# Performance & Risk
## Performance Evolution (USD)
Fund Profile
ESG Rating
ESG Relative Rating
CO2 Relative rating
28/11/19
30/06/20
31/12/20
30/06/21
31/12/21
% of AUM covered by ESG absolute rating: Portfolio = 87.8% Benchmark = 95.6% (not meaningful for
Portfolio* (36.13%)	Benchmark (24.10%)
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
= 95.3% Benchmark = 94.7% (not meaningful for coverage below 50%)
| Risk Analysis |  |
| --- | --- |
|  | 1Y | 3Y | 5Y | Launch |
| Portfolio Volatility* (%) | 25.04 | - | - | 20.22 |
| Benchmark Volatility (%) | 22.66 | - | - | 18.72 |
| Relative Risk/Tracking Error  (%) | 7.58 | - | - | 5.35 |
| Sharpe Ratio | -0.47 | - | - | 0.82 |
| Information Ratio | 0.14 | - | - | 1.17 |


## 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* | -0.84 | -2.27 | -15.16 | -12.76 | -	- | -12.76 | 48.00 | - | - | - | 36.13 |
| Benchmark | -1.52 | -2.53 | -15.53 | -12.91 | -	- | -12.91 | 33.41 | - | - | - | 24.10 |
| Excess Return | 0.68 | 0.26 | 0.37 | 0.15 | -	- | 0.15 | 14.59 | - | - | - | 12.03 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -12.76 | 48.00 | - | - | - | - | - | - | - | - |
| Benchmark | -12.91 | 33.41 | - | - | - | - | - | - | - | - |
| Excess Return | 0.15 | 14.59 | - | - | - | - | - | - | - | - |

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 |  |  |
| Han's Laser Technology Indu... | 6.53 | - | 6.53 | Industrials | China |
| China Longyuan Power Group ... | 4.88 | 0.18 | 4.71 | Utilities | China |
| Yunnan Energy New Material ... | 4.05 | 0.24 | 3.80 | Materials | China |
| Tencent Holdings Ltd | 3.78 | 7.71 | -3.93 | Communication Services | China |
| China Merchants Bank Co Ltd | 3.38 | 1.77 | 1.61 | Financials | China |
| Xinyi Solar Holdings Ltd | 3.32 | 0.19 | 3.13 | Information Technology | China |
| NETEASE.COM INC ADR | 3.17 | 0.93 | 2.24 | Communication Services | China |
| Alibaba Group Holding Ltd | 3.08 | 5.29 | -2.20 | Consumer Discretionary | China |
| Shenzhou International Grou... | 2.93 | 0.36 | 2.57 | Consumer Discretionary | China |
| Xinjiang Goldwind Science &... | 2.79 | 0.10 | 2.69 | Industrials | China |
| Total (%) | 37.92 | 16.76 |  |  |  |


## Top 5 Overweight (%)	Top 5 Underweight (%)
Port. Bench. Relative	Port. Bench. Relative
| Han's Laser Technology Industry ... | 6.53 | 0.00 | 6.53 |  | Tencent Holdings Ltd | 3.78 | 7.71 | -3.93 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| China Longyuan Power Group Corp Ltd | 4.88 | 0.18 | 4.71 |  | Kweichow Moutai Co Ltd | 0.00 | 2.77 | -2.77 |
| Yunnan Energy New Material Co Ltd | 4.05 | 0.24 | 3.80 |  | Meituan | 0.00 | 2.70 | -2.70 |
| Xinyi Solar Holdings Ltd | 3.32 | 0.19 | 3.13 |  | Alibaba Group Holding Ltd | 3.08 | 5.29 | -2.20 |
| Xinjiang Goldwind Science & Tech... | 2.79 | 0.10 | 2.69 |  | China Construction Bank Corp | 0.00 | 1.58 | -1.58 |


## Sector Breakdown (%)
Portfolio	Benchmark

## Active Exposure by Sector (%)
-8	-6	-4	-2	0	2	4	6	8	10
Industrials	19.26	10.15
Consumer Discretionary	16.92	19.97
Health Care	12.77	8.13
Communication Services	10.75	11.29
Financials	8.91	15.36
Consumer Staples	8.21	9.94
Information Technology	7.42	10.60
Materials	5.43	7.02
Utilities	4.88	2.81
Real Estate	1.56	3.04
Energy	0.00	1.71
Cash	3.89	0.00

## Geographical Breakdown (%)
Portfolio	Benchmark
China	91.86	100.00
Hong Kong	2.17	0.00
Taiwan	2.08	0.00
Cash	3.89	0.00

## Active Exposure by Geography (%)
-10	-8	-6	-4	-2	0	2	4
MarketCap Breakdown (USD - %)
36
32
28
24
20
16
12
8
4
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.	2.08	2.56	2.04	13.90	22.42	32.37	11.29	9.44	3.89
Bench.	-	0.67	5.62	13.30	19.82	29.26	14.09	17.24	-

Translation (ENFR, 2021-12-31):
# Performance et risque
## Evolution de la performance (USD)
Valeur liquidative
Cap.

### 136.13
Actif net du fonds (M)
USD

### 57.36
Depuis le: 28/11/2019
100% MSCI China All Share NR Index
Port.

## Caractéristiques du portefeuille
Indice de réf.
Nombre de lignes	49	815
Active Share (%)	76	-

## Profil du portefeuille
Notation ESG
Notation ESG relative
Intensité relative en CO2
28/11/19
30/06/20
31/12/20
30/06/21
31/12/21
% de l’encours sous gestion couvert par la note ESG
Portefeuille* (36.13%)	Indice de réference (24.10%)
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* (%) | 25.04 | - | - | 20.22 |
| Volatilité de l'indice de référence (%) | 22.66 | - | - | 18.72 |
| Risque relatif/Tracking Error  (%) | 7.58 | - | - | 5.35 |
| Ratio de Sharpe | -0.47 | - | - | 0.82 |
| Ratio d'information | 0.14 | - | - | 1.17 |

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 = 87.8% Indice de référence = 95.6% (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 = 95.3% Indice de référence = 94.7% (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* | -0.84 | -2.27 | -15.16 | -12.76 | -	- | -12.76 | 48.00 | - | - | - | 36.13 |
| Indice de réference | -1.52 | -2.53 | -15.53 | -12.91 | -	- | -12.91 | 33.41 | - | - | - | 24.10 |
| Ecarts | 0.68 | 0.26 | 0.37 | 0.15 | -	- | 0.15 | 14.59 | - | - | - | 12.03 |

Performance calendaire annuelle (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | -12.76 | 48.00 | - | - | - | - | - | - | - | - |
| Indice de réference | -12.91 | 33.41 | - | - | - | - | - | - | - | - |
| Ecarts | 0.15 | 14.59 | - | - | - | - | - | - | - | - |

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 |  |  |
| Han's Laser Technology Indu... | 6.53 | - | 6.53 | Industrie | Chine |
| China Longyuan Power Group ... | 4.88 | 0.18 | 4.71 | Services aux collectivités | Chine |
| Yunnan Energy New Material ... | 4.05 | 0.24 | 3.80 | Matériaux | Chine |
| Tencent Holdings Ltd | 3.78 | 7.71 | -3.93 | Services de Communication | Chine |
| China Merchants Bank Co Ltd | 3.38 | 1.77 | 1.61 | Finance | Chine |
| Xinyi Solar Holdings Ltd | 3.32 | 0.19 | 3.13 | Technologie | Chine |
| NETEASE.COM INC ADR | 3.17 | 0.93 | 2.24 | Services de Communication | Chine |
| Alibaba Group Holding Ltd | 3.08 | 5.29 | -2.20 | Biens de conso. Cycliques | Chine |
| Shenzhou International Grou... | 2.93 | 0.36 | 2.57 | Biens de conso. Cycliques | Chine |
| Xinjiang Goldwind Science &... | 2.79 | 0.10 | 2.69 | Industrie | Chine |
| Total (%) | 37.92 | 16.76 |  |  |  |


## 5 principales surpondérations (%)	5 principales sous-pondérations (%)
Port. Indice Relative de réf.
Port. Indice Relative de réf.
| Han's Laser Technology Industry ... | 6.53 | 0.00 | 6.53 |  | Tencent Holdings Ltd | 3.78 | 7.71 | -3.93 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| China Longyuan Power Group Corp Ltd | 4.88 | 0.18 | 4.71 |  | Kweichow Moutai Co Ltd | 0.00 | 2.77 | -2.77 |
| Yunnan Energy New Material Co Ltd | 4.05 | 0.24 | 3.80 |  | Meituan | 0.00 | 2.70 | -2.70 |
| Xinyi Solar Holdings Ltd | 3.32 | 0.19 | 3.13 |  | Alibaba Group Holding Ltd | 3.08 | 5.29 | -2.20 |
| Xinjiang Goldwind Science & Tech... | 2.79 | 0.10 | 2.69 |  | China Construction Bank Corp | 0.00 | 1.58 | -1.58 |


## Exposition sectorielle (%)
Portefeuille	Indice de réference

## Exposition sectorielle active (%)
-8	-6	-4	-2	0	2	4	6	8	10
Industrie	19.26	10.15
Biens de conso. Cycliques	16.92	19.97
Santé	12.77	8.13
Services de Communication	10.75	11.29
Finance	8.91	15.36
Biens de conso. de base	8.21	9.94
Technologie	7.42	10.60
Matériaux	5.43	7.02
Services aux collectivités	4.88	2.81
Immobilier	1.56	3.04
Energie	0.00	1.71
Monétaire	3.89	0.00

## Exposition géographique (%)
Portefeuille	Indice de réference
Chine	91.86	100.00
Hong-Kong	2.17	0.00
Taiwan	2.08	0.00
Monétaire	3.89	0.00

## Exposition régionale active (%)
-10	-8	-6	-4	-2	0	2	4

## Ventilation par capitalisation boursière (USD - %)
36
32
28
24
20
16
12
8
4
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.	2.08	2.56	2.04	13.90	22.42	32.37	11.29	9.44	3.89
Indice de réf.	-	0.67	5.62	13.30	19.82	29.26	14.09	17.24	-