# Performance & Risk
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## Performance Evolution (EUR)
105
100
95
90
85
80
ESG Rating
ESG Relative Rating
% of AUM covered by ESG absolute rating: Portfolio = 95.4% Benchmark = 98.7% (not meaningful for coverage below 50%)
For more information about the methodology, please read the section 'ESG Metrics Definition' below

## Fund Manager
Johann PLE
Rui LI - Co-Manager
31/01/20
31/07/20
31/01/21
31/07/21
31/01/22
31/07/22 31/01/23
Portfolio* (-15.63%)	Benchmark (-16.06%)
Data is rebased to 100 by AXA IM on the graph start date.
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.
| Performance & Risk  (Continued) Risk Analysis |  |
| --- | --- |
|  | 1Y | 3Y | 5Y | Launch |
| Portfolio Volatility* (%) | 8.30 | 6.80 | 5.78 | 4.08 |
| Benchmark Volatility (%) | 8.66 | 6.69 | 5.71 | - |
| Relative Risk/Tracking Error  (%) | 1.53 | 0.86 | 0.83 | - |
| Sharpe Ratio | -1.66 | -0.63 | -0.14 | 0.47 |
| Information Ratio | 0.44 | 1.28 | 0.71 | - |
| Rolling Performance (%) |  |  |  |  |
| 1M	3M	6M	YTD	3Y	5Y	31/01/22	31/01/21	31/01/20	31/01/19	31/01/18	Launch |
|  |  |  |  |  |  |  | 31/01/23 | 31/01/22 | 31/01/21 | 31/01/20 | 31/01/19 |  |
| Portfolio* | 2.36 | 1.71 | -6.67 | 2.36 | -15.63 | -10.10 | -14.52 | -3.46 | 2.24 | 7.01 | -0.41 | 103.98 |
| Benchmark | 2.29 | 0.87 | -7.44 | 2.29 | -16.06 | -8.34 | -14.33 | -3.51 | 1.55 | 7.18 | 1.88 | - |
| Excess Return | 0.07 | 0.84 | 0.77 | 0.07 | 0.42 | -1.76 | -0.19 | 0.05 | 0.68 | -0.18 | -2.29 | - |


## Annual Calendar Performance (%)
|  | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -17.41 | -2.99 | 4.68 | 6.10 | -1.62 | 0.34 | 2.48 | 0.12 | 11.19 | 1.97 |
| Benchmark | -17.17 | -2.86 | 4.09 | 5.99 | 0.45 | 0.53 | 3.26 | 1.06 | 11.16 | 2.12 |
| Excess Return | -0.24 | -0.13 | 0.59 | 0.10 | -2.07 | -0.19 | -0.78 | -0.94 | 0.03 | -0.15 |

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 |
| Italy (Republic of) 12/15/2024 | 4.03 | Italy | 1.8 | 0.07 |
| France Government Bond OAT 1.75% 06/25/2039 | 3.01 | France | 13.6 | 0.41 |
| Bundesrepublik Deutschland 4.25% 07/04/2039 | 2.49 | Germany | 12.1 | 0.30 |
| Italy (Republic of) 1.35% 04/01/2030 | 2.44 | Italy | 6.5 | 0.16 |
| Italy (Republic of) 4.5% 03/01/2026 | 2.03 | Italy | 2.8 | 0.06 |
| Italy (Republic of) 1.45% 05/15/2025 | 2.02 | Italy | 2.2 | 0.04 |
| Spain Government Bond 6% 01/31/2029 | 1.92 | Spain | 5.1 | 0.10 |
| Spain Government Bond 4.9% 07/30/2040 | 1.41 | Spain | 11.9 | 0.17 |
| Spain Government Bond 1.25% 10/31/2030 | 1.38 | Spain | 7.2 | 0.10 |
| Italy (Republic of) 0.95% 09/15/2027 | 1.17 | Italy | 4.3 | 0.05 |
| Total (%) | 21.89 |  |  |  |

Companies shown are for illustrative purposes only at the date of this report and may no longer be in the portfolio later. It should not be considered a recommendation to purchase or sell any security.

## Sector Breakdown (%)	Contribution to duration by sector
|  | Portfolio | Benchmark |
| --- | --- | --- |
| Sovereign | 35.36 | 55.64 |
| Financial | 20.87 | 8.58 |

Quasi & Foreign Gvt	18.54	15.43
Industrials	15.86	11.38
Utility	4.57	2.24
Covered	1.61	6.67
Other	0.29	0.05
Cash	2.89	0.00
5
4
3
2
1
Sovereign
Quasi &
Foreign Gvt
Financial
Industrials
Utility
Covered
0
Port.	2.8	1.3	0.7	0.6	0.2	0.1
Bench.	4.0	1.1	0.3	0.6	0.1	0.3

## 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	2.89	0.64	16.40	22.20	16.53	21.43	12.63	7.27
Benchmark	-	0.27	23.22	22.75	16.03	16.63	13.45	7.65

## Rating Breakdown (%)
60
50
40
30
20
10
0	AAA	AA	A	BBB	BB	Cash
Portfolio	8.88	22.65	13.43	48.29	3.86	2.89
Benchmark	26.70	30.46	14.10	28.46	0.28	-
Portfolio Analysis 
(Continued)

## Currency Breakdown (%)
120
100
80
60
40
20
0
EUR	USD	GBP	AUD
| Portfolio | 99.47 | 0.45 | 0.07 | 0.01 |
| --- | --- | --- | --- | --- |
| Benchmark | 100.00 | - | - | - |

Translation (ENFR, 2023-01-31):
# Performance et risque
## Evolution de la performance (EUR)
Notation ESG Notation ESG relative
% de l’encours sous gestion couvert par la note ESG absolue : Portefeuille = 95.4% Indice de réf. = 98.7% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)
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105
100
95
90
85
80
31/01/20
31/07/20
31/01/21
31/07/21
31/01/22
31/07/22 31/01/23
Pour de plus amples informations à propos de la méthodologie, veuillez lire la section « Définition des indicateurs ESG » ci-dessous

## Gérant
Johann PLE
Rui LI - Co-gérant
Portefeuille* (-15.63%)	Indice de réference (-16.06%)
Les données sont rebasées à 100 par AXA IM à la date de début du graphique.
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.
| Performance et risque  (suite) Analyse du risque |  |
| --- | --- |
|  | 1 an | 3 ans | 5 ans | Création |
| Volatilité du portefeuille* (%) | 8.30 | 6.80 | 5.78 | 4.08 |
| Volatilité de l'indice de référence (%) | 8.66 | 6.69 | 5.71 | - |
| Risque relatif/Tracking Error  (%) | 1.53 | 0.86 | 0.83 | - |
| Ratio de Sharpe | -1.66 | -0.63 | -0.14 | 0.47 |
| Ratio d'information | 0.44 | 1.28 | 0.71 | - |
| Performance glissante (%) |  |  |  |  |
| 1 mois	3 mois	6 mois  YTD	3 ans	5 ans	31/01/22	31/01/21	31/01/20	31/01/19	31/01/18  Création |
|  |  |  |  |  |  |  | 31/01/23 | 31/01/22 | 31/01/21 | 31/01/20 | 31/01/19 |  |
| Portefeuille* | 2.36 | 1.71 | -6.67 | 2.36 | -15.63 | -10.10 | -14.52 | -3.46 | 2.24 | 7.01 | -0.41 | 103.98 |
| Indice de référence | 2.29 | 0.87 | -7.44 | 2.29 | -16.06 | -8.34 | -14.33 | -3.51 | 1.55 | 7.18 | 1.88 | - |
| Ecarts | 0.07 | 0.84 | 0.77 | 0.07 | 0.42 | -1.76 | -0.19 | 0.05 | 0.68 | -0.18 | -2.29 | - |


## Performance calendaire annuelle (%)
|  | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | -17.41 | -2.99 | 4.68 | 6.10 | -1.62 | 0.34 | 2.48 | 0.12 | 11.19 | 1.97 |
| Indice de réference | -17.17 | -2.86 | 4.09 | 5.99 | 0.45 | 0.53 | 3.26 | 1.06 | 11.16 | 2.12 |
| Ecarts | -0.24 | -0.13 | 0.59 | 0.10 | -2.07 | -0.19 | -0.78 | -0.94 | 0.03 | -0.15 |

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 |
| Italy (Republic of) 12/15/2024 | 4.03 | Italie | 1.8 | 0.07 |
| France Government Bond OAT 1.75% 06/25/2039 | 3.01 | France | 13.6 | 0.41 |
| Bundesrepublik Deutschland 4.25% 07/04/2039 | 2.49 | Allemagne | 12.1 | 0.30 |
| Italy (Republic of) 1.35% 04/01/2030 | 2.44 | Italie | 6.5 | 0.16 |
| Italy (Republic of) 4.5% 03/01/2026 | 2.03 | Italie | 2.8 | 0.06 |
| Italy (Republic of) 1.45% 05/15/2025 | 2.02 | Italie | 2.2 | 0.04 |
| Spain Government Bond 6% 01/31/2029 | 1.92 | Espagne | 5.1 | 0.10 |
| Spain Government Bond 4.9% 07/30/2040 | 1.41 | Espagne | 11.9 | 0.17 |
| Spain Government Bond 1.25% 10/31/2030 | 1.38 | Espagne | 7.2 | 0.10 |
| Italy (Republic of) 0.95% 09/15/2027 | 1.17 | Italie | 4.3 | 0.05 |
| Total (%) | 21.89 |  |  |  |

Les informations sur cette société sont données à titre illustratif uniquement, sont valables à la date du reporting et ne constituent pas une recommandation à l’achat ou à la vente. Il est possible que cette entreprise ne soit plus présente en portefeuille à une date ultérieure.

## Exposition sectorielle (%)	Contribution à la duration par secteur
Portefeuille	Indice de référence
Souverain	35.36	55.64
Finance	20.87	8.58
Quasi & Foreign Gvt	18.54	15.43
Industrie	15.86	11.38
Serv. aux collect.	4.57	2.24
Covered	1.61	6.67
Autres	0.29	0.05
Cash	2.89	0.00
5
4
3
2
1
Souverain
Quasi &
Foreign Gvt
Finance
Industrie
Serv. aux
collect.
Covered
0
Port.	2.8	1.3	0.7	0.6	0.2	0.1
Indice de réf.	4.0	1.1	0.3	0.6	0.1	0.3

## 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	2.89	0.64	16.40	22.20	16.53	21.43	12.63	7.27
Indice de référence	-	0.27	23.22	22.75	16.03	16.63	13.45	7.65

## Exposition par rating (%)
60
50
40
30
20
10
0	AAA	AA	A	BBB	BB	Cash
Portefeuille	8.88	22.65	13.43	48.29	3.86	2.89
Indice de référence	26.70	30.46	14.10	28.46	0.28	-
Analyse du portefeuille 
(suite)

## Exposition par devise (%)
120
100
80
60
40
20
0
EUR	USD	GBP	AUD
| Portefeuille | 99.47 | 0.45 | 0.07 | 0.01 |
| --- | --- | --- | --- | --- |
| Indice de référence | 100.00 | - | - | - |