# Performance & Risk
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## Performance Evolution (EUR)
160
140
120
100
80
60
Number of Holdings	56	2892
Turnover: Rolling 1Y (%)	26	-
Active Share (%)	98	-

## 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* (0.17%)	Benchmark (29.82%)
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 = 96.0% Benchmark = 100.0% (not meaningful for coverage below 50%)
| Risk Analysis |  |  |  |  | = 45.6% Benchmark = 76.9% (not meaningful for |
| --- | --- | --- | --- | --- | --- |
|  |  |  |  |  | coverage below 50%) |
|  | 1Y | 3Y | 5Y | Launch |  |
| Portfolio Volatility* (%) | 23.39 | 19.03 | 16.74 | 15.72 |  |
| Benchmark Volatility (%) | 18.33 | 17.02 | 15.19 | 14.30 |  |
| Relative Risk/Tracking Error  (%) | 9.52 | 6.74 | 5.63 | 5.28 |  |
| Sharpe Ratio | -0.80 | 0.15 | 0.42 | 0.40 |  |
| Information Ratio | -1.65 | -0.96 | -0.50 | -0.53 |  |

% 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* | 2.80 | -0.60 | 0.89 | -19.76 | 0.17 | 22.54 | -21.07 | 19.79 | 5.95 | 13.60 | 7.69 | 21.30 |
| Benchmark | 3.43 | 0.90 | 1.43 | -6.14 | 29.82 | 58.03 | -3.39 | 26.75 | 6.01 | 16.73 | 4.28 | 62.68 |
| Excess Return | -0.64 | -1.50 | -0.54 | -13.62 | -29.65 | -35.49 | -17.69 | -6.96 | -0.06 | -3.13 | 3.41 | -41.38 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 14.64 | 7.83 | 24.28 | -1.35 | - | - | - | - | - | - |
| Benchmark | 27.54 | 6.65 | 28.93 | -4.85 | - | - | - | - | - | - |
| Excess Return | -12.90 | 1.17 | -4.65 | 3.49 | - | - | - | - | - | - |

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 |  |  |
| AstraZeneca PLC | 3.01 | 0.35 | 2.66 | Health Care | United Kingdom |
| Hdfc Bank Limited | 2.62 | - | 2.62 | Financials | India |
| CSL Ltd | 2.62 | 0.17 | 2.45 | Health Care | Australia |
| AIA Group Ltd | 2.49 | 0.21 | 2.28 | Financials | Hong Kong |
| DexCom Inc | 2.43 | 0.08 | 2.36 | Health Care | USA |
| Johnson Controls Internatio... | 2.42 | 0.08 | 2.34 | Industrials | USA |
| Stryker Corp | 2.42 | 0.14 | 2.28 | Health Care | USA |
| Chegg Inc | 2.38 | - | 2.38 | Consumer Discretionary | USA |
| Etsy Inc | 2.37 | 0.03 | 2.35 | Consumer Discretionary | USA |
| National Vision Holdings Inc | 2.35 | - | 2.35 | Consumer Discretionary | USA |
| Total (%) | 25.11 | 1.04 |  |  |  |

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
| AstraZeneca PLC | 3.01 | 0.35 | 2.66 |  | Apple Inc | 0.00 | 4.09 | -4.09 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Hdfc Bank Limited | 2.62 | 0.00 | 2.62 |  | Microsoft Corp | 0.00 | 3.09 | -3.09 |
| CSL Ltd | 2.62 | 0.17 | 2.45 |  | Alphabet Inc | 0.00 | 2.01 | -2.01 |
| Chegg Inc | 2.38 | 0.00 | 2.38 |  | Amazon.com Inc | 0.00 | 1.51 | -1.51 |
| DexCom Inc | 2.43 | 0.08 | 2.36 |  | Tesla Inc | 0.00 | 0.88 | -0.88 |
| Sector Breakdown (%) |  |  |  |  | Active Exposure by Sector (%) |  |  |  |

Portfolio	Benchmark
Health Care	28.50	13.02
Consumer Discretionary	17.79	10.77
Information Technology	12.38	20.79
Financials	10.55	14.92
Industrials	9.37	9.96
Consumer Staples	7.42	7.57
Real Estate	4.21	2.58
Communication Services	3.67	6.87
Materials	2.16	4.91
Utilities	0.00	3.03
Energy	0.00	5.57
Cash	3.95	0.00
-12	-9	-6	-3	0	3	6	9	12	15	18

## Geographical Breakdown (%)
Portfolio	Benchmark
USA	48.23	61.65
United Kingdom	11.33	3.80
India	6.18	1.61
Australia	4.64	1.96
Japan	3.78	5.32
South Africa	3.57	0.41
Italy	2.88	0.57
Hong Kong	2.49	0.69
Germany	2.45	1.99
China	2.09	3.30
Indonesia	1.89	0.22
France	1.88	2.89
Other	4.65	15.59
Cash	3.95	0.00

## Active Exposure by Geography (%)
-15	-12	-9	-6	-3	0	3	6	9	12
MarketCap Breakdown (USD - %)
36
33
30
27
24
21
18
15
12
9
6
3
0	1bn To 3bn	3bn To 5bn	5bn To 10bn	10bn To 25bn	25bn To 100bn	100bn To 250bn	More Than 250bn	Cash
Port.	13.45	10.35	14.17	19.65	27.02	11.40	-	3.95
Bench.	0.28	1.35	5.00	14.12	32.83	19.95	26.47	-

Translation (ENIT, 2022-11-30):
# Performance e rischio
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## Evoluzione della performance (EUR)
160
140
120
100
80
60
Turnover: Rolling 1Y (%)	26	-
Active Share (%)	98	-

## 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
Intensità relativa CO2
Portafoglio* (0.17%)	Benchmark (29.82%)
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* (%) | 23.39 | 19.03 | 16.74 | 15.72 |
| Volatility benchmark (%) | 18.33 | 17.02 | 15.19 | 14.30 |
| Relative Risk/Tracking Error  (%) | 9.52 | 6.74 | 5.63 | 5.28 |
| Sharpe Ratio | -0.80 | 0.15 | 0.42 | 0.40 |
| Information ratio | -1.65 | -0.96 | -0.50 | -0.53 |

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.
% di AUM coperta dal rating assoluto ESG: Portafoglio = 96.0% Benchmark = 100.0% (non significativo per copertura inferiore al 50%)
% di AUM coperta dall’indicatore di intensità CO2: Portafoglio = 45.6% Benchmark = 76.9% (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* | 2.80 | -0.60 | 0.89 | -19.76 | 0.17 | 22.54 | -21.07 | 19.79 | 5.95 | 13.60 | 7.69 | 21.30 |
| Benchmark | 3.43 | 0.90 | 1.43 | -6.14 | 29.82 | 58.03 | -3.39 | 26.75 | 6.01 | 16.73 | 4.28 | 62.68 |
| Differenze | -0.64 | -1.50 | -0.54 | -13.62 | -29.65 | -35.49 | -17.69 | -6.96 | -0.06 | -3.13 | 3.41 | -41.38 |

Performance annua (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portafoglio* | 14.64 | 7.83 | 24.28 | -1.35 | - | - | - | - | - | - |
| Benchmark | 27.54 | 6.65 | 28.93 | -4.85 | - | - | - | - | - | - |
| Differenze | -12.90 | 1.17 | -4.65 | 3.49 | - | - | - | - | - | - |

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 |  |  |
| AstraZeneca PLC | 3.01 | 0.35 | 2.66 | Salute | Regno Unito |
| Hdfc Bank Limited | 2.62 | - | 2.62 | Finanziari | India |
| CSL Ltd | 2.62 | 0.17 | 2.45 | Salute | Australia |
| AIA Group Ltd | 2.49 | 0.21 | 2.28 | Finanziari | Hong Kong |
| DexCom Inc | 2.43 | 0.08 | 2.36 | Salute | Stati Uniti |
| Johnson Controls Internatio... | 2.42 | 0.08 | 2.34 | Industriali | Stati Uniti |
| Stryker Corp | 2.42 | 0.14 | 2.28 | Salute | Stati Uniti |
| Chegg Inc | 2.38 | - | 2.38 | Beni di consumo ciclici | Stati Uniti |
| Etsy Inc | 2.37 | 0.03 | 2.35 | Beni di consumo ciclici | Stati Uniti |
| National Vision Holdings Inc | 2.35 | - | 2.35 | Beni di consumo ciclici | Stati Uniti |
| Totale (%) | 25.11 | 1.04 |  |  |  |

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
| AstraZeneca PLC | 3.01 | 0.35 | 2.66 |  | Apple Inc | 0.00 | 4.09 | -4.09 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Hdfc Bank Limited | 2.62 | 0.00 | 2.62 |  | Microsoft Corp | 0.00 | 3.09 | -3.09 |
| CSL Ltd | 2.62 | 0.17 | 2.45 |  | Alphabet Inc | 0.00 | 2.01 | -2.01 |
| Chegg Inc | 2.38 | 0.00 | 2.38 |  | Amazon.com Inc | 0.00 | 1.51 | -1.51 |
| DexCom Inc | 2.43 | 0.08 | 2.36 |  | Tesla Inc | 0.00 | 0.88 | -0.88 |
| Ripartizione per settore (%) |  |  |  |  | Esposizione settoriale attiva (%) |  |  |  |

Portafoglio	Benchmark
Salute	28.50	13.02
Beni di consumo ciclici	17.79	10.77
Tecnologia	12.38	20.79
Finanziari	10.55	14.92
Industriali	9.37	9.96
Beni di cons. non cicl.	7.42	7.57
Investimento immobiliare	4.21	2.58
Servizi di Comunicazione	3.67	6.87
Materials	2.16	4.91
Servizi Pubblici	0.00	3.03
Energia	0.00	5.57
Liquidità	3.95	0.00
-12	-9	-6	-3	0	3	6	9	12	15	18

## Esposizione geografica (%)
Portafoglio	Benchmark
Stati Uniti	48.23	61.65
Regno Unito	11.33	3.80
India	6.18	1.61
Australia	4.64	1.96
Giappone	3.78	5.32
Sudafrica	3.57	0.41
Italia	2.88	0.57
Hong Kong	2.49	0.69
Germania	2.45	1.99
Cina	2.09	3.30
Indonesia	1.89	0.22
Francia	1.88	2.89
Altro	4.65	15.59
Liquidità	3.95	0.00

## Esposizione geografica attiva (%)
-15	-12	-9	-6	-3	0	3	6	9	12
Analisi del portafoglio 
(continua)
Ripartizione per cap. di mercato (USD - %)
36
33
30
27
24
21
18
15
12
9
6
3
0	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.	13.45	10.35	14.17	19.65	27.02	11.40	-	3.95
Bench.	0.28	1.35	5.00	14.12	32.83	19.95	26.47	-