# Performance & Risk
## Performance Evolution (EUR)
CO2 Relative rating
% of AUM covered by ESG absolute rating: Portfolio = 98.5% Benchmark = 96.7% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 94.6% Benchmark = 97.4% (not meaningful for coverage below 50%)
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160
140
120
100
80
60
28/02/19
28/08/19
28/02/20
28/08/20
28/02/21
28/08/21 28/02/22
Portfolio* (20.08%)	Benchmark (31.53%)
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* (%) | 17.82 | 19.39 | 16.77 | 17.08 |
| Benchmark Volatility (%) | 14.80 | 19.71 | 16.82 | 17.68 |
| Relative Risk/Tracking Error  (%) | 6.37 | 6.40 | 5.46 | 5.69 |
| Sharpe Ratio | 0.22 | 0.39 | 0.41 | 0.46 |
| Information Ratio | -0.38 | -0.37 | -0.21 | 0.28 |
| Rolling Performance (%) |  |  |  |  |
| 1M	3M	6M	YTD	3Y	5Y	28/02/21	28/02/20	28/02/19	28/02/18	28/02/17	Launch |
|  |  |  |  |  |  |  | 28/02/22 | 28/02/21 | 29/02/20 | 28/02/19 | 28/02/18 |  |
| Portfolio* | -5.37 | -13.72 | -16.60 | -16.40 | 20.08 | 31.60 | 2.67 | 11.04 | 5.34 | -1.48 | 11.24 | 249.05 |
| Benchmark | -4.40 | -8.27 | -11.93 | -11.35 | 31.53 | 45.14 | 6.00 | 19.56 | 3.78 | -1.43 | 11.95 | 213.41 |
| Excess Return | -0.97 | -5.46 | -4.66 | -5.05 | -11.45 | -13.53 | -3.33 | -8.53 | 1.55 | -0.04 | -0.71 | 35.64 |


## Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 20.61 | 5.37 | 27.46 | -12.01 | 15.20 | -2.61 | 34.12 | 8.53 | 27.53 | 27.49 |
| Benchmark | 22.85 | 4.78 | 29.09 | -12.88 | 18.10 | 0.52 | 15.68 | 4.93 | 26.73 | 23.47 |
| Excess Return | -2.24 | 0.58 | -1.63 | 0.87 | -2.90 | -3.13 | 18.44 | 3.59 | 0.80 | 4.02 |

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 |  |  |
| Emmi AG | 3.07 | - | 3.07 | Consumer Staples | Switzerland |
| ID Logistics Group | 2.77 | - | 2.77 | Industrials | France |
| Bankinter SA | 2.63 | 0.50 | 2.13 | Financials | Spain |
| Virbac SA | 2.59 | - | 2.59 | Health Care | France |
| Siegfried Holding AG | 2.58 | 0.45 | 2.13 | Health Care | Switzerland |
| FinecoBank Banca Fineco SpA | 2.55 | - | 2.55 | Financials | Italy |
| Imcd NV | 2.44 | - | 2.44 | Basic Materials | Netherlands |
| Neoen SA | 2.38 | - | 2.38 | Utilities | France |
| Dechra Pharmaceuticals PLC | 2.32 | - | 2.32 | Health Care | United Kingdom |
| Great Portland Estates PLC | 2.28 | - | 2.28 | Basic Materials | United Kingdom |
| Total (%) | 25.60 | 0.95 |  |  |  |


## Top 5 Overweight (%)	Top 5 Underweight (%)
Port. Bench. Relative	Port. Bench. Relative
| Emmi AG | 3.07 | 0.00 | 3.07 |  | Rheinmetall AG | 0.00 | 0.88 | -0.88 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| ID Logistics Group | 2.77 | 0.00 | 2.77 |  | Centrica PLC | 0.00 | 0.83 | -0.83 |
| Virbac SA | 2.59 | 0.00 | 2.59 |  | Tenaris SA | 0.00 | 0.82 | -0.82 |
| FinecoBank Banca Fineco SpA | 2.55 | 0.00 | 2.55 |  | Klepierre SA | 0.00 | 0.81 | -0.81 |
| Imcd NV | 2.44 | 0.00 | 2.44 |  | Tritax Big Box REIT Plc | 0.00 | 0.80 | -0.80 |
| Sector Breakdown (%) |  |  |  |  | Active Exposure by Sector (%) |  |  |  |

Portfolio	Benchmark
Industrials	18.09	22.51
Financials	15.98	16.57
Consumer Discretionary	13.34	15.92
Technology	11.26	7.17
Real Estate	11.05	10.06
Health Care	9.32	7.41
Basic Materials	8.16	4.48
Consumer Staples	6.08	6.51
Energy	2.88	2.09
Utilities	2.38	4.94
Telecommunications	0.00	2.35
Cash	1.45	0.00
-5	-4	-3	-2	-1	0	1	2	3	4	5
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## Securities Exposure by geographical area (%)
Portfolio	Benchmark
United Kingdom	31.52	26.29
France	18.65	11.68
Sweden	9.06	13.10
Netherlands	8.42	1.88
Germany	8.35	7.30
Switzerland	7.77	6.96
Italy	4.77	5.96
Belgium	3.59	3.53
Spain	2.63	2.99
Ireland	1.47	1.20
Denmark	1.23	3.68
Norway	1.09	4.61
Other	0.00	10.82
Cash	1.45	0.00

## Active Exposure by Geography (%)
-12	-10	-8	-6	-4	-2	0	2	4	6	8
MarketCap Breakdown (EUR - %)
48
44
40
36
32
28
24
20
16
12
8
4
0	250mn To 500mn	500mn To 1bn	1bn To 3bn	3bn To 5bn	5bn To 10bn	10bn To 25bn	100bn To 250bn	Cash
Port.	0.33	6.19	29.74	23.52	35.55	3.22	-	1.45
Bench.	-	-	7.96	42.68	40.98	7.94	0.44	-

Translation (ENDE, 2022-02-28):
# Wertentwicklung & Risiken
Wertentwicklung (EUR)
Relative CO2-Intensität
% des verwalteten Vermögens, das vom absoluten ESG-Rating abgedeckt wird: Portfolio = 98.5% Benchmark = 96.7% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)
% des verwalteten Vermögens, das vom Indikator der CO2-Intensität abgedeckt wird: Portfolio = 94.6% Benchmark = 97.4% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)
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160
140
120
100
80
60
28/02/19
28/08/19
28/02/20
28/08/20
28/02/21
28/08/21 28/02/22
Portfolio* (20.08%)	Benchmark (31.53%)
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* (%) | 17.82 | 19.39 | 16.77 | 17.08 |
| Benchmark Volatilität (%) | 14.80 | 19.71 | 16.82 | 17.68 |
| Relatives Risiko/Tracking Error  (%) | 6.37 | 6.40 | 5.46 | 5.69 |
| Sharpe Ratio | 0.22 | 0.39 | 0.41 | 0.46 |
| Information Ratio | -0.38 | -0.37 | -0.21 | 0.28 |
| Wertentwicklung (Brutto, Netto in %) |  |  |  |  |

12
8
4
0
|  | 28/02/2017 - | 28/02/2018 - | 28/02/2019 - | 28/02/2020 - | 28/02/2021 - |  |
| --- | --- | --- | --- | --- | --- | --- |
| 28/02/2018 | 28/02/2019 | 28/02/2020 | 28/02/2021 | 28/02/2022 |  |
|  | Brutto-Wertentwicklung | 11.24 | -1.48 | 5.34 | 11.04 | 2.67 |  |
|  | Netto-Wertentwicklung | 11.24 | -1.48 | 5.34 | 11.04 | 2.67 |  |

-4
Berechnung nach BVI-Wertermittlungsstatistik (siehe Erläuterung unter 'Wichtige Hinweise')

## Rollierende Wertentwicklung (%)
| 1M	3M	6M	YTD	3J	5J	28/02/21 | 28/02/20 | 28/02/19 | 28/02/18 | 28/02/17	Auflage |
| --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  | 28/02/22 | 28/02/21 | 29/02/20 | 28/02/19 | 28/02/18 |  |
| Portfolio* | -5.37 | -13.72 | -16.60 | -16.40 | 20.08 | 31.60 | 2.67 | 11.04 | 5.34 | -1.48 | 11.24 | 249.05 |
| Benchmark | -4.40 | -8.27 | -11.93 | -11.35 | 31.53 | 45.14 | 6.00 | 19.56 | 3.78 | -1.43 | 11.95 | 213.41 |
| Abstände | -0.97 | -5.46 | -4.66 | -5.05 | -11.45 | -13.53 | -3.33 | -8.53 | 1.55 | -0.04 | -0.71 | 35.64 |

Wertentwicklung im Kalenderjahr (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 20.61 | 5.37 | 27.46 | -12.01 | 15.20 | -2.61 | 34.12 | 8.53 | 27.53 | 27.49 |
| Benchmark | 22.85 | 4.78 | 29.09 | -12.88 | 18.10 | 0.52 | 15.68 | 4.93 | 26.73 | 23.47 |
| Abstände | -2.24 | 0.58 | -1.63 | 0.87 | -2.90 | -3.13 | 18.44 | 3.59 | 0.80 | 4.02 |

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 |  |  |
| Emmi AG | 3.07 | - | 3.07 | Basiskonsumgüter | Schweiz |
| ID Logistics Group | 2.77 | - | 2.77 | Industrieunternehmen | Frankreich |
| Bankinter SA | 2.63 | 0.50 | 2.13 | Finanz-Dienstleistungen | Spanien |
| Virbac SA | 2.59 | - | 2.59 | Gesundheitswesen | Frankreich |
| Siegfried Holding AG | 2.58 | 0.45 | 2.13 | Gesundheitswesen | Schweiz |
| FinecoBank Banca Fineco SpA | 2.55 | - | 2.55 | Finanz-Dienstleistungen | Italien |
| Imcd NV | 2.44 | - | 2.44 | Grundstoffe | Niederlande |
| Neoen SA | 2.38 | - | 2.38 | Versorger | Frankreich |
| Dechra Pharmaceuticals PLC | 2.32 | - | 2.32 | Gesundheitswesen | Großbritannien |
| Great Portland Estates PLC | 2.28 | - | 2.28 | Grundstoffe | Großbritannien |
| Summe (%) | 25.60 | 0.95 |  |  |  |


## Top 5 übergewichtete Positionen (%)	Top 5 untergewichtete Positionen (%)
Port. Bench. Relative	Port. Bench. Relative
| Emmi AG | 3.07 | 0.00 | 3.07 |  | Rheinmetall AG | 0.00 | 0.88 | -0.88 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| ID Logistics Group | 2.77 | 0.00 | 2.77 |  | Centrica PLC | 0.00 | 0.83 | -0.83 |
| Virbac SA | 2.59 | 0.00 | 2.59 |  | Tenaris SA | 0.00 | 0.82 | -0.82 |
| FinecoBank Banca Fineco SpA | 2.55 | 0.00 | 2.55 |  | Klepierre SA | 0.00 | 0.81 | -0.81 |
| Imcd NV | 2.44 | 0.00 | 2.44 |  | Tritax Big Box REIT Plc | 0.00 | 0.80 | -0.80 |


## Sektorengewichtung (%)
Portfolio	Benchmark

## Aktives Engagement nach Sektoren (%)
-5	-4	-3	-2	-1	0	1	2	3	4	5
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Industrieunternehmen	18.09	22.51
Finanz-Dienstleistungen	15.98	16.57
Verbrauchsgüter	13.34	15.92
Technologie	11.26	7.17
Immobilien	11.05	10.06
Gesundheitswesen	9.32	7.41
Grundstoffe	8.16	4.48
Basiskonsumgüter	6.08	6.51
Energie	2.88	2.09
Versorger	2.38	4.94
Telekommunikation	0.00	2.35
Liquide Mittel	1.45	0.00

## Geographische Ausrichtung (%)
Portfolio	Benchmark
Großbritannien	31.52	26.29
Frankreich	18.65	11.68
Schweden	9.06	13.10
Niederlande	8.42	1.88
Deutschland	8.35	7.30
Schweiz	7.77	6.96
Italien	4.77	5.96
Belgien	3.59	3.53
Spanien	2.63	2.99
Irland	1.47	1.20
Dänemark	1.23	3.68
Norwegen	1.09	4.61
Sonstige	0.00	10.82
Liquide Mittel	1.45	0.00

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

## Aufgliederung nach Marktkapitalisierung (EUR - %)
48
44
40
36
32
28
24
20
16
12
8
4
0	Von 250 bis
500 Moi
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 100 bis
250 Mrd
Liquide Mittel
Port.	0.33	6.19	29.74	23.52	35.55	3.22	-	1.45
Bench.	-	-	7.96	42.68	40.98	7.94	0.44	-