# Performance & Risk
## Performance Evolution (EUR)

## Fund Profile
ESG Rating
|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |

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
ESG Relative Rating
CO2 Relative rating
Portfolio* (25.86%)	Benchmark (31.22%)
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
% of AUM covered by ESG absolute rating: Portfolio = 90.5% Benchmark = 98.3% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 89.5% Benchmark = 98.6% (not meaningful for
| basis of net or gross dividend. Please refer to the Risk Analysis | prospectus for more information. |  |  | coverage below 50%) |
| --- | --- | --- | --- | --- |
|  | 1Y | 3Y | 5Y | Launch |  |
| Portfolio Volatility* (%) | 15.28 | 21.43 | 19.91 | 21.36 |  |
| Benchmark Volatility (%) | 15.83 | 22.88 | 20.63 | 21.31 |  |
| Relative Risk/Tracking Error  (%) | 4.46 | 6.02 | 5.66 | 6.25 |  |
| Sharpe Ratio | 0.72 | 0.43 | 0.42 | 0.09 |  |
| Information Ratio | -0.80 | -0.11 | 0.10 | 0.78 |  |


## Rolling Performance (%)
|  | 1M | 3M | 6M | YTD | 3Y | 5Y | 28/02/21 28/02/22 | 28/02/20 28/02/21 | 28/02/19 29/02/20 | 28/02/18 28/02/19 | 28/02/17 28/02/18 | Launch |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -3.73 | -4.02 | -6.65 | -7.96 | 25.86 | 41.80 | 9.83 | 11.83 | 2.48 | -10.42 | 25.78 | 25.04 |
| Benchmark | -5.11 | -1.82 | -1.90 | -7.17 | 31.22 | 44.05 | 14.29 | 5.69 | 8.62 | -8.24 | 19.64 | -32.30 |
| Excess Return | 1.38 | -2.20 | -4.75 | -0.78 | -5.36 | -2.25 | -4.46 | 6.13 | -6.15 | -2.18 | 6.14 | 57.34 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 21.60 | 1.62 | 26.37 | -17.66 | 20.59 | -12.42 | 27.58 | -0.08 | 29.74 | 25.39 |
| Benchmark | 26.82 | -4.04 | 31.15 | -16.60 | 15.55 | -9.90 | 15.38 | -0.33 | 17.63 | 8.36 |
| Excess Return | -5.22 | 5.66 | -4.78 | -1.06 | 5.04 | -2.53 | 12.20 | 0.25 | 12.11 | 17.04 |

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 |  |  |
| Enel SpA | 8.74 | 11.08 | -2.34 | Utilities | Italy |
| Intesa Sanpaolo SpA | 8.13 | 8.23 | -0.10 | Financials | Italy |
| STELLANTIS NV | 7.06 | 7.15 | -0.09 | Consumer Discretionary | Italy |
| FinecoBank Banca Fineco SpA | 6.44 | 1.97 | 4.47 | Financials | Italy |
| Terna - Rete Elettrica Nazi... | 5.66 | 2.24 | 3.42 | Utilities | Italy |
| ERG SpA | 5.22 | 0.40 | 4.82 | Utilities | Italy |
| Stmicroelectronics NV | 4.91 | 5.33 | -0.42 | Technology | France |
| Cnh Industrial NV | 4.74 | 2.73 | 2.02 | Industrials | Italy |
| Prysmian SpA | 4.55 | 1.68 | 2.87 | Industrials | Italy |
| Nexi SpA | 4.16 | 1.56 | 2.60 | Industrials | Italy |
| Total (%) | 59.61 | 42.37 |  |  |  |


## Top 5 Overweight (%)	Top 5 Underweight (%)
Port. Bench. Relative	Port. Bench. Relative
| ERG SpA | 5.22 | 0.40 | 4.82 |  | Eni SpA | 0.00 | 7.40 | -7.40 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FinecoBank Banca Fineco SpA | 6.44 | 1.97 | 4.47 |  | UniCredit SpA | 0.00 | 5.27 | -5.27 |
| Terna - Rete Elettrica Nazionale | 5.66 | 2.24 | 3.42 |  | Ferrari NV | 0.00 | 5.06 | -5.06 |
| Prysmian SpA | 4.55 | 1.68 | 2.87 |  | Assicurazioni Generali SpA | 0.00 | 4.70 | -4.70 |
| Nexi SpA | 4.16 | 1.56 | 2.60 |  | Moncler SpA | 0.00 | 2.52 | -2.52 |


## Sector Breakdown (%)
Portfolio	Benchmark

## Active Exposure by Sector (%)
-15	-12	-9	-6	-3	0	3	6	9	12
Financials	26.14	29.62
Utilities	20.79	16.30
Industrials	19.42	11.68
Consumer Discretionary	12.06	18.25
Technology	10.81	6.64
Health Care	5.80	2.95
Telecommunications	2.49	1.69
Consumer Staples	1.76	1.38
Energy	0.00	11.15
Real Estate	0.00	0.13
Basic Materials	0.00	0.23
Cash	0.73	0.00
MarketCap Breakdown (EUR - %)
60
55
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
5bn To 10bn
10bn To 25bn
25bn To 100bn
Cash
Port.	5.86	0.66	4.04	6.76	14.18	22.37	16.55	28.84	0.73
Bench.	0.63	0.82	1.66	5.27	6.39	12.17	18.82	54.23	-

Translation (ENDE, 2022-02-28):
# Wertentwicklung & Risiken
Wertentwicklung (EUR)

## Fonds-Profile
ESG-Rating
|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |

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
Relatives ESG Rating
Relative CO2-Intensität
Portfolio* (25.86%)	Benchmark (31.22%)
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
% des verwalteten Vermögens, das vom absoluten ESG-Rating abgedeckt wird: Portfolio = 90.5% Benchmark = 98.3% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)
% des verwalteten Vermögens, das vom Indikator der CO2-Intensität abgedeckt wird: Portfolio = 89.5%
| berechnet sein. Weitere Informationen entnehmen Risikoanalyse | Sie bitte dem Fondsprospekt. |  |  | Benchmark = 98.6% (nicht bedeutend bei einer Abdeckung von weniger als 50 %) |
| --- | --- | --- | --- | --- |
|  | 1J | 3J | 5J | Auflage |  |
| Portfolio Volatilität* (%) | 15.28 | 21.43 | 19.91 | 21.36 |  |
| Benchmark Volatilität (%) | 15.83 | 22.88 | 20.63 | 21.31 |  |
| Relatives Risiko/Tracking Error  (%) | 4.46 | 6.02 | 5.66 | 6.25 |  |
| Sharpe Ratio | 0.72 | 0.43 | 0.42 | 0.09 |  |
| Information Ratio | -0.80 | -0.11 | 0.10 | 0.78 |  |


## Wertentwicklung (Brutto, Netto in %)
30
20
10
0
-10
|  | 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 | 25.78 | -10.42 | 2.48 | 11.83 | 9.83 |
| Netto-Wertentwicklung | 25.78 | -10.42 | 2.48 | 11.83 | 9.83 |

-20
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* | -3.73 | -4.02 | -6.65 | -7.96 | 25.86 | 41.80 | 9.83 | 11.83 | 2.48 | -10.42 | 25.78 | 25.04 |
| Benchmark | -5.11 | -1.82 | -1.90 | -7.17 | 31.22 | 44.05 | 14.29 | 5.69 | 8.62 | -8.24 | 19.64 | -32.30 |
| Abstände | 1.38 | -2.20 | -4.75 | -0.78 | -5.36 | -2.25 | -4.46 | 6.13 | -6.15 | -2.18 | 6.14 | 57.34 |

Wertentwicklung im Kalenderjahr (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 21.60 | 1.62 | 26.37 | -17.66 | 20.59 | -12.42 | 27.58 | -0.08 | 29.74 | 25.39 |
| Benchmark | 26.82 | -4.04 | 31.15 | -16.60 | 15.55 | -9.90 | 15.38 | -0.33 | 17.63 | 8.36 |
| Abstände | -5.22 | 5.66 | -4.78 | -1.06 | 5.04 | -2.53 | 12.20 | 0.25 | 12.11 | 17.04 |

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.
| Portfolioanalyse |  |
| --- | --- |
| Top 10 Positionen |
| Aktie |  |  | Gewichtung (%) | Sektor | Land |
|  | Portfolio | Benchmark | Relative |  |  |
| Enel SpA | 8.74 | 11.08 | -2.34 | Versorger | Italien |
| Intesa Sanpaolo SpA | 8.13 | 8.23 | -0.10 | Finanz-Dienstleistungen | Italien |
| STELLANTIS NV | 7.06 | 7.15 | -0.09 | Verbrauchsgüter | Italien |
| FinecoBank Banca Fineco SpA | 6.44 | 1.97 | 4.47 | Finanz-Dienstleistungen | Italien |
| Terna - Rete Elettrica Nazi... | 5.66 | 2.24 | 3.42 | Versorger | Italien |
| ERG SpA | 5.22 | 0.40 | 4.82 | Versorger | Italien |
| Stmicroelectronics NV | 4.91 | 5.33 | -0.42 | Technologie | Frankreich |
| Cnh Industrial NV | 4.74 | 2.73 | 2.02 | Industrieunternehmen | Italien |
| Prysmian SpA | 4.55 | 1.68 | 2.87 | Industrieunternehmen | Italien |
| Nexi SpA | 4.16 | 1.56 | 2.60 | Industrieunternehmen | Italien |
| Summe (%) | 59.61 | 42.37 |  |  |  |


## Top 5 übergewichtete Positionen (%)	Top 5 untergewichtete Positionen (%)
Port. Bench. Relative	Port. Bench. Relative
| ERG SpA | 5.22 | 0.40 | 4.82 |  | Eni SpA | 0.00 | 7.40 | -7.40 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FinecoBank Banca Fineco SpA | 6.44 | 1.97 | 4.47 |  | UniCredit SpA | 0.00 | 5.27 | -5.27 |
| Terna - Rete Elettrica Nazionale | 5.66 | 2.24 | 3.42 |  | Ferrari NV | 0.00 | 5.06 | -5.06 |
| Prysmian SpA | 4.55 | 1.68 | 2.87 |  | Assicurazioni Generali SpA | 0.00 | 4.70 | -4.70 |
| Nexi SpA | 4.16 | 1.56 | 2.60 |  | Moncler SpA | 0.00 | 2.52 | -2.52 |


## Sektorengewichtung (%)
Portfolio	Benchmark

## Aktives Engagement nach Sektoren (%)
-15	-12	-9	-6	-3	0	3	6	9	12
Finanz-Dienstleistungen	26.14	29.62
Versorger	20.79	16.30
Industrieunternehmen	19.42	11.68
Verbrauchsgüter	12.06	18.25
Technologie	10.81	6.64
Gesundheitswesen	5.80	2.95
Telekommunikation	2.49	1.69
Basiskonsumgüter	1.76	1.38
Energie	0.00	11.15
Immobilien	0.00	0.13
Grundstoffe	0.00	0.23
Liquide Mittel	0.73	0.00

## Aufgliederung nach Marktkapitalisierung (EUR - %)
60
55
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
Von 5 bis 10 Mrd
Von 10 bis
25 Mrd
Von 25 bis
100 Mrd
Liquide Mittel
Port.	5.86	0.66	4.04	6.76	14.18	22.37	16.55	28.84	0.73
Bench.	0.63	0.82	1.66	5.27	6.39	12.17	18.82	54.23	-