# Performance & Risk
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## Performance Evolution (USD)
160
140
120
100
80
60
Number of Holdings	188	1385
Turnover: Rolling 1Y (%)	110	-
Active Share (%)	65	-

## 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* (0.20%)	Benchmark (0.42%)
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 = 92.3% Benchmark = 99.9% (not meaningful for coverage below 50%)
| Risk Analysis |  |  |  |  | = 54.1% Benchmark = 57.6% (not meaningful for |
| --- | --- | --- | --- | --- | --- |
|  |  |  |  |  | coverage below 50%) |
|  | 1Y | 3Y | 5Y | Launch |  |
| Portfolio Volatility* (%) | 20.91 | 20.31 | 18.54 | 21.23 |  |
| Benchmark Volatility (%) | 22.61 | 21.26 | 19.07 | 21.44 |  |
| Relative Risk/Tracking Error  (%) | 3.77 | 3.64 | 3.09 | 2.55 |  |
| Sharpe Ratio | -0.72 | 0.05 | -0.07 | 0.14 |  |
| Information Ratio | 0.96 | 0.43 | 0.11 | 0.06 |  |

% 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* | 14.88 | -1.28 | -10.06 | -17.72 | 0.20 | -8.48 | -15.20 | 1.05 | 16.94 | 2.45 | -10.85 | 46.70 |
| Benchmark | 15.19 | -1.78 | -8.15 | -18.95 | 0.42 | -2.07 | -17.43 | 2.70 | 18.43 | 7.28 | -9.09 | 92.06 |
| Excess Return | -0.31 | 0.50 | -1.91 | 1.23 | -0.21 | -6.42 | 2.23 | -1.64 | -1.49 | -4.83 | -1.76 | -45.36 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -2.62 | 16.48 | 13.67 | -16.59 | 37.71 | 10.26 | -18.81 | -0.96 | -5.23 | 18.63 |
| Benchmark | -2.54 | 18.31 | 18.42 | -14.57 | 37.28 | 11.19 | -14.92 | -2.19 | -2.60 | 18.22 |
| Excess Return | -0.08 | -1.83 | -4.76 | -2.02 | 0.42 | -0.93 | -3.89 | 1.23 | -2.63 | 0.40 |

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 |  |  |
| Taiwan Semiconductor Manufa... | 7.29 | 6.13 | 1.17 | Information Technology | Taiwan |
| Invesco MSCI Saudi Arabia U... | 4.02 | - | 4.02 | Funds | Saudi Arabia |
| Tencent Holdings Ltd | 3.70 | 3.61 | 0.10 | Communication Services | China |
| Samsung Electronics Co Ltd | 3.34 | 4.08 | -0.74 | Information Technology | South Korea |
| Alibaba Group Holding Ltd | 2.65 | 2.44 | 0.21 | Consumer Discretionary | China |
| Meituan | 1.94 | 1.45 | 0.49 | Consumer Discretionary | China |
| China Construction Bank Corp | 1.88 | 0.92 | 0.96 | Financials | China |
| MediaTek Inc | 1.65 | 0.57 | 1.08 | Information Technology | Taiwan |
| Hon Hai Precision Industry ... | 1.60 | 0.64 | 0.96 | Information Technology | Taiwan |
| Petroleo Brasileiro SA | 1.34 | 0.72 | 0.63 | Energy | Brazil |
| Total (%) | 29.41 | 20.54 |  |  |  |

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
| Invesco MSCI Saudi Arabia UCITS ETF | 4.02 | 0.00 | 4.02 |  | Vale SA | 0.00 | 1.02 | -1.02 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Taiwan Semiconductor Manufacturi... | 7.29 | 6.13 | 1.17 |  | Housing Development Finance Corp... | 0.00 | 0.89 | -0.89 |
| MediaTek Inc | 1.65 | 0.57 | 1.08 |  | Infosys Ltd | 0.20 | 1.06 | -0.86 |
| Hon Hai Precision Industry Co Ltd | 1.60 | 0.64 | 0.96 |  | JD.com Inc | 0.12 | 0.95 | -0.83 |
| China Construction Bank Corp | 1.88 | 0.92 | 0.96 |  | Reliance Industries Ltd | 0.79 | 1.60 | -0.81 |
| Sector Breakdown (%) |  |  |  |  | Active Exposure by Sector (%) |  |  |  |

Portfolio	Benchmark
Information Technology	23.52	19.62
Financials	22.94	22.23
Consumer Discretionary	13.39	13.33
Communication Services	7.87	9.29
Industrials	6.90	5.97
Consumer Staples	6.58	6.33
Health Care	4.35	3.96
Funds	4.02	0.00
Materials	3.45	9.06
Energy	2.68	5.14
Utilities	2.25	3.00
Real Estate	0.36	2.05
Cash	1.69	0.00
-6	-5	-4	-3	-2	-1	0	1	2	3	4	5

## Geographical Breakdown (%)
Portfolio	Benchmark
China	31.96	28.45
Taiwan	15.71	14.24
India	13.80	14.85
South Korea	12.71	11.95
South Africa	5.04	3.73
Saudi Arabia	4.02	4.13
Mexico	3.88	2.42
Brazil	3.71	5.36
Thailand	2.09	2.14
Turkey	1.73	0.50
Arab Emirates	1.40	1.31
Chile	0.45	0.57
Other	1.79	10.36
Cash	1.69	0.00

## Active Exposure by Geography (%)
-10	-8	-6	-4	-2	0	2	4
MarketCap Breakdown (USD - %)
33
30
27
24
21
18
15
12
9
6
3
0	0 To
250mn
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.	4.02	0.26	5.06	8.05	15.54	22.73	20.42	7.87	14.34	1.69
Bench.	-	0.01	2.44	7.38	14.93	21.63	28.71	10.49	14.42	-

Translation (ENIT, 2022-11-30):
# Performance e rischio
Numero complessivo di titoli
188	1385
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160
140
120
100
80
60
29/11/19
30/05/20
30/11/20
30/05/21
30/11/21
30/05/22 30/11/22

## Profilo del fondo
Rating ESG
Rating relativo ESG
Portafoglio* (0.20%)	Benchmark (0.42%)
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* (%) | 20.91 | 20.31 | 18.54 | 21.23 |
| Volatility benchmark (%) | 22.61 | 21.26 | 19.07 | 21.44 |
| Relative Risk/Tracking Error  (%) | 3.77 | 3.64 | 3.09 | 2.55 |
| Sharpe Ratio | -0.72 | 0.05 | -0.07 | 0.14 |
| Information ratio | 0.96 | 0.43 | 0.11 | 0.06 |

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.
Intensità relativa CO2
% di AUM coperta dal rating assoluto ESG: Portafoglio = 92.3% Benchmark = 99.9% (non significativo per copertura inferiore al 50%)
% di AUM coperta dall’indicatore di intensità CO2: Portafoglio = 54.1% Benchmark = 57.6% (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* | 14.88 | -1.28 | -10.06 | -17.72 | 0.20 | -8.48 | -15.20 | 1.05 | 16.94 | 2.45 | -10.85 | 46.70 |
| Benchmark | 15.19 | -1.78 | -8.15 | -18.95 | 0.42 | -2.07 | -17.43 | 2.70 | 18.43 | 7.28 | -9.09 | 92.06 |
| Differenze | -0.31 | 0.50 | -1.91 | 1.23 | -0.21 | -6.42 | 2.23 | -1.64 | -1.49 | -4.83 | -1.76 | -45.36 |

Performance annua (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portafoglio* | -2.62 | 16.48 | 13.67 | -16.59 | 37.71 | 10.26 | -18.81 | -0.96 | -5.23 | 18.63 |
| Benchmark | -2.54 | 18.31 | 18.42 | -14.57 | 37.28 | 11.19 | -14.92 | -2.19 | -2.60 | 18.22 |
| Differenze | -0.08 | -1.83 | -4.76 | -2.02 | 0.42 | -0.93 | -3.89 | 1.23 | -2.63 | 0.40 |

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 |  |  |
| Taiwan Semiconductor Manufa... | 7.29 | 6.13 | 1.17 | Tecnologia | Taiwan |
| Invesco MSCI Saudi Arabia U... | 4.02 | - | 4.02 | Fondi | Arabia Saudita |
| Tencent Holdings Ltd | 3.70 | 3.61 | 0.10 | Servizi di Comunicazione | Cina |
| Samsung Electronics Co Ltd | 3.34 | 4.08 | -0.74 | Tecnologia | Corea Del sud |
| Alibaba Group Holding Ltd | 2.65 | 2.44 | 0.21 | Beni di consumo ciclici | Cina |
| Meituan | 1.94 | 1.45 | 0.49 | Beni di consumo ciclici | Cina |
| China Construction Bank Corp | 1.88 | 0.92 | 0.96 | Finanziari | Cina |
| MediaTek Inc | 1.65 | 0.57 | 1.08 | Tecnologia | Taiwan |
| Hon Hai Precision Industry ... | 1.60 | 0.64 | 0.96 | Tecnologia | Taiwan |
| Petroleo Brasileiro SA | 1.34 | 0.72 | 0.63 | Energia | Brasile |
| Totale (%) | 29.41 | 20.54 |  |  |  |

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
| Invesco MSCI Saudi Arabia UCITS ETF | 4.02 | 0.00 | 4.02 |  | Vale SA | 0.00 | 1.02 | -1.02 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Taiwan Semiconductor Manufacturi... | 7.29 | 6.13 | 1.17 |  | Housing Development Finance Corp... | 0.00 | 0.89 | -0.89 |
| MediaTek Inc | 1.65 | 0.57 | 1.08 |  | Infosys Ltd | 0.20 | 1.06 | -0.86 |
| Hon Hai Precision Industry Co Ltd | 1.60 | 0.64 | 0.96 |  | JD.com Inc | 0.12 | 0.95 | -0.83 |
| China Construction Bank Corp | 1.88 | 0.92 | 0.96 |  | Reliance Industries Ltd | 0.79 | 1.60 | -0.81 |
| Ripartizione per settore (%) |  |  |  |  | Esposizione settoriale attiva (%) |  |  |  |

Portafoglio	Benchmark
Tecnologia	23.52	19.62
Finanziari	22.94	22.23
Beni di consumo ciclici	13.39	13.33
Servizi di Comunicazione	7.87	9.29
Industriali	6.90	5.97
Beni di cons. non cicl.	6.58	6.33
Salute	4.35	3.96
Fondi	4.02	0.00
Materials	3.45	9.06
Energia	2.68	5.14
Servizi Pubblici	2.25	3.00
Investimento immobiliare	0.36	2.05
Liquidità	1.69	0.00
-6	-5	-4	-3	-2	-1	0	1	2	3	4	5

## Esposizione geografica (%)
Portafoglio	Benchmark

## Esposizione geografica attiva (%)
-10	-8	-6	-4	-2	0	2	4
Cina	31.96	28.45
Taiwan	15.71	14.24
India	13.80	14.85
Corea Del sud	12.71	11.95
Sudafrica	5.04	3.73
Arabia Saudita	4.02	4.13
Messico	3.88	2.42
Brasile	3.71	5.36
Thailandia	2.09	2.14
Turchia	1.73	0.50
Emirati Arabi	1.40	1.31
Cile	0.45	0.57
Altro	1.79	10.36
Liquidità	1.69	0.00
Ripartizione per cap. di mercato (USD - %)
33
30
27
24
21
18
15
12
9
6
3
0	Da 0 a 250
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
Più di 250 Mrd
Liquidità
Port.	4.02	0.26	5.06	8.05	15.54	22.73	20.42	7.87	14.34	1.69
Bench.	-	0.01	2.44	7.38	14.93	21.63	28.71	10.49	14.42	-