# Performance & Risk
|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |


## Performance Evolution (EUR)
110.0
107.5
105.0
102.5
100.0
97.5
| Fund Key Metrics |  |
| --- | --- |
|  | Port. | Bench. |
| Linear Average Rating | BBB1 | A3 |
| Mod. Duration | 4.44 | 4.35 |
| Mod. Duration To Worst | 4.47 | 4.36 |
| Yield To Worst (%) | 0.42 | 0.22 |
| Number of Holdings | 214 | 3370 |
| Number of Issuers | 130 | 622 |
| Fund Profile |  |  |
| ESG Rating |  |  |
| ESG Relative Rating |  |  |
| CO2 Relative rating |  |  |

% of AUM covered by ESG absolute rating: Portfolio = 95.2% Benchmark = 95.9% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 86.8% Benchmark = 89.5% (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* (7.42%)	Benchmark (7.05%)
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* (%) | 1.35 | 4.89 | 3.92 | 3.27 |
| Benchmark Volatility (%) | 1.28 | 4.49 | 3.62 | - |
| Relative Risk/Tracking Error  (%) | 0.30 | 0.75 | 0.64 | - |
| Sharpe Ratio | 1.97 | 0.73 | 0.65 | 1.65 |
| Information Ratio | 1.87 | 1.18 | 0.97 | - |
| 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* | -0.57 | 0.04 | 0.33 | -0.41 | 7.42 | 7.30 | 1.45 | 0.54 | 5.32 | -0.78 | 0.67 | 380.29 |
| Benchmark | -0.49 | 0.10 | 0.37 | 0.03 | 7.05 | 8.02 | 1.65 | 0.10 | 5.20 | 0.03 | 0.88 | - |
| Excess Return | -0.08 | -0.06 | -0.04 | -0.45 | 0.38 | -0.72 | -0.20 | 0.44 | 0.11 | -0.81 | -0.21 | - |


## Annual Calendar Performance (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 2.32 | 6.01 | -1.78 | 2.02 | 3.88 | -1.04 | 7.60 | 1.44 | 13.39 | 2.58 |
| Benchmark | 2.01 | 5.48 | -1.04 | 2.28 | 4.24 | -0.06 | 7.34 | 2.46 | 11.15 | 1.94 |
| Excess Return | 0.32 | 0.53 | -0.75 | -0.26 | -0.35 | -0.98 | 0.26 | -1.01 | 2.24 | 0.64 |

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 |
| Assicurazioni Generali SpA 2.43% 07/14/2031 | 1.28 | Italy | 8.3 | 0.11 |
| KBC Groep NV VAR 06/16/2027 | 1.18 | Belgium | 4.7 | 0.06 |
| Gas Natural Fenosa Finance BV 0.875% 05/15/2025 | 1.10 | Spain | 3.3 | 0.04 |
| Banco Bilbao Vizcaya Argentaria VAR 01/16/2030 | 1.08 | Spain | 3.2 | 0.03 |
| SNS Bank NV VAR 10/22/2030 | 1.04 | Netherlands | 3.9 | 0.04 |
| EDP Finance BV 1.875% 10/13/2025 | 0.98 | Portugal | 3.9 | 0.04 |
| La Banque Postale SA 0.75% 06/23/2031 | 0.97 | France | 9.3 | 0.09 |
| Iberdrola International BV VAR PERP | 0.94 | Spain | 3.2 | 0.03 |
| Fiat Chrysler Automobiles NV 2.75% 05/15/2026 | 0.93 | United States | 4.4 | 0.04 |
| La Mondiale SAM 2.125% 06/23/2031 | 0.92 | France | 8.5 | 0.08 |
| Total (%) | 10.43 |  |  |  |

| Sector Breakdown (%) |  |
| --- | --- |
|  | Portfolio | Benchmark |
| Financial | 44.10 | 38.22 |
| Industrials | 37.68 | 53.11 |
| Utility | 13.51 | 8.51 |
| Cash | 4.70 | 0.16 |


## Contribution to duration by sector
3
2
1
0
-1	Financial	Industrials	Utility	Other
| Port. | 2.1 | 1.9 | 0.8 | -0.4 |
| --- | --- | --- | --- | --- |
| Bench. | 1.6 | 2.4 | 0.4 | - |


## Geographical Breakdown (%)	Contribution to Duration by Geography
Portfolio	Benchmark
| France | 26.46 | 21.13 |
| --- | --- | --- |
| Italy | 12.56 | 5.93 |
| Spain | 8.77 | 5.74 |
| Germany | 7.63 | 14.68 |
| United States | 6.94 | 16.89 |

United Kingdom	5.64	8.25
Australia	4.67	2.13
Netherlands	4.40	5.41
Belgium	3.07	1.96
Portugal	2.65	0.42
Other	12.53	13.40
Cash	4.70	0.16
1.5
1.2
0.9
0.6
0.3
France
Italy
United States
Spain
United Kingdom
Netherlands
Belgium
Australia
Portugal
Other
0.0
Port.	1.4	0.7	0.4	0.4	0.3	0.2	0.2	0.2	0.1	0.7
Bench. 1.0	0.3	0.7	0.2	0.3	0.2	0.1	0.1	-	1.4

## Maturity Breakdown (%)
40
30
20
10
0	Cash	0-1 year	1-3 years	3-5 years	5-7 years	7-10 years	10-20 years	+20 years
Portfolio	4.70	3.67	16.11	19.91	19.60	28.82	3.02	4.16
Benchmark	0.16	1.24	26.62	27.63	23.53	18.47	0.40	1.94

## Rating Breakdown (%)
80
60
40
20
0	AAA	AA	A	BBB	BB	Cash
Portfolio	-	3.03	27.33	64.94	-	4.70
Benchmark	0.29	8.55	38.06	52.91	0.02	0.16

## 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 = 95.2% Indice de référence = 95.9% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)
|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |

110.0
107.5
105.0
102.5
100.0
97.5
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 = 86.8% Indice de référence = 89.5% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)
Portefeuille* (7.42%)	Indice de réference (7.05%)
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* (%) | 1.35 | 4.89 | 3.92 | 3.27 |
| Volatilité de l'indice de référence (%) | 1.28 | 4.49 | 3.62 | - |
| Risque relatif/Tracking Error  (%) | 0.30 | 0.75 | 0.64 | - |
| Ratio de Sharpe | 1.97 | 0.73 | 0.65 | 1.65 |
| Ratio d'information | 1.87 | 1.18 | 0.97 | - |
| 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* | -0.57 | 0.04 | 0.33 | -0.41 | 7.42 | 7.30 | 1.45 | 0.54 | 5.32 | -0.78 | 0.67 | 380.29 |
| Indice de réference | -0.49 | 0.10 | 0.37 | 0.03 | 7.05 | 8.02 | 1.65 | 0.10 | 5.20 | 0.03 | 0.88 | - |
| Ecarts | -0.08 | -0.06 | -0.04 | -0.45 | 0.38 | -0.72 | -0.20 | 0.44 | 0.11 | -0.81 | -0.21 | - |


## Performance calendaire annuelle (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | 2.32 | 6.01 | -1.78 | 2.02 | 3.88 | -1.04 | 7.60 | 1.44 | 13.39 | 2.58 |
| Indice de réference | 2.01 | 5.48 | -1.04 | 2.28 | 4.24 | -0.06 | 7.34 | 2.46 | 11.15 | 1.94 |
| Ecarts | 0.32 | 0.53 | -0.75 | -0.26 | -0.35 | -0.98 | 0.26 | -1.01 | 2.24 | 0.64 |

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 |
| Assicurazioni Generali SpA 2.43% 07/14/2031 | 1.28 | Italie | 8.3 | 0.11 |
| KBC Groep NV VAR 06/16/2027 | 1.18 | Belgique | 4.7 | 0.06 |
| Gas Natural Fenosa Finance BV 0.875% 05/15/2025 | 1.10 | Espagne | 3.3 | 0.04 |
| Banco Bilbao Vizcaya Argentaria VAR 01/16/2030 | 1.08 | Espagne | 3.2 | 0.03 |
| SNS Bank NV VAR 10/22/2030 | 1.04 | Pays-Bas | 3.9 | 0.04 |
| EDP Finance BV 1.875% 10/13/2025 | 0.98 | Portugal | 3.9 | 0.04 |
| La Banque Postale SA 0.75% 06/23/2031 | 0.97 | France | 9.3 | 0.09 |
| Iberdrola International BV VAR PERP | 0.94 | Espagne | 3.2 | 0.03 |
| Fiat Chrysler Automobiles NV 2.75% 05/15/2026 | 0.93 | Etats-Unis | 4.4 | 0.04 |
| La Mondiale SAM 2.125% 06/23/2031 | 0.92 | France | 8.5 | 0.08 |
| Total (%) | 10.43 |  |  |  |

| Exposition sectorielle (%) |  |
| --- | --- |
|  | Portefeuille | Benchmark |
| Finance | 44.10 | 38.22 |
| Industrie | 37.68 | 53.11 |
| Serv. aux collect. | 13.51 | 8.51 |
| Cash | 4.70 | 0.16 |


## Contribution à la duration par secteur
3
2
1
0
|  | Finance | Industrie | Serv. aux collect. | Autres |
| --- | --- | --- | --- | --- |
|  | Port. | 2.1 | 1.9 | 0.8 | -0.4 |
|  | Indice de réf. | 1.6 | 2.4 | 0.4 | - |

-1

## Exposition géographique (%)
|  | Portefeuille | Benchmark |
| --- | --- | --- |
| France | 26.46 | 21.13 |
| Italie | 12.56 | 5.93 |
| Espagne | 8.77 | 5.74 |
| Allemagne | 7.63 | 14.68 |
| Etats-Unis | 6.94 | 16.89 |

Royaume-Uni	5.64	8.25
Australie	4.67	2.13
Pays-Bas	4.40	5.41
Belgique	3.07	1.96
Portugal	2.65	0.42
Autres	12.53	13.40
Cash	4.70	0.16
Contribution à la duration par géographie
1.5
1.2
0.9
0.6
0.3
France
Italie
Etats-Unis
Espagne
Royaume-Uni
Pays-Bas
Belgique
Australie
Portugal
Autres
0.0
Port.	1.4  0.7  0.4  0.4  0.3  0.2  0.2  0.2  0.1  0.7
Indice de réf. 1.0 0.3 0.7 0.2 0.3 0.2 0.1 0.1	-	1.4

## Exposition par Maturité (%)
40
30
20
10
0	Cash	0-1 an	1-3 ans	3-5 ans	5-7 ans	7-10 ans	10-20 ans	+ 20 ans
| Portefeuille | 4.70 | 3.67 | 16.11 | 19.91 | 19.60 | 28.82 | 3.02 | 4.16 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | 0.16 | 1.24 | 26.62 | 27.63 | 23.53 | 18.47 | 0.40 | 1.94 |


## Exposition par rating (%)
80
60
40
20
0	AAA	AA	A	BBB	BB	Cash
Portefeuille	-	3.03	27.33	64.94	-	4.70
Benchmark	0.29	8.55	38.06	52.91	0.02	0.16

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