# AXA WF Euro Credit Short Duration A EUR
## Benchmark
Since: 03/08/2009
100% ICE BofAML Euro Corporate 1-3 Yrs

## Fund Key Metrics
| Key Figures (EUR)* Fund Cumulative Performance (%)		Current NAV YTD	1Y	3Y	10Y	Launch	Acc.		Inc. +0.05	+0.68	+0.23	+11.05	+29.75	129.75	97.86 Fund Annualized Performance (%)	Assets Under Management (M) 3 Y.	5 Y.	10 Y.	Launch		EUR +0.08	-0.13	+1.05	+1.72	3 254.98 Dividend Record |
| --- |
| Record Date	Ex-Date	Dividend per Share	12 month Yield (%) |
| Jun 2014	05/06/2014	06/06/2014	3.04	3.01 |
| Jun 2015	05/06/2015	08/06/2015	2.83	2.87 |
| Jun 2016	10/06/2016	13/06/2016	0.62	0.63 |
| Dec 2016	29/12/2016	30/12/2016	0.21	0.84 |
| 12 Month Yield = (Sum of Dividends) / (Ending NAV). The 12 Month yield is calculated based on the sum of the distributions over the previous 12 months and the latest NAV. The 12 month yield may be higher or lower than the actual annual dividend yield. A positive distribution yield does not imply positive return. Dividends are not guaranteed. Past dividends are not indicative of future dividends. Please note that a positive distribution yield does not imply a positive return. Investors should not make any investment decision solely based on information contained in the table above. You should read the relevant offering document (including the key facts statement) of the fund for further details including the risk factors. Performance & Risk Performance Evolution (EUR) 104 102 100 98 96 31/07/18	30/01/19	30/07/19	30/01/20	30/07/20	30/01/21 30/07/21 |
| Portfolio* (0.23%)	Benchmark (2.11%) |  |
| 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. |

Port. Bench. Linear Average Rating	BBB1	A3 Mod. Duration		1.71   1.91
Mod. Duration To Worst	1.73   1.91
Yield To Worst (%)	-0.10	-0.23
Number of Holdings	274	928
Number of Issuers	153	400
Fund Profile
ESG Rating
ESG Relative Rating
CO2 Relative rating
% of AUM covered by ESG absolute rating: Portfolio = 97.4% Benchmark = 96.4% (not meaningful for
coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 91.2% Benchmark = 86.6% (not meaningful for coverage below 50%)
| Risk Analysis |  |
| --- | --- |
|  | 1Y | 3Y | 5Y | Launch |
| Portfolio Volatility* (%) | 0.48 | 2.36 | 1.86 | 1.88 |
| Benchmark Volatility (%) | 0.37 | 1.95 | 1.53 | 1.50 |
| Relative Risk/Tracking Error  (%) | 0.21 | 0.49 | 0.42 | 1.02 |
| Sharpe Ratio | 4.19 | 0.58 | 0.61 | 0.92 |
| Information Ratio | 1.23 | 0.53 | 0.37 | -0.15 |
| Rolling Performance (%) |  |  |  |  |
| 1M	3M	6M	YTD	31/07/2020	31/07/2019	31/07/2018	31/07/2017	31/07/2016	Launch |
|  |  |  |  |  | 31/07/2021 | 31/07/2020 | 31/07/2019 | 31/07/2018 | 31/07/2017 |  |
| Portfolio* | 0.13 | 0.08 | 0.11 | 0.05 | 0.68 | -1.13 | 0.70 | -1.01 | 0.13 | 29.75 |
| Benchmark | 0.21 | 0.28 | 0.40 | 0.42 | 1.30 | -0.37 | 1.17 | 0.11 | 0.74 | 48.36 |
| Excess Return | -0.07 | -0.20 | -0.29 | -0.38 | -0.63 | -0.76 | -0.47 | -1.12 | -0.61 | -18.61 |


## Annual Calendar Performance (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -0.27 | 1.05 | -1.40 | 0.05 | 0.71 | -0.02 | 1.98 | 1.82 | 7.31 | 1.12 |
| Benchmark | 0.62 | 1.37 | -0.22 | 0.57 | 1.48 | 0.71 | 2.35 | 2.33 | 6.92 | 1.52 |
| Excess Return | -0.89 | -0.33 | -1.18 | -0.52 | -0.77 | -0.73 | -0.37 | -0.51 | 0.39 | -0.40 |
| 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 |
| Societe Generale SA 1% 04/01/2022 | 1.16 | France | 0.7 | 0.01 |
| Achmea BV VAR 04/04/2043 | 1.09 | Netherlands | 1.6 | 0.02 |
| BPCE SA 1.125% 01/18/2023 | 1.04 | France | 1.5 | 0.02 |
| Intesa Sanpaolo SpA 1.125% 03/04/2022 | 1.03 | Italy | 0.6 | 0.01 |
| Verizon Communications Inc 1.625% 03/01/2024 | 0.99 | United States | 2.5 | 0.03 |
| AXA WF Euro Credit Total Return | 0.95 | France | -1.8 | -0.02 |
| Banco Bilbao Vizcaya Argentaria 0.75% 09/11/2022 | 0.94 | Spain | 1.1 | 0.01 |
| Royal Bank of Scotland Group VAR 03/08/2023 | 0.91 | United Kingdom | 0.6 | 0.01 |
| CaixaBank SA 0.75% 04/18/2023 | 0.90 | Spain | 1.7 | 0.02 |
| Wintershall Dea Finance BV 0.45% 09/25/2023 | 0.86 | Germany | 1.9 | 0.02 |
| Total (%) | 9.87 |  |  |  |

Sector Breakdown (%)	Contribution to duration by sector
Portfolio	Benchmark
Financial	44.32	44.90
Industrials	44.03	48.13
Utility	4.43	6.82
Other	0.37	0.00
Cash	6.85	0.15
1.0
0.8
0.6
0.4
0.2
0.0
Financial	Industrials	Sovereign	Utility
Port.	0.8	0.7	0.1	0.1
Bench.	0.9	0.9	-	0.1

## Geographical Breakdown (%)	Contribution to Duration by Geography
Portfolio	Benchmark
| France | 15.88 | 18.68 |
| --- | --- | --- |
| Germany | 9.55 | 14.75 |
| Spain | 9.33 | 5.45 |
| Italy | 9.26 | 4.86 |

United States	20.02	17.01
0.6
0.5
0.4
0.3
0.2
0.1
France
United
States
Germany
Italy
Spain
United
Kingdom
Netherlands
Other
0.0
| United Kingdom | 8.44 | 8.20 |  |
| --- | --- | --- | --- |
| Netherlands | 4.11 | 5.58 |
| Japan | 2.83 | 2.00 |  | Port. | 0.3 | 0.3 | 0.3 | 0.2 | 0.2 | 0.1 | 0.1 | 0.3 |  |
| Belgium | 2.10 | 1.57 |  | Bench. | 0.4 | 0.3 | 0.3 | 0.1 | 0.1 | 0.2 | 0.1 | 0.5 |  |
| Austria | 1.63 | 1.78 |  |  |  |  |  |  |  |  |  |  |  |
| Other | 9.99 | 16.98 |  |  |  |  |  |  |  |  |  |  |  |
| Cash | 6.85 | 0.15 |  |  |  |  |  |  |  |  |  |  |  |
| Maturity Breakdown (%) |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 120 |  |  |  |  |  |  |  |  |  |  |  |  |  |

100
80
60
40
20
0
Cash	0-1 year	1-3 years	3-5 years	5-7 years	7-10 years	10-20 years
Portfolio	6.85	19.06	64.18	9.49	0.18	0.18	0.06
Benchmark	0.15	4.01	95.84	-	-	-	-

## Rating Breakdown (%)
60
50
40
30
20
10
0	AAA	AA	A	BBB	BB	B	Cash
| Portfolio | 0.02 | 1.67 | 29.22 | 52.42 | 8.58 | 1.24 | 6.85 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | 0.11 | 12.67 | 38.59 | 48.48 | - | - | 0.15 |


## Currency Breakdown (%)
120
100
80
60
40
20
0
EUR	GBP
| Portfolio | 99.96 | 0.04 |
| --- | --- | --- |
| Benchmark | 100.00 | - |

Translation (ENFR, 2021-07-30):
# AXA WF Euro Credit Short Duration A EUR
## Indice de réference
Depuis le: 03/08/2009
100% ICE BofAML Euro Corporate 1-3 Yrs

## Caractéristiques du portefeuille
| Port. | Indice de réf. |
| --- | --- |
| Rating moyen linéaire | BBB1 | A3 |
| Mod. Duration | 1.71 | 1.91 |
| Mod. Duration To Worst | 1.73 | 1.91 |
| Yield to worst (%) | -0.10 | -0.23 |
| Nombre de lignes | 274 | 928 |
| Nombre d'émetteurs | 153 | 400 |
| Profil du portefeuille |  |  |
| Notation ESG |  |  |
| Notation ESG relative |  |  |
| Intensité relative en CO2 |  |  |

% de l’encours sous gestion couvert par la note ESG absolue : Portefeuille = 97.4% Indice de référence = 96.4% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)
% de l’encours sous gestion couvert par l’indicateur d’intensité en CO2 : Portefeuille = 91.2% Indice de référence = 86.6% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)
| Chiffres clés (EUR)* Performances cumulées du fonds (%)		Valeur liquidative YTD	1 an	3 ans	10 ans  Création	Cap.		Dis. +0.05	+0.68	+0.23	+11.05	+29.75	129.75	97.86 Performances annualisées du fonds (%)	Actif net du fonds (M) 3 ans	5 ans	10 ans	Création		EUR +0.08	-0.13	+1.05	+1.72	3 254.98 Historique du dividende |
| --- |
| Date	Date de détachement	Dividende		Rendement d’enregistrement	du dividende		par part	annualisé (%) |
| Juin 2014	05/06/2014	06/06/2014	3.04	3.01 |
| Juin 2015	05/06/2015	08/06/2015	2.83	2.87 |
| Juin 2016	10/06/2016	13/06/2016	0.62	0.63 |
| Dec 2016	29/12/2016	30/12/2016	0.21	0.84 |
| Rendement annualisé = [(1 + dividende par action / VL à la date ex-dividende)^Nombre de distributions de dividendes par an - 1] X 100. Le calcul du rendement annualisé s’appuie sur la dernière distribution de dividende et peut être supérieur ou inférieur au rendement annuel du dividende effectif. Un rendement du dividende positif n’implique pas une performance positive. Le dividende n’est pas garanti. Les dividendes antérieurs ne présagent pas des dividendes futurs. Veuillez noter qu’un rendement du dividende positif n’implique pas une performance positive. Les investisseurs ne doivent prendre aucune décision d’investissement fondée uniquement sur les informations contenues dans le tableau ci-dessus. Vous devez lire le document d’offre pertinent (y compris les chiffres clés) du fonds pour obtenir plus d’informations, y compris les facteurs de risque. Performance et risque Evolution de la performance (EUR) 104 102 100 98 96 31/07/18	30/01/19	30/07/19	30/01/20	30/07/20	30/01/21 30/07/21 |
| Portefeuille* (0.23%)	Indice de réference (2.11%) |  |
| 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* (%) | 0.48 | 2.36 | 1.86 | 1.88 |
| Volatilité de l'indice de référence (%) | 0.37 | 1.95 | 1.53 | 1.50 |
| Risque relatif/Tracking Error  (%) | 0.21 | 0.49 | 0.42 | 1.02 |
| Ratio de Sharpe | 4.19 | 0.58 | 0.61 | 0.92 |
| Ratio d'information | 1.23 | 0.53 | 0.37 | -0.15 |
| Performance glissante (%) |  |  |  |  |
| 1 mois	3 mois	6 mois	YTD	31/07/2020	31/07/2019	31/07/2018	31/07/2017	31/07/2016	Création |
|  |  |  |  |  | 31/07/2021 | 31/07/2020 | 31/07/2019 | 31/07/2018 | 31/07/2017 |  |
| Portefeuille* | 0.13 | 0.08 | 0.11 | 0.05 | 0.68 | -1.13 | 0.70 | -1.01 | 0.13 | 29.75 |
| Indice de réference | 0.21 | 0.28 | 0.40 | 0.42 | 1.30 | -0.37 | 1.17 | 0.11 | 0.74 | 48.36 |
| Ecarts | -0.07 | -0.20 | -0.29 | -0.38 | -0.63 | -0.76 | -0.47 | -1.12 | -0.61 | -18.61 |


## Performance calendaire annuelle (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | -0.27 | 1.05 | -1.40 | 0.05 | 0.71 | -0.02 | 1.98 | 1.82 | 7.31 | 1.12 |
| Indice de réference | 0.62 | 1.37 | -0.22 | 0.57 | 1.48 | 0.71 | 2.35 | 2.33 | 6.92 | 1.52 |
| Ecarts | -0.89 | -0.33 | -1.18 | -0.52 | -0.77 | -0.73 | -0.37 | -0.51 | 0.39 | -0.40 |
| 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 |
| Societe Generale SA 1% 04/01/2022 | 1.16 | France | 0.7 | 0.01 |
| Achmea BV VAR 04/04/2043 | 1.09 | Pays-Bas | 1.6 | 0.02 |
| BPCE SA 1.125% 01/18/2023 | 1.04 | France | 1.5 | 0.02 |
| Intesa Sanpaolo SpA 1.125% 03/04/2022 | 1.03 | Italie | 0.6 | 0.01 |
| Verizon Communications Inc 1.625% 03/01/2024 | 0.99 | Etats-Unis | 2.5 | 0.03 |
| AXA WF Euro Credit Total Return | 0.95 | France | -1.8 | -0.02 |
| Banco Bilbao Vizcaya Argentaria 0.75% 09/11/2022 | 0.94 | Espagne | 1.1 | 0.01 |
| Royal Bank of Scotland Group VAR 03/08/2023 | 0.91 | Royaume-Uni | 0.6 | 0.01 |
| CaixaBank SA 0.75% 04/18/2023 | 0.90 | Espagne | 1.7 | 0.02 |
| Wintershall Dea Finance BV 0.45% 09/25/2023 | 0.86 | Allemagne | 1.9 | 0.02 |
| Total (%) | 9.87 |  |  |  |

Exposition sectorielle (%)	Contribution à la duration par secteur
Portefeuille	Benchmark
Finance	44.32	44.90
Industrie	44.03	48.13
Serv. aux collect.	4.43	6.82
Autres	0.37	0.00
Cash	6.85	0.15
1.0
0.8
0.6
0.4
0.2
0.0
Finance	Industrie  Souverain  Serv. aux
collect.
| Port. | 0.8 | 0.7 | 0.1 | 0.1 |
| --- | --- | --- | --- | --- |
| Indice de réf. | 0.9 | 0.9 | - | 0.1 |


## Exposition géographique (%)	Contribution à la duration par géographie
Portefeuille	Benchmark
Etats-Unis	20.02	17.01
France	15.88	18.68
Allemagne	9.55	14.75
Espagne	9.33	5.45
Italie	9.26	4.86
Royaume-Uni	8.44	8.20
Pays-Bas	4.11	5.58
Japon	2.83	2.00
Belgique	2.10	1.57
Autriche	1.63	1.78
Autres	9.99	16.98
Cash	6.85	0.15
0.6
0.5
0.4
0.3
0.2
0.1
France
Etats-Unis
Allemagne
Italie
Espagne
Royaume-Uni
Pays-Bas
Autres
0.0
Port.	0.3	0.3	0.3	0.2	0.2	0.1	0.1	0.3
Indice de réf. 0.4	0.3	0.3	0.1	0.1	0.2	0.1	0.5

## Exposition par Maturité (%)
120
100
80
60
40
20
0
Cash	0-1 an	1-3 ans	3-5 ans	5-7 ans	7-10 ans	10-20 ans
Portefeuille	6.85	19.06	64.18	9.49	0.18	0.18	0.06
Benchmark	0.15	4.01	95.84	-	-	-	-

## Exposition par rating (%)
60
50
40
30
20
10
0	AAA	AA	A	BBB	BB	B	Cash
| Portefeuille | 0.02 | 1.67 | 29.22 | 52.42 | 8.58 | 1.24 | 6.85 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | 0.11 | 12.67 | 38.59 | 48.48 | - | - | 0.15 |


## Exposition par devise (%)
120
100
80
60
40
20
0
EUR	GBP
| Portefeuille | 99.96 | 0.04 |
| --- | --- | --- |
| Benchmark | 100.00 | - |