# Performance & Risk
## Performance Evolution (EUR)
Assets Under Management (M)
EUR

### 304.70
Number of Holdings	186
Number of Issuers	102

## Fund Profile
ESG Rating
% of AUM covered by ESG absolute rating: Portfolio = 94.2% (not meaningful for coverage below 50%)
29/06/2018
Portfolio* (17.46%)
30/06/2019
30/06/2020
30/06/2021
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* (%) | 3.29 | 6.77 | 5.57 | 5.75 |
| Sharpe Ratio | 2.73 | 1.05 | 1.05 | 0.91 |


## Rolling Performance (%)
|  | 1M | 3M | 6M | YTD | 30/06/2020 30/06/2021 | 30/06/2019 30/06/2020 | 30/06/2018 30/06/2019 | 30/06/2017 30/06/2018 | 30/06/2016 30/06/2017 | Launch |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 0.14 | 0.26 | 1.25 | 1.25 | 7.33 | 5.33 | 3.89 | -0.97 | 5.96 | 25.49 |

Annual Calendar Performance (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 7.08 | 10.60 | -4.29 | 4.13 | 8.52 | - | - | - | - | - |

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.
| Portfolio Analysis |  |
| --- | --- |
| Top 10 Holdings |
| Name | Weighting (%) | Issuer country | Mod. Duration | Contribution |
| Bundesschatzanweisungen 06/10/2022 | 4.24 | Germany | 0.9 | 0.04 |
| HSBC Holdings PLC VAR PERP | 2.37 | United Kingdom | 1.1 | 0.03 |
| Telefonica Europe BV VAR PERP | 2.25 | Spain | 2.3 | 0.05 |
| Electricite de France SA VAR PERP | 1.72 | France | 6.2 | 0.11 |
| Unibail-Rodamco SE VAR PERP | 1.55 | France | 2.2 | 0.03 |
| Repsol International Finance BV VAR 03/25/2075 | 1.45 | Spain | 3.4 | 0.05 |
| Poste Italiane SpA VAR PERP | 1.38 | Italy | 7.1 | 0.10 |
| Gas Natural Fenosa Finance BV 3.875% 04/11/2022 | 1.37 | Spain | 0.8 | 0.01 |
| Banco de Sabadell SA VAR PERP | 1.29 | Spain | 0.8 | 0.01 |
| Commerzbank AG 4% 03/23/2026 | 1.19 | Germany | 4.3 | 0.05 |
| Total (%) | 18.82 |  |  |  |


## Sector Breakdown (%)	Contribution to duration by sector
Portfolio
| Industrials | 49.01 |
| --- | --- |
| Financial | 34.77 |
| Utility | 9.88 |
| Sovereign | 4.24 |
| Pfd-Financial | 1.29 |
| Other | 1.45 |

4
2
0
-2
-4
Industrials
Financial
Utility
Securitized
Not
Classified
Sovereign
Cash
-6
Cash	-0.64
Port.	2.5	1.4	0.5	0.1	-1.2	-4.2	0.9

## Geographical Breakdown (%)	Contribution to Duration by Geography
Portfolio
Italy	17.55
Spain	16.96
United Kingdom	12.86
Germany	12.63
France	12.58
United States	7.79
Portugal	4.71
Australia	3.96
Ireland	3.65
Finland	1.84
Other	6.11
Cash	-0.64
1
0
-1
-2
-3
France
Spain
Italy
United Kingdom
Australia
Portugal
Ireland
Finland
Netherlands
Other
-4
Port. 0.8	0.7	0.7	0.2	0.2	0.2	0.1	0.1	0.1  -3.1

## Maturity Breakdown (%)
28
24
20
16
12
8
4
0
-4	Cash	0-1 year	1-3 years	3-5 years	5-7 years	7-10 years	10-20 years
Portfolio	-0.64	11.48	23.52	20.70	21.14	17.23	6.57

## Rating Breakdown (%)
50
40
30
20
10
0
|  | AAA | AA | A | BBB | BB | B | Cash |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | Portfolio | 4.24 | 0.41 | 6.51 | 44.52 | 37.00 | 7.97 | -0.64 |

-10

## Currency Breakdown (%)
120
|  |  |  |
| --- | --- | --- |
|  |  |
|  |  |
|  |  |
|  |  |

100
80
60
40
20
0
EUR	GBP
Portfolio	95.84	4.16

Translation (ENFR, 2021-06-30):
# Performance et risque
## Evolution de la performance (EUR)

### 125.49	113.7
Actif net du fonds (M)
EUR

### 304.70
|  | Port. |
| --- | --- |
| Rating moyen linéaire | BBB3 |
| Mod. Duration | -0.08 |
| Mod. Duration To Worst | -0.19 |
| Yield to worst (%) | 1.87 |
| Nombre de lignes | 186 |
| Nombre d'émetteurs | 102 |
| Profil du portefeuille |  |
| Notation ESG |  |

% de l’encours sous gestion couvert par la note ESG absolue : Portefeuille = 94.2% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)
29/06/2018
Portefeuille* (17.46%)
30/06/2019
30/06/2020
30/06/2021
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* (%) | 3.29 | 6.77 | 5.57 | 5.75 |
| Ratio de Sharpe | 2.73 | 1.05 | 1.05 | 0.91 |


## Performance glissante (%)
|  | 1 mois | 3 mois | 6 mois | YTD | 30/06/2020 30/06/2021 | 30/06/2019 30/06/2020 | 30/06/2018 30/06/2019 | 30/06/2017 30/06/2018 | 30/06/2016 30/06/2017 | Création |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | 0.14 | 0.26 | 1.25 | 1.25 | 7.33 | 5.33 | 3.89 | -0.97 | 5.96 | 25.49 |

Performance calendaire annuelle (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | 7.08 | 10.60 | -4.29 | 4.13 | 8.52 | - | - | - | - | - |

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 |
| Bundesschatzanweisungen 06/10/2022 | 4.24 | Allemagne | 0.9 | 0.04 |
| HSBC Holdings PLC VAR PERP | 2.37 | Royaume-Uni | 1.1 | 0.03 |
| Telefonica Europe BV VAR PERP | 2.25 | Espagne | 2.3 | 0.05 |
| Electricite de France SA VAR PERP | 1.72 | France | 6.2 | 0.11 |
| Unibail-Rodamco SE VAR PERP | 1.55 | France | 2.2 | 0.03 |
| Repsol International Finance BV VAR 03/25/2075 | 1.45 | Espagne | 3.4 | 0.05 |
| Poste Italiane SpA VAR PERP | 1.38 | Italie | 7.1 | 0.10 |
| Gas Natural Fenosa Finance BV 3.875% 04/11/2022 | 1.37 | Espagne | 0.8 | 0.01 |
| Banco de Sabadell SA VAR PERP | 1.29 | Espagne | 0.8 | 0.01 |
| Commerzbank AG 4% 03/23/2026 | 1.19 | Allemagne | 4.3 | 0.05 |
| Total (%) | 18.82 |  |  |  |


## Exposition sectorielle (%)	Contribution à la duration par secteur
Portefeuille
Industrie	49.01	4
Finance	34.77	2
Serv. aux collect.	9.88	0
Souverain	4.24	-2
Pfd-Financial	1.29	-4
Industrie
Finance
Serv. aux
collect.
Securitized
Hors
catégorie
Souverain
Cash
Autres	1.45	-6
Cash	-0.64
Port.	2.5	1.4	0.5	0.1	-1.2	-4.2	0.9

## Exposition géographique (%)	Contribution à la duration par géographie
Portefeuille
| Italie | 17.55 |
| --- | --- |
| Espagne | 16.96 |
| Royaume-Uni | 12.86 |
| Allemagne | 12.63 |
| France | 12.58 |

1
0
-1
-2
-3
France
Espagne
Italie
Royaume-Uni
Australie
Portugal
Irlande
Finlande
Pays-Bas
Autres
| Etats-Unis | 7.79 |  |
| --- | --- | --- |
| Portugal | 4.71 |
| Australie | 3.96 |
| Irlande | 3.65 |  |  | Port. | 0.8 | 0.7	0.7 | 0.2 | 0.2	0.2	0.1 | 0.1 | 0.1  -3.1 |
| Finlande | 1.84 |  |
| Autres | 6.11 |
| Cash | -0.64 |
| Exposition par Maturité (%) |  |

-4
28
24
20
16
12
8
4
0
-4	Cash	0-1 an	1-3 ans	3-5 ans	5-7 ans	7-10 ans	10-20 ans
Portefeuille	-0.64	11.48	23.52	20.70	21.14	17.23	6.57

## Exposition par Rating (%)
50
40
30
20
10
0
|  | AAA | AA | A | BBB | BB | B | Cash |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | Portefeuille | 4.24 | 0.41 | 6.51 | 44.52 | 37.00 | 7.97 | -0.64 |

-10

## Exposition Par Devise (%)
120
|  |  |  |
| --- | --- | --- |
|  |  |
|  |  |
|  |  |
|  |  |

100
80
60
40
20
0
EUR	GBP
Portefeuille	95.84	4.16