# Performance & Risk
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## Performance Evolution (EUR)
130
120
110
100
90
80
Assets Under Management (M)
EUR
2 498.17
Port.
Linear Average Rating	AA
| Mod. Duration | 1.91 |
| --- | --- |
| Mod. Duration To Worst | 1.91 |
| Yield To Worst (%) | -3.46 |
| Number of Holdings | 114 |
| Number of Issuers | 13 |
| Fund Profile |  |

ESG Rating
% of AUM covered by ESG absolute rating: Portfolio = 97.5% (not meaningful for coverage below 50%)
31/01/19
31/07/19
31/01/20
31/07/20
31/01/21
31/07/21 31/01/22
Portfolio* (8.49%)	Benchmark (15.94%)
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* (%) | 4.03 | 3.95 | 3.90 | 4.15 |
| Benchmark Volatility (%) | 6.17 | 6.05 | 5.17 | 5.05 |
| Relative Risk/Tracking Error  (%) | 6.07 | 6.27 | 5.90 | 6.63 |
| Sharpe Ratio | 2.85 | 1.03 | 0.34 | -0.04 |
| Information Ratio | 1.31 | -0.22 | -0.34 | -0.63 |


## Rolling Performance (%)
|  | 1M | 3M | 6M | YTD | 3Y | 5Y | 31/01/21 31/01/22 | 31/01/20 31/01/21 | 31/01/19 31/01/20 | 31/01/18 31/01/19 | 31/01/17 31/01/18 | Launch |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 0.84 | 0.61 | 5.05 | 0.84 | 8.49 | 0.08 | 10.23 | 0.78 | -2.34 | -6.26 | -1.59 | -11.97 |
| Benchmark | -2.11 | -1.07 | -1.01 | -2.11 | 15.94 | 15.47 | 3.25 | 4.66 | 7.30 | -0.33 | -0.08 | 58.18 |
| Excess Return | 2.94 | 1.68 | 6.06 | 2.94 | -7.45 | -15.39 | 6.99 | -3.87 | -9.64 | -5.93 | -1.51 | -70.15 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 9.62 | -0.44 | -1.50 | -4.75 | -2.01 | 1.19 | -2.22 | -5.64 | 0.29 | -0.93 |
| Benchmark | 4.98 | 8.10 | 4.94 | -2.34 | 1.33 | 8.96 | -1.32 | 8.66 | -5.71 | 5.55 |
| Excess Return | 4.64 | -8.53 | -6.44 | -2.41 | -3.34 | -7.78 | -0.89 | -14.30 | 6.00 | -6.47 |

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 |
| German Inflation Linked Bond 0.1% 04/15/2023 | 4.06 | Germany | 1.2 | 0.05 |
| UK Gilt Inflation Linked 0.125% 03/22/2024 | 4.03 | United Kingdom | 2.2 | 0.09 |
| France Government Bond OAT 0.25% 07/25/2024 | 3.89 | France | 2.5 | 0.10 |
| US Treasury Inflation Idx Bonds 0.625% 01/15/2024 | 3.58 | United States | 2.0 | 0.07 |
| US Treasury Inflation Idx Bonds 0.125% 07/15/2031 | 3.45 | United States | 9.4 | 0.33 |
| US Treasury Inflation Idx Bonds 0.125% 10/15/2026 | 3.17 | United States | 4.7 | 0.15 |
| US Treasury Inflation Idx Bonds 0.5% 01/15/2028 | 2.53 | United States | 5.9 | 0.15 |
| US Treasury Inflation Idx Bonds 0.5% 04/15/2024 | 2.13 | United States | 2.2 | 0.05 |
| US Treasury Inflation Idx Bonds 0.875% 01/15/2029 | 1.99 | United States | 6.8 | 0.14 |
| US Treasury Inflation Idx Bonds 0.125% 01/15/2031 | 1.92 | United States | 8.9 | 0.17 |
| Total (%) | 30.75 |  |  |  |

| Sector Breakdown (%) |  |
| --- | --- |
|  | Portfolio |
| Treasury | 97.37 |
| Other | 0.52 |
| Cash | 2.11 |


## Contribution to duration by sector
14
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12
10
8
6
4
2
0	Treasury	Agencies
Port.	11.6	0.1
| Securities Exposure by geographical area (%) |  |
| --- | --- |
|  | Portfolio |
| United States | 39.19 |
| United Kingdom | 29.92 |
| France | 9.89 |
| Italy | 5.72 |
| Germany | 5.38 |
| Japan | 2.41 |
| Spain | 2.14 |
| Canada | 1.71 |
| Other | 1.53 |
| Cash | 2.11 |
| Maturity Breakdown (%) |  |


## Contribution to Duration by Geography
7
6
5
4
3
2
1
United Kingdom United States France
Italy
Canada
Spain
Japan
Germany
Australia
Other
0
Port. 6.1	3.6	0.8	0.4	0.3	0.2	0.1	0.1	0.1	0.1
28
24
20
16
12
8
4
0	Cash	0-1 year	1-3 years	3-5 years	5-7 years	7-10 years	10-20 years	+20 years
Portfolio	2.11	0.03	24.65	8.73	11.81	11.71	15.36	25.61

## Rating Breakdown (%)
60
50
40
30
20
10
0	AAA	AA	A	BBB	Cash
Portfolio	47.81	39.81	3.46	6.81	2.11

## Currency Breakdown (%)
50
40
30
20
10
0	USD	GBP	EUR	JPY	CAD	AUD	SEK	NZD
Portfolio	40.04	30.56	23.63	2.46	1.75	0.94	0.35	0.28

Translation (ENFR, 2022-01-31):
# Performance et risque
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## Evolution de la performance (EUR)
130
120
110
100
90
80
31/01/19	31/07/19	31/01/20	31/07/20
31/01/21
Valeur liquidative
Cap.

### 88.03
Actif net du fonds (M)
EUR

### 2 498.17
31/07/21 31/01/22
Depuis le: 01/03/2010
100% Bloomberg World Inflation-Linked Hedged EUR

## Caractéristiques du portefeuille
Port.
Rating moyen linéaire	AA
| Mod. Duration | 1.91 |
| --- | --- |
| Mod. Duration To Worst | 1.91 |
| Yield to worst (%) | -3.46 |
| Nombre de lignes | 114 |
| Nombre d'émetteurs | 13 |
| Profil du portefeuille |  |

Notation ESG
% de l’encours sous gestion couvert par la note ESG absolue : Portefeuille = 97.5% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)
Portefeuille* (8.49%)	Indice de réference (15.94%)
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* (%) | 4.03 | 3.95 | 3.90 | 4.15 |
| Volatilité de l'indice de référence (%) | 6.17 | 6.05 | 5.17 | 5.05 |
| Risque relatif/Tracking Error  (%) | 6.07 | 6.27 | 5.90 | 6.63 |
| Ratio de Sharpe | 2.85 | 1.03 | 0.34 | -0.04 |
| Ratio d'information | 1.31 | -0.22 | -0.34 | -0.63 |


## Performance glissante (%)
|  | 1 mois | 3 mois | 6 mois | YTD | 3 ans | 5 ans | 31/01/21 31/01/22 | 31/01/20 31/01/21 | 31/01/19 31/01/20 | 31/01/18 31/01/19 | 31/01/17 31/01/18 | Création |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | 0.84 | 0.61 | 5.05 | 0.84 | 8.49 | 0.08 | 10.23 | 0.78 | -2.34 | -6.26 | -1.59 | -11.97 |
| Indice de réference | -2.11 | -1.07 | -1.01 | -2.11 | 15.94 | 15.47 | 3.25 | 4.66 | 7.30 | -0.33 | -0.08 | 58.18 |
| Ecarts | 2.94 | 1.68 | 6.06 | 2.94 | -7.45 | -15.39 | 6.99 | -3.87 | -9.64 | -5.93 | -1.51 | -70.15 |

Performance calendaire annuelle (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | 9.62 | -0.44 | -1.50 | -4.75 | -2.01 | 1.19 | -2.22 | -5.64 | 0.29 | -0.93 |
| Indice de réference | 4.98 | 8.10 | 4.94 | -2.34 | 1.33 | 8.96 | -1.32 | 8.66 | -5.71 | 5.55 |
| Ecarts | 4.64 | -8.53 | -6.44 | -2.41 | -3.34 | -7.78 | -0.89 | -14.30 | 6.00 | -6.47 |

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 |
| German Inflation Linked Bond 0.1% 04/15/2023 | 4.06 | Allemagne | 1.2 | 0.05 |
| UK Gilt Inflation Linked 0.125% 03/22/2024 | 4.03 | Royaume-Uni | 2.2 | 0.09 |
| France Government Bond OAT 0.25% 07/25/2024 | 3.89 | France | 2.5 | 0.10 |
| US Treasury Inflation Idx Bonds 0.625% 01/15/2024 | 3.58 | Etats-Unis | 2.0 | 0.07 |
| US Treasury Inflation Idx Bonds 0.125% 07/15/2031 | 3.45 | Etats-Unis | 9.4 | 0.33 |
| US Treasury Inflation Idx Bonds 0.125% 10/15/2026 | 3.17 | Etats-Unis | 4.7 | 0.15 |
| US Treasury Inflation Idx Bonds 0.5% 01/15/2028 | 2.53 | Etats-Unis | 5.9 | 0.15 |
| US Treasury Inflation Idx Bonds 0.5% 04/15/2024 | 2.13 | Etats-Unis | 2.2 | 0.05 |
| US Treasury Inflation Idx Bonds 0.875% 01/15/2029 | 1.99 | Etats-Unis | 6.8 | 0.14 |
| US Treasury Inflation Idx Bonds 0.125% 01/15/2031 | 1.92 | Etats-Unis | 8.9 | 0.17 |
| Total (%) | 30.75 |  |  |  |

| Exposition sectorielle (%) |  |
| --- | --- |
|  | Portefeuille |
| Trésor | 97.37 |
| Autres | 0.52 |
| Cash | 2.11 |


## Contribution à la duration par secteur
14
|  |  |  |
| --- | --- | --- |
|  |  |
|  |  |
|  |  |
|  |  |
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12
10
8
6
4
2
0	Trésor	Agences
Port.	11.6	0.1

## Exposition Actions par zone géographique (%)	Contribution à la duration par géographie
Portefeuille
6
Etats-Unis	39.19	7
Royaume-Uni	29.92	5
France	9.89	4
2
Italie	5.72	3
Royaume-Uni
Etats-Unis
France
Italie
Canada
Espagne
Japon
Allemagne
Australie
Autres
Allemagne	5.38	1
| Espagne | 2.14 |  |
| --- | --- | --- |
| Canada | 1.71 |
| Autres | 1.53 |  | Port. 6.1	3.6 | 0.8	0.4 | 0.3 | 0.2	0.1 | 0.1 | 0.1 | 0.1 |
| Cash | 2.11 |  |  |  |  |  |  |  |  |
| Exposition par Maturité (%) |  |  |  |  |  |  |  |  |  |

28
24
20
16
12
8
4
0	Cash	0-1 an	1-3 ans	3-5 ans	5-7 ans	7-10 ans	10-20 ans	+ 20 ans
Portefeuille	2.11	0.03	24.65	8.73	11.81	11.71	15.36	25.61

## Exposition par rating (%)
60
50
40
30
20
10
0	AAA	AA	A	BBB	Cash
Portefeuille	47.81	39.81	3.46	6.81	2.11

## Exposition par devise (%)
50
40
30
20
10
0	USD	GBP	EUR	JPY	CAD	AUD	SEK	NZD
Portefeuille	40.04	30.56	23.63	2.46	1.75	0.94	0.35	0.28