# Performance & Risk
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## Performance Evolution (USD)
160
140
120
100
80
60
Current NAV
Acc.

### 24.9
Assets Under Management (M)
USD

### 607.23

## Benchmark
Since: 31/05/2000
100% MSCI World Total Return Net
The Fund is actively managed with limited deviation expected in term of constitution and performance compared to benchmark.

## Fund Key Metrics
Port.	Bench.
Number of Holdings	248	1507
Turnover: Rolling 1Y (%)	118	-
Active Share (%)	70	-

## 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* (16.35%)	Benchmark (24.32%)
Data is rebased to 100 by AXA IM on the graph start date.
| Risk Analysis |  |
| --- | --- |
|  | 1Y | 3Y | 5Y | Launch |
| Portfolio Volatility* (%) | 20.26 | 20.64 | 18.41 | 15.84 |
| Benchmark Volatility (%) | 20.84 | 20.36 | 17.93 | 15.92 |
| Relative Risk/Tracking Error  (%) | 2.94 | 2.68 | 2.39 | 3.28 |
| Sharpe Ratio | -0.50 | 0.29 | 0.27 | 0.23 |
| Information Ratio | 0.68 | -0.30 | -0.44 | 0.14 |

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 = 98.5% Benchmark = 100.0% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 78.7% Benchmark = 79.2% (not meaningful for coverage below 50%)

## 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* | 6.00 | 4.62 | -1.58 | -14.20 | 16.35 | 26.20 | -10.17 | 21.58 | 6.54 | 11.05 | -2.33 | 149.00 |
| Benchmark | 6.40 | 3.98 | -1.77 | -14.65 | 24.32 | 42.58 | -10.86 | 21.78 | 14.52 | 14.53 | 0.14 | 208.74 |
| Excess Return | -0.40 | 0.64 | 0.19 | 0.45 | -7.96 | -16.37 | 0.68 | -0.20 | -7.98 | -3.48 | -2.47 | -59.74 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 21.73 | 9.41 | 23.74 | -11.86 | 22.43 | 5.77 | -2.96 | 5.86 | 29.59 | 13.63 |
| Benchmark | 22.20 | 15.99 | 28.28 | -9.35 | 22.40 | 6.64 | -0.72 | 5.95 | 27.41 | 14.82 |
| Excess Return | -0.47 | -6.58 | -4.55 | -2.51 | 0.03 | -0.87 | -2.24 | -0.09 | 2.18 | -1.19 |

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 | 4.24 | 4.58 | -0.34 | Information Technology | North America |
| Microsoft Corp | 3.06 | 3.47 | -0.41 | Information Technology | North America |
| Alphabet Inc | 2.04 | 2.26 | -0.22 | Communication Services | North America |
| Merck & Co Inc | 1.46 | 0.53 | 0.93 | Health Care | North America |
| Visa Inc | 1.43 | 0.68 | 0.74 | Information Technology | North America |
| Amazon.com Inc | 1.35 | 1.69 | -0.34 | Consumer Discretionary | North America |
| Gilead Sciences Inc | 1.32 | 0.21 | 1.11 | Health Care | North America |
| UnitedHealth Group Inc | 1.27 | 0.98 | 0.29 | Health Care | North America |
| Tesla Inc | 1.25 | 0.98 | 0.27 | Consumer Discretionary | North America |
| TotalEnergies SE | 1.18 | 0.29 | 0.89 | Energy | Europe |
| Total (%) | 18.61 | 15.69 |  |  |  |

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
| Gilead Sciences Inc | 1.32 | 0.21 | 1.11 |  | Exxon Mobil Corp | 0.00 | 0.90 | -0.90 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Valero Energy Corp | 1.04 | 0.10 | 0.94 |  | Johnson & Johnson | 0.00 | 0.90 | -0.90 |
| Merck & Co Inc | 1.46 | 0.53 | 0.93 |  | NVIDIA Corp | 0.00 | 0.81 | -0.81 |
| TotalEnergies SE | 1.18 | 0.29 | 0.89 |  | Chevron Corp | 0.00 | 0.65 | -0.65 |
| Cadence Design Systems Inc | 0.98 | 0.09 | 0.88 |  | Nestle SA | 0.00 | 0.64 | -0.64 |
| Sector Breakdown (%) |  |  |  |  | Active Exposure by Sector (%) |  |  |  |

Portfolio	Benchmark
Information Technology	21.08	20.94
Health Care	16.67	14.13
Financials	14.01	14.03
Consumer Discretionary	12.14	10.46
Industrials	9.93	10.44
Energy	8.09	5.62
Consumer Staples	7.98	7.72
Communication Services	5.20	6.58
Materials	2.53	4.40
Real Estate	0.99	2.65
Utilities	0.13	3.03
Cash	1.24	0.00
-3	-2	-1	0	1	2	3

## Geographical Breakdown (%)
Portfolio	Benchmark
North America	68.91	72.06
Europe	19.76	18.53
Japan	8.21	5.97
Pacific ex-Japan	1.87	3.43
Cash	1.24	0.00

## Active Exposure by Geography (%)
-4	-3	-2	-1	0	1	2	3
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.	0.66	4.35	12.60	15.08	29.20	18.55	18.32	1.24
Bench.	0.04	0.85	4.52	14.03	34.23	21.40	24.94	-

Translation (ENIT, 2022-11-30):
# Performance e rischio
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## Evoluzione della performance (USD)
160
140
120
100
80
60
Turnover: Rolling 1Y (%)	118	-
Active Share (%)	70	-

## Profilo del fondo
Rating ESG
Rating relativo ESG
Intensità relativa CO2
29/11/19	30/05/20	30/11/20	30/05/21
30/11/21
30/05/22 30/11/22
Portafoglio* (16.35%)	Benchmark (24.32%)
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* (%) | 20.26 | 20.64 | 18.41 | 15.84 |
| Volatility benchmark (%) | 20.84 | 20.36 | 17.93 | 15.92 |
| Relative Risk/Tracking Error  (%) | 2.94 | 2.68 | 2.39 | 3.28 |
| Sharpe Ratio | -0.50 | 0.29 | 0.27 | 0.23 |
| Information ratio | 0.68 | -0.30 | -0.44 | 0.14 |

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 = 98.5% Benchmark = 100.0% (non significativo per copertura inferiore al 50%)
% di AUM coperta dall’indicatore di intensità CO2: Portafoglio = 78.7% Benchmark = 79.2% (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* | 6.00 | 4.62 | -1.58 | -14.20 | 16.35 | 26.20 | -10.17 | 21.58 | 6.54 | 11.05 | -2.33 | 149.00 |
| Benchmark | 6.40 | 3.98 | -1.77 | -14.65 | 24.32 | 42.58 | -10.86 | 21.78 | 14.52 | 14.53 | 0.14 | 208.74 |
| Differenze | -0.40 | 0.64 | 0.19 | 0.45 | -7.96 | -16.37 | 0.68 | -0.20 | -7.98 | -3.48 | -2.47 | -59.74 |

Performance annua (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portafoglio* | 21.73 | 9.41 | 23.74 | -11.86 | 22.43 | 5.77 | -2.96 | 5.86 | 29.59 | 13.63 |
| Benchmark | 22.20 | 15.99 | 28.28 | -9.35 | 22.40 | 6.64 | -0.72 | 5.95 | 27.41 | 14.82 |
| Differenze | -0.47 | -6.58 | -4.55 | -2.51 | 0.03 | -0.87 | -2.24 | -0.09 | 2.18 | -1.19 |

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	4.24 | 4.58 | -0.34 | Tecnologia | America del Nord |
| Microsoft Corp	3.06 | 3.47 | -0.41 | Tecnologia | America del Nord |
| Alphabet Inc	2.04 | 2.26 | -0.22 | Servizi di Comunicazione | America del Nord |
| Merck & Co Inc	1.46 | 0.53 | 0.93 | Salute | America del Nord |
| Visa Inc	1.43 | 0.68 | 0.74 | Tecnologia | America del Nord |
| Amazon.com Inc	1.35 | 1.69 | -0.34 | Beni di consumo ciclici | America del Nord |
| Gilead Sciences Inc	1.32 | 0.21 | 1.11 | Salute | America del Nord |
| UnitedHealth Group Inc	1.27 | 0.98 | 0.29 | Salute | America del Nord |
| Tesla Inc	1.25 | 0.98 | 0.27 | Beni di consumo ciclici | America del Nord |
| TotalEnergies SE	1.18 | 0.29 | 0.89 | Energia | Europa |
| Totale (%)	18.61 | 15.69 |  |  |  |

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
| Gilead Sciences Inc | 1.32 | 0.21 | 1.11 |  | Exxon Mobil Corp | 0.00 | 0.90 | -0.90 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Valero Energy Corp | 1.04 | 0.10 | 0.94 |  | Johnson & Johnson | 0.00 | 0.90 | -0.90 |
| Merck & Co Inc | 1.46 | 0.53 | 0.93 |  | NVIDIA Corp | 0.00 | 0.81 | -0.81 |
| TotalEnergies SE | 1.18 | 0.29 | 0.89 |  | Chevron Corp | 0.00 | 0.65 | -0.65 |
| Cadence Design Systems Inc | 0.98 | 0.09 | 0.88 |  | Nestle SA | 0.00 | 0.64 | -0.64 |
| Ripartizione per settore (%) |  |  |  |  | Esposizione settoriale attiva (%) |  |  |  |

Portafoglio	Benchmark
Tecnologia	21.08	20.94
Salute	16.67	14.13
Finanziari	14.01	14.03
Beni di consumo ciclici	12.14	10.46
Industriali	9.93	10.44
Energia	8.09	5.62
Beni di cons. non cicl.	7.98	7.72
Servizi di Comunicazione	5.20	6.58
Materials	2.53	4.40
Investimento immobiliare	0.99	2.65
Servizi Pubblici	0.13	3.03
Liquidità	1.24	0.00
-3	-2	-1	0	1	2	3

## Esposizione geografica (%)
Portafoglio	Benchmark

## Esposizione geografica attiva (%)
-4	-3	-2	-1	0	1	2	3
America del Nord	68.91	72.06
Europa	19.76	18.53
Giappone	8.21	5.97
Pacifico ex-Giappone	1.87	3.43
Liquidità	1.24	0.00
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.	0.66	4.35	12.60	15.08	29.20	18.55	18.32	1.24
Bench.	0.04	0.85	4.52	14.03	34.23	21.40	24.94	-