# Risk analysis
|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | 1 Y. | 3 Y. | 5 Y. | Launch |
| Annualized volatility Portfolio* | 1.38% | 1.37% | 1.69% | 2.34% |
| Performance Indicator** | 1.29% | 1.22% | 1.36% | 2.24% |
| Relative risk ('tracking error') | 0.59% | 0.66% | 0.67% | 0.83% |
| Sharpe ratio | -1.13 | 0.58 | 1.26 | 1.03 |
| Information ratio | -2.21 | -0.43 | 0.08 | -0.27 |

* 1st NAV date: 17/04/2006
** Performance indicator : Please refer to the Benchmark section in the characteristics/disclaimers part of the document. Source(s): AXA Investment Managers as at 31/08/2018
Editor: AXA Investment Managers Paris
| Portfolio analysis |  |
| --- | --- |
| Fund indicators |  |  |  | Fund indicators |  |  |
|  | Portfolio | Performance Indicator* |  |  | Portfolio | Performance Indicator* |
| Cash | 2.02% | - |  | Duration to worst | 3.44 | 3.80 |
| Number of Holdings | 85 | 1052 |  | Spread duration | 1.70 | 1.89 |
| Number of Issuers | 56 | 384 |  | Average Coupon | 1.60% | 2.05% |
| Linear Average Rating | A- | A+ |  | Yield To Worst | 0.59 | 0.39 |
| Exponential Average Rating | BBB+ | A |  |  |  |  |
| Average Life | 3.62 | 3.95 |  |  |  |  |

50.48%

## Asset class breakdown
43.73%
60%
50%
18.26%
40%
14.27%
9.69%
9.95%
2.41%
0.00%
2.02%
0.00%
30%

## Contribution to duration of sovereign debt by country
0.53
0.49
0.51
0.60
0.44
0.40
0.50
0.40
0.23
10.97%
0.30
20%
10%
Inflation
0%
0.20
0.18
0.16
0.08
0.12
0.00
0.12
0.00
0.04
0.00
0.03
0.00
0.09
0.10
Italy
France
Spain
Germany
Belgium
Netherlands
Ireland
Finland
Austria
0.00
12.93%
11.86%
13.45%
Government
Corporate
Covered
Quasi
Sovereign
Financial
Government
Cash
Portfolio	Performance Indicator*	Portfolio	Performance Indicator*

## Contribution to duration of quasi sovereign debt by sectors
0.50
0.45
0.60
0.50
0.28
0.40
0.19
0.16
0.30
0.14
0.07
0.11
0.08
0.20
0.04
0.00
0.10
Covered
Bonds
Agency
Government
Guaranteed
Supranational
Local-Authority
Other
0.00

## Contribution to duration of financial debt by sector
0.36
0.33
0.30
0.27
0.24
0.21
0.04
0.18
0.15
0.12
0.09
0.06
0.03
0.00
Portfolio	Performance Indicator*
Banking Senior	Insurance Senior	Other
Portfolio	Performance Indicator*

## Contribution to duration of corporate debt by sector
0.15
0.10
0.09
0.08
0.12
0.06
0.05
0.07
0.06
0.07
0.05
0.07
0.06
0.09
0.02
0.03
0.06
0.00
0.03
Real Estate
Telecommunications
Basic Industry
Automotive
Energy
Utility
Consumer Goods
0.00

## Contribution to duration by maturity
0.10
0.12
4.00
3.60
3.20
0.04
2.80
0.00
2.40
2.00
Other
1.60
1.20
0.80
0.40
0.00
Capital Goods
Portfolio	Performance Indicator*
0-1 year	1-3 years	3-5 years	5-7 years	7-10 years
Portfolio	Performance Indicator*

Translation (ENFR, 2018-08-31):
# Analyse du risque
|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | 1 an | 3 ans | 5 ans | Création |
| Volatilité annualisée Portefeuille* | 1.38% | 1.37% | 1.69% | 2.34% |
| Indicateur de performance** | 1.29% | 1.22% | 1.36% | 2.24% |
| Risque relatif (tracking error) | 0.59% | 0.66% | 0.67% | 0.83% |
| Ratio de Sharpe | -1.13 | 0.58 | 1.26 | 1.03 |
| Ratio d'information | -2.21 | -0.43 | 0.08 | -0.27 |

* Date de la 1ère Valeur Liquidative : 17/04/2006
** Indicateur de performance : se référer à la rubrique Indicateur de performance spécifiée en dernière rubrique Source(s) : AXA Investment Managers au 31/08/2018
Rédacteur : AXA Investment Managers Paris