# Performance & Risk
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## Performance Evolution (USD)
160
140
120
100
80
60
EUR
623.87
Port.	Bench.
Number of Holdings	53	108
Turnover: Rolling 1Y (%)	22	-
Active Share (%)	31	-

## 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* (27.74%)	Benchmark (14.92%)
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 = 95.3% Benchmark = 96.0% (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 = 97.1% Benchmark = 98.0% (not meaningful for |
| --- | --- |
| coverage below 50%) |
| Risk Analysis |  |  |  |  |  |
|  | 1Y | 3Y | 5Y | Launch |  |
| Portfolio Volatility* (%) | 15.09 | 17.77 | 15.29 | 15.14 |  |
| Benchmark Volatility (%) | 16.24 | 19.80 | 16.63 | 16.08 |  |
| Relative Risk/Tracking Error  (%) | 3.71 | 3.72 | 2.98 | 2.67 |  |
| Sharpe Ratio | 1.36 | 0.52 | 0.56 | 0.69 |  |
| Information Ratio | -0.73 | 1.53 | 1.73 | 1.47 |  |


## 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* | -8.21 | 0.94 | 11.99 | 10.26 | 27.74 | 46.48 | 18.79 | -4.14 | 12.18 | 9.63 | 4.60 | 98.50 |
| Benchmark | -8.50 | 0.09 | 9.98 | 9.72 | 14.92 | 25.85 | 23.61 | -13.70 | 7.72 | 6.33 | 2.99 | 72.84 |
| Excess Return | 0.29 | 0.85 | 2.01 | 0.53 | 12.82 | 20.64 | -4.82 | 9.56 | 4.45 | 3.30 | 1.61 | 25.66 |

Annual Calendar Performance (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -5.94 | 34.34 | -5.94 | 16.37 | -6.04 | 17.97 | - | - | - | - |
| Benchmark | -10.74 | 28.52 | -8.40 | 12.55 | -5.29 | 18.14 | - | - | - | - |
| Excess Return | 4.79 | 5.83 | 2.46 | 3.83 | -0.75 | -0.17 | - | - | - | - |

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 |  |  |
| Vonovia SE | 9.80 | 10.32 | -0.52 | Real Estate | Germany |
| Segro PLC | 9.49 | 6.37 | 3.12 | Real Estate | United Kingdom |
| Warehouses De Pauw Sca | 5.18 | 1.89 | 3.30 | Real Estate | Belgium |
| Deutsche Wohnen SE | 3.92 | 4.88 | -0.95 | Real Estate | Germany |
| Unibail-Rodamco-Westfield | 3.69 | 3.28 | 0.40 | Real Estate | France |
| UNITE Group PLC | 3.42 | 1.54 | 1.88 | Real Estate | United Kingdom |
| Safestore Holdings Plc | 3.32 | 0.96 | 2.36 | Real Estate | United Kingdom |
| Samhallsbyggnadsbolaget i N... | 2.93 | 1.82 | 1.11 | Real Estate | Sweden |
| LEG Immobilien SE | 2.91 | 3.41 | -0.50 | Real Estate | Germany |
| Aedifica SA | 2.88 | 1.48 | 1.39 | Real Estate | Belgium |
| Total (%) | 47.54 | 35.95 |  |  |  |


## Top 5 Overweight (%)	Top 5 Underweight (%)
Port. Bench. Relative	Port. Bench. Relative
| Warehouses De Pauw Sca | 5.18 | 1.89 | 3.30 |  | Aroundtown SA | 0.00 | 2.74 | -2.74 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Segro PLC | 9.49 | 6.37 | 3.12 |  | Land Securities Group PLC | 0.00 | 2.21 | -2.21 |
| Safestore Holdings Plc | 3.32 | 0.96 | 2.36 |  | Tritax Big Box REIT Plc | 0.00 | 1.63 | -1.63 |
| ICADE | 2.77 | 0.84 | 1.93 |  | alstria office REIT-AG | 0.00 | 1.07 | -1.07 |
| UNITE Group PLC | 3.42 | 1.54 | 1.88 |  | Deutsche Wohnen SE | 3.92 | 4.88 | -0.95 |


## Sector Breakdown (%)
Portfolio	Benchmark

## Active Exposure by Sector (%)
-0.6 -0.5 -0.4 -0.3 -0.2 -0.1 0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.0
Real Estate	99.93	98.98
Consumer Discretionary	0.22	0.46
Financials	0.00	0.56
Cash	-0.15	0.00

## Geographical Breakdown (%)
Portfolio	Benchmark
United Kingdom	29.80	29.34
Germany	21.61	25.64
Sweden	15.24	15.30
Belgium	13.02	7.19
France	12.64	9.58
Switzerland	4.81	6.30
Netherlands	1.38	0.93
Spain	0.84	2.34
Finland	0.81	1.54
Norway	0.00	0.63
Italy	0.00	0.10
Ireland	0.00	0.54
Austria	0.00	0.58
Cash	-0.15	0.00

## Active Exposure by Geography (%)
-5	-4	-3	-2	-1	0	1	2	3	4	5	6
MarketCap Breakdown (EUR - %)
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. | - | - | 0.96 | 19.68 | 16.17 | 36.42 | 17.11 | 9.80 | -0.15 |
|  | Bench. | 0.08 | 1.81 | 4.78 | 18.75 | 18.62 | 30.63 | 15.03 | 10.32 | - |

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Translation (ENDE, 2021-09-30):
# Wertentwicklung & Risiken
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Wertentwicklung (USD)
160
140
120
100
80
60
EUR
623.87
Port.	Bench.
Anzahl Positionen	53	108
Umschlagsrate 1J (%)	22	-
Aktiver Anteil (%)	31	-

## 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* (27.74%)	Benchmark (14.92%)
Die Daten von AXA IM sind auf der Basis von 100 zum Anfangsdatum der Grafik angegeben.
| Risikoanalyse |  |
| --- | --- |
|  | 1J | 3J | 5J | Auflage |
| Portfolio Volatilität* (%) | 15.09 | 17.77 | 15.29 | 15.14 |
| Benchmark Volatilität (%) | 16.24 | 19.80 | 16.63 | 16.08 |
| Relatives Risiko/Tracking Error  (%) | 3.71 | 3.72 | 2.98 | 2.67 |
| Sharpe Ratio | 1.36 | 0.52 | 0.56 | 0.69 |
| Information Ratio | -0.73 | 1.53 | 1.73 | 1.47 |

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.
% des verwalteten Vermögens, das vom absoluten ESG-Rating abgedeckt wird: Portfolio = 95.3% Benchmark = 96.0% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)
% des verwalteten Vermögens, das vom Indikator der CO2-Intensität abgedeckt wird: Portfolio = 97.1% Benchmark = 98.0% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)

## Wertentwicklung (Brutto, Netto in %)
20
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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 | 4.60 | 9.63 | 12.18 | -4.14 | 18.79 |  |
|  | Netto-Wertentwicklung | -0.86 | 9.63 | 12.18 | -4.14 | 18.79 |  |

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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* | -8.21 | 0.94 | 11.99 | 10.26 | 27.74 | 46.48 | 18.79 | -4.14 | 12.18 | 9.63 | 4.60 | 98.50 |
| Benchmark | -8.50 | 0.09 | 9.98 | 9.72 | 14.92 | 25.85 | 23.61 | -13.70 | 7.72 | 6.33 | 2.99 | 72.84 |
| Abstände | 0.29 | 0.85 | 2.01 | 0.53 | 12.82 | 20.64 | -4.82 | 9.56 | 4.45 | 3.30 | 1.61 | 25.66 |

Wertentwicklung im Kalenderjahr (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -5.94 | 34.34 | -5.94 | 16.37 | -6.04 | 17.97 | - | - | - | - |
| Benchmark | -10.74 | 28.52 | -8.40 | 12.55 | -5.29 | 18.14 | - | - | - | - |
| Abstände | 4.79 | 5.83 | 2.46 | 3.83 | -0.75 | -0.17 | - | - | - | - |

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 |  |  |
| Vonovia SE | 9.80 | 10.32 | -0.52 | Immobilien | Deutschland |
| Segro PLC | 9.49 | 6.37 | 3.12 | Immobilien | Großbritannien |
| Warehouses De Pauw Sca | 5.18 | 1.89 | 3.30 | Immobilien | Belgien |
| Deutsche Wohnen SE | 3.92 | 4.88 | -0.95 | Immobilien | Deutschland |
| Unibail-Rodamco-Westfield | 3.69 | 3.28 | 0.40 | Immobilien | Frankreich |
| UNITE Group PLC | 3.42 | 1.54 | 1.88 | Immobilien | Großbritannien |
| Safestore Holdings Plc | 3.32 | 0.96 | 2.36 | Immobilien | Großbritannien |
| Samhallsbyggnadsbolaget i N... | 2.93 | 1.82 | 1.11 | Immobilien | Schweden |
| LEG Immobilien SE | 2.91 | 3.41 | -0.50 | Immobilien | Deutschland |
| Aedifica SA | 2.88 | 1.48 | 1.39 | Immobilien | Belgien |
| Summe (%) | 47.54 | 35.95 |  |  |  |


## Top 5 übergewichtete Positionen (%)	Top 5 untergewichtete Positionen (%)
Port. Bench. Relative	Port. Bench. Relative
| Warehouses De Pauw Sca | 5.18 | 1.89 | 3.30 |  | Aroundtown SA | 0.00 | 2.74 | -2.74 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Segro PLC | 9.49 | 6.37 | 3.12 |  | Land Securities Group PLC | 0.00 | 2.21 | -2.21 |
| Safestore Holdings Plc | 3.32 | 0.96 | 2.36 |  | Tritax Big Box REIT Plc | 0.00 | 1.63 | -1.63 |
| ICADE | 2.77 | 0.84 | 1.93 |  | alstria office REIT-AG | 0.00 | 1.07 | -1.07 |
| UNITE Group PLC | 3.42 | 1.54 | 1.88 |  | Deutsche Wohnen SE | 3.92 | 4.88 | -0.95 |


## Sektorengewichtung (%)
Portfolio	Benchmark

## Aktives Engagement nach Sektoren (%)
-0.6 -0.5 -0.4 -0.3 -0.2 -0.1 0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.0
Immobilien	99.93	98.98
Dauerh. Konsumg.	0.22	0.46
Finanzen	0.00	0.56
Liquide Mittel	-0.15	0.00

## Geographische Ausrichtung (%)
Portfolio	Benchmark
Großbritannien	29.80	29.34
Deutschland	21.61	25.64
Schweden	15.24	15.30
Belgien	13.02	7.19
Frankreich	12.64	9.58
Schweiz	4.81	6.30
Niederlande	1.38	0.93
Spanien	0.84	2.34
Finnland	0.81	1.54
Norwegen	0.00	0.63
Italien	0.00	0.10
Irland	0.00	0.54
Österreich	0.00	0.58
Liquide Mittel	-0.15	0.00

## Aktives Engagement nach geografischen Regionen (%)
-5	-4	-3	-2	-1	0	1	2	3	4	5	6

## Aufgliederung nach Marktkapitalisierung (EUR - %)
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. | - | - | 0.96 | 19.68 | 16.17 | 36.42 | 17.11 | 9.80 | -0.15 |
|  | Bench. | 0.08 | 1.81 | 4.78 | 18.75 | 18.62 | 30.63 | 15.03 | 10.32 | - |

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