# Performance & Risk
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## Performance Evolution (EUR)
160
140
120
100
80
60
Assets Under Management (M)
| Fund Key Metrics |  |
| --- | --- |
|  | Port. | Bench. |
| Number of Holdings | 55 | 400 |
| Turnover: Rolling 1Y (%) | 35 | - |
| Active Share (%) | 90 | - |
| Fund Profile |  |  |
| ESG Rating |  |  |
| ESG Relative Rating |  |  |
| CO2 Relative rating |  |  |

EUR
181.88
28/02/19
28/08/19
28/02/20
28/08/20
28/02/21
28/08/21 28/02/22
Portfolio* (14.49%)	Benchmark (27.42%)
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.
% of AUM covered by ESG absolute rating: Portfolio = 99.2% Benchmark = 98.2% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 99.2% Benchmark = 98.7% (not meaningful for
| Risk Analysis |  |  |  |  | coverage below 50%) |
| --- | --- | --- | --- | --- | --- |
|  | 1Y | 3Y | 5Y | Launch |  |
| Portfolio Volatility* (%) | 14.12 | 18.94 | 16.51 | 16.47 |  |
| Benchmark Volatility (%) | 13.84 | 19.42 | 16.60 | 17.23 |  |
| Relative Risk/Tracking Error  (%) | 4.26 | 3.89 | 3.46 | 3.46 |  |
| Sharpe Ratio | 0.45 | 0.40 | 0.30 | 0.37 |  |
| Information Ratio | 0.04 | -0.30 | -0.72 | -0.24 |  |


## 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* | -4.28 | -10.45 | -11.58 | -12.30 | 14.49 | 11.02 | 3.31 | 11.94 | -1.00 | -8.81 | 6.34 | 72.06 |
| Benchmark | -4.46 | -6.58 | -10.57 | -10.33 | 27.42 | 41.35 | 5.76 | 17.05 | 2.93 | -0.73 | 11.75 | 167.71 |
| Excess Return | 0.19 | -3.86 | -1.01 | -1.96 | -12.94 | -30.33 | -2.44 | -5.11 | -3.94 | -8.08 | -5.41 | -95.65 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 18.37 | 1.75 | 20.43 | -20.20 | 12.42 | -1.33 | 16.67 | 2.69 | 17.58 | 25.12 |
| Benchmark | 21.00 | 2.77 | 27.75 | -11.98 | 17.14 | 1.01 | 16.82 | 6.96 | 25.97 | 23.05 |
| Excess Return | -2.63 | -1.02 | -7.31 | -8.21 | -4.72 | -2.34 | -0.15 | -4.28 | -8.39 | 2.08 |

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 |  |  |
| ERG SpA | 3.54 | - | 3.54 | Utilities | Italy |
| Asr Nederland NV | 2.98 | 0.19 | 2.79 | Financials | Netherlands |
| Prysmian SpA | 2.56 | 0.28 | 2.28 | Industrials | Italy |
| Eurazeo SE | 2.45 | 0.27 | 2.17 | Financials | France |
| SEB SA | 2.41 | 0.32 | 2.09 | Consumer Discretionary | France |
| Erste Group Bank AG | 2.41 | 0.33 | 2.07 | Financials | Austria |
| Arcadis NV | 2.33 | 0.23 | 2.10 | Industrials | Netherlands |
| Remy Cointreau SA | 2.29 | 0.30 | 2.00 | Consumer Staples | France |
| Virbac SA | 2.29 | - | 2.29 | Health Care | France |
| Eiffage SA | 2.21 | 0.32 | 1.89 | Industrials | France |
| Total (%) | 25.48 | 2.25 |  |  |  |


## Top 5 Overweight (%)	Top 5 Underweight (%)
Port. Bench. Relative	Port. Bench. Relative
| ERG SpA | 3.54 | 0.00 | 3.54 |  | Publicis Groupe SA | 0.00 | 0.50 | -0.50 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Asr Nederland NV | 2.98 | 0.19 | 2.79 |  | CaixaBank SA | 0.00 | 0.45 | -0.45 |
| Virbac SA | 2.29 | 0.00 | 2.29 |  | Rheinmetall AG | 0.00 | 0.44 | -0.44 |
| Prysmian SpA | 2.56 | 0.28 | 2.28 |  | UCB SA | 0.00 | 0.44 | -0.44 |
| Eurazeo SE | 2.45 | 0.27 | 2.17 |  | Bunzl PLC | 0.00 | 0.43 | -0.43 |


## Sector Breakdown (%)
Portfolio	Benchmark

## Active Exposure by Sector (%)

### -3	-2	-1	0	1	2	3
Industrials	25.92	23.65
Financials	14.98	16.12
Consumer Discretionary	14.47	15.70
Health Care	8.13	7.47
Real Estate	7.06	7.99
Technology	6.72	5.53
Utilities	5.35	4.81
Consumer Staples	5.32	6.76
Basic Materials	4.46	7.02
Telecommunications	3.19	2.61
Energy	1.75	2.32
Cash	2.67	0.00

## Securities Exposure by geographical area (%)
Portfolio	Benchmark
France	22.02	11.74
United Kingdom	20.50	26.06
Italy	11.66	6.53
Switzerland	10.81	7.03
Germany	8.73	9.27
Sweden	7.16	11.30
Netherlands	5.32	3.57
Norway	3.34	4.05
Austria	2.41	1.94
Finland	2.15	3.11
Spain	2.14	3.68
Denmark	1.10	3.35
Other	0.00	8.37
Cash	2.67	0.00

## Active Exposure by Geography (%)

### -12	-9	-6	-3	0	3	6	9	12	15
MarketCap Breakdown (EUR - %)
55
50
45
40
35
30
25
20
15
10
5
0	1bn To 3bn	3bn To 5bn	5bn To 10bn	10bn To 25bn	25bn To 100bn	100bn To 250bn	Cash
Port.	13.06	29.04	51.47	3.76	-	-	2.67
Bench.	4.10	22.11	41.55	30.35	1.67	0.22	-

Translation (ENDE, 2022-02-28):
# Wertentwicklung & Risiken
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Wertentwicklung (EUR)
160
140
120
100
80
60
Nettovermögen (M)
| Fondsindikatoren |  |
| --- | --- |
|  | Port. | Bench. |
| Anzahl Positionen | 55 | 400 |
| Umschlagsrate 1J (%) | 35 | - |
| Aktiver Anteil (%) | 90 | - |
| Fonds-Profile |  |  |
| ESG-Rating |  |  |
| Relatives ESG Rating |  |  |
| Relative CO2-Intensität |  |  |

EUR
181.88
28/02/19
28/08/19
28/02/20
28/08/20
28/02/21
28/08/21 28/02/22
Portfolio* (14.49%)	Benchmark (27.42%)
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* (%)	14.12	18.94	16.51	16.47
Benchmark Volatilität (%)	13.84	19.42	16.60	17.23
Relatives Risiko/Tracking Error 
(%)	
4.26	3.89	3.46	3.46
Sharpe Ratio	0.45	0.40	0.30	0.37
Information Ratio	0.04	-0.30	-0.72	-0.24
% des verwalteten Vermögens, das vom absoluten ESG-Rating abgedeckt wird: Portfolio = 99.2% Benchmark = 98.2% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)
% des verwalteten Vermögens, das vom Indikator der CO2-Intensität abgedeckt wird: Portfolio = 99.2% Benchmark = 98.7% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)

## Wertentwicklung (Brutto, Netto in %)
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 | 6.34 | -8.81 | -1.00 | 11.94 | 3.31 |
| Netto-Wertentwicklung | 6.34 | -8.81 | -1.00 | 11.94 | 3.31 |

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* | -4.28 | -10.45 | -11.58 | -12.30 | 14.49 | 11.02 | 3.31 | 11.94 | -1.00 | -8.81 | 6.34 | 72.06 |
| Benchmark | -4.46 | -6.58 | -10.57 | -10.33 | 27.42 | 41.35 | 5.76 | 17.05 | 2.93 | -0.73 | 11.75 | 167.71 |
| Abstände | 0.19 | -3.86 | -1.01 | -1.96 | -12.94 | -30.33 | -2.44 | -5.11 | -3.94 | -8.08 | -5.41 | -95.65 |

Wertentwicklung im Kalenderjahr (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 18.37 | 1.75 | 20.43 | -20.20 | 12.42 | -1.33 | 16.67 | 2.69 | 17.58 | 25.12 |
| Benchmark | 21.00 | 2.77 | 27.75 | -11.98 | 17.14 | 1.01 | 16.82 | 6.96 | 25.97 | 23.05 |
| Abstände | -2.63 | -1.02 | -7.31 | -8.21 | -4.72 | -2.34 | -0.15 | -4.28 | -8.39 | 2.08 |

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 |  |  |
| ERG SpA | 3.54 | - | 3.54 | Versorger | Italien |
| Asr Nederland NV | 2.98 | 0.19 | 2.79 | Finanz-Dienstleistungen | Niederlande |
| Prysmian SpA | 2.56 | 0.28 | 2.28 | Industrieunternehmen | Italien |
| Eurazeo SE | 2.45 | 0.27 | 2.17 | Finanz-Dienstleistungen | Frankreich |
| SEB SA | 2.41 | 0.32 | 2.09 | Verbrauchsgüter | Frankreich |
| Erste Group Bank AG | 2.41 | 0.33 | 2.07 | Finanz-Dienstleistungen | Österreich |
| Arcadis NV | 2.33 | 0.23 | 2.10 | Industrieunternehmen | Niederlande |
| Remy Cointreau SA | 2.29 | 0.30 | 2.00 | Basiskonsumgüter | Frankreich |
| Virbac SA | 2.29 | - | 2.29 | Gesundheitswesen | Frankreich |
| Eiffage SA | 2.21 | 0.32 | 1.89 | Industrieunternehmen | Frankreich |
| Summe (%) | 25.48 | 2.25 |  |  |  |


## Top 5 übergewichtete Positionen (%)	Top 5 untergewichtete Positionen (%)
Port. Bench. Relative	Port. Bench. Relative
| ERG SpA | 3.54 | 0.00 | 3.54 |  | Publicis Groupe SA | 0.00 | 0.50 | -0.50 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Asr Nederland NV | 2.98 | 0.19 | 2.79 |  | CaixaBank SA | 0.00 | 0.45 | -0.45 |
| Virbac SA | 2.29 | 0.00 | 2.29 |  | Rheinmetall AG | 0.00 | 0.44 | -0.44 |
| Prysmian SpA | 2.56 | 0.28 | 2.28 |  | UCB SA | 0.00 | 0.44 | -0.44 |
| Eurazeo SE | 2.45 | 0.27 | 2.17 |  | Bunzl PLC | 0.00 | 0.43 | -0.43 |


## Sektorengewichtung (%)
Portfolio	Benchmark

## Aktives Engagement nach Sektoren (%)
-3	-2	-1	0	1	2	3
Industrieunternehmen	25.92	23.65
Finanz-Dienstleistungen	14.98	16.12
Verbrauchsgüter	14.47	15.70
Gesundheitswesen	8.13	7.47
Immobilien	7.06	7.99
Technologie	6.72	5.53
Versorger	5.35	4.81
Basiskonsumgüter	5.32	6.76
Grundstoffe	4.46	7.02
Telekommunikation	3.19	2.61
Energie	1.75	2.32
Liquide Mittel	2.67	0.00

## Geographische Ausrichtung (%)
Portfolio	Benchmark
Frankreich	22.02	11.74
Großbritannien	20.50	26.06
Italien	11.66	6.53
Schweiz	10.81	7.03
Deutschland	8.73	9.27
Schweden	7.16	11.30
Niederlande	5.32	3.57
Norwegen	3.34	4.05
Österreich	2.41	1.94
Finnland	2.15	3.11
Spanien	2.14	3.68
Dänemark	1.10	3.35
Sonstige	0.00	8.37
Liquide Mittel	2.67	0.00

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

## Aufgliederung nach Marktkapitalisierung (EUR - %)
55
50
45
40
35
30
25
20
15
10
5
0	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	Von 100 bis 250 Mrd	Liquide Mittel
Port.	13.06	29.04	51.47	3.76	-	-	2.67
Bench.	4.10	22.11	41.55	30.35	1.67	0.22	-