# Performance & Risk
## Performance Evolution (USD)
Number of Holdings	103	118
Turnover: Rolling 1Y (%)	120	-
Active Share (%)	43	-

## Fund Profile
ESG Rating
ESG Relative Rating
29/11/19
30/05/20
30/11/20
30/05/21
30/11/21
30/05/22 30/11/22
CO2 Relative rating
Portfolio* (6.00%)	Benchmark (7.05%)
Data is rebased to 100 by AXA IM on the graph start date.
| Risk Analysis |  |
| --- | --- |
|  | 1Y | 3Y | 5Y | Launch |
| Portfolio Volatility* (%) | 21.32 | 23.92 | 20.36 | 19.89 |
| Benchmark Volatility (%) | 21.85 | 23.57 | 19.89 | 19.99 |
| Relative Risk/Tracking Error  (%) | 2.44 | 3.29 | 2.96 | 3.40 |
| Sharpe Ratio | -0.28 | 0.12 | 0.08 | 0.32 |
| Information Ratio | -0.61 | 0.36 | 0.03 | 0.24 |

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 = 97.5% Benchmark = 99.9% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 76.8% Benchmark = 76.9% (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* | 13.63 | 1.46 | -4.92 | -10.40 | 6.00 | 7.40 | -6.14 | 8.63 | 3.97 | 8.99 | -7.03 | 338.40 |
| Benchmark | 15.31 | 2.97 | -3.69 | -6.35 | 7.05 | 15.05 | -3.26 | 6.69 | 3.72 | 13.24 | -5.09 | 407.65 |
| Excess Return | -1.68 | -1.51 | -1.23 | -4.06 | -1.05 | -7.65 | -2.88 | 1.94 | 0.24 | -4.25 | -1.94 | -69.26 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 6.35 | 8.13 | 15.37 | -13.12 | 25.22 | 7.08 | -11.09 | -5.12 | 5.42 | 25.26 |
| Benchmark | 4.68 | 6.55 | 18.36 | -10.30 | 25.88 | 7.85 | -8.47 | -0.47 | 5.49 | 24.57 |
| Excess Return | 1.67 | 1.58 | -2.99 | -2.82 | -0.66 | -0.77 | -2.62 | -4.65 | -0.07 | 0.69 |

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 |  |  |
| BHP Group Ltd | 7.20 | 8.61 | -1.41 | Materials | Australia |
| Commonwealth Bank of Australia | 6.27 | 6.88 | -0.60 | Financials | Australia |
| AIA Group Ltd | 5.30 | 6.76 | -1.46 | Financials | Hong Kong |
| Australia & New Zealand Ban... | 4.00 | 2.76 | 1.24 | Financials | Australia |
| CSL Ltd | 4.00 | 5.40 | -1.41 | Health Care | Australia |
| DBS Group Holdings Ltd | 3.85 | 2.60 | 1.25 | Financials | Singapore |
| Woodside Petroleum Ltd | 3.79 | 2.65 | 1.15 | Energy | Australia |
| Westpac Banking Corp | 3.77 | 3.11 | 0.66 | Financials | Australia |
| Oversea-Chinese Banking Cor... | 3.03 | 1.72 | 1.32 | Financials | Singapore |
| Transurban Group | 2.83 | 1.64 | 1.19 | Industrials | Australia |
| Total (%) | 44.04 | 42.11 |  |  |  |

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
| Keppel Corp Ltd | 1.85 | 0.45 | 1.40 |  | Rio Tinto Ltd | 0.00 | 1.52 | -1.52 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Oversea-Chinese Banking Corp Ltd | 3.03 | 1.72 | 1.32 |  | United Overseas Bank Ltd | 0.00 | 1.50 | -1.50 |
| MTR Corp Ltd | 1.68 | 0.42 | 1.27 |  | AIA Group Ltd | 5.30 | 6.76 | -1.46 |
| DBS Group Holdings Ltd | 3.85 | 2.60 | 1.25 |  | Woolworths Group Ltd | 0.11 | 1.56 | -1.45 |
| Australia & New Zealand Banking ... | 4.00 | 2.76 | 1.24 |  | National Australia Bank Ltd | 2.35 | 3.78 | -1.43 |
| Sector Breakdown (%) |  |  |  |  | Active Exposure by Sector (%) |  |  |  |

Portfolio	Benchmark
Financials	39.32	38.52
Materials	11.82	14.97
Industrials	11.80	7.41
Real Estate	8.46	10.08
Consumer Discretionary	6.57	5.12
Energy	5.68	4.37
Health Care	5.02	7.40
Consumer Staples	3.32	3.65
Information Technology	2.80	1.43
Communication Services	2.58	3.81
Utilities	1.38	3.24
Cash	1.26	0.00
-4	-3	-2	-1	0	1	2	3	4	5

## Geographical Breakdown (%)
Portfolio	Benchmark
Australia	61.33	63.63
Hong Kong	19.55	22.51
Singapore	11.32	11.99
China	4.41	0.00
New Zealand	1.97	1.86
France	0.16	0.00
Cash	1.26	0.00

## Active Exposure by Geography (%)
|  |
| --- |
|  |  |  |
|  |
|  |  |  |

-3	-2	-1	0	1	2	3	4	5
MarketCap Breakdown (USD - %)
44
40
36
32
28
24
20
16
12
8
4
0	0 To
250mn
250mn To 500mn
500mn To 1bn
1bn To 3bn
3bn To 5bn
5bn To 10bn
10bn To 25bn
25bn To 100bn
100bn To 250bn
Cash
Port.	0.11	0.33	2.67	7.38	6.12	15.37	9.30	38.68	18.77	1.26
Bench.	-	-	-	0.18	2.30	16.25	17.56	41.46	22.25	-

Translation (ENIT, 2022-11-30):
# Performance e rischio
Numero complessivo di titoli
103	118

## Evoluzione della performance (USD)
Turnover: Rolling 1Y (%)	120	-
Active Share (%)	43	-

## Profilo del fondo
Rating ESG
Rating relativo ESG
29/11/19	30/05/20	30/11/20	30/05/21	30/11/21	30/05/22 30/11/22
Intensità relativa CO2
Portafoglio* (6.00%)	Benchmark (7.05%)
I dati sono calcolati su base 100 da AXA IM alla data di partenza indicata nel grafico.
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 rischio
% di AUM coperta dal rating assoluto ESG: Portafoglio = 97.5% Benchmark = 99.9% (non significativo per copertura inferiore al 50%)
% di AUM coperta dall’indicatore di intensità CO2:
|  | 1 anno | 3 anni | 5 anni | Lancio | Portafoglio = 76.8% Benchmark = 76.9% (non significativo per copertura inferiore al 50%) |
| --- | --- | --- | --- | --- | --- |
| Volatility del portafoglio* (%) | 21.32 | 23.92 | 20.36 | 19.89 |  |
| Volatility benchmark (%) | 21.85 | 23.57 | 19.89 | 19.99 |  |
| Relative Risk/Tracking Error  (%) | 2.44 | 3.29 | 2.96 | 3.40 |  |
| Sharpe Ratio | -0.28 | 0.12 | 0.08 | 0.32 |  |
| Information ratio | -0.61 | 0.36 | 0.03 | 0.24 |  |


## 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* | 13.63 | 1.46 | -4.92 | -10.40 | 6.00 | 7.40 | -6.14 | 8.63 | 3.97 | 8.99 | -7.03 | 338.40 |
| Benchmark | 15.31 | 2.97 | -3.69 | -6.35 | 7.05 | 15.05 | -3.26 | 6.69 | 3.72 | 13.24 | -5.09 | 407.65 |
| Differenze | -1.68 | -1.51 | -1.23 | -4.06 | -1.05 | -7.65 | -2.88 | 1.94 | 0.24 | -4.25 | -1.94 | -69.26 |

Performance annua (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portafoglio* | 6.35 | 8.13 | 15.37 | -13.12 | 25.22 | 7.08 | -11.09 | -5.12 | 5.42 | 25.26 |
| Benchmark | 4.68 | 6.55 | 18.36 | -10.30 | 25.88 | 7.85 | -8.47 | -0.47 | 5.49 | 24.57 |
| Differenze | 1.67 | 1.58 | -2.99 | -2.82 | -0.66 | -0.77 | -2.62 | -4.65 | -0.07 | 0.69 |

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 |  |  |
| BHP Group Ltd | 7.20 | 8.61 | -1.41 | Materials | Australia |
| Commonwealth Bank of Australia | 6.27 | 6.88 | -0.60 | Finanziari | Australia |
| AIA Group Ltd | 5.30 | 6.76 | -1.46 | Finanziari | Hong Kong |
| Australia & New Zealand Ban... | 4.00 | 2.76 | 1.24 | Finanziari | Australia |
| CSL Ltd | 4.00 | 5.40 | -1.41 | Salute | Australia |
| DBS Group Holdings Ltd | 3.85 | 2.60 | 1.25 | Finanziari | Singapore |
| Woodside Petroleum Ltd | 3.79 | 2.65 | 1.15 | Energia | Australia |
| Westpac Banking Corp | 3.77 | 3.11 | 0.66 | Finanziari | Australia |
| Oversea-Chinese Banking Cor... | 3.03 | 1.72 | 1.32 | Finanziari | Singapore |
| Transurban Group | 2.83 | 1.64 | 1.19 | Industriali | Australia |
| Totale (%) | 44.04 | 42.11 |  |  |  |

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
| Keppel Corp Ltd | 1.85 | 0.45 | 1.40 |  | Rio Tinto Ltd | 0.00 | 1.52 | -1.52 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Oversea-Chinese Banking Corp Ltd | 3.03 | 1.72 | 1.32 |  | United Overseas Bank Ltd | 0.00 | 1.50 | -1.50 |
| MTR Corp Ltd | 1.68 | 0.42 | 1.27 |  | AIA Group Ltd | 5.30 | 6.76 | -1.46 |
| DBS Group Holdings Ltd | 3.85 | 2.60 | 1.25 |  | Woolworths Group Ltd | 0.11 | 1.56 | -1.45 |
| Australia & New Zealand Banking ... | 4.00 | 2.76 | 1.24 |  | National Australia Bank Ltd | 2.35 | 3.78 | -1.43 |
| Ripartizione per settore (%) |  |  |  |  | Esposizione settoriale attiva (%) |  |  |  |

Portafoglio	Benchmark
Finanziari	39.32	38.52
Materials	11.82	14.97
Industriali	11.80	7.41
Investimento immobiliare	8.46	10.08
Beni di consumo ciclici	6.57	5.12
Energia	5.68	4.37
Salute	5.02	7.40
Beni di cons. non cicl.	3.32	3.65
Tecnologia	2.80	1.43
Servizi di Comunicazione	2.58	3.81
Servizi Pubblici	1.38	3.24
Liquidità	1.26	0.00
-4	-3	-2	-1	0	1	2	3	4	5

## Esposizione geografica (%)
Portafoglio	Benchmark

## Esposizione geografica attiva (%)
-3	-2	-1	0	1	2	3	4	5
|  |
| --- |
|  |  |  |
|  |
|  |  |  |

Australia	61.33	63.63
Hong Kong	19.55	22.51
Singapore	11.32	11.99
Cina	4.41	0.00
Nuova Zelanda	1.97	1.86
Francia	0.16	0.00
Liquidità	1.26	0.00
Ripartizione per cap. di mercato (USD - %)
44
40
36
32
28
24
20
16
12
8
4
0	Da 0 a 250
Mio
Da 250 a
500 Mio
Da 500 Mio
a 1 Mrd
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
Liquidità
Port.	0.11	0.33	2.67	7.38	6.12	15.37	9.30	38.68	18.77	1.26
Bench.	-	-	-	0.18	2.30	16.25	17.56	41.46	22.25	-