  | Chevron Corp | 0.00 | 0.65 | -0.65 |
| Exposition sectorielle (%) |  |  |  |  | Exposition sectorielle active (%) |  |  |  |

Portefeuille	Indice de réference
Finance	20.38	14.03
Technologie	18.10	20.94
Industrie	15.50	10.44
Biens de conso. de base	13.56	7.72
Santé	12.65	14.13
Biens de conso. Cycliques	5.20	10.46
Services de Communication	5.12	6.58
Matériaux	3.53	4.40
Immobilier	2.87	2.65
Services aux collectivités	1.83	3.03
Energie	0.41	5.62
Monétaire	0.85	0.00
-6	-5	-4	-3	-2	-1	0	1	2	3	4	5	6	7

## Exposition géographique (%)
Portefeuille	Indice de réference
Etats-Unis	71.44	68.60
Canada	5.54	3.47
Japon	4.77	5.97
Suisse	3.32	2.92
Allemagne	2.30	2.21
Pays-Bas	1.80	1.41
Royaume-Uni	1.73	4.19
Australie	1.14	2.18
Suède	1.10	0.85
France	0.97	3.19
Norvège	0.88	0.22
Italie	0.74	0.56
Autres	3.40	4.23
Monétaire	0.85	0.00

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

## Ventilation par capitalisation boursière (USD - %)
48
44
40
36
32
28
24
20
16
12
8
4
0	De 0 à
250 mns
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.	0.17	-	0.29	3.17	15.31	42.18	17.91	20.11	0.85
Indice de réf.	-	0.04	0.85	4.52	14.03	34.23	21.40	24.94	-