# Risk analysis
|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | 1 Y. | 3 Y. | 5 Y. | Launch |
| Annualized volatility Portfolio* | 1.34% | 2.34% | 2.50% | 3.36% |
| Performance Indicator** | 1.38% | 1.97% | 2.05% | - |
| Relative risk ('tracking error') | 0.40% | 0.68% | 0.73% | - |
| Sharpe ratio | 0.37 | 1.18 | 1.41 | 1.44 |
| Information ratio | 0.06 | 0.31 | 0.55 | - |

* 1st NAV date: 24/07/2008
** 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 | 10.50% | 0.07% |  | Duration to worst | 4.46 | 4.56 |
| Number of Holdings | 225 | 2571 |  | Spread duration | 4.10 | 4.54 |
| Number of Issuers | 133 | 559 |  | Average Coupon | 1.82% | 2.14% |
| Linear Average Rating | BBB1 | A3 |  | Yield To Worst | 0.85 | 0.91 |
| Exponential Average Rating | BBB1 | BBB1 |  | Asset swap spread | 68 | 69 |
| Average Life | 4.77 | 4.81 |  |  |  |  |


## Sector breakdown
Non cyclical sector
9.76%
10.53%
8.62%
12.50%
6.49%
4.33%
5.84%
10.00%
2.44%
1.95%
1.91%
3.84%
7.50%
1.13%
1.01%
5.00%
2.50%
Utility
Telecommunications
Transportation
Consumer Goods
Services
Healthcare
0.00%
5.48%
3.03%
3.25%
2.88%
5.85%
Portfolio	Performance Indicator*
5.11%
6.10%

## Cyclical sector
7%
3.99%
4.11%
6%
3.12%
5%
4%
3%
2%
1%
Automotive
Real Estate
0%

## Financial sector
40%
36%
32%
28%
0.69%
1.34%
24%
0.00%
0.25%
20%
16%
12%
8%
4%
0%
1.26%
1.98%
1.02%
1.65%
Energy
Capital
Goods
Basic
Industry
Technology
& Electronics
Retail
Media
Leisure
Portfolio	Performance Indicator*
Banking	Insurance	Financial Services
Portfolio	Performance Indicator*

## Regional breakdown
Country Breakdown
Portfolio	Performance Indicator*
Core Europe	36.57%	46.06%
Peripheral Europe	16.23%	12.19%
United States	15.32%	15.26%
Rest of the World	14.16%	17.62%
United Kingdom	7.23%	8.80%
| Cash | 10.50% | 0.07% |
| --- | --- | --- |
| Total | 100.00% | 100.00% |

as at 31/08/2018
24%
20.34%
21.75%
15.32%
15.26%
7.23%
8.75%
6.76%
5.56%
6.42%
13.89%
5.12%
6.46%
3.23%
2.10%
3.07%
0.56%
2.55%
2.90%
1.88%
0.75%
8.92%
13.71%
10.50%
0.07%
20%
16%
4.53%
5.32%
4.15%
2.93%
12%
8%
4%
France
United States
United Kingdom
Spain
Germany
Netherlands
Italy
Australia
Belgium
Portugal
Switzerland
Ireland
Other
Cash
0%
Portfolio	Performance Indicator*

Translation (ENFR, 2018-08-31):
# Analyse du risque
|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | 1 an | 3 ans | 5 ans | Création |
| Volatilité annualisée Portefeuille* | 1.34% | 2.34% | 2.50% | 3.36% |
| Indicateur de performance** | 1.38% | 1.97% | 2.05% | - |
| Risque relatif (tracking error) | 0.40% | 0.68% | 0.73% | - |
| Ratio de Sharpe | 0.37 | 1.18 | 1.41 | 1.44 |
| Ratio d'information | 0.06 | 0.31 | 0.55 | - |

* Date de la 1ère Valeur Liquidative : 24/07/2008
** 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