# Performance & Risk
## Performance Evolution (CHF)
Number of Holdings	34	100
Turnover: Rolling 1Y (%)	26	-
Active Share (%)	40	-

## 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* (8.97%)	Benchmark (8.01%)
Data is rebased to 100 by AXA IM on the graph start date.
| Risk Analysis |  |
| --- | --- |
|  | 1Y | 3Y | 5Y | Launch |
| Portfolio Volatility* (%) | 22.08 | 15.80 | 14.28 | 15.30 |
| Benchmark Volatility (%) | 20.65 | 16.07 | 14.43 | 14.92 |
| Relative Risk/Tracking Error  (%) | 2.74 | 2.50 | 2.48 | 2.72 |
| Sharpe Ratio | -0.51 | 0.34 | 0.49 | 0.58 |
| Information Ratio | 0.34 | 0.85 | 0.76 | 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 = 97.1% Benchmark = 98.7% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 68.6% Benchmark = 76.6% (not meaningful for coverage below 50%)
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* | 4.07 | 0.51 | -5.32 | -18.01 | 8.97 | 24.80 | -13.63 | 17.23 | 7.63 | 19.80 | -4.40 | 724.87 |
| Benchmark | 3.85 | 0.80 | -5.33 | -17.69 | 8.01 | 24.54 | -13.03 | 19.17 | 4.22 | 21.52 | -5.12 | 1199.59 |
| Excess Return | 0.22 | -0.29 | 0.01 | -0.32 | 0.96 | 0.26 | -0.60 | -1.94 | 3.41 | -1.72 | 0.72 | -474.72 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 20.69 | 7.42 | 31.43 | -11.16 | 25.77 | 2.91 | 2.23 | 9.00 | 22.23 | 16.02 |
| Benchmark | 22.30 | 5.81 | 32.00 | -12.47 | 25.42 | 3.57 | 6.88 | 12.68 | 27.37 | 16.26 |
| Excess Return | -1.61 | 1.61 | -0.57 | 1.32 | 0.35 | -0.66 | -4.65 | -3.68 | -5.14 | -0.23 |

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 |  |  |
| Nestle SA | 9.35 | 10.01 | -0.67 | Consumer Staples | Switzerland |
| Roche Holding AG | 8.37 | 9.36 | -0.99 | Health Care | Switzerland |
| Novartis AG | 6.73 | 6.19 | 0.54 | Health Care | Switzerland |
| Ubs Group AG | 5.66 | 1.82 | 3.85 | Financials | Switzerland |
| Julius Baer Group Ltd | 5.15 | 2.69 | 2.46 | Financials | Switzerland |
| Zurich Insurance Group AG | 4.75 | 2.21 | 2.54 | Financials | Switzerland |
| ABB Ltd | 4.27 | 1.55 | 2.73 | Industrials | Switzerland |
| Barry Callebaut AG | 3.88 | 1.60 | 2.28 | Consumer Staples | Switzerland |
| Sig Group AG | 3.82 | 1.68 | 2.14 | Industrials | Switzerland |
| Swisscom AG | 3.62 | 3.02 | 0.61 | Telecommunications | Switzerland |
| Total (%) | 55.59 | 40.11 |  |  |  |

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
| Ubs Group AG | 5.66 | 1.82 | 3.85 |  | Lindt | 1.62 | 4.85 | -3.22 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| ABB Ltd | 4.27 | 1.55 | 2.73 |  | Schindler Holding AG | 0.00 | 2.50 | -2.50 |
| Straumann Holding Ag-reg | 3.10 | 0.39 | 2.70 |  | Swatch Group AG | 0.00 | 2.27 | -2.27 |
| Zurich Insurance Group AG | 4.75 | 2.21 | 2.54 |  | Kuehne + Nagel International AG | 1.21 | 3.03 | -1.83 |
| Julius Baer Group Ltd | 5.15 | 2.69 | 2.46 |  | Logitech International SA | 0.57 | 2.14 | -1.57 |
| Sector Breakdown (%) |  |  |  |  | Active Exposure by Sector (%) |  |  |  |

Portfolio	Benchmark
Health Care	27.11	22.31
Industrials	22.39	24.45
Financials	18.23	15.28
Consumer Staples	14.85	18.04
Telecommunications	3.62	3.36
Consumer Discretionary	3.11	5.39
Technology	2.72	4.51
Basic Materials	2.57	2.66
Real Estate	1.68	3.43
Utilities	0.78	0.56
Cash	2.93	0.00
-4	-3	-2	-1	0	1	2	3	4	5
MarketCap Breakdown (CHF - %)
30
27
24
21
18
15
12
9
6
3
0	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
Cash
Port.	-	-	4.36	10.69	18.68	12.22	26.67	6.73	17.71	2.93
Bench.	0.06	0.76	12.23	13.27	14.62	20.71	12.78	6.19	19.37	-

Translation (ENIT, 2022-11-30):
# Performance e rischio
Numero complessivo di titoli
34	100

## Evoluzione della performance (CHF)
Turnover: Rolling 1Y (%)	26	-
Active Share (%)	40	-

## 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
Portafoglio* (8.97%)	Benchmark (8.01%)
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* (%) | 22.08 | 15.80 | 14.28 | 15.30 |
| Volatility benchmark (%) | 20.65 | 16.07 | 14.43 | 14.92 |
| Relative Risk/Tracking Error  (%) | 2.74 | 2.50 | 2.48 | 2.72 |
| Sharpe Ratio | -0.51 | 0.34 | 0.49 | 0.58 |
| Information ratio | 0.34 | 0.85 | 0.76 | 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 = 97.1% Benchmark = 98.7% (non significativo per copertura inferiore al 50%)
% di AUM coperta dall’indicatore di intensità CO2: Portafoglio = 68.6% Benchmark = 76.6% (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* | 4.07 | 0.51 | -5.32 | -18.01 | 8.97 | 24.80 | -13.63 | 17.23 | 7.63 | 19.80 | -4.40 | 724.87 |
| Benchmark | 3.85 | 0.80 | -5.33 | -17.69 | 8.01 | 24.54 | -13.03 | 19.17 | 4.22 | 21.52 | -5.12 | 1199.59 |
| Differenze | 0.22 | -0.29 | 0.01 | -0.32 | 0.96 | 0.26 | -0.60 | -1.94 | 3.41 | -1.72 | 0.72 | -474.72 |

Performance annua (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portafoglio* | 20.69 | 7.42 | 31.43 | -11.16 | 25.77 | 2.91 | 2.23 | 9.00 | 22.23 | 16.02 |
| Benchmark | 22.30 | 5.81 | 32.00 | -12.47 | 25.42 | 3.57 | 6.88 | 12.68 | 27.37 | 16.26 |
| Differenze | -1.61 | 1.61 | -0.57 | 1.32 | 0.35 | -0.66 | -4.65 | -3.68 | -5.14 | -0.23 |

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 |  |  |
| Nestle SA | 9.35 | 10.01 | -0.67 | Beni di prima necessità | Svizzera |
| Roche Holding AG | 8.37 | 9.36 | -0.99 | Salute | Svizzera |
| Novartis AG | 6.73 | 6.19 | 0.54 | Salute | Svizzera |
| Ubs Group AG | 5.66 | 1.82 | 3.85 | Finanza | Svizzera |
| Julius Baer Group Ltd | 5.15 | 2.69 | 2.46 | Finanza | Svizzera |
| Zurich Insurance Group AG | 4.75 | 2.21 | 2.54 | Finanza | Svizzera |
| ABB Ltd | 4.27 | 1.55 | 2.73 | Industria | Svizzera |
| Barry Callebaut AG | 3.88 | 1.60 | 2.28 | Beni di prima necessità | Svizzera |
| Sig Group AG | 3.82 | 1.68 | 2.14 | Industria | Svizzera |
| Swisscom AG | 3.62 | 3.02 | 0.61 | Telecomunicazioni | Svizzera |
| Totale (%) | 55.59 | 40.11 |  |  |  |

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
| Ubs Group AG | 5.66 | 1.82 | 3.85 |  | Lindt | 1.62 | 4.85 | -3.22 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| ABB Ltd | 4.27 | 1.55 | 2.73 |  | Schindler Holding AG | 0.00 | 2.50 | -2.50 |
| Straumann Holding Ag-reg | 3.10 | 0.39 | 2.70 |  | Swatch Group AG | 0.00 | 2.27 | -2.27 |
| Zurich Insurance Group AG | 4.75 | 2.21 | 2.54 |  | Kuehne + Nagel International AG | 1.21 | 3.03 | -1.83 |
| Julius Baer Group Ltd | 5.15 | 2.69 | 2.46 |  | Logitech International SA | 0.57 | 2.14 | -1.57 |
| Ripartizione per settore (%) |  |  |  |  | Esposizione settoriale attiva (%) |  |  |  |

Portafoglio	Benchmark
Salute	27.11	22.31
Industria	22.39	24.45
Finanza	18.23	15.28
Beni di prima necessità	14.85	18.04
Telecomunicazioni	3.62	3.36
Beni voluttuari	3.11	5.39
Tecnologia	2.72	4.51
Chimica e Materie prime	2.57	2.66
Immobiliare	1.68	3.43
Servizi Pubblici	0.78	0.56
Liquidità	2.93	0.00
-4	-3	-2	-1	0	1	2	3	4	5
Ripartizione per cap. di mercato (CHF - %)
30
27
24
21
18
15
12
9
6
3
0	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
Liquidità
Port.	-	-	4.36	10.69	18.68	12.22	26.67	6.73	17.71	2.93
Bench.	0.06	0.76	12.23	13.27	14.62	20.71	12.78	6.19	19.37	-