# Performance & Risk
## Performance Evolution (EUR)

## Fund Profile
ESG Rating
ESG Relative Rating
CO2 Relative rating
31/05/2018
31/05/2019
31/05/2020
28/05/2021
Portfolio* (15.38%)	Benchmark (23.99%)
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
% of AUM covered by ESG absolute rating: Portfolio = 99.5% Benchmark = 99.8% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 98.2% Benchmark = 98.0% (not meaningful for
| basis of net or gross dividend. Please refer to the Risk Analysis | prospectus for more information. |  |  | coverage below 50%) |
| --- | --- | --- | --- | --- |
|  | 1Y | 3Y | 5Y | Launch |  |
| Portfolio Volatility* (%) | 16.89 | 17.45 | 14.68 | 14.56 |  |
| Benchmark Volatility (%) | 16.72 | 17.14 | 14.33 | 14.44 |  |
| Relative Risk/Tracking Error  (%) | 1.33 | 1.15 | 1.28 | 1.24 |  |
| Sharpe Ratio | 1.73 | 0.36 | 0.46 | 0.66 |  |
| Information Ratio | -0.88 | -1.35 | -0.97 | -0.43 |  |


## Rolling Performance (%)
|  | 1M | 3M | 6M | YTD | 31/05/2020 31/05/2021 | 31/05/2019 31/05/2020 | 31/05/2018 31/05/2019 | 31/05/2017 31/05/2018 | 31/05/2016 31/05/2017 | Launch |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 2.99 | 11.61 | 14.95 | 12.88 | 27.96 | -6.70 | -3.34 | -0.37 | 13.47 | 178.50 |
| Benchmark | 3.10 | 12.03 | 16.72 | 13.67 | 30.34 | -4.24 | -0.66 | 0.99 | 15.83 | 233.08 |
| Excess Return | -0.11 | -0.43 | -1.77 | -0.78 | -2.39 | -2.47 | -2.68 | -1.36 | -2.36 | -54.57 |

Annual Calendar Performance (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -5.05 | 23.74 | -13.62 | 9.20 | 0.23 | 7.58 | 6.73 | 20.19 | 16.25 | -9.38 |
| Benchmark | -3.09 | 26.67 | -10.94 | 10.24 | 2.03 | 9.27 | 6.76 | 19.77 | 16.92 | -8.50 |
| Excess Return | -1.96 | -2.93 | -2.67 | -1.04 | -1.80 | -1.70 | -0.03 | 0.42 | -0.67 | -0.88 |

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 | 2.95 | 2.54 | 0.41 | Information Technology | Netherlands |
| Nestle SA | 2.91 | 3.20 | -0.29 | Consumer Staples | Switzerland |
| Roche Holding AG | 2.58 | 2.33 | 0.25 | Health Care | Switzerland |
| Unilever PLC | 2.16 | 1.42 | 0.74 | Consumer Staples | United Kingdom |
| LVMH Moet Hennessy Louis Vu... | 1.96 | 2.00 | -0.03 | Consumer Discretionary | France |
| SAP SE | 1.92 | 1.32 | 0.61 | Information Technology | Germany |
| L'Oreal SA | 1.78 | 1.03 | 0.76 | Consumer Staples | France |
| Allianz SE | 1.73 | 0.98 | 0.75 | Financials | Germany |
| Siemens AG | 1.72 | 1.13 | 0.58 | Industrials | Germany |
| Novo Nordisk | 1.60 | 1.23 | 0.37 | Health Care | Denmark |
| Total (%) | 21.32 | 17.17 |  |  |  |


## Top 5 Overweight (%)	Top 5 Underweight (%)
Port. Bench. Relative	Port. Bench. Relative
| Ubs Group AG | 1.41 | 0.54 | 0.87 |  | British American Tobacco PLC | 0.00 | 0.75 | -0.75 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Kering SA | 1.46 | 0.62 | 0.84 |  | Volkswagen AG | 0.00 | 0.57 | -0.57 |
| Barclays PLC | 1.21 | 0.41 | 0.80 |  | Bayer AG | 0.00 | 0.56 | -0.56 |
| Banco Bilbao Vizcaya Argentaria SA | 1.15 | 0.37 | 0.78 |  | Anglo American PLC | 0.00 | 0.52 | -0.52 |
| Akzo Nobel NV | 0.99 | 0.22 | 0.77 |  | RELX PLC | 0.00 | 0.45 | -0.45 |


## Sector Breakdown (%)
Portfolio	Benchmark

## Active Exposure by Sector (%)
-3	-2	-1	0	1	2
Financials	18.09	16.43
Industrials	16.00	14.76
Consumer Staples	12.62	12.77
Consumer Discretionary	11.94	12.20
Health Care	10.86	13.47
Information Technology	9.79	8.06
Materials	7.77	8.30
Energy	4.47	4.33
Communication Services	3.87	3.93
Utilities	3.86	4.42
Real Estate	0.27	1.34
Cash	0.46	0.00

## Geographical Breakdown (%)
Portfolio	Benchmark
France	18.31	17.66
United Kingdom	16.71	20.56
Germany	13.72	14.47
Switzerland	13.52	15.12
Netherlands	9.68	7.95
Sweden	7.45	5.57
Spain	5.80	4.05
Denmark	4.15	3.89
Italy	2.58	3.40
Belgium	2.29	1.37
Ireland	1.53	1.41
Finland	1.46	1.94
Other	2.32	2.61
Cash	0.46	0.00

## Active Exposure by Geography (%)
-4	-3	-2	-1	0	1	2

## MarketCap Breakdown (%)
50
45
40
35
30
25
20
15
10
5
0	0 To
€250mn
€3bn To
€5bn
€5bn To
€10bn
€10bn To
€25bn
€25bn To
€100bn
€100bn To
€250bn
More Than
€250bn
Cash
Port.	-	0.15	8.95	18.67	44.74	22.14	4.88	0.46
Bench.	0.04	0.13	7.21	21.54	45.09	20.79	5.20	-

Translation (ENFR, 2021-05-28):
# Performance et risque
## Evolution de la performance (EUR)
Valeur liquidative
Cap.

### 27.6
Actif net du fonds (M)
EUR

### 34.56
Depuis le: 30/09/2016
100% MSCI Europe Total Return Net
Port.

## Caractéristiques du portefeuille
Indice de réf.
Nombre de lignes	187	435
Turnover: Glissant 1an (%)	75	-
Active Share (%)	33	-

## Profil du portefeuille
Notation ESG
Notation ESG relative
Intensité relative en CO2
31/05/2018
31/05/2019
31/05/2020
28/05/2021
Portefeuille* (15.38%)	Indice de réference (23.99%)
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* (%) | 16.89 | 17.45 | 14.68 | 14.56 |
| Volatilité de l'indice de référence (%) | 16.72 | 17.14 | 14.33 | 14.44 |
| Risque relatif/Tracking Error  (%) | 1.33 | 1.15 | 1.28 | 1.24 |
| Ratio de Sharpe | 1.73 | 0.36 | 0.46 | 0.66 |
| Ratio d'information | -0.88 | -1.35 | -0.97 | -0.43 |

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.
% de l’encours sous gestion couvert par la note ESG absolue : Portefeuille = 99.5% Indice de référence = 99.8% (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 = 98.2% Indice de référence = 98.0% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)

## Performance glissante (%)
|  | 1 mois | 3 mois | 6 mois | YTD | 31/05/2020 31/05/2021 | 31/05/2019 31/05/2020 | 31/05/2018 31/05/2019 | 31/05/2017 31/05/2018 | 31/05/2016 31/05/2017 | Création |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | 2.99 | 11.61 | 14.95 | 12.88 | 27.96 | -6.70 | -3.34 | -0.37 | 13.47 | 178.50 |
| Indice de réference | 3.10 | 12.03 | 16.72 | 13.67 | 30.34 | -4.24 | -0.66 | 0.99 | 15.83 | 233.08 |
| Ecarts | -0.11 | -0.43 | -1.77 | -0.78 | -2.39 | -2.47 | -2.68 | -1.36 | -2.36 | -54.57 |

Performance calendaire annuelle (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | -5.05 | 23.74 | -13.62 | 9.20 | 0.23 | 7.58 | 6.73 | 20.19 | 16.25 | -9.38 |
| Indice de réference | -3.09 | 26.67 | -10.94 | 10.24 | 2.03 | 9.27 | 6.76 | 19.77 | 16.92 | -8.50 |
| Ecarts | -1.96 | -2.93 | -2.67 | -1.04 | -1.80 | -1.70 | -0.03 | 0.42 | -0.67 | -0.88 |

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 | 2.95 | 2.54 | 0.41 | Technologie | Pays-Bas |
| Nestle SA | 2.91 | 3.20 | -0.29 | Biens de conso. de base | Suisse |
| Roche Holding AG | 2.58 | 2.33 | 0.25 | Santé | Suisse |
| Unilever PLC | 2.16 | 1.42 | 0.74 | Biens de conso. de base | Royaume-Uni |
| LVMH Moet Hennessy Louis Vu... | 1.96 | 2.00 | -0.03 | Biens de conso. Cycliques | France |
| SAP SE | 1.92 | 1.32 | 0.61 | Technologie | Allemagne |
| L'Oreal SA | 1.78 | 1.03 | 0.76 | Biens de conso. de base | France |
| Allianz SE | 1.73 | 0.98 | 0.75 | Finance | Allemagne |
| Siemens AG | 1.72 | 1.13 | 0.58 | Industrie | Allemagne |
| Novo Nordisk | 1.60 | 1.23 | 0.37 | Santé | Danemark |
| Total (%) | 21.32 | 17.17 |  |  |  |


## 5 principales surpondérations (%)	5 principales sous-pondérations (%)
Port. Indice Relative de réf.
Port. Indice Relative de réf.
| Ubs Group AG | 1.41 | 0.54 | 0.87 |  | British American Tobacco PLC | 0.00 | 0.75 | -0.75 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Kering SA | 1.46 | 0.62 | 0.84 |  | Volkswagen AG | 0.00 | 0.57 | -0.57 |
| Barclays PLC | 1.21 | 0.41 | 0.80 |  | Bayer AG | 0.00 | 0.56 | -0.56 |
| Banco Bilbao Vizcaya Argentaria SA | 1.15 | 0.37 | 0.78 |  | Anglo American PLC | 0.00 | 0.52 | -0.52 |
| Akzo Nobel NV | 0.99 | 0.22 | 0.77 |  | RELX PLC | 0.00 | 0.45 | -0.45 |


## Exposition sectorielle (%)
Portefeuille	Indice de réference

## Exposition sectorielle active (%)
-3	-2	-1	0	1	2
Finance	18.09	16.43
Industrie	16.00	14.76
Biens de conso. de base	12.62	12.77
Biens de conso. Cycliques	11.94	12.20
Santé	10.86	13.47
Technologie	9.79	8.06
Matériaux	7.77	8.30
Energie	4.47	4.33
Services de Communication	3.87	3.93
Services aux collectivités	3.86	4.42
Immobilier	0.27	1.34
Monétaire	0.46	0.00

## Exposition géographique (%)
Portefeuille	Indice de réference
France	18.31	17.66
Royaume-Uni	16.71	20.56
Allemagne	13.72	14.47
Suisse	13.52	15.12
Pays-Bas	9.68	7.95
Suède	7.45	5.57
Espagne	5.80	4.05
Danemark	4.15	3.89
Italie	2.58	3.40
Belgique	2.29	1.37
Irlande	1.53	1.41
Finlande	1.46	1.94
Autres	2.32	2.61
Monétaire	0.46	0.00

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

## Ventilation par capitalisation boursière (%)
50
40
30
20
10
De 0 à 250 mns
d’euros
De 3 à 5 mds
d’euros
De 5 à 10 mds
d’euros
De 10 à 25 mds
d’euros
De 25 à 100 mds
d’euros
De 100 à
250 mds d’euros
Plus de 250 mds
d’euros
Monétaire
0
| Port. | - | 0.15 | 8.95 | 18.67 | 44.74 | 22.14 | 4.88 | 0.46 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Indice de réf. | 0.04 | 0.13 | 7.21 | 21.54 | 45.09 | 20.79 | 5.20 | - |