# Performance & Risk
## Performance Evolution (EUR)
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120
110
100
90
80
70
31/10/19
30/04/20
31/10/20
30/04/21
31/10/21
30/04/22 31/10/22
Portfolio* (-9.03%)
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.
| Risk Analysis |  |
| --- | --- |
|  | 1Y | 3Y | 5Y | Launch |
| Portfolio Volatility* (%) | 12.37 | 13.48 | 11.21 | 9.65 |
| Sharpe Ratio | -1.38 | -0.13 | 0.10 | 0.19 |
| Rolling Performance (%) |  |  |  |  |
|  | 1M | 3M | 6M | YTD | 3Y | 5Y | 31/10/21 31/10/22 | 31/10/20 31/10/21 | 31/10/19 31/10/20 | 31/10/18 31/10/19 | 31/10/17 31/10/18 | Launch |
| Portfolio* | -0.61 | -12.41 | -16.75 | -21.32 | -9.03 | -1.11 | -18.47 | 21.76 | -8.35 | 10.16 | -1.32 | 4.10 |
| Annual Calendar Performance (%) |
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| Portfolio* | 18.53 | -1.92 | 13.53 | -6.63 | 4.72 | 0.52 | 2.30 | - | - | - |

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.

## Asset Allocation (%)
0	10	20	30	40	50	60	70	80	90	100	110
| Equity | 63.68 | 65.14 | 63.91 | 64.95 | 62.83 | 65.43 | 58.16 | 57.95 | 58.92 | 59.53 | 59.26 | 50.48 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Bonds | 36.32 | 34.86 | 36.09 | 35.05 | 37.17 | 34.57 | 41.84 | 42.05 | 41.08 | 40.47 | 40.74 | 49.52 |

30/11/2021
31/12/2021
14/01/2022
28/02/2022
31/03/2022
29/04/2022
31/05/2022
30/06/2022
29/07/2022
31/08/2022
30/09/2022
31/10/2022

## Currency Breakdown (%)
120
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100
80
60
40
20
0
-20
EUR	USD	GBP	SEK	AUD	CHF	Other
Portfolio	100.57	0.32	0.15	0.14	0.08	0.05	-1.31
| Top 10 Holdings |  |
| --- | --- |
| Equity | Weighting (%)	Sector | Geography |
| Prologis Inc | 6.26	Real Estate | United States |
| Goodman Group | 2.55	Real Estate | Australia |
| AvalonBay Communities Inc | 2.39	Real Estate | United States |
| American Homes 4 Rent | 2.06	Real Estate | United States |
| Alexandria Real Estate Equi... | 1.88	Real Estate | United States |
| Equinix Inc | 1.86	Real Estate | United States |
| Mitsui Fudosan Co Ltd | 1.73	Real Estate | Japan |
| CapitaLand Integrated Comme... | 1.73	Real Estate | Singapore |
| Capitaland Investment Ltd | 1.68	Real Estate | Singapore |
| Link REIT | 1.65	Real Estate | Hong Kong |
| Total (%) | 23.80 |  |
| Sector Breakdown (%) |  |  |
|  |  | Portfolio |
| Real estate |  | 100.00 |
| Fixed Income Top 10 Holdings |  |  |
| Name | Weighting (%)	Issuer country | Mod. Duration	Contribution |
| EURO-BUND FUTURE DEC22 Counter Expo | 6.99	Germany | 0.0	0.00 |
| US 10YR NOTE (CBT)DEC22 Counter Expo | 2.91	United States | 0.0	0.00 |
| US 10YR ULTRA FUT DEC22 C Expo | 2.06	United States | 0.0	0.00 |
| Sun Hung Kai Properties 2.875% 01/21/2030 | 1.51	Hong Kong | 6.3	0.09 |
| Fonciere des Murs SCA 1% 07/27/2029 | 1.02	France | 5.9	0.06 |
| UDR Inc 4.4% 01/26/2029 | 1.00	United States | 5.1	0.05 |
| Inmobiliaria Colonial SA 0.75% 06/22/2029 | 0.98	Spain | 5.9	0.06 |
| Sagax AB 2.25% 03/13/2025 | 0.98	Sweden | 1.9	0.02 |
| Nerval SAS 2.875% 04/14/2032 | 0.97	France | 7.5	0.07 |
| Scentre Group Trust 1 / Trust 2 3.625% 01/28/2026 | 0.97	Australia | 2.9	0.03 |
| Total (%) | 19.41 |  |


## Maturity Breakdown (%)
35
30
25
20
15
10
5
0	0 - 1 Year	1 - 3 years	3 - 5 years	5 - 7 years	7 - 10 years	10 - 15 years
Portfolio	4.02	7.69	32.36	25.80	29.89	0.25

Translation (ENES, 2022-10-31):
# Riesgo y rentabilidad
## Evolución de la rentabilidad (EUR)
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120
110
100
90
80
70
31/10/19
30/04/20
31/10/20
30/04/21
31/10/21
30/04/22 31/10/22
Fondo* (-9.03%)
Datos ajustados a base 100 por AXA IM en la fecha de inicio del gráfico.
Las rentabilidades pasadas no son un indicador fiable de resultados futuros. Los cálculos de rentabilidad son netos de comisiones y se basan en la reinversión de dividendos. El índice de referencia, cuando lo haya, podría calcularse sobre la base del dividendo neto o bruto. Consulte el folleto para obtener más información.
| Análisis del riesgo |  |
| --- | --- |
|  | 1A | 3 A | 5A | Inicio |
| Volatilidad del fondo* (%) | 12.37 | 13.48 | 11.21 | 9.65 |
| Ratio de Sharpe | -1.38 | -0.13 | 0.10 | 0.19 |
| Rentabilidad acumulada (%) |  |  |  |  |
|  | 1M | 3M | 6M | YTD | 3 A | 5A | 31/10/21 31/10/22 | 31/10/20 31/10/21 | 31/10/19 31/10/20 | 31/10/18 31/10/19 | 31/10/17 31/10/18 | Inicio |
| Fondo* | -0.61 | -12.41 | -16.75 | -21.32 | -9.03 | -1.11 | -18.47 | 21.76 | -8.35 | 10.16 | -1.32 | 4.10 |
| Rentabilidad anual (%) |
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| Fondo* | 18.53 | -1.92 | 13.53 | -6.63 | 4.72 | 0.52 | 2.30 | - | - | - |

Las rentabilidades pasadas no son un indicador fiable de resultados futuros. Los cálculos de rentabilidad son netos de comisiones y se basan en la reinversión de dividendos. El índice de referencia, cuando lo haya, podría calcularse sobre la base del dividendo neto o bruto. Consulte el folleto para obtener más información.

## Distribución de activos (%)
0	10	20	30	40	50	60	70	80	90	100	110
| Acción | 63.68 | 65.14 | 63.91 | 64.95 | 62.83 | 65.43 | 58.16 | 57.95 | 58.92 | 59.53 | 59.26 | 50.48 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Renta fija | 36.32 | 34.86 | 36.09 | 35.05 | 37.17 | 34.57 | 41.84 | 42.05 | 41.08 | 40.47 | 40.74 | 49.52 |

30/11/2021
31/12/2021
14/01/2022
28/02/2022
31/03/2022
29/04/2022
31/05/2022
30/06/2022
29/07/2022
31/08/2022
30/09/2022
31/10/2022

## Exposición por divisa (%)
120
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100
80
60
40
20
0
-20
EUR	USD	GBP	SEK	AUD	CHF	Otros
Fondo	100.57	0.32	0.15	0.14	0.08	0.05	-1.31
| 10 principales posiciones |  |
| --- | --- |
| Compañía | Ponderación (%) | Sector | Geografía |
| Prologis Inc | 6.26 | Bienes Inmobiliarios | Estados Unidos |
| Goodman Group | 2.55 | Bienes Inmobiliarios | Australia |
| AvalonBay Communities Inc | 2.39 | Bienes Inmobiliarios | Estados Unidos |
| American Homes 4 Rent | 2.06 | Bienes Inmobiliarios | Estados Unidos |
| Alexandria Real Estate Equi... | 1.88 | Bienes Inmobiliarios | Estados Unidos |
| Equinix Inc | 1.86 | Bienes Inmobiliarios | Estados Unidos |
| Mitsui Fudosan Co Ltd | 1.73 | Bienes Inmobiliarios | Japón |
| CapitaLand Integrated Comme... | 1.73 | Bienes Inmobiliarios | Singapur |
| Capitaland Investment Ltd | 1.68 | Bienes Inmobiliarios | Singapur |
| Link REIT | 1.65 | Bienes Inmobiliarios | Hong-Kong |
| Total (%) | 23.80 |  |  |
| Exposición sectorial (%) |  |  |  |
|  |  |  | Fondo |
| Inmobiliario |  |  | 100.00 |
| Renta fija 10 principales posiciones |  |  |  |
| Denominación | Ponderación (%) | País emisor | Mod. Duration	Contribución |
| EURO-BUND FUTURE DEC22 Counter Expo | 6.99 | Alemania | 0.0	0.00 |
| US 10YR NOTE (CBT)DEC22 Counter Expo | 2.91 | Estados Unidos | 0.0	0.00 |
| US 10YR ULTRA FUT DEC22 C Expo | 2.06 | Estados Unidos | 0.0	0.00 |
| Sun Hung Kai Properties 2.875% 01/21/2030 | 1.51 | Hong-Kong | 6.3	0.09 |
| Fonciere des Murs SCA 1% 07/27/2029 | 1.02 | Francia | 5.9	0.06 |
| UDR Inc 4.4% 01/26/2029 | 1.00 | Estados Unidos | 5.1	0.05 |
| Inmobiliaria Colonial SA 0.75% 06/22/2029 | 0.98 | España | 5.9	0.06 |
| Sagax AB 2.25% 03/13/2025 | 0.98 | Suecia | 1.9	0.02 |
| Nerval SAS 2.875% 04/14/2032 | 0.97 | Francia | 7.5	0.07 |
| Scentre Group Trust 1 / Trust 2 3.625% 01/28/2026 | 0.97 | Australia | 2.9	0.03 |
| Total (%) | 19.41 |  |  |


## Exposición por vencimiento (%)
35
30
25
20
15
10
5
0	0 - 1 año	1 - 3 años	3 - 5 años	5 - 7 años	7 - 10 años	10 - 15 años
Fondo	4.02	7.69	32.36	25.80	29.89	0.25