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

### 6 855.01
Port.	Bench.
Number of Holdings	160	843
Turnover: Rolling 1Y (%)	71	-
Active Share (%)	80	-

## Fund Profile
ESG Rating
ESG Relative Rating
CO2 Relative rating
30/08/19
29/02/20
31/08/20
28/02/21
31/08/21
28/02/22 31/08/22
Portfolio* (-7.41%)	Benchmark (8.26%)
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 = 93.1% Benchmark = 99.4% (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 = 98.7% Benchmark = 98.8% (not meaningful for |
| --- | --- |
| coverage below 50%) |
| Risk Analysis |  |  |  |  |  |
|  | 1Y | 3Y | 5Y | Launch |  |
| Portfolio Volatility* (%) | 14.90 | 17.06 | 15.36 | 16.40 |  |
| Benchmark Volatility (%) | 14.14 | 15.18 | 14.04 | 16.10 |  |
| Relative Risk/Tracking Error  (%) | 2.81 | 3.86 | 3.76 | 3.79 |  |
| Sharpe Ratio | -0.41 | -0.03 | 0.08 | 0.28 |  |
| Information Ratio | 0.20 | -0.93 | -0.56 | -0.09 |  |


## 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* | -0.57 | 3.97 | -3.39 | -5.63 | -7.41 | -4.26 | -8.17 | 13.22 | -10.95 | -6.48 | 10.57 | 129.68 |
| Benchmark | -0.56 | 4.41 | -1.49 | -4.44 | 8.26 | 15.49 | -7.20 | 19.61 | -2.46 | -2.95 | 9.91 | 241.44 |
| Excess Return | -0.01 | -0.44 | -1.89 | -1.19 | -15.68 | -19.75 | -0.97 | -6.39 | -8.49 | -3.53 | 0.66 | -111.76 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 2.95 | -13.84 | 21.96 | -14.75 | 16.56 | 5.13 | 27.00 | 11.10 | 14.21 | 2.49 |
| Benchmark | 6.09 | -2.78 | 22.25 | -12.35 | 16.32 | 12.27 | 24.73 | 13.05 | 18.00 | 3.94 |
| Excess Return | -3.14 | -11.07 | -0.29 | -2.40 | 0.24 | -7.13 | 2.28 | -1.95 | -3.79 | -1.45 |

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 |  |  |
| NGK Spark Plug Co Ltd | 1.68 | 0.42 | 1.25 | Consumer Discretionary | Japan |
| Sumitomo Forestry Co Ltd | 1.55 | 0.32 | 1.23 | Consumer Discretionary | Japan |
| Japan Prime Realty Investme... | 1.49 | 0.34 | 1.15 | Real Estate | Japan |
| Amada Co Ltd | 1.48 | 0.36 | 1.12 | Industrials | Japan |
| Yamada Holdings Co Ltd | 1.44 | 0.34 | 1.10 | Consumer Discretionary | Japan |
| Sumitomo Heavy Industries Ltd | 1.41 | 0.31 | 1.10 | Industrials | Japan |
| Teijin Ltd | 1.38 | 0.25 | 1.13 | Materials | Japan |
| Kuraray Co Ltd | 1.35 | 0.33 | 1.02 | Materials | Japan |
| Kenedix Retail REIT Corp | 1.34 | 0.16 | 1.18 | Real Estate | Japan |
| Sanwa Holdings Corp | 1.34 | 0.25 | 1.09 | Industrials | Japan |
| Total (%) | 14.45 | 3.08 |  |  |  |


## Top 5 Overweight (%)	Top 5 Underweight (%)
Port. Bench. Relative	Port. Bench. Relative
| NGK Spark Plug Co Ltd | 1.68 | 0.42 | 1.25 |  | MatsukiyoCocokara & Co | 0.00 | 0.57 | -0.57 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sumitomo Forestry Co Ltd | 1.55 | 0.32 | 1.23 |  | Sojitz Corp | 0.00 | 0.54 | -0.54 |
| Kenedix Retail REIT Corp | 1.34 | 0.16 | 1.18 |  | BayCurrent Consulting Inc | 0.00 | 0.53 | -0.53 |
| DTS Corp | 1.31 | 0.13 | 1.18 |  | Toyo Suisan Kaisha Ltd | 0.00 | 0.49 | -0.49 |
| Japan Prime Realty Investment Corp | 1.49 | 0.34 | 1.15 |  | Orix JREIT Inc | 0.00 | 0.48 | -0.48 |


## Sector Breakdown (%)
Portfolio	Benchmark

## Active Exposure by Sector (%)
-6	-4	-2	0	2	4	6	8	10
Consumer Discretionary	24.77	16.43
Industrials	22.77	24.21
Information Technology	16.24	10.55
Materials	10.76	10.06
Real Estate	7.55	11.11
Consumer Staples	6.67	9.74
Health Care	3.85	5.98
Communication Services	3.28	2.15
Financials	1.52	6.58
Energy	1.12	0.83
Utilities	0.58	2.37
Cash	0.90	0.00
MarketCap Breakdown (JPY - %)
60
55
50
45
40
35
30
25
20
15
10
5
0	0 To 30bn	30bn To 65bn	65bn To 150bn	150bn To 400bn	400bn To 650bn	650bn To 1500bn	Cash
Port.	3.63	7.96	33.42	37.12	16.42	0.54	0.90
Bench.	0.03	3.98	21.11	53.43	19.19	2.27	-

Translation (ENDE, 2022-08-31):
# Wertentwicklung & Risiken
Wertentwicklung (EUR)
JPY

### 6 855.01
Port.	Bench.
Anzahl Positionen	160	843
Umschlagsrate 1J (%)	71	-
Aktiver Anteil (%)	80	-

## Fonds-Profile
ESG-Rating
Relatives ESG Rating
Relative CO2-Intensität
30/08/19
29/02/20
31/08/20
28/02/21
31/08/21
28/02/22 31/08/22
Portfolio* (-7.41%)	Benchmark (8.26%)
Die Daten von AXA IM sind auf der Basis von 100 zum Anfangsdatum der Grafik angegeben.
| Risikoanalyse |  |
| --- | --- |
|  | 1J | 3J | 5J | Auflage |
| Portfolio Volatilität* (%) | 14.90 | 17.06 | 15.36 | 16.40 |
| Benchmark Volatilität (%) | 14.14 | 15.18 | 14.04 | 16.10 |
| Relatives Risiko/Tracking Error  (%) | 2.81 | 3.86 | 3.76 | 3.79 |
| Sharpe Ratio | -0.41 | -0.03 | 0.08 | 0.28 |
| Information Ratio | 0.20 | -0.93 | -0.56 | -0.09 |

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 = 93.1% Benchmark = 99.4% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)
% des verwalteten Vermögens, das vom Indikator der CO2-Intensität abgedeckt wird: Portfolio = 98.7% Benchmark = 98.8% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)

## Wertentwicklung (Brutto, Netto in %)
20
|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |

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 | 10.57 | -6.48 | -10.95 | 13.22 | -8.17 |
| Netto-Wertentwicklung | 5.81 | -6.48 | -10.95 | 13.22 | -8.17 |

-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* | -0.57 | 3.97 | -3.39 | -5.63 | -7.41 | -4.26 | -8.17 | 13.22 | -10.95 | -6.48 | 10.57 | 129.68 |
| Benchmark | -0.56 | 4.41 | -1.49 | -4.44 | 8.26 | 15.49 | -7.20 | 19.61 | -2.46 | -2.95 | 9.91 | 241.44 |
| Abstände | -0.01 | -0.44 | -1.89 | -1.19 | -15.68 | -19.75 | -0.97 | -6.39 | -8.49 | -3.53 | 0.66 | -111.76 |

Wertentwicklung im Kalenderjahr (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 2.95 | -13.84 | 21.96 | -14.75 | 16.56 | 5.13 | 27.00 | 11.10 | 14.21 | 2.49 |
| Benchmark | 6.09 | -2.78 | 22.25 | -12.35 | 16.32 | 12.27 | 24.73 | 13.05 | 18.00 | 3.94 |
| Abstände | -3.14 | -11.07 | -0.29 | -2.40 | 0.24 | -7.13 | 2.28 | -1.95 | -3.79 | -1.45 |

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.
| Top 10 Positionen |  |
| --- | --- |
| Aktie |  |  | Gewichtung (%) | Sektor | Land |
|  | Portfolio | Benchmark | Relative |  |  |
| NGK Spark Plug Co Ltd | 1.68 | 0.42 | 1.25 | Dauerh. Konsumg. | Japan |
| Sumitomo Forestry Co Ltd | 1.55 | 0.32 | 1.23 | Dauerh. Konsumg. | Japan |
| Japan Prime Realty Investme... | 1.49 | 0.34 | 1.15 | Immobilien | Japan |
| Amada Co Ltd | 1.48 | 0.36 | 1.12 | Industrieunternehmen | Japan |
| Yamada Holdings Co Ltd | 1.44 | 0.34 | 1.10 | Dauerh. Konsumg. | Japan |
| Sumitomo Heavy Industries Ltd | 1.41 | 0.31 | 1.10 | Industrieunternehmen | Japan |
| Teijin Ltd | 1.38 | 0.25 | 1.13 | Werkstoffe | Japan |
| Kuraray Co Ltd | 1.35 | 0.33 | 1.02 | Werkstoffe | Japan |
| Kenedix Retail REIT Corp | 1.34 | 0.16 | 1.18 | Immobilien | Japan |
| Sanwa Holdings Corp | 1.34 | 0.25 | 1.09 | Industrieunternehmen | Japan |
| Summe (%) | 14.45 | 3.08 |  |  |  |


## Top 5 übergewichtete Positionen (%)	Top 5 untergewichtete Positionen (%)
Port. Bench. Relative	Port. Bench. Relative
| NGK Spark Plug Co Ltd | 1.68 | 0.42 | 1.25 |  | MatsukiyoCocokara & Co | 0.00 | 0.57 | -0.57 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sumitomo Forestry Co Ltd | 1.55 | 0.32 | 1.23 |  | Sojitz Corp | 0.00 | 0.54 | -0.54 |
| Kenedix Retail REIT Corp | 1.34 | 0.16 | 1.18 |  | BayCurrent Consulting Inc | 0.00 | 0.53 | -0.53 |
| DTS Corp | 1.31 | 0.13 | 1.18 |  | Toyo Suisan Kaisha Ltd | 0.00 | 0.49 | -0.49 |
| Japan Prime Realty Investment Corp | 1.49 | 0.34 | 1.15 |  | Orix JREIT Inc | 0.00 | 0.48 | -0.48 |


## Sektorengewichtung (%)
Portfolio	Benchmark

## Aktives Engagement nach Sektoren (%)
-6	-4	-2	0	2	4	6	8	10
Dauerh. Konsumg.	24.77	16.43
Industrieunternehmen	22.77	24.21
Informatik	16.24	10.55
Werkstoffe	10.76	10.06
Immobilien	7.55	11.11
Kurzleb. Konsumg.	6.67	9.74
Gesundheit	3.85	5.98
Kommunikationsdienste	3.28	2.15
Finanzen	1.52	6.58
Energie	1.12	0.83
Öffentliche Dienste	0.58	2.37
Liquide Mittel	0.90	0.00

## Aufgliederung nach Marktkapitalisierung (JPY - %)
60
55
50
45
40
35
30
25
20
15
10
5
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.	3.63	7.96	33.42	37.12	16.42	0.54	0.90
Bench.	0.03	3.98	21.11	53.43	19.19	2.27	-