# Performance & Risk
## Performance Evolution (EUR)
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110.00
107.50
105.00
102.50
100.00
97.50
95.00
31/12/18
30/06/19
31/12/19
30/06/20
31/12/20
30/06/21 31/12/21
Portfolio* (7.07%)
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* (%) | 1.12 | 2.45 | - | 2.41 |
| Sharpe Ratio | 4.79 | 1.49 | - | 0.94 |

Rolling Performance (%)
|  | 1M | 3M | 6M | YTD | 3Y | 5Y | 31/12/20 31/12/21 | 31/12/19 31/12/20 | 31/12/18 31/12/19 | 31/12/17 31/12/18 | 31/12/16 31/12/17 | Launch |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 0.10 | 1.15 | 2.67 | 3.97 | 7.07 | - | 3.97 | 2.41 | 0.56 | -0.55 | - | 4.76 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 3.97 | 2.41 | 0.56 | -0.55 | - | - | - | - | - | - |

Monthly Performance (%)
|  | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2017 *** | -0.04 | -0.18 | -0.06 | 0.10 | 0.05 | 0.17 | 0.20 | 0.05 | -2.78 | 0.78 | 0.03 | 0.07 | -1.62 |
| 2018 | 0.17 | 0.00 | 0.08 | 0.20 | 0.16 | 0.01 | 0.08 | -0.12 | 0.23 | -0.01 | -0.75 | -0.60 | -0.55 |
| 2019 | 0.68 | -0.12 | -0.78 | -0.61 | -1.39 | 0.63 | 0.51 | -0.30 | 1.85 | 0.49 | -0.24 | -0.13 | 0.56 |
| 2020 | 0.58 | -0.71 | -2.15 | 0.43 | 0.35 | 0.79 | 0.69 | 0.73 | 1.24 | -0.05 | 0.17 | 0.35 | 2.41 |
| 2021 | 0.27 | -0.05 | 0.48 | -0.04 | 0.39 | 0.22 | 0.42 | 0.44 | 0.64 | 0.56 | 0.49 | 0.10 | 3.97 |

***The calculation period of the annual performance for 2017 starts from 20/01/2017, inception date of the share class to 31/12/2017.
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 |  |
| --- | --- |
| Event Breakdown (% of NAV) |
| Event | Portfolio |
| U.S. Southeast, Gulf of Mexico, Caribbean Hurricane | 55.71 |
| California Earthquake | 51.20 |
| Other U.S. Earthquake | 45.66 |
| U.S. Northeast Hurricane | 45.32 |
| Other U.S. Hurricane | 41.32 |
| New Madrid Earthquake | 39.77 |
| Canada Earthquake | 25.09 |
| Any Other perils | 24.11 |
| Caribbean Earthquake | 23.30 |
| Other U.S. Wind | 17.99 |
| US Wildfire | 8.48 |
| Europe Windstorm | 5.99 |
| Japan Earthquake | 5.43 |
| Mexico Earthquake | 2.38 |
| Mortality, Morbidity | 2.10 |
| Any Other Non-Nat Cat | 1.51 |
| Western Mediterranean EQ | 1.49 |
| Any Second Event | 1.39 |
| Japan Typhoon | 1.25 |
| Eastern Mediterranean Earthquake | 0.89 |
| Pacific Mexico Hurricane | 0.22 |

The sum of all the percentage may not be equal to 100% as the fund may hold assets accounting for more than one event defined above. For example, an asset which covers both an Europe windstorm and a Japan typhoon will enter into both events definition. However, for avoidance of any doubt, the fund is only exposed to the size of its invested amount on such asset.
Trigger Type Breakdown (% of ILS Assets)
70
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60
50
40
30
20
10
0	Indemnity	Industry Index	Parametric
Port.	57.97	33.12	8.92
Term to Maturity Breakdown (% of NAV)
Term	Portfolio
0 - 1 Year	31.72
1 - 2 Years	11.92
2 - 3 Years	33.17
3 - 4 Years	16.09
4 - 5 Years	5.71
> 5 Years	1.39
Total	100.00
Key Information (At 31/12/2021)	Other Information (%)
Portfolio
Number of Holdings	104
Cash (%)	4.42
Gross Average Purchase Discount Margin (%)	5.49
Weighted Average Maturity	1.97
With Cash
Annual Expected Loss	2.42
Annual VaR 90%	-1.03
Annual VaR 95%	-8.74
Annual VaR 99%	-34.46
| AXA/XL deals (% of NAV)	0.00 |  | VaR includes coupon. |  |
| --- | --- | --- | --- |
| Gross average is calculated on purchased assets, excluding cash. Expected Loss on Invested Assets Breakdown (%) |  |  |
| Event |  |  | Portfolio |
| North America Hurricane |  |  | 64.68 |
| North America Earthquake |  |  | 24.98 |
| Asia Earthquake |  |  | 2.04 |
| Caribbean Hurricane |  |  | 1.93 |
| Europe Windstorm |  |  | 1.54 |
| Europe Earthquake |  |  | 1.44 |
| Asia Typhoon |  |  | 1.01 |
| North America Tornado |  |  | 0.60 |
| Central America Earthquake |  |  | 0.44 |
| North America Wildfire |  |  | 0.43 |
| Central America Hurricane |  |  | 0.42 |
| North America Winter Storm |  |  | 0.13 |
| Caribbean Earthquake |  |  | 0.12 |
| North America Health Cost |  |  | 0.11 |
| Oceania Pandemic |  |  | 0.04 |
| North America Pandemic |  |  | 0.03 |
| Asia Flood |  |  | 0.03 |
| Europe Pandemic |  |  | 0.03 |
| North America Flood |  |  | 0.01 |
| Caribbean Health Cost |  |  | 0.00 |

Expected Maturity Date Breakdown (% Of NAV)
20.00
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17.50
15.00
12.50
10.00
7.50
5.00
2.50
Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 2022 Q3
2022 Q4
2023 Q1
2023 Q2
2023 Q3
2023 Q4
2024 Q1
2024 Q2
2024 Q3
2024 Q4
2025 Q1
2025 Q2
2025 Q3
2025 Q4
2026 Q1
2026 Q2
2026 Q3
2026 Q4
2027 Q1
2027 Q2
2027 Q3
2027 Q4
0.00
Tradable Assets Illiquid Assets

Translation (ENFR, 2021-12-31):
# Performance et risque
## Evolution de la performance (EUR)
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| --- | --- | --- | --- | --- | --- | --- |
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110.00
107.50
105.00
102.50
100.00
97.50
95.00
31/12/18
30/06/19
31/12/19
30/06/20
31/12/20
30/06/21 31/12/21
Portefeuille* (7.07%)
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* (%) | 1.12 | 2.45 | - | 2.41 |
| Ratio de Sharpe | 4.79 | 1.49 | - | 0.94 |


## Performance glissante (%)
31/12/21
1 mois	3 mois	6 mois	YTD	3 ans	5 ans	31/12/20
31/12/19
31/12/20
31/12/18
31/12/19
31/12/17
31/12/18
31/12/16
31/12/17
Création
Portefeuille*	0.10	1.15	2.67	3.97	7.07	-	3.97	2.41	0.56	-0.55	-	4.76

## Performance calendaire annuelle (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | 3.97 | 2.41 | 0.56 | -0.55 | - | - | - | - | - | - |

Performances mensuelles (%)
|  | Janv | Fév | Mars | Avril | Mai | Juin | Juil | Août | Sept | Oct | Nov | Dec | YTD |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2017 *** | -0.04 | -0.18 | -0.06 | 0.10 | 0.05 | 0.17 | 0.20 | 0.05 | -2.78 | 0.78 | 0.03 | 0.07 | -1.62 |
| 2018 | 0.17 | 0.00 | 0.08 | 0.20 | 0.16 | 0.01 | 0.08 | -0.12 | 0.23 | -0.01 | -0.75 | -0.60 | -0.55 |
| 2019 | 0.68 | -0.12 | -0.78 | -0.61 | -1.39 | 0.63 | 0.51 | -0.30 | 1.85 | 0.49 | -0.24 | -0.13 | 0.56 |
| 2020 | 0.58 | -0.71 | -2.15 | 0.43 | 0.35 | 0.79 | 0.69 | 0.73 | 1.24 | -0.05 | 0.17 | 0.35 | 2.41 |
| 2021 | 0.27 | -0.05 | 0.48 | -0.04 | 0.39 | 0.22 | 0.42 | 0.44 | 0.64 | 0.56 | 0.49 | 0.10 | 3.97 |

***La période de calcul de la performance annuelle de 2017 court du 20/01/2017, date de constitution de la classe d'actions, au 31/12/2017.
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 |  |
| --- | --- |
| Répartition par événement (% of NAV) |
| Event | Portfolio |
| U.S. Southeast, Gulf of Mexico, Caribbean Hurricane | 55.71 |
| California Earthquake | 51.20 |
| Other U.S. Earthquake | 45.66 |
| U.S. Northeast Hurricane | 45.32 |
| Other U.S. Hurricane | 41.32 |
| New Madrid Earthquake | 39.77 |
| Canada Earthquake | 25.09 |
| Any Other perils | 24.11 |
| Caribbean Earthquake | 23.30 |
| Other U.S. Wind | 17.99 |
| US Wildfire | 8.48 |
| Europe Windstorm | 5.99 |
| Japan Earthquake | 5.43 |
| Mexico Earthquake | 2.38 |
| Mortality, Morbidity | 2.10 |
| Any Other Non-Nat Cat | 1.51 |
| Western Mediterranean EQ | 1.49 |
| Any Second Event | 1.39 |
| Japan Typhoon | 1.25 |
| Eastern Mediterranean Earthquake | 0.89 |
| Pacific Mexico Hurricane | 0.22 |

The sum of all the percentage may not be equal to 100% as the fund may hold assets accounting for more than one event defined above. For example, an asset which covers both an Europe windstorm and a Japan typhoon will enter into both events definition. However, for avoidance of any doubt, the fund is only exposed to the size of its invested amount on such asset.
Répartition par type de déclencheur (% d'actifs ILS)
70
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60
50
40
30
20
10
0	Indemnity	Industry Index	Parametric
Port.	57.97	33.12	8.92
Répartition par échéance (% of NAV)
Term	Portfolio
0 - 1 Year	31.72
1 - 2 Years	11.92
2 - 3 Years	33.17
3 - 4 Years	16.09
4 - 5 Years	5.71
> 5 Years	1.39
Total	100.00
Informations essentielles (Au 31/12/2021)	Autres Informations (%)
Portfolio
Number of Holdings	104
Cash (%)	4.42
Gross Average Purchase Discount Margin (%)	5.49
Weighted Average Maturity	1.97
AXA/XL deals (% of NAV)	0.00
With Cash
Annual Expected Loss	2.42
Annual VaR 90%	-1.03
Annual VaR 95%	-8.74
Annual VaR 99%	-34.46
VaR includes coupon.
| Gross average is calculated on purchased assets, excluding cash. Répartition des prévisions de perte sur les actifs investis (%) |  |
| --- | --- |
| Event | Portfolio |
| North America Hurricane | 64.68 |
| North America Earthquake | 24.98 |
| Asia Earthquake | 2.04 |
| Caribbean Hurricane | 1.93 |
| Europe Windstorm | 1.54 |
| Europe Earthquake | 1.44 |
| Asia Typhoon | 1.01 |
| North America Tornado | 0.60 |
| Central America Earthquake | 0.44 |
| North America Wildfire | 0.43 |
| Central America Hurricane | 0.42 |
| North America Winter Storm | 0.13 |
| Caribbean Earthquake | 0.12 |
| North America Health Cost | 0.11 |
| Oceania Pandemic | 0.04 |
| North America Pandemic | 0.03 |
| Asia Flood | 0.03 |
| Europe Pandemic | 0.03 |
| North America Flood | 0.01 |
| Caribbean Health Cost | 0.00 |

Répartition par échéance prévue (% Of NAV)
20.00
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17.50
15.00
12.50
10.00
7.50
5.00
2.50
Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 2022 Q3
2022 Q4
2023 Q1
2023 Q2
2023 Q3
2023 Q4
2024 Q1
2024 Q2
2024 Q3
2024 Q4
2025 Q1
2025 Q2
2025 Q3
2025 Q4
2026 Q1
2026 Q2
2026 Q3
2026 Q4
2027 Q1
2027 Q2
2027 Q3
2027 Q4
0.00
Tradable Assets Illiquid Assets