# Performance & Risk
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## Performance Evolution (USD)
160
140
120
100
80
60
USD
86.99
Port.	Bench.
Number of Holdings	209	1418
Turnover: Rolling 1Y (%)	133	-
Active Share (%)	59	-

## 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* (18.81%)	Benchmark (28.03%)
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 = 92.1% 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 = 94.0% Benchmark = 98.3% (not meaningful for |
| --- | --- |
| coverage below 50%) |
| Risk Analysis |  |  |  |  |  |
|  | 1Y | 3Y | 5Y | Launch |  |
| Portfolio Volatility* (%) | 14.90 | 18.65 | 16.34 | 21.25 |  |
| Benchmark Volatility (%) | 15.58 | 19.59 | 16.78 | 21.46 |  |
| Relative Risk/Tracking Error  (%) | 2.94 | 3.31 | 2.93 | 2.50 |  |
| Sharpe Ratio | 0.95 | 0.35 | 0.49 | 0.21 |  |
| Information Ratio | -1.27 | -0.26 | 0.04 | -0.05 |  |


## 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* | -3.44 | -8.42 | -6.07 | -2.02 | 18.81 | 43.18 | 12.62 | 13.22 | -6.82 | -3.76 | 25.22 | 79.40 |
| Benchmark | -3.97 | -8.09 | -3.45 | -1.25 | 28.03 | 55.51 | 18.20 | 10.54 | -2.02 | -0.81 | 22.46 | 140.14 |
| Excess Return | 0.53 | -0.33 | -2.62 | -0.77 | -9.22 | -12.33 | -5.59 | 2.68 | -4.80 | -2.95 | 2.76 | -60.74 |

Annual Calendar Performance (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 16.48 | 13.67 | -16.59 | 37.71 | 10.26 | -18.81 | -0.96 | -5.23 | 18.63 | -21.10 |
| Benchmark | 18.31 | 18.42 | -14.57 | 37.28 | 11.19 | -14.92 | -2.18 | -2.60 | 18.22 | -18.42 |
| Excess Return | -1.83 | -4.76 | -2.02 | 0.42 | -0.93 | -3.89 | 1.22 | -2.63 | 0.40 | -2.67 |

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... | 5.60 | 6.51 | -0.91 | Information Technology | Taiwan |
| Samsung Electronics Co Ltd | 4.39 | 4.41 | -0.02 | Information Technology | South Korea |
| Tencent Holdings Ltd | 4.25 | 4.33 | -0.09 | Communication Services | China |
| Invesco MSCI Saudi Arabia U... | 3.67 | - | 3.67 | Funds | Saudi Arabia |
| Alibaba Group Holding Ltd | 3.61 | 3.52 | 0.09 | Consumer Discretionary | China |
| Gazprom PJSC | 2.11 | 0.75 | 1.37 | Energy | Russia |
| China Construction Bank Corp | 1.78 | 0.88 | 0.90 | Financials | China |
| Meituan | 1.72 | 1.62 | 0.10 | Consumer Discretionary | China |
| Wuxi Biologics Cayman Inc | 1.60 | 0.74 | 0.85 | Health Care | China |
| Bank of China Ltd | 1.39 | 0.37 | 1.02 | Financials | China |
| Total (%) | 30.13 | 23.13 |  |  |  |


## Top 5 Overweight (%)	Top 5 Underweight (%)
Port. Bench. Relative	Port. Bench. Relative
| Invesco MSCI Saudi Arabia UCITS ETF | 3.67 | 0.00 | 3.67 |  | Reliance Industries Ltd | 0.27 | 1.23 | -0.96 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Gazprom PJSC | 2.11 | 0.75 | 1.37 |  | Taiwan Semiconductor Manufacturi... | 5.60 | 6.51 | -0.91 |
| Wipro Ltd | 1.20 | 0.15 | 1.05 |  | JD.com Inc | 0.00 | 0.80 | -0.80 |
| Bank of China Ltd | 1.39 | 0.37 | 1.02 |  | Vale SA | 0.00 | 0.70 | -0.70 |
| Bank of Communications Co Ltd | 1.09 | 0.09 | 1.01 |  | Sberbank of Russia PJSC | 0.00 | 0.64 | -0.64 |


## Sector Breakdown (%)
Portfolio	Benchmark

## Active Exposure by Sector (%)
-4	-3	-2	-1	0	1	2	3	4
Information Technology	24.17	20.87
Financials	21.21	19.48
Consumer Discretionary	11.55	14.66
Communication Services	8.71	10.39
Energy	7.03	5.86
Materials	5.72	8.66
Health Care	5.27	4.95
Consumer Staples	5.02	5.92
Industrials	4.93	4.87
Funds	3.67	0.00
Utilities	1.73	2.26
Real Estate	0.45	2.09
Cash	0.52	0.00

## Geographical Breakdown (%)
Portfolio	Benchmark
China	34.72	31.86
Taiwan	15.73	14.51
India	11.06	12.18
South Korea	10.30	12.61
Russia	4.77	3.79
South Africa	3.85	3.09
Brazil	3.85	4.45
Saudi Arabia	3.67	3.35
Mexico	2.40	1.91
Thailand	2.22	1.62
Turkey	1.52	0.26
Arab Emirates	1.08	0.81
Other	4.32	9.55
Cash	0.52	0.00

## Active Exposure by Geography (%)
-6	-5	-4	-3	-2	-1	0	1	2	3
MarketCap Breakdown (USD - %)
32
28
24
20
16
12
8
4
0	0 To
250mn
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.	3.67	0.05	4.40	7.87	13.43	14.98	26.55	10.67	17.85	0.52
Bench.	-	0.01	1.75	5.38	12.88	21.50	29.16	10.01	19.31	-

Translation (ENDE, 2021-09-30):
# Wertentwicklung & Risiken
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Wertentwicklung (USD)
160
140
120
100
80
60
USD
86.99
Port.	Bench.
Anzahl Positionen	209	1418
Umschlagsrate 1J (%)	133	-
Aktiver Anteil (%)	59	-

## 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* (18.81%)	Benchmark (28.03%)
Die Daten von AXA IM sind auf der Basis von 100 zum Anfangsdatum der Grafik angegeben.
| Risikoanalyse |  |
| --- | --- |
|  | 1J | 3J | 5J | Auflage |
| Portfolio Volatilität* (%) | 14.90 | 18.65 | 16.34 | 21.25 |
| Benchmark Volatilität (%) | 15.58 | 19.59 | 16.78 | 21.46 |
| Relatives Risiko/Tracking Error  (%) | 2.94 | 3.31 | 2.93 | 2.50 |
| Sharpe Ratio | 0.95 | 0.35 | 0.49 | 0.21 |
| Information Ratio | -1.27 | -0.26 | 0.04 | -0.05 |

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 = 92.1% Benchmark = 97.7% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)
% des verwalteten Vermögens, das vom Indikator der CO2-Intensität abgedeckt wird: Portfolio = 94.0% Benchmark = 98.3% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)

## 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 | 25.22 | -3.76 | -6.82 | 13.22 | 12.62 |  |
|  | Netto-Wertentwicklung | 19.83 | -3.76 | -6.82 | 13.22 | 12.62 |  |

-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* | -3.44 | -8.42 | -6.07 | -2.02 | 18.81 | 43.18 | 12.62 | 13.22 | -6.82 | -3.76 | 25.22 | 79.40 |
| Benchmark | -3.97 | -8.09 | -3.45 | -1.25 | 28.03 | 55.51 | 18.20 | 10.54 | -2.02 | -0.81 | 22.46 | 140.14 |
| Abstände | 0.53 | -0.33 | -2.62 | -0.77 | -9.22 | -12.33 | -5.59 | 2.68 | -4.80 | -2.95 | 2.76 | -60.74 |

Wertentwicklung im Kalenderjahr (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 16.48 | 13.67 | -16.59 | 37.71 | 10.26 | -18.81 | -0.96 | -5.23 | 18.63 | -21.10 |
| Benchmark | 18.31 | 18.42 | -14.57 | 37.28 | 11.19 | -14.92 | -2.18 | -2.60 | 18.22 | -18.42 |
| Abstände | -1.83 | -4.76 | -2.02 | 0.42 | -0.93 | -3.89 | 1.22 | -2.63 | 0.40 | -2.67 |

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... | 5.60 | 6.51 | -0.91 | Informatik | Taiwan |
| Samsung Electronics Co Ltd | 4.39 | 4.41 | -0.02 | Informatik | Südkorea |
| Tencent Holdings Ltd | 4.25 | 4.33 | -0.09 | Kommunikationsdienste | China |
| Invesco MSCI Saudi Arabia U... | 3.67 | - | 3.67 | Fonds | Saudi Arabien |
| Alibaba Group Holding Ltd | 3.61 | 3.52 | 0.09 | Dauerh. Konsumg. | China |
| Gazprom PJSC | 2.11 | 0.75 | 1.37 | Energie | Russland |
| China Construction Bank Corp | 1.78 | 0.88 | 0.90 | Finanzen | China |
| Meituan | 1.72 | 1.62 | 0.10 | Dauerh. Konsumg. | China |
| Wuxi Biologics Cayman Inc | 1.60 | 0.74 | 0.85 | Gesundheit | China |
| Bank of China Ltd | 1.39 | 0.37 | 1.02 | Finanzen | China |
| Summe (%) | 30.13 | 23.13 |  |  |  |


## Top 5 übergewichtete Positionen (%)	Top 5 untergewichtete Positionen (%)
Port. Bench. Relative	Port. Bench. Relative
| Invesco MSCI Saudi Arabia UCITS ETF | 3.67 | 0.00 | 3.67 |  | Reliance Industries Ltd | 0.27 | 1.23 | -0.96 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Gazprom PJSC | 2.11 | 0.75 | 1.37 |  | Taiwan Semiconductor Manufacturi... | 5.60 | 6.51 | -0.91 |
| Wipro Ltd | 1.20 | 0.15 | 1.05 |  | JD.com Inc | 0.00 | 0.80 | -0.80 |
| Bank of China Ltd | 1.39 | 0.37 | 1.02 |  | Vale SA | 0.00 | 0.70 | -0.70 |
| Bank of Communications Co Ltd | 1.09 | 0.09 | 1.01 |  | Sberbank of Russia PJSC | 0.00 | 0.64 | -0.64 |


## Sektorengewichtung (%)
Portfolio	Benchmark

## Aktives Engagement nach Sektoren (%)
-4	-3	-2	-1	0	1	2	3	4
Informatik	24.17	20.87
Finanzen	21.21	19.48
Dauerh. Konsumg.	11.55	14.66
Kommunikationsdienste	8.71	10.39
Energie	7.03	5.86
Werkstoffe	5.72	8.66
Gesundheit	5.27	4.95
Kurzleb. Konsumg.	5.02	5.92
Industrieunternehmen	4.93	4.87
Fonds	3.67	0.00
Öffentliche Dienste	1.73	2.26
Immobilien	0.45	2.09
Liquide Mittel	0.52	0.00

## Geographische Ausrichtung (%)
Portfolio	Benchmark
China	34.72	31.86
Taiwan	15.73	14.51
Indien	11.06	12.18
Südkorea	10.30	12.61
Russland	4.77	3.79
Südafrika	3.85	3.09
Brasilien	3.85	4.45
Saudi Arabien	3.67	3.35
Mexiko	2.40	1.91
Thailand	2.22	1.62
Türkei	1.52	0.26
Arabische Emirate	1.08	0.81
Sonstige	4.32	9.55
Liquide Mittel	0.52	0.00

## Aktives Engagement nach geografischen Regionen (%)
-6	-5	-4	-3	-2	-1	0	1	2	3

## Aufgliederung nach Marktkapitalisierung (USD - %)
32
28
24
20
16
12
8
4
Von 0 bis
250 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
Mehr als
250 Mrd.
Liquide
Mittel
0
| Port. | 3.67 | 0.05 | 4.40 | 7.87 | 13.43 | 14.98 | 26.55 | 10.67 | 17.85 | 0.52 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Bench. | - | 0.01 | 1.75 | 5.38 | 12.88 | 21.50 | 29.16 | 10.01 | 19.31 | - |