# Performance & Risk
## Performance Evolution (EUR)
% of AUM covered by ESG absolute rating: Portfolio = 83.8% (not meaningful for coverage below 50%)
|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
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105
102
99
96
93
90
29/11/19
30/05/20
30/11/20
30/05/21
30/11/21
30/05/22 30/11/22
Portfolio* (-6.56%)
Data is rebased to 100 by AXA IM on the graph start date.
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.
| Risk Analysis |  |
| --- | --- |
|  | 1Y | 3Y | 5Y | Launch |
| Portfolio Volatility* (%) | 5.49 | 5.33 | 4.52 | 6.16 |
| Sharpe Ratio | -0.92 | -0.12 | 0.02 | 0.32 |
| 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* | -0.17 | -2.40 | -4.36 | -7.36 | -6.56 | -7.21 | -6.38 | 0.32 | -0.50 | 1.92 | -2.57 | 23.58 |
| Annual Calendar Performance (%) |
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| Portfolio* | -0.34 | 0.30 | 4.31 | -3.90 | 5.21 | 6.28 | -1.52 | 5.28 | 2.00 | 9.88 |

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.

## Asset Allocation (%)
0	10	20	30	40	50	60	70	80	90	100	110
| Equities | 34.64 | 26.35 | 18.91 | 18.53 | 18.90 | 16.84 | 13.53 | 13.94 | 13.36 | 15.13 | 11.87 | 10.11 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Diversif. | 0.75 | 0.78 | 0.80 | 0.81 | 2.84 | 5.26 | 6.54 | 7.51 | 7.57 | 7.83 | 7.77 | 9.02 |
| Bonds | 49.88 | 49.89 | 53.44 | 54.79 | 45.68 | 43.08 | 44.15 | 43.54 | 42.76 | 45.41 | 48.44 | 42.11 |
| Monetary | 14.72 | 22.98 | 26.85 | 25.87 | 32.57 | 34.83 | 35.78 | 35.01 | 36.31 | 31.64 | 31.92 | 38.76 |

31/12/2021
31/01/2022
28/02/2022
31/03/2022
29/04/2022
31/05/2022
30/06/2022
29/07/2022
31/08/2022
30/09/2022
31/10/2022
30/11/2022
For the Asset allocation, the equities derivatives exposure is included in the equities part . The counterpart of this exposure is included in the monetary part and gives an overall exposure of 100%.

## Currency Breakdown (%)
70
|  |  |  |
| --- | --- | --- |
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60
50
40
30
20
10
0
|  | EUR | USD | CHF | JPY | GBP | SEK | Other |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | Portfolio | 61.66 | 31.89 | 2.68 | 2.30 | 2.08 | 1.79 | -2.39 |

-10
Source(s): AXA Investment Managers - GICS as at 30/11/2022
For more information about AXA IM, visit axa-im.com
| Sector Breakdown (%) |  |  | Geographical Breakdown (%) |  |
| --- | --- | --- | --- | --- |
|  | Portfolio |  |  | Portfolio |
| Industrials | 34.11 |  | Others | 5.50 |
| IT | 23.63 |  | Japan | 3.28 |
| Cons. stap. | 22.30 |  | Emerging Markets | 0.66 |
| Health Care | 18.03 |  | North America | 0.49 |
| Financials | 11.83 |  | European Economic Area | -0.50 |
| Materials | 5.34 |  |
| Energy | 3.98 |
| Cons. disc. | 1.46 |
| Communication Services | -2.39 |
| Real estate | -2.61 |
| Utilities | -5.32 |
| Not classified | -10.34 |
| MarketCap Breakdown (EUR - %) |  |

16
14
12
10
8
6
4
2
0	0 To
250mn
250mn To 500mn
500mn To 1bn
1bn To 3bn
3bn To 5bn
5bn To 10bn
10bn To 25bn
25bn To 100bn
100bn To 250bn
More Than 250bn
Port.	0.17	0.06	0.23	0.58	2.44	3.08	4.59	14.45	4.97	5.37
Source(s): AXA Investment Managers - GICS as at 30/11/2022
For more information about AXA IM, visit axa-im.com
| Top 10 Holdings |  |
| --- | --- |
| Equity | Weighting (%) | Sector | Issuer country | Currency |
| Nestle SA | 6.12 | Cons. stap. | European Economic Area | CHF |
| Prysmian SpA | 4.47 | Industrials | European Economic Area | EUR |
| Keyence Corp | 3.89 | IT | Japan | JPY |
| Rio Tinto PLC | 3.58 | Materials | Others | GBP |
| Volvo AB | 3.58 | Industrials | European Economic Area | SEK |
| Diageo PLC | 3.37 | Cons. stap. | Others | GBP |
| Moody's Corp | 3.34 | Financials | North America | USD |
| STELLANTIS NV | 2.98 | Cons. disc. | European Economic Area | EUR |
| L'Occitane Ltd | 2.72 | Cons. stap. | European Economic Area | HKD |
| Roche Holding AG | 2.68 | Health Care | European Economic Area | CHF |
| Total (%) | 36.73 |  |  |  |

Fixed Income : 42% of the overall portfolio
| Fund Key Metrics |  |
| --- | --- |
|  | Portfolio |  |  | Portfolio |
| Number of Holdings | 262 | Mod. Duration |  | 1.87 |
| Number of Issuers | 157 | Yield To Worst (%) |  | 4.34 |
| Linear Average Rating | BBB+ |  |  |  |
| Top 10 Holdings |  |  |  |  |
| Name | Weighting (%) | Issuer country | Modified duration | Contribution |
| German Inflation Linked Bond 0.1% 04/15/2026 | 5.10 | European Economic Area | 3.4 | 0.20 |
| France Government Bond OAT 1.85% 07/25/2027 | 3.87 | European Economic Area | 4.5 | 0.20 |
| Intesa Sanpaolo SpA 5.02% 06/26/2024 | 3.04 | European Economic Area | 1.4 | 0.00 |
| BWAY Holding Co 5.5% 04/15/2024 | 2.96 | North America | 0.1 | 0.00 |
| Netflix Inc 5.875% 02/15/2025 | 2.90 | North America | 2.0 | 0.10 |
| Uber Technologies Inc 7.5% 05/15/2025 | 2.89 | North America | 0.1 | 0.00 |
| France Government Bond OAT 0.25% 07/25/2024 | 2.43 | European Economic Area | 1.7 | 0.00 |
| UK Gilt Inflation Linked 0.125% 03/22/2026 | 2.35 | Others | 3.3 | 0.10 |
| BNP Paribas SA 1.125% 11/22/2023 | 2.24 | European Economic Area | 0.9 | 0.00 |
| LVMH Moet Hennessy Louis Vuitton 02/11/2024 | 1.77 | European Economic Area | 1.0 | 0.00 |
| Total (%) | 29.55 |  |  |  |

Source(s): AXA Investment Managers - GICS as at 30/11/2022
For more information about AXA IM, visit axa-im.com

## Maturity Breakdown (%)
30
20
10
0
| -10 | 0-1 year | 1-3 years | 3-5 years | 5-7 years | 7-10 years | 10-20 years | +20 years |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio | 6.53 | 18.89 | 17.29 | -8.03 | 0.87 | 0.69 | 1.05 |


## Rating Breakdown (%)
30
20
10
| 0 | AAA | AA | A | BBB | BB | B | CCC | NR |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio | 1.90 | 3.93 | 11.56 | 24.92 | 4.79 | 1.83 | - | 0.83 |


## Instrument Type Breakdown (%)
30
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| --- | --- | --- | --- | --- |
|  |  |  |
|  |  |  |

20
10
0
-10
-20
Industrials	Financial	Sovereign	Utility	Quasi & Foreign
Government
Not Classified
Portfolio	19.80	18.81	5.63	4.60	0.15	-11.71
Diversification : 9% of the overall portfolio
| Equity | Weighting (%) | Issuer country | Currency |
| --- | --- | --- | --- |
| iShares Physical Gold ETC | 4.84 | European Economic Area | USD |
| AXA WF Dynamic Optimal Income | 2.14 | European Economic Area | USD |
| AXA IM WAVe Cat Bonds Fund | 0.60 | Others | EUR |
| AXA IM WAVe Cat Bonds Fund | 0.31 | Others | USD |
| Total (%) | 7.89 |  |  |
| For more information about AXA IM, visit axa-im.com |  |  |  |


## Top 10 Holdings
Source(s): AXA Investment Managers - GICS as at 30/11/2022

Translation (ENIT, 2022-11-30):
# Performance e rischio
## Evoluzione della performance (EUR)
% di AUM coperta dal rating assoluto ESG: Portafoglio = 83.8% (non significativo per copertura inferiore al 50%)
|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
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|  |  |  |  |  |  |
|  |  |  |  |  |  |

105
102
99
96
93
90
29/11/19
30/05/20
30/11/20
30/05/21
30/11/21
30/05/22 30/11/22
Portafoglio* (-6.56%)
I dati sono calcolati su base 100 da AXA IM alla data di partenza indicata nel grafico.
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 rischio |  |
| --- | --- |
|  | 1 anno | 3 anni | 5 anni | Lancio |
| Volatility del portafoglio* (%) | 5.49 | 5.33 | 4.52 | 6.16 |
| Sharpe Ratio | -0.92 | -0.12 | 0.02 | 0.32 |
| Performance rolling (%) |  |  |  |  |

30/11/22
1 mese	3 mesi	6 mesi	YTD	3 anni	5 anni	30/11/21
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*	-0.17	-2.40	-4.36	-7.36	-6.56	-7.21	-6.38	0.32	-0.50	1.92	-2.57	23.58

## Performance annua (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portafoglio* | -0.34 | 0.30 | 4.31 | -3.90 | 5.21 | 6.28 | -1.52 | 5.28 | 2.00 | 9.88 |

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.

## Asset Allocation (%)
0	10	20	30	40	50	60	70	80	90	100	110
| Azioni | 34.64 | 26.35 | 18.91 | 18.53 | 18.90 | 16.84 | 13.53 | 13.94 | 13.36 | 15.13 | 11.87 | 10.11 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Diversificazione | 0.75 | 0.78 | 0.80 | 0.81 | 2.84 | 5.26 | 6.54 | 7.51 | 7.57 | 7.83 | 7.77 | 9.02 |
| Obbligazioni | 49.88 | 49.89 | 53.44 | 54.79 | 45.68 | 43.08 | 44.15 | 43.54 | 42.76 | 45.41 | 48.44 | 42.11 |
| Liquidità | 14.72 | 22.98 | 26.85 | 25.87 | 32.57 | 34.83 | 35.78 | 35.01 | 36.31 | 31.64 | 31.92 | 38.76 |

31/12/2021
31/01/2022
28/02/2022
31/03/2022
29/04/2022
31/05/2022
30/06/2022
29/07/2022
31/08/2022
30/09/2022
31/10/2022
30/11/2022
Per i dati di Asset Allocation, l'esposizione azionaria in strumenti derivati viene inclusa nella quota azionaria. La contropartita di tale esposizione è inclusa nella parte monetaria in modo tale da ottenere un'esposizione globale del 100%.

## Esposizione valutaria (%)
70
60
50
40
30
20
10
0
|  | EUR | USD | CHF | JPY | GBP | SEK | Altro |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | Portafoglio | 61.66 | 31.89 | 2.68 | 2.30 | 2.08 | 1.79 | -2.39 |

-10
Fonti : AXA Investment Managers - GICS al 30/11/2022
Maggiori informazioni su AXA IM disponibili su axa-im.com
| Ripartizione per settore (%) |  |  | Esposizione geografica (%) |  |
| --- | --- | --- | --- | --- |
|  | Portafoglio |  |  | Portafoglio |
| Industriali | 34.11 |  | Altro | 5.50 |
| Tecnologia | 23.63 |  | Giappone | 3.28 |
| Cons. non cicl. | 22.30 |  | Mercati Emergenti | 0.66 |
| Salute | 18.03 |  | North America | 0.49 |
| Finanziari | 11.83 |  | I paesi membri della zona SEE | -0.50 |
| Materials | 5.34 |  |
| Energia | 3.98 |
| Cons. Cicl. | 1.46 |
| Serv. Di Com | -2.39 |
| Inv. Immob. | -2.61 |
| Serv. Pubb. | -5.32 |
| Non class. | -10.34 |
| Ripartizione per cap. di mercato (EUR - %) |  |

16
14
12
10
8
6
4
2
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
Da 25 a
100 Mrd
Da 100 a
250 Mrd
Più di 250 Mrd
Port.	0.17	0.06	0.23	0.58	2.44	3.08	4.59	14.45	4.97	5.37
Fonti : AXA Investment Managers - GICS al 30/11/2022
Maggiori informazioni su AXA IM disponibili su axa-im.com
| Top 10 Holdings |  |
| --- | --- |
| Azione | Peso (%) | Settore | Paese | Divisa |
| Nestle SA | 6.12 | Cons. non cicl. | I paesi membri della zona SEE | CHF |
| Prysmian SpA | 4.47 | Industriali | I paesi membri della zona SEE | EUR |
| Keyence Corp | 3.89 | Tecnologia | Giappone | JPY |
| Rio Tinto PLC | 3.58 | Materials | Altro | GBP |
| Volvo AB | 3.58 | Industriali | I paesi membri della zona SEE | SEK |
| Diageo PLC | 3.37 | Cons. non cicl. | Altro | GBP |
| Moody's Corp | 3.34 | Finanziari | North America | USD |
| STELLANTIS NV | 2.98 | Cons. Cicl. | I paesi membri della zona SEE | EUR |
| L'Occitane Ltd | 2.72 | Cons. non cicl. | I paesi membri della zona SEE | HKD |
| Roche Holding AG | 2.68 | Salute | I paesi membri della zona SEE | CHF |
| Totale (%) | 36.73 |  |  |  |

Reddito fisso : 42% del portafoglio complessivo

## Caratteristiche del portafoglio
Numero complessivo di titoli
Portafoglio
262
Portafoglio
Mod. Duration	1.87
Yield to worst (%)	4.34
Numero di emittenti	157
Rating medio - metodo lineare	BBB+
| Linee principali |  |
| --- | --- |
| Denominazione | Peso (%) | Paese | Modified duration | Contributo |
| German Inflation Linked Bond 0.1% 04/15/2026 | 5.10 | I paesi membri della zona SEE | 3.4 | 0.20 |
| France Government Bond OAT 1.85% 07/25/2027 | 3.87 | I paesi membri della zona SEE | 4.5 | 0.20 |
| Intesa Sanpaolo SpA 5.02% 06/26/2024 | 3.04 | I paesi membri della zona SEE | 1.4 | 0.00 |
| BWAY Holding Co 5.5% 04/15/2024 | 2.96 | North America | 0.1 | 0.00 |
| Netflix Inc 5.875% 02/15/2025 | 2.90 | North America | 2.0 | 0.10 |
| Uber Technologies Inc 7.5% 05/15/2025 | 2.89 | North America | 0.1 | 0.00 |
| France Government Bond OAT 0.25% 07/25/2024 | 2.43 | I paesi membri della zona SEE | 1.7 | 0.00 |
| UK Gilt Inflation Linked 0.125% 03/22/2026 | 2.35 | Altro | 3.3 | 0.10 |
| BNP Paribas SA 1.125% 11/22/2023 | 2.24 | I paesi membri della zona SEE | 0.9 | 0.00 |
| LVMH Moet Hennessy Louis Vuitton 02/11/2024 | 1.77 | I paesi membri della zona SEE | 1.0 | 0.00 |
| Totale (%) | 29.55 |  |  |  |

Fonti : AXA Investment Managers - GICS al 30/11/2022
Maggiori informazioni su AXA IM disponibili su axa-im.com

## Ripartizione per vita residua (%)
30
20
10
0
| -10 | 0-1 anni | 1-3 anni | 3-5 anni | 5-7 anni | 7-10 anni | 10-20 anni | +20 anni |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Portafoglio | 6.53 | 18.89 | 17.29 | -8.03 | 0.87 | 0.69 | 1.05 |


## Ripartizione per rating (%)
30
20
10
| 0 | AAA | AA | A | BBB | BB | B | CCC | NR |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portafoglio | 1.90 | 3.93 | 11.56 | 24.92 | 4.79 | 1.83 | - | 0.83 |


## Esposizione per tipo di strumento (%)
30
|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  |  |  |
|  |  |  |

20
10
0
-10
-20
Industria	Finanziari	Sovereign	Servizi pubblici	Quasi & Foreign
Government
Non classificato
Portafoglio	19.80	18.81	5.63	4.60	0.15	-11.71
Diversificazione : 9% del portafoglio complessivo
| Azione | Peso (%) | Paese | Divisa |
| --- | --- | --- | --- |
| iShares Physical Gold ETC | 4.84 | I paesi membri della zona SEE | USD |
| AXA WF Dynamic Optimal Income | 2.14 | I paesi membri della zona SEE | USD |
| AXA IM WAVe Cat Bonds Fund | 0.60 | Altro | EUR |
| AXA IM WAVe Cat Bonds Fund | 0.31 | Altro | USD |
| Totale (%) | 7.89 |  |  |
| Maggiori informazioni su AXA IM disponibili su axa-im.com |  |  |  |


## Top 10 Holdings
Fonti : AXA Investment Managers - GICS al 30/11/2022