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

### 104.18
Assets Under Management (M)
USD

### 391.69
Since: 10/03/2015
| Fund Key Metrics |  |
| --- | --- |
|  | Port. | Bench. |
| Linear Average Rating | BBB | BBB+ |
| Mod. Duration | 2.26 | 2.19 |
| Mod. Duration To Worst | 2.45 | 2.36 |
| Yield To Worst (%) | 3.72 | 3.97 |
| Number of Holdings | 132 | 1228 |
| Number of Issuers | 66 | 312 |
| Fund Profile |  |  |
| ESG Rating |  |  |

100% JP Morgan Asia Credit 1-5 Years
116
112
108
104
100
96
28/02/19
28/08/19
28/02/20
28/08/20
28/02/21
28/08/21
28/02/22
% of AUM covered by ESG absolute rating: Portfolio = 85.2% (not meaningful for coverage below 50%)
Portfolio* (0.33%)	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.
| Risk Analysis |  |
| --- | --- |
|  | 1Y | 3Y | 5Y | Launch |
| Portfolio Volatility* (%) | 3.90 | 4.72 | 3.89 | 3.69 |
| Benchmark Volatility (%) | 4.26 | 4.33 | 3.46 | 3.26 |
| Relative Risk/Tracking Error  (%) | 2.36 | 1.47 | 1.32 | 1.25 |
| Sharpe Ratio | -1.48 | 0.30 | 0.37 | 0.53 |
| Information Ratio | 0.54 | 0.01 | -0.40 | -0.40 |


## 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* | -1.15 | -2.30 | -7.14 | -2.34 | 0.33 | 0.78 | -7.19 | 2.92 | 5.03 | 0.12 | 0.34 | 4.18 |
| Benchmark | -1.72 | -3.83 | -7.45 | -3.30 | 2.96 | 8.13 | -7.65 | 3.99 | 7.22 | 3.21 | 1.75 | 13.04 |
| Excess Return | 0.57 | 1.53 | 0.31 | 0.96 | -2.64 | -7.34 | 0.46 | -1.06 | -2.19 | -3.10 | -1.41 | -8.86 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -5.27 | 4.37 | 7.01 | -3.52 | 2.56 | - | - | - | - | - |
| Benchmark | -4.24 | 5.17 | 7.93 | 0.82 | 3.47 | - | - | - | - | - |
| Excess Return | -1.04 | -0.79 | -0.92 | -4.34 | -0.91 | - | - | - | - | - |

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 Note 0.125% 08/31/2023 | 3.84 | United States | 1.5 | 0.06 |
| Chong Hing Bank Ltd VAR 07/26/2027 | 2.34 | China | 0.4 | 0.01 |
| BOC Aviation Pte Ltd 3.25% 04/29/2025 | 2.12 | China | 2.9 | 0.06 |
| Nanyang Commercial Bank Ltd VAR PERP | 1.99 | China | 0.3 | 0.01 |
| Minor International PCL VAR PERP | 1.97 | Thailand | 1.3 | 0.03 |
| Airport Authority Hong Kong VAR PERP | 1.84 | Hong Kong | 3.8 | 0.07 |
| Singapore Airlines Ltd 3% 07/20/2026 | 1.80 | Singapore | 4.0 | 0.07 |
| Saudi Government Intl Bond 2.9% 10/22/2025 | 1.75 | Saudi Arabia | 3.4 | 0.06 |
| Minera y Metalurgica del Boleo 3.25% 04/17/2024 | 1.75 | South Korea | 2.0 | 0.04 |
| CAS Capital No 1 Ltd VAR PERP | 1.75 | Hong Kong | 3.9 | 0.07 |
| Total (%) | 21.15 |  |  |  |


## Sector Breakdown (%)	Contribution to duration by sector
Portfolio	Benchmark
Financial	38.87	30.29
Industrials	34.64	40.36
Quasi & Foreign Gvt	7.24	19.78
Utility	7.14	6.36
Sovereign	3.76	0.00
Not Classified	0.70	3.15
Cash	7.66	0.00
1.2
1.0
0.8
0.6
0.4
0.2
Financial
Industrials
Quasi &
Foreign Gvt
Utility
Sovereign
Other
0.0
Port.	1.0	0.8	0.3	0.2	0.1	-
Bench.	0.6	0.9	0.5	0.2	-	0.1

## Securities Exposure by geographical area (%)
|  | Portfolio | Benchmark |
| --- | --- | --- |
| China | 43.76 | 53.45 |
| Hong Kong | 6.65 | 5.52 |
| India | 6.60 | 6.91 |
| Thailand | 6.35 | 0.67 |
| Singapore | 6.11 | 1.95 |


## Contribution to Duration by Geography
1.2
1.0
0.8
0.6
0.4
0.2
| South Korea | 4.38 | 13.05 | China Hong Kong India Thailand Singapore Malaysia Indonesia South Korea Qatar Other |
| --- | --- | --- | --- |
| Indonesia | 4.30 | 6.79 |
| United States | 3.76 | 1.57 |  | Port. | 0.9 | 0.2 | 0.2 | 0.2	0.2 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 |
| Malaysia | 3.03 | 2.22 |  | Bench. | 1.1 | 0.1 | 0.1 | -	- | 0.1 | 0.1 | 0.3 | - | 0.2 |
| Qatar | 2.05 | 0.00 |  |
| Other | 5.36 | 3.12 |
| Cash | 7.66 | 0.00 |
| Maturity Breakdown (%) |  |  |

0.0
60
50
40
30
20
10
0	0-1 year	1-3 years	3-5 years	5-7 years	7-10 years
Portfolio	12.69	36.20	41.13	3.83	6.16
Benchmark	13.57	48.29	38.14	-	-

## Rating Breakdown (%)
40
35
30
25
20
15
10
5
0	AAA	AA	A	BBB	BB	B	CCC	NR	CC	C	Cash
| Portfolio | 4.31 | 3.76 | 21.56 | 28.48 | 26.82 | 2.18 | 0.05 | 5.18 | - | - | 7.66 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | 0.42 | 9.24 | 36.23 | 35.23 | 7.49 | 6.29 | 0.76 | 3.97 | 0.34 | 0.01 | - |


## Currency Breakdown (%)
120
|  |  |  |
| --- | --- | --- |
|  |
|  |
|  |
|  |

100
80
60
40
20
0
USD	CNY	INR
| Portfolio | 98.90 | 0.84 | 0.26 |
| --- | --- | --- | --- |
| Benchmark | 100.00 | - | - |

Translation (ENFR, 2022-02-28):
# Performance et risque
## Evolution de la performance (EUR)
116
112
108
104
100
96
Valeur liquidative
Cap.

### 104.18
Actif net du fonds (M)
USD

### 391.69
Depuis le: 10/03/2015
100% JP Morgan Asia Credit 1-5 Years
Port.

## Caractéristiques du portefeuille
Indice de réf.
Rating moyen linéaire	BBB	BBB+
| Mod. Duration | 2.26 | 2.19 |
| --- | --- | --- |
| Mod. Duration To Worst | 2.45 | 2.36 |
| Yield to worst (%) | 3.72 | 3.97 |
| Nombre de lignes | 132 | 1228 |
| Nombre d'émetteurs | 66 | 312 |
| Profil du portefeuille |  |  |

Notation ESG
% de l’encours sous gestion couvert par la note ESG absolue : Portefeuille = 85.2% (n'est pas significatif
28/02/19
28/08/19
28/02/20
28/08/20
28/02/21
28/08/21
28/02/22
lorsque le taux de couverture est inférieur à 50%)
Portefeuille* (0.33%)	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.
| Analyse du risque |  |
| --- | --- |
|  | 1 an | 3 ans | 5 ans | Création |
| Volatilité du portefeuille* (%) | 3.90 | 4.72 | 3.89 | 3.69 |
| Volatilité de l'indice de référence (%) | 4.26 | 4.33 | 3.46 | 3.26 |
| Risque relatif/Tracking Error  (%) | 2.36 | 1.47 | 1.32 | 1.25 |
| Ratio de Sharpe | -1.48 | 0.30 | 0.37 | 0.53 |
| Ratio d'information | 0.54 | 0.01 | -0.40 | -0.40 |


## 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* | -1.15 | -2.30 | -7.14 | -2.34 | 0.33 | 0.78 | -7.19 | 2.92 | 5.03 | 0.12 | 0.34 | 4.18 |
| Indice de réference | -1.72 | -3.83 | -7.45 | -3.30 | 2.96 | 8.13 | -7.65 | 3.99 | 7.22 | 3.21 | 1.75 | 13.04 |
| Ecarts | 0.57 | 1.53 | 0.31 | 0.96 | -2.64 | -7.34 | 0.46 | -1.06 | -2.19 | -3.10 | -1.41 | -8.86 |

Performance calendaire annuelle (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | -5.27 | 4.37 | 7.01 | -3.52 | 2.56 | - | - | - | - | - |
| Indice de réference | -4.24 | 5.17 | 7.93 | 0.82 | 3.47 | - | - | - | - | - |
| Ecarts | -1.04 | -0.79 | -0.92 | -4.34 | -0.91 | - | - | - | - | - |

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 Note 0.125% 08/31/2023 | 3.84 | Etats-Unis | 1.5 | 0.06 |
| Chong Hing Bank Ltd VAR 07/26/2027 | 2.34 | Chine | 0.4 | 0.01 |
| BOC Aviation Pte Ltd 3.25% 04/29/2025 | 2.12 | Chine | 2.9 | 0.06 |
| Nanyang Commercial Bank Ltd VAR PERP | 1.99 | Chine | 0.3 | 0.01 |
| Minor International PCL VAR PERP | 1.97 | Thailande | 1.3 | 0.03 |
| Airport Authority Hong Kong VAR PERP | 1.84 | Hong-Kong | 3.8 | 0.07 |
| Singapore Airlines Ltd 3% 07/20/2026 | 1.80 | Singapour | 4.0 | 0.07 |
| Saudi Government Intl Bond 2.9% 10/22/2025 | 1.75 | Arabie Saoudite | 3.4 | 0.06 |
| Minera y Metalurgica del Boleo 3.25% 04/17/2024 | 1.75 | Corée du sud | 2.0 | 0.04 |
| CAS Capital No 1 Ltd VAR PERP | 1.75 | Hong-Kong | 3.9 | 0.07 |
| Total (%) | 21.15 |  |  |  |


## Exposition sectorielle (%)	Contribution à la duration par secteur
Portefeuille	Benchmark
| Finance | 38.87 | 30.29 |
| --- | --- | --- |
| Industrie | 34.64 | 40.36 |
| Quasi & Foreign Gvt | 7.24 | 19.78 |
| Serv. aux collect. | 7.14 | 6.36 |
| Souverain | 3.76 | 0.00 |

Hors catégorie	0.70	3.15
Cash	7.66	0.00
1.2
1.0
0.8
0.6
0.4
0.2
Finance
Industrie
Quasi &
Foreign Gvt
Serv. aux
collect.
Souverain
Autres
0.0
Port.	1.0	0.8	0.3	0.2	0.1	-
Indice de réf.	0.6	0.9	0.5	0.2	-	0.1

## Exposition Actions par zone géographique (%)
|  | Portefeuille | Benchmark |
| --- | --- | --- |
| Chine | 43.76 | 53.45 |
| Hong-Kong | 6.65 | 5.52 |
| Inde | 6.60 | 6.91 |
| Thailande | 6.35 | 0.67 |
| Singapour | 6.11 | 1.95 |


## Contribution à la duration par géographie
1.2
1.0
0.8
0.6
0.4
0.2
Chine
Hong-Kong
Inde
Thailande
Singapour
Malaisie
Indonesie
Corée du
sud
Qatar
Autres
| Corée du sud | 4.38 | 13.05 |  |
| --- | --- | --- | --- |
| Indonesie | 4.30 | 6.79 |
| Etats-Unis | 3.76 | 1.57 |  | Port. | 0.9 | 0.2  0.2 | 0.2 | 0.2 | 0.1 | 0.1  0.1 | 0.1  0.2 |
| Malaisie | 3.03 | 2.22 |  | Indice de réf. | 1.1 | 0.1  0.1 | - | - | 0.1 | 0.1  0.3 | -	0.2 |
| Qatar | 2.05 | 0.00 |  |
| Autres | 5.36 | 3.12 |
| Cash | 7.66 | 0.00 |
| Exposition par Maturité (%) |  |  |

0.0
60
50
40
30
20
10
0	0-1 an	1-3 ans	3-5 ans	5-7 ans	7-10 ans
Portefeuille	12.69	36.20	41.13	3.83	6.16
Benchmark	13.57	48.29	38.14	-	-

## Exposition par rating (%)
40
35
30
25
20
15
10
5
0	AAA	AA	A	BBB	BB	B	CCC	NR	CC	C	Cash
| Portefeuille | 4.31 | 3.76 | 21.56 | 28.48 | 26.82 | 2.18 | 0.05 | 5.18 | - | - | 7.66 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | 0.42 | 9.24 | 36.23 | 35.23 | 7.49 | 6.29 | 0.76 | 3.97 | 0.34 | 0.01 | - |


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

100
80
60
40
20
0
USD	CNY	INR
| Portefeuille | 98.90 | 0.84 | 0.26 |
| --- | --- | --- | --- |
| Benchmark | 100.00 | - | - |