# Performance & Risk
## Performance Evolution (EUR)
Fund Profile
ESG Rating
ESG Relative Rating
CO2 Relative rating
% of AUM covered by ESG absolute rating: Portfolio = 99.1% Benchmark = 97.7% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 99.1% Benchmark = 95.4% (not meaningful for coverage below 50%)
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160
140
120
100
80
60
28/09/18
30/03/19
30/09/19
30/03/20
30/09/20
30/03/21 30/09/21
Portfolio* (16.01%)	Benchmark (31.36%)
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* (%) | 13.19 | 19.53 | 15.91 | 16.49 |
| Benchmark Volatility (%) | 13.79 | 19.90 | 16.10 | 17.49 |
| Relative Risk/Tracking Error  (%) | 4.07 | 3.53 | 3.08 | 3.52 |
| Sharpe Ratio | 2.15 | 0.38 | 0.51 | 0.33 |
| Information Ratio | -1.40 | -0.65 | -0.88 | -0.07 |
| Rolling Performance (%) |  |  |  |  |
| 1M	3M	6M	YTD	3Y	5Y	30/09/20	30/09/19	30/09/18	30/09/17	30/09/16	Launch |
|  |  |  |  |  |  |  | 30/09/21 | 30/09/20 | 30/09/19 | 30/09/18 | 30/09/17 |  |
| Portfolio* | -3.96 | 2.17 | 8.09 | 13.14 | 16.01 | 31.73 | 25.77 | -2.85 | -5.06 | -1.91 | 15.76 | 70.27 |
| Benchmark | -4.00 | 1.63 | 7.60 | 16.46 | 31.36 | 64.72 | 34.01 | -2.70 | 0.74 | 4.60 | 19.88 | 130.04 |
| Excess Return | 0.04 | 0.53 | 0.49 | -3.32 | -15.35 | -32.99 | -8.24 | -0.15 | -5.80 | -6.51 | -4.12 | -59.77 |


## Annual Calendar Performance (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 2.26 | 21.04 | -19.79 | 12.98 | -0.84 | 17.26 | 3.19 | 18.18 | 25.75 | -16.74 |
| Benchmark | 2.77 | 27.75 | -11.98 | 17.14 | 1.01 | 16.82 | 6.96 | 25.97 | 23.05 | -15.18 |
| Excess Return | -0.51 | -6.71 | -7.81 | -4.16 | -1.84 | 0.44 | -3.77 | -7.80 | 2.71 | -1.56 |

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 |  |  |
| Erste Group Bank AG | 3.09 | 0.38 | 2.71 | Financials | Austria |
| FinecoBank Banca Fineco SpA | 2.91 | 0.32 | 2.59 | Financials | Italy |
| ERG SpA | 2.86 | - | 2.86 | Utilities | Italy |
| Asr Nederland NV | 2.72 | 0.18 | 2.53 | Financials | Netherlands |
| Prysmian SpA | 2.66 | 0.27 | 2.39 | Industrials | Italy |
| Eurazeo SE | 2.55 | 0.27 | 2.28 | Financials | France |
| Remy Cointreau SA | 2.39 | 0.25 | 2.13 | Consumer Staples | France |
| Zur Rose Group AG | 2.33 | 0.23 | 2.10 | Consumer Staples | Switzerland |
| Whitbread PLC | 2.33 | 0.26 | 2.06 | Consumer Discretionary | United Kingdom |
| DiaSorin SpA | 2.28 | 0.33 | 1.95 | Health Care | Italy |
| Total (%) | 26.10 | 2.49 |  |  |  |


## Top 5 Overweight (%)	Top 5 Underweight (%)
Port. Bench. Relative	Port. Bench. Relative
| ERG SpA | 2.86 | 0.00 | 2.86 |  | Entain PLC | 0.00 | 0.49 | -0.49 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Erste Group Bank AG | 3.09 | 0.38 | 2.71 |  | Natwest Group PLC | 0.00 | 0.47 | -0.47 |
| FinecoBank Banca Fineco SpA | 2.91 | 0.32 | 2.59 |  | Publicis Groupe SA | 0.00 | 0.46 | -0.46 |
| Asr Nederland NV | 2.72 | 0.18 | 2.53 |  | Rolls-Royce Holdings PLC | 0.00 | 0.46 | -0.46 |
| Prysmian SpA | 2.66 | 0.27 | 2.39 |  | Spirax-Sarco Engineering PLC | 0.00 | 0.43 | -0.43 |
| Sector Breakdown (%) |  |  |  |  | Active Exposure by Sector (%) |  |  |  |

Portfolio	Benchmark
Industrials	19.91	22.86
Consumer Discretionary	14.91	16.05
Financials	14.73	15.11
Technology	13.02	6.46
Health Care	9.14	8.15
Basic Materials	6.62	6.64
Consumer Staples	6.24	7.43
Real Estate	6.24	8.08
Telecommunications	3.17	2.46
Utilities	2.86	4.43
Energy	1.14	2.33
Cash	2.02	0.00
-3	-2	-1	0	1	2	3	4	5	6	7

## Geographical Breakdown (%)
Portfolio	Benchmark
France	20.81	11.55
United Kingdom	20.60	26.57
Italy	12.34	6.33
Switzerland	10.50	6.69
Germany	8.38	9.18
Sweden	7.19	11.78
Netherlands	6.60	4.42
Norway	3.10	3.76
Austria	3.09	2.02
Finland	1.92	3.12
Spain	1.82	3.47
Denmark	1.64	3.05
Other	0.00	8.07
Cash	2.02	0.00

## Active Exposure by Geography (%)
-10	-8	-6	-4	-2	0	2	4	6	8	10
MarketCap Breakdown (EUR - %)
60
50
40
30
20
10
0	1bn To 3bn	3bn To 5bn	5bn To 10bn	10bn To 25bn	25bn To 100bn	100bn To 250bn	Cash
| Port. | 10.19 | 23.91 | 50.64 | 13.24 | - | - | 2.02 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Bench. | 2.31 | 20.81 | 42.13 | 32.41 | 2.15 | 0.20 | - |

Translation (ENDE, 2021-09-30):
# Wertentwicklung & Risiken
Wertentwicklung (EUR)
Relative CO2-Intensität
% des verwalteten Vermögens, das vom absoluten ESG-Rating abgedeckt wird: Portfolio = 99.1% Benchmark = 97.7% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)
% des verwalteten Vermögens, das vom Indikator der CO2-Intensität abgedeckt wird: Portfolio = 99.1% Benchmark = 95.4% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)
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160
140
120
100
80
60
28/09/18
30/03/19
30/09/19
30/03/20
30/09/20
30/03/21 30/09/21
Portfolio* (16.01%)	Benchmark (31.36%)
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* (%) | 13.19 | 19.53 | 15.91 | 16.49 |
| Benchmark Volatilität (%) | 13.79 | 19.90 | 16.10 | 17.49 |
| Relatives Risiko/Tracking Error  (%) | 4.07 | 3.53 | 3.08 | 3.52 |
| Sharpe Ratio | 2.15 | 0.38 | 0.51 | 0.33 |
| Information Ratio | -1.40 | -0.65 | -0.88 | -0.07 |
| Wertentwicklung (Brutto, Netto in %) |  |  |  |  |

30
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 | 15.76 | -1.91 | -5.06 | -2.85 | 25.77 |  |
|  | Netto-Wertentwicklung | 9.72 | -1.91 | -5.06 | -2.85 | 25.77 |  |

-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* | -3.96 | 2.17 | 8.09 | 13.14 | 16.01 | 31.73 | 25.77 | -2.85 | -5.06 | -1.91 | 15.76 | 70.27 |
| Benchmark | -4.00 | 1.63 | 7.60 | 16.46 | 31.36 | 64.72 | 34.01 | -2.70 | 0.74 | 4.60 | 19.88 | 130.04 |
| Abstände | 0.04 | 0.53 | 0.49 | -3.32 | -15.35 | -32.99 | -8.24 | -0.15 | -5.80 | -6.51 | -4.12 | -59.77 |

Wertentwicklung im Kalenderjahr (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 2.26 | 21.04 | -19.79 | 12.98 | -0.84 | 17.26 | 3.19 | 18.18 | 25.75 | -16.74 |
| Benchmark | 2.77 | 27.75 | -11.98 | 17.14 | 1.01 | 16.82 | 6.96 | 25.97 | 23.05 | -15.18 |
| Abstände | -0.51 | -6.71 | -7.81 | -4.16 | -1.84 | 0.44 | -3.77 | -7.80 | 2.71 | -1.56 |

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 |  |  |
| Erste Group Bank AG | 3.09 | 0.38 | 2.71 | Finanz-Dienstleistungen | Österreich |
| FinecoBank Banca Fineco SpA | 2.91 | 0.32 | 2.59 | Finanz-Dienstleistungen | Italien |
| ERG SpA | 2.86 | - | 2.86 | Versorger | Italien |
| Asr Nederland NV | 2.72 | 0.18 | 2.53 | Finanz-Dienstleistungen | Niederlande |
| Prysmian SpA | 2.66 | 0.27 | 2.39 | Industrieunternehmen | Italien |
| Eurazeo SE | 2.55 | 0.27 | 2.28 | Finanz-Dienstleistungen | Frankreich |
| Remy Cointreau SA | 2.39 | 0.25 | 2.13 | Basiskonsumgüter | Frankreich |
| Zur Rose Group AG | 2.33 | 0.23 | 2.10 | Basiskonsumgüter | Schweiz |
| Whitbread PLC | 2.33 | 0.26 | 2.06 | Verbrauchsgüter | Großbritannien |
| DiaSorin SpA | 2.28 | 0.33 | 1.95 | Gesundheitswesen | Italien |
| Summe (%) | 26.10 | 2.49 |  |  |  |


## Top 5 übergewichtete Positionen (%)	Top 5 untergewichtete Positionen (%)
Port. Bench. Relative	Port. Bench. Relative
| ERG SpA | 2.86 | 0.00 | 2.86 |  | Entain PLC | 0.00 | 0.49 | -0.49 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Erste Group Bank AG | 3.09 | 0.38 | 2.71 |  | Natwest Group PLC | 0.00 | 0.47 | -0.47 |
| FinecoBank Banca Fineco SpA | 2.91 | 0.32 | 2.59 |  | Publicis Groupe SA | 0.00 | 0.46 | -0.46 |
| Asr Nederland NV | 2.72 | 0.18 | 2.53 |  | Rolls-Royce Holdings PLC | 0.00 | 0.46 | -0.46 |
| Prysmian SpA | 2.66 | 0.27 | 2.39 |  | Spirax-Sarco Engineering PLC | 0.00 | 0.43 | -0.43 |


## Sektorengewichtung (%)
Portfolio	Benchmark

## Aktives Engagement nach Sektoren (%)
-3	-2	-1	0	1	2	3	4	5	6	7
Industrieunternehmen	19.91	22.86
Verbrauchsgüter	14.91	16.05
Finanz-Dienstleistungen	14.73	15.11
Technologie	13.02	6.46
Gesundheitswesen	9.14	8.15
Grundstoffe	6.62	6.64
Basiskonsumgüter	6.24	7.43
Immobilien	6.24	8.08
Telekommunikation	3.17	2.46
Versorger	2.86	4.43
Energie	1.14	2.33
Liquide Mittel	2.02	0.00

## Geographische Ausrichtung (%)
Portfolio	Benchmark
Frankreich	20.81	11.55
Großbritannien	20.60	26.57
Italien	12.34	6.33
Schweiz	10.50	6.69
Deutschland	8.38	9.18
Schweden	7.19	11.78
Niederlande	6.60	4.42
Norwegen	3.10	3.76
Österreich	3.09	2.02
Finnland	1.92	3.12
Spanien	1.82	3.47
Dänemark	1.64	3.05
Sonstige	0.00	8.07
Liquide Mittel	2.02	0.00

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

## Aufgliederung nach Marktkapitalisierung (EUR - %)
60
50
40
30
20
10
0	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.	10.19	23.91	50.64	13.24	-	-	2.02
Bench.	2.31	20.81	42.13	32.41	2.15	0.20	-