# Performance & Risk
## Performance Evolution (EUR)
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110
105
100
95
90
85
80
% of AUM covered by ESG absolute rating: Portfolio = 96.4% Benchmark = 96.2% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 91.1% Benchmark = 92.7% (not meaningful for coverage below 50%)
For more information about the methodology, please read the section 'ESG Metrics Definition' below

## Fund Manager
Ismael LECANU
31/01/20
31/07/20
31/01/21
31/07/21
31/01/22
31/07/22 31/01/23
Jean-Marc FRELET - Co-Manager
Portfolio* (-9.41%)	Benchmark (-11.78%)
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.
| Performance & Risk  (Continued) Risk Analysis |  |
| --- | --- |
|  | 1Y | 3Y | 5Y | Launch |
| Portfolio Volatility* (%) | 7.87 | 8.86 | 7.10 | 5.00 |
| Benchmark Volatility (%) | 7.17 | 7.45 | 5.99 | 4.36 |
| Relative Risk/Tracking Error  (%) | 1.87 | 1.86 | 1.55 | 1.38 |
| Sharpe Ratio | -1.32 | -0.28 | 0.03 | 0.53 |
| Information Ratio | 0.42 | 0.71 | 0.74 | 0.81 |
| 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* | 3.30 | 5.21 | -2.53 | 3.30 | -9.41 | -2.85 | -10.64 | -1.70 | 3.13 | 8.13 | -0.82 | 65.22 |
| Benchmark | 2.02 | 3.18 | -4.43 | 2.02 | -11.78 | -6.03 | -11.01 | -2.20 | 1.36 | 6.34 | 0.17 | 48.47 |
| Excess Return | 1.28 | 2.03 | 1.90 | 1.28 | 2.37 | 3.17 | 0.37 | 0.49 | 1.77 | 1.79 | -0.99 | 16.75 |


## Annual Calendar Performance (%)
|  | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -14.65 | -0.66 | 4.65 | 7.87 | -1.85 | 3.04 | 4.92 | -1.14 | 7.99 | 2.78 |
| Benchmark | -13.94 | -0.97 | 2.64 | 6.23 | -1.13 | 2.41 | 4.76 | -0.44 | 8.30 | 2.35 |
| Excess Return | -0.71 | 0.31 | 2.00 | 1.64 | -0.72 | 0.63 | 0.16 | -0.70 | -0.31 | 0.43 |

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 |
| AXA WF Euro Credit Total Return | 2.92 | France | 4.0 | 0.12 |
| Unibail-Rodamco SE VAR PERP | 0.97 | France | 0.5 | 0.00 |
| Logicor Financing Sarl 1.5% 07/13/2026 | 0.77 | China | 2.9 | 0.02 |
| AIB Group PLC VAR 04/04/2028 | 0.77 | Ireland | 3.8 | 0.03 |
| Royal Bank of Scotland Group VAR 03/02/2026 | 0.76 | United Kingdom | 1.9 | 0.01 |
| Scentre Group Trust 1 / Trust 2 1.45% 03/28/2029 | 0.74 | Australia | 5.3 | 0.04 |
| Vicinity Centres Trust 1.125% 11/07/2029 | 0.74 | Australia | 6.0 | 0.04 |
| Raiffeisen Bank International VAR PERP | 0.73 | Austria | 0.4 | 0.00 |
| Banco de Sabadell SA VAR 04/15/2031 | 0.72 | Spain | 2.6 | 0.02 |
| Heimstaden Bostad Treasury BV 1% 04/13/2028 | 0.69 | Norway | 4.5 | 0.03 |
| Total (%) | 9.81 |  |  |  |

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 (%)	Contribution to duration by sector
Portfolio	Benchmark
Financial	50.35	37.73	3
Industrials	37.38	52.39
| Other | 0.77 | 0.00 |
| --- | --- | --- |
| Cash | -0.19 | 0.15 |

Utility	11.69	9.73	2
1
0
Financial	Industrials	Utility
Port.	2.0	1.7	0.7
Bench.	1.4	2.5	0.5

## Geographical Breakdown (%)	Contribution to Duration by Geography
Portfolio	Benchmark
France	19.20	21.52
United States	12.08	18.66
| Spain | 11.13 | 5.41 |
| --- | --- | --- |
| Italy | 11.07 | 5.84 |
| Germany | 10.41 | 14.19 |

United Kingdom	8.55	7.40
Austria	4.82	1.16
Ireland	4.53	0.89
Portugal	3.39	0.36
Netherlands	2.91	5.84
Other	12.11	16.44
Cash	-0.19	0.15
1.2
1.0
0.8
0.6
0.4
0.2
France
United States
Germany
Italy
Spain
United Kingdom
Austria
Ireland
Netherlands
Other
0.0
Port.	1.0	0.6	0.5	0.4	0.4	0.3	0.2	0.2	0.2	0.6
Bench. 1.0	0.9	0.6	0.2	0.2	0.3	-	-	0.3	0.8

## Maturity Breakdown (%)
35
30
25
20
15
10
5
0
-5	Cash	0-1 year	1-3 years	3-5 years	5-7 years	7-10 years	10-20 years	+20 years
Portfolio	-0.19	3.10	18.34	30.68	26.02	15.47	5.64	0.95
Benchmark	0.15	1.34	27.11	28.08	18.62	15.10	7.54	2.05
Portfolio Analysis 
(Continued)

## Rating Breakdown (%)
60
50
40
30
20
10
0
|  | AAA | AA | A | BBB | BB | B | Cash |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | Portfolio | 0.55 | 1.34 | 29.47 | 54.64 | 12.48 | 1.71 | -0.19 |
|  | Benchmark | 0.36 | 8.96 | 39.76 | 50.56 | 0.23 | - | 0.15 |

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Translation (ENFR, 2023-01-31):
# Performance et risque
## Evolution de la performance (EUR)
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110
105
100
95
90
85
80
Notation ESG relative
Intensité relative en CO2
% de l’encours sous gestion couvert par la note ESG absolue : Portefeuille = 96.4% Indice de réf. = 96.2% (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 = 91.1% Indice de réf.
= 92.7% (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

## Gérant
31/01/20	31/07/20	31/01/21	31/07/21	31/01/22	31/07/22 31/01/23
Portefeuille* (-9.41%)	Indice de réference (-11.78%)
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.
Ismael LECANU
Jean-Marc FRELET - Co-gérant
| Performance et risque  (suite) Analyse du risque |  |
| --- | --- |
|  | 1 an | 3 ans | 5 ans | Création |
| Volatilité du portefeuille* (%) | 7.87 | 8.86 | 7.10 | 5.00 |
| Volatilité de l'indice de référence (%) | 7.17 | 7.45 | 5.99 | 4.36 |
| Risque relatif/Tracking Error  (%) | 1.87 | 1.86 | 1.55 | 1.38 |
| Ratio de Sharpe | -1.32 | -0.28 | 0.03 | 0.53 |
| Ratio d'information | 0.42 | 0.71 | 0.74 | 0.81 |
| 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* | 3.30 | 5.21 | -2.53 | 3.30 | -9.41 | -2.85 | -10.64 | -1.70 | 3.13 | 8.13 | -0.82 | 65.22 |
| Indice de référence | 2.02 | 3.18 | -4.43 | 2.02 | -11.78 | -6.03 | -11.01 | -2.20 | 1.36 | 6.34 | 0.17 | 48.47 |
| Ecarts | 1.28 | 2.03 | 1.90 | 1.28 | 2.37 | 3.17 | 0.37 | 0.49 | 1.77 | 1.79 | -0.99 | 16.75 |


## Performance calendaire annuelle (%)
|  | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | -14.65 | -0.66 | 4.65 | 7.87 | -1.85 | 3.04 | 4.92 | -1.14 | 7.99 | 2.78 |
| Indice de réference | -13.94 | -0.97 | 2.64 | 6.23 | -1.13 | 2.41 | 4.76 | -0.44 | 8.30 | 2.35 |
| Ecarts | -0.71 | 0.31 | 2.00 | 1.64 | -0.72 | 0.63 | 0.16 | -0.70 | -0.31 | 0.43 |

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 |
| AXA WF Euro Credit Total Return | 2.92 | France | 4.0 | 0.12 |
| Unibail-Rodamco SE VAR PERP | 0.97 | France | 0.5 | 0.00 |
| Logicor Financing Sarl 1.5% 07/13/2026 | 0.77 | Chine | 2.9 | 0.02 |
| AIB Group PLC VAR 04/04/2028 | 0.77 | Irlande | 3.8 | 0.03 |
| Royal Bank of Scotland Group VAR 03/02/2026 | 0.76 | Royaume-Uni | 1.9 | 0.01 |
| Scentre Group Trust 1 / Trust 2 1.45% 03/28/2029 | 0.74 | Australie | 5.3 | 0.04 |
| Vicinity Centres Trust 1.125% 11/07/2029 | 0.74 | Australie | 6.0 | 0.04 |
| Raiffeisen Bank International VAR PERP | 0.73 | Autriche | 0.4 | 0.00 |
| Banco de Sabadell SA VAR 04/15/2031 | 0.72 | Espagne | 2.6 | 0.02 |
| Heimstaden Bostad Treasury BV 1% 04/13/2028 | 0.69 | Norvège | 4.5 | 0.03 |
| Total (%) | 9.81 |  |  |  |

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
|  | Portefeuille | Indice de référence |
| --- | --- | --- |
| Finance | 50.35 | 37.73 |
| Industrie | 37.38 | 52.39 |
| Serv. aux collect. | 11.69 | 9.73 |
| Autres | 0.77 | 0.00 |
| Cash | -0.19 | 0.15 |

3
2
1
0	Finance	Industrie	Serv. aux collect.
Port.	2.0	1.7	0.7
Indice de réf.	1.4	2.5	0.5

## Exposition géographique (%)	Contribution à la duration par géographie
Portefeuille	Indice de référence
France	19.20	21.52
Etats-Unis	12.08	18.66
Espagne	11.13	5.41
Italie	11.07	5.84
Allemagne	10.41	14.19
Royaume-Uni	8.55	7.40
Autriche	4.82	1.16
Irlande	4.53	0.89
Portugal	3.39	0.36
Pays-Bas	2.91	5.84
Autres	12.11	16.44
Cash	-0.19	0.15
1.2
1.0
0.8
0.6
0.4
0.2
France
Etats-Unis
Allemagne
Italie
Espagne
Royaume-Uni
Autriche
Irlande
Pays-Bas
Autres
0.0
Port.	1.0  0.6  0.5  0.4  0.4  0.3  0.2  0.2  0.2  0.6
Indice de réf. 1.0 0.9 0.6 0.2 0.2 0.3	-	-	0.3  0.8

## Exposition par Maturité (%)
35
30
25
20
15
10
5
0
-5	Cash	0-1 an	1-3 ans	3-5 ans	5-7 ans	7-10 ans	10-20 ans	+ 20 ans
Portefeuille	-0.19	3.10	18.34	30.68	26.02	15.47	5.64	0.95
Indice de référence	0.15	1.34	27.11	28.08	18.62	15.10	7.54	2.05
Analyse du portefeuille 
(suite)

## Exposition par rating (%)
60
50
40
30
20
10
0
|  | AAA | AA | A | BBB | BB | B | Cash |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | Portefeuille | 0.55 | 1.34 | 29.47 | 54.64 | 12.48 | 1.71 | -0.19 |
|  | Indice de référence | 0.36 | 8.96 | 39.76 | 50.56 | 0.23 | - | 0.15 |

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