# Performance & Risk
## Performance Evolution (EUR)
130
120
110
100
90
80
Current NAV
Acc.

### 197.19
Assets Under Management (M)
USD

### 436.43
Since: 16/02/2007
100% JP Morgan EMBIG Diversified Hedged EUR

## Fund Key Metrics
Port.	Bench.
Linear Average Rating	BB	BB+
| Mod. Duration | 7.23 | 7.99 |
| --- | --- | --- |
| Mod. Duration To Worst | 7.18 | 7.99 |
| Yield To Worst (%) | 5.96 | 4.78 |
| Number of Holdings | 163 | 961 |
| Number of Issuers | 98 | 83 |
| Fund Profile |  |  |
| ESG Rating |  |  |

ESG Relative Rating
31/12/18
30/06/19
31/12/19
30/06/20
31/12/20
30/06/21
31/12/21
Portfolio* (15.01%)	Benchmark (12.32%)
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.
% of AUM covered by ESG absolute rating: Portfolio = 85.7% Benchmark = 93.1% (not meaningful for coverage below 50%)
| Risk Analysis |  |
| --- | --- |
|  | 1Y | 3Y | 5Y | Launch |
| Portfolio Volatility* (%) | 4.41 | 12.19 | 9.91 | 9.12 |
| Benchmark Volatility (%) | 4.62 | 10.80 | 8.83 | 9.17 |
| Relative Risk/Tracking Error  (%) | 1.88 | 2.13 | 1.75 | 1.75 |
| Sharpe Ratio | -0.47 | 0.50 | 0.38 | 0.54 |
| Information Ratio | 0.13 | 0.83 | 0.55 | 0.36 |


## 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* | 1.57 | -1.49 | -2.35 | -3.45 | 15.01 | 13.13 | -3.45 | 5.09 | 13.34 | -8.85 | 7.92 | 96.99 |
| Benchmark | 1.24 | -0.77 | -1.70 | -2.82 | 12.32 | 12.98 | -2.82 | 3.50 | 11.66 | -7.04 | 8.21 | 102.33 |
| Excess Return | 0.33 | -0.72 | -0.66 | -0.63 | 2.69 | 0.15 | -0.63 | 1.59 | 1.68 | -1.81 | -0.29 | -5.33 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -3.45 | 5.09 | 13.34 | -8.85 | 7.92 | 8.25 | 0.47 | 5.85 | -7.20 | 15.37 |
| Benchmark | -2.82 | 3.50 | 11.66 | -7.04 | 8.21 | 8.32 | 0.74 | 7.09 | -5.58 | 16.82 |
| Excess Return | -0.63 | 1.59 | 1.68 | -1.81 | -0.29 | -0.07 | -0.27 | -1.24 | -1.63 | -1.45 |

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 |
| Egypt (Government of) 6.375% 04/11/2031 | 2.63 | Egypt | 6.4 | 0.17 |
| KazMunayGas National Co JSC 6.375% 10/24/2048 | 1.97 | Kazakhstan | 14.5 | 0.28 |
| AXA WF Asian High Yield Bonds | 1.96 | France | 1.8 | 0.03 |
| Oman Govt International Bond 7% 01/25/2051 | 1.77 | Oman | 12.3 | 0.22 |
| Ecuador (Republic of) 1% 07/31/2035 | 1.56 | Ecuador | 7.9 | 0.12 |
| Ghana Government International 8.95% 03/26/2051 | 1.46 | Ghana | 8.5 | 0.12 |
| Ivory Coast (Republic of) 6.625% 03/22/2048 | 1.41 | Ivory Coast | 11.5 | 0.16 |
| Colombia (Republic of) 5% 06/15/2045 | 1.39 | Colombia | 13.1 | 0.18 |
| Uruguay (Republic of) 3.875% 07/02/2040 | 1.33 | Uruguay | 13.4 | 0.18 |
| Bahrain (Kingdom of) 5.625% 09/30/2031 | 1.30 | Bahrein | 7.3 | 0.09 |
| Total (%) | 16.77 |  |  |  |


## Sector Breakdown (%)	Contribution to duration by sector
Portfolio	Benchmark
| External sovereign credit | 42.86 | 79.48 |
| --- | --- | --- |
| Energy | 11.42 | 8.66 |
| Sovereign | 6.71 | 0.00 |
| Banking | 5.58 | 0.35 |

8
6
4
2
External
sovereign credit
Energy
Agency
Basic Industry
Banking
Media
Technology &
Electronics
Consumer
Goods
Real Estate
Other
| Financial Services | 3.56 | 0.92 |  |
| --- | --- | --- | --- |
| Basic Industry | 3.26 | 2.11 |
| Consumer Goods | 3.08 | 0.06 |
| Technology & Electronics | 2.94 | 0.00 |  | Port.	4.1	1.0	0.3	0.3	0.2	0.2	0.2	0.2	0.2 | 0.8 |
| Real Estate | 2.77 | 0.03 |  | Bench. 6.4	0.8	0.1	0.2	-	-	-	-	- | 0.4 |
| Agency | 2.69 | 2.84 |  |  |  |
| Other | 14.31 | 5.55 |  |  |  |
| Cash | 0.82 | 0.00 |  |  |  |

0

## Geographical Breakdown (%)	Contribution to Duration by Geography
Portfolio	Benchmark
5
Brazil	6.18	3.03	6
| China | 5.46 | 4.51 |
| --- | --- | --- |
| Turkey | 4.28 | 3.46 |

Mexico	6.06	5.03	4
3
2
Mexico
Indonesia
Brazil
Kazakhstan
Colombia
Arab
Emirates
Oman
South
Africa
China
Other
| Egypt | 3.97 | 2.52 |  | 0 |  |
| --- | --- | --- | --- | --- | --- |
| Indonesia | 3.80 | 4.78 |  |  |
| Ukraine | 3.58 | 2.30 |  |  |
| Nigeria | 3.56 | 1.83 |  |  | Port.	0.6	0.4	0.4	0.3	0.3	0.3	0.3 | 0.3 | 0.2 | 4.3 |
| Kazakhstan | 2.93 | 2.51 |  |  | Bench. 0.5	0.4	0.2	0.2	0.2	0.4	0.2 | 0.2 | 0.2 | 5.5 |
| Argentina | 2.90 | 1.19 |  |  |  |  |  |  |
| Other | 56.48 | 61.15 |  |  |  |  |  |  |
| Cash | 0.82 | 0.00 |  |  |  |  |  |  |

1

## Maturity Breakdown (%)
30
25
20
15
10
5
0	Cash	0-1 year	1-3 years	3-5 years	5-7 years	7-10 years	10-20 years	+20 years
| Portfolio | 0.82 | 1.06 | 5.56 | 15.10 | 13.87 | 25.96 | 13.06 | 24.57 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | - | 1.71 | 12.85 | 13.68 | 13.29 | 16.72 | 13.92 | 27.84 |


## Rating Breakdown (%)
40
30
20
10
0	AAA	AA	A	BBB	BB	B	CCC	NR	CC	Cash
| Portfolio | 0.07 | 1.87 | 2.84 | 29.77 | 28.44 | 30.61 | 4.74 | 0.84 | - | 0.82 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | - | 7.42 | 14.37 | 32.33 | 20.18 | 21.13 | 3.92 | 0.24 | 0.41 | - |


## Currency Breakdown (%)
120
100
80
60
40
20
0
-20
USD	MXN	UYU	RUB	EGP	RSD	UAH	ARS	BRL	UZS	PEN	CNY	HKD	Other
| Portfolio | 94.23 | 1.46 | 1.29 | 1.11 | 0.97 | 0.91 | 0.76 | 0.51 | 0.43 | 0.42 | 0.04 | 0.03 | 0.01 | -2.18 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | 100.00 | - | - | - | - | - | - | - | - | - | - | - | - | - |

Translation (ENFR, 2021-12-31):
# Performance et risque
## Evolution de la performance (EUR)
130
120
110
100
90
80
Valeur liquidative
Cap.

### 197.19
Actif net du fonds (M)
USD

### 436.43
Depuis le: 16/02/2007
100% JP Morgan EMBIG Diversified Hedged EUR
Port.

## Caractéristiques du portefeuille
Indice de réf.
Rating moyen linéaire	BB	BB+
Mod. Duration	7.23	7.99
Mod. Duration To Worst	7.18	7.99
Yield to worst (%)	5.96	4.78
Nombre de lignes	163	961
Nombre d'émetteurs	98	83

## Profil du portefeuille
Notation ESG
Notation ESG relative
31/12/18
30/06/19
31/12/19
30/06/20
31/12/20
30/06/21
31/12/21
Portefeuille* (15.01%)	Indice de réference (12.32%)
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.
% de l’encours sous gestion couvert par la note ESG absolue : Portefeuille = 85.7% Indice de référence = 93.1% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)
| Analyse du risque |  |
| --- | --- |
|  | 1 an | 3 ans | 5 ans | Création |
| Volatilité du portefeuille* (%) | 4.41 | 12.19 | 9.91 | 9.12 |
| Volatilité de l'indice de référence (%) | 4.62 | 10.80 | 8.83 | 9.17 |
| Risque relatif/Tracking Error  (%) | 1.88 | 2.13 | 1.75 | 1.75 |
| Ratio de Sharpe | -0.47 | 0.50 | 0.38 | 0.54 |
| Ratio d'information | 0.13 | 0.83 | 0.55 | 0.36 |


## Performance glissante (%)
|  | 1 mois | 3 mois | 6 mois | YTD | 3 ans | 5 ans | 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 | Création |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | 1.57 | -1.49 | -2.35 | -3.45 | 15.01 | 13.13 | -3.45 | 5.09 | 13.34 | -8.85 | 7.92 | 96.99 |
| Indice de réference | 1.24 | -0.77 | -1.70 | -2.82 | 12.32 | 12.98 | -2.82 | 3.50 | 11.66 | -7.04 | 8.21 | 102.33 |
| Ecarts | 0.33 | -0.72 | -0.66 | -0.63 | 2.69 | 0.15 | -0.63 | 1.59 | 1.68 | -1.81 | -0.29 | -5.33 |

Performance calendaire annuelle (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | -3.45 | 5.09 | 13.34 | -8.85 | 7.92 | 8.25 | 0.47 | 5.85 | -7.20 | 15.37 |
| Indice de réference | -2.82 | 3.50 | 11.66 | -7.04 | 8.21 | 8.32 | 0.74 | 7.09 | -5.58 | 16.82 |
| Ecarts | -0.63 | 1.59 | 1.68 | -1.81 | -0.29 | -0.07 | -0.27 | -1.24 | -1.63 | -1.45 |

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 |
| Egypt (Government of) 6.375% 04/11/2031 | 2.63 | Egypte | 6.4 | 0.17 |
| KazMunayGas National Co JSC 6.375% 10/24/2048 | 1.97 | Kazakhstan | 14.5 | 0.28 |
| AXA WF Asian High Yield Bonds | 1.96 | France | 1.8 | 0.03 |
| Oman Govt International Bond 7% 01/25/2051 | 1.77 | Oman | 12.3 | 0.22 |
| Ecuador (Republic of) 1% 07/31/2035 | 1.56 | Equateur | 7.9 | 0.12 |
| Ghana Government International 8.95% 03/26/2051 | 1.46 | Ghana | 8.5 | 0.12 |
| Ivory Coast (Republic of) 6.625% 03/22/2048 | 1.41 | Cote d'Ivoire | 11.5 | 0.16 |
| Colombia (Republic of) 5% 06/15/2045 | 1.39 | Colombie | 13.1 | 0.18 |
| Uruguay (Republic of) 3.875% 07/02/2040 | 1.33 | Uruguay | 13.4 | 0.18 |
| Bahrain (Kingdom of) 5.625% 09/30/2031 | 1.30 | Bahrein | 7.3 | 0.09 |
| Total (%) | 16.77 |  |  |  |


## Exposition sectorielle (%)	Contribution à la duration par secteur
Portefeuille	Benchmark
| Credit souverain externe | 42.86 | 79.48 |
| --- | --- | --- |
| Energie | 11.42 | 8.66 |
| Souverain | 6.71 | 0.00 |

Bancaires	5.58	0.35
Services Financiers	3.56	0.92
Industrie	3.26	2.11
Biens de consommation	3.08	0.06
Tech. & Elec.	2.94	0.00
Immobilier	2.77	0.03
Agences	2.69	2.84
Autres	14.31	5.55
Cash	0.82	0.00
8
6
4
2
Credit souverain
externe Energie
Agences
Industrie
Bancaires
Médias
Tech. & Elec.
Biens de consommation
Immobilier
Autres
0
Port.	4.1  1.0  0.3  0.3  0.2  0.2  0.2  0.2  0.2  0.8
Indice de réf. 6.4 0.8 0.1 0.2	0.4

## Exposition géographique (%)	Contribution à la duration par géographie
Portefeuille	Benchmark
Brésil	6.18	3.03
Mexique	6.06	5.03
Chine	5.46	4.51
Turquie	4.28	3.46
Egypte	3.97	2.52
Indonesie	3.80	4.78
Ukraine	3.58	2.30
Nigeria	3.56	1.83
Kazakhstan	2.93	2.51
Argentine	2.90	1.19
Autres	56.48	61.15
Cash	0.82	0.00
6
5
4
3
2
1
Mexique
Indonesie
Brésil
Kazakhstan
Colombie
Emirats Arabes Oman
Afrique du
Sud Chine
Autres
0
Port.	0.6  0.4  0.4  0.3  0.3  0.3  0.3  0.3  0.2  4.3
Indice de réf. 0.5 0.4 0.2 0.2 0.2 0.4 0.2 0.2 0.2 5.5

## Exposition par Maturité (%)
30
25
20
15
10
5
0	Cash	0-1 an	1-3 ans	3-5 ans	5-7 ans	7-10 ans	10-20 ans	+ 20 ans
Portefeuille	0.82	1.06	5.56	15.10	13.87	25.96	13.06	24.57
Benchmark	-	1.71	12.85	13.68	13.29	16.72	13.92	27.84

## Exposition par rating (%)
40
30
20
10
0	AAA	AA	A	BBB	BB	B	CCC	NR	CC	Cash
| Portefeuille | 0.07 | 1.87 | 2.84 | 29.77 | 28.44 | 30.61 | 4.74 | 0.84 | - | 0.82 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | - | 7.42 | 14.37 | 32.33 | 20.18 | 21.13 | 3.92 | 0.24 | 0.41 | - |


## Exposition par devise (%)
120
100
80
60
40
20
0
-20
USD	MXN	UYU	RUB	EGP	RSD	UAH	ARS	BRL	UZS	PEN	CNY	HKD	Autres
| Portefeuille | 94.23 | 1.46 | 1.29 | 1.11 | 0.97 | 0.91 | 0.76 | 0.51 | 0.43 | 0.42 | 0.04 | 0.03 | 0.01 | -2.18 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | 100.00 | - | - | - | - | - | - | - | - | - | - | - | - | - |