# Performance evolution (in EUR)
Current NAV (A)	12.37
12 month NAV price High	13.48
12 month NAV price Low	12.15
108
106
104
102
100
98
96
| 31/08/17 | 31/10/17 | 31/12/17 | 28/02/18 | 30/04/18 | 30/06/18 | 31/08/18 |
| --- | --- | --- | --- | --- | --- | --- |
|  |  | Portfolio* (-1.51%) |  | Benchmark** (4.86%) |  |  |
| Data is rebased to 100 by AXA IM on the graph start date. |  |  |  |  |  |  |  |  |
| Cumulative performance |  |  |  |  |  |  |  |  |
|  | 1 M. | 3 M. | YTD | 1 Y. | 3 Y. | 5 Y. | 8 Y. | Launch |
| Portfolio* | -3.51% | -2.37% | -4.55% | -1.51% | 3.08% | 31.74% | 65.37% | 23.70% |
| Benchmark** | -2.25% | 0.10% | 0.31% | 4.86% | 14.16% | 45.13% | 86.18% | 55.95% |
| Annualized performance |  |  |  |  |  |  |  |  |
|  |  |  |  | 1 Y. | 3 Y. | 5 Y. | 8 Y. | Launch |
| Portfolio* |  |  |  | -1.51% | 1.01% | 5.66% | 6.49% | 1.17% |
| Benchmark** |  |  |  | 4.86% | 4.50% | 7.73% | 8.07% | 2.46% |
| Annual performance |  |  |  |  |  |  |  |  |
|  |  | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| Portfolio* |  | 8.63% | 0.00% | 7.19% | 6.00% | 22.81% | 16.17% | -11.86% |
| Benchmark** |  | 10.24% | 2.03% | 9.27% | 6.76% | 19.77% | 16.92% | -8.50% |
| Rolling annual performance |  |  |  |  |  |  |  |  |
|  | 31 Aug 17 | 31 Aug 16 | 31 Aug 15 | 31 Aug 14 | 31 Aug 13 | 31 Aug 12 |
|  | 31 Aug 18 | 31 Aug 17 | 31 Aug 16 | 31 Aug 15 | 31 Aug 14 | 31 Aug 13 |
| Portfolio* | -1.51% | 11.45% | -6.08% | 7.82% | 18.53% | 14.93% |
| Benchmark** | 4.86% | 11.88% | -2.69% | 7.77% | 17.97% | 14.07% |

| The figures provided relate to previous months or years and past performance is not a reliable indicator as to future performance. Risk Analysis |  |
| --- | --- |
|  |  |
| 1 Y.	3 Y.	5 Y. | Launch |
| Annualized volatility Portfolio*	9.84%	11.53%	11.87% | 15.58% |
| Benchmark**	9.01%	10.99%	11.44% | 15.11% |
| Relative risk ('tracking error')	2.56%	2.19%	2.09% | 2.86% |
| Sharpe ratio	0.03	0.24	0.61 | 0.05 |
| Information ratio	-1.91	-0.90	-0.24 | 0.04 |
| Alpha	-0.0944% -0.1673% -0.0502% | 0.0128% |
| Beta | 1.0566	1.0305	1.0221	1.0137 |

* 1st NAV date: 31/05/2000
** Benchmark : Please refer to the Benchmark section in the characteristics/disclaimers part of the document. Source(s): AXA Investment Managers - GICS - MSCI as at 31/08/2018
Editor: AXA Investment Managers Paris

Translation (ENES, 2018-08-31):
# Evolución de la rentabilidad (en EUR)
Valor liquidativo (C)	12.37
Valor máximo en 12 meses	13.48
Valor mínimo en 12 meses	12.15
108
106
104
102
100
98
96
31/08/17
31/10/17
31/12/17
28/02/18
30/04/18
30/06/18
31/08/18
Cartera* (-1.51%)	Índice de referencia** (4.86%)
Datos ajustados a base 100 por AXA IM en la fecha de inicio del gráfico.
| Rentabilidad acumulada |  |
| --- | --- |
|  | 1 M. | 3 M. | YTD | 1 A. | 3 A. | 5 A. | 8 A. | Inicio |
| Cartera* | -3.51% | -2.37% | -4.55% | -1.51% | 3.08% | 31.74% | 65.37% | 23.70% |
| Índice de referencia** | -2.25% | 0.10% | 0.31% | 4.86% | 14.16% | 45.13% | 86.18% | 55.95% |
| Rentabilidad anualizada |  |  |  |  |  |  |  |  |
|  |  |  |  | 1 A. | 3 A. | 5 A. | 8 A. | Inicio |
| Cartera* |  |  |  | -1.51% | 1.01% | 5.66% | 6.49% | 1.17% |
| Índice de referencia** |  |  |  | 4.86% | 4.50% | 7.73% | 8.07% | 2.46% |
| Rentabilidad anual |  |  |  |  |  |  |  |  |
|  |  | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| Cartera* |  | 8.63% | 0.00% | 7.19% | 6.00% | 22.81% | 16.17% | -11.86% |
| Índice de referencia** |  | 10.24% | 2.03% | 9.27% | 6.76% | 19.77% | 16.92% | -8.50% |
| Rentabilidad año sobre año |  |  |  |  |  |  |  |  |
|  | 31 Ago 17 | 31 Ago 16 | 31 Ago 15 | 31 Ago 14 | 31 Ago 13 | 31 Ago 12 |
|  | 31 Ago 18 | 31 Ago 17 | 31 Ago 16 | 31 Ago 15 | 31 Ago 14 | 31 Ago 13 |
| Cartera* | -1.51% | 11.45% | -6.08% | 7.82% | 18.53% | 14.93% |
| Índice de referencia** | 4.86% | 11.88% | -2.69% | 7.77% | 17.97% | 14.07% |

Las cifras proporcionadas relacionadas a meses o años anteriores y a rentabilidades pasadas no suponen un indicador fiable de las rentabilidad futura.
| Análisis del riesgo |  |
| --- | --- |
|  |  |  |  |  |
|  | 1 A. | 3 A. | 5 A. | Inicio |
| Volatilidad anualizada |  |  |  |  |
| Cartera* | 9.84% | 11.53% | 11.87% | 15.58% |
| Índice de referencia** | 9.01% | 10.99% | 11.44% | 15.11% |
| Riesgo relativo (' tracking error ') | 2.56% | 2.19% | 2.09% | 2.86% |
| Ratio de Sharpe | 0.03 | 0.24 | 0.61 | 0.05 |
| Ratio de información | -1.91 | -0.90 | -0.24 | 0.04 |
| Alpha | -0.0944% -0.1673% -0.0502% | 0.0128% |
| Beta | 1.0566	1.0305	1.0221 | 1.0137 |
| * Fecha del primer VL: 31/05/2000 |  |  |
| ** Índice de referencia : Consulte por favor la sección del Índice de referencia, en la parte del documento de características/aviso legal Fuente(s) : AXA Investment Managers - GICS - MSCI a 31/08/2018 Redactor: AXA Investment Managers Paris. |  |  |