# Performance & Risk
## Performance Evolution (EUR)
CO2 Relative rating
% of AUM covered by ESG absolute rating: Portfolio = 98.0% Benchmark = 95.7% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 93.4% Benchmark = 93.3% (not meaningful for coverage below 50%)
|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |

160
140
120
100
80
60
28/09/18
30/03/19
30/09/19
30/03/20
30/09/20
30/03/21 30/09/21
Portfolio* (27.10%)	Benchmark (37.71%)
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* (%) | 14.79 | 18.90 | 15.59 | 17.97 |
| Benchmark Volatility (%) | 14.23 | 20.07 | 16.27 | 18.02 |
| Relative Risk/Tracking Error  (%) | 7.52 | 6.02 | 5.14 | 5.46 |
| Sharpe Ratio | 1.72 | 0.57 | 0.68 | 0.44 |
| Information Ratio | -1.29 | -0.12 | -0.20 | 0.26 |
| Rolling Performance (%) |  |  |  |  |
| 1M	3M	6M	YTD	3Y	5Y	30/09/20	30/09/19	30/09/18	30/09/17	30/09/16	Launch |
|  |  |  |  |  |  |  | 30/09/21 | 30/09/20 | 30/09/19 | 30/09/18 | 30/09/17 |  |
| Portfolio* | -5.56 | 5.18 | 13.36 | 13.31 | 27.10 | 48.27 | 22.92 | 4.52 | -1.07 | 2.08 | 14.28 | 331.67 |
| Benchmark | -4.48 | 2.58 | 9.56 | 18.13 | 37.71 | 71.56 | 35.11 | -0.11 | 2.04 | 3.35 | 20.54 | 386.82 |
| Excess Return | -1.08 | 2.60 | 3.80 | -4.81 | -10.61 | -23.28 | -12.19 | 4.62 | -3.10 | -1.27 | -6.26 | -55.14 |


## Annual Calendar Performance (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 4.18 | 26.01 | -13.01 | 13.90 | -3.70 | 32.66 | 7.36 | 26.13 | 26.12 | -15.89 |
| Benchmark | 4.78 | 29.09 | -12.88 | 18.10 | 0.52 | 15.68 | 4.93 | 26.73 | 23.47 | -15.42 |
| Excess Return | -0.61 | -3.08 | -0.13 | -4.20 | -4.21 | 16.98 | 2.43 | -0.59 | 2.65 | -0.47 |

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 |  |  |
| Imcd NV | 2.85 | - | 2.85 | Basic Materials | Netherlands |
| Avanza Bank Holding AB | 2.73 | 0.53 | 2.20 | Financials | France |
| Hypoport SE | 2.68 | - | 2.68 | Financials | Germany |
| Future PLC | 2.62 | 0.68 | 1.93 | Consumer Discretionary | United Kingdom |
| Edenred | 2.60 | - | 2.60 | Industrials | France |
| ID Logistics Group | 2.58 | - | 2.58 | Industrials | France |
| Comet Holding Ag-reg | 2.54 | - | 2.54 | Basic Materials | USA |
| Croda International PLC | 2.50 | - | 2.50 | Basic Materials | United Kingdom |
| Virbac SA | 2.37 | - | 2.37 | Health Care | France |
| Emmi AG | 2.36 | - | 2.36 | Consumer Staples | Switzerland |
| Total (%) | 25.84 | 1.21 |  |  |  |


## Top 5 Overweight (%)	Top 5 Underweight (%)
Port. Bench. Relative	Port. Bench. Relative
| Imcd NV | 2.85 | 0.00 | 2.85 |  | Allfunds Group Plc | 0.00 | 0.82 | -0.82 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Hypoport SE | 2.68 | 0.00 | 2.68 |  | Wise PLC | 0.00 | 0.78 | -0.78 |
| Edenred | 2.60 | 0.00 | 2.60 |  | Samhallsbyggnadsbolaget i Norden AB | 0.00 | 0.77 | -0.77 |
| ID Logistics Group | 2.58 | 0.00 | 2.58 |  | Amplifon SpA | 0.00 | 0.75 | -0.75 |
| Comet Holding Ag-reg | 2.54 | 0.00 | 2.54 |  | Spectris PLC | 0.00 | 0.74 | -0.74 |
| Sector Breakdown (%) |  |  |  |  | Active Exposure by Sector (%) |  |  |  |

Portfolio	Benchmark
Consumer Discretionary	16.22	15.07
Technology	15.00	8.09
Financials	12.87	14.25
Industrials	12.85	22.13
Real Estate	11.06	11.72
Health Care	10.55	9.28
Basic Materials	9.04	3.59
Consumer Staples	6.53	7.81
Energy	1.91	2.08
Utilities	1.90	3.86
Telecommunications	0.00	2.13
Cash	2.07	0.00
-10	-8	-6	-4	-2	0	2	4	6	8

## Geographical Breakdown (%)
Portfolio	Benchmark
United Kingdom	31.24	24.04
France	19.07	10.29
Sweden	15.11	14.96
Switzerland	9.27	7.11
Germany	7.79	8.28
Netherlands	4.82	4.16
Belgium	3.11	3.65
Italy	2.95	6.25
Spain	2.34	2.67
Denmark	2.23	2.69
Portugal	0.00	1.98
Poland	0.00	2.53
Other	0.00	11.38
Cash	2.07	0.00

## Active Exposure by Geography (%)
|  |
| --- |
|  |  |  |
|  |
|  |  |  |

-15	-12	-9	-6	-3	0	3	6	9	12
MarketCap Breakdown (EUR - %)
50
45
40
35
30
25
20
15
10
5
0	500mn To 1bn	1bn To 3bn	3bn To 5bn	5bn To 10bn	10bn To 25bn	100bn To 250bn	Cash
| Port. | 1.63 | 32.69 | 27.60 | 30.91 | 5.10 | - | 2.07 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Bench. | - | 4.62 | 40.12 | 43.25 | 11.61 | 0.39 | - |

Translation (ENDE, 2021-09-30):
# Wertentwicklung & Risiken
Wertentwicklung (EUR)
Relative CO2-Intensität
% des verwalteten Vermögens, das vom absoluten ESG-Rating abgedeckt wird: Portfolio = 98.0% Benchmark = 95.7% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)
% des verwalteten Vermögens, das vom Indikator der CO2-Intensität abgedeckt wird: Portfolio = 93.4% Benchmark = 93.3% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)
|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |

160
140
120
100
80
60
28/09/18
30/03/19
30/09/19
30/03/20
30/09/20
30/03/21 30/09/21
Portfolio* (27.10%)	Benchmark (37.71%)
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* (%) | 14.79 | 18.90 | 15.59 | 17.97 |
| Benchmark Volatilität (%) | 14.23 | 20.07 | 16.27 | 18.02 |
| Relatives Risiko/Tracking Error  (%) | 7.52 | 6.02 | 5.14 | 5.46 |
| Sharpe Ratio | 1.72 | 0.57 | 0.68 | 0.44 |
| Information Ratio | -1.29 | -0.12 | -0.20 | 0.26 |
| Wertentwicklung (Brutto, Netto in %) |  |  |  |  |

30
20
10
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 | 14.28 | 2.08 | -1.07 | 4.52 | 22.92 |  |
|  | Netto-Wertentwicklung | 8.32 | 2.08 | -1.07 | 4.52 | 22.92 |  |

-10
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* | -5.56 | 5.18 | 13.36 | 13.31 | 27.10 | 48.27 | 22.92 | 4.52 | -1.07 | 2.08 | 14.28 | 331.67 |
| Benchmark | -4.48 | 2.58 | 9.56 | 18.13 | 37.71 | 71.56 | 35.11 | -0.11 | 2.04 | 3.35 | 20.54 | 386.82 |
| Abstände | -1.08 | 2.60 | 3.80 | -4.81 | -10.61 | -23.28 | -12.19 | 4.62 | -3.10 | -1.27 | -6.26 | -55.14 |

Wertentwicklung im Kalenderjahr (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 4.18 | 26.01 | -13.01 | 13.90 | -3.70 | 32.66 | 7.36 | 26.13 | 26.12 | -15.89 |
| Benchmark | 4.78 | 29.09 | -12.88 | 18.10 | 0.52 | 15.68 | 4.93 | 26.73 | 23.47 | -15.42 |
| Abstände | -0.61 | -3.08 | -0.13 | -4.20 | -4.21 | 16.98 | 2.43 | -0.59 | 2.65 | -0.47 |

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 |  |  |
| Imcd NV | 2.85 | - | 2.85 | Grundstoffe | Niederlande |
| Avanza Bank Holding AB | 2.73 | 0.53 | 2.20 | Finanz-Dienstleistungen | Frankreich |
| Hypoport SE | 2.68 | - | 2.68 | Finanz-Dienstleistungen | Deutschland |
| Future PLC | 2.62 | 0.68 | 1.93 | Verbrauchsgüter | Großbritannien |
| Edenred | 2.60 | - | 2.60 | Industrieunternehmen | Frankreich |
| ID Logistics Group | 2.58 | - | 2.58 | Industrieunternehmen | Frankreich |
| Comet Holding Ag-reg | 2.54 | - | 2.54 | Grundstoffe | Vereinigten Staaten |
| Croda International PLC | 2.50 | - | 2.50 | Grundstoffe | Großbritannien |
| Virbac SA | 2.37 | - | 2.37 | Gesundheitswesen | Frankreich |
| Emmi AG | 2.36 | - | 2.36 | Basiskonsumgüter | Schweiz |
| Summe (%) | 25.84 | 1.21 |  |  |  |


## Top 5 übergewichtete Positionen (%)	Top 5 untergewichtete Positionen (%)
Port. Bench. Relative	Port. Bench. Relative
| Imcd NV | 2.85 | 0.00 | 2.85 |  | Allfunds Group Plc | 0.00 | 0.82 | -0.82 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Hypoport SE | 2.68 | 0.00 | 2.68 |  | Wise PLC | 0.00 | 0.78 | -0.78 |
| Edenred | 2.60 | 0.00 | 2.60 |  | Samhallsbyggnadsbolaget i Norden AB | 0.00 | 0.77 | -0.77 |
| ID Logistics Group | 2.58 | 0.00 | 2.58 |  | Amplifon SpA | 0.00 | 0.75 | -0.75 |
| Comet Holding Ag-reg | 2.54 | 0.00 | 2.54 |  | Spectris PLC | 0.00 | 0.74 | -0.74 |


## Sektorengewichtung (%)
Portfolio	Benchmark

## Aktives Engagement nach Sektoren (%)
-10	-8	-6	-4	-2	0	2	4	6	8
Verbrauchsgüter	16.22	15.07
Technologie	15.00	8.09
Finanz-Dienstleistungen	12.87	14.25
Industrieunternehmen	12.85	22.13
Immobilien	11.06	11.72
Gesundheitswesen	10.55	9.28
Grundstoffe	9.04	3.59
Basiskonsumgüter	6.53	7.81
Energie	1.91	2.08
Versorger	1.90	3.86
Telekommunikation	0.00	2.13
Liquide Mittel	2.07	0.00

## Geographische Ausrichtung (%)
Portfolio	Benchmark
Großbritannien	31.24	24.04
Frankreich	19.07	10.29
Schweden	15.11	14.96
Schweiz	9.27	7.11
Deutschland	7.79	8.28
Niederlande	4.82	4.16
Belgien	3.11	3.65
Italien	2.95	6.25
Spanien	2.34	2.67
Dänemark	2.23	2.69
Portugal	0.00	1.98
Polen	0.00	2.53
Sonstige	0.00	11.38
Liquide Mittel	2.07	0.00

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

50
45
40
35
30
25
20
15
10
5
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 100 bis
250 Mrd
Liquide Mittel
Port.	1.63	32.69	27.60	30.91	5.10	-	2.07
Bench.	-	4.62	40.12	43.25	11.61	0.39	-