# Performance & Risk
## Performance Evolution (USD)
Assets Under Management (M)
EUR

### 2 430.09
Port.	Bench.
Linear Average Rating	AA	AA
| Mod. Duration | 11.67 | 12.18 |
| --- | --- | --- |
| Mod. Duration To Worst | 11.67 | 12.18 |
| Yield To Worst (%) | -1.70 | -1.70 |
| Number of Holdings | 110 | 147 |
| Number of Issuers | 13 | 12 |


## Fund Profile
ESG Rating
ESG Relative Rating
31/05/2018
31/05/2019
31/05/2020
28/05/2021
CO2 Relative rating
Portfolio* (16.90%)	Benchmark (18.90%)
Data is rebased to 100 by AXA IM on the graph start date.
| Risk Analysis |  |
| --- | --- |
|  | 1Y | 3Y | 5Y | Launch |
| Portfolio Volatility* (%) | 4.77 | 5.14 | 5.09 | 6.42 |
| Benchmark Volatility (%) | 4.99 | 5.21 | 5.13 | 5.36 |
| Relative Risk/Tracking Error  (%) | 0.64 | 0.52 | 0.48 | 2.90 |
| Sharpe Ratio | 0.78 | 0.96 | 0.86 | 0.75 |
| Information Ratio | -0.30 | 0.64 | 0.44 | 0.40 |

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 = 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%)

## Rolling Performance (%)
|  | 1M | 3M | 6M | YTD | 31/05/2020 31/05/2021 | 31/05/2019 31/05/2020 | 31/05/2018 31/05/2019 | 31/05/2017 31/05/2018 | 31/05/2016 31/05/2017 | Launch |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 1.48 | 3.20 | -0.19 | -0.60 | 2.95 | 7.70 | 5.43 | 0.78 | 6.73 | 110.72 |
| Benchmark | 1.64 | 3.35 | 0.62 | 0.15 | 4.03 | 7.54 | 6.28 | 1.59 | 7.66 | 101.31 |
| Excess Return | -0.16 | -0.14 | -0.82 | -0.75 | -1.08 | 0.17 | -0.85 | -0.81 | -0.93 | 9.41 |

Annual Calendar Performance (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 9.66 | 7.60 | -0.64 | 2.67 | 9.72 | -0.69 | 8.40 | -6.21 | 5.60 | 11.69 |
| Benchmark | 9.56 | 7.97 | 0.36 | 3.32 | 10.61 | -1.21 | 8.70 | -5.47 | 5.60 | 11.08 |
| Excess Return | 0.10 | -0.37 | -1.00 | -0.64 | -0.89 | 0.52 | -0.31 | -0.75 | 0.00 | 0.61 |

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% 04/15/2026 | 6.77 | United States | 4.9 | 0.33 |
| France Government Bond OAT 0.25% 07/25/2024 | 4.92 | France | 3.2 | 0.16 |
| Italy (Republic of) 0.1% 05/15/2023 | 3.28 | Italy | 2.0 | 0.06 |
| US Treasury Inflation Idx Bonds 0.625% 01/15/2024 | 2.71 | United States | 2.6 | 0.07 |
| US Treasury Inflation Idx Bonds 0.5% 04/15/2024 | 2.00 | United States | 2.9 | 0.06 |
| US Treasury Inflation Idx Bonds 0.375% 07/15/2023 | 1.99 | United States | 2.1 | 0.04 |
| UK Gilt Inflation Linked 0.125% 03/22/2024 | 1.82 | United Kingdom | 2.9 | 0.05 |
| US Treasury Inflation Idx Bonds 0.5% 01/15/2028 | 1.71 | United States | 6.6 | 0.11 |
| US Treasury Inflation Idx Bonds 0.125% 07/15/2026 | 1.70 | United States | 5.2 | 0.09 |
| UK Gilt Inflation Linked 1.25% 11/22/2055 | 1.69 | United Kingdom | 27.9 | 0.47 |
| Total (%) | 28.58 |  |  |  |

| Sector Breakdown (%) |  |
| --- | --- |
|  | Portfolio | Benchmark |
| Treasury | 97.38 | 100.00 |
| Other | 0.54 | 0.00 |
| Cash | 2.08 | 0.00 |


## Contribution to duration by sector
14
12
10
8
6
4
2
0	Treasury	Agency
| Port. | 11.5 | 0.1 |
| --- | --- | --- |
| Bench. | 12.2 | - |


## Geographical Breakdown (%)	Contribution to Duration by Geography
Portfolio	Benchmark
United States	38.37	43.97
United Kingdom	29.77	30.05
France	10.20	8.49
Italy	7.48	5.89
Germany	3.63	2.66
Japan	2.63	2.75
Spain	2.52	2.14
Canada	1.77	1.73
Other	1.56	2.11
Cash	2.08	0.00
7
6
5
4
3
2
1
United Kingdom United States France
Italy
Canada
Spain
Japan
Australia
Germany
Other
0
Port.	6.5	3.2	0.6	0.5	0.3	0.2	0.2	0.1	0.1	0.1
Bench. 6.4	3.6	0.7	0.5	0.3	0.2	0.1	0.1	0.3	0.1

## Maturity Breakdown (%)
30
25
20
15
10
5
0	Cash	0-1 year	1-3 years	3-5 years	5-7 years	7-10 years	10-20 years	+20 years
Portfolio	2.08	0.01	17.96	19.89	12.03	8.54	13.33	26.16
Benchmark	-	0.44	13.27	17.83	12.63	15.81	13.87	26.16

## Rating Breakdown (%)
60
50
40
30
20
10
0	AAA	AA	A	BBB	Cash
| Portfolio | 45.32 | 39.97 | 4.09 | 8.55 | 2.08 |
| --- | --- | --- | --- | --- | --- |
| Benchmark | 50.69 | 38.54 | 3.87 | 6.91 | - |


## Currency Breakdown (%)
50
40
30
20
10
0	USD	GBP	EUR	JPY	CAD	AUD	SEK	NZD	DKK
| Portfolio | 39.18 | 30.40 | 24.34 | 2.68 | 1.80 | 0.95 | 0.36 | 0.28 | - |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | 43.97 | 30.05 | 19.18 | 2.75 | 1.73 | 0.91 | 0.70 | 0.51 | 0.21 |

Translation (ENFR, 2021-05-28):
# Performance et risque
## Evolution de la performance (USD)
Valeur liquidative
Cap.

### 210.72
Actif net du fonds (M)
EUR

### 2 430.09

## Indice de réference
Depuis le: 05/09/2006
100% Bloomberg Barclays World Inflation-Linked Hedged USD
Port.

## Caractéristiques du portefeuille
Indice de réf.
Rating moyen linéaire	AA	AA
Mod. Duration	11.67	12.18
Mod. Duration To Worst	11.67	12.18
Yield to worst (%)	-1.70	-1.70
Nombre de lignes	110	147
Nombre d'émetteurs	13	12

## Profil du portefeuille
Notation ESG
Notation ESG relative
31/05/2018
31/05/2019
31/05/2020
28/05/2021
Portefeuille* (16.90%)	Indice de réference (18.90%)
Les données sont rebasées à 100 par AXA IM à la date de début du graphique.
| Analyse du risque |  |
| --- | --- |
|  | 1 an | 3 ans | 5 ans | Création |
| Volatilité du portefeuille* (%) | 4.77 | 5.14 | 5.09 | 6.42 |
| Volatilité de l'indice de référence (%) | 4.99 | 5.21 | 5.13 | 5.36 |
| Risque relatif/Tracking Error  (%) | 0.64 | 0.52 | 0.48 | 2.90 |
| Ratio de Sharpe | 0.78 | 0.96 | 0.86 | 0.75 |
| Ratio d'information | -0.30 | 0.64 | 0.44 | 0.40 |

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.
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%)
% 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%)

## Performance glissante (%)
|  | 1 mois | 3 mois | 6 mois | YTD | 31/05/2020 31/05/2021 | 31/05/2019 31/05/2020 | 31/05/2018 31/05/2019 | 31/05/2017 31/05/2018 | 31/05/2016 31/05/2017 | Création |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | 1.48 | 3.20 | -0.19 | -0.60 | 2.95 | 7.70 | 5.43 | 0.78 | 6.73 | 110.72 |
| Indice de réference | 1.64 | 3.35 | 0.62 | 0.15 | 4.03 | 7.54 | 6.28 | 1.59 | 7.66 | 101.31 |
| Ecarts | -0.16 | -0.14 | -0.82 | -0.75 | -1.08 | 0.17 | -0.85 | -0.81 | -0.93 | 9.41 |

Performance calendaire annuelle (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | 9.66 | 7.60 | -0.64 | 2.67 | 9.72 | -0.69 | 8.40 | -6.21 | 5.60 | 11.69 |
| Indice de réference | 9.56 | 7.97 | 0.36 | 3.32 | 10.61 | -1.21 | 8.70 | -5.47 | 5.60 | 11.08 |
| Ecarts | 0.10 | -0.37 | -1.00 | -0.64 | -0.89 | 0.52 | -0.31 | -0.75 | 0.00 | 0.61 |

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% 04/15/2026 | 6.77 | Etats-Unis | 4.9 | 0.33 |
| France Government Bond OAT 0.25% 07/25/2024 | 4.92 | France | 3.2 | 0.16 |
| Italy (Republic of) 0.1% 05/15/2023 | 3.28 | Italie | 2.0 | 0.06 |
| US Treasury Inflation Idx Bonds 0.625% 01/15/2024 | 2.71 | Etats-Unis | 2.6 | 0.07 |
| US Treasury Inflation Idx Bonds 0.5% 04/15/2024 | 2.00 | Etats-Unis | 2.9 | 0.06 |
| US Treasury Inflation Idx Bonds 0.375% 07/15/2023 | 1.99 | Etats-Unis | 2.1 | 0.04 |
| UK Gilt Inflation Linked 0.125% 03/22/2024 | 1.82 | Royaume-Uni | 2.9 | 0.05 |
| US Treasury Inflation Idx Bonds 0.5% 01/15/2028 | 1.71 | Etats-Unis | 6.6 | 0.11 |
| US Treasury Inflation Idx Bonds 0.125% 07/15/2026 | 1.70 | Etats-Unis | 5.2 | 0.09 |
| UK Gilt Inflation Linked 1.25% 11/22/2055 | 1.69 | Royaume-Uni | 27.9 | 0.47 |
| Total (%) | 28.58 |  |  |  |


## Exposition sectorielle (%)	Contribution à la duration par secteur
14
|  | Portefeuille | Benchmark |
| --- | --- | --- |
| Trésor | 97.38 | 100.00 |
| Autres | 0.54 | 0.00 |
| Cash | 2.08 | 0.00 |

12
10
8
6
4
2
0	Trésor	Agences
| Port. | 11.5 | 0.1 |
| --- | --- | --- |
| Indice de réf. | 12.2 | - |


## Exposition géographique (%)
|  | Portefeuille | Benchmark |
| --- | --- | --- |
| Etats-Unis | 38.37 | 43.97 |
| Royaume-Uni | 29.77 | 30.05 |
| France | 10.20 | 8.49 |
| Italie | 7.48 | 5.89 |

Contribution à la duration par géographie
8
6
4
2
Royaume-Uni
Etats-Unis
France
Italie
Canada
Espagne
Japon
Australie
Allemagne
Autres
| Allemagne | 3.63 | 2.66 |  |
| --- | --- | --- | --- |
| Japon | 2.63 | 2.75 |
| Espagne | 2.52 | 2.14 |
| Canada | 1.77 | 1.73 |  |  | Port. | 6.5 | 3.2  0.6  0.5 | 0.3  0.2  0.2 | 0.1 | 0.1 | 0.1 |
| Autres | 1.56 | 2.11 |  |  | Indice de réf. | 6.4 | 3.6  0.7  0.5 | 0.3  0.2  0.1 | 0.1 | 0.3 | 0.1 |
| Cash | 2.08 | 0.00 |  |  |  |  |  |  |  |  |  |
| Exposition par Maturité (%) |  |  |  |  |  |  |  |  |  |  |  |

0
30
25
20
15
10
5
0	Cash	0-1 an	1-3 ans	3-5 ans	5-7 ans	7-10 ans	10-20 ans	+ 20 ans
Portefeuille	2.08	0.01	17.96	19.89	12.03	8.54	13.33	26.16
Benchmark	-	0.44	13.27	17.83	12.63	15.81	13.87	26.16

## Exposition par Rating (%)
60
50
40
30
20
10
0	AAA	AA	A	BBB	Cash
| Portefeuille | 45.32 | 39.97 | 4.09 | 8.55 | 2.08 |
| --- | --- | --- | --- | --- | --- |
| Benchmark | 50.69 | 38.54 | 3.87 | 6.91 | - |


## Exposition Par Devise (%)
50
40
30
20
10
0	USD	GBP	EUR	JPY	CAD	AUD	SEK	NZD	DKK
| Portefeuille | 39.18 | 30.40 | 24.34 | 2.68 | 1.80 | 0.95 | 0.36 | 0.28 | - |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | 43.97 | 30.05 | 19.18 | 2.75 | 1.73 | 0.91 | 0.70 | 0.51 | 0.21 |