# Performance & Risk
## Performance Evolution (USD)

## Fund Profile
ESG Rating
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200
175
150
125
100
75
28/11/19
31/08/20
28/02/21
31/08/21
28/02/22
31/08/22
ESG Relative Rating
CO2 Relative rating
Portfolio* (3.90%)	Benchmark (-0.97%)
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 = 91.2% Benchmark = 99.8% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 96.9% Benchmark = 96.8% (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* (%) | 19.10 | - | - | 21.25 |  |
| Benchmark Volatility (%) | 18.50 | - | - | 19.50 |  |
| Relative Risk/Tracking Error  (%) | 6.93 | - | - | 5.49 |  |
| Sharpe Ratio | -1.43 | - | - | 0.10 |  |
| Information Ratio | -0.39 | - | - | 0.51 |  |


## Rolling Performance (%)
|  | 1M | 3M | 6M | YTD | 3Y	5Y | 31/08/21 31/08/22 | 31/08/20 31/08/21 | 31/08/19 31/08/20 | 31/08/18 31/08/19 | 31/08/17 31/08/18 | Launch |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -4.35 | -4.91 | -18.30 | -23.68 | -	- | -27.76 | 2.54 | - | - | - | 3.90 |
| Benchmark | -1.61 | -2.48 | -14.67 | -20.20 | -	- | -24.33 | 0.54 | - | - | - | -0.97 |
| Excess Return | -2.73 | -2.43 | -3.64 | -3.47 | -	- | -3.43 | 2.00 | - | - | - | 4.87 |

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 |  |  |
| Tencent Holdings Ltd | 4.41 | 7.37 | -2.96 | Communication Services | China |
| Alibaba Group Holding Ltd | 4.32 | 5.16 | -0.84 | Consumer Discretionary | China |
| China Longyuan Power Group ... | 4.29 | 0.15 | 4.13 | Utilities | China |
| NETEASE.COM INC ADR | 3.82 | 1.06 | 2.76 | Communication Services | China |
| Han's Laser Technology Indu... | 3.82 | - | 3.82 | Industrials | China |
| Contemporary Amperex Techno... | 3.22 | 1.39 | 1.83 | Industrials | China |
| China Merchants Bank Co Ltd | 3.17 | 1.46 | 1.71 | Financials | China |
| Meituan | 3.16 | 2.80 | 0.35 | Consumer Discretionary | China |
| Xinyi Solar Holdings Ltd | 2.96 | 0.19 | 2.77 | Information Technology | China |
| Yunnan Energy New Material ... | 2.90 | 0.21 | 2.69 | Materials | China |
| Total (%) | 36.06 | 19.79 |  |  |  |


## Top 5 Overweight (%)	Top 5 Underweight (%)
Port. Bench. Relative	Port. Bench. Relative
| China Longyuan Power Group Corp Ltd | 4.29 | 0.15 | 4.13 |  | Kweichow Moutai Co Ltd | 0.00 | 2.98 | -2.98 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Han's Laser Technology Industry ... | 3.82 | 0.00 | 3.82 |  | Tencent Holdings Ltd | 4.41 | 7.37 | -2.96 |
| Xinyi Solar Holdings Ltd | 2.96 | 0.19 | 2.77 |  | China Construction Bank Corp | 0.00 | 1.75 | -1.75 |
| NETEASE.COM INC ADR | 3.82 | 1.06 | 2.76 |  | Bank of China Ltd | 0.00 | 0.92 | -0.92 |
| Yunnan Energy New Material Co Ltd | 2.90 | 0.21 | 2.69 |  | Pinduoduo Inc | 0.00 | 0.89 | -0.89 |


## Sector Breakdown (%)
Portfolio	Benchmark

## Active Exposure by Sector (%)
-6	-4	-2	0	2	4	6	8	10	12
Consumer Discretionary	23.25	20.91
Industrials	21.15	10.03
Communication Services	10.52	11.46
Financials	9.94	15.69
Consumer Staples	9.93	10.20
Health Care	6.43	7.08
Utilities	4.29	2.94
Materials	4.28	7.17
Information Technology	3.82	8.88
Real Estate	3.29	2.76
Energy	0.00	2.88
Cash	3.10	0.00

## Geographical Breakdown (%)
Portfolio	Benchmark
China	91.72	100.00
Hong Kong	2.67	0.00
Taiwan	2.52	0.00
Cash	3.10	0.00

## Active Exposure by Geography (%)
-9	-8	-7	-6	-5	-4	-3	-2	-1	0	1	2	3	4
MarketCap Breakdown (USD - %)
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.	2.52	7.34	9.74	3.23	22.06	27.44	20.16	4.41	3.10
Bench.	-	2.03	7.67	13.62	20.93	26.36	19.05	10.34	-

Translation (ENDE, 2022-08-31):
# Wertentwicklung & Risiken
Wertentwicklung (USD)

## Fonds-Profile
ESG-Rating
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200
175
150
125
100
75
28/11/19
31/08/20
28/02/21
31/08/21
28/02/22
31/08/22
Relatives ESG Rating
Relative CO2-Intensität
Portfolio* (3.90%)	Benchmark (-0.97%)
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 = 91.2% Benchmark = 99.8% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)
% des verwalteten Vermögens, das vom Indikator der CO2-Intensität abgedeckt wird: Portfolio = 96.9%
| berechnet sein. Weitere Informationen entnehmen Sie bitte dem Fondsprospekt. Risikoanalyse |  |  | Benchmark = 96.8% (nicht bedeutend bei einer Abdeckung von weniger als 50 %) |
| --- | --- | --- | --- |
|  | 1J | 3J | 5J | Auflage |  |
| Portfolio Volatilität* (%) | 19.10 | - | - | 21.25 |  |
| Benchmark Volatilität (%) | 18.50 | - | - | 19.50 |  |
| Relatives Risiko/Tracking Error  (%) | 6.93 | - | - | 5.49 |  |
| Sharpe Ratio | -1.43 | - | - | 0.10 |  |
| Information Ratio | -0.39 | - | - | 0.51 |  |


## Wertentwicklung (Brutto, Netto in %)
10
0
-10
-20
-30
31/08/2020 - 31/08/2021	31/08/2021 - 31/08/2022
| Brutto-Wertentwicklung | 2.54 | -27.76 |
| --- | --- | --- |
| Netto-Wertentwicklung | 2.54 | -27.76 |

Berechnung nach BVI-Wertermittlungsstatistik (siehe Erläuterung unter 'Wichtige Hinweise')

## Rollierende Wertentwicklung (%)
|  | 1M | 3M | 6M | YTD | 3J	5J | 31/08/21 31/08/22 | 31/08/20 31/08/21 | 31/08/19 31/08/20 | 31/08/18 31/08/19 | 31/08/17 31/08/18 | Auflage |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -4.35 | -4.91 | -18.30 | -23.68 | -	- | -27.76 | 2.54 | - | - | - | 3.90 |
| Benchmark | -1.61 | -2.48 | -14.67 | -20.20 | -	- | -24.33 | 0.54 | - | - | - | -0.97 |
| Abstände | -2.73 | -2.43 | -3.64 | -3.47 | -	- | -3.43 | 2.00 | - | - | - | 4.87 |

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.
| Top 10 Positionen |  |
| --- | --- |
| Aktie |  |  | Gewichtung (%) | Sektor | Land |
|  | Portfolio | Benchmark | Relative |  |  |
| Tencent Holdings Ltd | 4.41 | 7.37 | -2.96 | Technologie | Hong-Kong |
| Alibaba Group Holding Ltd | 4.32 | 5.16 | -0.84 | Verbrauchsgüter | China |
| China Longyuan Power Group ... | 4.29 | 0.15 | 4.13 | Energie | Hong-Kong |
| NETEASE.COM INC ADR | 3.82 | 1.06 | 2.76 | Verbrauchsgüter | China |
| Han's Laser Technology Indu... | 3.82 | - | 3.82 | Technologie | China |
| Contemporary Amperex Techno... | 3.22 | 1.39 | 1.83 | Verbrauchsgüter | China |
| China Merchants Bank Co Ltd | 3.17 | 1.46 | 1.71 | Finanz-Dienstleistungen | Hong-Kong |
| Meituan | 3.16 | 2.80 | 0.35 | Technologie | Hong-Kong |
| Xinyi Solar Holdings Ltd | 2.96 | 0.19 | 2.77 | Energie | Hong-Kong |
| Yunnan Energy New Material ... | 2.90 | 0.21 | 2.69 | Industrieunternehmen | China |
| Summe (%) | 36.06 | 19.79 |  |  |  |


## Top 5 übergewichtete Positionen (%)	Top 5 untergewichtete Positionen (%)
Port. Bench. Relative	Port. Bench. Relative
| China Longyuan Power Group Corp Ltd | 4.29 | 0.15 | 4.13 |  | Kweichow Moutai Co Ltd | 0.00 | 2.98 | -2.98 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Han's Laser Technology Industry ... | 3.82 | 0.00 | 3.82 |  | Tencent Holdings Ltd | 4.41 | 7.37 | -2.96 |
| Xinyi Solar Holdings Ltd | 2.96 | 0.19 | 2.77 |  | China Construction Bank Corp | 0.00 | 1.75 | -1.75 |
| NETEASE.COM INC ADR | 3.82 | 1.06 | 2.76 |  | Bank of China Ltd | 0.00 | 0.92 | -0.92 |
| Yunnan Energy New Material Co Ltd | 2.90 | 0.21 | 2.69 |  | Pinduoduo Inc | 0.00 | 0.89 | -0.89 |


## Sektorengewichtung (%)
Portfolio	Benchmark

## Aktives Engagement nach Sektoren (%)
-8	-6	-4	-2	0	2	4	6	8	10
Verbrauchsgüter	27.14	21.55
Technologie	14.53	18.22
Energie	12.96	4.46
Industrieunternehmen	12.68	8.13
Finanz-Dienstleistungen	9.94	15.65
Basiskonsumgüter	9.93	10.80
Gesundheitswesen	6.43	6.96
Immobilien	3.29	2.82
Versorger	0.00	2.87
Telekommunikation	0.00	2.16
Grundstoffe	0.00	6.37
Liquide Mittel	3.10	0.00

## Geographische Ausrichtung (%)
Portfolio	Benchmark
Hong-Kong	57.16	43.78
China	37.23	54.81
Taiwan	2.52	0.00
Vereinigten Staaten	0.00	1.41
Liquide Mittel	3.10	0.00

## Aktives Engagement nach geografischen Regionen (%)
-20	-16	-12	-8	-4	0	4	8	12	16

## Aufgliederung nach Marktkapitalisierung (USD - %)
30
27
24
21
18
15
12
9
6
3
0	Von 0 bis 250 Mio Euro
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.	-	2.52	4.93	6.94	16.76	16.15	27.86	13.01	8.73	3.10
Bench.	0.20	0.38	3.94	9.88	12.54	19.96	25.17	12.42	15.51	-