# Performance & Risk
## Performance Evolution (EUR)
|  | Record Date | Ex-Date | Dividend per Share | 12 month Yield (%) |
| --- | --- | --- | --- | --- |
| Dec 2017 | 28/12/2017 | 29/12/2017 | 0.57 | 0.48 |
| Dec 2018 | 27/12/2018 | 28/12/2018 | 0.58 | 0.50 |
| Dec 2019 | 27/12/2019 | 30/12/2019 | 0.64 | 0.53 |
| Dec 2020 | 29/12/2020 | 30/12/2020 | 0.40 | 0.32 |

% of AUM covered by ESG absolute rating: Portfolio = 92.9% (not meaningful for coverage below 50%)
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110.0
107.5
105.0
102.5
100.0
97.5
28/09/18
30/03/19
30/09/19
30/03/20
30/09/20
30/03/21 30/09/21
Portfolio* (8.44%)
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* (%) | 1.53 | 3.35 | 2.95 | 3.32 |
| Sharpe Ratio | 1.28 | 1.07 | 0.67 | 0.83 |
| Rolling Performance (%) |  |  |  |  |
|  | 1M | 3M | 6M | YTD | 3Y | 5Y | 30/09/20 30/09/21 | 30/09/19 30/09/20 | 30/09/18 30/09/19 | 30/09/17 30/09/18 | 30/09/16 30/09/17 | Launch |
| Portfolio* | -0.13 | 0.46 | 0.35 | -0.25 | 8.44 | 5.78 | 1.04 | 0.31 | 6.99 | -2.16 | -0.29 | 145.69 |
| Annual Calendar Performance (%) |
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| Portfolio* | 2.89 | 5.00 | -1.70 | 0.98 | 2.68 | 0.61 | 10.16 | 2.74 | 11.08 | 4.44 |

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 |
| Italy (Republic of) 3.5% 03/01/2030 | 11.09 | Italy | 7.4 | 0.82 |
| France Government Bond OAT 0.25% 07/25/2024 | 9.15 | France | 2.9 | 0.26 |
| Spain Government Bond 1.95% 07/30/2030 | 4.82 | Spain | 8.2 | 0.39 |
| Philippines (Republic of) 0.25% 04/28/2025 | 3.61 | Philippines | 3.5 | 0.13 |
| Romania (Republic of) 2.375% 04/19/2027 | 2.63 | Romania | 5.2 | 0.14 |
| Mexican (Republic of) 1.75% 04/17/2028 | 2.53 | Mexico | 6.1 | 0.16 |
| Indonesia (Republic of) 3.75% 06/14/2028 | 2.14 | Indonesia | 6.0 | 0.13 |
| ADIF Alta Velocidad 0.95% 04/30/2027 | 1.90 | Spain | 5.4 | 0.10 |
| NRW Bank 0.125% 04/12/2027 | 1.82 | Germany | 5.5 | 0.10 |
| Banco Bilbao Vizcaya Argentaria 0.5% 01/14/2027 | 1.81 | Spain | 5.2 | 0.09 |
| Total (%) | 41.51 |  |  |  |

| Sector Breakdown (%) |  |
| --- | --- |
|  | Portfolio |
| Sovereign | 26.17 |
| Financial | 24.96 |
| Quasi & Foreign Gvt | 24.14 |
| Industrials | 17.93 |
| Utility | 3.70 |
| Cash | 3.10 |


## Contribution to duration by sector
2
1
0
-1
Quasi &
Foreign Gvt
Financial
Industrials
Utility
Sovereign
-2
Port.	1.6	1.4	0.7	0.1	-1.7

## Geographical Breakdown (%)	Contribution to Duration by Geography
Portfolio
| France | 25.34 |
| --- | --- |
| Italy | 17.89 |
| Spain | 16.81 |
| Germany | 9.02 |
| China | 4.07 |
| Philippines | 3.61 |

1.2
0.9
0.6
0.3
0.0
-0.3
-0.6
Spain
Italy
Portugal
China
Mexico
Hungary
Romania
Indonesia
Philippines
Other
| Romania | 2.63 |  |
| --- | --- | --- |
| Mexico | 2.53 |
| Indonesia | 2.14 |  | Port. | 0.9 | 0.8	0.3 | 0.2 | 0.2	0.2	0.1 | 0.1 | 0.1  -0.8 |
| United States | 2.12 |  |
| Other | 10.73 |
| Cash | 3.10 |
| Maturity Breakdown (%) |  |

-0.9
35
30
25
20
15
10
5
0	Cash	1-3 years	3-5 years	5-7 years	7-10 years	10-20 years	+20 years
Portfolio	3.10	16.34	12.86	29.58	32.32	2.45	3.35

## Rating Breakdown (%)
70
60
50
40
30
20
10
0	AA	A	BBB	BB	Cash
Portfolio	14.55	11.41	60.98	9.96	3.10

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

Translation (ENFR, 2021-09-30):
# Performance et risque
## Evolution de la performance (EUR)
% de l’encours sous gestion couvert par la note ESG absolue : Portefeuille = 92.9% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)
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| --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
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110.0
107.5
105.0
102.5
100.0
97.5
28/09/18
30/03/19
30/09/19
30/03/20
30/09/20
30/03/21 30/09/21
Portefeuille* (8.44%)
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* (%) | 1.53 | 3.35 | 2.95 | 3.32 |
| Ratio de Sharpe | 1.28 | 1.07 | 0.67 | 0.83 |
| Performance glissante (%) |  |  |  |  |

30/09/21
1 mois	3 mois	6 mois	YTD	3 ans	5 ans	30/09/20
30/09/19
30/09/20
30/09/18
30/09/19
30/09/17
30/09/18
30/09/16
30/09/17
Création
Portefeuille*	-0.13	0.46	0.35	-0.25	8.44	5.78	1.04	0.31	6.99	-2.16	-0.29	145.69

## Performance calendaire annuelle (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | 2.89 | 5.00 | -1.70 | 0.98 | 2.68 | 0.61 | 10.16 | 2.74 | 11.08 | 4.44 |

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 |
| Italy (Republic of) 3.5% 03/01/2030 | 11.09 | Italie | 7.4 | 0.82 |
| France Government Bond OAT 0.25% 07/25/2024 | 9.15 | France | 2.9 | 0.26 |
| Spain Government Bond 1.95% 07/30/2030 | 4.82 | Espagne | 8.2 | 0.39 |
| Philippines (Republic of) 0.25% 04/28/2025 | 3.61 | Philippines | 3.5 | 0.13 |
| Romania (Republic of) 2.375% 04/19/2027 | 2.63 | Roumanie | 5.2 | 0.14 |
| Mexican (Republic of) 1.75% 04/17/2028 | 2.53 | Mexique | 6.1 | 0.16 |
| Indonesia (Republic of) 3.75% 06/14/2028 | 2.14 | Indonesie | 6.0 | 0.13 |
| ADIF Alta Velocidad 0.95% 04/30/2027 | 1.90 | Espagne | 5.4 | 0.10 |
| NRW Bank 0.125% 04/12/2027 | 1.82 | Allemagne | 5.5 | 0.10 |
| Banco Bilbao Vizcaya Argentaria 0.5% 01/14/2027 | 1.81 | Espagne | 5.2 | 0.09 |
| Total (%) | 41.51 |  |  |  |

| Exposition sectorielle (%) |  |
| --- | --- |
|  | Portefeuille |
| Souverain | 26.17 |
| Finance | 24.96 |
| Quasi & Foreign Gvt | 24.14 |
| Industrie | 17.93 |
| Serv. aux collect. | 3.70 |
| Cash | 3.10 |


## Contribution à la duration par secteur
2
1
0
-1
Quasi &
Foreign Gvt
Finance
Industrie
Serv. aux
collect.
Souverain
-2
Port.	1.6	1.4	0.7	0.1	-1.7

## Exposition géographique (%)	Contribution à la duration par géographie
Portefeuille
| France | 25.34 |
| --- | --- |
| Italie | 17.89 |
| Espagne | 16.81 |
| Allemagne | 9.02 |
| Chine | 4.07 |
| Philippines | 3.61 |

1.2
0.9
0.6
0.3
0.0
-0.3
-0.6
Espagne
Italie
Portugal
Chine
Mexique
Hongrie
Roumanie
Indonesie
Philippines
Autres
| Roumanie | 2.63 |  |
| --- | --- | --- |
| Mexique | 2.53 |
| Indonesie | 2.14 |  | Port. | 0.9 | 0.8	0.3 | 0.2 | 0.2	0.2	0.1 | 0.1 | 0.1  -0.8 |
| Etats-Unis | 2.12 |  |
| Autres | 10.73 |
| Cash | 3.10 |
| Exposition par Maturité (%) |  |

-0.9
35
30
25
20
15
10
5
0	Cash	1-3 ans	3-5 ans	5-7 ans	7-10 ans	10-20 ans	+ 20 ans
Portefeuille	3.10	16.34	12.86	29.58	32.32	2.45	3.35

## Exposition par rating (%)
70
60
50
40
30
20
10
0	AA	A	BBB	BB	Cash
Portefeuille	14.55	11.41	60.98	9.96	3.10

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

100
80
60
40
20
0
EUR
Portefeuille	100.00