# Performance & Risk
## Performance Evolution (USD)
Fund Profile
ESG Rating
ESG Relative Rating
CO2 Relative rating
28/11/19
30/03/20
30/09/20
30/03/21
30/09/21
% of AUM covered by ESG absolute rating: Portfolio = 91.9% Benchmark = 94.1% (not meaningful for
Portfolio* (39.29%)	Benchmark (27.32%)
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.
coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 99.8% Benchmark = 95.7% (not meaningful for coverage below 50%)
| Risk Analysis |  |
| --- | --- |
|  | 1Y | 3Y | 5Y | Launch |
| Portfolio Volatility* (%) | 24.99 | - | - | 20.80 |
| Benchmark Volatility (%) | 22.59 | - | - | 19.52 |
| Relative Risk/Tracking Error  (%) | 7.27 | - | - | 5.46 |
| Sharpe Ratio | 0.12 | - | - | 0.98 |
| Information Ratio | 0.26 | - | - | 1.29 |


## 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* | -3.15 | -13.19 | -8.24 | -10.73 | -	- | 2.09 | - | - | - | - | 39.29 |
| Benchmark | -2.71 | -13.34 | -9.30 | -10.65 | -	- | 1.30 | - | - | - | - | 27.32 |
| Excess Return | -0.44 | 0.15 | 1.06 | -0.08 | -	- | 0.79 | - | - | - | - | 11.97 |

Annual Calendar Performance (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 48.00 | - | - | - | - | - | - | - | - | - |
| Benchmark | 33.41 | - | - | - | - | - | - | - | - | - |
| Excess Return | 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 |  |  |
| China Longyuan Power Group ... | 5.40 | 0.19 | 5.21 | Utilities | China |
| Han's Laser Technology Indu... | 4.72 | - | 4.72 | Industrials | China |
| Yunnan Energy New Material ... | 4.66 | 0.26 | 4.40 | Materials | China |
| Xinyi Solar Holdings Ltd | 4.20 | 0.23 | 3.97 | Information Technology | China |
| Tencent Holdings Ltd | 4.00 | 7.80 | -3.80 | Communication Services | China |
| Alibaba Group Holding Ltd | 3.86 | 6.34 | -2.48 | Consumer Discretionary | China |
| China Merchants Bank Co Ltd | 3.63 | 1.82 | 1.82 | Financials | China |
| Shenzhou International Grou... | 3.40 | 0.40 | 2.99 | Consumer Discretionary | China |
| Xinjiang Goldwind Science &... | 3.15 | 0.10 | 3.05 | Industrials | China |
| Yum China Holdings Inc | 2.91 | 0.56 | 2.35 | Consumer Discretionary | China |
| Total (%) | 39.92 | 17.69 |  |  |  |


## Top 5 Overweight (%)	Top 5 Underweight (%)
Port. Bench. Relative	Port. Bench. Relative
| China Longyuan Power Group Corp Ltd | 5.40 | 0.19 | 5.21 |  | Tencent Holdings Ltd | 4.00 | 7.80 | -3.80 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Han's Laser Technology Industry ... | 4.72 | 0.00 | 4.72 |  | Meituan | 0.00 | 2.92 | -2.92 |
| Yunnan Energy New Material Co Ltd | 4.66 | 0.26 | 4.40 |  | Alibaba Group Holding Ltd | 3.86 | 6.34 | -2.48 |
| Xinyi Solar Holdings Ltd | 4.20 | 0.23 | 3.97 |  | Kweichow Moutai Co Ltd | 0.00 | 2.44 | -2.44 |
| Xinjiang Goldwind Science & Tech... | 3.15 | 0.10 | 3.05 |  | China Construction Bank Corp | 0.00 | 1.64 | -1.64 |


## Sector Breakdown (%)
Portfolio	Benchmark

## Active Exposure by Sector (%)
-8	-6	-4	-2	0	2	4	6	8
Consumer Discretionary	19.17	22.11
Industrials	16.27	9.13
Health Care	14.42	9.23
Communication Services	11.71	11.36
Information Technology	9.82	9.38
Financials	8.90	15.33
Consumer Staples	8.17	9.07
Materials	5.69	6.40
Utilities	5.40	2.69
Real Estate	1.60	3.48
Energy	0.00	1.82
Cash	-1.16	0.00

## Geographical Breakdown (%)
Portfolio	Benchmark
China	94.40	100.00
Hong Kong	4.77	0.00
Taiwan	2.00	0.00
Cash	-1.16	0.00

## Active Exposure by Geography (%)
-6	-5	-4	-3	-2	-1	0	1	2	3	4	5
MarketCap Breakdown (USD - %)
40
35
30
25
20
15
10
5
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. | 2.00 | 3.85 | 3.98 | 9.79 | 23.48 | 36.32 | 13.89 | 7.86 | -1.16 |
|  | Bench. | 0.01 | 1.46 | 5.06 | 11.82 | 20.87 | 27.74 | 16.46 | 16.58 | - |

-5

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

## Fonds-Profile
ESG-Rating
Relatives ESG Rating
Relative CO2-Intensität
28/11/19
30/03/20
30/09/20
30/03/21
30/09/21
% des verwalteten Vermögens, das vom absoluten ESG-Rating abgedeckt wird: Portfolio = 91.9%
Portfolio* (39.29%)	Benchmark (27.32%)
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.
Benchmark = 94.1% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)
% des verwalteten Vermögens, das vom Indikator der CO2-Intensität abgedeckt wird: Portfolio = 99.8% Benchmark = 95.7% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)
| Risikoanalyse |  |
| --- | --- |
|  | 1J | 3J | 5J | Auflage |
| Portfolio Volatilität* (%) | 24.99 | - | - | 20.80 |
| Benchmark Volatilität (%) | 22.59 | - | - | 19.52 |
| Relatives Risiko/Tracking Error  (%) | 7.27 | - | - | 5.46 |
| Sharpe Ratio | 0.12 | - | - | 0.98 |
| Information Ratio | 0.26 | - | - | 1.29 |


## Wertentwicklung (Brutto, Netto in %)
3
|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  |  |  |

2
1
0	30/09/2020 - 30/09/2021
Brutto-Wertentwicklung	2.09
Netto-Wertentwicklung	2.09
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* | -3.15 | -13.19 | -8.24 | -10.73 | -	- | 2.09 | - | - | - | - | 39.29 |
| Benchmark | -2.71 | -13.34 | -9.30 | -10.65 | -	- | 1.30 | - | - | - | - | 27.32 |
| Abstände | -0.44 | 0.15 | 1.06 | -0.08 | -	- | 0.79 | - | - | - | - | 11.97 |

Wertentwicklung im Kalenderjahr (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 48.00 | - | - | - | - | - | - | - | - | - |
| Benchmark | 33.41 | - | - | - | - | - | - | - | - | - |
| Abstände | 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.
| Portfolioanalyse |  |
| --- | --- |
| Top 10 Positionen |
| Aktie |  |  | Gewichtung (%) | Sektor | Land |
|  | Portfolio | Benchmark | Relative |  |  |
| China Longyuan Power Group ... | 5.40 | 0.19 | 5.21 | Energie | Hong-Kong |
| Han's Laser Technology Indu... | 4.72 | - | 4.72 | Technologie | China |
| Yunnan Energy New Material ... | 4.66 | 0.26 | 4.40 | Industrieunternehmen | China |
| Xinyi Solar Holdings Ltd | 4.20 | 0.23 | 3.97 | Energie | Hong-Kong |
| Tencent Holdings Ltd | 4.00 | 7.80 | -3.80 | Technologie | Hong-Kong |
| Alibaba Group Holding Ltd | 3.86 | 6.34 | -2.48 | Verbrauchsgüter | China |
| China Merchants Bank Co Ltd | 3.63 | 1.82 | 1.82 | Finanz-Dienstleistungen | Hong-Kong |
| Shenzhou International Grou... | 3.40 | 0.40 | 2.99 | Verbrauchsgüter | Hong-Kong |
| Xinjiang Goldwind Science &... | 3.15 | 0.10 | 3.05 | Energie | Hong-Kong |
| Yum China Holdings Inc | 2.91 | 0.56 | 2.35 | Verbrauchsgüter | Vereinigten Staaten |
| Summe (%) | 39.92 | 17.69 |  |  |  |


## Top 5 übergewichtete Positionen (%)	Top 5 untergewichtete Positionen (%)
Port. Bench. Relative	Port. Bench. Relative
| China Longyuan Power Group Corp Ltd | 5.40 | 0.19 | 5.21 |  | Tencent Holdings Ltd | 4.00 | 7.80 | -3.80 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Han's Laser Technology Industry ... | 4.72 | 0.00 | 4.72 |  | Meituan | 0.00 | 2.92 | -2.92 |
| Yunnan Energy New Material Co Ltd | 4.66 | 0.26 | 4.40 |  | Alibaba Group Holding Ltd | 3.86 | 6.34 | -2.48 |
| Xinyi Solar Holdings Ltd | 4.20 | 0.23 | 3.97 |  | Kweichow Moutai Co Ltd | 0.00 | 2.44 | -2.44 |
| Xinjiang Goldwind Science & Tech... | 3.15 | 0.10 | 3.05 |  | China Construction Bank Corp | 0.00 | 1.64 | -1.64 |


## Sektorengewichtung (%)
Portfolio	Benchmark

## Aktives Engagement nach Sektoren (%)
-8	-6	-4	-2	0	2	4	6	8	10
Verbrauchsgüter	24.72	22.37
Technologie	16.31	18.88
Industrieunternehmen	14.45	7.84
Gesundheitswesen	12.94	8.85
Energie	12.75	3.22
Finanz-Dienstleistungen	8.90	15.26
Basiskonsumgüter	7.35	9.59
Telekommunikation	2.15	2.33
Immobilien	1.60	3.44
Versorger	0.00	2.52
Grundstoffe	0.00	5.69
Liquide Mittel	-1.16	0.00

## Geographische Ausrichtung (%)
Portfolio	Benchmark
Hong-Kong	54.51	42.31
China	44.66	56.02
Taiwan	2.00	0.00
Vereinigten Staaten	0.00	1.67
Liquide Mittel	-1.16	0.00

## Aktives Engagement nach geografischen Regionen (%)
-15	-12	-9	-6	-3	0	3	6	9	12	15

## Aufgliederung nach Marktkapitalisierung (USD - %)
30
25
20
15
10
5
0
Von 500 Mio
bis 1 Mrd Euro
Von 1 bis 3
Mrd Euro
Von 3 bis 5
Mrd Euro
Von 5 bis 10
Mrd Euro
Von 10 bis 25
Mrd Euro
Von 25 bis
100 Mrd Euro
Von 100 bis
250 Mrd Euro
Mehr als 250
Mrd.
Liquide Mittel
-5
| Port. | 2.00 | 3.03 | 3.57 | 22.80 | 24.26 | 27.83 | 9.81 | 7.86 | -1.16 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Bench. | 0.32 | 2.20 | 7.55 | 13.28 | 20.70 | 25.92 | 13.45 | 16.58 | - |