AXA Rosenberg Global Investment Company ICVC AXA Rosenberg Global Investment Company ICVC

Annual Long Report and Audited Financial Statements Year ended 31 January 2021

Issued by AXA Investment Managers UK Limited authorised and regulated by the Financial Conduct Authority

Contents Page

AXA Rosenberg Global Investment Company ICVC Page

Directory* 3

Report of the Directors of AXA Rosenberg Global Investment Company ICVC* 5

Fund Investment Commentaries* and Financial Statements

AXA Rosenberg American Fund 6 AXA Rosenberg Asia Pacific ex Japan Fund 26

AXA Rosenberg European Fund 47

AXA Rosenberg Global Fund 59

AXA Rosenberg Japan Fund 86

Accounting Policies 108

Statement of the Authorised Corporate Director's ("ACD") Responsibilities 112

Statement of the Depositary's Responsibilities 113

Report of the Independent Auditor 114

Further Information * 117

* Collectively, these comprise the Authorised Corporate Director’s Report.

More detailed information about AXA Investment Managers’ UK funds is available on the Fund Centre of our website where you can find the Prospectus, Key Investor Information Document (KIID), annual reports and monthly fund factsheets at: https://retail.axa‐im.co.uk/fund‐centre

2 AXA Rosenberg Global Investment Company ICVC

Directory

Depositary J.P. Morgan Europe Limited 25 Bank Street London, E14 5JP Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Independent Auditors' * Ernst & Young LLP Atria One 144 Morrison Street Edinburgh, EH3 8EX

* Please note that since 1st January 2021, our Independent Auditors for the fund range changed from PricewaterhouseCoopers LLP to Ernst & Young LLP.

4 AXA Rosenberg Global Investment Company ICVC

Report of the Directors of AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg Global Investment Company ICVC (“the Company”) is an investment company with variable capital incorporated in England and Wales and authorised by the Financial Conduct Authority (“FCA”).

Shareholders are not liable for the debts of the Company.

There are five sub‐funds which are currently available in the Company (each a “Fund”), and in the future there may be other sub‐funds in the Company.

Each Fund has the investment powers equivalent to those of a UCITS (Undertakings for Collective Investment in Transferrable Securities) under the FCA’s Collective Investment Schemes Sourcebook (“COLL”). The Funds are segregated portfolios of assets and, accordingly, the assets of a Fund belong exclusively to that Fund and shall not be used or made available to discharge (directly or indirectly) the liabilities of, or claims against, any other person or body, including the Company and any other Fund, and shall not be available for any such purpose. Further details in relation to the segregated nature of the Funds can be found in the Prospectus.

None of the sub‐funds included within this report have holdings in any of the Company's other sub‐funds.

Important Events During the Year

During the period from 1 February 2020 to 31 January 2021 there were no significant changes to the Prospectus or the Instrument of Incorporation.

Since 4 January 2021, AXA changed their registered office address from 155 Bishopsgate London, EC2M 3XJ to 22 Bishopsgate London, EC2N 4BQ.

The AXA Rosenberg European Fund closed on 7 September 2020. The notice to all existing shareholders was published on the 25 June 2020. It is our intention to terminate the AXA Rosenberg European Fund within the next 12 months. Accordingly, the financial statements for the AXA Rosenberg European Fund have been prepared on a break up basis. For further information please visit www.axa‐im.co.uk

5 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg American Fund Investment Manager's Report For the year ended 31 January 2021

Investment Objective The aim of this Fund is to provide medium to long‐term capital growth with a return (net of fees) greater than the S&P 500 Index (the “Index”) on a rolling three to five year basis. The return of the Index is subject to the performance of the relevant stock market and therefore the Fund may not provide capital growth in all market conditions.

Investment Policy The S&P 500 index is designed to measure the performance of the shares of the 500 largest US listed companies. The Fund is actively managed. The Fund invests in a diversified portfolio of shares of large and medium sized companies in all industry sectors which are listed on US stock exchanges. The Manager uses a proprietary stock selection model to identify companies that it believes to be attractive, relative to their industry peers, based on the model's analysis of their financial data. In constructing the Fund's portfolio, the Manager references the index which means that, while the Manager has discretion to select the investments for the Fund, the Fund's divergence from the index is controlled.

The Fund may use derivatives (financial instruments that derive their value from the value of other assets) in an attempt to reduce the overall risk of its investments, reduce the costs of investing or generate additional capital or income known as Efficient Portfolio Management (EPM).

Risk and Reward Profile As at 31 January 2021

The portfolio will seek investment opportunities in all areas of the North American stockmarket. As the Fund invests in overseas securities it may hold currencies other than sterling. As a result, exchange rate movements may cause the value of investments to fall or rise. As the Fund is wholly invested in only one geographic sector, any fall in value of this sector may have a more pronounced effect on the Fund's value than a Fund that is invested in multiple geographic sectors. The value of investments and the income from them is not guaranteed and can go down as well as up.

Lower Risk Higher Risk

Potentially lower reward Potentially higher reward

12345 6 7

The risk category is calculated using historical performance data and may not be a reliable indicator of the Fund’s future risk profile. The risk category shown is not guaranteed and may shift over time. The lowest category does not mean risk free. The risk category is recalculated weekly and for the period under review the risk category changed from a category 5 to a category 6.

Why is this Fund in this category? The capital of the Fund is not guaranteed. The Fund is invested in financial markets and uses techniques and instruments which may be subject to sudden and significant variation, which may result in substantial gains or losses.

Additional risks Under normal market conditions the Fund’s key risk factors are: • Equity risk ‐ the value of shares in which the Fund invests fluctuate pursuant to market expectations. The value of such shares will go up and down and equity markets have historically been more volatile than fixed interest markets. Should the price of shares in which the Fund has invested fall, the Net Asset Value of the Fund will also fall. Funds investing in shares are generally more volatile than funds investing in bonds or a combination of shares and bonds, but may also achieve greater returns. Internal investment guidelines are set, if necessary, to ensure equity risk is maintained within a range deemed suitable based on the individual fund’s investment objectives and investment policy.

6 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg American Fund Investment Manager's Report For the year ended 31 January 2021

• Industry sector or region risk ‐ the Fund may invest in a portfolio of shares which is focused towards one particular market sector or geographic region. This focus may result in higher risk when compared to the Fund that has spread or diversified investments more broadly. Some sectors and regions can experience rapid and extreme price movements when compared with movements in securities markets generally. Investors should note that funds with a specific focus should be considered for investment as part of a wider diversified portfolio.

Internal investment guidelines seek to ensure suitable levels of diversification based on the individual fund’s investment objectives and investment policy. • Currency risk ‐ assets of the Fund (including cash), and any income paid on those assets, may be denominated in a currency other than the base currency of the Fund. Changes in the exchange rate between the base currency and the currency of an asset may cause the value of the asset/income (expressed in the base currency) to fall as well as rise even if there is no change of the value of such assets in its local currency. This may also cause additional volatility in the Fund’s Price. It may not be possible or practicable to hedge against such exchange rate risk. Internal investment guidelines are set, if necessary, to ensure currency risk is maintained within a range deemed suitable based on the individual fund’s investment objectives and investment policy. • Political economic, convertibility and regulatory risk ‐ some geographical areas in which the Fund may invest (including but not limited to Asia, the Eurozone and the US) may be affected by economic or political events or measures, changes in government policies, laws or tax regulations, currency convertibility, or by currency redenomination, restrictions on foreign investments, and more generally by economic and financial difficulties. In such contexts, volatility, liquidity, credit and currency risks may increase and adversely impact the Net Asset Value of the Fund.

The ACD and the sub Investment Managers have established procedures and oversight for monitoring client’s portfolios to ensure unexpected adverse events or scenarios are managed to mitigate impact it may have on portfolios investment objectives. • Investment model risk ‐ in seeking to achieve the Funds’ investment objectives, the ACD and the Sub‐Investment Managers use recommendations generated by proprietary quantitative analytical models owned and operated by the AXA IM Group. Quantitative modelling is a very complex process involving hundreds of thousands of data points and settings encoded in computer software, and the ACD and its affiliates review these codes and the various components to the models with a view to ensuring that they are appropriately adapted and calibrated to reflect the ACD’s and the Sub‐Investment Managers’ views as to the potential implications of evolving external events and factors, including constantly changing economic, financial market and other conditions. This process involves the exercise of judgments and a number of inherent uncertainties. The ACD’s and Sub‐ Investment Managers’ views, including those related to the optimal configuration, calibration and adaptation of the models, may change over time depending on evolving circumstances, on information that becomes available to the ACD and its affiliates and on other factors. While the ACD attempts to ensure that the models are appropriately developed, operated and implemented on a continuing basis, sub‐optimal calibrations of the models and similar issues may arise from time to time, and neither the ACD nor any of its affiliates can guarantee that the models are in an optimal state of calibration and configuration at all times. Further, inadvertent human errors, trading errors, software development and implementation errors, and other types of errors are an inherent risk in complex quantitative investment management processes of the type that the ACD employs. While the ACD’s policy is to promptly address any such errors when identified, there can be no guarantee that the overall investment process will be without error or that it will produce the desired results. There can be no guarantee that the ACD or the Sub‐Investment Managers will be able to implement their quantitative strategies on an ongoing basis. The ACD and the sub Investment Managers have established systematic rules, reviews and processes for monitoring client portfolios to assure that they are managed in a manner consistent with their investment objectives.

7 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg American Fund Investment Manager's Report For the year ended 31 January 2021

Monthly monitoring is conducted, using an in‐house liquidity tool, to ensure a high degree of confidence that Fund liquidity will meet the Fund’s expected liquidity requirements. Any concerns indicated by the tool are analysed by the Manager’s risk team who may also discuss the results with portfolio management staff, or other senior professionals within the firm, as needed, to ensure an appropriate scrutiny. Based on the analysis, the Manager believes that the liquidity profile of the Fund is appropriate. Further explanation of the risks associated with an investment in this Fund can be found in the prospectus. Investment Review Despite the ravages of coronavirus on countries and economies worldwide, equity markets largely shrugged off these concerns and in the US the benchmark S&P 500 Index rallied strongly from the lows reached in March to record gains of 11.95% in sterling terms for the year to 31 January 2021. For much of the year, equity markets were led by the largest and fastest growing stocks, but the positive news on vaccines in November saw a dramatic shift as the stocks most badly affected by coronavirus such as leisure, energy and financials rallied sharply.

The Fund underperformed its benchmark over full year, with much of this concentrated in the dramatic market falls seen in February and March 2020. With risk appetite falling sharply, the higher sensitivity to market movement, or beta, of the portfolio hurt returns, as did the exposure to smaller companies. As we moved through the year and investors recovered from the initial shock, markets became dominated by fast-growing and richly priced stocks. Our focus on valuation limited the participation in this recovery, and depressed relative returns accordingly. Despite these risk factor headwinds, active industry exposures worked in the Fund’s favour over the year, particularly the underweight exposure to those areas badly affected by the coronavirus such as airlines, aircraft and banks. Overweighting technology, particularly software, was also accretive to returns as this sector led the market over the year. However, stock selection in the sector was unrewarded in aggregate, with the overweight holding of computer chip manufacturer Intel and underweight exposure to rival Nvidia the two largest detractors, with the former suffering from oversupply while the latter benefited from its exposure to online gaming. Similarly, within financials, overweighting insurer AIG was detrimental as the sector faced coronavirus-related losses, while the underweight to electronic payments firm PayPal was also penalised as the company was well placed to benefit from the rapid rise in ecommerce as economies globally locked down. The Fund was also underweight Amazon, which had a similarly negative impact on relative returns.

As the report period closed relative performance improved: the initial vaccine euphoria faded, a broader range of factors were rewarded, and market leadership was less concentrated in narrow group of stocks. This type of environment is much more conducive for the diversified and fundamentally anchored investment approach used in the management of the Fund.

All performance data source: AXA Investment Managers and Morningstar. Past performance is not a guide for future performance.

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AXA Rosenberg American Fund Investment Manager's Report For the year ended 31 January 2021

Major Purchases Cost (£'000) Major Sales Proceeds (£'000)

● Amazon.com 4,534 ● Applied Materials 6,007 ● PulteGroup 4,459 ● Visa 5,741 ● Synopsys 4,235 ● Microso 4,217 ● Pioneer Natural Resources 3,974 ● Teradyne 4,079 ● Applied Materials 3,761 ● Mastercard 3,937

Rosenberg Equities 31 January 2021

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AXA Rosenberg American Fund

Portfolio Statement Market Value % of Total As at 31 January 2021 Holding £’000 Net Assets

BASIC MATERIALS 0.71% (31/01/20: 1.01%) Chemicals 0.71% (31/01/20: 1.01%) Eastman Chemical 3,200 233 0.12 FMC 10,800 858 0.43 LyondellBasell Industries 4,900 311 0.16

TOTAL BASIC MATERIALS 1,402 0.71

CONSUMER DISCRETIONARY 18.70% (31/01/20: 12.41%*) Automobiles & Parts 4.31% (31/01/20: 1.84%) Ford Motor 283,900 2,216 1.11 General Motors 71,000 2,642 1.32 Genuine Parts 8,400 593 0.30 Tesla 5,200 3,165 1.58

Consumer Services 0.61% (31/01/20: 1.37%*) Copart 6,300 504 0.25 eBay 17,678 727 0.36

Household Goods & Home Construction 0.15% (31/01/20: 1.26%*) DR Horton 5,253 294 0.15

Leisure Goods 1.01% (31/01/20: 0.55%) Pool 2,031 537 0.27 Take‐Two Interactive Software 10,100 1,475 0.74

Media 2.57% (31/01/20: 1.14%) Netflix 3,190 1,252 0.63 Omnicom 38,100 1,793 0.90 Walt Disney 16,600 2,079 1.04

Personal Goods 0.52% (31/01/20: 1.02%*) Crocs 11,859 607 0.30 PVH 3,200 207 0.10 Under Armour 18,100 235 0.12

Retailers 8.08% (31/01/20: 3.81%*) Amazon.com 4,000 9,441 4.72 Best Buy 25,700 2,103 1.05 Dollar Tree 15,600 1,169 0.58 Lowe's 14,400 1,808 0.90 Target 8,200 1,097 0.55 Tractor Supply 5,200 566 0.28

Travel & Leisure 1.45% (31/01/20: 1.42%) Alaska Air 6,500 240 0.12 Aramark 9,100 236 0.12 Carnival 16,600 239 0.12 Churchill Downs 1,600 228 0.11 Delta Air Lines 9,000 263 0.13 Hilton Worldwide 3,700 280 0.14

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AXA Rosenberg American Fund

Portfolio Statement Market Value % of Total As at 31 January 2021 Holding £’000 Net Assets

Hyatt Hotels 4,600 230 0.12 Las Vegas Sands 5,900 211 0.11 Live Nation Entertainment 4,600 232 0.12 Norwegian Cruise Line 13,600 239 0.12 Royal Caribbean Cruises 4,600 232 0.12 Wynn Resorts 3,100 230 0.12

TOTAL CONSUMER DISCRETIONARY 37,370 18.70

CONSUMER STAPLES 6.39% (31/01/20: 6.82%*) Beverages 1.21% (31/01/20: 1.80%) Coca‐Cola European Partners 34,300 1,188 0.59 Molson Coors Brewing 7,700 292 0.15 Monster Beverage 3,600 233 0.12 PepsiCo 6,822 692 0.35

Food Producers 2.71% (31/01/20: 3.88%) Archer‐Daniels‐Midland 32,300 1,201 0.60 General Mills 40,500 1,752 0.88 Kellogg 26,200 1,149 0.57 Kraft Heinz 53,400 1,322 0.66

Personal Care, Drug & Grocery 2.47% (31/01/20: 1.14%*) Clorox 4,800 733 0.37 Colgate‐Palmolive 36,200 2,087 1.04 Kroger 69,000 1,780 0.89 Procter & Gamble 3,500 332 0.17

TOTAL CONSUMER STAPLES 12,761 6.39

ENERGY 3.16% (31/01/20: 2.36%*) Oil, Gas & Coal 3.16% (31/01/20: 2.36%*) Apache 18,800 205 0.10 Baker Hughes 49,200 738 0.37 Cheniere Energy 16,900 776 0.39 Chevron 10,300 668 0.33 ConocoPhillips 12,300 369 0.18 Devon Energy 17,500 219 0.11 EOG Resources 7,400 290 0.15 Exxon Mobil 25,200 846 0.42 Hess 5,400 220 0.11 Marathon Oil 41,600 229 0.11 Marathon Petroleum 8,800 287 0.14 Phillips 66 5,800 302 0.15 Valero Energy 6,000 255 0.13 Williams 61,300 949 0.47

TOTAL ENERGY 6,353 3.16

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AXA Rosenberg American Fund

Portfolio Statement Market Value % of Total As at 31 January 2021 Holding £’000 Net Assets

FINANCIALS 13.23% (31/01/20: 15.55%*) Banks 2.80% (31/01/20: 1.85%) Citizens Financial 32,400 879 0.44 JPMorgan Chase 22,300 2,114 1.06 KeyCorp 125,500 1,584 0.79 SVB Financial 3,100 1,020 0.51

Finance & Credit Services 0.11% (31/01/20: 0.69%*) Moody's 1,100 216 0.11

Investment Banking & Brokerage 3.62% (31/01/20: 4.14%*) Ameriprise Financial 15,200 2,288 1.14 Bank of New York Mellon 71,000 2,104 1.05 Broadridge Financial Solutions 5,200 549 0.27 Equitable 35,000 650 0.33 Interactive Brokers 4,800 222 0.11 Nasdaq 5,200 527 0.26 Stifel Financial 6,500 246 0.12 T Rowe Price 5,700 674 0.34

Life Insurance 3.27% (31/01/20: 4.01%) MetLife 53,400 1,929 0.97 Principal Financial 53,200 2,035 1.02 Prudential Financial 22,600 1,337 0.67 Unum 68,800 1,219 0.61

Non‐Life Insurance 3.43% (31/01/20: 4.86%*) Allstate 28,200 2,246 1.12 American International 9,100 255 0.13 Aon 400 60 0.03 Hartford Financial Services 58,200 2,078 1.04 Progressive 34,400 2,219 1.11

TOTAL FINANCIALS 26,451 13.23

HEALTH CARE 11.93% (31/01/20: 11.36%) Health Care Providers 1.54% (31/01/20: 0.11%*) Anthem 4,600 1,007 0.50 Molina Healthcare 3,600 573 0.29 UnitedHealth 6,100 1,503 0.75

Medical Equipment & Services 2.95% (31/01/20: 5.41%*) Danaher 1,800 300 0.15 Henry Schein 10,400 514 0.26 Hologic 9,000 497 0.25 Medtronic 16,300 1,362 0.68 Novocure 4,700 553 0.28 PerkinElmer 5,000 527 0.26 Quest Diagnostics 7,400 667 0.33 Thermo Fisher Scientific 2,500 905 0.45 Zimmer Biomet 5,100 583 0.29

12 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg American Fund

Portfolio Statement Market Value % of Total As at 31 January 2021 Holding £’000 Net Assets

Pharmaceuticals & Biotechnology 7.44% (31/01/20: 5.84%) Abbott Laboratories 8,700 763 0.38 AbbVie 20,400 1,549 0.78 Alexion Pharmaceuticals 6,300 722 0.36 Amgen 3,808 687 0.34 Avantor 21,000 452 0.23 Biogen 1,300 254 0.13 BioMarin Pharmaceutical 8,200 497 0.25 Bristol‐Myers Squibb 7,500 340 0.17 Cardinal Health 11,900 482 0.24 Eli Lilly 2,600 398 0.20 Gilead Sciences 21,882 1,032 0.52 Johnson & Johnson 18,800 2,315 1.16 Merck 30,600 1,737 0.87 Perrigo 6,700 213 0.11 Pfizer 41,000 1,071 0.54 United Therapeutics 4,400 527 0.26 Vertex Pharmaceuticals 5,800 973 0.49 Viatris 43,430 544 0.27 Zoetis 2,500 285 0.14

TOTAL HEALTH CARE 23,832 11.93

INDUSTRIALS 9.35% (31/01/20: 18.01%*) Aerospace & Defense 0.00% (31/01/20: 1.43%*)

Construction & Materials 0.97% (31/01/20: 1.21%*) Masco 48,400 1,941 0.97

Electronic & Electrical Equipment 3.08% (31/01/20: 2.52%*) Emerson Electric 43,400 2,565 1.28 Johnson Controls International 65,400 2,348 1.17 Mettler‐Toledo International 800 681 0.34 Regal Beloit 3,700 339 0.17 Teledyne Technologies 900 241 0.12

General Industrials 0.48% (31/01/20: 1.62%*) 3M 5,500 735 0.37 Crown 3,200 210 0.11

Industrial Engineering 1.14% (31/01/20: 0.45%*) AGCO 14,500 1,188 0.59 Generac 6,000 1,105 0.55

Industrial Support Services 3.27% (31/01/20: 10.63%*) Automatic Data Processing 12,000 1,457 0.73 Fair Isaac 2,700 964 0.48 Paychex 9,700 630 0.32 PayPal 5,005 867 0.43 TransUnion 3,800 248 0.12 TriNet 4,100 231 0.12

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AXA Rosenberg American Fund

Portfolio Statement Market Value % of Total As at 31 January 2021 Holding £’000 Net Assets

Western Union 127,500 2,131 1.07

Industrial Transportation 0.41% (31/01/20: 0.15%) PACCAR 6,700 457 0.23 United Parcel Service 3,100 355 0.18

TOTAL INDUSTRIALS 18,693 9.35

REAL ESTATE 0.54% (31/01/20: 1.23%*) Real Estate Investment & Services 0.00% (31/01/20: 0.46%*)

Real Estate Investment Trusts 0.54% (31/01/20: 0.77%) Iron Mountain 11,700 285 0.14 VICI Properties 27,600 520 0.26 Weyerhaeuser 11,800 284 0.14

TOTAL REAL ESTATE 1,089 0.54

TECHNOLOGY 31.10% (31/01/20: 26.63%*) Software & Computer Services 20.79% (31/01/20: 17.71%*) Adobe 1,500 509 0.26 Alphabet 5,000 6,748 3.38 Amdocs 43,700 2,294 1.15 Autodesk 11,000 2,278 1.14 Citrix Systems 5,900 587 0.29 Dropbox 30,000 505 0.25 EPAM Systems 1,600 407 0.20 Facebook 19,800 3,823 1.91 Hewlett Packard Enterprise 269,900 2,471 1.24 Leidos 17,800 1,408 0.70 Microsoft 70,200 12,224 6.12 Oracle 66,400 2,963 1.48 Qualys 13,200 1,324 0.66 salesforce.com 1,500 248 0.12 ServiceNow 3,700 1,495 0.75 Synopsys 12,100 2,284 1.14

Technology Hardware & Equipment 10.31% (31/01/20: 8.92%*) Advanced Micro Devices 12,000 766 0.38 Apple 137,700 13,756 6.88 CDW 2,400 235 0.12 HP 78,900 1,430 0.72 NVIDIA 4,400 1,674 0.84 Qorvo 8,300 1,026 0.51 Seagate Technology 35,600 1,728 0.86

TOTAL TECHNOLOGY 62,183 31.10

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AXA Rosenberg American Fund

Portfolio Statement Market Value % of Total As at 31 January 2021 Holding £’000 Net Assets

TELECOMMUNICATIONS 2.84% (31/01/20: 3.11%*) Telecommunications Equipment 1.38% (31/01/20: 0.51%*) Cisco Systems 83,244 2,750 1.38

Telecommunications Service Providers 1.46% (31/01/20: 2.60%*) Verizon Communications 72,300 2,918 1.46

TOTAL TELECOMMUNICATIONS 5,668 2.84

UTILITIES 1.52% (31/01/20: 1.31%) Electricity 1.05% (31/01/20: 0.85%) Edison International 24,541 1,053 0.53 Exelon 33,900 1,038 0.52

Gas, Water & Multiutilities 0.37% (31/01/20: 0.46%) Duke Energy 11,000 733 0.37

Waste & Disposal Services 0.10% (31/01/20: 0.00%) Republic Services 3,000 201 0.10

TOTAL UTILITIES 3,025 1.52

Portfolio of investments 198,827 99.47

Net other assets 1,056 0.53

Total net assets before fair value accounting adjustment 199,883 100.00

Portfolio of investments 198,827 99.47

Fair value accounting adjustment^ (3,957) ‐

Total Investments as shown in the balance sheet 194,870 99.47

Net other assets 1,056 0.53

Total net assets 195,926 100.00

All investments are ordinary shares unless otherwise stated. * Since the previous report, the portfolio classifications and prior year comparative figures have been updated to reflect the recent changes in the Industry Classification Benchmark (ICB) standard. ^Fair value accounting adjustment representing the movement in the fair value of investments held between the last valuation point of the accounting period and close of business on the balance sheet date. Refer to Note 1.h) in the accounting policies for further information.

15 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg American Fund

† Valued at bid‐market prices. # High and low price disclosures are based on quoted share prices (Mid Market Price). Therefore the opening and closing NAV prices may fall outside the high / low price threshold. ^ Operating charges include indirect costs incurred in the maintenance and running of the Fund, as disclosed in the detailed expenses within the Statement of Total Return. * Direct transaction costs include fees, commissions, transfer taxes and duties in the purchasing and selling of investments, within the accounting year. The figures used within the table have been calculated against the average net asset value for the accounting year.

16 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg American Fund Statement of Total Return For the year ended 31 January 2021

31/01/21 31/01/20 Note £'000 £'000 £'000 £'000 Income: Net capital gains 2 10,003 37,643 Revenue 3 3,781 4,210 Expenses 4 (1,500) (1,607) Interest payable and similar charges (13) (15)

Net revenue before taxation 2,268 2,588

Taxation 5 (523) (572)

Net revenue after taxation 1,745 2,016

Total return before distributions 11,748 39,659

Distributions 6 (1,745) (2,087)

Change in net assets attributable to Shareholders from investment activities 10,003 37,572

Statement of Change in Net Assets Attributable to Shareholders For the year ended 31 January 2021

31/01/21 31/01/20 £'000 £'000 £'000 £'000

Opening net assets attributable to Shareholders 208,251 184,852

Amounts receivable on issue of shares 37,244 46,921 Amounts payable on cancellation of shares (61,272) (63,136) (24,028) (16,215)

Change in net assets attributable to Shareholders from investment activities (see above) 10,003 37,572

Retained distributions on accumulation shares 1,700 2,042

Closing net assets attributable to Shareholders 195,926 208,251

17 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg American Fund Balance Sheet As at 31 January

31/01/21 31/01/20 Note £'000 £'000 Assets: Fixed assets: Investments 194,870 207,826

Current assets: Debtors 7 2,963 1,748 Cash and bank balances 8 1,533 999

Total assets 199,366 210,573

Liabilities: Creditors: Other creditors 9 (3,440) (2,322)

Total liabilities (3,440) (2,322)

Net assets attributable to Shareholders 195,926 208,251

18 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg American Fund Notes to the Financial Statements For the year ended 31 January 2021

1. Accounting Basis And Policies The Fund's Financial Statements have been prepared on the basis detailed on pages 108 ‐ 111.

2. Net capital gains 31/01/21 31/01/20 £'000 £'000 The net capital gains comprise: Non‐derivative securities 10,168 37,846 Currency losses (159) (196) Transaction charges (6) (7) Net capital gains 10,003 37,643

3. Revenue 31/01/21 31/01/20 £'000 £'000 Bank interest 14 9 Overseas dividends 3,747 4,179 UK dividends 20 22 Total revenue 3,781 4,210

4. Expenses 31/01/21 31/01/20 Payable to the ACD, associates of the ACD, and agents £'000 £'000 of either of them Annual Management Charge 1,445 1,548 Registration fees 2 2 1,447 1,550 Payable to the Depositary, associates of the Depositary and agents of either of them Depositary's fees 37 38 Safe custody fees 6 6 43 44 Other expenses Audit fees 8 9 Printing fees 2 4 10 13 Total expenses 1,500 1,607

Expenses include irrecoverable VAT where applicable.

19 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg American Fund Notes to the Financial Statements For the year ended 31 January 2021

5. Taxation 31/01/21 31/01/20 £'000 £'000 (a) Analysis of the tax charge in the year

Irrecoverable overseas tax 523 572

(b) Factors affecting current tax charge for the year The tax assessed for the year is higher than the standard rate of corporation tax for an open ended investment company of 20% (2020: 20%) is applied to the net revenue before taxation. The differences are explained below:

31/01/21 31/01/20 £'000 £'000 Net revenue before taxation 2,268 2,588 Net revenue for the year multiplied by the standard rate of corporation tax 454 518 Effects of: Capital income subject to taxation ‐ 71 Irrecoverable overseas tax 523 572 Movement in excess management expenses 290 243 Non taxable UK dividends (4) (4) Overseas tax expensed (2) (2) Overseas dividends (738) (826) Current tax charge for the year 523 572

OEICs are exempt from tax on capital gains in the UK. Therefore, any capital return is not included within the reconciliation above. (c) Deferred taxation: There is no provision required for deferred taxation at the balance sheet date in the current year or prior year.

(d) Factors that may affect future tax charges At the year end, after offset against revenue taxable on receipt, there is a potential deferred tax asset of £3,020,823 (2020: £2,730,431) in relation to surplus management expenses. It is unlikely that the Fund will generate sufficient taxable profits in the future to utilise this amount and therefore no deferred tax asset has been recognised in the year.

6. Distributions

The distributions take account of revenue received on the creation of shares and revenue deducted on the cancellation of shares, and comprise:

31/01/21 31/01/20 £'000 £'000 Interim 974 939 Final 726 1,103 Add: Revenue paid on cancellation of shares 133 160 Deduct: Revenue received on creation of shares (88) (115) Net distribution for the year 1,745 2,087

Reconciliation of net revenue after taxation to distributions Net revenue after taxation 1,745 2,016 Tax relief from capital ‐ 71 Net distribution for the year 1,745 2,087

20 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg American Fund Notes to the Financial Statements For the year ended 31 January 2021

7. Debtors 31/01/21 31/01/20 £'000 £'000 Amounts receivable for creation of shares ‐ 263 Sales awaiting settlement 2,802 1,160 Accrued revenue 161 325 Total debtors 2,963 1,748

8. Cash and bank balances 31/01/21 31/01/20 £'000 £'000 Cash and bank balances 1,533 999 Total cash and bank balances 1,533 999

9. Other creditors 31/01/21 31/01/20 £'000 £'000 Amounts payable for cancellation of shares 2,214 1,900 Purchases awaiting settlement 953 ‐ Accrued annual management charge 252 398 Accrued other expenses 21 24 Total other creditors 3,440 2,322

10. Related party transactions The ACD is related to the Fund as defined by Financial Reporting Standard 102.33 ‘Related Party Disclosures’.

Annual management charge paid to the ACD and Registration fees are disclosed in Note 4 and amounts due at the year end are disclosed in Note 9.

Monies received and paid by the ACD through the creation and cancellation of shares are disclosed in the Statement of Change in Shareholders’ Net Assets and amounts due at the year end are disclosed in Notes 7 and 9.

The ACD and its associates (including other authorised investment Funds managed by the ACD) have no shareholdings in the Company at the year end.

As at 31 January 2021 material shareholders have holdings totalling 94.63% (31/01/2020: 92.67%) of the Fund's shares. Other than disclosed elsewhere in the financial statements, there were no material transactions between the Fund and related parties during the year.

11. Share classes The reconciliation of the opening and closing numbers of shares of each class, along with the ACD’s annual management charges applicable to each class, is shown below:

Annual management charge rate (%) 31/01/20 Issued Cancelled Converted 31/01/21 R Accumulation 1.50 1,487,048 85,674 (486,811) (43,724) 1,042,187 Z Accumulation 0.75 64,210,307 11,773,156 (18,977,570) 38,779 57,044,672

21 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg American Fund Notes to the Financial Statements For the year ended 31 January 2021

12. Commitments, contingent liabilities and contingent assets There are no commitments, contingent liabilities and contingent assets as at the balance sheet date (2020: nil).

13. Derivatives and other financial instruments The main risks from the Fund's holding of financial instruments, together with the ACD’s policy for managing these risks, are outlined below.

Market price risk The Fund invests principally in equity securities. The value of the Fund’s investment portfolio is not fixed and may go down as well as up. This may be as a result of a specific factor affecting the value of an individual company or may be caused by general market factors (such as government policy or the health of the underlying economy) which can affect the entire portfolio. The Fund seeks to manage these risks by adhering to investment guidelines and to investment and borrowing powers set out in the Prospectus. In addition, the Fund complies with the Collective Investment Schemes sourcebook (“COLL”), which include rules relating to investment holdings that are designed to place limits on the Fund’s investment concentration (same as at 31 January 2020).

Market price risk sensitivity A 5% increase in the value of the Fund’s portfolio would have the effect of increasing the return and net assets by £9,743,510 (2020: £10,391,317). A 5% decrease would have an equal and opposite effect.

Foreign currency risk The table below shows the foreign currency risk profile at the balance sheet date:

Net foreign currency exposure 31/01/21 31/01/20 Currency £'000 £'000

Euro 1 ‐ US dollar 198,410 210,080 Total 198,411 210,080

Foreign exchange risk sensitivity

Assuming all other factors remain stable, if GBP strengthens by 10% the resulting change in the net assets attributable to shareholders of the Fund would be a decrease of approximately £19,841,090 (2020: £21,008,009). A 10% weakening in GBP would have an equal but opposite effect.

22 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg American Fund Notes to the Financial Statements For the year ended 31 January 2021

Credit risk The Fund runs a very low credit risk in respect of unsettled investment transactions as these are normally settled as cash against delivery.

Transactions in securities may expose the Fund to the risk that the counterparty will not settle the transaction or do so on a timely basis.

All transactions in the Fund are conducted through counterparties approved by the ACD.

14. Portfolio transaction costs

Net purchase Commissions Total cost paid Taxes purchase cost 31/01/2021 £'000 £'000 % £'000 % £'000 Analysis of purchases

Equities 238,380 39 0.02 ‐‐238,419 Total 238,380 39 ‐238,419

Net sale Commissions Total sale proceeds paid Taxes proceeds 31/01/2021 £'000 £'000 % £'000 % £'000 Analysis of sales

Equities 261,583 (37) (0.01) (6) ‐ 261,540 Total 261,583 (37) (6) 261,540

Net purchase Commissions Total cost paid Taxes purchase cost 31/01/2020 £'000 £'000 % £'000 % £'000 Analysis of purchases

Equities 255,182 47 0.02 ‐‐255,229 Total 255,182 47 ‐255,229

Net sale Commissions Total sale proceeds paid Taxes proceeds 31/01/2020 £'000 £'000 % £'000 % £'000 Analysis of sales

Collective Investment Schemes 11,806 ‐‐‐‐11,806 Equities 257,972 (43) (0.02) (5) ‐ 257,924 Total 269,778 (43) (5) 269,730

31/01/21 31/01/20 Transaction costs as percentage of average net asset value % % Commissions 0.04 0.05 Taxes 0.00 0.00

At the balance sheet date the average portfolio dealing spread was 0.06% (2020: 0.03%).

23 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg American Fund Notes to the Financial Statements For the year ended 31 January 2021

15. Post balance sheet events

Subsequent to the year end, on 20th May 2021, the Net Asset Value (“NAV”) per share has increased above 5% on share classes when compared to the year end date. The movements for each share class are shown below:

Share class Price per share as at 31.01.21* Price per share as at 20.05.21 Movement (%)

Share class R Accumulation 303.80 321.90 5.96 Share class Z Accumulation 345.00 366.50 6.23

*Prices disclosed are based on quoted share prices and will therefore differ to net asset value per share shown in the comparative tables which are valued at bid-market prices.

16. Fair value disclosure 31/01/21 31/01/20 Assets Liabilities Assets Liabilities Valuation technique £'000 £'000 £'000 £'000

Level 1 ^ 194,870 ‐ 207,826 ‐ Level 2 ^^ ‐ ‐ ‐ ‐ Level 3 ^^^ ‐ ‐ ‐ ‐ 194,870 ‐207,826 ‐

^ Level 1: The unadjusted quoted price in an active market for identical assets or liabilities that the entity can access at the measurement date. ^^ Level 2: Inputs other than quoted prices included within Level 1 that are observable (i.e. developed using market data) for the asset or liability, either directly or indirectly. ^^^ Level 3: Inputs are unobservable (i.e. for which market data is unavailable) for the asset or liability.

The fair value of the Fund's investments has been determined using the hierarchy above.

24 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg American Fund Distribution Tables As at 31 January 2021 Interim Distribution in pence per share Group 1 Shares purchased prior to 1 February 2020 Group 2 Shares purchased on or after 1 February 2020 to 31 July 2020

Distribution Distribution Net paid paid revenue Equalisation 30/09/20 30/09/19 (p) (p) (p) (p) Share Class R Accumulation Group 1 0.418 ‐ 0.418 0.262 Group 2 0.152 0.266 0.418 0.262

Share Class Z Accumulation Group 1 1.566 ‐ 1.566 1.406 Group 2 0.680 0.886 1.566 1.406

Final Distribution in pence per share Group 1 Shares purchased prior to 1 August 2020 Group 2 Shares purchased on or after 1 August 2020 to 31 January 2021

Distribution Distribution Net payable paid revenue Equalisation 31/03/21 31/03/20 (p) (p) (p) (p) Share Class R Accumulation Group 1 0.054 ‐ 0.054 0.524 Group 2 ‐ 0.054 0.054 0.524

Share Class Z Accumulation Group 1 1.272 ‐ 1.272 1.706 Group 2 0.583 0.689 1.272 1.706

25 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg Asia Pacific ex Japan Fund Investment Manager's Report For the year ended 31 January 2021

Investment Objective The aim of this Fund is to provide medium to long‐term capital growth with a return (net of fees) greater than the MSCI AC Asia Pacific Ex‐Japan Index (the “Index”) on a rolling three to five year basis. The return of the Index is subject to the performance of the relevant stock market and therefore the Fund may not provide capital growth in all market conditions.

Investment Policy The MSCI AC Asia Pacific Ex‐Japan Index is designed to measure the performance of shares of companies listed on stock exchanges in the Asia Pacific region (excluding Japan).

The Fund is actively managed. The Fund invests in a diversified portfolio of shares of large and medium sized companies in all industry sectors which are listed on stock exchanges in the countries in the Asia Pacific region (including Australia but excluding Japan). The Fund manager uses a proprietary stock selection model to identify companies that it believes to be attractive, relative to their industry peers, based on the model's analysis of their financial data. In constructing the Fund's portfolio, the Fund manager references the index which means that, while the Fund manager has discretion to select the investments for the Fund, the Fund's divergence from the index is controlled.

Risk and Reward Profile As at 31 January 2021

The Fund invests selectively in Far Eastern markets (including Australia but excluding Japan) primarily in equities. As the Fund invests in overseas securities it may hold currencies other than sterling. As a result, exchange rate movements may cause the value of investments to fall or rise. The Fund may invest in emerging markets which may involve a higher risk than investing in established markets. Emerging markets and the currencies of the countries concerned may experience dramatic fluctuations from time to time. Investors should consider carefully whether this investment risk is suitable for them. The value of investments and the revenue from them is not guaranteed and can go down as well as up. Lower Risk Higher Risk

Potentially lower reward Potentially higher reward

123456 7

26 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg Asia Pacific ex Japan Fund Investment Manager's Report For the year ended 31 January 2021

Internal investment guidelines are set, if necessary, to ensure equity risk is maintained within a range deemed suitable based on the individual fund’s investment objectives and investment policy. • Emerging Markets risk ‐ investment in emerging markets may involve a higher risk than those inherent in established markets. Emerging markets and their currencies may experience unpredictable and dramatic fluctuations from time to time. Investors should consider whether or not investment in such Funds is either suitable for or should constitute a substantial part of an investor’s portfolio. Companies in emerging markets may not be subject to: a. accounting, auditing and financial reporting standards, practices and disclosure requirements comparable to those applicable to companies in major markets; b. the same level of government supervision and regulation of stock exchanges as countries with more advanced securities markets. Accordingly, certain emerging markets may not afford the same level of investor protection as would apply in more developed jurisdictions. Restrictions on foreign investment in emerging markets may preclude investment in certain securities by the Funds referred to above and, as a result, limit investment opportunities for those Funds. Substantial government involvement in, and influence on, the economy, as well as a lack of political or social stability, may affect the value of securities in certain emerging markets. The reliability of trading and settlement systems in some emerging markets may not be equal to that available in more developed markets, which may result in delays in realising investments. Lack of liquidity and efficiency in certain of the stock markets or foreign exchange markets in certain emerging markets may mean that from time to time the ACD may experience more difficulty in purchasing or selling holdings of securities than it would in a more developed market. This is an inherent risk for funds invested within Emerging Markets. Internal investment guidelines (such a diversification measures), scenario testing as well as other regular monitoring seek to ensure the level of risk is aligned with each individual fund’s investment objectives and investment policy. • Currency risk ‐ assets of the Fund (including cash), and any income paid on those assets, may be denominated in a currency other than the base currency of the Fund. Changes in the exchange rate between the base currency and the currency of an asset may cause the value of the asset/income (expressed in the base currency) to fall as well as rise even if there is no change of the value of such assets in its local currency. This may also cause additional volatility in the Fund’s Price. It may not be possible or practicable to hedge against such exchange rate risk. Internal investment guidelines are set, if necessary, to ensure currency risk is maintained within a range deemed suitable based on the individual fund’s investment objectives and investment policy. • Political economic, convertibility and regulatory risk ‐ some geographical areas in which the Fund may invest (including but not limited to Asia, the Eurozone and the US) may be affected by economic or political events or measures, changes in government policies, laws or tax regulations, currency convertibility, or by currency redenomination, restrictions on foreign investments, and more generally by economic and financial difficulties. In such contexts, volatility, liquidity, credit and currency risks may increase and adversely impact the Net Asset Value of the Fund.

27 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg Asia Pacific ex Japan Fund Investment Manager's Report For the year ended 31 January 2021

The ACD and the sub Investment Managers have established systematic rules, reviews and processes for monitoring client portfolios to assure that they are managed in a manner consistent with their investment objectives.

• Investment in China A Shares via the Stock Connect program risk ‐ the Fund may invest in China A shares (shares issued by domestic markets in mainland China in Chinese renminbi) through the Stock Connect program. China A shares are generally only available for investment by residents of mainland China or by foreign investors through tightly regulated structures. The Stock Connect program is one structure through which foreign investors can invest in China A shares by providing mutual market access via the Hong Kong Stock Exchange, Shanghai Stock Exchange and Shenzhen Stock Exchange. In addition to the risks disclosed under Emerging Markets Risk and Political, Economic, Convertibility and Regulatory Risk, investment by the Fund via the Stock Connect program also involves the following risks.

Some geographical areas in which the Fund may invest (including but not limited to Asia, the Eurozone and the US) may be affected by economic or political events or measures, changes in government policies, laws or tax regulations, currency convertibility, or by currency redenomination, restrictions on foreign investments, and more generally by economic and financial difficulties. In such contexts, volatility, liquidity, credit and currency risks may increase and adversely impact the Net Asset Value of the Fund. Investment limitations The Stock Connect program is subject to quota limitations applying across all participants and utilised on a first‐come‐first‐ served basis. Once the quota is exceeded, buy orders will be rejected although sell orders would not be impacted. Such quota limitations may restrict the Fund’s ability to invest in China A shares through the Stock Connect program on a timely basis, and the Fund may not be able to effectively pursue its investment strategy.

In addition a particular stock may be recalled from the scope of eligible stocks for trading via the Stock Connect program and in such a case the Fund would not be able to buy that stock (although it could sell it). This may affect the ability of the Fund to implement its investment strategy. Each of the stock exchanges participating in the Stock Connect program reserves the right to suspend trading if necessary for ensuring an orderly and fair market and that risks are managed prudently. Consent from the relevant regulator would be sought before a suspension is triggered. A suspension could adversely affect the Fund’s ability to access the mainland China stock markets.

28 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg Asia Pacific ex Japan Fund Investment Manager's Report For the year ended 31 January 2021

The Stock Connect program only operates on days when both the Chinese and Hong Kong markets are open for trading and when banks in both markets are open on the corresponding settlement days. As a result there may be occasions when it is a normal trading day for the mainland China market but the Fund cannot trade China A Shares via the Stock Connect program as that day is not a trading day in Hong Kong. The Fund would be subject to a risk of price fluctuations in China A Shares for the period it cannot trade via the Stock Connect program.

In practice, the Fund mitigates the above risks by the relatively small proportion of the Fund which is invested using the Hong Kong Stock Connect. For making new or increased investments, it is also notable that the portfolio manager has access to a broad range of opportunities elsewhere in the market. Operational risk The Stock Connect program is premised on the functioning of the operational systems of the relevant market participants. Market participants are permitted to participate in this program subject to meeting certain operational and risk management requirements. The securities regimes and legal systems of Hong Kong stock exchange and the mainland China stock exchanges differ significantly and market participants may need to address issues arising from the differences on an on‐going basis. There is no assurance that the system of the stock exchanges and market participants will function properly or will continue to be adapted to changes and developments in both markets. In the event that the relevant systems fail to function properly, trading in both markets through the program could be disrupted. The Fund’s ability to access the China A share market and pursue its investment strategy may be adversely affected.

The Manager monitors the normal functioning of trading activity on an ongoing basis. Execution issues The Stock Connect program permits trades to be executed through one or multiple brokers that are market participants. Given the custody requirements for the Funds, the ACD may determine that it is in the interest of the Fund that it only executes trades via the Stock Connect program through a market participant that is part of the Depositary’s sub‐custodiannetwork.Inthat situation, whilst the ACD will be cognisant of its best execution obligations, it will not have the ability to trade through multiple brokers and any switch to a new broker will not be possible without a commensurate change to the Depositary’s sub‐custody arrangements. The Manager performs ongoing transaction cost analysis to ensure that all brokers used continue to provide value for their services. Ownership of Stock Connect securities China A shares purchased via the Stock Connect program are held by the sub‐custodian in accounts in the clearing system of Hong Kong’s central securities depositary. The Hong Kong central securities depositary, in turn, holds the China A shares as nominee through an omnibus securities account in its name registered with the Chinese central securities depositary. This means that there are multiple legal frameworks involved in establishing legal title to the China A shares and there are increased operational risks involved in the servicing of the holding of the shares (e.g. processing dividend payments). The Fund will be exposed to the credit risk of both the Hong Kong and Chinese central securities depositary but neither the ACD nor the Depositary have a legal relationship with such depositaries and therefore have no direct recourse in the event of suffering a loss resulting from their performance or insolvency. While the Stock Connect program recognises the Fund’s beneficial ownership of the China A shares, there is a risk that the nominee structure may not be recognised under Chinese law and, in the event of the insolvency of the Hong Kong central securities depositary, there is uncertainty as to whether the Fund’s China A shares would be available to creditors of the Hong Kong central securities depositary or regarded as held on behalf of the Fund. Trading via the Stock Connect program is not covered by investor protection/compensation funds in either Hong Kong or mainland China.

Such risks are mitigated by the low proportion of the Fund which is typically invested via the Hong Kong Stock Connect.

29 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg Asia Pacific ex Japan Fund Investment Manager's Report For the year ended 31 January 2021

Monthly monitoring is conducted, using an in‐house liquidity tool, to ensure a high degree of confidence that Fund liquidity will meet the Fund’s expected liquidity requirements. Any concerns indicated by the tool are analysed by the Manager’s risk team who may also discuss the results with portfolio management staff, or other senior professionals within the firm, as needed, to ensure an appropriate scrutiny. Based on the analysis, the Manager believes that the liquidity profile of the Fund is appropriate. Further explanation of the risks associated with an investment in this Fund can be found in the prospectus. Investment Review Despite the global coronavirus pandemic that led to societal lockdowns, equity markets posted strong growth globally in the report year. Supportive fiscal and monetary stimulus efforts and central banks to cushion the economic impact of the virus, which provided support to equity markets. Vaccine-led news and optimism boosted investors sentiment, but US-China tensions simmered throughout the course of the year, unsettling investors to some extent. Asia Pacific equities performed well over the year to 31 January 2021 and posted a gain of 26.3% in sterling terms, as measured by the benchmark MSCI AC Asia Pacific ex Japan Index.

The Fund rose in value but underperformed its benchmark index, net of fees and expenses applicable to the Z share class. Underperformance was driven by the Fund’s value exposure, based on both lower multiples of book assets and earnings; headwinds to value persisted over the period amid investors’ continued appetite for growth stocks. From a country perspective, the overweight exposure to China and the underweight exposure to India equities proved beneficial given the divergent performance of the two index heavyweights.

Industry-wise, the underweight exposure to banks and travel and entertainment stocks was rewarded given the impact of the pandemic on these industries. Conversely, the semiconductor industry posted large gains as analysts were optimistic about demand for the coming year, and top stocks picks came from this area of the market. Above-benchmark positions in United Microelectronics, LG Electronics, Hon Hai Precision Industry and Taiwan Semiconductor Manufacturing provided positive contributions to relative returns.

Stock selection in aggregate was challenged, particularly among Chinese telecoms, which underperformed in response to the US’ executive order to blacklist Chinese stocks with alleged military ties. Positions in China Mobile and China Telecom featured among the bottom stock detractors to relative returns accordingly. The largest individual stock detractor came from the underweight holding in NIO. The Chinese electric vehicle maker saw its share price rally into the end of 2020, driven by rising demand for battery powered cars.

All performance data source: AXA Investment Managers and Morningstar. Past performance is not a guide for future performance.

Major Purchases Cost (£'000) Major Sales Proceeds (£'000)

● SK Hynix 5,486 ● CSL 6,741 ● China Minsheng Banking 4,477 ● Samsung Electronics 6,401 ● Hon Hai Precision Industry 4,177 ● Woolworths 6,298 ● Taiwan Semiconductor Manufacturing 3,934 ● SK Hynix 4,924 ● CITIC 3,851 ● China Minsheng Banking 4,779

Rosenberg Equities 31 January 2021

30 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg Asia Pacific ex Japan Fund

Portfolio Statement Market Value % of Total As at 31 January 2021 Holding £’000 Net Assets

AUSTRALIA 11.56% (31/01/20: 15.20%) Afterpay 22,626 1,709 0.87 ALS 74,213 414 0.21 Ansell 21,217 436 0.22 ARB 12,461 245 0.12 Australia & New Zealand Banking 24,079 319 0.16 Bapcor 51,807 218 0.11 BlueScope Steel 93,058 861 0.44 Champion Iron 65,520 187 0.09 Commonwealth Bank of Australia 36,487 1,704 0.87 Eagers Automotive 39,525 294 0.15 Fortescue Metals 232,559 2,832 1.44 Harvey Norman 194,488 580 0.30 Mineral Resources 30,183 580 0.30 National Australia Bank 44,904 591 0.30 Newcrest Mining 14,323 201 0.10 OZ Minerals 52,076 543 0.28 Qantas Airways 76,463 192 0.10 Reece 100,831 903 0.46 Rio Tinto 46,558 2,871 1.46 Sonic Healthcare 90,286 1,735 0.88 Super Retail 34,292 216 0.11 Tabcorp 115,028 256 0.13 Wesfarmers 125,224 3,824 1.95 Westpac Banking 41,686 492 0.25 Woodside Petroleum 38,065 520 0.26

TOTAL AUSTRALIA 22,723 11.56

BERMUDA 0.85% (31/01/20: 0.23%) Alibaba Health Information Technology 300,000 684 0.35 Brilliance China Automotive 890,000 510 0.26 Johnson Electric 80,000 172 0.09 K Wah International 260,000 89 0.04 VTech 38,500 225 0.11

TOTAL BERMUDA 1,680 0.85

CAYMAN ISLANDS 21.33% (31/01/20: 18.10%) Alibaba ADR 68,400 13,012 6.62 Baidu ADR 9,300 1,661 0.85 BeiGene ADR 5,500 1,275 0.65 China Metal Recycling † 857,000 ‐‐ Country Garden 2,180,000 1,921 0.98 Geely Automobile 811,000 2,162 1.10 Meituan 51,200 1,713 0.87 MGM China 194,400 213 0.11 New Oriental Education & Technology ADR 13,600 1,656 0.84 NIO ADR 28,400 1,208 0.61 Tencent 210,200 13,469 6.85 Tianneng Power International 176,000 253 0.13

31 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg Asia Pacific ex Japan Fund

Portfolio Statement Market Value % of Total As at 31 January 2021 Holding £’000 Net Assets

Vipshop ADR 65,800 1,327 0.68 WH 1,114,000 659 0.34 Wynn Macau 176,800 204 0.10 Xinyi Glass 666,000 1,176 0.60

TOTAL CAYMAN ISLANDS 41,909 21.33

CHINA (INCLUDING HONG KONG & MACAU) 25.37% (31/01/20: 26.66%) AIA 82,600 728 0.37 Air China 398,000 202 0.10 BAIC Motor 718,000 184 0.09 Bank of Communications 5,734,000 2,259 1.15 Bluefocus Intelligent Communications 332,200 241 0.12 Cathay Pacific Airways 311,000 175 0.09 CGN Power 1,123,000 175 0.09 China Construction Bank 2,358,000 1,304 0.66 China Everbright Bank 5,659,374 1,692 0.86 China Life Insurance 1,725,000 2,670 1.36 China Minsheng Banking 3,571,000 1,487 0.76 China National Building Material 1,138,000 994 0.51 China Overseas Grand Oceans 558,000 208 0.11 China Overseas Land & Investment 374,500 615 0.31 China Pacific Insurance 722,600 2,177 1.11 China Railway 4,642,000 1,540 0.78 China Resources Pharmaceutical 1,487,000 570 0.29 China Southern Airlines 508,000 207 0.11 China Vanke 954,700 2,495 1.27 Cinda Real Estate 458,600 194 0.10 CITIC 2,437,000 1,389 0.71 CNHTC Jinan Truck 44,480 200 0.10 CNOOC 533,000 382 0.19 Dashang 56,600 116 0.06 Focus Media Information Technology 753,000 922 0.47 Genertec Universal Medical 496,000 274 0.14 Guangxi Liugong Machinery 243,200 206 0.11 Guangzhou Kingmed Diagnost 72,224 1,275 0.65 Hengli Petrochemical 279,984 1,219 0.62 Hengyi Petrochemical 581,681 852 0.43 Hong Kong Exchanges & Clearing 98,400 4,602 2.34 Huishang Bank 104,000 25 0.01 Hunan Valin Steel 969,100 551 0.28 Jafron Biomedical 53,129 472 0.24 Jiangsu Yuyue Medical Equipment & Supply 163,250 511 0.26 Lenovo 2,068,000 1,775 0.90 Luzhou Laojiao 99,920 2,905 1.48 New China Life Insurance 581,200 1,579 0.80 PICC Property & Casualty 1,412,000 750 0.38 Postal Savings Bank of China 274,000 143 0.07 SGIS Songshan 377,700 170 0.09 Shandong Weigao Group Medical Polymer 244,000 333 0.17 Shanxi Xinghuacun Fen Wine Factory 61,200 2,585 1.32

32 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg Asia Pacific ex Japan Fund

Portfolio Statement Market Value % of Total As at 31 January 2021 Holding £’000 Net Assets

Shenzhen Mindray Bio‐Medical Electronics 52,000 2,630 1.34 Shun Tak 206,000 44 0.02 Sinoma International Engineering 244,200 238 0.12 Sinopharm 520,000 924 0.47 Sinotruk Hong Kong 134,000 305 0.16 Sun Hung Kai 152,000 45 0.02 Techtronic Industries 102,500 1,126 0.57 Weichai Power 70,000 150 0.08 Weifu High‐Technology 247,588 639 0.33 Zhejiang Expressway 294,000 173 0.09 Zhejiang Meida Industrial 98,600 216 0.11

TOTAL CHINA (INCLUDING HONG KONG & MACAU) 49,843 25.37

FRANCE 8.69% (31/01/20: 8.64%) Lyxor MSCI India ETF C (EUR) 1,094,466 17,067 8.69

TOTAL FRANCE 17,067 8.69

INDONESIA 0.00% (31/01/20: 2.69%)

KOREA (SOUTH) 13.15% (31/01/20: 8.96%) BNK Financial 44,848 161 0.08 DL 2,827 112 0.06 DL E&C 3,545 257 0.13 Hana Financial 57,318 1,220 0.62 Hyundai Mobis 1,052 218 0.11 Hyundai Motor 4,811 718 0.37 KB Financial 67,579 1,775 0.90 Kia Motors 32,908 1,769 0.90 Kumho Petrochemical 1,776 286 0.15 LG Electronics 20,437 2,038 1.04 LS 4,271 179 0.09 Meritz Securities 105,381 242 0.12 NH Investment & Securities 24,832 178 0.09 Posco International 20,925 224 0.11 Samsung Electro‐Mechanics 4,306 572 0.29 Samsung Electronics 170,378 9,105 4.64 Samsung SDI 1,601 766 0.39 Shinhan Financial 86,659 1,731 0.88 SK Hynix 46,057 3,662 1.86 SK Innovation 2,386 435 0.22 S‐Oil 4,276 190 0.10

TOTAL KOREA (SOUTH) 25,838 13.15

MALAYSIA 0.07% (31/01/20: 1.57%) YTL Power International 1,121,575 132 0.07

TOTAL MALAYSIA 132 0.07

33 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg Asia Pacific ex Japan Fund

Portfolio Statement Market Value % of Total As at 31 January 2021 Holding £’000 Net Assets

PAPUA NEW GUINEA 0.21% (31/01/20: 0.00%) Oil Search 190,337 412 0.21

TOTAL PAPUA NEW GUINEA 412 0.21

PHILIPPINES 0.22% (31/01/20: 0.21%) Alliance Global 963,500 144 0.07 First Gen 300,700 135 0.07 First Philippine 141,290 162 0.08

TOTAL PHILIPPINES 441 0.22

SINGAPORE 2.45% (31/01/20: 2.99%) DBS 217,200 3,000 1.53 Olam International 128,300 112 0.06 Oversea‐Chinese Banking 241,200 1,365 0.69 Singapore Exchange 60,700 329 0.17

TOTAL SINGAPORE 4,806 2.45

TAIWAN 14.15% (31/01/20: 11.58%) Acer 553,000 389 0.20 ASE Technology 782,000 1,873 0.95 Asustek Computer 113,000 841 0.43 China Life Insurance / Taiwan 814,000 481 0.24 Fubon Financial 1,548,000 1,836 0.93 Grand Pacific Petrochemical 78,000 42 0.02 Hon Hai Precision Industry 1,225,000 3,556 1.81 MediaTek 52,000 1,184 0.60 Novatek Microelectronics 112,000 1,149 0.58 Pegatron 563,000 1,149 0.58 Powertech Technology 199,000 504 0.26 Shin Kong Financial 969,000 203 0.11 Simplo Technology 28,000 262 0.13 Synnex Technology International 318,000 374 0.19 Taiwan Semiconductor Manufacturing 841,000 12,939 6.59 Tripod Technology 81,000 271 0.14 Walsin Lihwa 502,000 215 0.11 Wistron 668,000 543 0.28

TOTAL TAIWAN 27,811 14.15

34 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg Asia Pacific ex Japan Fund

Portfolio Statement Market Value % of Total As at 31 January 2021 Holding £’000 Net Assets

THAILAND 1.80% (31/01/20: 2.30%) Asset World NVDR 1,240,400 139 0.07 Bangkok Life Assurance NVDR 323,400 185 0.09 Bank of Ayudhya NVDR 165,300 119 0.06 Charoen Pokphand Foods NVDR 1,393,000 925 0.47 Kasikornbank NVDR 67,100 208 0.11 Thai Beverage 3,419,200 1,547 0.79 Tisco Financial NVDR 102,000 229 0.12 TTW NVDR 604,000 178 0.09

TOTAL THAILAND 3,530 1.80

Portfolio of investments 196,192 99.85

Net other assets 287 0.15

Total net assets 196,479 100.00

All investments are ordinary shares unless otherwise stated. Stocks shown as ADR's represent American Depositary Receipts. Stocks shown as ETF's represent Exchange Traded Funds. Stocks shown as NVDR's represent Non‐Voting Depositary Receipts. † These stocks have either been suspended, delisted or are in liquidaon.

35 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg Asia Pacific ex Japan Fund

Comparative Tables As at 31 January 2021 B Accumulation R Accumulation 31/01/2021 31/01/2020 31/01/2019 31/01/2021 31/01/2020 31/01/2019 Change in net assets per share (p) (p) (p) (p) (p) (p) Opening net asset value per share † 164.21 162.03 176.74 398.63 397.31 437.76 Return before operating charges ^ 41.88 3.15 (13.74) 100.92 7.79 (33.91) Operating charges ^ (0.99) (0.97) (0.97) (6.57) (6.47) (6.54) Return after operating charges ^ 40.89 2.18 (14.71) 94.35 1.32 (40.45) Distributions (3.91) (4.10) (3.74) (5.31) (6.11) (5.08) Retained distributions on accumulation 3.91 4.10 3.74 5.31 6.11 5.08 shares Closing net asset value per share † 205.10 164.21 162.03 492.98 398.63 397.31 *^ after direct transaction costs of: 0.51 0.41 0.37 1.25 1.00 0.91 Performance Return after operating charges 24.90% 1.35% ‐8.32% 23.67% 0.33% ‐9.24% Other information Closing net asset value (£) † 8,049,729 6,864,537 7,194,389 5,310,329 4,852,306 5,289,393 Closing number of shares 3,924,809 4,180,416 4,440,094 1,077,192 1,217,235 1,331,306 Operating charges ^ 0.57% 0.57% 0.57% 1.57% 1.57% 1.57% Direct transaction costs * 0.30% 0.24% 0.22% 0.30% 0.24% 0.22% Prices Highest share price # 219.00 179.00 183.00 526.50 434.70 451.70 Lowest share price # 137.40 161.40 153.00 333.00 392.30 376.40

36 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg Asia Pacific ex Japan Fund

Comparative Tables As at 31 January 2021 Z Accumulation 31/01/2021 31/01/2020 31/01/2019 Change in net assets per share (p) (p) (p) Opening net asset value per share † 445.86 441.06 482.33 Return before operating charges ^ 113.50 8.57 (37.49) Operating charges ^ (3.85) (3.77) (3.78) Return after operating charges ^ 109.65 4.80 (41.27) Distributions (9.44) (10.01) (9.05) Retained distributions on accumulation 9.44 10.01 9.05 shares Closing net asset value per share † 555.51 445.86 441.06 *^ after direct transaction costs of: 1.39 1.11 1.01 Performance Return after operating charges 24.59% 1.09% ‐8.56% Other information Closing net asset value (£) † 183,119,033 161,424,264 172,780,968 Closing number of shares 32,964,379 36,205,302 39,174,432 Operating charges ^ 0.82% 0.82% 0.82% Direct transaction costs * 0.30% 0.24% 0.22% Prices Highest share price # 593.30 486.10 499.00 Lowest share price # 372.90 438.30 416.90

37 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg Asia Pacific ex Japan Fund Statement of Total Return For the year ended 31 January 2021

31/01/21 31/01/20 Note £'000 £'000 £'000 £'000 Income: Net capital gains/(losses) 2 36,221 (1,826) Revenue 3 5,430 6,257 Expenses 4 (1,425) (1,524) Interest payable and similar charges (25) (21)

Net revenue before taxation 3,980 4,712

Taxation 5 (428) (640)

Net revenue after taxation 3,552 4,072

Total return before distributions 39,773 2,246

Distributions 6 (3,552) (4,075)

Change in net assets attributable to Shareholders from investment activities 36,221 (1,829)

Statement of Change in Net Assets Attributable to Shareholders For the year ended 31 January 2021

31/01/21 31/01/20 £'000 £'000 £'000 £'000

Opening net assets attributable to Shareholders 173,141 185,265

Amounts receivable on issue of shares 2,248 6,536 Amounts payable on cancellation of shares (18,598) (20,832) (16,350) (14,296)

Change in net assets attributable to Shareholders from investment activities (see above) 36,221 (1,829)

Retained distributions on accumulation shares 3,467 4,001

Closing net assets attributable to Shareholders 196,479 173,141

38 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg Asia Pacific ex Japan Fund Balance Sheet As at 31 January

31/01/21 31/01/20 Note £'000 £'000 Assets: Fixed assets: Investments 196,192 171,633

Current assets: Debtors 7 305 193 Cash and bank balances 8 492 2,154

Total assets 196,989 173,980

Liabilities: Creditors: Other creditors 9 (510) (839)

Total liabilities (510) (839)

Net assets attributable to Shareholders 196,479 173,141

39 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg Asia Pacific ex Japan Fund Notes to the Financial Statements For the year ended 31 January 2021

1. Accounting Basis And Policies The Fund's Financial Statements have been prepared on the basis detailed on pages 108 ‐ 111.

2. Net capital gains/(losses) 31/01/21 31/01/20 £'000 £'000 The net capital gains/(losses) comprise: Non‐derivative securities 36,326 (1,662) Currency gains/(losses) 27 (136) Forward currency contracts (109) (6) Transaction charges (23) (22) Net capital gains/(losses) 36,221 (1,826)

3. Revenue 31/01/21 31/01/20 £'000 £'000 Bank interest 24 26 Offshore funds dividends 377 244 Overseas dividends 5,029 5,987 Total revenue 5,430 6,257

4. Expenses 31/01/21 31/01/20 Payable to the ACD, associates of the ACD, and agents £'000 £'000 of either of them Annual Management Charge 1,318 1,408 Registration fees 5 5 1,323 1,413 Payable to the Depositary, associates of the Depositary and agents of either of them Depositary's fees 35 37 Safe custody fees 57 63 92 100 Other expenses Audit fees 8 9 Printing fees 2 2 10 11 Total expenses 1,425 1,524

Expenses include irrecoverable VAT where applicable.

40 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg Asia Pacific ex Japan Fund Notes to the Financial Statements For the year ended 31 January 2021

5. Taxation 31/01/21 31/01/20 £'000 £'000 (a) Analysis of the tax charge in the year

Irrecoverable overseas tax 428 640

(b) Factors affecting current tax charge for the year The tax assessed for the year is lower than the standard rate of corporation tax for an open ended investment company of 20% (2020: 20%) is applied to the net revenue before taxation. The differences are explained below:

31/01/21 31/01/20 £'000 £'000 Net revenue before taxation 3,980 4,712 Net revenue for the year multiplied by the standard rate of corporation tax 796 942 Effects of: Irrecoverable overseas tax 428 640 Movement in excess management expenses 286 219 Overseas tax expensed (5) (3) Overseas dividends (1,077) (1,158) Current tax charge for the year 428 640

(d) Factors that may affect future tax charges At the year end, after offset against revenue taxable on receipt, there is a potential deferred tax asset of £3,694,696 (2020: £3,408,677) in relation to surplus management expenses. It is unlikely that the Fund will generate sufficient taxable profits in the future to utilise this amount and therefore no deferred tax asset has been recognised in the year.

6. Distributions

The distributions take account of revenue received on the creation of shares and revenue deducted on the cancellation of shares, and comprise:

31/01/21 31/01/20 £'000 £'000 Interim 2,817 3,421 Final 650 580 Add: Revenue paid on cancellation of shares 100 100 Deduct: Revenue received on creation of shares (15) (26) Net distribution for the year 3,552 4,075

Reconciliation of net revenue after taxation to distributions Net revenue after taxation 3,552 4,072 Deficit taken from capital ‐ 3 Net distribution for the year 3,552 4,075

41 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg Asia Pacific ex Japan Fund Notes to the Financial Statements For the year ended 31 January 2021 31/01/21 31/01/20 7. Debtors £'000 £'000 Amounts receivable for creation of shares 23 ‐ Accrued revenue 282 193 Total debtors 305 193

31/01/21 31/01/20 8. Cash and bank balances £'000 £'000 Cash and bank balances 492 2,154 Total cash and bank balances 492 2,154

9. Other creditors 31/01/21 31/01/20 £'000 £'000 Amounts payable for cancellation of shares 238 457 Accrued annual management charge 240 347 Accrued other expenses 32 35 Total other creditors 510 839

10. Related party transactions The ACD is related to the Fund as defined by Financial Reporting Standard 102.33 ‘Related Party Disclosures’.

Annual management charge paid to the ACD and Registration fees are disclosed in Note 4 and amounts due at the year end are disclosed in Note 9.

The ACD and its associates (including other authorised investment Funds managed by the ACD) have no shareholdings in the Company at the year end.

As at 31 January 2021 material shareholders have holdings totalling 90.76% (31/01/2020: 91.20%) of the Fund's shares. Other than disclosed elsewhere in the financial statements, there were no material transactions between the Fund and related parties during the year.

11. Share classes The reconciliation of the opening and closing numbers of shares of each class, along with the ACD’s annual management charges applicable to each class, is shown below: Annual management charge rate (%) 31/01/20 Issued Cancelled Converted 31/01/21 B Accumulation 0.50 4,180,416 37,706 (293,313) ‐ 3,924,809 R Accumulation 1.50 1,217,235 67,169 (46,873) (160,339) 1,077,192 Z Accumulation 0.75 36,205,302 401,384 (3,785,639) 143,332 32,964,379

12. Commitments, contingent liabilities and contingent assets There are no commitments, contingent liabilities and contingent assets as at the balance sheet date (2020: nil).

42 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg Asia Pacific ex Japan Fund Notes to the Financial Statements For the year ended 31 January 2021

13. Derivatives and other financial instruments The main risks from the Fund's holding of financial instruments, together with the ACD’s policy for managing these risks, are outlined below.

Market price risk The Fund invests principally in equity. The value of the Fund’s investment portfolio is not fixed and may go down as well as up. This may be as a result of a specific factor affecting the value of an individual company or may be caused by general market factors (such as government policy or the health of the underlying economy) which can affect the entire portfolio. The Fund seeks to manage these risks by adhering to investment guidelines and to investment and borrowing powers set out in the Prospectus. In addition, the Fund complies with the Collective Investment Schemes sourcebook (“COLL”), which include rules relating to investment holdings that are designed to place limits on the Fund’s investment concentration (same as at 31 January 2020).

Market price risk sensitivity A 5% increase in the value of the Fund’s portfolio would have the effect of increasing the return and net assets by £9,809,580 (2020: £8,581,652). A 5% decrease would have an equal and opposite effect.

Foreign currency risk The table below shows the foreign currency risk profile at the balance sheet date:

Net foreign currency exposure 31/01/21 31/01/20 Currency £'000 £'000

Australian dollar 23,332 27,078 Chinese yuan 16,142 14,384 Euro 17,069 16,446 Hong Kong dollar 57,153 46,924 Indonesian rupiah ‐ 4,652 Malaysian ringgit 133 2,723 New Taiwan dollar 27,846 20,056 New Zealand dollar 1 1 Philippine peso 441 358 Singapore dollar 6,357 5,153 South Korean won 26,115 15,584 Thailand baht 1,982 3,975 US dollar 20,392 16,643 Total 196,963 173,977

Foreign exchange risk sensitivity Assuming all other factors remain stable, if GBP strengthens by 10% the resulting change in the net assets attributable to shareholders of the Fund would be a decrease of approximately £19,696,352 (2020: £17,397,741). A 10% weakening in GBP would have an equal but opposite effect.

43 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg Asia Pacific ex Japan Fund Notes to the Financial Statements For the year ended 31 January 2021

Credit risk The Fund runs a very low credit risk in respect of unsettled investment transactions as these are normally settled as cash against delivery.

Transactions in securities may expose a fund to the risk that the counterparty will not settle the transaction or do so on a timely basis.

All transactions in the funds are conducted through counterparties approved by the ACD.

14. Portfolio transaction costs

Net purchase Commissions Total cost paid Taxes purchase cost 31/01/2021 £'000 £'000 % £'000 % £'000 Analysis of purchases

Collective Investment Schemes 2,537 1 0.03 ‐‐2,538 Equities 227,251 74 0.03 89 0.04 227,414 Total 229,788 75 89 229,952

Net sale Commissions Total sale proceeds paid Taxes proceeds 31/01/2021 £'000 £'000 % £'000 % £'000 Analysis of sales

Collective Investment Schemes 1,360 (1) (0.03) ‐‐1,359 Equities 241,054 (78) (0.03) (275) (0.11) 240,701 Total 242,414 (79) (275) 242,060

Net purchase Commissions Total cost paid Taxes purchase cost 31/01/2020 £'000 £'000 % £'000 % £'000 Analysis of purchases

Equities 197,486 64 0.03 63 0.03 197,613 Total 197,486 64 63 197,613

Net sale Commissions Total sale proceeds paid Taxes proceeds 31/01/2020 £'000 £'000 % £'000 % £'000 Analysis of sales

Collective Investment Schemes 3,196 (1) ‐‐‐3,195 Equities 205,872 (65) (0.03) (256) (0.12) 205,551 Total 209,068 (66) (256) 208,746

44 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg Asia Pacific ex Japan Fund Notes to the Financial Statements For the year ended 31 January 2021

31/01/21 31/01/20 Transaction costs as percentage of average net asset value % % Commissions 0.09 0.07 Taxes 0.21 0.17

At the balance sheet date the average portfolio dealing spread was 0.19% (2020: 0.17%).

15. Post balance sheet events There are no post balance sheet events which require adjustments at the year end.

16. Fair value disclosure 31/01/21 31/01/20 Assets Liabilities Assets Liabilities Valuation technique £'000 £'000 £'000 £'000

Level 1 ^ 196,192 ‐ 171,595 ‐ Level 2 ^^ ‐ ‐ ‐ ‐ Level 3 ^^^ ‐ ‐ 38 ‐ 196,192 ‐171,633 ‐

The fair value of the Fund's investments has been determined using the hierarchy above.

45 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg Asia Pacific ex Japan Fund Distribution Tables As at 31 January 2021 Interim Distribution in pence per share Group 1 Shares purchased prior to 1 February 2020 Group 2 Shares purchased on or after 1 February 2020 to 31 July 2020

Distribution Distribution Net paid paid revenue Equalisation 30/09/20 30/09/19 (p) (p) (p) (p) Share Class B Accumulation Group 1 2.993 ‐ 2.993 3.332 Group 2 1.658 1.335 2.993 3.332

Share Class R Accumulation Group 1 5.306 ‐ 5.306 6.107 Group 2 3.428 1.878 5.306 6.107

Share Class Z Accumulation Group 1 7.579 ‐ 7.579 8.497 Group 2 3.082 4.497 7.579 8.497

Final Distribution in pence per share Group 1 Shares purchased prior to 1 August 2020 Group 2 Shares purchased on or after 1 August 2020 to 31 January 2021

Distribution Distribution Net payable paid revenue Equalisation 31/03/21 31/03/20 (p) (p) (p) (p) Share Class B Accumulation Group 1 0.920 ‐ 0.920 0.769 Group 2 0.392 0.528 0.920 0.769

Share Class R Accumulation Group 1 ‐ ‐ ‐ ‐ Group 2 ‐ ‐ ‐ ‐

Share Class Z Accumulation Group 1 1.862 ‐ 1.862 1.514 Group 2 0.654 1.208 1.862 1.514

46 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg European Fund Investment Manager's Report For the year ended 31 January 2021

AXA Investment Managers UK Limited took the decision to close the AXA Rosenberg European Fund, a sub‐fund of the AXA Rosenberg Global Investment Company ICVC. Our reasons for this decision are explained below.

After careful consideration with the Fund’s depositary, J.P. Morgan Europe Limited, we have concluded that the Fund was no longer of sufficient size to allow for client investments to be managed in an economical way.

AXA IM UK Limited were aware that, due to the reduced size of the Fund, the Fund was no longer providing value for its shareholders when taking account of the fees and costs incurred in running the Fund. Further, there did not appear to be any prospect of a resurgence of demand in this Fund or its strategy to attract sufficient new inflows to make the Fund commercially sustainable.

It was therefore felt that it would be in the best interests of all parties to close the Fund. AXA IM UK Limited had the consent of the Fund’s depositary and approval from the Financial Conduct Authority to do so.

The closure of the Fund took place following the suspension of dealing in the Fund on the 7 September 2020 and all proceeds were returned to investors.

Investment Review The European Fund was liquidated on 21 August 2020 and closed on 7 September 2020. In the period from January to August, the Fund underperformed its benchmark, with the cyclically exposed portfolio affected by the coronavirus pandemic. Value stocks and smaller companies were shunned by investors, and the above‐benchmark dividend yield of the Fund weighed on returns. While avoiding the below‐benchmark exposure to the aircraft industry was rewarded, notably underweight Airbus, the exposure to airport services firm Fraport was a detractor over the period. Stock selection was challenging among the underperforming materials and industrials sectors given the widespread lockdowns, and owning Spanish construction firm ACS and French manufacturer of building supplies, Eiffage, both weighed on returns for the review period.

All performance data source: AXA Investment Managers and Morningstar. Past performance is not a guide for future performance.

Major Purchases Cost (£'000) Major Sales Proceeds (£'000)

● Nestle 335 ● Roche 826 ● Sanoﬁ 237 ● Nestle 809 ● Koninklijke Ahold Delhaize 189 ● SAP 573 ● Essity Akebolag 174 ● ASML 491 ● Unilever 155 ● Novars 464

Rosenberg Equities 31 January 2021

47 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg European Fund

Portfolio Statement As at 31 January 2021

The AXA Rosenberg European Fund closed on 7 September 2020, as such there is no Portfolio Statement as at 31 January 2021.

48 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg European Fund

Comparative Tables As at 31 January 2021 R Accumulation Z Accumulation 07/09/2020~ 31/01/2020 31/01/2019 07/09/2020~ 31/01/2020 31/01/2019 Change in net assets per share (p) (p) (p) (p) (p) (p) Opening net asset value per share † 223.09 198.80 232.81 251.55 222.49 258.60 Return before operating charges ^ (13.66) 28.00 (30.19) (15.38) 31.41 (33.65) Operating charges ^ (2.23) (3.71) (3.82) (1.47) (2.35) (2.46) Return after operating charges ^ (15.89) 24.29 (34.01) (16.85) 29.06 (36.11) Distributions (1.40) (4.25) (4.80) (2.43) (6.09) (6.64) Retained distributions on 1.40 4.25 4.80 2.43 6.09 6.64 accumulation shares Funds returned to shareholders (207.20) ‐ ‐ (234.70) ‐ ‐ Closing net asset value per share † ‐223.09 198.80 ‐ 251.55 222.49 *^ after direct transaction costs of: 0.18 0.29 0.32 0.20 0.32 0.36 Performance Return after operating charges ‐7.12% 12.22% ‐14.61% ‐6.70% 13.06% ‐13.96% Other information Closing net asset value (£) † ‐ 4,051,842 4,076,082 ‐ 13,455,928 12,708,082 Closing number of shares ‐ 1,816,215 2,050,344 ‐ 5,349,128 5,711,832 Operating charges ^ 1.80% 1.72% 1.78% 1.06% 0.97% 1.03% Direct transaction costs * 0.09% 0.13% 0.15% 0.09% 0.13% 0.15% Prices Highest share price # 234.00 232.70 231.60 264.00 262.30 257.30 Lowest share price # 158.40 197.70 190.20 178.80 221.30 212.70 † Valued at bid‐market prices. # High and low price disclosures are based on quoted share prices (Mid Market Price). Therefore the opening and closing NAV prices may fall outside the high / low price threshold. ^ Operating charges include indirect costs incurred in the maintenance and running of the Fund, as disclosed in the detailed expenses within the Statement of Total Return. * Direct transaction costs include fees, commissions, transfer taxes and duties in the purchasing and selling of investments, within the accounting year. The figures used within the table have been calculated against the average net asset value for the accounting year. ~ AXA Rosenberg European fund closed on 7 September 2020, data showed in comparative tables till this date.

49 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg European Fund Statement of Total Return For the year ended 31 January 2021

07/09/20~ 31/01/20 Note £'000 £'000 £'000 £'000 Income: Net capital (losses)/gains 2 (1,347) 1,690 Revenue 3 334 619 Expenses 4 (90) (189) Interest payable and similar charges (3) (3)

Net revenue before taxation 241 427

Taxation 5 (50) (10)

Net revenue after taxation 191 417

Total return before distributions (1,156) 2,107

Distributions 6 (159) (428)

Change in net assets attributable to Shareholders from investment activities (1,315) 1,679

Statement of Change in Net Assets Attributable to Shareholders For the year ended 31 January 2021

07/09/20~ 31/01/20 £'000 £'000 £'000 £'000

Opening net assets attributable to Shareholders 17,508 16,784

Amounts receivable on issue of shares 298 199 Amounts payable on cancellation of shares (16,630) (1,574) (16,332) (1,375)

Change in net assets attributable to Shareholders from investment activities (see above) (1,315) 1,679

Retained distributions on accumulation shares 139 420

Closing net assets attributable to Shareholders ‐ 17,508

~ AXA Rosenberg European fund closed on 7 September 2020.

50 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg European Fund Balance Sheet As at 31 January

07/09/20~ 31/01/20 Note £'000 £'000 Assets: Fixed assets: Investments ‐ 17,428

Current assets: Debtors 7 ‐ 48 Cash and bank balances 8 36 100

Total assets 36 17,576

Liabilities: Creditors: Other creditors 9 (36) (68)

Total liabilities (36) (68)

Net assets attributable to Shareholders ‐ 17,508

~ AXA Rosenberg European fund closed on 7 September 2020.

51 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg European Fund Notes to the Financial Statements For the year ended 31 January 2021

1. Accounting Basis And Policies The Fund's Financial Statements have been prepared on the basis detailed on pages 108 ‐ 111.

2. Net capital (losses)/gains 07/09/20~ 31/01/20 £'000 £'000 The net capital (losses)/gains comprise: Non‐derivative securities (1,359) 1,713 Currency gains/(losses) 54 (11) Forward currency contracts 2 ‐ Transaction charges (14) (12) Return to shareholders (30) ‐ Net capital (losses)/gains (1,347) 1,690

3. Revenue 07/09/20~ 31/01/20 £'000 £'000 Bank interest 5 2 Overseas dividends 327 617 Scrip dividends 2 ‐ Total revenue 334 619

4. Expenses 07/09/20~ 31/01/20 Payable to the ACD, associates of the ACD, and agents £'000 £'000 of either of them Annual Management Charge 77 163 Registration fees 4 8 81 171 Payable to the Depositary, associates of the Depositary and agents of either of them Depositary's fees 3 6 Safe custody fees 1 2 4 8 Other expenses Audit fees 7 8 Regulatory fees (1) ‐ Printing fees (1) 2 5 10 Total expenses 90 189

Expenses include irrecoverable VAT where applicable.

52 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg European Fund Notes to the Financial Statements For the year ended 31 January 2021

5. Taxation 07/09/20~ 31/01/20 £'000 £'000 (a) Analysis of the tax charge in the year

Irrecoverable overseas tax 50 10

07/09/20~ 31/01/20 £'000 £'000 Net revenue before taxation 241 427 Net revenue for the year multiplied by the standard rate of corporation tax 48 85 Effects of: Irrecoverable overseas tax 50 10 Movement in excess management expenses 18 38 Overseas dividends (66) (123) Current tax charge for the year 50 10

OEICs are exempt from tax on capital gains in the UK. Therefore, any capital return is not included within the reconciliation above.

(c) Deferred taxation: There is no provision required for deferred taxation at the balance sheet date in the current year or prior year.

(d) Factors that may affect future tax charges At the year end, after offset against revenue taxable on receipt, there is a potential deferred tax asset of £2,530,403 (2020: £2,512,769) in relation to surplus management expenses. It is unlikely that the Fund will generate sufficient taxable profits in the future to utilise this amount and therefore no deferred tax asset has been recognised in the year.

6. Distributions

The distributions take account of revenue received on the creation of shares and revenue deducted on the cancellation of shares, and comprise:

07/09/20~ 31/01/20 £'000 £'000 Interim 139 403 Final ‐ 17 Add: Revenue paid on cancellation of shares 20 9 Deduct: Revenue received on creation of shares ‐ (1) Net distribution for the year 159 428

Reconciliation of net revenue after taxation to distributions Net revenue after taxation 191 417 Deficit taken from/to capital (32) 11 Net distribution for the year 159 428

53 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg European Fund Notes to the Financial Statements For the year ended 31 January 2021 07/09/20~ 31/01/20 7. Debtors £'000 £'000 Sales awaiting settlement ‐ 1 Overseas tax recoverable ‐ 47 Total debtors ‐ 48

07/09/20~ 31/01/20 8. Cash and bank balances £'000 £'000 Cash and bank balances 36 100 Total cash and bank balances 36 100

07/09/20~ 31/01/20 9. Other creditors £'000 £'000 Amounts payable for cancellation of shares ‐ 10 Return to shareholders 30 ‐ Accrued annual management charge ‐ 41 Accrued other expenses 6 17 Total other creditors 36 68

10. Related party transactions The ACD is related to the Fund as defined by Financial Reporting Standard 102.33 ‘Related Party Disclosures’.

Annual management charge paid to the ACD and Registration fees are disclosed in Note 4 and amounts due at the year end are disclosed in Note 9.

The ACD and its associates (including other authorised investment Funds managed by the ACD) have no shareholdings in the Company at the year end.

As at 7 September 2020 material shareholders have holdings totalling 53.60% (31/01/2020: there were no shareholders with holdings over 10%) of the Fund's shares. Other than disclosed elsewhere in the financial statements, there were no material transactions between the Fund and related parties during the year.

During the current year AXA Rosenberg European Fund sold its holding in AXA (31/01/2020: 15,000 shares). The total purchase cost of these investments during the year was £nil (31/01/2020: £19,158), the total sales proceeds were £171,350 (31/01/2020: £100,749). As at 31 January 2021 total revenue earned amounts to £nil (31/01/2020: £20,693).

11. Share classes The reconciliation of the opening and closing numbers of shares of each class, along with the ACD’s annual management charges applicable to each class, is shown below:

Annual management charge rate (%) 31/01/20 Issued Cancelled Converted 07/09/20* R Accumulation 1.50 1,816,215 5,842 (1,731,853) (90,204) ‐ Z Accumulation 0.75 5,349,128 35,337 (5,464,456) 79,991 ‐

54 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg European Fund Notes to the Financial Statements For the year ended 31 January 2021

12. Commitments, contingent liabilities and contingent assets There are no commitments, contingent liabilities and contingent assets as at the balance sheet date (2020: nil).

13. Derivatives and other financial instruments The main risks from the Fund's holding of financial instruments, together with the ACD’s policy for managing these risks, are outlined below.

Market price risk The Fund invested principally in equity securities. The value of the Fund’s investment portfolio was not fixed and may have gone down as well as up. This may have been as a result of a specific factor affecting the value of an individual company or may have been caused by general market factors (such as government policy or the health of the underlying economy) which might have affected the entire portfolio. The Fund sought to manage these risks by adhering to investment guidelines and to investment and borrowing powers set out in the Prospectus. In addition, the Fund complies with the Collective Investment Schemes sourcebook (“COLL”), which include rules relating to investment holdings that are designed to place limits on the Fund’s investment concentration (same as at 31 January 2020).

Market price risk sensitivity A 5% increase in the value of the Fund’s portfolio would have had the effect of increasing the return and net assets by £nil (2020: £871,392). A 5% decrease would have an equal and opposite effect.

Foreign currency risk The table below shows the foreign currency risk profile at the balance sheet date:

Net foreign currency exposure 07/09/20~ 31/01/20 Currency £'000 £'000

Czech koruna ‐ 1 Danish krone ‐ 894 Euro ‐ 11,991 Hungarian forint ‐ 1 Norwegian krone ‐ 77 Swedish krona ‐ 1,522 Swiss franc ‐ 3,086 US dollar ‐ 1 Total ‐ 17,573

Foreign exchange risk sensitivity Assuming all other factors remain stable, if GBP had strengthened by 10% the resulting change in the net assets attributable to shareholders of the Fund would have been a decrease of approximately £nil (2020: £1,757,237). A 10% weakening in GBP would have an equal but opposite effect.

55 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg European Fund Notes to the Financial Statements For the year ended 31 January 2021

Credit risk The Fund ran a very low credit risk in respect of unsettled investment transactions as these were normally settled as cash against delivery.

Transactions in securities might have exposed a fund to the risk that the counterparty would not settled the transaction or done so on a timely basis.

All transactions in the funds have been conducted through counterparties approved by the ACD.

14. Portfolio transaction costs

Net purchase Commissions Total cost paid Taxes purchase cost 07/09/2020~ £'000 £'000 % £'000 % £'000 Analysis of purchases

Equities 7,606 2 0.03 6 0.07 7,614 Total 7,606 2 6 7,614

Net sale Commissions Total sale proceeds paid Taxes proceeds 07/09/2020~ £'000 £'000 % £'000 % £'000 Analysis of sales

Equities 23,695 (6) (0.02) ‐‐23,689 Total 23,695 (6) ‐ 23,689

Net purchase Commissions Total cost paid Taxes purchase cost 31/01/2020 £'000 £'000 % £'000 % £'000 Analysis of purchases

Equities 20,767 6 0.03 12 0.06 20,785 Total 20,767 6 12 20,785

Net sale Commissions Total sale proceeds paid Taxes proceeds 31/01/2020 £'000 £'000 % £'000 % £'000 Analysis of sales

Equities 20,953 (6) (0.03) ‐‐20,947 Total 20,953 (6) ‐ 20,947

07/09/20~ 31/01/20 Transaction costs as percentage of average net asset value % % Commissions 0.05 0.06 Taxes 0.04 0.07

At the balance sheet date the average portfolio dealing spread was 0.00% (2020: 0.06%).

56 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg European Fund Notes to the Financial Statements For the year ended 31 January 2021

15. Post balance sheet events There are no post balance sheet events which require adjustments at the year end.

16. Fair value disclosure 07/09/20~ 31/01/20 Assets Liabilities Assets Liabilities Valuation technique £'000 £'000 £'000 £'000

Level 1 ^ ‐ ‐ 17,428 ‐ Level 2 ^^ ‐ ‐ ‐ ‐ Level 3 ^^^ ‐ ‐ ‐ ‐ ‐ ‐ 17,428 ‐

The fair value of the Fund's investments has been determined using the hierarchy above.

~ AXA Rosenberg European fund closed on 7 September 2020.

57 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg European Fund Distribution Tables As at 31 January 2021 Interim Distribution in pence per share Group 1 Shares purchased prior to 1 February 2020 Group 2 Shares purchased on or after 1 February 2020 to 31 July 2020

Distribution Distribution Net paid paid revenue Equalisation 30/09/20 30/09/19 (p) (p) (p) (p) Share Class R Accumulation Group 1 1.403 ‐ 1.403 4.250 Group 2 0.736 0.667 1.403 4.250

Share Class Z Accumulation Group 1 2.427 ‐ 2.427 5.775 Group 2 1.051 1.376 2.427 5.775

Final Distribution in pence per share Group 1 Shares purchased prior to 1 August 2020 Group 2 Shares purchased on or after 1 August 2020 to 07 September 2020

Distribution Distribution Net payable paid revenue Equalisation 07/09/20~ 31/03/20 (p) (p) (p) (p) Share Class R Accumulation Group 1 ‐ ‐ ‐ ‐ Group 2 ‐ ‐ ‐ ‐

Share Class Z Accumulation Group 1 ‐ ‐ ‐ 0.310 Group 2 ‐ ‐ ‐ 0.310

~ AXA Rosenberg European fund closed on 7 September 2020.

58 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg Global Fund Investment Manager's Report For the year ended 31 January 2021

Investment Objective The aim of this Fund is to provide medium to long‐term capital growth with a return (net of fees) greater than the MSCI All Country World Index (the “Index”) on a rolling three to five year basis. The return of the Index is subject to the performance of the relevant stock market and therefore the Fund may not provide capital growth in all market conditions.

Investment Policy The MSCI AC World Index is designed to measure the performance of shares of companies listed on the stock exchanges of developed and emerging countries. The Fund is actively managed. The Fund invests in a diversified portfolio of shares of large and medium sized companies in all industry sectors which are listed on stock exchanges in developed and emerging countries around the world. The Fund manager uses a proprietary stock selection model to identify companies that it believes to be attractive, relative to their industry peers, based on the model's analysis of their financial data. In constructing the Fund's portfolio, the Fund manager references the index which means that, while the Fund manager has discretion to select the investments for the Fund, the Fund's divergence from the index is controlled. The Fund may use derivatives (financial instruments that derive their value from the value of other assets) in an attempt to reduce the overall risk of its investments, reduce the costs of investing or generate additional capital or income known as Efficient Portfolio Management (EPM).

Risk and Reward Profile As at 31 January 2021

The Fund invests primarily in shares in all economic sectors and from all parts of the world. As the Fund invests in overseas securities it may hold currencies other than sterling. As a result, exchange rate movements may cause the value of investments to fall or rise. The Fund may invest in emerging markets which may involve a higher risk than investing in established markets. Emerging markets and the currencies of the countries concerned may experience dramatic fluctuations from time to time. Investors should consider carefully whether this investment risk is suitable for them. The value of investments and the income from them is not guaranteed and can go down as well as up. Lower Risk Higher Risk

Potentially lower reward Potentially higher reward

12345 6 7

59 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg Global Fund Investment Manager's Report For the year ended 31 January 2021

Internal investment guidelines are set, if necessary, to ensure equity risk is maintained within a range deemed suitable based on the individual fund’s investment objectives and investment policy. • Emerging Markets risk ‐ investment in emerging markets may involve a higher risk than those inherent in established markets. Emerging markets and their currencies may experience unpredictable and dramatic fluctuations from time to time. Investors should consider whether or not investment in such funds is either suitable for or should constitute a substantial part of an investor’s portfolio. Companies in emerging markets may not be subject to: a. accounting, auditing and financial reporting standards, practices and disclosure requirements comparable to those applicable to companies in major markets; b. the same level of government supervision and regulation of stock exchanges as countries with more advanced securities markets. Accordingly, certain emerging markets may not afford the same level of investor protection as would apply in more developed jurisdictions. Restrictions on foreign investment in emerging markets may preclude investment in certain securities by the Funds referred to above and, as a result, limit investment opportunities for those Funds. Substantial government involvement in, and influence on, the economy, as well as a lack of political or social stability, may affect the value of securities in certain emerging markets. The reliability of trading and settlement systems in some emerging markets may not be equal to that available in more developed markets, which may result in delays in realising investments. Lack of liquidity and efficiency in certain of the stock markets or foreign exchange markets in certain emerging markets may mean that from time to time the ACD may experience more difficulty in purchasing or selling holdings of securities than it would in a more developed market. This is an inherent risk for funds invested within Emerging Markets. Internal investment guidelines (such a diversification measures), scenario testing as well as other regular monitoring seek to ensure the level of risk is aligned with each individual fund’s investment objectives and investment policy. • Currency risk ‐ assets of the Fund (including cash), and any income paid on those assets, may be denominated in a currency other than the base currency of the Fund. Changes in the exchange rate between the base currency and the currency of an asset may cause he value of the asset/income (expressed in the base currency) to fall as well as rise even if there is no change of the value of such assets in its local currency. This may also cause additional volatility in the Fund’s Price. It may not be possible or practicable to hedge against such exchange rate risk. Internal investment guidelines are set, if necessary, to ensure currency risk is maintained within a range deemed suitable based on the individual fund’s investment objectives and investment policy. • Political economic, convertibility and regulatory risk ‐ some geographical areas in which the Fund may invest (including but not limited to Asia, the Eurozone and the US) may be affected by economic or political events or measures, changes in government policies, laws or tax regulations, currency convertibility, or by currency redenomination, restrictions on foreign investments, and more generally by economic and financial difficulties. In such contexts, volatility, liquidity, credit and currency risks may increase and adversely impact the Net Asset Value of the Fund.

60 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg Global Fund Investment Manager's Report For the year ended 31 January 2021

• Investment model risk ‐ in seeking to achieve the Funds’ investment objectives, the ACD and the Sub‐Investment Managers use recommendations generated by proprietary quantitative analytical models owned and operated by the AXA IM Group. Quantitative modelling is a very complex process involving hundreds of thousands of data points and settings encoded in computer software, and the ACD and its affiliates review these codes and the various components to the models with a view to ensuring that they are appropriately adapted and calibrated to reflect the ACD’s and the Sub‐Investment Managers’ views as to the potential implications of evolving external events and factors, including constantly changing economic, financial market and other conditions. This process involves the exercise of judgments and a number of inherent uncertainties. The ACD’s and Sub‐ Investment Managers’ views, including those related to the optimal configuration, calibration and adaptation of the models, may change over time depending on evolving circumstances, on information that becomes available to the ACD and its affiliates and on other factors. While the ACD attempts to ensure that the models are appropriately developed, operated and implemented on a continuing basis, sub‐optimal calibrations of the models and similar issues may arise from time to time, and neither the ACD nor any of its affiliates can guarantee that the models are in an optimal state of calibration and configuration at all times. Further, inadvertent human errors, trading errors, software development and implementation errors, and other types of errors are an inherent risk in complex quantitative investment management processes of the type that the ACD employs. While the ACD’s policy is to promptly address any such errors when identified, there can be no guarantee that the overall investment process will be without error or that it will produce the desired results. There can be no guarantee that the ACD or the Sub‐Investment Managers will be able to implement their quantitative strategies on an ongoing basis. The ACD and the sub Investment Managers have established systematic rules, reviews and processes for monitoring client portfolios to assure that they are managed in a manner consistent with their investment objectives. • Investment in China A Shares via the Stock Connect program risk ‐ the Fund may invest in China A shares (shares issued by domestic markets in mainland China in Chinese renminbi) through the Stock Connect program. China A shares are generally only available for investment by residents of mainland China or by foreign investors through tightly regulated structures. The Stock Connect program is one structure through which foreign investors can invest in China A shares by providing mutual market access via the Hong Kong Stock Exchange, Shanghai Stock Exchange and Shenzhen Stock Exchange. In addition to the risks disclosed under Emerging Markets Risk and Political, Economic, Convertibility and Regulatory Risk, investment by the Fund via the Stock Connect program also involves the following risks.

61 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg Global Fund Investment Manager's Report For the year ended 31 January 2021

The Manager monitors the normal functioning of trading activity on an ongoing basis. Execution issues The Stock Connect program permits trades to be executed through one or multiple brokers that are market participants. Given the custody requirements for the Funds, the ACD may determine that it is in the interest of the Fund that it only executes trades via the Stock Connect program through a market participant that is part of the Depositary’s sub‐custodiannetwork. Inthat situation, whilst the ACD will be cognisant of its best execution obligations, it will not have the ability to trade through multiple brokers and any switch to a new broker will not be possible without a commensurate change to the Depositary’s sub‐custody arrangements. The Manager performs ongoing transaction cost analysis to ensure that all brokers used continue to provide value for their services. Ownership of Stock Connect securities China A shares purchased via the Stock Connect program are held by the sub‐custodian in accounts in the clearing system of Hong Kong’s central securities Depository. The Hong Kong central securities Depository, in turn, holds the China A shares as nominee through an omnibus securities account in its name registered with the Chinese central securities Depository. This means that there are multiple legal frameworks involved in establishing legal title to the China A shares and there are increased operational risks involved in the servicing of the holding of the shares (e.g. processing dividend payments). The Fund will be exposed to the credit risk of both the Hong Kong and Chinese central securities Depository but neither the ACD nor the Depositary have a legal relationship with such Depository’s and therefore have no direct recourse in the event of suffering a loss resulting from their performance or insolvency. While the Stock Connect program recognises the Fund’s beneficial ownership of the China A shares, there is a risk that the nominee structure may not be recognised under Chinese law and, in the event of the insolvency of the Hong Kong central securities Depository, there is uncertainty as to whether the Fund’s China A shares would be available to creditors of the Hong Kong central securities Depository or regarded as held on behalf of the Fund. Trading via the Stock Connect program is not covered by investor protection/compensation funds in either Hong Kong or mainland China.

Such risks are mitigated by the low proportion of the Fund which is typically invested via the Hong Kong Stock Connect.

62 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg Global Fund Investment Manager's Report For the year ended 31 January 2021

Other risks which could have an impact in extreme market conditions include: • Liquidity risk ‐ under certain market conditions, it may be difficult to buy or sell investments for the Fund. For example, smaller company shares may trade infrequently and in small volumes and corporate and emerging market bonds may be affected by the demand in the market for such securities carrying credit risk, particularly in times of significant market stress. As a result, it may not be possible to buy or sell such investments at a preferred time, close to the last market price quoted or in the volume desired. The Manager may be forced to buy or sell such investments as a consequence of shareholders buying or selling shares in the Fund. Depending on market conditions at the time, this could lead to a significant drop in the Fund’s value. Monthly monitoring is conducted, using an in‐house liquidity tool, to ensure a high degree of confidence that Fund liquidity will meet the Fund’s expected liquidity requirements. Any concerns indicated by the tool are analysed by the Manager’s risk team who may also discuss the results with portfolio management staff, or other senior professionals within the firm, as needed, to ensure an appropriate scrutiny. Based on the analysis, the Manager believes that the liquidity profile of the Fund is appropriate. Further explanation of the risks associated with an investment in this Fund can be found in the prospectus.

Investment Review Despite the ravages of coronavirus on countries and economies worldwide, equity markets largely shrugged off these concerns and the benchmark MSCI All Country World Index rallied strongly from the lows reached in March to record gains of over 12% in sterling terms for the year to 31 January 2021. For much of the year, equity markets were led by the largest and fastest growing stocks, particularly in the US, but the positive news on vaccines in November saw a dramatic shift as the stocks most badly affected by coronavirus such as leisure, energy and financials rallied sharply.

The Fund underperformed its benchmark over the full year, with much of this concentrated in the dramatic market falls seen in February and March 2020. With risk appetite falling sharply the exposure to smaller companies weighed on returns. As we moved through the year and investors recovered from the initial shock, markets became dominated by fast-growing and richly priced stocks. Our focus on valuation limited the participation in this recovery, and depressed relative returns accordingly. Despite these risk factor headwinds, active industry exposures worked in the Fund’s favour over the year, particularly the underweight exposure to those areas badly affected by the coronavirus such as aircraft and oil companies. Overweighting technology, particularly software, was also accretive to returns as this sector led the market over the year.

However, stock selection was unrewarded in aggregate, particularly within the consumer discretionary and healthcare sectors. In the former, the Fund was underweight electric vehicle manufacturer Tesla, which recorded a remarkable 473% outperformance of the benchmark as investors anticipated rising sales volumes, particularly in China. The Fund was also underweight retailer Amazon, which weighed on returns as the company was well placed to benefit from the rapid rise in e-commerce as economies globally locked down. Neither stock was attractive to our models given the quality of their historic earnings. An above-benchmark holding of US multi-brand restaurant chain, Darden Restaurants, was also among the largest detractors at stock level given the restrictions on leisure resulting from the coronavirus. Moving away from consumer-related stocks, healthcare stocks also proved challenging to navigate, and underweighting stocks such as Abbot Laboratories and Eli Lilly was detrimental give the intense interest in pharmaceuticals, but owning medical device manufactures such as Medtronic was also unrewarded as routine demand for its products fell away as elective surgeries were postponed or cancelled.

As the report period closed relative performance improved: the initial vaccine euphoria faded, a broader range of factors were rewarded, and market leadership was less concentrated in a narrow group of stocks. This type of environment is much more conducive for the diversified and fundamentally anchored investment approach used in the management of the Fund.

All performance data source: AXA Investment Managers and Morningstar. Past performance is not a guide for future performance.

63 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg Global Fund

Portfolio Statement Market Value % of Total As at 31 January 2021 Holding £’000 Net Assets

AUSTRALIA 2.14% (31/01/20: 1.60%) BlueScope Steel 40,717 377 0.12 Fortescue Metals 101,577 1,237 0.37 Qantas Airways 68,551 173 0.05 Rio Tinto (Sydney Quoted) 42,925 2,647 0.80 Tabcorp 178,646 398 0.12 Wesfarmers 62,359 1,904 0.57 Woodside Petroleum 26,807 366 0.11

TOTAL AUSTRALIA 7,102 2.14

AUSTRIA 0.00% (31/01/20: 0.23%)

BELGIUM 0.00% (31/01/20: 0.84%)

BERMUDA 0.45% (31/01/20: 0.32%) Bunge 9,200 446 0.13 China Resources Gas 86,000 313 0.10 Invesco 36,800 577 0.17 Norwegian Cruise Line 9,100 160 0.05

TOTAL BERMUDA 1,496 0.45

BRAZIL 0.65% (31/01/20: 0.28%) Banco Santander Brasil 248,400 1,354 0.41 WEG 68,200 805 0.24

TOTAL BRAZIL 2,159 0.65

CANADA 4.62% (31/01/20: 5.82%) Alimentation Couche‐Tard 65,200 1,450 0.44 B2Gold 83,200 300 0.09 Bank of Montreal 41,400 2,312 0.69 Canadian Tire 3,700 356 0.11 CCL Industries 14,300 485 0.15 CGI 24,200 1,419 0.43 Gildan Activewear 10,100 192 0.06 iA Financial 10,300 340 0.10 Kinross Gold 118,000 598 0.18 Manulife Financial 182,200 2,444 0.73 National Bank of Canada 30,900 1,297 0.39 Quebecor 19,600 339 0.10 Royal Bank of Canada 13,000 778 0.23 Toronto‐Dominion Bank 72,600 3,052 0.92

TOTAL CANADA 15,362 4.62

64 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg Global Fund

Portfolio Statement Market Value % of Total As at 31 January 2021 Holding £’000 Net Assets

CAYMAN ISLANDS 2.67% (31/01/20: 1.50%) Alibaba ADR 15,400 2,930 0.88 China Lesso 95,000 115 0.04 Country Garden 709,000 625 0.19 Dali Foods 628,000 276 0.08 MGM China 150,400 165 0.05 Tencent 58,300 3,736 1.12 Tingyi Cayman Islands 238,000 346 0.11 WH 454,500 269 0.08 Wynn Macau 351,200 406 0.12

TOTAL CAYMAN ISLANDS 8,868 2.67

CHINA (INCLUDING HONG KONG & MACAU) 2.43% (31/01/20: 4.20%) Air China 778,000 394 0.12 Bank of Communications 1,311,000 516 0.16 Beijing Enterprises 104,500 248 0.08 Cathay Pacific Airways 251,000 141 0.04 China Everbright Bank 1,492,000 446 0.13 China National Building Material 400,000 349 0.11 China Resources Pharmaceutical 385,000 148 0.04 China Southern Airlines 992,000 404 0.12 Hong Kong Exchanges & Clearing 33,400 1,562 0.47 New China Life Insurance 193,400 526 0.16 Postal Savings Bank of China 839,000 437 0.13 Sinopharm 188,000 334 0.10 Sinotruk Hong Kong 211,000 480 0.14 Techtronic Industries 142,000 1,559 0.47 Weichai Power 250,000 537 0.16

TOTAL CHINA (INCLUDING HONG KONG & MACAU) 8,081 2.43

DENMARK 0.50% (31/01/20: 0.35%) Carlsberg 11,660 1,260 0.38 Novo Nordisk 7,679 392 0.12

TOTAL DENMARK 1,652 0.50

FINLAND 0.22% (31/01/20: 0.56%) Neste 7,135 373 0.11 Orion 11,165 375 0.11

TOTAL FINLAND 748 0.22

FRANCE 3.17% (31/01/20: 2.49%) Accor 15,165 375 0.11 Alstom 10,218 404 0.12 Atos 5,704 321 0.10 BioMerieux 4,229 474 0.14 EssilorLuxottica 3,782 395 0.12 Kering 894 436 0.13

65 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg Global Fund

Portfolio Statement Market Value % of Total As at 31 January 2021 Holding £’000 Net Assets

Pernod Ricard SA 2,661 371 0.11 Publicis 18,040 687 0.21 Sanofi 17,021 1,184 0.35 Schneider Electric 27,321 2,967 0.89 Sodexo 5,939 389 0.12 Vivendi 111,945 2,549 0.77

TOTAL FRANCE 10,552 3.17

GERMANY 1.98% (31/01/20: 1.55%) Allianz 17,098 2,844 0.86 Bechtle 3,462 539 0.16 Brenntag 7,730 447 0.13 Covestro 11,660 586 0.18 CTS Eventim 3,596 156 0.05 Deutsche Lufthansa 44,040 417 0.12 HOCHTIEF 5,419 371 0.11 SAP 13,048 1,230 0.37

TOTAL GERMANY 6,590 1.98

GUERNSEY 0.18% (31/01/20: 0.19%) Amdocs 11,400 598 0.18

TOTAL GUERNSEY 598 0.18

IRELAND 2.26% (31/01/20: 2.01%) Accenture 2,300 418 0.13 CRH 12,847 393 0.12 DCC 8,022 443 0.13 Johnson Controls International 61,700 2,216 0.67 Kingspan 14,479 729 0.22 Medtronic 16,800 1,404 0.42 Pentair 15,700 638 0.19 Perrigo 12,100 385 0.11 Seagate Technology 18,500 898 0.27

TOTAL IRELAND 7,524 2.26

ITALY 0.30% (31/01/20: 0.44%) Hera 119,398 306 0.09 Poste Italiane 94,307 678 0.21

TOTAL ITALY 984 0.30

66 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg Global Fund

Portfolio Statement Market Value % of Total As at 31 January 2021 Holding £’000 Net Assets

JAPAN 8.49% (31/01/20: 10.10%) ANA 25,600 400 0.12 Asahi Kasei 65,600 537 0.16 Astellas Pharma 80,500 953 0.29 FUJIFILM 9,600 404 0.12 Fujitsu 13,200 1,484 0.45 Hitachi 25,800 781 0.23 Honda Motor 72,100 1,401 0.42 Hulic 42,000 348 0.10 Idemitsu Kosan 11,300 195 0.06 ITOCHU 120,900 2,548 0.77 Japan Post Bank 140,000 890 0.27 Kajima 40,200 396 0.12 KDDI 67,000 1,447 0.44 MEIJI 5,900 296 0.09 Mitsubishi Electric 195,100 2,186 0.66 Mitsubishi UFJ Financial 666,400 2,200 0.66 NEC 12,400 496 0.15 Nippon Telegraph & Telephone 140,600 2,586 0.78 Nitto Denko 9,700 644 0.19 Nomura 291,100 1,128 0.34 Oriental Land 3,600 413 0.12 ORIX 115,700 1,363 0.41 Otsuka 19,000 596 0.18 Shionogi 18,000 718 0.22 Sompo 7,200 211 0.06 Sumitomo Chemical 195,000 675 0.20 Sumitomo Mitsui Financial 85,200 1,943 0.58 TDK 5,500 652 0.20 Teijin 25,000 336 0.10

TOTAL JAPAN 28,227 8.49

JERSEY 0.66% (31/01/20: 0.33%) Ferguson 16,494 1,421 0.43 Novocure 6,500 764 0.23

TOTAL JERSEY 2,185 0.66

LIBERIA 0.11% (31/01/20: 0.00%) Royal Caribbean Cruises 7,600 382 0.11

TOTAL LIBERIA 382 0.11

MALAYSIA 0.00% (31/01/20: 0.15%)

MEXICO 0.11% (31/01/20: 0.14%) Wal‐Mart de Mexico 167,900 365 0.11

TOTAL MEXICO 365 0.11

67 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg Global Fund

Portfolio Statement Market Value % of Total As at 31 January 2021 Holding £’000 Net Assets

NETHERLANDS 1.73% (31/01/20: 0.87%) Aegon 182,283 551 0.17 Akzo Nobel 15,540 1,169 0.35 ASM 3,595 683 0.21 ASML 4,454 1,764 0.53 Koninklijke Ahold Delhaize 27,406 574 0.17 Koninklijke Philips 15,940 637 0.19 Signify 10,200 362 0.11

TOTAL NETHERLANDS 5,740 1.73

NEW ZEALAND 0.17% (31/01/20: 0.18%) Fisher & Paykel Healthcare 30,652 554 0.17

TOTAL NEW ZEALAND 554 0.17

NORWAY 0.29% (31/01/20: 0.00%) Gjensidige Forsikring 23,522 398 0.12 Orkla 79,487 569 0.17

TOTAL NORWAY 967 0.29

PANAMA 0.12% (31/01/20: 0.00%) Carnival (Frankfurt Quoted) 26,600 383 0.12

TOTAL PANAMA 383 0.12

PAPUA NEW GUINEA 0.11% (31/01/20: 0.00%) Oil Search 162,666 352 0.11

TOTAL PAPUA NEW GUINEA 352 0.11

PHILIPPINES 0.21% (31/01/20: 0.09%) Globe Telecom 10,900 321 0.10 Manila Electric 94,820 375 0.11

TOTAL PHILIPPINES 696 0.21

POLAND 0.00% (31/01/20: 0.12%)

PUERTO RICO 0.00% (31/01/20: 0.15%)

RUSSIAN FEDERATION 0.00% (31/01/20: 0.65%)

SINGAPORE 0.28% (31/01/20: 1.48%) Flex 32,100 432 0.13 Singapore Exchange 93,000 504 0.15

TOTAL SINGAPORE 936 0.28

68 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg Global Fund

Portfolio Statement Market Value % of Total As at 31 January 2021 Holding £’000 Net Assets

SOUTH AFRICA 0.23% (31/01/20: 0.80%) AngloGold Ashanti 17,616 306 0.09 Impala Platinum 44,527 450 0.13 Investec 12,758 24 0.01

TOTAL SOUTH AFRICA 780 0.23

SOUTH KOREA 1.96% (31/01/20: 0.35%) GS 10,120 239 0.07 Hana Financial 23,810 507 0.15 KB Financial 14,365 377 0.11 Korea Gas 8,840 179 0.05 LG Electronics 10,756 1,072 0.32 LG Household & Health Care 745 756 0.23 POSCO 6,450 1,032 0.31 Samsung Electronics 24,896 1,330 0.40 SK Innovation 2,314 422 0.13 S‐Oil 8,067 359 0.11 Woori Financial 43,470 249 0.08

TOTAL SOUTH KOREA 6,522 1.96

SPAIN 1.06% (31/01/20: 0.81%) ACS Actividades de Construccion y Servicios 21,122 485 0.15 EDP Renovaveis 57,618 1,185 0.36 Iberdrola 110,421 1,107 0.33 Mapfre 105,000 142 0.04 Red Electrica 42,903 605 0.18

TOTAL SPAIN 3,524 1.06

SWEDEN 0.90% (31/01/20: 1.33%) Boliden 21,542 523 0.16 Electrolux 22,928 416 0.12 Husqvarna 43,048 398 0.12 Securitas 45,000 508 0.15 SKF 57,600 1,162 0.35

TOTAL SWEDEN 3,007 0.90

SWITZERLAND 1.10% (31/01/20: 2.61%) Adecco 14,420 663 0.20 Novartis 12,769 860 0.26 Roche 8,315 2,123 0.64

TOTAL SWITZERLAND 3,646 1.10

TAIWAN 3.18% (31/01/20: 1.18%) ASE Technology 339,000 812 0.24 Asustek Computer 61,000 454 0.14 Cathay Financial 1,023,000 1,061 0.32

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AXA Rosenberg Global Fund

Portfolio Statement Market Value % of Total As at 31 January 2021 Holding £’000 Net Assets

China Life Insurance 531,462 314 0.09 CTBC Financial 1,364,000 675 0.20 Fubon Financial 801,000 950 0.29 Hon Hai Precision Industry 351,000 1,019 0.31 Novatek Microelectronics 49,000 503 0.15 Pegatron 232,000 474 0.14 Pou Chen 417,000 304 0.09 Taiwan Semiconductor Manufacturing 261,000 4,016 1.21

TOTAL TAIWAN 10,582 3.18

THAILAND 0.11% (31/01/20: 0.37%) Siam Makro NVDR 394,400 363 0.11

TOTAL THAILAND 363 0.11

UNITED KINGDOM 3.63% (31/01/20: 2.92%) AstraZeneca 4,470 339 0.10 Aviva 323,298 1,089 0.33 Carnival (London Quoted) 31,009 374 0.11 Coca‐Cola European Partners 20,700 717 0.22 easyJet 33,329 244 0.07 GlaxoSmithKline 73,363 1,004 0.30 InterContinental Hotels 8,392 380 0.11 Legal & General 375,240 931 0.28 Rio Tinto (London Quoted) 31,794 1,799 0.54 Royal Dutch Shell 162,724 2,246 0.68 Tesco 149,730 361 0.11 Unilever (EUR) 36,313 1,549 0.47 Unilever (GBP) 15,487 661 0.20 Whitbread 12,838 360 0.11

TOTAL UNITED KINGDOM 12,054 3.63

UNITED STATES 53.17% (31/01/20: 53.04%) 3M 6,800 909 0.27 Abbott Laboratories 4,600 403 0.12 AbbVie 21,700 1,648 0.50 ABIOMED 1,600 414 0.12 Adobe 1,700 577 0.17 Advanced Micro Devices 26,500 1,691 0.51 AECOM 13,400 497 0.15 AGCO 4,800 393 0.12 Alaska Air 9,000 332 0.10 Alphabet 4,800 6,478 1.95 Amazon.com 3,594 8,482 2.55 Amedisys 2,100 440 0.13 American International 36,700 1,029 0.31 Ameriprise Financial 14,200 2,137 0.64 Amgen 2,000 361 0.11 Anthem 5,700 1,233 0.37

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AXA Rosenberg Global Fund

Portfolio Statement Market Value % of Total As at 31 January 2021 Holding £’000 Net Assets

Apache 13,400 146 0.04 Apple 129,600 12,947 3.90 Applied Materials 32,700 2,411 0.73 Aramark 15,100 392 0.12 Archer‐Daniels‐Midland 22,200 825 0.25 Arrow Electronics 6,500 479 0.14 Autodesk 8,600 1,781 0.54 Automatic Data Processing 11,200 1,360 0.41 Avantor 24,900 536 0.16 Bank of New York Mellon 58,300 1,728 0.52 Best Buy 17,500 1,432 0.43 BioMarin Pharmaceutical 13,100 794 0.24 Booz Allen Hamilton 9,800 682 0.21 BorgWarner 18,700 578 0.17 Boston Beer 900 607 0.18 Bristol Myers Squibb 600 27 0.01 CACI International 2,100 378 0.11 Cardinal Health 20,700 838 0.25 Churchill Downs 2,700 385 0.12 Cisco Systems 86,777 2,867 0.86 Citrix Systems 5,000 497 0.15 Clorox 2,000 305 0.09 Colgate‐Palmolive 25,100 1,447 0.44 ConocoPhillips 13,600 407 0.12 Copart 18,700 1,497 0.45 CVS Health 6,700 355 0.11 Danaher 2,400 399 0.12 Deckers Outdoor 2,100 444 0.13 Delta Air Lines 13,800 403 0.12 DENTSPLY SIRONA 17,700 714 0.21 Devon Energy 28,200 353 0.11 DocuSign 15,200 2,593 0.78 Dollar Tree 9,900 742 0.22 Dropbox 32,400 545 0.16 Eastman Chemical 11,800 858 0.26 Edison International 20,000 858 0.26 Eli Lilly 2,900 444 0.13 Entegris 7,000 517 0.16 EOG Resources 9,300 364 0.11 EPAM Systems 4,800 1,221 0.37 Equitable 42,400 787 0.24 Exelon 62,700 1,920 0.58 Facebook 17,300 3,340 1.01 Fair Isaac 1,600 571 0.17 First American Financial 9,400 366 0.11 First Solar 6,500 498 0.15 Ford Motor 104,300 814 0.24 Fortinet 12,800 1,386 0.42

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AXA Rosenberg Global Fund

Portfolio Statement Market Value % of Total As at 31 January 2021 Holding £’000 Net Assets

Franklin Resources 38,600 780 0.23 FTI Consulting 3,100 258 0.08 Gaming and Leisure Properties # 17,916 540 0.16 Generac 2,800 516 0.16 General Mills 32,300 1,397 0.42 General Motors 85,000 3,163 0.95 Gilead Sciences 25,500 1,202 0.36 Hartford Financial Services 25,000 893 0.27 Henry Schein 13,700 676 0.20 Hess 9,100 371 0.11 Hewlett Packard Enterprise 178,000 1,630 0.49 Hill‐Rom 5,600 406 0.12 Hilton Worldwide 5,100 387 0.12 Hologic 11,200 619 0.19 HP 66,400 1,203 0.36 Hyatt Hotels 3,300 165 0.05 IDEXX Laboratories 1,200 422 0.13 Ingredion 8,200 460 0.14 Insperity 3,300 194 0.06 Insulet 2,100 421 0.13 Iron Mountain # 30,200 735 0.22 JM Smucker 9,900 852 0.26 Johnson & Johnson 20,400 2,512 0.76 Kellogg 13,900 610 0.18 KeyCorp 39,500 498 0.15 Kraft Heinz 55,300 1,369 0.41 Kroger 33,000 851 0.26 Lamar Advertising # 6,600 402 0.12 Las Vegas Sands 10,300 369 0.11 Leidos 11,500 909 0.27 Lennar 13,800 848 0.26 Lincoln National 16,800 594 0.18 Live Nation Entertainment 7,700 388 0.12 Lowe's 5,300 666 0.20 LPL Financial 5,800 468 0.14 Lumen Technologies 52,600 456 0.14 Marathon Oil 28,000 154 0.05 Marathon Petroleum 12,600 411 0.12 Masco 21,100 846 0.25 Merck & Co 21,300 1,209 0.36 Mettler‐Toledo International 500 426 0.13 Microsoft 62,400 10,865 3.27 Molson Coors Beverage 17,400 659 0.20 Monolithic Power Systems 3,600 963 0.29 Moog 4,300 226 0.07 Netflix 2,100 824 0.25 NVIDIA 5,500 2,092 0.63 Old Dominion Freight Line 9,500 1,378 0.41 Omnicom 13,900 654 0.20 Oracle 78,400 3,498 1.05 Owens Corning 8,800 501 0.15

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AXA Rosenberg Global Fund

Portfolio Statement Market Value % of Total As at 31 January 2021 Holding £’000 Net Assets

Patterson 12,900 305 0.09 Paychex 10,000 649 0.20 Paylocity 4,000 559 0.17 PayPal 2,557 443 0.13 People's United Financial 41,000 415 0.12 PerkinElmer 5,500 580 0.17 Pfizer 17,300 452 0.14 Phillips 66 7,700 401 0.12 Principal Financial 16,600 635 0.19 Procter & Gamble 3,700 351 0.11 Progressive 41,000 2,645 0.80 Prudential Financial 15,100 893 0.27 PVH 5,200 336 0.10 Qorvo 9,400 1,162 0.35 Quest Diagnostics 9,700 875 0.26 Repligen 3,400 485 0.15 Sabra Health Care # 19,400 241 0.07 Sempra Energy 3,700 336 0.10 ServiceNow 7,100 2,869 0.86 Snap‐on 5,100 678 0.20 SVB Financial 1,900 625 0.19 T Rowe Price 6,600 780 0.23 Take‐Two Interactive Software 7,000 1,022 0.31 Target 6,300 843 0.25 TEGNA 28,800 331 0.10 Teledyne Technologies 1,400 375 0.11 Teradyne 10,000 874 0.26 Tesla 4,800 2,922 0.88 Thermo Fisher Scientific 3,800 1,376 0.41 TransUnion 5,500 359 0.11 Trex 9,000 603 0.18 UGI 14,700 390 0.12 Under Armour 30,500 396 0.12 UnitedHealth 5,800 1,429 0.43 Unum 19,100 338 0.10 Valero Energy 9,500 404 0.12 Verizon Communications 44,600 1,800 0.54 Vertex Pharmaceuticals 7,000 1,174 0.35 Viatris 55,881 700 0.21 VICI Properties # 49,500 933 0.28 Walt Disney 15,700 1,966 0.59 Waste Management 4,300 351 0.11 Western Union 76,700 1,282 0.39 Whirlpool 3,700 525 0.16 Williams 53,000 821 0.25 Williams‐Sonoma 5,600 546 0.16 WW Grainger 1,600 434 0.13 Wynn Resorts 5,200 386 0.12 Zimmer Biomet 8,000 915 0.28

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AXA Rosenberg Global Fund

Portfolio Statement Market Value % of Total As at 31 January 2021 Holding £’000 Net Assets

Zoom Video Communications 1,200 331 0.10 Zynga 52,200 374 0.11

TOTAL UNITED STATES 176,713 53.17

Portfolio of investments 329,694 99.19

Net other assets 2,684 0.81

Total net assets before fair value accounting adjustment 332,378 100.00

Portfolio of investments 329,694 99.19

Fair value accounting adjustment^ (4,797) ‐

Total Investments as shown in the balance sheet 324,897 99.19

Net other assets 2,684 0.81

Total net assets 327,581 100.00

All investments are ordinary shares unless otherwise stated. Stocks shown as ADR's represent American Depositary Receipts. Stocks shown as NVDR's represent Non‐Voting Depositary Receipts. # Real Estate Investment Trust. ^Fair value accounting adjustment representing the movement in the fair value of investments held between the last valuation point of the accounting period and close of business on the balance sheet date. Refer to Note 1.h) in the accounting policies for further information.

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AXA Rosenberg Global Fund

Comparative Tables As at 31 January 2021 R Accumulation Z Accumulation 31/01/2021 31/01/2020 31/01/2019 31/01/2021 31/01/2020 31/01/2019 Change in net assets per share (p) (p) (p) (p) (p) (p) Opening net asset value per share † 238.82 210.62 217.42 270.47 236.74 242.62 Return before operating charges ^ 18.30 31.76 (3.47) 20.94 35.78 (3.95) Operating charges ^ (3.53) (3.56) (3.33) (2.06) (2.05) (1.93) Return after operating charges ^ 14.77 28.20 (6.80) 18.88 33.73 (5.88) Distributions (1.36) (2.04) (1.66) (3.51) (4.24) (3.63) Retained distributions on accumulation 1.36 2.04 1.66 3.51 4.24 3.63 shares Closing net asset value per share † 253.59 238.82 210.62 289.35 270.47 236.74 *^ after direct transaction costs of: 0.21 0.27 0.16 0.24 0.30 0.18 Performance Return after operating charges 6.18% 13.39% ‐3.13% 6.98% 14.25% ‐2.42% Other information Closing net asset value (£) † 8,181,169 13,449,572 9,702,061 319,399,622 327,695,081 284,773,348 Closing number of shares 3,226,125 5,631,748 4,606,510 110,384,111 121,157,361 120,287,358 Operating charges ^ 1.54% 1.54% 1.55% 0.79% 0.79% 0.80% Direct transaction costs * 0.09% 0.12% 0.08% 0.09% 0.12% 0.08% Prices Highest share price # 264.80 246.60 232.90 302.10 279.20 261.00 Lowest share price # 183.30 213.00 195.90 207.80 239.40 220.10 † Valued at bid‐market prices. # High and low price disclosures are based on quoted share prices (Mid Market Price). Therefore the opening and closing NAV prices may fall outside the high / low price threshold. ^ Operating charges include indirect costs incurred in the maintenance and running of the Fund, as disclosed in the detailed expenses within the Statement of Total Return. * Direct transaction costs include fees, commissions, transfer taxes and duties in the purchasing and selling of investments, within the accounting year. The figures used within the table have been calculated against the average net asset value for the accounting year.

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AXA Rosenberg Global Fund Statement of Total Return For the year ended 31 January 2021

31/01/21 31/01/20 Note £'000 £'000 £'000 £'000 Income: Net capital gains 2 16,775 37,238 Revenue 3 7,624 8,863 Expenses 4 (2,506) (2,669) Interest payable and similar charges (34) (28)

Net revenue before taxation 5,084 6,166

Taxation 5 (907) (967)

Net revenue after taxation 4,177 5,199

Total return before distributions 20,952 42,437

Distributions 6 (4,177) (5,281)

Change in net assets attributable to Shareholders from investment activities 16,775 37,156

Statement of Change in Net Assets Attributable to Shareholders For the year ended 31 January 2021

31/01/21 31/01/20 £'000 £'000 £'000 £'000

Opening net assets attributable to Shareholders 341,145 294,475

Amounts receivable on issue of shares 7,076 53,149 Amounts payable on cancellation of shares (41,492) (48,894) (34,416) 4,255

Change in net assets attributable to Shareholders from investment activities (see above) 16,775 37,156

Retained distributions on accumulation shares 4,077 5,259

Closing net assets attributable to Shareholders 327,581 341,145

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AXA Rosenberg Global Fund Balance Sheet As at 31 January

31/01/21 31/01/20 Note £'000 £'000 Assets: Fixed assets: Investments 324,897 341,310

Current assets: Debtors 7 1,870 2,447 Cash and bank balances 8 4,031 249

Total assets 330,798 344,006

Liabilities: Creditors: Other creditors 9 (3,217) (2,861)

Total liabilities (3,217) (2,861)

Net assets attributable to Shareholders 327,581 341,145

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AXA Rosenberg Global Fund Notes to the Financial Statements For the year ended 31 January 2021

1. Accounting Basis And Policies The Fund's Financial Statements have been prepared on the basis detailed on pages 108 ‐ 111.

2. Net capital gains 31/01/21 31/01/20 £'000 £'000 The net capital gains comprise: Non‐derivative securities 17,106 37,614 Currency losses (210) (234) Forward currency contracts (105) (123) Transaction charges (16) (19) Net capital gains 16,775 37,238

3. Revenue 31/01/21 31/01/20 £'000 £'000 Bank interest 31 30 Offshore funds dividends 66 37 Overseas dividends 7,221 8,346 UK dividends 306 433 Property revenue from REITs ‐ 17 Total revenue 7,624 8,863

4. Expenses 31/01/21 31/01/20 Payable to the ACD, associates of the ACD, and agents £'000 £'000 of either of them Annual Management Charge 2,406 2,544 Registration fees 8 9 2,414 2,553 Payable to the Depositary, associates of the Depositary and agents of either of them Depositary's fees 52 53 Safe custody fees 30 33 82 86 Other expenses Audit fees 8 9 Printing fees 2 2 Issuance fee ‐ 19 10 30 Total expenses 2,506 2,669

Expenses include irrecoverable VAT where applicable.

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AXA Rosenberg Global Fund Notes to the Financial Statements For the year ended 31 January 2021

5. Taxation 31/01/21 31/01/20 £'000 £'000 (a) Analysis of the tax charge in the year

Irrecoverable overseas tax 907 967

31/01/21 31/01/20 £'000 £'000 Net revenue before taxation 5,084 6,166 Net revenue for the year multiplied by the standard rate of corporation tax 1,017 1,233 Effects of: Capital income subject to taxation ‐ 82 Irrecoverable overseas tax 907 967 Movement in excess management expenses 473 457 Non taxable UK dividends (61) (87) Overseas tax expensed (6) (14) Overseas dividends (1,423) (1,671) Current tax charge for the year 907 967

OEICs are exempt from tax on capital gains in the UK. Therefore, any capital return is not included within the reconciliation above.

(c) Deferred taxation: There is no provision required for deferred taxation at the balance sheet date in the current year or prior year.

(d) Factors that may affect future tax charges At the year end, after offset against revenue taxable on receipt, there is a potential deferred tax asset of £5,519,858 (2020: £5,047,113) in relation to surplus management expenses. It is unlikely that the Fund will generate sufficient taxable profits in the future to utilise this amount and therefore no deferred tax asset has been recognised in the year.

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AXA Rosenberg Global Fund Notes to the Financial Statements For the year ended 31 January 2021

6. Distributions

The distributions take account of revenue received on the creation of shares and revenue deducted on the cancellation of shares, and comprise:

31/01/21 31/01/20 £'000 £'000 Interim 2,691 3,669 Final 1,385 1,590 Add: Revenue paid on cancellation of shares 120 213 Deduct: Revenue received on creation of shares (19) (191) Net distribution for the year 4,177 5,281

Reconciliation of net revenue after taxation to distributions Net revenue after taxation 4,177 5,199 Tax relief from capital ‐ 82 Net distribution for the year 4,177 5,281

7. Debtors 31/01/21 31/01/20 £'000 £'000 Sales awaiting settlement 1,473 2,035 Accrued revenue 239 261 Overseas tax recoverable 158 151 Total debtors 1,870 2,447

8. Cash and bank balances 31/01/21 31/01/20 £'000 £'000 Cash and bank balances 4,031 249 Total cash and bank balances 4,031 249

9. Other creditors 31/01/21 31/01/20 £'000 £'000 Amounts payable for cancellation of shares 712 2,158 Purchases awaiting settlement 2,055 ‐ Accrued annual management charge 420 669 Accrued other expenses 30 34 Total other creditors 3,217 2,861

80 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg Global Fund Notes to the Financial Statements For the year ended 31 January 2021

10. Related party transactions The ACD is related to the Fund as defined by Financial Reporting Standard 102.33 ‘Related Party Disclosures’.

Annual management charge paid to the ACD and Registration fees are disclosed in Note 4 and amounts due at the year end are disclosed in Note 9.

The ACD and its associates (including other authorised investment Funds managed by the ACD) have no shareholdings in the Company at the year end.

As at 31 January 2021 material shareholders have holdings totalling 68.95% (31/01/2020: 91.69%) of the Fund's shares. Other than disclosed elsewhere in the financial statements, there were no material transactions between the Fund and related parties during the year.

During the current year AXA Rosenberg Global Fund sold off its holding in AXA (31/01/2020: 129,773 shares in AXA). The total purchase cost of these investments during the year was £nil (31/01/2020: £1,167,308), the total sales proceeds were £1,480,013 (31/01/2020: £2,695,851). As at 31 January 2021 total revenue earned amounts to £nil (31/01/2020: £155,775).

11. Share classes The reconciliation of the opening and closing numbers of shares of each class, along with the ACD’s annual management charges applicable to each class, is shown below:

Annual management charge rate (%) 31/01/20 Issued Cancelled Converted 31/01/21 R Accumulation 1.50 5,631,748 1,379,600 (3,622,610) (162,613) 3,226,125 Z Accumulation 0.75 121,157,361 1,528,762 (12,445,586) 143,574 110,384,111

12. Commitments, contingent liabilities and contingent assets There are no commitments, contingent liabilities and contingent assets as at the balance sheet date (2020: nil).

13. Derivatives and other financial instruments The main risks from the Fund's holding of financial instruments, together with the ACD’s policy for managing these risks, are outlined below.

Market price risk sensitivity A 5% increase in the value of the Fund’s portfolio would have the effect of increasing the return and net assets by £16,244,796 (2020: £17,065,500). A 5% decrease would have an equal and opposite effect.

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AXA Rosenberg Global Fund Notes to the Financial Statements For the year ended 31 January 2021

Foreign currency risk The table below shows the foreign currency risk profile at the balance sheet date:

Net foreign currency exposure 31/01/21 31/01/20 Currency £'000 £'000

Australian dollar 7,434 5,468 Brazilian real 2,067 993 Canadian dollar 15,507 20,832 Danish krone 1,657 1,190 Euro 34,374 27,514 Hong Kong dollar 14,340 17,720 Japanese yen 28,275 34,487 Malaysian ringgit ‐ 517 Mexican peso 348 486 New Israeli sheqel 1 2 New Taiwan dollar 10,596 4,045 New Zealand dollar 556 601 Norwegian krone 1,384 1 Philippine peso 696 312 Polish zloty 2 407 Singapore dollar 509 5,067 South African rand 774 2,746 South Korean won 6,575 1,197 Swedish krona 4,622 4,594 Swiss franc 3,595 8,921 Thailand baht 363 1,245 Turkish lira 1 1 US dollar 185,732 195,368 Total 319,408 333,714

Foreign exchange risk sensitivity Assuming all other factors remain stable, if GBP strengthens by 10% the resulting change in the net assets attributable to shareholders of the Fund would be a decrease of approximately £31,940,780 (2020: £33,371,383). A 10% weakening in GBP would have an equal but opposite effect.

Credit risk The Fund runs a very low credit risk in respect of unsettled investment transactions as these are normally settled as cash against delivery.

Transactions in securities may expose a fund to the risk that the counterparty will not settle the transaction or do so on a timely basis.

All transactions in the funds are conducted through counterparties approved by the ACD.

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AXA Rosenberg Global Fund Notes to the Financial Statements For the year ended 31 January 2021

14. Portfolio transaction costs

Net purchase Commissions Total cost paid Taxes purchase cost 31/01/2021 £'000 £'000 % £'000 % £'000 Analysis of purchases

Equities 385,658 66 0.02 111 0.03 385,835 Total 385,658 66 111 385,835

Net sale Commissions Total sale proceeds paid Taxes proceeds 31/01/2021 £'000 £'000 % £'000 % £'000 Analysis of sales

Collective Investment Schemes 3,061 (1) (0.03) ‐‐3,060 Equities 416,485 (71) (0.02) (43) (0.01) 416,371 Total 419,546 (72) (43) 419,431

Net purchase Commissions Total cost paid Taxes purchase cost 31/01/2020 £'000 £'000 % £'000 % £'000 Analysis of purchases

Equities 414,502 87 0.02 149 0.04 414,738 Total 414,502 87 149 414,738

Net sale Commissions Total sale proceeds paid Taxes proceeds 31/01/2020 £'000 £'000 % £'000 % £'000 Analysis of sales

Collective Investment Schemes 10,037 ‐‐‐‐10,037 Equities 394,582 (81) (0.02) (67) (0.02) 394,434 Total 404,619 (81) (67) 404,471

31/01/21 31/01/20 Transaction costs as percentage of average net asset value % % Commissions 0.04 0.05 Taxes 0.05 0.07

At the balance sheet date the average portfolio dealing spread was 0.11% (2020: 0.09%).

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AXA Rosenberg Global Fund Notes to the Financial Statements For the year ended 31 January 2021

15. Post balance sheet events

Share class Price per share as at 31.01.21* Price per share as at 20.05.21 Movement (%)

Share class R Accumulation 257.50 271.40 5.40 Share class Z Accumulation 293.80 310.40 5.65

*Prices disclosed are based on quoted share prices and will therefore differ to net asset value per share shown in the comparative tables which are valued at bid-market prices.

16. Fair value disclosure 31/01/21 31/01/20 Assets Liabilities Assets Liabilities Valuation technique £'000 £'000 £'000 £'000

Level 1 ^ 324,897 ‐ 341,310 ‐ Level 2 ^^ ‐ ‐ ‐ ‐ Level 3 ^^^ ‐ ‐ ‐ ‐ 324,897 ‐341,310 ‐

The fair value of the Fund's investments has been determined using the hierarchy above.

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AXA Rosenberg Global Fund Distribution Tables As at 31 January 2021 Interim Distribution in pence per share Group 1 Shares purchased prior to 1 February 2020 Group 2 Shares purchased on or after 1 February 2020 to 31 July 2020

Distribution Distribution Net paid paid revenue Equalisation 30/09/20 30/09/19 (p) (p) (p) (p) Share Class R Accumulation Group 1 1.172 ‐ 1.172 1.767 Group 2 0.576 0.596 1.172 1.767

Share Class Z Accumulation Group 1 2.265 ‐ 2.265 2.942 Group 2 1.215 1.050 2.265 2.942

Final Distribution in pence per share Group 1 Shares purchased prior to 1 August 2020 Group 2 Shares purchased on or after 1 August 2020 to 31 January 2021

Distribution Distribution Net payable paid revenue Equalisation 31/03/21 31/03/20 (p) (p) (p) (p) Share Class R Accumulation Group 1 0.190 ‐ 0.190 0.271 Group 2 ‐ 0.190 0.190 0.271

Share Class Z Accumulation Group 1 1.250 ‐ 1.250 1.300 Group 2 0.447 0.803 1.250 1.300

85 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg Japan Fund Investment Manager's Report For the year ended 31 January 2021

Investment Objective The aim of this Fund is to provide medium to long‐term capital growth with a return (net of fees) greater than the TOPIX Index (the “Index”) on a rolling three to five year basis. The return of the Index is subject to the performance of the relevant stock market and therefore the Fund may not provide capital growth in all market conditions.

Investment Policy The TOPIX Index is designed to measure the performance of the shares of larger companies listed on the Tokyo Stock Exchange.

The Fund is actively managed. The Fund invests in a diversified portfolio of shares of large and medium sized companies in all industry sectors which are listed on Japanese stock exchanges. The Manager uses a proprietary stock selection model to identify companies that it believes to be attractive, relative to their industry peers, based on the model's analysis of their financial data. In constructing the Fund's portfolio, the Manager references the index which means that, while the Manager has discretion to select the investments for the Fund, the Fund's divergence from the index is controlled.

Risk and Reward Profile As at 31 January 2021

The Fund invests in companies servicing the Japanese economy and also companies that benefit from the big export markets in the USA, Europe and the rest of the world. As the Fund invests in overseas securities it may hold currencies other than sterling. As a result, exchange rate movements may cause the value of investments to fall or rise. As the Fund is wholly invested in only one geographic sector, any fall in value of this sector may have a more pronounced effect on the Funds value than a Fund that is invested in multiple geographic sectors. The value of investments and the revenue from them is not guaranteed and can go down as well as up.

Lower Risk Higher Risk

Potentially lower reward Potentially higher reward

12345 6 7

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AXA Rosenberg Japan Fund Investment Manager's Report For the year ended 31 January 2021

Internal investment guidelines are set, if necessary, to ensure equity risk is maintained within a range deemed suitable based on the individual fund’s investment objectives and investment policy. • Industry sector or region risk ‐ the Fund may invest in a portfolio of shares which is focused towards one particular market sector or geographic region. This focus may result in higher risk when compared to a fund that has spread or diversified investments more broadly. Some sectors and regions can experience rapid and extreme price movements when compared with movements in securities markets generally. Investors should note that Funds with a specific focus should be considered for investment as part of a wider diversified portfolio. Internal investment guidelines seek to ensure suitable levels of diversification based on the individual fund’s investment objectives and investment policy. • Currency risk ‐ assets of the Fund (including cash), and any income paid on those assets, may be denominated in a currency other than the base currency of the Fund. Changes in the exchange rate between the base currency and the currency of an asset may cause he value of the asset/income (expressed in the base currency) to fall as well as rise even if there is no change of the value of such assets in its local currency. This may also cause additional volatility in the Fund’s Price. It may not be possible or practicable to hedge against such exchange rate risk. Internal investment guidelines are set, if necessary, to ensure currency risk is maintained within a range deemed suitable based on the individual fund’s investment objectives and investment policy. • Political economic, convertibility and regulatory risk ‐ some geographical areas in which the Fund may invest (including but not limited to Asia, the Eurozone and the US) may be affected by economic or political events or measures, changes in government policies, laws or tax regulations, currency convertibility, or by currency redenomination, restrictions on foreign investments, and more generally by economic and financial difficulties. In such contexts, volatility, liquidity, credit and currency risks may increase and adversely impact the Net Asset Value of the Fund.

Investment limitations The Stock Connect program is subject to quota limitations applying across all participants and utilised on a first‐come‐first‐ served basis. Once the quota is exceeded, buy orders will be rejected although sell orders would not be impacted. Such quota limitations may restrict a Fund’s ability to invest in China A shares through the Stock Connect program on a timely basis, and the Fund may not be able to effectively pursue its investment strategy.

In addition a particular stock may be recalled from the scope of eligible stocks for trading via the Stock Connect program and in such a case a Fund would not be able to buy that stock (although it could sell it). This may affect the ability of the Fund to implement its investment strategy.

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AXA Rosenberg Japan Fund Investment Manager's Report For the year ended 31 January 2021

Each of the stock exchanges participating in the Stock Connect program reserves the right to suspend trading if necessary for ensuring an orderly and fair market and that risks are managed prudently. Consent from the relevant regulator would be sought before a suspension is triggered. A suspension could adversely affect a Fund’s ability to access the mainland China stock markets. The Stock Connect program only operates on days when both the Chinese and Hong Kong markets are open for trading and when banks in both markets are open on the corresponding settlement days. As a result there may be occasions when it is a normal trading day for the mainland China market but a Fund cannot trade China A Shares via the Stock Connect program as that day is not a trading day in Hong Kong. The Fund would be subject to a risk of price fluctuations in China A Shares for the period it cannot trade via the Stock Connect program.

Such risks are mitigated by the low proportion of the Fund which is typically invested via the Hong Kong Stock Connect.

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AXA Rosenberg Japan Fund Investment Manager's Report For the year ended 31 January 2021

• Investment model risk ‐ in seeking to achieve the Funds’ investment objectives, the ACD and the Sub‐Investment Managers use recommendations generated by proprietary quantitative analytical models owned and operated by the AXA IM Group. Quantitative modelling is a very complex process involving hundreds of thousands of data points and settings encoded in computer software, and the ACD and its affiliates review these codes and the various components to the models with a view to ensuring that they are appropriately adapted and calibrated to reflect the ACD’s and the Sub‐Investment Managers’ views as to the potential implications of evolving external events and factors, including constantly changing economic, financial market and other conditions. This process involves the exercise of judgments and a number of inherent uncertainties. The ACD’s and Sub‐ Investment Managers’ views, including those related to the optimal configuration, calibration and adaptation of the models, may change over time depending on evolving circumstances, on information that becomes available to the ACD and its affiliates and on other factors. While the ACD attempts to ensure that the models are appropriately developed, operated and implemented on a continuing basis, sub‐optimal calibrations of the models and similar issues may arise from time to time, and neither the ACD nor any of its affiliates can guarantee that the models are in an optimal state of calibration and configuration at all times. Further, inadvertent human errors, trading errors, software development and implementation errors, and other types of errors are an inherent risk in complex quantitative investment management processes of the type that the ACD employs. While the ACD’s policy is to promptly address any such errors when identified, there can be no guarantee that the overall investment process will be without error or that it will produce the desired results. There can be no guarantee that the ACD or the Sub‐Investment Managers will be able to implement their quantitative strategies on an ongoing basis. The ACD and the sub Investment Managers have established systematic rules, reviews and processes for monitoring client portfolios to assure that they are managed in a manner consistent with their investment objectives. Other risks which could have an impact in extreme market conditions include: • Liquidity risk ‐ under certain market conditions, it may be difficult to buy or sell investments for the Fund. For example, smaller company shares may trade infrequently and in small volumes and corporate and emerging market bonds may be affected by the demand in the market for such securities carrying credit risk, particularly in times of significant market stress. As a result, it may not be possible to buy or sell such investments at a preferred time, close to the last market price quoted or in the volume desired. The Manager may be forced to buy or sell such investments as a consequence of shareholders buying or selling shares in the Fund. Depending on market conditions at the time, this could lead to a significant drop in the Fund’s value.

Investment Review Despite the global coronavirus pandemic that led to societal lockdowns, Japanese equities shrugged off concerns and posted gains over the period to 31 January 2021. Supportive fiscal and monetary stimulus efforts and central banks efforts to cushion the economic impact of the virus provided support to markets. However, bouts of new infections globally over the period and Prime Minister Shinzo Abe’s sudden departure after citing health concerns dampened sentiment. Against this backdrop the benchmark TOPIX Index posted a gain of 8.9% in sterling terms.

The Fund underperformed its benchmark index, net of fees and expenses applicable to the Z share class. The strategy’s focus on holding attractively valued companies and higher dividend yielding stocks proved detrimental over the review period. The impact of the coronavirus pandemic led many companies to cut their dividend pay-outs, leading to them falling out of favour with investors. Additionally, the diversification away from the largest benchmark names also detracted from relative performance as market leadership was concentrated in the very largest stocks.

89 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg Japan Fund Investment Manager's Report For the year ended 31 January 2021

Active industry exposures worked in the Fund’s favour over the year, particularly the underweight exposure to those areas badly affected by the coronavirus such as aircraft and transport. Also beneficial was the overweight to telecoms-related industries, which outperformed the broader market. The top stock pick came from within communication services sector, and an above- benchmark position in the mobile provider NTT DoCoMo proved most helpful here.

Stock selection in aggregate detracted from relative returns, particularly within the healthcare sector. Traditional healthcare stocks outperformed over the height of the coronavirus pandemic, but returns waned as a degree of profit-taking emerged and investors shifted into higher-risk parts of the market. Holding overweight positions in pharmaceutical stocks Shionogi and Sawai Pharmaceuticals featured among the largest detractors accordingly. The largest individual detractor, however, came from the underweight to Nidec, a key supplier to electric vehicle makers. The company saw its share price rise over the period, driven by strong investor appetite for battery powered cars.

All performance data source: AXA Investment Managers and Morningstar. Past performance is not a guide for future performance.

Major Purchases Cost (£'000) Major Sales Proceeds (£'000)

● Inpex 1,182 ● NTT DOCOMO 2,542 ● NTT DOCOMO 1,062 ● Inpex 1,630 ● Panasonic 1,051 ● Central Japan Railway 1,399 ● SMC 1,017 ● KDDI 1,315 ● Mizuho Financial 925 ● MS&AD Insurance 1,076

Rosenberg Equities 31 January 2021

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AXA Rosenberg Japan Fund

Portfolio Statement Market Value % of Total As at 31 January 2021 Holding £’000 Net Assets

BASIC MATERIALS 6.05% (31/01/20: 6.01%) Chemicals 5.67% (31/01/20: 5.77%) Asahi Kasei 70,100 574 0.96 C Uyemura 1,400 75 0.13 Daicel 60,100 336 0.56 Denka 10,000 280 0.47 Hokko Chemical Industry 2,600 21 0.03 Mitsui Chemicals 3,000 63 0.11 Nissan Chemical 1,500 63 0.11 Nitto Denko 12,300 816 1.36 Parker 7,200 24 0.04 Shin‐Etsu Chemical 3,400 434 0.72 Soken Chemical & Engineering 3,100 41 0.07 Sumitomo Chemical 193,000 668 1.11

Industrial Materials 0.00% (31/01/20: 0.06%*)

Industrial Metals & Mining 0.38% (31/01/20: 0.18%) Kyoei Steel 16,400 155 0.26 Sumitomo Metal Mining 1,000 32 0.05 Tokyo Tekko 2,900 41 0.07

TOTAL BASIC MATERIALS 3,623 6.05

CONSUMER DISCRETIONARY 22.57% (31/01/20: 21.90%*) Automobiles & Parts 6.00% (31/01/20: 6.70%) Aisin Seiki 13,500 304 0.51 Exedy 17,000 187 0.31 Honda Motor 55,900 1,086 1.81 IJTT 8,500 29 0.05 Riken 4,300 62 0.10 Toyo Tire 8,300 93 0.16 Toyota Motor 29,900 1,535 2.56 TS Tech 14,200 301 0.50 Yellow Hat 100 1 ‐

Consumer Services 0.00% (31/01/20: 0.29%*)

Household Goods & Home Construction 2.08% (31/01/20: 1.87%*) Cleanup 16,400 53 0.09 Daiwa House Industry 12,700 265 0.44 Fujitsu General 18,000 329 0.55 Iwasaki Electric 4,000 39 0.06 Janome Sewing Machine 2,000 11 0.02 Makita 2,200 77 0.13 Sumitomo Forestry 33,100 472 0.79

Leisure Goods 8.56% (31/01/20: 4.73%) Akatsuki 5,200 174 0.29 Capcom 8,200 380 0.63 GLOBERIDE 5,000 147 0.24

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Portfolio Statement Market Value % of Total As at 31 January 2021 Holding £’000 Net Assets

Gumi 11,400 70 0.12 GungHo Online Entertainment 15,900 292 0.49 Nintendo 3,500 1,491 2.49 Panasonic 39,000 370 0.62 Sony 28,997 2,040 3.40 Tomy 26,600 168 0.28

Media 0.26% (31/01/20: 1.03%*) CMC 1,300 22 0.04 ValueCommerce 6,400 132 0.22

Personal Goods 0.30% (31/01/20: 0.99%*) Artnature 1,200 6 0.01 Goldwin 3,900 173 0.29

Retailers 4.32% (31/01/20: 4.53%*) Adastria 14,500 195 0.33 Arcland Sakamoto 9,500 99 0.17 Belluna 33,900 274 0.46 Eco's 6,600 87 0.14 EDION 34,700 250 0.42 Honeys 15,700 108 0.18 Izumi 12,000 317 0.53 Joshin Denki 7,500 144 0.24 Kohnan Shoji 8,500 171 0.29 Makiya 2,000 15 0.02 MonotaRO 2,300 85 0.14 New Art 4,400 27 0.04 Nissan Tokyo Sales 22,300 40 0.07 Nojima 14,100 265 0.44 Scroll 19,200 111 0.18 Seven & i 3,200 89 0.15 Yamada 82,900 310 0.52

Travel & Leisure 1.05% (31/01/20: 1.76%*) ANA 9,900 155 0.26 Oriental Land 3,800 436 0.73 Shin‐Keisei Electric Railway 2,300 35 0.06

TOTAL CONSUMER DISCRETIONARY 13,522 22.57

CONSUMER STAPLES 3.32% (31/01/20: 3.01%*) Beverages 0.94% (31/01/20: 0.00%) DyDo 400 15 0.03 Kirin 34,700 548 0.91

Food Producers 0.07% (31/01/20: 0.11%) Ebara Foods Industry 1,200 21 0.04 S&B Foods 600 20 0.03

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Portfolio Statement Market Value % of Total As at 31 January 2021 Holding £’000 Net Assets

Personal Care, Drug & Grocery 2.31% (31/01/20: 2.90%*) Heiwado 15,500 236 0.40 Matsumotokiyoshi 1,100 32 0.05 Mitsubishi Pencil 2,400 22 0.04 Sugi 8,200 397 0.66 Sundrug 14,800 432 0.72 Tenmaya Store 100 1 ‐ Welcia 6,800 170 0.28 Yamaya 4,700 71 0.12 Yuasa Funashoku 1,100 23 0.04

TOTAL CONSUMER STAPLES 1,988 3.32

ENERGY 0.22% (31/01/20: 1.28%*) Oil, Gas & Coal 0.22% (31/01/20: 1.28%*) Idemitsu Kosan 5,600 96 0.16 Mitsui Matsushima 6,800 37 0.06

TOTAL ENERGY 133 0.22

FINANCIALS 6.47% (31/01/20: 10.74%*) Banks 3.64% (31/01/20: 3.82%) Japan Post Bank 60,500 384 0.64 Mitsubishi UFJ Financial 395,500 1,306 2.18 Sumitomo Mitsui Financial 21,700 495 0.82

Finance & Credit Services 1.15% (31/01/20: 1.91%*) AEON Financial Service 29,800 263 0.44 ORIX 36,000 424 0.71

Investment Banking & Brokerage 0.92% (31/01/20: 1.44%*) Nomura 142,200 551 0.92

Life Insurance 0.00% (31/01/20: 1.44%)

Non‐Life Insurance 0.76% (31/01/20: 2.13%) MS&AD Insurance 2,500 53 0.09 Sompo 13,700 401 0.67

TOTAL FINANCIALS 3,877 6.47

HEALTH CARE 13.97% (31/01/20: 11.63%*) Health Care Providers 0.64% (31/01/20: 0.25%*) M3 5,300 328 0.55 Medical System Network 14,000 55 0.09

Medical Equipment & Services 2.01% (31/01/20: 1.79%*) A&D 9,600 79 0.13 Fukuda Denshi 4,900 272 0.45 Hoya 8,200 772 1.29 JMS 8,300 55 0.09

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Portfolio Statement Market Value % of Total As at 31 January 2021 Holding £’000 Net Assets

Seed 700 3 0.01 Techno Medica 2,300 25 0.04

Pharmaceuticals & Biotechnology 11.32% (31/01/20: 9.59%) Astellas Pharma 80,200 949 1.58 Biofermin Pharmaceutical 300 5 0.01 Chugai Pharmaceutical 25,200 967 1.61 Daiichi Sankyo 12,900 305 0.51 Eisai 3,600 193 0.32 Kaken Pharmaceutical 1,400 40 0.07 Kyowa Kirin 3,000 65 0.11 Ono Pharmaceutical 34,900 766 1.28 Otsuka 25,300 794 1.32 Rohto Pharmaceutical 11,600 250 0.42 Sawai Pharmaceutical 7,800 262 0.44 Shionogi 19,400 773 1.29 Sumitomo Dainippon Pharma 47,800 571 0.95 Taiko Pharmaceutical 14,800 166 0.28 Takara Bio 8,600 175 0.29 Takeda Pharmaceutical 11,000 286 0.48 Towa Pharmaceutical 14,700 216 0.36

TOTAL HEALTH CARE 8,372 13.97

INDUSTRIALS 24.65% (31/01/20: 16.54%*) Construction & Materials 2.95% (31/01/20: 3.27%*) Asia Pile 10,400 35 0.06 Dai‐Dan 3,200 64 0.11 Daikin Industries 4,100 636 1.06 Haseko 40,700 353 0.59 Komatsu Wall Industry 3,200 39 0.06 KVK 100 1 ‐ Miyaji Engineering 4,300 75 0.13 Nakano 13,000 36 0.06 NJS 4,200 59 0.10 Sanwa 35,000 293 0.49 Tanseisha 13,100 67 0.11 Yumeshin 21,400 107 0.18

Electronic & Electrical Equipment 4.62% (31/01/20: 1.46%*) Hitachi 20,500 621 1.04 Keyence 2,600 1,027 1.71 Mabuchi Motor 6,300 191 0.32 Meidensha 15,200 260 0.43 MINEBEA MITSUMI 29,900 487 0.81 Miura 2,700 113 0.19 SEC Carbon 1,000 48 0.08 Takaoka Toko 2,100 22 0.04

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Portfolio Statement Market Value % of Total As at 31 January 2021 Holding £’000 Net Assets

General Industrials 5.94% (31/01/20: 4.73%) IHI 17,700 227 0.38 ITOCHU 54,800 1,155 1.93 Kanematsu 18,800 174 0.29 Mitsubishi 14,500 270 0.45 Mitsubishi Electric 86,700 971 1.62 Noritsu Koki 4,700 70 0.12 Toyota Tsusho 24,000 689 1.15

Industrial Engineering 7.06% (31/01/20: 1.43%*) Amada 51,200 423 0.71 Daifuku 1,200 101 0.17 Disco 1,600 383 0.64 Ebara 14,600 369 0.62 FANUC 3,700 712 1.19 Fuji 17,300 333 0.56 Kubota 15,800 255 0.42 Maezawa Industries 5,400 21 0.03 Seibu Electric & Machinery 1,300 11 0.02 SMC 2,300 1,025 1.71 Sumitomo Heavy Industries 20,500 418 0.70 Tsubakimoto Chain 1,400 27 0.04 Tsukishima Kikai 3,800 36 0.06 YAMABIKO 12,800 115 0.19

Industrial Support Services 2.83% (31/01/20: 1.69%*) Ajis 2,600 71 0.12 Altech 4,800 70 0.12 Benefit One 7,800 162 0.27 BeNEXT 10,800 94 0.16 Creek & River 6,300 51 0.08 Doshisha 6,200 81 0.14 en‐japan 11,700 247 0.41 JAC Recruitment 13,400 175 0.29 Japan Creative Platform 400 1 ‐ Pasona 13,500 179 0.30 Quick 8,300 66 0.11 Recruit 8,900 284 0.47 Sanix 9,200 21 0.04 SMS 7,100 194 0.32

Industrial Transportation 1.25% (31/01/20: 3.96%*) Hamakyorex 3,300 71 0.12 Isuzu Motors 31,300 220 0.37 Mitsui‐Soko 7,600 119 0.20 Sankyu 1,800 50 0.08 Senko 28,500 194 0.32 SG 5,100 97 0.16

TOTAL INDUSTRIALS 14,766 24.65

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Portfolio Statement Market Value % of Total As at 31 January 2021 Holding £’000 Net Assets

REAL ESTATE 1.29% (31/01/20: 6.18%*) Real Estate Investment & Services 1.04% (31/01/20: 5.89%) Daito Trust Construction 7,400 567 0.95 Hulic 3,200 26 0.04 Nisshin 2,800 8 0.01 Open House 700 21 0.04

Real Estate Investment Trusts 0.25% (31/01/20: 0.29%) Japan Retail Fund Investment 109 151 0.25

TOTAL REAL ESTATE 773 1.29

TECHNOLOGY 14.41% (31/01/20: 13.08%*) Software & Computer Services 2.22% (31/01/20: 3.18%*) DTS 13,500 211 0.35 Imagineer 8,400 74 0.12 JFE Systems 2,000 45 0.08 Nihon Unisys 6,300 176 0.30 Nomura Research Institute 18,600 463 0.77 NTT Data 15,400 162 0.27 Oki Electric Industry 25,900 199 0.33

Technology Hardware & Equipment 12.19% (31/01/20: 9.90%*) Advantest 10,700 623 1.04 Brother Industries 35,800 585 0.98 Canon 5,100 82 0.14 FUJIFILM 5,400 227 0.38 Fujitsu 8,400 945 1.58 Murata Manufacturing 18,100 1,279 2.13 Nidec 3,600 351 0.59 Rohm 2,200 164 0.27 Shibaura Mechatronics 2,200 82 0.14 Shinko Electric Industries 12,400 229 0.38 SUMCO 11,600 180 0.30 Taiyo Yuden 1,800 78 0.13 TDK 6,500 771 1.29 Tokyo Electron 4,300 1,201 2.00 Tokyo Ohka Kogyo 2,700 134 0.22 Tokyo Seimitsu 5,000 170 0.28 Tsuzuki Denki 6,700 77 0.13 Yamaichi Electronics 11,000 128 0.21

TOTAL TECHNOLOGY 8,636 14.41

TELECOMMUNICATIONS 5.39% (31/01/20: 8.40%*) Telecommunications Equipment 0.56% (31/01/20: 0.09%*) Anritsu 18,500 336 0.56

Telecommunications Service Providers 4.83% (31/01/20: 8.31%*) KDDI 4,000 86 0.14 Nippon Telegraph & Telephone 61,100 1,124 1.88

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Portfolio Statement Market Value % of Total As at 31 January 2021 Holding £’000 Net Assets

SoftBank 19,300 187 0.31 SoftBank Group 26,200 1,494 2.50

TOTAL TELECOMMUNICATIONS 3,227 5.39

UTILITIES 0.17% (31/01/20: 0.49%) Electricity 0.00% (31/01/20: 0.31%)

Gas, Water & Multiutilities 0.17% (31/01/20: 0.18%) Hokkaido Gas 1,100 12 0.02 Sala 10,800 43 0.07 Tokyo Gas 2,800 45 0.08

TOTAL UTILITIES 100 0.17

Portfolio of investments 59,017 98.51

Net other assets 891 1.49

Total net assets 59,908 100.00

97 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg Japan Fund

Comparative Tables As at 31 January 2021 R Accumulation Z Accumulation 31/01/2021 31/01/2020 31/01/2019 31/01/2021 31/01/2020 31/01/2019 Change in net assets per share (p) (p) (p) (p) (p) (p) Opening net asset value per share † 145.32 134.93 149.58 164.41 151.52 166.74 Return before operating charges ^ 8.55 12.63 (12.37) 9.78 14.22 (13.88) Operating charges ^ (2.21) (2.24) (2.28) (1.32) (1.33) (1.34) Return after operating charges ^ 6.34 10.39 (14.65) 8.46 12.89 (15.22) Distributions (1.37) (1.53) (0.87) (2.74) (2.92) (2.35) Retained distributions on accumulation 1.37 1.53 0.87 2.74 2.92 2.35 shares Closing net asset value per share † 151.66 145.32 134.93 172.87 164.41 151.52 *^ after direct transaction costs of: 0.10 0.09 0.12 0.11 0.10 0.13 Performance Return after operating charges 4.36% 7.70% ‐9.79% 5.15% 8.51% ‐9.13% Other information Closing net asset value (£) † 440,085 431,057 492,371 59,468,129 58,568,907 61,466,383 Closing number of shares 290,180 296,630 364,917 34,400,274 35,623,142 40,567,704 Operating charges ^ 1.58% 1.58% 1.58% 0.83% 0.83% 0.83% Direct transaction costs * 0.07% 0.07% 0.08% 0.07% 0.07% 0.08% Prices Highest share price # 157.10 150.60 154.40 179.00 170.20 172.50 Lowest share price # 111.90 129.80 126.30 126.70 145.90 141.70 † Valued at bid‐market prices. # High and low price disclosures are based on quoted share prices (Mid Market Price). Therefore the opening and closing NAV prices may fall outside the high / low price threshold. ^ Operating charges include indirect costs incurred in the maintenance and running of the Fund, as disclosed in the detailed expenses within the Statement of Total Return. * Direct transaction costs include fees, commissions, transfer taxes and duties in the purchasing and selling of investments, within the accounting year. The figures used within the table have been calculated against the average net asset value for the accounting year.

98 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg Japan Fund Statement of Total Return For the year ended 31 January 2021

31/01/21 31/01/20 Note £'000 £'000 £'000 £'000 Income: Net capital gains 2 1,898 3,929 Revenue 3 1,583 1,795 Expenses 4 (454) (498) Interest payable and similar charges (7) (5)

Net revenue before taxation 1,122 1,292

Taxation 5 (159) (178)

Net revenue after taxation 963 1,114

Total return before distributions 2,861 5,043

Distributions 6 (963) (1,114)

Change in net assets attributable to Shareholders from investment activities 1,898 3,929

Statement of Change in Net Assets Attributable to Shareholders For the year ended 31 January 2021

31/01/21 31/01/20 £'000 £'000 £'000 £'000

Opening net assets attributable to Shareholders 59,000 61,959

Amounts receivable on issue of shares 4,017 3,189 Amounts payable on cancellation of shares (5,970) (11,169) (1,953) (7,980)

Change in net assets attributable to Shareholders from investment activities (see above) 1,898 3,929

Retained distributions on accumulation shares 963 1,092

Closing net assets attributable to Shareholders 59,908 59,000

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AXA Rosenberg Japan Fund Balance Sheet As at 31 January

31/01/21 31/01/20 Note £'000 £'000 Assets: Fixed assets: Investments 59,017 58,563

Current assets: Debtors 7 795 104 Cash and bank balances 8 274 633

Total assets 60,086 59,300

Liabilities: Creditors: Other creditors 9 (178) (300)

Total liabilities (178) (300)

Net assets attributable to Shareholders 59,908 59,000

100 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg Japan Fund Notes to the Financial Statements For the year ended 31 January 2021

1. Accounting Basis And Policies The Fund's Financial Statements have been prepared on the basis detailed on pages 108 ‐ 111.

2. Net capital gains 31/01/21 31/01/20 £'000 £'000 The net capital gains comprise: Non‐derivative securities 1,875 4,007 Currency gains/(losses) 36 (67) Transaction charges (13) (11) Net capital gains 1,898 3,929

3. Revenue 31/01/21 31/01/20 £'000 £'000 Bank interest 6 4 Overseas dividends 1,577 1,791 Total revenue 1,583 1,795

4. Expenses 31/01/21 31/01/20 Payable to the ACD, associates of the ACD, and agents £'000 £'000 of either of them Annual Management Charge 420 459 Registration fees 2 2 422 461 Payable to the Depositary, associates of the Depositary and agents of either of them Depositary's fees 18 19 Safe custody fees 5 5 23 24 Other expenses Audit fees 8 9 Printing fees 1 4 9 13 Total expenses 454 498

Expenses include irrecoverable VAT where applicable.

101 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg Japan Fund Notes to the Financial Statements For the year ended 31 January 2021

5. Taxation 31/01/21 31/01/20 £'000 £'000 (a) Analysis of the tax charge in the year

Irrecoverable overseas tax 159 178

31/01/21 31/01/20 £'000 £'000 Net revenue before taxation 1,122 1,292 Net revenue for the year multiplied by the standard rate of corporation tax 224 258 Effects of: Irrecoverable overseas tax 159 178 Movement in excess management expenses 89 91 Overseas tax expensed ‐ (1) Overseas dividends (313) (348) Current tax charge for the year 159 178

OEICs are exempt from tax on capital gains in the UK. Therefore, any capital return is not included within the reconciliation above.

(c) Deferred taxation: There is no provision required for deferred taxation at the balance sheet date in the current year or prior year.

(d) Factors that may affect future tax charges At the year end, after offset against revenue taxable on receipt, there is a potential deferred tax asset of £2,473,377 (2020: £2,384,611) in relation to surplus management expenses. It is unlikely that the Fund will generate sufficient taxable profits in the future to utilise this amount and therefore no deferred tax asset has been recognised in the year.

6. Distributions

The distributions take account of revenue received on the creation of shares and revenue deducted on the cancellation of shares, and comprise:

31/01/21 31/01/20 £'000 £'000 Interim 516 644 Final 447 448 Add: Revenue paid on cancellation of shares 31 46 Deduct: Revenue received on creation of shares (31) (24) Net distribution for the year 963 1,114

102 AXA Rosenberg Global Investment Company ICVC

AXA Rosenberg Japan Fund Notes to the Financial Statements For the year ended 31 January 2021 31/01/21 31/01/20 7. Debtors £'000 £'000 Amounts receivable for creation of shares 714 ‐ Accrued revenue 81 104 Total debtors 795 104

31/01/21 31/01/20 8. Cash and bank balances £'000 £'000 Cash and bank balances 274 633 Total cash and bank balances 274 633

9. Other creditors 31/01/21 31/01/20 Amounts payable for cancellation of shares £'000 £'000 85 164 Accrued annual management charge 74 116 Accrued other expenses 19 20 Total other creditors 178 300

10. Related party transactions The ACD is related to the Fund as defined by Financial Reporting Standard 102.33 ‘Related Party Disclosures’.

Annual management charge paid to the ACD and Registration fees are disclosed in Note 4 and amounts due at the year end are disclosed in Note 9.

The ACD and its associates (including other authorised investment Funds managed by the ACD) have no shareholdings in the Company at the year end.

As at 31 January 2021 material shareholders have holdings totalling 97.27% (31/01/2020: 97.28%) of the Fund's shares. Other than disclosed elsewhere in the financial statements, there were no material transactions between the Fund and related parties during the year.

11. Share classes The reconciliation of the opening and closing numbers of shares of each class, along with the ACD’s annual management charges applicable to each class, is shown below: Annual management charge rate (%) 31/01/20 Issued Cancelled Converted 31/01/21 R Accumulation 1.50 296,630 9,502 (15,952) ‐ 290,180 Z Accumulation 0.75 35,623,142 2,492,863 (3,715,731) ‐ 34,400,274

12. Commitments, contingent liabilities and contingent assets There are no commitments, contingent liabilities and contingent assets as at the balance sheet date (2020: nil).

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AXA Rosenberg Japan Fund Notes to the Financial Statements For the year ended 31 January 2021

13. Derivatives and other financial instruments The main risks from the Fund's holding of financial instruments, together with the ACD’s policy for managing these risks, are outlined below.

Market price risk sensitivity A 5% increase in the value of the Fund’s portfolio would have the effect of increasing the return and net assets by £2,950,858 (2020: £2,928,154). A 5% decrease would have an equal and opposite effect.

Foreign currency risk The table below shows the foreign currency risk profile at the balance sheet date: Net foreign currency exposure 31/01/21 31/01/20 Currency £'000 £'000

Euro 1 ‐ Japanese yen 59,370 59,297 Total 59,371 59,297

Foreign exchange risk sensitivity Assuming all other factors remain stable, if GBP strengthens by 10% the resulting change in the net assets attributable to shareholders of the Fund would be a decrease of approximately £5,937,067 (2020: £5,929,724). A 10% weakening in GBP would have an equal but opposite effect.

Credit risk The Fund runs a very low credit risk in respect of unsettled investment transactions as these are normally settled as cash against delivery.

Transactions in securities may expose the Fund to the risk that the counterparty will not settle the transaction or do so on a timely basis.

All transactions in the Fund are conducted through counterparties approved by the ACD.

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AXA Rosenberg Japan Fund Notes to the Financial Statements For the year ended 31 January 2021

14. Portfolio transaction costs

Net purchase Commissions Total cost paid Taxes purchase cost 31/01/2021 £'000 £'000 % £'000 % £'000 Analysis of purchases

Equities 63,672 19 0.03 ‐‐63,691 Total 63,672 19 ‐63,691

Net sale Commissions Total sale proceeds paid Taxes proceeds 31/01/2021 £'000 £'000 % £'000 % £'000 Analysis of sales

Equities 65,132 (20) (0.03) ‐‐65,112 Total 65,132 (20) ‐ 65,112

Net purchase Commissions Total cost paid Taxes purchase cost 31/01/2020 £'000 £'000 % £'000 % £'000 Analysis of purchases

Equities 62,383 18 0.03 ‐‐62,401 Total 62,383 18 ‐62,401

Net sale Commissions Total sale proceeds paid Taxes proceeds 31/01/2020 £'000 £'000 % £'000 % £'000 Analysis of sales

Equities 69,446 (21) (0.03) ‐‐69,425 Total 69,446 (21) ‐ 69,425

31/01/21 31/01/20 Transaction costs as percentage of average net asset value % % Commissions 0.07 0.07 Taxes 0.00 0.00

At the balance sheet date the average portfolio dealing spread was 0.31% (2020: 0.21%).

15. Post balance sheet events There are no post balance sheet events which require adjustments at the year end.

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AXA Rosenberg Japan Fund Notes to the Financial Statements For the year ended 31 January 2021

16. Fair value disclosure 31/01/21 31/01/20 Assets Liabilities Assets Liabilities Valuation technique £'000 £'000 £'000 £'000

Level 1 ^ 59,017 ‐ 58,563 ‐ Level 2 ^^ ‐ ‐ ‐ ‐ Level 3 ^^^ ‐ ‐ ‐ ‐ 59,017 ‐ 58,563 ‐

The fair value of the Fund's investments has been determined using the hierarchy above.

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AXA Rosenberg Japan Fund Distribution Tables As at 31 January 2021 Interim Distribution in pence per share Group 1 Shares purchased prior to 1 February 2020 Group 2 Shares purchased on or after 1 February 2020 to 31 July 2020

Distribution Distribution Net paid paid revenue Equalisation 30/09/20 30/09/19 (p) (p) (p) (p) Share Class R Accumulation Group 1 0.767 ‐ 0.767 0.969 Group 2 0.225 0.542 0.767 0.969

Share Class Z Accumulation Group 1 1.441 ‐ 1.441 1.665 Group 2 0.189 1.252 1.441 1.665

Final Distribution in pence per share Group 1 Shares purchased prior to 1 August 2020 Group 2 Shares purchased on or after 1 August 2020 to 31 January 2021

Distribution Distribution Net payable paid revenue Equalisation 31/03/21 31/03/20 (p) (p) (p) (p) Share Class R Accumulation Group 1 0.601 ‐ 0.601 0.562 Group 2 ‐ 0.601 0.601 0.562

Share Class Z Accumulation Group 1 1.296 ‐ 1.296 1.254 Group 2 0.160 1.136 1.296 1.254

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Accounting Policies

For the year ended 31 January 2021

1. Accounting Basis and Policies

(a) Basis of accounting

The Financial Statements of the Company comprise the Financial Statements of each of the sub‐funds and have been prepared on a historical cost basis, as modified by the revaluation of investments, and in accordance with Financial Reporting Standard 102 ("FRS 102") and the Statement of Recommended Practice for Authorised Funds issued by the Investment Management Association ("IMA") in May 2014, and amended in June 2017. The Financial Statements are prepared in accordance with the Instrument of Incorporation and the Financial Conduct Authority’s Collective Investment Schemes Sourcebook (“COLL”).

There are no material events that have been identified that may cast significant doubt about the sub‐funds’ ability to continue as a going concern for at least the next twelve months from the date these financial statements are authorised for issue. The ACD believes that the sub‐funds have adequate resources to continue in operational existence for the foreseeable future and, following consideration of the impact of COVID‐19, they continue to adopt the going concern basis in preparing the financial statements.

The Financial Statements of the sub‐funds have been prepared on a going concern basis with the exception of the AXA Rosenberg European Fund which the Authorised Corporate Director (‘ACD’) intends to terminate within one year of the date of approval of the financial statements and therefore the financial statements of this sub‐fund have been prepared on a break‐ up basis. In applying this basis of preparation, the assets and liabilities of this sub‐fund continue to be stated at their fair values which materially equate to their residual and settlement values. No adjustments were necessary in the financial statements to reduce assets to their realisable values or to provide for liabilities arising from the decision. The comparative financial statements of the sub‐fund are prepared on a break‐up basis. Furthermore, any costs of the closure of the Fund will not be charged to the Fund but will be paid by AXA IM.

(b) Recognition of revenue

Dividends on quoted equities and preference shares are recognised when the securities are quoted ex‐dividend and are recognised net of attributable tax credits. Dividends received from US Real Estate Investment Trusts ('REITs') are recognised as revenue when the security is quoted ex‐dividend. An assesment of capital/income split is performed, based on prior year dividend announcement for each security. The capital element of the dividend is reallocated to the capital of the sub‐fund. Subsequently, when the capital/income split is announced for the dividend a final assessment is performed to determine the correct distribution to shareholders.

Distributions from Collective Investment Schemes are recognised when the schemes are quoted ex‐distribution. Equalisation returned with the distribution is deducted from the cost of the investment and does not form part of the distributable revenue. Interest on bank and other cash deposits is recognised on an accruals basis. All revenue includes withholding taxes but excludes irrecoverable tax credits. Returnsonderivativetransactionshavebeentreatedaseither revenue or capital depending on the motives and circumstances on acquisition.

The ordinary element of stocks received in lieu of cash dividends credited to capital in the first instance followed by a transfer to revenue of the cash equivalent being offered and this forms part of the distributable revenue. Special dividends are reviewed on a case by case basis in determining whether the dividend is to be treated as revenue or capital. Amounts recognised as revenue will form part of the distributable revenue. The tax treatment follows the treatment of the principal amount.

108 AXA Rosenberg Global Investment Company ICVC

Accounting Policies

For the year ended 31 January 2021

(d) Treatment of expenses

Expenses of the sub‐funds are charged against revenue on an accrual basis except for costs associated with the purchase and sale of investments which are allocated to the capital of the sub‐funds.

(e) Allocation of revenue and expenses to multiple Share Classes Any revenue or expenses not directly attributable to a particular share class will normally be allocated pro‐rata to the net assets of the relevant share classes.

(f) Taxation Tax is provided for using tax rates and laws which have been enacted or substantively enacted at the balance sheet date. Corporation tax is provided for on the income liable to corporation tax less deductible expenses. Deferred tax is provided using the liability method on all timing differences arising on the treatment of certain items for taxation and accounting purposes, calculated at the rate at which it is anticipated the timing differences will reverse. Deferred tax assets are recognised only when, on the basis of available evidence, it is more likely than not that there will be taxable profits in the future against which the deferred tax asset can be offset.

(g) Distribution policy The net revenue after taxation, as disclosed in the Financial Statements, after adjustment for items of a capital nature, is distributable to Shareholders as dividend distributions. Any revenue deficit is deducted from capital. In addition, the portfolio transaction charges will be charged wholly to the capital of all sub‐funds.

Where the revenue from investments exceeds the expenses of a sub‐fund, transfers are made to capital on behalf of all holders of accumulation shares in all sub‐funds. Tax vouchers will be issued to Shareholders. The type of distributions the sub‐funds make are dividend distributions.

(h) Basis of valuation of investments The listed investments of the Fund are valued at bid‐market prices ruling at 12 noon on the last business day of the accounting year. Where certain securities are listed on global markets which are closed at the 12 noon valuation point, the last available closing bid‐price will be utilised, subject to the application of any fair value pricing adjustment. The fair value of unlisted securities, and unquoted securities where the quotation has been suspended, is estimated by the Manager, using independent sources where available.

Market value is defined by the SORP as fair value which is the bid value of each security.

At the end of the current reporting period all investments have been measured at their fair value using the prices and the portfolio holdings determined at 12 noon on 29 January 2021, being the last valuation point of the accounting period. For the Funds below, as this is materially different from the valuation carried out at close of business on the balance sheet date, a fair value accounting adjustment has been applied. A fair value accounting adjustment has been applied to the following funds: • AXA Rosenberg American Fund • AXA Rosenberg Global Fund

(i) Exchange rates

Transactions in foreign currencies are recorded in Sterling at the rate ruling at the date of the transactions. Assets and liabilities expressed in foreign currencies at the end of the accounting year are translated into Sterling at the closing mid market exchange rates ruling on that date.

109 AXA Rosenberg Global Investment Company ICVC

Accounting Policies

For the year ended 31 January 2021

(j) Dilution adjustment The ACD may require a dilution adjustment on the sale and redemption of Shares if, in its opinion, the existing Shareholders (for sales) or remaining Shareholders (for redemptions) might otherwise be adversely affected. In particular, the dilution adjustment may be charged in the following circumstances: where the scheme property is in continual decline; on a sub‐ fund experiencing large levels of net sales relative to its size; on ‘large deals’; in any case where the ACD is of the opinion that the interests of remaining Shareholders require the imposition of a dilution adjustment.

(k) Equalisation Equalisation applies only to Shares purchased during the distribution period (Group 2 Shares). It represents the accrued revenue included in the purchase price of the Shares.

(l) Cash flow statement The fund is not required to produce a cash flow statement as it meets the exemption criteria set out in FRS102.7.IA.

2. Derivatives and other financial instruments In pursuing the investment objectives a number of financial instruments are held which may comprise securities and other investments, cash balances and debtors and creditors that arise directly from operations. Derivatives, such as futures or forward currency contracts, may be utilised for hedging purposes. The main risks from the Company's holdings of financial instruments are discussed below, the ACD's policy for managing these risks are shown in the individual Fund Investment Manager's Report.

(a) Foreign currency risk A significant portion of the Company’s assets may be denominated in a currency other than the base currency of the Company or Class. There is the risk that the value of such assets and/or the value of any distributions from such assets may decrease if the underlying currency in which assets are traded falls relative to the base currency in which Shares of the relevant Fund are valued and priced. Foreign currency risk is analysed within the financial statements of each individual fund.

(b) Interest rate risk profile of financial assets and liabilities The interest rate risk is the risk that the value of the Company's investments will fluctuate due to changes in the interest rate. Cashflows from floating rate securities, bank balances, or bank overdrafts will be affected by the changes in interest rates. As the Company's objective is to seek capital growth, these cashflows are considered to be of secondary importance and are not actively managed. The Company did not have any long term financial liabilities at the balance sheet date. Interest rate risk is not significant to any of the funds and therefore no numerical analysis is presented.

(c) Credit risk The Company may find that companies in which it invests fail to settle their debts on a timely basis. The value of securities issued by such companies may fall as a result of the perceived increase in credit risk. Adhering to investment guidelines and avoiding excessive exposure to one particular issuer can limit credit risk.

110 AXA Rosenberg Global Investment Company ICVC

Accounting Policies

For the year ended 31 January 2021

(d) Liquidity risk Subject to the Regulations, the Company may invest up to and including 10% of the Scheme Property of the Company in transferable securities which are not approved securities (essentially transferable securities which are admitted to official listing in an EEA state or traded on or under the rules of an eligible securities market). Such securities and instruments are generally not publicly traded, may be unregistered for securities law purposes and may only be able to be resold in privately negotiated transactions with a limited number of purchasers. The difficulties and delays associated with such transactions could result in the Company’s inability to realise a favourable price upon disposal of such securities, and at times might make disposition of such securities and instruments impossible. To the extent the Company invests in securities and instruments the terms of which are privately negotiated, the terms of such securities and instruments may contain restrictions regarding resale and transfer. In addition, certain listed securities and instruments, particularly securities and instruments of smaller capitalised or less seasoned issuers, may from time to time lack an active secondary market and may be subject to more abrupt or erratic price movements than securities of larger, more established companies or stock market averages in general. In the absence of an active secondary market the Company’s ability to purchase or sell such securities at a fair price may be impaired or delayed. Liquidity risk is not significant to any of the sub‐funds and therefore no numerical analysis is presented.

(e) Market price risk The Company invests principally in equity securities. The value of these investments are not fixed and may go down as well as up. This may be the result of a specific factor affecting the value of an individual equity or be caused by general market factors (such as government policy or the health of the underlying economy) which can affect the entire portfolio. The Investment Manager seeks to minimise these risks by holding a diversified portfolio of equities in line with the Company’s objectives. In addition, the management of the Company complies with the FCA's COLL sourcebook.

(f) Counterparty risk Transactions in securities entered into by the Company give rise to exposure to the risk that the counterparties may not be able to fulfil their responsibility by completing their side of the transaction. The Investment Manager minimises this risk by conducting trades through only the most reputable counterparties. Counterparty risk is also managed by limiting the exposure to individual counterparties through adherence to the investment spread restrictions included within the Company’s prospectus and COLL.

(g) Fair value of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the balance sheet, and their fair value.

111 AXA Rosenberg Global Investment Company ICVC

Statement of the Authorised Corporate Director's ("ACD") Responsibilities

The Open‐Ended Investment Companies Regulations 2001 and the Collective Investment Schemes sourcebook (“COLL”) require the ACD to prepare financial statements for each annual accounting year which give a true and fair view of the financial position of the Company and of its net revenue and the net capital gains/(losses) on the property of the Company for the year. In preparing the financial statements the ACD is required to:

• Select suitable accounting policies and then apply them consistently; • Conform with the disclosure requirements of the Statement of Recommended Practice ‐ Financial statements of UK Authorised Funds issued by the Investment Management Association (“IMA SORP 2014”) in May 2014, and amended in June 2017; • Follow generally accepted accounting principles and applicable accounting standards; • Keep proper accounting records which enable it to demonstrate that the financial statements as prepared comply with the above requirements. • Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the sub-funds will continue in operation. For reasons stated in the ACD's report and Note 1 (a), the financial statements of the AXA Rosenberg European Fund have been prepared on a break-up basis as the Sub-Fund is not a going concern.

The ACD is responsible for the management of each portfolio in accordance with the Instrument of Incorporation, Prospectus and COLL.

The ACD is also responsible for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The maintenance and integrity of the AXA Investment Managers UK Limited website is the responsibility of the directors; the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the financial statements since they were initially presented on the website.

Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Directors approval

In accordance with the requirements of the Financial Conduct Authority Sourcebook, the contents of this report have been approved on behalf of AXA Investment Managers UK Limited by:

John Stainsby Amanda Prince Director Director

26th May 2021 26th May 2021

112 AXA Rosenberg Global Investment Company ICVC Statement of the Depositary's Responsibilities in Respect of the Scheme and Report of the Depositary to the Shareholders of the AXA Rosenberg Global Investment Company ICVC (“the Company”) for the year ended 31st January 2021

The Depositary must ensure that the Company is managed in accordance with the Financial Conduct Authority’s Collective Investment Schemes Sourcebook, the Open‐Ended Investment Companies Regulations 2001 (SI 2001/1228), as amended, the Financial Services and Markets Act 2000, as amended, (together “the Regulations”), the Company’s Instrument of Incorporation and Prospectus (together “the Scheme documents”) as detailed below.

The Depositary must in the context of its role act honestly, fairly, professionally, independently and in the interests of the Company and its investors.

The Depositary is responsible for the safekeeping of all custodial assets and maintaining a record of all other assets of the Company in accordance with the Regulations. The Depositary must ensure that: • the Company’s cash flows are properly monitored1 and that cash of the Company is booked into the cash accounts in accordance with the Regulations; • the sale, issue, repurchase, redemption and cancellation of shares are carried out in accordance with the Regulations; • the value of shares of the Company are calculated in accordance with the Regulations; • any consideration relating to transactions in the Company’s assets is remitted to the Company within the usual time limits;

• the Company’s income is applied in accordance with the Regulations; and the instructions of the Authorised Fund Manager (“the AFM”), which is the UCITS Management Company, are carried out (unless they conflict with the Regulations).

The Depositary also has a duty to take reasonable care to ensure that Company is managed in accordance with the Regulations and Scheme documents in relation to the investment and borrowing powers applicable to the Company. Having carried out such procedures as we consider necessary to discharge our responsibilities as depositary of the Company, it is our opinion, based on the information available to us and the explanations provided, that in all material respects the Company, acting through the AFM:

(i) has carried out the issue, sale, redemption and cancellation, and calculation of the price of the Company’s shares and the application of the Company’s income in accordance with the Regulations and the Scheme documents of the Company; and (ii) has observed the investment and borrowing powers and restrictions applicable to the Company. (iii) prepare the financial statements on the going concern basis unless it is inappropriate to presume that the sub-funds will continue in operation. For reasons stated in the ACD's report and Note 1 (a), the financial statements of the AXA Rosenberg European Fund have been prepared on a break-up basis as the Sub-Fund is not a going concern.

1 This requirement on the Depositary applied from 18 March 2016.

J.P. Morgan Europe Limited Depositary Bournemouth

26th May 2021

113 AXA Rosenberg Global Investment Company ICVC

Independent Auditor's Report to the members of AXA Rosenberg Global Investment Company ICVC

Opinion

We have audited the financial statements of AXA Rosenberg Global Investment Company ICVC (“the Company”) for the year ended 31 January 2021, which comprise the Statement of Total Return, the Statement of Changes in Net Assets Attributable to shareholders, the Balance Sheet, the related notes and the Distribution Tables, and the accounting policies and distribution policies of the Company. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards including FRS 102 ‘The Financial Reporting Standard applicable to the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements: • give a true and fair view of the financial position of the Company comprising each of its sub‐funds as at 31 January 2021 and of the net revenue and the net capital gains/losses on the scheme property of the Company comprising each of its sub‐funds for the year then ended; and • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice including FRS 102 ‘The Financial Reporting standard applicable in the UK and Republic of Ireland’.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report below. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council’s (the “FRC”) Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of matter – financial statements prepared on a break‐up basis

We draw attention to Note 1 (a) of the financial statements which explains that the ACD intends to terminate the AXA Rosenberg European and, therefore, does not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a break‐up basis as described in Note 1 (a). Our opinion is not modified in respect of this matter.

Conclusions relating to going concern

The ﬁnancial statements for the AXA Rosenberg European Fund have been prepared on a break-up basis as disclosed in Note 1 (a). In auditing the financial statements of the remaining sub-funds, we have concluded that the Authorised Corporate Director’s (“the ACD”) use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the remaining sub-funds’ ability to continue as a going concern for a period assessed by the ACD, being the period of twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the ACD with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Company’s ability to continue as a going concern. Other Information The other information comprises the information included in the Annual Report other than the financial statements and our auditor’s report thereon. The ACD is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in this report, we do not express any form of assurance conclusion thereon.

114 AXA Rosenberg Global Investment Company ICVC

Independent Auditor's Report to the members of AXA Rosenberg Global Investment Company ICVC

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of the other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the rules of the Collective Investment Schemes Sourcebook of the Financial Conduct Authority (the “FCA”) In our opinion: • the financial statements have been properly prepared in accordance with the Statement of Recommended Practice relating to Authorised Funds, the rules of the Collective Investment Schemes Sourcebook of the Financial Conduct Authority and the Instrument of Incorporation; and • there is nothing to indicate that adequate accounting records have not been kept or that the financial statements are not in agreement with those records; and the information given in the ACD’s report for the financial year for which the financial statements are prepared is consistent with the financial statements.

Matters on which we are required to report by exception We have nothing to report in respect of the following matter in relation to which the Collective Investment Schemes Sourcebook of the Financial Conduct Authority requires us to report to you if, in our opinion:

• we have not received all the information and explanations which, to the best of our knowledge and belief, are necessary for the purposes of our audit Responsibilities of the ACD As explained more fully in the ACD’s responsibilities statement set out on page 112, the ACD is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the ACD determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the ACD is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the ACD either intends to wind up or terminate the Company or to cease operations, or has no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

115 AXA Rosenberg Global Investment Company ICVC

Independent Auditor's Report to the members of AXA Rosenberg Global Investment Company ICVC Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non‐compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

Our approach was as follows: • We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are United Kingdom Generally Accepted Accounting Practice the Investment Management Association’s Statement of Recommended Practice (“IMA SORP”), the FCA Collective Investment Schemes Sourcebook, the OEIC Regulations, the Company’s Instrument of Incorporation and the Prospectus. • We understood how the Company is complying with those frameworks through discussions with the ACD and the Company’s administrators and a review of the Company’s documented policies and procedures.

• We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur by considering the risk of management override, specifically management’s propensity to influence revenue and amounts available for distribution. We identified a fraud risk with respect to the incomplete or inaccurate income recognition through incorrect classification of special dividends and the resulting impact to amounts available for distribution. We tested the appropriateness of management’s classification of material special dividends as either a capital or revenue return and incorporated unpredictability into the nature, timing and extent of our testing. • Based on this understanding we designed our audit procedures to identify non‐compliance with such laws and regulations. Our procedures involved review of the reporting to the ACD with respect to the application of the documented policies and procedures and review of the financial statements to test compliance with the reporting requirements of the Company.

• Due to the regulated nature of the Company, the Senior Statutory Auditor considered the experience and expertise of the engagement team to ensure that the team had the appropriate competence and capabilities to identify non‐compliance with the applicable laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at https://www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Company’s Shareholders as a body, pursuant to Paragraph 4.5.12 of the rules of the Collective Investment Schemes Sourcebook of the Financial Conduct Authority. Our audit work has been undertaken so that we might state to the Company’s Shareholders those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s Shareholders as a body, for our audit work, for this report, or for the opinions we have formed

Ernst & Young LLP Statutory Auditor Edinburgh 26th May 2021

116 AXA Rosenberg Global Investment Company ICVC

Further Information (unaudited)

Classes of Shares The Company can issue different classes of shares in respect of any Fund. Holders of Income shares are entitled to be paid the revenue attributable to such shares, in respect of each annual or accounting period. Holders of Accumulation shares are not entitled to be paid the revenue attributable to such shares, but that revenue is retained and accumulated for the benefit of shareholders and is reflected in the price of shares.

Valuation Point The valuation point for each Fund is 12 noon on each dealing day (being each day which is a business day in London). Valuations may be made at other times under the terms contained within the Prospectus.

Significant Information Remuneration policy of the ACD The ACD has approved and adopted AXA IM’s Global Remuneration Policy, in accordance with the Regulations, which is consistent with, and promotes, sound and effective risk management; does not encourage risk‐taking which is inconsistent with the risk profiles of the Funds or the Instrument of Incorporation, and does not impair compliance of the ACD’s duty to act in the best interests of each of the Funds. AXA IM’s Global Remuneration Policy, which has been approved by the AXA IM Remuneration Committee, sets out the principles relating to remuneration within all entities of AXA IM (including the ACD) and takes into account AXA IM’s business strategy, objectives, and risk tolerance, as well as the long‐term interests of AXA IM’s shareholders, employees and clients (including the Funds). The AXA IM Remuneration Committee is responsible for determining and reviewing the AXA IM remuneration guidelines, including the AXA IM Global Remuneration Policy, as well as reviewing the annual remuneration of senior executives of the AXA IM Group and senior officers in control functions. AXA IM provides both fixed and variable remuneration. An employee’s fixed remuneration is structured to reward organisational responsibility, professional experience and the individual’s capability to perform the duties of the role. Variable remuneration is based on performance and may be awarded annually on both a non‐deferred and, for certain employees, a deferred basis. Non‐deferred variable remuneration may be awarded in cash or, where appropriate and subject to local laws and regulation, in instruments linked to the performance of AXA IM funds. Deferred remuneration is awarded through various instruments structured to reward medium and long‐term value creation for clients and AXA IM and long‐term value creation for the AXA Group. AXA IM ensures appropriate balances between fixed and variable remuneration and deferred and non‐deferred remuneration. Details of the up to date Global Remuneration Policy are published online at www.axa‐im‐international.com/remuneration. This includes the description of how remuneration and benefits are awarded for employees, and further information on the AXA IM remuneration committee. A paper copy of the up to date Global Remuneration Policy is also available from the ACD free of charge upon request. Following the implementation of UCITS V in 2016, all authorised UCITS Managers are required to disclose information relating to the remuneration paid to its staff for the financial year. The tables below provide an overview: Total amount of remuneration paid and / or allocated to all staff for the year ended December 31, 2020(1) Fixed Pay (2) (£'000) 211,310

Variable Pay (3) (£'000) 235,553

Number of employees (4) 2,516 (1)Excluding social charges (2)Fixed Pay Fixed Pay amount is based on 2019/20 compensation review final data (3)Variable compensation, includes: ‐ the amounts awarded for the performance of the previous year and fully paid over the financial year under review, ‐ deferred variable remuneration, ‐ and long‐term incentives set up by the AXA Group.

(4)Number of employees includes Permanent and Temporary contracts excluding internships (based on Staff list as of 31/12/2020)

117 AXA Rosenberg Global Investment Company ICVC

Further Information (unaudited)

Remuneration to Identified Employee: Aggregate amount of compensation paid and / or allocated to risk takers and senior management whose activities have a significant impact on the risk profile of investment vehicles Risk Takers Senior Management Total Fixed Pay and Variable Remuneration (£'000) 96,583 89,301 185,884

Number of employees 224 88 312

UK Identified Employee Remuneration:

Aggregate amount of compensation paid and / or allocated to risk takers and senior management whose activities have a significant impact on the risk profile of investment vehicles

Risk Takers Senior Management Total

Fixed Pay and Variable Remuneration (£'000) 20,696 13,192 33,888

Number of employees 48 13 61

Other Information The Instrument of Incorporation, Prospectus and the most recent and annual reports may be inspected at the office of the ACD which is also the Head Office of the Company and copies may be obtained upon application. Shareholders who have any complaints about the operation of the Company should contact the ACD or the Depositary in the first instance. In the event that a shareholder finds the response unsatisfactory they may make their complaint direct to the Financial Ombudsman Service at Exchange Tower, London E14 9SR.

Report and Financial Statements The annual report of the Company will be published within four months of each annual accounting period and the Interim report will be published within two months of each accounting period.

Interim accounts period ended 31 July Annual accounts year ended 31 January

Data Protection The details you have provided will be held on computer by the Funds’ Registrar but will not be used for any purpose except to fulfil its obligations to shareholders.

Risk Warning An investment in an Open Ended Investment Company should be regarded as a medium to long term investment. Investors should be aware that the price of shares and the income from them may fall as well as rise and investors may not receive back the full amount invested. Past performance is not a guide to future performance. Investments denominated in currencies other than the base currency of a fund are subject to fluctuation in exchange rates, which may be favourable or unfavourable.

The Securities Financing Transactions Regulation The Securities Financing Transactions Regulation, as published by the European Securities and Markets Authority, aims to improve the transparency of the securities financing markets. Disclosures regarding exposure to Securities Financing Transactions (SFTs) or total return swaps are required on all reports & accounts published after 13 January 2017. During the year to 31 January 2021 and at the balance sheet date, the Company did not use SFTs or total return swaps, as such no disclosure is required.

118 AXA Rosenberg Global Investment Company ICVC

Further Information (unaudited)

Annual Management Charge AXA Investment Managers UK Limited, as ACD, will receive an Annual Management Charge out of the property for each Fund at the rate of 1.50% per annum for Class R Shares, 0.75% per annum for Class Z Shares, 0.50% for Class B Shares based on the net asset value of the relevant Fund calculated on a mid‐market basis. The Annual Management Charge accrues monthly and is payable monthly in arrears. The maximum permitted Annual Management Charge payable to the ACD is 2% per annum for Class R, Class Z and Class B Shares.

Preliminary Charge There is currently no initial charge on Class Z Shares, Class R Shares or Class B Shares.

Effects of Personal Taxation Investors should be aware that unless their shares are held within an ISA, or switched between Funds in this OEIC, selling shares is treated as a disposal for the purpose of Capital Gains tax.

Value Assessment It is our duty as Authorised Fund Manager (“AFM”) to act in the best interests of our investors. As part of fulfilling this duty, we need to consider whether the charges taken from our funds are justified in the context of the overall service and value that we provide to our investors. The FCA have introduced new rules requiring the Boards of AFMs to consider robustly and in detail whether they are delivering value for money to their investors and to explain the assessment annually in a Value Statement made available to the public. The Value Statement report is available on the AXA IM website: https://retail.axa‐im.co.uk/fund‐centre

119