# Performance & Risk
## Performance Evolution (EUR)
Number of Holdings	19
Number of Issuers	5

## Fund Profile
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108
104
100
96
92
88
28/12/18
30/06/19
30/12/19
30/06/20
30/12/20
30/06/21 30/12/21
ESG Rating
% of AUM covered by ESG absolute rating: Portfolio = 98.6% (not meaningful for coverage below 50%)
Portfolio* (6.16%)
Data is rebased to 100 by AXA IM on the graph start date.
Past performance is not a reliable indicator of future results. Performance calculations are net of fees, based on the reinvestment of dividends. The benchmark, when there is one could be calculated on the basis of net or gross dividend. Please refer to the prospectus for more information.
| Risk Analysis |  |
| --- | --- |
|  | 1Y | 3Y | 5Y | Launch |
| Portfolio Volatility* (%) | 3.53 | 3.72 | - | 3.61 |
| Sharpe Ratio | 2.69 | 0.89 | - | 0.61 |


## Rolling Performance (%)
|  | 1M | 3M | 6M | YTD | 3Y | 5Y | 31/12/20 31/12/21 | 31/12/19 31/12/20 | 31/12/18 31/12/19 | 31/12/17 31/12/18 | 31/12/16 31/12/17 | Launch |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 0.27 | 2.04 | 4.69 | 8.16 | 6.16 | - | 8.16 | -1.40 | -0.46 | - | - | 3.20 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 8.16 | -1.40 | -0.46 | - | - | - | - | - | - | - |

Past performance is not a reliable indicator of future results. Performance calculations are net of fees, based on the reinvestment of dividends. The benchmark, when there is one could be calculated on the basis of net or gross dividend. Please refer to the prospectus for more information.
| Portfolio Analysis |  |
| --- | --- |
| Top 10 Holdings |
| Name | Weighting (%) | Issuer country | Mod. Duration | Contribution |
| US Treasury Inflation Idx Bonds 3.375% 04/15/2032 | 20.66 | United States | 9.1 | 1.88 |
| UK Gilt Inflation Linked 0.125% 08/10/2031 | 16.98 | United Kingdom | 9.7 | 1.65 |
| US Treasury Inflation Idx Bonds 0.125% 07/15/2031 | 11.22 | United States | 9.5 | 1.07 |
| UK Gilt Inflation Linked 1.25% 11/22/2032 | 8.01 | United Kingdom | 10.5 | 0.84 |
| German Inflation Linked Bond 0.1% 04/15/2033 | 6.69 | Germany | 11.5 | 0.77 |
| UK Gilt Inflation Linked 0.125% 11/22/2036 | 5.71 | United Kingdom | 15.0 | 0.86 |
| German Inflation Linked Bond 0.5% 04/15/2030 | 4.08 | Germany | 8.3 | 0.34 |
| Italy (Republic of) 0.4% 05/15/2030 | 3.98 | Italy | 8.3 | 0.33 |
| France Government Bond OAT 3.15% 07/25/2032 | 3.89 | France | 9.6 | 0.37 |
| France Government Bond OAT 0.1% 07/25/2031 | 3.65 | France | 9.7 | 0.35 |
| Total (%) | 84.89 |  |  |  |


## Sector Breakdown (%)	Contribution to duration by sector
Portfolio
Treasury	98.64
Cash	1.36
2.1
1.8
1.5
1.2
0.9
0.6
0.3
0.0
Treasury
Port.	1.9
| Geographical Breakdown (%) |  |
| --- | --- |
|  | Portfolio |
| United States | 35.27 |
| United Kingdom | 30.70 |
| Italy | 11.16 |
| Germany | 10.78 |
| France | 10.73 |
| Cash | 1.36 |


## Contribution to Duration by Geography
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0.0
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United States
United Kingdom
Italy	Germany	France
Port.	0.7	0.6	0.2	0.2	0.2

## Maturity Breakdown (%)
60
50
40
30
20
10
0	Cash	7-10 years	10-20 years
Portfolio	1.36	44.94	53.70

## Rating Breakdown (%)
50
40
30
20
10
0	AAA	AA	BBB	Cash
Portfolio	46.04	41.43	11.16	1.36

## Currency Breakdown (%)
40
30
20
10
0	USD	EUR	GBP
Portfolio	35.75	33.12	31.12

Translation (ENFR, 2021-12-30):
# Performance et risque
## Evolution de la performance (EUR)
Valeur liquidative
Cap.	Dis.

### 103.2	103.46
Actif net du fonds (M)
EUR

### 583.14
Le fonds n’a pas d’indice de référence.
|  | Port. |
| --- | --- |
| Rating moyen linéaire | AA |
| Mod. Duration | 1.91 |
| Mod. Duration To Worst | 1.91 |
| Yield to worst (%) | -2.59 |
| Nombre de lignes | 19 |
| Nombre d'émetteurs | 5 |
| Profil du portefeuille |  |
| Notation ESG |  |


## Caractéristiques du portefeuille
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108
104
100
96
92
88
28/12/18
30/06/19
30/12/19
30/06/20
30/12/20
30/06/21 30/12/21
% de l’encours sous gestion couvert par la note ESG absolue : Portefeuille = 98.6% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)
Portefeuille* (6.16%)
Les données sont rebasées à 100 par AXA IM à la date de début du graphique.
Les performances passées ne préjugent pas des résultats futurs. Les calculs de performances sont nets de frais et réalisés coupons réinvestis. L’indice de référence, le cas échéant, pourrait être calculé sur la base des coupons nets ou bruts. Veuillez consulter le prospectus pour obtenir plus d’informations.
| Analyse du risque |  |
| --- | --- |
|  | 1 an | 3 ans | 5 ans | Création |
| Volatilité du portefeuille* (%) | 3.53 | 3.72 | - | 3.61 |
| Ratio de Sharpe | 2.69 | 0.89 | - | 0.61 |


## Performance glissante (%)
31/12/21
1 mois	3 mois	6 mois	YTD	3 ans	5 ans	31/12/20
31/12/19
31/12/20
31/12/18
31/12/19
31/12/17
31/12/18
31/12/16
31/12/17
Création
Portefeuille*	0.27	2.04	4.69	8.16	6.16	-	8.16	-1.40	-0.46	-	-	3.20
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | 8.16 | -1.40 | -0.46 | - | - | - | - | - | - | - |


## Performance calendaire annuelle (%)
Les performances passées ne préjugent pas des résultats futurs. Les calculs de performances sont nets de frais et réalisés coupons réinvestis. L’indice de référence, le cas échéant, pourrait être calculé sur la base des coupons nets ou bruts. Veuillez consulter le prospectus pour obtenir plus d’informations.
| Analyse du portefeuille |  |
| --- | --- |
| 10 principaux titres |
| Libellé | Pondération (%) | Pays émetteur | Mod. Duration | Contribution |
| US Treasury Inflation Idx Bonds 3.375% 04/15/2032 | 20.66 | Etats-Unis | 9.1 | 1.88 |
| UK Gilt Inflation Linked 0.125% 08/10/2031 | 16.98 | Royaume-Uni | 9.7 | 1.65 |
| US Treasury Inflation Idx Bonds 0.125% 07/15/2031 | 11.22 | Etats-Unis | 9.5 | 1.07 |
| UK Gilt Inflation Linked 1.25% 11/22/2032 | 8.01 | Royaume-Uni | 10.5 | 0.84 |
| German Inflation Linked Bond 0.1% 04/15/2033 | 6.69 | Allemagne | 11.5 | 0.77 |
| UK Gilt Inflation Linked 0.125% 11/22/2036 | 5.71 | Royaume-Uni | 15.0 | 0.86 |
| German Inflation Linked Bond 0.5% 04/15/2030 | 4.08 | Allemagne | 8.3 | 0.34 |
| Italy (Republic of) 0.4% 05/15/2030 | 3.98 | Italie | 8.3 | 0.33 |
| France Government Bond OAT 3.15% 07/25/2032 | 3.89 | France | 9.6 | 0.37 |
| France Government Bond OAT 0.1% 07/25/2031 | 3.65 | France | 9.7 | 0.35 |
| Total (%) | 84.89 |  |  |  |


## Exposition sectorielle (%)	Contribution à la duration par secteur
Portefeuille
Trésor	98.64
Cash	1.36
2.1
1.8
1.5
1.2
0.9
0.6
0.3
0.0
Trésor
Port.	1.9
| Exposition géographique (%) |  |
| --- | --- |
|  | Portefeuille |
| Etats-Unis | 35.27 |
| Royaume-Uni | 30.70 |
| Italie | 11.16 |
| Allemagne | 10.78 |
| France | 10.73 |
| Cash | 1.36 |


## Contribution à la duration par géographie
|  |  |  |
| --- | --- | --- |
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0.8
0.6
0.4
0.2
Etats-Unis
Royaume-Uni
Italie
Allemagne
France
0.0
Port.	0.7	0.6	0.2	0.2	0.2

## Exposition par Maturité (%)
60
50
40
30
20
10
0	Cash	7-10 ans	10-20 ans
Portefeuille	1.36	44.94	53.70

## Exposition par rating (%)
50
40
30
20
10
0	AAA	AA	BBB	Cash
Portefeuille	46.04	41.43	11.16	1.36

## Exposition par devise (%)
40
30
20
10
0	USD	EUR	GBP
Portefeuille	35.75	33.12	31.12