# Risk analysis
|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | 1 Y. | 3 Y. | 5 Y. | Launch |
| Annualized volatility Portfolio* | 4.35% | 5.15% | 5.09% | 5.05% |
| Benchmark** | 4.33% | 5.16% | 5.11% | - |
| Relative risk ('Tracking Error') | 0.63% | 0.45% | 0.41% | - |
| Sharpe ratio | 0.79 | 0.74 | 0.68 | 0.77 |
| Information ratio | -0.04 | 0.15 | 0.27 | - |

* 1st NAV date: 10/12/2013
** Benchmark : Please refer to the Benchmark section in the characteristics/disclaimers part of the document.
% of AUM covered by ESG absolute rating: Portfolio = 97.6% Benchmark = 100.0% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio = 97.6% Benchmark = 100.0% (not meaningful for coverage below 50%)
Source(s): AXA Investment Managers as at 30/04/2021 Editor: AXA Investment Managers Paris
| Portfolio analysis |  |
| --- | --- |
| Fund indicators |  |  |  | Fund indicators |  |  |
|  | Portfolio | Benchmark* |  |  | Portfolio | Benchmark* |
| Cash | 2.80% | 0.00% |  | Average Life | 11.46 | 12.57 |
| Number of Holdings | 112 | 147 |  | Duration to worst | 10.88 | 11.88 |
| Number of Issuers | 13 | 12 |  | Average Coupon | 0.74% | 0.24% |
| Linear Average Rating | AA- | AA |  | Yield to maturity | -1.47 | -1.62 |
| Exponential Average Rating | A+ | A+ |  |  |  |  |
| Currency breakdown |  |  |  | Asset class breakdown |  |  |

39.61%
45.16%
48%
45%
42%
39%
28.73%
29.05%
36%
33%
30%
27%
24%
21%
18%
15%
12%
9%
6%
3%
0%
1.51%
0.00%
USD	GBP	EUR	JPY	CAD	Other	Cash
Portfolio	Benchmark*
110%
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
23.12%
18.98%
2.55%
2.79%
1.68%
1.69%
2.33%
2.80%
Government Inflation
6.07%
0.00%
2.80%
0.00%
1.26%
0.00%
0.52%
0.00%
Government	Cash	Financial	Corporate
Inflation
Portfolio	Benchmark*

## Country Breakdown
Contribution to duration by country
89.35%
100.00%
39.61%
45.16%
48%
44%
28.73%
29.05%
40%
36%
32%
28%
24%
9.30%
5.81%
20%
8.79%
8.42%
16%
2.61%
2.64%
2.55%
2.79%
2.42%
2.11%
1.68%
1.69%
1.51%
2.33%
2.80%
0.00%
12%
8%
4%
United
States
United
Kingdom
Italy
France
Germany
Japan
Spain
Canada
Other
Cash
0%
Portfolio	Benchmark*

Translation (ENFR, 2021-04-30):
# Analyse du risque
|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | 1 an | 3 ans | 5 ans | Création |
| Volatilité annualisée Portefeuille* | 4.35% | 5.15% | 5.09% | 5.05% |
| Indice de référence** | 4.33% | 5.16% | 5.11% | - |
| Risque relatif (Tracking Error) | 0.63% | 0.45% | 0.41% | - |
| Ratio de Sharpe | 0.79 | 0.74 | 0.68 | 0.77 |
| Ratio d'information | -0.04 | 0.15 | 0.27 | - |

* Date de la 1ère Valeur Liquidative : 10/12/2013
** Indice de référence : se référer à la rubrique Indicateur de référence spécifiée en dernière rubrique
% de l’encours sous gestion couvert par la note ESG absolue : Portefeuille = 97.6% Indice de référence = 100.0% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)
% de l’encours sous gestion couvert par l’indicateur d’intensité en CO2 : Portefeuille = 97.6% Indice de référence = 100.0% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)
Source(s) : AXA Investment Managers au 30/04/2021 Rédacteur : AXA Investment Managers Paris
| Analyse du portefeuille |  |
| --- | --- |
| Caractéristique du portefeuille |  |  |  | Caractéristique du portefeuille |  |  |
|  | Portefeuille | Indice de référence* |  |  | Portefeuille | Indice de référence* |
| Cash | 2.80% | 0.00% |  | Maturité moyenne | 11.46 | 12.57 |
| Nombre de lignes | 112 | 147 |  | Duration to worst | 10.88 | 11.88 |
| Nombre d'émetteurs | 13 | 12 |  | Coupon moyen | 0.74% | 0.24% |
| Rating moyen linéaire | AA- | AA |  | Yield to maturity | -1.47 | -1.62 |
| Rating moyen exponentiel | A+ | A+ |  |  |  |  |
| Exposition par devise |  |  |  | Répartition de l'actif |  |  |

39.61%
45.16%
48%
45%
42%
39%
28.73%
29.05%
36%
33%
30%
27%
24%
21%
18%
15%
12%
9%
6%
3%
0%
1.51%
0.00%
USD	GBP	EUR	JPY	CAD	Autres	Cash
Portefeuille	Indice de référence*
110%
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
23.12%
18.98%
2.55%
2.79%
1.68%
1.69%
2.33%
2.80%
Souverain (inflation)
6.07%
0.00%
2.80%
0.00%
1.26%
0.00%
0.52%
0.00%
Souverain	Cash	Finance	Corporate
(inflation)
Portefeuille	Indice de référence*

## Exposition par pays
Contribution à la duration par pays
89.35%
100.00%
39.61%
45.16%
50%
45%
28.73%
29.05%
40%
35%
30%
25%
9.30%
5.81%
8.79%
8.42%
20%
2.55%
2.79%
2.80%
0.00%
15%
2.61%
2.64%
2.42%
2.11%
1.68%
1.69%
1.51%
2.33%
10%
5%
Etats-Unis
Royaume-Uni
Italie
France
Allemagne
Japon
Espagne
Canada
Autres
Cash
0%
Portefeuille	Indice de référence*