# Performance & Risk
## Performance Evolution (EUR)
Current NAV
Acc.

### 156.33
Assets Under Management (M)
USD

### 399.08
Since: 17/04/2006
100% JP Morgan EMBIG Diversified Hedged EUR

## Fund Key Metrics
Port.	Bench.
Linear Average Rating	BB	BB+
| Mod. Duration | 7.58 | 7.49 |
| --- | --- | --- |
| Mod. Duration To Worst | 7.73 | 7.44 |
| Yield To Worst (%) | 7.57 | 5.90 |
| Number of Holdings | 162 | 968 |
| Number of Issuers | 99 | 83 |

120
110
100
90
80
28/02/19
28/08/19
28/02/20
28/08/20
28/02/21
28/08/21
28/02/22

## Fund Profile
ESG Rating
ESG Relative Rating
Portfolio* (-5.27%)	Benchmark (-2.96%)
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 = 88.9% Benchmark = 92.7% (not meaningful for coverage below 50%)
| Risk Analysis |  |
| --- | --- |
|  | 1Y | 3Y | 5Y | Launch |
| Portfolio Volatility* (%) | 5.88 | 12.50 | 10.33 | 9.09 |
| Benchmark Volatility (%) | 6.55 | 11.41 | 9.39 | 9.16 |
| Relative Risk/Tracking Error  (%) | 2.11 | 2.12 | 1.80 | 1.74 |
| Sharpe Ratio | -1.14 | 0.09 | 0.13 | 0.48 |
| Information Ratio | 0.55 | 0.80 | 0.62 | 0.37 |


## Rolling Performance (%)
|  | 1M | 3M | 6M | YTD | 3Y | 5Y | 28/02/21 28/02/22 | 28/02/20 28/02/21 | 28/02/19 29/02/20 | 28/02/18 28/02/19 | 28/02/17 28/02/18 | Launch |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -6.00 | -7.22 | -12.18 | -8.53 | -5.27 | -7.52 | -9.61 | -0.87 | 5.71 | -3.09 | 0.74 | 56.33 |
| Benchmark | -6.59 | -8.22 | -12.01 | -9.35 | -2.96 | -0.77 | -8.46 | -0.55 | 6.60 | -0.04 | 2.30 | 99.10 |
| Excess Return | 0.59 | 1.00 | -0.17 | 0.81 | -2.31 | -6.75 | -1.14 | -0.31 | -0.89 | -3.05 | -1.56 | -42.77 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -5.01 | 3.34 | 11.46 | -10.53 | 6.15 | 6.53 | -1.10 | 4.17 | -8.60 | 14.16 |
| Benchmark | -2.82 | 3.50 | 11.66 | -7.04 | 8.21 | 8.32 | 0.74 | 7.09 | -5.58 | 16.82 |
| Excess Return | -2.20 | -0.16 | -0.20 | -3.49 | -2.06 | -1.80 | -1.84 | -2.92 | -3.03 | -2.66 |

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 |
| Egypt (Government of) 6.375% 04/11/2031 | 2.60 | Egypt | 5.9 | 0.15 |
| Ecuador (Republic of) 1% 07/31/2035 | 2.33 | Ecuador | 8.0 | 0.19 |
| AXA WF Asian High Yield Bonds | 2.08 | France | 1.7 | 0.03 |
| KazMunayGas National Co JSC 6.375% 10/24/2048 | 1.92 | Kazakhstan | 13.2 | 0.25 |
| Oman Govt International Bond 7% 01/25/2051 | 1.85 | Oman | 11.7 | 0.22 |
| Uruguay (Republic of) 3.875% 07/02/2040 | 1.58 | Uruguay | 7.4 | 0.12 |
| Honduras (Republic of) 6.25% 01/19/2027 | 1.49 | Honduras | 3.9 | 0.06 |
| Colombia (Republic of) 5% 06/15/2045 | 1.46 | Colombia | 12.4 | 0.18 |
| Angolan Government Intl Bond 8% 11/26/2029 | 1.41 | Angola | 5.6 | 0.08 |
| Ghana Government International 8.95% 03/26/2051 | 1.39 | Ghana | 9.8 | 0.14 |
| Total (%) | 18.10 |  |  |  |


## Sector Breakdown (%)	Contribution to duration by sector
Portfolio	Benchmark
| External sovereign credit | 43.43 | 79.47 |
| --- | --- | --- |
| Energy | 11.16 | 8.78 |
| Sovereign | 5.95 | 0.00 |
| Banking | 5.70 | 0.31 |

8
6
4
2
External
sovereign credit
Sovereign
Energy
Agency
Banking
Basic Industry
Media
Real Estate
Technology &
Electronics
Other
| Financial Services | 3.79 | 0.78 |  |
| --- | --- | --- | --- |
| Consumer Goods | 3.19 | 0.07 |
| Technology & Electronics | 3.07 | 0.00 |
| Agency | 2.78 | 2.82 |  | Port.	4.0	1.0	0.9	0.3	0.2	0.2	0.2 | 0.2 | 0.2 | 0.9 |
| Real Estate | 2.68 | 0.04 |  | Bench. 6.0 | - | 0.8	0.1 | - | 0.2 | -	-	- | 0.4 |
| Basic Industry | 2.62 | 2.13 |  |  |  |  |  |  |  |  |
| Other | 14.48 | 5.60 |  |  |  |  |  |  |  |  |
| Cash | 1.15 | 0.00 |  |  |  |  |  |  |  |  |

0

## Securities Exposure by geographical area (%)	Contribution to Duration by Geography
Portfolio	Benchmark
5
| Mexico | 6.20 | 5.20 | 4 |  |
| --- | --- | --- | --- | --- |
| China | 5.71 | 4.79 | 3 |  |

Brazil	6.38	3.20	6
Turkey	4.55	3.70
Nigeria	3.98	1.90
Egypt	3.96	2.51
Indonesia	3.86	4.87
Kazakhstan	2.84	2.49
Colombia	2.76	2.74
Oman	2.68	2.97
Other	55.93	56.98
Cash	1.15	0.00
2
1
United States
Mexico
Indonesia
Brazil
Colombia
Kazakhstan
Oman
Arab Emirates
China
Other
0
Port.	0.7	0.6	0.4	0.3	0.3	0.3	0.3	0.3	0.2	4.5
Bench.	-	0.5	0.4	0.2	0.2	0.2	0.2	0.4	0.2	5.2

## Maturity Breakdown (%)
28
24
20
16
12
8
4
0	0-1 year	1-3 years	3-5 years	5-7 years	7-10 years	10-20 years	+20 years
Portfolio	2.19	8.31	16.19	11.81	24.82	13.00	23.69
Benchmark	2.91	13.10	14.77	13.27	16.53	13.24	26.18

## Rating Breakdown (%)
35
30
25
20
15
10
5
0	AAA	AA	A	BBB	BB	B	CCC	NR	CC	Cash
Portfolio	0.08	1.91	3.02	29.36	27.49	30.72	4.46	1.32	0.48	1.15
Benchmark	-	7.15	15.77	31.18	19.58	20.75	4.92	0.19	0.46	-

## Currency Breakdown (%)
120
100
80
60
40
20
0
-20
USD	MXN	UYU	EGP	RSD	UAH	ARS	BRL	UZS	CNY	HKD	PEN	CNH	GBP	Other
| Portfolio	99.35 | 1.60 | 1.49 | 1.08 | 0.94 | 0.68 | 0.62 | 0.48 | 0.44 | 0.03 | 0.01 | -0.01 | -0.03 | -0.07 | -6.62 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark 100.00 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |

Translation (ENFR, 2022-02-28):
# Performance et risque
## Evolution de la performance (EUR)
Valeur liquidative
Cap.

### 156.33
Actif net du fonds (M)
USD

### 399.08
Depuis le: 17/04/2006
100% JP Morgan EMBIG Diversified Hedged EUR
Port.

## Caractéristiques du portefeuille
Indice de réf.
Rating moyen linéaire	BB	BB+
Mod. Duration	7.58	7.49
Mod. Duration To Worst	7.73	7.44
Yield to worst (%)	7.57	5.90
Nombre de lignes	162	968
Nombre d'émetteurs	99	83
120
110
100
90
80
28/02/19
28/08/19
28/02/20
28/08/20
28/02/21
28/08/21
28/02/22

## Profil du portefeuille
Notation ESG
Notation ESG relative
Portefeuille* (-5.27%)	Indice de réference (-2.96%)
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 = 88.9% Indice de référence = 92.7% (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* (%) | 5.88 | 12.50 | 10.33 | 9.09 |
| Volatilité de l'indice de référence (%) | 6.55 | 11.41 | 9.39 | 9.16 |
| Risque relatif/Tracking Error  (%) | 2.11 | 2.12 | 1.80 | 1.74 |
| Ratio de Sharpe | -1.14 | 0.09 | 0.13 | 0.48 |
| Ratio d'information | 0.55 | 0.80 | 0.62 | 0.37 |


## Performance glissante (%)
|  | 1 mois | 3 mois | 6 mois | YTD | 3 ans | 5 ans | 28/02/21 28/02/22 | 28/02/20 28/02/21 | 28/02/19 29/02/20 | 28/02/18 28/02/19 | 28/02/17 28/02/18 | Création |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | -6.00 | -7.22 | -12.18 | -8.53 | -5.27 | -7.52 | -9.61 | -0.87 | 5.71 | -3.09 | 0.74 | 56.33 |
| Indice de réference | -6.59 | -8.22 | -12.01 | -9.35 | -2.96 | -0.77 | -8.46 | -0.55 | 6.60 | -0.04 | 2.30 | 99.10 |
| Ecarts | 0.59 | 1.00 | -0.17 | 0.81 | -2.31 | -6.75 | -1.14 | -0.31 | -0.89 | -3.05 | -1.56 | -42.77 |

Performance calendaire annuelle (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | -5.01 | 3.34 | 11.46 | -10.53 | 6.15 | 6.53 | -1.10 | 4.17 | -8.60 | 14.16 |
| Indice de réference | -2.82 | 3.50 | 11.66 | -7.04 | 8.21 | 8.32 | 0.74 | 7.09 | -5.58 | 16.82 |
| Ecarts | -2.20 | -0.16 | -0.20 | -3.49 | -2.06 | -1.80 | -1.84 | -2.92 | -3.03 | -2.66 |

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 |
| Egypt (Government of) 6.375% 04/11/2031 | 2.60 | Egypte | 5.9 | 0.15 |
| Ecuador (Republic of) 1% 07/31/2035 | 2.33 | Equateur | 8.0 | 0.19 |
| AXA WF Asian High Yield Bonds | 2.08 | France | 1.7 | 0.03 |
| KazMunayGas National Co JSC 6.375% 10/24/2048 | 1.92 | Kazakhstan | 13.2 | 0.25 |
| Oman Govt International Bond 7% 01/25/2051 | 1.85 | Oman | 11.7 | 0.22 |
| Uruguay (Republic of) 3.875% 07/02/2040 | 1.58 | Uruguay | 7.4 | 0.12 |
| Honduras (Republic of) 6.25% 01/19/2027 | 1.49 | Honduras | 3.9 | 0.06 |
| Colombia (Republic of) 5% 06/15/2045 | 1.46 | Colombie | 12.4 | 0.18 |
| Angolan Government Intl Bond 8% 11/26/2029 | 1.41 | Angola | 5.6 | 0.08 |
| Ghana Government International 8.95% 03/26/2051 | 1.39 | Ghana | 9.8 | 0.14 |
| Total (%) | 18.10 |  |  |  |


## Exposition sectorielle (%)	Contribution à la duration par secteur
Portefeuille	Benchmark
| Credit souverain externe | 43.43 | 79.47 |
| --- | --- | --- |
| Energie | 11.16 | 8.78 |
| Souverain | 5.95 | 0.00 |
| Bancaires | 5.70 | 0.31 |

Services Financiers	3.79	0.78
Biens de consommation	3.19	0.07
Tech. & Elec.	3.07	0.00
Agences	2.78	2.82
Immobilier	2.68	0.04
Industrie	2.62	2.13
Autres	14.48	5.60
Cash	1.15	0.00
8
6
4
2
Credit souverain
externe Souverain
Energie
Agences
Bancaires
Industrie
Médias
Immobilier
Tech. & Elec.
Autres
0
Port.	4.0  1.0  0.9  0.3  0.2  0.2  0.2  0.2  0.2  0.9
Indice de réf. 6.0	-	0.8  0.1	-	0.2	-	-	-	0.4

## Exposition Actions par zone géographique (%)	Contribution à la duration par géographie
Portefeuille	Benchmark
Brésil	6.38	3.20
Mexique	6.20	5.20
Chine	5.71	4.79
Turquie	4.55	3.70
Nigeria	3.98	1.90
Egypte	3.96	2.51
Indonesie	3.86	4.87
Kazakhstan	2.84	2.49
Colombie	2.76	2.74
Oman	2.68	2.97
Autres	55.93	56.98
Cash	1.15	0.00
6
5
4
3
2
1
Etats-Unis
Mexique
Indonesie
Brésil
Colombie
Kazakhstan
Oman
Emirats Arabes Chine
Autres
0
Port.	0.7  0.6  0.4  0.3  0.3  0.3  0.3  0.3  0.2  4.5
Indice de réf.  -	0.5  0.4  0.2  0.2  0.2  0.2  0.4  0.2  5.2

## Exposition par Maturité (%)
28
24
20
16
12
8
4
0	0-1 an	1-3 ans	3-5 ans	5-7 ans	7-10 ans	10-20 ans	+ 20 ans
Portefeuille	2.19	8.31	16.19	11.81	24.82	13.00	23.69
Benchmark	2.91	13.10	14.77	13.27	16.53	13.24	26.18

## Exposition par rating (%)
35
30
25
20
15
10
5
0	AAA	AA	A	BBB	BB	B	CCC	NR	CC	Cash
Portefeuille	0.08	1.91	3.02	29.36	27.49	30.72	4.46	1.32	0.48	1.15
Benchmark	-	7.15	15.77	31.18	19.58	20.75	4.92	0.19	0.46	-

## Exposition par devise (%)
120
100
80
60
40
20
0
-20
USD	MXN	UYU	EGP	RSD	UAH	ARS	BRL	UZS	CNY	HKD	PEN	CNH	GBP	Autres
| Portefeuille 99.35 | 1.60 | 1.49 | 1.08 | 0.94 | 0.68 | 0.62 | 0.48 | 0.44 | 0.03 | 0.01 | -0.01 | -0.03 | -0.07 | -6.62 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark 100.00 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |