# Performance & Risk
## Performance Evolution (EUR)
CO2 Relative rating
% of AUM covered by ESG absolute rating: Portfolio = 97.6% Benchmark = 97.5% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 98.1% Benchmark = 99.1% (not meaningful for coverage below 50%)
|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |

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
Portfolio* (27.04%)	Benchmark (17.71%)
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.
| Risk Analysis |  |
| --- | --- |
|  | 1Y | 3Y | 5Y | Launch |
| Portfolio Volatility* (%) | 10.78 | 16.58 | 14.79 | 16.83 |
| Benchmark Volatility (%) | 11.05 | 18.53 | 16.10 | 17.40 |
| Relative Risk/Tracking Error  (%) | 1.89 | 3.56 | 2.93 | 3.29 |
| Sharpe Ratio | 2.52 | 0.60 | 0.50 | 0.30 |
| Information Ratio | 2.88 | 1.12 | 1.05 | 0.24 |
| Rolling Performance (%) |  |  |  |  |
| 1M	3M	6M	YTD	3Y	5Y	28/02/21	28/02/20	28/02/19	28/02/18	28/02/17	Launch |
|  |  |  |  |  |  |  | 28/02/22 | 28/02/21 | 29/02/20 | 28/02/19 | 28/02/18 |  |
| Portfolio* | -2.76 | -1.77 | 2.08 | -7.03 | 27.04 | 33.40 | 25.78 | -6.21 | 7.68 | 18.50 | -11.39 | 101.28 |
| Benchmark | -2.66 | -2.04 | 0.26 | -6.93 | 17.71 | 22.15 | 21.78 | -8.49 | 5.63 | 19.94 | -13.48 | 111.64 |
| Excess Return | -0.10 | 0.27 | 1.82 | -0.11 | 9.33 | 11.24 | 4.01 | 2.28 | 2.05 | -1.44 | 2.09 | -10.36 |


## Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 37.86 | -11.65 | 25.65 | -2.20 | -1.34 | 4.72 | 11.01 | 26.71 | 2.62 | 27.20 |
| Benchmark | 35.67 | -16.55 | 24.15 | -0.87 | -3.06 | 7.18 | 10.51 | 30.98 | -0.81 | 25.77 |
| Excess Return | 2.19 | 4.91 | 1.49 | -1.32 | 1.73 | -2.46 | 0.50 | -4.28 | 3.43 | 1.43 |

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 |  |  |
| Prologis Inc | 7.68 | 5.66 | 2.02 | Real Estate | USA |
| Equinix Inc | 4.54 | 3.34 | 1.20 | Real Estate | USA |
| AvalonBay Communities Inc | 4.34 | 1.75 | 2.59 | Real Estate | USA |
| Vib Vermoegen AG | 3.30 | - | 3.30 | Real Estate | Germany |
| Xior Student Housing NV | 3.16 | 0.06 | 3.10 | Real Estate | Belgium |
| American Homes 4 Rent | 3.10 | 0.57 | 2.53 | Real Estate | USA |
| Duke Realty Corp | 2.99 | 1.06 | 1.93 | Real Estate | USA |
| Link REIT | 2.72 | 0.89 | 1.84 | Real Estate | Hong Kong |
| Goodman Group | 2.68 | - | 2.68 | Real Estate | Australia |
| American Campus Communities... | 2.67 | 0.39 | 2.29 | Real Estate | USA |
| Total (%) | 37.19 | 13.71 |  |  |  |


## Top 5 Overweight (%)	Top 5 Underweight (%)
Port. Bench. Relative	Port. Bench. Relative
| Vib Vermoegen AG | 3.30 | 0.00 | 3.30 |  | Public Storage | 0.00 | 2.82 | -2.82 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Xior Student Housing NV | 3.16 | 0.06 | 3.10 |  | Digital Realty Trust Inc | 0.00 | 1.99 | -1.99 |
| Goodman Group | 2.68 | 0.00 | 2.68 |  | Equity Residential | 0.00 | 1.65 | -1.65 |
| AvalonBay Communities Inc | 4.34 | 1.75 | 2.59 |  | Vonovia SE | 0.68 | 2.19 | -1.50 |
| American Homes 4 Rent | 3.10 | 0.57 | 2.53 |  | Ventas Inc | 0.00 | 1.13 | -1.13 |
| Sector Breakdown (%) |  |  |  |  | Active Exposure by Sector (%) |  |  |  |

Portfolio	Benchmark
Real Estate	99.15	99.73
Information Technology	0.59	0.00
Health Care	0.00	0.12
Financials	0.00	0.09
Consumer Discretionary	0.00	0.07
Cash	0.26	0.00
-0.6 -0.5 -0.4 -0.3 -0.2 -0.1 0.0  0.1  0.2  0.3  0.4  0.5  0.6

## Securities Exposure by geographical area (%)
Portfolio	Benchmark
USA	58.90	60.19
Australia	5.98	3.73
Japan	5.87	9.39
Germany	4.87	3.61
Singapore	4.64	3.10
Hong Kong	4.61	4.57
Belgium	4.39	1.12
United Kingdom	3.88	4.84
France	3.76	1.44
Canada	2.37	3.08
Switzerland	0.47	1.05
Sweden	0.00	2.29
Other	0.00	1.58
Cash	0.26	0.00

## Active Exposure by Geography (%)
-4	-3	-2	-1	0	1	2	3	4
MarketCap Breakdown (EUR - %)
36
33
30
27
24
21
18
15
12
9
6
3
0	250mn To
500mn
500mn To 1bn
1bn To 3bn
3bn To 5bn
5bn To 10bn
10bn To 25bn
25bn To 100bn
100bn To 250bn
Cash
Port.	0.72	0.39	11.59	9.97	14.66	33.61	21.11	7.68	0.26
Bench.	0.32	2.32	13.21	10.66	20.97	24.47	22.39	5.66	-

Translation (ENDE, 2022-02-28):
# Wertentwicklung & Risiken
Wertentwicklung (EUR)
Relative CO2-Intensität
% des verwalteten Vermögens, das vom absoluten ESG-Rating abgedeckt wird: Portfolio = 97.6% Benchmark = 97.5% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)
% des verwalteten Vermögens, das vom Indikator der CO2-Intensität abgedeckt wird: Portfolio = 98.1% Benchmark = 99.1% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)
|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |

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
Portfolio* (27.04%)	Benchmark (17.71%)
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* (%) | 10.78 | 16.58 | 14.79 | 16.83 |
| Benchmark Volatilität (%) | 11.05 | 18.53 | 16.10 | 17.40 |
| Relatives Risiko/Tracking Error  (%) | 1.89 | 3.56 | 2.93 | 3.29 |
| Sharpe Ratio | 2.52 | 0.60 | 0.50 | 0.30 |
| Information Ratio | 2.88 | 1.12 | 1.05 | 0.24 |
| 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 | -11.39 | 18.50 | 7.68 | -6.21 | 25.78 |
| Netto-Wertentwicklung | -13.13 | 18.50 | 7.68 | -6.21 | 25.78 |

-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* | -2.76 | -1.77 | 2.08 | -7.03 | 27.04 | 33.40 | 25.78 | -6.21 | 7.68 | 18.50 | -11.39 | 101.28 |
| Benchmark | -2.66 | -2.04 | 0.26 | -6.93 | 17.71 | 22.15 | 21.78 | -8.49 | 5.63 | 19.94 | -13.48 | 111.64 |
| Abstände | -0.10 | 0.27 | 1.82 | -0.11 | 9.33 | 11.24 | 4.01 | 2.28 | 2.05 | -1.44 | 2.09 | -10.36 |

Wertentwicklung im Kalenderjahr (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 37.86 | -11.65 | 25.65 | -2.20 | -1.34 | 4.72 | 11.01 | 26.71 | 2.62 | 27.20 |
| Benchmark | 35.67 | -16.55 | 24.15 | -0.87 | -3.06 | 7.18 | 10.51 | 30.98 | -0.81 | 25.77 |
| Abstände | 2.19 | 4.91 | 1.49 | -1.32 | 1.73 | -2.46 | 0.50 | -4.28 | 3.43 | 1.43 |

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 |  |  |
| Prologis Inc | 7.68 | 5.66 | 2.02 | Immobilien | Vereinigten Staaten |
| Equinix Inc | 4.54 | 3.34 | 1.20 | Immobilien | Vereinigten Staaten |
| AvalonBay Communities Inc | 4.34 | 1.75 | 2.59 | Immobilien | Vereinigten Staaten |
| Vib Vermoegen AG | 3.30 | - | 3.30 | Immobilien | Deutschland |
| Xior Student Housing NV | 3.16 | 0.06 | 3.10 | Immobilien | Belgien |
| American Homes 4 Rent | 3.10 | 0.57 | 2.53 | Immobilien | Vereinigten Staaten |
| Duke Realty Corp | 2.99 | 1.06 | 1.93 | Immobilien | Vereinigten Staaten |
| Link REIT | 2.72 | 0.89 | 1.84 | Immobilien | Hong-Kong |
| Goodman Group | 2.68 | - | 2.68 | Immobilien | Australien |
| American Campus Communities... | 2.67 | 0.39 | 2.29 | Immobilien | Vereinigten Staaten |
| Summe (%) | 37.19 | 13.71 |  |  |  |


## Top 5 übergewichtete Positionen (%)	Top 5 untergewichtete Positionen (%)
Port. Bench. Relative	Port. Bench. Relative
| Vib Vermoegen AG | 3.30 | 0.00 | 3.30 |  | Public Storage | 0.00 | 2.82 | -2.82 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Xior Student Housing NV | 3.16 | 0.06 | 3.10 |  | Digital Realty Trust Inc | 0.00 | 1.99 | -1.99 |
| Goodman Group | 2.68 | 0.00 | 2.68 |  | Equity Residential | 0.00 | 1.65 | -1.65 |
| AvalonBay Communities Inc | 4.34 | 1.75 | 2.59 |  | Vonovia SE | 0.68 | 2.19 | -1.50 |
| American Homes 4 Rent | 3.10 | 0.57 | 2.53 |  | Ventas Inc | 0.00 | 1.13 | -1.13 |


## Sektorengewichtung (%)
Portfolio	Benchmark

## Aktives Engagement nach Sektoren (%)
-0.6 -0.5 -0.4 -0.3 -0.2 -0.1 0.0  0.1  0.2  0.3  0.4  0.5  0.6
Immobilien	99.15	99.73
Informatik	0.59	0.00
Gesundheit	0.00	0.12
Finanzen	0.00	0.09
Dauerh. Konsumg.	0.00	0.07
Liquide Mittel	0.26	0.00

## Geographische Ausrichtung (%)
Portfolio	Benchmark
Vereinigten Staaten	58.90	60.19
Australien	5.98	3.73
Japan	5.87	9.39
Deutschland	4.87	3.61
Singapur	4.64	3.10
Hong-Kong	4.61	4.57
Belgien	4.39	1.12
Großbritannien	3.88	4.84
Frankreich	3.76	1.44
Kanada	2.37	3.08
Schweiz	0.47	1.05
Schweden	0.00	2.29
Sonstige	0.00	1.58
Liquide Mittel	0.26	0.00

## Aktives Engagement nach geografischen Regionen (%)
-4	-3	-2	-1	0	1	2	3	4

## Aufgliederung nach Marktkapitalisierung (EUR - %)
36
33
30
27
24
21
18
15
12
9
6
3
0	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
Von 25 bis
100 Mrd
Von 100 bis
250 Mrd
Liquide Mittel
Port.	0.72	0.39	11.59	9.97	14.66	33.61	21.11	7.68	0.26
Bench.	0.32	2.32	13.21	10.66	20.97	24.47	22.39	5.66	-