# Performance & Risk
## Performance Evolution (EUR)
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200
175
150
125
100
75
50
Current NAV
Acc.

### 738.37
Assets Under Management (M)
USD

### 170.22
100% S&P 500 Total Return Net
The Fund is actively managed with deviation expected in term of constitution and performance compared to benchmark that is likely to be significant.

## Fund Key Metrics
Port.	Bench.
Number of Holdings	68	503
Turnover: Rolling 1Y (%)	22	-
Active Share (%)	68	-

## 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* (50.88%)	Benchmark (47.35%)
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 = 95.8% Benchmark = 100.0% (not meaningful for coverage below 50%)
| Risk Analysis |  |  |  |  | % of AUM covered by CO2 intensity indicator: Portfolio = 61.3% Benchmark = 82.1% (not meaningful for |
| --- | --- | --- | --- | --- | --- |
|  |  |  |  |  | coverage below 50%) |
|  | 1Y | 3Y | 5Y | Launch |  |
| Portfolio Volatility* (%) | 26.13 | 19.33 | 18.25 | 14.83 |  |
| Benchmark Volatility (%) | 20.59 | 18.51 | 17.22 | 13.81 |  |
| Relative Risk/Tracking Error  (%) | 8.04 | 5.83 | 5.09 | 4.52 |  |
| Sharpe Ratio | -0.31 | 0.82 | 0.98 | 1.16 |  |
| Information Ratio | -0.88 | 0.35 | 0.38 | -0.06 |  |

Performance & Risk 
(Continued)

## 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* | 0.98 | 0.94 | 5.13 | -11.50 | 50.88 | 116.35 | -9.23 | 36.51 | 21.77 | 22.27 | 17.27 | 638.37 |
| Benchmark | 1.29 | 1.06 | 3.36 | -4.46 | 47.35 | 109.38 | -1.23 | 35.36 | 10.21 | 24.27 | 14.35 | 761.21 |
| Excess Return | -0.31 | -0.12 | 1.78 | -7.05 | 3.54 | 6.97 | -8.00 | 1.15 | 11.56 | -1.99 | 2.92 | -122.84 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 34.60 | 25.67 | 37.99 | 4.75 | 13.72 | 0.68 | 16.16 | 24.91 | 25.54 | 12.32 |
| Benchmark | 37.89 | 10.53 | 38.90 | 3.45 | 14.38 | 10.28 | 17.70 | 28.74 | 27.72 | 13.49 |
| Excess Return | -3.29 | 15.14 | -0.91 | 1.30 | -0.66 | -9.59 | -1.54 | -3.82 | -2.18 | -1.17 |

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 |  |  |
| Apple Inc | 6.94 | 6.52 | 0.42 | Information Technology | USA |
| Microsoft Corp | 6.17 | 5.55 | 0.62 | Information Technology | USA |
| Alphabet Inc | 4.00 | 3.35 | 0.65 | Communication Services | USA |
| UnitedHealth Group Inc | 2.62 | 1.49 | 1.13 | Health Care | USA |
| Amazon.com Inc | 2.59 | 2.50 | 0.09 | Consumer Discretionary | USA |
| Tesla Inc | 1.88 | 1.51 | 0.36 | Consumer Discretionary | USA |
| Intuitive Surgical Inc | 1.75 | 0.28 | 1.47 | Health Care | USA |
| Equinix Inc | 1.64 | 0.18 | 1.46 | Real Estate | USA |
| Starbucks Corp | 1.62 | 0.34 | 1.27 | Consumer Discretionary | USA |
| Roper Technologies Inc | 1.59 | 0.14 | 1.46 | Information Technology | USA |
| Total (%) | 30.80 | 21.87 |  |  |  |

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
| Freshpet Inc | 1.55 | 0.00 | 1.55 |  | Berkshire Hathaway Inc | 0.00 | 1.68 | -1.68 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| APA Corp | 1.53 | 0.04 | 1.48 |  | Johnson & Johnson | 0.00 | 1.36 | -1.36 |
| Intuitive Surgical Inc | 1.75 | 0.28 | 1.47 |  | Exxon Mobil Corp | 0.00 | 1.35 | -1.35 |
| Equinix Inc | 1.64 | 0.18 | 1.46 |  | JPMorgan Chase & Co | 0.00 | 1.18 | -1.18 |
| Roper Technologies Inc | 1.59 | 0.14 | 1.46 |  | Procter & Gamble Co | 0.00 | 1.04 | -1.04 |
| Sector Breakdown (%) |  |  |  |  | Active Exposure by Sector (%) |  |  |  |

Portfolio	Benchmark
Information Technology	29.92	26.40
Consumer Discretionary	16.28	10.40
Health Care	16.22	15.22
Financials	6.71	11.61
Consumer Staples	6.63	6.99
Industrials	6.15	8.44
Communication Services	5.23	7.46
Energy	4.25	5.12
Real Estate	3.17	2.68
Materials	1.27	2.68
Utilities	0.00	2.99
Cash	4.18	0.00
-5	-4	-3	-2	-1	0	1	2	3	4	5	6
MarketCap Breakdown (USD - %)
39
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.	0.46	3.71	4.80	5.80	8.12	33.97	9.66	29.30	4.18
Bench.	-	-	0.01	1.29	9.16	29.02	24.84	35.68	-

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 (%)	22	-
Active Share (%)	68	-

## 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* (50.88%)	Benchmark (47.35%)
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* (%) | 26.13 | 19.33 | 18.25 | 14.83 |
| Volatility benchmark (%) | 20.59 | 18.51 | 17.22 | 13.81 |
| Relative Risk/Tracking Error  (%) | 8.04 | 5.83 | 5.09 | 4.52 |
| Sharpe Ratio | -0.31 | 0.82 | 0.98 | 1.16 |
| Information ratio | -0.88 | 0.35 | 0.38 | -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.
% di AUM coperta dal rating assoluto ESG: Portafoglio = 95.8% Benchmark = 100.0% (non significativo per copertura inferiore al 50%)
% di AUM coperta dall’indicatore di intensità CO2: Portafoglio = 61.3% Benchmark = 82.1% (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* | 0.98 | 0.94 | 5.13 | -11.50 | 50.88 | 116.35 | -9.23 | 36.51 | 21.77 | 22.27 | 17.27 | 638.37 |
| Benchmark | 1.29 | 1.06 | 3.36 | -4.46 | 47.35 | 109.38 | -1.23 | 35.36 | 10.21 | 24.27 | 14.35 | 761.21 |
| Differenze | -0.31 | -0.12 | 1.78 | -7.05 | 3.54 | 6.97 | -8.00 | 1.15 | 11.56 | -1.99 | 2.92 | -122.84 |

Performance annua (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portafoglio* | 34.60 | 25.67 | 37.99 | 4.75 | 13.72 | 0.68 | 16.16 | 24.91 | 25.54 | 12.32 |
| Benchmark | 37.89 | 10.53 | 38.90 | 3.45 | 14.38 | 10.28 | 17.70 | 28.74 | 27.72 | 13.49 |
| Differenze | -3.29 | 15.14 | -0.91 | 1.30 | -0.66 | -9.59 | -1.54 | -3.82 | -2.18 | -1.17 |

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 |  |  |
| Apple Inc | 6.94 | 6.52 | 0.42 | Tecnologia | Stati Uniti |
| Microsoft Corp | 6.17 | 5.55 | 0.62 | Tecnologia | Stati Uniti |
| Alphabet Inc | 4.00 | 3.35 | 0.65 | Servizi di Comunicazione | Stati Uniti |
| UnitedHealth Group Inc | 2.62 | 1.49 | 1.13 | Salute | Stati Uniti |
| Amazon.com Inc | 2.59 | 2.50 | 0.09 | Beni di consumo ciclici | Stati Uniti |
| Tesla Inc | 1.88 | 1.51 | 0.36 | Beni di consumo ciclici | Stati Uniti |
| Intuitive Surgical Inc | 1.75 | 0.28 | 1.47 | Salute | Stati Uniti |
| Equinix Inc | 1.64 | 0.18 | 1.46 | Investimento immobiliare | Stati Uniti |
| Starbucks Corp | 1.62 | 0.34 | 1.27 | Beni di consumo ciclici | Stati Uniti |
| Roper Technologies Inc | 1.59 | 0.14 | 1.46 | Tecnologia | Stati Uniti |
| Totale (%) | 30.80 | 21.87 |  |  |  |

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
| Freshpet Inc | 1.55 | 0.00 | 1.55 |  | Berkshire Hathaway Inc | 0.00 | 1.68 | -1.68 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| APA Corp | 1.53 | 0.04 | 1.48 |  | Johnson & Johnson | 0.00 | 1.36 | -1.36 |
| Intuitive Surgical Inc | 1.75 | 0.28 | 1.47 |  | Exxon Mobil Corp | 0.00 | 1.35 | -1.35 |
| Equinix Inc | 1.64 | 0.18 | 1.46 |  | JPMorgan Chase & Co | 0.00 | 1.18 | -1.18 |
| Roper Technologies Inc | 1.59 | 0.14 | 1.46 |  | Procter & Gamble Co | 0.00 | 1.04 | -1.04 |
| Ripartizione per settore (%) |  |  |  |  | Esposizione settoriale attiva (%) |  |  |  |

Portafoglio	Benchmark
Tecnologia	29.92	26.40
Beni di consumo ciclici	16.28	10.40
Salute	16.22	15.22
Finanziari	6.71	11.61
Beni di cons. non cicl.	6.63	6.99
Industriali	6.15	8.44
Servizi di Comunicazione	5.23	7.46
Energia	4.25	5.12
Investimento immobiliare	3.17	2.68
Materials	1.27	2.68
Servizi Pubblici	0.00	2.99
Liquidità	4.18	0.00
-5	-4	-3	-2	-1	0	1	2	3	4	5	6
Ripartizione per cap. di mercato (USD - %)
39
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.	0.46	3.71	4.80	5.80	8.12	33.97	9.66	29.30	4.18
Bench.	-	-	0.01	1.29	9.16	29.02	24.84	35.68	-