# Performance & Risk
## Performance Evolution (EUR)
EUR

### 186.39
Linear Average Rating	A-
% of 10 first lines	22.12
Weighted Average Maturity	5
Current yield	-0.29
Number of Holdings	82
Number of Issuers	57

## Fund Profile
ESG Rating
31/12/20
28/02/21
30/04/21
30/06/21
31/08/21
31/10/21 31/12/21
Portfolio* (-0.40%)	Benchmark (-0.57%)
Data is rebased to 100 by AXA IM on the graph start date.
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. | % of AUM covered by ESG absolute rating: Portfolio = 95.6% (not meaningful for coverage below 50%) |
| --- | --- |
| Risk Analysis |  |  |  |  |  |  |  |  |
|  | 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y |  |
| Portfolio Volatility* (%) | 0.28 | 0.27 | 0.20 | 0.20 | 0.20 | 0.71 | 0.55 |  |
| Benchmark Volatility (%) | 0.02 | 0.02 | 0.02 | 0.01 | 0.01 | 0.02 | 0.03 |  |
| Relative Risk/Tracking Error  (%) | 0.27 | 0.27 | 0.19 | 0.20 | 0.20 | 0.70 | 0.55 |  |
| Sharpe Ratio | 6.28 | -0.64 | 0.13 | 1.21 | 1.21 | 0.64 | 0.61 |  |
| Information Ratio | 6.80 | -0.35 | 0.57 | 1.66 | 1.66 | 0.70 | 0.66 |  |


## Rolling Performance (%)
|  | 1M | 3M | 6M | YTD | 3Y | 5Y | 31/12/20 31/12/21 | 31/12/19 31/12/20 | 31/12/18 31/12/19 | 31/12/17 31/12/18 | 31/12/16 31/12/17 | Launch |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 0.09 | -0.21 | -0.31 | -0.40 | -0.42 | -1.14 | -0.40 | -0.05 | 0.03 | -0.53 | -0.19 | 3.44 |
| Benchmark | -0.05 | -0.15 | -0.29 | -0.57 | -1.43 | -2.15 | -0.57 | -0.47 | -0.40 | -0.37 | -0.36 | -1.24 |
| Excess Return | 0.14 | -0.06 | -0.02 | 0.18 | 1.01 | 1.01 | 0.18 | 0.42 | 0.42 | -0.17 | 0.17 | 4.68 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -0.40 | -0.05 | 0.03 | -0.53 | -0.19 | 0.14 | 0.05 | 0.81 | 0.69 | 1.79 |
| Benchmark | -0.57 | -0.47 | -0.40 | -0.37 | -0.36 | -0.32 | -0.11 | 0.10 | 0.09 | 0.24 |
| Excess Return | 0.18 | 0.42 | 0.42 | -0.17 | 0.17 | 0.46 | 0.15 | 0.71 | 0.60 | 1.55 |

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 |  |
| --- | --- |
| Sector Breakdown (%) |  |  | Geographical Breakdown (%) |  |
|  | 31/12/2021 |  |  | Portfolio |
| Banking | 39.34 |  | France | 34.86 |
| Utility | 12.66 |  | Germany | 15.14 |
| Cash and misc. | 11.73 |  | Spain | 11.24 |
| Telecommunications | 5.91 |  | Netherlands | 5.82 |
| Financial Services | 5.68 |  | Canada | 5.43 |
| Services | 5.47 |  | Italy | 4.65 |
| Capital Goods | 4.75 |  | United States | 4.29 |
| Automotive | 3.30 |  | Belgium | 4.20 |
| Energy | 2.40 |  | Norway | 2.85 |
| Retail | 2.17 |  | Switzerland | 2.45 |
| Technology & Electronics | 1.95 |  | Australia | 2.22 |
| Basic Industry | 1.42 |  | Sweden | 2.15 |
| Consumer Goods | 1.08 |  | Great Britain | 1.93 |
| Real Estate | 1.08 |  | Finland | 1.79 |
| Transportation | 0.84 |  | Austria | 0.99 |
| Sovereign | 0.21 |  | Others | 0.00 |
| Not Classified | 0.00 |  |  |  |


## Instrument Type Breakdown (%)
100
|  |  |  |
| --- | --- | --- |
|  |  |
|  |  |
|  |  |

80
60
40
20
| 0 | Fixed rate bonds | Money Market Fund | Variable rate bonds | CP&MTN | Deposit & Liquidity |
| --- | --- | --- | --- | --- | --- |
| Portfolio | 77.25 | 9.43 | 6.52 | 4.51 | 2.30 |


## Rating / Maturity Exposure Breakdown (%)
|  | A | AA | BBB | NR | Total |
| --- | --- | --- | --- | --- | --- |
| 0 - 1 day | 2.24 |  |  | 0.06 | 2.30 |
| 1 day - 1 week |  |  | 2.15 |  | 2.15 |
| 1 week - 1 month |  | 0.01 | 1.46 |  | 1.46 |
| 1 - 3 months | 12.12 |  | 8.43 |  | 20.55 |
| 3 - 6 months | 2.30 | 0.21 | 1.14 |  | 3.66 |
| 6 months - 1 year | 5.89 |  | 6.11 |  | 12.00 |
| 12 - 18 months | 15.93 | 1.79 | 9.64 |  | 27.35 |
| > 18 months | 17.89 | 4.88 | 7.78 |  | 30.55 |
| Total | 56.37 | 6.88 | 36.70 | 0.06 |  |

Evolution of Average Maturity (Years)
1.50
1.20
0.90
0.60
0.30
0.00
July 2021	August 2021	September 2021	October 2021	November 2021	December 2021
Average maturity	1.22	1.18	1.18	1.24	1.16	1.07

Translation (ENFR, 2021-12-31):
# Performance et risque
## Evolution de la performance (EUR)
Valeur liquidative
Cap.

### 10 344.26
Actif net du fonds (M)
EUR

### 186.39

## Indice de réference
Depuis le: 01/01/2021
100% €STR Capitalized
|  | Port. |
| --- | --- |
| Rating moyen linéaire | A- |
| % des 10 premières lignes | 22.12 |
| Weighted Average Maturity | 5 |
| Current yield | -0.29 |
| Nombre de lignes | 82 |
| Nombre d'émetteurs | 57 |
| Profil du portefeuille |  |
| Notation ESG |  |


## Caractéristiques du portefeuille
31/12/20
28/02/21
30/04/21
30/06/21
31/08/21
31/10/21 31/12/21
Portefeuille* (-0.40%)	Indice de réference (-0.57%)
Les données sont rebasées à 100 par AXA IM à la date de début du graphique.
| Analyse du risque |  |
| --- | --- |
|  | 1 mois | 3 mois | 6 mois | YTD | 1 an | 3 ans | 5 ans |
| Volatilité du portefeuille* (%) | 0.28 | 0.27 | 0.20 | 0.20 | 0.20 | 0.71 | 0.55 |
| Volatilité de l'indice de référence (%) | 0.02 | 0.02 | 0.02 | 0.01 | 0.01 | 0.02 | 0.03 |
| Risque relatif/Tracking Error  (%) | 0.27 | 0.27 | 0.19 | 0.20 | 0.20 | 0.70 | 0.55 |
| Ratio de Sharpe | 6.28 | -0.64 | 0.13 | 1.21 | 1.21 | 0.64 | 0.61 |
| Ratio d'information | 6.80 | -0.35 | 0.57 | 1.66 | 1.66 | 0.70 | 0.66 |

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.
% de l’encours sous gestion couvert par la note ESG absolue : Portefeuille = 95.6% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)

## Performance glissante (%)
|  | 1 mois | 3 mois | 6 mois | YTD | 3 ans | 5 ans | 31/12/20 31/12/21 | 31/12/19 31/12/20 | 31/12/18 31/12/19 | 31/12/17 31/12/18 | 31/12/16 31/12/17 | Création |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | 0.09 | -0.21 | -0.31 | -0.40 | -0.42 | -1.14 | -0.40 | -0.05 | 0.03 | -0.53 | -0.19 | 3.44 |
| Indice de réference | -0.05 | -0.15 | -0.29 | -0.57 | -1.43 | -2.15 | -0.57 | -0.47 | -0.40 | -0.37 | -0.36 | -1.24 |
| Ecarts | 0.14 | -0.06 | -0.02 | 0.18 | 1.01 | 1.01 | 0.18 | 0.42 | 0.42 | -0.17 | 0.17 | 4.68 |

Performance calendaire annuelle (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | -0.40 | -0.05 | 0.03 | -0.53 | -0.19 | 0.14 | 0.05 | 0.81 | 0.69 | 1.79 |
| Indice de réference | -0.57 | -0.47 | -0.40 | -0.37 | -0.36 | -0.32 | -0.11 | 0.10 | 0.09 | 0.24 |
| Ecarts | 0.18 | 0.42 | 0.42 | -0.17 | 0.17 | 0.46 | 0.15 | 0.71 | 0.60 | 1.55 |

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 |  |
| --- | --- |
| Exposition sectorielle (%) |  |  | Exposition géographique (%) |  |
|  | 31/12/2021 |  |  | Portefeuille |
| Services bancaires | 39.34 |  | France | 34.86 |
| Serv. aux collect. | 12.66 |  | Allemagne | 15.14 |
| Cash et divers | 11.73 |  | Espagne | 11.24 |
| Télécom. | 5.91 |  | Pays-Bas | 5.82 |
| Services Financiers | 5.68 |  | Canada | 5.43 |
| Services | 5.47 |  | Italie | 4.65 |
| Biens d’équip. | 4.75 |  | Etats-Unis | 4.29 |
| Automobile | 3.30 |  | Belgique | 4.20 |
| Energie | 2.40 |  | Norvège | 2.85 |
| Retail | 2.17 |  | Suisse | 2.45 |
| Tech. & Elec. | 1.95 |  | Australie | 2.22 |
| Industrie | 1.42 |  | Suède | 2.15 |
| Consumer Goods | 1.08 |  | Grande Bretagne | 1.93 |
| Immobilier | 1.08 |  | Finlande | 1.79 |
| Transportation | 0.84 |  | Autriche | 0.99 |
| Sovereign | 0.21 |  | Autres | 0.00 |
| Hors catégorie | 0.00 |  |  |  |


## Exposition par type d'instrument (%)
100
|  |  |  |
| --- | --- | --- |
|  |  |
|  |  |
|  |  |

80
60
40
20
| 0 | Oblig. Tx Fixe | Fonds Monétaire | Oblig.Tx Var. | TCN & BMTN | Dépôt & Liquidité |
| --- | --- | --- | --- | --- | --- |
| Portefeuille | 77.25 | 9.43 | 6.52 | 4.51 | 2.30 |

| Exposition rating / maturité (%) |  |
| --- | --- |
|  | A | AA | BBB | NR | Total |
| 0 - 1 jour | 2.24 |  |  | 0.06 | 2.30 |
| 1 jour - 1 semaine |  |  | 2.15 |  | 2.15 |
| 1 semaine - 1 mois |  | 0.01 | 1.46 |  | 1.46 |
| 1 - 3 mois | 12.12 |  | 8.43 |  | 20.55 |
| 3 - 6 mois | 2.30 | 0.21 | 1.14 |  | 3.66 |
| 6 mois - 1 an | 5.89 |  | 6.11 |  | 12.00 |
| 12 - 18 mois | 15.93 | 1.79 | 9.64 |  | 27.35 |
| > 18 mois | 17.89 | 4.88 | 7.78 |  | 30.55 |
| Total | 56.37 | 6.88 | 36.70 | 0.06 |  |


## Evolution de la Maturité Moyenne (Ans)
1.50
1.20
0.90
0.60
0.30
0.00
Juillet 2021	Août 2021	Septembre 2021	Octobre 2021	Novembre 2021	Décembre 2021
Maturité moyenne	1.22	1.18	1.18	1.24	1.16	1.07