# Performance & Risk
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## Performance Evolution (EUR)
160
140
120
100
80
60
Assets Under Management (M)
| Fund Key Metrics |  |
| --- | --- |
|  | Port. | Bench. |
| Number of Holdings | 101 | 503 |
| Turnover: Rolling 1Y (%) | 124 | - |
| Active Share (%) | 60 | - |
| Fund Profile |  |  |
| ESG Rating |  |  |
| ESG Relative Rating |  |  |
| CO2 Relative rating |  |  |

USD

### 812.59
31/10/19
28/04/20
28/10/20
28/04/21
28/10/21
28/04/22 28/10/22
Portfolio* (22.89%)	Benchmark (24.89%)
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 = 97.2% Benchmark = 100.0% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
| Risk Analysis |  |  |  |  | coverage below 50%) |
| --- | --- | --- | --- | --- | --- |
|  | 1Y | 3Y | 5Y | Launch |  |
| Portfolio Volatility* (%) | 21.21 | 21.63 | 19.27 | 15.85 |  |
| Benchmark Volatility (%) | 21.91 | 20.99 | 18.54 | 15.49 |  |
| Relative Risk/Tracking Error  (%) | 3.28 | 3.44 | 3.02 | 3.07 |  |
| Sharpe Ratio | -0.59 | 0.38 | 0.36 | 0.39 |  |
| Information Ratio | 1.16 | 0.08 | -0.26 | 0.09 |  |

= 97.2% Benchmark = 99.8% (not meaningful for
Performance & Risk 
(Continued)

## 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* | 10.31 | -4.22 | -4.22 | -17.21 | 22.89 | 31.88 | -13.68 | 41.18 | 0.84 | 7.21 | 0.10 | 189.12 |
| Benchmark | 8.56 | -6.25 | -6.49 | -19.51 | 24.89 | 42.40 | -16.77 | 40.65 | 6.69 | 10.15 | 3.51 | 218.33 |
| Excess Return | 1.75 | 2.03 | 2.27 | 2.30 | -2.01 | -10.52 | 3.09 | 0.52 | -5.85 | -2.94 | -3.41 | -29.22 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 27.78 | 9.37 | 25.01 | -11.40 | 18.74 | 8.81 | -2.34 | 13.30 | 33.33 | 13.49 |
| Benchmark | 26.95 | 15.12 | 26.76 | -7.82 | 18.66 | 9.63 | 0.28 | 12.73 | 30.96 | 14.09 |
| Excess Return | 0.83 | -5.76 | -1.74 | -3.58 | 0.08 | -0.82 | -2.62 | 0.57 | 2.38 | -0.60 |

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 |  |  |
| Apple Inc | 6.89 | 7.17 | -0.29 | Technology | USA |
| Microsoft Corp | 4.98 | 5.36 | -0.38 | Technology | USA |
| Alphabet Inc | 3.11 | 3.34 | -0.23 | Technology | USA |
| Amazon.com Inc | 2.50 | 2.79 | -0.29 | Consumer Discretionary | USA |
| Visa Inc | 2.22 | 1.04 | 1.17 | Industrials | USA |
| UnitedHealth Group Inc | 1.91 | 1.57 | 0.34 | Health Care | USA |
| Tesla Inc | 1.90 | 1.86 | 0.04 | Consumer Discretionary | USA |
| Cisco Systems Inc | 1.83 | 0.58 | 1.25 | Telecommunications | USA |
| Verizon Communications Inc | 1.71 | 0.48 | 1.22 | Telecommunications | USA |
| Bank of America Corp | 1.70 | 0.77 | 0.93 | Financials | USA |
| Total (%) | 28.73 | 24.97 |  |  |  |

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.
Portfolio Analysis 
(Continued)

## Top 5 Overweight (%)

## Top 5 Underweight (%)
Port. Bench. Relative	Port. Bench. Relative
| Steel Dynamics Inc | 1.57 | 0.00 | 1.57 |  | Exxon Mobil Corp | 0.00 | 1.41 | -1.41 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Synchrony Financial | 1.57 | 0.05 | 1.52 |  | JPMorgan Chase & Co | 0.00 | 1.13 | -1.13 |
| Archer-Daniels-Midland Co | 1.67 | 0.16 | 1.50 |  | NVIDIA Corp | 0.00 | 1.06 | -1.06 |
| Marathon Oil Corp | 1.48 | 0.06 | 1.42 |  | Chevron Corp | 0.00 | 0.99 | -0.99 |
| General Motors Co | 1.57 | 0.17 | 1.40 |  | PepsiCo Inc | 0.00 | 0.77 | -0.77 |
| Sector Breakdown (%) |  |  |  |  | Active Exposure by Sector (%) |  |  |  |

Portfolio	Benchmark
Technology	24.72	25.63
Financials	14.93	10.98
Health Care	14.48	14.45
Industrials	13.88	12.65
Consumer Discretionary	10.72	14.23
Consumer Staples	6.37	6.24
Energy	5.70	5.46
Telecommunications	3.96	2.57
Basic Materials	2.59	1.83
Real Estate	0.95	2.73
Utilities	0.94	3.23
Cash	0.76	0.00
MarketCap Breakdown (USD - %)
-4	-3	-2	-1	0	1	2	3	4
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39
36
33
30
27
24
21
18
15
12
9
6
3
0	3bn To 5bn	5bn To 10bn	10bn To 25bn	25bn To 100bn	100bn To 250bn	More Than 250bn	Cash
Port.	0.32	5.98	23.90	21.14	17.23	30.67	0.76
Bench.	0.01	1.28	8.95	28.76	24.50	36.49	-

Translation (ENES, 2022-10-28):
# Riesgo y rentabilidad
## Evolución de la rentabilidad (EUR)
Valor liquidativo
Acu.

### 26.31
Activos netos (M)
USD

### 812.59

## Índice de referencia
Desde el: 10/12/2004
100% S&P 500 Total Return Net Hedged EUR
El fondo está gestionado de manera activa y se espera una desviación limitada en términos de constitución y rentabilidad con respecto al índice de referencia.
|  | Fondo | Índice de ref. |
| --- | --- | --- |
| Número de líneas | 101 | 503 |
| Rotación anual (%) | 124 | - |
| Active Share (%) | 60 | - |
| Perfil del fondo |  |  |
| Calificación ESG |  |  |


## Detalle del Fondo
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160
140
120
100
80
60
31/10/19
28/04/20
28/10/20
28/04/21
28/10/21
28/04/22 28/10/22
Relativa frente a su índice de referencia
Intensidad CO2 frente a su índice de referencia
Fondo* (22.89%)	Índice de referencia (24.89%)
Datos ajustados a base 100 por AXA IM en la fecha de inicio del gráfico.
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
% del patrimonio del fondo cubierto por la calificación absoluta ESG: Fondo = 97.2% Índice de referencia = 100.0% (no es significativo cuando la cobertura es inferior al 50 %)
| Volatilidad del fondo* (%) | 1A 21.21 | 3 A 21.63 | 5A 19.27 | Inicio 15.85 | de intensidad de CO2: Cartera = 97.2% Índice de referencia = 99.8% (no es significativo cuando la cobertura es inferior al 50 %) |
| --- | --- | --- | --- | --- | --- |
| Volatilidad del Índice de referencia (%) | 21.91 | 20.99 | 18.54 | 15.49 |  |
| Riesgo relativo/Tracking Error  (%) | 3.28 | 3.44 | 3.02 | 3.07 |  |
| Ratio de Sharpe | -0.59 | 0.38 | 0.36 | 0.39 |  |
| Ratio de información | 1.16 | 0.08 | -0.26 | 0.09 |  |

% del patrimonio del fondo cubierto por el indicador
Riesgo y rentabilidad 
(continuación)

## 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* | 10.31 | -4.22 | -4.22 | -17.21 | 22.89 | 31.88 | -13.68 | 41.18 | 0.84 | 7.21 | 0.10 | 189.12 |
| Benchmark | 8.56 | -6.25 | -6.49 | -19.51 | 24.89 | 42.40 | -16.77 | 40.65 | 6.69 | 10.15 | 3.51 | 218.33 |
| Diferencia | 1.75 | 2.03 | 2.27 | 2.30 | -2.01 | -10.52 | 3.09 | 0.52 | -5.85 | -2.94 | -3.41 | -29.22 |
| Rentabilidad anual (%) |  |  |  |  |  |  |  |  |  |  |
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| Fondo* | 27.78 | 9.37 | 25.01 | -11.40 | 18.74 | 8.81 | -2.34 | 13.30 | 33.33 | 13.49 |
| Índice de referencia | 26.95 | 15.12 | 26.76 | -7.82 | 18.66 | 9.63 | 0.28 | 12.73 | 30.96 | 14.09 |
| Diferencia | 0.83 | -5.76 | -1.74 | -3.58 | 0.08 | -0.82 | -2.62 | 0.57 | 2.38 | -0.60 |

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 fondo |  |
| --- | --- |
| 10 principales posiciones |
| Compañía |  |  | Ponderación (%) | Sector | Geografía |
|  | Fondo | Índice de referencia | Diferencia |  |  |
| Apple Inc | 6.89 | 7.17 | -0.29 | Tecnología | Estados Unidos |
| Microsoft Corp | 4.98 | 5.36 | -0.38 | Tecnología | Estados Unidos |
| Alphabet Inc | 3.11 | 3.34 | -0.23 | Tecnología | Estados Unidos |
| Amazon.com Inc | 2.50 | 2.79 | -0.29 | Consumidor discrecional | Estados Unidos |
| Visa Inc | 2.22 | 1.04 | 1.17 | Productos Industriales | Estados Unidos |
| UnitedHealth Group Inc | 1.91 | 1.57 | 0.34 | Atención de la Salud | Estados Unidos |
| Tesla Inc | 1.90 | 1.86 | 0.04 | Consumidor discrecional | Estados Unidos |
| Cisco Systems Inc | 1.83 | 0.58 | 1.25 | Telecomunicaciones | Estados Unidos |
| Verizon Communications Inc | 1.71 | 0.48 | 1.22 | Telecomunicaciones | Estados Unidos |
| Bank of America Corp | 1.70 | 0.77 | 0.93 | Servicios Financieros | Estados Unidos |
| Total (%) | 28.73 | 24.97 |  |  |  |

Las empresas se muestran exclusivamente a título ilustrativo a la fecha de este informe y es posible que posteriormente no formen parte de la cartera. No deberá considerarse una recomendación de comprar o vender valores.
Análisis del fondo 
(continuación)

## 5 principales sobreponderaciones

## 5 principales infraponderaciones
Fondo Índice Diferencia de ref.
Fondo Índice Diferencia de ref.
| Steel Dynamics Inc | 1.57 | 0.00 | 1.57 |  | Exxon Mobil Corp | 0.00 | 1.41 | -1.41 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Synchrony Financial | 1.57 | 0.05 | 1.52 |  | JPMorgan Chase & Co | 0.00 | 1.13 | -1.13 |
| Archer-Daniels-Midland Co | 1.67 | 0.16 | 1.50 |  | NVIDIA Corp | 0.00 | 1.06 | -1.06 |
| Marathon Oil Corp | 1.48 | 0.06 | 1.42 |  | Chevron Corp | 0.00 | 0.99 | -0.99 |
| General Motors Co | 1.57 | 0.17 | 1.40 |  | PepsiCo Inc | 0.00 | 0.77 | -0.77 |
| Exposición sectorial (%) |  |  |  |  | Exposición sectorial activa (%) |  |  |  |

Fondo	Índice de referencia
Tecnología	24.72	25.63
Servicios Financieros	14.93	10.98
Atención de la Salud	14.48	14.45
Productos Industriales	13.88	12.65
Consumidor discrecional	10.72	14.23
Consumidor basicos	6.37	6.24
Energía	5.70	5.46
Telecomunicaciones	3.96	2.57
Materias Básicas	2.59	1.83
Inmobiliaria	0.95	2.73
Servicios Públicos	0.94	3.23
Liquidez	0.76	0.00

## Desglose de la capitalización bursátil (USD - %)
-4	-3	-2	-1	0	1	2	3	4
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39
36
33
30
27
24
21
18
15
12
9
6
3
0	De 3000 mill. a
5000 mill.
De 5000 mill. a 10 000 mill.
De 10 000 mill.
a 25 000 mill.
De 25 000 mill.
a 100 000 mill.
De 100 000 mill.
a 250 000 mill.
Más de 250 000 mill.
Liquidez
Fondo	0.32	5.98	23.90	21.14	17.23	30.67	0.76
Índice de ref.	0.01	1.28	8.95	28.76	24.50	36.49	-