# Performance & Risk
## Performance Evolution (EUR)
Number of Holdings	382	4506
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29/11/19
30/05/20
30/11/20
30/05/21
30/11/21
30/05/22 30/11/22
| Turnover: Rolling 1Y (%) | 91 | - |
| --- | --- | --- |
| Active Share (%) | 87 | - |
| Fund Profile |  |  |

ESG Rating
ESG Relative Rating
CO2 Relative rating
Portfolio* (20.13%)	Benchmark (25.14%)
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 = 95.0% Benchmark = 99.2% (not meaningful for coverage below 50%)
| Risk Analysis |  |  |  |  | = 63.1% Benchmark = 53.3% (not meaningful for |
| --- | --- | --- | --- | --- | --- |
|  |  |  |  |  | coverage below 50%) |
|  | 1Y | 3Y | 5Y | Launch |  |
| Portfolio Volatility* (%) | 16.64 | 22.89 | 20.29 | 16.62 |  |
| Benchmark Volatility (%) | 16.08 | 21.84 | 19.48 | 16.17 |  |
| Relative Risk/Tracking Error  (%) | 3.93 | 3.77 | 3.34 | 3.39 |  |
| Sharpe Ratio | 0.01 | 0.36 | 0.29 | 0.44 |  |
| Information Ratio | 1.20 | 0.07 | -0.59 | -0.08 |  |

% 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* | 2.37 | 1.09 | 0.69 | -5.60 | 20.13 | 21.46 | -1.50 | 31.61 | -7.33 | 9.98 | -8.07 | 303.57 |
| Benchmark | 2.54 | 0.52 | 1.75 | -7.37 | 25.14 | 44.32 | -4.63 | 27.36 | 3.02 | 13.65 | 1.48 | 492.70 |
| Excess Return | -0.18 | 0.58 | -1.06 | 1.77 | -5.01 | -22.87 | 3.12 | 4.25 | -10.35 | -3.67 | -9.55 | -189.13 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 32.62 | -5.72 | 26.16 | -19.07 | 3.79 | 13.21 | 11.28 | 15.49 | 31.74 | 17.95 |
| Benchmark | 25.29 | 6.12 | 29.61 | -10.30 | 8.14 | 14.11 | 12.06 | 16.39 | 27.34 | 14.25 |
| Excess Return | 7.33 | -11.84 | -3.45 | -8.77 | -4.35 | -0.91 | -0.78 | -0.89 | 4.40 | 3.70 |

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 |  |  |
| Deckers Outdoor Corp | 1.03 | 0.15 | 0.88 | Consumer Discretionary | North America |
| Lattice Semiconductor Corp | 0.96 | 0.14 | 0.82 | Information Technology | North America |
| Regal Rexnord Corp | 0.78 | 0.13 | 0.65 | Industrials | North America |
| Murphy USA Inc | 0.76 | 0.10 | 0.67 | Consumer Discretionary | North America |
| EMCOR Group Inc | 0.76 | 0.11 | 0.65 | Industrials | North America |
| Manhattan Associates Inc | 0.75 | 0.11 | 0.63 | Information Technology | North America |
| Jones Lang LaSalle Inc | 0.74 | 0.12 | 0.62 | Real Estate | North America |
| Marriott Vacations Worldwid... | 0.73 | 0.08 | 0.65 | Consumer Discretionary | North America |
| Centrica PLC | 0.73 | 0.10 | 0.63 | Utilities | Europe |
| SSAB AB | 0.71 | 0.07 | 0.64 | Materials | Europe |
| Total (%) | 7.94 | 1.12 |  |  |  |

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
| Deckers Outdoor Corp | 1.03 | 0.15 | 0.88 |  | First Solar Inc | 0.00 | 0.24 | -0.24 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Lattice Semiconductor Corp | 0.96 | 0.14 | 0.82 |  | Ovintiv Inc | 0.00 | 0.21 | -0.21 |
| Murphy USA Inc | 0.76 | 0.10 | 0.67 |  | Hubbell Inc | 0.00 | 0.20 | -0.20 |
| Owens Corning | 0.67 | 0.00 | 0.67 |  | First Horizon Corp | 0.00 | 0.19 | -0.19 |
| Regal Rexnord Corp | 0.78 | 0.13 | 0.65 |  | United Therapeutics Corp | 0.00 | 0.18 | -0.18 |
| Sector Breakdown (%) |  |  |  |  | Active Exposure by Sector (%) |  |  |  |

Portfolio	Benchmark
Industrials	21.67	19.00
Information Technology	16.28	11.11
Consumer Discretionary	13.85	12.46
Health Care	9.95	10.17
Financials	9.18	14.75
Materials	7.17	7.61
Real Estate	6.14	8.65
Consumer Staples	5.24	4.95
Energy	4.55	5.55
Utilities	2.31	3.09
Communication Services	1.95	2.66
Cash	1.71	0.00
-6	-5	-4	-3	-2	-1	0	1	2	3	4	5	6

## Geographical Breakdown (%)
Portfolio	Benchmark

## Active Exposure by Geography (%)
-2	-1	0	1	2
North America	63.68	64.78
Europe	19.28	18.70
Japan	10.68	10.76
Pacific ex-Japan	4.66	5.62
Emerging Markets	0.00	0.14
Cash	1.71	0.00
MarketCap Breakdown (USD - %)
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3
0	0 To 250mn	250mn To 500mn	500mn To 1bn	1bn To 3bn	3bn To 5bn	5bn To 10bn	10bn To 25bn	Cash
Port.	0.53	6.20	9.63	35.85	19.99	21.53	4.56	1.71
Bench.	0.21	1.98	8.79	35.50	24.43	25.69	3.41	-

Translation (ENIT, 2022-11-30):
# Performance e rischio
Numero complessivo di titoli
382	4506
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## Profilo del fondo
Rating ESG
Rating relativo ESG
Portafoglio* (20.13%)	Benchmark (25.14%)
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* (%) | 16.64 | 22.89 | 20.29 | 16.62 |
| Volatility benchmark (%) | 16.08 | 21.84 | 19.48 | 16.17 |
| Relative Risk/Tracking Error  (%) | 3.93 | 3.77 | 3.34 | 3.39 |
| Sharpe Ratio | 0.01 | 0.36 | 0.29 | 0.44 |
| Information ratio | 1.20 | 0.07 | -0.59 | -0.08 |

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 = 95.0% Benchmark = 99.2% (non significativo per copertura inferiore al 50%)
% di AUM coperta dall’indicatore di intensità CO2: Portafoglio = 63.1% Benchmark = 53.3% (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* | 2.37 | 1.09 | 0.69 | -5.60 | 20.13 | 21.46 | -1.50 | 31.61 | -7.33 | 9.98 | -8.07 | 303.57 |
| Benchmark | 2.54 | 0.52 | 1.75 | -7.37 | 25.14 | 44.32 | -4.63 | 27.36 | 3.02 | 13.65 | 1.48 | 492.70 |
| Differenze | -0.18 | 0.58 | -1.06 | 1.77 | -5.01 | -22.87 | 3.12 | 4.25 | -10.35 | -3.67 | -9.55 | -189.13 |

Performance annua (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portafoglio* | 32.62 | -5.72 | 26.16 | -19.07 | 3.79 | 13.21 | 11.28 | 15.49 | 31.74 | 17.95 |
| Benchmark | 25.29 | 6.12 | 29.61 | -10.30 | 8.14 | 14.11 | 12.06 | 16.39 | 27.34 | 14.25 |
| Differenze | 7.33 | -11.84 | -3.45 | -8.77 | -4.35 | -0.91 | -0.78 | -0.89 | 4.40 | 3.70 |

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 |  |  |
| Deckers Outdoor Corp | 1.03 | 0.15 | 0.88 | Beni di consumo ciclici | America del Nord |
| Lattice Semiconductor Corp | 0.96 | 0.14 | 0.82 | Tecnologia | America del Nord |
| Regal Rexnord Corp | 0.78 | 0.13 | 0.65 | Industriali | America del Nord |
| Murphy USA Inc | 0.76 | 0.10 | 0.67 | Beni di consumo ciclici | America del Nord |
| EMCOR Group Inc | 0.76 | 0.11 | 0.65 | Industriali | America del Nord |
| Manhattan Associates Inc | 0.75 | 0.11 | 0.63 | Tecnologia | America del Nord |
| Jones Lang LaSalle Inc | 0.74 | 0.12 | 0.62 | Investimento immobiliare | America del Nord |
| Marriott Vacations Worldwid... | 0.73 | 0.08 | 0.65 | Beni di consumo ciclici | America del Nord |
| Centrica PLC | 0.73 | 0.10 | 0.63 | Servizi Pubblici | Europa |
| SSAB AB | 0.71 | 0.07 | 0.64 | Materials | Europa |
| Totale (%) | 7.94 | 1.12 |  |  |  |

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
| Deckers Outdoor Corp | 1.03 | 0.15 | 0.88 |  | First Solar Inc | 0.00 | 0.24 | -0.24 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Lattice Semiconductor Corp | 0.96 | 0.14 | 0.82 |  | Ovintiv Inc | 0.00 | 0.21 | -0.21 |
| Murphy USA Inc | 0.76 | 0.10 | 0.67 |  | Hubbell Inc | 0.00 | 0.20 | -0.20 |
| Owens Corning | 0.67 | 0.00 | 0.67 |  | First Horizon Corp | 0.00 | 0.19 | -0.19 |
| Regal Rexnord Corp | 0.78 | 0.13 | 0.65 |  | United Therapeutics Corp | 0.00 | 0.18 | -0.18 |
| Ripartizione per settore (%) |  |  |  |  | Esposizione settoriale attiva (%) |  |  |  |

Portafoglio	Benchmark
Industriali	21.67	19.00
Tecnologia	16.28	11.11
Beni di consumo ciclici	13.85	12.46
Salute	9.95	10.17
Finanziari	9.18	14.75
Materials	7.17	7.61
Investimento immobiliare	6.14	8.65
Beni di cons. non cicl.	5.24	4.95
Energia	4.55	5.55
Servizi Pubblici	2.31	3.09
Servizi di Comunicazione	1.95	2.66
Liquidità	1.71	0.00
-6	-5	-4	-3	-2	-1	0	1	2	3	4	5	6

## Esposizione geografica (%)
Portafoglio	Benchmark

## Esposizione geografica attiva (%)
-2	-1	0	1	2
America del Nord	63.68	64.78
Europa	19.28	18.70
Giappone	10.68	10.76
Pacifico ex-Giappone	4.66	5.62
Emerging Markets	0.00	0.14
Liquidità	1.71	0.00
Ripartizione per cap. di mercato (USD - %)
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0	Da 0 a 250 Mio	Da 250 a 500 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	Liquidità
Port.	0.53	6.20	9.63	35.85	19.99	21.53	4.56	1.71
Bench.	0.21	1.98	8.79	35.50	24.43	25.69	3.41	-