# Performance & Risk
## Performance Evolution (EUR)
ESG Relative Rating
CO2 Relative rating
% of AUM covered by ESG absolute rating: Portfolio = 95.8% Benchmark = 100.0% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 95.3% Benchmark = 100.0% (not meaningful for coverage below 50%)
For more information about the methodology, please read the section 'ESG Metrics Definition' below

## Fund Manager
31/01/20
31/07/20
31/01/21
31/07/21
31/01/22
31/07/22 31/01/23
Jonathan BALTORA
Portfolio* (-9.72%)	Benchmark (-8.74%)
Data is rebased to 100 by AXA IM on the graph start date.
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.
Elida RHENALS - Co-Manager
| Performance & Risk  (Continued) Risk Analysis |  |
| --- | --- |
|  | 1Y | 3Y | 5Y | Launch |
| Portfolio Volatility* (%) | 11.22 | 8.52 | 7.22 | 6.23 |
| Benchmark Volatility (%) | 10.86 | 8.64 | 7.31 | 6.18 |
| Relative Risk/Tracking Error  (%) | 1.42 | 0.79 | 0.66 | 0.72 |
| Sharpe Ratio | -1.31 | -0.27 | 0.01 | 0.37 |
| Information Ratio | 0.68 | 0.58 | 0.45 | 0.47 |
| Rolling Performance (%) |  |  |  |  |
| 1M	3M	6M	YTD	3Y	5Y	31/01/22	31/01/21	31/01/20	31/01/19	31/01/18	Launch |
|  |  |  |  |  |  |  | 31/01/23 | 31/01/22 | 31/01/21 | 31/01/20 | 31/01/19 |  |
| Portfolio* | 2.15 | 1.59 | -9.21 | 2.15 | -9.72 | -5.01 | -15.28 | 2.24 | 4.22 | 6.68 | -1.36 | 41.76 |
| Benchmark | 1.98 | 1.46 | -9.30 | 1.98 | -8.74 | -2.39 | -15.54 | 3.25 | 4.66 | 7.30 | -0.33 | 52.80 |
| Excess Return | 0.17 | 0.13 | 0.09 | 0.17 | -0.99 | -2.61 | 0.26 | -1.00 | -0.43 | -0.62 | -1.03 | -11.04 |


## Annual Calendar Performance (%)
|  | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -18.79 | 3.61 | 7.80 | 4.49 | -3.38 | 0.62 | 8.11 | -1.11 | 8.26 | -6.54 |
| Benchmark | -18.92 | 4.98 | 8.10 | 4.94 | -2.34 | 1.33 | 8.96 | -1.32 | 8.66 | -5.71 |
| Excess Return | 0.13 | -1.37 | -0.30 | -0.46 | -1.04 | -0.71 | -0.85 | 0.22 | -0.40 | -0.82 |

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 |  |
| --- | --- |
| Top 10 Holdings |
| Name | Weighting (%) | Issuer country | Mod. Duration | Contribution |
| US Treasury Inflation Idx Bonds 1.125% 01/15/2033 | 2.25 | United States | 9.4 | 0.21 |
| US Treasury Inflation Idx Bonds 3.875% 04/15/2029 | 2.24 | United States | 5.5 | 0.12 |
| US Treasury Inflation Idx Bonds 0.125% 01/15/2031 | 2.17 | United States | 7.9 | 0.17 |
| US Treasury Inflation Idx Bonds 0.5% 01/15/2028 | 2.07 | United States | 4.9 | 0.10 |
| US Treasury Inflation Idx Bonds 0.125% 04/15/2027 | 2.07 | United States | 4.2 | 0.09 |
| US Treasury Inflation Idx Bonds 0.875% 01/15/2029 | 2.02 | United States | 5.8 | 0.12 |
| AXA WF Global Inflation Short Duration Bonds | 2.00 | France | 3.0 | 0.06 |
| US Treasury Inflation Idx Bonds 0.125% 07/15/2031 | 1.67 | United States | 8.4 | 0.14 |
| UK Gilt Inflation Linked 0.125% 03/22/2024 | 1.65 | United Kingdom | 1.1 | 0.02 |
| US Treasury Inflation Idx Bonds 0.125% 01/15/2032 | 1.65 | United States | 8.8 | 0.15 |
| Total (%) | 19.78 |  |  |  |

Companies shown are for illustrative purposes only at the date of this report and may no longer be in the portfolio later. It should not be considered a recommendation to purchase or sell any security.
| Sector Breakdown (%) |  |
| --- | --- |
|  | Portfolio | Benchmark |
| Treasury | 93.43 | 100.00 |
| Other | 0.51 | 0.00 |
| Cash | 6.06 | 0.00 |


## Contribution to duration by sector
12
|  |  |  |
| --- | --- | --- |
|  |
|  |
|  |
|  |

10
8
6
4
2
0	Treasury	Agencies
Port.	9.8	0.1
Bench.	9.6	-

## Geographical Breakdown (%)	Contribution to Duration by Geography
Portfolio	Benchmark
| United States | 47.50 | 52.01 |
| --- | --- | --- |
| United Kingdom | 23.40 | 22.54 |
| France | 6.19 | 8.47 |
| Italy | 4.89 | 4.98 |
| Japan | 3.24 | 2.94 |

5
4
3
2
1
| Germany | 2.71 | 2.54 | United States United Kingdom France Germany Italy Canada Spain Japan Australia Other |
| --- | --- | --- | --- |
| Spain | 2.31 | 2.40 |
| Canada | 1.84 | 1.72 |  | Port.	3.9 | 3.8 | 0.6	0.5 | 0.4	0.3	0.1 | 0.1 | 0.1 | 0.1 |
| Australia | 1.00 | 1.08 |  | Bench. 3.7 | 3.9 | 0.7	0.2 | 0.4	0.3	0.1 | 0.1 | 0.1 | 0.1 |
| Other | 0.87 | 1.20 |  |
| Cash | 6.06 | 0.00 |
| Maturity Breakdown (%) |  |  |

0
21
18
15
12
9
6
3
0	Cash	0-1 year	1-3 years	3-5 years	5-7 years	7-10 years	10-20 years	+20 years
Portfolio	6.06	-	12.44	14.44	14.74	18.94	14.53	18.85
Benchmark	-	1.60	19.02	19.06	13.13	16.03	14.06	17.09
Portfolio Analysis 
(Continued)

## Rating Breakdown (%)
70
60
50
40
30
20
10
| 0 | AAA | AA | A | BBB | Cash |
| --- | --- | --- | --- | --- | --- |
| Portfolio | 52.11 | 31.40 | 4.36 | 6.07 | 6.06 |
| Benchmark | 57.40 | 32.29 | 4.10 | 6.22 | - |


## Currency Breakdown (%)
60
50
40
30
20
10
0	USD	GBP	EUR	JPY	CAD	AUD	SEK	NZD	DKK
| Portfolio | 50.02 | 25.45 | 17.13 | 3.44 | 1.96 | 1.06 | 0.51 | 0.42 | - |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | 52.01 | 22.54 | 18.38 | 2.94 | 1.72 | 1.08 | 0.67 | 0.53 | 0.14 |

Translation (ENFR, 2023-01-31):
# Performance et risque
## Evolution de la performance (EUR)
Notation ESG relative
Intensité relative en CO2
% de l’encours sous gestion couvert par la note ESG absolue : Portefeuille = 95.8% Indice de réf. = 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 = 95.3% Indice de réf.
= 100.0% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)
Pour de plus amples informations à propos de la méthodologie, veuillez lire la section « Définition des indicateurs ESG » ci-dessous
31/01/20	31/07/20	31/01/21	31/07/21	31/01/22	31/07/22 31/01/23
Portefeuille* (-9.72%)	Indice de réference (-8.74%)
Les données sont rebasées à 100 par AXA IM à la date de début du graphique.
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.

## Gérant
Jonathan BALTORA
Elida RHENALS - Co-gérant
| Performance et risque  (suite) Analyse du risque |  |
| --- | --- |
|  | 1 an | 3 ans | 5 ans | Création |
| Volatilité du portefeuille* (%) | 11.22 | 8.52 | 7.22 | 6.23 |
| Volatilité de l'indice de référence (%) | 10.86 | 8.64 | 7.31 | 6.18 |
| Risque relatif/Tracking Error  (%) | 1.42 | 0.79 | 0.66 | 0.72 |
| Ratio de Sharpe | -1.31 | -0.27 | 0.01 | 0.37 |
| Ratio d'information | 0.68 | 0.58 | 0.45 | 0.47 |
| Performance glissante (%) |  |  |  |  |
| 1 mois	3 mois	6 mois  YTD  3 ans  5 ans	31/01/22	31/01/21	31/01/20	31/01/19	31/01/18  Création |
|  |  |  |  |  |  |  | 31/01/23 | 31/01/22 | 31/01/21 | 31/01/20 | 31/01/19 |  |
| Portefeuille* | 2.15 | 1.59 | -9.21 | 2.15 | -9.72 | -5.01 | -15.28 | 2.24 | 4.22 | 6.68 | -1.36 | 41.76 |
| Indice de référence | 1.98 | 1.46 | -9.30 | 1.98 | -8.74 | -2.39 | -15.54 | 3.25 | 4.66 | 7.30 | -0.33 | 52.80 |
| Ecarts | 0.17 | 0.13 | 0.09 | 0.17 | -0.99 | -2.61 | 0.26 | -1.00 | -0.43 | -0.62 | -1.03 | -11.04 |


## Performance calendaire annuelle (%)
|  | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | -18.79 | 3.61 | 7.80 | 4.49 | -3.38 | 0.62 | 8.11 | -1.11 | 8.26 | -6.54 |
| Indice de réference | -18.92 | 4.98 | 8.10 | 4.94 | -2.34 | 1.33 | 8.96 | -1.32 | 8.66 | -5.71 |
| Ecarts | 0.13 | -1.37 | -0.30 | -0.46 | -1.04 | -0.71 | -0.85 | 0.22 | -0.40 | -0.82 |

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 |  |
| --- | --- |
| 10 principaux titres |
| Libellé | Pondération (%) | Pays émetteur | Mod. Duration | Contribution |
| US Treasury Inflation Idx Bonds 1.125% 01/15/2033 | 2.25 | Etats-Unis | 9.4 | 0.21 |
| US Treasury Inflation Idx Bonds 3.875% 04/15/2029 | 2.24 | Etats-Unis | 5.5 | 0.12 |
| US Treasury Inflation Idx Bonds 0.125% 01/15/2031 | 2.17 | Etats-Unis | 7.9 | 0.17 |
| US Treasury Inflation Idx Bonds 0.5% 01/15/2028 | 2.07 | Etats-Unis | 4.9 | 0.10 |
| US Treasury Inflation Idx Bonds 0.125% 04/15/2027 | 2.07 | Etats-Unis | 4.2 | 0.09 |
| US Treasury Inflation Idx Bonds 0.875% 01/15/2029 | 2.02 | Etats-Unis | 5.8 | 0.12 |
| AXA WF Global Inflation Short Duration Bonds | 2.00 | France | 3.0 | 0.06 |
| US Treasury Inflation Idx Bonds 0.125% 07/15/2031 | 1.67 | Etats-Unis | 8.4 | 0.14 |
| UK Gilt Inflation Linked 0.125% 03/22/2024 | 1.65 | Royaume-Uni | 1.1 | 0.02 |
| US Treasury Inflation Idx Bonds 0.125% 01/15/2032 | 1.65 | Etats-Unis | 8.8 | 0.15 |
| Total (%) | 19.78 |  |  |  |

Les informations sur cette société sont données à titre illustratif uniquement, sont valables à la date du reporting et ne constituent pas une recommandation à l’achat ou à la vente. Il est possible que cette entreprise ne soit plus présente en portefeuille à une date ultérieure.

## Exposition sectorielle (%)	Contribution à la duration par secteur
12
|  |  |  |
| --- | --- | --- |
|  |
|  |
|  |
|  |

|  | Portefeuille | Indice de référence |
| --- | --- | --- |
| Trésor | 93.43 | 100.00 |
| Autres | 0.51 | 0.00 |
| Cash | 6.06 | 0.00 |

10
8
6
4
2
0	Trésor	Agences
Port.	9.8	0.1
Indice de réf.	9.6	-

## Exposition géographique (%)	Contribution à la duration par géographie
|  | Portefeuille | Indice de référence |
| --- | --- | --- |
| Etats-Unis | 47.50 | 52.01 |
| Royaume-Uni | 23.40 | 22.54 |
| France | 6.19 | 8.47 |
| Italie | 4.89 | 4.98 |
| Japon | 3.24 | 2.94 |

Allemagne	2.71	2.54
Espagne	2.31	2.40
Canada	1.84	1.72
Australie	1.00	1.08
Autres	0.87	1.20
Cash	6.06	0.00
5
4
3
2
1
Etats-Unis
Royaume-Uni
France
Allemagne
Italie
Canada
Espagne
Japon
Australie
Autres
0
Port.	3.9  3.8  0.6  0.5  0.4  0.3  0.1  0.1  0.1  0.1
Indice de réf. 3.7 3.9 0.7 0.2 0.4 0.3 0.1 0.1 0.1 0.1

## Exposition par Maturité (%)
21
18
15
12
9
6
3
0	Cash	0-1 an	1-3 ans	3-5 ans	5-7 ans	7-10 ans	10-20 ans	+ 20 ans
Portefeuille	6.06	-	12.44	14.44	14.74	18.94	14.53	18.85
Indice de référence	-	1.60	19.02	19.06	13.13	16.03	14.06	17.09
Analyse du portefeuille 
(suite)

## Exposition par rating (%)
70
60
50
40
30
20
10
| 0 | AAA | AA | A | BBB | Cash |
| --- | --- | --- | --- | --- | --- |
| Portefeuille | 52.11 | 31.40 | 4.36 | 6.07 | 6.06 |
| Indice de référence | 57.40 | 32.29 | 4.10 | 6.22 | - |


## Exposition par devise (%)
60
50
40
30
20
10
0	USD	GBP	EUR	JPY	CAD	AUD	SEK	NZD	DKK
| Portefeuille | 50.02 | 25.45 | 17.13 | 3.44 | 1.96 | 1.06 | 0.51 | 0.42 | - |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Indice de référence | 52.01 | 22.54 | 18.38 | 2.94 | 1.72 | 1.08 | 0.67 | 0.53 | 0.14 |