# Performance & Risk
## Performance Evolution (USD)
Assets Under Management (M)
EUR
141.15
Port.
Linear Average Rating	BBB+
Mod. Duration	1.54
Mod. Duration To Worst	1.19
Yield To Worst (%)	1.19
Number of Holdings	191
Number of Issuers	151
|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |

114
111
108
105
102
99
96
28/09/18
30/03/19
30/09/19
30/03/20
30/09/20
30/03/21 30/09/21

## Fund Profile
ESG Rating
% of AUM covered by ESG absolute rating: Portfolio = 93.0% (not meaningful for coverage below 50%)
Portfolio* (12.04%)	Benchmark (6.78%)
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* (%) | 0.97 | 3.33 | - | 2.85 |
| Benchmark Volatility (%) | 0.02 | 0.31 | - | 0.27 |
| Relative Risk/Tracking Error  (%) | 0.97 | 3.35 | - | 2.87 |
| Sharpe Ratio | 3.68 | 0.99 | - | 0.88 |
| Information Ratio | 2.58 | 0.66 | - | 0.50 |


## Rolling Performance (%)
|  | 1M | 3M | 6M | YTD | 3Y | 5Y | 30/09/20 30/09/21 | 30/09/19 30/09/20 | 30/09/18 30/09/19 | 30/09/17 30/09/18 | 30/09/16 30/09/17 | Launch |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -0.13 | 0.09 | 0.91 | 1.16 | 12.04 | - | 3.21 | 3.52 | 4.87 | 1.32 | - | 14.26 |
| Benchmark | 0.10 | 0.30 | 0.60 | 0.90 | 6.78 | - | 1.20 | 1.91 | 3.53 | 2.74 | - | 10.29 |
| Excess Return | -0.23 | -0.22 | 0.31 | 0.26 | 5.26 | - | 2.00 | 1.60 | 1.35 | -1.42 | - | 3.97 |

Annual Calendar Performance (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 4.41 | 6.40 | 0.54 | - | - | - | - | - | - | - |
| Benchmark | 1.51 | 3.36 | 3.03 | - | - | - | - | - | - | - |
| Excess Return | 2.90 | 3.05 | -2.49 | - | - | - | - | - | - | - |

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 |
| AXA WF US Short Duration High Yield Bonds | 5.24 | France | 3.3 | 0.17 |
| Bundesschatzanweisungen 06/16/2023 | 5.06 | Germany | 1.7 | 0.09 |
| US Treasury Note 0.125% 03/31/2023 | 4.79 | United States | 1.5 | 0.07 |
| US Treasury Note 0.875% 06/30/2026 | 4.78 | United States | 4.6 | 0.22 |
| KFW 0.875% 03/15/2022 | 4.35 | Germany | 0.5 | 0.02 |
| US Treasury Inflation Idx Bonds 0.625% 01/15/2026 | 3.23 | United States | 4.3 | 0.14 |
| United Kingdom Gilt 0.125% 01/31/2023 | 2.90 | United Kingdom | 1.3 | 0.04 |
| US Treasury Inflation Idx Bonds 0.125% 04/15/2022 | 1.05 | United States | 0.5 | 0.01 |
| German Inflation Linked Bond 0.1% 04/15/2023 | 1.00 | Germany | 1.6 | 0.02 |
| France Government Bond OAT 0.25% 07/25/2024 | 0.98 | France | 2.9 | 0.03 |
| Total (%) | 33.39 |  |  |  |


## Sector Breakdown (%)	Contribution to duration by sector
Portfolio
Industrials	35.09
Financial	25.81
Sovereign	25.47
Quasi & Foreign Gvt	5.09
Securitized	3.51
Utility	3.10
Other	0.54
Cash	1.38
1.2
0.9
0.6
0.3
0.0
-0.3
Industrials
Financial
Securitized
Utility
Not
Classified
Sovereign
Cash
-0.6
Port.	1.0	0.7	0.1	0.1	-0.2	-0.4	0.2

## Geographical Breakdown (%)	Contribution to Duration by Geography
Portfolio
United States	30.54
United Kingdom	19.85
Germany	13.96
France	5.16
Italy	4.14
Spain	3.77
0.5
|  |  |  |
| --- | --- | --- |
|  |  |  |  |
|  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |

0.4
0.3
0.2
0.1
United
States
United
Kingdom
France
Italy
Germany
Spain
Brazil
Other
0.0
| Australia | 2.36 |  |
| --- | --- | --- |
| Brazil | 1.79 |
| China | 1.44 |  | Port. | 0.3 | 0.2 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.4 |
| Ireland | 1.43 |  |
| Other | 14.16 |
| Cash | 1.38 |
| Maturity Breakdown (%) |  |

|  |  |  |
| --- | --- | --- |
|  |  |  |  |
|  |  |  |
|  |  |  |
|  |  |  |  |  |

| 50 |  |
| --- | --- |
| 40 |
| 30 |
| 20 |
| 10 |
| 0 |  |  | Cash | 0-1 year | 1-3 years | 3-5 years | 5-7 years | 7-10 years |
|  |  | Portfolio | 1.38 | 10.29 | 46.35 | 40.21 | 1.50 | 0.26 |


## Rating Breakdown (%)
35
30
25
20
15
10
5
0	AAA	AA	A	BBB	BB	B	CCC	NR	Cash
Portfolio	25.34	6.67	7.72	30.92	17.27	9.99	0.64	0.08	1.38

## Currency Breakdown (%)
50
|  |  |  |
| --- | --- | --- |
|  |  |  |  |  |  |
|  |  |  |  |
|  |  |  |  |

40
30
20
10
0	USD	EUR	GBP
Portfolio	41.97	29.21	28.81

Translation (ENFR, 2021-09-30):
# Performance et risque
## Evolution de la performance (USD)
Valeur liquidative
Cap.

### 114.26
Actif net du fonds (M)
EUR

### 141.15
Depuis le: 06/07/2017
100% Federal Funds rate capitalized + 110bps

## Caractéristiques du portefeuille
Port.
Rating moyen linéaire	BBB+
| Mod. Duration | 1.54 |
| --- | --- |
| Mod. Duration To Worst | 1.19 |
| Yield to worst (%) | 1.19 |
| Nombre de lignes | 191 |
| Nombre d'émetteurs | 151 |

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |

114
111
108
105
102
99
96
28/09/18
30/03/19
30/09/19
30/03/20
30/09/20
30/03/21 30/09/21

## Profil du portefeuille
Notation ESG
% de l’encours sous gestion couvert par la note ESG absolue : Portefeuille = 93.0% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)
Portefeuille* (12.04%)	Indice de réference (6.78%)
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* (%) | 0.97 | 3.33 | - | 2.85 |
| Volatilité de l'indice de référence (%) | 0.02 | 0.31 | - | 0.27 |
| Risque relatif/Tracking Error  (%) | 0.97 | 3.35 | - | 2.87 |
| Ratio de Sharpe | 3.68 | 0.99 | - | 0.88 |
| Ratio d'information | 2.58 | 0.66 | - | 0.50 |


## Performance glissante (%)
|  | 1 mois | 3 mois | 6 mois | YTD | 3 ans | 5 ans | 30/09/20 30/09/21 | 30/09/19 30/09/20 | 30/09/18 30/09/19 | 30/09/17 30/09/18 | 30/09/16 30/09/17 | Création |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | -0.13 | 0.09 | 0.91 | 1.16 | 12.04 | - | 3.21 | 3.52 | 4.87 | 1.32 | - | 14.26 |
| Indice de réference | 0.10 | 0.30 | 0.60 | 0.90 | 6.78 | - | 1.20 | 1.91 | 3.53 | 2.74 | - | 10.29 |
| Ecarts | -0.23 | -0.22 | 0.31 | 0.26 | 5.26 | - | 2.00 | 1.60 | 1.35 | -1.42 | - | 3.97 |

Performance calendaire annuelle (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | 4.41 | 6.40 | 0.54 | - | - | - | - | - | - | - |
| Indice de réference | 1.51 | 3.36 | 3.03 | - | - | - | - | - | - | - |
| Ecarts | 2.90 | 3.05 | -2.49 | - | - | - | - | - | - | - |

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 |
| AXA WF US Short Duration High Yield Bonds | 5.24 | France | 3.3 | 0.17 |
| Bundesschatzanweisungen 06/16/2023 | 5.06 | Allemagne | 1.7 | 0.09 |
| US Treasury Note 0.125% 03/31/2023 | 4.79 | Etats-Unis | 1.5 | 0.07 |
| US Treasury Note 0.875% 06/30/2026 | 4.78 | Etats-Unis | 4.6 | 0.22 |
| KFW 0.875% 03/15/2022 | 4.35 | Allemagne | 0.5 | 0.02 |
| US Treasury Inflation Idx Bonds 0.625% 01/15/2026 | 3.23 | Etats-Unis | 4.3 | 0.14 |
| United Kingdom Gilt 0.125% 01/31/2023 | 2.90 | Royaume-Uni | 1.3 | 0.04 |
| US Treasury Inflation Idx Bonds 0.125% 04/15/2022 | 1.05 | Etats-Unis | 0.5 | 0.01 |
| German Inflation Linked Bond 0.1% 04/15/2023 | 1.00 | Allemagne | 1.6 | 0.02 |
| France Government Bond OAT 0.25% 07/25/2024 | 0.98 | France | 2.9 | 0.03 |
| Total (%) | 33.39 |  |  |  |


## Exposition sectorielle (%)	Contribution à la duration par secteur
Portefeuille
Industrie	35.09
Finance	25.81
Souverain	25.47
Quasi & Foreign Gvt	5.09
Securitized	3.51
Serv. aux collect.	3.10
Autres	0.54
Cash	1.38
1.2
0.9
0.6
0.3
0.0
-0.3
Industrie
Finance
Securitized
Serv. aux
collect.
Hors
catégorie
Souverain
Cash
-0.6
Port.	1.0	0.7	0.1	0.1	-0.2	-0.4	0.2

## Exposition géographique (%)	Contribution à la duration par géographie
Portefeuille
Etats-Unis	30.54
0.5
Etats-Unis
Royaume-Uni
France
Italie
Allemagne
Espagne
Brésil
Autres
|  |  |  |
| --- | --- | --- |
|  |  |  |  |
|  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Royaume-Uni | 19.85 |  |  |  |
| Allemagne | 13.96 |  | 0.3 |  |
| France | 5.16 |  | 0.2 |  |
| Italie | 4.14 |  | 0.1 |  |  |  |  |  |  |  |  |  |  |
| Espagne | 3.77 |  | 0.0 |  |  |  |  |  |  |  |  |  |  |
| Australie | 2.36 |  |  |  |  |  |  |  |  |  |  |  |  |
| Brésil | 1.79 |  |  |  |  |  |  |  |  |  |  |  |  |
| Chine | 1.44 |  | Port. | 0.3 | 0.2 |  | 0.1 |  | 0.1 | 0.1 | 0.1 | 0.1 | 0.4 |
| Irlande | 1.43 |  |  |  |  |  |  |  |  |  |  |  |  |
| Autres | 14.16 |  |  |  |  |  |  |  |  |  |  |  |  |
| Cash | 1.38 |  |  |  |  |  |  |  |  |  |  |  |  |
| Exposition par Maturité (%) |  |  |  |  |  |  |  |  |  |  |  |  |  |

0.4
50
|  |  |  |
| --- | --- | --- |
|  |  |  |  |
|  |  |  |
|  |  |  |
|  |  |  |  |  |

40
30
20
10
| 0 | Cash | 0-1 an | 1-3 ans | 3-5 ans | 5-7 ans | 7-10 ans |
| --- | --- | --- | --- | --- | --- | --- |
| Portefeuille | 1.38 | 10.29 | 46.35 | 40.21 | 1.50 | 0.26 |


## Exposition par rating (%)
35
30
25
20
15
10
5
0	AAA	AA	A	BBB	BB	B	CCC	NR	Cash
Portefeuille	25.34	6.67	7.72	30.92	17.27	9.99	0.64	0.08	1.38

## Exposition par devise (%)
50
|  |  |  |
| --- | --- | --- |
|  |  |  |  |  |  |
|  |  |  |  |
|  |  |  |  |

40
30
20
10
0	USD	EUR	GBP
Portefeuille	41.97	29.21	28.81