# Performance & Risk
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## Performance Evolution (EUR)
116
112
108
104
100
96
ESG Relative Rating
CO2 Relative rating
% of AUM covered by ESG absolute rating: Portfolio = 99.8% Benchmark = 100.0% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 99.8% Benchmark = 100.0% (not meaningful for coverage below 50%)
28/09/18
30/03/19
30/09/19
30/03/20
30/09/20
30/03/21 30/09/21
Portfolio* (13.93%)	Benchmark (14.21%)
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* (%) | 3.13 | 5.43 | 4.89 | 5.15 |
| Benchmark Volatility (%) | 3.17 | 5.50 | 4.91 | 5.16 |
| Relative Risk/Tracking Error  (%) | 0.28 | 0.37 | 0.33 | 0.78 |
| Sharpe Ratio | 2.55 | 0.95 | 0.65 | 0.56 |
| Information Ratio | -0.88 | 0.76 | 0.55 | 0.19 |
| Rolling Performance (%) |  |  |  |  |
| 1M	3M	6M	YTD	3Y	5Y	30/09/20	30/09/19	30/09/18	30/09/17	30/09/16	Launch |
|  |  |  |  |  |  |  | 30/09/21 | 30/09/20 | 30/09/19 | 30/09/18 | 30/09/17 |  |
| Portfolio* | 0.36 | 2.81 | 2.75 | 4.00 | 13.93 | 12.83 | 7.21 | -0.91 | 7.24 | 0.50 | -1.45 | 96.24 |
| Benchmark | 0.37 | 2.89 | 3.26 | 4.59 | 14.21 | 13.78 | 7.85 | -1.40 | 7.41 | 0.94 | -1.31 | 101.70 |
| Excess Return | -0.01 | -0.07 | -0.51 | -0.59 | -0.28 | -0.95 | -0.64 | 0.49 | -0.17 | -0.44 | -0.15 | -5.47 |


## Annual Calendar Performance (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 3.40 | 6.71 | -1.85 | 1.28 | 3.73 | 1.67 | 6.23 | -3.81 | 11.58 | 0.03 |
| Benchmark | 3.13 | 6.56 | -1.46 | 1.40 | 3.79 | 0.82 | 5.27 | -3.90 | 10.96 | -0.94 |
| Excess Return | 0.28 | 0.15 | -0.39 | -0.12 | -0.06 | 0.85 | 0.96 | 0.09 | 0.62 | 0.97 |
| 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 |
| France Government Bond OAT 0.25% 07/25/2024 | 5.29 | France | 2.9 | 0.15 |
| Italy (Republic of) 0.1% 05/15/2023 | 4.78 | Italy | 1.6 | 0.08 |
| France Government Bond OAT 1.85% 07/25/2027 | 4.67 | France | 5.7 | 0.27 |
| German Inflation Linked Bond 0.5% 04/15/2030 | 4.60 | Germany | 8.6 | 0.39 |
| Italy (Republic of) 2.35% 09/15/2035 | 4.31 | Italy | 12.4 | 0.53 |
| France Government Bond OAT 1.8% 07/25/2040 | 4.06 | France | 17.0 | 0.69 |
| France Government Bond OAT 3.15% 07/25/2032 | 3.80 | France | 9.8 | 0.37 |
| France Government Bond OAT 2.1% 07/25/2023 | 3.70 | France | 1.8 | 0.07 |
| Italy (Republic of) 2.55% 09/15/2041 | 3.62 | Italy | 16.8 | 0.61 |
| German Inflation Linked Bond 0.1% 04/15/2026 | 3.49 | Germany | 4.6 | 0.16 |
| Total (%) | 42.32 |  |  |  |

Sector Breakdown (%)	Contribution to duration by sector
Portfolio	Benchmark
Treasury	99.76	100.00	10
Cash	0.24	0.00	8
6
4
2
0
Treasury
Port.	7.9
Bench.	8.7

## Geographical Breakdown (%)
|  | Portfolio | Benchmark |
| --- | --- | --- |
| France | 42.91 | 42.93 |
| Italy | 31.00 | 30.27 |
| Germany | 14.74 | 14.89 |
| Spain | 11.11 | 11.92 |
| Cash | 0.24 | 0.00 |


## Contribution to Duration by Geography
5
4
3
2
1
0
|  | France | Italy | Germany | Spain | Other |
| --- | --- | --- | --- | --- | --- |
|  | Port. | 3.8 | 2.4 | 1.2 | 0.8 | -0.3 |

-1
Bench.	3.9	2.5	1.4	0.8	-

## Maturity Breakdown (%)
30
25
20
15
10
5
0	Cash	1-3 years	3-5 years	5-7 years	7-10 years	10-20 years	+20 years
| Portfolio | 0.24 | 23.64 | 14.21 | 13.33 | 16.32 | 25.34 | 6.92 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | - | 20.18 | 14.45 | 13.67 | 19.46 | 25.33 | 6.91 |


## Rating Breakdown (%)
50
40
30
20
10
0	AAA	AA	A	BBB	Cash
| Portfolio | 14.74 | 42.91 | 5.55 | 36.57 | 0.24 |
| --- | --- | --- | --- | --- | --- |
| Benchmark | 14.89 | 42.93 | 6.23 | 35.96 | - |


## Currency Breakdown (%)
120
100
80
60
40
20
0
EUR
Portfolio	100.00
Benchmark	100.00

Translation (ENFR, 2021-09-30):
# 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 = 99.8% Indice de référence = 100.0% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)
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116
112
108
104
100
96
28/09/18
30/03/19
30/09/19
30/03/20
30/09/20
30/03/21 30/09/21
% de l’encours sous gestion couvert par l’indicateur d’intensité en CO2 : Portefeuille = 99.8% Indice de référence = 100.0% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)
Portefeuille* (13.93%)	Indice de réference (14.21%)
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* (%) | 3.13 | 5.43 | 4.89 | 5.15 |
| Volatilité de l'indice de référence (%) | 3.17 | 5.50 | 4.91 | 5.16 |
| Risque relatif/Tracking Error  (%) | 0.28 | 0.37 | 0.33 | 0.78 |
| Ratio de Sharpe | 2.55 | 0.95 | 0.65 | 0.56 |
| Ratio d'information | -0.88 | 0.76 | 0.55 | 0.19 |
| Performance glissante (%) |  |  |  |  |
| 1 mois	3 mois	6 mois	YTD  3 ans  5 ans	30/09/20	30/09/19	30/09/18	30/09/17	30/09/16  Création |
|  |  |  |  |  |  |  | 30/09/21 | 30/09/20 | 30/09/19 | 30/09/18 | 30/09/17 |  |
| Portefeuille* | 0.36 | 2.81 | 2.75 | 4.00 | 13.93 | 12.83 | 7.21 | -0.91 | 7.24 | 0.50 | -1.45 | 96.24 |
| Indice de réference | 0.37 | 2.89 | 3.26 | 4.59 | 14.21 | 13.78 | 7.85 | -1.40 | 7.41 | 0.94 | -1.31 | 101.70 |
| Ecarts | -0.01 | -0.07 | -0.51 | -0.59 | -0.28 | -0.95 | -0.64 | 0.49 | -0.17 | -0.44 | -0.15 | -5.47 |


## Performance calendaire annuelle (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | 3.40 | 6.71 | -1.85 | 1.28 | 3.73 | 1.67 | 6.23 | -3.81 | 11.58 | 0.03 |
| Indice de réference | 3.13 | 6.56 | -1.46 | 1.40 | 3.79 | 0.82 | 5.27 | -3.90 | 10.96 | -0.94 |
| Ecarts | 0.28 | 0.15 | -0.39 | -0.12 | -0.06 | 0.85 | 0.96 | 0.09 | 0.62 | 0.97 |
| 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 |
| France Government Bond OAT 0.25% 07/25/2024 | 5.29 | France | 2.9 | 0.15 |
| Italy (Republic of) 0.1% 05/15/2023 | 4.78 | Italie | 1.6 | 0.08 |
| France Government Bond OAT 1.85% 07/25/2027 | 4.67 | France | 5.7 | 0.27 |
| German Inflation Linked Bond 0.5% 04/15/2030 | 4.60 | Allemagne | 8.6 | 0.39 |
| Italy (Republic of) 2.35% 09/15/2035 | 4.31 | Italie | 12.4 | 0.53 |
| France Government Bond OAT 1.8% 07/25/2040 | 4.06 | France | 17.0 | 0.69 |
| France Government Bond OAT 3.15% 07/25/2032 | 3.80 | France | 9.8 | 0.37 |
| France Government Bond OAT 2.1% 07/25/2023 | 3.70 | France | 1.8 | 0.07 |
| Italy (Republic of) 2.55% 09/15/2041 | 3.62 | Italie | 16.8 | 0.61 |
| German Inflation Linked Bond 0.1% 04/15/2026 | 3.49 | Allemagne | 4.6 | 0.16 |
| Total (%) | 42.32 |  |  |  |

Exposition sectorielle (%)	Contribution à la duration par secteur
Portefeuille	Benchmark
Trésor	99.76	100.00	10
Cash	0.24	0.00	8
6
4
2
0
Trésor
Port.	7.9
Indice de réf.	8.7

## Exposition géographique (%)
|  | Portefeuille | Benchmark |
| --- | --- | --- |
| France | 42.91 | 42.93 |
| Italie | 31.00 | 30.27 |
| Allemagne | 14.74 | 14.89 |
| Espagne | 11.11 | 11.92 |
| Cash | 0.24 | 0.00 |


## Contribution à la duration par géographie
5
4
3
2
1
0
France
Italie
Allemagne
Espagne
Autres
-1
Port.	3.8	2.4	1.2	0.8	-0.3
Indice de réf.	3.9	2.5	1.4	0.8	-

## Exposition par Maturité (%)
30
25
20
15
10
5
0	Cash	1-3 ans	3-5 ans	5-7 ans	7-10 ans	10-20 ans	+ 20 ans
Portefeuille	0.24	23.64	14.21	13.33	16.32	25.34	6.92
Benchmark	-	20.18	14.45	13.67	19.46	25.33	6.91

## Exposition par rating (%)
50
40
30
20
10
0	AAA	AA	A	BBB	Cash
| Portefeuille | 14.74 | 42.91 | 5.55 | 36.57 | 0.24 |
| --- | --- | --- | --- | --- | --- |
| Benchmark | 14.89 | 42.93 | 6.23 | 35.96 | - |


## Exposition par devise (%)
120
100
80
60
40
20
0
EUR
Portefeuille	100.00
Benchmark	100.00