# Risk analysis
|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | 1 Y. | 3 Y. | 5 Y. | Launch |
| Annualized volatility Portfolio* | 1.89% | 2.16% | 2.63% | 3.42% |
| Performance Indicator** | 1.93% | 2.17% | 2.45% | 3.31% |
| Relative risk ('tracking error') | 0.74% | 0.78% | 0.75% | 0.91% |
| Sharpe ratio | -0.66 | 0.74 | 1.29 | 1.07 |
| Information ratio | -1.45 | -0.21 | -0.09 | 0.20 |

* 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 | 0.31% | - |  | Duration to worst | 5.28 | 5.64 |
| Number of Holdings | 108 | 848 |  | Spread duration | 2.54 | 2.84 |
| Number of Issuers | 68 | 377 |  | Average Coupon | 2.64% | 1.97% |
| Linear Average Rating | A | A+ |  | Yield To Worst | 0.85 | 0.75 |
| Exponential Average Rating | A- | A |  |  |  |  |
| Average Life | 5.67 | 5.95 |  |  |  |  |

49.86%
16.48%
14.00%
13.88%
17.05%
12.92%

## Asset class breakdown	Contribution to duration of sovereign debt by country
60%
36.49%
50%
19.97%
40%
30%
20%
10%
Sovereign
Inflation
0%
0.80
0.73
0.63
0.68
0.63
0.51
0.51
0.70
0.44
0.45
0.60
0.50
0.40
0.13
0.18
0.17
0.30
0.00
0.08
0.00
0.06
0.00
0.08
0.31%
0.00%
0.20
0.00
0.00
0.00
0.10
Italy
France
Spain
Germany
Belgium
Netherlands
Latvia
Ireland
Finland
Austria
0.00
6.46%
10.15%
2.44%
0.00%
Government
Corporate
Financial
Quasi
Covered
Government
Cash
Portfolio	Performance Indicator*	Portfolio	Performance Indicator*

## Contribution to duration of quasi sovereign debt by sectors
0.58
0.58
0.70
0.60
0.32
0.50
0.31
0.22
0.40
0.18
0.16
0.19
0.14
0.21
0.30
0.20
0.00
0.10
Covered Bonds
Agency
Government
Guaranteed
Local-Authority
Supranational
0.00

## Contribution to duration of financial debt by sector
0.36
0.33
0.30
0.27
0.24
0.08
0.21
0.18
0.15
0.12
0.09
0.06
0.03
0.00
External
Portfolio	Performance Indicator*
Banking Senior	Banking Sub	Insurance Senior	Other
sovereign credit
Portfolio	Performance Indicator*

## Contribution to duration of corporate debt by sector
0.21
0.24
0.13
0.15
0.20
0.11
0.07
0.10
0.07
0.09
0.07
0.16
0.08
0.06
0.08
0.06
0.07
0.06
0.12
0.04
0.02
0.04
0.04
0.08
0.00
0.04
Real Estate
Utility
Telecommunications
Basic Industry
Transportation
Automotive
Energy
Services
Technology &
Electronics
Healthcare
0.00

## Contribution to duration by maturity
6.00
5.50
5.00
0.10
4.50
0.00
0.05
0.04
0.06
4.00
0.00
3.50
3.00
Other
2.50
2.00
1.50
1.00
0.50
0.00
Consumer Goods
Capital Goods
Portfolio	Performance Indicator*
0-1 year	1-3 years	3-5 years	5-7 years	7-10 years
Portfolio	Performance Indicator*

Translation (ENFR, 2018-08-31):
# Analyse du risque
|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | 1 an | 3 ans | 5 ans | Création |
| Volatilité annualisée Portefeuille* | 1.89% | 2.16% | 2.63% | 3.42% |
| Indicateur de performance** | 1.93% | 2.17% | 2.45% | 3.31% |
| Risque relatif (tracking error) | 0.74% | 0.78% | 0.75% | 0.91% |
| Ratio de Sharpe | -0.66 | 0.74 | 1.29 | 1.07 |
| Ratio d'information | -1.45 | -0.21 | -0.09 | 0.20 |

* 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