# Performance & Risk
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## Performance Evolution (CHF)
120
115
110
105
100
95
Assets Under Management (M)
EUR
2 454.79
Port.	Bench.
Linear Average Rating	AA	AA
| Mod. Duration | 11.14 | 12.12 |
| --- | --- | --- |
| Mod. Duration To Worst | 11.14 | 12.12 |
| Yield To Worst (%) | -1.80 | -1.71 |
| Number of Holdings | 109 | 147 |
| Number of Issuers | 13 | 12 |
| Fund Profile |  |  |
| ESG Rating |  |  |

ESG Relative Rating
28/09/18	30/03/19	30/09/19	30/03/20	30/09/20	30/03/21 30/09/21
CO2 Relative rating
Portfolio* (12.02%)	Benchmark (14.29%)
Data is rebased to 100 by AXA IM on the graph start date.
| Risk Analysis |  |
| --- | --- |
|  | 1Y | 3Y | 5Y | Launch |
| Portfolio Volatility* (%) | 5.09 | 5.51 | 4.98 | 5.09 |
| Benchmark Volatility (%) | 5.18 | 5.58 | 5.04 | 5.08 |
| Relative Risk/Tracking Error  (%) | 0.64 | 0.50 | 0.42 | 0.62 |
| Sharpe Ratio | 0.68 | 0.99 | 0.54 | 0.90 |
| Information Ratio | -0.19 | 0.44 | 0.38 | 0.52 |

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 = 98.1% Benchmark = 100.0% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 98.1% Benchmark = 100.0% (not meaningful for
coverage below 50%)

## Rolling Performance (%)
|  | 1M | 3M | 6M | YTD | 3Y | 5Y | 30/09/20 30/09/21 | 30/09/19 30/09/20 | 30/09/18 30/09/19 | 30/09/17 30/09/18 | 30/09/16 30/09/17 | Launch |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -1.63 | 1.63 | 4.11 | 0.87 | 12.02 | 5.28 | 1.83 | 2.87 | 6.94 | -1.67 | -4.42 | 55.42 |
| Benchmark | -1.67 | 1.79 | 4.41 | 1.72 | 14.29 | 9.11 | 2.84 | 2.95 | 7.95 | -0.89 | -3.67 | 64.73 |
| Excess Return | 0.04 | -0.17 | -0.30 | -0.85 | -2.27 | -3.84 | -1.01 | -0.08 | -1.01 | -0.78 | -0.76 | -9.31 |

Annual Calendar Performance (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 7.49 | 3.88 | -3.69 | 0.03 | 7.42 | -2.21 | 7.92 | -6.79 | 4.92 | 10.85 |
| Benchmark | 7.73 | 4.39 | -2.75 | 0.84 | 8.26 | -2.78 | 8.36 | -5.90 | 5.18 | 10.42 |
| Excess Return | -0.24 | -0.51 | -0.94 | -0.81 | -0.84 | 0.57 | -0.44 | -0.90 | -0.26 | 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 |
| US Treasury Inflation Idx Bonds 0.125% 01/15/2023 | 7.44 | United States | 1.3 | 0.10 |
| Italy (Republic of) 0.1% 05/15/2023 | 3.25 | Italy | 1.6 | 0.05 |
| France Government Bond OAT 0.25% 07/25/2024 | 3.23 | France | 2.9 | 0.09 |
| US Treasury Inflation Idx Bonds 0.625% 01/15/2024 | 2.81 | United States | 2.3 | 0.06 |
| US Treasury Inflation Idx Bonds 0.375% 07/15/2023 | 2.72 | United States | 1.8 | 0.05 |
| US Treasury Inflation Idx Bonds 0.125% 01/15/2031 | 2.48 | United States | 9.3 | 0.23 |
| US Treasury Inflation Idx Bonds 0.5% 01/15/2028 | 2.41 | United States | 6.2 | 0.15 |
| US Treasury Inflation Idx Bonds 0.125% 07/15/2022 | 2.35 | United States | 0.8 | 0.02 |
| German Inflation Linked Bond 0.1% 04/15/2023 | 2.31 | Germany | 1.6 | 0.04 |
| US Treasury Inflation Idx Bonds 0.5% 04/15/2024 | 2.08 | United States | 2.5 | 0.05 |
| Total (%) | 31.07 |  |  |  |

| Sector Breakdown (%) |  |
| --- | --- |
|  | Portfolio | Benchmark |
| Treasury | 97.47 | 100.00 |
| Other | 0.56 | 0.00 |
| Cash | 1.97 | 0.00 |


## Contribution to duration by sector
14
12
10
8
6
4
2
0	Treasury	Agencies
| Port. | 11.0 | 0.1 |
| --- | --- | --- |
| Bench. | 12.1 | - |


## Geographical Breakdown (%)	Contribution to Duration by Geography
Portfolio	Benchmark
United States	40.79	45.48
United Kingdom	29.80	29.57
France	7.86	7.84
Italy	6.51	5.53
Germany	5.31	2.72
Japan	2.43	2.76
Spain	2.11	2.18
Canada	1.67	1.67
Other	1.55	2.04
Cash	1.97	0.00
7
6
5
4
3
2
1
United
Kingdom
United
States
France
Italy
Canada
Spain
Japan
Australia
Other
0
Port.	6.2	3.2	0.6	0.3	0.3	0.2	0.1	0.1	0.1
Bench. 6.1	3.8	0.7	0.5	0.3	0.2	0.1	0.1	0.3

## Maturity Breakdown (%)
40
30
20
10
0	Cash	0-1 year	1-3 years	3-5 years	5-7 years	7-10 years	10-20 years	+20 years
Portfolio	1.97	2.44	29.77	5.65	10.32	11.14	14.45	24.27
Benchmark	-	-	14.75	16.55	12.97	15.23	15.52	24.98

## Rating Breakdown (%)
60
50
40
30
20
10
0	AAA	AA	A	BBB	Cash
| Portfolio | 49.32 | 37.66 | 3.44 | 7.61 | 1.97 |
| --- | --- | --- | --- | --- | --- |
| Benchmark | 52.13 | 37.40 | 3.90 | 6.56 | - |


## Currency Breakdown (%)
50
40
30
20
10
0	USD	GBP	EUR	JPY	CAD	AUD	SEK	NZD	DKK
| Portfolio | 41.61 | 30.40 | 22.23 | 2.48 | 1.70 | 0.94 | 0.36 | 0.29 | - |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | 45.48 | 29.57 | 18.26 | 2.76 | 1.67 | 0.93 | 0.62 | 0.49 | 0.22 |

Translation (ENFR, 2021-09-30):
# Caractéristiques du risque
Forme juridique	SICAV
Nationalité	Luxembourg
Durée	Illimitée
Date de création du fonds	04/11/2008
Devise de référence	EUR
Devise du fonds	CHF
Valorisation	Quotidienne
Type de part	Capitalisation
Code ISIN	LU0397279430
Droits d'entrée maximum*	3%
TOB de sortie / conversion
(capitalisation)	1,32% (Max 4000€)
Frais estimés courants (dont
frais de gestion)	0.87%
Frais de gestion maximum	0.6%
Commission de performance : Aucune
Taux de précompte mobilier (si
action de distribution)	30%
Société de gestion	AXA Funds Management S.A.
(Sous) Délégation fin.	AXA IM Paris
State Street Bank International GmbH
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |

Délégation comptable
(Luxembourg Branch)
Service Financier	CACEIS Belgium
State Street Bank International GmbH
Dépositaire
(Luxembourg Branch)
Publication VNI	www.beama.be
Taxe belge sur l'épargne	30% (sur les plus-values)
Applicable en fonction du choix du distributeur. Tarification applicable selon
Structure 'nominee'**
le distributeur
Swing pricing***	2% max de la VNI
*Voir grille tarifaire propre à chaque distributeur.
**Les parts des investisseurs sont inscrites en leur nom propre sur un compte titres auprès du ‘Nominee’. Ensuite, l’ensemble des investisseurs sont inscrits globalement sur un compte
d’investisseurs-nominee dans le registre du compartiment.
***Le mécanisme du Swing Pricing consiste à ajuster à la hausse (en cas de collecte nette positive) ou à la baisse (en cas de collecte nette négative) la valeur nette d’inventaire qui sera appliquée aux souscriptions/rachats d’un jour précis afin de contrebalancer les coûts de transactions sur les marchés engendrés par de larges mouvements, et ainsi préserver la performance du compartiment.