# Performance & Risk
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## Performance Evolution (USD)
175
150
125
100
75
50
USD

### 44.87
Port.	Bench.
Number of Holdings	380	4533
Turnover: Rolling 1Y (%)	97	-
Active Share (%)	87	-

## Fund Profile
ESG Rating
ESG Relative Rating
CO2 Relative rating
28/02/19
28/08/19
28/02/20
28/08/20
28/02/21
28/08/21 28/02/22
Portfolio* (27.33%)	Benchmark (37.13%)
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 = 93.3% Benchmark = 96.7% (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 = 97.9% Benchmark = 95.9% (not meaningful for |
| --- | --- |
| coverage below 50%) |
| Risk Analysis |  |  |  |  |  |
|  | 1Y | 3Y | 5Y | Launch |  |
| Portfolio Volatility* (%) | 15.49 | 22.56 | 19.72 | 17.90 |  |
| Benchmark Volatility (%) | 15.82 | 21.70 | 19.05 | 17.80 |  |
| Relative Risk/Tracking Error  (%) | 3.08 | 3.73 | 3.17 | 3.45 |  |
| Sharpe Ratio | 0.49 | 0.41 | 0.29 | 0.39 |  |
| Information Ratio | 2.52 | -0.26 | -0.86 | 0.08 |  |


## 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* | 0.87 | -1.07 | -4.65 | -5.84 | 27.33 | 29.44 | 6.17 | 28.63 | -6.76 | -8.56 | 11.17 | 361.19 |
| Benchmark | 0.21 | -3.93 | -8.24 | -7.31 | 37.13 | 59.18 | 0.07 | 40.76 | -2.65 | -0.82 | 17.05 | 511.37 |
| Excess Return | 0.66 | 2.86 | 3.59 | 1.47 | -9.80 | -29.74 | 6.10 | -12.12 | -4.12 | -7.74 | -5.88 | -150.18 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 22.21 | 3.51 | 23.59 | -22.89 | 18.14 | 9.45 | -0.13 | 1.75 | 37.67 | 20.17 |
| Benchmark | 15.42 | 16.48 | 26.99 | -14.58 | 23.11 | 10.29 | 0.54 | 2.49 | 33.06 | 16.36 |
| Excess Return | 6.79 | -12.97 | -3.41 | -8.31 | -4.97 | -0.84 | -0.66 | -0.74 | 4.61 | 3.81 |

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 |  |  |
| Belden Inc | 1.38 | 0.03 | 1.35 | Information Technology | North America |
| SPX Corp | 1.21 | 0.03 | 1.18 | Industrials | North America |
| Builders FirstSource Inc | 0.84 | 0.18 | 0.66 | Industrials | North America |
| Huntsman Corp | 0.83 | 0.11 | 0.72 | Materials | North America |
| Jones Lang LaSalle Inc | 0.77 | 0.16 | 0.61 | Real Estate | North America |
| Henry Schein Inc | 0.73 | - | 0.73 | Health Care | North America |
| Amdocs Ltd | 0.72 | - | 0.72 | Information Technology | North America |
| Trex Co Inc | 0.72 | 0.13 | 0.58 | Industrials | North America |
| Lattice Semiconductor Corp | 0.71 | 0.11 | 0.60 | Information Technology | North America |
| Paylocity Holding Corp | 0.71 | 0.10 | 0.61 | Information Technology | North America |
| Total (%) | 8.62 | 0.85 |  |  |  |


## Top 5 Overweight (%)	Top 5 Underweight (%)
Port. Bench. Relative	Port. Bench. Relative
| Belden Inc | 1.38 | 0.03 | 1.35 |  | LPL Financial Holdings Inc | 0.00 | 0.18 | -0.18 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| SPX Corp | 1.21 | 0.03 | 1.18 |  | Alcoa Corp | 0.00 | 0.18 | -0.18 |
| Henry Schein Inc | 0.73 | 0.00 | 0.73 |  | Kimco Realty Corp | 0.00 | 0.17 | -0.17 |
| Huntsman Corp | 0.83 | 0.11 | 0.72 |  | Targa Resources Corp | 0.00 | 0.17 | -0.17 |
| Amdocs Ltd | 0.72 | 0.00 | 0.72 |  | Carlisle Cos Inc | 0.00 | 0.16 | -0.16 |


## Sector Breakdown (%)
Portfolio	Benchmark

## Active Exposure by Sector (%)

#### -4	-3	-2	-1	0	1	2	3	4
Industrials	22.47	18.75
Consumer Discretionary	15.07	12.86
Information Technology	14.80	11.79
Financials	10.59	14.05
Materials	10.06	7.76
Health Care	9.06	9.57
Real Estate	8.04	10.28
Energy	3.34	4.45
Consumer Staples	2.75	4.59
Communication Services	2.39	3.13
Utilities	0.87	2.77
Cash	0.58	0.00

## Securities Exposure by geographical area (%)
Portfolio	Benchmark
North America	65.18	63.02
Europe	20.26	21.22
Japan	8.89	10.26
Pacific ex-Japan	4.96	5.35
Emerging Markets	0.13	0.15
Cash	0.58	0.00

## Active Exposure by Geography (%)

#### -2	-1	0	1	2	3
MarketCap Breakdown (USD - %)
36
33
30
27
24
21
18
15
12
9
6
3
0	0 To 250mn	250mn To 500mn	500mn To 1bn	1bn To 3bn	3bn To 5bn	5bn To 10bn	10bn To 25bn	Cash
Port.	0.16	3.84	9.30	32.58	21.35	23.57	8.63	0.58
Bench.	0.09	1.21	7.27	31.34	25.83	26.90	7.35	-

Translation (ENDE, 2022-02-28):
# Wertentwicklung & Risiken
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Wertentwicklung (USD)
175
150
125
100
75
50
USD

### 44.87
Port.	Bench.
Anzahl Positionen	380	4533
Umschlagsrate 1J (%)	97	-
Aktiver Anteil (%)	87	-

## Fonds-Profile
ESG-Rating
Relatives ESG Rating
Relative CO2-Intensität
28/02/19
28/08/19
28/02/20
28/08/20
28/02/21
28/08/21 28/02/22
Portfolio* (27.33%)	Benchmark (37.13%)
Die Daten von AXA IM sind auf der Basis von 100 zum Anfangsdatum der Grafik angegeben.
| Risikoanalyse |  |
| --- | --- |
|  | 1J | 3J | 5J | Auflage |
| Portfolio Volatilität* (%) | 15.49 | 22.56 | 19.72 | 17.90 |
| Benchmark Volatilität (%) | 15.82 | 21.70 | 19.05 | 17.80 |
| Relatives Risiko/Tracking Error  (%) | 3.08 | 3.73 | 3.17 | 3.45 |
| Sharpe Ratio | 0.49 | 0.41 | 0.29 | 0.39 |
| Information Ratio | 2.52 | -0.26 | -0.86 | 0.08 |

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.
% des verwalteten Vermögens, das vom absoluten ESG-Rating abgedeckt wird: Portfolio = 93.3% Benchmark = 96.7% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)
% des verwalteten Vermögens, das vom Indikator der CO2-Intensität abgedeckt wird: Portfolio = 97.9% Benchmark = 95.9% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)

## Wertentwicklung (Brutto, Netto in %)
40
20
0
|  | 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 | 11.17 | -8.56 | -6.76 | 28.63 | 6.17 |  |
|  | Netto-Wertentwicklung | 6.38 | -8.56 | -6.76 | 28.63 | 6.17 |  |

-20
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* | 0.87 | -1.07 | -4.65 | -5.84 | 27.33 | 29.44 | 6.17 | 28.63 | -6.76 | -8.56 | 11.17 | 361.19 |
| Benchmark | 0.21 | -3.93 | -8.24 | -7.31 | 37.13 | 59.18 | 0.07 | 40.76 | -2.65 | -0.82 | 17.05 | 511.37 |
| Abstände | 0.66 | 2.86 | 3.59 | 1.47 | -9.80 | -29.74 | 6.10 | -12.12 | -4.12 | -7.74 | -5.88 | -150.18 |

Wertentwicklung im Kalenderjahr (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 22.21 | 3.51 | 23.59 | -22.89 | 18.14 | 9.45 | -0.13 | 1.75 | 37.67 | 20.17 |
| Benchmark | 15.42 | 16.48 | 26.99 | -14.58 | 23.11 | 10.29 | 0.54 | 2.49 | 33.06 | 16.36 |
| Abstände | 6.79 | -12.97 | -3.41 | -8.31 | -4.97 | -0.84 | -0.66 | -0.74 | 4.61 | 3.81 |

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 |  |  |
| Belden Inc | 1.38 | 0.03 | 1.35 | Informatik | Nordamerika |
| SPX Corp | 1.21 | 0.03 | 1.18 | Industrieunternehmen | Nordamerika |
| Builders FirstSource Inc | 0.84 | 0.18 | 0.66 | Industrieunternehmen | Nordamerika |
| Huntsman Corp | 0.83 | 0.11 | 0.72 | Werkstoffe | Nordamerika |
| Jones Lang LaSalle Inc | 0.77 | 0.16 | 0.61 | Immobilien | Nordamerika |
| Henry Schein Inc | 0.73 | - | 0.73 | Gesundheit | Nordamerika |
| Amdocs Ltd | 0.72 | - | 0.72 | Informatik | Nordamerika |
| Trex Co Inc | 0.72 | 0.13 | 0.58 | Industrieunternehmen | Nordamerika |
| Lattice Semiconductor Corp | 0.71 | 0.11 | 0.60 | Informatik | Nordamerika |
| Paylocity Holding Corp | 0.71 | 0.10 | 0.61 | Informatik | Nordamerika |
| Summe (%) | 8.62 | 0.85 |  |  |  |


## Top 5 übergewichtete Positionen (%)	Top 5 untergewichtete Positionen (%)
Port. Bench. Relative	Port. Bench. Relative
| Belden Inc | 1.38 | 0.03 | 1.35 |  | LPL Financial Holdings Inc | 0.00 | 0.18 | -0.18 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| SPX Corp | 1.21 | 0.03 | 1.18 |  | Alcoa Corp | 0.00 | 0.18 | -0.18 |
| Henry Schein Inc | 0.73 | 0.00 | 0.73 |  | Kimco Realty Corp | 0.00 | 0.17 | -0.17 |
| Huntsman Corp | 0.83 | 0.11 | 0.72 |  | Targa Resources Corp | 0.00 | 0.17 | -0.17 |
| Amdocs Ltd | 0.72 | 0.00 | 0.72 |  | Carlisle Cos Inc | 0.00 | 0.16 | -0.16 |


## Sektorengewichtung (%)
Portfolio	Benchmark

## Aktives Engagement nach Sektoren (%)
-4	-3	-2	-1	0	1	2	3	4
Industrieunternehmen	22.47	18.75
Dauerh. Konsumg.	15.07	12.86
Informatik	14.80	11.79
Finanzen	10.59	14.05
Werkstoffe	10.06	7.76
Gesundheit	9.06	9.57
Immobilien	8.04	10.28
Energie	3.34	4.45
Kurzleb. Konsumg.	2.75	4.59
Kommunikationsdienste	2.39	3.13
Öffentliche Dienste	0.87	2.77
Liquide Mittel	0.58	0.00

## Geographische Ausrichtung (%)
Portfolio	Benchmark
Nordamerika	65.18	63.02
Europa	20.26	21.22
Japan	8.89	10.26
Pazifik (ohne Japan)	4.96	5.35
Emerging Markets	0.13	0.15
Liquide Mittel	0.58	0.00

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

## Aufgliederung nach Marktkapitalisierung (USD - %)
36
33
30
27
24
21
18
15
12
9
6
3
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
Liquide Mittel
Port.	0.16	3.84	9.30	32.58	21.35	23.57	8.63	0.58
Bench.	0.09	1.21	7.27	31.34	25.83	26.90	7.35	-