# Performance & Risk
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## Performance Evolution (USD)
175
150
125
100
75
50
Number of Holdings	55	2892
Turnover: Rolling 1Y (%)	59	-
Active Share (%)	96	-

## 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* (27.71%)	Benchmark (21.23%)
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 = 97.0% Benchmark = 100.0% (not meaningful for coverage below 50%)
| Risk Analysis |  |  |  |  | = 62.2% Benchmark = 76.9% (not meaningful for |
| --- | --- | --- | --- | --- | --- |
|  |  |  |  |  | coverage below 50%) |
|  | 1Y | 3Y | 5Y | Launch |  |
| Portfolio Volatility* (%) | 25.64 | 25.70 | - | 24.27 |  |
| Benchmark Volatility (%) | 19.69 | 20.08 | - | 18.96 |  |
| Relative Risk/Tracking Error  (%) | 10.76 | 10.12 | - | 9.60 |  |
| Sharpe Ratio | -0.77 | 0.37 | - | 0.41 |  |
| Information Ratio | -0.65 | 0.37 | - | 0.27 |  |

% 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* | 9.00 | 2.99 | -1.59 | -21.17 | 27.71 | - | -20.04 | 13.90 | 40.23 | - | - | 35.65 |
| Benchmark | 7.76 | 3.32 | -2.51 | -15.02 | 21.23 | - | -11.62 | 19.27 | 15.01 | - | - | 32.90 |
| Excess Return | 1.24 | -0.33 | 0.92 | -6.15 | 6.48 | - | -8.42 | -5.37 | 25.22 | - | - | 2.75 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 7.38 | 44.58 | - | - | - | - | - | - | - | - |
| Benchmark | 18.54 | 16.25 | - | - | - | - | - | - | - | - |
| Excess Return | -11.16 | 28.32 | - | - | - | - | - | - | - | - |

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 |  |  |
| NextEra Energy Inc | 4.06 | 0.28 | 3.78 | Utilities | USA |
| Evoqua Water Technologies Corp | 3.63 | - | 3.63 | Industrials | USA |
| Deere & Co | 3.51 | 0.22 | 3.30 | Industrials | USA |
| Darling Ingredients Inc | 3.50 | - | 3.50 | Consumer Staples | USA |
| Schneider Electric SE | 3.29 | 0.13 | 3.16 | Industrials | France |
| Waste Connections Inc | 3.17 | 0.06 | 3.11 | Industrials | USA |
| Ameresco Inc | 3.11 | - | 3.11 | Industrials | USA |
| First Solar Inc | 2.97 | - | 2.97 | Information Technology | USA |
| Thermo Fisher Scientific Inc | 2.85 | 0.37 | 2.48 | Health Care | USA |
| Siemens AG | 2.54 | 0.18 | 2.37 | Industrials | Germany |
| Total (%) | 32.65 | 1.25 |  |  |  |

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
| NextEra Energy Inc | 4.06 | 0.28 | 3.78 |  | Apple Inc | 0.00 | 4.09 | -4.09 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Evoqua Water Technologies Corp | 3.63 | 0.00 | 3.63 |  | Microsoft Corp | 0.00 | 3.09 | -3.09 |
| Darling Ingredients Inc | 3.50 | 0.00 | 3.50 |  | Alphabet Inc | 0.00 | 2.01 | -2.01 |
| Deere & Co | 3.51 | 0.22 | 3.30 |  | Amazon.com Inc | 0.00 | 1.51 | -1.51 |
| Schneider Electric SE | 3.29 | 0.13 | 3.16 |  | UnitedHealth Group Inc | 0.00 | 0.88 | -0.88 |
| Sector Breakdown (%) |  |  |  |  | Active Exposure by Sector (%) |  |  |  |

Portfolio	Benchmark
Industrials	34.58	9.96
Information Technology	21.26	20.79
Materials	12.99	4.91
Utilities	10.96	3.03
Health Care	5.81	13.02
Consumer Discretionary	5.27	10.77
Consumer Staples	4.40	7.57
Financials	1.76	14.92
Real Estate	0.00	2.58
Communication Services	0.00	6.87
Energy	0.00	5.57
Cash	2.95	0.00
-16	-12	-8	-4	0	4	8	12	16	20	24	28

## Geographical Breakdown (%)
Portfolio	Benchmark
USA	55.45	61.65
Germany	7.93	1.99
United Kingdom	7.05	3.80
Netherlands	6.01	1.06
Spain	3.71	0.59
France	3.29	2.89
China	2.68	3.30
Denmark	2.62	0.68
Taiwan	2.31	1.57
Ireland	2.26	0.15
Switzerland	1.21	2.49
Australia	1.04	1.96
Other	1.49	17.88
Cash	2.95	0.00

## Active Exposure by Geography (%)
-18	-15	-12	-9	-6	-3	0	3	6	9
MarketCap Breakdown (USD - %)
36
33
30
27
24
21
18
15
12
9
6
3
0	500mn To
1bn
1bn To 3bn
3bn To 5bn
5bn To 10bn
10bn To 25bn
25bn To 100bn
100bn To 250bn
More Than 250bn
Cash
Port.	1.50	11.15	7.57	10.03	19.07	28.95	14.93	3.85	2.95
Bench.	-	0.28	1.35	5.00	14.12	32.83	19.95	26.47	-

Translation (ENIT, 2022-11-30):
# Performance e rischio
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## Evoluzione della performance (USD)
175
150
125
100
75
50
Turnover: Rolling 1Y (%)	59	-
Active Share (%)	96	-

## 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* (27.71%)	Benchmark (21.23%)
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* (%) | 25.64 | 25.70 | - | 24.27 |
| Volatility benchmark (%) | 19.69 | 20.08 | - | 18.96 |
| Relative Risk/Tracking Error  (%) | 10.76 | 10.12 | - | 9.60 |
| Sharpe Ratio | -0.77 | 0.37 | - | 0.41 |
| Information ratio | -0.65 | 0.37 | - | 0.27 |

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 = 97.0% Benchmark = 100.0% (non significativo per copertura inferiore al 50%)
% di AUM coperta dall’indicatore di intensità CO2: Portafoglio = 62.2% Benchmark = 76.9% (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* | 9.00 | 2.99 | -1.59 | -21.17 | 27.71 | - | -20.04 | 13.90 | 40.23 | - | - | 35.65 |
| Benchmark | 7.76 | 3.32 | -2.51 | -15.02 | 21.23 | - | -11.62 | 19.27 | 15.01 | - | - | 32.90 |
| Differenze | 1.24 | -0.33 | 0.92 | -6.15 | 6.48 | - | -8.42 | -5.37 | 25.22 | - | - | 2.75 |

Performance annua (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portafoglio* | 7.38 | 44.58 | - | - | - | - | - | - | - | - |
| Benchmark | 18.54 | 16.25 | - | - | - | - | - | - | - | - |
| Differenze | -11.16 | 28.32 | - | - | - | - | - | - | - | - |

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 |  |  |
| NextEra Energy Inc | 4.06 | 0.28 | 3.78 | Servizi Pubblici | Stati Uniti |
| Evoqua Water Technologies Corp | 3.63 | - | 3.63 | Industriali | Stati Uniti |
| Deere & Co | 3.51 | 0.22 | 3.30 | Industriali | Stati Uniti |
| Darling Ingredients Inc | 3.50 | - | 3.50 | Beni di cons. non cicl. | Stati Uniti |
| Schneider Electric SE | 3.29 | 0.13 | 3.16 | Industriali | Francia |
| Waste Connections Inc | 3.17 | 0.06 | 3.11 | Industriali | Stati Uniti |
| Ameresco Inc | 3.11 | - | 3.11 | Industriali | Stati Uniti |
| First Solar Inc | 2.97 | - | 2.97 | Tecnologia | Stati Uniti |
| Thermo Fisher Scientific Inc | 2.85 | 0.37 | 2.48 | Salute | Stati Uniti |
| Siemens AG | 2.54 | 0.18 | 2.37 | Industriali | Germania |
| Totale (%) | 32.65 | 1.25 |  |  |  |

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
| NextEra Energy Inc | 4.06 | 0.28 | 3.78 |  | Apple Inc | 0.00 | 4.09 | -4.09 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Evoqua Water Technologies Corp | 3.63 | 0.00 | 3.63 |  | Microsoft Corp | 0.00 | 3.09 | -3.09 |
| Darling Ingredients Inc | 3.50 | 0.00 | 3.50 |  | Alphabet Inc | 0.00 | 2.01 | -2.01 |
| Deere & Co | 3.51 | 0.22 | 3.30 |  | Amazon.com Inc | 0.00 | 1.51 | -1.51 |
| Schneider Electric SE | 3.29 | 0.13 | 3.16 |  | UnitedHealth Group Inc | 0.00 | 0.88 | -0.88 |
| Ripartizione per settore (%) |  |  |  |  | Esposizione settoriale attiva (%) |  |  |  |

Portafoglio	Benchmark
Industriali	34.58	9.96
Tecnologia	21.26	20.79
Materials	12.99	4.91
Servizi Pubblici	10.96	3.03
Salute	5.81	13.02
Beni di consumo ciclici	5.27	10.77
Beni di cons. non cicl.	4.40	7.57
Finanziari	1.76	14.92
Investimento immobiliare	0.00	2.58
Servizi di Comunicazione	0.00	6.87
Energia	0.00	5.57
Liquidità	2.95	0.00
-16	-12	-8	-4	0	4	8	12	16	20	24	28

## Esposizione geografica (%)
Portafoglio	Benchmark
Stati Uniti	55.45	61.65
Germania	7.93	1.99
Regno Unito	7.05	3.80
Olanda	6.01	1.06
Spagna	3.71	0.59
Francia	3.29	2.89
Cina	2.68	3.30
Danimarca	2.62	0.68
Taiwan	2.31	1.57
Irlanda	2.26	0.15
Svizzera	1.21	2.49
Australia	1.04	1.96
Altro	1.49	17.88
Liquidità	2.95	0.00

## Esposizione geografica attiva (%)
-18	-15	-12	-9	-6	-3	0	3	6	9
Ripartizione per cap. di mercato (USD - %)
36
33
30
27
24
21
18
15
12
9
6
3
0	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
Più di 250 Mrd
Liquidità
Port.	1.50	11.15	7.57	10.03	19.07	28.95	14.93	3.85	2.95
Bench.	-	0.28	1.35	5.00	14.12	32.83	19.95	26.47	-