# Performance & Risk
## Performance Evolution (EUR)
% of AUM covered by ESG absolute rating: Portfolio = 92.0% (not meaningful for coverage below 50%)
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125
120
115
110
105
100
95
31/12/18
30/06/19
31/12/19
30/06/20
31/12/20
30/06/21 31/12/21
Portfolio* (20.11%)
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.
| Risk Analysis |  |
| --- | --- |
|  | 1Y | 3Y | 5Y | Launch |
| Portfolio Volatility* (%) | 2.52 | 6.77 | 5.53 | 5.61 |
| Sharpe Ratio | 1.23 | 1.17 | 0.95 | 0.89 |
| 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* | 1.66 | -0.29 | 0.17 | 1.42 | 20.11 | 19.71 | 1.42 | 7.08 | 10.60 | -4.29 | 4.13 | 25.70 |
| Annual Calendar Performance (%) |
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| Portfolio* | 1.42 | 7.08 | 10.60 | -4.29 | 4.13 | 8.52 | - | - | - | - |

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 |
| German Inflation Linked Bond 0.1% 04/15/2023 | 2.70 | Germany | 1.3 | 0.04 |
| Just Retirement Group PLC VAR PERP | 2.00 | United Kingdom | 7.2 | 0.14 |
| Telefonica Europe BV VAR PERP | 1.94 | Spain | 1.9 | 0.04 |
| Deutsche Bank AG VAR PERP | 1.92 | Germany | 0.3 | 0.01 |
| Repsol International Finance BV VAR 03/25/2075 | 1.72 | Spain | 2.9 | 0.05 |
| HSBC Holdings PLC VAR PERP | 1.65 | United Kingdom | 0.7 | 0.01 |
| Total SA VAR PERP | 1.55 | France | 2.2 | 0.03 |
| EDP - Energias de Portugal SA VAR 04/30/2079 | 1.55 | Portugal | 2.2 | 0.03 |
| Unibail-Rodamco SE VAR PERP | 1.54 | France | 1.7 | 0.03 |
| Telecom Italia Finance SA 7.75% 01/24/2033 | 1.46 | Italy | 7.5 | 0.11 |
| Total (%) | 18.02 |  |  |  |


## Sector Breakdown (%)	Contribution to duration by sector
Portfolio
Financial	44.32	4
2
Industrials	42.08	0
Utility	6.12	-2
Sovereign	2.70	-4
Pfd-Financial	1.06	-6
Industrials
Financial
Utility
Securitized
Not
Classified
Sovereign
Cash
Other	0.72	-8
Cash	3.00
Port.	2.0	1.8	0.3	0.1	-1.6	-5.7	1.5

## Geographical Breakdown (%)	Contribution to Duration by Geography
Portfolio
Spain	20.63
Italy	16.00
United Kingdom	13.99
France	12.12
Germany	11.51
Portugal	6.44
United States	4.18
Ireland	2.71
Australia	2.57
Luxembourg	1.56
Other	5.28
Cash	3.00
2
1
0
-1
-2
-3
-4
Spain
Italy
France
United Kingdom
Portugal
Australia
Switzerland
Ireland
Norway
Other
-5
Port. 0.8	0.8	0.6	0.4	0.2	0.2	0.1	0.1	0.1  -4.7

## Maturity Breakdown (%)
28
24
20
16
12
8
4
0	Cash	0-1 year	1-3 years	3-5 years	5-7 years	7-10 years	10-20 years	+20 years
Portfolio	3.00	7.33	22.99	26.23	20.55	16.96	2.73	0.23

## Rating Breakdown (%)
50
40
30
20
10
0	AAA	A	BBB	BB	B	Cash
Portfolio	2.70	8.22	40.68	37.09	8.32	3.00

## Currency Breakdown (%)
120
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100
80
60
40
20
0
EUR	GBP
Portfolio	95.31	4.69

Translation (ENFR, 2021-12-31):
# Performance et risque
## Evolution de la performance (EUR)
% de l’encours sous gestion couvert par la note ESG absolue : Portefeuille = 92.0% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)
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125
120
115
110
105
100
95
31/12/18
30/06/19
31/12/19
30/06/20
31/12/20
30/06/21 31/12/21
Portefeuille* (20.11%)
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* (%) | 2.52 | 6.77 | 5.53 | 5.61 |
| Ratio de Sharpe | 1.23 | 1.17 | 0.95 | 0.89 |
| 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* | 1.66 | -0.29 | 0.17 | 1.42	20.11 | 19.71 | 1.42 | 7.08 | 10.60 | -4.29 | 4.13 | 25.70 |
| Performance calendaire annuelle (%) |
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| Portefeuille* | 1.42 | 7.08 | 10.60 | -4.29 | 4.13 | 8.52 | - | - | - | - |

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 |
| German Inflation Linked Bond 0.1% 04/15/2023 | 2.70 | Allemagne | 1.3 | 0.04 |
| Just Retirement Group PLC VAR PERP | 2.00 | Royaume-Uni | 7.2 | 0.14 |
| Telefonica Europe BV VAR PERP | 1.94 | Espagne | 1.9 | 0.04 |
| Deutsche Bank AG VAR PERP | 1.92 | Allemagne | 0.3 | 0.01 |
| Repsol International Finance BV VAR 03/25/2075 | 1.72 | Espagne | 2.9 | 0.05 |
| HSBC Holdings PLC VAR PERP | 1.65 | Royaume-Uni | 0.7 | 0.01 |
| Total SA VAR PERP | 1.55 | France | 2.2 | 0.03 |
| EDP - Energias de Portugal SA VAR 04/30/2079 | 1.55 | Portugal | 2.2 | 0.03 |
| Unibail-Rodamco SE VAR PERP | 1.54 | France | 1.7 | 0.03 |
| Telecom Italia Finance SA 7.75% 01/24/2033 | 1.46 | Italie | 7.5 | 0.11 |
| Total (%) | 18.02 |  |  |  |


## Exposition sectorielle (%)	Contribution à la duration par secteur
Portefeuille
Finance	44.32	4
2
Industrie	42.08	0
Serv. aux collect.	6.12	-2
Souverain	2.70	-4
Pfd-Financial	1.06	-6
Industrie
Finance
Serv. aux
collect.
Securitized
Hors
catégorie
Souverain
Cash
Autres	0.72	-8
Cash	3.00
Port.	2.0	1.8	0.3	0.1	-1.6	-5.7	1.5

## Exposition géographique (%)	Contribution à la duration par géographie
Portefeuille
Espagne	20.63
Italie	16.00
Royaume-Uni	13.99
France	12.12
Allemagne	11.51
Portugal	6.44
Etats-Unis	4.18
Irlande	2.71
Australie	2.57
Luxembourg	1.56
Autres	5.28
Cash	3.00
2
1
0
-1
-2
-3
-4
Espagne
Italie
France
Royaume-Uni
Portugal
Australie
Suisse
Irlande
Norvège
Autres
-5
Port. 0.8	0.8	0.6	0.4	0.2	0.2	0.1	0.1	0.1  -4.7

## Exposition par Maturité (%)
28
24
20
16
12
8
4
0	Cash	0-1 an	1-3 ans	3-5 ans	5-7 ans	7-10 ans	10-20 ans	+ 20 ans
Portefeuille	3.00	7.33	22.99	26.23	20.55	16.96	2.73	0.23

## Exposition par rating (%)
50
40
30
20
10
0	AAA	A	BBB	BB	B	Cash
Portefeuille	2.70	8.22	40.68	37.09	8.32	3.00

## Exposition par devise (%)
120
|  |  |  |
| --- | --- | --- |
|  |  |
|  |  |
|  |  |
|  |  |

100
80
60
40
20
0
EUR	GBP
Portefeuille	95.31	4.69