# Performance & Risk
## Performance Evolution (EUR)
Number of Holdings	54	2892
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200
175
150
125
100
75
50
29/11/19
30/05/20
30/11/20
30/05/21
30/11/21
30/05/22 30/11/22
| Turnover: Rolling 1Y (%) | 13 | - |
| --- | --- | --- |
| Active Share (%) | 90 | - |
| Fund Profile |  |  |

ESG Rating
ESG Relative Rating
CO2 Relative rating
Portfolio* (28.59%)	Benchmark (29.82%)
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 = 94.3% Benchmark = 100.0% (not meaningful for coverage below 50%)
| Risk Analysis |  |  |  |  | = 72.0% Benchmark = 76.9% (not meaningful for |
| --- | --- | --- | --- | --- | --- |
|  |  |  |  |  | coverage below 50%) |
|  | 1Y | 3Y | 5Y | Launch |  |
| Portfolio Volatility* (%) | 23.54 | 22.72 | 21.65 | 20.46 |  |
| Benchmark Volatility (%) | 14.70 | 17.20 | 15.47 | 14.55 |  |
| Relative Risk/Tracking Error  (%) | 12.71 | 10.91 | 10.33 | 9.94 |  |
| Sharpe Ratio | -0.85 | 0.48 | 0.50 | 0.64 |  |
| Information Ratio | -1.34 | 0.14 | 0.11 | 0.36 |  |

% of AUM covered by CO2 intensity indicator: Portfolio

## 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* | 6.05 | 1.88 | 1.47 | -23.87 | 28.59 | 52.48 | -21.75 | 26.76 | 29.64 | 22.33 | -3.07 | 84.39 |
| Benchmark | 3.43 | 0.90 | 1.43 | -6.54 | 29.82 | 58.03 | -3.38 | 26.75 | 6.01 | 16.73 | 4.28 | 69.17 |
| Excess Return | 2.62 | 0.98 | 0.04 | -17.33 | -1.23 | -5.55 | -18.36 | 0.01 | 23.63 | 5.59 | -7.34 | 15.22 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 26.09 | 32.04 | 39.06 | -11.94 | - | - | - | - | - | - |
| Benchmark | 28.96 | 5.89 | 29.86 | -5.50 | - | - | - | - | - | - |
| Excess Return | -2.86 | 26.15 | 9.20 | -6.45 | - | - | - | - | - | - |

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 |  |  |
| Intuitive Surgical Inc | 3.99 | 0.17 | 3.82 | Health Care | USA |
| DexCom Inc | 3.74 | 0.08 | 3.66 | Health Care | USA |
| Keyence Corp | 3.52 | 0.14 | 3.39 | Information Technology | Japan |
| Siemens AG | 3.19 | 0.18 | 3.02 | Industrials | Germany |
| QUALCOMM Inc | 3.16 | 0.24 | 2.92 | Information Technology | USA |
| Thermo Fisher Scientific Inc | 2.97 | 0.37 | 2.60 | Health Care | USA |
| Alphabet Inc | 2.86 | 2.01 | 0.85 | Communication Services | USA |
| Silicon Laboratories Inc | 2.82 | - | 2.82 | Information Technology | USA |
| Cadence Design Systems Inc | 2.78 | 0.08 | 2.70 | Information Technology | USA |
| FANUC Corp | 2.55 | 0.05 | 2.50 | Industrials | Japan |
| Total (%) | 31.58 | 3.31 |  |  |  |

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
| Intuitive Surgical Inc | 3.99 | 0.17 | 3.82 |  | Microsoft Corp | 0.00 | 3.09 | -3.09 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| DexCom Inc | 3.74 | 0.08 | 3.66 |  | Apple Inc | 2.09 | 4.09 | -2.00 |
| Keyence Corp | 3.52 | 0.14 | 3.39 |  | UnitedHealth Group Inc | 0.00 | 0.88 | -0.88 |
| Siemens AG | 3.19 | 0.18 | 3.02 |  | Exxon Mobil Corp | 0.00 | 0.80 | -0.80 |
| QUALCOMM Inc | 3.16 | 0.24 | 2.92 |  | Johnson & Johnson | 0.00 | 0.80 | -0.80 |
| Sector Breakdown (%) |  |  |  |  | Active Exposure by Sector (%) |  |  |  |

Portfolio	Benchmark
Information Technology	50.22	20.79
Industrials	19.27	9.96
Health Care	17.40	13.02
Consumer Discretionary	4.89	10.77
Communication Services	2.86	6.87
Consumer Staples	0.66	7.57
Real Estate	0.00	2.58
Utilities	0.00	3.03
Materials	0.00	4.91
Financials	0.00	14.92
Energy	0.00	5.57
Cash	4.70	0.00
-15	-10	-5	0	5	10	15	20	25	30

## Geographical Breakdown (%)
Portfolio	Benchmark
USA	66.87	61.65
Japan	15.11	5.32
Germany	6.18	1.99
Taiwan	2.25	1.57
France	2.19	2.89
Iceland	1.01	0.00
United Kingdom	0.66	3.80
Norway	0.62	0.19
Israel	0.39	0.19
South Africa	0.00	0.41
Turkey	0.00	0.05
Thailand	0.00	0.23
Other	0.00	21.71
Cash	4.70	0.00

## Active Exposure by Geography (%)
-24	-20	-16	-12	-8	-4	0	4	8	12
MarketCap Breakdown (USD - %)
36
33
30
27
24
21
18
15
12
9
6
3
0	1bn To 3bn	3bn To 5bn	5bn To 10bn	10bn To 25bn	25bn To 100bn	100bn To 250bn	More Than 250bn	Cash
Port.	5.91	8.66	8.92	11.29	31.99	16.19	12.34	4.70
Bench.	0.28	1.35	5.00	14.12	32.83	19.95	26.47	-

Translation (ENIT, 2022-11-30):
# Performance e rischio
## Evoluzione della performance (EUR)
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200
175
150
125
100
75
50
Turnover: Rolling 1Y (%)	13	-
Active Share (%)	90	-

## 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* (28.59%)	Benchmark (29.82%)
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* (%) | 23.54 | 22.72 | 21.65 | 20.46 |
| Volatility benchmark (%) | 14.70 | 17.20 | 15.47 | 14.55 |
| Relative Risk/Tracking Error  (%) | 12.71 | 10.91 | 10.33 | 9.94 |
| Sharpe Ratio | -0.85 | 0.48 | 0.50 | 0.64 |
| Information ratio | -1.34 | 0.14 | 0.11 | 0.36 |

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 = 94.3% Benchmark = 100.0% (non significativo per copertura inferiore al 50%)
% di AUM coperta dall’indicatore di intensità CO2: Portafoglio = 72.0% Benchmark = 76.9% (non significativo per copertura inferiore al 50%)
Performance e rischio 
(continua)

## 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* | 6.05 | 1.88 | 1.47 | -23.87 | 28.59 | 52.48 | -21.75 | 26.76 | 29.64 | 22.33 | -3.07 | 84.39 |
| Benchmark | 3.43 | 0.90 | 1.43 | -6.54 | 29.82 | 58.03 | -3.38 | 26.75 | 6.01 | 16.73 | 4.28 | 69.17 |
| Differenze | 2.62 | 0.98 | 0.04 | -17.33 | -1.23 | -5.55 | -18.36 | 0.01 | 23.63 | 5.59 | -7.34 | 15.22 |

Performance annua (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portafoglio* | 26.09 | 32.04 | 39.06 | -11.94 | - | - | - | - | - | - |
| Benchmark | 28.96 | 5.89 | 29.86 | -5.50 | - | - | - | - | - | - |
| Differenze | -2.86 | 26.15 | 9.20 | -6.45 | - | - | - | - | - | - |

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 |  |  |
| Intuitive Surgical Inc | 3.99 | 0.17 | 3.82 | Salute | Stati Uniti |
| DexCom Inc | 3.74 | 0.08 | 3.66 | Salute | Stati Uniti |
| Keyence Corp | 3.52 | 0.14 | 3.39 | Tecnologia | Giappone |
| Siemens AG | 3.19 | 0.18 | 3.02 | Industriali | Germania |
| QUALCOMM Inc | 3.16 | 0.24 | 2.92 | Tecnologia | Stati Uniti |
| Thermo Fisher Scientific Inc | 2.97 | 0.37 | 2.60 | Salute | Stati Uniti |
| Alphabet Inc | 2.86 | 2.01 | 0.85 | Servizi di Comunicazione | Stati Uniti |
| Silicon Laboratories Inc | 2.82 | - | 2.82 | Tecnologia | Stati Uniti |
| Cadence Design Systems Inc | 2.78 | 0.08 | 2.70 | Tecnologia | Stati Uniti |
| FANUC Corp | 2.55 | 0.05 | 2.50 | Industriali | Giappone |
| Totale (%) | 31.58 | 3.31 |  |  |  |

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.
Analisi del portafoglio 
(continua)

## Prime 5 posizioni sovrapesate (%)

## Prime 5 posizioni sottopesate (%)
Port. Bench. Relative	Port. Bench. Relative
| Intuitive Surgical Inc | 3.99 | 0.17 | 3.82 |  | Microsoft Corp | 0.00 | 3.09 | -3.09 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| DexCom Inc | 3.74 | 0.08 | 3.66 |  | Apple Inc | 2.09 | 4.09 | -2.00 |
| Keyence Corp | 3.52 | 0.14 | 3.39 |  | UnitedHealth Group Inc | 0.00 | 0.88 | -0.88 |
| Siemens AG | 3.19 | 0.18 | 3.02 |  | Exxon Mobil Corp | 0.00 | 0.80 | -0.80 |
| QUALCOMM Inc | 3.16 | 0.24 | 2.92 |  | Johnson & Johnson | 0.00 | 0.80 | -0.80 |
| Ripartizione per settore (%) |  |  |  |  | Esposizione settoriale attiva (%) |  |  |  |

Portafoglio	Benchmark
Tecnologia	50.22	20.79
Industriali	19.27	9.96
Salute	17.40	13.02
Beni di consumo ciclici	4.89	10.77
Servizi di Comunicazione	2.86	6.87
Beni di cons. non cicl.	0.66	7.57
Investimento immobiliare	0.00	2.58
Servizi Pubblici	0.00	3.03
Materials	0.00	4.91
Finanziari	0.00	14.92
Energia	0.00	5.57
Liquidità	4.70	0.00
-15	-10	-5	0	5	10	15	20	25	30

## Esposizione geografica (%)
Portafoglio	Benchmark
Stati Uniti	66.87	61.65
Giappone	15.11	5.32
Germania	6.18	1.99
Taiwan	2.25	1.57
Francia	2.19	2.89
Islanda	1.01	0.00
Regno Unito	0.66	3.80
Norvegia	0.62	0.19
Israele	0.39	0.19
Sudafrica	0.00	0.41
Turchia	0.00	0.05
Thailandia	0.00	0.23
Altro	0.00	21.71
Liquidità	4.70	0.00

## Esposizione geografica attiva (%)
-24	-20	-16	-12	-8	-4	0	4	8	12
Analisi del portafoglio 
(continua)
Ripartizione per cap. di mercato (USD - %)
36
33
30
27
24
21
18
15
12
9
6
3
0	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.	5.91	8.66	8.92	11.29	31.99	16.19	12.34	4.70
Bench.	0.28	1.35	5.00	14.12	32.83	19.95	26.47	-