# Performance & Risk
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## Performance Evolution (EUR)
100.4
100.2
100.0
99.8
99.6
99.4
EUR

### 181.26
Linear Average Rating	A-
% of 10 first lines	20.95
Weighted Average Maturity	85
Current yield	-0.31
Number of Holdings	89
Number of Issuers	62

## Fund Profile
ESG Rating
30/06/2020
30/09/2020
31/12/2020
31/03/2021
30/06/2021
Portfolio* (0.22%)	Benchmark (-0.52%)
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. | % of AUM covered by ESG absolute rating: Portfolio = 99.8% (not meaningful for coverage below 50%) |
| --- | --- |
| Risk Analysis |  |  |  |  |  |  |  |  |
|  | 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y |  |
| Portfolio Volatility* (%) | 0.04 | 0.05 | 0.07 | 0.07 | 0.14 | 0.69 | 0.54 |  |
| Benchmark Volatility (%) | 0.02 | 0.02 | 0.02 | 0.02 | 0.01 | 0.02 | 0.02 |  |
| Relative Risk/Tracking Error  (%) | 0.04 | 0.06 | 0.07 | 0.07 | 0.14 | 0.69 | 0.54 |  |
| Sharpe Ratio | 15.56 | 11.53 | 6.66 | 6.66 | 5.96 | 0.65 | 0.72 |  |
| Information Ratio | 18.07 | 11.97 | 7.81 | 7.81 | 6.47 | 0.68 | 0.75 |  |


## Rolling Performance (%)
|  | 1M | 3M | 6M | YTD | 30/06/2020 30/06/2021 | 30/06/2019 30/06/2020 | 30/06/2018 30/06/2019 | 30/06/2017 30/06/2018 | 30/06/2016 30/06/2017 | Launch |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -0.01 | -0.01 | -0.09 | -0.09 | 0.22 | -0.43 | -0.16 | -0.30 | -0.18 | 3.76 |
| Benchmark | -0.05 | -0.14 | -0.28 | -0.28 | -0.52 | -0.44 | -0.37 | -0.36 | -0.35 | -0.95 |
| Excess Return | 0.04 | 0.13 | 0.20 | 0.20 | 0.74 | 0.01 | 0.21 | 0.06 | 0.17 | 4.71 |

Annual Calendar Performance (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -0.05 | 0.03 | -0.53 | -0.19 | 0.14 | 0.05 | 0.81 | 0.69 | 1.79 | 1.04 |
| Benchmark | -0.47 | -0.40 | -0.37 | -0.36 | -0.32 | -0.11 | 0.10 | 0.09 | 0.24 | 0.88 |
| Excess Return | 0.42 | 0.42 | -0.17 | 0.17 | 0.46 | 0.15 | 0.71 | 0.60 | 1.55 | 0.15 |

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 |  |
| --- | --- |
| Sector Breakdown (%) |  |  | Geographical Breakdown (%) |  |
|  | 30/06/2021 |  |  | Portfolio |
| Banking | 39.27 |  | France | 37.59 |
| Telecommunications | 11.29 |  | Germany | 13.73 |
| Utility | 10.15 |  | Spain | 9.11 |
| Cash and misc. | 9.91 |  | Great Britain | 7.75 |
| Healthcare | 4.65 |  | Netherlands | 7.67 |
| Automotive | 4.46 |  | Belgium | 6.85 |
| Services | 3.96 |  | United States | 6.78 |
| Real Estate | 2.80 |  | Canada | 3.38 |
| Retail | 2.24 |  | Italy | 1.69 |
| Consumer Goods | 2.22 |  | Switzerland | 1.40 |
| Capital Goods | 2.11 |  | Australia | 1.19 |
| Financial Services | 1.97 |  | Finland | 1.13 |
| Energy | 1.59 |  | Austria | 1.02 |
| Basic Industry | 1.48 |  | Norway | 0.71 |
| Technology & Electronics | 0.89 |  | Others | 0.00 |
| Transportation | 0.87 |  |  |  |
| Sovereign | 0.15 |  |  |  |


## Instrument Type Breakdown (%)
100
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80
60
40
20
| 0 | Fixed rate bonds | Money Market Fund | Variable rate bonds | CP&MTN | Deposit & Liquidity |
| --- | --- | --- | --- | --- | --- |
| Portfolio | 80.03 | 9.72 | 8.25 | 1.81 | 0.18 |


## Rating / Maturity Exposure Breakdown (%)
|  | A | AA | BBB | NR | Total |
| --- | --- | --- | --- | --- | --- |
| 0 - 1 day | 0.18 |  |  | 0.01 | 0.18 |
| 1 week - 1 month | 1.10 |  |  |  | 1.10 |
| 1 - 3 months | 12.13 |  | 1.12 |  | 13.25 |
| 3 - 6 months | 2.49 | 0.15 | 6.84 |  | 9.49 |
| 6 months - 1 year | 8.73 |  | 9.75 |  | 18.48 |
| 12 - 18 months | 8.24 |  | 7.24 |  | 15.48 |
| > 18 months | 24.08 | 3.96 | 13.96 |  | 42.01 |
| Total | 56.97 | 4.12 | 38.91 | 0.01 |  |

Evolution of Average Maturity (Years)
1.50
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1.20
0.90
0.60
0.30
0.00
January 2021	February 2021	March 2021	April 2021	May 2021	June 2021
Average maturity	1.18	1.18	1.26	1.21	1.22	1.23

Translation (ENFR, 2021-06-30):
# Performance et risque
## Evolution de la performance (EUR)
Valeur liquidative
Cap.

### 10376.5
Actif net du fonds (M)
EUR

### 181.26

## Indice de réference
Depuis le: 01/01/2021
100% €STR Capitalized
|  | Port. |
| --- | --- |
| Rating moyen linéaire | A- |
| % des 10 premières lignes | 20.95 |
| Weighted Average Maturity | 85 |
| Current yield | -0.31 |
| Nombre de lignes | 89 |
| Nombre d'émetteurs | 62 |
| Profil du portefeuille |  |
| Notation ESG |  |


## Caractéristiques du portefeuille
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100.4
100.2
100.0
99.8
99.6
99.4
30/06/2020
30/09/2020
31/12/2020
31/03/2021
30/06/2021
Portefeuille* (0.22%)	Indice de réference (-0.52%)
Les données sont rebasées à 100 par AXA IM à la date de début du graphique.
| Analyse du risque |  |
| --- | --- |
|  | 1 mois | 3 mois | 6 mois | YTD | 1 an | 3 ans | 5 ans |
| Volatilité du portefeuille* (%) | 0.04 | 0.05 | 0.07 | 0.07 | 0.14 | 0.69 | 0.54 |
| Volatilité de l'indice de référence (%) | 0.02 | 0.02 | 0.02 | 0.02 | 0.01 | 0.02 | 0.02 |
| Risque relatif/Tracking Error  (%) | 0.04 | 0.06 | 0.07 | 0.07 | 0.14 | 0.69 | 0.54 |
| Ratio de Sharpe | 15.56 | 11.53 | 6.66 | 6.66 | 5.96 | 0.65 | 0.72 |
| Ratio d'information | 18.07 | 11.97 | 7.81 | 7.81 | 6.47 | 0.68 | 0.75 |

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.
% de l’encours sous gestion couvert par la note ESG absolue : Portefeuille = 99.8% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)

## Performance glissante (%)
|  | 1 mois | 3 mois | 6 mois | YTD | 30/06/2020 30/06/2021 | 30/06/2019 30/06/2020 | 30/06/2018 30/06/2019 | 30/06/2017 30/06/2018 | 30/06/2016 30/06/2017 | Création |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | -0.01 | -0.01 | -0.09 | -0.09 | 0.22 | -0.43 | -0.16 | -0.30 | -0.18 | 3.76 |
| Indice de réference | -0.05 | -0.14 | -0.28 | -0.28 | -0.52 | -0.44 | -0.37 | -0.36 | -0.35 | -0.95 |
| Ecarts | 0.04 | 0.13 | 0.20 | 0.20 | 0.74 | 0.01 | 0.21 | 0.06 | 0.17 | 4.71 |

Performance calendaire annuelle (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | -0.05 | 0.03 | -0.53 | -0.19 | 0.14 | 0.05 | 0.81 | 0.69 | 1.79 | 1.04 |
| Indice de réference | -0.47 | -0.40 | -0.37 | -0.36 | -0.32 | -0.11 | 0.10 | 0.09 | 0.24 | 0.88 |
| Ecarts | 0.42 | 0.42 | -0.17 | 0.17 | 0.46 | 0.15 | 0.71 | 0.60 | 1.55 | 0.15 |

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 |  |
| --- | --- |
| Exposition sectorielle (%) |  |  | Exposition géographique (%) |  |
|  | 30/06/2021 |  |  | Portefeuille |
| Services bancaires | 39.27 |  | France | 37.59 |
| Télécom. | 11.29 |  | Allemagne | 13.73 |
| Serv. aux collect. | 10.15 |  | Espagne | 9.11 |
| Cash et divers | 9.91 |  | Grande Bretagne | 7.75 |
| Sante | 4.65 |  | Pays-Bas | 7.67 |
| Automobile | 4.46 |  | Belgique | 6.85 |
| Services | 3.96 |  | Etats-Unis | 6.78 |
| Immobilier | 2.80 |  | Canada | 3.38 |
| Retail | 2.24 |  | Italie | 1.69 |
| Consumer Goods | 2.22 |  | Suisse | 1.40 |
| Biens d’équip. | 2.11 |  | Australie | 1.19 |
| Services Financiers | 1.97 |  | Finlande | 1.13 |
| Energie | 1.59 |  | Autriche | 1.02 |
| Industrie | 1.48 |  | Norvège | 0.71 |
| Tech. & Elec. | 0.89 |  | Autres | 0.00 |
| Transportation | 0.87 |  |  |  |
| Sovereign | 0.15 |  |  |  |


## Exposure by Instrument Type (%)
100
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80
60
40
20
| 0 | Oblig. Tx Fixe | Fonds Monétaire | Oblig.Tx Var. | TCN & BMTN | Dépôt & Liquidité |
| --- | --- | --- | --- | --- | --- |
| Portefeuille | 80.03 | 9.72 | 8.25 | 1.81 | 0.18 |

| Exposition rating / maturité (%) |  |
| --- | --- |
|  | A | AA | BBB | NR | Total |
| 0 - 1 jour | 0.18 |  |  | 0.01 | 0.18 |
| 1 semaine - 1 mois | 1.10 |  |  |  | 1.10 |
| 1 - 3 mois | 12.13 |  | 1.12 |  | 13.25 |
| 3 - 6 mois | 2.49 | 0.15 | 6.84 |  | 9.49 |
| 6 mois - 1 an | 8.73 |  | 9.75 |  | 18.48 |
| 12 - 18 mois | 8.24 |  | 7.24 |  | 15.48 |
| > 18 mois | 24.08 | 3.96 | 13.96 |  | 42.01 |
| Total | 56.97 | 4.12 | 38.91 | 0.01 |  |


## Evolution de la Maturité Moyenne (Ans)
1.50
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1.20
0.90
0.60
0.30
0.00
Janvier 2021	Février 2021	Mars 2021	Avril 2021	Mai 2021	Juin 2021
Maturité moyenne	1.18	1.18	1.26	1.21	1.22	1.23