# Performance & Risk
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## Performance Evolution (EUR)
160
140
120
100
80
60
Current NAV
Acc.

### 376.21
Assets Under Management (M)
USD

### 510.46
The Fund is actively managed with deviation expected in term of constitution and performance compared to benchmark that is likely to be significant.

## Fund Key Metrics
Port.	Bench.
Number of Holdings	58	2892
Turnover: Rolling 1Y (%)	24	-
Active Share (%)	94	-

## 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* (19.11%)	Benchmark (29.82%)
Data is rebased to 100 by AXA IM on the graph start date.
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 = 96.2% Benchmark = 100.0% (not meaningful for coverage below 50%)
| Risk Analysis |  |  |  |  | = 70.4% Benchmark = 76.9% (not meaningful for |
| --- | --- | --- | --- | --- | --- |
|  |  |  |  |  | coverage below 50%) |
|  | 1Y | 3Y | 5Y | Launch |  |
| Portfolio Volatility* (%) | 20.75 | 16.22 | 15.34 | 14.31 |  |
| Benchmark Volatility (%) | 18.33 | 17.02 | 15.40 | 13.49 |  |
| Relative Risk/Tracking Error  (%) | 6.82 | 6.80 | 6.19 | 6.01 |  |
| Sharpe Ratio | 0.03 | 0.46 | 0.61 | 0.66 |  |
| Information Ratio | 0.59 | -0.27 | -0.26 | 0.02 |  |

% of AUM covered by CO2 intensity indicator: Portfolio

## 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* | 3.76 | 5.65 | 5.81 | -4.86 | 19.11 | 46.37 | -0.52 | 14.99 | 4.13 | 8.67 | 13.08 | 276.21 |
| Benchmark | 3.43 | 0.90 | 1.43 | -6.14 | 29.82 | 66.61 | -3.38 | 26.75 | 6.01 | 16.73 | 9.94 | 350.57 |
| Excess Return | 0.32 | 4.75 | 4.38 | 1.29 | -10.71 | -20.23 | 2.86 | -11.76 | -1.88 | -8.07 | 3.14 | -74.36 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 17.34 | 4.74 | 23.58 | 2.58 | -0.67 | -7.29 | 18.03 | 38.92 | 30.50 | 15.49 |
| Benchmark | 27.54 | 6.65 | 28.93 | 2.01 | 5.23 | -4.03 | 18.74 | 34.48 | 30.38 | 16.54 |
| Excess Return | -10.20 | -1.92 | -5.35 | 0.57 | -5.90 | -3.27 | -0.71 | 4.44 | 0.13 | -1.04 |

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 |  |  |
| UnitedHealth Group Inc | 3.55 | 0.88 | 2.67 | Managed Health Care | USA |
| AstraZeneca PLC | 3.25 | 0.35 | 2.90 | Pharmaceuticals | United Kingdom |
| Merck & Co Inc | 3.00 | 0.47 | 2.53 | Pharmaceuticals | USA |
| Thermo Fisher Scientific Inc | 2.92 | 0.37 | 2.55 | Life Sciences Tools & Services | USA |
| American Express Co | 2.89 | 0.17 | 2.72 | Consumer Finance | USA |
| Elevance Health Inc | 2.71 | 0.22 | 2.49 | Managed Health Care | USA |
| Booking Holdings Inc | 2.65 | 0.14 | 2.50 | Internet & Direct Marketing Retail | USA |
| Humana Inc | 2.64 | 0.12 | 2.52 | Managed Health Care | USA |
| Planet Fitness Inc | 2.62 | - | 2.62 | Leisure Facilities | USA |
| Julius Baer Group Ltd | 2.62 | 0.02 | 2.60 | Constr. Mach. & Heavy Trucks | Switzerland |
| Total (%) | 28.85 | 2.75 |  |  |  |

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
| AstraZeneca PLC | 3.25 | 0.35 | 2.90 |  | Apple Inc | 0.00 | 4.09 | -4.09 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| American Express Co | 2.89 | 0.17 | 2.72 |  | Microsoft Corp | 0.00 | 3.09 | -3.09 |
| UnitedHealth Group Inc | 3.55 | 0.88 | 2.67 |  | Alphabet Inc | 0.00 | 2.01 | -2.01 |
| Planet Fitness Inc | 2.62 | 0.00 | 2.62 |  | Amazon.com Inc | 0.00 | 1.51 | -1.51 |
| Julius Baer Group Ltd | 2.62 | 0.02 | 2.60 |  | Tesla Inc | 0.00 | 0.88 | -0.88 |
| Sector Breakdown (%) |  |  |  |  | Active Exposure by Sector (%) |  |  |  |

Portfolio	Benchmark
Health Care Equipment	14.77	1.86
Pharmaceuticals	13.74	5.19
Managed Health Care	8.90	1.34
Constr. Mach. & Heavy Trucks	6.60	0.91
Household Products	5.47	1.04
Apparel, Access. & Lux. Goods	4.82	0.94
Hotels, Resorts & Cruise Lines	4.09	0.51
Leisure Facilities	3.97	0.07
Life Sciences Tools & Services	3.80	1.36
Consumer Finance	2.89	0.41
Personal Products	2.68	0.67
Health Care Supplies	2.61	0.32
Other	22.25	85.37
Cash	3.43	0.00
-70	-60	-50	-40	-30	-20	-10	0	10	20

## Geographical Breakdown (%)
Portfolio	Benchmark
USA	69.89	61.65
United Kingdom	9.19	3.80
France	6.84	2.89
Switzerland	3.50	2.49
Japan	3.40	5.32
Netherlands	1.34	1.06
Denmark	1.13	0.68
Belgium	0.87	0.24
Sweden	0.41	0.81
South Africa	0.00	0.41
Taiwan	0.00	1.57
Turkey	0.00	0.05
Other	0.00	19.02
Cash	3.43	0.00

## Active Exposure by Geography (%)
-21	-18	-15	-12	-9	-6	-3	0	3	6	9
MarketCap Breakdown (USD - %)
36
33
30
27
24
21
18
15
12
9
6
3
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.	0.30	8.66	3.88	15.16	11.85	30.73	17.87	8.11	3.43
Bench.	-	0.28	1.35	5.00	14.12	32.83	19.95	26.47	-

Translation (ENIT, 2022-11-30):
# Performance e rischio
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## Evoluzione della performance (EUR)
160
140
120
100
80
60
Turnover: Rolling 1Y (%)	24	-
Active Share (%)	94	-

## Profilo del fondo
Rating ESG
Rating relativo ESG
29/11/19
30/05/20
30/11/20
30/05/21
30/11/21
30/05/22 30/11/22
Intensità relativa CO2
Portafoglio* (19.11%)	Benchmark (29.82%)
I dati sono calcolati su base 100 da AXA IM alla data di partenza indicata nel grafico.
| Analisi del rischio |  |
| --- | --- |
|  | 1 anno | 3 anni | 5 anni | Lancio |
| Volatility del portafoglio* (%) | 20.75 | 16.22 | 15.34 | 14.31 |
| Volatility benchmark (%) | 18.33 | 17.02 | 15.40 | 13.49 |
| Relative Risk/Tracking Error  (%) | 6.82 | 6.80 | 6.19 | 6.01 |
| Sharpe Ratio | 0.03 | 0.46 | 0.61 | 0.66 |
| Information ratio | 0.59 | -0.27 | -0.26 | 0.02 |

I calcoli della performance sono al netto di commissioni e si basano sul reinvestimento dei dividendi. Il benchmark, ove presente, può essere calcolato sulla base del dividendo netto o lordo. Si rimanda al prospetto informativo per maggiori informazioni.
% di AUM coperta dal rating assoluto ESG: Portafoglio = 96.2% Benchmark = 100.0% (non significativo per copertura inferiore al 50%)
% di AUM coperta dall’indicatore di intensità CO2: Portafoglio = 70.4% Benchmark = 76.9% (non significativo per copertura inferiore al 50%)

## Performance rolling (%)
|  | 1 mese | 3 mesi | 6 mesi | YTD | 3 anni | 5 anni | 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 | Lancio |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portafoglio* | 3.76 | 5.65 | 5.81 | -4.86 | 19.11 | 46.37 | -0.52 | 14.99 | 4.13 | 8.67 | 13.08 | 276.21 |
| Benchmark | 3.43 | 0.90 | 1.43 | -6.14 | 29.82 | 66.61 | -3.38 | 26.75 | 6.01 | 16.73 | 9.94 | 350.57 |
| Differenze | 0.32 | 4.75 | 4.38 | 1.29 | -10.71 | -20.23 | 2.86 | -11.76 | -1.88 | -8.07 | 3.14 | -74.36 |

Performance annua (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portafoglio* | 17.34 | 4.74 | 23.58 | 2.58 | -0.67 | -7.29 | 18.03 | 38.92 | 30.50 | 15.49 |
| Benchmark | 27.54 | 6.65 | 28.93 | 2.01 | 5.23 | -4.03 | 18.74 | 34.48 | 30.38 | 16.54 |
| Differenze | -10.20 | -1.92 | -5.35 | 0.57 | -5.90 | -3.27 | -0.71 | 4.44 | 0.13 | -1.04 |

Le performance pregresse non costituiscono un indicatore affidabile dei risultati futuri. I calcoli della performance sono al netto di commissioni e si basano sul reinvestimento dei dividendi. Il benchmark, ove presente, può essere calcolato sulla base del dividendo netto o lordo. Si rimanda al prospetto informativo per maggiori informazioni.
| Analisi del portafoglio |  |
| --- | --- |
| Top 10 Holdings |
| Azione |  | Peso (%) | Settore | Geografia |
| Portafoglio | Benchmark | Relative |  |  |
| UnitedHealth Group Inc	3.55 | 0.88 | 2.67 | Cure mediche | Stati Uniti |
| AstraZeneca PLC	3.25 | 0.35 | 2.90 | Prodotti farmaceutici | Regno Unito |
| Merck & Co Inc	3.00 | 0.47 | 2.53 | Prodotti farmaceutici | Stati Uniti |
| Thermo Fisher Scientific Inc	2.92 | 0.37 | 2.55 | Servizi e strum scienze bio | Stati Uniti |
| American Express Co	2.89 | 0.17 | 2.72 | Credito al consumo | Stati Uniti |
| Elevance Health Inc	2.71 | 0.22 | 2.49 | Cure mediche | Stati Uniti |
| Booking Holdings Inc	2.65 | 0.14 | 2.50 | Vendita al dettaglio tramite Internet e direct marketing | Stati Uniti |
| Humana Inc	2.64 | 0.12 | 2.52 | Cure mediche | Stati Uniti |
| Planet Fitness Inc	2.62 | - | 2.62 | Strutture per il tempo libero | Stati Uniti |
| Julius Baer Group Ltd	2.62 | 0.02 | 2.60 | Gest patrim e servizi custodia | Svizzera |
| Totale (%)	28.85 | 2.75 |  |  |  |

Le società riportate sono indicate a fini esclusivamente illustrativi alla data della presente relazione e potrebbero non essere più comprese nel portafoglio in seguito. Non deve pertanto essere considerata alla stregua di una raccomandazione di acquisto o vendita di un titolo.

## Prime 5 posizioni sovrapesate (%)	Prime 5 posizioni sottopesate (%)
Port. Bench. Relative	Port. Bench. Relative
| AstraZeneca PLC | 3.25 | 0.35 | 2.90 |  | Apple Inc | 0.00 | 4.09 | -4.09 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| American Express Co | 2.89 | 0.17 | 2.72 |  | Microsoft Corp | 0.00 | 3.09 | -3.09 |
| UnitedHealth Group Inc | 3.55 | 0.88 | 2.67 |  | Alphabet Inc | 0.00 | 2.01 | -2.01 |
| Planet Fitness Inc | 2.62 | 0.00 | 2.62 |  | Amazon.com Inc | 0.00 | 1.51 | -1.51 |
| Julius Baer Group Ltd | 2.62 | 0.02 | 2.60 |  | Tesla Inc | 0.00 | 0.88 | -0.88 |
| Ripartizione per settore (%) |  |  |  |  | Esposizione settoriale attiva (%) |  |  |  |

Portafoglio	Benchmark
Attrezzatura sanitaria	14.77	1.86
Prodotti farmaceutici	13.74	5.19
Cure mediche	8.90	1.34
Gest patrim e servizi custodia	6.60	0.91
Prodotti per la casa	5.47	1.04
Abbigliam, access e art lusso	4.82	0.94
Hotel, Villaggi vac, Navi Croc	4.09	0.51
Strutture per il tempo libero	3.97	0.07
Servizi e strum scienze bio	3.80	1.36
Credito al consumo	2.89	0.41
Prodotti per igiene personale	2.68	0.67
Forniture sanitarie	2.61	0.32
Altro	22.25	85.37
Liquidità	3.43	0.00
-70	-60	-50	-40	-30	-20	-10	0	10	20

## Esposizione geografica (%)
Portafoglio	Benchmark
Stati Uniti	69.89	61.65
Regno Unito	9.19	3.80
Francia	6.84	2.89
Svizzera	3.50	2.49
Giappone	3.40	5.32
Olanda	1.34	1.06
Danimarca	1.13	0.68
Belgio	0.87	0.24
Svezia	0.41	0.81
Sudafrica	0.00	0.41
Taiwan	0.00	1.57
Turchia	0.00	0.05
Altro	0.00	19.02
Liquidità	3.43	0.00

## Esposizione geografica attiva (%)
-21	-18	-15	-12	-9	-6	-3	0	3	6	9
Ripartizione per cap. di mercato (USD - %)
36
33
30
27
24
21
18
15
12
9
6
3
0	Da 500 Mio
a 1 Mrd
Da 1 a 3 Mrd
Da 3 a 5 Mrd
Da 5 a 10 Mrd
Da 10 a 25
Mrd
Da 25 a
100 Mrd
Da 100 a
250 Mrd
Più di 250 Mrd
Liquidità
Port.	0.30	8.66	3.88	15.16	11.85	30.73	17.87	8.11	3.43
Bench.	-	0.28	1.35	5.00	14.12	32.83	19.95	26.47	-