# Performance & Risk
## Performance Evolution (USD)
% of AUM covered by ESG absolute rating: Portfolio = 93.4% (not meaningful for coverage below 50%)
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120
116
112
108
104
100
96
31/12/18
30/06/19
31/12/19
30/06/20
31/12/20
30/06/21 31/12/21
Portfolio* (14.46%)
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.
| Risk Analysis |  |
| --- | --- |
|  | 1Y | 3Y | 5Y | Launch |
| Portfolio Volatility* (%) | 1.75 | 3.41 | 2.74 | 3.18 |
| Sharpe Ratio | 0.12 | 1.45 | 1.30 | 1.31 |
| 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* | -0.11 | -0.63 | -1.29 | -0.93 | 14.46 | 18.66 | -0.93 | 6.09 | 8.91 | 0.11 | 3.56 | 41.23 |
| Annual Calendar Performance (%) |
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| Portfolio* | -0.93 | 6.09 | 8.91 | 0.11 | 3.56 | 7.04 | -2.01 | 2.03 | 1.91 | - |

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 Note 0.25% 05/15/2024 | 2.35 | United States | 2.3 | 0.06 |
| United Kingdom Gilt 4.25% 06/07/2032 | 2.19 | United Kingdom | 8.8 | 0.19 |
| US Treasury Note 1.125% 02/15/2031 | 2.01 | United States | 8.6 | 0.17 |
| US Treasury Note 4.5% 02/15/2036 | 1.97 | United States | 11.0 | 0.22 |
| US Treasury Note 3% 05/15/2047 | 1.72 | United States | 18.5 | 0.32 |
| US Treasury Note 2% 02/15/2050 | 1.55 | United States | 21.4 | 0.33 |
| France Government Bond OAT 0.1% 03/01/2025 | 1.45 | France | 3.2 | 0.05 |
| US Treasury Inflation Idx Bonds 0.125% 04/15/2025 | 1.32 | United States | 3.3 | 0.04 |
| US Treasury Note 1.25% 05/15/2050 | 1.21 | United States | 23.2 | 0.28 |
| France Government Bond OAT 0.25% 11/25/2026 | 1.18 | France | 4.9 | 0.06 |
| Total (%) | 16.95 |  |  |  |


## Sector Breakdown (%)	Contribution to duration by sector
Portfolio
Industrials	42.80
Sovereign	22.67
Financial	22.61
Utility	3.15
Quasi & Foreign Gvt	2.85
Securitized	2.43
Other	0.30
Cash	3.19
3
2
1
0
-1
Industrials
Financial
Quasi &
Foreign Gvt
Securitized
Utility
Sovereign
Not
Classified
Cash
-2
Port.  2.2	1.1	0.2	0.2	0.1	0.1	-0.9	0.8

## Geographical Breakdown (%)	Contribution to Duration by Geography
Portfolio
United States	44.20
United Kingdom	24.92
| France | 5.28 |
| --- | --- |
| Spain | 2.57 |
| Italy | 2.10 |
| Germany | 1.78 |

1.4
1.2
1.0
0.8
0.6
0.4
0.2
United
States
United
Kingdom
France
Netherlands
Italy
Spain
Belgium
Brazil
Other
0.0
| Australia | 1.30 |  |
| --- | --- | --- |
| Netherlands | 1.19 |
| Canada | 1.17 |  | Port. | 1.3 | 1.2 | 0.2 | 0.2 | 0.1 | 0.1 | 0.1 | 0.1 | 0.6 |
| Other | 12.30 |  |
| Cash | 3.19 |
| Maturity Breakdown (%) |  |

28
24
20
16
12
8
4
0	Cash	0-1 year	1-3 years	3-5 years	5-7 years	7-10 years	10-20 years	+20 years
Portfolio	3.19	0.87	6.86	26.52	13.07	24.00	10.80	14.71

## Rating Breakdown (%)
35
30
25
20
15
10
5
0	AAA	AA	A	BBB	BB	B	CCC	NR	Cash
Portfolio	13.71	10.40	3.97	32.27	14.69	13.84	7.61	0.32	3.19

## Currency Breakdown (%)
60
50
40
30
20
10
0	USD	GBP	EUR
Portfolio	54.91	29.76	15.33

Translation (ENFR, 2021-12-31):
# Performance et risque
## Evolution de la performance (USD)
% de l’encours sous gestion couvert par la note ESG absolue : Portefeuille = 93.4% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)
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| --- | --- | --- | --- | --- | --- | --- |
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|  |  |  |  |  |  |
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120
116
112
108
104
100
96
31/12/18
30/06/19
31/12/19
30/06/20
31/12/20
30/06/21 31/12/21
Portefeuille* (14.46%)
Les données sont rebasées à 100 par AXA IM à la date de début du graphique.
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 risque |  |
| --- | --- |
|  | 1 an | 3 ans | 5 ans | Création |
| Volatilité du portefeuille* (%) | 1.75 | 3.41 | 2.74 | 3.18 |
| Ratio de Sharpe | 0.12 | 1.45 | 1.30 | 1.31 |
| 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* | -0.11 | -0.63 | -1.29 | -0.93	14.46 | 18.66 | -0.93 | 6.09 | 8.91 | 0.11 | 3.56 | 41.23 |
| Performance calendaire annuelle (%) |
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| Portefeuille* | -0.93 | 6.09 | 8.91 | 0.11 | 3.56 | 7.04 | -2.01 | 2.03 | 1.91 | - |

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 Note 0.25% 05/15/2024 | 2.35 | Etats-Unis | 2.3 | 0.06 |
| United Kingdom Gilt 4.25% 06/07/2032 | 2.19 | Royaume-Uni | 8.8 | 0.19 |
| US Treasury Note 1.125% 02/15/2031 | 2.01 | Etats-Unis | 8.6 | 0.17 |
| US Treasury Note 4.5% 02/15/2036 | 1.97 | Etats-Unis | 11.0 | 0.22 |
| US Treasury Note 3% 05/15/2047 | 1.72 | Etats-Unis | 18.5 | 0.32 |
| US Treasury Note 2% 02/15/2050 | 1.55 | Etats-Unis | 21.4 | 0.33 |
| France Government Bond OAT 0.1% 03/01/2025 | 1.45 | France | 3.2 | 0.05 |
| US Treasury Inflation Idx Bonds 0.125% 04/15/2025 | 1.32 | Etats-Unis | 3.3 | 0.04 |
| US Treasury Note 1.25% 05/15/2050 | 1.21 | Etats-Unis | 23.2 | 0.28 |
| France Government Bond OAT 0.25% 11/25/2026 | 1.18 | France | 4.9 | 0.06 |
| Total (%) | 16.95 |  |  |  |


## Exposition sectorielle (%)	Contribution à la duration par secteur
Portefeuille
Industrie	42.80
Souverain	22.67
Finance	22.61
Serv. aux collect.	3.15
Quasi & Foreign Gvt	2.85
Securitized	2.43
Autres	0.30
Cash	3.19
3
2
1
0
-1
Industrie
Finance
Quasi &
Foreign Gvt
Securitized
Serv. aux
collect.
Souverain
Hors
catégorie
Cash
-2
Port.  2.2	1.1	0.2	0.2	0.1	0.1	-0.9	0.8

## Exposition géographique (%)	Contribution à la duration par géographie
Portefeuille
Etats-Unis	44.20
Royaume-Uni	24.92
France	5.28
Espagne	2.57
Italie	2.10
Allemagne	1.78
Australie	1.30
Pays-Bas	1.19
Canada	1.17
Autres	12.30
Cash	3.19
1.4
1.2
1.0
0.8
0.6
0.4
0.2
Etats-Unis
Royaume-Uni
France
Pays-Bas
Italie
Espagne
Belgique
Brésil
Autres
0.0
Port. 1.3	1.2	0.2	0.2	0.1	0.1	0.1	0.1	0.6

## Exposition par Maturité (%)
28
24
20
16
12
8
4
0	Cash	0-1 an	1-3 ans	3-5 ans	5-7 ans	7-10 ans	10-20 ans	+ 20 ans
Portefeuille	3.19	0.87	6.86	26.52	13.07	24.00	10.80	14.71

## Exposition par rating (%)
35
30
25
20
15
10
5
0	AAA	AA	A	BBB	BB	B	CCC	NR	Cash
Portefeuille	13.71	10.40	3.97	32.27	14.69	13.84	7.61	0.32	3.19

## Exposition par devise (%)
60
50
40
30
20
10
0	USD	GBP	EUR
Portefeuille	54.91	29.76	15.33