# Risk analysis
|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | 1 Y. | 3 Y. | 5 Y. | Launch |
| Annualized volatility Portfolio* | 1.51% | 2.78% | 2.90% | 3.41% |
| Performance Indicator** | 1.58% | 2.30% | 2.41% | 3.16% |
| Relative risk ('tracking error') | 0.56% | 0.91% | 0.93% | 1.25% |
| Sharpe ratio | 0.33 | 1.13 | 1.34 | 0.99 |
| Information ratio | 0.01 | 0.45 | 0.59 | 0.72 |

* 1st NAV date: 06/10/1999
Fund AXA WF Euro Credit Plus benefits of the historical evolution of the performance of the French fund MIF Euro Corporate Bonds, since its creation on the 28/02/2003, because they have the same investment objectives.
** 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 | 7.76% | 0.07% |  | Duration to worst | 5.05 | 5.11 |
| Number of Holdings | 216 | 2794 |  | Spread duration | 4.01 | 5.08 |
| Number of Issuers | 154 | 564 |  | Average Coupon | 1.98% | 2.16% |
| Linear Average Rating | BBB1 | A3 |  | Yield To Worst | 1.27 | 0.99 |
| Exponential Average Rating | BBB2 | BBB1 |  | Asset swap spread | 91 | 70 |
| Average Life | 5.47 | 5.59 |  |  |  |  |


## Sector breakdown
Non cyclical sector
11.05%
11.01%
7.16%
12.50%
5.86%
4.18%
4.55%
6.27%
4.27%
10.00%
2.27%
2.18%
7.50%
1.10%
1.04%
5.00%
2.50%
Utility
Telecommunications
Transportation
Consumer Goods
Healthcare
Services
0.00%
4.25%
5.50%
4.15%
5.81%
3.10%
3.49%
Portfolio	Performance Indicator*
6.61%

## Cyclical sector
5.59%
5.94%
7%
4.15%
6%
5%
4%
3%
2%
1%
Real Estate
Automotive
0%

## Financial sector
33%
30%
27%
24%
21%
1.05%
1.28%
18%
0.00%
0.23%
15%
12%
9%
6%
3%
0%
1.13%
1.78%
1.05%
2.08%
Energy
Basic
Industry
Capital
Goods
Retail
Technology
& Electronics
Media
Leisure
Portfolio	Performance Indicator*
Banking	Insurance	Financial Services
Portfolio	Performance Indicator*

## Regional breakdown
Country Breakdown
Portfolio	Performance Indicator*
Core Europe	38.89%	46.31%
Peripheral Europe	19.20%	11.79%
United States	15.16%	16.26%
Rest of the World	9.94%	16.97%
United Kingdom	9.04%	8.60%
| Cash | 7.76% | 0.07% |
| --- | --- | --- |
| Total | 100.00% | 100.00% |

as at 31/08/2018
24%
19.08%
22.04%
15.16%
16.26%
10.39%
13.98%
9.04%
8.56%
7.42%
5.41%
5.19%
6.22%
2.80%
0.77%
2.76%
2.97%
2.73%
2.26%
1.75%
2.81%
6.94%
13.05%
7.76%
0.07%
20%
16%
4.87%
5.10%
4.10%
0.51%
12%
8%
4%
France
United States
Germany
United Kingdom
Spain
Netherlands
Italy
Portugal
Ireland
Switzerland
Belgium
Australia
Other
Cash
0%
Portfolio	Performance Indicator*

Translation (ENFR, 2018-08-31):
# Analyse du risque
|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | 1 an | 3 ans | 5 ans | Création |
| Volatilité annualisée Portefeuille* | 1.51% | 2.78% | 2.90% | 3.41% |
| Indicateur de performance** | 1.58% | 2.30% | 2.41% | 3.16% |
| Risque relatif (tracking error) | 0.56% | 0.91% | 0.93% | 1.25% |
| Ratio de Sharpe | 0.33 | 1.13 | 1.34 | 0.99 |
| Ratio d'information | 0.01 | 0.45 | 0.59 | 0.72 |

* Date de la 1ère Valeur Liquidative : 06/10/1999
Le fonds AXA WF Euro Credit Plus bénéficie de l’évolution historique du fonds français MIF Euro Corporate Bonds depuis sa création le 28/02/2003 car ils ont les mêmes objectifs de gestion.
** 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