AXA Swiss Institutional Fund - Equities ESG Absolute Switzerland Small & Mid Caps C1 CHF Rating

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MONTHLY REPORT 25/09/2020 AXA Swiss Institutional Fund - Equities ESG absolute Switzerland Small & Mid Caps C1 CHF rating

Key figures (in CHF)

Total assets under management (in million) 105.81 Current NAV (I) 1 935.64 Dividend (gross amount) 13.35 12 month NAV price High 2 001.42 Ex-Dividend Date 02/12/19 12 month NAV price Low 1 382.63 Performance evolution (in CHF)

120

110

100

70 30/09/19 30/11/19 31/01/20 31/03/20 31/05/20 31/07/20 25/09/20 Portfolio* (9.98%) Benchmark** (4.73%)

Data is rebased to 100 by AXA IM on the graph start date. Cumulative performance 1 M. 3 M. YTD 1 Y. 3 Y. 5 Y. 8 Y. Launch Portfolio* -1.77% 6.64% -0.94% 9.98% 9.07% 83.05% - 98.83% Benchmark** -1.27% 4.27% -3.02% 4.73% 9.45% 61.89% - 87.74% Annualized performance 1 Y. 3 Y. 5 Y. 8 Y. Launch Portfolio* 10.10% 2.94% 12.88% - 10.46% Benchmark** 4.78% 3.06% 10.13% - 9.55% Annual performance 2019 2018 2017 2016 2015 2014 2013 Portfolio* 30.74% -18.91% 29.38% 20.08% 11.94% 4.43% - Benchmark** 26.10% -16.04% 31.49% 10.88% 9.88% 10.68% -

The figures provided relate to previous months or years and past performance is not a reliable indicator as to future performance. Risk analysis

1 Y. 3 Y. 5 Y. Launch Annualized volatility Portfolio* 24.77% 16.57% 14.58% 14.18% Benchmark** 23.15% 13.43% 11.83% 11.87% Relative risk ('Tracking Error') 4.28% 4.82% 4.42% 4.28% Sharpe ratio 0.47 0.27 0.99 0.84 Information ratio 1.46 0.16 0.84 0.43 Alpha 0.1078% 0.0351% 0.1437% 0.0445% Beta 1.0555 1.1966 1.1897 1.1478

* 1st NAV date : 31/10/2013

** Benchmark : Please refer to the Benchmark section in the characteristics/disclaimers part of the document.

% of AUM covered by ESG absolute rating: Portfolio = 92.3% (not meaningful for coverage below 50%)

Source(s): AXA Investment Managers - GICS as at 25/09/2020 Editor: AXA Investment Managers Paris www.axa-im.ch €

MONTHLY REPORT 25/09/2020 AXA Swiss Institutional Fund - Equities Switzerland Small & Mid Caps C1 CHF

Portfolio analysis (including derivatives)

Sector breakdown 40% 36% 34.64% 32% 28% 24% 20.43% 20% 15.85% 16% 12% 9.77% 8% 6.74% 5.88% 5.63% 4% 1.05% 0% Industrials Health Care IT Materials Cons. stap. Cons. disc. Financials Cash Portfolio

Main stocks Equity Weighting Sector Country Portfolio Benchmark* Siegfried Holding AG 4.77% 1.30% Health Care Switzerland Straumann Holding AG 4.41% - Health Care Switzerland Lindt 4.14% 8.74% Cons. stap. Switzerland Interroll Holding AG 4.00% 0.73% Industrials Switzerland Forbo Holding AG 3.75% 0.90% Cons. disc. Switzerland Sonova Holding AG 3.26% - Health Care Switzerland Tecan Group AG 3.21% 2.78% Health Care Switzerland Vat Group AG 3.06% 2.43% Industrials Switzerland Logitech International SA 2.94% - IT Switzerland Temenos AG 2.82% - IT Switzerland Number of Holdings 47 % Cash 1.05%

* Benchmark : Please refer to the Benchmark section in the characteristics/disclaimers part of the document. Source(s): AXA Investment Managers - GICS as at 25/09/2020

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MONTHLY REPORT 25/09/2020 AXA Swiss Institutional Fund - Equities Switzerland Small & Mid Caps C1 CHF

Objective and investment strategy Share type Income ISIN code CH0035534350 This fund invests exclusively in participation rights and debt obligations of Maximum subscription fees 5% small and mid cap companies domiciled in Switzerland and the Principality Maximum redemption fees 5% of Liechtenstein. The benchmark index is the SPI ex SLI (Total Return). The assets are managed actively with a view to outperforming the Ongoing charges 0.87% benchmark over the medium to long term. Maximum management fees 1.5% Management company AXA Investment Managers Schweiz AG The investment is designed around focused, globally active companies (Sub) Financial delegation VI VorsorgeInvest AG which are active in technologically interesting, fast-growing niches. These companies have low dependencies on individual clients, products, or Delegation of account State Street Bank International GmbH, preliminary R&D, are largely self-financed, and have high-quality balance administration Muenchen, Zweigniederlassung Zuerich sheets. The focus is on the manufacturing sector. Stocks are picked using State Street Bank International GmbH, a value-oriented bottom-up approach which also takes account of Custodian Bank Muenchen, Zweigniederlassung Zuerich qualitative aspects. This investment strategy ensures low turnover in the portfolio. Subscription / Redemption

At individual stock level the portfolio is broadly diversified and contains 30 to 40 positions. Traditionally the small cap segment is strongly Information on order settlement for institutional clients in Switzerland: Tel.: overweighted (around 60% versus 15% in the index). Accordingly, a portion +41 58 360 79 00 Fax: +41 58 360 78 63; of the portfolio is invested in relatively illiquid stocks. The maximum e-mail: [email protected] overweighting of a stock vis-à-vis the index is around 5%. The strategy aims to keep the tracking error at less than 8%. ESG metrics definitions

Benchmark The ESG absolute rating is based on a proprietary scoring methodology. If the fund has one tree (5 trees), it means that it is in the lowest (highest) 100% SPI Ex SLI Total Return Gross from 31/10/13 ESG absolute rating category. For more information on the methodology, please visit Risk characteristics https://www.axa-im.com/responsible-investing.

ESG indicators are for informational purposes only. Recommended Investment Time Horizon : This Sub-Fund may not be The portfolio has neither statutory nor contractual ESG objectives. suitable for investors who plan to withdraw their contribution within 5 years. Disclaimers

The product discussed in this document may not be registered nor Lower risk Higher risk available in your jurisdiction. Please check the countries of registration ◄ ► with the asset manager, or on the web site Potentially lower reward Potentially higher reward https://www.axa-im.com/en/registration-map, where a fund registration map is available. In particular, units of the fund may not be offered, sold 1 2 3 4 5 6 7 or delivered to U.S. Persons within the meaning of Regulation S of the U.S. Securities Act of 1933. The tax treatment relating to the holding, acquisition or disposal of shares or units in the fund depends on each The risk category is calculated using historical performance data investor’s tax status or treatment and may be subject to change. Any and may not be a reliable indicator of the Sub-Fund's future risk potential investor is strongly encouraged to seek advice from its own tax profile. advisors. The risk category shown is not guaranteed and may shift over time. The lowest category does not mean risk free. AXA Swiss Institutional Fund - Equities Switzerland Small & Mid Caps Why is this Sub-Fund in this category? Class 1 is a subfund of a contractual open-ended umbrella fund under The capital of the Sub-Fund is not guaranteed. The Sub-Fund is Swiss law ("Other Funds for Traditional Investments" category). It is only invested in financial markets and uses techniques and instruments permitted for offer and distribution to qualified investors. The fund which are subject to some levels of variation, which may result in management company is AXA Investment Managers Switzerland AG, gains or losses. Affolternstrasse 42, CH-8050 Zurich. The custodian bank is State Street Bank GmbH, Munich, Zurich branch, Beethovenstrasse 19, CH-8002 Zurich. The Fund contract, appendix and annual report can be obtained General characteristics free of charge from the fund management company or custodian bank. Performance figures Legal form Mutual Fund Past performance is neither a guarantee nor an indicator of current or Legal country Switzerland future returns or future performance of an investment fund. The value and Launch Date 18/01/08 return of an investment in a fund may rise and fall and is not guaranteed. Fund currency CHF Investors may receive less than the initial capital invested or even incur a total loss. Exchange-rate fluctuations may also affect the value of their Shareclass currency CHF investment. Valuation Daily The displayed performance data does not include commission and costs

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MONTHLY REPORT 25/09/2020 AXA Swiss Institutional Fund - Equities Switzerland Small & Mid Caps C1 CHF

incurred when issuing and/or redeeming units.

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Exclusion of liability The information displayed is based on the circumstances and knowledge at the time of the preparation and is checked and updates periodically. However, unintentional misstatements may occur. Therefore, AXA Investment Managers does not accept any liability or offer any guarantee as to the current relevance, accuracy and completeness of the information made available, in particular regarding references or third party information. AXA Investment Managers does not check or appropriate these references or information. The purchase of fund units is exclusively made on the basis of the prospectus or otherwise authoritative marketing documents and the information contained therein. AXA Investment Managers hereby expressly distances itself from the content of divergent information or statements.

Disclaimers from external financial data service providers GICS The Global Industry Classification Standard (“GICS”) is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) and is licensed for use by AXA Investment Managers Paris. Neither MSCI, S&P nor any third party involved in making or compiling the GICS makes any express or implied warranties or representations and shall have no liability whatsoever with respect to GICS or the results to be obtained by the use thereof. For your information

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Regulatory documents are available on demand AXA Investment Managers Schweiz AG Affolternstrasse 42 CH-8050 Zürich