# Returns
## Performance evolution (rebased to 100) from 15/05/2014 to 31/12/2021*
130

## Risk analysis (rolling)

### 1 year  3 years  5 years
120
110

### Portfolio volatility	2.85%	6.19%	4.95%

### Benchmark volatility	2.20%	3.38%	2.91%

### Volatility is a statistical indicator that measures an asset’s variations around its average value. For example, market variations of +/- 1.5% per day correspond to a volatility of 25% per year.

## Sub-Fund Statistics
|  | Portfolio | Benchmark |
| --- | --- | --- |
| 100 | Yield | 2.95% | 1.09% |
|  | Modified duration ¹ Average rating ³ | 5.72 A- | 7.38 AA- |

06/14
12/14
06/15
12/15
06/16
12/16
06/17
12/17
06/18
12/18
06/19
90

### Portfolio (113.45)	Benchmark (122.66)

### ¹ Modified duration (in points) estimates a bond portfolio’s percentage price change for 1% change in yield
12/21

### ³ Based on Cash Bonds,CDS and TRS but excludes other types of derivatives. Median Rating calculated of the three agencies: Fitch, Moody's and Standard & Poor's.
12/19
06/20
12/20
06/21
| Top 10 issuers |  |
| --- | --- |
| GERMANY | 16.80% |
| UNITED STATES OF AMERICA | 13.46% |
| CANADA HOUSING TRUST | 4.50% |
| RUSSIA | 4.02% |
| ITALIAN REPUBLIC | 3.87% |
| BELGIUM | 3.68% |
| JAPAN | 3.34% |
| SOUTH AFRICA | 3.04% |
| UNICREDIT SPA | 2.39% |
| INTESA SANPAOLO SPA | 2.39% |


### A : As from the beginning of this period, the Sub-Fund is managed based on a larger scope of eligible assets.
Cumulative Returns *
|  | YTD | 1 month | 3 months | 1 year | 3 years | 5 years | Since |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Since | 31/12/2020 | 30/11/2021 | 30/09/2021 | 31/12/2020 | 31/12/2018 | 30/12/2016 | 15/05/2014 |
| Portfolio | -2.77% | 0.59% | -0.93% | -2.77% | 8.07% | 8.38% | 13.45% |
| Benchmark | -1.54% | -0.48% | -0.01% | -1.54% | 10.03% | 12.39% | 22.66% |
| Spread | -1.24% | 1.06% | -0.93% | -1.24% | -1.95% | -4.01% | -9.21% |

Calendar year performance *
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio | -2.77% | 2.48% | 8.47% | -3.75% | 4.19% | 0.58% | 0.14% | - | - | - |
| Benchmark | -1.54% | 4.96% | 6.46% | 0.10% | 2.05% | 3.95% | 1.02% | - | - | - |
| Spread | -1.24% | -2.48% | 2.01% | -3.84% | 2.14% | -3.37% | -0.88% | - | - | - |

Translation (ENFR, 2021-12-31):
# Performances
## Evolution de la performance (base 100) *
130

## Indicateur(s) glissant(s)

### 1 an	3 ans	5 ans
120
110
100

### Volatilité du portefeuille	2,85%  6,19%  4,95%

### Volatilité de l'indice	2,20%  3,38%  2,91%
La volatilité est un indicateur statistique qui mesure l’amplitude des variations d’un actif autour de sa moyenne. Exemple : des variations de +/- 1,5% par jour sur les marchés correspondent à une volatilité de 25% par an.

## Indicateurs
06/14
12/14
06/15
12/15
06/16
12/16
06/17
12/17
06/18
12/18
06/19
90

### Portefeuille (113,45)	Indice (122,66)

### ¹ La sensibilité (en points) représente le changement en pourcentage du prix pour une évolution de 1% du taux de référence
12/21
|  | Portefeuille | Indice |
| --- | --- | --- |
| Taux de rendement | 2,95% | 1,09% |
| Sensibilité ¹ | 5,72 | 7,38 |
| Note moyenne ³ | A- | AA- |


### ³ Basée sur les obligations, les TRS et les CDS mais tout autre dérivé exclu. Rating médian calculé des trois agences de notation de crédit: Fitch, Moody's et Standard & Poor's.
12/19
06/20
12/20
06/21
| Principaux Emetteurs |  |
| --- | --- |
| GERMANY | 16,80% |
| UNITED STATES OF AMERICA | 13,46% |
| CANADA HOUSING TRUST | 4,50% |
| RUSSIA | 4,02% |
| ITALIAN REPUBLIC | 3,87% |
| BELGIUM | 3,68% |
| JAPAN | 3,34% |
| SOUTH AFRICA | 3,04% |
| UNICREDIT SPA | 2,39% |
| INTESA SANPAOLO SPA | 2,39% |


### A : À compter du début de cette période, le Compartiment sera géré sur la base d'un éventail élargi d'actifs éligibles.
Performances glissantes *
|  | Depuis le | 1 mois | 3 mois | 1 an | 3 ans | 5 ans | Depuis le |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Depuis le | 31/12/2020 | 30/11/2021 | 30/09/2021 | 31/12/2020 | 31/12/2018 | 30/12/2016 | 15/05/2014 |
| Portefeuille | -2,77% | 0,59% | -0,93% | -2,77% | 8,07% | 8,38% | 13,45% |
| Indice | -1,54% | -0,48% | -0,01% | -1,54% | 10,03% | 12,39% | 22,66% |
| Ecart | -1,24% | 1,06% | -0,93% | -1,24% | -1,95% | -4,01% | -9,21% |

Performances calendaires *
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille | -2,77% | 2,48% | 8,47% | -3,75% | 4,19% | 0,58% | 0,14% | - | - | - |
| Indice | -1,54% | 4,96% | 6,46% | 0,10% | 2,05% | 3,95% | 1,02% | - | - | - |
| Ecart | -1,24% | -2,48% | 2,01% | -3,84% | 2,14% | -3,37% | -0,88% | - | - | - |