# Performance & Risk
## Performance Evolution (USD)

## Fund Profile
ESG Rating
ESG Relative Rating
CO2 Relative rating
28/11/19
28/08/20
28/02/21
28/08/21
28/02/22
Portfolio* (27.18%)	Benchmark (16.05%)
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 = 90.0% Benchmark = 97.1% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 99.0% Benchmark = 96.3% (not meaningful for
| basis of net or gross dividend. Please refer to the pr Risk Analysis | ospectus for more inf | ormation. |  |  | coverage below 50%) |
| --- | --- | --- | --- | --- | --- |
|  | 1Y | 3Y | 5Y | Launch |  |
| Portfolio Volatility* (%) | 18.02 | - | - | 20.18 |  |
| Benchmark Volatility (%) | 17.01 | - | - | 18.72 |  |
| Relative Risk/Tracking Error  (%) | 6.93 | - | - | 5.16 |  |
| Sharpe Ratio | -1.18 | - | - | 0.59 |  |
| Information Ratio | 0.15 | - | - | 1.09 |  |


## 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* | 0.07 | -7.36 | -11.57 | -6.57 | -	- | -22.37 | 56.21 | - | - | - | 27.18 |
| Benchmark | 0.26 | -7.91 | -11.32 | -6.49 | -	- | -22.57 | 45.06 | - | - | - | 16.05 |
| Excess Return | -0.19 | 0.55 | -0.25 | -0.09 | -	- | 0.21 | 11.16 | - | - | - | 11.13 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -12.76 | 48.00 | - | - | - | - | - | - | - | - |
| Benchmark | -12.91 | 33.41 | - | - | - | - | - | - | - | - |
| Excess Return | 0.15 | 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 |  |  |
| Han's Laser Technology Indu... | 6.36 | - | 6.36 | Industrials | China |
| China Longyuan Power Group ... | 5.35 | 0.17 | 5.18 | Utilities | China |
| Yunnan Energy New Material ... | 4.54 | 0.27 | 4.27 | Materials | China |
| China Merchants Bank Co Ltd | 3.93 | 2.00 | 1.93 | Financials | China |
| Xinyi Solar Holdings Ltd | 3.79 | 0.22 | 3.57 | Information Technology | China |
| Tencent Holdings Ltd | 3.72 | 7.58 | -3.86 | Communication Services | China |
| NETEASE.COM INC ADR | 3.28 | 0.96 | 2.32 | Communication Services | China |
| Alibaba Group Holding Ltd | 2.89 | 4.94 | -2.06 | Consumer Discretionary | China |
| Ping An Insurance Group Co ... | 2.57 | 1.83 | 0.73 | Financials | China |
| Yum China Holdings Inc | 2.56 | 0.53 | 2.02 | Consumer Discretionary | China |
| Total (%) | 38.97 | 18.50 |  |  |  |


## Top 5 Overweight (%)	Top 5 Underweight (%)
Port. Bench. Relative	Port. Bench. Relative
| Han's Laser Technology Industry ... | 6.36 | 0.00 | 6.36 |  | Tencent Holdings Ltd | 3.72 | 7.58 | -3.86 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| China Longyuan Power Group Corp Ltd | 5.35 | 0.17 | 5.18 |  | Kweichow Moutai Co Ltd | 0.00 | 2.61 | -2.61 |
| Yunnan Energy New Material Co Ltd | 4.54 | 0.27 | 4.27 |  | Alibaba Group Holding Ltd | 2.89 | 4.94 | -2.06 |
| Xinyi Solar Holdings Ltd | 3.79 | 0.22 | 3.57 |  | China Construction Bank Corp | 0.00 | 1.83 | -1.83 |
| Xinjiang Goldwind Science & Tech... | 2.49 | 0.09 | 2.40 |  | JD.com Inc | 0.12 | 1.52 | -1.40 |


## Sector Breakdown (%)
Portfolio	Benchmark

## Active Exposure by Sector (%)

### -8	-6	-4	-2	0	2	4	6	8	10	12	14
Industrials	22.30	10.25
Consumer Discretionary	16.70	18.66
Communication Services	11.23	11.18
Health Care	10.98	7.33
Financials	10.10	16.69
Consumer Staples	8.53	9.80
Materials	5.49	7.77
Utilities	5.35	2.71
Information Technology	5.22	10.21
Real Estate	3.09	3.32
Not classified	0.00	0.00
Energy	0.00	2.09
Cash	1.01	0.00

## Securities Exposure by geographical area (%)
Portfolio	Benchmark
China	94.23	100.00
Hong Kong	2.54	0.00
Taiwan	2.22	0.00
Cash	1.01	0.00

## Active Exposure by Geography (%)

### -6	-5	-4	-3	-2	-1	0	1	2	3
MarketCap Breakdown (USD - %)
36
33
30
27
24
21
18
15
12
9
6
3
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.	2.22	2.11	4.36	13.80	22.36	33.30	14.23	6.61	1.01
Bench.	0.02	1.45	6.49	13.60	21.38	26.88	15.03	15.14	-

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

## Fonds-Profile
ESG-Rating
Relatives ESG Rating
Relative CO2-Intensität
28/11/19
28/08/20
28/02/21
28/08/21
28/02/22
Portfolio* (27.18%)	Benchmark (16.05%)
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 = 90.0% Benchmark = 97.1% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)
% des verwalteten Vermögens, das vom Indikator der CO2-Intensität abgedeckt wird: Portfolio = 99.0%
| berechnet sein. Weitere Informationen entnehmen Sie bitte dem Fondsprospekt. Risikoanalyse |  |  | Benchmark = 96.3% (nicht bedeutend bei einer Abdeckung von weniger als 50 %) |
| --- | --- | --- | --- |
|  | 1J | 3J | 5J | Auflage |  |
| Portfolio Volatilität* (%) | 18.02 | - | - | 20.18 |  |
| Benchmark Volatilität (%) | 17.01 | - | - | 18.72 |  |
| Relatives Risiko/Tracking Error  (%) | 6.93 | - | - | 5.16 |  |
| Sharpe Ratio | -1.18 | - | - | 0.59 |  |
| Information Ratio | 0.15 | - | - | 1.09 |  |


## Wertentwicklung (Brutto, Netto in %)
75
50
25
0
-25
-50
28/02/2020 - 28/02/2021	28/02/2021 - 28/02/2022
Brutto-Wertentwicklung	56.21	-22.37
Netto-Wertentwicklung	56.21	-22.37
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* | 0.07 | -7.36 | -11.57 | -6.57 | -	- | -22.37 | 56.21 | - | - | - | 27.18 |
| Benchmark | 0.26 | -7.91 | -11.32 | -6.49 | -	- | -22.57 | 45.06 | - | - | - | 16.05 |
| Abstände | -0.19 | 0.55 | -0.25 | -0.09 | -	- | 0.21 | 11.16 | - | - | - | 11.13 |

Wertentwicklung im Kalenderjahr (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -12.76 | 48.00 | - | - | - | - | - | - | - | - |
| Benchmark | -12.91 | 33.41 | - | - | - | - | - | - | - | - |
| Abstände | 0.15 | 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 |  |  |
| Han's Laser Technology Indu... | 6.36 | - | 6.36 | Technologie | China |
| China Longyuan Power Group ... | 5.35 | 0.17 | 5.18 | Energie | Hong-Kong |
| Yunnan Energy New Material ... | 4.54 | 0.27 | 4.27 | Industrieunternehmen | China |
| China Merchants Bank Co Ltd | 3.93 | 2.00 | 1.93 | Finanz-Dienstleistungen | Hong-Kong |
| Xinyi Solar Holdings Ltd | 3.79 | 0.22 | 3.57 | Energie | Hong-Kong |
| Tencent Holdings Ltd | 3.72 | 7.58 | -3.86 | Technologie | Hong-Kong |
| NETEASE.COM INC ADR | 3.28 | 0.96 | 2.32 | Verbrauchsgüter | China |
| Alibaba Group Holding Ltd | 2.89 | 4.94 | -2.06 | Verbrauchsgüter | China |
| Ping An Insurance Group Co ... | 2.57 | 1.83 | 0.73 | Finanz-Dienstleistungen | Hong-Kong |
| Yum China Holdings Inc | 2.56 | 0.53 | 2.02 | Verbrauchsgüter | Vereinigten Staaten |
| Summe (%) | 38.97 | 18.50 |  |  |  |


## Top 5 übergewichtete Positionen (%)	Top 5 untergewichtete Positionen (%)
Port. Bench. Relative	Port. Bench. Relative
| Han's Laser Technology Industry ... | 6.36 | 0.00 | 6.36 |  | Tencent Holdings Ltd | 3.72 | 7.58 | -3.86 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| China Longyuan Power Group Corp Ltd | 5.35 | 0.17 | 5.18 |  | Kweichow Moutai Co Ltd | 0.00 | 2.61 | -2.61 |
| Yunnan Energy New Material Co Ltd | 4.54 | 0.27 | 4.27 |  | Alibaba Group Holding Ltd | 2.89 | 4.94 | -2.06 |
| Xinyi Solar Holdings Ltd | 3.79 | 0.22 | 3.57 |  | China Construction Bank Corp | 0.00 | 1.83 | -1.83 |
| Xinjiang Goldwind Science & Tech... | 2.49 | 0.09 | 2.40 |  | JD.com Inc | 0.12 | 1.52 | -1.40 |


## Sektorengewichtung (%)
Portfolio	Benchmark

## Aktives Engagement nach Sektoren (%)
-8	-6	-4	-2	0	2	4	6	8	10
Verbrauchsgüter	21.27	20.16
Technologie	15.02	18.43
Industrieunternehmen	14.98	8.53
Energie	13.06	3.67
Gesundheitswesen	10.98	7.14
Finanz-Dienstleistungen	10.10	16.66
Basiskonsumgüter	8.53	10.30
Immobilien	3.09	3.34
Telekommunikation	1.96	2.34
Nicht Klassifiziert	0.00	0.00
Versorger	0.00	2.66
Grundstoffe	0.00	6.77
Liquide Mittel	1.01	0.00

## Geographische Ausrichtung (%)
Portfolio	Benchmark
Hong-Kong	54.35	41.87
China	42.43	56.79
Taiwan	2.22	0.00
Vereinigten Staaten	0.00	1.34
Liquide Mittel	1.01	0.00

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

## Aufgliederung nach Marktkapitalisierung (USD - %)
30
27
24
21
18
15
12
9
6
3
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
Port.	2.22	1.95	3.91	22.11	23.06	27.55	11.59	6.61	1.01
Bench.	0.32	3.78	10.07	13.07	20.46	25.21	11.95	15.14	-