# Performance & Risk
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| 175 |  |  |  |  |  |  | Fund Profile |
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| 150 |  |  |  |  |  |  | ESG Rating |
| 125 |  |  |  |  |  |  |  |
| 100 |  |  |  |  |  |  | ESG Relative Rating |
| 75 |  |  |  |  |  |  |  |
| 50 |  |  |  |  |  |  |  |
| 29/11/19 | 30/05/20 | 30/11/20 | 30/05/21 | 30/11/21 | 30/05/22 30/11/22 |  | CO2 Relative rating |


## Performance Evolution (EUR)
Portfolio* (11.88%)	Benchmark (19.50%)
Current NAV
Acc.

### 301.84
Assets Under Management (M)
EUR

### 40.60
Net
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	90	1580
Turnover: Rolling 1Y (%)	11	-
Active Share (%)	96	-
Data is rebased to 100 by AXA IM on the graph start date.
| Risk Analysis |  |
| --- | --- |
|  | 1Y | 3Y | 5Y | Launch |
| Portfolio Volatility* (%) | 24.89 | 26.49 | 21.97 | 18.83 |
| Benchmark Volatility (%) | 20.27 | 24.44 | 20.30 | 18.09 |
| Relative Risk/Tracking Error  (%) | 9.23 | 6.54 | 5.58 | 6.22 |
| Sharpe Ratio | -1.05 | 0.20 | 0.16 | 0.37 |
| Information Ratio | -0.56 | -0.15 | -0.11 | -0.03 |

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 = 72.2% Benchmark = 44.7% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 31.9% Benchmark = 26.7% (not meaningful for coverage below 50%)

## 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* | 5.86 | 0.91 | -10.37 | -30.48 | 11.88 | 10.38 | -27.40 | 23.10 | 25.18 | 6.77 | -7.60 | 201.90 |
| Benchmark | 3.83 | -4.44 | -12.34 | -24.19 | 19.50 | 21.35 | -21.27 | 30.89 | 15.97 | 9.21 | -7.02 | 290.71 |
| Excess Return | 2.03 | 5.35 | 1.97 | -6.30 | -7.62 | -10.97 | -6.13 | -7.78 | 9.21 | -2.44 | -0.58 | -88.81 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 18.11 | 27.91 | 23.75 | -17.72 | 25.33 | 4.39 | 25.79 | 7.79 | 45.79 | 14.65 |
| Benchmark | 25.67 | 18.66 | 22.39 | -13.38 | 16.41 | 6.50 | 19.95 | 4.67 | 34.48 | 26.98 |
| Excess Return | -7.56 | 9.25 | 1.35 | -4.34 | 8.92 | -2.11 | 5.83 | 3.12 | 11.32 | -12.33 |

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 |  |  |
| Groupe Gorge SA | 2.76 | 0.15 | 2.61 | Industrials | France |
| BoneSupport Holding AB | 2.29 | 0.30 | 1.99 | Health Care | Sweden |
| Jdc Group AG | 2.10 | 0.08 | 2.02 | Financials | Germany |
| Equasens | 1.94 | - | 1.94 | Health Care | France |
| D4t4 Solutions PLC | 1.93 | 0.08 | 1.86 | Information Technology | United Kingdom |
| Team17 Group PLC | 1.92 | - | 1.92 | Communication Services | United Kingdom |
| Alpha Financial Markets Con... | 1.91 | - | 1.91 | Industrials | United Kingdom |
| Van Lanschot Kempen NV | 1.80 | - | 1.80 | Financials | Netherlands |
| Focusrite PLC | 1.76 | - | 1.76 | Consumer Discretionary | United Kingdom |
| TP Icap Group PLC | 1.74 | - | 1.74 | Financials | United Kingdom |
| Total (%) | 20.16 | 0.60 |  |  |  |

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
| Groupe Gorge SA | 2.76 | 0.15 | 2.61 |  | RPS Group PLC | 0.00 | 0.53 | -0.53 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Jdc Group AG | 2.10 | 0.08 | 2.02 |  | Bank of Cyprus Holdings PLC | 0.00 | 0.51 | -0.51 |
| BoneSupport Holding AB | 2.29 | 0.30 | 1.99 |  | Devro PLC | 0.00 | 0.44 | -0.44 |
| Equasens | 1.94 | 0.00 | 1.94 |  | Basellandschaftliche Kantonalbank | 0.00 | 0.40 | -0.40 |
| Team17 Group PLC | 1.92 | 0.00 | 1.92 |  | Chesnara PLC | 0.00 | 0.38 | -0.38 |
| Sector Breakdown (%) |  |  |  |  | Active Exposure by Sector (%) |  |  |  |

Portfolio	Benchmark
Information Technology	19.46	17.51
Industrials	18.83	21.25
Health Care	13.40	10.23
Financials	10.89	13.86
Consumer Discretionary	10.21	11.28
Communication Services	6.92	3.69
Materials	6.81	6.10
Consumer Staples	4.59	4.32
Energy	4.03	4.37
Real Estate	1.47	6.22
Utilities	0.72	1.07
Not classified	0.00	0.11
Cash	2.66	0.00
-5	-4	-3	-2	-1	0	1	2	3	4

## Geographical Breakdown (%)
Portfolio	Benchmark
United Kingdom	24.81	35.50
Germany	20.27	9.32
France	19.06	9.52
Sweden	13.87	12.76
Italy	7.93	5.63
Netherlands	5.42	1.60
Norway	3.65	8.80
Belgium	1.26	2.59
Switzerland	1.07	4.44
Portugal	0.00	0.31
Ireland	0.00	0.33
Finland	0.00	4.13
Other	0.00	5.07
Cash	2.66	0.00

## Active Exposure by Geography (%)
-15	-12	-9	-6	-3	0	3	6	9	12	15
MarketCap Breakdown (EUR - %)
60
55
50
45
40
35
30
25
20
15
10
5
0	0 To 250mn	250mn To 500mn	500mn To 1bn	1bn To 3bn	Cash
Port.	24.42	21.45	33.25	18.22	2.66
Bench.	55.70	38.41	5.42	0.47	-

Translation (ENIT, 2022-11-30):
# Performance e rischio
Numero complessivo di titoli
90	1580
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175
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100
75
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29/11/19
30/05/20
30/11/20
30/05/21
30/11/21
30/05/22 30/11/22

## Profilo del fondo
Rating ESG
Rating relativo ESG
Portafoglio* (11.88%)	Benchmark (19.50%)
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* (%) | 24.89 | 26.49 | 21.97 | 18.83 |
| Volatility benchmark (%) | 20.27 | 24.44 | 20.30 | 18.09 |
| Relative Risk/Tracking Error  (%) | 9.23 | 6.54 | 5.58 | 6.22 |
| Sharpe Ratio | -1.05 | 0.20 | 0.16 | 0.37 |
| Information ratio | -0.56 | -0.15 | -0.11 | -0.03 |

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.
Intensità relativa CO2
% di AUM coperta dal rating assoluto ESG: Portafoglio = 72.2% Benchmark = 44.7% (non significativo per copertura inferiore al 50%)
% di AUM coperta dall’indicatore di intensità CO2: Portafoglio = 31.9% Benchmark = 26.7% (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* | 5.86 | 0.91 | -10.37 | -30.48 | 11.88 | 10.38 | -27.40 | 23.10 | 25.18 | 6.77 | -7.60 | 201.90 |
| Benchmark | 3.83 | -4.44 | -12.34 | -24.19 | 19.50 | 21.35 | -21.27 | 30.89 | 15.97 | 9.21 | -7.02 | 290.71 |
| Differenze | 2.03 | 5.35 | 1.97 | -6.30 | -7.62 | -10.97 | -6.13 | -7.78 | 9.21 | -2.44 | -0.58 | -88.81 |

Performance annua (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portafoglio* | 18.11 | 27.91 | 23.75 | -17.72 | 25.33 | 4.39 | 25.79 | 7.79 | 45.79 | 14.65 |
| Benchmark | 25.67 | 18.66 | 22.39 | -13.38 | 16.41 | 6.50 | 19.95 | 4.67 | 34.48 | 26.98 |
| Differenze | -7.56 | 9.25 | 1.35 | -4.34 | 8.92 | -2.11 | 5.83 | 3.12 | 11.32 | -12.33 |

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 |  |  |
| Groupe Gorge SA | 2.76 | 0.15 | 2.61 | Industriali | Francia |
| BoneSupport Holding AB | 2.29 | 0.30 | 1.99 | Salute | Svezia |
| Jdc Group AG | 2.10 | 0.08 | 2.02 | Finanziari | Germania |
| Equasens | 1.94 | - | 1.94 | Salute | Francia |
| D4t4 Solutions PLC | 1.93 | 0.08 | 1.86 | Tecnologia | Regno Unito |
| Team17 Group PLC | 1.92 | - | 1.92 | Servizi di Comunicazione | Regno Unito |
| Alpha Financial Markets Con... | 1.91 | - | 1.91 | Industriali | Regno Unito |
| Van Lanschot Kempen NV | 1.80 | - | 1.80 | Finanziari | Olanda |
| Focusrite PLC | 1.76 | - | 1.76 | Beni di consumo ciclici | Regno Unito |
| TP Icap Group PLC | 1.74 | - | 1.74 | Finanziari | Regno Unito |
| Totale (%) | 20.16 | 0.60 |  |  |  |

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
| Groupe Gorge SA | 2.76 | 0.15 | 2.61 |  | RPS Group PLC | 0.00 | 0.53 | -0.53 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Jdc Group AG | 2.10 | 0.08 | 2.02 |  | Bank of Cyprus Holdings PLC | 0.00 | 0.51 | -0.51 |
| BoneSupport Holding AB | 2.29 | 0.30 | 1.99 |  | Devro PLC | 0.00 | 0.44 | -0.44 |
| Equasens | 1.94 | 0.00 | 1.94 |  | Basellandschaftliche Kantonalbank | 0.00 | 0.40 | -0.40 |
| Team17 Group PLC | 1.92 | 0.00 | 1.92 |  | Chesnara PLC | 0.00 | 0.38 | -0.38 |
| Ripartizione per settore (%) |  |  |  |  | Esposizione settoriale attiva (%) |  |  |  |

Portafoglio	Benchmark
Tecnologia	19.46	17.51
Industriali	18.83	21.25
Salute	13.40	10.23
Finanziari	10.89	13.86
Beni di consumo ciclici	10.21	11.28
Servizi di Comunicazione	6.92	3.69
Materials	6.81	6.10
Beni di cons. non cicl.	4.59	4.32
Energia	4.03	4.37
Investimento immobiliare	1.47	6.22
Servizi Pubblici	0.72	1.07
Not Classified	0.00	0.11
Liquidità	2.66	0.00
-5	-4	-3	-2	-1	0	1	2	3	4

## Esposizione geografica (%)
Portafoglio	Benchmark
Regno Unito	24.81	35.50
Germania	20.27	9.32
Francia	19.06	9.52
Svezia	13.87	12.76
Italia	7.93	5.63
Olanda	5.42	1.60
Norvegia	3.65	8.80
Belgio	1.26	2.59
Svizzera	1.07	4.44
Portogallo	0.00	0.31
Irlanda	0.00	0.33
Finlandia	0.00	4.13
Altro	0.00	5.07
Liquidità	2.66	0.00

## Esposizione geografica attiva (%)
-15	-12	-9	-6	-3	0	3	6	9	12	15
Ripartizione per cap. di mercato (EUR - %)
60
55
50
45
40
35
30
25
20
15
10
5
0	Da 0 a 250 Mio	Da 250 a 500 Mio	Da 500 Mio a 1 Mrd	Da 1 a 3 Mrd	Liquidità
Port.	24.42	21.45	33.25	18.22	2.66
Bench.	55.70	38.41	5.42	0.47	-