# Performance & Risk
## Performance Evolution (EUR)
USD
259.36
Port.	Bench.
Number of Holdings	52	1418
Turnover: Rolling 1Y (%)	25	-
Active Share (%)	71	-

## 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* (32.30%)	Benchmark (28.31%)
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 = 93.1% Benchmark = 97.7% (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 = 97.1% Benchmark = 98.3% (not meaningful for |
| --- | --- |
| coverage below 50%) |
| Risk Analysis |  |  |  |  |  |
|  | 1Y | 3Y | 5Y | Launch |  |
| Portfolio Volatility* (%) | 15.09 | 17.53 | 14.51 | 17.25 |  |
| Benchmark Volatility (%) | 14.01 | 16.81 | 14.02 | 17.49 |  |
| Relative Risk/Tracking Error  (%) | 3.85 | 5.79 | 5.32 | 4.87 |  |
| Sharpe Ratio | 1.05 | 0.73 | 0.66 | 0.28 |  |
| Information Ratio | -1.04 | 0.69 | 0.13 | 0.12 |  |


## 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* | -2.59 | -5.80 | -2.11 | 2.07 | 32.30 | 36.91 | 12.64 | 4.68 | 12.20 | -5.73 | 9.78 | 44.18 |
| Benchmark | -2.19 | -5.95 | -2.09 | 4.26 | 28.31 | 50.79 | 19.60 | 2.77 | 4.39 | 0.96 | 16.41 | 88.49 |
| Excess Return | -0.40 | 0.16 | -0.02 | -2.19 | 3.99 | -13.88 | -6.96 | 1.91 | 7.81 | -6.69 | -6.63 | -44.31 |

Annual Calendar Performance (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 9.33 | 24.31 | -14.81 | 18.81 | 5.87 | -0.41 | 8.77 | -9.40 | 15.27 | -21.63 |
| Benchmark | 8.54 | 20.60 | -10.26 | 20.59 | 14.51 | -5.23 | 11.38 | -6.81 | 16.81 | -15.44 |
| Excess Return | 0.79 | 3.71 | -4.55 | -1.77 | -8.65 | 4.81 | -2.62 | -2.59 | -1.54 | -6.19 |

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 |  |  |
| Taiwan Semiconductor Manufa... | 9.35 | 6.51 | 2.84 | Information Technology | Taiwan |
| Tencent Holdings Ltd | 6.40 | 4.33 | 2.07 | Communication Services | China |
| Samsung Electronics Co Ltd | 5.08 | 4.41 | 0.67 | Information Technology | South Korea |
| Alibaba Group Holding Ltd | 3.83 | 3.52 | 0.31 | Consumer Discretionary | China |
| Yum China Holdings Inc | 3.36 | 0.31 | 3.05 | Consumer Discretionary | China |
| MediaTek Inc | 2.74 | 0.62 | 2.12 | Information Technology | Taiwan |
| Tata Consultancy Services Ltd | 2.64 | 0.60 | 2.04 | Information Technology | India |
| Hdfc Bank Limited | 2.51 | - | 2.51 | Financials | India |
| Yandex NV | 2.45 | 0.31 | 2.15 | Communication Services | Russia |
| Grupo Financiero Banorte SA... | 2.44 | 0.21 | 2.23 | Financials | Mexico |
| Total (%) | 40.81 | 20.82 |  |  |  |


## Top 5 Overweight (%)	Top 5 Underweight (%)
Port. Bench. Relative	Port. Bench. Relative
| Yum China Holdings Inc | 3.36 | 0.31 | 3.05 |  | Infosys Ltd | 0.00 | 0.98 | -0.98 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Taiwan Semiconductor Manufacturi... | 9.35 | 6.51 | 2.84 |  | China Construction Bank Corp | 0.00 | 0.88 | -0.88 |
| Hdfc Bank Limited | 2.51 | 0.00 | 2.51 |  | Housing Development Finance Corp... | 0.00 | 0.81 | -0.81 |
| Centre Testing International Gro... | 2.39 | 0.00 | 2.39 |  | JD.com Inc | 0.00 | 0.80 | -0.80 |
| Dino Polska SA | 2.43 | 0.05 | 2.38 |  | Gazprom PJSC | 0.00 | 0.75 | -0.75 |


## Sector Breakdown (%)
Portfolio	Benchmark

## Active Exposure by Sector (%)
-6	-5	-4	-3	-2	-1	0	1	2	3	4	5	6	7
Information Technology	25.42	20.87
Financials	16.82	19.48
Consumer Discretionary	14.37	14.66
Communication Services	13.35	10.39
Consumer Staples	12.60	5.92
Industrials	5.26	4.87
Materials	3.63	8.66
Health Care	2.76	4.95
Energy	2.35	5.86
Utilities	1.88	2.26
Not classified	0.00	0.00
Real Estate	0.00	2.09
Cash	1.56	0.00

## Geographical Breakdown (%)
Portfolio	Benchmark
China	32.88	33.97
Taiwan	18.04	14.71
India	17.18	12.18
South Korea	5.86	12.61
Hong Kong	5.39	0.00
Mexico	5.25	1.91
Russia	4.25	3.93
Brazil	3.27	4.45
Poland	2.43	0.76
South Africa	2.15	3.16
Singapore	1.73	0.00
Turkey	0.00	0.26
Other	0.00	12.06
Cash	1.56	0.00

## Active Exposure by Geography (%)
|  |  |  |
| --- | --- | --- |
|  |  |  |  |
|  |
|  |  |  |  |  |  |

-14	-12	-10	-8	-6	-4	-2	0	2	4	6
MarketCap Breakdown (USD - %)
32
28
24
20
16
12
8
4
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.	-	2.20	3.92	9.19	20.56	20.90	17.02	24.66	1.56
Bench.	0.01	1.75	5.38	12.88	21.50	29.16	10.01	19.31	-

Translation (ENDE, 2021-09-30):
# Wertentwicklung & Risiken
Wertentwicklung (EUR)
USD
259.36
Port.	Bench.
Anzahl Positionen	52	1418
Umschlagsrate 1J (%)	25	-
Aktiver Anteil (%)	71	-

## 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* (32.30%)	Benchmark (28.31%)
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 | 17.53 | 14.51 | 17.25 |
| Benchmark Volatilität (%) | 14.01 | 16.81 | 14.02 | 17.49 |
| Relatives Risiko/Tracking Error  (%) | 3.85 | 5.79 | 5.32 | 4.87 |
| Sharpe Ratio | 1.05 | 0.73 | 0.66 | 0.28 |
| Information Ratio | -1.04 | 0.69 | 0.13 | 0.12 |

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 = 93.1% Benchmark = 97.7% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)
% des verwalteten Vermögens, das vom Indikator der CO2-Intensität abgedeckt wird: Portfolio = 97.1% Benchmark = 98.3% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)

## Wertentwicklung (Brutto, Netto in %)
20
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 | 9.78 | -5.73 | 12.20 | 4.68 | 12.64 |  |
|  | Netto-Wertentwicklung | 9.78 | -5.73 | 12.20 | 4.68 | 12.64 |  |

-10
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* | -2.59 | -5.80 | -2.11 | 2.07 | 32.30 | 36.91 | 12.64 | 4.68 | 12.20 | -5.73 | 9.78 | 44.18 |
| Benchmark | -2.19 | -5.95 | -2.09 | 4.26 | 28.31 | 50.79 | 19.60 | 2.77 | 4.39 | 0.96 | 16.41 | 88.49 |
| Abstände | -0.40 | 0.16 | -0.02 | -2.19 | 3.99 | -13.88 | -6.96 | 1.91 | 7.81 | -6.69 | -6.63 | -44.31 |

Wertentwicklung im Kalenderjahr (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 9.33 | 24.31 | -14.81 | 18.81 | 5.87 | -0.41 | 8.77 | -9.40 | 15.27 | -21.63 |
| Benchmark | 8.54 | 20.60 | -10.26 | 20.59 | 14.51 | -5.23 | 11.38 | -6.81 | 16.81 | -15.44 |
| Abstände | 0.79 | 3.71 | -4.55 | -1.77 | -8.65 | 4.81 | -2.62 | -2.59 | -1.54 | -6.19 |

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 |  |  |
| Taiwan Semiconductor Manufa... | 9.35 | 6.51 | 2.84 | Informatik | Taiwan |
| Tencent Holdings Ltd | 6.40 | 4.33 | 2.07 | Kommunikationsdienste | China |
| Samsung Electronics Co Ltd | 5.08 | 4.41 | 0.67 | Informatik | Südkorea |
| Alibaba Group Holding Ltd | 3.83 | 3.52 | 0.31 | Dauerh. Konsumg. | China |
| Yum China Holdings Inc | 3.36 | 0.31 | 3.05 | Dauerh. Konsumg. | China |
| MediaTek Inc | 2.74 | 0.62 | 2.12 | Informatik | Taiwan |
| Tata Consultancy Services Ltd | 2.64 | 0.60 | 2.04 | Informatik | Indien |
| Hdfc Bank Limited | 2.51 | - | 2.51 | Finanzen | Indien |
| Yandex NV | 2.45 | 0.31 | 2.15 | Kommunikationsdienste | Russland |
| Grupo Financiero Banorte SA... | 2.44 | 0.21 | 2.23 | Finanzen | Mexiko |
| Summe (%) | 40.81 | 20.82 |  |  |  |


## Top 5 übergewichtete Positionen (%)	Top 5 untergewichtete Positionen (%)
Port. Bench. Relative	Port. Bench. Relative
| Yum China Holdings Inc | 3.36 | 0.31 | 3.05 |  | Infosys Ltd | 0.00 | 0.98 | -0.98 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Taiwan Semiconductor Manufacturi... | 9.35 | 6.51 | 2.84 |  | China Construction Bank Corp | 0.00 | 0.88 | -0.88 |
| Hdfc Bank Limited | 2.51 | 0.00 | 2.51 |  | Housing Development Finance Corp... | 0.00 | 0.81 | -0.81 |
| Centre Testing International Gro... | 2.39 | 0.00 | 2.39 |  | JD.com Inc | 0.00 | 0.80 | -0.80 |
| Dino Polska SA | 2.43 | 0.05 | 2.38 |  | Gazprom PJSC | 0.00 | 0.75 | -0.75 |


## Sektorengewichtung (%)
Portfolio	Benchmark

## Aktives Engagement nach Sektoren (%)
-6	-5	-4	-3	-2	-1	0	1	2	3	4	5	6	7
Informatik	25.42	20.87
Finanzen	16.82	19.48
Dauerh. Konsumg.	14.37	14.66
Kommunikationsdienste	13.35	10.39
Kurzleb. Konsumg.	12.60	5.92
Industrieunternehmen	5.26	4.87
Werkstoffe	3.63	8.66
Gesundheit	2.76	4.95
Energie	2.35	5.86
Öffentliche Dienste	1.88	2.26
Nicht klassifiziert	0.00	0.00
Immobilien	0.00	2.09
Liquide Mittel	1.56	0.00

## Geographische Ausrichtung (%)
Portfolio	Benchmark
China	32.88	33.97
Taiwan	18.04	14.71
Indien	17.18	12.18
Südkorea	5.86	12.61
Hong-Kong	5.39	0.00
Mexiko	5.25	1.91
Russland	4.25	3.93
Brasilien	3.27	4.45
Polen	2.43	0.76
Südafrika	2.15	3.16
Singapur	1.73	0.00
Türkei	0.00	0.26
Sonstige	0.00	12.06
Liquide Mittel	1.56	0.00

## Aufgliederung nach Marktkapitalisierung (USD - %)
Aktives Engagement nach geografischen Regionen (%)
-14	-12	-10	-8	-6	-4	-2	0	2	4	6
|  |  |  |
| --- | --- | --- |
|  |  |  |  |
|  |
|  |  |  |  |  |  |

32
28
24
20
16
12
8
4
0	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
Von 100 bis
250 Mrd
Mehr als 250 Mrd.
Liquide Mittel
Port.	-	2.20	3.92	9.19	20.56	20.90	17.02	24.66	1.56
Bench.	0.01	1.75	5.38	12.88	21.50	29.16	10.01	19.31	-