# Performance & Risk
## Performance Evolution (JPY)
Number of Holdings	67	843
Turnover: Rolling 1Y (%)	149	-
Active Share (%)	94	-

## Fund Profile
ESG Rating
ESG Relative Rating
31/10/19
28/04/20
28/10/20
28/04/21
28/10/21
28/04/22 28/10/22
CO2 Relative rating
Portfolio* (-4.07%)	Benchmark (13.61%)
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.
% of AUM covered by ESG absolute rating: Portfolio = 83.8% Benchmark = 99.7% (not meaningful for coverage below 50%)
| Risk Analysis |  |  |  |  | = 93.3% Benchmark = 98.8% (not meaningful for |
| --- | --- | --- | --- | --- | --- |
|  |  |  |  |  | coverage below 50%) |
|  | 1Y | 3Y | 5Y | Launch |  |
| Portfolio Volatility* (%) | 15.26 | 16.91 | 16.12 | 17.29 |  |
| Benchmark Volatility (%) | 14.10 | 15.16 | 15.20 | 16.99 |  |
| Relative Risk/Tracking Error  (%) | 3.92 | 3.90 | 3.78 | 3.81 |  |
| Sharpe Ratio | -0.19 | 0.02 | -0.02 | 0.34 |  |
| Information Ratio | 0.10 | -1.05 | -0.66 | -0.05 |  |

% of AUM covered by CO2 intensity indicator: Portfolio
Performance & Risk 
(Continued)

## Rolling Performance (%)
|  | 1M | 3M | 6M | YTD | 3Y | 5Y | 31/10/21 31/10/22 | 31/10/20 31/10/21 | 31/10/19 31/10/20 | 31/10/18 31/10/19 | 31/10/17 31/10/18 | Launch |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 2.42 | -0.79 | 3.26 | -1.63 | -4.07 | -9.68 | -4.64 | 19.14 | -15.57 | 2.37 | -8.03 | 162.01 |
| Benchmark | 1.22 | -0.43 | 3.49 | -0.06 | 13.61 | 11.04 | -3.43 | 23.45 | -4.71 | 4.71 | -6.65 | 286.70 |
| Excess Return | 1.20 | -0.36 | -0.24 | -1.57 | -17.68 | -20.71 | -1.21 | -4.31 | -10.86 | -2.33 | -1.37 | -124.70 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 5.77 | -10.40 | 18.01 | -20.44 | 28.22 | -1.66 | 15.25 | 11.20 | 45.70 | 16.84 |
| Benchmark | 9.00 | 1.13 | 18.22 | -18.18 | 27.68 | 4.96 | 13.01 | 13.15 | 50.40 | 18.46 |
| Excess Return | -3.23 | -11.52 | -0.21 | -2.26 | 0.54 | -6.62 | 2.24 | -1.95 | -4.70 | -1.62 |

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 |  |  |
| Change Inc | 2.18 | 0.07 | 2.11 | Information Technology | Japan |
| Kanamic Network Co Ltd | 2.12 | - | 2.12 | Health Care | Japan |
| Kureha Corp | 1.97 | 0.14 | 1.83 | Materials | Japan |
| Lasertec Corp | 1.97 | - | 1.97 | Information Technology | Japan |
| Kaga Electronics Co Ltd | 1.92 | 0.07 | 1.85 | Information Technology | Japan |
| eRex Co Ltd | 1.86 | 0.08 | 1.78 | Utilities | Japan |
| Ibiden Co Ltd | 1.82 | - | 1.82 | Information Technology | Japan |
| Asahi Intecc Co Ltd | 1.81 | - | 1.81 | Health Care | Japan |
| Media Do Co Ltd | 1.79 | - | 1.79 | Consumer Discretionary | Japan |
| Aruhi Corp | 1.77 | - | 1.77 | Financials | Japan |
| Total (%) | 19.22 | 0.36 |  |  |  |

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.
Portfolio Analysis 
(Continued)

## Top 5 Overweight (%)

## Top 5 Underweight (%)
Port. Bench. Relative	Port. Bench. Relative
| Kanamic Network Co Ltd | 2.12 | 0.00 | 2.12 |  | MatsukiyoCocokara & Co | 0.00 | 0.58 | -0.58 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Change Inc | 2.18 | 0.07 | 2.11 |  | BayCurrent Consulting Inc | 0.00 | 0.56 | -0.56 |
| Lasertec Corp | 1.97 | 0.00 | 1.97 |  | Orix JREIT Inc | 0.00 | 0.52 | -0.52 |
| Kaga Electronics Co Ltd | 1.92 | 0.07 | 1.85 |  | Sojitz Corp | 0.00 | 0.51 | -0.51 |
| Kureha Corp | 1.97 | 0.14 | 1.83 |  | Toyo Suisan Kaisha Ltd | 0.00 | 0.49 | -0.49 |
| Sector Breakdown (%) |  |  |  |  | Active Exposure by Sector (%) |  |  |  |

Portfolio	Benchmark
Information Technology	26.04	10.32
Health Care	17.89	6.04
Industrials	13.56	24.24
Materials	9.58	9.78
Consumer Discretionary	8.34	16.69
Communication Services	6.69	2.23
Financials	5.27	6.66
Real Estate	4.32	11.23
Utilities	3.32	2.21
Consumer Staples	1.32	9.78
Energy	0.00	0.82
Cash	3.67	0.00
-12	-9	-6	-3	0	3	6	9	12	15	18
MarketCap Breakdown (JPY - %)
60
55
50
45
40
35
30
25
20
15
10
5
0	0 To 30bn	30bn To 65bn	65bn To 150bn	150bn To 400bn	400bn To 650bn	650bn To 1500bn	1500bn To 3000bn	Cash
Port.	16.77	10.07	27.42	36.47	1.82	1.81	1.97	3.67
Bench.	0.03	3.65	21.45	53.52	20.08	1.27	-	-

Translation (ENES, 2022-10-28):
# Riesgo y rentabilidad
## Evolución de la rentabilidad (JPY)
Valor liquidativo
Acu.

### 2 620.1
Activos netos (M)
JPY

### 6 681.90

## Índice de referencia
Desde el: 13/07/2017
100% MSCI Japan Small Cap Total Return Net
El fondo está gestionado de manera activa y se espera una desviación limitada en términos de constitución y rentabilidad con respecto al índice de referencia.
Fondo

## Detalle del Fondo
Índice de ref.
Número de líneas	67	843
Rotación anual (%)	149	-
Active Share (%)	94	-

## Perfil del fondo
Calificación ESG	
Relativa frente a su índice de referencia
31/10/19
28/04/20
28/10/20
28/04/21
28/10/21
28/04/22 28/10/22
Fondo* (-4.07%)	Índice de referencia (13.61%)
Datos ajustados a base 100 por AXA IM en la fecha de inicio del gráfico.
| Análisis del riesgo |  |
| --- | --- |
|  | 1A | 3 A | 5A | Inicio |
| Volatilidad del fondo* (%) | 15.26 | 16.91 | 16.12 | 17.29 |
| Volatilidad del Índice de referencia (%) | 14.10 | 15.16 | 15.20 | 16.99 |
| Riesgo relativo/Tracking Error  (%) | 3.92 | 3.90 | 3.78 | 3.81 |
| Ratio de Sharpe | -0.19 | 0.02 | -0.02 | 0.34 |
| Ratio de información | 0.10 | -1.05 | -0.66 | -0.05 |

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.
Intensidad CO2 frente a su índice de referencia
% del patrimonio del fondo cubierto por la calificación absoluta ESG: Fondo = 83.8% Índice de referencia = 99.7% (no es significativo cuando la cobertura es inferior al 50 %)
% del patrimonio del fondo cubierto por el indicador de intensidad de CO2: Cartera = 93.3% Índice de referencia = 98.8% (no es significativo cuando la cobertura es inferior al 50 %)
Riesgo y rentabilidad 
(continuación)

## Rentabilidad acumulada (%)
|  | 1M | 3M | 6M | YTD | 3 A | 5A | 31/10/21 31/10/22 | 31/10/20 31/10/21 | 31/10/19 31/10/20 | 31/10/18 31/10/19 | 31/10/17 31/10/18 | Inicio |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo* | 2.42 | -0.79 | 3.26 | -1.63 | -4.07 | -9.68 | -4.64 | 19.14 | -15.57 | 2.37 | -8.03 | 162.01 |
| Benchmark | 1.22 | -0.43 | 3.49 | -0.06 | 13.61 | 11.04 | -3.43 | 23.45 | -4.71 | 4.71 | -6.65 | 286.70 |
| Diferencia | 1.20 | -0.36 | -0.24 | -1.57 | -17.68 | -20.71 | -1.21 | -4.31 | -10.86 | -2.33 | -1.37 | -124.70 |
| Rentabilidad anual (%) |  |  |  |  |  |  |  |  |  |  |
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| Fondo* | 5.77 | -10.40 | 18.01 | -20.44 | 28.22 | -1.66 | 15.25 | 11.20 | 45.70 | 16.84 |
| Índice de referencia | 9.00 | 1.13 | 18.22 | -18.18 | 27.68 | 4.96 | 13.01 | 13.15 | 50.40 | 18.46 |
| Diferencia | -3.23 | -11.52 | -0.21 | -2.26 | 0.54 | -6.62 | 2.24 | -1.95 | -4.70 | -1.62 |

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 |  |  |
| Change Inc	2.18 | 0.07 | 2.11 | Info. Tecno. | Japón |
| Kanamic Network Co Ltd	2.12 | - | 2.12 | Atención sanitaria | Japón |
| Kureha Corp	1.97 | 0.14 | 1.83 | Materiales | Japón |
| Lasertec Corp	1.97 | - | 1.97 | Info. Tecno. | Japón |
| Kaga Electronics Co Ltd	1.92 | 0.07 | 1.85 | Info. Tecno. | Japón |
| eRex Co Ltd	1.86 | 0.08 | 1.78 | Servicios Públicos | Japón |
| Ibiden Co Ltd	1.82 | - | 1.82 | Info. Tecno. | Japón |
| Asahi Intecc Co Ltd	1.81 | - | 1.81 | Atención sanitaria | Japón |
| Media Do Co Ltd	1.79 | - | 1.79 | Productos de consuma discrecionales | Japón |
| Aruhi Corp	1.77 | - | 1.77 | Finanzas | Japón |
| Total (%)	19.22 | 0.36 |  |  |  |

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.
Análisis del fondo 
(continuación)

## 5 principales sobreponderaciones

## 5 principales infraponderaciones
Fondo Índice Diferencia de ref.
Fondo Índice Diferencia de ref.
| Kanamic Network Co Ltd | 2.12 | 0.00 | 2.12 |  | MatsukiyoCocokara & Co | 0.00 | 0.58 | -0.58 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Change Inc | 2.18 | 0.07 | 2.11 |  | BayCurrent Consulting Inc | 0.00 | 0.56 | -0.56 |
| Lasertec Corp | 1.97 | 0.00 | 1.97 |  | Orix JREIT Inc | 0.00 | 0.52 | -0.52 |
| Kaga Electronics Co Ltd | 1.92 | 0.07 | 1.85 |  | Sojitz Corp | 0.00 | 0.51 | -0.51 |
| Kureha Corp | 1.97 | 0.14 | 1.83 |  | Toyo Suisan Kaisha Ltd | 0.00 | 0.49 | -0.49 |
| Exposición sectorial (%) |  |  |  |  | Exposición sectorial activa (%) |  |  |  |

Fondo Índice de referencia
Info. Tecno.	26.04	10.32
Atención sanitaria	17.89	6.04
Industria	13.56	24.24
Materiales	9.58	9.78
Productos de consuma discrecionales	8.34	16.69
Servicios de Comunicacion	6.69	2.23
Finanzas	5.27	6.66
Bienes Inmobiliarios	4.32	11.23
Servicios Públicos	3.32	2.21
Productos de consumo básicos	1.32	9.78
Energía	0.00	0.82
Liquidez	3.67	0.00
-12	-9	-6	-3	0	3	6	9	12	15	18

## Desglose de la capitalización bursátil (JPY - %)
60
55
50
45
40
35
30
25
20
15
10
5
0	De 0 a
30000 mill.
De 30000 a
65000 mill.
De 65000 a
150000 mill.
De 150000 a
400000 mill.
De 400000 a
650000 mill.
De 650000 a 1
500000 mill.
De 1500000 a
3000000 mill.
Liquidez
Fondo	16.77	10.07	27.42	36.47	1.82	1.81	1.97	3.67
Índice de ref.	0.03	3.65	21.45	53.52	20.08	1.27	-	-