# Performance & Risk
## Performance Evolution (EUR)
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130
120
110
100
90
80
70
30/08/19
29/02/20
31/08/20
28/02/21
31/08/21
28/02/22 31/08/22
Portfolio* (2.00%)
Data is rebased to 100 by AXA IM on the graph start date.
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.
| Risk Analysis |  |
| --- | --- |
|  | 1Y | 3Y | 5Y | Launch |
| Portfolio Volatility* (%) | 12.41 | 12.66 | 10.59 | 9.29 |
| Sharpe Ratio | -0.69 | 0.15 | 0.27 | 0.33 |
| Rolling Performance (%) |  |  |  |  |
|  | 1M | 3M | 6M | YTD | 3Y | 5Y | 31/08/21 31/08/22 | 31/08/20 31/08/21 | 31/08/19 31/08/20 | 31/08/18 31/08/19 | 31/08/17 31/08/18 | Launch |
| Portfolio* | -4.16 | -4.75 | -8.13 | -13.76 | 2.00 | 8.72 | -9.86 | 17.90 | -4.02 | 4.20 | 2.29 | 15.85 |
| Annual Calendar Performance (%) |
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| Portfolio* | 18.81 | -1.85 | 13.81 | -6.41 | 5.03 | 0.76 | 2.49 | - | - | - |

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.

## Asset Allocation (%)
0	10	20	30	40	50	60	70	80	90	100	110
| Equity | 62.21 | 63.37 | 62.25 | 63.81 | 62.52 | 62.96 | 62.64 | 63.62 | 59.33 | 56.95 | 60.05 | 57.93 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Bonds | 37.79 | 36.63 | 37.75 | 36.19 | 37.48 | 37.04 | 37.36 | 36.38 | 40.67 | 43.05 | 39.95 | 42.07 |

31/08/2021
29/10/2021
30/11/2021
31/12/2021
21/01/2022
28/02/2022
31/03/2022
29/04/2022
31/05/2022
30/06/2022
29/07/2022
31/08/2022

## Currency Breakdown (%)
120
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100
80
60
40
20
0
|  | EUR | SEK | JPY | NOK | CHF | CAD | Other |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio | 101.36 | 0.14 | 0.04 | - | -0.02 | -0.04 | -1.48 |

-20
| Top 10 Holdings |  |
| --- | --- |
| Equity | Weighting (%)	Sector | Geography |  |
| Prologis Inc | 5.18	Real Estate | United States |  |
| AvalonBay Communities Inc | 2.85	Real Estate | United States |  |
| Goodman Group | 2.82	Real Estate | Australia |  |
| Equinix Inc | 2.40	Real Estate | United States |  |
| Capitaland Investment Ltd | 2.21	Real Estate | Singapore |  |
| American Homes 4 Rent | 2.10	Real Estate | United States |  |
| Duke Realty Corp | 1.95	Real Estate | United States |  |
| Link REIT | 1.93	Real Estate | Hong Kong |  |
| Mitsui Fudosan Co Ltd | 1.92	Real Estate | Japan |  |
| Extra Space Storage Inc | 1.87	Real Estate | United States |  |
| Total (%) | 25.22 |  |  |
| Sector Breakdown (%) |  |  |  |
|  |  |  | Portfolio |
| Real estate |  |  | 100.00 |
| Fixed Income Top 10 Holdings |  |  |  |
| Name | Weighting (%)	Issuer country | Mod. Duration | Contribution |
| EURO-BUND FUTURE SEP22 Counter Expo | 6.40	Germany | 0.0 | 0.00 |
| US 10YR ULTRA FUT DEC22 C Expo | 2.64	United States | 0.0 | 0.00 |
| US 10YR NOTE (CBT)DEC22 Counter Expo | 2.59	United States | 0.0 | 0.00 |
| Sun Hung Kai Properties 2.875% 01/21/2030 | 1.35	Hong Kong | 6.5 | 0.09 |
| Segro Capital Sarl 0.5% 09/22/2031 | 0.96	United Kingdom | 8.2 | 0.08 |
| Fonciere des Murs SCA 1% 07/27/2029 | 0.95	France | 6.2 | 0.06 |
| Inmobiliaria Colonial SA 0.75% 06/22/2029 | 0.90	Spain | 6.1 | 0.06 |
| UDR Inc 4.4% 01/26/2029 | 0.89	United States | 5.3 | 0.05 |
| Sagax AB 2.25% 03/13/2025 | 0.87	Sweden | 2.1 | 0.02 |
| Physicians Realty LP 4.3% 03/15/2027 | 0.85	United States | 3.8 | 0.03 |
| Total (%) | 18.40 |  |  |


## Maturity Breakdown (%)
40
30
20
10
0	0 - 1 Year	1 - 3 years	3 - 5 years	5 - 7 years	7 - 10 years
Portfolio	3.21	6.48	36.50	25.02	28.78

Translation (ENDE, 2022-08-31):
# Wertentwicklung & Risiken
Wertentwicklung (EUR)
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130
120
110
100
90
80
70
30/08/19
29/02/20
31/08/20
28/02/21
31/08/21
28/02/22 31/08/22
Portfolio* (2.00%)
Die Daten von AXA IM sind auf der Basis von 100 zum Anfangsdatum der Grafik angegeben.
Die Wertentwicklung in der Vergangenheit ist kein zuverlässiger Indikator für zukünftige Ergebnisse. Performanceberechnungen verstehen sich nach Abzug von Gebühren, bei Wiederanlage von Dividenden. Sofern eine Benchmark angegeben ist, könnte sie auf der Basis von Netto- oder Bruttodividenden berechnet sein. Weitere Informationen entnehmen Sie bitte dem Fondsprospekt.
| Risikoanalyse |  |
| --- | --- |
|  | 1J | 3J | 5J | Auflage |
| Portfolio Volatilität* (%) | 12.41 | 12.66 | 10.59 | 9.29 |
| Sharpe Ratio | -0.69 | 0.15 | 0.27 | 0.33 |
| Wertentwicklung (Brutto, Netto in %) |  |  |  |  |

20
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10
0
-10
|  | 31/08/2017 - | 31/08/2018 - | 31/08/2019 - | 31/08/2020 - | 31/08/2021 - |  |
| --- | --- | --- | --- | --- | --- | --- |
| 31/08/2018 | 31/08/2019 | 31/08/2020 | 31/08/2021 | 31/08/2022 |  |
|  | Brutto-Wertentwicklung | 2.29 | 4.20 | -4.02 | 17.90 | -9.86 |  |
|  | Netto-Wertentwicklung | 2.29 | 4.20 | -4.02 | 17.90 | -9.86 |  |

-20
Berechnung nach BVI-Wertermittlungsstatistik (siehe Erläuterung unter 'Wichtige Hinweise')

## Rollierende Wertentwicklung (%)
|  | 1M | 3M | 6M | YTD | 3J | 5J | 31/08/21 31/08/22 | 31/08/20 31/08/21 | 31/08/19 31/08/20 | 31/08/18 31/08/19 | 31/08/17 31/08/18 | Auflage |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -4.16 | -4.75 | -8.13 | -13.76 | 2.00 | 8.72 | -9.86 | 17.90 | -4.02 | 4.20 | 2.29 | 15.85 |

Wertentwicklung im Kalenderjahr (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 18.81 | -1.85 | 13.81 | -6.41 | 5.03 | 0.76 | 2.49 | - | - | - |

Die Wertentwicklung in der Vergangenheit ist kein zuverlässiger Indikator für zukünftige Ergebnisse. Performanceberechnungen verstehen sich nach Abzug von Gebühren, bei Wiederanlage von Dividenden. Sofern eine Benchmark angegeben ist, könnte sie auf der Basis von Netto- oder Bruttodividenden berechnet sein. Weitere Informationen entnehmen Sie bitte dem Fondsprospekt.

## Portfolio-Strukterierung (%)
0	10	20	30	40	50	60	70	80	90	100	110
| Aktien | 62.21 | 63.37 | 62.25 | 63.81 | 62.52 | 62.96 | 62.64 | 63.62 | 59.33 | 56.95 | 60.05 | 57.93 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anleihen | 37.79 | 36.63 | 37.75 | 36.19 | 37.48 | 37.04 | 37.36 | 36.38 | 40.67 | 43.05 | 39.95 | 42.07 |

31/08/2021
29/10/2021
30/11/2021
31/12/2021
21/01/2022
28/02/2022
31/03/2022
29/04/2022
31/05/2022
30/06/2022
29/07/2022
31/08/2022

## Engagement nach Währung (%)
120
|  |  |  |
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|  |  |
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100
80
60
40
20
0
|  | EUR | SEK | JPY | NOK | CHF | CAD | Sonstige |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio | 101.36 | 0.14 | 0.04 | - | -0.02 | -0.04 | -1.48 |

-20
| Top 10 Positionen |  |
| --- | --- |
| Aktie | Gewichtung (%) | Sektor | Land |  |
| Prologis Inc | 5.18 | Immobilien | Vereinigten Staaten |  |
| AvalonBay Communities Inc | 2.85 | Immobilien | Vereinigten Staaten |  |
| Goodman Group | 2.82 | Immobilien | Australien |  |
| Equinix Inc | 2.40 | Immobilien | Vereinigten Staaten |  |
| Capitaland Investment Ltd | 2.21 | Immobilien | Singapur |  |
| American Homes 4 Rent | 2.10 | Immobilien | Vereinigten Staaten |  |
| Duke Realty Corp | 1.95 | Immobilien | Vereinigten Staaten |  |
| Link REIT | 1.93 | Immobilien | Hong-Kong |  |
| Mitsui Fudosan Co Ltd | 1.92 | Immobilien | Japan |  |
| Extra Space Storage Inc | 1.87 | Immobilien | Vereinigten Staaten |  |
| Summe (%) | 25.22 |  |  |  |
| Sektorengewichtung (%) |  |  |  |  |
|  |  |  |  | Portfolio |
| Immobilien |  |  |  | 100.00 |
| Anleihen Top 10 Positionen |  |  |  |  |
| Name | Gewichtung (%) | Investiert in | Mod. Duration | Beitrag |
| EURO-BUND FUTURE SEP22 Counter Expo | 6.40 | Deutschland | 0.0 | 0.00 |
| US 10YR ULTRA FUT DEC22 C Expo | 2.64 | Vereinigten Staaten | 0.0 | 0.00 |
| US 10YR NOTE (CBT)DEC22 Counter Expo | 2.59 | Vereinigten Staaten | 0.0 | 0.00 |
| Sun Hung Kai Properties 2.875% 01/21/2030 | 1.35 | Hong-Kong | 6.5 | 0.09 |
| Segro Capital Sarl 0.5% 09/22/2031 | 0.96 | Großbritannien | 8.2 | 0.08 |
| Fonciere des Murs SCA 1% 07/27/2029 | 0.95 | Frankreich | 6.2 | 0.06 |
| Inmobiliaria Colonial SA 0.75% 06/22/2029 | 0.90 | Spanien | 6.1 | 0.06 |
| UDR Inc 4.4% 01/26/2029 | 0.89 | Vereinigten Staaten | 5.3 | 0.05 |
| Sagax AB 2.25% 03/13/2025 | 0.87 | Schweden | 2.1 | 0.02 |
| Physicians Realty LP 4.3% 03/15/2027 | 0.85 | Vereinigten Staaten | 3.8 | 0.03 |
| Summe (%) | 18.40 |  |  |  |


## Engagement nach Laufzeit (%)
40
30
20
10
0	0 - 1 Jahr	1 - 3 Jahre	3 - 5 Jahre	5 - 7 Jahre	7 - 10 Jahre
Portfolio	3.21	6.48	36.50	25.02	28.78