# Performance & Risk
## Performance Evolution (EUR)

## Fund Profile
ESG Rating
ESG Relative Rating
CO2 Relative rating
% of AUM covered by ESG absolute rating: Portfolio = 98.0% Benchmark = 100.0% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 98.0% Benchmark = 99.6% (not meaningful for coverage below 50%)
31/12/19
30/06/20
30/12/20
30/06/21
30/12/21
30/06/22 30/12/22
Portfolio* (2.38%)	Benchmark (7.84%)
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.
Fund AXA WF Framlington Eurozone RI benefits of the historical evolution of the performance of the fund AXA Euro Valeurs Responsables, since its creation on the 03/11/10, because they have the same investment objectives.
| Risk Analysis |  |
| --- | --- |
|  | 1Y | 3Y | 5Y | Launch |
| Portfolio Volatility* (%) | 21.59 | 20.62 | 17.77 | 16.96 |
| Benchmark Volatility (%) | 20.53 | 21.22 | 18.21 | - |
| Relative Risk/Tracking Error  (%) | 4.68 | 3.91 | 3.37 | - |
| Sharpe Ratio | -0.75 | 0.14 | 0.28 | 0.20 |
| Information Ratio | -0.87 | 0.00 | 0.35 | - |


## Rolling Performance (%)
|  | 1M | 3M | 6M | YTD | 3Y | 5Y | 31/12/21 31/12/22 | 31/12/20 31/12/21 | 31/12/19 31/12/20 | 31/12/18 31/12/19 | 31/12/17 31/12/18 | Launch |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -3.38 | 10.25 | 6.05 | -17.83 | 2.38 | 15.13 | -17.83 | 23.58 | 0.82 | 26.37 | -11.01 | 78.68 |
| Benchmark | -3.47 | 12.67 | 7.67 | -12.31 | 7.84 | 18.70 | -12.31 | 22.67 | 0.25 | 26.11 | -12.72 | - |
| Excess Return | 0.10 | -2.42 | -1.62 | -5.52 | -5.47 | -3.57 | -5.52 | 0.90 | 0.57 | 0.25 | 1.72 | - |

Annual Calendar Performance (%)
|  | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -17.83 | 23.58 | 0.82 | 26.37 | -11.01 | 9.85 | 4.97 | 10.05 | -0.58 | 18.73 |
| Benchmark | -12.31 | 22.67 | 0.25 | 26.11 | -12.72 | 12.55 | 4.15 | 10.33 | 4.14 | 23.74 |
| Excess Return | -5.52 | 0.90 | 0.57 | 0.25 | 1.72 | -2.70 | 0.82 | -0.28 | -4.72 | -5.01 |

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.
| Top 10 Holdings |  |
| --- | --- |
| Equity |  |  | Weighting (%) | Sector | Geography |
|  | Portfolio | Benchmark | Relative |  |  |
| Asml Holding NV | 6.89 | 4.35 | 2.54 | Technology | Netherlands |
| Siemens AG | 4.13 | 2.05 | 2.08 | Industrials | Germany |
| BNP Paribas SA | 3.90 | 1.30 | 2.61 | Financials | France |
| L'Oreal SA | 3.66 | 1.74 | 1.93 | Consumer Discretionary | France |
| Schneider Electric SE | 3.52 | 1.60 | 1.92 | Industrials | France |
| Air Liquide SA | 3.50 | 1.48 | 2.01 | Basic Materials | France |
| EssilorLuxottica SA | 3.27 | 1.10 | 2.17 | Health Care | France |
| Iberdrola SA | 3.27 | 1.36 | 1.91 | Utilities | Spain |
| Neste Oyj | 3.06 | 0.40 | 2.66 | Energy | Finland |
| Erste Group Bank AG | 2.48 | 0.21 | 2.27 | Financials | Austria |
| Total (%) | 37.67 | 15.58 |  |  |  |

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
| Neste Oyj | 3.06 | 0.40 | 2.66 |  | LVMH Moet Hennessy Louis Vuitton SE | 0.00 | 3.80 | -3.80 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| BNP Paribas SA | 3.90 | 1.30 | 2.61 |  | TotalEnergies SE | 0.00 | 3.29 | -3.29 |
| Asml Holding NV | 6.89 | 4.35 | 2.54 |  | Linde Plc | 0.00 | 3.22 | -3.22 |
| Erste Group Bank AG | 2.48 | 0.21 | 2.27 |  | Sanofi | 0.00 | 2.21 | -2.21 |
| EssilorLuxottica SA | 3.27 | 1.10 | 2.17 |  | SAP SE | 0.00 | 2.11 | -2.11 |
| Sector Breakdown (%) |  |  |  |  | Active Exposure by Sector (%) |  |  |  |

Portfolio	Benchmark
Industrials	19.56	16.10
Consumer Discretionary	16.25	16.69
Financials	13.93	16.62
Technology	12.96	12.24
Health Care	9.44	7.86
Utilities	8.95	5.77
Basic Materials	7.71	8.40
Consumer Staples	4.69	5.56
Energy	3.06	5.79
Telecommunications	1.46	3.77
Real Estate	0.00	1.19
Cash	2.01	0.00
-3	-2	-1	0	1	2	3	4

## Geographical Breakdown (%)
Portfolio	Benchmark
France	44.82	34.46
Netherlands	14.09	12.42
Italy	9.41	7.62
Germany	7.15	26.93
Spain	6.13	7.26
Finland	5.20	4.22
Belgium	3.40	3.20
Ireland	2.71	2.23
United Kingdom	2.61	0.00
Austria	2.48	0.75
Portugal	0.00	0.62
Luxemburg	0.00	0.30
Cash	2.01	0.00
MarketCap Breakdown (EUR - %)

## Active Exposure by Geography (%)
-20	-16	-12	-8	-4	0	4	8	12
|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  |
|  |  |  |  |  |

48
44
40
36
32
28
24
20
16
12
8
4
0	250mn To
500mn
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.	1.32	3.43	2.54	7.97	5.85	28.58	33.63	14.68	-	2.01
Bench.	-	0.08	0.55	3.69	7.06	18.52	43.93	22.37	3.80	-

Translation (ENES, 2022-12-30):
# Riesgo y rentabilidad
## Evolución de la rentabilidad (EUR)
Calificación ESG	
Relativa frente a su índice de referencia
Intensidad CO2 frente a su índice de referencia
% del patrimonio del fondo cubierto por la calificación absoluta ESG: Fondo = 98.0% Índice de referencia = 100.0% (no es significativo cuando la cobertura es inferior al 50 %)
% del patrimonio del fondo cubierto por el indicador de intensidad de CO2: Cartera = 98.0% Índice de referencia = 99.6% (no es significativo cuando la cobertura es inferior al 50 %)
31/12/19
30/06/20
30/12/20
30/06/21
30/12/21
30/06/22 30/12/22
Fondo* (2.38%)	Índice de referencia (7.84%)
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.
El fondo AXA WF Framlington Eurozone RI se beneficia de la evolución histórica de la rentabilidad del fondo AXA Euro Valeurs Responsables, desde su creación en 03/11/10, porque ambos tienen los mismos objetivos de inversión.
| Análisis del riesgo |  |
| --- | --- |
|  | 1A | 3 A | 5A | Inicio |
| Volatilidad del fondo* (%) | 21.59 | 20.62 | 17.77 | 16.96 |
| Volatilidad del Índice de referencia (%) | 20.53 | 21.22 | 18.21 | - |
| Riesgo relativo/Tracking Error  (%) | 4.68 | 3.91 | 3.37 | - |
| Ratio de Sharpe | -0.75 | 0.14 | 0.28 | 0.20 |
| Ratio de información | -0.87 | 0.00 | 0.35 | - |


## Rentabilidad acumulada (%)
|  | 1M | 3M | 6M | YTD | 3 A | 5A | 31/12/21 31/12/22 | 31/12/20 31/12/21 | 31/12/19 31/12/20 | 31/12/18 31/12/19 | 31/12/17 31/12/18 | Inicio |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo* | -3.38 | 10.25 | 6.05 | -17.83 | 2.38 | 15.13 | -17.83 | 23.58 | 0.82 | 26.37 | -11.01 | 78.68 |
| Benchmark | -3.47 | 12.67 | 7.67 | -12.31 | 7.84 | 18.70 | -12.31 | 22.67 | 0.25 | 26.11 | -12.72 | - |
| Diferencia | 0.10 | -2.42 | -1.62 | -5.52 | -5.47 | -3.57 | -5.52 | 0.90 | 0.57 | 0.25 | 1.72 | - |
| Rentabilidad anual (%) |  |  |  |  |  |  |  |  |  |  |
|  | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Fondo* | -17.83 | 23.58 | 0.82 | 26.37 | -11.01 | 9.85 | 4.97 | 10.05 | -0.58 | 18.73 |
| Índice de referencia | -12.31 | 22.67 | 0.25 | 26.11 | -12.72 | 12.55 | 4.15 | 10.33 | 4.14 | 23.74 |
| Diferencia | -5.52 | 0.90 | 0.57 | 0.25 | 1.72 | -2.70 | 0.82 | -0.28 | -4.72 | -5.01 |

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.
| 10 principales posiciones |  |
| --- | --- |
| Compañía |  |  | Ponderación (%) | Sector | Geografía |
|  | Fondo | Índice de referencia | Diferencia |  |  |
| Asml Holding NV | 6.89 | 4.35 | 2.54 | Tecnología | Países Bajos |
| Siemens AG | 4.13 | 2.05 | 2.08 | Productos Industriales | Alemania |
| BNP Paribas SA | 3.90 | 1.30 | 2.61 | Servicios Financieros | Francia |
| L'Oreal SA | 3.66 | 1.74 | 1.93 | Consumidor discrecional | Francia |
| Schneider Electric SE | 3.52 | 1.60 | 1.92 | Productos Industriales | Francia |
| Air Liquide SA | 3.50 | 1.48 | 2.01 | Materias Básicas | Francia |
| EssilorLuxottica SA | 3.27 | 1.10 | 2.17 | Atención de la Salud | Francia |
| Iberdrola SA | 3.27 | 1.36 | 1.91 | Servicios Públicos | España |
| Neste Oyj | 3.06 | 0.40 | 2.66 | Energía | Finlandia |
| Erste Group Bank AG | 2.48 | 0.21 | 2.27 | Servicios Financieros | Austria |
| Total (%) | 37.67 | 15.58 |  |  |  |

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.

## 5 principales sobreponderaciones	5 principales infraponderaciones
Fondo Índice Diferencia de ref.
Fondo Índice Diferencia de ref.
| Neste Oyj | 3.06 | 0.40 | 2.66 |  | LVMH Moet Hennessy Louis Vuitton SE | 0.00 | 3.80 | -3.80 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| BNP Paribas SA | 3.90 | 1.30 | 2.61 |  | TotalEnergies SE | 0.00 | 3.29 | -3.29 |
| Asml Holding NV | 6.89 | 4.35 | 2.54 |  | Linde Plc | 0.00 | 3.22 | -3.22 |
| Erste Group Bank AG | 2.48 | 0.21 | 2.27 |  | Sanofi | 0.00 | 2.21 | -2.21 |
| EssilorLuxottica SA | 3.27 | 1.10 | 2.17 |  | SAP SE | 0.00 | 2.11 | -2.11 |
| Exposición sectorial (%) |  |  |  |  | Exposición sectorial activa (%) |  |  |  |

Fondo	Índice de referencia
Productos Industriales	19.56	16.10
Consumidor discrecional	16.25	16.69
Servicios Financieros	13.93	16.62
Tecnología	12.96	12.24
Atención de la Salud	9.44	7.86
Servicios Públicos	8.95	5.77
Materias Básicas	7.71	8.40
Consumidor basicos	4.69	5.56
Energía	3.06	5.79
Telecomunicaciones	1.46	3.77
Inmobiliaria	0.00	1.19
Liquidez	2.01	0.00
-3	-2	-1	0	1	2	3	4

## Exposición geográfica (%)
Fondo	Índice de referencia
Francia	44.82	34.46
Países Bajos	14.09	12.42
Italia	9.41	7.62
Alemania	7.15	26.93
España	6.13	7.26
Finlandia	5.20	4.22
Bélgica	3.40	3.20
Irlanda	2.71	2.23
Reino Unido	2.61	0.00
Austria	2.48	0.75
Portugal	0.00	0.62
Luxemburgo	0.00	0.30
Liquidez	2.01	0.00

## Desglose de la capitalización bursátil (EUR - %)
Exposición geográfica activa (%)
-20	-16	-12	-8	-4	0	4	8	12
|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  |
|  |  |  |  |  |

50
45
40
35
30
25
20
15
10
5
De 250 mill. a
500 mill.
De 500 mill. a
1000 mill.
De 1000 mill. a
3000 mill.
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
0
| Fondo | 1.32 | 3.43 | 2.54 | 7.97 | 5.85 | 28.58 | 33.63 | 14.68 | - | 2.01 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Índice de ref. | - | 0.08 | 0.55 | 3.69 | 7.06 | 18.52 | 43.93 | 22.37 | 3.80 | - |