# Performance & Risk
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## Performance Evolution (EUR)
160
140
120
100
80
60
1 707.74
Number of Holdings	333	1507
Turnover: Rolling 1Y (%)	36	-
Active Share (%)	53	-

## 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* (15.10%)	Benchmark (24.32%)
Data is rebased to 100 by AXA IM on the graph start date.
| Risk Analysis |  |
| --- | --- |
|  | 1Y | 3Y | 5Y | Launch |
| Portfolio Volatility* (%) | 20.03 | 18.57 | - | 16.16 |
| Benchmark Volatility (%) | 23.56 | 20.56 | - | 18.17 |
| Relative Risk/Tracking Error  (%) | 5.25 | 3.72 | - | 3.65 |
| Sharpe Ratio | -0.45 | 0.31 | - | 0.40 |
| Information Ratio | 0.30 | -0.54 | - | -0.32 |

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 = 98.3% Benchmark = 100.0% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 83.5% Benchmark = 79.2% (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* | 6.36 | 3.75 | -1.66 | -14.89 | 15.10 | - | -9.92 | 18.93 | 7.44 | 11.95 | - | 29.21 |
| Benchmark | 6.95 | 3.98 | -1.77 | -14.51 | 24.32 | - | -10.86 | 21.78 | 14.52 | 14.53 | - | 40.56 |
| Excess Return | -0.59 | -0.23 | 0.12 | -0.38 | -9.22 | - | 0.94 | -2.85 | -7.08 | -2.58 | - | -11.35 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 22.16 | 8.53 | 23.33 | - | - | - | - | - | - | - |
| Benchmark | 21.82 | 15.90 | 27.67 | - | - | - | - | - | - | - |
| Excess Return | 0.34 | -7.37 | -4.34 | - | - | - | - | - | - | - |

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 | 4.32 | 4.58 | -0.26 | Information Technology | United States |
| Microsoft Corp | 3.29 | 3.47 | -0.18 | Information Technology | United States |
| Alphabet Inc | 1.76 | 2.26 | -0.50 | Communication Services | United States |
| Berkshire Hathaway Inc | 1.44 | 0.78 | 0.66 | Financials | United States |
| Procter & Gamble Co | 1.22 | 0.68 | 0.53 | Consumer Staples | United States |
| Coca-Cola Co | 1.11 | 0.50 | 0.61 | Consumer Staples | United States |
| PepsiCo Inc | 1.09 | 0.49 | 0.60 | Consumer Staples | United States |
| UnitedHealth Group Inc | 0.96 | 0.98 | -0.02 | Health Care | United States |
| Amazon.com Inc | 0.96 | 1.69 | -0.73 | Consumer Discretionary | United States |
| Home Depot Inc | 0.92 | 0.64 | 0.29 | Consumer Discretionary | United States |
| Total (%) | 17.06 | 16.09 |  |  |  |

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
| 3M Co | 0.83 | 0.13 | 0.70 |  | Exxon Mobil Corp | 0.00 | 0.90 | -0.90 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Berkshire Hathaway Inc | 1.44 | 0.78 | 0.66 |  | Johnson & Johnson | 0.00 | 0.90 | -0.90 |
| Norfolk Southern Corp | 0.77 | 0.12 | 0.65 |  | NVIDIA Corp | 0.00 | 0.81 | -0.81 |
| Travelers Cos Inc | 0.73 | 0.09 | 0.64 |  | Amazon.com Inc | 0.96 | 1.69 | -0.73 |
| Coca-Cola Co | 1.11 | 0.50 | 0.61 |  | Chevron Corp | 0.00 | 0.65 | -0.65 |
| Sector Breakdown (%) |  |  |  |  | Active Exposure by Sector (%) |  |  |  |

Portfolio	Benchmark
Financials	20.38	14.03
Information Technology	18.10	20.94
Industrials	15.50	10.44
Consumer Staples	13.56	7.72
Health Care	12.65	14.13
Consumer Discretionary	5.20	10.46
Communication Services	5.12	6.58
Materials	3.53	4.40
Real Estate	2.87	2.65
Utilities	1.83	3.03
Energy	0.41	5.62
Cash	0.85	0.00
-6	-5	-4	-3	-2	-1	0	1	2	3	4	5	6	7

## Geographical Breakdown (%)
Portfolio	Benchmark
United States	71.44	68.60
Canada	5.54	3.47
Japan	4.77	5.97
Switzerland	3.32	2.92
Germany	2.30	2.21
Netherlands	1.80	1.41
United Kingdom	1.73	4.19
Australia	1.14	2.18
Sweden	1.10	0.85
France	0.97	3.19
Norway	0.88	0.22
Italy	0.74	0.56
Other	3.40	4.23
Cash	0.85	0.00

## Active Exposure by Geography (%)
-3	-2	-1	0	1	2	3
MarketCap Breakdown (USD - %)
48
44
40
36
32
28
24
20
16
12
8
4
0	0 To
250mn
1bn To 3bn
3bn To 5bn
5bn To 10bn
10bn To 25bn
25bn To 100bn
100bn To 250bn
More Than 250bn
Cash
Port.	0.17	-	0.29	3.17	15.31	42.18	17.91	20.11	0.85
Bench.	-	0.04	0.85	4.52	14.03	34.23	21.40	24.94	-

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 (%)	36	-
Active Share (%)	53	-

## Profilo del fondo
Rating ESG
Rating relativo ESG
Intensità relativa CO2
29/11/19	30/05/20	30/11/20	30/05/21
30/11/21
30/05/22 30/11/22
Portafoglio* (15.10%)	Benchmark (24.32%)
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* (%) | 20.03 | 18.57 | - | 16.16 |
| Volatility benchmark (%) | 23.56 | 20.56 | - | 18.17 |
| Relative Risk/Tracking Error  (%) | 5.25 | 3.72 | - | 3.65 |
| Sharpe Ratio | -0.45 | 0.31 | - | 0.40 |
| Information ratio | 0.30 | -0.54 | - | -0.32 |

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 = 98.3% Benchmark = 100.0% (non significativo per copertura inferiore al 50%)
% di AUM coperta dall’indicatore di intensità CO2: Portafoglio = 83.5% Benchmark = 79.2% (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* | 6.36 | 3.75 | -1.66 | -14.89 | 15.10 | - | -9.92 | 18.93 | 7.44 | 11.95 | - | 29.21 |
| Benchmark | 6.95 | 3.98 | -1.77 | -14.51 | 24.32 | - | -10.86 | 21.78 | 14.52 | 14.53 | - | 40.56 |
| Differenze | -0.59 | -0.23 | 0.12 | -0.38 | -9.22 | - | 0.94 | -2.85 | -7.08 | -2.58 | - | -11.35 |

Performance annua (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portafoglio* | 22.16 | 8.53 | 23.33 | - | - | - | - | - | - | - |
| Benchmark | 21.82 | 15.90 | 27.67 | - | - | - | - | - | - | - |
| Differenze | 0.34 | -7.37 | -4.34 | - | - | - | - | - | - | - |

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 |  |  |
| Apple Inc | 4.32 | 4.58 | -0.26 | Tecnologia | Stati Uniti |
| Microsoft Corp | 3.29 | 3.47 | -0.18 | Tecnologia | Stati Uniti |
| Alphabet Inc | 1.76 | 2.26 | -0.50 | Servizi di Comunicazione | Stati Uniti |
| Berkshire Hathaway Inc | 1.44 | 0.78 | 0.66 | Finanziari | Stati Uniti |
| Procter & Gamble Co | 1.22 | 0.68 | 0.53 | Beni di cons. non cicl. | Stati Uniti |
| Coca-Cola Co | 1.11 | 0.50 | 0.61 | Beni di cons. non cicl. | Stati Uniti |
| PepsiCo Inc | 1.09 | 0.49 | 0.60 | Beni di cons. non cicl. | Stati Uniti |
| UnitedHealth Group Inc | 0.96 | 0.98 | -0.02 | Salute | Stati Uniti |
| Amazon.com Inc | 0.96 | 1.69 | -0.73 | Beni di consumo ciclici | Stati Uniti |
| Home Depot Inc | 0.92 | 0.64 | 0.29 | Beni di consumo ciclici | Stati Uniti |
| Totale (%) | 17.06 | 16.09 |  |  |  |

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
| 3M Co | 0.83 | 0.13 | 0.70 |  | Exxon Mobil Corp | 0.00 | 0.90 | -0.90 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Berkshire Hathaway Inc | 1.44 | 0.78 | 0.66 |  | Johnson & Johnson | 0.00 | 0.90 | -0.90 |
| Norfolk Southern Corp | 0.77 | 0.12 | 0.65 |  | NVIDIA Corp | 0.00 | 0.81 | -0.81 |
| Travelers Cos Inc | 0.73 | 0.09 | 0.64 |  | Amazon.com Inc | 0.96 | 1.69 | -0.73 |
| Coca-Cola Co | 1.11 | 0.50 | 0.61 |  | Chevron Corp | 0.00 | 0.65 | -0.65 |
| Ripartizione per settore (%) |  |  |  |  | Esposizione settoriale attiva (%) |  |  |  |

Portafoglio	Benchmark
Finanziari	20.38	14.03
Tecnologia	18.10	20.94
Industriali	15.50	10.44
Beni di cons. non cicl.	13.56	7.72
Salute	12.65	14.13
Beni di consumo ciclici	5.20	10.46
Servizi di Comunicazione	5.12	6.58
Materials	3.53	4.40
Investimento immobiliare	2.87	2.65
Servizi Pubblici	1.83	3.03
Energia	0.41	5.62
Liquidità	0.85	0.00
-6	-5	-4	-3	-2	-1	0	1	2	3	4	5	6	7

## Esposizione geografica (%)
Portafoglio	Benchmark
Stati Uniti	71.44	68.60
Canada	5.54	3.47
Giappone	4.77	5.97
Svizzera	3.32	2.92
Germania	2.30	2.21
Olanda	1.80	1.41
Regno Unito	1.73	4.19
Australia	1.14	2.18
Svezia	1.10	0.85
Francia	0.97	3.19
Norvegia	0.88	0.22
Italia	0.74	0.56
Altro	3.40	4.23
Liquidità	0.85	0.00

## Esposizione geografica attiva (%)
-3	-2	-1	0	1	2	3
Ripartizione per cap. di mercato (USD - %)
48
44
40
36
32
28
24
20
16
12
8
4
0	Da 0 a
250 Mio
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.	0.17	-	0.29	3.17	15.31	42.18	17.91	20.11	0.85
Bench.	-	0.04	0.85	4.52	14.03	34.23	21.40	24.94	-