# Performance & Risk
## Performance Evolution (EUR)
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110.00
107.50
105.00
102.50
100.00
97.50
95.00
ESG Relative Rating
CO2 Relative rating
% of AUM covered by ESG absolute rating: Portfolio = 90.8% Benchmark = 100.0% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 90.8% Benchmark = 100.0% (not meaningful for coverage below 50%)
For more information about the methodology, please read the section 'ESG Metrics Definition' below

## Fund Manager
Jonathan BALTORA
31/01/20
31/07/20
31/01/21
31/07/21
31/01/22
31/07/22 31/01/23
Portfolio* (2.86%)	Benchmark (3.28%)
Elida RHENALS - Co-Manager
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* (%) | 3.57 | 3.37 | 2.69 | 2.38 |
| Benchmark Volatility (%) | 3.48 | 3.45 | 2.73 | 2.41 |
| Relative Risk/Tracking Error  (%) | 0.77 | 0.53 | 0.47 | 0.42 |
| Sharpe Ratio | -0.70 | 0.51 | 0.48 | 0.44 |
| Information Ratio | 0.78 | 0.80 | 0.55 | 0.49 |
| 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* | 0.40 | 0.17 | -3.96 | 0.40 | 2.86 | 2.41 | -2.77 | 3.15 | 2.57 | 1.15 | -1.57 | 1.38 |
| Benchmark | 0.33 | 0.05 | -3.93 | 0.33 | 3.28 | 3.94 | -2.84 | 3.67 | 2.54 | 1.36 | -0.71 | 3.82 |
| Excess Return | 0.06 | 0.12 | -0.03 | 0.06 | -0.42 | -1.53 | 0.07 | -0.52 | 0.03 | -0.21 | -0.86 | -2.44 |


## Annual Calendar Performance (%)
|  | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -3.57 | 3.96 | 2.34 | 1.45 | -2.45 | -1.06 | - | - | - | - |
| Benchmark | -3.53 | 4.56 | 2.37 | 1.49 | -1.62 | -0.44 | - | - | - | - |
| Excess Return | -0.04 | -0.59 | -0.03 | -0.04 | -0.83 | -0.62 | - | - | - | - |

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 |
| US Treasury Inflation Idx Bonds 0.625% 01/15/2026 | 5.97 | United States | 2.9 | 0.17 |
| US Treasury Inflation Idx Bonds 0.125% 04/15/2026 | 5.35 | United States | 3.2 | 0.17 |
| US Treasury Inflation Idx Bonds 0.25% 01/15/2025 | 5.20 | United States | 1.9 | 0.10 |
| US Treasury Inflation Idx Bonds 0.375% 07/15/2025 | 4.63 | United States | 2.4 | 0.11 |
| US Treasury Inflation Idx Bonds 0.125% 07/15/2024 | 4.31 | United States | 1.4 | 0.06 |
| US Treasury Inflation Idx Bonds 0.375% 01/15/2027 | 4.11 | United States | 3.9 | 0.16 |
| US Treasury Inflation Idx Bonds 0.125% 10/15/2026 | 3.96 | United States | 3.7 | 0.15 |
| US Treasury Inflation Idx Bonds 1.625% 10/15/2027 | 3.78 | United States | 4.5 | 0.17 |
| US Treasury Inflation Idx Bonds 0.125% 04/15/2027 | 3.74 | United States | 4.2 | 0.16 |
| US Treasury Inflation Idx Bonds 0.125% 04/15/2025 | 3.56 | United States | 2.2 | 0.08 |
| Total (%) | 44.62 |  |  |  |

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
Treasury	91.15	100.00	4
Cash	8.85	0.00	3
2
1
0
Treasury
Port.	3.0
Bench.	3.0
|  | Portfolio | Benchmark |
| --- | --- | --- |
| United States | 60.37 | 66.95 |
| United Kingdom | 10.45 | 9.52 |
| France | 5.01 | 7.26 |
| Italy | 4.14 | 3.96 |
| Japan | 3.39 | 4.40 |


## Geographical Breakdown (%)
Contribution to Duration by Geography
2.4
2.0
1.6
1.2
0.8
United
States
Germany
United
Kingdom
France
Japan
Spain
Italy
Other
0.4
| Spain | 2.73 | 2.96 |  | 0.0 |  |
| --- | --- | --- | --- | --- | --- |
| Germany | 2.55 | 2.01 |  |  |
| Australia | 0.95 | 1.13 |  | Port. | 1.9 | 0.3 | 0.3 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
| Other | 1.57 | 1.81 |  | Bench. | 2.0 | 0.1 | 0.3 | 0.2 | 0.1 | 0.1 | 0.1 | 0.1 |
| Cash | 8.85 | 0.00 |  |  |  |  |  |  |  |  |  |  |
| Maturity Breakdown (%) |  |  |  |  |  |  |  |  |  |  |  |  |

60
50
40
30
20
10
0	Cash	0-1 year	1-3 years	3-5 years	5-7 years	7-10 years	+20 years
Portfolio	8.85	0.05	46.39	38.80	2.57	2.01	1.33
Benchmark	-	-	49.94	50.06	-	-	-
Portfolio Analysis 
(Continued)

## Rating Breakdown (%)
80
70
60
50
40
30
20
10
0	AAA	AA	A	BBB	Cash
Portfolio	61.65	19.25	4.86	5.39	8.85
Benchmark	68.54	20.13	5.86	5.47	-

## Currency Breakdown (%)
80
60
40
20
0	USD	EUR	GBP	JPY	AUD	CAD	SEK	NZD
Portfolio	66.24	15.82	11.46	3.71	1.04	0.78	0.61	0.33
Benchmark	66.95	16.19	9.52	4.40	1.13	0.63	0.91	0.26

Translation (ENFR, 2023-01-31):
# Performance et risque
## Evolution de la performance (EUR)
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110.00
107.50
105.00
102.50
100.00
97.50
95.00
Notation ESG relative
Intensité relative en CO2
% de l’encours sous gestion couvert par la note ESG absolue : Portefeuille = 90.8% Indice de réf. = 100.0% (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 = 90.8% Indice de réf.
= 100.0% (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* (2.86%)	Indice de réference (3.28%)
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.
Jonathan BALTORA
Elida RHENALS - Co-gérant
| Performance et risque  (suite) Analyse du risque |  |
| --- | --- |
|  | 1 an | 3 ans | 5 ans | Création |
| Volatilité du portefeuille* (%) | 3.57 | 3.37 | 2.69 | 2.38 |
| Volatilité de l'indice de référence (%) | 3.48 | 3.45 | 2.73 | 2.41 |
| Risque relatif/Tracking Error  (%) | 0.77 | 0.53 | 0.47 | 0.42 |
| Ratio de Sharpe | -0.70 | 0.51 | 0.48 | 0.44 |
| Ratio d'information | 0.78 | 0.80 | 0.55 | 0.49 |
| 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* | 0.40 | 0.17 | -3.96 | 0.40 | 2.86 | 2.41 | -2.77 | 3.15 | 2.57 | 1.15 | -1.57 | 1.38 |
| Indice de référence | 0.33 | 0.05 | -3.93 | 0.33 | 3.28 | 3.94 | -2.84 | 3.67 | 2.54 | 1.36 | -0.71 | 3.82 |
| Ecarts | 0.06 | 0.12 | -0.03 | 0.06 | -0.42 | -1.53 | 0.07 | -0.52 | 0.03 | -0.21 | -0.86 | -2.44 |


## Performance calendaire annuelle (%)
|  | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | -3.57 | 3.96 | 2.34 | 1.45 | -2.45 | -1.06 | - | - | - | - |
| Indice de réference | -3.53 | 4.56 | 2.37 | 1.49 | -1.62 | -0.44 | - | - | - | - |
| Ecarts | -0.04 | -0.59 | -0.03 | -0.04 | -0.83 | -0.62 | - | - | - | - |

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 |
| US Treasury Inflation Idx Bonds 0.625% 01/15/2026 | 5.97 | Etats-Unis | 2.9 | 0.17 |
| US Treasury Inflation Idx Bonds 0.125% 04/15/2026 | 5.35 | Etats-Unis | 3.2 | 0.17 |
| US Treasury Inflation Idx Bonds 0.25% 01/15/2025 | 5.20 | Etats-Unis | 1.9 | 0.10 |
| US Treasury Inflation Idx Bonds 0.375% 07/15/2025 | 4.63 | Etats-Unis | 2.4 | 0.11 |
| US Treasury Inflation Idx Bonds 0.125% 07/15/2024 | 4.31 | Etats-Unis | 1.4 | 0.06 |
| US Treasury Inflation Idx Bonds 0.375% 01/15/2027 | 4.11 | Etats-Unis | 3.9 | 0.16 |
| US Treasury Inflation Idx Bonds 0.125% 10/15/2026 | 3.96 | Etats-Unis | 3.7 | 0.15 |
| US Treasury Inflation Idx Bonds 1.625% 10/15/2027 | 3.78 | Etats-Unis | 4.5 | 0.17 |
| US Treasury Inflation Idx Bonds 0.125% 04/15/2027 | 3.74 | Etats-Unis | 4.2 | 0.16 |
| US Treasury Inflation Idx Bonds 0.125% 04/15/2025 | 3.56 | Etats-Unis | 2.2 | 0.08 |
| Total (%) | 44.62 |  |  |  |

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 (%)	Contribution à la duration par secteur
|  | Portefeuille | Indice de référence |
| --- | --- | --- |
| Trésor | 91.15 | 100.00 |
| Cash | 8.85 | 0.00 |

4
3
2
1
0	Trésor
Port.	3.0
Indice de réf.	3.0

## Exposition géographique (%)	Contribution à la duration par géographie
Portefeuille	Indice de référence
Etats-Unis	60.37	66.95
Royaume-Uni	10.45	9.52
France	5.01	7.26
Italie	4.14	3.96
Japon	3.39	4.40
Espagne	2.73	2.96
Allemagne	2.55	2.01
Australie	0.95	1.13
Autres	1.57	1.81
Cash	8.85	0.00
2.4
2.0
1.6
1.2
0.8
0.4
Etats-Unis
Allemagne
Royaume-Uni
France
Japon
Espagne
Italie
Autres
0.0
Port.	1.9	0.3	0.3	0.1	0.1	0.1	0.1	0.1
Indice de réf. 2.0	0.1	0.3	0.2	0.1	0.1	0.1	0.1

## Exposition par Maturité (%)
60
50
40
30
20
10
0	Cash	0-1 an	1-3 ans	3-5 ans	5-7 ans	7-10 ans	+ 20 ans
Portefeuille	8.85	0.05	46.39	38.80	2.57	2.01	1.33
Indice de référence	-	-	49.94	50.06	-	-	-
Analyse du portefeuille 
(suite)

## Exposition par rating (%)
80
70
60
50
40
30
20
10
0	AAA	AA	A	BBB	Cash
Portefeuille	61.65	19.25	4.86	5.39	8.85
Indice de référence	68.54	20.13	5.86	5.47	-

## Exposition par devise (%)
80
60
40
20
0	USD	EUR	GBP	JPY	AUD	CAD	SEK	NZD
Portefeuille	66.24	15.82	11.46	3.71	1.04	0.78	0.61	0.33
Indice de référence	66.95	16.19	9.52	4.40	1.13	0.63	0.91	0.26