# Performance & Risk
## Performance Evolution (EUR)
Current NAV
Acc.

### 163.61
Assets Under Management (M)
EUR

### 389.51

## Benchmark
Since: 01/01/2009
100% FTSE EPRA Nareit Developed Europe Capped 10% Total Return
The Fund is actively managed with significant deviation expected in term of constitution and performance compared to benchmark.

## Fund Key Metrics
Port.	Bench.
Number of Holdings	49	111
Turnover: Rolling 1Y (%)	39	-
Active Share (%)	36	-

## Fund Profile
ESG Rating
ESG Relative Rating
CO2 Relative rating
31/12/19
30/06/20
30/12/20
30/06/21
30/12/21
30/06/22 30/12/22
Portfolio* (-31.28%)	Benchmark (-32.91%)
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 Europe Real Estate Securities benefits of the historical evolution of the performance of the French fund AXA Aedificandi, since its creation on the 17/08/05, because they have the same investment objectives.
% of AUM covered by ESG absolute rating: Portfolio = 98.1% Benchmark = 98.2% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 98.2% Benchmark = 96.6% (not meaningful for coverage below 50%)
| Risk Analysis |  |
| --- | --- |
|  | 1Y | 3Y | 5Y | Launch |
| Portfolio Volatility* (%) | 24.05 | 23.74 | 19.98 | 15.03 |
| Benchmark Volatility (%) | 24.03 | 25.04 | 20.92 | - |
| Relative Risk/Tracking Error  (%) | 2.39 | 3.71 | 3.06 | - |
| Sharpe Ratio | -1.47 | -0.38 | -0.07 | 0.56 |
| Information Ratio | 0.40 | 0.79 | 0.95 | - |


## 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* | -0.82 | 4.92 | -12.58 | -37.19 | -31.28 | -19.00 | -37.19 | 19.82 | -8.69 | 29.48 | -8.97 | 699.77 |
| Benchmark | -1.52 | 4.58 | -12.46 | -36.57 | -32.91 | -21.02 | -36.57 | 18.49 | -10.74 | 28.52 | -8.40 | - |
| Excess Return | 0.70 | 0.34 | -0.12 | -0.62 | 1.63 | 2.02 | -0.62 | 1.33 | 2.05 | 0.96 | -0.57 | - |

Annual Calendar Performance (%)
|  | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -37.19 | 19.82 | -8.69 | 29.48 | -8.97 | 13.39 | -8.02 | 18.16 | 23.89 | 13.27 |
| Benchmark | -36.57 | 18.49 | -10.74 | 28.52 | -8.40 | 12.55 | -5.29 | 18.14 | 25.35 | 10.79 |
| Excess Return | -0.62 | 1.33 | 2.05 | 0.96 | -0.57 | 0.85 | -2.72 | 0.02 | -1.47 | 2.48 |

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 |  |  |
| Segro PLC | 6.25 | 5.98 | 0.27 | Real Estate | United Kingdom |
| Vonovia SE | 5.24 | 9.02 | -3.78 | Real Estate | Germany |
| LEG Immobilien SE | 5.02 | 2.61 | 2.41 | Real Estate | Germany |
| British Land Co PLC | 5.01 | 2.38 | 2.62 | Real Estate | United Kingdom |
| Klepierre SA | 4.80 | 2.33 | 2.46 | Real Estate | France |
| Psp Swiss Property AG | 4.44 | 2.87 | 1.57 | Real Estate | Switzerland |
| Safestore Holdings Plc | 4.13 | 1.26 | 2.87 | Real Estate | United Kingdom |
| UNITE Group PLC | 3.75 | 1.89 | 1.86 | Real Estate | United Kingdom |
| Land Securities Group PLC | 3.50 | 2.99 | 0.51 | Real Estate | United Kingdom |
| Aedifica SA | 3.42 | 1.75 | 1.67 | Real Estate | Belgium |
| Total (%) | 45.55 | 33.10 |  |  |  |

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
| Safestore Holdings Plc | 4.13 | 1.26 | 2.87 |  | Vonovia SE | 5.24 | 9.02 | -3.78 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| British Land Co PLC | 5.01 | 2.38 | 2.62 |  | Unibail-Rodamco-Westfield | 0.00 | 2.90 | -2.90 |
| Klepierre SA | 4.80 | 2.33 | 2.46 |  | Swiss Prime Site AG | 1.69 | 3.56 | -1.87 |
| LEG Immobilien SE | 5.02 | 2.61 | 2.41 |  | Fastighets AB Balder | 0.00 | 1.52 | -1.52 |
| Catena AB | 2.68 | 0.61 | 2.07 |  | Allreal Holding AG | 0.00 | 1.29 | -1.29 |


## Sector Breakdown (%)
Portfolio	Benchmark

## Active Exposure by Sector (%)
-0.5	-0.4	-0.3	-0.2	-0.1	0.0	0.1	0.2	0.3	0.4
|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  |
|  |  |  |  |  |

Real Estate	99.66	99.43
Financials	0.00	0.50
Consumer Discretionary	0.00	0.08
Cash	0.34	0.00

## Geographical Breakdown (%)
Portfolio	Benchmark
United Kingdom	35.75	33.98
France	15.06	11.38
Germany	13.37	14.58
Belgium	10.99	8.85
Sweden	10.21	14.20
Switzerland	7.64	9.37
Spain	3.38	3.02
Finland	2.32	1.82
Netherlands	0.93	1.41
Norway	0.00	0.32
Italy	0.00	0.12
Ireland	0.00	0.29
Austria	0.00	0.68
Cash	0.34	0.00

## Active Exposure by Geography (%)
-4	-3	-2	-1	0	1	2	3	4
MarketCap Breakdown (EUR - %)
39
36
33
30
27
24
21
18
15
12
9
6
3
0	0 To 250mn	250mn To 500mn	500mn To 1bn	1bn To 3bn	3bn To 5bn	5bn To 10bn	10bn To 25bn	Cash
Port.	-	0.99	3.40	26.90	35.55	21.31	11.49	0.34
Bench.	0.43	3.29	6.91	26.08	24.97	23.31	15.00	-

Translation (ENES, 2022-12-30):
# Riesgo y rentabilidad
## Evolución de la rentabilidad (EUR)
Valor liquidativo
Acu.

### 163.61
Activos netos (M)
EUR

### 389.51

## Índice de referencia
Desde el: 01/01/2009
100% FTSE EPRA Nareit Developed Europe Capped 10% Total Return
El fondo está gestionado de manera activa y se espera que la desviación en términos de constitución y rentabilidad con respecto al índice de referencia sea considerable.
Fondo

## Detalle del Fondo
Índice de ref.
Número de líneas	49	111
Rotación anual (%)	39	-
Active Share (%)	36	-

## Perfil del fondo
Calificación ESG	
Relativa frente a su índice de referencia
31/12/19
30/06/20
30/12/20
30/06/21
30/12/21
30/06/22 30/12/22
Intensidad CO2 frente a su índice de referencia
Fondo* (-31.28%)	Índice de referencia (-32.91%)
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 Europe Real Estate Securities se beneficia de la evolución histórica de la rentabilidad del fondo francés AXA Aedificandi, desde su creación en 17/08/05, porque ambos tienen los mismos objetivos de inversión.
% del patrimonio del fondo cubierto por la calificación absoluta ESG: Fondo = 98.1% Índice de referencia = 98.2% (no es significativo cuando la cobertura es inferior al 50 %)
% del patrimonio del fondo cubierto por el indicador de intensidad de CO2: Cartera = 98.2% Índice de referencia = 96.6% (no es significativo cuando la cobertura es inferior al 50 %)
| Análisis del riesgo |  |
| --- | --- |
|  | 1A | 3 A | 5A | Inicio |
| Volatilidad del fondo* (%) | 24.05 | 23.74 | 19.98 | 15.03 |
| Volatilidad del Índice de referencia (%) | 24.03 | 25.04 | 20.92 | - |
| Riesgo relativo/Tracking Error  (%) | 2.39 | 3.71 | 3.06 | - |
| Ratio de Sharpe | -1.47 | -0.38 | -0.07 | 0.56 |
| Ratio de información | 0.40 | 0.79 | 0.95 | - |


## 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* | -0.82 | 4.92 | -12.58 | -37.19 | -31.28 | -19.00 | -37.19 | 19.82 | -8.69 | 29.48 | -8.97 | 699.77 |
| Benchmark | -1.52 | 4.58 | -12.46 | -36.57 | -32.91 | -21.02 | -36.57 | 18.49 | -10.74 | 28.52 | -8.40 | - |
| Diferencia | 0.70 | 0.34 | -0.12 | -0.62 | 1.63 | 2.02 | -0.62 | 1.33 | 2.05 | 0.96 | -0.57 | - |
| Rentabilidad anual (%) |  |  |  |  |  |  |  |  |  |  |
|  | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
| Fondo* | -37.19 | 19.82 | -8.69 | 29.48 | -8.97 | 13.39 | -8.02 | 18.16 | 23.89 | 13.27 |
| Índice de referencia | -36.57 | 18.49 | -10.74 | 28.52 | -8.40 | 12.55 | -5.29 | 18.14 | 25.35 | 10.79 |
| Diferencia | -0.62 | 1.33 | 2.05 | 0.96 | -0.57 | 0.85 | -2.72 | 0.02 | -1.47 | 2.48 |
| 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 |  |  |
| Segro PLC | 6.25 | 5.98 | 0.27 | Bienes Inmobiliarios | Reino Unido |
| Vonovia SE | 5.24 | 9.02 | -3.78 | Bienes Inmobiliarios | Alemania |
| LEG Immobilien SE | 5.02 | 2.61 | 2.41 | Bienes Inmobiliarios | Alemania |
| British Land Co PLC | 5.01 | 2.38 | 2.62 | Bienes Inmobiliarios | Reino Unido |
| Klepierre SA | 4.80 | 2.33 | 2.46 | Bienes Inmobiliarios | Francia |
| Psp Swiss Property AG | 4.44 | 2.87 | 1.57 | Bienes Inmobiliarios | Suiza |
| Safestore Holdings Plc | 4.13 | 1.26 | 2.87 | Bienes Inmobiliarios | Reino Unido |
| UNITE Group PLC | 3.75 | 1.89 | 1.86 | Bienes Inmobiliarios | Reino Unido |
| Land Securities Group PLC | 3.50 | 2.99 | 0.51 | Bienes Inmobiliarios | Reino Unido |
| Aedifica SA | 3.42 | 1.75 | 1.67 | Bienes Inmobiliarios | Bélgica |
| Total (%) | 45.55 | 33.10 |  |  |  |

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.
| Safestore Holdings Plc | 4.13 | 1.26 | 2.87 |  | Vonovia SE | 5.24 | 9.02 | -3.78 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| British Land Co PLC | 5.01 | 2.38 | 2.62 |  | Unibail-Rodamco-Westfield | 0.00 | 2.90 | -2.90 |
| Klepierre SA | 4.80 | 2.33 | 2.46 |  | Swiss Prime Site AG | 1.69 | 3.56 | -1.87 |
| LEG Immobilien SE | 5.02 | 2.61 | 2.41 |  | Fastighets AB Balder | 0.00 | 1.52 | -1.52 |
| Catena AB | 2.68 | 0.61 | 2.07 |  | Allreal Holding AG | 0.00 | 1.29 | -1.29 |


## Exposición sectorial (%)
Fondo Índice de referencia

## Exposición sectorial activa (%)
-0.5	-0.4	-0.3	-0.2	-0.1	0.0	0.1	0.2	0.3	0.4
|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  |
|  |  |  |  |  |

Bienes Inmobiliarios	99.66	99.43
Finanzas	0.00	0.50
Productos de consuma discrecionales	0.00	0.08
Liquidez	0.34	0.00

## Exposición geográfica (%)
Fondo	Índice de referencia
Reino Unido	35.75	33.98
Francia	15.06	11.38
Alemania	13.37	14.58
Bélgica	10.99	8.85
Suecia	10.21	14.20
Suiza	7.64	9.37
España	3.38	3.02
Finlandia	2.32	1.82
Países Bajos	0.93	1.41
Noruega	0.00	0.32
Italia	0.00	0.12
Irlanda	0.00	0.29
Austria	0.00	0.68
Liquidez	0.34	0.00

## Exposición geográfica activa (%)
-4	-3	-2	-1	0	1	2	3	4

## Desglose de la capitalización bursátil (EUR - %)
39
36
33
30
27
24
21
18
15
12
9
6
3
0	De 0 a
250 mill.
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.
Liquidez
Fondo	-	0.99	3.40	26.90	35.55	21.31	11.49	0.34
Índice de ref.	0.43	3.29	6.91	26.08	24.97	23.31	15.00	-