# Performance & Risk
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## Performance Evolution (EUR)
104
100
96
92
88
84
% of AUM covered by ESG absolute rating: Portfolio = 97.0% Benchmark = 96.0% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 95.1% Benchmark = 92.8% (not meaningful for coverage below 50%)
For more information about the methodology, please read the section 'ESG Metrics Definition' below

## Fund Manager
Thomas COUDERT
31/01/20
31/07/20
31/01/21
31/07/21
31/01/22
31/07/22 31/01/23
Ismael LECANU - Co-Manager
Portfolio* (-9.51%)	Benchmark (-10.26%)
Data is rebased to 100 by AXA IM on the graph start date.
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.
| Performance & Risk  (Continued) Risk Analysis |  |
| --- | --- |
|  | 1Y | 3Y | 5Y | Launch |
| Portfolio Volatility* (%) | 6.42 | 6.91 | 5.56 | 4.34 |
| Benchmark Volatility (%) | 6.30 | 6.53 | 5.25 | - |
| Relative Risk/Tracking Error  (%) | 0.82 | 0.68 | 0.68 | - |
| Sharpe Ratio | -1.39 | -0.37 | -0.02 | 0.75 |
| Information Ratio | 1.11 | 1.04 | 0.98 | - |
| Rolling Performance (%) |  |  |  |  |
| 1M	3M	6M	YTD	3Y	5Y	31/01/22	31/01/21	31/01/20	31/01/19	31/01/18	Launch |
|  |  |  |  |  |  |  | 31/01/23 | 31/01/22 | 31/01/21 | 31/01/20 | 31/01/19 |  |
| Portfolio* | 2.10 | 3.20 | -3.41 | 2.10 | -9.51 | -4.26 | -9.18 | -1.88 | 1.55 | 6.33 | -0.50 | 54.31 |
| Benchmark | 1.84 | 2.91 | -3.90 | 1.84 | -10.26 | -5.29 | -9.70 | -1.66 | 1.04 | 5.44 | 0.10 | - |
| Excess Return | 0.26 | 0.29 | 0.49 | 0.26 | 0.75 | 1.03 | 0.51 | -0.23 | 0.51 | 0.89 | -0.60 | - |


## Annual Calendar Performance (%)
|  | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -12.23 | -0.86 | 2.67 | 6.32 | -1.48 | 2.30 | 4.21 | -0.71 | 7.67 | 1.91 |
| Benchmark | -12.32 | -0.60 | 2.01 | 5.48 | -1.04 | 2.28 | 4.24 | -0.06 | 7.38 | 2.42 |
| Excess Return | 0.08 | -0.26 | 0.66 | 0.85 | -0.44 | 0.02 | -0.03 | -0.65 | 0.29 | -0.51 |

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 |
| Credit Agricole SA VAR 07/11/2029 | 1.30 | France | 4.7 | 0.06 |
| Goldman Sachs Group Inc 4% 09/21/2029 | 1.28 | United States | 5.4 | 0.07 |
| SNS Bank NV VAR 10/22/2030 | 1.25 | Netherlands | 2.5 | 0.03 |
| Rabobank 4% 01/10/2030 | 1.16 | Netherlands | 6.0 | 0.07 |
| KBC Groep NV VAR 06/16/2027 | 1.14 | Belgium | 3.2 | 0.04 |
| Fiat Chrysler Automobiles NV 2.75% 05/15/2026 | 1.12 | United States | 3.0 | 0.03 |
| Gas Natural Fenosa Finance BV 0.875% 05/15/2025 | 1.09 | Spain | 1.9 | 0.02 |
| ABN AMRO Bank NV 4.25% 02/21/2030 | 1.01 | Netherlands | 6.0 | 0.06 |
| Verizon Communications Inc 0.375% 03/22/2029 | 0.95 | United States | 5.6 | 0.05 |
| Credit Mutuel Arkea SA 0.875% 05/07/2027 | 0.95 | France | 4.0 | 0.04 |
| Total (%) | 11.27 |  |  |  |

Companies shown are for illustrative purposes only at the date of this report and may no longer be in the portfolio later. It should not be considered a recommendation to purchase or sell any security.

## Sector Breakdown (%)	Contribution to duration by sector
|  | Portfolio | Benchmark |
| --- | --- | --- |
| Financial | 45.06 | 39.81 |
| Industrials | 34.87 | 50.89 |
| Utility | 13.97 | 9.16 |
| Cash | 6.10 | 0.14 |

2.4
2.0
1.6
1.2
0.8
0.4
0.0
-0.4
Financial	Industrials	Utility	Other
| Port. | 2.0 | 1.3 | 0.7 | -0.1 |
| --- | --- | --- | --- | --- |
| Bench. | 1.4 | 2.0 | 0.4 | - |


## Geographical Breakdown (%)	Contribution to Duration by Geography
Portfolio	Benchmark
| France | 30.39 | 21.46 |
| --- | --- | --- |
| Spain | 9.27 | 5.78 |
| United States | 8.76 | 17.65 |
| Italy | 8.67 | 6.10 |
| Germany | 7.83 | 14.23 |

Netherlands	5.84	5.62
United Kingdom	4.01	7.47
Belgium	3.40	2.14
Portugal	2.48	0.39
Switzerland	2.35	2.28
Other	10.89	13.52
Cash	6.10	0.14
1.5
1.2
0.9
0.6
0.3
France
United States
Italy
Spain
Netherlands
Germany
United Kingdom
Belgium
Switzerland
Other
0.0
Port.	1.4	0.4	0.4	0.3	0.3	0.2	0.2	0.2	0.1	0.5
Bench. 0.9	0.7	0.2	0.2	0.2	0.6	0.3	0.1	0.1	0.6

## Maturity Breakdown (%)
35
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	6.10	4.53	14.92	23.21	30.72	16.50	2.67	1.36
Benchmark	0.14	1.46	29.46	30.51	20.23	15.74	0.78	1.68
Portfolio Analysis 
(Continued)

## Rating Breakdown (%)
60
50
40
30
20
10
0	AAA	AA	A	BBB	BB	Cash
Portfolio	-	3.57	35.38	54.95	-	6.10
Benchmark	0.31	8.66	39.54	51.11	0.25	0.14

Translation (ENFR, 2023-01-31):
# Performance et risque
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## Evolution de la performance (EUR)
104
100
96
92
88
84
Notation ESG relative
Intensité relative en CO2
% de l’encours sous gestion couvert par la note ESG absolue : Portefeuille = 97.0% Indice de réf. = 96.0% (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 = 95.1% Indice de réf.
= 92.8% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)
Pour de plus amples informations à propos de la méthodologie, veuillez lire la section « Définition des indicateurs ESG » ci-dessous

## Gérant
31/01/20	31/07/20	31/01/21	31/07/21	31/01/22	31/07/22 31/01/23
Portefeuille* (-9.51%)	Indice de réference (-10.26%)
Les données sont rebasées à 100 par AXA IM à la date de début du graphique.
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.
Thomas COUDERT
Ismael LECANU - Co-gérant
| Performance et risque  (suite) Analyse du risque |  |
| --- | --- |
|  | 1 an | 3 ans | 5 ans | Création |
| Volatilité du portefeuille* (%) | 6.42 | 6.91 | 5.56 | 4.34 |
| Volatilité de l'indice de référence (%) | 6.30 | 6.53 | 5.25 | - |
| Risque relatif/Tracking Error  (%) | 0.82 | 0.68 | 0.68 | - |
| Ratio de Sharpe | -1.39 | -0.37 | -0.02 | 0.75 |
| Ratio d'information | 1.11 | 1.04 | 0.98 | - |
| Performance glissante (%) |  |  |  |  |
| 1 mois	3 mois	6 mois  YTD	3 ans  5 ans	31/01/22	31/01/21	31/01/20	31/01/19	31/01/18  Création |
|  |  |  |  |  |  |  | 31/01/23 | 31/01/22 | 31/01/21 | 31/01/20 | 31/01/19 |  |
| Portefeuille* | 2.10 | 3.20 | -3.41 | 2.10 | -9.51 | -4.26 | -9.18 | -1.88 | 1.55 | 6.33 | -0.50 | 54.31 |
| Indice de référence | 1.84 | 2.91 | -3.90 | 1.84 | -10.26 | -5.29 | -9.70 | -1.66 | 1.04 | 5.44 | 0.10 | - |
| Ecarts | 0.26 | 0.29 | 0.49 | 0.26 | 0.75 | 1.03 | 0.51 | -0.23 | 0.51 | 0.89 | -0.60 | - |


## Performance calendaire annuelle (%)
|  | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | -12.23 | -0.86 | 2.67 | 6.32 | -1.48 | 2.30 | 4.21 | -0.71 | 7.67 | 1.91 |
| Indice de réference | -12.32 | -0.60 | 2.01 | 5.48 | -1.04 | 2.28 | 4.24 | -0.06 | 7.38 | 2.42 |
| Ecarts | 0.08 | -0.26 | 0.66 | 0.85 | -0.44 | 0.02 | -0.03 | -0.65 | 0.29 | -0.51 |

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 |
| Credit Agricole SA VAR 07/11/2029 | 1.30 | France | 4.7 | 0.06 |
| Goldman Sachs Group Inc 4% 09/21/2029 | 1.28 | Etats-Unis | 5.4 | 0.07 |
| SNS Bank NV VAR 10/22/2030 | 1.25 | Pays-Bas | 2.5 | 0.03 |
| Rabobank 4% 01/10/2030 | 1.16 | Pays-Bas | 6.0 | 0.07 |
| KBC Groep NV VAR 06/16/2027 | 1.14 | Belgique | 3.2 | 0.04 |
| Fiat Chrysler Automobiles NV 2.75% 05/15/2026 | 1.12 | Etats-Unis | 3.0 | 0.03 |
| Gas Natural Fenosa Finance BV 0.875% 05/15/2025 | 1.09 | Espagne | 1.9 | 0.02 |
| ABN AMRO Bank NV 4.25% 02/21/2030 | 1.01 | Pays-Bas | 6.0 | 0.06 |
| Verizon Communications Inc 0.375% 03/22/2029 | 0.95 | Etats-Unis | 5.6 | 0.05 |
| Credit Mutuel Arkea SA 0.875% 05/07/2027 | 0.95 | France | 4.0 | 0.04 |
| Total (%) | 11.27 |  |  |  |

Les informations sur cette société sont données à titre illustratif uniquement, sont valables à la date du reporting et ne constituent pas une recommandation à l’achat ou à la vente. Il est possible que cette entreprise ne soit plus présente en portefeuille à une date ultérieure.
Exposition sectorielle (%)
|  | Portefeuille | Indice de référence |
| --- | --- | --- |
| Finance | 45.06 | 39.81 |
| Industrie | 34.87 | 50.89 |
| Serv. aux collect. | 13.97 | 9.16 |
| Cash | 6.10 | 0.14 |

Exposition géographique (%)
|  | Portefeuille | Indice de référence |
| --- | --- | --- |
| France | 30.39 | 21.46 |
| Espagne | 9.27 | 5.78 |
| Etats-Unis | 8.76 | 17.65 |
| Italie | 8.67 | 6.10 |
| Allemagne | 7.83 | 14.23 |

Pays-Bas	5.84	5.62
Royaume-Uni	4.01	7.47
Belgique	3.40	2.14
Portugal	2.48	0.39
Suisse	2.35	2.28
Autres	10.89	13.52
Cash	6.10	0.14
Contribution à la duration par secteur
2.4
2.0
1.6
1.2
0.8
0.4
0.0
|  | Finance | Industrie | Serv. aux collect. | Autres |
| --- | --- | --- | --- | --- |
| Port. | 2.0 | 1.3 | 0.7 | -0.1 |
| Indice de réf. | 1.4 | 2.0 | 0.4 | - |

-0.4

## Contribution à la duration par géographie
1.5
1.2
0.9
0.6
0.3
France
Etats-Unis
Italie
Espagne
Pays-Bas
Allemagne
Royaume-Uni
Belgique
Suisse
Autres
0.0
Port.	1.4  0.4  0.4  0.3  0.3  0.2  0.2  0.2  0.1  0.5
Indice de réf. 0.9 0.7 0.2 0.2 0.2 0.6 0.3 0.1 0.1 0.6

## Exposition par Maturité (%)
35
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	6.10	4.53	14.92	23.21	30.72	16.50	2.67	1.36
Indice de référence	0.14	1.46	29.46	30.51	20.23	15.74	0.78	1.68
Analyse du portefeuille 
(suite)

## Exposition par rating (%)
60
50
40
30
20
10
0	AAA	AA	A	BBB	BB	Cash
Portefeuille	-	3.57	35.38	54.95	-	6.10
Indice de référence	0.31	8.66	39.54	51.11	0.25	0.14