# Performance & Risk
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## Performance Evolution (EUR)
160
140
120
100
80
60
28/12/18	30/06/19	30/12/19
30/06/20
30/12/20
30/06/21 30/12/21

## Fund Profile
ESG Rating
ESG Relative Rating
CO2 Relative rating
% of AUM covered by ESG absolute rating: Portfolio = 99.6% Benchmark = 99.9% (not meaningful for
Portfolio* (37.62%)	Benchmark (53.40%)
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, 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.
coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 99.6% Benchmark = 98.9% (not meaningful for coverage below 50%)
| Risk Analysis |  |
| --- | --- |
|  | 1Y | 3Y | 5Y | Launch |
| Portfolio Volatility* (%) | 10.76 | 18.74 | 15.89 | 16.08 |
| Benchmark Volatility (%) | 10.32 | 16.69 | 14.38 | 15.40 |
| Relative Risk/Tracking Error  (%) | 2.35 | 3.20 | 2.90 | 3.09 |
| Sharpe Ratio | 2.27 | 0.66 | 0.37 | 0.16 |
| Information Ratio | -0.26 | -0.98 | -1.00 | -0.15 |


## Rolling Performance (%)
|  | 1M | 3M | 6M | YTD | 3Y | 5Y | 31/12/20 31/12/21 | 31/12/19 31/12/20 | 31/12/18 31/12/19 | 31/12/17 31/12/18 | 31/12/16 31/12/17 | Launch |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 6.52 | 6.52 | 6.80 | 23.23 | 37.62 | 26.00 | 23.23 | -10.48 | 24.75 | -16.23 | 9.30 | 107.40 |
| Benchmark | 5.71 | 7.87 | 8.67 | 24.97 | 53.40 | 50.60 | 24.97 | -3.09 | 26.67 | -10.94 | 10.24 | 171.63 |
| Excess Return | 0.82 | -1.35 | -1.87 | -1.73 | -15.78 | -24.60 | -1.73 | -7.39 | -1.92 | -5.29 | -0.95 | -64.24 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 23.23 | -10.48 | 24.75 | -16.23 | 9.30 | 0.67 | 7.85 | 6.76 | 23.59 | 16.89 |
| Benchmark | 24.97 | -3.09 | 26.67 | -10.94 | 10.24 | 2.03 | 9.27 | 6.76 | 19.77 | 16.92 |
| Excess Return | -1.73 | -7.39 | -1.92 | -5.29 | -0.95 | -1.35 | -1.42 | 0.00 | 3.82 | -0.04 |

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 |  |  |
| Roche Holding AG | 3.30 | 2.70 | 0.60 | Health Care | Switzerland |
| Novartis AG | 2.12 | 1.71 | 0.41 | Health Care | Switzerland |
| Novo Nordisk | 2.07 | 1.64 | 0.43 | Health Care | Denmark |
| Diageo PLC | 2.04 | 1.12 | 0.92 | Consumer Staples | United Kingdom |
| L'Oreal SA | 1.93 | 1.07 | 0.85 | Consumer Staples | France |
| LVMH Moet Hennessy Louis Vu... | 1.79 | 2.01 | -0.23 | Consumer Discretionary | France |
| Allianz SE | 1.69 | 0.86 | 0.82 | Financials | Germany |
| GlaxoSmithKline PLC | 1.68 | 0.97 | 0.71 | Health Care | United Kingdom |
| Unilever PLC | 1.65 | 1.23 | 0.42 | Consumer Staples | United Kingdom |
| SAP SE | 1.61 | 1.30 | 0.31 | Information Technology | Germany |
| Total (%) | 19.86 | 14.62 |  |  |  |


## Top 5 Overweight (%)	Top 5 Underweight (%)
Port. Bench. Relative	Port. Bench. Relative
| Ferguson PLC | 1.41 | 0.35 | 1.06 |  | Nestle SA | 0.95 | 3.48 | -2.53 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Azimut Holding SpA | 1.04 | 0.00 | 1.04 |  | Asml Holding NV | 0.64 | 2.94 | -2.30 |
| SSAB AB | 1.03 | 0.00 | 1.03 |  | Royal Dutch Shell PLC | 0.00 | 1.53 | -1.53 |
| IPSOS | 1.02 | 0.00 | 1.02 |  | Schneider Electric SE | 0.11 | 0.93 | -0.82 |
| Coca-cola Hbc AG | 1.05 | 0.06 | 0.99 |  | TotalEnergies SE | 0.33 | 1.14 | -0.81 |


## Sector Breakdown (%)
Portfolio	Benchmark

## Active Exposure by Sector (%)
-3	-2	-1	0	1	2	3
Financials	18.21	15.77
Industrials	17.77	15.39
Health Care	15.02	14.66
Consumer Discretionary	14.28	11.32
Consumer Staples	14.07	13.00
Materials	7.02	7.93
Information Technology	5.70	8.40
Energy	4.02	4.55
Communication Services	1.93	3.53
Utilities	1.68	4.22
Real Estate	0.00	1.22
Cash	0.30	0.00

## Geographical Breakdown (%)
Portfolio	Benchmark
United Kingdom	20.85	20.07
Switzerland	14.33	16.39
France	14.26	17.50
Germany	10.94	13.34
Sweden	7.56	5.69
Netherlands	6.98	8.91
Spain	5.89	3.48
Denmark	4.32	4.12
Italy	3.38	3.32
Finland	3.04	1.92
Ireland	2.52	1.46
Austria	1.78	0.36
Other	3.84	3.45
Cash	0.30	0.00

## Active Exposure by Geography (%)
-4	-3	-2	-1	0	1	2	3
MarketCap Breakdown (EUR - %)
50
45
40
35
30
25
20
15
10
5
0	500mn To 1bn
1bn To 3bn
3bn To 5bn
5bn To 10bn
10bn To 25bn
25bn To 100bn
100bn To 250bn
More Than 250bn
Cash
Port.	0.28	5.28	7.25	11.77	17.84	34.89	15.73	6.68	0.30
Bench.	-	-	0.25	6.47	19.29	45.21	17.67	11.12	-

Translation (ENFR, 2021-12-30):
# Performance et risque
## Evolution de la performance (EUR)
Valeur liquidative
Cap.

### 20.74
Actif net du fonds (M)
EUR

### 48.46
Depuis le: 30/09/2016
100% MSCI Europe Total Return Net
Port.

## Caractéristiques du portefeuille
Indice de réf.
Nombre de lignes	155	432
Active Share (%)	61	-

## Profil du portefeuille
Notation ESG
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160
140
120
100
80
60
28/12/18
30/06/19
30/12/19
30/06/20
30/12/20
30/06/21 30/12/21
Notation ESG relative
Intensité relative en CO2
% de l’encours sous gestion couvert par la note ESG
Portefeuille* (37.62%)	Indice de réference (53.40%)
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* (%) | 10.76 | 18.74 | 15.89 | 16.08 |
| Volatilité de l'indice de référence (%) | 10.32 | 16.69 | 14.38 | 15.40 |
| Risque relatif/Tracking Error  (%) | 2.35 | 3.20 | 2.90 | 3.09 |
| Ratio de Sharpe | 2.27 | 0.66 | 0.37 | 0.16 |
| Ratio d'information | -0.26 | -0.98 | -1.00 | -0.15 |

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.
absolue : Portefeuille = 99.6% Indice de référence = 99.9% (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 = 99.6% Indice de référence = 98.9% (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 | 31/12/20 31/12/21 | 31/12/19 31/12/20 | 31/12/18 31/12/19 | 31/12/17 31/12/18 | 31/12/16 31/12/17 | Création |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | 6.52 | 6.52 | 6.80 | 23.23 | 37.62 | 26.00 | 23.23 | -10.48 | 24.75 | -16.23 | 9.30 | 107.40 |
| Indice de réference | 5.71 | 7.87 | 8.67 | 24.97 | 53.40 | 50.60 | 24.97 | -3.09 | 26.67 | -10.94 | 10.24 | 171.63 |
| Ecarts | 0.82 | -1.35 | -1.87 | -1.73 | -15.78 | -24.60 | -1.73 | -7.39 | -1.92 | -5.29 | -0.95 | -64.24 |

Performance calendaire annuelle (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | 23.23 | -10.48 | 24.75 | -16.23 | 9.30 | 0.67 | 7.85 | 6.76 | 23.59 | 16.89 |
| Indice de réference | 24.97 | -3.09 | 26.67 | -10.94 | 10.24 | 2.03 | 9.27 | 6.76 | 19.77 | 16.92 |
| Ecarts | -1.73 | -7.39 | -1.92 | -5.29 | -0.95 | -1.35 | -1.42 | 0.00 | 3.82 | -0.04 |

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.
| Analyse du portefeuille |  |
| --- | --- |
| 10 principaux titres |
| Action |  |  | Pondération (%) | Secteur | Géographie |
|  | Portefeuille | Indice de réference | Relative |  |  |
| Roche Holding AG | 3.30 | 2.70 | 0.60 | Santé | Suisse |
| Novartis AG | 2.12 | 1.71 | 0.41 | Santé | Suisse |
| Novo Nordisk | 2.07 | 1.64 | 0.43 | Santé | Danemark |
| Diageo PLC | 2.04 | 1.12 | 0.92 | Biens de conso. de base | Royaume-Uni |
| L'Oreal SA | 1.93 | 1.07 | 0.85 | Biens de conso. de base | France |
| LVMH Moet Hennessy Louis Vu... | 1.79 | 2.01 | -0.23 | Biens de conso. Cycliques | France |
| Allianz SE | 1.69 | 0.86 | 0.82 | Finance | Allemagne |
| GlaxoSmithKline PLC | 1.68 | 0.97 | 0.71 | Santé | Royaume-Uni |
| Unilever PLC | 1.65 | 1.23 | 0.42 | Biens de conso. de base | Royaume-Uni |
| SAP SE | 1.61 | 1.30 | 0.31 | Technologie | Allemagne |
| Total (%) | 19.86 | 14.62 |  |  |  |


## 5 principales surpondérations (%)	5 principales sous-pondérations (%)
Port. Indice Relative de réf.
Port. Indice Relative de réf.
| Ferguson PLC | 1.41 | 0.35 | 1.06 |  | Nestle SA | 0.95 | 3.48 | -2.53 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Azimut Holding SpA | 1.04 | 0.00 | 1.04 |  | Asml Holding NV | 0.64 | 2.94 | -2.30 |
| SSAB AB | 1.03 | 0.00 | 1.03 |  | Royal Dutch Shell PLC | 0.00 | 1.53 | -1.53 |
| IPSOS | 1.02 | 0.00 | 1.02 |  | Schneider Electric SE | 0.11 | 0.93 | -0.82 |
| Coca-cola Hbc AG | 1.05 | 0.06 | 0.99 |  | TotalEnergies SE | 0.33 | 1.14 | -0.81 |


## Exposition sectorielle (%)
Portefeuille	Indice de réference

## Exposition sectorielle active (%)
-3	-2	-1	0	1	2	3
Finance	18.21	15.77
Industrie	17.77	15.39
Santé	15.02	14.66
Biens de conso. Cycliques	14.28	11.32
Biens de conso. de base	14.07	13.00
Matériaux	7.02	7.93
Technologie	5.70	8.40
Energie	4.02	4.55
Services de Communication	1.93	3.53
Services aux collectivités	1.68	4.22
Immobilier	0.00	1.22
Monétaire	0.30	0.00

## Exposition géographique (%)
Portefeuille	Indice de réference
Royaume-Uni	20.85	20.07
Suisse	14.33	16.39
France	14.26	17.50
Allemagne	10.94	13.34
Suède	7.56	5.69
Pays-Bas	6.98	8.91
Espagne	5.89	3.48
Danemark	4.32	4.12
Italie	3.38	3.32
Finlande	3.04	1.92
Irlande	2.52	1.46
Autriche	1.78	0.36
Autres	3.84	3.45
Monétaire	0.30	0.00

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

## Ventilation par capitalisation boursière (EUR - %)
50
45
40
35
30
25
20
15
10
5
0	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
De 100 à
250 mds
Plus de 250 mds
Monétaire
Port.	0.28	5.28	7.25	11.77	17.84	34.89	15.73	6.68	0.30
Indice de réf.	-	-	0.25	6.47	19.29	45.21	17.67	11.12	-