# Performance & Risk
## Performance Evolution (USD)
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180
160
140
120
100
80
60
USD
170.67
Port.	Bench.
Number of Holdings	57	1420
Turnover: Rolling 1Y (%)	23	-
Active Share (%)	72	-

## 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* (20.64%)	Benchmark (19.22%)
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 = 91.9% Benchmark = 99.7% (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 = 96.2% Benchmark = 98.5% (not meaningful for |
| --- | --- |
| coverage below 50%) |
| Risk Analysis |  |  |  |  |  |
|  | 1Y | 3Y | 5Y | Launch |  |
| Portfolio Volatility* (%) | 15.33 | 19.22 | 17.28 | 21.01 |  |
| Benchmark Volatility (%) | 13.91 | 18.18 | 16.58 | 21.28 |  |
| Relative Risk/Tracking Error  (%) | 4.31 | 5.74 | 5.51 | 4.93 |  |
| Sharpe Ratio | -0.99 | 0.35 | 0.37 | 0.09 |  |
| Information Ratio | -1.08 | 0.28 | 0.13 | 0.06 |  |


## 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* | -4.89 | -6.71 | -14.80 | -9.59 | 20.64 | 37.06 | -16.31 | 37.05 | 5.19 | -11.86 | 28.89 | 23.83 |
| Benchmark | -2.99 | -3.04 | -9.81 | -4.83 | 19.22 | 40.21 | -10.69 | 36.05 | -1.88 | -9.89 | 30.51 | 38.28 |
| Excess Return | -1.90 | -3.67 | -4.99 | -4.76 | 1.42 | -3.15 | -5.63 | 1.00 | 7.08 | -1.97 | -1.62 | -14.45 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -3.77 | 20.97 | 23.90 | -17.67 | 37.28 | 4.36 | -9.24 | -3.04 | -3.87 | 18.83 |
| Benchmark | -2.54 | 18.31 | 18.42 | -14.57 | 37.28 | 11.19 | -14.92 | -2.18 | -2.60 | 18.63 |
| Excess Return | -1.23 | 2.66 | 5.48 | -3.10 | -0.01 | -6.83 | 5.67 | -0.86 | -1.26 | 0.20 |

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... | 9.25 | 7.10 | 2.16 | Information Technology | Taiwan |
| Tencent Holdings Ltd | 6.06 | 4.15 | 1.91 | Communication Services | China |
| Samsung Electronics Co Ltd | 5.24 | 4.43 | 0.81 | Information Technology | South Korea |
| MediaTek Inc | 3.60 | 0.78 | 2.82 | Information Technology | Taiwan |
| Grupo Financiero Banorte SA... | 2.86 | 0.24 | 2.63 | Financials | Mexico |
| China Merchants Bank Co Ltd | 2.66 | 0.57 | 2.09 | Financials | China |
| Tata Consultancy Services Ltd | 2.21 | 0.58 | 1.62 | Information Technology | India |
| Hdfc Bank Limited | 2.16 | - | 2.16 | Financials | India |
| Reliance Industries Ltd | 2.07 | 1.19 | 0.87 | Energy | India |
| Yum China Holdings Inc | 1.98 | 0.29 | 1.69 | Consumer Discretionary | China |
| Total (%) | 38.10 | 19.34 |  |  |  |


## Top 5 Overweight (%)	Top 5 Underweight (%)
Port. Bench. Relative	Port. Bench. Relative
| MediaTek Inc | 3.60 | 0.78 | 2.82 |  | Infosys Ltd | 0.00 | 1.04 | -1.04 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Grupo Financiero Banorte SAB de CV | 2.86 | 0.24 | 2.63 |  | Alibaba Group Holding Ltd | 1.71 | 2.71 | -0.99 |
| Hdfc Bank Limited | 2.16 | 0.00 | 2.16 |  | Vale SA | 0.00 | 0.98 | -0.98 |
| Taiwan Semiconductor Manufacturi... | 9.25 | 7.10 | 2.16 |  | China Construction Bank Corp | 0.00 | 0.97 | -0.97 |
| China Merchants Bank Co Ltd | 2.66 | 0.57 | 2.09 |  | Petroleo Brasileiro SA | 0.00 | 0.77 | -0.77 |


## Sector Breakdown (%)
Portfolio	Benchmark

## Active Exposure by Sector (%)

### -4	-3	-2	-1	0	1	2	3	4	5
Information Technology	26.10	21.93
Financials	16.95	20.96
Communication Services	11.13	10.40
Consumer Staples	10.16	6.01
Consumer Discretionary	9.86	12.52
Industrials	8.86	5.30
Materials	6.97	9.34
Health Care	2.40	3.82
Energy	2.07	5.16
Utilities	1.74	2.44
Not classified	0.00	0.00
Real Estate	0.00	2.12
Cash	3.76	0.00

## Securities Exposure by geographical area (%)
Portfolio	Benchmark
China	33.93	31.76
Taiwan	19.99	16.15
India	13.28	12.37
South Korea	6.51	12.26
Mexico	5.82	2.13
Hong Kong	5.07	0.00
Brazil	4.47	4.98
South Africa	2.62	3.72
Poland	1.70	0.68
Indonesia	1.29	1.61
Singapore	0.90	0.00
Russia	0.65	1.61
Other	0.00	12.72
Cash	3.76	0.00

## Active Exposure by Geography (%)

### -14	-12	-10	-8	-6	-4	-2	0	2	4	6
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.	-	3.14	4.90	8.38	20.09	23.84	13.63	22.26	3.76
Bench.	0.01	1.79	5.67	13.52	22.60	28.27	9.14	19.00	-

Translation (ENDE, 2022-02-28):
# Wertentwicklung & Risiken
Wertentwicklung (USD)
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180
160
140
120
100
80
60
USD
170.67
Port.	Bench.
Anzahl Positionen	57	1420
Umschlagsrate 1J (%)	23	-
Aktiver Anteil (%)	72	-

## 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* (20.64%)	Benchmark (19.22%)
Die Daten von AXA IM sind auf der Basis von 100 zum Anfangsdatum der Grafik angegeben.
| Risikoanalyse |  |
| --- | --- |
|  | 1J | 3J | 5J | Auflage |
| Portfolio Volatilität* (%) | 15.33 | 19.22 | 17.28 | 21.01 |
| Benchmark Volatilität (%) | 13.91 | 18.18 | 16.58 | 21.28 |
| Relatives Risiko/Tracking Error  (%) | 4.31 | 5.74 | 5.51 | 4.93 |
| Sharpe Ratio | -0.99 | 0.35 | 0.37 | 0.09 |
| Information Ratio | -1.08 | 0.28 | 0.13 | 0.06 |

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 = 91.9% Benchmark = 99.7% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)
% des verwalteten Vermögens, das vom Indikator der CO2-Intensität abgedeckt wird: Portfolio = 96.2% Benchmark = 98.5% (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 | 28.89 | -11.86 | 5.19 | 37.05 | -16.31 |
| Netto-Wertentwicklung | 26.36 | -11.86 | 5.19 | 37.05 | -16.31 |

-20
Berechnung nach BVI-Wertermittlungsstatistik (siehe Erläuterung unter 'Wichtige Hinweise')

## Rollierende Wertentwicklung (%)
|  | 1M | 3M | 6M | YTD | 3J | 5J | 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 | Auflage |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -4.89 | -6.71 | -14.80 | -9.59 | 20.64 | 37.06 | -16.31 | 37.05 | 5.19 | -11.86 | 28.89 | 23.83 |
| Benchmark | -2.99 | -3.04 | -9.81 | -4.83 | 19.22 | 40.21 | -10.69 | 36.05 | -1.88 | -9.89 | 30.51 | 38.28 |
| Abstände | -1.90 | -3.67 | -4.99 | -4.76 | 1.42 | -3.15 | -5.63 | 1.00 | 7.08 | -1.97 | -1.62 | -14.45 |

Wertentwicklung im Kalenderjahr (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -3.77 | 20.97 | 23.90 | -17.67 | 37.28 | 4.36 | -9.24 | -3.04 | -3.87 | 18.83 |
| Benchmark | -2.54 | 18.31 | 18.42 | -14.57 | 37.28 | 11.19 | -14.92 | -2.18 | -2.60 | 18.63 |
| Abstände | -1.23 | 2.66 | 5.48 | -3.10 | -0.01 | -6.83 | 5.67 | -0.86 | -1.26 | 0.20 |

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... | 9.25 | 7.10 | 2.16 | Informatik | Taiwan |
| Tencent Holdings Ltd | 6.06 | 4.15 | 1.91 | Kommunikationsdienste | China |
| Samsung Electronics Co Ltd | 5.24 | 4.43 | 0.81 | Informatik | Südkorea |
| MediaTek Inc | 3.60 | 0.78 | 2.82 | Informatik | Taiwan |
| Grupo Financiero Banorte SA... | 2.86 | 0.24 | 2.63 | Finanzen | Mexiko |
| China Merchants Bank Co Ltd | 2.66 | 0.57 | 2.09 | Finanzen | China |
| Tata Consultancy Services Ltd | 2.21 | 0.58 | 1.62 | Informatik | Indien |
| Hdfc Bank Limited | 2.16 | - | 2.16 | Finanzen | Indien |
| Reliance Industries Ltd | 2.07 | 1.19 | 0.87 | Energie | Indien |
| Yum China Holdings Inc | 1.98 | 0.29 | 1.69 | Dauerh. Konsumg. | China |
| Summe (%) | 38.10 | 19.34 |  |  |  |


## Top 5 übergewichtete Positionen (%)	Top 5 untergewichtete Positionen (%)
Port. Bench. Relative	Port. Bench. Relative
| MediaTek Inc | 3.60 | 0.78 | 2.82 |  | Infosys Ltd | 0.00 | 1.04 | -1.04 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Grupo Financiero Banorte SAB de CV | 2.86 | 0.24 | 2.63 |  | Alibaba Group Holding Ltd | 1.71 | 2.71 | -0.99 |
| Hdfc Bank Limited | 2.16 | 0.00 | 2.16 |  | Vale SA | 0.00 | 0.98 | -0.98 |
| Taiwan Semiconductor Manufacturi... | 9.25 | 7.10 | 2.16 |  | China Construction Bank Corp | 0.00 | 0.97 | -0.97 |
| China Merchants Bank Co Ltd | 2.66 | 0.57 | 2.09 |  | Petroleo Brasileiro SA | 0.00 | 0.77 | -0.77 |


## Sektorengewichtung (%)
Portfolio	Benchmark

## Aktives Engagement nach Sektoren (%)
-4	-3	-2	-1	0	1	2	3	4	5
Informatik	26.10	21.93
Finanzen	16.95	20.96
Kommunikationsdienste	11.13	10.40
Kurzleb. Konsumg.	10.16	6.01
Dauerh. Konsumg.	9.86	12.52
Industrieunternehmen	8.86	5.30
Werkstoffe	6.97	9.34
Gesundheit	2.40	3.82
Energie	2.07	5.16
Öffentliche Dienste	1.74	2.44
Nicht klassifiziert	0.00	0.00
Immobilien	0.00	2.12
Liquide Mittel	3.76	0.00

## Geographische Ausrichtung (%)
Portfolio	Benchmark
China	33.93	31.76
Taiwan	19.99	16.15
Indien	13.28	12.37
Südkorea	6.51	12.26
Mexiko	5.82	2.13
Hong-Kong	5.07	0.00
Brasilien	4.47	4.98
Südafrika	2.62	3.72
Polen	1.70	0.68
Indonesien	1.29	1.61
Singapur	0.90	0.00
Russland	0.65	1.61
Sonstige	0.00	12.72
Liquide Mittel	3.76	0.00

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

## Aufgliederung nach Marktkapitalisierung (USD - %)
30
27
24
21
18
15
12
9
6
3
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.	-	3.14	4.90	8.38	20.09	23.84	13.63	22.26	3.76
Bench.	0.01	1.79	5.67	13.52	22.60	28.27	9.14	19.00	-