# Performance & Risk
## Performance Evolution (JPY)
JPY

### 8 752.05
Port.	Bench.
Number of Holdings	189	929
Turnover: Rolling 1Y (%)	119	-
Active Share (%)	82	-

## Fund Profile
ESG Rating
ESG Relative Rating
CO2 Relative rating
28/09/18
30/03/19
30/09/19
30/03/20
30/09/20
30/03/21 30/09/21
Portfolio* (-2.32%)	Benchmark (12.49%)
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,
% of AUM covered by ESG absolute rating: Portfolio = 71.4% Benchmark = 87.4% (not meaningful for coverage below 50%)
| 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 CO2 intensity indicator: Portfolio = 97.3% Benchmark = 98.6% (not meaningful for |
| --- | --- |
| coverage below 50%) |
| Risk Analysis |  |  |  |  |  |
|  | 1Y | 3Y | 5Y | Launch |  |
| Portfolio Volatility* (%) | 12.57 | 19.11 | 16.03 | 17.53 |  |
| Benchmark Volatility (%) | 11.96 | 18.11 | 14.98 | 17.19 |  |
| Relative Risk/Tracking Error  (%) | 2.92 | 4.11 | 3.76 | 3.98 |  |
| Sharpe Ratio | 1.44 | 0.02 | 0.55 | 0.31 |  |
| Information Ratio | -0.95 | -0.92 | -0.38 | -0.13 |  |


## Rolling Performance (%)
|  | 1M | 3M | 6M | YTD | 3Y | 5Y | 30/09/20 30/09/21 | 30/09/19 30/09/20 | 30/09/18 30/09/19 | 30/09/17 30/09/18 | 30/09/16 30/09/17 | Launch |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 2.84 | 4.30 | 2.32 | 11.62 | -2.32 | 45.27 | 17.11 | -5.38 | -11.85 | 6.96 | 39.05 | 173.25 |
| Benchmark | 2.65 | 3.97 | 3.47 | 14.51 | 12.49 | 62.93 | 21.02 | 4.05 | -10.67 | 8.33 | 33.70 | 266.89 |
| Excess Return | 0.19 | 0.33 | -1.14 | -2.89 | -14.81 | -17.67 | -3.91 | -9.43 | -1.19 | -1.38 | 5.35 | -93.63 |

Annual Calendar Performance (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -9.75 | 18.85 | -19.88 | 29.10 | -0.98 | 16.08 | 11.98 | 46.72 | 17.66 | -8.72 |
| Benchmark | 1.13 | 18.22 | -18.18 | 27.68 | 4.96 | 13.01 | 13.15 | 50.40 | 18.46 | -9.18 |
| Excess Return | -10.88 | 0.63 | -1.70 | 1.42 | -5.94 | 3.08 | -1.17 | -3.68 | -0.80 | 0.46 |

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 |  |  |
| MatsukiyoCocokara & Co | 1.43 | 0.53 | 0.90 | Consumer Staples | Japan |
| Benefit One Inc | 1.37 | 0.42 | 0.95 | Industrials | Japan |
| Haseko Corp | 1.36 | 0.38 | 0.98 | Consumer Discretionary | Japan |
| Sumitomo Heavy Industries Ltd | 1.31 | 0.32 | 0.99 | Industrials | Japan |
| Sumitomo Rubber Industries Ltd | 1.31 | 0.24 | 1.07 | Consumer Discretionary | Japan |
| Sumitomo Forestry Co Ltd | 1.30 | 0.27 | 1.03 | Consumer Discretionary | Japan |
| Sanwa Holdings Corp | 1.30 | 0.27 | 1.03 | Industrials | Japan |
| Yokohama Rubber Co Ltd | 1.29 | 0.24 | 1.05 | Consumer Discretionary | Japan |
| Kuraray Co Ltd | 1.26 | 0.32 | 0.94 | Materials | Japan |
| Sawai Group Holdings Co Ltd | 1.23 | 0.20 | 1.02 | Health Care | Japan |
| Total (%) | 13.15 | 3.18 |  |  |  |


## Top 5 Overweight (%)	Top 5 Underweight (%)
Port. Bench. Relative	Port. Bench. Relative
| JAC Recruitment Co Ltd | 1.19 | 0.03 | 1.16 |  | BayCurrent Consulting Inc | 0.00 | 0.74 | -0.74 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| C Uyemura & Co Ltd | 1.10 | 0.00 | 1.10 |  | Food & Life Cos Ltd | 0.00 | 0.56 | -0.56 |
| Sumitomo Rubber Industries Ltd | 1.31 | 0.24 | 1.07 |  | Advance Residence Investment Corp | 0.00 | 0.47 | -0.47 |
| Yokohama Rubber Co Ltd | 1.29 | 0.24 | 1.05 |  | Showa Denko KK | 0.00 | 0.47 | -0.47 |
| Sanwa Holdings Corp | 1.30 | 0.27 | 1.03 |  | Sojitz Corp | 0.00 | 0.43 | -0.43 |


## Sector Breakdown (%)
Portfolio	Benchmark

## Active Exposure by Sector (%)
-6	-4	-2	0	2	4	6	8	10
Industrials	26.01	25.47
Consumer Discretionary	24.97	15.55
Information Technology	13.19	12.22
Materials	9.04	10.26
Consumer Staples	8.54	8.52
Real Estate	5.35	10.43
Health Care	5.20	5.54
Communication Services	3.28	3.00
Financials	2.19	6.43
Utilities	0.53	1.84
Energy	0.39	0.72
Cash	1.29	0.00
MarketCap Breakdown (JPY - %)
60
50
40
30
20
10
0	0 To
30bn
30bn To 65bn
65bn To 150bn
150bn To 400bn
400bn To 650bn
650bn To 1500bn
Cash
Port.	5.81	6.31	34.11	40.89	5.46	6.12	1.29
Bench.	-	5.62	22.98	54.19	13.53	3.68	-

Translation (ENDE, 2021-09-30):
# Wertentwicklung & Risiken
Wertentwicklung (JPY)
JPY

### 8 752.05
Port.	Bench.
Anzahl Positionen	189	929
Umschlagsrate 1J (%)	119	-
Aktiver Anteil (%)	82	-

## Fonds-Profile
ESG-Rating
Relatives ESG Rating
Relative CO2-Intensität
28/09/18
30/03/19
30/09/19
30/03/20
30/09/20
30/03/21 30/09/21
Portfolio* (-2.32%)	Benchmark (12.49%)
Die Daten von AXA IM sind auf der Basis von 100 zum Anfangsdatum der Grafik angegeben.
| Risikoanalyse |  |
| --- | --- |
|  | 1J | 3J | 5J | Auflage |
| Portfolio Volatilität* (%) | 12.57 | 19.11 | 16.03 | 17.53 |
| Benchmark Volatilität (%) | 11.96 | 18.11 | 14.98 | 17.19 |
| Relatives Risiko/Tracking Error  (%) | 2.92 | 4.11 | 3.76 | 3.98 |
| Sharpe Ratio | 1.44 | 0.02 | 0.55 | 0.31 |
| Information Ratio | -0.95 | -0.92 | -0.38 | -0.13 |

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.
% des verwalteten Vermögens, das vom absoluten ESG-Rating abgedeckt wird: Portfolio = 71.4% Benchmark = 87.4% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)
% des verwalteten Vermögens, das vom Indikator der CO2-Intensität abgedeckt wird: Portfolio = 97.3% Benchmark = 98.6% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)

## Wertentwicklung (Brutto, Netto in %)
60
|  |  |  |  |
| --- | --- | --- | --- |
|  |  |  |  |  |

40
20
0
|  | 30/09/2016 - | 30/09/2017 - | 30/09/2018 - | 30/09/2019 - | 30/09/2020 - |  |
| --- | --- | --- | --- | --- | --- | --- |
| 30/09/2017 | 30/09/2018 | 30/09/2019 | 30/09/2020 | 30/09/2021 |
| Brutto-Wertentwicklung | 39.05 | 6.96 | -11.85 | -5.38 | 17.11 |
| Netto-Wertentwicklung | 39.05 | 6.96 | -11.85 | -5.38 | 17.11 |

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

## Rollierende Wertentwicklung (%)
|  | 1M | 3M | 6M | YTD | 3J | 5J | 30/09/20 30/09/21 | 30/09/19 30/09/20 | 30/09/18 30/09/19 | 30/09/17 30/09/18 | 30/09/16 30/09/17 | Auflage |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 2.84 | 4.30 | 2.32 | 11.62 | -2.32 | 45.27 | 17.11 | -5.38 | -11.85 | 6.96 | 39.05 | 173.25 |
| Benchmark | 2.65 | 3.97 | 3.47 | 14.51 | 12.49 | 62.93 | 21.02 | 4.05 | -10.67 | 8.33 | 33.70 | 266.89 |
| Abstände | 0.19 | 0.33 | -1.14 | -2.89 | -14.81 | -17.67 | -3.91 | -9.43 | -1.19 | -1.38 | 5.35 | -93.63 |

Wertentwicklung im Kalenderjahr (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -9.75 | 18.85 | -19.88 | 29.10 | -0.98 | 16.08 | 11.98 | 46.72 | 17.66 | -8.72 |
| Benchmark | 1.13 | 18.22 | -18.18 | 27.68 | 4.96 | 13.01 | 13.15 | 50.40 | 18.46 | -9.18 |
| Abstände | -10.88 | 0.63 | -1.70 | 1.42 | -5.94 | 3.08 | -1.17 | -3.68 | -0.80 | 0.46 |

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.
| Portfolioanalyse |  |
| --- | --- |
| Top 10 Positionen |
| Aktie |  |  | Gewichtung (%) | Sektor | Land |
|  | Portfolio | Benchmark | Relative |  |  |
| MatsukiyoCocokara & Co | 1.43 | 0.53 | 0.90 | Kurzleb. Konsumg. | Japan |
| Benefit One Inc | 1.37 | 0.42 | 0.95 | Industrieunternehmen | Japan |
| Haseko Corp | 1.36 | 0.38 | 0.98 | Dauerh. Konsumg. | Japan |
| Sumitomo Heavy Industries Ltd | 1.31 | 0.32 | 0.99 | Industrieunternehmen | Japan |
| Sumitomo Rubber Industries Ltd | 1.31 | 0.24 | 1.07 | Dauerh. Konsumg. | Japan |
| Sumitomo Forestry Co Ltd | 1.30 | 0.27 | 1.03 | Dauerh. Konsumg. | Japan |
| Sanwa Holdings Corp | 1.30 | 0.27 | 1.03 | Industrieunternehmen | Japan |
| Yokohama Rubber Co Ltd | 1.29 | 0.24 | 1.05 | Dauerh. Konsumg. | Japan |
| Kuraray Co Ltd | 1.26 | 0.32 | 0.94 | Werkstoffe | Japan |
| Sawai Group Holdings Co Ltd | 1.23 | 0.20 | 1.02 | Gesundheit | Japan |
| Summe (%) | 13.15 | 3.18 |  |  |  |


## Top 5 übergewichtete Positionen (%)	Top 5 untergewichtete Positionen (%)
Port. Bench. Relative	Port. Bench. Relative
| JAC Recruitment Co Ltd | 1.19 | 0.03 | 1.16 |  | BayCurrent Consulting Inc | 0.00 | 0.74 | -0.74 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| C Uyemura & Co Ltd | 1.10 | 0.00 | 1.10 |  | Food & Life Cos Ltd | 0.00 | 0.56 | -0.56 |
| Sumitomo Rubber Industries Ltd | 1.31 | 0.24 | 1.07 |  | Advance Residence Investment Corp | 0.00 | 0.47 | -0.47 |
| Yokohama Rubber Co Ltd | 1.29 | 0.24 | 1.05 |  | Showa Denko KK | 0.00 | 0.47 | -0.47 |
| Sanwa Holdings Corp | 1.30 | 0.27 | 1.03 |  | Sojitz Corp | 0.00 | 0.43 | -0.43 |


## Sektorengewichtung (%)
Portfolio	Benchmark

## Aktives Engagement nach Sektoren (%)
-6	-4	-2	0	2	4	6	8	10
Industrieunternehmen	26.01	25.47
Dauerh. Konsumg.	24.97	15.55
Informatik	13.19	12.22
Werkstoffe	9.04	10.26
Kurzleb. Konsumg.	8.54	8.52
Immobilien	5.35	10.43
Gesundheit	5.20	5.54
Kommunikationsdienste	3.28	3.00
Finanzen	2.19	6.43
Öffentliche Dienste	0.53	1.84
Energie	0.39	0.72
Liquide Mittel	1.29	0.00

## Aufgliederung nach Marktkapitalisierung (JPY - %)
60
50
40
30
20
10
0	Von 0 bis
30 Mrd
Von 30 bis
65 Mrd
Von 65 bis
150 Mrd
Von 150 bis
400 Mrd
Von 400 bis
650 Mrd
Von 650 bis
1500 Mrd
Liquide Mittel
Port.	5.81	6.31	34.11	40.89	5.46	6.12	1.29
Bench.	-	5.62	22.98	54.19	13.53	3.68	-