# Performance & Risk
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## Performance Evolution (EUR)
175
150
125
100
75
50
Assets Under Management (M)
EUR

### 222.26
Port.	Bench.
Number of Holdings	94	1520
Turnover: Rolling 1Y (%)	70	-
Active Share (%)	95	-

## 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* (49.03%)	Benchmark (50.95%)
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 = 57.7% Benchmark = 30.7% (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 = 62.5% Benchmark = 47.9% (not meaningful for |
| --- | --- |
| coverage below 50%) |
| Risk Analysis |  |  |  |  |  |
|  | 1Y | 3Y | 5Y | Launch |  |
| Portfolio Volatility* (%) | 14.44 | 23.17 | 18.76 | 18.21 |  |
| Benchmark Volatility (%) | 13.71 | 22.73 | 18.18 | 17.95 |  |
| Relative Risk/Tracking Error  (%) | 4.33 | 4.58 | 4.58 | 6.13 |  |
| Sharpe Ratio | 3.22 | 0.73 | 0.89 | 0.52 |  |
| Information Ratio | -1.00 | 0.46 | 0.58 | 0.04 |  |


## 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* | -4.47 | 0.67 | 8.50 | 17.44 | 49.03 | 92.08 | 43.52 | 15.86 | -10.37 | 1.18 | 27.38 | 259.04 |
| Benchmark | -2.50 | 0.36 | 7.14 | 22.69 | 50.95 | 91.58 | 51.13 | 8.61 | -8.04 | 2.00 | 24.42 | 403.14 |
| Excess Return | -1.97 | 0.31 | 1.36 | -5.25 | -1.92 | 0.50 | -7.61 | 7.24 | -2.33 | -0.82 | 2.96 | -144.10 |

Annual Calendar Performance (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 27.00 | 22.51 | -18.54 | 24.04 | 3.35 | 24.16 | 6.12 | 43.95 | 13.53 | -21.33 |
| Benchmark | 18.66 | 22.39 | -13.38 | 16.41 | 6.50 | 19.95 | 4.67 | 34.48 | 26.98 | -17.45 |
| Excess Return | 8.34 | 0.12 | -5.16 | 7.63 | -3.15 | 4.21 | 1.45 | 9.47 | -13.45 | -3.88 |

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 |  |  |
| Jdc Group AG | 2.43 | 0.09 | 2.34 | Financials | Germany |
| Victoria PLC | 1.93 | - | 1.93 | Consumer Discretionary | United Kingdom |
| Alpha Financial Markets Con... | 1.84 | 0.24 | 1.60 | Industrials | United Kingdom |
| Steico SE | 1.64 | - | 1.64 | Industrials | Germany |
| Va-q-tec AG | 1.57 | 0.13 | 1.44 | Industrials | Germany |
| KNOW IT AB | 1.57 | - | 1.57 | Information Technology | Sweden |
| D4t4 Solutions PLC | 1.51 | 0.08 | 1.43 | Information Technology | United Kingdom |
| SAF-Holland SE | 1.47 | - | 1.47 | Consumer Discretionary | Germany |
| Pharmagest Interactive | 1.42 | - | 1.42 | Health Care | France |
| Exel Industries | 1.40 | 0.05 | 1.36 | Industrials | France |
| Total (%) | 16.78 | 0.59 |  |  |  |


## Top 5 Overweight (%)	Top 5 Underweight (%)
Port. Bench. Relative	Port. Bench. Relative
| Jdc Group AG | 2.43 | 0.09 | 2.34 |  | Surgical Science Sweden AB | 0.00 | 0.44 | -0.44 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Victoria PLC | 1.93 | 0.00 | 1.93 |  | Renew Holdings PLC | 0.00 | 0.41 | -0.41 |
| Steico SE | 1.64 | 0.00 | 1.64 |  | Vallourec SA | 0.00 | 0.39 | -0.39 |
| Alpha Financial Markets Consulti... | 1.84 | 0.24 | 1.60 |  | Urban Logistics REIT PLC | 0.00 | 0.36 | -0.36 |
| KNOW IT AB | 1.57 | 0.00 | 1.57 |  | Kier Group PLC | 0.00 | 0.35 | -0.35 |


## Sector Breakdown (%)
Portfolio	Benchmark

## Active Exposure by Sector (%)
-6	-5	-4	-3	-2	-1	0	1	2	3	4	5	6	7
Information Technology	21.91	15.78
Industrials	19.70	21.30
Health Care	10.95	12.70
Consumer Discretionary	10.84	10.85
Financials	9.77	12.40
Consumer Staples	7.57	3.85
Materials	4.95	5.57
Communication Services	4.84	4.68
Real Estate	2.19	7.95
Energy	1.39	4.31
Not classified	0.01	0.03
Utilities	0.00	0.58
Cash	5.86	0.00

## Geographical Breakdown (%)
Portfolio	Benchmark
United Kingdom	29.58	35.94
Germany	21.39	10.79
France	15.47	9.70
Sweden	13.14	14.05
Italy	6.92	5.10
Netherlands	4.33	1.26
Belgium	1.94	2.51
Switzerland	0.79	3.88
Norway	0.58	8.08
Portugal	0.00	0.23
Ireland	0.00	0.29
Finland	0.00	3.16
Other	0.00	5.03
Cash	5.86	0.00

## Active Exposure by Geography (%)
-8	-6	-4	-2	0	2	4	6	8	10	12
MarketCap Breakdown (EUR - %)
50
45
40
35
30
25
20
15
10
5
0	0 To 250mn	250mn To 500mn	500mn To 1bn	1bn To 3bn	3bn To 5bn	Cash
| Port. | 15.91 | 27.29 | 25.22 | 25.15 | 0.57 | 5.86 |
| --- | --- | --- | --- | --- | --- | --- |
| Bench. | 37.98 | 44.78 | 16.30 | 0.93 | - | - |

Translation (ENDE, 2021-09-30):
# Wertentwicklung & Risiken
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Wertentwicklung (EUR)
175
150
125
100
75
50
Nettovermögen (M)
EUR

### 222.26
Port.	Bench.
Anzahl Positionen	94	1520
Umschlagsrate 1J (%)	70	-
Aktiver Anteil (%)	95	-

## 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* (49.03%)	Benchmark (50.95%)
Die Daten von AXA IM sind auf der Basis von 100 zum Anfangsdatum der Grafik angegeben.
| Risikoanalyse |  |
| --- | --- |
|  | 1J | 3J | 5J | Auflage |
| Portfolio Volatilität* (%) | 14.44 | 23.17 | 18.76 | 18.21 |
| Benchmark Volatilität (%) | 13.71 | 22.73 | 18.18 | 17.95 |
| Relatives Risiko/Tracking Error  (%) | 4.33 | 4.58 | 4.58 | 6.13 |
| Sharpe Ratio | 3.22 | 0.73 | 0.89 | 0.52 |
| Information Ratio | -1.00 | 0.46 | 0.58 | 0.04 |

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 = 57.7% Benchmark = 30.7% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)
% des verwalteten Vermögens, das vom Indikator der CO2-Intensität abgedeckt wird: Portfolio = 62.5% Benchmark = 47.9% (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 | 27.38 | 1.18 | -10.37 | 15.86 | 43.52 |
| Netto-Wertentwicklung | 20.74 | 1.18 | -10.37 | 15.86 | 43.52 |

-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* | -4.47 | 0.67 | 8.50 | 17.44 | 49.03 | 92.08 | 43.52 | 15.86 | -10.37 | 1.18 | 27.38 | 259.04 |
| Benchmark | -2.50 | 0.36 | 7.14 | 22.69 | 50.95 | 91.58 | 51.13 | 8.61 | -8.04 | 2.00 | 24.42 | 403.14 |
| Abstände | -1.97 | 0.31 | 1.36 | -5.25 | -1.92 | 0.50 | -7.61 | 7.24 | -2.33 | -0.82 | 2.96 | -144.10 |

Wertentwicklung im Kalenderjahr (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 27.00 | 22.51 | -18.54 | 24.04 | 3.35 | 24.16 | 6.12 | 43.95 | 13.53 | -21.33 |
| Benchmark | 18.66 | 22.39 | -13.38 | 16.41 | 6.50 | 19.95 | 4.67 | 34.48 | 26.98 | -17.45 |
| Abstände | 8.34 | 0.12 | -5.16 | 7.63 | -3.15 | 4.21 | 1.45 | 9.47 | -13.45 | -3.88 |

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 |  |  |
| Jdc Group AG | 2.43 | 0.09 | 2.34 | Finanzen | Deutschland |
| Victoria PLC | 1.93 | - | 1.93 | Dauerh. Konsumg. | Großbritannien |
| Alpha Financial Markets Con... | 1.84 | 0.24 | 1.60 | Industrieunternehmen | Großbritannien |
| Steico SE | 1.64 | - | 1.64 | Industrieunternehmen | Deutschland |
| Va-q-tec AG | 1.57 | 0.13 | 1.44 | Industrieunternehmen | Deutschland |
| KNOW IT AB | 1.57 | - | 1.57 | Informatik | Schweden |
| D4t4 Solutions PLC | 1.51 | 0.08 | 1.43 | Informatik | Großbritannien |
| SAF-Holland SE | 1.47 | - | 1.47 | Dauerh. Konsumg. | Deutschland |
| Pharmagest Interactive | 1.42 | - | 1.42 | Gesundheit | Frankreich |
| Exel Industries | 1.40 | 0.05 | 1.36 | Industrieunternehmen | Frankreich |
| Summe (%) | 16.78 | 0.59 |  |  |  |


## Top 5 übergewichtete Positionen (%)	Top 5 untergewichtete Positionen (%)
Port. Bench. Relative	Port. Bench. Relative
| Jdc Group AG | 2.43 | 0.09 | 2.34 |  | Surgical Science Sweden AB | 0.00 | 0.44 | -0.44 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Victoria PLC | 1.93 | 0.00 | 1.93 |  | Renew Holdings PLC | 0.00 | 0.41 | -0.41 |
| Steico SE | 1.64 | 0.00 | 1.64 |  | Vallourec SA | 0.00 | 0.39 | -0.39 |
| Alpha Financial Markets Consulti... | 1.84 | 0.24 | 1.60 |  | Urban Logistics REIT PLC | 0.00 | 0.36 | -0.36 |
| KNOW IT AB | 1.57 | 0.00 | 1.57 |  | Kier Group PLC | 0.00 | 0.35 | -0.35 |


## Sektorengewichtung (%)
Portfolio	Benchmark

## Aktives Engagement nach Sektoren (%)
-6	-5	-4	-3	-2	-1	0	1	2	3	4	5	6	7
Informatik	21.91	15.78
Industrieunternehmen	19.70	21.30
Gesundheit	10.95	12.70
Dauerh. Konsumg.	10.84	10.85
Finanzen	9.77	12.40
Kurzleb. Konsumg.	7.57	3.85
Werkstoffe	4.95	5.57
Kommunikationsdienste	4.84	4.68
Immobilien	2.19	7.95
Energie	1.39	4.31
Nicht klassifiziert	0.01	0.03
Öffentliche Dienste	0.00	0.58
Liquide Mittel	5.86	0.00

## Geographische Ausrichtung (%)
Portfolio	Benchmark
Großbritannien	29.58	35.94
Deutschland	21.39	10.79
Frankreich	15.47	9.70
Schweden	13.14	14.05
Italien	6.92	5.10
Niederlande	4.33	1.26
Belgien	1.94	2.51
Schweiz	0.79	3.88
Norwegen	0.58	8.08
Portugal	0.00	0.23
Irland	0.00	0.29
Finnland	0.00	3.16
Sonstige	0.00	5.03
Liquide Mittel	5.86	0.00

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

## Aufgliederung nach Marktkapitalisierung (EUR - %)
50
45
40
35
30
25
20
15
10
5
0	Von 0 bis
250 Moi
Von 250 bis
500 Moi
Von 500 Mio
bis 1 Mrd
Von 1 bis 3 Mrd
Von 3 bis 5 Mrd
Liquide Mittel
Port.	15.91	27.29	25.22	25.15	0.57	5.86
Bench.	37.98	44.78	16.30	0.93	-	-