# Risk analysis
|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | 1 Y. | 3 Y. | 5 Y. | Launch |
| Annualized volatility Portfolio* | 2.88% | 3.85% | 4.23% | 3.94% |
| Performance Indicator** | 2.85% | 3.74% | 4.05% | - |
| Relative risk ('tracking error') | 0.69% | 0.52% | 0.47% | - |
| Sharpe ratio | -0.13 | 0.49 | 0.97 | 0.70 |
| Information ratio | -0.63 | -0.07 | 0.22 | - |

* 1st NAV date: 13/06/1995
Fund AXA WF Euro Government Bonds benefits of the historical evolution of the performance of the fund AXA Première, since its creation on the 02/02/10, because they have the same investment objectives.
** 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 | 2.87% | - |  | Average Life | 9.36 | 9.48 |
| Number of Holdings | 71 | 300 |  | Duration to worst | 7.70 | 7.71 |
| Number of Issuers | 15 | 9 |  | Average Coupon | 2.77% | 2.67% |
| Linear Average Rating | A | A+ |  | Yield To Worst | 1.17 | 0.90 |
| Exponential Average Rating | A- | A |  |  |  |  |

100.00%

## Asset class breakdown
110%
85.81%
100%
90%
80%
70%
60%
50%
40%
30%
4.54%
20%
10%

## Contribution to duration of sovereign debt by country
1.93
2.12
2.40
2.20
2.00
1.60
1.47
1.80
1.32
1.12
1.35
1.60
1.40
1.20
0.82
1.00
0.56
0.60
0.80
0.38
0.43
0.35
0.36
0.60
0.14
0.15
0.11
0.11
0.08
0.00
0.40
0.20
France
Italy
Spain
Germany
Belgium
Netherlands
Austria
Ireland
Finland
Slovakia
0.00
0.00%
4.28%
0%
Government		Quasi Sovereign
0.00%
2.49%
0.00%
Covered	Government Inflation
2.87%
0.00%
Cash
Portfolio	Performance Indicator*	Portfolio	Performance Indicator*

## Contribution to duration by sector
8.50
8.00
7.50
7.00
6.50
6.00
5.50
5.00
4.50
4.00
3.50
3.00
2.50
2.00
1.50
1.00
0.50
0.00

## Contribution to duration by maturity
2.60
2.51
2.80
2.60
2.40
2.02
1.93
2.20
2.00
1.55
1.80
1.43
1.60
1.40
1.20
0.75
0.68
0.83
0.78
1.00
0.80
0.38
0.60
0.17
0.40
0.20
0.00
Sovereign	Covered
Bonds
Agency	Local-Authority	Government
Guaranteed
1-3 years	3-5 years	5-7 years	7-10 years  10-20 years  +20 years
Portfolio	Performance Indicator*	Portfolio	Performance Indicator*
18.81%
18.10%
14.21%
23.64%
18.43%
18.02%

Translation (ENFR, 2018-08-31):
# Analyse du risque
|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | 1 an | 3 ans | 5 ans | Création |
| Volatilité annualisée Portefeuille* | 2.88% | 3.85% | 4.23% | 3.94% |
| Indicateur de performance** | 2.85% | 3.74% | 4.05% | - |
| Risque relatif (tracking error) | 0.69% | 0.52% | 0.47% | - |
| Ratio de Sharpe | -0.13 | 0.49 | 0.97 | 0.70 |
| Ratio d'information | -0.63 | -0.07 | 0.22 | - |

* Date de la 1ère Valeur Liquidative : 13/06/1995
Le fonds AXA WF Euro Government Bonds bénéficie de l’évolution historique de la performance du fonds AXA Première, depuis sa création le 02/02/10, car ils ont les mêmes objectifs de gestion.
** 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