# Performance & Risk
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## Performance Evolution (EUR)
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 = 99.6% Benchmark = 100.0% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 99.6% Benchmark = 100.0% (not meaningful for coverage below 50%)
28/09/18
30/03/19
30/09/19
30/03/20
30/09/20
30/03/21 30/09/21
Portfolio* (5.94%)	Benchmark (6.80%)
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* (%) | 1.17 | 1.77 | 1.54 | 1.52 |
| Benchmark Volatility (%) | 1.26 | 1.93 | 1.63 | 1.61 |
| Relative Risk/Tracking Error  (%) | 0.37 | 0.37 | 0.35 | 0.34 |
| Sharpe Ratio | 4.13 | 1.64 | 0.99 | 1.06 |
| Information Ratio | -0.34 | 0.80 | 0.38 | 0.36 |
| Rolling Performance (%) |  |  |  |  |
| 1M	3M	6M	YTD	3Y	5Y	30/09/20	30/09/19	30/09/18	30/09/17	30/09/16	Launch |
|  |  |  |  |  |  |  | 30/09/21 | 30/09/20 | 30/09/19 | 30/09/18 | 30/09/17 |  |
| Portfolio* | 0.27 | 1.26 | 2.15 | 3.03 | 5.94 | 2.97 | 3.84 | 1.47 | 0.54 | -1.85 | -0.97 | 3.78 |
| Benchmark | 0.21 | 1.37 | 2.65 | 3.58 | 6.80 | 5.18 | 4.55 | 1.27 | 0.87 | -1.01 | -0.51 | 6.26 |
| Excess Return | 0.06 | -0.11 | -0.50 | -0.55 | -0.86 | -2.22 | -0.71 | 0.20 | -0.33 | -0.84 | -0.46 | -2.48 |


## Annual Calendar Performance (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 2.34 | 1.45 | -2.45 | -1.06 | - | - | - | - | - | - |
| Benchmark | 2.37 | 1.49 | -1.62 | -0.44 | - | - | - | - | - | - |
| Excess Return | -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 0.125% 01/15/2023 | 14.77 | United States | 1.3 | 0.19 |
| US Treasury Inflation Idx Bonds 0.125% 10/15/2024 | 6.09 | United States | 3.1 | 0.19 |
| US Treasury Inflation Idx Bonds 0.625% 04/15/2023 | 5.65 | United States | 1.5 | 0.09 |
| US Treasury Inflation Idx Bonds 0.375% 07/15/2023 | 4.79 | United States | 1.8 | 0.09 |
| US Treasury Inflation Idx Bonds 0.125% 07/15/2022 | 4.42 | United States | 0.8 | 0.04 |
| German Inflation Linked Bond 0.1% 04/15/2023 | 4.39 | Germany | 1.6 | 0.07 |
| France Government Bond OAT 0.25% 07/25/2024 | 4.20 | France | 2.9 | 0.12 |
| US Treasury Inflation Idx Bonds 0.625% 01/15/2024 | 4.18 | United States | 2.3 | 0.10 |
| US Treasury Inflation Idx Bonds 0.25% 01/15/2025 | 4.12 | United States | 3.3 | 0.14 |
| US Treasury Inflation Idx Bonds 0.125% 07/15/2024 | 4.05 | United States | 2.8 | 0.11 |
| Total (%) | 56.68 |  |  |  |


## Sector Breakdown (%)	Contribution to duration by sector
Portfolio	Benchmark
Treasury	97.34	100.00	4
Cash	2.66	0.00	3
2
1
0
Treasury
Port.	2.6
Bench.	3.1

## Geographical Breakdown (%)	Contribution to Duration by Geography
Portfolio	Benchmark
United States	56.55	62.62
United Kingdom	10.80	10.31
| France | 8.62 | 6.70 |
| --- | --- | --- |
| Italy | 8.38 | 7.49 |
| Germany | 6.37 | 3.90 |

2.4
2.0
1.6
1.2
0.8
0.4
United
States
United
Kingdom
France
Italy
Japan
Spain
Other
0.0
| Japan | 2.91 | 4.52 |  |
| --- | --- | --- | --- |
| Spain | 2.24 | 2.19 |
| Australia | 1.06 | 0.71 |  | Port.	1.6 | 0.3 | 0.3 | 0.2 | 0.2 | 0.1 | - |
| Other | 0.41 | 0.39 |  | Bench.	2.0 | 0.3 | 0.2 | 0.2 | 0.2 | 0.1 | 0.2 |
| Cash | 2.66 | 0.00 |  |  |  |  |  |  |  |  |
| Maturity Breakdown (%) |  |  |  |  |  |  |  |  |  |  |

80
60
40
20
0	Cash	0-1 year	1-3 years	3-5 years	5-7 years	7-10 years
Portfolio	2.66	4.71	61.03	30.56	0.15	0.88
Benchmark	-	-	47.09	52.91	-	-

## Rating Breakdown (%)
80
60
40
20
0	AAA	AA	A	BBB	Cash
Portfolio	64.39	19.42	5.16	8.38	2.66
Benchmark	68.79	17.01	6.71	7.49	-

## Currency Breakdown (%)
80
60
40
20
0	USD	EUR	GBP	JPY	AUD	NZD	CAD	SEK	DKK
Portfolio	58.10	26.31	11.09	2.99	1.09	0.27	0.15	-	-
Benchmark	62.62	20.29	10.31	4.52	0.71	0.39	-	0.78	0.39

Translation (ENFR, 2021-09-30):
# Performance et risque
## Evolution de la performance (EUR)

## Profil du portefeuille
Notation ESG
Notation ESG relative
Intensité relative en CO2
% de l’encours sous gestion couvert par la note ESG absolue : Portefeuille = 99.6% Indice de référence = 100.0% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)
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107.50
105.00
102.50
100.00
97.50
95.00
28/09/18
30/03/19
30/09/19
30/03/20
30/09/20
30/03/21 30/09/21
% de l’encours sous gestion couvert par l’indicateur d’intensité en CO2 : Portefeuille = 99.6% Indice de référence = 100.0% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)
Portefeuille* (5.94%)	Indice de réference (6.80%)
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* (%) | 1.17 | 1.77 | 1.54 | 1.52 |
| Volatilité de l'indice de référence (%) | 1.26 | 1.93 | 1.63 | 1.61 |
| Risque relatif/Tracking Error  (%) | 0.37 | 0.37 | 0.35 | 0.34 |
| Ratio de Sharpe | 4.13 | 1.64 | 0.99 | 1.06 |
| Ratio d'information | -0.34 | 0.80 | 0.38 | 0.36 |
| Performance glissante (%) |  |  |  |  |
| 1 mois	3 mois	6 mois	YTD  3 ans  5 ans	30/09/20	30/09/19	30/09/18	30/09/17	30/09/16  Création |
|  |  |  |  |  |  |  | 30/09/21 | 30/09/20 | 30/09/19 | 30/09/18 | 30/09/17 |  |
| Portefeuille* | 0.27 | 1.26 | 2.15 | 3.03 | 5.94 | 2.97 | 3.84 | 1.47 | 0.54 | -1.85 | -0.97 | 3.78 |
| Indice de réference | 0.21 | 1.37 | 2.65 | 3.58 | 6.80 | 5.18 | 4.55 | 1.27 | 0.87 | -1.01 | -0.51 | 6.26 |
| Ecarts | 0.06 | -0.11 | -0.50 | -0.55 | -0.86 | -2.22 | -0.71 | 0.20 | -0.33 | -0.84 | -0.46 | -2.48 |


## Performance calendaire annuelle (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | 2.34 | 1.45 | -2.45 | -1.06 | - | - | - | - | - | - |
| Indice de réference | 2.37 | 1.49 | -1.62 | -0.44 | - | - | - | - | - | - |
| Ecarts | -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 0.125% 01/15/2023 | 14.77 | Etats-Unis | 1.3 | 0.19 |
| US Treasury Inflation Idx Bonds 0.125% 10/15/2024 | 6.09 | Etats-Unis | 3.1 | 0.19 |
| US Treasury Inflation Idx Bonds 0.625% 04/15/2023 | 5.65 | Etats-Unis | 1.5 | 0.09 |
| US Treasury Inflation Idx Bonds 0.375% 07/15/2023 | 4.79 | Etats-Unis | 1.8 | 0.09 |
| US Treasury Inflation Idx Bonds 0.125% 07/15/2022 | 4.42 | Etats-Unis | 0.8 | 0.04 |
| German Inflation Linked Bond 0.1% 04/15/2023 | 4.39 | Allemagne | 1.6 | 0.07 |
| France Government Bond OAT 0.25% 07/25/2024 | 4.20 | France | 2.9 | 0.12 |
| US Treasury Inflation Idx Bonds 0.625% 01/15/2024 | 4.18 | Etats-Unis | 2.3 | 0.10 |
| US Treasury Inflation Idx Bonds 0.25% 01/15/2025 | 4.12 | Etats-Unis | 3.3 | 0.14 |
| US Treasury Inflation Idx Bonds 0.125% 07/15/2024 | 4.05 | Etats-Unis | 2.8 | 0.11 |
| Total (%) | 56.68 |  |  |  |

Exposition sectorielle (%)	Contribution à la duration par secteur
|  | Portefeuille | Benchmark |
| --- | --- | --- |
| Trésor | 97.34 | 100.00 |
| Cash | 2.66 | 0.00 |

4
3
2
1
0	Trésor
Port.	2.6
Indice de réf.	3.1

## Exposition géographique (%)	Contribution à la duration par géographie
Portefeuille	Benchmark
Etats-Unis	56.55	62.62
Royaume-Uni	10.80	10.31
France	8.62	6.70
Italie	8.38	7.49
Allemagne	6.37	3.90
Japon	2.91	4.52
Espagne	2.24	2.19
Australie	1.06	0.71
Autres	0.41	0.39
Cash	2.66	0.00
2.4
2.0
1.6
1.2
0.8
0.4
Etats-Unis
Royaume-Uni
France
Italie
Japon
Espagne
Autres
0.0
Port.	1.6	0.3	0.3	0.2	0.2	0.1	-
Indice de réf.  2.0	0.3	0.2	0.2	0.2	0.1	0.2

## Exposition par Maturité (%)
80
60
40
20
0	Cash	0-1 an	1-3 ans	3-5 ans	5-7 ans	7-10 ans
Portefeuille	2.66	4.71	61.03	30.56	0.15	0.88
Benchmark	-	-	47.09	52.91	-	-

## Exposition par rating (%)
80
60
40
20
0	AAA	AA	A	BBB	Cash
Portefeuille	64.39	19.42	5.16	8.38	2.66
Benchmark	68.79	17.01	6.71	7.49	-

## Exposition par devise (%)
80
60
40
20
0	USD	EUR	GBP	JPY	AUD	NZD	CAD	SEK	DKK
Portefeuille	58.10	26.31	11.09	2.99	1.09	0.27	0.15	-	-
Benchmark	62.62	20.29	10.31	4.52	0.71	0.39	-	0.78	0.39