# Performance & Risk
## Performance Evolution (EUR)
67.31
Linear Average Rating	BB+	BBB
Mod. Duration	5.28	5.91
Mod. Duration To Worst	5.52	5.98
Yield To Worst (%)	2.92	1.40
Number of Holdings	86	356
Number of Issuers	60	79
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104
100
96
92
88
84
80
03/03/20
30/07/20
30/10/20
30/01/21
30/04/21
30/07/21

## Fund Profile
ESG Rating
ESG Relative Rating
Portfolio* (2.15%)	Benchmark (1.75%)
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 = 83.4% Benchmark = (not meaningful for coverage below 50%)
| Risk Analysis |  |
| --- | --- |
|  | 1Y | 3Y | 5Y | Launch |
| Portfolio Volatility* (%) | 3.08 | - | - | 9.15 |
| Benchmark Volatility (%) | 1.84 | - | - | 5.71 |
| Relative Risk/Tracking Error  (%) | 1.87 | - | - | 3.90 |
| Sharpe Ratio | 2.93 | - | - | 0.29 |
| Information Ratio | 1.99 | - | - | 0.24 |


## Rolling Performance (%)
|  | 1M | 3M | 6M | YTD | 31/07/2020 31/07/2021 | 31/07/2019 31/07/2020 | 31/07/2018 31/07/2019 | 31/07/2017 31/07/2018 | 31/07/2016 31/07/2017 | Launch |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 0.11 | 0.93 | 0.34 | 0.49 | 7.90 | - | - | - | - | 2.15 |
| Benchmark | 0.42 | 1.01 | 0.28 | 0.33 | 4.95 | - | - | - | - | 1.75 |
| Excess Return | -0.32 | -0.09 | 0.07 | 0.16 | 2.95 | - | - | - | - | 0.40 |

Annual Calendar Performance (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | - | - | - | - | - | - | - | - | - | - |
| Benchmark | - | - | - | - | - | - | - | - | - | - |
| Excess Return | - | - | - | - | - | - | - | - | - | - |

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 |
| Benin Government Intl Bond 4.875% 01/19/2032 | 2.34 | Benin | 7.8 | 0.18 |
| Colombia (Republic of) 3.875% 03/22/2026 | 2.23 | Colombia | 4.0 | 0.09 |
| Mexican (Republic of) 1.125% 01/17/2030 | 2.19 | Mexico | 7.7 | 0.17 |
| Ukraine (Republic of) 4.375% 01/27/2030 | 2.07 | Ukraine | 6.7 | 0.14 |
| Chile (Republic of) 0.83% 07/02/2031 | 2.04 | Chile | 9.3 | 0.19 |
| Philippines (Republic of) 0.7% 02/03/2029 | 2.04 | Philippines | 7.3 | 0.15 |
| Ivory Coast (Republic of) 5.875% 10/17/2031 | 2.01 | Ivory Coast | 6.8 | 0.14 |
| Morocco (Kingdom of) 2% 09/30/2030 | 1.99 | Morocco | 8.2 | 0.16 |
| Egypt (Government of) 6.375% 04/11/2031 | 1.96 | Egypt | 7.0 | 0.14 |
| Senegal (Republic of) 4.75% 03/13/2028 | 1.96 | Senegal | 5.5 | 0.11 |
| Total (%) | 20.84 |  |  |  |


## Sector Breakdown (%)	Contribution to duration by sector
Portfolio	Benchmark
| External sovereign credit | 42.15 | 49.86 |
| --- | --- | --- |
| Real Estate | 13.96 | 4.63 |
| Energy | 10.67 | 10.17 |

6
4
2
External sovereign
credit
Real Estate
Energy
Consumer Goods
Banking
Media
Retail
Basic Industry
Telecommunications
Other
| Consumer Goods | 6.24 | 1.50 |  |
| --- | --- | --- | --- |
| Banking | 5.23 | 3.05 |
| Basic Industry | 4.89 | 2.59 |
| Telecommunications | 1.90 | 5.62 |
| Transportation | 1.82 | 1.54 |  | Port.	2.9	0.6	0.4	0.2	0.2	0.1	0.1 | 0.1 | 0.1 | 0.5 |
| Retail | 1.80 | 0.00 |  | Bench. 3.9	0.2	0.4	0.1	0.1	0.1	- | 0.1 | 0.3 | 0.9 |
| Automotive | 1.78 | 0.22 |  |  |  |  |  |
| Other | 9.01 | 15.82 |  |  |  |  |  |
| Cash | 0.56 | 0.19 |  |  |  |  |  |

0

## Geographical Breakdown (%)	Contribution to Duration by Geography
Portfolio	Benchmark
| Turkey | 5.62 | 1.33 |
| --- | --- | --- |
| Romania | 5.44 | 9.56 |
| Indonesia | 5.41 | 2.98 |
| Mexico | 5.13 | 11.33 |

Arab Emirates	6.20	2.51	4
3
2
1
Indonesia
Romania
Mexico
Arab
Emirates
Ivory
Coast
Czech
Republic
Turkey
South
Africa
Russia
Other
| Brazil | 5.01 | 0.36 |  |
| --- | --- | --- | --- |
| China | 5.00 | 8.82 |
| Russia | 4.30 | 4.99 |  | Port.	0.4	0.4	0.3	0.3	0.3	0.2 | 0.2 | 0.2 | 0.2 | 2.7 |
| South Africa | 4.19 | 1.20 |  | Bench. 0.2	0.8	0.7	0.1	0.1	0.2 | - | 0.1 | 0.2 | 3.5 |
| Ukraine | 3.79 | 1.08 |  |
| Other | 49.35 | 30.84 |
| Cash | 0.56 | 0.19 |

0

## 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 | 0.56 | 2.40 | 8.36 | 27.60 | 26.23 | 27.27 | 7.59 | - |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | 0.19 | 1.59 | 22.50 | 27.67 | 18.46 | 12.83 | 12.23 | 4.53 |


## Rating Breakdown (%)
50
40
30
20
10
0	AAA	AA	A	BBB	BB	B	CCC	NR	C	Cash
| Portfolio | - | 3.68 | 3.96 | 36.16 | 33.03 | 22.61 | - | - | - | 0.56 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | 0.70 | 4.31 | 26.42 | 45.29 | 16.59 | 5.54 | 0.61 | 0.25 | 0.09 | 0.19 |


## Currency Breakdown (%)
120
100
80
60
40
20
0
EUR	USD
| Portfolio | 99.76 | 0.24 |
| --- | --- | --- |
| Benchmark | 100.00 | - |

Translation (ENFR, 2021-07-30):
# Performance et risque
## Evolution de la performance (EUR)
Valeur liquidative
Cap.

### 102.15
Actif net du fonds (M)
EUR

### 67.31
Depuis le: 03/03/2020
50% ICE BofA Euro Emerging Markets Corporate Plus + 50% ICE BofA Euro Emerging Markets External Sovereign index
|  | Port. | Indice de réf. |
| --- | --- | --- |
| Rating moyen linéaire | BB+ | BBB |
| Mod. Duration | 5.28 | 5.91 |
| Mod. Duration To Worst | 5.52 | 5.98 |
| Yield to worst (%) | 2.92 | 1.40 |
| Nombre de lignes | 86 | 356 |
| Nombre d'émetteurs | 60 | 79 |
| Profil du portefeuille |  |  |
| Notation ESG |  |  |
| Notation ESG relative |  |  |


## Caractéristiques du portefeuille
|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |
|  |  |  |  |  |
|  |  |  |  |  |
|  |  |  |  |  |
|  |  |  |  |  |
|  |  |  |  |  |

104
100
96
92
88
84
80
03/03/20
30/07/20
30/10/20
30/01/21
30/04/21
30/07/21
Portefeuille* (2.15%)	Indice de réference (1.75%)
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 = 83.4% Indice de référence = (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* (%) | 3.08 | - | - | 9.15 |
| Volatilité de l'indice de référence (%) | 1.84 | - | - | 5.71 |
| Risque relatif/Tracking Error  (%) | 1.87 | - | - | 3.90 |
| Ratio de Sharpe | 2.93 | - | - | 0.29 |
| Ratio d'information | 1.99 | - | - | 0.24 |


## Performance glissante (%)
|  | 1 mois | 3 mois | 6 mois | YTD | 31/07/2020 31/07/2021 | 31/07/2019 31/07/2020 | 31/07/2018 31/07/2019 | 31/07/2017 31/07/2018 | 31/07/2016 31/07/2017 | Création |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | 0.11 | 0.93 | 0.34 | 0.49 | 7.90 | - | - | - | - | 2.15 |
| Indice de réference | 0.42 | 1.01 | 0.28 | 0.33 | 4.95 | - | - | - | - | 1.75 |
| Ecarts | -0.32 | -0.09 | 0.07 | 0.16 | 2.95 | - | - | - | - | 0.40 |

Performance calendaire annuelle (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | - | - | - | - | - | - | - | - | - | - |
| Indice de réference | - | - | - | - | - | - | - | - | - | - |
| Ecarts | - | - | - | - | - | - | - | - | - | - |

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 |
| Benin Government Intl Bond 4.875% 01/19/2032 | 2.34 | Bénin | 7.8 | 0.18 |
| Colombia (Republic of) 3.875% 03/22/2026 | 2.23 | Colombie | 4.0 | 0.09 |
| Mexican (Republic of) 1.125% 01/17/2030 | 2.19 | Mexique | 7.7 | 0.17 |
| Ukraine (Republic of) 4.375% 01/27/2030 | 2.07 | Ukraine | 6.7 | 0.14 |
| Chile (Republic of) 0.83% 07/02/2031 | 2.04 | Chili | 9.3 | 0.19 |
| Philippines (Republic of) 0.7% 02/03/2029 | 2.04 | Philippines | 7.3 | 0.15 |
| Ivory Coast (Republic of) 5.875% 10/17/2031 | 2.01 | Cote d'Ivoire | 6.8 | 0.14 |
| Morocco (Kingdom of) 2% 09/30/2030 | 1.99 | Maroc | 8.2 | 0.16 |
| Egypt (Government of) 6.375% 04/11/2031 | 1.96 | Egypte | 7.0 | 0.14 |
| Senegal (Republic of) 4.75% 03/13/2028 | 1.96 | Senegal | 5.5 | 0.11 |
| Total (%) | 20.84 |  |  |  |


## Exposition sectorielle (%)	Contribution à la duration par secteur
Portefeuille	Benchmark
Credit souverain externe	42.15	49.86
Immobilier	13.96	4.63
Energie	10.67	10.17
Biens de consommation	6.24	1.50
Bancaires	5.23	3.05
Industrie	4.89	2.59
Télécom.	1.90	5.62
Transport	1.82	1.54
Ventes au détail	1.80	0.00
Automobile	1.78	0.22
Autres	9.01	15.82
Cash	0.56	0.19
5
4
3
2
1
Credit souverain
externe Immobilier
Energie
Biens de consommation
Bancaires
Médias
Ventes au détail
Industrie
Télécom.
Autres
0
Port.	2.9  0.6  0.4  0.2  0.2  0.1  0.1  0.1  0.1  0.5
Indice de réf. 3.9 0.2 0.4 0.1 0.1 0.1	-	0.1  0.3  0.9

## Exposition géographique (%)	Contribution à la duration par géographie
Portefeuille	Benchmark
Emirats Arabes	6.20	2.51
| Turquie | 5.62 | 1.33 |
| --- | --- | --- |
| Roumanie | 5.44 | 9.56 |
| Indonesie | 5.41 | 2.98 |
| Mexique | 5.13 | 11.33 |

Brésil	5.01	0.36
Chine	5.00	8.82
Russie	4.30	4.99
Afrique du Sud	4.19	1.20
Ukraine	3.79	1.08
Autres	49.35	30.84
Cash	0.56	0.19
4
3
2
1
Indonesie
Roumanie
Mexique
Emirats Arabes
Cote d'Ivoire
Rep Tcheque Turquie
Afrique du Sud Russie
Autres
0
Port.	0.4  0.4  0.3  0.3  0.3  0.2  0.2  0.2  0.2  2.7
Indice de réf. 0.2 0.8 0.7 0.1 0.1 0.2	-	0.1  0.2  3.5

## 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 | 0.56 | 2.40 | 8.36 | 27.60 | 26.23 | 27.27 | 7.59 | - |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | 0.19 | 1.59 | 22.50 | 27.67 | 18.46 | 12.83 | 12.23 | 4.53 |


## Exposition par rating (%)
50
40
30
20
10
0	AAA	AA	A	BBB	BB	B	CCC	NR	C	Cash
| Portefeuille | - | 3.68 | 3.96 | 36.16 | 33.03 | 22.61 | - | - | - | 0.56 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | 0.70 | 4.31 | 26.42 | 45.29 | 16.59 | 5.54 | 0.61 | 0.25 | 0.09 | 0.19 |


## Exposition par devise (%)
120
100
80
60
40
20
0
EUR	USD
| Portefeuille | 99.76 | 0.24 |
| --- | --- | --- |
| Benchmark | 100.00 | - |