# Risk analysis
|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | 1 Y. | 3 Y. | 5 Y. | Launch |
| Annualized volatility Portfolio* | 2.63% | 3.35% | 4.01% | 4.71% |
| Performance Indicator** | 2.73% | 3.51% | 3.90% | 4.61% |
| Relative risk ('tracking error') | 0.84% | 0.74% | 0.77% | 0.90% |
| Sharpe ratio | 0.08 | 0.87 | 1.27 | 0.93 |
| Information ratio | -0.48 | 0.17 | 0.18 | 0.31 |

* 1st NAV date: 17/04/2006
** Performance indicator : Please refer to the Benchmark section in the characteristics/disclaimers part of the document. Source(s): AXA Investment Managers as at 31/08/2018
Editor: AXA Investment Managers Paris
| Portfolio analysis |  |
| --- | --- |
| Fund indicators |  |  |  | Fund indicators |  |  |
|  | Portfolio | Performance Indicator* |  |  | Portfolio | Performance Indicator* |
| Cash | 1.63% | - |  | Duration to worst | 7.42 | 7.77 |
| Number of Holdings | 96 | 765 |  | Spread duration | 2.37 | 3.10 |
| Number of Issuers | 55 | 328 |  | Average Coupon | 2.08% | 1.94% |
| Linear Average Rating | A | A+ |  | Yield To Worst | 1.20 | 1.00 |
| Exponential Average Rating | A- | A |  |  |  |  |
| Average Life | 8.01 | 8.37 |  |  |  |  |

59.89%

## Asset class breakdown
53.51%
70%
60%
50%
15.51%
14.93%
40%
30%
20%
10%
Government
Corporate
Inflation
0%

## Contribution to duration of sovereign debt by country
1.35
1.24
1.60
1.40
0.83
0.71
0.66
0.87
1.20
0.80
0.73
1.00
0.48
0.37
0.80
0.37
0.28
0.20
0.28
0.60
0.12
0.08
0.00
0.09
1.63%
0.00%
0.40
0.00
0.00
0.20
France
Italy
Spain
Germany
Belgium
Austria
Netherlands
Ireland
Latvia
Finland
0.00
10.10%
13.25%
8.99%
6.37%
7.70%
5.56%
2.55%
0.00%
Quasi
Sovereign
Covered
Financial
Government
Cash
Portfolio	Performance Indicator*	Portfolio	Performance Indicator*
0.63
0.50
0.37
0.18
0.25
0.29
0.17
0.17
0.28

## Contribution to duration of quasi sovereign debt by sectors	Contribution to duration of financial debt by sector
0.70
0.60
0.50
0.40
0.30
0.20
0.10
Guaranteed
0.00
sovereign credit
Portfolio	Performance Indicator*
0.30
0.27
0.24
0.21
0.10
0.18
0.00
0.15
0.12
0.09
0.06
0.03
0.00
0.02
Covered Bonds
Agency
Supranational
Local-Authority
Government
External
Banking Senior	Banking Sub	Insurance Senior	Other
Portfolio	Performance Indicator*

## Contribution to duration of corporate debt by sector	Contribution to duration by maturity
0.21
0.17
0.14
0.19
7.72
0.24	9
0.13
0.13
6.79
0.20	8
0.09
0.10
0.07
0.12
0.09
0.11
0.16	7
0.08
0.05
0.05
0.06
0.04
0.05
0.08
0.03
0.08
0.12	6
0.08	5
0.00
0.00
0.00
0.04	4
3
Real Estate
Basic Industry
Utility
Telecommunications
Technology &
Electronics
Energy
Automotive
Capital Goods
Transportation
Healthcare
Consumer Goods
Other
0.00
0.01
0.00
0.09
0.00
0.00
0.57
0.05
0.26
0.00
0.05
0.00
2
1
0
-0.22
-1
0-1
year
1-3
years
3-5
years
5-7
years
7-10
years
10-20
years
+20
years
Portfolio	Performance Indicator*	Portfolio	Performance Indicator*

Translation (ENFR, 2018-08-31):
# Analyse du risque
|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | 1 an | 3 ans | 5 ans | Création |
| Volatilité annualisée Portefeuille* | 2.63% | 3.35% | 4.01% | 4.71% |
| Indicateur de performance** | 2.73% | 3.51% | 3.90% | 4.61% |
| Risque relatif (tracking error) | 0.84% | 0.74% | 0.77% | 0.90% |
| Ratio de Sharpe | 0.08 | 0.87 | 1.27 | 0.93 |
| Ratio d'information | -0.48 | 0.17 | 0.18 | 0.31 |

* Date de la 1ère Valeur Liquidative : 17/04/2006
** Indicateur de performance : se référer à la rubrique Indicateur de performance spécifiée en dernière rubrique Source(s) : AXA Investment Managers au 31/08/2018
Rédacteur : AXA Investment Managers Paris