# Performance & Risk
## Performance Evolution (EUR)
CO2 Relative rating
% of AUM covered by ESG absolute rating: Portfolio = 99.2% Benchmark = 100.0% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 84.2% Benchmark = 79.2% (not meaningful for coverage below 50%)
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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
Portfolio* (33.40%)	Benchmark (33.12%)
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.
| Risk Analysis |  |
| --- | --- |
|  | 1Y | 3Y | 5Y | Launch |
| Portfolio Volatility* (%) | 16.16 | 16.07 | 14.11 | 12.20 |
| Benchmark Volatility (%) | 19.15 | 17.76 | 15.77 | 13.49 |
| Relative Risk/Tracking Error  (%) | 5.23 | 3.77 | 3.66 | 3.27 |
| Sharpe Ratio | 0.15 | 0.66 | 0.85 | 1.03 |
| Information Ratio | 0.95 | 0.10 | 0.34 | 0.36 |


## 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* | 2.56 | 2.69 | 4.74 | -2.72 | 33.40 | 72.19 | 2.10 | 28.06 | 2.03 | 18.97 | 8.50 | 189.95 |
| Benchmark | 2.66 | 1.54 | 2.19 | -5.58 | 33.12 | 65.11 | -2.55 | 29.42 | 5.56 | 17.61 | 5.45 | 172.90 |
| Excess Return | -0.11 | 1.15 | 2.55 | 2.86 | 0.27 | 7.08 | 4.65 | -1.36 | -3.53 | 1.36 | 3.05 | 17.05 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 33.17 | 2.46 | 29.93 | -0.23 | 6.99 | 9.45 | 13.23 | 22.17 | - | - |
| Benchmark | 31.07 | 6.33 | 30.02 | -4.11 | 7.51 | 10.73 | 10.42 | 19.50 | - | - |
| Excess Return | 2.11 | -3.87 | -0.09 | 3.88 | -0.52 | -1.27 | 2.81 | 2.67 | - | - |

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.
| Top 10 Holdings |  |
| --- | --- |
| Equity |  |  | Weighting (%) | Sector | Geography |
|  | Portfolio | Benchmark | Relative |  |  |
| Apple Inc | 4.32 | 4.58 | -0.26 | Information Technology | United States |
| Microsoft Corp | 3.29 | 3.47 | -0.18 | Information Technology | United States |
| Alphabet Inc | 1.76 | 2.26 | -0.50 | Communication Services | United States |
| Berkshire Hathaway Inc | 1.44 | 0.78 | 0.66 | Financials | United States |
| Procter & Gamble Co | 1.22 | 0.68 | 0.53 | Consumer Staples | United States |
| Coca-Cola Co | 1.11 | 0.50 | 0.61 | Consumer Staples | United States |
| PepsiCo Inc | 1.09 | 0.49 | 0.60 | Consumer Staples | United States |
| UnitedHealth Group Inc | 0.96 | 0.98 | -0.02 | Health Care | United States |
| Amazon.com Inc | 0.96 | 1.69 | -0.73 | Consumer Discretionary | United States |
| Home Depot Inc | 0.92 | 0.64 | 0.29 | Consumer Discretionary | United States |
| Total (%) | 17.06 | 16.09 |  |  |  |

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
| 3M Co | 0.83 | 0.13 | 0.70 |  | Exxon Mobil Corp | 0.00 | 0.90 | -0.90 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Berkshire Hathaway Inc | 1.44 | 0.78 | 0.66 |  | Johnson & Johnson | 0.00 | 0.90 | -0.90 |
| Norfolk Southern Corp | 0.77 | 0.12 | 0.65 |  | NVIDIA Corp | 0.00 | 0.81 | -0.81 |
| Travelers Cos Inc | 0.73 | 0.09 | 0.64 |  | Amazon.com Inc | 0.96 | 1.69 | -0.73 |
| Coca-Cola Co | 1.11 | 0.50 | 0.61 |  | Chevron Corp | 0.00 | 0.65 | -0.65 |
| Sector Breakdown (%) |  |  |  |  | Active Exposure by Sector (%) |  |  |  |

Portfolio	Benchmark
Financials	20.38	14.03
Information Technology	18.10	20.94
Industrials	15.50	10.44
Consumer Staples	13.56	7.72
Health Care	12.65	14.13
Consumer Discretionary	5.20	10.46
Communication Services	5.12	6.58
Materials	3.53	4.40
Real Estate	2.87	2.65
Utilities	1.83	3.03
Energy	0.41	5.62
Cash	0.85	0.00
-6	-5	-4	-3	-2	-1	0	1	2	3	4	5	6	7

## Geographical Breakdown (%)
Portfolio	Benchmark
United States	71.44	68.60
Canada	5.54	3.47
Japan	4.77	5.97
Switzerland	3.32	2.92
Germany	2.30	2.21
Netherlands	1.80	1.41
United Kingdom	1.73	4.19
Australia	1.14	2.18
Sweden	1.10	0.85
France	0.97	3.19
Norway	0.88	0.22
Italy	0.74	0.56
Other	3.40	4.23
Cash	0.85	0.00

## Active Exposure by Geography (%)
-3	-2	-1	0	1	2	3
MarketCap Breakdown (USD - %)
48
44
40
36
32
28
24
20
16
12
8
4
0	0 To
250mn
1bn To 3bn
3bn To 5bn
5bn To 10bn
10bn To 25bn
25bn To 100bn
100bn To 250bn
More Than 250bn
Cash
Port.	0.17	-	0.29	3.17	15.31	42.18	17.91	20.11	0.85
Bench.	-	0.04	0.85	4.52	14.03	34.23	21.40	24.94	-

Translation (ENES, 2022-11-30):
# Riesgo y rentabilidad
## Evolución de la rentabilidad (EUR)
Intensidad CO2 frente a su índice de referencia
% del patrimonio del fondo cubierto por la calificación absoluta ESG: Fondo = 99.2% Índice de referencia = 100.0% (no es significativo cuando la cobertura es inferior al 50 %)
% del patrimonio del fondo cubierto por el indicador de intensidad de CO2: Cartera = 84.2% Índice de referencia = 79.2% (no es significativo cuando la cobertura es inferior al 50 %)
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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
Fondo* (33.40%)	Índice de referencia (33.12%)
Datos ajustados a base 100 por AXA IM en la fecha de inicio del gráfico.
Los cálculos de rentabilidad son netos de comisiones y se basan en la reinversión de dividendos. El índice de referencia, cuando lo haya, podría calcularse sobre la base del dividendo neto o bruto. Consulte el folleto para obtener más información.
| Análisis del riesgo |  |
| --- | --- |
|  | 1A | 3 A | 5A | Inicio |
| Volatilidad del fondo* (%) | 16.16 | 16.07 | 14.11 | 12.20 |
| Volatilidad del Índice de referencia (%) | 19.15 | 17.76 | 15.77 | 13.49 |
| Riesgo relativo/Tracking Error  (%) | 5.23 | 3.77 | 3.66 | 3.27 |
| Ratio de Sharpe | 0.15 | 0.66 | 0.85 | 1.03 |
| Ratio de información | 0.95 | 0.10 | 0.34 | 0.36 |


## Rentabilidad acumulada (%)
|  | 1M | 3M | 6M | YTD | 3 A | 5A | 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 | Inicio |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo* | 2.56 | 2.69 | 4.74 | -2.72 | 33.40 | 72.19 | 2.10 | 28.06 | 2.03 | 18.97 | 8.50 | 189.95 |
| Benchmark | 2.66 | 1.54 | 2.19 | -5.58 | 33.12 | 65.11 | -2.55 | 29.42 | 5.56 | 17.61 | 5.45 | 172.90 |
| Diferencia | -0.11 | 1.15 | 2.55 | 2.86 | 0.27 | 7.08 | 4.65 | -1.36 | -3.53 | 1.36 | 3.05 | 17.05 |
| Rentabilidad anual (%) |  |  |  |  |  |  |  |  |  |  |
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| Fondo* | 33.17 | 2.46 | 29.93 | -0.23 | 6.99 | 9.45 | 13.23 | 22.17 | - | - |
| Índice de referencia | 31.07 | 6.33 | 30.02 | -4.11 | 7.51 | 10.73 | 10.42 | 19.50 | - | - |
| Diferencia | 2.11 | -3.87 | -0.09 | 3.88 | -0.52 | -1.27 | 2.81 | 2.67 | - | - |

Las rentabilidades pasadas no son un indicador fiable de resultados futuros. Los cálculos de rentabilidad son netos de comisiones y se basan en la reinversión de dividendos. El índice de referencia, cuando lo haya, podría calcularse sobre la base del dividendo neto o bruto. Consulte el folleto para obtener más información.

## 10 principales posiciones
| Compañía |  |  | Ponderación (%) | Sector | Geografía |
| --- | --- | --- | --- | --- | --- |
|  | Fondo | Índice de referencia | Diferencia |  |  |
| Apple Inc | 4.32 | 4.58 | -0.26 | Info. Tecno. | Estados Unidos |
| Microsoft Corp | 3.29 | 3.47 | -0.18 | Info. Tecno. | Estados Unidos |
| Alphabet Inc | 1.76 | 2.26 | -0.50 | Servicios de Comunicacion | Estados Unidos |
| Berkshire Hathaway Inc | 1.44 | 0.78 | 0.66 | Finanzas | Estados Unidos |
| Procter & Gamble Co | 1.22 | 0.68 | 0.53 | Productos de consumo básicos | Estados Unidos |
| Coca-Cola Co | 1.11 | 0.50 | 0.61 | Productos de consumo básicos | Estados Unidos |
| PepsiCo Inc | 1.09 | 0.49 | 0.60 | Productos de consumo básicos | Estados Unidos |
| UnitedHealth Group Inc | 0.96 | 0.98 | -0.02 | Atención sanitaria | Estados Unidos |
| Amazon.com Inc | 0.96 | 1.69 | -0.73 | Productos de consuma discrecionales | Estados Unidos |
| Home Depot Inc | 0.92 | 0.64 | 0.29 | Productos de consuma discrecionales | Estados Unidos |
| Total (%) | 17.06 | 16.09 |  |  |  |

Las empresas se muestran exclusivamente a título ilustrativo a la fecha de este informe y es posible que posteriormente no formen parte de la cartera. No deberá considerarse una recomendación de comprar o vender valores.

## 5 principales sobreponderaciones	5 principales infraponderaciones
Fondo Índice Diferencia de ref.
Fondo Índice Diferencia de ref.
| 3M Co | 0.83 | 0.13 | 0.70 |  | Exxon Mobil Corp | 0.00 | 0.90 | -0.90 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Berkshire Hathaway Inc | 1.44 | 0.78 | 0.66 |  | Johnson & Johnson | 0.00 | 0.90 | -0.90 |
| Norfolk Southern Corp | 0.77 | 0.12 | 0.65 |  | NVIDIA Corp | 0.00 | 0.81 | -0.81 |
| Travelers Cos Inc | 0.73 | 0.09 | 0.64 |  | Amazon.com Inc | 0.96 | 1.69 | -0.73 |
| Coca-Cola Co | 1.11 | 0.50 | 0.61 |  | Chevron Corp | 0.00 | 0.65 | -0.65 |
| Exposición sectorial (%) |  |  |  |  | Exposición sectorial activa (%) |  |  |  |

Fondo Índice de referencia
Finanzas	20.38	14.03
Info. Tecno.	18.10	20.94
Industria	15.50	10.44
Productos de consumo básicos	13.56	7.72
Atención sanitaria	12.65	14.13
Productos de consuma discrecionales	5.20	10.46
Servicios de Comunicacion	5.12	6.58
Materiales	3.53	4.40
Bienes Inmobiliarios	2.87	2.65
Servicios Públicos	1.83	3.03
Energía	0.41	5.62
Liquidez	0.85	0.00
-6	-5	-4	-3	-2	-1	0	1	2	3	4	5	6	7

## Exposición geográfica (%)
Fondo	Índice de referencia
Estados Unidos	71.44	68.60
Canadá	5.54	3.47
Japón	4.77	5.97
Suiza	3.32	2.92
Alemania	2.30	2.21
Países Bajos	1.80	1.41
Reino Unido	1.73	4.19
Australia	1.14	2.18
Suecia	1.10	0.85
Francia	0.97	3.19
Noruega	0.88	0.22
Italia	0.74	0.56
Otros	3.40	4.23
Liquidez	0.85	0.00

## Exposición geográfica activa (%)
-3	-2	-1	0	1	2	3

## Desglose de la capitalización bursátil (USD - %)
48
44
40
36
32
28
24
20
16
12
8
4
0	De 0 a 250 mill.	De 1000 mill. a
3000 mill.
De 3000 mill. a 5000 mill.
De 5000 mill. a 10 000 mill.
De 10 000 mill.
a 25 000 mill.
De 25 000 mill.
a 100 000 mill.
De 100 000 mill.
a 250 000 mill.
Más de 250 000 mill.
Liquidez
Fondo	0.17	-	0.29	3.17	15.31	42.18	17.91	20.11	0.85
Índice de ref.	-	0.04	0.85	4.52	14.03	34.23	21.40	24.94	-