# Performance & Risk
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## Performance Evolution (EUR)
160
140
120
100
80
60
Current NAV
Acc.
86.01
Assets Under Management (M)
USD
109.07

## Benchmark
Since: 13/07/2017
100% MSCI AC Asia Pacific ex-Japan Small Cap
The Fund is actively managed with limited deviation expected in term of constitution and performance compared to benchmark.

## Fund Key Metrics
Port.	Bench.
Number of Holdings	252	1818
Turnover: Rolling 1Y (%)	121	-
Active Share (%)	90	-

## Fund Profile
ESG Rating
ESG Relative Rating
CO2 Relative rating
29/11/19
30/05/20
30/11/20
30/05/21
30/11/21
30/05/22 30/11/22
Portfolio* (29.85%)	Benchmark (35.29%)
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 = 59.3% Benchmark = 69.8% (not meaningful for coverage below 50%)
| Risk Analysis |  |  |  |  | = 50.0% Benchmark = 42.3% (not meaningful for |
| --- | --- | --- | --- | --- | --- |
|  |  |  |  |  | coverage below 50%) |
|  | 1Y | 3Y | 5Y | Launch |  |
| Portfolio Volatility* (%) | 17.57 | 22.23 | 19.08 | 19.57 |  |
| Benchmark Volatility (%) | 17.51 | 21.63 | 18.46 | 19.53 |  |
| Relative Risk/Tracking Error  (%) | 4.33 | 5.14 | 4.29 | 4.83 |  |
| Sharpe Ratio | 0.11 | 0.54 | 0.41 | 0.49 |  |
| Information Ratio | 2.17 | 0.25 | 0.47 | 0.57 |  |

% 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* | 10.04 | -1.44 | -2.95 | -5.41 | 29.85 | 27.57 | -0.76 | 25.35 | 4.38 | 4.13 | -5.65 | 346.11 |
| Benchmark | 8.42 | -4.66 | -3.82 | -10.50 | 35.29 | 31.43 | -7.60 | 29.24 | 13.29 | 5.81 | -8.18 | 306.10 |
| Excess Return | 1.62 | 3.22 | 0.87 | 5.09 | -5.44 | -3.85 | 6.84 | -3.89 | -8.91 | -1.67 | 2.53 | 40.00 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 26.29 | 6.07 | 11.72 | -11.88 | 6.73 | 13.55 | 6.24 | 7.10 | 4.01 | 30.59 |
| Benchmark | 27.81 | 15.59 | 12.60 | -13.75 | 9.27 | 2.08 | 11.92 | 9.46 | -4.24 | 13.59 |
| Excess Return | -1.52 | -9.52 | -0.88 | 1.87 | -2.54 | 11.48 | -5.68 | -2.36 | 8.25 | 17.00 |

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 |  |  |
| Union Bank of India Ltd | 1.65 | - | 1.65 | Financials | India |
| Bank of India | 1.52 | - | 1.52 | Financials | India |
| Pilbara Minerals Ltd | 1.48 | 0.66 | 0.82 | Materials | Australia |
| ALS Ltd | 1.47 | 0.33 | 1.13 | Industrials | Australia |
| Canara Bank | 1.46 | 0.12 | 1.34 | Financials | India |
| Iluka Resources Ltd | 1.30 | 0.25 | 1.04 | Materials | Australia |
| Altium Ltd | 1.28 | 0.27 | 1.01 | Information Technology | Australia |
| Simplo Technology Co Ltd | 1.25 | 0.14 | 1.10 | Information Technology | Taiwan |
| Pro Medicus Ltd | 1.23 | 0.17 | 1.06 | Health Care | Australia |
| Indian Bank | 1.22 | 0.07 | 1.15 | Financials | India |
| Total (%) | 13.85 | 2.02 |  |  |  |

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
| Union Bank of India Ltd | 1.65 | 0.00 | 1.65 |  | Atlas Arteria Ltd | 0.00 | 0.61 | -0.61 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Bank of India | 1.52 | 0.00 | 1.52 |  | OZ Minerals Ltd | 0.00 | 0.55 | -0.55 |
| Canara Bank | 1.46 | 0.12 | 1.34 |  | Whitehaven Coal Ltd | 0.00 | 0.55 | -0.55 |
| Indian Bank | 1.22 | 0.07 | 1.15 |  | Allkem Ltd | 0.00 | 0.47 | -0.47 |
| GS Holdings Corp | 1.14 | 0.00 | 1.14 |  | Lynas Rare Earths Ltd | 0.00 | 0.46 | -0.46 |
| Sector Breakdown (%) |  |  |  |  | Active Exposure by Sector (%) |  |  |  |

Portfolio	Benchmark
Materials	16.39	15.56
Information Technology	16.20	15.73
Industrials	15.81	14.80
Financials	12.68	9.75
Consumer Discretionary	10.59	12.44
Consumer Staples	9.17	4.59
Energy	4.91	2.95
Health Care	4.58	7.89
Real Estate	4.32	9.27
Utilities	3.31	2.77
Communication Services	1.24	4.25
Cash	0.82	0.00
-5	-4	-3	-2	-1	0	1	2	3	4	5

## Geographical Breakdown (%)
Portfolio	Benchmark
India	21.23	20.48
Australia	19.73	23.33
Taiwan	18.00	17.01
South Korea	14.20	11.72
Hong Kong	7.75	6.07
China	5.47	5.51
Singapore	4.06	4.30
Malaysia	2.42	2.54
Thailand	2.30	3.39
New Zealand	1.93	2.39
Philippines	1.54	0.79
Indonesia	0.54	2.10
Other	0.00	0.37
Cash	0.82	0.00

## Active Exposure by Geography (%)
-4	-3	-2	-1	0	1	2	3
MarketCap Breakdown (USD - %)
52
48
44
40
36
32
28
24
20
16
12
8
4
0	0 To 250mn	250mn To 500mn	500mn To 1bn	1bn To 3bn	3bn To 5bn	5bn To 10bn	Cash
Port.	5.23	8.37	16.72	45.10	16.37	7.41	0.82
Bench.	0.39	5.94	23.35	48.28	14.69	7.34	-

Translation (ENIT, 2022-11-30):
# Performance e rischio
Numero complessivo di titoli
252	1818
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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* (29.85%)	Benchmark (35.29%)
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* (%) | 17.57 | 22.23 | 19.08 | 19.57 |
| Volatility benchmark (%) | 17.51 | 21.63 | 18.46 | 19.53 |
| Relative Risk/Tracking Error  (%) | 4.33 | 5.14 | 4.29 | 4.83 |
| Sharpe Ratio | 0.11 | 0.54 | 0.41 | 0.49 |
| Information ratio | 2.17 | 0.25 | 0.47 | 0.57 |

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 = 59.3% Benchmark = 69.8% (non significativo per copertura inferiore al 50%)
% di AUM coperta dall’indicatore di intensità CO2: Portafoglio = 50.0% Benchmark = 42.3% (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* | 10.04 | -1.44 | -2.95 | -5.41 | 29.85 | 27.57 | -0.76 | 25.35 | 4.38 | 4.13 | -5.65 | 346.11 |
| Benchmark | 8.42 | -4.66 | -3.82 | -10.50 | 35.29 | 31.43 | -7.60 | 29.24 | 13.29 | 5.81 | -8.18 | 306.10 |
| Differenze | 1.62 | 3.22 | 0.87 | 5.09 | -5.44 | -3.85 | 6.84 | -3.89 | -8.91 | -1.67 | 2.53 | 40.00 |

Performance annua (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portafoglio* | 26.29 | 6.07 | 11.72 | -11.88 | 6.73 | 13.55 | 6.24 | 7.10 | 4.01 | 30.59 |
| Benchmark | 27.81 | 15.59 | 12.60 | -13.75 | 9.27 | 2.08 | 11.92 | 9.46 | -4.24 | 13.59 |
| Differenze | -1.52 | -9.52 | -0.88 | 1.87 | -2.54 | 11.48 | -5.68 | -2.36 | 8.25 | 17.00 |

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 |  |  |
| Union Bank of India Ltd | 1.65 | - | 1.65 | Finanziari | India |
| Bank of India | 1.52 | - | 1.52 | Finanziari | India |
| Pilbara Minerals Ltd | 1.48 | 0.66 | 0.82 | Materials | Australia |
| ALS Ltd | 1.47 | 0.33 | 1.13 | Industriali | Australia |
| Canara Bank | 1.46 | 0.12 | 1.34 | Finanziari | India |
| Iluka Resources Ltd | 1.30 | 0.25 | 1.04 | Materials | Australia |
| Altium Ltd | 1.28 | 0.27 | 1.01 | Tecnologia | Australia |
| Simplo Technology Co Ltd | 1.25 | 0.14 | 1.10 | Tecnologia | Taiwan |
| Pro Medicus Ltd | 1.23 | 0.17 | 1.06 | Salute | Australia |
| Indian Bank | 1.22 | 0.07 | 1.15 | Finanziari | India |
| Totale (%) | 13.85 | 2.02 |  |  |  |

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
| Union Bank of India Ltd | 1.65 | 0.00 | 1.65 |  | Atlas Arteria Ltd | 0.00 | 0.61 | -0.61 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Bank of India | 1.52 | 0.00 | 1.52 |  | OZ Minerals Ltd | 0.00 | 0.55 | -0.55 |
| Canara Bank | 1.46 | 0.12 | 1.34 |  | Whitehaven Coal Ltd | 0.00 | 0.55 | -0.55 |
| Indian Bank | 1.22 | 0.07 | 1.15 |  | Allkem Ltd | 0.00 | 0.47 | -0.47 |
| GS Holdings Corp | 1.14 | 0.00 | 1.14 |  | Lynas Rare Earths Ltd | 0.00 | 0.46 | -0.46 |
| Ripartizione per settore (%) |  |  |  |  | Esposizione settoriale attiva (%) |  |  |  |

Portafoglio	Benchmark
Materials	16.39	15.56
Tecnologia	16.20	15.73
Industriali	15.81	14.80
Finanziari	12.68	9.75
Beni di consumo ciclici	10.59	12.44
Beni di cons. non cicl.	9.17	4.59
Energia	4.91	2.95
Salute	4.58	7.89
Investimento immobiliare	4.32	9.27
Servizi Pubblici	3.31	2.77
Servizi di Comunicazione	1.24	4.25
Liquidità	0.82	0.00
-5	-4	-3	-2	-1	0	1	2	3	4	5

## Esposizione geografica (%)
Portafoglio	Benchmark

## Esposizione geografica attiva (%)
-4	-3	-2	-1	0	1	2	3
India	21.23	20.48
Australia	19.73	23.33
Taiwan	18.00	17.01
Corea Del sud	14.20	11.72
Hong Kong	7.75	6.07
Cina	5.47	5.51
Singapore	4.06	4.30
Malaysia	2.42	2.54
Thailandia	2.30	3.39
Nuova Zelanda	1.93	2.39
Filippine	1.54	0.79
Indonesia	0.54	2.10
Altro	0.00	0.37
Liquidità	0.82	0.00
Ripartizione per cap. di mercato (USD - %)
52
48
44
40
36
32
28
24
20
16
12
8
4
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	Liquidità
Port.	5.23	8.37	16.72	45.10	16.37	7.41	0.82
Bench.	0.39	5.94	23.35	48.28	14.69	7.34	-