# Performance & Risk
## Performance Evolution (JPY)

## Fund Profile
ESG Rating
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160
140
120
100
80
60
28/02/19
28/08/19
28/02/20
28/08/20
28/02/21
28/08/21 28/02/22
ESG Relative Rating
CO2 Relative rating
Portfolio* (13.54%)	Benchmark (24.54%)
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 = 94.6% Benchmark = 97.8% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 98.2% Benchmark = 99.9% (not meaningful for
| basis of net or gross dividend. Please refer to the Risk Analysis | prospectus for more information. |  |  | coverage below 50%) |
| --- | --- | --- | --- | --- |
|  | 1Y | 3Y | 5Y | Launch |  |
| Portfolio Volatility* (%) | 15.94 | 15.75 | 15.02 | 17.61 |  |
| Benchmark Volatility (%) | 15.37 | 15.34 | 14.65 | 17.28 |  |
| Relative Risk/Tracking Error  (%) | 2.15 | 2.59 | 2.53 | 3.72 |  |
| Sharpe Ratio | 0.14 | 0.37 | 0.32 | 0.12 |  |
| Information Ratio | -0.36 | -0.65 | -0.58 | -0.05 |  |


## 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* | -0.98 | -3.85 | -5.12 | -7.19 | 13.54 | 17.04 | 0.73 | 18.19 | -4.63 | -12.82 | 18.25 | 22.31 |
| Benchmark | -0.44 | -2.00 | -2.94 | -5.25 | 24.54 | 35.21 | 3.03 | 25.94 | -4.02 | -7.37 | 17.22 | 72.91 |
| Excess Return | -0.54 | -1.85 | -2.18 | -1.94 | -11.00 | -18.18 | -2.30 | -7.75 | -0.62 | -5.45 | 1.03 | -50.60 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 11.43 | 0.46 | 17.44 | -21.28 | 23.28 | -2.39 | 14.48 | 8.49 | 49.84 | 16.54 |
| Benchmark | 12.38 | 6.99 | 17.67 | -16.26 | 21.84 | -0.02 | 11.73 | 9.93 | 54.20 | 20.65 |
| Excess Return | -0.95 | -6.53 | -0.23 | -5.02 | 1.44 | -2.37 | 2.75 | -1.44 | -4.36 | -4.11 |

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 |  |  |
| Toyota Motor Corp | 3.46 | 4.20 | -0.74 | Consumer Discretionary | Japan |
| Sony Group Corp | 3.23 | 2.87 | 0.36 | Consumer Discretionary | Japan |
| Tokyo Electron Ltd | 2.37 | 1.37 | 0.99 | Information Technology | Japan |
| Keyence Corp | 2.20 | 1.89 | 0.31 | Information Technology | Japan |
| Recruit Holdings Co Ltd | 2.16 | 1.38 | 0.79 | Industrials | Japan |
| Sumitomo Mitsui Financial G... | 2.07 | 1.09 | 0.97 | Financials | Japan |
| Honda Motor Co Ltd | 2.06 | 1.08 | 0.98 | Consumer Discretionary | Japan |
| Nippon Telegraph & Telephon... | 2.04 | 1.31 | 0.73 | Communication Services | Japan |
| Hoya Corp | 1.98 | 1.12 | 0.85 | Health Care | Japan |
| Nintendo Co Ltd | 1.97 | 1.27 | 0.70 | Communication Services | Japan |
| Total (%) | 23.53 | 17.58 |  |  |  |


## Top 5 Overweight (%)	Top 5 Underweight (%)
Port. Bench. Relative	Port. Bench. Relative
| Ono Pharmaceutical Co Ltd | 1.46 | 0.25 | 1.21 |  | Mitsubishi Corp | 0.00 | 1.11 | -1.11 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Nitto Denko Corp | 1.37 | 0.20 | 1.17 |  | ITOCHU Corp | 0.00 | 1.00 | -1.00 |
| Softbank Corp | 1.88 | 0.84 | 1.04 |  | Takeda Pharmaceutical Co Ltd | 0.22 | 1.07 | -0.85 |
| Chugai Pharmaceutical Co Ltd | 1.47 | 0.46 | 1.01 |  | Oriental Land Co Ltd | 0.13 | 0.93 | -0.79 |
| Tokyo Electron Ltd | 2.37 | 1.37 | 0.99 |  | Daikin Industries Ltd | 0.30 | 1.05 | -0.74 |


## Sector Breakdown (%)
Portfolio	Benchmark

## Active Exposure by Sector (%)
-10	-8	-6	-4	-2	0	2	4	6
Consumer Discretionary	22.83	18.72
Industrials	16.13	24.20
Information Technology	16.05	12.83
Financials	10.38	10.02
Communication Services	10.31	7.75
Health Care	9.26	8.42
Materials	8.36	6.24
Consumer Staples	3.14	7.55
Real Estate	1.55	2.25
Energy	0.22	0.80
Utilities	0.00	1.21
Cash	1.75	0.00
MarketCap Breakdown (JPY - %)
39
36
33
30
27
24
21
18
15
12
9
6
3
0	0 To 30bn	30bn To 65bn
65bn To 150bn
150bn To 400bn
400bn To 650bn
650bn To 1500bn
1500bn To 3000bn
3000bn To 13000bn
13000bn To 33000bn
More Than 33000bn
Cash
Port.	1.92	3.10	8.42	8.10	7.25	12.74	13.35	34.46	5.42	3.46	1.75
Bench.	1.52	2.22	4.05	9.22	5.69	13.77	17.94	36.63	4.76	4.20	-

Translation (ENDE, 2022-02-28):
# Wertentwicklung & Risiken
Wertentwicklung (JPY)

## Fonds-Profile
ESG-Rating
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160
140
120
100
80
60
28/02/19
28/08/19
28/02/20
28/08/20
28/02/21
28/08/21 28/02/22
Relatives ESG Rating
Relative CO2-Intensität
Portfolio* (13.54%)	Benchmark (24.54%)
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 = 94.6% Benchmark = 97.8% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)
% des verwalteten Vermögens, das vom Indikator der CO2-Intensität abgedeckt wird: Portfolio = 98.2%
| berechnet sein. Weitere Informationen entnehmen Risikoanalyse | Sie bitte dem Fondsprospekt. |  |  | Benchmark = 99.9% (nicht bedeutend bei einer Abdeckung von weniger als 50 %) |
| --- | --- | --- | --- | --- |
|  | 1J | 3J | 5J | Auflage |  |
| Portfolio Volatilität* (%) | 15.94 | 15.75 | 15.02 | 17.61 |  |
| Benchmark Volatilität (%) | 15.37 | 15.34 | 14.65 | 17.28 |  |
| Relatives Risiko/Tracking Error  (%) | 2.15 | 2.59 | 2.53 | 3.72 |  |
| Sharpe Ratio | 0.14 | 0.37 | 0.32 | 0.12 |  |
| Information Ratio | -0.36 | -0.65 | -0.58 | -0.05 |  |


## 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 | 18.25 | -12.82 | -4.63 | 18.19 | 0.73 |
| Netto-Wertentwicklung | 13.16 | -12.82 | -4.63 | 18.19 | 0.73 |

-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* | -0.98 | -3.85 | -5.12 | -7.19 | 13.54 | 17.04 | 0.73 | 18.19 | -4.63 | -12.82 | 18.25 | 22.31 |
| Benchmark | -0.44 | -2.00 | -2.94 | -5.25 | 24.54 | 35.21 | 3.03 | 25.94 | -4.02 | -7.37 | 17.22 | 72.91 |
| Abstände | -0.54 | -1.85 | -2.18 | -1.94 | -11.00 | -18.18 | -2.30 | -7.75 | -0.62 | -5.45 | 1.03 | -50.60 |

Wertentwicklung im Kalenderjahr (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 11.43 | 0.46 | 17.44 | -21.28 | 23.28 | -2.39 | 14.48 | 8.49 | 49.84 | 16.54 |
| Benchmark | 12.38 | 6.99 | 17.67 | -16.26 | 21.84 | -0.02 | 11.73 | 9.93 | 54.20 | 20.65 |
| Abstände | -0.95 | -6.53 | -0.23 | -5.02 | 1.44 | -2.37 | 2.75 | -1.44 | -4.36 | -4.11 |

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 |  |  |
| Toyota Motor Corp | 3.46 | 4.20 | -0.74 | Dauerh. Konsumg. | Japan |
| Sony Group Corp | 3.23 | 2.87 | 0.36 | Dauerh. Konsumg. | Japan |
| Tokyo Electron Ltd | 2.37 | 1.37 | 0.99 | Informatik | Japan |
| Keyence Corp | 2.20 | 1.89 | 0.31 | Informatik | Japan |
| Recruit Holdings Co Ltd | 2.16 | 1.38 | 0.79 | Industrieunternehmen | Japan |
| Sumitomo Mitsui Financial G... | 2.07 | 1.09 | 0.97 | Finanzen | Japan |
| Honda Motor Co Ltd | 2.06 | 1.08 | 0.98 | Dauerh. Konsumg. | Japan |
| Nippon Telegraph & Telephon... | 2.04 | 1.31 | 0.73 | Kommunikationsdienste | Japan |
| Hoya Corp | 1.98 | 1.12 | 0.85 | Gesundheit | Japan |
| Nintendo Co Ltd | 1.97 | 1.27 | 0.70 | Kommunikationsdienste | Japan |
| Summe (%) | 23.53 | 17.58 |  |  |  |


## Top 5 übergewichtete Positionen (%)	Top 5 untergewichtete Positionen (%)
Port. Bench. Relative	Port. Bench. Relative
| Ono Pharmaceutical Co Ltd | 1.46 | 0.25 | 1.21 |  | Mitsubishi Corp | 0.00 | 1.11 | -1.11 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Nitto Denko Corp | 1.37 | 0.20 | 1.17 |  | ITOCHU Corp | 0.00 | 1.00 | -1.00 |
| Softbank Corp | 1.88 | 0.84 | 1.04 |  | Takeda Pharmaceutical Co Ltd | 0.22 | 1.07 | -0.85 |
| Chugai Pharmaceutical Co Ltd | 1.47 | 0.46 | 1.01 |  | Oriental Land Co Ltd | 0.13 | 0.93 | -0.79 |
| Tokyo Electron Ltd | 2.37 | 1.37 | 0.99 |  | Daikin Industries Ltd | 0.30 | 1.05 | -0.74 |


## Sektorengewichtung (%)
Portfolio	Benchmark

## Aktives Engagement nach Sektoren (%)
-10	-8	-6	-4	-2	0	2	4	6
Dauerh. Konsumg.	22.83	18.72
Industrieunternehmen	16.13	24.20
Informatik	16.05	12.83
Finanzen	10.38	10.02
Kommunikationsdienste	10.31	7.75
Gesundheit	9.26	8.42
Werkstoffe	8.36	6.24
Kurzleb. Konsumg.	3.14	7.55
Immobilien	1.55	2.25
Energie	0.22	0.80
Öffentliche Dienste	0.00	1.21
Liquide Mittel	1.75	0.00

## Aufgliederung nach Marktkapitalisierung (JPY - %)
39
36
33
30
27
24
21
18
15
12
9
6
3
0	Von 0 bis 30 Mrd
Von 30 bis 65 Mrd
Von 65 bis
150 Mrd
Von 150 bis
400 Mrd
Von 400 bis
650 Mrd
Von 650 bis
1500 Mrd
Von 1500 bis
3000 Mrd
Von 3000 bis
13000 Mrd
Von 13000 bis
33000 Mrd
Mehr als 33000 Mrd.
Liquide Mittel
Port.	1.92	3.10	8.42	8.10	7.25	12.74	13.35	34.46	5.42	3.46	1.75
Bench.	1.52	2.22	4.05	9.22	5.69	13.77	17.94	36.63	4.76	4.20	-