# Performance & Risk
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## Performance Evolution (USD)
160
140
120
100
80
60
Number of Holdings	63	10455
Turnover: Rolling 1Y (%)	30	-
Active Share (%)	98	-

## Fund Profile
ESG Rating
ESG Relative Rating
29/11/19
30/05/20
30/11/20
30/05/21
30/11/21
30/05/22 30/11/22
CO2 Relative rating
Portfolio* (-5.67%)	Benchmark (16.07%)
Data is rebased to 100 by AXA IM on the graph start date.
| Risk Analysis |  |
| --- | --- |
|  | 1Y | 3Y | 5Y | Launch |
| Portfolio Volatility* (%) | 30.93 | 24.95 | 21.36 | 16.89 |
| Benchmark Volatility (%) | 24.92 | 24.11 | 20.90 | 16.64 |
| Relative Risk/Tracking Error  (%) | 9.98 | 9.45 | 7.90 | 6.59 |
| Sharpe Ratio | -0.84 | -0.02 | 0.00 | 0.38 |
| Information Ratio | -1.23 | -0.53 | -0.33 | -0.03 |

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 = 99.4% Benchmark = 89.4% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 35.9% Benchmark = 49.7% (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* | 8.18 | 5.74 | -0.55 | -26.92 | -5.67 | -3.61 | -26.49 | 11.93 | 14.66 | 5.26 | -2.93 | 65.68 |
| Benchmark | 6.78 | 2.63 | -2.33 | -15.79 | 16.07 | 21.09 | -12.75 | 18.60 | 12.17 | 9.74 | -4.94 | 105.41 |
| Excess Return | 1.40 | 3.12 | 1.78 | -11.13 | -21.74 | -24.69 | -13.75 | -6.67 | 2.49 | -4.48 | 2.01 | -39.73 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 5.12 | 19.65 | 17.90 | -12.02 | 29.41 | -1.03 | 7.06 | 2.35 | - | - |
| Benchmark | 14.95 | 15.68 | 24.66 | -14.72 | 23.77 | 10.78 | -0.64 | 1.45 | - | - |
| Excess Return | -9.82 | 3.97 | -6.76 | 2.70 | 5.64 | -11.82 | 7.71 | 0.90 | - | - |

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 |  |  |
| Gsi Group Inc | 3.40 | 0.06 | 3.35 | Information Technology | USA |
| Switch Inc | 3.27 | 0.05 | 3.22 | Information Technology | USA |
| MGP Ingredients Inc | 3.07 | 0.02 | 3.05 | Consumer Staples | USA |
| Edenred | 2.95 | - | 2.95 | Industrials | France |
| Tetra Tech Inc | 2.95 | 0.08 | 2.86 | Industrials | USA |
| ICON PLC | 2.90 | - | 2.90 | Health Care | USA |
| Badger Meter Inc | 2.76 | 0.03 | 2.73 | Information Technology | USA |
| Nihon M&A Center Holdings Inc | 2.41 | - | 2.41 | Industrials | Japan |
| CyberArk Software Ltd | 2.33 | - | 2.33 | Information Technology | Israel |
| BTRS Holdings Inc | 2.28 | 0.01 | 2.28 | Information Technology | USA |
| Total (%) | 28.33 | 0.25 |  |  |  |

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
| Gsi Group Inc | 3.40 | 0.06 | 3.35 |  | Horizon Therapeutics Plc | 0.00 | 0.23 | -0.23 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Switch Inc | 3.27 | 0.05 | 3.22 |  | Steel Dynamics Inc | 0.00 | 0.18 | -0.18 |
| MGP Ingredients Inc | 3.07 | 0.02 | 3.05 |  | ABIOMED Inc | 0.00 | 0.17 | -0.17 |
| Edenred | 2.95 | 0.00 | 2.95 |  | First Solar Inc | 0.00 | 0.17 | -0.17 |
| ICON PLC | 2.90 | 0.00 | 2.90 |  | Targa Resources Corp | 0.00 | 0.17 | -0.17 |
| Sector Breakdown (%) |  |  |  |  | Active Exposure by Sector (%) |  |  |  |

Portfolio	Benchmark
Information Technology	30.73	12.75
Industrials	19.35	17.73
Consumer Discretionary	12.53	12.92
Health Care	11.60	10.96
Financials	8.73	13.70
Consumer Staples	4.60	4.67
Communication Services	4.55	3.43
Real Estate	3.03	8.06
Materials	1.04	8.50
Not classified	0.00	0.00
Utilities	0.00	2.68
Energy	0.00	4.59
Cash	3.83	0.00
-9	-6	-3	0	3	6	9	12	15	18	21

## Geographical Breakdown (%)
Portfolio	Benchmark
USA	58.52	60.37
Japan	7.46	6.72
France	5.79	2.01
Italy	4.89	0.74
United Kingdom	4.71	3.71
Australia	3.91	1.94
Israel	2.33	0.29
Netherlands	1.93	0.90
Luxemburg	1.53	0.05
Canada	1.52	3.21
Norway	1.28	0.34
Peru	1.05	0.04
Other	1.26	19.69
Cash	3.83	0.00

## Active Exposure by Geography (%)
-21	-18	-15	-12	-9	-6	-3	0	3	6
MarketCap Breakdown (USD - %)
36
33
30
27
24
21
18
15
12
9
6
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.	-	1.00	3.40	28.09	32.90	20.78	10.00	3.83
Bench.	2.28	4.76	10.07	28.56	16.56	23.26	14.52	-

Translation (ENIT, 2022-11-30):
# Performance e rischio
Numero complessivo di titoli
63	10455
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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* (-5.67%)	Benchmark (16.07%)
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* (%) | 30.93 | 24.95 | 21.36 | 16.89 |
| Volatility benchmark (%) | 24.92 | 24.11 | 20.90 | 16.64 |
| Relative Risk/Tracking Error  (%) | 9.98 | 9.45 | 7.90 | 6.59 |
| Sharpe Ratio | -0.84 | -0.02 | 0.00 | 0.38 |
| Information ratio | -1.23 | -0.53 | -0.33 | -0.03 |

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 = 99.4% Benchmark = 89.4% (non significativo per copertura inferiore al 50%)
% di AUM coperta dall’indicatore di intensità CO2: Portafoglio = 35.9% Benchmark = 49.7% (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* | 8.18 | 5.74 | -0.55 | -26.92 | -5.67 | -3.61 | -26.49 | 11.93 | 14.66 | 5.26 | -2.93 | 65.68 |
| Benchmark | 6.78 | 2.63 | -2.33 | -15.79 | 16.07 | 21.09 | -12.75 | 18.60 | 12.17 | 9.74 | -4.94 | 105.41 |
| Differenze | 1.40 | 3.12 | 1.78 | -11.13 | -21.74 | -24.69 | -13.75 | -6.67 | 2.49 | -4.48 | 2.01 | -39.73 |

Performance annua (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portafoglio* | 5.12 | 19.65 | 17.90 | -12.02 | 29.41 | -1.03 | 7.06 | 2.35 | - | - |
| Benchmark | 14.95 | 15.68 | 24.66 | -14.72 | 23.77 | 10.78 | -0.64 | 1.45 | - | - |
| Differenze | -9.82 | 3.97 | -6.76 | 2.70 | 5.64 | -11.82 | 7.71 | 0.90 | - | - |

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 |  |  |
| Gsi Group Inc | 3.40 | 0.06 | 3.35 | Tecnologia | Stati Uniti |
| Switch Inc | 3.27 | 0.05 | 3.22 | Tecnologia | Stati Uniti |
| MGP Ingredients Inc | 3.07 | 0.02 | 3.05 | Beni di cons. non cicl. | Stati Uniti |
| Edenred | 2.95 | - | 2.95 | Industriali | Francia |
| Tetra Tech Inc | 2.95 | 0.08 | 2.86 | Industriali | Stati Uniti |
| ICON PLC | 2.90 | - | 2.90 | Salute | Stati Uniti |
| Badger Meter Inc | 2.76 | 0.03 | 2.73 | Tecnologia | Stati Uniti |
| Nihon M&A Center Holdings Inc | 2.41 | - | 2.41 | Industriali | Giappone |
| CyberArk Software Ltd | 2.33 | - | 2.33 | Tecnologia | Israele |
| BTRS Holdings Inc | 2.28 | 0.01 | 2.28 | Tecnologia | Stati Uniti |
| Totale (%) | 28.33 | 0.25 |  |  |  |

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
| Gsi Group Inc | 3.40 | 0.06 | 3.35 |  | Horizon Therapeutics Plc | 0.00 | 0.23 | -0.23 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Switch Inc | 3.27 | 0.05 | 3.22 |  | Steel Dynamics Inc | 0.00 | 0.18 | -0.18 |
| MGP Ingredients Inc | 3.07 | 0.02 | 3.05 |  | ABIOMED Inc | 0.00 | 0.17 | -0.17 |
| Edenred | 2.95 | 0.00 | 2.95 |  | First Solar Inc | 0.00 | 0.17 | -0.17 |
| ICON PLC | 2.90 | 0.00 | 2.90 |  | Targa Resources Corp | 0.00 | 0.17 | -0.17 |
| Ripartizione per settore (%) |  |  |  |  | Esposizione settoriale attiva (%) |  |  |  |

Portafoglio	Benchmark
Tecnologia	30.73	12.75
Industriali	19.35	17.73
Beni di consumo ciclici	12.53	12.92
Salute	11.60	10.96
Finanziari	8.73	13.70
Beni di cons. non cicl.	4.60	4.67
Servizi di Comunicazione	4.55	3.43
Investimento immobiliare	3.03	8.06
Materials	1.04	8.50
Not Classified	0.00	0.00
Servizi Pubblici	0.00	2.68
Energia	0.00	4.59
Liquidità	3.83	0.00
-9	-6	-3	0	3	6	9	12	15	18	21

## Esposizione geografica (%)
Portafoglio	Benchmark

## Esposizione geografica attiva (%)
-21	-18	-15	-12	-9	-6	-3	0	3	6
Stati Uniti	58.52	60.37
Giappone	7.46	6.72
Francia	5.79	2.01
Italia	4.89	0.74
Regno Unito	4.71	3.71
Australia	3.91	1.94
Israele	2.33	0.29
Olanda	1.93	0.90
Lussemburgo	1.53	0.05
Canadà	1.52	3.21
Norvegia	1.28	0.34
Peru'	1.05	0.04
Altro	1.26	19.69
Liquidità	3.83	0.00
Analisi del portafoglio 
(continua)
Ripartizione per cap. di mercato (USD - %)
36
33
30
27
24
21
18
15
12
9
6
3
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.	-	1.00	3.40	28.09	32.90	20.78	10.00	3.83
Bench.	2.28	4.76	10.07	28.56	16.56	23.26	14.52	-