# Performance & Risk
## Performance Evolution (USD)
Fund Profile
ESG Rating
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50
23/01/20
31/07/20
31/01/21
31/07/21
31/01/22
31/07/22 31/01/23
ESG Relative Rating
CO2 Relative rating
% of AUM covered by ESG absolute rating: Portfolio =
Portfolio* (0.33%)	Benchmark (-1.67%)
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.

## Risk Analysis
1Y	3Y	5Y	Launch
91.0% Benchmark = 98.4% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 96.7% Benchmark = 98.1% (not meaningful for coverage below 50%)
For more information about the methodology, please read the section 'ESG Metrics Definition' below
Fund Manager
| Portfolio Volatility* (%) Benchmark Volatility (%) | 27.18 25.97 | 26.86 25.32 | - - | 26.41 25.04 | William CHUANG |
| --- | --- | --- | --- | --- | --- |
| Relative Risk/Tracking Error  (%) | 5.49 | 5.24 | - | 5.26 | Simon WESTON - Co-Manager |
| Sharpe Ratio | -0.59 | 0.01 | - | 0.10 |  |
| Information Ratio | -0.93 | 0.32 | - | 0.36 |  |

Rolling Performance (%)
|  | 1M | 3M | 6M | YTD | 3Y | 5Y | 31/01/22 31/01/23 | 31/01/21 31/01/22 | 31/01/20 31/01/21 | 31/01/19 31/01/20 | 31/01/18 31/01/19 | Launch |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 11.33 | 40.41 | -0.49 | 11.33 | 0.33 | - | -14.95 | -23.60 | 54.41 | - | - | 8.09 |
| Benchmark | 11.06 | 40.12 | 4.60 | 11.06 | -1.67 | - | -9.04 | -23.57 | 41.45 | - | - | 5.28 |
| Excess Return | 0.27 | 0.30 | -5.09 | 0.27 | 2.00 | - | -5.91 | -0.03 | 12.97 | - | - | 2.81 |

Annual Calendar Performance (%)
|  | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -28.68 | -12.76 | 48.00 | - | - | - | - | - | - | - |
| Benchmark | -23.61 | -12.91 | 33.41 | - | - | - | - | - | - | - |
| Excess Return | -5.07 | 0.15 | 14.59 | - | - | - | - | - | - | - |

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 |  |  |
| Alibaba Group Holding Ltd | 5.50 | 5.32 | 0.18 | Consumer Discretionary | China |
| NETEASE.COM INC ADR | 4.52 | 0.92 | 3.60 | Communication Services | China |
| Meituan | 3.94 | 2.57 | 1.38 | Consumer Discretionary | China |
| China Merchants Bank Co Ltd | 3.79 | 1.65 | 2.14 | Financials | China |
| Han's Laser Technology Indu... | 3.45 | - | 3.45 | Industrials | China |
| China Longyuan Power Group ... | 3.44 | 0.12 | 3.32 | Utilities | China |
| Ping An Insurance Group Co ... | 3.15 | 1.92 | 1.23 | Financials | China |
| Wuliangye Yibin Co Ltd | 3.09 | 0.94 | 2.15 | Consumer Staples | China |
| Contemporary Amperex Techno... | 2.99 | 1.32 | 1.68 | Industrials | China |
| JD.com Inc | 2.84 | 1.66 | 1.17 | Consumer Discretionary | China |
| Total (%) | 36.72 | 16.41 |  |  |  |

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
| NETEASE.COM INC ADR | 4.52 | 0.92 | 3.60 |  | Tencent Holdings Ltd | 0.00 | 7.96 | -7.96 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Han's Laser Technology Industry ... | 3.45 | 0.00 | 3.45 |  | Kweichow Moutai Co Ltd | 0.00 | 2.69 | -2.69 |
| China Longyuan Power Group Corp Ltd | 3.44 | 0.12 | 3.32 |  | China Construction Bank Corp | 0.00 | 1.69 | -1.69 |
| Fusheng Precision Co Ltd | 2.71 | 0.00 | 2.71 |  | Pinduoduo Inc | 0.00 | 1.29 | -1.29 |
| Xinyi Solar Holdings Ltd | 2.63 | 0.17 | 2.46 |  | Baidu Inc | 0.00 | 0.97 | -0.97 |


## Sector Breakdown (%)
Portfolio	Benchmark

## Active Exposure by Sector (%)
-8	-6	-4	-2	0	2	4	6	8	10
Consumer Discretionary	29.96	20.97
Industrials	17.91	9.83
Financials	12.58	16.10
Consumer Staples	11.11	9.54
Health Care	7.70	7.23
Information Technology	4.58	8.91
Communication Services	4.52	12.20
Materials	3.91	7.16
Utilities	3.44	2.68
Real Estate	0.97	2.76
Energy	0.00	2.62
Cash	3.31	0.00

## Geographical Breakdown (%)
Portfolio	Benchmark
China	87.30	100.00
Hong Kong	6.69	0.00
Taiwan	2.71	0.00
Cash	3.31	0.00

## Active Exposure by Geography (%)
-14	-12	-10	-8	-6	-4	-2	0	2	4	6	8
MarketCap Breakdown (USD - %)
40
30
20
10
0	500mn To
1bn
1bn To 3bn
3bn To 5bn
5bn To 10bn
10bn To 25bn
25bn To 100bn
100bn To 250bn
More Than 250bn
Cash
Port.	2.71	5.86	10.88	2.44	18.53	30.37	20.42	5.50	3.31
Bench.	-	1.20	7.92	14.28	21.48	23.03	16.13	15.97	-

Translation (ENDE, 2023-01-31):
# Wertentwicklung & Risiken
Wertentwicklung (USD)
Nettovermögen (M)
| Fondsindikatoren |  |
| --- | --- |
|  | Port. | Bench. |
| Anzahl Positionen | 48 | 790 |
| Umschlagsrate 1J (%) | 48 | - |
| Aktiver Anteil (%) | 75 | - |
| Fonds-Profile |  |  |
| ESG-Rating |  |  |
| Relatives ESG Rating |  |  |
| Relative CO2-Intensität |  |  |

USD
29.96
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200
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100
75
50
23/01/20
31/07/20
31/01/21
31/07/21
31/01/22
31/07/22 31/01/23
Portfolio* (0.33%)	Benchmark (-1.67%)
Die Daten von AXA IM sind auf der Basis von 100 zum Anfangsdatum der Grafik angegeben. 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* (%) | 27.18 | 26.86 | - | 26.41 |
| Benchmark Volatilität (%) | 25.97 | 25.32 | - | 25.04 |
| Relatives Risiko/Tracking Error  (%) | 5.49 | 5.24 | - | 5.26 |
| Sharpe Ratio | -0.59 | 0.01 | - | 0.10 |
| Information Ratio | -0.93 | 0.32 | - | 0.36 |

% des verwalteten Vermögens, das vom absoluten ESG-Rating abgedeckt wird: Portfolio = 91.0% Benchmark = 98.4% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)
% des verwalteten Vermögens, das vom Indikator der CO2-Intensität abgedeckt wird: Portfolio = 96.7% Benchmark = 98.1% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)
Mehr Informationen über die Methodik finden Sie weiter unten im Abschnitt „Definition von
ESG-Kennzahlen“.

## Fondsmanager
William CHUANG
Simon WESTON - Co-Manager

## Wertentwicklung (Brutto, Netto in %)
75
|  |  |  |  |
| --- | --- | --- | --- |
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50
25
0
-25
|  | 31/01/2020 - 31/01/2021 | 31/01/2021 - 31/01/2022 | 31/01/2022 - 31/01/2023 |  |
| --- | --- | --- | --- | --- |
|  | Brutto-Wertentwicklung | 54.41 | -23.60 | -14.95 |  |
|  | Netto-Wertentwicklung | 54.41 | -23.60 | -14.95 |  |

-50
Berechnung nach BVI-Wertermittlungsstatistik (siehe Erläuterung unter 'Wichtige Hinweise')

## Rollierende Wertentwicklung (%)
|  | 1M | 3M | 6M | YTD | 3J | 5J | 31/01/22 31/01/23 | 31/01/21 31/01/22 | 31/01/20 31/01/21 | 31/01/19 31/01/20 | 31/01/18 31/01/19 | Auflage |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 11.33 | 40.41 | -0.49 | 11.33 | 0.33 | - | -14.95 | -23.60 | 54.41 | - | - | 8.09 |
| Benchmark | 11.06 | 40.12 | 4.60 | 11.06 | -1.67 | - | -9.04 | -23.57 | 41.45 | - | - | 5.28 |
| Abstände | 0.27 | 0.30 | -5.09 | 0.27 | 2.00 | - | -5.91 | -0.03 | 12.97 | - | - | 2.81 |

Wertentwicklung im Kalenderjahr (%)
|  | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -28.68 | -12.76 | 48.00 | - | - | - | - | - | - | - |
| Benchmark | -23.61 | -12.91 | 33.41 | - | - | - | - | - | - | - |
| Abstände | -5.07 | 0.15 | 14.59 | - | - | - | - | - | - | - |

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 |  |  |
| Alibaba Group Holding Ltd | 5.50 | 5.32 | 0.18 | Dauerh. Konsumg. | China |
| NETEASE.COM INC ADR | 4.52 | 0.92 | 3.60 | Kommunikationsdienste | China |
| Meituan | 3.94 | 2.57 | 1.38 | Dauerh. Konsumg. | China |
| China Merchants Bank Co Ltd | 3.79 | 1.65 | 2.14 | Finanzen | China |
| Han's Laser Technology Indu... | 3.45 | - | 3.45 | Industrieunternehmen | China |
| China Longyuan Power Group ... | 3.44 | 0.12 | 3.32 | Öffentliche Dienste | China |
| Ping An Insurance Group Co ... | 3.15 | 1.92 | 1.23 | Finanzen | China |
| Wuliangye Yibin Co Ltd | 3.09 | 0.94 | 2.15 | Kurzleb. Konsumg. | China |
| Contemporary Amperex Techno... | 2.99 | 1.32 | 1.68 | Industrieunternehmen | China |
| JD.com Inc | 2.84 | 1.66 | 1.17 | Dauerh. Konsumg. | China |
| Summe (%) | 36.72 | 16.41 |  |  |  |

Die aufgeführten Unternehmen dienen ausschließlich zur Veranschaulichung zum Zeitpunkt dieses Berichts und sind später möglicherweise nicht mehr im Portfolio enthalten. Es ist nicht als Empfehlung für den Kauf oder Verkauf von Wertpapieren aufzufassen.

## Top 5 übergewichtete Positionen (%)	Top 5 untergewichtete Positionen (%)
Port. Bench. Relative	Port. Bench. Relative
| NETEASE.COM INC ADR | 4.52 | 0.92 | 3.60 |  | Tencent Holdings Ltd | 0.00 | 7.96 | -7.96 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Han's Laser Technology Industry ... | 3.45 | 0.00 | 3.45 |  | Kweichow Moutai Co Ltd | 0.00 | 2.69 | -2.69 |
| China Longyuan Power Group Corp Ltd | 3.44 | 0.12 | 3.32 |  | China Construction Bank Corp | 0.00 | 1.69 | -1.69 |
| Fusheng Precision Co Ltd | 2.71 | 0.00 | 2.71 |  | Pinduoduo Inc | 0.00 | 1.29 | -1.29 |
| Xinyi Solar Holdings Ltd | 2.63 | 0.17 | 2.46 |  | Baidu Inc | 0.00 | 0.97 | -0.97 |


## Sektorengewichtung (%)
Portfolio	Benchmark

## Aktives Engagement nach Sektoren (%)
-8	-6	-4	-2	0	2	4	6	8	10
Dauerh. Konsumg.	29.96	20.97
Industrieunternehmen	17.91	9.83
Finanzen	12.58	16.10
Kurzleb. Konsumg.	11.11	9.54
Gesundheit	7.70	7.23
Informatik	4.58	8.91
Kommunikationsdienste	4.52	12.20
Werkstoffe	3.91	7.16
Öffentliche Dienste	3.44	2.68
Immobilien	0.97	2.76
Energie	0.00	2.62
Liquide Mittel	3.31	0.00

## Geographische Ausrichtung (%)
Portfolio	Benchmark
China	87.30	100.00
Hong-Kong	6.69	0.00
Taiwan	2.71	0.00
Liquide Mittel	3.31	0.00

## Aktives Engagement nach geografischen Regionen (%)
-14	-12	-10	-8	-6	-4	-2	0	2	4	6	8

## Aufgliederung nach Marktkapitalisierung (USD - %)
40
30
20
10
0	Von 500 Mio
bis 1 Mrd
Von 1 bis 3 Mrd
Von 3 bis 5 Mrd
Von 5 bis 10 Mrd
Von 10 bis
25 Mrd
Von 25 bis
100 Mrd
Von 100 bis
250 Mrd
Mehr als 250 Mrd.
Liquide Mittel
Port.	2.71	5.86	10.88	2.44	18.53	30.37	20.42	5.50	3.31
Bench.	-	1.20	7.92	14.28	21.48	23.03	16.13	15.97	-